UDR, Inc.

For the period ended Dec 31, 2025. Filed Feb 17, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 17, 2026

UDR$36.66-0.1%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Schedule III- Summary of Real Estate Owned

SCHEDULE III — REAL ESTATE OWNED


· · · · · · · · · · · · · · · · · 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	$32,395	$23,025	$58,384	$81,409	$48,990	1965/2003	Jun-03
27 Seventy Five Mesa Verde	—	99,329	110,644	209,973	121,398	118,154	213,217	331,371	186,939	1979/2013	Oct-04
Huntington Vista	—	8,055	22,486	30,541	20,421	9,610	41,352	50,962	33,614	1970	Jun-03
Missions at Back Bay	—	229	14,129	14,358	7,275	11,205	10,428	21,633	7,564	1969	Dec-03
Eight 80 Newport Beach - North	—	62,516	46,082	108,598	75,638	72,722	111,514	184,236	85,078	1968/2000/2016	Oct-04
Eight 80 Newport Beach - South	—	58,785	50,067	108,852	66,609	63,868	111,593	175,461	81,517	1968/2000/2016	Mar-05
Beach & Ocean	—	12,878	-	12,878	42,113	13,606	41,385	54,991	25,675	2014	Aug-11
The Residences at Bella Terra	—	25,000	-	25,000	134,604	26,090	133,514	159,604	86,650	2013	Oct-11
The Residences at Pacific City	—	78,085	-	78,085	285,729	79,680	284,134	363,814	138,622	2018	Jan-14
ORANGE COUNTY, CA	—	365,353	271,946	637,299	786,182	417,960	1,005,521	1,423,481	694,649
2000 Post Street	—	9,861	44,578	54,439	49,496	14,829	89,106	103,935	63,600	1987/2016	Dec-98
Birch Creek	—	4,365	16,696	21,061	13,830	1,797	33,094	34,891	24,150	1968	Dec-98
Highlands Of Marin	—	5,996	24,868	30,864	35,487	8,509	57,842	66,351	47,222	1991/2010	Dec-98
Marina Playa	—	6,224	23,916	30,140	19,225	1,778	47,587	49,365	33,120	1971	Dec-98
River Terrace	—	22,161	40,137	62,298	12,503	23,103	51,698	74,801	43,087	2005	Aug-05
CitySouth	—	14,031	30,537	44,568	45,470	16,945	73,093	90,038	62,506	1972/2012	Nov-05
Bay Terrace	—	8,545	14,458	23,003	12,156	11,781	23,378	35,159	17,122	1962	Oct-05
Highlands of Marin Phase II	—	5,353	18,559	23,912	12,308	5,889	30,331	36,220	24,518	1968/2010	Oct-07
Edgewater	—	30,657	83,872	114,529	16,339	30,878	99,990	130,868	76,058	2007	Mar-08
Almaden Lake Village	27,000	594	42,515	43,109	15,645	1,276	57,478	58,754	43,302	1999	Jul-08
388 Beale	—	14,253	74,104	88,357	29,274	14,930	102,701	117,631	66,649	1999	Apr-11
Channel @ Mission Bay	—	23,625	-	23,625	137,067	24,598	136,094	160,692	87,911	2014	Sep-10
5421 at Dublin Station	—	8,922	-	8,922	119,045	8,942	119,025	127,967	24,367	2022	Sep-16
HQ	—	19,938	65,816	85,754	1,412	19,942	67,224	87,166	13,071	2021	Sep-22
Residences at Lake Merritt	—	8,664	56,876	65,540	1,082	8,667	57,955	66,622	7,326	2023	Dec-23
