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UDR • CIK 0000074208
| (in thousands, except per share data) | FY 2023 | FY 2024 | FY 2025 | TTM |
|---|---|---|---|---|
| Operating Lease, Lease Income | $1,620,658 | $1,663,525 | $1,700,956 | $1,704,441 |
| Revenue from Contract with Customer, Excluding Assessed Tax | $6,843 | $8,317 | $11,361 | $11,777 |
| Revenues | $1,627,501 | $1,671,842 | $1,712,317 | $1,716,218 |
| Operating Income (Loss) | $635,008 | $284,569 | $553,606 | $661,216 |
| Income (Loss) from Equity Method Investments | $4,693 | $20,235 | $28,388 | $42,270 |
| Interest Expense, Debt | $180,866 | $195,712 | $196,619 | $197,494 |
| Other Nonoperating Income (Expense) | $17,759 | $-12,336 | $19,175 | $19,688 |
| Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $476,594 | $96,756 | $404,550 | $525,680 |
| Income Tax Expense (Benefit) | $2,106 | $879 | $835 | $1,132 |
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $474,488 | $95,877 | $403,715 | $524,548 |
| Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | $30,104 | $6,246 | $25,965 | $33,687 |
| Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | $31 | $46 | $46 | $46 |
| Net Income (Loss) Attributable to Parent | $444,353 | $89,585 | $377,704 | $490,815 |
| Dividends, Preferred Stock | $4,848 | $4,835 | $4,839 | $4,853 |
| Net Income (Loss) Available to Common Stockholders, Basic | $439,505 | $84,750 | $372,865 | $485,962 |
| Weighted Average Number of Shares Outstanding, Basic | 328,765,000 | 329,290,000 | 330,322,000 | 326,995,000 |
| Weighted Average Number of Shares Outstanding, Diluted | 329,104,000 | 330,116,000 | 331,053,000 | 329,630,000 |
| Direct Costs of Leased and Rented Property or Equipment | $273,736 | $292,572 | $304,971 | $309,713 |
| Real Estate Taxes and Insurance | $232,152 | $232,130 | $233,817 | $234,931 |
| Other Cost and Expense, Operating | $20,222 | $30,416 | $30,734 | $32,090 |
| Depreciation, Nonproduction | $676,419 | $676,068 | $654,121 | $653,995 |
| General and Administrative Expense | $69,929 | $84,305 | $85,104 | $84,973 |
| Other Depreciation and Amortization | $15,419 | $19,405 | $25,914 | $22,182 |
| Costs and Expenses | $1,343,686 | $1,404,140 | $1,401,624 | $1,407,392 |
| Gains (Losses) on Sales of Investment Real Estate | $351,193 | $16,867 | $242,913 | $352,390 |
| (in thousands, except per share data) | FY 2023 | FY 2024 | FY 2025 | TTM |
|---|---|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | $2,922 | $1,326 | $1,222 | $1,300 |
| Restricted Cash and Cash Equivalents | $31,944 | $34,101 | $35,710 | $33,498 |
| Financing Receivable, after Allowance for Credit Loss | $228,825 | $247,849 | $149,979 | $153,564 |
| Investments in Affiliates, Subsidiaries, Associates, and Joint Ventures, Fair Value Disclosure | $952,934 | $917,483 | $886,492 | $757,689 |
| Operating Lease, Right-of-Use Asset | $190,619 | $186,997 | $187,624 | $186,641 |
| Other Assets | $209,969 | $197,493 | $231,308 | $370,870 |
| Assets | $11,373,242 | $10,897,586 | $10,605,674 | $10,333,774 |
| Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount | $961,087 | $1,017,355 | $859,966 | $819,753 |
| Real Estate Investment Property, at Cost | $15,757,456 | $15,994,794 | $16,415,000 | $16,116,838 |
| Real Estate Investment Property, Accumulated Depreciation | $6,242,686 | $6,836,920 | $7,374,546 | $7,378,368 |
| Development in Process | $160,220 | $160,220 | $72,885 | $91,742 |
| Real Estate Investment Property, Net | $9,756,029 | $9,312,337 | $9,113,339 | $8,830,212 |
| Secured Debt | $1,277,713 | $1,139,331 | $961,180 | $959,597 |
| Unsecured Debt | $4,520,996 | $4,687,634 | $4,860,189 | $4,703,719 |
| Operating Lease, Liability | $185,836 | $182,275 | $182,963 | $181,995 |
| Accrual for Taxes Other than Income Taxes | $47,107 | $46,403 | $45,640 | $35,378 |
| Interest Payable | $47,710 | $52,631 | $51,698 | $27,817 |
| Advance Rent | $50,528 | $61,592 | $61,205 | $59,557 |
| Dividends Payable | $149,600 | $151,720 | $151,934 | $152,871 |
| Accounts Payable and Accrued Liabilities | $141,311 | $115,105 | $142,102 | $107,072 |
| Liabilities | $6,420,801 | $6,436,691 | $6,456,911 | $6,228,006 |
| Common Stock, Value, Issued | $3,290 | $3,309 | $3,283 | $3,259 |
| Additional Paid in Capital | $7,493,217 | $7,572,480 | $7,480,594 | $7,384,029 |
| Accumulated Distributions in Excess of Net Income | $3,554,892 | $4,179,415 | $4,240,268 | $4,147,206 |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $4,914 | $3,638 | $1,660 | $2,405 |
| Stockholders' Equity Attributable to Parent | $3,991,144 | $3,443,205 | $3,288,462 | $3,285,680 |
