UDR (UDR) 10-K 18 Feb 25 2024 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2024	Feb. 14, 2025	Jun. 30, 2024
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Securities Act 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			$ 5.9
Entity Common Stock, Shares Outstanding		331,133,359
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	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Real estate owned:
Real estate held for investment	$ 15,994,794	$ 15,757,456
Less: accumulated depreciation	(6,836,920)	(6,242,686)
Real estate held for investment, net	9,157,874	9,514,770
Real estate under development (net of accumulated depreciation of $0 and $184, respectively)		160,220
Real estate held for disposition (net of accumulated depreciation of $64,106 and $24,960, respectively)	154,463	81,039
Total real estate owned, net of accumulated depreciation	9,312,337	9,756,029
Cash and cash equivalents	1,326	2,922
Restricted cash	34,101	31,944
Notes receivable, net	247,849	228,825
Investment in and advances to unconsolidated joint ventures, net	917,483	952,934
Operating lease right-of-use assets	186,997	190,619
Other assets	197,493	209,969
Total assets	10,897,586	11,373,242
Liabilities:
Secured debt, net	1,139,331	1,277,713
Unsecured debt, net	4,687,634	4,520,996
Operating lease liabilities	182,275	185,836
Real estate taxes payable	46,403	47,107
Accrued interest payable	52,631	47,710
Security deposits and prepaid rent	61,592	50,528
Distributions payable	151,720	149,600
Accounts payable, accrued expenses, and other liabilities	115,105	141,311
Total liabilities	6,436,691	6,420,801
Commitments and contingencies (Note 15)
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	1,017,355	961,087
Equity:
Common stock, $0.01 par value; 450,000,000 shares authorized at December 31, 2024 and December 31, 2023: 330,858,719 and 329,014,512 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively	3,309	3,290
Additional paid-in capital	7,572,480	7,493,217
Distributions in excess of net income	(4,179,415)	(3,554,892)
Accumulated other comprehensive income/(loss), net	3,638	4,914
Total stockholders' equity	3,443,205	3,991,144
Noncontrolling interests	335	210
Total equity	3,443,540	3,991,354
Total liabilities and equity	10,897,586	11,373,242
8.00% Series E Cumulative Convertible Preferred Stock
Equity:
Preferred stock, no par value; 50,000,000 shares authorized at December 31, 2024 and December 31, 2023:	43,192	44,614
Series F
Equity:
Preferred stock, no par value; 50,000,000 shares authorized at December 31, 2024 and December 31, 2023:	$ 1	$ 1

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Real estate owned:
Real estate under development accumulated depreciation	$ 0	$ 184
Real estate held for disposition accumulated depreciation	$ 64,106	$ 24,960
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	330,858,719	329,014,512
Common stock, shares outstanding	330,858,719	329,014,512
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	2,600,678	2,686,308
Preferred stock, shares outstanding	2,600,678	2,686,308
Series F
Equity:
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	10,424,485	11,867,730
Preferred stock, shares outstanding	10,424,485	11,867,730

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
REVENUES:
Rental income	$ 1,663,525	$ 1,620,658	$ 1,512,364
Joint venture management and other fees	$ 8,317	$ 6,843	$ 5,022
Type of revenue	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember
Total revenues	$ 1,671,842	$ 1,627,501	$ 1,517,386
OPERATING EXPENSES:
Property operating and maintenance	292,572	273,736	250,310
Real estate taxes and insurance	232,130	232,152	221,662
Property management	54,065	52,671	49,152
Other operating expenses	30,416	20,222	17,493
Real estate depreciation and amortization	676,068	676,419	665,228
General and administrative	84,305	69,929	64,144
Casualty-related charges/(recoveries), net	15,179	3,138	9,733
Other depreciation and amortization	19,405	15,419	14,344
Total operating expenses	1,404,140	1,343,686	1,292,066
Gain/(loss) on sale of real estate owned	16,867	351,193	25,494
Operating income	284,569	635,008	250,814
Income/(loss) from unconsolidated entities	20,235	4,693	4,947
Interest expense	(195,712)	(180,866)	(155,900)
Interest income and other income/(expense), net	(12,336)	17,759	(6,933)
Income/(loss) before income taxes	96,756	476,594	92,928
Tax (provision)/benefit, net	(879)	(2,106)	(349)
Net income/(loss)	95,877	474,488	92,579
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	(6,246)	(30,104)	(5,613)
Net (income)/loss attributable to noncontrolling interests	(46)	(31)	(42)
Net income/(loss) attributable to UDR, Inc.	89,585	444,353	86,924
Distributions to preferred stockholders - Series E (Convertible)	(4,835)	(4,848)	(4,412)
Net income/(loss) attributable to common stockholders	$ 84,750	$ 439,505	$ 82,512
Income/(loss) per weighted average common share - basic	$ 0.26	$ 1.34	$ 0.26
Income/(loss) per weighted average common share - diluted	$ 0.26	$ 1.34	$ 0.26
Weighted average number of common shares outstanding - basic	329,290	328,765	321,671
Weighted average number of common shares outstanding - diluted	330,116	329,104	322,700

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
Net income/(loss)	$ 95,877	$ 474,488	$ 92,579
Other comprehensive income/(loss), including portion attributable to noncontrolling interests:
Unrealized holding gain/(loss)	5,988	3,872	14,489
(Gain)/loss reclassified into earnings from other comprehensive income/(loss)	(7,333)	(7,533)	(998)
Other comprehensive income/(loss), including portion attributable to noncontrolling interests	(1,345)	(3,661)	13,491
Comprehensive income/(loss)	94,532	470,827	106,070
Comprehensive (income)/loss attributable to noncontrolling interests	(6,223)	(29,904)	(6,541)
Comprehensive income/(loss) attributable to UDR, Inc.	$ 88,309	$ 440,923	$ 99,529

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Preferred Stock	Common Stock	Paid - in Capital	Distributions in Excess of Net Income	Accumulated Other Comprehensive Income/(Loss)	Noncontrolling Interest	Total
Beginning Balance at Dec. 31, 2021	$ 44,765	$ 3,181	$ 6,884,269	$ (3,485,080)	$ (4,261)	$ 31,430	$ 3,474,304
Consolidated Statements of Changes in Equity
Net income/(loss) attributable to UDR, Inc.				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 Changes in Equity
Net income/(loss) attributable to UDR, Inc.				89,585			89,585
Other comprehensive income/(loss)					(1,276)		(1,276)
Issuance/(forfeiture) of common and restricted shares, net		1	5,119				5,120
Issuance of common shares through public offering, net			(456)				(456)
Conversion of Series E Cumulative Convertible shares	(1,422)	1	1,421
Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership and DownREIT Partnership		17	73,179				73,196
Contribution of noncontrolling interests in consolidated real estate						125	125
Common stock distributions declared				(560,911)			(560,911)
Preferred stock distributions declared-Series E				(4,835)			(4,835)
Adjustment to reflect redemption value of redeemable noncontrolling interests				(148,362)			(148,362)
Ending Balance at Dec. 31, 2024	$ 43,193	$ 3,309	$ 7,572,480	$ (4,179,415)	$ 3,638	$ 335	$ 3,443,540

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Common stock distributions declared per share	$ 1.7	$ 1.68	$ 1.52
Preferred stock distributions in arrears	$ 1.8408	$ 1.8192	$ 1.6456

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Operating Activities
Net income/(loss)	$ 95,877	$ 474,488	$ 92,579
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Depreciation and amortization	695,473	691,838	679,572
(Gain)/loss on sale of real estate owned	(16,867)	(351,193)	(25,494)
(Income)/loss from unconsolidated entities	(20,235)	(4,693)	(4,947)
Return on investment in unconsolidated joint ventures and partnerships	61,315	15,944	22,369
Amortization of share-based compensation	32,625	32,896	27,505
Provision/(recovery) for credit losses	37,456	702	140
Other	27,107	9,089	31,695
Changes in operating assets and liabilities:
(Increase)/decrease in operating assets	(31,144)	(33,579)	9,792
Increase/(decrease) in operating liabilities	(4,759)	(2,828)	(13,140)
Net cash provided by/(used in) operating activities	876,848	832,664	820,071
Investing Activities
Acquisition of real estate assets		(17,848)	(341,149)
Proceeds from sales of real estate investments, net	98,650	325,767	40,808
Development of real estate assets	(67,532)	(155,875)	(198,022)
Capital expenditures and other major improvements - real estate assets	(249,886)	(295,440)	(214,833)
Capital expenditures - non-real estate assets	(21,801)	(16,907)	(21,180)
Investment in unconsolidated joint ventures and partnerships	(50,335)	(71,395)	(201,412)
Distributions received from unconsolidated joint ventures and partnerships	41,097	14,399	81,443
Proceeds from sale of equity securities	4,624	14,471
Purchase deposits on pending acquisitions	1,000	(1,000)
Repayment/(issuance) of notes receivable, net	(32,168)	(85,310)	(75,183)
Net cash provided by/(used in) investing activities	(276,351)	(289,138)	(929,528)
Financing Activities
Payments on secured debt	(137,971)	(1,244)	(1,141)
Payments on unsecured debt	(15,644)
Net proceeds from the issuance of unsecured debt	296,929
Net proceeds/(repayment) of commercial paper	(118,175)	108,075	80,000
Net proceeds/(repayment) of revolving bank debt	4,768	(23,425)	(1,531)
Proceeds from the issuance of common shares through public offering, net			629,552
Repurchase of common shares		(25,009)	(49,028)
Distributions paid to redeemable noncontrolling interests	(42,798)	(35,582)	(34,255)
Distributions paid to preferred stockholders	(4,851)	(4,770)	(4,381)
Distributions paid to common stockholders	(558,482)	(539,852)	(483,624)
Other	(23,712)	(17,047)	(24,359)
Net cash provided by/(used in) financing activities	(599,936)	(538,854)	111,233
Net increase/(decrease) in cash, cash equivalents, and restricted cash	561	4,672	1,776
Cash, cash equivalents, and restricted cash, beginning of year	34,866	30,194	28,418
Cash, cash equivalents, and restricted cash, end of year	35,427	34,866	30,194
Supplemental Information:
Interest paid during the period, net of amounts capitalized	192,101	184,201	154,911
Operating cash flows from operating leases	12,502	12,502	12,502
Cash paid/(refunds received) for income taxes	1,044	1,911	1,145
Non-cash transactions:
Secured debt assumed upon acquisition of real estate assets		191,737
OP Units issued for real estate, net		141,359
Redeemable long-term and short-term incentive plan units	27,561	28,507	56,568
Development costs and capital expenditures incurred, but not yet paid	15,188	39,080	56,336
Conversion of Operating Partnership and DownREIT Partnership noncontrolling interests to common stock (1,703,570 shares; 470,800 shares; and 502,868 shares)	73,196	18,794	23,741
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	$ 151,720	$ 149,600	$ 134,213

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS - CASH RECONCILIATION - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
The following reconciles cash, cash equivalents, and restricted cash to amounts as shown above:
Cash and cash equivalents	$ 1,326	$ 2,922	$ 1,193	$ 967
Restricted cash	34,101	31,944	29,001	27,451
Total cash, cash equivalents, and restricted cash as shown above	$ 35,427	$ 34,866	$ 30,194	$ 28,418

CONSOLIDATED STATEMENTS OF CA_3

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Non-cash transactions:
Conversion of OP Units into common shares (in shares)	1,703,570	470,800	502,868

CONSOLIDATION AND BASIS OF PRES

CONSOLIDATION AND BASIS OF PRESENTATION	12 Months Ended
	Dec. 31, 2024
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, 2024, our consolidated apartment portfolio consisted of 169 communities with a total of 55,696 apartment homes located in 21 markets. In addition, the Company has an ownership interest in 10,860 completed or to-be-completed apartment homes through unconsolidated joint ventures or partnerships, including 6,436 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, 2024 and 2023, there were 189.8 million and 189.9 million units, respectively, in the Operating Partnership (“OP Units”) outstanding, of which 176.6 million, or 93.0% and 176.4 million, or 92.9%, respectively, were owned by UDR and 13.2 million, or 7.0% and 13.5 million, or 7.1%, respectively, were owned by outside limited partners. As of December 31, 2024 and 2023, there were 32.4 million units in the DownREIT Partnership (“DownREIT Units”) outstanding, of which 23.0 million, or 71.0% and 21.4 million, or 66.0%, respectively, were owned by UDR and its subsidiaries and 9.4 million, or 29.0% and 11.0 million, or 34.0%, 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

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2024
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	Recent Accounting Pronouncements In November 2024, the Financial Accounting Standards Board (“FASB”) issued Disaggregation of Income Statement Expenses, evaluating the effect that the ASU will have on the consolidated financial statements and related disclosures ​ In March 2024, the SEC issued final rules on the enhancement and standardization of climate-related disclosures. The rules require disclosure of, among other things: material climate-related risks; activities to mitigate or adapt to such risks; governance and management of such risks; and material greenhouse gas emissions from operations owned or controlled (Scope 1) and/or indirect emissions from purchased energy consumed in operations (Scope 2). Additionally, the rules require disclosure in the notes to the financial statements of the effects of severe weather events and other natural conditions, subject to certain materiality thresholds. The rules will become effective for the Company on a phased-in timeline starting in the year ended December 31, 2025. While the SEC has voluntarily stayed the rules, the Company is currently evaluating the effect the rules will have on its financial statement disclosures ​ In December 2023, the FASB issued 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures , December 31, 2025. 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 became effective for the Company for the year ended December 31, 2024, and interim periods commencing in 2025. The Company adopted the ASU, however, the updated standard did not have a material impact 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, 2024, 2023 and 2022, we did not record any impairments on our real estate properties. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets which are 30 to 55 years for buildings, 10 to 35 years for major improvements, and 3 to 10 years for furniture, fixtures, equipment, and other assets. Predevelopment, development, and redevelopment projects and related costs are capitalized and reported on the Consolidated Balance Sheets as Total real estate owned, net of accumulated depreciation Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short-term, highly liquid investments. We consider all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. The majority of the Company’s cash and cash equivalents are held at major commercial banks. Restricted Cash Restricted cash primarily consists of escrow deposits held by lenders for real estate taxes, insurance and replacement reserves, and security deposits. Real Estate Sales Gain Recognition For sale transactions resulting in a transfer of a controlling financial interest of a property, the Company generally derecognizes the related assets and liabilities from its Consolidated Balance Sheets and records the gain or loss in the period in which the transfer of control occurs. If control of the property has not 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 ​ 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 Accounting Standard Codification (“ASC”) 310-10. For each loan, the Company has concluded that the characteristics and the facts and circumstances indicate that loan accounting treatment is appropriate. The following table summarizes our Notes receivable, net as of December 31, 2024 and 2023 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate at ​ Balance Outstanding (a) ​ December 31, December 31, December 31, ​ ​ 2024 ​ 2024 ​ 2023 Note due March 2025 (b) ​ 12.00 % $ 42,807 ​ $ 37,022 Notes due October 2025 (c) ​ 11.00 % ​ 106,271 ​ ​ 98,271 Note due December 2026 (d) ​ 11.00 % ​ 71,873 ​ ​ 64,608 Note due December 2026 (e) ​ 11.00 % ​ 29,090 ​ ​ 26,164 Notes due June 2027 (f) ​ 18.00 % ​ 4,470 ​ ​ 3,737 Note due September 2027 (g) ​ 7.55 % ​ 31,771 ​ ​ — Notes receivable ​ ​ ​ ​ 286,282 ​ ​ 229,802 Allowance for credit losses ​ ​ ​ ​ (38,433) ​ ​ (977) Total notes receivable, net ​ $ 247,849 ​ $ 228,825 (a) Outstanding note amounts include any accrued and unpaid interest, as applicable. (b) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $32.5 million, all of which was funded as of December 31, 2024. Interest payments are due monthly, with the exception of payments from June 2022 to maturity, which are accrued and added to the principal balance and will be due at maturity of the note. In December 2024, the maturity date of the note was extended to March 31, 2025. 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) March 31, 2025. (c) The Company has two loans (the “Notes”) with a joint venture that owns a 478 apartment home operating community located in Philadelphia, Pennsylvania with an aggregate commitment of $93.5 million (exclusive of accrued and unpaid interest), all of which has been funded. The Notes are subordinate to the senior construction loan, but senior to the equity in the borrower. In April 2024, the joint venture refinanced the senior construction loan with a new loan that matures in April 2026, with a one-year extension option subject to certain conditions. The Notes had a scheduled maturity date in October 2024, with two one-year extension options. In September 2024, the developer extended the maturity date of the Notes to October 2025. Commencing in October 2024, the contractual interest rate on the Notes increased to 11.0% in connection with the developer exercising its option to extend the maturity date of the Notes. In December 2024, the Company recorded a $37.3 million non-cash loan reserve on the Notes, which was recorded in Interest income and other income/(expense), net on the Consolidated Statements of Operations, due to the Company’s assessment of the borrower’s ability to make future scheduled payments on the senior loan and a decrease in the value of the operating community. In addition, the Notes were placed on non-accrual status. (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 and unpaid interest), all of which has been funded. 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 and unpaid interest), all of which has been funded. 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. In 2023, the secured credit facility was amended to provide a new term loan in the amount of $19.0 million, and the Company’s commitment was increased from $1.5 million to $3.0 million (exclusive of accrued interest) , all of which has been funded. Interest payments accrue and are 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. (g) In September 2024, the Company entered into a $31.1 million secured mortgage loan with one of its joint ventures that owns a 66 apartment home operating community located in Santa Monica, California, in which the Company also holds a preferred investment. The contractual interest rate on the note receivable is SOFR plus a spread of 300 basis points. Interest payments are due monthly from net cash flow from the operating community. If net cash flow is insufficient to cover the interest payment on the payment date, the unpaid amount is added to the outstanding principal balance. The mortgage loan has a scheduled maturity date in September 2027. (See Note 5, Joint Ventures and Partnerships for further discussion ). The Company recognized $24.2 million, $14.5 million, and $3.5 million of interest income for the notes receivable described above during the years ended December 31, 2024, 2023, and 2022, respectively, none of which was related party interest. Interest income is included in Interest income and other income/(expense), net A roll forward of our allowance for credit losses for the year ended December 31, 2024 is as follows: ​ ​ ​ ​ Allowance for credit losses as of December 31, 2023 $ (977) (Provision)/recovery for credit losses ​ (37,456) Write-offs charged against allowance ​ - Allowance for credit losses as of December 31, 2024 $ (38,433) ​ 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, 2024, the Company did not have any investments in any joint ventures or partnerships that qualified as a VIE where we were determined to be the primary beneficiary We evaluate our investments in unconsolidated joint ventures for events or changes in circumstances that indicate there may be an other-than-temporary decline in value. We consider various factors to determine if a decrease in the value of the investment is other-than-temporary. These factors include, but are not limited to, age of the venture, our intent and ability to retain our investment in the entity, the financial condition and long-term prospects of the entity, the fair value of the property of the joint venture, and the relationships with the other joint venture partners and its lenders. The amount of loss recognized is the excess of the investment’s carrying amount over its estimated fair value. If we believe that the decline in fair value is temporary, no impairment is recorded. The aforementioned factors are taken into consideration as a whole by management in determining the valuation of our equity method investments. Should the actual results differ from management’s judgment, the valuation could be negatively affected and may result in a negative impact to our Consolidated Financial Statements. Derivative Financial Instruments The Company utilizes derivative financial instruments to manage interest rate risk and generally designates these financial instruments as cash flow hedges. Derivative financial instruments are recorded on our Consolidated Balance Sheets as either an asset or liability and measured quarterly at their fair value. The changes in fair value for cash flow hedges that are deemed effective are reflected in other comprehensive income/(loss) and for non-designated derivative financial instruments in earnings. The ineffective component of cash flow hedges, if any, is recorded in earnings. Redeemable Noncontrolling Interests in the Operating Partnership and DownREIT Partnership Interests in the Operating Partnership and the DownREIT Partnership held by limited partners are represented by OP Units and DownREIT Units, respectively. The income is allocated to holders of OP Units/DownREIT Units based upon net income available to common stockholders and the weighted average number of OP Units/DownREIT Units outstanding to total common shares plus OP Units/DownREIT Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the partnership agreements of the Operating Partnership and the DownREIT Partnership. Limited partners of the Operating Partnership and the DownREIT Partnership have the right to require such partnership to redeem all or a portion of the OP Units/DownREIT Units held by the limited partner at a redemption price equal to and in the form of the Cash Amount (as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable), provided that such OP Units/DownREIT Units have been outstanding for at least one year, subject to certain exceptions. UDR, as the general partner of the Operating Partnership and the DownREIT Partnership may, in its sole discretion, purchase the OP Units/DownREIT Units by paying to the limited partner either the Cash Amount or the REIT Share Amount (generally one share of Common Stock of the Company for each OP Unit/DownREIT Unit), as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable. Accordingly, the Company records the OP Units/DownREIT Units outside of permanent equity and reports the OP Units/DownREIT Units at their redemption value using the Company’s stock price at each balance sheet date. Income Taxes Due to the structure of the Company as a REIT and the nature of the operations for the operating properties, no provision for federal income taxes has been provided for at UDR. Historically, the Company has generally incurred only state and local excise and franchise taxes. UDR has elected for certain consolidated subsidiaries to be treated as taxable REIT subsidiaries (“TRS”). Income taxes for our TRS are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rate is recognized in earnings in the period of the enactment date. The Company’s deferred tax assets/(liabilities) are generally the result of differing depreciable lives on capitalized assets, temporary differences between book and tax basis of assets and liabilities and timing of expense recognition for certain accrued liabilities. As of December 31, 2024 and 2023, 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, 2024. UDR and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The tax years 2021 through 2023 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, 2024, 2023, and 2022, 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 s

REAL ESTATE OWNED

REAL ESTATE OWNED	12 Months Ended
	Dec. 31, 2024
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, 2024, the Company owned and consolidated 169 communities in 13 states plus the District of Columbia totaling 55,696 apartment homes. The following table summarizes the carrying amounts for our real estate owned (at cost) as of December 31, 2024 and 2023 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2024 ​ 2023 Land ​ $ 2,521,363 ​ $ 2,549,716 Depreciable property — held and used: ​ ​ ​ ​ Land improvements ​ 271,702 ​ 255,706 Building, improvements, and furniture, fixtures and equipment ​ 13,189,796 ​ 12,902,021 Real estate intangible assets ​ ​ 11,933 ​ ​ 50,013 Under development: ​ ​ Land and land improvements ​ — ​ 16,576 Building, improvements, and furniture, fixtures and equipment ​ — ​ 143,828 Real estate held for disposition: ​ ​ Land and land improvements ​ 44,645 ​ 13,734 Building, improvements, and furniture, fixtures and equipment ​ 135,844 ​ 92,265 Real estate intangible assets ​ ​ 38,080 ​ ​ — Real estate owned ​ 16,213,363 ​ 16,023,859 Accumulated depreciation (a) ​ (6,901,026) ​ (6,267,830) Real estate owned, net ​ $ 9,312,337 ​ $ 9,756,029 (a) Accumulated depreciation is inclusive of $21.2 million and $17.2 million of accumulated amortization related to real estate intangible assets as of December 31, 2024 and 2023, respectively. ​ Acquisitions In January 2024, the Company acquired its joint venture partner’s common Joint Ventures and Partnerships . ​ 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 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. ​ ​ Dispositions In January 2025, the Company sold an operating community located in Brooklyn, New York with a total of 188 apartment homes for gross proceeds of $127.5 million, resulting in a gain of approximately $23.6 million. This operating community was classified as held for disposition as of December 31, 2024. ​ In January 2025, the Company sold an operating community located in Englewood, New Jersey with a total of 185 apartment homes for gross proceeds of $84.0 million, resulting in a gain of approximately $24.4 million. This operating community was classified as held for disposition as of December 31, 2024. ​ 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 $16.9 million. This operating community was classified as held for disposition as of December 31, 2023. ​ 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 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. ​ Developments At December 31, 2024, the Company was not developing any communities although the Company is incurring and capitalizing costs directly related to predevelopment activities in preparation of future development commencements. During the year ended December 31, 2024, the Company completed the development of two communities located in Tampa, Florida and Addison, Texas, with a total of 415 apartment homes. 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 some of which 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, 2024 ​ 2025 ​ 2026 ​ 2027 ​ 2028 ​ 2029 ​ Thereafter Real estate intangible assets, net (a) ​ $ 28,775 ​ $ 24,581 ​ $ 1,562 ​ $ 1,505 ​ $ 424 ​ $ 416 ​ $ 287 In-place lease intangible assets, net (b) ​ ​ 2,264 ​ ​ 610 ​ ​ 504 ​ ​ 434 ​ ​ 318 ​ ​ 266 ​ ​ 132 Total ​ $ 31,039 ​ $ 25,191 ​ $ 2,066 ​ $ 1,939 ​ $ 742 ​ $ 682 ​ $ 419 ​ ​ ​ (a) Real estate intangible assets, net is recorded net of accumulated amortization of $21.2 million in Real estate held for investment, net on the Consolidated Balance Sheets. For the years ended December 31, 2024 and 2023, $4.0 million and $4.2 million, respectively, of amortization expense was recorded in Depreciation and Amortization on the Consolidated Statement of Operations. ​ In January 2025, the Company fully amortized $22.7 million of unamortized real estate intangible assets related to the sale of two operating communities discussed above. ​ (b) In-place lease intangible assets, net is recorded net of accumulated amortization of $7.5 million in Other assets on the Consolidated Balance Sheets. For the years ended December 31, 2024 and 2023, $8.9 million and $7.3 million, respectively, was recorded in Depreciation and Amortizatio n on the Consolidated Statement of Operations.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	12 Months Ended
	Dec. 31, 2024
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES	4. VARIABLE INTEREST ENTITIES The Company has determined that the Operating Partnership and DownREIT Partnership are VIEs as the limited partners lack substantive kick-out rights and substantive participating rights. The Company has concluded that it is the primary beneficiary of, and therefore consolidates, the Operating Partnership and DownREIT Partnership based on its role as the sole general partner of the Operating Partnership and DownREIT Partnership. The Company’s role as community manager and its equity interests give us the power to direct the activities that most significantly impact the economic performance and the obligation to absorb potentially significant losses or the right to receive potentially significant benefits of the Operating Partnership and DownREIT Partnership.

JOINT VENTURES AND PARTNERSHIPS

JOINT VENTURES AND PARTNERSHIPS	12 Months Ended
	Dec. 31, 2024
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 173 apartment home community located in Oakland, California. In 2023, 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 January 2024, the Company took title to the developer’s equity interest in the joint venture resulting in it being a wholly-owned community. (See Note 3, 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, 2024 and 2023 (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 2024 2024 ​ 2024 2023 2024 2023 ​ 2024 2023 2022 Operating: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ UDR/MetLife (a) ​ 13 ​ 2,834 ​ 50.2 % ​ 50.2 % ​ $ 206,308 ​ $ 225,195 ​ $ (7,438) ​ $ (5,378) ​ $ (7,604) UDR/LaSalle ​ 5 ​ 1,590 ​ 51.0 % ​ 51.0 % ​ ​ 267,562 ​ ​ 286,723 ​ ​ (8,027) ​ ​ (3,660) ​ ​ — Total Joint Ventures ​ 18 4,424 ​ ​ ​ ​ $ 473,870 ​ $ 511,918 ​ $ (15,465) ​ $ (9,038) ​ $ (7,604) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Apartment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Communities ​ Homes ​ Weighted ​ ​ ​ ​ ​ ​ ​ Investment at ​ Income/(loss) from investments Debt and Preferred Equity Program December 31, ​ December 31, ​ Average ​ Years To ​ UDR December 31, December 31, ​ Year Ended December 31, and Real Estate Technology Investments (b) 2024 ​ 2024 ​ Rate ​ Maturity ​ Commitment (c) 2024 2023 2024 2023 2022 Preferred equity investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ 27 ​ 6,436 ​ 9.6 % ​ 2.8 ​ $ 342,498 ​ $ 380,969 ​ $ 387,771 ​ $ 25,741 ​ $ 35,685 ​ $ 26,374 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate technology and sustainability investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate technology and sustainability investments ​ N/A ​ N/A ​ N/A ​ ​ N/A ​ $ 86,000 ​ ​ 57,344 ​ ​ 44,382 ​ ​ 9,959 ​ ​ 104 ​ ​ (35,429) Total Debt and Preferred Equity Program and Real Estate Technology and Sustainability Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 438,313 ​ ​ 432,153 ​ ​ 35,700 ​ ​ 35,789 ​ ​ (9,055) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sold joint ventures and other investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ (22,058) ​ ​ 21,606 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total investment in and advances to unconsolidated joint ventures, net (a) ​ ​ ​ ​ $ 912,183 ​ $ 944,071 ​ $ 20,235 ​ $ 4,693 ​ $ 4,947 (a) As of December 31, 2024 and 2023, the Company’s negative investment in one UDR/MetLife community of $5.3 million and $8.9 million, respectively, is recorded in Accounts payable, accrued expenses, and other liabilities on the Consolidated Balance Sheets. (b) The Debt and Preferred Equity Program (previously referred to as the Developer Capital Program) is the program through which the Company makes investments, including preferred equity investments, first mortgage loans, mezzanine loans (recorded in Notes receivable, net on the Consolidated Balance Sheets) 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. The Company’s preferred equity investments include three 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, 2024, the Company entered into four new preferred equity investments and no preferred equity investments were fully redeemed. In July 2024, the Company received a $17.2 million partial paydown on one of its operating preferred equity investments. In conjunction with the paydown, the Company’s remaining $50.0 million preferred equity investment will earn a preferred return of 11.0% per annum. In July 2024 and August 2024, the Company entered into four joint venture agreements with an unaffiliated joint venture partner to operate four operating communities with a total of 818 apartment homes located in Portland, Oregon. The Company’s combined preferred equity investment of $35.0 million earns a preferred return of 10.75% per annum. The unaffiliated joint venture partner is the managing member of the joint ventures. The Company has concluded that it does not control the joint ventures and accounts for its investments under the equity method of accounting In September 2024, the Company made a $31.1 million secured mortgage loan to a joint venture, in which the Company also owns a preferred equity investment. The joint venture used the proceeds of the loan to repay its senior construction loan in full. The loan to the joint venture has an interest rate of SOFR plus 300 basis points and a maturity date in September 2027. (See Note 2, Significant Accounting Policies Income/(loss) from unconsolidated entities In December 2024, the Company received a $38.5 million partial paydown and a $9.9 million partial paydown from two of its operating preferred equity investments from the proceeds of the refinancings of the joint ventures’ senior loans. (c) Represents UDR’s maximum funding commitment only and therefore excludes other activity such as income from investments. ​ As of December 31, 2024 and 2023, the Company had deferred fees of $7.6 million and $7.6 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 $8.3 million, $6.8 million, and $5.0 million during the years ended December 31, 2024, 2023, and 2022, respectively, for management of the communities held by the joint ventures and partnerships. The management fees are included in Joint venture management and other fees 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, 2024, 2023, and 2022 ( dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt and Preferred ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity Program ​ ​ As of and For the ​ UDR/ ​ UDR/ ​ and Other ​ ​ Year Ended December 31, 2024 ​ MetLife ​ LaSalle ​ Investments ​ Total Condensed Statements of Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ $ 141,014 ​ $ 49,063 ​ $ 131,876 ​ $ 321,953 Property operating expenses ​ 64,329 ​ 17,657 ​ 69,737 ​ 151,723 Real estate depreciation and amortization ​ 53,543 ​ 45,375 ​ 51,633 ​ 150,551 Operating income/(loss) ​ 23,142 ​ (13,969) ​ 10,506 ​ 19,679 Interest expense ​ (33,491) ​ (2,698) ​ (74,268) ​ (110,457) Other income/(loss) ​ — ​ — ​ (3,840) ​ (3,840) Net unrealized/realized gain/(loss) on held investments ​ ​ — ​ ​ — ​ ​ 84,835 ​ ​ 84,835 Net income/(loss) ​ $ (10,349) ​ $ (16,667) ​ $ 17,233 ​ $ (9,783) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed Balance Sheets: ​ ​ ​ ​ ​ Total real estate, net ​ $ 1,174,695 ​ $ 567,474 ​ $ 1,372,206 ​ $ 3,114,375 Investments, at fair value ​ ​ — ​ ​ — ​ ​ 372,478 ​ ​ 372,478 Cash and cash equivalents ​ 12,528 ​ 5,688 ​ 29,716 ​ 47,932 Other assets ​ 20,774 ​ 1,334 ​ 125,236 ​ 147,344 Total assets ​ 1,207,997 ​ 574,496 ​ 1,899,636 ​ 3,682,129 Third party debt, net ​ 845,963 ​ 45,246 ​ 1,168,926 ​ 2,060,135 Accounts payable and accrued liabilities ​ 19,393 ​ 5,150 ​ 133,962 ​ 158,505 Total liabilities ​ 865,356 ​ 50,396 ​ 1,302,888 ​ 2,218,640 Total equity ​ $ 342,641 ​ $ 524,100 ​ $ 596,748 ​ $ 1,463,489 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt and Preferred ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity Program ​ ​ As of and For the ​ UDR/ ​ UDR/ ​ and Other ​ ​ Year Ended December 31, 2023 ​ MetLife ​ LaSalle ​ Investments ​ Total Condensed Statements of Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ $ 139,073 ​ $ 20,514 ​ $ 109,753 ​ $ 269,340 Property operating expenses ​ 58,298 ​ 6,896 ​ 54,442 ​ 119,636 Real estate depreciation and amortization ​ 54,895 ​ 21,182 ​ 43,407 ​ 119,484 Operating income/(loss) ​ 25,880 ​ (7,564) ​ 11,904 ​ 30,220 Interest expense ​ (32,720) ​ (126) ​ (53,385) ​ (86,231) Other income/(loss) ​ — ​ — ​ 537 ​ 537 Net unrealized/realized gain/(loss) on held investments ​ ​ — ​ ​ — ​ ​ 23,403 ​ ​ 23,403 Net income/(loss) ​ $ (6,840) ​ $ (7,690) ​ $ (17,541) ​ $ (32,071) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed Balance Sheets: ​ ​ ​ ​ ​ ​ Total real estate, net ​ $ 1,214,525 ​ $ 595,976 ​ $ 1,347,556 ​ $ 3,158,057 Investments, at fair value ​ ​ — ​ ​ — ​ ​ 257,832 ​ ​ 257,832 Cash and cash equivalents ​ 14,826 ​ 4,809 ​ 42,035 ​ 61,670 Other assets ​ 16,406 ​ 9,986 ​ 120,584 ​ 146,976 Total assets ​ 1,245,757 ​ 610,771 ​ 1,768,007 ​ 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 ​ 151,136 ​ 171,502 Total liabilities ​ 869,906 ​ 50,636 ​ 1,263,776 ​ 2,184,318 Total equity ​ $ 375,851 ​ $ 560,135 ​ $ 504,231 ​ $ 1,440,217 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt and Preferred ​ ​ ​ ​ ​ ​ ​ ​ Equity Program ​ ​ ​ For the ​ UDR/ ​ and Other ​ ​ Year Ended December 31, 2022 ​ MetLife ​ Investments ​ Total Condensed Statements of Operations: ​ ​ ​ ​ ​ ​ ​ Total revenues ​ $ 130,229 ​ $ 38,187 ​ $ 168,416 Property operating expenses ​ 55,262 ​ 25,218 ​ 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 ​ 120,447 ​ 139,834 Interest expense ​ (30,510) ​ (16,404) ​ (46,914) Other income/(loss) ​ ​ — ​ (90) ​ (90) Net unrealized/realized gain/(loss) on held investments ​ ​ — ​ ​ (203,216) ​ ​ (203,216) Net income/(loss) ​ $ (11,123) ​ $ (99,263) ​ $ (110,386) ​

LEASES

LEASES	12 Months Ended
	Dec. 31, 2024
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, 2024 and 2023. As of December 31, 2024 and 2023, 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 41.3 years and 42.0 years at December 31, 2024 and 2023, respectively, and the weighted average discount rate was 5.0% at both December 31, 2024 and 2023. Future minimum lease payments and total operating lease liabilities from our ground leases as of December 31, 2024 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ Ground Leases 2025 ​ $ 12,442 2026 ​ ​ 12,442 2027 ​ ​ 12,442 2028 ​ ​ 12,442 2029 ​ ​ 12,442 Thereafter ​ ​ 393,010 Total future minimum lease payments (undiscounted) ​ ​ 455,220 Difference between future undiscounted cash flows and discounted cash flows ​ ​ (272,945) Total operating lease liabilities (discounted) ​ $ 182,275 ​ 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, ​ ​ 2024 ​ 2023 ​ 2022 Lease expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ Contractual lease expense ​ $ 13,322 ​ $ 13,173 ​ $ 12,991 Variable lease expense (a) ​ ​ 189 ​ ​ 155 ​ ​ 112 Total operating lease expense (b)(c) ​ $ 13,511 ​ $ 13,328 ​ $ 13,103 (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, 2024, Operating lease right-of-use assets and Operating lease liabilities amortized by $3.6 million and $3.5 million, respectively, 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, and 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. Due to the net impact of the amortization, the Company recorded $0.1 million, $0.1 million and $0.1 million of total operating lease expense during the years ended December 31, 2024, 2023 and 2022, respectively. ​ Lessor - Apartment Home, Retail and Commercial Space Leases ​ UDR’s communities and retail and commercial space are leased to tenants under operating leases. As of December 31, 2024, our apartment home leases generally have initial terms of 12 months or less. As of December 31, 2024, 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, 2024 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ Retail and Commercial Leases 2025 ​ $ 26,047 2026 ​ ​ 23,643 2027 ​ ​ 20,477 2028 ​ ​ 17,678 2029 ​ ​ 13,337 Thereafter ​ ​ 56,388 Total future minimum lease payments (a) ​ $ 157,570 (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, $1.1 million and $0.8 million during the years ended December 31, 2024, 2023 and 2022, respectively.