SAN FRANCISCO, CA	27,000	183,189	536,932	720,121	520,339	193,864	1,046,596	1,240,460	634,009
Crowne Pointe	—	2,486	6,437	8,923	13,577	3,439	19,061	22,500	15,263	1987	Dec-98
Hilltop	—	2,174	7,408	9,582	8,902	3,261	15,223	18,484	12,785	1985	Dec-98
The Kennedy	—	6,179	22,307	28,486	7,445	6,480	29,451	35,931	23,525	2005	Nov-05
Hearthstone at Merrill Creek	—	6,848	30,922	37,770	13,225	7,631	43,364	50,995	32,440	2000	May-08
Island Square	—	21,284	89,389	110,673	22,318	22,304	110,687	132,991	77,382	2007	Jul-08
elements too	—	27,468	72,036	99,504	28,952	30,658	97,798	128,456	84,661	2010	Feb-10
989elements	—	8,541	45,990	54,531	10,718	8,800	56,449	65,249	39,787	2006	Dec-09
Lightbox	—	6,449	38,884	45,333	2,674	6,505	41,502	48,007	25,845	2014	Aug-14
Ashton Bellevue	—	8,287	124,939	133,226	8,544	8,553	133,217	141,770	62,753	2009	Oct-16
TEN20	—	5,247	76,587	81,834	8,249	5,375	84,708	90,083	40,682	2009	Oct-16
Milehouse	—	5,976	63,041	69,017	3,015	6,155	65,877	72,032	35,809	2016	Nov-16
CityLine	—	11,220	85,787	97,007	2,442	11,343	88,106	99,449	46,845	2016	Jan-17
CityLine II	—	3,723	56,843	60,566	880	3,752	57,694	61,446	26,696	2018	Jan-19
Brio	—	21,780	147,188	168,968	6,535	21,930	153,573	175,503	40,850	2020	Jul-21
SEATTLE, WA	—	137,662	867,758	1,005,420	137,476	146,186	996,710	1,142,896	565,323
Rosebeach	—	8,414	17,449	25,863	10,612	9,106	27,369	36,475	22,312	1970	Sep-04
Tierra Del Rey	—	39,586	36,679	76,265	13,953	40,323	49,895	90,218	38,182	1998	Dec-07
The Westerly	—	48,182	102,364	150,546	54,855	51,583	153,818	205,401	114,663	1993/2013	Sep-10
Jefferson at Marina del Rey	—	55,651	-	55,651	107,644	62,846	100,449	163,295	85,389	2008	Sep-07
LOS ANGELES, CA	—	151,833	156,492	308,325	187,064	163,858	331,531	495,389	260,546
Boronda Manor	—	1,946	8,982	10,928	14,831	3,513	22,246	25,759	16,344	1979	Dec-98
Garden Court	—	888	4,188	5,076	8,650	1,881	11,845	13,726	8,767	1973	Dec-98
Cambridge Court	—	3,039	12,883	15,922	23,115	6,094	32,943	39,037	25,254	1974	Dec-98
Laurel Tree	—	1,304	5,115	6,419	9,575	2,569	13,425	15,994	10,570	1977	Dec-98
The Pointe At Harden Ranch	—	6,388	23,854	30,242	41,034	10,701	60,575	71,276	45,521	1986	Dec-98
The Pointe At Northridge	—	2,044	8,028	10,072	15,437	3,894	21,615	25,509	16,363	1979	Dec-98
The Pointe At Westlake	—	1,329	5,334	6,663	10,645	2,461	14,847	17,308	10,820	1975	Dec-98
MONTEREY PENINSULA, CA	—	16,938	68,384	85,322	123,287	31,113	177,496	208,609	133,639
Verano at Rancho Cucamonga Town Square	—	13,557	3,645	17,202	68,616	24,847	60,971	85,818	57,088	2006	Oct-02
Windemere at Sycamore Highland	—	5,810	23,450	29,260	13,226	6,582	35,904	42,486	29,005	2001	Nov-02