| Stockholders' Equity Attributable to Noncontrolling Interest | $210 | $335 | $335 | $335 |
| Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $3,991,354 | $3,443,540 | $3,288,797 | $3,286,015 |
| Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| Common Stock, Shares Authorized | 450,000,000 | 450,000,000 | 450,000,000 | 450,000,000 |
| Common Stock, Shares, Issued | 329,014,512 | 330,858,719 | 328,273,044 | 325,894,030 |
| (in thousands, except per share data) | FY 2023 | FY 2024 | FY 2025 | TTM |
|---|---|---|---|---|
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $474,488 | $95,877 | $403,715 | $524,548 |
| Net Cash Provided by (Used in) Operating Activities | $832,664 | $876,848 | $902,887 | $875,414 |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | $4,672 | $561 | $1,505 | $1,477 |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $34,866 | $35,427 | $36,932 | $38,409 |
| Depreciation, Depletion and Amortization | $691,838 | $695,473 | $680,035 | $676,177 |
| Payments to Acquire Buildings | $17,848 | $17,848 | $147,171 | $147,171 |
| Gains (Losses) on Sales of Investment Real Estate | $351,193 | $16,867 | $242,913 | $352,390 |
| Proceeds from Sale of Real Estate Held-for-investment | $325,767 | $98,650 | $373,545 | $388,541 |
| Income (Loss) from Equity Method Investments | $4,693 | $20,235 | $28,388 | $42,270 |
| Payments to Develop Real Estate Assets | $155,875 | $67,532 | $43,695 | $63,369 |
| Payments for Capital Improvements | $295,440 | $249,886 | $252,857 | $243,328 |
| Share-based Payment Arrangement, Noncash Expense | $32,896 | $32,625 | $26,484 | $28,554 |
| Payments to Acquire Furniture and Fixtures | $16,907 | $21,801 | $36,084 | $28,603 |
| Financing Receivable, Credit Loss, Expense (Reversal) | $700 | $37,456 | $-213 | $-213 |
| Payments to Acquire Interest in Subsidiaries and Affiliates | $71,395 | $50,335 | $83,031 | $83,031 |
| Other Operating Activities, Cash Flow Statement | $9,791 | $27,107 | $32,509 | $36,584 |
| Proceeds from Equity Method Investment, Distribution, Return of Capital | $14,399 | $41,097 | $150,303 | $285,878 |
| ProceedsFromSaleOfEquitySecuritiesFvNi | $14,471 | $4,624 | $4,624 | $4,624 |
| Payments for (Proceeds from) Loans Receivable | $85,310 | $32,168 | $112,000 | $112,000 |
| Net Cash Provided by (Used in) Investing Activities | $-289,138 | $-276,351 | $-150,990 | $114,847 |
| Increase (Decrease) in Operating Assets | $33,579 | $31,144 | $8,372 | $35,136 |
| Repayments of Secured Debt | $1,244 | $137,971 | $178,323 | $178,523 |
| Increase (Decrease) in Operating Liabilities | $-2,828 | $-4,759 | $-13,888 | $-20,171 |
| Repayments of Unsecured Debt | $300,000 | $15,644 | $15,644 | $15,644 |
| Proceeds from Issuance of Unsecured Debt | $511,552 | $296,929 | $296,929 | $296,929 |
| Proceeds from (Repayments of) Commercial Paper | $108,075 | $-118,175 | $155,100 | $-80,000 |
| Proceeds from (Repayments of) Lines of Credit | $-23,425 | $4,768 | $17,020 | $109,907 |
| Payments for Repurchase of Common Stock | $25,009 | $25,009 | $117,811 | $117,811 |
| Payments of Ordinary Dividends, Noncontrolling Interest | $35,582 | $42,798 | $39,702 | $39,813 |
| Payments of Ordinary Dividends, Preferred Stock and Preference Stock | $4,770 | $4,851 | $4,830 | $4,844 |
| Payments of Ordinary Dividends, Common Stock | $539,852 | $558,482 | $567,864 | $568,402 |
| Proceeds from (Payments for) Other Financing Activities | $-16,496 | $-23,712 | $-13,982 | $-9,298 |
| Net Cash Provided by (Used in) Financing Activities | $-538,854 | $-599,936 | $-750,392 | $-988,784 |
| Interest Paid, Excluding Capitalized Interest, Operating Activities | $184,201 | $192,101 | $190,511 | $189,417 |
| Proceeds from Lease Payment, Operating Activity | $12,502 | $12,502 | $12,608 | $12,671 |
| Income Taxes Paid, Net | $1,911 | $1,044 | $1,373 | $1,373 |
| Noncash or Part Noncash Acquisition, Debt Assumed | $191,737 | $191,737 | $191,737 | $191,737 |
| Capital Expenditures Incurred but Not yet Paid | $39,080 | $15,188 | $28,924 | $38,289 |
| Conversion of Stock, Amount Converted | $18,794 | $73,196 | $15,804 | $16,933 |
| Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | — | — | $4,422 | $4,422 |
| Dividends Payable | $149,600 | $151,720 | $151,934 | $151,049 |
| Cash and Cash Equivalents, at Carrying Value | $2,922 | $1,326 | $1,222 | $1,272 |
| Restricted Cash and Cash Equivalents | $31,944 | $34,101 | $35,710 | $37,137 |
| Conversion of Stock, Shares Converted | 470,800 | 1,703,570 | 382,991 | 423,132 |