SECURED AND UNSECURED DEBT, NET

SECURED AND UNSECURED DEBT, NET	12 Months Ended
	Dec. 31, 2024
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, 2024 and 2023 ( dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Outstanding ​ As of December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ Average ​ Number of ​ ​ December 31, ​ December 31, ​ Interest ​ Years to ​ Communities ​ 2024 2023 Rate Maturity Encumbered Secured Debt: ​ ​ ​ ​ ​ ​ ​ Fixed Rate Debt ​ ​ Mortgage notes payable (a) ​ $ 1,115,798 ​ $ 1,213,751 3.49 % 4.0 19 Deferred financing costs and other non-cash adjustments (b) ​ (3,429) ​ (3,009) Total fixed rate secured debt, net ​ 1,112,369 ​ 1,210,742 3.50 % 4.0 19 Variable Rate Debt ​ ​ Mortgage notes payable (c) ​ — ​ 40,017 — % — — Tax-exempt secured notes payable (d) ​ 27,000 ​ 27,000 3.49 % 7.2 1 Deferred financing costs ​ (38) ​ (46) Total variable rate secured debt, net ​ 26,962 ​ 66,971 3.52 % 7.2 1 Total Secured Debt, net ​ 1,139,331 ​ 1,277,713 3.50 % 4.1 20 Unsecured Debt: ​ ​ Variable Rate Debt ​ ​ Borrowings outstanding under unsecured credit facility due August 2028 (e) (n) ​ — ​ — — % 3.7 Borrowings outstanding under unsecured commercial paper program due January 2025 (f) (n) ​ ​ 289,900 ​ ​ 408,075 ​ 4.70 % 0.1 ​ ​ Borrowings outstanding under unsecured working capital credit facility due January 2026 ​ 9,361 ​ 4,593 5.19 % 1.0 Term Loan due January 2027 (e) (n) ​ 175,000 ​ — 5.48 % 2.1 Fixed Rate Debt ​ ​ Term Loan due January 2027 (e) (n) ​ ​ 175,000 ​ 350,000 1.43 % 2.1 ​ ​ 8.50% Debentures due September 2024 ​ — ​ 15,644 — % — 2.95% Medium-Term Notes due September 2026 (n) ​ 300,000 ​ 300,000 2.95 % 1.7 3.50% Medium-Term Notes due July 2027 (net of discounts of $176 and $247, respectively) (h) (n) ​ ​ 299,824 ​ ​ 299,753 ​ 4.03 % 2.5 ​ ​ 3.50% Medium-Term Notes due January 2028 (net of discounts of $361 and $479, respectively) (n) ​ ​ 299,639 ​ ​ 299,521 ​ 3.50 % 3.0 ​ ​ 4.40% Medium-Term Notes due January 2029 (net of discounts of $2 and $3, respectively) (i) (n) ​ ​ 299,998 ​ ​ 299,997 ​ 4.27 % 4.1 ​ ​ 3.20% Medium-Term Notes due January 2030 (net of premiums of $6,921 and $8,294, respectively) (j) (n) ​ ​ 606,921 ​ ​ 608,294 ​ 3.32 % 5.0 ​ ​ 3.00% Medium-Term Notes due August 2031 (net of premiums of $7,914 and $9,109, respectively) (k) (n) ​ ​ 607,914 ​ ​ 609,109 ​ 3.01 % 6.6 ​ ​ 2.10% Medium-Term Notes due August 2032 (net of discounts of $267 and $303, respectively) (n) ​ ​ 399,733 ​ ​ 399,697 ​ 2.10 % 7.6 ​ ​ 1.90% Medium-Term Notes due March 2033 (net of discounts of $989 and $1,110, respectively) (n) ​ ​ 349,011 ​ ​ 348,890 ​ 1.90 % 8.2 ​ ​ 2.10% Medium-Term Notes due June 2033 (net of discounts of $842 and $941, respectively) (n) ​ ​ 299,158 ​ ​ 299,059 ​ 2.10 % 8.5 ​ ​ 5.125% Medium-Term Notes due September 2034 (net of discounts of $2,954 and $0, respectively) (l) (n) ​ ​ 297,046 ​ ​ — ​ 4.95 % 9.7 ​ ​ 3.10% Medium-Term Notes due November 2034 (net of discounts of $868 and $956, respectively) (m) (n) ​ ​ 299,132 ​ ​ 299,044 ​ 3.13 % 9.8 ​ ​ Other ​ — ​ 2 Deferred financing costs ​ (20,003) ​ (20,682) Total Unsecured Debt, net ​ 4,687,634 ​ 4,520,996 3.35 % 5.4 Total Debt, net ​ $ 5,826,965 ​ $ 5,798,709 3.38 % 5.2 ​ 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, 2024, secured debt encumbered approximately 13% of UDR’s total real estate owned based upon gross book value (approximately 87% of UDR’s real estate owned based on gross book value is unencumbered). (a) At December 31, 2024, fixed rate mortgage notes payable are generally due in monthly installments of principal and interest and mature at various dates from July 2025 through February 2031 and carry interest rates ranging from 2.62% to 4.39%. In July 2024, the Company repaid a $94.1 million fixed rate mortgage at maturity with borrowings from the Company’s unsecured commercial paper program. The Company will from time to time acquire properties subject to fixed rate debt instruments. In those situations, the Company records the debt at its estimated fair value and amortizes any difference between the fair value and par value to interest expense over the term of the underlying debt instrument. (b) During the years ended December 31, 2024, 2023, and 2022, the Company had $1.3 million, $3.4 million, and $4.5 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) During the year ended December 31, 2024, the Company prepaid a variable rate mortgage with an outstanding balance of $40.0 million and an interest rate of 8.31% at the time of the payoff. (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, 2024, the variable interest rate on the mortgage note was 3.49%. (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. In August 2024, the Company amended the Revolving Credit Facility to extend the maturity date to August 31, 2028, with two six-month extension options. The Revolving Credit Facility was previously set to mature on January 31, 2026, with two six-month extension options, subject to certain conditions. The Term Loan has a scheduled maturity date of January 31, 2027. In August 2024, the Company amended the Term Loan to include a twelve-month extension option, subject to certain conditions. Based on the Company’s current credit rating, the Revolving Credit Facility has an interest rate equal to Adjusted SOFR plus a margin of 77.5 basis points and a facility fee of 15 basis points, and the Term Loan has an interest rate equal to 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. Further, as amended, the Credit Agreement includes sustainability adjustments pursuant to which the applicable margin for the Term Loan may be reduced by up to two basis points contingent upon the Company receiving green building certifications, which is reflected in the margin noted above. In addition, the Credit Agreement, as amended, allows for the Company in consultation with the sustainability structuring agent to propose key performance indicators with respect to certain environmental, social, and governance goals of the Company, and thresholds or targets with respect thereto, and a related amendment to the Credit Agreement, that if entered into may allow a change in the applicable margin for the Revolving Credit Facility of up to four basis points and a change in the applicable facility fee of up to one basis point. In August 2021, the Company entered into two interest rate swaps totaling $175.0 million of notional value, which became effective in July 2022, to hedge against interest rate risk on a portion of the Term Loan debt until July 2025. $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% 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, 2024 and 2023 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2024 2023 ​ 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 ​ Maximum daily borrowings during the period ended ​ — ​ 250,000 ​ Weighted average interest rate during the period ended ​ — % 5.6 % Interest rate at end of the period ​ — % — % (1) Excludes $3.4 million and $2.3 million of letters of credit at December 31, 2024 and 2023, 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, 2024 and 2023 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2024 ​ 2023 Total unsecured commercial paper program $ 700,000 ​ $ 700,000 ​ Borrowings outstanding at end of period ​ 289,900 ​ 408,075 ​ Weighted average daily borrowings during the period ended ​ 390,237 ​ 384,068 ​ Maximum daily borrowings during the period ended ​ 645,000 ​ 505,000 ​ Weighted average interest rate during the period ended ​ 5.4 % 5.4 % Interest rate at end of the period ​ 4.7 % 5.7 % ​ (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, 2026. In December 2024, the Company extended the maturity date from January 12, 2025 to January 12, 2026. 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, 2024 and 2023 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2024 ​ 2023 Total working capital credit facility ​ $ 75,000 ​ $ 75,000 ​ Borrowings outstanding at end of period ​ 9,361 ​ 4,593 ​ Weighted average daily borrowings during the period ended ​ 15,102 ​ 15,829 ​ Maximum daily borrowings during the period ended ​ 62,077 ​ 57,107 ​ Weighted average interest rate during the period ended ​ 6.0 % 5.9 % Interest rate at end of the period ​ 5.2 % 6.3 % ​ (h) The Company previously entered into forward starting interest rate swaps to hedge against interest rate risk on $200.0 million of this debt. The all-in weighted average interest rate, inclusive of the impact of these interest rate swaps, was 4.03%. (i) The Company previously entered into forward starting interest rate swaps to hedge against interest rate risk on $150.0 million of the initial $300.0 million issued. The all-in weighted average interest rate, inclusive of the impact of these interest rate swaps, was 4.27%. (j) The Company previously entered into forward starting interest rate swaps and treasury lock to hedge against the interest rate risk of this debt. The all-in weighted average interest rate, inclusive of the impact of the forward starting swaps and treasury locks, was 3.32% . (k) (l) (m) . (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, 2024 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Fixed Total Variable Total Total Total Year ​ Secured Debt ​ Secured Debt ​ Secured Debt ​ Unsecured Debt ​ Debt 2025 ​ $ 178,323 ​ $ — ​ $ 178,323 ​ $ 289,900 ​ $ 468,223 2026 ​ ​ 56,672 ​ ​ — ​ ​ 56,672 ​ ​ 309,361 ​ ​ 366,033 2027 ​ 6,939 ​ — ​ 6,939 ​ 650,000 ​ 656,939 2028 ​ 166,526 ​ — ​ 166,526 ​ 300,000 ​ 466,526 2029 ​ 315,811 ​ — ​ 315,811 ​ 300,000 ​ 615,811 2030 ​ 230,597 ​ — ​ 230,597 ​ 600,000 ​ 830,597 2031 ​ 160,930 ​ — ​ 160,930 ​ 600,000 ​ 760,930 2032 ​ — ​ 27,000 ​ 27,000 ​ 400,000 ​ 427,000 2033 ​ — ​ — ​ — ​ 650,000 ​ 650,000 2034 ​ — ​ ​ ​ — ​ 600,000 ​ 600,000 Thereafter ​ — ​ — ​ — ​ — ​ — Subtotal ​ 1,115,798 ​ 27,000 ​ 1,142,798 ​ 4,699,261 ​ 5,842,059 Non-cash (a) ​ (3,429) ​ (38) ​ (3,467) ​ (11,627) ​ (15,094) Total ​ $ 1,112,369 ​ $ 26,962 ​ $ 1,139,331 ​ $ 4,687,634 ​ $ 5,826,965 (a) Includes the unamortized balance of fair market value adjustments, premiums/discounts, and deferred financing costs. For the years ended December 31, 2024 and 2023, the Company amortized $5.0 million and $4.7 million, respectively, of deferred financing costs into Interest expense . We were in compliance with the covenants of our debt instruments at December 31, 2024.

INCOME_(LOSS) PER SHARE

INCOME/(LOSS) PER SHARE	12 Months Ended
	Dec. 31, 2024
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, ​ 2024 2023 2022 Numerator for income/(loss) per share: ​ ​ ​ ​ ​ ​ ​ Net income/(loss) ​ $ 95,877 ​ $ 474,488 ​ $ 92,579 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (6,246) ​ (30,104) ​ (5,613) Net (income)/loss attributable to noncontrolling interests ​ (46) ​ (31) ​ (42) Net income/(loss) attributable to UDR, Inc. ​ 89,585 ​ 444,353 ​ 86,924 Distributions to preferred stockholders — Series E (Convertible) ​ (4,835) ​ (4,848) ​ (4,412) Income/(loss) attributable to common stockholders - basic and diluted ​ $ 84,750 ​ $ 439,505 ​ $ 82,512 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for income/(loss) per share: ​ ​ ​ Weighted average common shares outstanding ​ 329,670 ​ 329,136 ​ 321,949 Unvested restricted stock awards ​ (380) ​ (371) ​ (278) Denominator for basic income/(loss) per share ​ 329,290 ​ 328,765 ​ 321,671 Incremental shares issuable from assumed conversion of unvested LTIP Units, conversion of Series E preferred stock, performance units and unvested restricted stock ​ 826 ​ 339 ​ 1,029 Denominator for diluted income/(loss) per share ​ 330,116 ​ 329,104 ​ 322,700 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income/(loss) per weighted average common share: ​ ​ ​ Basic ​ $ 0.26 ​ $ 1.34 ​ $ 0.26 Diluted ​ $ 0.26 ​ $ 1.34 ​ $ 0.26 ​ 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, 2024, 2023, and 2022, the effect of the conversion of the OP Units, DownREIT Units and the Company’s Series E preferred stock was not dilutive and therefore not included in the above calculation. In July 2021, the Company entered into an ATM sales agreement under which the Company may offer and sell up to 20.0 million shares of its common stock, from time to time, to or through its sales agents and may enter into separate forward sales agreements to or through its forward purchasers. Upon entering into the ATM sales agreement, the Company simultaneously terminated the sales agreement for its prior at-the-market equity offering program, which was entered into in July 2017. During the year ended December 31, 2024, the Company did not sell any shares of common stock through its ATM program. As of December 31, 2024, 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 years ended December 31, 2024 and 2023, the Company did not enter into any forward purchase agreements under its continuous equity program. ​ During the year ended December 31, 2024, the Company did not repurchase any shares of its common stock. 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. ​ 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, 2024, 2023, and 2022 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 OP/DownREIT Units 23,993 22,410 21,478 Convertible preferred stock 2,848 2,908 2,916 Unvested LTIP Units, performance units, and unvested restricted stock 826 339 1,029 ​

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2024
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, 2024. 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, 2024, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common ​ Preferred Stock ​ ​ Stock ​ Series E ​ Series F 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 Issuance/(forfeiture) of common and restricted shares, net 48 — — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 170 — — Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership 1,533 — — Conversion of Series E Cumulative Convertible shares ​ 93 ​ (85) ​ — Forfeiture of Series F shares — — (1,444) Balance at December 31, 2024 330,859 2,601 10,424 ​ 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, 2024, the Company entered into the following equity transactions for our common stock: ● Issued less than 0.1 million shares, net of forfeitures, of common stock through the Company’s 1999 Long-Term Incentive Plan (the “LTIP”); ● Issued 1.7 million shares of common stock upon redemption of OP Units and DownREIT Units, resulting in the forfeiture of 1.4 million Series F Preferred shares; and ● Converted 0.1 million Series E Cumulative Convertible shares into 0.1 million shares of common stock. 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, 2024, 2023, and 2022 totaled $1.70, $1.68, and $1.52 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, 2024, 2023, and 2022 were $1.84, $1.82, and $1.65 per share, respectively. The Series E is not listed on any exchange. At December 31, 2024 and 2023, a total of 2.6 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, 2024 and 2023, 1.4 million and 0.2 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, 2024 and 2023, a total of 10.4 million and 11.9 million shares, respectively, of the Series F were outstanding with an aggregate purchase value of $1,042 and $1,187, 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, 2024, all shares issued with respect to the plan were acquired through the open market.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
	Dec. 31, 2024
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, 2024, 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, 2024, there were 11.7 million common shares available for issuance under the LTIP. The LTIP contains double trigger change of control provisions allowing for the vesting of an award when certain conditions are met upon qualifying events such as a merger where UDR is not the surviving entity. Upon the death or disability of an award recipient, all outstanding instruments will vest and all restrictions will lapse. The LTIP specifies that in the event of a capital transaction, which includes but is not limited to stock dividends, stock splits, extraordinary cash dividends and spin-offs, the number of shares available for grant in totality or to a single individual is to be adjusted proportionately. The LTIP specifies that when a capital transaction occurs that would dilute the holder of the stock award, prior grants are to be adjusted such that the recipient is no worse as a result of the capital transaction. A summary of UDR’s Performance Units, LTIP Units, restricted stock and option activities during the year ended December 31, 2024 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, 2023 3,717 ​ $ 41.25 2,278 ​ $ 37.53 ​ 1,339 ​ $ 44.99 19 ​ $ 59.90 312 ​ $ 50.51 365 ​ $ 44.53 Granted 494 ​ 38.79 — ​ — ​ 50 ​ 38.64 — ​ — 678 ​ 38.70 190 ​ 38.66 Exercised — ​ — — ​ — ​ — ​ — — ​ — — ​ — — ​ — Vested (1,652) ​ 38.04 1,652 ​ 38.04 ​ — ​ — — ​ — (209) ​ 43.55 (163) ​ 44.11 Forfeited (745) ​ 37.50 — ​ — ​ (48) ​ 40.49 — ​ — (115) ​ 41.68 (83) ​ 41.21 Balance, December 31, 2024 1,814 ​ $ 41.17 3,930 ​ $ 37.74 ​ 1,341 ​ $ 44.91 19 ​ $ 59.90 666 ​ $ 42.12 309 ​ $ 42.09 ​ As of December 31, 2024, the Company had granted 7.1 million shares of restricted stock, 3.6 million LTIP Units, 5.7 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 $2.1 million as of December 31, 2024. During the year ended December 31, 2024, no stock options were exercised. The weighted average remaining contractual life on all stock options outstanding as of December 31, 2024 is 7.6 years and such options have a weighted average exercise price of $44.91. During the years ended December 31, 2024, 2023 and 2022, we recognized $0.9 million, $0.6 million and $0.7 million, respectively, of net compensation expense related to outstanding stock options. 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 stock grants are based on the Company’s performance and are subject to adjustment during the initial 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 $6.7 million as of December 31, 2024. During the year ended December 31, 2024, no Performance Units were exercised. The weighted average remaining contractual life on all Performance Units outstanding as of December 31, 2024 is 7.6 years and such Performance Units have a weighted average exercise price of $44.92. During the years ended December 31, 2024, 2023 and 2022, we recognized $5.9 million, $19.8 million and $5.2 million, respectively, of net compensation expense related to outstanding Performance Units. Short-Term Incentive Compensation In January 2024, certain officers of the Company were awarded either a restricted stock grant, an STI Unit grant, or an STI Performance Unit grant, or a combination of all three, under the 2024 Long-Term Incentive Program (“2024 LTI”). All three of the awards represent short-term incentive compensation for the officers. The restricted stock award was valued for compensation expense purposes based upon the closing sales price of UDR common stock on the date of grant in accordance with ASC 718, Compensation - Stock Compensation In January 2023, certain officers of the Company were awarded either a restricted stock grant, an STI Unit grant, or an STI Performance Unit grant, or a combination of all three, under the 2023 Long-Term Incentive Program (“2023 LTI”). All three of the awards represent short-term incentive compensation for the officers. The restricted stock award was 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, or $38.59 per share. The STI Unit award was 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, or $38.59 per unit, inclusive of a discount due to uncertainty associated with the STI Unit reaching parity with the value of a share of UDR common stock. The STI Performance Unit award was valued for compensation expense purposes on the date of grant in accordance with ASC 718 as determined by the lattice-binomial option-pricing model based on a Monte Carlo simulation using 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%, or $7.86 per unit, inclusive of a discount due to uncertainty associated with the STI Performance Unit reaching parity with the value of a 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, or $51.10 per unit, inclusive of a discount due to uncertainty associated with the STI Unit reaching parity with the value of a share of UDR common stock. The STI 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. Long-Term Incentive Compensation In January 2024, 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 2024 LTI. For all three restricted stock grants, LTIP Unit grants and Performance Unit grants, thirty percent of the 2024 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 2024 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 2024 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 $38.64 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 $17.72 per unit on the grant date, inclusive of an 8.3% discount, and the portion of the LTIP Unit grant based upon the three-year FFO as Adjusted was valued for compensation expense purposes at $18.57 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 $4.22 per unit on the grant date, inclusive of an 8.3% discount, a volatility factor of 30.0%, an expected life of 5.5 years, an annualized risk-free rate of 4.04%, and an annual dividend yield of 3.5%, and the portion of the LTIP Unit grant based upon the three-year FFO as Adjusted was valued for compensation expense purposes at $4.37 per unit on the grant date, inclusive of a 3.9% discount, a volatility factor of 28.0%, an expected life of 6.5 years, an annualized risk-free rate of 4.03%, and an annual dividend yield of 3.5%. The portion of the restricted stock grant based upon relative TSR was valued for compensation expense purposes at $47.21 per share for the comparable apartment REITs component and $44.86 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 24.0%. The portion of the LTIP Unit grant based upon relative TSR was valued for compensation expense purposes at $22.86 per unit, inclusive of a 3.9% discount, for the comparable apartment REITs component and $21.74 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 24.0%. The portion of the LTIP Performance Unit grant based upon relative TSR was valued for compensation expense purposes at $5.96 per unit, inclusive of a 3.9% discount, for the comparable apartment REITs component and $5.93 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 31.0%, an expected life of 6.5 years, an annualized risk-free rate of 4.03%, and an annual dividend yield of 3.3%. 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%. Profit Sharing Plan Our profit sharing plan (the “Plan”) is a defined contribution plan covering all eligible full-time employees. Under the Plan, UDR makes discretionary profit sharing and matching contributions to the Plan as determined by the Compensation Committee of the Board of Directors. Aggregate provisions for contributions, both matching and discretionary, which are included in General and administrative

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2024
INCOME TAXES
INCOME TAXES	11. INCOME TAXES For 2024, 2023, and 2022, 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, 2024, 2023 and 2022 ( unaudited ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 Ordinary income $ 1.5935 $ 1.4384 $ 1.3329 Qualified ordinary income ​ 0.0001 ​ 0.0001 ​ 0.0001 Long-term capital gain ​ 0.0458 ​ 0.1697 ​ 0.1521 Unrecaptured section 1250 gain ​ 0.0556 ​ 0.0318 ​ 0.0174 Total ​ $ 1.6950 ​ $ 1.6400 ​ $ 1.5025 ​ 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, 2024, 2023, and 2022 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 Income tax (benefit)/provision ​ ​ ​ Current ​ ​ ​ Federal ​ $ 314 ​ $ 69 ​ $ — State ​ 1,192 ​ 2,036 ​ 440 Total current ​ 1,506 ​ 2,105 ​ 440 Deferred ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ (103) ​ 26 ​ (27) State ​ (476) ​ 23 ​ (16) Investment tax credit ​ ​ (48) ​ ​ (48) ​ ​ (48) Total deferred ​ (627) ​ 1 ​ (91) Total income tax (benefit)/provision ​ $ 879 ​ $ 2,106 ​ $ 349 ​ 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, 2024, 2023, and 2022 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 Deferred tax assets: ​ ​ ​ Federal and state tax attributes ​ $ 55 ​ $ 28 ​ $ 157 Other ​ 142 ​ 153 ​ 64 Total deferred tax assets ​ 197 ​ 181 ​ 221 Valuation allowance ​ (27) ​ (27) ​ (33) Net deferred tax assets ​ 170 ​ 154 ​ 188 Deferred tax liabilities: ​ ​ ​ Book/tax depreciation and basis ​ ​ (878) ​ ​ (881) ​ ​ (876) Other ​ (73) ​ (76) ​ (67) Total deferred tax liabilities ​ (951) ​ (957) ​ (943) Net deferred tax assets/(liabilities) ​ $ (781) ​ $ (803) ​ $ (755) ​ 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, 2024, 2023, and 2022 as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 Income tax provision/(benefit) ​ ​ ​ U.S. federal income tax provision/(benefit) ​ $ 251 ​ $ 105 ​ $ (109) State income tax provision ​ 1,233 ​ 2,054 ​ 914 Other items ​ — ​ — ​ (409) Solar credit amortization ​ ​ (48) ​ ​ (48) ​ ​ (48) ITC basis adjustment ​ (557) ​ — ​ — Valuation allowance ​ — ​ (5) ​ 1 Total income tax provision/(benefit) ​ $ 879 ​ $ 2,106 ​ $ 349 ​ As of December 31, 2024, the Company had federal net operating loss carryovers (“NOL”) of $23.9 million expiring in 2030 through 2033 and state NOLs of $64.5 million expiring in 2028 through 2031. 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, 2024 and 2023, 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 2022 through 2024 remain open to examination by the major taxing jurisdictions to which the Company is subject.

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2024
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, 2024 and 2023 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2024 ​ 2023 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership at beginning of year $ 961,087 $ 839,850 Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ 148,362 ​ (10,211) OP Units issued for real estate, net ​ — ​ 141,359 Conversion of OP Units/DownREIT Units to Common Stock or Cash ​ (73,196) ​ (30,569) Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ 6,246 ​ 30,104 Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (52,250) ​ (39,072) Redeemable Long-Term and Short-Term Incentive Plan Units ​ ​ 27,175 ​ ​ 29,857 Allocation of other comprehensive income/(loss) ​ (69) ​ (231) Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership at end of year ​ $ 1,017,355 ​ $ 961,087 ​ Noncontrolling Interests Noncontrolling interests represent interests of unrelated partners in certain consolidated affiliates, and are presented as part of equity on the Consolidated Balance Sheets since these interests are not redeemable. Net (income)/loss attributable to noncontrolling interests

FAIR VALUE OF DERIVATIVES AND F

FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2024
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, 2024 and 2023 are summarized as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at December 31, 2024, 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 ​ ​ 2024 (a) ​ 2024 ​ (Level 1) ​ (Level 2) ​ (Level 3) Description: ​ ​ ​ ​ ​ ​ Notes receivable, net (b) ​ $ 247,849 ​ $ 243,546 ​ $ — ​ $ — ​ $ 243,546 Equity securities (c) ​ ​ 1,281 ​ ​ 1,281 ​ ​ 1,281 ​ ​ — ​ ​ — Derivatives - Interest rate contracts (d) ​ 3,227 ​ 3,227 ​ — ​ 3,227 ​ — Total assets ​ $ 252,357 ​ $ 248,054 ​ $ 1,281 ​ $ 3,227 ​ $ 243,546 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured debt instruments - fixed rate: (e) ​ ​ ​ ​ ​ ​ Mortgage notes payable ​ $ 1,115,999 ​ $ 1,039,482 ​ $ — ​ $ — ​ $ 1,039,482 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 ​ ​ 9,361 ​ ​ 9,361 ​ ​ — ​ ​ — ​ ​ 9,361 Commercial paper program ​ ​ 289,900 ​ ​ 289,900 ​ ​ — ​ ​ — ​ ​ 289,900 Unsecured notes ​ ​ 4,408,376 ​ ​ 3,897,187 ​ ​ — ​ ​ — ​ ​ 3,897,187 Total liabilities ​ $ 5,850,636 ​ $ 5,262,930 ​ $ — ​ $ — ​ $ 5,262,930 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (f) ​ $ 1,017,355 ​ $ 1,017,355 ​ $ — ​ $ 1,017,355 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ $ — (a) Certain balances include fair market value adjustments and exclude deferred financing costs. (b) See Note 2, Significant Accounting Policies . Note receivables, net includes any accrued and unpaid interest, as applicable, and allowance for credit losses. (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, 2024 and 2023. The Company currently classifies the investment as Level 1 in the fair value hierarchy. (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, 2024 and 2023. Financial Instruments Carried at Fair Value The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The fair values of interest rate swaps and caps are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 2024 and 2023, 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, 2024, the fair values of cash and cash equivalents, restricted cash, accounts receivable, prepaids, real estate taxes payable, accrued interest payable, security deposits and prepaid rent, distributions payable and accounts payable approximated their carrying values because of the short term nature of these instruments. The estimated fair values of other financial instruments, which includes notes receivable and debt instruments, are classified in Level 3 of the fair value hierarchy due to the significant unobservable inputs that are utilized in their respective valuations.

DERIVATIVES AND HEDGING ACTIVIT

DERIVATIVES AND HEDGING ACTIVITY	12 Months Ended
	Dec. 31, 2024
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, 2024, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ Number of ​ Product ​ Instruments ​ Notional Interest rate swaps and caps ​ 3 ​ $ 194,880 ​ During the year ended December 31, 2024, the Company entered into and settled three treasury lock arrangements to hedge all the interest rate risk associated with the $300.0 million senior medium-term notes issued in August 2024. This resulted in a deferred gain of $4.1 million which is recorded in Accumulated other comprehensive income/(loss), ​ 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, 2024, 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, 2024 and 2023 ( 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, ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 Derivatives designated as hedging instruments: ​ ​ ​ ​ Interest rate products ​ $ 3,227 ​ $ 10,103 ​ $ — ​ $ — ​ 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, 2024, 2023, and 2022 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain/(Loss) Recognized in ​ ​ ​ ​ Gain/(Loss) Reclassified ​ Interest expense ​ ​ Unrealized holding gain/(loss) ​ from Accumulated OCI into ​ (Amount Excluded from ​ ​ Recognized in OCI ​ Interest expense ​ Effectiveness Testing) ​ ​ Year Ended December 31, ​ Year Ended December 31, ​ Year Ended December 31, Derivatives in Cash Flow Hedging Relationships 2024 2023 2022 2024 2023 2022 2024 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate products ​ $ 5,988 ​ $ 3,872 ​ $ 14,489 ​ $ 7,333 ​ $ 7,533 ​ $ 998 ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ 2024 ​ 2023 ​ 2022 Total amount of Interest expense ​ $ 195,712 ​ $ 180,866 ​ $ 155,900 ​ 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 table below present the effect on its financial position had the Company made the election to offset its derivative positions as of December 31, 2024 and 2023 ( 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, 2024 ​ $ 3,227 ​ $ — ​ $ 3,227 ​ $ — ​ $ — ​ $ 3,227 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ $ 10,103 ​ $ — ​ $ 10,103 ​ $ — ​ $ — ​ $ 10,103 (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.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2024
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	​ 15. COMMITMENTS AND CONTINGENCIES Commitments The following summarizes the Company’s commitments at December 31, 2024 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ UDR's ​ UDR's Remaining ​ ​ ​ Properties ​ Investment (a) ​ Commitment ​ Real estate commitments ​ ​ ​ ​ ​ ​ ​ ​ ​ Wholly-owned — redevelopment (b) 10 ​ $ 68,871 ​ $ 84,910 Other unconsolidated investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate technology and sustainability investments (c) ​ - ​ ​ 61,112 ​ ​ 49,888 ​ Total ​ $ 129,983 ​ $ 134,798 (a) Represents UDR’s investment as of December 31, 2024. (b) Projects consist of unit renovations and/or renovation of related common area amenities. (c) As of December 31, 2024, 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. We have been named as a defendant in a number of cases alleging antitrust violations by RealPage, Inc., a vendor providing revenue management software products, and various owners or managers of multifamily housing, which cases have been consolidated in the United States Court for the Middle District of Tennessee with the Second Amended Complaint filed September 7, 2023 and cases with similar allegations that have been filed by the District of Columbia on November 1, 2023 in the Superior Court of the District of Columbia and the State of Maryland on January 15, 2025 in the Circuit Court for Prince George’s County, Maryland. These cases seek injunctive relief as well as monetary damages. We believe that there are defenses, both factual and legal, to the allegations in such cases and we intend to vigorously defend such suits. We are also aware that governmental investigations regarding antitrust matters in the multifamily industry are occurring and the federal government and various state attorneys general have filed a civil lawsuit against RealPage, Inc. and certain owners or managers of multifamily housing to which we are not a party. As all of the above proceedings are in the early stages, it is not possible for us to predict the outcome or to estimate the amount of loss, if any, that may be associated with an adverse decision in any of these cases or any case that may be brought based on the investigations. As a result, as of December 31, 2024, there is no liability recorded.

REPORTABLE SEGMENTS

REPORTABLE SEGMENTS	12 Months Ended
	Dec. 31, 2024
REPORTABLE SEGMENTS
REPORTABLE SEGMENTS	16. REPORTABLE SEGMENTS GAAP guidance requires that segment disclosures present the measure(s) used by the Chief Operating Decision Maker (“CODM”) to decide how to allocate resources and for purposes of assessing such segments’ performance. UDR’s CODM is comprised of our Chairman and Chief Executive Officer, President, Chief Investment Officer and Chief Financial Officer, and Chief Operating Officer, 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”). NOI is used to evaluate operating performance because it provides relevant and useful information by reflecting only rental income and rental expenses that are incurred at the property level and presenting it on an unlevered basis. 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, which align with the segment-level information that is regularly provided to our CODM. 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 CODM 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, 2023 and held as of December 31, 2024. 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, 2024, 2023, and 2022. ​ The following is a description of the principal streams from which the Company generates its revenue: Lease Revenue ​ Lease revenue related to leases is recognized on an accrual basis when due from residents or tenants in accordance with ASC 842, Leases ​ Lease revenue also includes all pass-through revenue from retail and residential leases and common area maintenance reimbursements from retail leases. These services represent non-lease components in a contract as the Company transfers a service to the lessee other than the right to use the underlying asset. The Company has elected the practical expedient under the leasing standard to not separate lease and non-lease components from its resident and retail lease contracts as the timing and pattern of revenue recognition for the non-lease component and related lease component are the same and the combined single lease component would be classified as an operating lease. ​ Other Revenue ​ 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, 2024, 2023, and 2022, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (a) ​ 2024 2023 2022 Reportable apartment home segment lease revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities ​ ​ ​ ​ West Region ​ $ 476,057 ​ $ 463,889 ​ $ 441,428 Mid-Atlantic Region ​ 311,666 ​ 301,841 ​ 287,123 Northeast Region ​ ​ 308,717 ​ ​ 299,950 ​ ​ 271,632 Southeast Region ​ 226,430 ​ 226,448 ​ 210,026 Southwest Region ​ 149,850 ​ 151,410 ​ 143,616 Non-Mature Communities/Other ​ 135,199 ​ 126,972 ​ 111,011 Total segment and consolidated lease revenue ​ $ 1,607,919 ​ $ 1,570,510 ​ $ 1,464,836 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable apartment home segment other revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities ​ ​ ​ ​ West Region ​ $ 12,104 ​ $ 11,672 ​ $ 11,899 Mid-Atlantic Region ​ 13,725 ​ 11,772 ​ 10,867 Northeast Region ​ 8,075 ​ 7,343 ​ 7,033 Southeast Region ​ 11,069 ​ 9,411 ​ 8,822 Southwest Region ​ 7,081 ​ 6,334 ​ 5,820 Non-Mature Communities/Other ​ 3,552 ​ 3,616 ​ 3,087 Total segment and consolidated other revenue ​ $ 55,606 ​ $ 50,148 ​ $ 47,528 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total reportable apartment home segment rental income ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities ​ ​ ​ ​ West Region ​ $ 488,161 ​ $ 475,561 ​ $ 453,327 Mid-Atlantic Region ​ 325,391 ​ 313,613 ​ 297,990 Northeast Region ​ 316,792 ​ 307,293 ​ 278,665 Southeast Region ​ 237,499 ​ 235,859 ​ 218,848 Southwest Region ​ 156,931 ​ 157,744 ​ 149,436 Non-Mature Communities/Other ​ 138,751 ​ 130,588 ​ 114,098 Total segment and consolidated rental income ​ $ 1,663,525 ​ $ 1,620,658 ​ $ 1,512,364 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total reportable apartment home segment operating expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities ​ ​ ​ ​ ​ ​ ​ ​ ​ Personnel ​ $ 67,595 ​ $ 60,918 ​ $ 59,919 Utilities ​ ​ 67,112 ​ ​ 65,133 ​ ​ 58,771 Repair and maintenance ​ ​ 93,779 ​ ​ 89,210 ​ ​ 80,482 Administrative and marketing ​ ​ 33,922 ​ ​ 30,123 ​ ​ 27,947 Real estate taxes ​ ​ 186,848 ​ ​ 183,546 ​ ​ 177,354 Insurance ​ ​ 23,130 ​ ​ 24,013 ​ ​ 26,380 Non-Mature Communities/Other (b) ​ ​ 52,316 ​ ​ 52,945 ​ ​ 41,119 Total segment and consolidated operating expenses ​ $ 524,702 ​ $ 505,888 ​ $ 471,972 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable apartment home segment NOI ​ ​ ​ Same-Store Communities ​ ​ ​ West Region ​ $ 361,734 ​ $ 355,089 ​ $ 337,946 Mid-Atlantic Region ​ 223,882 ​ 216,435 ​ 205,221 Northeast Region ​ 205,519 ​ 202,168 ​ 180,724 Southeast Region ​ 162,216 ​ 162,184 ​ 149,002 Southwest Region ​ 99,037 ​ 101,251 ​ 94,520 Non-Mature Communities/Other ​ 86,435 ​ 77,643 ​ 72,979 Total segment and consolidated NOI ​ 1,138,823 ​ 1,114,770 ​ 1,040,392 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (a) ​ 2024 2023 2022 Reconciling items: ​ ​ ​ Joint venture management and other fees ​ 8,317 ​ 6,843 ​ 5,022 Property management ​ (54,065) ​ (52,671) ​ (49,152) Other operating expenses ​ (30,416) ​ (20,222) ​ (17,493) Real estate depreciation and amortization ​ (676,068) ​ (676,419) ​ (665,228) General and administrative ​ (84,305) ​ (69,929) ​ (64,144) Casualty-related (charges)/recoveries, net ​ (15,179) ​ (3,138) ​ (9,733) Other depreciation and amortization ​ (19,405) ​ (15,419) ​ (14,344) Gain/(loss) on sale of real estate owned ​ ​ 16,867 ​ ​ 351,193 ​ ​ 25,494 Income/(loss) from unconsolidated entities ​ 20,235 ​ 4,693 ​ 4,947 Interest expense ​ (195,712) ​ (180,866) ​ (155,900) Interest income and other income/(expense), net ​ (12,336) ​ 17,759 ​ (6,933) Tax (provision)/benefit, net ​ (879) ​ (2,106) ​ (349) Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (6,246) ​ (30,104) ​ (5,613) Net (income)/loss attributable to noncontrolling interests ​ (46) ​ (31) ​ (42) Net income/(loss) attributable to UDR, Inc. ​ $ 89,585 ​ $ 444,353 ​ $ 86,924 (a) Same-Store Community population consisted of 51,428 apartment homes. (b) Non-Mature Communities/Other operating expenses include costs to manage recently acquired, developed and redeveloped communities, and the non-apartment components of mixed-use properties. ​ The following table details the assets of UDR’s reportable segments as of December 31, 2024 and 2023 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2024 ​ 2023 Reportable apartment home segment assets: ​ ​ Same-Store Communities (a): ​ ​ West Region ​ $ 4,431,522 ​ $ 4,366,038 Mid-Atlantic Region ​ 3,258,192 ​ 3,205,036 Northeast Region ​ 3,720,811 ​ 3,672,720 Southeast Region ​ 1,635,360 ​ 1,589,605 Southwest Region ​ 1,348,899 ​ 1,330,063 Non-Mature Communities/Other ​ 1,818,579 ​ 1,860,397 Total segment assets ​ 16,213,363 ​ 16,023,859 Accumulated depreciation ​ (6,901,026) ​ (6,267,830) Total segment assets — net book value ​ 9,312,337 ​ 9,756,029 Reconciling items: ​ ​ Cash and cash equivalents ​ 1,326 ​ 2,922 Restricted cash ​ 34,101 ​ 31,944 Notes receivable, net ​ 247,849 ​ 228,825 Investment in and advances to unconsolidated joint ventures, net ​ 917,483 ​ 952,934 Operating lease right-of-use assets ​ ​ 186,997 ​ ​ 190,619 Other assets ​ 197,493 ​ 209,969 Total consolidated assets ​ $ 10,897,586 ​ $ 11,373,242 (a) Same-Store Community population consisted of 51,428 apartment homes. Markets included in the above geographic segments are as follows: i. West Region — Orange County, San Francisco, Seattle, Monterey Peninsula, Los Angeles, Other Southern California and Portland ii. Mid-Atlantic Region — Metropolitan D.C., Baltimore and Richmond iii. Northeast Region — Boston, New York and Philadelphia iv. Southeast Region — Tampa, Orlando, Nashville and Other Florida v. Southwest Region — Dallas, Austin and Denver