S - 1


· · · · · · · · · · · · · · · · · 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	3,835	14,519	87,836	102,355	29,604	2010	Nov-19
OTHER SOUTHERN CA	—	33,645	111,337	144,982	85,677	45,948	184,711	230,659	115,697
Tualatin Heights	—	3,273	9,134	12,407	14,609	4,767	22,249	27,016	17,786	1989	Dec-98
PORTLAND, OR	—	3,273	9,134	12,407	14,609	4,767	22,249	27,016	17,786
TOTAL WEST REGION	27,000	891,893	2,021,983	2,913,876	1,854,634	1,003,696	3,764,814	4,768,510	2,421,649
NORTHEAST REGION
Garrison Square	-	6,475	91,027	97,502	32,079	6,878	122,703	129,581	84,389	1887/1990	Sep-10
Ridge at Blue Hills	25,000	6,039	34,869	40,908	11,868	6,781	45,995	52,776	31,604	2007	Sep-10
Inwood West	80,000	20,778	88,096	108,874	25,455	20,667	113,662	134,329	78,964	2006	Apr-11
14 North	72,500	10,961	51,175	62,136	25,601	12,117	75,620	87,737	53,057	2005	Apr-11
100 Pier 4	-	24,584	-	24,584	210,207	24,963	209,828	234,791	107,450	2015	Dec-15
345 Harrison	-	32,938	-	32,938	334,406	45,164	322,180	367,344	129,252	2018	Nov-11
Currents on the Charles	-	12,580	70,149	82,729	5,338	12,869	75,198	88,067	31,751	2015	Jun-19
The Commons at Windsor Gardens	-	34,609	225,515	260,124	37,040	35,405	261,759	297,164	112,976	1969	Aug-19
Charles River Landing	-	17,068	112,777	129,845	7,947	17,428	120,364	137,792	46,632	2010	Nov-19
Lenox Farms	-	17,692	115,899	133,591	21,756	18,260	137,087	155,347	52,671	2009	Nov-19
Union Place	50,198	9,902	72,242	82,144	10,034	10,232	81,946	92,178	28,793	2005	Jan-21
Bradlee Danvers	-	28,669	175,114	203,783	15,766	28,749	190,800	219,549	48,546	1874/2008	Jun-22
BOSTON, MA	227,698	222,295	1,036,863	1,259,158	737,497	239,513	1,757,142	1,996,655	806,085
10 Hanover Square	—	41,432	218,983	260,415	40,518	42,116	258,817	300,933	156,466	2005/2020	Apr-11
21 Chelsea	—	36,399	107,154	143,553	20,256	36,594	127,215	163,809	79,988	2001	Aug-11
View 34	—	114,410	324,920	439,330	140,303	116,315	463,318	579,633	296,854	1985/2013	Jul-11
95 Wall Street	—	57,637	266,255	323,892	41,655	58,919	306,628	365,547	195,216	2008	Aug-11
NEW YORK, NY	—	249,878	917,312	1,167,190	242,732	253,944	1,155,978	1,409,922	728,524
Park Square	—	10,365	96,050	106,415	4,942	10,707	100,650	111,357	43,510	2018	May-19
The Smith Valley Forge	—	17,853	95,973	113,826	4,909	17,890	100,845	118,735	29,753	2019	Sep-21
322 on North Broad	—	12,240	124,524	136,764	12,930	12,310	137,384	149,694	42,961	2018	Sep-21
The George Apartments	—	17,341	-	17,341	50,121	17,366	50,096	67,462	11,551	2022	Aug-20
Broadridge	—	20,917	155,226	176,143	1,652	20,917	156,878	177,795	6,193	2021	May-25
PHILADELPHIA, PA	—	78,716	471,773	550,489	74,554	79,190	545,853	625,043	133,968
TOTAL NORTHEAST REGION	227,698	550,889	2,425,948	2,976,837	1,054,783	572,647	3,458,973	4,031,620	1,668,577
MID-ATLANTIC REGION
Dominion Middle Ridge	—	3,311	13,283	16,594	21,190	4,838	32,946	37,784	26,123	1990	Jun-96
Dominion Lake Ridge	—	2,366	8,387	10,753	13,489	3,358	20,884	24,242	17,630	1987	Feb-96
Presidential Greens	—	11,238	18,790	30,028	23,612	11,974	41,666	53,640	33,029	1938	May-02
The Whitmore	—	6,418	13,411	19,829	29,756	7,936	41,649	49,585	36,723	1962/2008	Apr-02
Ridgewood	—	5,612	20,086	25,698	20,919	6,763	39,854	46,617	32,600	1988	Aug-02
Waterside Towers	—	13,001	49,657	62,658	44,436	51,608	55,486	107,094	45,440	1971	Dec-03
Wellington Place at Olde Town	—	13,753	36,059	49,812	26,618	15,445	60,985	76,430	52,286	1987/2008	Sep-05
Andover House	—	183	59,948	60,131	10,402	356	70,177	70,533	52,231	2004	Mar-07
Sullivan Place	—	1,137	103,676	104,813	27,346	2,230	129,929	132,159	99,259	2007	Dec-07
Delancey at Shirlington	—	21,606	66,765	88,371	14,141	21,722	80,790	102,512	59,927	2006/2007	Mar-08
View 14	—	5,710	97,941	103,651	11,159	5,806	109,004	114,810	73,410	2009	Jun-11
Capitol View on 14th	—	31,393	-	31,393	101,419	31,556	101,256	132,812	67,120	2013	Sep-07
Domain College Park	—	7,300	-	7,300	63,788	7,592	63,496	71,088	41,497	2014	Jun-11
1200 East West	—	9,748	68,022	77,770	8,096	10,045	75,821	85,866	39,330	2010	Oct-15
Courts at Huntington Station	—	27,749	111,878	139,627	11,271	28,422	122,476	150,898	73,649	2011	Oct-15
Eleven55 Ripley	—	15,566	107,539	123,105	12,167	16,130	119,142	135,272	60,908	2014	Oct-15
Arbor Park of Alexandria	160,930	50,881	159,728	210,609	19,407	52,191	177,825	230,016	105,327	1969/2015	Oct-15
Courts at Dulles	—	14,697	83,834	98,531	18,003	15,131	101,403	116,534	61,992	2000	Oct-15
Newport Village	—	50,046	177,454	227,500	34,205	51,183	210,522	261,705	126,713	1968	Oct-15
1301 Thomas Circle	—	27,836	128,191	156,027	6,828	27,932	134,923	162,855	55,328	2006	Aug-19
Station on Silver	—	16,661	109,198	125,859	2,468	16,825	111,502	128,327	38,992	2018	Dec-20
Seneca Place	—	21,184	98,173	119,357	15,348	21,280	113,425	134,705	39,113	1985	Jun-21
Canterbury Apartments	—	24,456	100,011	124,467	16,267	24,648	116,086	140,734	39,227	1986	Aug-21