SCHEDULE III - REAL ESTATE OWNE

SCHEDULE III - REAL ESTATE OWNED	12 Months Ended
	Dec. 31, 2024
SCHEDULE III - REAL ESTATE OWNED
SCHEDULE III - REAL ESTATE OWNED	UDR, INC. SCHEDULE III — REAL ESTATE OWNED DECEMBER 31, 2024 (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 ​ $ 30,542 ​ $ 22,957 ​ $ 56,599 ​ $ 79,556 ​ $ 46,678 ​ 1965/2003 ​ Jun-03 27 Seventy Five Mesa Verde ​ ​ — ​ ​ 99,329 ​ ​ 110,644 ​ ​ 209,973 ​ ​ 118,025 ​ ​ 117,778 ​ ​ 210,220 ​ ​ 327,998 ​ ​ 181,319 ​ 1979/2013 ​ Oct-04 Huntington Vista ​ ​ — ​ ​ 8,055 ​ ​ 22,486 ​ ​ 30,541 ​ ​ 18,784 ​ ​ 9,590 ​ ​ 39,735 ​ ​ 49,325 ​ ​ 32,272 ​ 1970 ​ Jun-03 Missions at Back Bay ​ ​ — ​ ​ 229 ​ ​ 14,129 ​ ​ 14,358 ​ ​ 6,343 ​ ​ 11,141 ​ ​ 9,560 ​ ​ 20,701 ​ ​ 7,176 ​ 1969 ​ Dec-03 Eight 80 Newport Beach - North ​ ​ — ​ ​ 62,516 ​ ​ 46,082 ​ ​ 108,598 ​ ​ 61,909 ​ ​ 71,693 ​ ​ 98,814 ​ ​ 170,507 ​ ​ 80,443 ​ 1968/2000/2016 ​ Oct-04 Eight 80 Newport Beach - South ​ ​ — ​ ​ 58,785 ​ ​ 50,067 ​ ​ 108,852 ​ ​ 57,747 ​ ​ 63,850 ​ ​ 102,749 ​ ​ 166,599 ​ ​ 76,465 ​ 1968/2000/2016 ​ Mar-05 Beach & Ocean ​ ​ — ​ ​ 12,878 ​ ​ — ​ ​ 12,878 ​ ​ 41,800 ​ ​ 13,587 ​ ​ 41,091 ​ ​ 54,678 ​ ​ 24,345 ​ 2014 ​ Aug-11 The Residences at Bella Terra ​ ​ — ​ ​ 25,000 ​ ​ — ​ ​ 25,000 ​ ​ 133,312 ​ ​ 25,992 ​ ​ 132,320 ​ ​ 158,312 ​ ​ 82,868 ​ 2013 ​ Oct-11 The Residences at Pacific City ​ ​ — ​ ​ 78,085 ​ ​ — ​ ​ 78,085 ​ ​ 283,690 ​ ​ 79,492 ​ ​ 282,283 ​ ​ 361,775 ​ ​ 122,452 ​ 2018 ​ Jan-14 ORANGE COUNTY, CA ​ — ​ 365,353 ​ 271,946 ​ 637,299 ​ 752,152 ​ 416,080 ​ 973,371 ​ 1,389,451 ​ 654,018 ​ ​ ​ ​ 2000 Post Street ​ ​ — ​ ​ 9,861 ​ ​ 44,578 ​ ​ 54,439 ​ ​ 48,013 ​ ​ 14,748 ​ ​ 87,704 ​ ​ 102,452 ​ ​ 59,840 ​ 1987/2016 ​ Dec-98 Birch Creek ​ ​ — ​ ​ 4,365 ​ ​ 16,696 ​ ​ 21,061 ​ ​ 13,215 ​ ​ 1,729 ​ ​ 32,547 ​ ​ 34,276 ​ ​ 23,098 ​ 1968 ​ Dec-98 Highlands Of Marin ​ ​ — ​ ​ 5,996 ​ ​ 24,868 ​ ​ 30,864 ​ ​ 33,352 ​ ​ 8,436 ​ ​ 55,780 ​ ​ 64,216 ​ ​ 45,364 ​ 1991/2010 ​ Dec-98 Marina Playa ​ ​ — ​ ​ 6,224 ​ ​ 23,916 ​ ​ 30,140 ​ ​ 17,613 ​ ​ 1,598 ​ ​ 46,155 ​ ​ 47,753 ​ ​ 31,678 ​ 1971 ​ Dec-98 River Terrace ​ ​ — ​ ​ 22,161 ​ ​ 40,137 ​ ​ 62,298 ​ ​ 11,569 ​ ​ 23,100 ​ ​ 50,767 ​ ​ 73,867 ​ ​ 41,466 ​ 2005 ​ Aug-05 CitySouth ​ ​ — ​ ​ 14,031 ​ ​ 30,537 ​ ​ 44,568 ​ ​ 44,137 ​ ​ 16,868 ​ ​ 71,837 ​ ​ 88,705 ​ ​ 60,335 ​ 1972/2012 ​ Nov-05 Bay Terrace ​ ​ — ​ ​ 8,545 ​ ​ 14,458 ​ ​ 23,003 ​ ​ 11,103 ​ ​ 11,721 ​ ​ 22,385 ​ ​ 34,106 ​ ​ 16,145 ​ 1962 ​ Oct-05 Highlands of Marin Phase II ​ ​ — ​ ​ 5,353 ​ ​ 18,559 ​ ​ 23,912 ​ ​ 11,993 ​ ​ 5,790 ​ ​ 30,115 ​ ​ 35,905 ​ ​ 23,785 ​ 1968/2010 ​ Oct-07 Edgewater ​ ​ — ​ ​ 30,657 ​ ​ 83,872 ​ ​ 114,529 ​ ​ 15,389 ​ ​ 30,862 ​ ​ 99,056 ​ ​ 129,918 ​ ​ 73,157 ​ 2007 ​ Mar-08 Almaden Lake Village ​ ​ 27,000 ​ ​ 594 ​ ​ 42,515 ​ ​ 43,109 ​ ​ 15,017 ​ ​ 1,248 ​ ​ 56,878 ​ ​ 58,126 ​ ​ 41,289 ​ 1999 ​ Jul-08 388 Beale ​ ​ — ​ ​ 14,253 ​ ​ 74,104 ​ ​ 88,357 ​ ​ 26,863 ​ ​ 14,781 ​ ​ 100,439 ​ ​ 115,220 ​ ​ 62,799 ​ 1999 ​ Apr-11 Channel Mission Bay ​ ​ — ​ ​ 23,625 ​ ​ - ​ ​ 23,625 ​ ​ 136,257 ​ ​ 24,511 ​ ​ 135,371 ​ ​ 159,882 ​ ​ 83,741 ​ 2014 ​ Sep-10 5421 at Dublin Station ​ ​ — ​ ​ 8,922 ​ ​ - ​ ​ 8,922 ​ ​ 118,436 ​ ​ 8,931 ​ ​ 118,427 ​ ​ 127,358 ​ ​ 16,717 ​ 2022 ​ Sep-16 HQ ​ ​ — ​ ​ 19,938 ​ ​ 65,816 ​ ​ 85,754 ​ ​ 645 ​ ​ 19,942 ​ ​ 66,457 ​ ​ 86,399 ​ ​ 9,207 ​ 2021 ​ Sep-22 Residences at Lake Merritt ​ ​ — ​ ​ 8,664 ​ ​ 56,876 ​ ​ 65,540 ​ ​ 971 ​ ​ 8,664 ​ ​ 57,847 ​ ​ 66,511 ​ ​ 3,609 ​ 2023 ​ Dec-23 SAN FRANCISCO, CA ​ 27,000 ​ 183,189 ​ 536,932 ​ 720,121 ​ 504,573 ​ 192,929 ​ 1,031,765 ​ 1,224,694 ​ 592,230 ​ ​ ​ ​ Crowne Pointe ​ ​ — ​ ​ 2,486 ​ ​ 6,437 ​ ​ 8,923 ​ ​ 12,732 ​ ​ 3,354 ​ ​ 18,301 ​ ​ 21,655 ​ ​ 14,494 ​ 1987 ​ Dec-98 Hilltop ​ ​ — ​ ​ 2,174 ​ ​ 7,408 ​ ​ 9,582 ​ ​ 8,472 ​ ​ 3,262 ​ ​ 14,792 ​ ​ 18,054 ​ ​ 12,227 ​ 1985 ​ Dec-98 The Kennedy ​ ​ — ​ ​ 6,179 ​ ​ 22,307 ​ ​ 28,486 ​ ​ 7,085 ​ ​ 6,463 ​ ​ 29,108 ​ ​ 35,571 ​ ​ 22,341 ​ 2005 ​ Nov-05 Hearthstone at Merrill Creek ​ ​ — ​ ​ 6,848 ​ ​ 30,922 ​ ​ 37,770 ​ ​ 12,529 ​ ​ 7,628 ​ ​ 42,671 ​ ​ 50,299 ​ ​ 30,855 ​ 2000 ​ May-08 Island Square ​ ​ — ​ ​ 21,284 ​ ​ 89,389 ​ ​ 110,673 ​ ​ 17,118 ​ ​ 22,046 ​ ​ 105,745 ​ ​ 127,791 ​ ​ 73,317 ​ 2007 ​ Jul-08 elements too ​ ​ — ​ ​ 27,468 ​ ​ 72,036 ​ ​ 99,504 ​ ​ 27,111 ​ ​ 30,528 ​ ​ 96,087 ​ ​ 126,615 ​ ​ 81,107 ​ 2010 ​ Feb-10 989elements ​ ​ — ​ ​ 8,541 ​ ​ 45,990 ​ ​ 54,531 ​ ​ 9,782 ​ ​ 8,724 ​ ​ 55,589 ​ ​ 64,313 ​ ​ 37,749 ​ 2006 ​ Dec-09 Lightbox ​ ​ — ​ ​ 6,449 ​ ​ 38,884 ​ ​ 45,333 ​ ​ 2,373 ​ ​ 6,504 ​ ​ 41,202 ​ ​ 47,706 ​ ​ 24,695 ​ 2014 ​ Aug-14 Ashton Bellevue ​ ​ — ​ ​ 8,287 ​ ​ 124,939 ​ ​ 133,226 ​ ​ 7,434 ​ ​ 8,493 ​ ​ 132,167 ​ ​ 140,660 ​ ​ 56,238 ​ 2009 ​ Oct-16 TEN20 ​ ​ — ​ ​ 5,247 ​ ​ 76,587 ​ ​ 81,834 ​ ​ 7,723 ​ ​ 5,313 ​ ​ 84,244 ​ ​ 89,557 ​ ​ 36,359 ​ 2009 ​ Oct-16 Milehouse ​ ​ — ​ ​ 5,976 ​ ​ 63,041 ​ ​ 69,017 ​ ​ 2,526 ​ ​ 6,073 ​ ​ 65,470 ​ ​ 71,543 ​ ​ 32,054 ​ 2016 ​ Nov-16 CityLine ​ ​ — ​ ​ 11,220 ​ ​ 85,787 ​ ​ 97,007 ​ ​ 2,045 ​ ​ 11,317 ​ ​ 87,735 ​ ​ 99,052 ​ ​ 41,927 ​ 2016 ​ Jan-17 CityLine II ​ ​ — ​ ​ 3,723 ​ ​ 56,843 ​ ​ 60,566 ​ ​ 712 ​ ​ 3,728 ​ ​ 57,550 ​ ​ 61,278 ​ ​ 23,620 ​ 2018 ​ Jan-19 Brio ​ ​ — ​ ​ 21,780 ​ ​ 147,188 ​ ​ 168,968 ​ ​ 5,520 ​ ​ 21,870 ​ ​ 152,618 ​ ​ 174,488 ​ ​ 31,524 ​ 2020 ​ Jul-21 SEATTLE, WA ​ — ​ 137,662 ​ 867,758 ​ 1,005,420 ​ 123,162 ​ 145,303 ​ 983,279 ​ 1,128,582 ​ 518,507 ​ ​ ​ ​ Boronda Manor ​ ​ — ​ ​ 1,946 ​ ​ 8,982 ​ ​ 10,928 ​ ​ 14,121 ​ ​ 3,507 ​ ​ 21,542 ​ ​ 25,049 ​ ​ 15,521 ​ 1979 ​ Dec-98 Garden Court ​ ​ — ​ ​ 888 ​ ​ 4,188 ​ ​ 5,076 ​ ​ 8,339 ​ ​ 1,873 ​ ​ 11,542 ​ ​ 13,415 ​ ​ 8,356 ​ 1973 ​ Dec-98 Cambridge Court ​ ​ — ​ ​ 3,039 ​ ​ 12,883 ​ ​ 15,922 ​ ​ 22,077 ​ ​ 5,994 ​ ​ 32,005 ​ ​ 37,999 ​ ​ 24,073 ​ 1974 ​ Dec-98 Laurel Tree ​ ​ — ​ ​ 1,304 ​ ​ 5,115 ​ ​ 6,419 ​ ​ 9,228 ​ ​ 2,563 ​ ​ 13,084 ​ ​ 15,647 ​ ​ 10,097 ​ 1977 ​ Dec-98 The Pointe At Harden Ranch ​ ​ — ​ ​ 6,388 ​ ​ 23,854 ​ ​ 30,242 ​ ​ 39,634 ​ ​ 10,589 ​ ​ 59,287 ​ ​ 69,876 ​ ​ 43,366 ​ 1986 ​ Dec-98 The Pointe At Northridge ​ ​ — ​ ​ 2,044 ​ ​ 8,028 ​ ​ 10,072 ​ ​ 14,739 ​ ​ 3,891 ​ ​ 20,920 ​ ​ 24,811 ​ ​ 15,600 ​ 1979 ​ Dec-98 The Pointe At Westlake ​ ​ — ​ ​ 1,329 ​ ​ 5,334 ​ ​ 6,663 ​ ​ 10,111 ​ ​ 2,456 ​ ​ 14,318 ​ ​ 16,774 ​ ​ 10,239 ​ 1975 ​ Dec-98 MONTEREY PENINSULA, CA ​ — ​ 16,938 ​ 68,384 ​ 85,322 ​ 118,249 ​ 30,873 ​ 172,698 ​ 203,571 ​ 127,252 ​ ​ ​ ​ Rosebeach ​ ​ — ​ ​ 8,414 ​ ​ 17,449 ​ ​ 25,863 ​ ​ 9,575 ​ ​ 9,108 ​ ​ 26,330 ​ ​ 35,438 ​ ​ 21,492 ​ 1970 ​ Sep-04 Tierra Del Rey ​ ​ — ​ ​ 39,586 ​ ​ 36,679 ​ ​ 76,265 ​ ​ 13,067 ​ ​ 40,213 ​ ​ 49,119 ​ ​ 89,332 ​ ​ 36,285 ​ 1998 ​ Dec-07 The Westerly ​ ​ — ​ ​ 48,182 ​ ​ 102,364 ​ ​ 150,546 ​ ​ 52,811 ​ ​ 51,688 ​ ​ 151,669 ​ ​ 203,357 ​ ​ 110,080 ​ 1993/2013 ​ Sep-10 Jefferson at Marina del Rey ​ ​ — ​ ​ 55,651 ​ ​ — ​ ​ 55,651 ​ ​ 106,461 ​ ​ 62,833 ​ ​ 99,279 ​ ​ 162,112 ​ ​ 79,222 ​ 2008 ​ Sep-07 LOS ANGELES, CA ​ — ​ 151,833 ​ 156,492 ​ 308,325 ​ 181,914 ​ 163,842 ​ 326,397 ​ 490,239 ​ 247,079 ​ ​ ​ ​ Verano at Rancho Cucamonga Town Square ​ ​ — ​ ​ 13,557 ​ ​ 3,645 ​ ​ 17,202 ​ ​ 67,232 ​ ​ 24,761 ​ ​ 59,673 ​ ​ 84,434 ​ ​ 54,351 ​ 2006 ​ Oct-02 Windemere at Sycamore Highland ​ ​ — ​ ​ 5,810 ​ ​ 23,450 ​ ​ 29,260 ​ ​ 12,749 ​ ​ 6,580 ​ ​ 35,429 ​ ​ 42,009 ​ ​ 27,548 ​ 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 ​ ​ 3,296 ​ ​ 14,500 ​ ​ 87,316 ​ ​ 101,816 ​ ​ 25,354 ​ 2010 ​ Nov-19 OTHER SOUTHERN CA ​ — ​ 33,645 ​ 111,337 ​ 144,982 ​ 83,277 ​ 45,841 ​ 182,418 ​ 228,259 ​ 107,253 ​ ​ ​ ​ Tualatin Heights ​ ​ — ​ ​ 3,273 ​ ​ 9,134 ​ ​ 12,407 ​ ​ 12,910 ​ ​ 4,543 ​ ​ 20,774 ​ ​ 25,317 ​ ​ 16,781 ​ 1989 ​ Dec-98 Hunt Club ​ ​ — ​ ​ 6,014 ​ ​ 14,870 ​ ​ 20,884 ​ ​ 11,151 ​ ​ 6,998 ​ ​ 25,037 ​ ​ 32,035 ​ ​ 21,142 ​ 1985 ​ Sep-04 PORTLAND, OR ​ — ​ 9,287 ​ 24,004 ​ 33,291 ​ 24,061 ​ 11,541 ​ 45,811 ​ 57,352 ​ 37,923 ​ ​ ​ ​ TOTAL WEST REGION ​ 27,000 ​ 897,907 ​ 2,036,853 ​ 2,934,760 ​ 1,787,388 ​ 1,006,409 ​ 3,715,739 ​ 4,722,148 ​ 2,284,262 ​ ​ ​ ​ MID-ATLANTIC REGION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dominion Middle Ridge ​ ​ — ​ ​ 3,311 ​ ​ 13,283 ​ ​ 16,594 ​ ​ 19,455 ​ ​ 4,763 ​ ​ 31,286 ​ ​ 36,049 ​ ​ 24,487 ​ 1990 ​ Jun-96 Dominion Lake Ridge ​ ​ — ​ ​ 2,366 ​ ​ 8,387 ​ ​ 10,753 ​ ​ 12,396 ​ ​ 3,345 ​ ​ 19,804 ​ ​ 23,149 ​ ​ 16,778 ​ 1987 ​ Feb-96 Presidential Greens ​ ​ — ​ ​ 11,238 ​ ​ 18,790 ​ ​ 30,028 ​ ​ 21,753 ​ ​ 11,958 ​ ​ 39,823 ​ ​ 51,781 ​ ​ 31,198 ​ 1938 ​ May-02 The Whitmore ​ ​ — ​ ​ 6,418 ​ ​ 13,411 ​ ​ 19,829 ​ ​ 29,069 ​ ​ 7,930 ​ ​ 40,968 ​ ​ 48,898 ​ ​ 35,385 ​ 1962/2008 ​ Apr-02 Ridgewood ​ ​ — ​ ​ 5,612 ​ ​ 20,086 ​ ​ 25,698 ​ ​ 19,353 ​ ​ 6,721 ​ ​ 38,330 ​ ​ 45,051 ​ ​ 31,042 ​ 1988 ​ Aug-02 Waterside Towers ​ ​ — ​ ​ 13,001 ​ ​ 49,657 ​ ​ 62,658 ​ ​ 42,807 ​ ​ 51,488 ​ ​ 53,977 ​ ​ 105,465 ​ ​ 42,737 ​ 1971 ​ Dec-03 Wellington Place at Olde Town ​ ​ — ​ ​ 13,753 ​ ​ 36,059 ​ ​ 49,812 ​ ​ 25,279 ​ ​ 15,244 ​ ​ 59,847 ​ ​ 75,091 ​ ​ 50,574 ​ 1987/2008 ​ Sep-05 Andover House ​ ​ — ​ ​ 183 ​ ​ 59,948 ​ ​ 60,131 ​ ​ 9,506 ​ ​ 356 ​ ​ 69,281 ​ ​ 69,637 ​ ​ 50,095 ​ 2004 ​ Mar-07 Sullivan Place ​ ​ — ​ ​ 1,137 ​ ​ 103,676 ​ ​ 104,813 ​ ​ 24,908 ​ ​ 2,212 ​ ​ 127,509 ​ ​ 129,721 ​ ​ 94,334 ​ 2007 ​ Dec-07 Delancey at Shirlington ​ ​ — ​ ​ 21,606 ​ ​ 66,765 ​ ​ 88,371 ​ ​ 12,431 ​ ​ 21,714 ​ ​ 79,088 ​ ​ 100,802 ​ ​ 57,179 ​ 2006/2007 ​ Mar-08 View 14 ​ ​ — ​ ​ 5,710 ​ ​ 97,941 ​ ​ 103,651 ​ ​ 10,122 ​ ​ 5,788 ​ ​ 107,985 ​ ​ 113,773 ​ ​ 69,892 ​ 2009 ​ Jun-11 Capitol View on 14th ​ ​ — ​ ​ 31,393 ​ ​ — ​ ​ 31,393 ​ ​ 100,675 ​ ​ 31,505 ​ ​ 100,563 ​ ​ 132,068 ​ ​ 64,056 ​ 2013 ​ Sep-07 Domain College Park ​ ​ — ​ ​ 7,300 ​ ​ — ​ ​ 7,300 ​ ​ 63,449 ​ ​ 7,578 ​ ​ 63,171 ​ ​ 70,749 ​ ​ 39,476 ​ 2014 ​ Jun-11 1200 East West ​ ​ — ​ ​ 9,748 ​ ​ 68,022 ​ ​ 77,770 ​ ​ 7,086 ​ ​ 10,014 ​ ​ 74,842 ​ ​ 84,856 ​ ​ 35,906 ​ 2010 ​ Oct-15 Courts at Huntington Station ​ ​ — ​ ​ 27,749 ​ ​ 111,878 ​ ​ 139,627 ​ ​ 10,264 ​ ​ 28,323 ​ ​ 121,568 ​ ​ 149,891 ​ ​ 67,118 ​ 2011 ​ Oct-15 Eleven55 Ripley ​ ​ — ​ ​ 15,566 ​ ​ 107,539 ​ ​ 123,105 ​ ​ 10,601 ​ ​ 16,047 ​ ​ 117,659 ​ ​ 133,706 ​ ​ 55,540 ​ 2014 ​ Oct-15 Arbor Park of Alexandria ​ ​ 160,930 ​ ​ 50,881 ​ ​ 159,728 ​ ​ 210,609 ​ ​ 15,658 ​ ​ 51,943 ​ ​ 174,324 ​ ​ 226,267 ​ ​ 95,659 ​ 1969/2015 ​ Oct-15 Courts at Dulles ​ ​ — ​ ​ 14,697 ​ ​ 83,834 ​ ​ 98,531 ​ ​ 16,122 ​ ​ 14,970 ​ ​ 99,683 ​ ​ 114,653 ​ ​ 56,817 ​ 2000 ​ Oct-15 Newport Village ​ ​ 127,600 ​ ​ 50,046 ​ ​ 177,454 ​ ​ 227,500 ​ ​ 28,239 ​ ​ 51,174 ​ ​ 204,565 ​ ​ 255,739 ​ ​ 115,231 ​ 1968 ​ Oct-15 1301 Thomas Circle ​ ​ — ​ ​ 27,836 ​ ​ 128,191 ​ ​ 156,027 ​ ​ 5,997 ​ ​ 27,887 ​ ​ 134,137 ​ ​ 162,024 ​ ​ 47,583 ​ 2006 ​ Aug-19 Station on Silver ​ ​ — ​ ​ 16,661 ​ ​ 109,198 ​ ​ 125,859 ​ ​ 2,100 ​ ​ 16,760 ​ ​ 111,199 ​ ​ 127,959 ​ ​ 31,418 ​ 2018 ​ Dec-20 Seneca Place ​ ​ — ​ ​ 21,184 ​ ​ 98,173 ​ ​ 119,357 ​ ​ 13,389 ​ ​ 21,278 ​ ​ 111,468 ​ ​ 132,746 ​ ​ 31,441 ​ 1985 ​ Jun-21 Canterbury Apartments ​ ​ — ​ ​ 24,456 ​ ​ 100,011 ​ ​ 124,467 ​ ​ 13,937 ​ ​ 24,596 ​ ​ 113,808 ​ ​ 138,404 ​ ​ 31,668 ​ 1986 ​ Aug-21 The MO ​ ​ — ​ ​ 27,135 ​ ​ — ​ ​ 27,135 ​ ​ 115,881 ​ ​ 27,135 ​ ​ 115,881 ​ ​ 143,016 ​ ​ 12,685 ​ 2023 ​ Jan-19 METROPOLITAN, D.C. ​ 288,530 ​ 408,987 ​ 1,632,031 ​ 2,041,018 ​ 630,477 ​ 460,729 ​ 2,210,766 ​ 2,671,495 ​ 1,188,299 ​ ​ ​ ​ Calvert's Walk ​ ​ — ​ ​ 4,408 ​ ​ 24,692 ​ ​ 29,100 ​ ​ 15,677 ​ ​ 5,837 ​ ​ 38,940 ​ ​ 44,777 ​ ​ 31,545 ​ 1988 ​ Mar-04 20 Lambourne ​ ​ — ​ ​ 11,750 ​ ​ 45,590 ​ ​ 57,340 ​ ​ 22,117 ​ ​ 12,605 ​ ​ 66,852 ​ ​ 79,457 ​ ​ 46,692 ​ 2003 ​ Mar-08 Domain Brewers Hill ​ ​ — ​ ​ 4,669 ​ ​ 40,630 ​ ​ 45,299 ​ ​ 5,959 ​ ​ 5,084 ​ ​ 46,174 ​ ​ 51,258 ​ ​ 30,168 ​ 2009 ​ Aug-10 Rodgers Forge ​ ​ — ​ ​ 15,392 ​ ​ 67,958 ​ ​ 83,350 ​ ​ 11,287 ​ ​ 15,834 ​ ​ 78,803 ​ ​ 94,637 ​ ​ 30,650 ​ 1945 ​ Apr-19 Towson Promenade ​ ​ 58,600 ​ ​ 12,599 ​ ​ 78,847 ​ ​ 91,446 ​ ​ 12,647 ​ ​ 12,797 ​ ​ 91,296 ​ ​ 104,093 ​ ​ 29,964 ​ 2009 ​ Nov-19 1274 at Towson ​ ​ — ​ ​ 7,807 ​ ​ 46,238 ​ ​ 54,045 ​ ​ 4,423 ​ ​ 7,827 ​ ​ 50,641 ​ ​ 58,468 ​ ​ 11,943 ​ 2020 ​ Sep-21 Quarters at Towson Town Center ​ ​ — ​ ​ 16,111 ​ ​ 106,453 ​ ​ 122,564 ​ ​ 18,853 ​ ​ 16,205 ​ ​ 125,212 ​ ​ 141,417 ​ ​ 43,090 ​ 2008 ​ Nov-21 BALTIMORE, MD ​ 58,600 ​ 72,736 ​ 410,408 ​ 483,144 ​ 90,963 ​ 76,189 ​ 497,918 ​ 574,107 ​ 224,052 ​ ​ ​ ​ Gayton Pointe Townhomes ​ ​ — ​ ​ 826 ​ ​ 5,148 ​ ​ 5,974 ​ ​ 34,795 ​ ​ 3,947 ​ ​ 36,822 ​ ​ 40,769 ​ ​ 35,027 ​ 1973/2007 ​ Sep-95 Waterside At Ironbridge ​ ​ — ​ ​ 1,844 ​ ​ 13,239 ​ ​ 15,083 ​ ​ 16,320 ​ ​ 3,216 ​ ​ 28,187 ​ ​ 31,403 ​ ​ 21,381 ​ 1987 ​ Sep-97 Carriage Homes at Wyndham ​ ​ — ​ ​ 474 ​ ​ 30,997 ​ ​ 31,471 ​ ​ 14,466 ​ ​ 4,591 ​ ​ 41,346 ​ ​ 45,937 ​ ​ 34,642 ​ 1998 ​ Nov-03 Legacy at Mayland ​ ​ — ​ ​ 1,979 ​ ​ 11,524 ​ ​ 13,503 ​ ​ 42,137 ​ ​ 6,338 ​ ​ 49,302 ​ ​ 55,640 ​ ​ 45,402 ​ 1973/2007 ​ Dec-91 RICHMOND, VA ​ — ​ 5,123 ​ 60,908 ​ 66,031 ​ 107,718 ​ 18,092 ​ 155,657 ​ 173,749 ​ 136,452 ​ ​ ​ ​ TOTAL MID-ATLANTIC REGION ​ 347,130 ​ 486,846 ​ 2,103,347 ​ 2,590,193 ​ 829,158 ​ 555,010 ​ 2,864,341 ​ 3,419,351 ​ 1,548,803 ​ ​ ​ ​ NORTHEAST REGION ​ ​ ​ ​ ​ ​ ​ ​ ​ Garrison Square ​ ​ - ​ ​ 6,475 ​ ​ 91,027 ​ ​ 97,502 ​ ​ 31,227 ​ ​ 6,873 ​ ​ 121,856 ​ ​ 128,729 ​ ​ 79,938 ​ 1887/1990 ​ Sep-10 Ridge at Blue Hills ​ ​ 25,000 ​ ​ 6,039 ​ ​ 34,869 ​ ​ 40,908 ​ ​ 10,741 ​ ​ 6,764 ​ ​ 44,885 ​ ​ 51,649 ​ ​ 29,827 ​ 2007 ​ Sep-10 Inwood West ​ ​ 80,000 ​ ​ 20,778 ​ ​ 88,096 ​ ​ 108,874 ​ ​ 22,972 ​ ​ 20,511 ​ ​ 111,335 ​ ​ 131,846 ​ ​ 74,881 ​ 2006 ​ Apr-11 14 North ​ ​ 72,500 ​ ​ 10,961 ​ ​ 51,175 ​ ​ 62,136 ​ ​ 23,456 ​ ​ 11,991 ​ ​ 73,601 ​ ​ 85,592 ​ ​ 49,886 ​ 2005 ​ Apr-11 100 Pier 4 ​ ​ - ​ ​ 24,584 ​ ​ — ​ ​ 24,584 ​ ​ 208,882 ​ ​ 24,861 ​ ​ 208,605 ​ ​ 233,466 ​ ​ 101,060 ​ 2015 ​ Dec-15 345 Harrison ​ ​ - ​ ​ 32,938 ​ ​ — ​ ​ 32,938 ​ ​ 333,549 ​ ​ 45,029 ​ ​ 321,458 ​ ​ 366,487 ​ ​ 113,618 ​ 2018 ​ Nov-11 Currents on the Charles ​ ​ - ​ ​ 12,580 ​ ​ 70,149 ​ ​ 82,729 ​ ​ 4,230 ​ ​ 12,824 ​ ​ 74,135 ​ ​ 86,959 ​ ​ 27,375 ​ 2015 ​ Jun-19 The Commons at Windsor Gardens ​ ​ - ​ ​ 34,609 ​ ​ 225,515 ​ ​ 260,124 ​ ​ 32,339 ​ ​ 35,097 ​ ​ 257,366 ​ ​ 292,463 ​ ​ 97,424 ​ 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 ​ ​ 6,459 ​ ​ 17,389 ​ ​ 118,915 ​ ​ 136,304 ​ ​ 39,561 ​ 2010 ​ Nov-19 Lenox Farms ​ ​ - ​ ​ 17,692 ​ ​ 115,899 ​ ​ 133,591 ​ ​ 18,552 ​ ​ 18,004 ​ ​ 134,139 ​ ​ 152,143 ​ ​ 43,869 ​ 2009 ​ Nov-19 Union Place ​ ​ 51,053 ​ ​ 9,902 ​ ​ 72,242 ​ ​ 82,144 ​ ​ 9,281 ​ ​ 10,178 ​ ​ 81,247 ​ ​ 91,425 ​ ​ 22,389 ​ 2005 ​ Jan-21 Bradlee Danvers ​ ​ - ​ ​ 28,669 ​ ​ 175,114 ​ ​ 203,783 ​ ​ 14,507 ​ ​ 28,697 ​ ​ 189,593 ​ ​ 218,290 ​ ​ 34,130 ​ 1874/2008 ​ Jun-22 BOSTON, MA ​ 228,553 ​ 222,295 ​ 1,036,863 ​ 1,259,158 ​ 716,195 ​ 238,218 ​ 1,737,135 ​ 1,975,353 ​ 713,958 ​ ​ ​ ​ 10 Hanover Square ​ ​ — ​ ​ 41,432 ​ ​ 218,983 ​ ​ 260,415 ​ ​ 38,098 ​ ​ 42,107 ​ ​ 256,406 ​ ​ 298,513 ​ ​ 149,297 ​ 2005/2020 ​ Apr-11 21 Chelsea ​ ​ — ​ ​ 36,399 ​ ​ 107,154 ​ ​ 143,553 ​ ​ 18,521 ​ ​ 36,541 ​ ​ 125,533 ​ ​ 162,074 ​ ​ 76,949 ​ 2001 ​ Aug-11 View 34 ​ ​ — ​ ​ 114,410 ​ ​ 324,920 ​ ​ 439,330 ​ ​ 133,070 ​ ​ 116,296 ​ ​ 456,104 ​ ​ 572,400 ​ ​ 285,197 ​ 1985/2013 ​ Jul-11 95 Wall Street ​ ​ — ​ ​ 57,637 ​ ​ 266,255 ​ ​ 323,892 ​ ​ 29,570 ​ ​ 58,878 ​ ​ 294,584 ​ ​ 353,462 ​ ​ 186,653 ​ 2008 ​ Aug-11 NEW YORK, NY ​ — ​ 249,878 ​ 917,312 ​ 1,167,190 ​ 219,259 ​ 253,822 ​ 1,132,627 ​ 1,386,449 ​ 698,096 ​ ​ ​ ​ Park Square ​ ​ — ​ ​ 10,365 ​ ​ 96,050 ​ ​ 106,415 ​ ​ 4,309 ​ ​ 10,682 ​ ​ 100,042 ​ ​ 110,724 ​ ​ 37,862 ​ 2018 ​ May-19 The Smith Valley Forge ​ ​ — ​ ​ 17,853 ​ ​ 95,973 ​ ​ 113,826 ​ ​ 2,671 ​ ​ 17,871 ​ ​ 98,626 ​ ​ 116,497 ​ ​ 22,690 ​ 2019 ​ Sep-21 322 on North Broad ​ ​ — ​ ​ 12,240 ​ ​ 124,524 ​ ​ 136,764 ​ ​ 11,456 ​ ​ 12,259 ​ ​ 135,961 ​ ​ 148,220 ​ ​ 32,596 ​ 2018 ​ Sep-21 The George Apartments ​ ​ — ​ ​ 17,341 ​ ​ — ​ ​ 17,341 ​ ​ 49,932 ​ ​ 17,366 ​ ​ 49,907 ​ ​ 67,273 ​ ​ 8,301 ​ 2022 ​ Aug-20 PHILADELPHIA, PA ​ ​ — ​ ​ 57,799 ​ ​ 316,547 ​ ​ 374,346 ​ ​ 68,368 ​ ​ 58,178 ​ ​ 384,536 ​ ​ 442,714 ​ ​ 101,449 ​ ​ ​ ​ TOTAL NORTHEAST REGION ​ 228,553 ​ 529,972 ​ 2,270,722 ​ 2,800,694 ​ 1,003,822 ​ 550,218 ​ 3,254,298 ​ 3,804,516 ​ 1,513,503 ​ ​ ​ ​ SOUTHEAST REGION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Summit West ​ ​ — ​ ​ 2,176 ​ ​ 4,710 ​ ​ 6,886 ​ ​ 20,465 ​ ​ 4,566 ​ ​ 22,785 ​ ​ 27,351 ​ ​ 17,992 ​ 1972 ​ Dec-92 The Breyley ​ ​ — ​ ​ 1,780 ​ ​ 2,458 ​ ​ 4,238 ​ ​ 22,468 ​ ​ 4,489 ​ ​ 22,217 ​ ​ 26,706 ​ ​ 22,057 ​ 1977/2007 ​ Sep-93 Lakewood Place ​ ​ — ​ ​ 1,395 ​ ​ 10,647 ​ ​ 12,042 ​ ​ 18,637 ​ ​ 3,385 ​ ​ 27,294 ​ ​ 30,679 ​ ​ 23,385 ​ 1986 ​ Mar-94 Cambridge Woods ​ ​ — ​ ​ 1,791 ​ ​ 7,166 ​ ​ 8,957 ​ ​ 17,110 ​ ​ 3,841 ​ ​ 22,226 ​ ​ 26,067 ​ ​ 18,911 ​ 1985 ​ Jun-97 Inlet Bay ​ ​ — ​ ​ 7,702 ​ ​ 23,150 ​ ​ 30,852 ​ ​ 29,106 ​ ​ 11,281 ​ ​ 48,677 ​ ​ 59,958 ​ ​ 41,542 ​ 1988/1989 ​ Jun-03 MacAlpine Place ​ ​ — ​ ​ 10,869 ​ ​ 36,858 ​ ​ 47,727 ​ ​ 25,055 ​ ​ 13,002 ​ ​ 59,780 ​ ​ 72,782 ​ ​ 45,871 ​ 2001 ​ Dec-04 The Vintage Lofts at West End ​ ​ — ​ ​ 6,611 ​ ​ 37,663 ​ ​ 44,274 ​ ​ 27,394 ​ ​ 16,108 ​ ​ 55,560 ​ ​ 71,668 ​ ​ 45,659 ​ 2009 ​ Jul-09 Peridot Palms ​ ​ — ​ ​ 6,293 ​ ​ 89,752 ​ ​ 96,045 ​ ​ 5,273 ​ ​ 6,831 ​ ​ 94,487 ​ ​ 101,318 ​ ​ 37,316 ​ 2017 ​ Feb-19 The Preserve at Gateway ​ ​ — ​ ​ 4,467 ​ ​ 43,723 ​ ​ 48,190 ​ ​ 3,729 ​ ​ 4,556 ​ ​ 47,363 ​ ​ 51,919 ​ ​ 17,985 ​ 2013 ​ May-19 The Slade at Channelside ​ ​ — ​ ​ 10,216 ​ ​ 72,786 ​ ​ 83,002 ​ ​ 9,202 ​ ​ 10,642 ​ ​ 81,562 ​ ​ 92,204 ​ ​ 27,495 ​ 2009 ​ Jan-20 Andover Place at Cross Creek ​ ​ — ​ ​ 11,702 ​ ​ 107,761 ​ ​ 119,463 ​ ​ 12,105 ​ ​ 11,773 ​ ​ 119,795 ​ ​ 131,568 ​ ​ 37,669 ​ 1997/1999 ​ Nov-20 Meridian ​ ​ — ​ ​ 6,611 ​ ​ - ​ ​ 6,611 ​ ​ 125,470 ​ ​ 6,612 ​ ​ 125,469 ​ ​ 132,081 ​ ​ 4,360 ​ 2024 ​ May-21 TAMPA, FL ​ — ​ 71,613 ​ 436,674 ​ 508,287 ​ 316,014 ​ 97,086 ​ 727,215 ​ 824,301 ​ 340,242 ​ ​ ​ ​ Seabrook ​ ​ — ​ ​ 1,846 ​ ​ 4,155 ​ ​ 6,001 ​ ​ 13,388 ​ ​ 3,680 ​ ​ 15,709 ​ ​ 19,389 ​ ​ 13,929 ​ 1984/2004 ​ Feb-96 Altamira Place ​ ​ — ​ ​ 1,533 ​ ​ 11,076 ​ ​ 12,609 ​ ​ 29,028 ​ ​ 4,192 ​ ​ 37,445 ​ ​ 41,637 ​ ​ 33,822 ​ 1984/2007 ​ Apr-94 Regatta Shore ​ ​ — ​ ​ 757 ​ ​ 6,608 ​ ​ 7,365 ​ ​ 22,519 ​ ​ 3,289 ​ ​ 26,595 ​ ​ 29,884 ​ ​ 24,484 ​ 1988/2007 ​ Jun-94 Alafaya Woods ​ ​ — ​ ​ 1,653 ​ ​ 9,042 ​ ​ 10,695 ​ ​ 16,203 ​ ​ 3,083 ​ ​ 23,815 ​ ​ 26,898 ​ ​ 21,002 ​ 1989/2006 ​ Oct-94 Los Altos ​ ​ — ​ ​ 2,804 ​ ​ 12,349 ​ ​ 15,153 ​ ​ 17,387 ​ ​ 4,809 ​ ​ 27,731 ​ ​ 32,540 ​ ​ 24,488 ​ 1990/2004 ​ Oct-96 Lotus Landing ​ ​ — ​ ​ 2,185 ​ ​ 8,639 ​ ​ 10,824 ​ ​ 17,474 ​ ​ 3,442 ​ ​ 24,856 ​ ​ 28,298 ​ ​ 19,717 ​ 1985/2006 ​ Jul-97 Seville On The Green ​ ​ — ​ ​ 1,282 ​ ​ 6,498 ​ ​ 7,780 ​ ​ 12,410 ​ ​ 2,059 ​ ​ 18,131 ​ ​ 20,190 ​ ​ 14,081 ​ 1986/2004 ​ Oct-97 Ashton Waterford ​ ​ — ​ ​ 3,872 ​ ​ 17,538 ​ ​ 21,410 ​ ​ 10,663 ​ ​ 4,972 ​ ​ 27,101 ​ ​ 32,073 ​ ​ 21,897 ​ 2000 ​ May-98 Arbors at Lee Vista ​ ​ — ​ ​ 6,692 ​ ​ 12,860 ​ ​ 19,552 ​ ​ 22,091 ​ ​ 8,211 ​ ​ 33,432 ​ ​ 41,643 ​ ​ 25,070 ​ 1992/2007 ​ Aug-06 Arbors at Maitland Summit ​ ​ — ​ ​ 15,929 ​ ​ 158,079 ​ ​ 174,008 ​ ​ 21,357 ​ ​ 16,010 ​ ​ 179,355 ​ ​ 195,365 ​ ​ 51,902 ​ 1998 ​ Oct-21 Essex Luxe ​ ​ — ​ ​ 9,068 ​ ​ 94,487 ​ ​ 103,555 ​ ​ 1,331 ​ ​ 9,098 ​ ​ 95,788 ​ ​ 104,886 ​ ​ 21,525 ​ 2020 ​ Oct-21 ORLANDO, FL ​ — ​ 47,621 ​ 341,331 ​ 388,952 ​ 183,851 ​ 62,845 ​ 509,958 ​ 572,803 ​ 271,917 ​ ​ ​ ​ Legacy Hill ​ ​ — ​ ​ 1,148 ​ ​ 5,867 ​ ​ 7,015 ​ ​ 14,254 ​ ​ 2,255 ​ ​ 19,014 ​ ​ 21,269 ​ ​ 16,472 ​ 1977 ​ Nov-95 Hickory Run ​ ​ — ​ ​ 1,469 ​ ​ 11,584 ​ ​ 13,053 ​ ​ 21,114 ​ ​ 3,024 ​ ​ 31,143 ​ ​ 34,167 ​ ​ 23,499 ​ 1989 ​ Dec-95 Carrington Hills ​ ​ — ​ ​ 2,117 ​ ​ — ​ ​ 2,117 ​ ​ 50,932 ​ ​ 5,201 ​ ​ 47,848 ​ ​ 53,049 ​ ​ 34,413 ​ 1999 ​ Dec-95 Brookridge ​ ​ — ​ ​ 708 ​ ​ 5,461 ​ ​ 6,169 ​ ​ 10,834 ​ ​ 1,761 ​ ​ 15,242 ​ ​ 17,003 ​ ​ 12,395 ​ 1986 ​ Mar-96 Breckenridge ​ ​ — ​ ​ 766 ​ ​ 7,714 ​ ​ 8,480 ​ ​ 9,768 ​ ​ 1,960 ​ ​ 16,288 ​ ​ 18,248 ​ ​ 13,065 ​ 1986 ​ Mar-97 Colonnade ​ ​ — ​ ​ 1,460 ​ ​ 16,015 ​ ​ 17,475 ​ ​ 13,611 ​ ​ 3,050 ​ ​ 28,036 ​ ​ 31,086 ​ ​ 21,716 ​ 1998 ​ Jan-99 The Preserve at Brentwood ​ ​ — ​ ​ 3,182 ​ ​ 24,674 ​ ​ 27,856 ​ ​ 21,464 ​ ​ 4,634 ​ ​ 44,686 ​ ​ 49,320 ​ ​ 33,579 ​ 1998 ​ Jun-04 Polo Park ​ ​ — ​ ​ 4,583 ​ ​ 16,293 ​ ​ 20,876 ​ ​ 22,876 ​ ​ 7,324 ​ ​ 36,428 ​ ​ 43,752 ​ ​ 31,482 ​ 1987/2008 ​ May-06 NASHVILLE, TN ​ — ​ 15,433 ​ 87,608 ​ 103,041 ​ 164,853 ​ 29,209 ​ 238,685 ​ 267,894 ​ 186,621 ​ ​ ​ ​ The Reserve and Park at Riverbridge ​ ​ — ​ ​ 15,968 ​ ​ 56,401 ​ ​ 72,369 ​ ​ 24,590 ​ ​ 17,373 ​ ​ 79,586 ​ ​ 96,959 ​ ​ 64,259 ​ 1999/2001 ​ Dec-04 OTHER FLORIDA ​ — ​ 15,968 ​ 56,401 ​ 72,369 ​ 24,590 ​ 17,373 ​ 79,586 ​ 96,959 ​ 64,259 ​ ​ ​ ​ TOTAL SOUTHEAST REGION ​ — ​ 150,635 ​ 922,014 ​ 1,072,649 ​ 689,308 ​ 206,513 ​ 1,555,444 ​ 1,761,957 ​ 863,039 ​ ​ ​ ​ SOUTHWEST REGION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 Thirty377 ​ ​ 25,000 ​ ​ 24,036 ​ ​ 32,951 ​ ​ 56,987 ​ ​ 25,983 ​ ​ 26,585 ​ ​ 56,385 ​ ​ 82,970 ​ ​ 45,444 ​ 1999/2007 ​ Aug-06 Legacy Village ​ ​ 90,000 ​ ​ 16,882 ​ ​ 100,102 ​ ​ 116,984 ​ ​ 37,704 ​ ​ 23,823 ​ ​ 130,865 ​ ​ 154,688 ​ ​ 98,942 ​ 2005/06/07 ​ Mar-08 Addison Apts at The Park ​ ​ - ​ ​ 22,041 ​ ​ 11,228 ​ ​ 33,269 ​ ​ 23,821 ​ ​ 32,036 ​ ​ 25,054 ​ ​ 57,090 ​ ​ 18,293 ​ 1977/78/79 ​ May-07 Addison Apts at The Park I ​ ​ - ​ ​ 7,903 ​ ​ 554 ​ ​ 8,457 ​ ​ 9,402 ​ ​ 11,058 ​ ​ 6,801 ​ ​ 17,859 ​ ​ 5,697 ​ 1970 ​ May-07 Addison Apts at The Park II ​ ​ - ​ ​ 10,440 ​ ​ 634 ​ ​ 11,074 ​ ​ 3,241 ​ ​ 8,458 ​ ​ 5,857 ​ ​ 14,315 ​ ​ 4,586 ​ 1975 ​ May-07 Savoye ​ ​ - ​ ​ 8,432 ​ ​ 50,483 ​ ​ 58,915 ​ ​ 7,263 ​ ​ 9,097 ​ ​ 57,081 ​ ​ 66,178 ​ ​ 18,986 ​ 2009 ​ Nov-19 Savoye 2 ​ ​ - ​ ​ 6,451 ​ ​ 56,615 ​ ​ 63,066 ​ ​ 5,830 ​ ​ 7,067 ​ ​ 61,829 ​ ​ 68,896 ​ ​ 20,517 ​ 2011 ​ Nov-19 Fiori on Vitruvian Park ​ ​ 44,903 ​ ​ 7,934 ​ ​ 78,575 ​ ​ 86,509 ​ ​ 6,589 ​ ​ 8,767 ​ ​ 84,331 ​ ​ 93,098 ​ ​ 28,847 ​ 2013 ​ Nov-19 Vitruvian West Phase I ​ ​ 41,317 ​ ​ 6,273 ​ ​ 61,418 ​ ​ 67,691 ​ ​ 4,387 ​ ​ 6,676 ​ ​ 65,402 ​ ​ 72,078 ​ ​ 22,421 ​ 2018 ​ Nov-19 Vitruvian West Phase II ​ ​ - ​ ​ 6,451 ​ ​ 15,798 ​ ​ 22,249 ​ ​ 40,498 ​ ​ 6,670 ​ ​ 56,077 ​ ​ 62,747 ​ ​ 15,443 ​ 2021 ​ Nov-19 Vitruvian West Phase III ​ ​ - ​ ​ 7,141 ​ ​ 2,754 ​ ​ 9,895 ​ ​ 65,163 ​ ​ 7,385 ​ ​ 67,673 ​ ​ 75,058 ​ ​ 11,979 ​ 2022 ​ Nov-19 Villas at Fiori ​ ​ - ​ ​ 9,921 ​ ​ 776 ​ ​ 10,697 ​ ​ 41,770 ​ ​ 9,970 ​ ​ 42,497 ​ ​ 52,467 ​ ​ 2,788 ​ 2024 ​ Nov-19 The Canal ​ ​ 41,222 ​ ​ 12,671 ​ ​ 98,813 ​ ​ 111,484 ​ ​ 5,284 ​ ​ 12,780 ​ ​ 103,988 ​ ​ 116,768 ​ ​ 26,939 ​ 2017 ​ Apr-21 Cool Springs at Frisco Bridges ​ ​ 89,510 ​ ​ 18,325 ​ ​ 151,982 ​ ​ 170,307 ​ ​ 22,680 ​ ​ 18,460 ​ ​ 174,527 ​ ​ 192,987 ​ ​ 48,325 ​ 2012 ​ May-21 Central Square at Frisco ​ ​ 37,090 ​ ​ 7,661 ​ ​ 52,455 ​ ​ 60,116 ​ ​ 2,423 ​ ​ 7,678 ​ ​ 54,861 ​ ​ 62,539 ​ ​ 5,455 ​ 2018 ​ Aug-23 Villaggio ​ ​ 32,234 ​ ​ 6,186 ​ ​ 41,813 ​ ​ 47,999 ​ ​ 2,360 ​ ​ 6,195 ​ ​ 44,164 ​ ​ 50,359 ​ ​ 4,479 ​ 2016 ​ Aug-23 Lofts at Palisades ​ ​ 39,882 ​ ​ 8,198 ​ ​ 56,143 ​ ​ 64,341 ​ ​ 1,266 ​ ​ 8,200 ​ ​ 57,407 ​ ​ 65,607 ​ ​ 5,718 ​ 2018 ​ Aug-23 Flats at Palisades ​ ​ 32,038 ​ ​ 5,546 ​ ​ 43,854 ​ ​ 49,400 ​ ​ 3,695 ​ ​ 5,551 ​ ​ 47,544 ​ ​ 53,095 ​ ​ 4,870 ​ 2017 ​ Aug-23 DALLAS, TX ​ 473,196 ​ 192,492 ​ 856,948 ​ 1,049,440 ​ 309,359 ​ 216,456 ​ 1,142,343 ​ 1,358,799 ​ 389,729 ​ ​ ​ ​ Barton Creek Landing ​ ​ - ​ ​ 3,151 ​ ​ 14,269 ​ ​ 17,420 ​ ​ 28,542 ​ ​ 6,096 ​ ​ 39,866 ​ ​ 45,962 ​ ​ 35,416 ​ 1986/2012 ​ Mar-02 Residences at the Domain ​ ​ - ​ ​ 4,034 ​ ​ 55,256 ​ ​ 59,290 ​ ​ 19,426 ​ ​ 5,084 ​ ​ 73,632 ​ ​ 78,716 ​ ​ 54,417 ​ 2007 ​ Aug-08 Red Stone Ranch ​ ​ - ​ ​ 5,084 ​ ​ 17,646 ​ ​ 22,730 ​ ​ 16,046 ​ ​ 5,810 ​ ​ 32,966 ​ ​ 38,776 ​ ​ 21,172 ​ 2000 ​ Apr-12 Lakeline Villas ​ ​ - ​ ​ 4,148 ​ ​ 16,869 ​ ​ 21,017 ​ ​ 12,982 ​ ​ 4,961 ​ ​ 29,038 ​ ​ 33,999 ​ ​ 18,285 ​ 2002 ​ Apr-12 Estancia Villas ​ ​ 27,895 ​ ​ 6,384 ​ ​ 52,946 ​ ​ 59,330 ​ ​ 3,220 ​ ​ 6,399 ​ ​ 56,151 ​ ​ 62,550 ​ ​ 5,529 ​ 2018 ​ Aug-23 Palo Verde ​ ​ 39,024 ​ ​ 5,975 ​ ​ 57,880 ​ ​ 63,855 ​ ​ 2,633 ​ ​ 6,004 ​ ​ 60,484 ​ ​ 66,488 ​ ​ 5,875 ​ 2019 ​ Aug-23 AUSTIN, TX ​ 66,919 ​ 28,776 ​ 214,866 ​ 243,642 ​ 82,849 ​ 34,354 ​ 292,137 ​ 326,491 ​ 140,694 ​ ​ ​ ​ Steele Creek ​ ​ — ​ ​ 8,586 ​ ​ 130,400 ​ ​ 138,986 ​ ​ 10,036 ​ ​ 8,906 ​ ​ 140,116 ​ ​ 149,022 ​ ​ 54,598 ​ 2015 ​ Oct-17 Cirrus ​ ​ — ​ ​ 13,853 ​ ​ — ​ ​ 13,853 ​ ​ 88,819 ​ ​ 14,016 ​ ​ 88,656 ​ ​ 102,672 ​ ​ 14,846 ​ 2022 ​ Feb-19 DENVER, CO ​ ​ — ​ 22,439 ​ 130,400 ​ 152,839 ​ 98,855 ​ 22,922 ​ 228,772 ​ 251,694 ​ 69,444 ​ ​ ​ ​ TOTAL SOUTHWEST REGION ​ 540,115 ​ 243,707 ​ 1,202,214 ​ 1,445,921 ​ 491,063 ​ 273,732 ​ 1,663,252 ​ 1,936,984 ​ 599,867 ​ ​ ​ ​ TOTAL OPERATING COMMUNITIES ​ 1,142,798 ​ 2,309,067 ​ 8,535,150 ​ 10,844,217 ​ 4,800,739 ​ 2,591,882 ​ 13,053,074 ​ 15,644,956 ​ 6,809,474 ​ ​ ​ ​ LAND ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vitruvian Park® ​ ​ — ​ ​ 22,547 ​ ​ 1,467 ​ ​ 24,014 ​ ​ 15,837 ​ ​ 30,320 ​ ​ 9,531 ​ ​ 39,851 ​ ​ 831 ​ ​ ​ ​ Alameda Point Block 11 ​ ​ — ​ ​ 25,006 ​ ​ — ​ ​ 25,006 ​ ​ 8,436 ​ ​ 25,006 ​ ​ 8,436 ​ ​ 33,442 ​ ​ - ​ ​ ​ ​ Newport Village II ​ ​ — ​ ​ 5,237 ​ ​ — ​ ​ 5,237 ​ ​ 18,348 ​ ​ 5,237 ​ ​ 18,348 ​ ​ 23,585 ​ ​ - ​ ​ ​ ​ 2727 Turtle Creek ​ ​ — ​ ​ 90,205 ​ ​ — ​ ​ 90,205 ​ ​ 13,933 ​ ​ 90,205 ​ ​ 13,933 ​ ​ 104,138 ​ ​ - ​ ​ ​ ​ 488 Riverwalk ​ ​ — ​ ​ 16,053 ​ ​ — ​ ​ 16,053 ​ ​ 8,140 ​ ​ 16,053 ​ ​ 8,140 ​ ​ 24,193 ​ ​ - ​ ​ ​ ​ 3001 Iowa Ave ​ ​ — ​ ​ 13,468 ​ ​ — ​ ​ 13,468 ​ ​ 15,272 ​ ​ 13,468 ​ ​ 15,272 ​ ​ 28,740 ​ ​ - ​ ​ ​ ​ TOTAL LAND ​ — ​ 172,516 ​ 1,467 ​ 173,983 ​ 79,966 ​ 180,289 ​ 73,660 ​ 253,949 ​ 831 ​ ​ ​ ​ HELD FOR DISPOSITION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Leonard Pointe ​ ​ — ​ ​ 38,010 ​ ​ 93,204 ​ ​ 131,214 ​ ​ 2,916 ​ ​ 38,130 ​ ​ 96,000 ​ ​ 134,130 ​ ​ 36,598 ​ ​ ​ ​ One William ​ ​ — ​ ​ 6,422 ​ ​ 75,527 ​ ​ 81,949 ​ ​ 2,490 ​ ​ 6,515 ​ ​ 77,924 ​ ​ 84,439 ​ ​ 27,508 ​ ​ ​ ​ TOTAL HELD FOR DISPOSITION ​ — ​ 44,432 ​ 168,731 ​ 213,163 ​ 5,406 ​ 44,645 ​ 173,924 ​ 218,569 ​ 64,106 ​ ​ ​ ​ COMMERCIAL ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Brookhaven Shopping Center ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 31,121 ​ ​ 7,793 ​ ​ 23,328 ​ ​ 31,121 ​ ​ 16,143 ​ ​ ​ ​ 3001 Iowa Ave Commercial ​ ​ — ​ ​ 9,882 ​ ​ 4,861 ​ ​ 14,743 ​ ​ 1 ​ ​ 9,882 ​ ​ 4,862 ​ ​ 14,744 ​ ​ 804 ​ ​ ​ ​ TOTAL COMMERCIAL ​ — ​ 9,882 ​ 4,861 ​ 14,743 ​ 31,122 ​ 17,675 ​ 28,190 ​ 45,865 ​ 16,947 ​ ​ ​ ​ Other (b) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 19,906 ​ ​ 136 ​ ​ 19,770 ​ ​ 19,906 ​ ​ 927 ​ ​ ​ ​ 1745 Shea Center I ​ ​ — ​ ​ 3,034 ​ ​ 20,534 ​ ​ 23,568 ​ ​ 6,550 ​ ​ 3,083 ​ ​ 27,035 ​ ​ 30,118 ​ ​ 8,741 ​ ​ ​ ​ TOTAL CORPORATE ​ — ​ 3,034 ​ 20,534 ​ 23,568 ​ 26,456 ​ 3,219 ​ 46,805 ​ 50,024 ​ 9,668 ​ ​ ​ ​ TOTAL COMMERCIAL & CORPORATE ​ — ​ 12,916 ​ 25,395 ​ 38,311 ​ 57,578 ​ 20,894 ​ 74,995 ​ 95,889 ​ 26,615 ​ ​ ​ ​ Deferred Financing Costs and Other Non-Cash Adjustments ​ ​ (3,467) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TOTAL REAL ESTATE OWNED ​ $ 1,139,331 ​ $ 2,538,931 ​ $ 8,730,743 ​ $ 11,269,674 ​ $ 4,943,689 ​ $ 2,837,710 ​ $ 13,375,653 ​ $ 16,213,363 ​ $ 6,901,026 ​ ​ ​ ​ (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 $15.6 billion at December 31, 2024 ( 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) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 2022 Balance at beginning of the year ​ $ 16,023,859 ​ $ 15,570,072 ​ $ 14,740,803 Real estate acquired (including joint venture consolidation) ​ — ​ 410,581 ​ 409,263 Capital expenditures and development ​ 295,548 ​ 441,606 ​ 444,009 Real estate sold ​ (106,044) ​ (398,400) ​ (24,003) Balance at end of the year ​ $ 16,213,363 ​ $ 16,023,859 ​ $ 15,570,072 ​ The following is a reconciliation of total accumulated depreciation for real estate owned at December 31, ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 2022 Balance at beginning of the year ​ $ 6,267,830 ​ $ 5,762,501 ​ $ 5,137,096 Depreciation expense for the year ​ 660,805 ​ 668,899 ​ 634,424 Accumulated depreciation on sales ​ (27,609) ​ (163,570) ​ (9,019) Balance at end of year ​ $ 6,901,026 ​ $ 6,267,830 ​ $ 5,762,501 ​