S - 2


· · · · · · · · · · · · · · · · · 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
The MO	—	27,135	-	27,135	115,796	27,135	115,796	142,931	19,087	2023	Jan-19
The Enclave at Potomac Club	—	20,013	124,470	144,483	239	20,013	124,709	144,722	1,066	2013	Nov-25
METROPOLITAN, D.C.	160,930	429,000	1,756,501	2,185,501	668,370	482,119	2,371,752	2,853,871	1,298,007
Calvert's Walk	—	4,408	24,692	29,100	16,913	5,847	40,166	46,013	32,938	1988	Mar-04
20 Lambourne	—	11,750	45,590	57,340	24,164	12,733	68,771	81,504	50,004	2003	Mar-08
Domain Brewers Hill	—	4,669	40,630	45,299	7,108	5,088	47,319	52,407	31,803	2009	Aug-10
Rodgers Forge	—	15,392	67,958	83,350	12,846	15,889	80,307	96,196	35,504	1945	Apr-19
Towson Promenade	57,913	12,599	78,847	91,446	13,930	12,841	92,535	105,376	36,287	2009	Nov-19
1274 at Towson	—	7,807	46,238	54,045	4,784	7,879	50,950	58,829	15,637	2020	Sep-21
Quarters at Towson Town Center	—	16,111	106,453	122,564	20,121	16,239	126,446	142,685	50,984	2008	Nov-21
BALTIMORE, MD	57,913	72,736	410,408	483,144	99,866	76,516	506,494	583,010	253,157
Waterside At Ironbridge	—	1,844	13,239	15,083	17,718	3,216	29,585	32,801	22,725	1987	Sep-97
Legacy at Mayland	—	1,979	11,524	13,503	44,535	6,483	51,555	58,038	47,624	1973/2007	Dec-91
RICHMOND, VA	—	3,823	24,763	28,586	62,253	9,699	81,140	90,839	70,349
TOTAL MID-ATLANTIC REGION	218,843	505,559	2,191,672	2,697,231	830,489	568,334	2,959,386	3,527,720	1,621,513
SOUTHEAST REGION
Summit West	—	2,176	4,710	6,886	21,609	4,690	23,805	28,495	19,282	1972	Dec-92
The Breyley	—	1,780	2,458	4,238	24,000	4,766	23,472	28,238	22,942	1977/2007	Sep-93
Lakewood Place	—	1,395	10,647	12,042	20,261	3,547	28,756	32,303	24,784	1986	Mar-94
Cambridge Woods	—	1,791	7,166	8,957	18,303	3,852	23,408	27,260	20,145	1985	Jun-97
Inlet Bay	—	7,702	23,150	30,852	31,580	12,024	50,408	62,432	43,669	1988/1989	Jun-03
MacAlpine Place	—	10,869	36,858	47,727	31,076	13,181	65,622	78,803	48,442	2001	Dec-04
The Vintage Lofts at West End	—	6,611	37,663	44,274	28,825	16,239	56,860	73,099	48,073	2009	Jul-09
Peridot Palms	—	6,293	89,752	96,045	7,003	6,919	96,129	103,048	42,584	2017	Feb-19
The Preserve at Gateway	—	4,467	43,723	48,190	4,499	4,625	48,064	52,689	20,752	2013	May-19
The Slade at Channelside	—	10,216	72,786	83,002	10,573	10,671	82,904	93,575	32,866	2009	Jan-20
Andover Place at Cross Creek	—	11,702	107,761	119,463	13,740	11,929	121,274	133,203	46,067	1997/1999	Nov-20
Meridian	—	6,611	-	6,611	126,516	6,613	126,514	133,127	11,318	2024	May-21