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 89,585	$ 444,353	$ 86,924

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
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

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Given the prevalence of cybersecurity threats, cybersecurity represents a critical component of the Company’s overall approach to risk management. The Company’s cybersecurity policies, standards and practices are integrated into the Company’s enterprise risk management (“ERM”) approach, and cybersecurity risks are among the core enterprise risks that are subject to oversight by the Company’s Board of Directors (the “Board”). The Company’s cybersecurity policies, standards and practices are derived from recognized frameworks established by the National Institute of Standards and Technology (“NIST”) and other applicable industry standards, and the Company is working to obtain NIST certification. Many members of the Company’s cybersecurity team are certified by and have received training from the International Information Security Consortium (“IISC”). The Company generally approaches cybersecurity threats through a cross-functional, multilayered approach, with specific the goals of: (i) identifying, attempting to prevent and mitigating cybersecurity threats to the Company; (ii) preserving the confidentiality, security and availability of the information that we collect and store to use in our business; (iii) protecting the Company’s intellectual property; (iv) protecting personally identifiable data and maintaining the confidence of our customers, clients and business partners; and (v) providing appropriate public disclosure of cybersecurity risks and incidents when required. Risk Management and Strategy Consistent with overall ERM policies and practices, the Company’s cybersecurity program focuses on the following areas: ● Vigilance: The Company operates cybersecurity threat functions 24/7 with the specific goal of identifying, attempting to prevent and mitigating cybersecurity threats and responding to cybersecurity incidents in accordance with our established incident response and recovery plans. ● Systems Safeguards: The Company deploys systems safeguards that are designed to protect the Company’s information systems from cybersecurity threats, including firewalls, intrusion prevention and detection systems, anti-malware functionality and access controls, which are evaluated and improved through ongoing vulnerability assessments and cybersecurity threat intelligence. ● Collaboration: The Company utilizes collaboration mechanisms established with public and private entities, including intelligence and enforcement agencies, industry groups and third-party service providers, to identify, assess and respond to cybersecurity risks. ● Third-Party Risk Management: The Company maintains a risk-based approach to identifying and overseeing cybersecurity risks presented by third parties , including vendors, service providers and other external users of the Company’s systems, as well as the systems of third parties that could adversely impact our business in the event of a cybersecurity incident affecting those third-party systems. Third-party vendors are assessed against a standardized vendor risk assessment process before being engaged and the Company requests vendors to annually recertify that their security controls comply with established industry standards and applicable legal requirements. ● Insider Threat Management: In order to try to mitigate cybersecurity threats to our systems, the Company attempts to provide associates with the minimum access to our systems required in order for a given associate to perform his or her assigned duties. We also perform reviews of access to both our administrative and financial systems as part of our annual compliance procedures, and, when duties and resources allow, rotate job responsibilities. ● Training: Upon employment and at least annually thereafter the Company provides mandatory training for our associates regarding cybersecurity threats, which reinforces the Company’s information security policies, standards and practices, and such training is scaled to reflect the roles, responsibilities, and information systems access of such personnel. The Company’s cybersecurity team performs regular phishing tests for associates and provides remedial training for associates who fail such tests. In addition, members of our cybersecurity team received specialized cybersecurity training. ● Incident Response and Recovery Planning: The Company has established and maintains incident response and recovery plans that address the Company’s response to a cybersecurity incident and the recovery from a cybersecurity incident, and such plans are assessed and evaluated on a regular basis. All meaningful cybersecurity incidents are reported to the Company’s legal department by our cybersecurity team. ● Governance, Communication, Coordination and Disclosure: The Company utilizes a cross-functional approach to address the risk from cybersecurity threats, involving management personnel from the Company’s technology, operations, legal, risk management, internal audit and other key business functions, third-party vendors and consultants, as well as the members of the Board and the Audit and Risk Management Committee of the Board (the “Audit Committee”) in an ongoing dialogue regarding cybersecurity threats and incidents, while also implementing controls and procedures for the escalation of cybersecurity incidents when appropriate so that decisions regarding the disclosure and reporting of such incidents can be made by management in a timely manner. Our Senior Vice President – Chief Technology Officer reports on our cybersecurity posture to the Audit Committee quarterly and the Board is updated at least annually. A key part of the Company’s strategy for managing risks from cybersecurity threats is the ongoing assessment and testing of the Company’s processes and practices through auditing, assessments, tabletop exercises, vulnerability testing and other exercises focused on evaluating the effectiveness of our cybersecurity measures. The Company engages third parties, including legal counsel, to perform assessments on our cybersecurity measures, including information security maturity assessments, penetration testing inclusive of our resident facing apps and devices, audits and independent reviews of our information security control environment and operating effectiveness. The material results of such assessments, audits and reviews are reported to the Audit Committee and the Board, and the Company adapts its cybersecurity policies, standards, processes, and practices as necessary based on the information provided by the assessments, audits, and reviews.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Risk Management and Strategy Consistent with overall ERM policies and practices, the Company’s cybersecurity program focuses on the following areas: ● Vigilance: The Company operates cybersecurity threat functions 24/7 with the specific goal of identifying, attempting to prevent and mitigating cybersecurity threats and responding to cybersecurity incidents in accordance with our established incident response and recovery plans. ● Systems Safeguards: The Company deploys systems safeguards that are designed to protect the Company’s information systems from cybersecurity threats, including firewalls, intrusion prevention and detection systems, anti-malware functionality and access controls, which are evaluated and improved through ongoing vulnerability assessments and cybersecurity threat intelligence. ● Collaboration: The Company utilizes collaboration mechanisms established with public and private entities, including intelligence and enforcement agencies, industry groups and third-party service providers, to identify, assess and respond to cybersecurity risks. ● Third-Party Risk Management: The Company maintains a risk-based approach to identifying and overseeing cybersecurity risks presented by third parties , including vendors, service providers and other external users of the Company’s systems, as well as the systems of third parties that could adversely impact our business in the event of a cybersecurity incident affecting those third-party systems. Third-party vendors are assessed against a standardized vendor risk assessment process before being engaged and the Company requests vendors to annually recertify that their security controls comply with established industry standards and applicable legal requirements. ● Insider Threat Management: In order to try to mitigate cybersecurity threats to our systems, the Company attempts to provide associates with the minimum access to our systems required in order for a given associate to perform his or her assigned duties. We also perform reviews of access to both our administrative and financial systems as part of our annual compliance procedures, and, when duties and resources allow, rotate job responsibilities. ● Training: Upon employment and at least annually thereafter the Company provides mandatory training for our associates regarding cybersecurity threats, which reinforces the Company’s information security policies, standards and practices, and such training is scaled to reflect the roles, responsibilities, and information systems access of such personnel. The Company’s cybersecurity team performs regular phishing tests for associates and provides remedial training for associates who fail such tests. In addition, members of our cybersecurity team received specialized cybersecurity training. ● Incident Response and Recovery Planning: The Company has established and maintains incident response and recovery plans that address the Company’s response to a cybersecurity incident and the recovery from a cybersecurity incident, and such plans are assessed and evaluated on a regular basis. All meaningful cybersecurity incidents are reported to the Company’s legal department by our cybersecurity team. ● Governance, Communication, Coordination and Disclosure: The Company utilizes a cross-functional approach to address the risk from cybersecurity threats, involving management personnel from the Company’s technology, operations, legal, risk management, internal audit and other key business functions, third-party vendors and consultants, as well as the members of the Board and the Audit and Risk Management Committee of the Board (the “Audit Committee”) in an ongoing dialogue regarding cybersecurity threats and incidents, while also implementing controls and procedures for the escalation of cybersecurity incidents when appropriate so that decisions regarding the disclosure and reporting of such incidents can be made by management in a timely manner. Our Senior Vice President – Chief Technology Officer reports on our cybersecurity posture to the Audit Committee quarterly and the Board is updated at least annually.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Governance The Board, in coordination with the Audit Committee, oversees the management of risks from cybersecurity threats, including the policies, standards, processes and practices that the Company’s management implements to address risks from cybersecurity threats. The Board and the Audit Committee each receive presentations and reports on cybersecurity risks, which address a wide range of topics including, for example, recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, new tools and vendors being used by the Company related to cybersecurity, technological trends and information security considerations arising with respect to the Company’s peers and third parties. The Board and the Audit Committee also receive information regarding any cybersecurity incident when appropriate, as well as ongoing updates regarding such incident until it has been addressed. At least once each year the Board and the Audit Committee at least quarterly discuss the Company’s approach to cybersecurity risk management with the Company’s Chief Technology Officer. The Company’s Chief Technology Officer is the member of the Company’s management that is principally responsible for overseeing the Company’s cybersecurity risk management program, in partnership with other business leaders across the Company. The Chief Technology Officer and our Vice President, Information Security work in coordination with the other members of the Information Security Management System Committee (“ISMS”), which includes department heads and IT personnel. The Chief Technology Officer also provides monthly reports regarding information technology including cybersecurity to our senior management including our Chairman and Chief Executive Officer, President, Chief Investment Officer and Chief Financial Officer, Chief Operating Officer, Senior Vice President – Chief Accounting Officer, Senior Vice President – Investments, and Senior Vice President – General Counsel. The Company’s Chief Technology Officer has served in various roles in information technology and information security for over 24 years. The Chief Technology Officer holds an undergraduate degree in computer science and a master’s degree in business administration. The Company’s Vice President, Information Security holds an undergraduate degree in computer science and management science, has attained a professional certification of Certified Information Systems Security Professional (CISSP) from the IISC and has served in various roles in information technology and information security for over 15 years. In addition, our Vice President, Information Security is a member of InfraGard. The Company’s Chief Technology Officer and Vice President, Information Security, in coordination with the ISMS, work collaboratively across the Company to implement a program designed to protect the Company’s information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents. To facilitate the success of this program, our IT security team and, when necessary, multidisciplinary teams throughout the Company are deployed to address cybersecurity threats and to respond to cybersecurity incidents in accordance with the Company’s incident response and recovery plans. Through the ongoing communications from these teams, the Chief Technology Officer and the Vice President, Information Security monitor the prevention, detection, mitigation, and remediation of cybersecurity incidents, and report such incidents to the ISMS and other members of management and the Audit Committee or the Board when appropriate. To date, the Company has not been materially affected by a cybersecurity incident or cybersecurity threat and no incident has occurred that is reasonably likely to affect the Company, including its business strategy, results of operations, or financial condition.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board, in coordination with the Audit Committee
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board and the Audit Committee each receive presentations and reports on cybersecurity risks, which address a wide range of topics including, for example, recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, new tools and vendors being used by the Company related to cybersecurity, technological trends and information security considerations arising with respect to the Company’s peers and third parties. The Board and the Audit Committee also receive information regarding any cybersecurity incident when appropriate, as well as ongoing updates regarding such incident until it has been addressed. At least once each year the Board and the Audit Committee at least quarterly discuss the Company’s approach to cybersecurity risk management with the Company’s Chief Technology Officer.
Cybersecurity Risk Role of Management [Text Block]	The Company’s Chief Technology Officer is the member of the Company’s management that is principally responsible for overseeing the Company’s cybersecurity risk management program, in partnership with other business leaders across the Company. The Chief Technology Officer and our Vice President, Information Security work in coordination with the other members of the Information Security Management System Committee (“ISMS”), which includes department heads and IT personnel. The Chief Technology Officer also provides monthly reports regarding information technology including cybersecurity to our senior management including our Chairman and Chief Executive Officer, President, Chief Investment Officer and Chief Financial Officer, Chief Operating Officer, Senior Vice President – Chief Accounting Officer, Senior Vice President – Investments, and Senior Vice President – General Counsel. The Company’s Chief Technology Officer has served in various roles in information technology and information security for over 24 years. The Chief Technology Officer holds an undergraduate degree in computer science and a master’s degree in business administration. The Company’s Vice President, Information Security holds an undergraduate degree in computer science and management science, has attained a professional certification of Certified Information Systems Security Professional (CISSP) from the IISC and has served in various roles in information technology and information security for over 15 years. In addition, our Vice President, Information Security is a member of InfraGard. The Company’s Chief Technology Officer and Vice President, Information Security, in coordination with the ISMS, work collaboratively across the Company to implement a program designed to protect the Company’s information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents. To facilitate the success of this program, our IT security team and, when necessary, multidisciplinary teams throughout the Company are deployed to address cybersecurity threats and to respond to cybersecurity incidents in accordance with the Company’s incident response and recovery plans. Through the ongoing communications from these teams, the Chief Technology Officer and the Vice President, Information Security monitor the prevention, detection, mitigation, and remediation of cybersecurity incidents, and report such incidents to the ISMS and other members of management and the Audit Committee or the Board when appropriate.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Chief Technology Officer and our Vice President, Information Security work in coordination with the other members of the Information Security Management System Committee (“ISMS”), which includes department heads and IT personnel.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The Company’s Chief Technology Officer has served in various roles in information technology and information security for over 24 years. The Chief Technology Officer holds an undergraduate degree in computer science and a master’s degree in business administration. The Company’s Vice President, Information Security holds an undergraduate degree in computer science and management science, has attained a professional certification of Certified Information Systems Security Professional (CISSP) from the IISC and has served in various roles in information technology and information security for over 15 years. In addition, our Vice President, Information Security is a member of InfraGard.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Company’s Chief Technology Officer and Vice President, Information Security, in coordination with the ISMS, work collaboratively across the Company to implement a program designed to protect the Company’s information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents. To facilitate the success of this program, our IT security team and, when necessary, multidisciplinary teams throughout the Company are deployed to address cybersecurity threats and to respond to cybersecurity incidents in accordance with the Company’s incident response and recovery plans. Through the ongoing communications from these teams, the Chief Technology Officer and the Vice President, Information Security monitor the prevention, detection, mitigation, and remediation of cybersecurity incidents, and report such incidents to the ISMS and other members of management and the Audit Committee or the Board when appropriate.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2024
SIGNIFICANT ACCOUNTING POLICIES
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2024, the Financial Accounting Standards Board (“FASB”) issued Disaggregation of Income Statement Expenses, evaluating the effect that the ASU will have on the consolidated financial statements and related disclosures ​ In March 2024, the SEC issued final rules on the enhancement and standardization of climate-related disclosures. The rules require disclosure of, among other things: material climate-related risks; activities to mitigate or adapt to such risks; governance and management of such risks; and material greenhouse gas emissions from operations owned or controlled (Scope 1) and/or indirect emissions from purchased energy consumed in operations (Scope 2). Additionally, the rules require disclosure in the notes to the financial statements of the effects of severe weather events and other natural conditions, subject to certain materiality thresholds. The rules will become effective for the Company on a phased-in timeline starting in the year ended December 31, 2025. While the SEC has voluntarily stayed the rules, the Company is currently evaluating the effect the rules will have on its financial statement disclosures ​ In December 2023, the FASB issued 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures , December 31, 2025. 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 became effective for the Company for the year ended December 31, 2024, and interim periods commencing in 2025. The Company adopted the ASU, however, the updated standard did not have a material impact 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, 2024, 2023 and 2022, we did not record any impairments on our real estate properties. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets which are 30 to 55 years for buildings, 10 to 35 years for major improvements, and 3 to 10 years for furniture, fixtures, equipment, and other assets. Predevelopment, development, and redevelopment projects and related costs are capitalized and reported on the Consolidated Balance Sheets as Total real estate owned, net of accumulated depreciation
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short-term, highly liquid investments. We consider all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. The majority of the Company’s cash and cash equivalents are held at major commercial banks.
Restricted Cash	Restricted Cash Restricted cash primarily consists of escrow deposits held by lenders for real estate taxes, insurance and replacement reserves, and security deposits.
Real Estate Sales Gain Recognition	Real Estate Sales Gain Recognition For sale transactions resulting in a transfer of a controlling financial interest of a property, the Company generally derecognizes the related assets and liabilities from its Consolidated Balance Sheets and records the gain or loss in the period in which the transfer of control occurs. If control of the property has not 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 ​ 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 Accounting Standard Codification (“ASC”) 310-10. For each loan, the Company has concluded that the characteristics and the facts and circumstances indicate that loan accounting treatment is appropriate. The following table summarizes our Notes receivable, net as of December 31, 2024 and 2023 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate at ​ Balance Outstanding (a) ​ December 31, December 31, December 31, ​ ​ 2024 ​ 2024 ​ 2023 Note due March 2025 (b) ​ 12.00 % $ 42,807 ​ $ 37,022 Notes due October 2025 (c) ​ 11.00 % ​ 106,271 ​ ​ 98,271 Note due December 2026 (d) ​ 11.00 % ​ 71,873 ​ ​ 64,608 Note due December 2026 (e) ​ 11.00 % ​ 29,090 ​ ​ 26,164 Notes due June 2027 (f) ​ 18.00 % ​ 4,470 ​ ​ 3,737 Note due September 2027 (g) ​ 7.55 % ​ 31,771 ​ ​ — Notes receivable ​ ​ ​ ​ 286,282 ​ ​ 229,802 Allowance for credit losses ​ ​ ​ ​ (38,433) ​ ​ (977) Total notes receivable, net ​ $ 247,849 ​ $ 228,825 (a) Outstanding note amounts include any accrued and unpaid interest, as applicable. (b) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $32.5 million, all of which was funded as of December 31, 2024. Interest payments are due monthly, with the exception of payments from June 2022 to maturity, which are accrued and added to the principal balance and will be due at maturity of the note. In December 2024, the maturity date of the note was extended to March 31, 2025. 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) March 31, 2025. (c) The Company has two loans (the “Notes”) with a joint venture that owns a 478 apartment home operating community located in Philadelphia, Pennsylvania with an aggregate commitment of $93.5 million (exclusive of accrued and unpaid interest), all of which has been funded. The Notes are subordinate to the senior construction loan, but senior to the equity in the borrower. In April 2024, the joint venture refinanced the senior construction loan with a new loan that matures in April 2026, with a one-year extension option subject to certain conditions. The Notes had a scheduled maturity date in October 2024, with two one-year extension options. In September 2024, the developer extended the maturity date of the Notes to October 2025. Commencing in October 2024, the contractual interest rate on the Notes increased to 11.0% in connection with the developer exercising its option to extend the maturity date of the Notes. In December 2024, the Company recorded a $37.3 million non-cash loan reserve on the Notes, which was recorded in Interest income and other income/(expense), net on the Consolidated Statements of Operations, due to the Company’s assessment of the borrower’s ability to make future scheduled payments on the senior loan and a decrease in the value of the operating community. In addition, the Notes were placed on non-accrual status. (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 and unpaid interest), all of which has been funded. 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 and unpaid interest), all of which has been funded. 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. In 2023, the secured credit facility was amended to provide a new term loan in the amount of $19.0 million, and the Company’s commitment was increased from $1.5 million to $3.0 million (exclusive of accrued interest) , all of which has been funded. Interest payments accrue and are 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. (g) In September 2024, the Company entered into a $31.1 million secured mortgage loan with one of its joint ventures that owns a 66 apartment home operating community located in Santa Monica, California, in which the Company also holds a preferred investment. The contractual interest rate on the note receivable is SOFR plus a spread of 300 basis points. Interest payments are due monthly from net cash flow from the operating community. If net cash flow is insufficient to cover the interest payment on the payment date, the unpaid amount is added to the outstanding principal balance. The mortgage loan has a scheduled maturity date in September 2027. (See Note 5, Joint Ventures and Partnerships for further discussion ). The Company recognized $24.2 million, $14.5 million, and $3.5 million of interest income for the notes receivable described above during the years ended December 31, 2024, 2023, and 2022, respectively, none of which was related party interest. Interest income is included in Interest income and other income/(expense), net A roll forward of our allowance for credit losses for the year ended December 31, 2024 is as follows: ​ ​ ​ ​ Allowance for credit losses as of December 31, 2023 $ (977) (Provision)/recovery for credit losses ​ (37,456) Write-offs charged against allowance ​ - Allowance for credit losses as of December 31, 2024 $ (38,433) ​
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, 2024, the Company did not have any investments in any joint ventures or partnerships that qualified as a VIE where we were determined to be the primary beneficiary We evaluate our investments in unconsolidated joint ventures for events or changes in circumstances that indicate there may be an other-than-temporary decline in value. We consider various factors to determine if a decrease in the value of the investment is other-than-temporary. These factors include, but are not limited to, age of the venture, our intent and ability to retain our investment in the entity, the financial condition and long-term prospects of the entity, the fair value of the property of the joint venture, and the relationships with the other joint venture partners and its lenders. The amount of loss recognized is the excess of the investment’s carrying amount over its estimated fair value. If we believe that the decline in fair value is temporary, no impairment is recorded. The aforementioned factors are taken into consideration as a whole by management in determining the valuation of our equity method investments. Should the actual results differ from management’s judgment, the valuation could be negatively affected and may result in a negative impact to our Consolidated Financial Statements.
Derivative Financial Instruments	Derivative Financial Instruments The Company utilizes derivative financial instruments to manage interest rate risk and generally designates these financial instruments as cash flow hedges. Derivative financial instruments are recorded on our Consolidated Balance Sheets as either an asset or liability and measured quarterly at their fair value. The changes in fair value for cash flow hedges that are deemed effective are reflected in other comprehensive income/(loss) and for non-designated derivative financial instruments in earnings. The ineffective component of cash flow hedges, if any, is recorded in earnings.
Redeemable Noncontrolling Interests in the Operating Partnership and DownREIT Partnership	Redeemable Noncontrolling Interests in the Operating Partnership and DownREIT Partnership Interests in the Operating Partnership and the DownREIT Partnership held by limited partners are represented by OP Units and DownREIT Units, respectively. The income is allocated to holders of OP Units/DownREIT Units based upon net income available to common stockholders and the weighted average number of OP Units/DownREIT Units outstanding to total common shares plus OP Units/DownREIT Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the partnership agreements of the Operating Partnership and the DownREIT Partnership. Limited partners of the Operating Partnership and the DownREIT Partnership have the right to require such partnership to redeem all or a portion of the OP Units/DownREIT Units held by the limited partner at a redemption price equal to and in the form of the Cash Amount (as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable), provided that such OP Units/DownREIT Units have been outstanding for at least one year, subject to certain exceptions. UDR, as the general partner of the Operating Partnership and the DownREIT Partnership may, in its sole discretion, purchase the OP Units/DownREIT Units by paying to the limited partner either the Cash Amount or the REIT Share Amount (generally one share of Common Stock of the Company for each OP Unit/DownREIT Unit), as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable. Accordingly, the Company records the OP Units/DownREIT Units outside of permanent equity and reports the OP Units/DownREIT Units at their redemption value using the Company’s stock price at each balance sheet date.
Income Taxes	Income Taxes Due to the structure of the Company as a REIT and the nature of the operations for the operating properties, no provision for federal income taxes has been provided for at UDR. Historically, the Company has generally incurred only state and local excise and franchise taxes. UDR has elected for certain consolidated subsidiaries to be treated as taxable REIT subsidiaries (“TRS”). Income taxes for our TRS are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rate is recognized in earnings in the period of the enactment date. The Company’s deferred tax assets/(liabilities) are generally the result of differing depreciable lives on capitalized assets, temporary differences between book and tax basis of assets and liabilities and timing of expense recognition for certain accrued liabilities. As of December 31, 2024 and 2023, 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, 2024. UDR and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The tax years 2021 through 2023 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, 2024, 2023, and 2022, the Company’s other comprehensive income/(loss) consisted of the gain/(loss) (effective portion) on derivative instruments that are designated as and qualify as cash flow hedges, (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) into earnings, and the allocation of other comprehensive income/(loss) to noncontrolling interests. The (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) is included in Interest expense Derivatives and Hedging Activity,
Forward Sales Agreements	Forward Sales Agreements ​ From time to time the Company utilizes forward sales agreements for the future issuance of its common stock. When the Company enters into a forward sales agreement, the contract requires the Company to sell its shares to a counterparty at a predetermined price at a future date. The net sales price and proceeds attained by the Company will be determined on the dates of settlement, with adjustments during the term of the contract for the Company’s anticipated dividends as well as for a daily interest factor that varies with changes in the federal funds rate. The Company generally has the ability to determine the dates and method of settlement (i.e., gross physical settlement, net share settlement or cash settlement), subject to certain conditions and the right of the counterparty to accelerate settlement under certain circumstances. ​ The Company accounts for the shares of common stock reserved for issuance upon settlement as equity in accordance with ASC 815-40, Contracts in Entity's Own Equity ​ The guidance establishes a two-step process for evaluating whether an equity-linked financial instrument is considered indexed to the entity’s own stock, first, evaluating the instrument’s contingent exercise provisions and second, evaluating the instrument’s settlement provisions. When entering into forward sales agreements, we determined that (i) none of the agreement’s exercise contingencies are based on observable markets or indices besides those related to the market for our own stock price; and (ii) none of the settlement provisions preclude the agreements from being indexed to our own stock. ​ Before the issuance of shares of common stock, upon physical or net share settlement of the forward sales agreements, the Company expects that the shares issuable upon settlement of the forward sales agreements will be reflected in its diluted income/(loss) per share calculations using the treasury stock method. Under this method, the number of shares of common stock used in calculating diluted income/(loss) per share is deemed to be increased by the excess, if any, of the number of shares of common stock that would be issued upon full physical settlement of the forward sales agreements over the number of shares of common stock that could be purchased by the Company in the open market (based on the average market price during the period) using the proceeds receivable upon full physical settlement (based on the adjusted forward sale price at the end of the reporting period). When the Company physically or net share settles any forward sales agreement, the delivery of shares of common stock would result in an increase in the number of weighted average common shares outstanding and dilution to basic income/(loss) per share. (See Note 8, Income/(Loss) per Share
Lease Receivables	Lease Receivables ​ During the years ended December 31, 2024 and 2023, the Company performed an analysis in accordance with the ASC 842, Leases, guidance to assess the collectibility of its operating lease receivables. This analysis included an assessment of collectibility of current and future rents and whether those lease payments were no longer probable of collection. In accordance with the leases guidance, if collection of lease payments is 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, 2024 and 2023, the Company’s multifamily tenant lease receivables balance, net of its reserve, was approximately $5.9 million and $9.0 million, respectively, 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 and $0.3 million, including its share from unconsolidated joint ventures, as of December 31, 2024 and 2023, respectively.
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, 2024, 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
	Dec. 31, 2024
SIGNIFICANT ACCOUNTING POLICIES
Summary of notes receivable, net	The following table summarizes our Notes receivable, net as of December 31, 2024 and 2023 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate at ​ Balance Outstanding (a) ​ December 31, December 31, December 31, ​ ​ 2024 ​ 2024 ​ 2023 Note due March 2025 (b) ​ 12.00 % $ 42,807 ​ $ 37,022 Notes due October 2025 (c) ​ 11.00 % ​ 106,271 ​ ​ 98,271 Note due December 2026 (d) ​ 11.00 % ​ 71,873 ​ ​ 64,608 Note due December 2026 (e) ​ 11.00 % ​ 29,090 ​ ​ 26,164 Notes due June 2027 (f) ​ 18.00 % ​ 4,470 ​ ​ 3,737 Note due September 2027 (g) ​ 7.55 % ​ 31,771 ​ ​ — Notes receivable ​ ​ ​ ​ 286,282 ​ ​ 229,802 Allowance for credit losses ​ ​ ​ ​ (38,433) ​ ​ (977) Total notes receivable, net ​ $ 247,849 ​ $ 228,825 (a) Outstanding note amounts include any accrued and unpaid interest, as applicable. (b) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $32.5 million, all of which was funded as of December 31, 2024. Interest payments are due monthly, with the exception of payments from June 2022 to maturity, which are accrued and added to the principal balance and will be due at maturity of the note. In December 2024, the maturity date of the note was extended to March 31, 2025. 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) March 31, 2025. (c) The Company has two loans (the “Notes”) with a joint venture that owns a 478 apartment home operating community located in Philadelphia, Pennsylvania with an aggregate commitment of $93.5 million (exclusive of accrued and unpaid interest), all of which has been funded. The Notes are subordinate to the senior construction loan, but senior to the equity in the borrower. In April 2024, the joint venture refinanced the senior construction loan with a new loan that matures in April 2026, with a one-year extension option subject to certain conditions. The Notes had a scheduled maturity date in October 2024, with two one-year extension options. In September 2024, the developer extended the maturity date of the Notes to October 2025. Commencing in October 2024, the contractual interest rate on the Notes increased to 11.0% in connection with the developer exercising its option to extend the maturity date of the Notes. In December 2024, the Company recorded a $37.3 million non-cash loan reserve on the Notes, which was recorded in Interest income and other income/(expense), net on the Consolidated Statements of Operations, due to the Company’s assessment of the borrower’s ability to make future scheduled payments on the senior loan and a decrease in the value of the operating community. In addition, the Notes were placed on non-accrual status. (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 and unpaid interest), all of which has been funded. 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 and unpaid interest), all of which has been funded. 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. In 2023, the secured credit facility was amended to provide a new term loan in the amount of $19.0 million, and the Company’s commitment was increased from $1.5 million to $3.0 million (exclusive of accrued interest) , all of which has been funded. Interest payments accrue and are 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. (g) In September 2024, the Company entered into a $31.1 million secured mortgage loan with one of its joint ventures that owns a 66 apartment home operating community located in Santa Monica, California, in which the Company also holds a preferred investment. The contractual interest rate on the note receivable is SOFR plus a spread of 300 basis points. Interest payments are due monthly from net cash flow from the operating community. If net cash flow is insufficient to cover the interest payment on the payment date, the unpaid amount is added to the outstanding principal balance. The mortgage loan has a scheduled maturity date in September 2027. (See Note 5, Joint Ventures and Partnerships for further discussion ).
Schedule of allowance for credit losses	​ ​ ​ ​ Allowance for credit losses as of December 31, 2023 $ (977) (Provision)/recovery for credit losses ​ (37,456) Write-offs charged against allowance ​ - Allowance for credit losses as of December 31, 2024 $ (38,433)

REAL ESTATE OWNED (Tables)

REAL ESTATE OWNED (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2024 and 2023 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2024 ​ 2023 Land ​ $ 2,521,363 ​ $ 2,549,716 Depreciable property — held and used: ​ ​ ​ ​ Land improvements ​ 271,702 ​ 255,706 Building, improvements, and furniture, fixtures and equipment ​ 13,189,796 ​ 12,902,021 Real estate intangible assets ​ ​ 11,933 ​ ​ 50,013 Under development: ​ ​ Land and land improvements ​ — ​ 16,576 Building, improvements, and furniture, fixtures and equipment ​ — ​ 143,828 Real estate held for disposition: ​ ​ Land and land improvements ​ 44,645 ​ 13,734 Building, improvements, and furniture, fixtures and equipment ​ 135,844 ​ 92,265 Real estate intangible assets ​ ​ 38,080 ​ ​ — Real estate owned ​ 16,213,363 ​ 16,023,859 Accumulated depreciation (a) ​ (6,901,026) ​ (6,267,830) Real estate owned, net ​ $ 9,312,337 ​ $ 9,756,029 (a) Accumulated depreciation is inclusive of $21.2 million and $17.2 million of accumulated amortization related to real estate intangible assets as of December 31, 2024 and 2023, 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, 2024 ​ 2025 ​ 2026 ​ 2027 ​ 2028 ​ 2029 ​ Thereafter Real estate intangible assets, net (a) ​ $ 28,775 ​ $ 24,581 ​ $ 1,562 ​ $ 1,505 ​ $ 424 ​ $ 416 ​ $ 287 In-place lease intangible assets, net (b) ​ ​ 2,264 ​ ​ 610 ​ ​ 504 ​ ​ 434 ​ ​ 318 ​ ​ 266 ​ ​ 132 Total ​ $ 31,039 ​ $ 25,191 ​ $ 2,066 ​ $ 1,939 ​ $ 742 ​ $ 682 ​ $ 419 ​ ​ ​ (a) Real estate intangible assets, net is recorded net of accumulated amortization of $21.2 million in Real estate held for investment, net on the Consolidated Balance Sheets. For the years ended December 31, 2024 and 2023, $4.0 million and $4.2 million, respectively, of amortization expense was recorded in Depreciation and Amortization on the Consolidated Statement of Operations. ​ In January 2025, the Company fully amortized $22.7 million of unamortized real estate intangible assets related to the sale of two operating communities discussed above. ​ (b) In-place lease intangible assets, net is recorded net of accumulated amortization of $7.5 million in Other assets on the Consolidated Balance Sheets. For the years ended December 31, 2024 and 2023, $8.9 million and $7.3 million, respectively, was recorded in Depreciation and Amortizatio n on the Consolidated Statement of Operations.

JOINT VENTURES AND PARTNERSHI_2

JOINT VENTURES AND PARTNERSHIPS (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2024 and 2023 (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 2024 2024 ​ 2024 2023 2024 2023 ​ 2024 2023 2022 Operating: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ UDR/MetLife (a) ​ 13 ​ 2,834 ​ 50.2 % ​ 50.2 % ​ $ 206,308 ​ $ 225,195 ​ $ (7,438) ​ $ (5,378) ​ $ (7,604) UDR/LaSalle ​ 5 ​ 1,590 ​ 51.0 % ​ 51.0 % ​ ​ 267,562 ​ ​ 286,723 ​ ​ (8,027) ​ ​ (3,660) ​ ​ — Total Joint Ventures ​ 18 4,424 ​ ​ ​ ​ $ 473,870 ​ $ 511,918 ​ $ (15,465) ​ $ (9,038) ​ $ (7,604) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Apartment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Communities ​ Homes ​ Weighted ​ ​ ​ ​ ​ ​ ​ Investment at ​ Income/(loss) from investments Debt and Preferred Equity Program December 31, ​ December 31, ​ Average ​ Years To ​ UDR December 31, December 31, ​ Year Ended December 31, and Real Estate Technology Investments (b) 2024 ​ 2024 ​ Rate ​ Maturity ​ Commitment (c) 2024 2023 2024 2023 2022 Preferred equity investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ 27 ​ 6,436 ​ 9.6 % ​ 2.8 ​ $ 342,498 ​ $ 380,969 ​ $ 387,771 ​ $ 25,741 ​ $ 35,685 ​ $ 26,374 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate technology and sustainability investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate technology and sustainability investments ​ N/A ​ N/A ​ N/A ​ ​ N/A ​ $ 86,000 ​ ​ 57,344 ​ ​ 44,382 ​ ​ 9,959 ​ ​ 104 ​ ​ (35,429) Total Debt and Preferred Equity Program and Real Estate Technology and Sustainability Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 438,313 ​ ​ 432,153 ​ ​ 35,700 ​ ​ 35,789 ​ ​ (9,055) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sold joint ventures and other investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ (22,058) ​ ​ 21,606 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total investment in and advances to unconsolidated joint ventures, net (a) ​ ​ ​ ​ $ 912,183 ​ $ 944,071 ​ $ 20,235 ​ $ 4,693 ​ $ 4,947 (a) As of December 31, 2024 and 2023, the Company’s negative investment in one UDR/MetLife community of $5.3 million and $8.9 million, respectively, is recorded in Accounts payable, accrued expenses, and other liabilities on the Consolidated Balance Sheets. (b) The Debt and Preferred Equity Program (previously referred to as the Developer Capital Program) is the program through which the Company makes investments, including preferred equity investments, first mortgage loans, mezzanine loans (recorded in Notes receivable, net on the Consolidated Balance Sheets) 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. The Company’s preferred equity investments include three 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, 2024, the Company entered into four new preferred equity investments and no preferred equity investments were fully redeemed. In July 2024, the Company received a $17.2 million partial paydown on one of its operating preferred equity investments. In conjunction with the paydown, the Company’s remaining $50.0 million preferred equity investment will earn a preferred return of 11.0% per annum. In July 2024 and August 2024, the Company entered into four joint venture agreements with an unaffiliated joint venture partner to operate four operating communities with a total of 818 apartment homes located in Portland, Oregon. The Company’s combined preferred equity investment of $35.0 million earns a preferred return of 10.75% per annum. The unaffiliated joint venture partner is the managing member of the joint ventures. The Company has concluded that it does not control the joint ventures and accounts for its investments under the equity method of accounting In September 2024, the Company made a $31.1 million secured mortgage loan to a joint venture, in which the Company also owns a preferred equity investment. The joint venture used the proceeds of the loan to repay its senior construction loan in full. The loan to the joint venture has an interest rate of SOFR plus 300 basis points and a maturity date in September 2027. (See Note 2, Significant Accounting Policies Income/(loss) from unconsolidated entities In December 2024, the Company received a $38.5 million partial paydown and a $9.9 million partial paydown from two of its operating preferred equity investments from the proceeds of the refinancings of the joint ventures’ senior loans. (c) Represents UDR’s maximum funding commitment only and therefore excludes other activity such as income from investments.
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, 2024, 2023, and 2022 ( dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt and Preferred ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity Program ​ ​ As of and For the ​ UDR/ ​ UDR/ ​ and Other ​ ​ Year Ended December 31, 2024 ​ MetLife ​ LaSalle ​ Investments ​ Total Condensed Statements of Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ $ 141,014 ​ $ 49,063 ​ $ 131,876 ​ $ 321,953 Property operating expenses ​ 64,329 ​ 17,657 ​ 69,737 ​ 151,723 Real estate depreciation and amortization ​ 53,543 ​ 45,375 ​ 51,633 ​ 150,551 Operating income/(loss) ​ 23,142 ​ (13,969) ​ 10,506 ​ 19,679 Interest expense ​ (33,491) ​ (2,698) ​ (74,268) ​ (110,457) Other income/(loss) ​ — ​ — ​ (3,840) ​ (3,840) Net unrealized/realized gain/(loss) on held investments ​ ​ — ​ ​ — ​ ​ 84,835 ​ ​ 84,835 Net income/(loss) ​ $ (10,349) ​ $ (16,667) ​ $ 17,233 ​ $ (9,783) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed Balance Sheets: ​ ​ ​ ​ ​ Total real estate, net ​ $ 1,174,695 ​ $ 567,474 ​ $ 1,372,206 ​ $ 3,114,375 Investments, at fair value ​ ​ — ​ ​ — ​ ​ 372,478 ​ ​ 372,478 Cash and cash equivalents ​ 12,528 ​ 5,688 ​ 29,716 ​ 47,932 Other assets ​ 20,774 ​ 1,334 ​ 125,236 ​ 147,344 Total assets ​ 1,207,997 ​ 574,496 ​ 1,899,636 ​ 3,682,129 Third party debt, net ​ 845,963 ​ 45,246 ​ 1,168,926 ​ 2,060,135 Accounts payable and accrued liabilities ​ 19,393 ​ 5,150 ​ 133,962 ​ 158,505 Total liabilities ​ 865,356 ​ 50,396 ​ 1,302,888 ​ 2,218,640 Total equity ​ $ 342,641 ​ $ 524,100 ​ $ 596,748 ​ $ 1,463,489 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt and Preferred ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity Program ​ ​ As of and For the ​ UDR/ ​ UDR/ ​ and Other ​ ​ Year Ended December 31, 2023 ​ MetLife ​ LaSalle ​ Investments ​ Total Condensed Statements of Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ $ 139,073 ​ $ 20,514 ​ $ 109,753 ​ $ 269,340 Property operating expenses ​ 58,298 ​ 6,896 ​ 54,442 ​ 119,636 Real estate depreciation and amortization ​ 54,895 ​ 21,182 ​ 43,407 ​ 119,484 Operating income/(loss) ​ 25,880 ​ (7,564) ​ 11,904 ​ 30,220 Interest expense ​ (32,720) ​ (126) ​ (53,385) ​ (86,231) Other income/(loss) ​ — ​ — ​ 537 ​ 537 Net unrealized/realized gain/(loss) on held investments ​ ​ — ​ ​ — ​ ​ 23,403 ​ ​ 23,403 Net income/(loss) ​ $ (6,840) ​ $ (7,690) ​ $ (17,541) ​ $ (32,071) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed Balance Sheets: ​ ​ ​ ​ ​ ​ Total real estate, net ​ $ 1,214,525 ​ $ 595,976 ​ $ 1,347,556 ​ $ 3,158,057 Investments, at fair value ​ ​ — ​ ​ — ​ ​ 257,832 ​ ​ 257,832 Cash and cash equivalents ​ 14,826 ​ 4,809 ​ 42,035 ​ 61,670 Other assets ​ 16,406 ​ 9,986 ​ 120,584 ​ 146,976 Total assets ​ 1,245,757 ​ 610,771 ​ 1,768,007 ​ 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 ​ 151,136 ​ 171,502 Total liabilities ​ 869,906 ​ 50,636 ​ 1,263,776 ​ 2,184,318 Total equity ​ $ 375,851 ​ $ 560,135 ​ $ 504,231 ​ $ 1,440,217 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt and Preferred ​ ​ ​ ​ ​ ​ ​ ​ Equity Program ​ ​ ​ For the ​ UDR/ ​ and Other ​ ​ Year Ended December 31, 2022 ​ MetLife ​ Investments ​ Total Condensed Statements of Operations: ​ ​ ​ ​ ​ ​ ​ Total revenues ​ $ 130,229 ​ $ 38,187 ​ $ 168,416 Property operating expenses ​ 55,262 ​ 25,218 ​ 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 ​ 120,447 ​ 139,834 Interest expense ​ (30,510) ​ (16,404) ​ (46,914) Other income/(loss) ​ ​ — ​ (90) ​ (90) Net unrealized/realized gain/(loss) on held investments ​ ​ — ​ ​ (203,216) ​ ​ (203,216) Net income/(loss) ​ $ (11,123) ​ $ (99,263) ​ $ (110,386) ​

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2024 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ Ground Leases 2025 ​ $ 12,442 2026 ​ ​ 12,442 2027 ​ ​ 12,442 2028 ​ ​ 12,442 2029 ​ ​ 12,442 Thereafter ​ ​ 393,010 Total future minimum lease payments (undiscounted) ​ ​ 455,220 Difference between future undiscounted cash flows and discounted cash flows ​ ​ (272,945) Total operating lease liabilities (discounted) ​ $ 182,275
Lessee - components of operating lease expenses	The components of operating lease expenses were as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 Lease expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ Contractual lease expense ​ $ 13,322 ​ $ 13,173 ​ $ 12,991 Variable lease expense (a) ​ ​ 189 ​ ​ 155 ​ ​ 112 Total operating lease expense (b)(c) ​ $ 13,511 ​ $ 13,328 ​ $ 13,103 (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, 2024, Operating lease right-of-use assets and Operating lease liabilities amortized by $3.6 million and $3.5 million, respectively, 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, and 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. Due to the net impact of the amortization, the Company recorded $0.1 million, $0.1 million and $0.1 million of total operating lease expense during the years ended December 31, 2024, 2023 and 2022, respectively.
Lessor - Future minimum lease payments	Future minimum lease payments from our retail and commercial leases as of December 31, 2024 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ Retail and Commercial Leases 2025 ​ $ 26,047 2026 ​ ​ 23,643 2027 ​ ​ 20,477 2028 ​ ​ 17,678 2029 ​ ​ 13,337 Thereafter ​ ​ 56,388 Total future minimum lease payments (a) ​ $ 157,570 (a) We have excluded our apartment home leases from this table as our apartment home leases generally have initial terms of 12 months or less.

SECURED AND UNSECURED DEBT, N_2

SECURED AND UNSECURED DEBT, NET (Tables)	12 Months Ended
	Dec. 31, 2024
Secured and Unsecured Debt
Schedule of debt instruments	The following is a summary of our secured and unsecured debt at December 31, 2024 and 2023 ( dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Outstanding ​ As of December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ Average ​ Number of ​ ​ December 31, ​ December 31, ​ Interest ​ Years to ​ Communities ​ 2024 2023 Rate Maturity Encumbered Secured Debt: ​ ​ ​ ​ ​ ​ ​ Fixed Rate Debt ​ ​ Mortgage notes payable (a) ​ $ 1,115,798 ​ $ 1,213,751 3.49 % 4.0 19 Deferred financing costs and other non-cash adjustments (b) ​ (3,429) ​ (3,009) Total fixed rate secured debt, net ​ 1,112,369 ​ 1,210,742 3.50 % 4.0 19 Variable Rate Debt ​ ​ Mortgage notes payable (c) ​ — ​ 40,017 — % — — Tax-exempt secured notes payable (d) ​ 27,000 ​ 27,000 3.49 % 7.2 1 Deferred financing costs ​ (38) ​ (46) Total variable rate secured debt, net ​ 26,962 ​ 66,971 3.52 % 7.2 1 Total Secured Debt, net ​ 1,139,331 ​ 1,277,713 3.50 % 4.1 20 Unsecured Debt: ​ ​ Variable Rate Debt ​ ​ Borrowings outstanding under unsecured credit facility due August 2028 (e) (n) ​ — ​ — — % 3.7 Borrowings outstanding under unsecured commercial paper program due January 2025 (f) (n) ​ ​ 289,900 ​ ​ 408,075 ​ 4.70 % 0.1 ​ ​ Borrowings outstanding under unsecured working capital credit facility due January 2026 ​ 9,361 ​ 4,593 5.19 % 1.0 Term Loan due January 2027 (e) (n) ​ 175,000 ​ — 5.48 % 2.1 Fixed Rate Debt ​ ​ Term Loan due January 2027 (e) (n) ​ ​ 175,000 ​ 350,000 1.43 % 2.1 ​ ​ 8.50% Debentures due September 2024 ​ — ​ 15,644 — % — 2.95% Medium-Term Notes due September 2026 (n) ​ 300,000 ​ 300,000 2.95 % 1.7 3.50% Medium-Term Notes due July 2027 (net of discounts of $176 and $247, respectively) (h) (n) ​ ​ 299,824 ​ ​ 299,753 ​ 4.03 % 2.5 ​ ​ 3.50% Medium-Term Notes due January 2028 (net of discounts of $361 and $479, respectively) (n) ​ ​ 299,639 ​ ​ 299,521 ​ 3.50 % 3.0 ​ ​ 4.40% Medium-Term Notes due January 2029 (net of discounts of $2 and $3, respectively) (i) (n) ​ ​ 299,998 ​ ​ 299,997 ​ 4.27 % 4.1 ​ ​ 3.20% Medium-Term Notes due January 2030 (net of premiums of $6,921 and $8,294, respectively) (j) (n) ​ ​ 606,921 ​ ​ 608,294 ​ 3.32 % 5.0 ​ ​ 3.00% Medium-Term Notes due August 2031 (net of premiums of $7,914 and $9,109, respectively) (k) (n) ​ ​ 607,914 ​ ​ 609,109 ​ 3.01 % 6.6 ​ ​ 2.10% Medium-Term Notes due August 2032 (net of discounts of $267 and $303, respectively) (n) ​ ​ 399,733 ​ ​ 399,697 ​ 2.10 % 7.6 ​ ​ 1.90% Medium-Term Notes due March 2033 (net of discounts of $989 and $1,110, respectively) (n) ​ ​ 349,011 ​ ​ 348,890 ​ 1.90 % 8.2 ​ ​ 2.10% Medium-Term Notes due June 2033 (net of discounts of $842 and $941, respectively) (n) ​ ​ 299,158 ​ ​ 299,059 ​ 2.10 % 8.5 ​ ​ 5.125% Medium-Term Notes due September 2034 (net of discounts of $2,954 and $0, respectively) (l) (n) ​ ​ 297,046 ​ ​ — ​ 4.95 % 9.7 ​ ​ 3.10% Medium-Term Notes due November 2034 (net of discounts of $868 and $956, respectively) (m) (n) ​ ​ 299,132 ​ ​ 299,044 ​ 3.13 % 9.8 ​ ​ Other ​ — ​ 2 Deferred financing costs ​ (20,003) ​ (20,682) Total Unsecured Debt, net ​ 4,687,634 ​ 4,520,996 3.35 % 5.4 Total Debt, net ​ $ 5,826,965 ​ $ 5,798,709 3.38 % 5.2
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, 2024 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Fixed Total Variable Total Total Total Year ​ Secured Debt ​ Secured Debt ​ Secured Debt ​ Unsecured Debt ​ Debt 2025 ​ $ 178,323 ​ $ — ​ $ 178,323 ​ $ 289,900 ​ $ 468,223 2026 ​ ​ 56,672 ​ ​ — ​ ​ 56,672 ​ ​ 309,361 ​ ​ 366,033 2027 ​ 6,939 ​ — ​ 6,939 ​ 650,000 ​ 656,939 2028 ​ 166,526 ​ — ​ 166,526 ​ 300,000 ​ 466,526 2029 ​ 315,811 ​ — ​ 315,811 ​ 300,000 ​ 615,811 2030 ​ 230,597 ​ — ​ 230,597 ​ 600,000 ​ 830,597 2031 ​ 160,930 ​ — ​ 160,930 ​ 600,000 ​ 760,930 2032 ​ — ​ 27,000 ​ 27,000 ​ 400,000 ​ 427,000 2033 ​ — ​ — ​ — ​ 650,000 ​ 650,000 2034 ​ — ​ ​ ​ — ​ 600,000 ​ 600,000 Thereafter ​ — ​ — ​ — ​ — ​ — Subtotal ​ 1,115,798 ​ 27,000 ​ 1,142,798 ​ 4,699,261 ​ 5,842,059 Non-cash (a) ​ (3,429) ​ (38) ​ (3,467) ​ (11,627) ​ (15,094) Total ​ $ 1,112,369 ​ $ 26,962 ​ $ 1,139,331 ​ $ 4,687,634 ​ $ 5,826,965 (a) Includes the unamortized balance of fair market value adjustments, premiums/discounts, and deferred financing costs. For the years ended December 31, 2024 and 2023, the Company amortized $5.0 million and $4.7 million, respectively, of deferred financing costs into Interest expense .
Commercial Paper [Member]
Secured and Unsecured Debt
Schedule of short-term bank borrowings	The following is a summary of short-term bank borrowings under the unsecured commercial paper program at December 31, 2024 and 2023 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2024 ​ 2023 Total unsecured commercial paper program $ 700,000 ​ $ 700,000 ​ Borrowings outstanding at end of period ​ 289,900 ​ 408,075 ​ Weighted average daily borrowings during the period ended ​ 390,237 ​ 384,068 ​ Maximum daily borrowings during the period ended ​ 645,000 ​ 505,000 ​ Weighted average interest rate during the period ended ​ 5.4 % 5.4 % Interest rate at end of the period ​ 4.7 % 5.7 %
Revolving Credit Facility
Secured and Unsecured Debt
Schedule of short-term bank borrowings	The following is a summary of short-term bank borrowings under the Revolving Credit Facility at December 31, 2024 and 2023 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2024 2023 ​ 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 ​ Maximum daily borrowings during the period ended ​ — ​ 250,000 ​ Weighted average interest rate during the period ended ​ — % 5.6 % Interest rate at end of the period ​ — % — % (1) Excludes $3.4 million and $2.3 million of letters of credit at December 31, 2024 and 2023, respectively.
Working capital credit facility
Secured and Unsecured Debt
Schedule of short-term bank borrowings	The following is a summary of short-term bank borrowings under the Working Capital Credit Facility at December 31, 2024 and 2023 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2024 ​ 2023 Total working capital credit facility ​ $ 75,000 ​ $ 75,000 ​ Borrowings outstanding at end of period ​ 9,361 ​ 4,593 ​ Weighted average daily borrowings during the period ended ​ 15,102 ​ 15,829 ​ Maximum daily borrowings during the period ended ​ 62,077 ​ 57,107 ​ Weighted average interest rate during the period ended ​ 6.0 % 5.9 % Interest rate at end of the period ​ 5.2 % 6.3 %

INCOME_(LOSS) PER SHARE (Tables

INCOME/(LOSS) PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2024
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, ​ 2024 2023 2022 Numerator for income/(loss) per share: ​ ​ ​ ​ ​ ​ ​ Net income/(loss) ​ $ 95,877 ​ $ 474,488 ​ $ 92,579 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (6,246) ​ (30,104) ​ (5,613) Net (income)/loss attributable to noncontrolling interests ​ (46) ​ (31) ​ (42) Net income/(loss) attributable to UDR, Inc. ​ 89,585 ​ 444,353 ​ 86,924 Distributions to preferred stockholders — Series E (Convertible) ​ (4,835) ​ (4,848) ​ (4,412) Income/(loss) attributable to common stockholders - basic and diluted ​ $ 84,750 ​ $ 439,505 ​ $ 82,512 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for income/(loss) per share: ​ ​ ​ Weighted average common shares outstanding ​ 329,670 ​ 329,136 ​ 321,949 Unvested restricted stock awards ​ (380) ​ (371) ​ (278) Denominator for basic income/(loss) per share ​ 329,290 ​ 328,765 ​ 321,671 Incremental shares issuable from assumed conversion of unvested LTIP Units, conversion of Series E preferred stock, performance units and unvested restricted stock ​ 826 ​ 339 ​ 1,029 Denominator for diluted income/(loss) per share ​ 330,116 ​ 329,104 ​ 322,700 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income/(loss) per weighted average common share: ​ ​ ​ Basic ​ $ 0.26 ​ $ 1.34 ​ $ 0.26 Diluted ​ $ 0.26 ​ $ 1.34 ​ $ 0.26
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, 2024, 2023, and 2022 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 OP/DownREIT Units 23,993 22,410 21,478 Convertible preferred stock 2,848 2,908 2,916 Unvested LTIP Units, performance units, and unvested restricted stock 826 339 1,029 ​

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2024
STOCKHOLDERS' EQUITY
Schedule of changes in issued and outstanding common and preferred stock	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common ​ Preferred Stock ​ ​ Stock ​ Series E ​ Series F 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 Issuance/(forfeiture) of common and restricted shares, net 48 — — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 170 — — Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership 1,533 — — Conversion of Series E Cumulative Convertible shares ​ 93 ​ (85) ​ — Forfeiture of Series F shares — — (1,444) Balance at December 31, 2024 330,859 2,601 10,424

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2024 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, 2023 3,717 ​ $ 41.25 2,278 ​ $ 37.53 ​ 1,339 ​ $ 44.99 19 ​ $ 59.90 312 ​ $ 50.51 365 ​ $ 44.53 Granted 494 ​ 38.79 — ​ — ​ 50 ​ 38.64 — ​ — 678 ​ 38.70 190 ​ 38.66 Exercised — ​ — — ​ — ​ — ​ — — ​ — — ​ — — ​ — Vested (1,652) ​ 38.04 1,652 ​ 38.04 ​ — ​ — — ​ — (209) ​ 43.55 (163) ​ 44.11 Forfeited (745) ​ 37.50 — ​ — ​ (48) ​ 40.49 — ​ — (115) ​ 41.68 (83) ​ 41.21 Balance, December 31, 2024 1,814 ​ $ 41.17 3,930 ​ $ 37.74 ​ 1,341 ​ $ 44.91 19 ​ $ 59.90 666 ​ $ 42.12 309 ​ $ 42.09

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2024, 2023 and 2022 ( unaudited ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 Ordinary income $ 1.5935 $ 1.4384 $ 1.3329 Qualified ordinary income ​ 0.0001 ​ 0.0001 ​ 0.0001 Long-term capital gain ​ 0.0458 ​ 0.1697 ​ 0.1521 Unrecaptured section 1250 gain ​ 0.0556 ​ 0.0318 ​ 0.0174 Total ​ $ 1.6950 ​ $ 1.6400 ​ $ 1.5025
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, 2024, 2023, and 2022 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 Income tax (benefit)/provision ​ ​ ​ Current ​ ​ ​ Federal ​ $ 314 ​ $ 69 ​ $ — State ​ 1,192 ​ 2,036 ​ 440 Total current ​ 1,506 ​ 2,105 ​ 440 Deferred ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ (103) ​ 26 ​ (27) State ​ (476) ​ 23 ​ (16) Investment tax credit ​ ​ (48) ​ ​ (48) ​ ​ (48) Total deferred ​ (627) ​ 1 ​ (91) Total income tax (benefit)/provision ​ $ 879 ​ $ 2,106 ​ $ 349
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, 2024, 2023, and 2022 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 Deferred tax assets: ​ ​ ​ Federal and state tax attributes ​ $ 55 ​ $ 28 ​ $ 157 Other ​ 142 ​ 153 ​ 64 Total deferred tax assets ​ 197 ​ 181 ​ 221 Valuation allowance ​ (27) ​ (27) ​ (33) Net deferred tax assets ​ 170 ​ 154 ​ 188 Deferred tax liabilities: ​ ​ ​ Book/tax depreciation and basis ​ ​ (878) ​ ​ (881) ​ ​ (876) Other ​ (73) ​ (76) ​ (67) Total deferred tax liabilities ​ (951) ​ (957) ​ (943) Net deferred tax assets/(liabilities) ​ $ (781) ​ $ (803) ​ $ (755)
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, 2024, 2023, and 2022 as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 Income tax provision/(benefit) ​ ​ ​ U.S. federal income tax provision/(benefit) ​ $ 251 ​ $ 105 ​ $ (109) State income tax provision ​ 1,233 ​ 2,054 ​ 914 Other items ​ — ​ — ​ (409) Solar credit amortization ​ ​ (48) ​ ​ (48) ​ ​ (48) ITC basis adjustment ​ (557) ​ — ​ — Valuation allowance ​ — ​ (5) ​ 1 Total income tax provision/(benefit) ​ $ 879 ​ $ 2,106 ​ $ 349 ​

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2024 and 2023 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2024 ​ 2023 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership at beginning of year $ 961,087 $ 839,850 Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ 148,362 ​ (10,211) OP Units issued for real estate, net ​ — ​ 141,359 Conversion of OP Units/DownREIT Units to Common Stock or Cash ​ (73,196) ​ (30,569) Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ 6,246 ​ 30,104 Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (52,250) ​ (39,072) Redeemable Long-Term and Short-Term Incentive Plan Units ​ ​ 27,175 ​ ​ 29,857 Allocation of other comprehensive income/(loss) ​ (69) ​ (231) Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership at end of year ​ $ 1,017,355 ​ $ 961,087 ​

FAIR VALUE OF DERIVATIVES AND_2

FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2024 and 2023 are summarized as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at December 31, 2024, 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 ​ ​ 2024 (a) ​ 2024 ​ (Level 1) ​ (Level 2) ​ (Level 3) Description: ​ ​ ​ ​ ​ ​ Notes receivable, net (b) ​ $ 247,849 ​ $ 243,546 ​ $ — ​ $ — ​ $ 243,546 Equity securities (c) ​ ​ 1,281 ​ ​ 1,281 ​ ​ 1,281 ​ ​ — ​ ​ — Derivatives - Interest rate contracts (d) ​ 3,227 ​ 3,227 ​ — ​ 3,227 ​ — Total assets ​ $ 252,357 ​ $ 248,054 ​ $ 1,281 ​ $ 3,227 ​ $ 243,546 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured debt instruments - fixed rate: (e) ​ ​ ​ ​ ​ ​ Mortgage notes payable ​ $ 1,115,999 ​ $ 1,039,482 ​ $ — ​ $ — ​ $ 1,039,482 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 ​ ​ 9,361 ​ ​ 9,361 ​ ​ — ​ ​ — ​ ​ 9,361 Commercial paper program ​ ​ 289,900 ​ ​ 289,900 ​ ​ — ​ ​ — ​ ​ 289,900 Unsecured notes ​ ​ 4,408,376 ​ ​ 3,897,187 ​ ​ — ​ ​ — ​ ​ 3,897,187 Total liabilities ​ $ 5,850,636 ​ $ 5,262,930 ​ $ — ​ $ — ​ $ 5,262,930 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (f) ​ $ 1,017,355 ​ $ 1,017,355 ​ $ — ​ $ 1,017,355 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ $ — (a) Certain balances include fair market value adjustments and exclude deferred financing costs. (b) See Note 2, Significant Accounting Policies . Note receivables, net includes any accrued and unpaid interest, as applicable, and allowance for credit losses. (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, 2024 and 2023. The Company currently classifies the investment as Level 1 in the fair value hierarchy. (d) See Note 14, Derivatives and Hedging Activity . (e) See Note 7, Secured and Unsecured Debt, Net . (f) See Note 12, Noncontrolling Interests .

DERIVATIVES AND HEDGING ACTIV_2

DERIVATIVES AND HEDGING ACTIVITY (Tables)	12 Months Ended
	Dec. 31, 2024
DERIVATIVES AND HEDGING ACTIVITY
Schedule of outstanding interest rate derivatives	As of December 31, 2024, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ Number of ​ Product ​ Instruments ​ Notional Interest rate swaps and caps ​ 3 ​ $ 194,880 ​
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheets	The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2024 and 2023 ( 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, ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 Derivatives designated as hedging instruments: ​ ​ ​ ​ Interest rate products ​ $ 3,227 ​ $ 10,103 ​ $ — ​ $ —
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, 2024, 2023, and 2022 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain/(Loss) Recognized in ​ ​ ​ ​ Gain/(Loss) Reclassified ​ Interest expense ​ ​ Unrealized holding gain/(loss) ​ from Accumulated OCI into ​ (Amount Excluded from ​ ​ Recognized in OCI ​ Interest expense ​ Effectiveness Testing) ​ ​ Year Ended December 31, ​ Year Ended December 31, ​ Year Ended December 31, Derivatives in Cash Flow Hedging Relationships 2024 2023 2022 2024 2023 2022 2024 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate products ​ $ 5,988 ​ $ 3,872 ​ $ 14,489 ​ $ 7,333 ​ $ 7,533 ​ $ 998 ​ $ — ​ $ — ​ $ —
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ 2024 ​ 2023 ​ 2022 Total amount of Interest expense ​ $ 195,712 ​ $ 180,866 ​ $ 155,900
Offsetting of Derivative Assets	The Company has elected not to offset derivative positions on the consolidated financial statements. The table below present the effect on its financial position had the Company made the election to offset its derivative positions as of December 31, 2024 and 2023 ( 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, 2024 ​ $ 3,227 ​ $ — ​ $ 3,227 ​ $ — ​ $ — ​ $ 3,227 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ $ 10,103 ​ $ — ​ $ 10,103 ​ $ — ​ $ — ​ $ 10,103 (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.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2024
COMMITMENTS AND CONTINGENCIES
Summary of real estate commitments	The following summarizes the Company’s commitments at December 31, 2024 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ UDR's ​ UDR's Remaining ​ ​ ​ Properties ​ Investment (a) ​ Commitment ​ Real estate commitments ​ ​ ​ ​ ​ ​ ​ ​ ​ Wholly-owned — redevelopment (b) 10 ​ $ 68,871 ​ $ 84,910 Other unconsolidated investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate technology and sustainability investments (c) ​ - ​ ​ 61,112 ​ ​ 49,888 ​ Total ​ $ 129,983 ​ $ 134,798 (a) Represents UDR’s investment as of December 31, 2024. (b) Projects consist of unit renovations and/or renovation of related common area amenities. (c) As of December 31, 2024, 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
	Dec. 31, 2024
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, 2024, 2023, and 2022, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (a) ​ 2024 2023 2022 Reportable apartment home segment lease revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities ​ ​ ​ ​ West Region ​ $ 476,057 ​ $ 463,889 ​ $ 441,428 Mid-Atlantic Region ​ 311,666 ​ 301,841 ​ 287,123 Northeast Region ​ ​ 308,717 ​ ​ 299,950 ​ ​ 271,632 Southeast Region ​ 226,430 ​ 226,448 ​ 210,026 Southwest Region ​ 149,850 ​ 151,410 ​ 143,616 Non-Mature Communities/Other ​ 135,199 ​ 126,972 ​ 111,011 Total segment and consolidated lease revenue ​ $ 1,607,919 ​ $ 1,570,510 ​ $ 1,464,836 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable apartment home segment other revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities ​ ​ ​ ​ West Region ​ $ 12,104 ​ $ 11,672 ​ $ 11,899 Mid-Atlantic Region ​ 13,725 ​ 11,772 ​ 10,867 Northeast Region ​ 8,075 ​ 7,343 ​ 7,033 Southeast Region ​ 11,069 ​ 9,411 ​ 8,822 Southwest Region ​ 7,081 ​ 6,334 ​ 5,820 Non-Mature Communities/Other ​ 3,552 ​ 3,616 ​ 3,087 Total segment and consolidated other revenue ​ $ 55,606 ​ $ 50,148 ​ $ 47,528 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total reportable apartment home segment rental income ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities ​ ​ ​ ​ West Region ​ $ 488,161 ​ $ 475,561 ​ $ 453,327 Mid-Atlantic Region ​ 325,391 ​ 313,613 ​ 297,990 Northeast Region ​ 316,792 ​ 307,293 ​ 278,665 Southeast Region ​ 237,499 ​ 235,859 ​ 218,848 Southwest Region ​ 156,931 ​ 157,744 ​ 149,436 Non-Mature Communities/Other ​ 138,751 ​ 130,588 ​ 114,098 Total segment and consolidated rental income ​ $ 1,663,525 ​ $ 1,620,658 ​ $ 1,512,364 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total reportable apartment home segment operating expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities ​ ​ ​ ​ ​ ​ ​ ​ ​ Personnel ​ $ 67,595 ​ $ 60,918 ​ $ 59,919 Utilities ​ ​ 67,112 ​ ​ 65,133 ​ ​ 58,771 Repair and maintenance ​ ​ 93,779 ​ ​ 89,210 ​ ​ 80,482 Administrative and marketing ​ ​ 33,922 ​ ​ 30,123 ​ ​ 27,947 Real estate taxes ​ ​ 186,848 ​ ​ 183,546 ​ ​ 177,354 Insurance ​ ​ 23,130 ​ ​ 24,013 ​ ​ 26,380 Non-Mature Communities/Other (b) ​ ​ 52,316 ​ ​ 52,945 ​ ​ 41,119 Total segment and consolidated operating expenses ​ $ 524,702 ​ $ 505,888 ​ $ 471,972 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable apartment home segment NOI ​ ​ ​ Same-Store Communities ​ ​ ​ West Region ​ $ 361,734 ​ $ 355,089 ​ $ 337,946 Mid-Atlantic Region ​ 223,882 ​ 216,435 ​ 205,221 Northeast Region ​ 205,519 ​ 202,168 ​ 180,724 Southeast Region ​ 162,216 ​ 162,184 ​ 149,002 Southwest Region ​ 99,037 ​ 101,251 ​ 94,520 Non-Mature Communities/Other ​ 86,435 ​ 77,643 ​ 72,979 Total segment and consolidated NOI ​ 1,138,823 ​ 1,114,770 ​ 1,040,392 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (a) ​ 2024 2023 2022 Reconciling items: ​ ​ ​ Joint venture management and other fees ​ 8,317 ​ 6,843 ​ 5,022 Property management ​ (54,065) ​ (52,671) ​ (49,152) Other operating expenses ​ (30,416) ​ (20,222) ​ (17,493) Real estate depreciation and amortization ​ (676,068) ​ (676,419) ​ (665,228) General and administrative ​ (84,305) ​ (69,929) ​ (64,144) Casualty-related (charges)/recoveries, net ​ (15,179) ​ (3,138) ​ (9,733) Other depreciation and amortization ​ (19,405) ​ (15,419) ​ (14,344) Gain/(loss) on sale of real estate owned ​ ​ 16,867 ​ ​ 351,193 ​ ​ 25,494 Income/(loss) from unconsolidated entities ​ 20,235 ​ 4,693 ​ 4,947 Interest expense ​ (195,712) ​ (180,866) ​ (155,900) Interest income and other income/(expense), net ​ (12,336) ​ 17,759 ​ (6,933) Tax (provision)/benefit, net ​ (879) ​ (2,106) ​ (349) Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (6,246) ​ (30,104) ​ (5,613) Net (income)/loss attributable to noncontrolling interests ​ (46) ​ (31) ​ (42) Net income/(loss) attributable to UDR, Inc. ​ $ 89,585 ​ $ 444,353 ​ $ 86,924 (a) Same-Store Community population consisted of 51,428 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, 2024 and 2023 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2024 ​ 2023 Reportable apartment home segment assets: ​ ​ Same-Store Communities (a): ​ ​ West Region ​ $ 4,431,522 ​ $ 4,366,038 Mid-Atlantic Region ​ 3,258,192 ​ 3,205,036 Northeast Region ​ 3,720,811 ​ 3,672,720 Southeast Region ​ 1,635,360 ​ 1,589,605 Southwest Region ​ 1,348,899 ​ 1,330,063 Non-Mature Communities/Other ​ 1,818,579 ​ 1,860,397 Total segment assets ​ 16,213,363 ​ 16,023,859 Accumulated depreciation ​ (6,901,026) ​ (6,267,830) Total segment assets — net book value ​ 9,312,337 ​ 9,756,029 Reconciling items: ​ ​ Cash and cash equivalents ​ 1,326 ​ 2,922 Restricted cash ​ 34,101 ​ 31,944 Notes receivable, net ​ 247,849 ​ 228,825 Investment in and advances to unconsolidated joint ventures, net ​ 917,483 ​ 952,934 Operating lease right-of-use assets ​ ​ 186,997 ​ ​ 190,619 Other assets ​ 197,493 ​ 209,969 Total consolidated assets ​ $ 10,897,586 ​ $ 11,373,242 (a) Same-Store Community population consisted of 51,428 apartment homes.

CONSOLIDATION AND BASIS OF PR_2

CONSOLIDATION AND BASIS OF PRESENTATION (Details) shares in Millions	12 Months Ended
	Dec. 31, 2024 home community item shares	Dec. 31, 2023 shares
Consolidation And Basis Of Presentation
Number of real estate properties | community	169
Number of markets operating within | item	21
Number of apartment homes owned and consolidated | home	55,696
Joint venture, number of completed or to be completed homes in communities | home	10,860
Preferred equity investment,, number of apartment homes | home	6,436
Operating partnership outstanding units	189.8	189.9
United Dominion Reality L.P.
Consolidation And Basis Of Presentation
Operating Partnership units outstanding related to limited partner	176.6	176.4
Percentage of units outstanding in Partnership	93%	92.90%
UDR Lighthouse DownREIT L.P.
Consolidation And Basis Of Presentation
General Partners' ownership (as a percent)	71%	66%
Operating partnership outstanding units	23
UDR Lighthouse DownREIT L.P.
Consolidation And Basis Of Presentation
Operating partnership outstanding units	32.4	32.4
Non-affiliated Partners | United Dominion Reality L.P.
Consolidation And Basis Of Presentation
Operating partnership outstanding units	13.2	13.5
Percentage of units outstanding in Partnership	7%	7.10%
Non-affiliated Partners | UDR Lighthouse DownREIT L.P.
Consolidation And Basis Of Presentation
Operating partnership outstanding units	9.4	11
Percentage of units outstanding in Partnership	29%	34%
UDR, Inc.
Consolidation And Basis Of Presentation
Operating partnership outstanding units		21.4

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting policies
Credit losses	$ (37,456)	$ (702)	$ (140)
Significant Accounting Policies
Allocation of other comprehensive income/(loss)	(69)	(231)
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	10,000	9,200	8,700
Development Costs Excluding Direct Costs and Capitalized Interest	15,100	13,100	17,900
Interest capitalized during period	$ 9,300	10,100	13,400
Minimum percentage of carrying value of real estate portfolio	10%
Joint Venture and Partnership Investment
Significant Accounting Policies
UDR's Ownership Interest	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	$ 24,200	14,500	3,500
Related party
Significant Accounting Policies
Interest income	0	0	0
Multifamily tenant lease
Significant Accounting Policies
Tenant leases receivable, net	5,900	9,000
Retail tenant lease
Significant Accounting Policies
Tenant leases receivable, net	300	300
Noncontrolling Interest
Significant Accounting Policies
Allocation of other comprehensive income/(loss)	$ (100)	$ (200)	$ 900

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES - Notes Receivables (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Dec. 31, 2024 USD ($) item loan home	Apr. 30, 2024	Dec. 31, 2024 USD ($) item loan home	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Oct. 31, 2024	Sep. 30, 2024 USD ($) home
Accounting Policies [Line Items]
Notes receivable	$ 286,282		$ 286,282	$ 229,802
Allowance for credit losses	(38,433)		(38,433)	(977)
Total notes receivable, net	247,849		247,849	228,825
(Provision)/recovery for credit losses			(37,456)	(702)	$ (140)
Note due March 2025
Accounting Policies [Line Items]
Notes receivable	$ 42,807		$ 42,807	37,022
Note receivable interest rate	12%		12%
Aggregate commitment on note receivable	$ 32,500		$ 32,500
Note maturity public capital threshold			5,000
Note due October 2025
Accounting Policies [Line Items]
Notes receivable	$ 106,271		$ 106,271	98,271
Note receivable interest rate	11%		11%			11%
(Provision)/recovery for credit losses	$ 37,300
Term of notes receivable extension options		1 year
Note due December 2026 | Home Community, Riverside, California
Accounting Policies [Line Items]
Notes receivable	$ 71,873		$ 71,873	64,608
Note receivable interest rate	11%		11%
Number of apartment homes | home	482		482
Aggregate commitment on note receivable	$ 59,700		$ 59,700
Interest payment accrual			36 months
Number of extension options | item	2		2
Term of notes receivable extension options			1 year
Note due December 2026 | Home Community, Menifee, California
Accounting Policies [Line Items]
Notes receivable	$ 29,090		$ 29,090	26,164
Note receivable interest rate	11%		11%
Number of apartment homes | home	237		237
Aggregate commitment on note receivable	$ 24,400		$ 24,400
Interest payment accrual			36 months
Number of extension options | item	2		2
Term of notes receivable extension options			1 year
Note due June 2027
Accounting Policies [Line Items]
Notes receivable	$ 4,470		$ 4,470	3,737
Note receivable interest rate	18%		18%
Aggregate commitment on note receivable				3,000	1,500
Total revolving credit facility				$ 19,000	$ 16,000
Note due September 2027
Accounting Policies [Line Items]
Notes receivable	$ 31,771		$ 31,771
Note receivable interest rate	7.55%		7.55%
Original amount of notes receivable							$ 31,100
Basis spread on variable rate							3%
Note due September 2027 | Home Community, Santa Monica, California
Accounting Policies [Line Items]
Number of apartment homes | home							66
Note due October 2024
Accounting Policies [Line Items]
Aggregate commitment on note receivable	$ 93,500		$ 93,500
Number of extension options | item	2		2
Term of notes receivable extension options			1 year
Note due December 2024
Accounting Policies [Line Items]
Number of loans | loan	2		2
Number of apartment homes | home	478		478

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES - Schedule of allowance for credit losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SIGNIFICANT ACCOUNTING POLICIES
Allowance for credit losses, Beginning Balance	$ (977)
(Provision)/recovery for credit losses	(37,456)	$ (702)	$ (140)
Allowance for credit losses, Ending Balance	$ (38,433)	$ (977)

REAL ESTATE OWNED - Summarizes

REAL ESTATE OWNED - Summarizes the carrying amounts for our real estate owned (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Real estate owned
Land	$ 2,521,363	$ 2,549,716
Depreciable property - held and used:
Land improvements	271,702	255,706
Building, improvements, and furniture, fixtures and equipment	13,189,796	12,902,021
Real estate intangible assets	11,933	50,013
Under development:
Real estate under development		160,220
Real estate owned	16,213,363	16,023,859
Accumulated depreciation	(6,901,026)	(6,267,830)
Total real estate owned, net of accumulated depreciation	9,312,337	9,756,029
Accumulated amortization	21,200	17,200
Land, Buildings and Improvements
Under development:
Real estate under development		16,576
Real estate assets held for sale	44,645	13,734
Building, improvements and furniture, fixtures and equipment
Under development:
Real estate under development		143,828
Real estate assets held for sale	135,844	$ 92,265
Real estate intangible assets
Under development:
Real estate assets held for sale	$ 38,080

REAL ESTATE OWNED - Additional

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

1 Months Ended

12 Months Ended

Jan. 31, 2025 USD ($) home

Feb. 29, 2024 USD ($) home

Jan. 31, 2024 USD ($) home

Dec. 31, 2023 USD ($) home

Aug. 31, 2023 USD ($) home community loan shares

Jun. 30, 2023 USD ($) community home

Feb. 28, 2023 home

Jan. 31, 2023 USD ($)

Nov. 30, 2022 USD ($) home

Jun. 30, 2022 USD ($) item home

Apr. 30, 2022 USD ($)

Dec. 31, 2024 USD ($) home community state

Dec. 31, 2023 USD ($)

Dec. 31, 2022 USD ($)

Real Estate Owned Disclosure

Number of real estate properties | community

169

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

13

Number of apartment homes owned and consolidated | home

55,696

Long-term Debt

$ 5,842,059

Gain/(loss) on sale of real estate owned

16,867

$ 351,193

$ 25,494

Real estate intangible assets

$ 50,013

11,933

50,013

Total real estate owned, net of accumulated depreciation

9,756,029

$ 9,312,337

$ 9,756,029

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

$ 16,900

Number of apartment homes sold | home

214

188 Home Operating Community located in Brooklyn

Real Estate Owned Disclosure

Number of apartment homes acquired | home

188

Proceeds from sale of real estate

$ 127,500

Gain/(loss) on sale of real estate owned

$ 23,600

185 Home Operating Community located Englewood

Real Estate Owned Disclosure

Number of apartment homes acquired | home

185

Proceeds from sale of real estate

$ 84,000

Gain/(loss) on sale of real estate owned

$ 24,400

Retail Component of Development Community Located in Washington D.C. | Disposal Group Disposed of by Sale, Not Discontinued Operations

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

Maximum | Retail Component of Development Community Located in Washington D.C. | Disposal Group Disposed of by Sale, Not Discontinued Operations

Real Estate Owned Disclosure

Gain/(loss) on sale of real estate owned

$ 100

Four Wholly-Owned Operating Communities

Real Estate Owned Disclosure

UDR's Ownership Interest

51%

Texas Operating Communities

Real Estate Owned Disclosure

Number of Communities Acquired | community

6

Number of apartment homes acquired | home

1,753

Number of mortgage loans acquired | loan

6

Real estate acquired, Purchase price

$ 354,600

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

Long-term Debt

209,400

Long term debt fair value

$ 191,700

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

136 Home Operating Community in San Francisco, California

Real Estate Owned Disclosure

Number of apartment homes acquired | home

136

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

Communities located in Tampa, Florida and Addison, Texas

Real Estate Owned Disclosure

Number of communities completed | community

2

Number of homes completed | home

415

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) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2025 USD ($) community	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Intangible assets, net
Balance as of December 31, 2023		$ 31,039
2024		25,191
2025		2,066
2026		1,939
2027		742
2028		682
Thereafter		419
Accumulated depreciation		6,836,920	$ 6,242,686
Real Estate
Intangible assets, net
Balance as of December 31, 2023		28,775
2024		24,581
2025		1,562
2026		1,505
2027		424
2028		416
Thereafter		287
Accumulated depreciation		21,200
Number of operating communities sold | community	2
Amortization expense	$ 22,700	4,000	4,200
Leases, Acquired-in-Place
Intangible assets, net
Balance as of December 31, 2023		2,264
2024		610
2025		504
2026		434
2027		318
2028		266
Thereafter		132
Accumulated depreciation		7,500
Amortization expense		$ 8,900	$ 7,300

JOINT VENTURES AND PARTNERSHI_3

JOINT VENTURES AND PARTNERSHIPS - Summary (Details) $ in Thousands	1 Months Ended			2 Months Ended	12 Months Ended
	Dec. 31, 2024 USD ($) property home community	Sep. 30, 2024 USD ($)	Jul. 31, 2024 USD ($)	Aug. 31, 2024 USD ($) agreement home community	Dec. 31, 2024 USD ($) item property home community	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Unconsolidated entities
Number of communities | community	169				169
Investment in unconsolidated entities	$ 912,183				$ 912,183	$ 944,071
Income/(loss) from investments					$ 20,235	4,693	$ 4,947
Sold joint ventures and other investments						(22,058)	21,606
Number of preferred equity agreements the company entered into | item					4
Number of preferred equity agreements the company redeemed | item					0
UDR/MetLife
Unconsolidated entities
Number of communities | property	13				13
Number of apartment homes | home	2,834				2,834
Investment in unconsolidated entities	$ 206,308				$ 206,308	$ 225,195
UDR's Ownership Interest	50.20%				50.20%	50.20%
Income/(loss) from investments					$ (7,438)	$ (5,378)	(7,604)
UDR/LaSalle
Unconsolidated entities
Number of communities | property	5				5
Number of apartment homes | home	1,590				1,590
Investment in unconsolidated entities	$ 267,562				$ 267,562	$ 286,723
UDR's Ownership Interest	51%				51%	51%
Income/(loss) from investments					$ (8,027)	$ (3,660)
Preferred Equity Investments
Unconsolidated entities
Number of investments which receive a variable percentage of the value created from the project upon a capital or liquidating event | item					3
Preferred Equity Investment Two
Unconsolidated entities
Impairment loss		$ 8,100
Joint venture one
Unconsolidated entities
Number of communities | community				4
Number of apartment homes | home				818
Weighted Average Rate				10.75%
Investment in unconsolidated entities				$ 35,000
Number of joint ventures agreements entered into | agreement				4
Unconsolidated Joint Ventures
Unconsolidated entities
Number of communities | property	18				18
Number of apartment homes | home	4,424				4,424
Investment in unconsolidated entities	$ 473,870				$ 473,870	511,918
Income/(loss) from investments					(15,465)	(9,038)	(7,604)
Real estate technology and sustainability investments
Unconsolidated entities
Investment in unconsolidated entities	57,344				57,344	44,382
Income/(loss) from investments					9,959	104	(35,429)
UDR Commitment	$ 86,000				$ 86,000
VIE, Primary Beneficiary
Unconsolidated entities
Number of apartment homes | home	173				173
Operating Community | Preferred Equity Investments
Unconsolidated entities
Number of communities | community	27				27
Number of apartment homes	6,436				6,436
Proceeds from Sale of Real Estate			$ 17,200
Weighted Average Rate	9.60%		11%		9.60%
Investment in unconsolidated entities	$ 380,969		$ 50,000		$ 380,969	387,771
Income/(loss) from investments					$ 25,741	35,685	26,374
Years to Maturity					2 years 9 months 18 days
UDR Commitment	342,498				$ 342,498
Operating Community | Preferred Equity Investment One
Unconsolidated entities
Proceeds from Sale of Real Estate	38,500
Operating Community | Preferred Equity Investment Two
Unconsolidated entities
Proceeds from Sale of Real Estate	9,900
Debt and Preferred Equity Program | Real estate technology and sustainability investments
Unconsolidated entities
Investment in unconsolidated entities						432,153
Income/(loss) from investments					35,700	$ 35,789	$ (9,055)
Development Community | Real estate technology and sustainability investments
Unconsolidated entities
Investment in unconsolidated entities	$ 438,313				$ 438,313
Note due September 2027
Unconsolidated entities
Original amount of notes receivable		$ 31,100
Basis spread on variable rate		3%

JOINT VENTURES AND PARTNERSHI_4

JOINT VENTURES AND PARTNERSHIPS - Commitments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Joint Ventures
Investment in unconsolidated entities	$ 912,183	$ 944,071
Deferred fees from the sale of properties	7,600	7,600
Joint venture management and other fees	$ 8,317	$ 6,843	$ 5,022
Type of revenue	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember
Management Services
Joint Ventures
Joint venture management and other fees	$ 8,300	$ 6,800	$ 5,000
13th and Market Properties LLC | Accounts payable and Accrued Liabilities
Joint Ventures
Investment in unconsolidated entities	$ (5,300)	$ (8,900)

JOINT VENTURES AND PARTNERSHI_5

JOINT VENTURES AND PARTNERSHIPS - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	$ 9,312,337	$ 9,756,029
Investments, at fair value	917,483	952,934
Cash and cash equivalents	1,326	2,922	$ 1,193	$ 967
Other assets	197,493	209,969
Total assets	10,897,586	11,373,242
Accounts payable and accrued liabilities	115,105	141,311
Total liabilities	6,436,691	6,420,801
Total equity	3,443,540	3,991,354	4,098,295	$ 3,474,304
Financial information relating to unconsolidated joint ventures operations
Total revenues	1,671,842	1,627,501	1,517,386
Property operating expenses	292,572	273,736	250,310
Real estate depreciation and amortization	676,068	676,419	665,228
Gain/(loss) on sale of real estate owned	16,867	351,193	25,494
Operating income/(loss)	284,569	635,008	250,814
Interest expense	(195,712)	(180,866)	(155,900)
Other income/(loss)	(12,336)	17,759	(6,933)
Net income/(loss)	95,877	474,488	92,579
UDR/MetLife
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	1,174,695	1,214,525
Cash and cash equivalents	12,528	14,826
Other assets	20,774	16,406
Total assets	1,207,997	1,245,757
Third party debt, net	845,963	855,050
Accounts payable and accrued liabilities	19,393	14,856
Total liabilities	865,356	869,906
Total equity	342,641	375,851
Financial information relating to unconsolidated joint ventures operations
Total revenues	141,014	139,073	130,229
Property operating expenses	64,329	58,298	55,262
Real estate depreciation and amortization	53,543	54,895	55,580
Operating income/(loss)	23,142	25,880	19,387
Interest expense	(33,491)	(32,720)	(30,510)
Net income/(loss)	(10,349)	(6,840)	(11,123)
UDR/LaSalle
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	567,474	595,976
Cash and cash equivalents	5,688	4,809
Other assets	1,334	9,986
Total assets	574,496	610,771
Third party debt, net	45,246	45,126
Accounts payable and accrued liabilities	5,150	5,510
Total liabilities	50,396	50,636
Total equity	524,100	560,135
Financial information relating to unconsolidated joint ventures operations
Total revenues	49,063	20,514
Property operating expenses	17,657	6,896
Real estate depreciation and amortization	45,375	21,182
Operating income/(loss)	(13,969)	(7,564)
Interest expense	(2,698)	(126)
Net income/(loss)	(16,667)	(7,690)
Debt and Preferred Equity Program and Other Investments
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	1,372,206	1,347,556
Investments, at fair value	372,478	257,832
Cash and cash equivalents	29,716	42,035
Other assets	125,236	120,584
Total assets	1,899,636	1,768,007
Third party debt, net	1,168,926	1,112,640
Accounts payable and accrued liabilities	133,962	151,136
Total liabilities	1,302,888	1,263,776
Total equity	596,748	504,231
Financial information relating to unconsolidated joint ventures operations
Total revenues	131,876	109,753	38,187
Property operating expenses	69,737	54,442	25,218
Real estate depreciation and amortization	51,633	43,407	20,064
Gain/(loss) on sale of real estate owned			127,542
Operating income/(loss)	10,506	11,904	120,447
Interest expense	(74,268)	(53,385)	(16,404)
Other income/(loss)	(3,840)	537	(90)
Net unrealized/realized gain/(loss) on held investments	84,835	23,403	(203,216)
Net income/(loss)	17,233	(17,541)	(99,263)
Unconsolidated Joint Ventures and Partnerships
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	3,114,375	3,158,057
Investments, at fair value	372,478	257,832
Cash and cash equivalents	47,932	61,670
Other assets	147,344	146,976
Total assets	3,682,129	3,624,535
Third party debt, net	2,060,135	2,012,816
Accounts payable and accrued liabilities	158,505	171,502
Total liabilities	2,218,640	2,184,318
Total equity	1,463,489	1,440,217
Financial information relating to unconsolidated joint ventures operations
Total revenues	321,953	269,340	168,416
Property operating expenses	151,723	119,636	80,480
Real estate depreciation and amortization	150,551	119,484	75,644
Gain/(loss) on sale of real estate owned			127,542
Operating income/(loss)	19,679	30,220	139,834
Interest expense	(110,457)	(86,231)	(46,914)
Other income/(loss)	(3,840)	537	(90)
Net unrealized/realized gain/(loss) on held investments	84,835	23,403	(203,216)
Net income/(loss)	$ (9,783)	$ (32,071)	$ (110,386)

LEASES - Lessee Future Minimum

LEASES - Lessee Future Minimum Payments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) community	Dec. 31, 2023 USD ($)	Dec. 31, 2022
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	$ 186,997	$ 190,619
Weighted average remaining lease term	41 years 3 months 18 days	42 years
Weighted average discount rate		5%	5%
Future minimum lease payments
Total operating lease liabilities (discounted)	$ 182,275	$ 185,836
Ground Leases
Future minimum lease payments
2025	12,442
2026	12,442
2027	12,442
2028	12,442
2028	12,442
Thereafter	393,010
Total future minimum lease payments (undiscounted)	455,220
Difference between future undiscounted cash flows and discounted cash flows	(272,945)
Total operating lease liabilities (discounted)	$ 182,275

LEASES - Lessee Expenses (Detai

LEASES - Lessee Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Lease expense:
Contractual lease expense	$ 100	$ 100	$ 100
Variable lease expense	1,100	1,100	800
Operating lease right-of-use asset amortization	3,600	3,500	3,400
Operating lease liabilities amortization	3,500	3,400	3,300
Ground Leases
Lease expense:
Contractual lease expense	13,322	13,173	12,991
Variable lease expense	189	155	112
Ground Leases | Other Operating Expenses
Lease expense:
Total operating lease expense	$ 13,511	$ 13,328	$ 13,103

LEASES - Lessor (Details)

LEASES - Lessor (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Future minimum lease payments
2025	$ 26,047
2026	23,643
2027	20,477
2028	17,678
2028	13,337
Thereafter	56,388
Total future minimum lease payments	157,570
Variable lease expense	$ 1,100	$ 1,100	$ 800
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, 2024 USD ($) community	Aug. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022
Secured debt instruments
Total Debt, net	$ 5,826,965		$ 5,798,709
Long-term Debt	$ 5,842,059
Weighted average interest rate (as a percent)	3.38%
Weighted Average
Secured debt instruments
Years to maturity	5 years 2 months 12 days
Secured Debt
Secured debt instruments
Total Debt, net	$ 1,139,331		1,277,713
Long-term Debt	$ 1,142,798
Weighted average interest rate (as a percent)	3.50%
Number of Communities Encumbered | community	20
Secured Debt | Weighted Average
Secured debt instruments
Years to maturity	4 years 1 month 6 days
Unsecured Debt
Secured debt instruments
Total Debt, net	$ 4,687,634		4,520,996
Long-term Debt	$ 4,699,261
Weighted average interest rate (as a percent)	3.35%
Deferred finance costs, net	$ (20,003)		(20,682)
Unsecured Debt | Weighted Average
Secured debt instruments
Years to maturity	5 years 4 months 24 days
Fixed Rate Debt | Secured Debt
Secured debt instruments
Total Debt, net	$ 1,112,369		1,210,742
Long-term Debt	$ 1,115,798
Weighted average interest rate (as a percent)	3.50%
Number of Communities Encumbered | community	19
Fixed Rate Debt | Secured Debt | Weighted Average
Secured debt instruments
Years to maturity	4 years
Variable Rate Debt | Secured Debt
Secured debt instruments
Total Debt, net	$ 26,962		66,971
Long-term Debt	$ 27,000
Weighted average interest rate (as a percent)	3.52%
Number of Communities Encumbered | community	1
Deferred finance costs, net	$ (38)		(46)
Variable Rate Debt | Secured Debt | Weighted Average
Secured debt instruments
Years to maturity	7 years 2 months 12 days
Mortgages loans | Fixed Rate Debt | Secured Debt
Secured debt instruments
Total Debt, net	$ 1,115,798		1,213,751
Deferred financing costs and other non-cash adjustments	$ 3,429		3,009
Weighted average interest rate (as a percent)	3.49%
Number of Communities Encumbered | community	19
Mortgages loans | Fixed Rate Debt | Secured Debt | Weighted Average
Secured debt instruments
Years to maturity	4 years
Mortgages loans | Variable Rate Debt
Secured debt instruments
Stated interest rate	8.31%
Mortgages loans | Variable Rate Debt | Secured Debt
Secured debt instruments
Long-term Debt			40,017
Tax-exempt secured notes payable | Variable Rate Debt | Secured Debt
Secured debt instruments
Long-term Debt	$ 27,000		27,000
Weighted average interest rate (as a percent)	3.49%
Number of Communities Encumbered | community	1
Tax-exempt secured notes payable | Variable Rate Debt | Secured Debt | Weighted Average
Secured debt instruments
Years to maturity	7 years 2 months 12 days
Borrowings outstanding under unsecured credit facility due January 2026 | Variable Rate Debt | Unsecured Debt | Weighted Average
Secured debt instruments
Years to maturity	3 years 8 months 12 days
Commercial Paper | Variable Rate Debt | Unsecured Debt
Secured debt instruments
Borrowings outstanding	$ 289,900		408,075
Weighted average interest rate (as a percent)	4.70%
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	$ 9,361		4,593
Weighted average interest rate (as a percent)	5.19%
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	$ 175,000		350,000
Weighted average interest rate (as a percent)	1.43%
Term Loan due January 2027 | Fixed Rate Debt | Unsecured Debt | Weighted Average
Secured debt instruments
Years to maturity	2 years 1 month 6 days
Term Loan due January 2027 | Variable Rate Debt | Unsecured Debt
Secured debt instruments
Long-term Debt	$ 175,000
Weighted average interest rate (as a percent)	5.48%
Term Loan due January 2027 | Variable Rate Debt | Unsecured Debt | Weighted Average
Secured debt instruments
Years to maturity	2 years 1 month 6 days
8.50% Debentures, Due September 2024 | Fixed Rate Debt | Unsecured Debt
Secured debt instruments
Long-term Debt			$ 15,644
Stated interest rate			8.50%	8.50%
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)	2.95%
2.95% Medium-Term Note due September 2026 | Fixed Rate Debt | Unsecured Debt | Weighted Average
Secured debt instruments
Years to maturity	1 year 8 months 12 days
3.50 Medium-Term Note due July 2027 | Fixed Rate Debt | Unsecured Debt
Secured debt instruments
Total Debt, net	$ 299,824		$ 299,753
Stated interest rate			3.50%	3.50%
Unamortized discount	$ 176		$ 247
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	2 years 6 months
3.50% Medium-Term Notes Due January 2028 | Fixed Rate Debt | Unsecured Debt
Secured debt instruments
Total Debt, net	$ 299,639		$ 299,521
Stated interest rate			3.50%	3.50%
Unamortized discount	$ 361		$ 479
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	3 years
4.40% Medium-Term Notes due January 2029 | Fixed Rate Debt | Unsecured Debt
Secured debt instruments
Total Debt, net	$ 299,998		$ 299,997
Stated interest rate			4.40%	4.40%
Unamortized discount	$ 2		$ 3
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	4 years 1 month 6 days
3.20% Medium-Term Notes due January 2030 | Fixed Rate Debt | Unsecured Debt
Secured debt instruments
Total Debt, net	$ 606,921		$ 608,294
Stated interest rate			3.20%	3.20%
Unamortized net premium	$ 6,921		$ 8,294
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	5 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	607,914		$ 609,109
Stated interest rate			3%	3%
Unamortized discount	$ 7,914		$ 9,109
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	6 years 7 months 6 days
2.10% Medium Term Note Due August 2032 | Fixed Rate Debt | Unsecured Debt
Secured debt instruments
Total Debt, net	$ 399,733		$ 399,697
Stated interest rate			2.10%	2.10%
Unamortized discount	$ 267		$ 303
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	7 years 7 months 6 days
1.90% Medium-Term Notes due March 2033 | Fixed Rate Debt | Unsecured Debt
Secured debt instruments
Total Debt, net	$ 349,011		$ 348,890
Stated interest rate			1.90%	1.90%
Unamortized discount	$ 989		$ 1,110
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	8 years 2 months 12 days
2.10% Medium-Term Note due June 2033 | Fixed Rate Debt | Unsecured Debt
Secured debt instruments
Total Debt, net	$ 299,158		$ 299,059
Stated interest rate			2.10%	2.10%
Unamortized discount	$ 842		$ 941
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	8 years 6 months
5.125% Medium-Term Note due September 2034
Secured debt instruments
Long-term Debt		$ 300,000
Stated interest rate	5.125%	5.125%	5.125%
Unamortized discount	$ 2,954		$ 0
5.125% Medium-Term Note due September 2034 | Fixed Rate Debt | Secured Debt
Secured debt instruments
Total Debt, net	$ 297,046
Weighted average interest rate (as a percent)	4.95%
5.125% Medium-Term Note due September 2034 | Fixed Rate Debt | Secured Debt | Weighted Average
Secured debt instruments
Years to maturity	9 years 8 months 12 days
3.10% Medium-Term Notes due November 2034 | Fixed Rate Debt | Unsecured Debt
Secured debt instruments
Total Debt, net	$ 299,132		$ 299,044
Stated interest rate			3.10%	3.10%
Unamortized discount	$ 868		$ 956
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	9 years 9 months 18 days
Other | Fixed Rate Debt | Unsecured Debt
Secured debt instruments
Total Debt, net			$ 2

SECURED AND UNSECURED DEBT, N_4

SECURED AND UNSECURED DEBT, NET - Credit Facilities (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Aug. 31, 2024 loan	Jul. 31, 2024 loan	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jul. 31, 2022 USD ($) instrument
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Notional					$ 175,000
Number of interest rate swaps | instrument					2
All-in weighted average interest rate					1.43%
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	2
Extension period of option on loan	6 months	6 months
Revolving credit facility due 2023 | Letter of Credit
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Borrowings outstanding			$ 3,400	$ 2,300
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			0.775%
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
Maximum daily borrowings during the period ended				$ 250,000
Weighted average interest rate during the period ended				5.60%
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%
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 due January 2027
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Total revolving credit facility			$ 350,000
Term Loan due January 2027 | Revolving Credit Facility
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Extension period of option on loan	12 months
Term Loan Facility Due August 2028 | Unsecured Debt
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Basis point subtracted from variable rate for company receiving green building certifications			0.02%
Term Loan Facility Due August 2028 | Unsecured Debt | Maximum
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Basis points added to to variable rate			0.04%
Commitment fee			0.01%

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, 2024	Dec. 31, 2023
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	9,361	4,593
Weighted average daily borrowings during the period ended	15,102	15,829
Maximum daily borrowings during the period ended	$ 62,077	$ 57,107
Weighted average interest rate during the period ended	6%	5.90%
Interest rate at end of the period	5.20%	6.30%
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, 2024	Dec. 31, 2023
Secured and Unsecured Debt
Total unsecured commercial paper program	$ 700,000	$ 700,000
Borrowings outstanding at end of period	289,900	408,075
Weighted average daily borrowings during the period ended	390,237	384,068
Maximum daily borrowings during the period ended	$ 645,000	$ 505,000
Weighted average interest rate during the period ended	5.40%	5.40%
Interest rate at end of the period	4.70%	5.70%

SECURED AND UNSECURED DEBT, N_7

SECURED AND UNSECURED DEBT, NET - Unsecured Maturities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Aggregate maturities of unsecured debt
2025	$ 468,223
2026	366,033
2027	656,939
2028	466,526
2029	615,811
2030	830,597
2031	760,930
2032	427,000
2033	650,000
2034	600,000
Subtotal	5,842,059
Non-cash	(15,094)
Total	5,826,965	$ 5,798,709
Interest expense
Aggregate maturities of unsecured debt
Amortization of financing costs	5,000	4,700
Secured Debt
Aggregate maturities of unsecured debt
2025	178,323
2026	56,672
2027	6,939
2028	166,526
2029	315,811
2030	230,597
2031	160,930
2032	27,000
Subtotal	1,142,798
Non-cash	(3,467)
Total	1,139,331	1,277,713
Secured Debt | Fixed Rate Debt
Aggregate maturities of unsecured debt
2025	178,323
2026	56,672
2027	6,939
2028	166,526
2029	315,811
2030	230,597
2031	160,930
Subtotal	1,115,798
Non-cash	(3,429)
Total	1,112,369	1,210,742
Secured Debt | Variable Rate Debt
Aggregate maturities of unsecured debt
2032	27,000
Subtotal	27,000
Non-cash	(38)
Total	26,962	66,971
Unsecured Debt
Aggregate maturities of unsecured debt
2025	289,900
2026	309,361
2027	650,000
2028	300,000
2029	300,000
2030	600,000
2031	600,000
2032	400,000
2033	650,000
2034	600,000
Subtotal	4,699,261
Non-cash	(11,627)
Total	$ 4,687,634	$ 4,520,996

SECURED AND UNSECURED DEBT, N_8

SECURED AND UNSECURED DEBT, NET - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Aug. 31, 2024	Jul. 31, 2022
Secured Debt
Percentage of secured debt which encumbers real estate owned based upon book value		13%
Percentage of secured debt of real estate owned which is unencumbered		87%
Total Debt, net		$ 5,826,965	$ 5,798,709
Outstanding balances		5,842,059
All-in weighted average interest rate						1.43%
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%
5.125% Medium-Term Note due September 2034
Secured Debt
Outstanding balances					$ 300,000
Stated interest rate		5.125%	5.125%		5.125%
Percentage of principal amount at issuance					98.977
All-in weighted average interest rate					4.95%
Unsecured Debt
Secured Debt
Total Debt, net		$ 4,687,634	$ 4,520,996
Outstanding balances		4,699,261
Secured Debt
Secured Debt
Total Debt, net		1,139,331	1,277,713
Outstanding balances		$ 1,142,798
Fixed Rate Debt | Mortgages loans
Secured Debt
Repayments of outstanding borrowing	$ 94,100
Fixed Rate Debt | Mortgages loans | Minimum
Secured Debt
Notes payable maximum interest rates range		2.62%
Fixed Rate Debt | Mortgages loans | 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%
Fixed Rate Debt | Unsecured Debt | 3.50 Medium-Term Note due July 2027
Secured Debt
Total Debt, net		299,824	$ 299,753
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
Total Debt, net		299,998	$ 299,997
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
Total Debt, net		$ 606,921	$ 608,294
Stated interest rate			3.20%	3.20%
All-in weighted average interest rate		3.32%
Unamortized net premium		$ 6,921	$ 8,294
Fixed Rate Debt | Unsecured Debt | 3.00% Medium-Term Notes due August 2031
Secured Debt
Total Debt, net		$ 607,914	$ 609,109
Stated interest rate			3%	3%
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 | Secured Debt
Secured Debt
Total Debt, net		$ 1,112,369	$ 1,210,742
Outstanding balances		1,115,798
Fixed Rate Debt | Secured Debt | Mortgages loans
Secured Debt
Total Debt, net		1,115,798	1,213,751
Fixed Rate Debt | Secured Debt | 5.125% Medium-Term Note due September 2034
Secured Debt
Total Debt, net		297,046
Fixed Rate Debt | Debt Assumed As Part of Acquisition | Mortgages loans
Secured Debt
Amortization of debt discount (Premium)		1,300	3,400	$ 4,500
Unamortized net premium		200	1,500
Variable Rate Debt | Mortgages loans
Secured Debt
Repayments of outstanding borrowing		$ 40,000
Stated interest rate		8.31%
Variable Rate Debt | Secured Debt
Secured Debt
Total Debt, net		$ 26,962	66,971
Outstanding balances		$ 27,000
Variable Rate Debt | Secured Debt | Mortgages loans
Secured Debt
Outstanding balances			40,017
Variable Rate Debt | Secured Debt | Tax-exempt secured notes payable
Secured Debt
Notes payable maximum interest rates range		3.49%
Outstanding balances		$ 27,000	$ 27,000

INCOME_(LOSS) PER SHARE (Detail

INCOME/(LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jul. 31, 2021
Antidilutive securities
Net income/(loss)	$ 95,877	$ 474,488	$ 92,579
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	(6,246)	(30,104)	(5,613)
Net (income)/loss attributable to noncontrolling interests	(46)	(31)	(42)
Net income/(loss) attributable to UDR, Inc.	89,585	444,353	86,924
Distributions to preferred stockholders - Series E (Convertible)	(4,835)	(4,848)	(4,412)
Net income/(loss) attributable to common stockholders	84,750	439,505	82,512
Income/(loss) attributable to common stockholders - diluted	$ 84,750	$ 439,505	$ 82,512
Denominator for income/(loss) per share:
Weighted average common shares outstanding	329,670,000	329,136,000	321,949,000
Unvested restricted stock awards	(380,000)	(371,000)	(278,000)
Denominator for basic income/(loss) per share	329,290,000	328,765,000	321,671,000
Incremental shares issuable from assumed conversion of unvested LTIP Units, conversion of Series E preferred stock, performance units and unvested restricted stock	826,000	339,000	1,029,000
Denominator for diluted income/(loss) per share	330,116,000	329,104,000	322,700,000
Income/(loss) per weighted average common share - basic	$ 0.26	$ 1.34	$ 0.26
Income/(loss) per weighted average common share - diluted	$ 0.26	$ 1.34	$ 0.26
Number of shares authorized	450,000,000	450,000,000
Number of shares agreed to repurchase (in shares)		600,000
Average price of shares repurchased (dollar per share)		$ 40.13
OP Units
Denominator for income/(loss) per share:
Antidilutive securities	23,993,000	22,410,000	21,478,000
Preferred Stock
Denominator for income/(loss) per share:
Antidilutive securities	2,848,000	2,908,000	2,916,000
Unvested LTIP Units, performance units, and unvested restricted stock
Denominator for income/(loss) per share:
Antidilutive securities	826,000	339,000	1,029,000
ATM
Denominator for income/(loss) per share:
Number of shares authorized				20,000,000
Shares of common stock available for future issuance	14,000,000

STOCKHOLDERS' EQUITY - Shares R

STOCKHOLDERS' EQUITY - Shares Roll forward (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Common Stock
Shares issued, beginning of period	329,015	328,993	318,150
Issuance/(forfeiture) of common and restricted shares, net	48	174	120
Issuance of common shares through forward sales public offering, net (forward sales agreement)			11,402
Repurchase of common shares		(623)	(1,192)
Conversion of Series E Cumulative Convertible shares	93		10
Shares issued, end of period	330,859	329,015	328,993
8.00% Series E Cumulative Convertible Preferred Stock
Shares issued, beginning of period	2,686	2,686	2,695
Conversion of Series E Cumulative Convertible shares	(85)		(9)
Shares issued, end of period	2,601	2,686	2,686
Series F
Shares issued, beginning of period	11,868	12,101	12,583
Forfeiture of Series F shares	(1,444)	(233)	(482)
Shares issued, end of period	10,424	11,868	12,101
Series F | Maximum
Forfeiture of Series F shares		(200)
United Dominion Reality L.P. | Common Stock
Adjustment for conversion of non-controlling interest of unitholders	170	148	4
UDR Lighthouse DownREIT L.P. | Common Stock
Adjustment for conversion of non-controlling interest of unitholders	1,533	323	499
UDR Lighthouse DownREIT L.P. and United Dominion Reality L.P. [Member] | Common Stock
Adjustment for conversion of non-controlling interest of unitholders	1,700
UDR Lighthouse DownREIT L.P. and United Dominion Reality L.P. [Member] | Series F
Forfeiture of Series F shares	1,400

STOCKHOLDERS' EQUITY - Other in

STOCKHOLDERS' EQUITY - Other information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	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			$ 629,552
Preferred stock, shares authorized	50,000,000	50,000,000
Common distributions declared per share	$ 1.7	$ 1.68	$ 1.52
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	$ 1.84	$ 1.82	$ 1.65
Number of shares converted	100,000
Preferred Stock, Shares Issued	2,600,678	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	$ 1,042	$ 1,187
Preferred Stock, Shares Issued	10,424,485	11,867,730
Common Stock
Stockholders' equity
Number of common stock shares each preferred shares can be converted to	100,000
Repurchase of common shares in total consideration		$ 6	$ 12
Restricted Stock
Stockholders' equity
Number of shares issued net of forfeitures	100,000
ATM
Stockholders' equity
Common stock, shares authorized				20,000,000
Shares of common stock available for future issuance	14,000,000

EMPLOYEE BENEFIT PLANS - Roll f

EMPLOYEE BENEFIT PLANS - Roll forward (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Employee Stock Option
Options Outstanding, Number of Options
Balance, December 31, 2021	19,000
Balance, December 31, 2022	19,000	19,000
Options Outstanding, Weighted Average Exercise Price
Balance, December 31, 2021 (in dollars per share)	$ 59.9
Balance, December 31, 2022 (in dollars per share)	$ 59.9	$ 59.9
Options Exercisable, Number of Options
Balance, December 31, 2021	1,339,000
Granted	50,000
Exercised	0
Forfeited	(48,000)
Balance, December 31, 2022	1,341,000	1,339,000
Options Exercisable, Weighted Average Exercise Price
Balance, December 31, 2021 (in dollars per share)	$ 44.99
Granted (in dollars per share)	38.64
Forfeited (in dollars per share)	40.49
Balance, December 31, 2022 (in dollars per share)	$ 44.91	$ 44.99
LTIP Units and Restricted Stock, Number Of shares
Stock based compensation expense	$ 0.9	$ 0.6	$ 0.7
Long Term Incentive Plan
Options Exercisable, Number of Options
Balance, December 31, 2021	312,000
Granted	678,000
Vested	(209,000)
Forfeited	(115,000)
Balance, December 31, 2022	666,000	312,000
Options Exercisable, Weighted Average Exercise Price
Balance, December 31, 2021 (in dollars per share)	$ 50.51
Granted (in dollars per share)	38.7
Vested (in dollars per share)	43.55
Forfeited (in dollars per share)	41.68
Balance, December 31, 2022 (in dollars per share)	$ 42.12	$ 50.51
Restricted Stock
Employee benefits
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	$ 4.1
LTIP Units and Restricted Stock, Number Of shares
Balance, December 31, 2021	365,000
Granted	190,000
Vested	(163,000)
Forfeited	(83,000)
Balance, December 31, 2022	309,000	365,000
Stock based compensation expense	$ 5.5	$ 6.4	5.7
LTIP Units and Restricted Stock, Weighted Average Fair Value Per Restricted Stock
Balance, December 31, 2021 (in dollars per share)	$ 44.53
Granted (in dollars per share)	38.66
Vested (in dollars per share)	44.11
Forfeited (in dollars per share)	41.21
Balance, December 31, 2022 (in dollars per share)	$ 42.09	$ 44.53
Performance Units
Employee benefits
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	$ 6.7
LTIP Units and Restricted Stock, Number Of shares
Exercised	0
Stock based compensation expense	$ 5.9	$ 19.8	$ 5.2
LTIP Units and Restricted Stock, Weighted Average Fair Value Per Restricted Stock
Balance, December 31, 2022 (in dollars per share)	$ 44.92
Unvested Performance Units Outstanding
LTIP Units and Restricted Stock, Number Of shares
Balance, December 31, 2021	3,717,000
Granted	494,000
Vested	(1,652,000)
Forfeited	(745,000)
Balance, December 31, 2022	1,814,000	3,717,000
LTIP Units and Restricted Stock, Weighted Average Fair Value Per Restricted Stock
Balance, December 31, 2021 (in dollars per share)	$ 41.25
Granted (in dollars per share)	38.79
Vested (in dollars per share)	38.04
Forfeited (in dollars per share)	37.5
Balance, December 31, 2022 (in dollars per share)	$ 41.17	$ 41.25
Performance Units Exercisable
Options Exercisable, Number of Options
Balance, December 31, 2021	2,278,000
Vested	1,652,000
Balance, December 31, 2022	3,930,000	2,278,000
Performance Stock Units, Weighted Average Exercise Price
Balance, December 31, 2021	$ 37.53
Vested (in dollars per share)	38.04
Balance, December 31, 2022	$ 37.74	$ 37.53

EMPLOYEE BENEFIT PLANS - Other

EMPLOYEE BENEFIT PLANS - Other information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended			12 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Employee Stock Option
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	19,000
Number of share options exercisable				1,341,000	1,339,000
Stock based compensation expense				$ 0.9	$ 0.6	$ 0.7
Unrecognized compensation expense				$ 2.1
Options exercised				0
Weighted average remaining contractual life				7 years 7 months 6 days
Weighted average exercise price				$ 44.91
Restricted Stock
Employee benefits
Share-based compensation arrangement by share-based payment award, options, issued				7,100,000
Total remaining compensation cost related to unvested share options				$ 4.1
Weighted average remaining contractual life				1 year 8 months 12 days
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value				$ 38.66
Stock based compensation expense				$ 5.5	$ 6.4	5.7
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				3,600,000
Shares available for issuance under plan				11,700,000
Number of share options exercisable				666,000	312,000
Unit Awards
Employee benefits
Total remaining compensation cost related to unvested share options				$ 8.7
Weighted average remaining contractual life				1 year 8 months 12 days
Stock based compensation expense				$ 20.3	$ 6.2	15.9
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				5,700,000
Number of operating partnership common unit exercisable from each performance unit				1
Total remaining compensation cost related to unvested share options				$ 6.7
Exercised				0
Weighted average remaining contractual life				7 years 7 months 6 days
Stock based compensation expense				$ 5.9	19.8	5.2
Percentage of regular distributions				2%
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
2024 LTIP | Restricted Stock | Relative component
Employee benefits
Expected dividend per share	$ 47.21
2024 LTIP | Restricted Stock | Absolute component
Employee benefits
Volatility factor	24%
Expected dividend per share	$ 44.86
2024 LTIP | Long Term Incentive Plan
Employee benefits
Vesting percentage	100%
FFO as Adjusted Per Share, Value	$ 18.57
Share Price	$ 38.64
Volatility factor	24%
Discount rate	3.90%
Vesting period	3 years
2024 LTIP | Long Term Incentive Plan | Tranche One
Employee benefits
Vesting percentage	30%
FFO as Adjusted Per Share, Value	$ 17.72
Discount rate	8.30%
Vesting period	1 year
2024 LTIP | Long Term Incentive Plan | 50% vesting out of first portion of LTI Award
Employee benefits
Vesting percentage	50%
2024 LTIP | Long Term Incentive Plan | Tranche Two
Employee benefits
Vesting percentage	15%
Vesting period	3 years
2024 LTIP | Long Term Incentive Plan | Tranche Three
Employee benefits
Vesting percentage	55%
Vesting period	3 years
2024 LTIP | Long Term Incentive Plan | Relative component
Employee benefits
Discount rate	3.90%
2024 LTIP | Long Term Incentive Plan | Absolute component
Employee benefits
FFO as Adjusted Per Share, Value	$ 21.74
Discount rate	3.90%
2024 LTIP | Long Term Incentive Unit | Relative component
Employee benefits
FFO as Adjusted Per Share, Value	$ 22.86
2024 LTIP | Long Term Performance Unit
Employee benefits
Volatility factor	31%
Expected life	6 years 6 months
Annualized risk-free rate	4.03%
Annual dividend yield	3.30%
2024 LTIP | Long Term Performance Unit | Relative component
Employee benefits
FFO as Adjusted Per Share, Value	$ 5.96
Discount rate	3.90%
2024 LTIP | Long Term Performance Unit | Absolute component
Employee benefits
FFO as Adjusted Per Share, Value	$ 5.93
Discount rate	3.90%
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		$ 43.3
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 | Tranche One
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 | Tranche Two
Employee benefits
Vesting percentage		15%
Vesting period		3 years
2023 LTIP | Long Term Incentive Plan | Tranche Three
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			$ 59.9
Volatility factor			33%
Discount rate			4.10%
Vesting period			3 years
2022 LTIP | Long Term Incentive Plan | Tranche One
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 | Tranche Two
Employee benefits
Vesting percentage			15%
Vesting period			3 years
2022 LTIP | Long Term Incentive Plan | Tranche Three
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			$ 51.1
Initial performance period to make adjustments			1 year
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	$ 4.37	$ 4.29
Volatility factor	28%	27%
Expected life	6 years 6 months	6 years 6 months
Annualized risk-free rate	4.03%	4.08%
Annual dividend yield	3.50%	3.30%
Discount rate	3.90%	4.40%
Vesting period	3 years	3 years
Long Term Incentive Plan | Long Term Performance Unit
Employee benefits
FFO as Adjusted Per Share, Value	$ 4.22	$ 4.12
Volatility factor	30%	29%
Expected life	5 years 6 months	5 years 6 months
Annualized risk-free rate	4.04%	4.09%
Annual dividend yield	3.50%	3.30%
Discount rate	8.30%	8.90%
Vesting period	1 year	1 year
Short Term Incentive Plan
Employee benefits
Initial performance period to make adjustments	1 year	1 year
Short Term Incentive Plan | Restricted Stock
Employee benefits
Share Price	$ 38.64	$ 38.59
Short Term Incentive Plan | Short-Term Incentive Unit
Employee benefits
Share Price	$ 38.64	$ 38.59
Short Term Incentive Plan | Short-Term Performance Unit
Employee benefits
Volatility factor	30%	29%
Expected life	5 years 6 months	5 years 6 months
Annualized risk-free rate	4.04%	4.09%
Annual dividend yield	3.50%	3.30%
Expected dividend per share	$ 8.16	$ 7.86
Profit Sharing Plan | General and Administrative
Employee benefits
Aggregate provisions for contributions				$ 1	$ 1.1	$ 1.7

INCOME TAXES - Taxable Distribu

INCOME TAXES - Taxable Distributions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Taxable Distributions Paid Per Common Share [Abstract]
Ordinary income	$ 1.5935	$ 1.4384	$ 1.3329
Qualified ordinary income	0.0001	0.0001	0.0001
Long-term capital gain	0.0458	0.1697	0.1521
Unrecaptured section 1250 gain	0.0556	0.0318	0.0174
Taxable distributions per common share	$ 1.695	$ 1.64	$ 1.5025

INCOME TAXES - Provision (Detai

INCOME TAXES - Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current
Total current	$ 0
Deferred
Total income tax (benefit)/provision	879	$ 2,106	$ 349
TRS
Current
Federal	314	69
State	1,192	2,036	440
Total current	1,506	2,105	440
Deferred
Federal	(103)	26	(27)
State	(476)	23	(16)
Investment tax credit	(48)	(48)	(48)
Total deferred	(627)	1	(91)
Total income tax (benefit)/provision	$ 879	$ 2,106	$ 349

INCOME TAXES - Deferred Taxes (

INCOME TAXES - Deferred Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred tax liabilities:
Net deferred tax assets/(liabilities)	$ (800)	$ (800)
TRS
Deferred tax assets:
Federal and state tax attributes	55	28	$ 157
Other	142	153	64
Total deferred tax assets	197	181	221
Valuation allowance	(27)	(27)	(33)
Net deferred tax assets	170	154	188
Deferred tax liabilities:
Book/tax depreciation and basis	(878)	(881)	(876)
Other	(73)	(76)	(67)
Total deferred tax liabilities	(951)	(957)	(943)
Net deferred tax assets/(liabilities)	$ (781)	$ (803)	$ (755)

INCOME TAXES - Effective Tax Ra

INCOME TAXES - Effective Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Unrecognized Tax Benefits	$ 0	$ 0
Income tax provision/(benefit)
Total income tax (benefit)/provision	879	2,106	$ 349
TRS
Income tax provision/(benefit)
U.S. federal income tax provision/(benefit)	251	105	(109)
State income tax provision	1,233	2,054	914
Other items			(409)
Solar credit amortization	(48)	(48)	(48)
ITC basis adjustment	(557)
Valuation allowance		(5)	1
Total income tax (benefit)/provision	$ 879	$ 2,106	$ 349

INCOME TAXES - Other Informatio

INCOME TAXES - Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Carryforwards
U.S. federal corporate income tax rate	21%	21%	21%
Tax benefit/(provision), net	$ 879	$ 2,106	$ 349
Decrease in state taxes	1,200
Unrecognized Tax Benefits	0	0
TRS
Carryforwards
Tax benefit/(provision), net	879	$ 2,106	$ 349
Internal Revenue Service (IRS)
Carryforwards
Net loss carryforwards	23,900
State
Carryforwards
Net loss carryforwards	$ 64,500

NONCONTROLLING INTERESTS (Detai

NONCONTROLLING INTERESTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Noncontrolling interests
Minimum holding period prior to redemption (in years)	1 year
Redeemable noncontrolling interests in the Operating Partnership
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, at beginning of year	$ 961,087	$ 839,850
Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	148,362	(10,211)	$ (444,293)
OP Units issued for real estate, net		141,359
Conversion of OP Units/DownREIT Units to Common Stock or Cash	(73,196)	(30,569)
Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	6,246	30,104	5,613
Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	(52,250)	(39,072)
Redeemable Long-Term and Short-Term Incentive Plan Units	27,175	29,857
Allocation of other comprehensive income/(loss)	(69)	(231)
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, at end of year	1,017,355	961,087	839,850
Net (income)/loss attributable to noncontrolling interests	(46)	(31)	(42)
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 ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Derivative Asset Designated as Hedging Instrument, Fair Value	$ 3,227	$ 10,103
Debt instruments - fair value
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	1,017,355	961,087
Transfers between levels of fair value hierarchy	0	0
Carrying Amount | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Notes receivable	247,849	228,825
Total assets	252,357	246,138
Debt instruments - fair value
Total liabilities	5,850,636	5,823,923
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	1,017,355	961,087
Carrying Amount | Equity Securities | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Equity securities	1,281	7,210
Carrying Amount | Interest rate contracts | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Derivative Asset Designated as Hedging Instrument, Fair Value	3,227	10,103
Estimate of Fair Value | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Notes receivable	243,546	222,755
Total assets	248,054	240,068
Debt instruments - fair value
Total liabilities	5,262,930	5,215,522
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	1,017,355	961,087
Estimate of Fair Value | Equity Securities | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Equity securities	1,281	7,210
Estimate of Fair Value | Interest rate contracts | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Derivative Asset Designated as Hedging Instrument, Fair Value	3,227	10,103
Estimate of Fair Value | Level 1 | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Total assets	1,281	7,210
Estimate of Fair Value | 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	1,281	7,210
Estimate of Fair Value | Level 2 | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Total assets	3,227	10,103
Debt instruments - fair value
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	1,017,355	961,087
Estimate of Fair Value | Level 2 | Interest rate contracts | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Derivative Asset Designated as Hedging Instrument, Fair Value	3,227	10,103
Estimate of Fair Value | Level 3 | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Notes receivable	243,546	222,755
Total assets	243,546	222,755
Debt instruments - fair value
Total liabilities	5,262,930	5,215,522
Unsecured Debt | Carrying Amount | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	4,408,376	4,129,010
Unsecured Debt | Estimate of Fair Value | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	3,897,187	3,611,697
Unsecured Debt | Estimate of Fair Value | Level 3 | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	3,897,187	3,611,697
Unsecured Debt | Commercial Paper | Carrying Amount | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	289,900	408,075
Unsecured Debt | Commercial Paper | Estimate of Fair Value | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	289,900	408,075
Unsecured Debt | Commercial Paper | Estimate of Fair Value | Level 3 | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	289,900	408,075
Unsecured Debt | Working Capital Credit Facility - 2021 | Carrying Amount | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	9,361	4,593
Unsecured Debt | Working Capital Credit Facility - 2021 | Estimate of Fair Value | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	9,361	4,593
Unsecured Debt | Working Capital Credit Facility - 2021 | Estimate of Fair Value | Level 3 | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	9,361	4,593
Fixed Rate Debt | Secured Debt | Mortgages loans | Carrying Amount | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	1,115,999	1,215,228
Fixed Rate Debt | Secured Debt | Mortgages loans | Estimate of Fair Value | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	1,039,482	1,124,140
Fixed Rate Debt | Secured Debt | Mortgages loans | Estimate of Fair Value | Level 3 | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	1,039,482	1,124,140
Variable Rate Debt | Secured Debt | Mortgages loans | Carrying Amount | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value		40,017
Variable Rate Debt | Secured Debt | Mortgages loans | Carrying Amount | 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 Amount | 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, 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 | 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, 2024 USD ($) item instrument	Jul. 31, 2022 USD ($)
Derivatives
Estimated additional accumulated other comprehensive Income/(Loss) transferred to interest expense	$ 2,300
Notional		$ 175,000
Designated as Hedging Instrument | Interest rate swap and caps
Derivatives
Number instruments entered into | item	3
Notional	$ 194,880
Designated as Hedging Instrument | Treasury lock arrangement
Derivatives
Number instruments entered into | instrument	3
Notional	$ 300,000
Deferred gain recorded in accumulated other comprehensive income/(loss)	4,100
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, 2024	Dec. 31, 2023
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheets
Derivative Asset Designated as Hedging Instrument, Fair Value	$ 3,227	$ 10,103
Interest rate contracts | Other assets | Designated as Hedging Instrument
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheets
Derivative Asset Designated as Hedging Instrument, Fair Value	$ 3,227	$ 10,103

DERIVATIVES AND HEDGING ACTIV_5

DERIVATIVES AND HEDGING ACTIVITY - Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Effect of derivative instruments on the Consolidated Statements of Operations
Unrealized holding gain/(loss)	$ 5,988	$ 3,872	$ 14,489
Gain/(Loss) Reclassified from Accumulated OCI in Interest expense	7,333	7,533	998
Interest rate contracts | Interest expense | Cash Flow Hedging
Effect of derivative instruments on the Consolidated Statements of Operations
Unrealized holding gain/(loss)	5,988	3,872	14,489
Gain/(Loss) Reclassified from Accumulated OCI in Interest expense	$ 7,333	$ 7,533	$ 998

DERIVATIVES AND HEDGING ACTIV_6

DERIVATIVES AND HEDGING ACTIVITY - Effectiveness (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivatives and hedging activity
Total amount of Interest expense presented on the Consolidated Statements of Operations	$ 195,712	$ 180,866	$ 155,900

DERIVATIVES AND HEDGING ACTIV_7

DERIVATIVES AND HEDGING ACTIVITY - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Offsetting derivative assets
Gross Amounts of Recognized Assets	$ 3,227	$ 10,103
Net Amounts of Assets Presented in the Consolidated Balance Sheets (a)	$ 3,227	$ 10,103
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Net Amount	$ 3,227	$ 10,103

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Real Estate Commitments (Details) $ in Thousands	Dec. 31, 2024 USD ($) community
Commitments
Number of communities | community	169
Cost Incurred to Date	$ 129,983
UDR's Remaining Commitment	134,798
Loss Contingency Accrual	$ 0
Wholly owned - redevelopment
Commitments
Number of communities | community	10
Cost Incurred to Date	$ 68,871
UDR's Remaining Commitment	84,910
Real estate technology and sustainability investments
Commitments
Cost Incurred to Date	61,112
UDR's Remaining Commitment	$ 49,888

REPORTABLE SEGMENTS (Details)

REPORTABLE SEGMENTS (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) segment home	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Segments
Same store communities | home	51,428
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
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Rental income	$ 1,663,525	$ 1,620,658	$ 1,512,364
Reconciling items:
Joint venture management and other fees	$ 8,317	$ 6,843	$ 5,022
Type of revenue	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember
Property management	$ (54,065)	$ (52,671)	$ (49,152)
Other operating expenses	(30,416)	(20,222)	(17,493)
Real estate depreciation and amortization	(676,068)	(676,419)	(665,228)
General and administrative	(84,305)	(69,929)	(64,144)
Casualty-related (charges)/recoveries, net	(15,179)	(3,138)	(9,733)
Other depreciation and amortization	(19,405)	(15,419)	(14,344)
Gain/(loss) on sale of real estate owned	16,867	351,193	25,494
Income/(loss) from unconsolidated entities	20,235	4,693	4,947
Interest expense	(195,712)	(180,866)	(155,900)
Interest income and other income/(expense), net	(12,336)	17,759	(6,933)
Tax (provision)/benefit, net	(879)	(2,106)	(349)
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	(6,246)	(30,104)	(5,613)
Net (income)/loss attributable to noncontrolling interests	(46)	(31)	(42)
Net income/(loss) attributable to UDR, Inc.	89,585	444,353	86,924
Reportable apartment home segment assets:
Total segment assets	16,213,363	16,023,859
Accumulated depreciation	(6,901,026)	(6,267,830)
Total real estate owned, net of accumulated depreciation	9,312,337	9,756,029
Reconciling items:
Cash and cash equivalents	1,326	2,922	1,193	$ 967
Restricted cash	34,101	31,944	29,001	$ 27,451
Notes receivable, net	247,849	228,825
Investment in and advances to unconsolidated joint ventures, net	917,483	952,934
Operating lease right-of-use assets	186,997	190,619
Other assets	197,493	209,969
Total consolidated assets	10,897,586	11,373,242
Total Communities
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease revenue	1,607,919	1,570,510	1,464,836
Other revenue	55,606	50,148	47,528
Rental income	1,663,525	1,620,658	1,512,364
Reportable apartment home segment NOI	1,138,823	1,114,770	1,040,392
Reportable apartment home segment operating expenses	524,702	505,888	471,972
Same Communities
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Personnel	67,595	60,918	59,919
Utilities	67,112	65,133	58,771
Repair and maintenance	93,779	89,210	80,482
Administrative and marketing	33,922	30,123	27,947
Real estate taxes	186,848	183,546	177,354
Other	23,130	24,013	26,380
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	476,057	463,889	441,428
Other revenue	12,104	11,672	11,899
Rental income	488,161	475,561	453,327
Reportable apartment home segment NOI	361,734	355,089	337,946
Reportable apartment home segment assets:
Total segment assets	4,431,522	4,366,038
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	311,666	301,841	287,123
Other revenue	13,725	11,772	10,867
Rental income	325,391	313,613	297,990
Reportable apartment home segment NOI	223,882	216,435	205,221
Reportable apartment home segment assets:
Total segment assets	3,258,192	3,205,036
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	308,717	299,950	271,632
Other revenue	8,075	7,343	7,033
Rental income	316,792	307,293	278,665
Reportable apartment home segment NOI	205,519	202,168	180,724
Reportable apartment home segment assets:
Total segment assets	3,720,811	3,672,720
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	226,430	226,448	210,026
Other revenue	11,069	9,411	8,822
Rental income	237,499	235,859	218,848
Reportable apartment home segment NOI	162,216	162,184	149,002
Reportable apartment home segment assets:
Total segment assets	1,635,360	1,589,605
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	149,850	151,410	143,616
Other revenue	7,081	6,334	5,820
Rental income	156,931	157,744	149,436
Reportable apartment home segment NOI	99,037	101,251	94,520
Reportable apartment home segment assets:
Total segment assets	1,348,899	1,330,063
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	135,199	126,972	111,011
Other revenue	3,552	3,616	3,087
Rental income	138,751	130,588	114,098
Other	52,316	52,945	41,119
Reportable apartment home segment NOI	86,435	77,643	$ 72,979
Reportable apartment home segment assets:
Total segment assets	$ 1,818,579	$ 1,860,397

SCHEDULE III - REAL ESTATE OW_2

SCHEDULE III - REAL ESTATE OWNED (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Real Estate and Accumulated Depreciation
Encumbrances	$ 1,139,331
Initial Costs, Land and Land Improvements	2,538,931
Initial Costs, Buildings and Improvements	8,730,743
Total Initial Acquisition Costs	11,269,674
Costs of Improvements Capitalized Subsequent to Acquisition Costs	4,943,689
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	2,837,710
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	13,375,653
Total Carrying Value	16,213,363	$ 16,023,859	$ 15,570,072
Accumulated Depreciation	6,901,026	6,267,830	5,762,501
Aggregate cost for federal income tax purposes	15,600,000
Reconciliation of the carrying amount of total real estate owned
Balance at beginning of the year	16,023,859	15,570,072	14,740,803
Real estate acquired (including joint venture consolidation)		410,581	409,263
Capital expenditures and development	295,548	441,606	444,009
Real estate sold	(106,044)	(398,400)	(24,003)
Balance at end of the year	16,213,363	16,023,859	15,570,072
Reconciliation of total accumulated depreciation for real estate owned
Balance at beginning of the year	6,267,830	5,762,501	5,137,096
Depreciation expense for the year	660,805	668,899	634,424
Accumulated depreciation on sales	(27,609)	(163,570)	(9,019)
Balance at end of year	$ 6,901,026	$ 6,267,830	$ 5,762,501
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
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	79,966
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	180,289
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	73,660
Total Carrying Value	253,949
Accumulated Depreciation	831
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	253,949
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	831
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	15,837
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	30,320
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	9,531
Total Carrying Value	39,851
Accumulated Depreciation	831
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	39,851
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	831
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	8,436
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	8,436
Total Carrying Value	33,442
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	33,442
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	18,348
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	18,348
Total Carrying Value	23,585
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	23,585
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	13,933
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	13,933
Total Carrying Value	104,138
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	104,138
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	8,140
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	8,140
Total Carrying Value	24,193
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	24,193
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	15,272
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	15,272
Total Carrying Value	28,740
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	28,740
HELD FOR DISPOSITION
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	44,432
Initial Costs, Buildings and Improvements	168,731
Total Initial Acquisition Costs	213,163
Costs of Improvements Capitalized Subsequent to Acquisition Costs	5,406
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	44,645
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	173,924
Total Carrying Value	218,569
Accumulated Depreciation	64,106
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	218,569
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	64,106
HELD FOR DISPOSITION | 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	2,916
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	38,130
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	96,000
Total Carrying Value	134,130
Accumulated Depreciation	36,598
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	134,130
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	36,598
HELD FOR DISPOSITION | 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	2,490
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,515
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	77,924
Total Carrying Value	84,439
Accumulated Depreciation	27,508
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	84,439
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	27,508
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	31,122
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	28,190
Total Carrying Value	45,865
Accumulated Depreciation	16,947
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	45,865
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,947
COMMERCIAL | Brookhaven Shopping Center
Real Estate and Accumulated Depreciation
Costs of Improvements Capitalized Subsequent to Acquisition Costs	31,121
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	23,328
Total Carrying Value	31,121
Accumulated Depreciation	16,143
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	31,121
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,143
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	804
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	804
TOTAL CORPORATE
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	3,034
Initial Costs, Buildings and Improvements	20,534
Total Initial Acquisition Costs	23,568
Costs of Improvements Capitalized Subsequent to Acquisition Costs	26,456
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,219
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	46,805
Total Carrying Value	50,024
Accumulated Depreciation	9,668
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	50,024
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	9,668
TOTAL CORPORATE | Other
Real Estate and Accumulated Depreciation
Costs of Improvements Capitalized Subsequent to Acquisition Costs	19,906
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	19,770
Total Carrying Value	19,906
Accumulated Depreciation	927
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	19,906
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	927
TOTAL CORPORATE | 1745 Shea Center I
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	3,034
Initial Costs, Buildings and Improvements	20,534
Total Initial Acquisition Costs	23,568
Costs of Improvements Capitalized Subsequent to Acquisition Costs	6,550
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,083
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	27,035
Total Carrying Value	30,118
Accumulated Depreciation	8,741
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	30,118
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	8,741
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	57,578
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	20,894
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	74,995
Total Carrying Value	95,889
Accumulated Depreciation	26,615
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	95,889
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	26,615
TOTAL OPERATING COMMUNITIES
Real Estate and Accumulated Depreciation
Encumbrances	1,142,798
Initial Costs, Land and Land Improvements	2,309,067
Initial Costs, Buildings and Improvements	8,535,150
Total Initial Acquisition Costs	10,844,217
Costs of Improvements Capitalized Subsequent to Acquisition Costs	4,800,739
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	2,591,882
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	13,053,074
Total Carrying Value	15,644,956
Accumulated Depreciation	6,809,474
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	15,644,956
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	6,809,474
WESTERN REGION
Real Estate and Accumulated Depreciation
Encumbrances	27,000
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	1,787,388
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	1,006,409
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	3,715,739
Total Carrying Value	4,722,148
Accumulated Depreciation	2,284,262
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	4,722,148
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	2,284,262
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	752,152
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	416,080
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	973,371
Total Carrying Value	1,389,451
Accumulated Depreciation	654,018
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,389,451
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	654,018
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	30,542
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	22,957
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	56,599
Total Carrying Value	79,556
Accumulated Depreciation	46,678
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	79,556
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	46,678
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	118,025
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	117,778
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	210,220
Total Carrying Value	327,998
Accumulated Depreciation	181,319
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	327,998
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	181,319
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	18,784
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	9,590
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	39,735
Total Carrying Value	49,325
Accumulated Depreciation	32,272
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	49,325
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	32,272
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	6,343
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	9,560
Total Carrying Value	20,701
Accumulated Depreciation	7,176
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	20,701
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	7,176
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	61,909
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	71,693
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	98,814
Total Carrying Value	170,507
Accumulated Depreciation	80,443
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	170,507
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	80,443
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	57,747
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	63,850
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	102,749
Total Carrying Value	166,599
Accumulated Depreciation	76,465
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	166,599
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	76,465
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	41,800
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	13,587
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	41,091
Total Carrying Value	54,678
Accumulated Depreciation	24,345
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	54,678
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	24,345
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	133,312
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	25,992
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	132,320
Total Carrying Value	158,312
Accumulated Depreciation	82,868
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	158,312
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	82,868
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	283,690
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	79,492
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	282,283
Total Carrying Value	361,775
Accumulated Depreciation	122,452
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	361,775
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	122,452
SAN FRANCISCO, CA
Real Estate and Accumulated Depreciation
Encumbrances	27,000
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	504,573
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	192,929
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	1,031,765
Total Carrying Value	1,224,694
Accumulated Depreciation	592,230
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,224,694
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	592,230
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	48,013
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	14,748
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	87,704
Total Carrying Value	102,452
Accumulated Depreciation	59,840
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	102,452
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	59,840
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	13,215
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	1,729
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	32,547
Total Carrying Value	34,276
Accumulated Depreciation	23,098
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	34,276
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23,098
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	33,352
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	8,436
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	55,780
Total Carrying Value	64,216
Accumulated Depreciation	45,364
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	64,216
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	45,364
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	17,613
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	1,598
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	46,155
Total Carrying Value	47,753
Accumulated Depreciation	31,678
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	47,753
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	31,678
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	11,569
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	23,100
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	50,767
Total Carrying Value	73,867
Accumulated Depreciation	41,466
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	73,867
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	41,466
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	44,137
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	16,868
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	71,837
Total Carrying Value	88,705
Accumulated Depreciation	60,335
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	88,705
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	60,335
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	11,103
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	11,721
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	22,385
Total Carrying Value	34,106
Accumulated Depreciation	16,145
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	34,106
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,145
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	11,993
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,790
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	30,115
Total Carrying Value	35,905
Accumulated Depreciation	23,785
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	35,905
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23,785
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	15,389
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	30,862
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	99,056
Total Carrying Value	129,918
Accumulated Depreciation	73,157
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	129,918
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	73,157
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	15,017
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	1,248
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	56,878
Total Carrying Value	58,126
Accumulated Depreciation	41,289
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	58,126
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	41,289
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	26,863
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	14,781
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	100,439
Total Carrying Value	115,220
Accumulated Depreciation	62,799
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	115,220
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	62,799
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	136,257
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	24,511
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	135,371
Total Carrying Value	159,882
Accumulated Depreciation	83,741
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	159,882
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	83,741
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	118,436
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	118,427
Total Carrying Value	127,358
Accumulated Depreciation	16,717
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	127,358
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,717
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	645
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	19,942
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	66,457
Total Carrying Value	86,399
Accumulated Depreciation	9,207
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	86,399
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	9,207
SAN FRANCISCO, CA | Residences at Lake Merritt
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	8,664
Initial Costs, Buildings and Improvements	56,876
Total Initial Acquisition Costs	65,540
Costs of Improvements Capitalized Subsequent to Acquisition Costs	971
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	57,847
Total Carrying Value	66,511
Accumulated Depreciation	3,609
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	66,511
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	3,609
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	123,162
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	145,303
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	983,279
Total Carrying Value	1,128,582
Accumulated Depreciation	518,507
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,128,582
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	518,507
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	12,732
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,354
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	18,301
Total Carrying Value	21,655
Accumulated Depreciation	14,494
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	21,655
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	14,494
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	8,472
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,262
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	14,792
Total Carrying Value	18,054
Accumulated Depreciation	12,227
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	18,054
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	12,227
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	7,085
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,463
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	29,108
Total Carrying Value	35,571
Accumulated Depreciation	22,341
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	35,571
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	22,341
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	12,529
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	7,628
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	42,671
Total Carrying Value	50,299
Accumulated Depreciation	30,855
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	50,299
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	30,855
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	17,118
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	22,046
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	105,745
Total Carrying Value	127,791
Accumulated Depreciation	73,317
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	127,791
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	73,317
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	27,111
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	30,528
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	96,087
Total Carrying Value	126,615
Accumulated Depreciation	81,107
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	126,615
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	81,107
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	9,782
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	8,724
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	55,589
Total Carrying Value	64,313
Accumulated Depreciation	37,749
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	64,313
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	37,749
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	2,373
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,504
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	41,202
Total Carrying Value	47,706
Accumulated Depreciation	24,695
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	47,706
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	24,695
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	7,434
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	8,493
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	132,167
Total Carrying Value	140,660
Accumulated Depreciation	56,238
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	140,660
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	56,238
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	7,723
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,313
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	84,244
Total Carrying Value	89,557
Accumulated Depreciation	36,359
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	89,557
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	36,359
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	2,526
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,073
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	65,470
Total Carrying Value	71,543
Accumulated Depreciation	32,054
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	71,543
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	32,054
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	2,045
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	11,317
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	87,735
Total Carrying Value	99,052
Accumulated Depreciation	41,927
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	99,052
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	41,927
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	712
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,728
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	57,550
Total Carrying Value	61,278
Accumulated Depreciation	23,620
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	61,278
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23,620
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	5,520
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	21,870
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	152,618
Total Carrying Value	174,488
Accumulated Depreciation	31,524
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	174,488
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	31,524
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	118,249
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	30,873
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	172,698
Total Carrying Value	203,571
Accumulated Depreciation	127,252
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	203,571
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	127,252
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	14,121
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,507
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	21,542
Total Carrying Value	25,049
Accumulated Depreciation	15,521
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	25,049
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,521
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	8,339
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	1,873
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	11,542
Total Carrying Value	13,415
Accumulated Depreciation	8,356
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	13,415
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	8,356
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	22,077
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,994
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	32,005
Total Carrying Value	37,999
Accumulated Depreciation	24,073
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	37,999
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	24,073
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	9,228
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	2,563
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	13,084
Total Carrying Value	15,647
Accumulated Depreciation	10,097
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	15,647
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	10,097
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	39,634
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	10,589
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	59,287
Total Carrying Value	69,876
Accumulated Depreciation	43,366
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	69,876
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	43,366
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	14,739
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,891
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	20,920
Total Carrying Value	24,811
Accumulated Depreciation	15,600
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	24,811
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,600
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	10,111
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	2,456
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	14,318
Total Carrying Value	16,774
Accumulated Depreciation	10,239
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	16,774
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	10,239
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	181,914
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	163,842
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	326,397
Total Carrying Value	490,239
Accumulated Depreciation	247,079
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	490,239
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	247,079
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	9,575
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	9,108
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	26,330
Total Carrying Value	35,438
Accumulated Depreciation	21,492
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	35,438
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	21,492
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	13,067
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	40,213
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	49,119
Total Carrying Value	89,332
Accumulated Depreciation	36,285
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	89,332
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	36,285
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	52,811
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	51,688
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	151,669
Total Carrying Value	203,357
Accumulated Depreciation	110,080
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	203,357
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	110,080
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	106,461
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	62,833
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	99,279
Total Carrying Value	162,112
Accumulated Depreciation	79,222
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	162,112
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	79,222
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	83,277
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	45,841
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	182,418
Total Carrying Value	228,259
Accumulated Depreciation	107,253
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	228,259
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	107,253
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	67,232
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	24,761
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	59,673
Total Carrying Value	84,434
Accumulated Depreciation	54,351
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	84,434
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	54,351
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	12,749
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,580
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	35,429
Total Carrying Value	42,009
Accumulated Depreciation	27,548
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	42,009
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	27,548
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	3,296
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	14,500
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	87,316
Total Carrying Value	101,816
Accumulated Depreciation	25,354
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	101,816
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	25,354
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	24,061
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	11,541
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	45,811
Total Carrying Value	57,352
Accumulated Depreciation	37,923
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	57,352
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	37,923
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	12,910
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,543
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	20,774
Total Carrying Value	25,317
Accumulated Depreciation	16,781
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	25,317
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,781
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	11,151
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,998
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	25,037
Total Carrying Value	32,035
Accumulated Depreciation	21,142
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	32,035
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	21,142
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	829,158
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	555,010
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	2,864,341
Total Carrying Value	3,419,351
Accumulated Depreciation	1,548,803
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	3,419,351
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	1,548,803
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	630,477
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	460,729
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	2,210,766
Total Carrying Value	2,671,495
Accumulated Depreciation	1,188,299
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	2,671,495
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	1,188,299
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	19,455
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,763
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	31,286
Total Carrying Value	36,049
Accumulated Depreciation	24,487
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	36,049
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	24,487
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	12,396
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,345
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	19,804
Total Carrying Value	23,149
Accumulated Depreciation	16,778
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	23,149
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,778
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	21,753
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	11,958
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	39,823
Total Carrying Value	51,781
Accumulated Depreciation	31,198
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	51,781
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	31,198
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	29,069
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	7,930
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	40,968
Total Carrying Value	48,898
Accumulated Depreciation	35,385
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	48,898
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	35,385
METROPOLITAN, D.C. | Ridgewood
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	19,353
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,721
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	38,330
Total Carrying Value	45,051
Accumulated Depreciation	31,042
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	45,051
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	31,042
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	42,807
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	51,488
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	53,977
Total Carrying Value	105,465
Accumulated Depreciation	42,737
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	105,465
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	42,737
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	25,279
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	15,244
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	59,847
Total Carrying Value	75,091
Accumulated Depreciation	50,574
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	75,091
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	50,574
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	9,506
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	69,281
Total Carrying Value	69,637
Accumulated Depreciation	50,095
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	69,637
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	50,095
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	24,908
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	2,212
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	127,509
Total Carrying Value	129,721
Accumulated Depreciation	94,334
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	129,721
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	94,334
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	12,431
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	79,088
Total Carrying Value	100,802
Accumulated Depreciation	57,179
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	100,802
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	57,179
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	10,122
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	107,985
Total Carrying Value	113,773
Accumulated Depreciation	69,892
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	113,773
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	69,892
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	100,675
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	100,563
Total Carrying Value	132,068
Accumulated Depreciation	64,056
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	132,068
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	64,056
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	63,449
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	7,578
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	63,171
Total Carrying Value	70,749
Accumulated Depreciation	39,476
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	70,749
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	39,476
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	7,086
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	10,014
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	74,842
Total Carrying Value	84,856
Accumulated Depreciation	35,906
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	84,856
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	35,906
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	10,264
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	28,323
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	121,568
Total Carrying Value	149,891
Accumulated Depreciation	67,118
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	149,891
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	67,118
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	10,601
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	16,047
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	117,659
Total Carrying Value	133,706
Accumulated Depreciation	55,540
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	133,706
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	55,540
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	15,658
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	51,943
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	174,324
Total Carrying Value	226,267
Accumulated Depreciation	95,659
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	226,267
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	95,659
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	16,122
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	14,970
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	99,683
Total Carrying Value	114,653
Accumulated Depreciation	56,817
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	114,653
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	56,817
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	28,239
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	51,174
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	204,565
Total Carrying Value	255,739
Accumulated Depreciation	115,231
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	255,739
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	115,231
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	5,997
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	27,887
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	134,137
Total Carrying Value	162,024
Accumulated Depreciation	47,583
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	162,024
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	47,583
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	2,100
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	16,760
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	111,199
Total Carrying Value	127,959
Accumulated Depreciation	31,418
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	127,959
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	31,418
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	13,389
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	21,278
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	111,468
Total Carrying Value	132,746
Accumulated Depreciation	31,441
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	132,746
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	31,441
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	13,937
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	24,596
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	113,808
Total Carrying Value	138,404
Accumulated Depreciation	31,668
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	138,404
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	31,668
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	115,881
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	115,881
Total Carrying Value	143,016
Accumulated Depreciation	12,685
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	143,016
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	12,685
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	90,963
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	76,189
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	497,918
Total Carrying Value	574,107
Accumulated Depreciation	224,052
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	574,107
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	224,052
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	15,677
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,837
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	38,940
Total Carrying Value	44,777
Accumulated Depreciation	31,545
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	44,777
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	31,545
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	22,117
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	12,605
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	66,852
Total Carrying Value	79,457
Accumulated Depreciation	46,692
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	79,457
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	46,692
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	5,959
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	46,174
Total Carrying Value	51,258
Accumulated Depreciation	30,168
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	51,258
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	30,168
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	11,287
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	15,834
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	78,803
Total Carrying Value	94,637
Accumulated Depreciation	30,650
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	94,637
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	30,650
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	12,647
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	12,797
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	91,296
Total Carrying Value	104,093
Accumulated Depreciation	29,964
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	104,093
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	29,964
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	4,423
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	7,827
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	50,641
Total Carrying Value	58,468
Accumulated Depreciation	11,943
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	58,468
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	11,943
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	18,853
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	16,205
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	125,212
Total Carrying Value	141,417
Accumulated Depreciation	43,090
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	141,417
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	43,090
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	107,718
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	18,092
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	155,657
Total Carrying Value	173,749
Accumulated Depreciation	136,452
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	173,749
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	136,452
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	34,795
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,947
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	36,822
Total Carrying Value	40,769
Accumulated Depreciation	35,027
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	40,769
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	35,027
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	16,320
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,216
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	28,187
Total Carrying Value	31,403
Accumulated Depreciation	21,381
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	31,403
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	21,381
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	14,466
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,591
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	41,346
Total Carrying Value	45,937
Accumulated Depreciation	34,642
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	45,937
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	34,642
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	42,137
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,338
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	49,302
Total Carrying Value	55,640
Accumulated Depreciation	45,402
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	55,640
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	45,402
NORTHEASTERN REGION
Real Estate and Accumulated Depreciation
Encumbrances	228,553
Initial Costs, Land and Land Improvements	529,972
Initial Costs, Buildings and Improvements	2,270,722
Total Initial Acquisition Costs	2,800,694
Costs of Improvements Capitalized Subsequent to Acquisition Costs	1,003,822
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	550,218
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	3,254,298
Total Carrying Value	3,804,516
Accumulated Depreciation	1,513,503
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	3,804,516
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	1,513,503
BOSTON, MA
Real Estate and Accumulated Depreciation
Encumbrances	228,553
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	716,195
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	238,218
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	1,737,135
Total Carrying Value	1,975,353
Accumulated Depreciation	713,958
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,975,353
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	713,958
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	31,227
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,873
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	121,856
Total Carrying Value	128,729
Accumulated Depreciation	79,938
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	128,729
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	79,938
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	10,741
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,764
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	44,885
Total Carrying Value	51,649
Accumulated Depreciation	29,827
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	51,649
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	29,827
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	22,972
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	20,511
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	111,335
Total Carrying Value	131,846
Accumulated Depreciation	74,881
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	131,846
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	74,881
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	23,456
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	11,991
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	73,601
Total Carrying Value	85,592
Accumulated Depreciation	49,886
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	85,592
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	49,886
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	208,882
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	24,861
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	208,605
Total Carrying Value	233,466
Accumulated Depreciation	101,060
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	233,466
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	101,060
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	333,549
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	45,029
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	321,458
Total Carrying Value	366,487
Accumulated Depreciation	113,618
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	366,487
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	113,618
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	4,230
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	12,824
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	74,135
Total Carrying Value	86,959
Accumulated Depreciation	27,375
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	86,959
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	27,375
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	32,339
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	35,097
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	257,366
Total Carrying Value	292,463
Accumulated Depreciation	97,424
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	292,463
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	97,424
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	6,459
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	17,389
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	118,915
Total Carrying Value	136,304
Accumulated Depreciation	39,561
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	136,304
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	39,561
BOSTON, MA | Lenox Farms
Real Estate and Accumulated Depreciation
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	18,552
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	18,004
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	134,139
Total Carrying Value	152,143
Accumulated Depreciation	43,869
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	152,143
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	43,869
BOSTON, MA | Union Place
Real Estate and Accumulated Depreciation
Encumbrances	51,053
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	9,281
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	10,178
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	81,247
Total Carrying Value	91,425
Accumulated Depreciation	22,389
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	91,425
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	22,389
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	14,507
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	28,697
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	189,593
Total Carrying Value	218,290
Accumulated Depreciation	34,130
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	218,290
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	34,130
NEW YORK, NY
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	249,878
Initial Costs, Buildings and Improvements	917,312
Total Initial Acquisition Costs	1,167,190
Costs of Improvements Capitalized Subsequent to Acquisition Costs	219,259
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	253,822
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	1,132,627
Total Carrying Value	1,386,449
Accumulated Depreciation	698,096
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,386,449
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	698,096
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	38,098
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	42,107
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	256,406
Total Carrying Value	298,513
Accumulated Depreciation	149,297
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	298,513
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	149,297
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	18,521
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	36,541
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	125,533
Total Carrying Value	162,074
Accumulated Depreciation	76,949
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	162,074
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	76,949
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	133,070
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	116,296
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	456,104
Total Carrying Value	572,400
Accumulated Depreciation	285,197
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	572,400
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	285,197
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	29,570
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	58,878
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	294,584
Total Carrying Value	353,462
Accumulated Depreciation	186,653
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	353,462
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	186,653
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	68,368
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	58,178
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	384,536
Total Carrying Value	442,714
Accumulated Depreciation	101,449
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	442,714
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	101,449
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	4,309
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	10,682
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	100,042
Total Carrying Value	110,724
Accumulated Depreciation	37,862
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	110,724
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	37,862
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	2,671
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	17,871
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	98,626
Total Carrying Value	116,497
Accumulated Depreciation	22,690
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	116,497
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	22,690
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	11,456
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	135,961
Total Carrying Value	148,220
Accumulated Depreciation	32,596
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	148,220
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	32,596
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	49,932
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	17,366
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	49,907
Total Carrying Value	67,273
Accumulated Depreciation	8,301
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	67,273
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	8,301
SOUTHEASTERN REGION
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	150,635
Initial Costs, Buildings and Improvements	922,014
Total Initial Acquisition Costs	1,072,649
Costs of Improvements Capitalized Subsequent to Acquisition Costs	689,308
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	206,513
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	1,555,444
Total Carrying Value	1,761,957
Accumulated Depreciation	863,039
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,761,957
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	863,039
TAMPA, FL
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements	71,613
Initial Costs, Buildings and Improvements	436,674
Total Initial Acquisition Costs	508,287
Costs of Improvements Capitalized Subsequent to Acquisition Costs	316,014
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	97,086
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	727,215
Total Carrying Value	824,301
Accumulated Depreciation	340,242
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	824,301
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	340,242
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	20,465
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,566
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	22,785
Total Carrying Value	27,351
Accumulated Depreciation	17,992
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	27,351
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	17,992
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	22,468
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,489
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	22,217
Total Carrying Value	26,706
Accumulated Depreciation	22,057
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	26,706
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	22,057
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	18,637
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,385
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	27,294
Total Carrying Value	30,679
Accumulated Depreciation	23,385
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	30,679
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23,385
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	17,110
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,841
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	22,226
Total Carrying Value	26,067
Accumulated Depreciation	18,911
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	26,067
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	18,911
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	29,106
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	11,281
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	48,677
Total Carrying Value	59,958
Accumulated Depreciation	41,542
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	59,958
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	41,542
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	25,055
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	13,002
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	59,780
Total Carrying Value	72,782
Accumulated Depreciation	45,871
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	72,782
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	45,871
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	27,394
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	16,108
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	55,560
Total Carrying Value	71,668
Accumulated Depreciation	45,659
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	71,668
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	45,659
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	5,273
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,831
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	94,487
Total Carrying Value	101,318
Accumulated Depreciation	37,316
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	101,318
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	37,316
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	3,729
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,556
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	47,363
Total Carrying Value	51,919
Accumulated Depreciation	17,985
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	51,919
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	17,985
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	9,202
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	10,642
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	81,562
Total Carrying Value	92,204
Accumulated Depreciation	27,495
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	92,204
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	27,495
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	12,105
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	11,773
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	119,795
Total Carrying Value	131,568
Accumulated Depreciation	37,669
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	131,568
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	37,669
TAMPA, FL | 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	125,470
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,612
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	125,469
Total Carrying Value	132,081
Accumulated Depreciation	4,360
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	132,081
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	4,360
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	183,851
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	62,845
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	509,958
Total Carrying Value	572,803
Accumulated Depreciation	271,917
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	572,803
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	271,917
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	13,388
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,680
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	15,709
Total Carrying Value	19,389
Accumulated Depreciation	13,929
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	19,389
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	13,929
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	29,028
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,192
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	37,445
Total Carrying Value	41,637
Accumulated Depreciation	33,822
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	41,637
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	33,822
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	22,519
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,289
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	26,595
Total Carrying Value	29,884
Accumulated Depreciation	24,484
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	29,884
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	24,484
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	16,203
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,083
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	23,815
Total Carrying Value	26,898
Accumulated Depreciation	21,002
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	26,898
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	21,002
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	17,387
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,809
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	27,731
Total Carrying Value	32,540
Accumulated Depreciation	24,488
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	32,540
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	24,488
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	17,474
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,442
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	24,856
Total Carrying Value	28,298
Accumulated Depreciation	19,717
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	28,298
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	19,717
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	12,410
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	2,059
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	18,131
Total Carrying Value	20,190
Accumulated Depreciation	14,081
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	20,190
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	14,081
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	10,663
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,972
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	27,101
Total Carrying Value	32,073
Accumulated Depreciation	21,897
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	32,073
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	21,897
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	22,091
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	8,211
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	33,432
Total Carrying Value	41,643
Accumulated Depreciation	25,070
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	41,643
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	25,070
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	21,357
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	16,010
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	179,355
Total Carrying Value	195,365
Accumulated Depreciation	51,902
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	195,365
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	51,902
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	1,331
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	9,098
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	95,788
Total Carrying Value	104,886
Accumulated Depreciation	21,525
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	104,886
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	21,525
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	164,853
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	29,209
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	238,685
Total Carrying Value	267,894
Accumulated Depreciation	186,621
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	267,894
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	186,621
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	14,254
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	2,255
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	19,014
Total Carrying Value	21,269
Accumulated Depreciation	16,472
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	21,269
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,472
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	21,114
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,024
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	31,143
Total Carrying Value	34,167
Accumulated Depreciation	23,499
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	34,167
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23,499
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	50,932
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,201
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	47,848
Total Carrying Value	53,049
Accumulated Depreciation	34,413
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	53,049
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	34,413
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	10,834
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	1,761
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	15,242
Total Carrying Value	17,003
Accumulated Depreciation	12,395
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	17,003
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	12,395
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	9,768
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	1,960
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	16,288
Total Carrying Value	18,248
Accumulated Depreciation	13,065
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	18,248
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	13,065
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	13,611
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	3,050
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	28,036
Total Carrying Value	31,086
Accumulated Depreciation	21,716
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	31,086
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	21,716
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	21,464
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,634
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	44,686
Total Carrying Value	49,320
Accumulated Depreciation	33,579
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	49,320
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	33,579
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	22,876
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	7,324
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	36,428
Total Carrying Value	43,752
Accumulated Depreciation	31,482
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	43,752
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	31,482
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	24,590
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	17,373
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	79,586
Total Carrying Value	96,959
Accumulated Depreciation	64,259
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	96,959
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	64,259
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	24,590
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	17,373
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	79,586
Total Carrying Value	96,959
Accumulated Depreciation	64,259
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	96,959
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	64,259
SOUTHWESTERN REGION
Real Estate and Accumulated Depreciation
Encumbrances	540,115
Initial Costs, Land and Land Improvements	243,707
Initial Costs, Buildings and Improvements	1,202,214
Total Initial Acquisition Costs	1,445,921
Costs of Improvements Capitalized Subsequent to Acquisition Costs	491,063
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	273,732
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	1,663,252
Total Carrying Value	1,936,984
Accumulated Depreciation	599,867
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,936,984
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	599,867
DALLAS, TX
Real Estate and Accumulated Depreciation
Encumbrances	473,196
Initial Costs, Land and Land Improvements	192,492
Initial Costs, Buildings and Improvements	856,948
Total Initial Acquisition Costs	1,049,440
Costs of Improvements Capitalized Subsequent to Acquisition Costs	309,359
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	216,456
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	1,142,343
Total Carrying Value	1,358,799
Accumulated Depreciation	389,729
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,358,799
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	389,729
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	25,983
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	26,585
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	56,385
Total Carrying Value	82,970
Accumulated Depreciation	45,444
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	82,970
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	45,444
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	37,704
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	23,823
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	130,865
Total Carrying Value	154,688
Accumulated Depreciation	98,942
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	154,688
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	98,942
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	23,821
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	32,036
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	25,054
Total Carrying Value	57,090
Accumulated Depreciation	18,293
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	57,090
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	18,293
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	9,402
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	6,801
Total Carrying Value	17,859
Accumulated Depreciation	5,697
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	17,859
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	5,697
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	3,241
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	5,857
Total Carrying Value	14,315
Accumulated Depreciation	4,586
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	14,315
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	4,586
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	7,263
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	9,097
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	57,081
Total Carrying Value	66,178
Accumulated Depreciation	18,986
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	66,178
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	18,986
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	5,830
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	7,067
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	61,829
Total Carrying Value	68,896
Accumulated Depreciation	20,517
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	68,896
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	20,517
DALLAS, TX | Fiori on Vitruvian Park
Real Estate and Accumulated Depreciation
Encumbrances	44,903
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	6,589
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	8,767
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	84,331
Total Carrying Value	93,098
Accumulated Depreciation	28,847
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	93,098
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	28,847
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	4,387
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,676
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	65,402
Total Carrying Value	72,078
Accumulated Depreciation	22,421
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	72,078
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	22,421
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	40,498
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,670
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	56,077
Total Carrying Value	62,747
Accumulated Depreciation	15,443
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	62,747
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,443
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	65,163
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	7,385
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	67,673
Total Carrying Value	75,058
Accumulated Depreciation	11,979
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	75,058
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	11,979
DALLAS, TX | 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	41,770
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	9,970
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	42,497
Total Carrying Value	52,467
Accumulated Depreciation	2,788
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	52,467
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	2,788
DALLAS, TX | The Canal
Real Estate and Accumulated Depreciation
Encumbrances	41,222
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	5,284
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	103,988
Total Carrying Value	116,768
Accumulated Depreciation	26,939
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	116,768
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	26,939
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	22,680
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	18,460
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	174,527
Total Carrying Value	192,987
Accumulated Depreciation	48,325
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	192,987
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	48,325
DALLAS, TX | Central Square at Frisco
Real Estate and Accumulated Depreciation
Encumbrances	37,090
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	2,423
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	7,678
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	54,861
Total Carrying Value	62,539
Accumulated Depreciation	5,455
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	62,539
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	5,455
DALLAS, TX | Villaggio
Real Estate and Accumulated Depreciation
Encumbrances	32,234
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	2,360
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,195
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	44,164
Total Carrying Value	50,359
Accumulated Depreciation	4,479
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	50,359
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	4,479
DALLAS, TX | Lofts at Palisades
Real Estate and Accumulated Depreciation
Encumbrances	39,882
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	1,266
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	8,200
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	57,407
Total Carrying Value	65,607
Accumulated Depreciation	5,718
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	65,607
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	5,718
DALLAS, TX | Flats at Palisades
Real Estate and Accumulated Depreciation
Encumbrances	32,038
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	3,695
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,551
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	47,544
Total Carrying Value	53,095
Accumulated Depreciation	4,870
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	53,095
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	4,870
AUSTIN, TX
Real Estate and Accumulated Depreciation
Encumbrances	66,919
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	82,849
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	34,354
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	292,137
Total Carrying Value	326,491
Accumulated Depreciation	140,694
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	326,491
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	140,694
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	28,542
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,096
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	39,866
Total Carrying Value	45,962
Accumulated Depreciation	35,416
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	45,962
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	35,416
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	19,426
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	73,632
Total Carrying Value	78,716
Accumulated Depreciation	54,417
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	78,716
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	54,417
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	16,046
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	5,810
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	32,966
Total Carrying Value	38,776
Accumulated Depreciation	21,172
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	38,776
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	21,172
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	12,982
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	4,961
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	29,038
Total Carrying Value	33,999
Accumulated Depreciation	18,285
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	33,999
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	18,285
AUSTIN, TX | Estancia Villas
Real Estate and Accumulated Depreciation
Encumbrances	27,895
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	3,220
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,399
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	56,151
Total Carrying Value	62,550
Accumulated Depreciation	5,529
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	62,550
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	5,529
AUSTIN, TX | Palo Verde
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	2,633
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	6,004
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	60,484
Total Carrying Value	66,488
Accumulated Depreciation	5,875
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	66,488
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	5,875
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	98,855
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	22,922
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	228,772
Total Carrying Value	251,694
Accumulated Depreciation	69,444
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	251,694
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	69,444
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	10,036
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	8,906
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	140,116
Total Carrying Value	149,022
Accumulated Depreciation	54,598
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	149,022
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	54,598
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	88,819
Gross Amount at Which Carried at Close of Period, Land and Land Improvements	14,016
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements	88,656
Total Carrying Value	102,672
Accumulated Depreciation	14,846
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	102,672
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	14,846
Secured Debt
Real Estate and Accumulated Depreciation
Deferred Financing Costs and Other Non-Cash Adjustments	$ (3,467)