TAMPA, FL	—	71,613	436,674	508,287	337,985	99,056	747,216	846,272	380,924
Altamira Place	—	1,533	11,076	12,609	31,976	4,318	40,267	44,585	35,200	1984/2007	Apr-94
Regatta Shore	—	757	6,608	7,365	23,549	3,493	27,421	30,914	25,446	1988/2007	Jun-94
Alafaya Woods	—	1,653	9,042	10,695	17,386	3,238	24,843	28,081	22,010	1989/2006	Oct-94
Los Altos	—	2,804	12,349	15,153	19,009	5,315	28,847	34,162	25,491	1990/2004	Oct-96
Lotus Landing	—	2,185	8,639	10,824	18,932	3,544	26,212	29,756	20,782	1985/2006	Jul-97
Seville On The Green	—	1,282	6,498	7,780	13,428	2,206	19,002	21,208	14,819	1986/2004	Oct-97
Ashton @ Waterford	—	3,872	17,538	21,410	11,738	4,999	28,149	33,148	22,979	2000	May-98
Arbors at Lee Vista	—	6,692	12,860	19,552	25,058	8,312	36,298	44,610	26,087	1992/2007	Aug-06
Arbors at Maitland Summit	—	15,929	158,079	174,008	22,806	16,281	180,533	196,814	63,396	1998	Oct-21
Essex Luxe	—	9,068	94,487	103,555	1,966	9,164	96,357	105,521	28,210	2020	Oct-21
ORLANDO, FL	—	45,775	337,176	382,951	185,848	60,870	507,929	568,799	284,420
Legacy Hill	—	1,148	5,867	7,015	15,173	2,327	19,861	22,188	17,216	1977	Nov-95
Hickory Run	—	1,469	11,584	13,053	22,923	3,138	32,838	35,976	24,980	1989	Dec-95
Carrington Hills	—	2,117	-	2,117	53,967	5,661	50,423	56,084	36,811	1999	Dec-95
Brookridge	—	708	5,461	6,169	11,364	1,793	15,740	17,533	13,187	1986	Mar-96
Breckenridge	—	766	7,714	8,480	10,662	1,965	17,177	19,142	13,911	1986	Mar-97
Colonnade	—	1,460	16,015	17,475	15,023	3,062	29,436	32,498	23,108	1998	Jan-99
The Preserve at Brentwood	—	3,182	24,674	27,856	22,285	4,760	45,381	50,141	35,655	1998	Jun-04
Polo Park	—	4,583	16,293	20,876	25,786	7,552	39,110	46,662	32,911	1987/2008	May-06
NASHVILLE, TN	—	15,433	87,608	103,041	177,183	30,258	249,966	280,224	197,779
The Reserve and Park at Riverbridge	—	15,968	56,401	72,369	27,020	17,453	81,936	99,389	66,746	1999/2001	Dec-04
OTHER FLORIDA	—	15,968	56,401	72,369	27,020	17,453	81,936	99,389	66,746
TOTAL SOUTHEAST REGION	—	148,789	917,859	1,066,648	728,036	207,637	1,587,047	1,794,684	929,869
SOUTHWEST REGION
Thirty377	25,000	24,036	32,951	56,987	26,777	26,627	57,137	83,764	47,633	1999/2007	Aug-06
Legacy Village	90,000	16,882	100,102	116,984	40,423	24,030	133,377	157,407	104,573	2005/06/07	Mar-08

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· · · · · · · · · · · · · · · · · 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
Addison Apts at The Park	-	22,041	11,228	33,269	26,009	32,215	27,063	59,278	20,327	1977/78/79	May-07
Addison Apts at The Park I	-	7,903	554	8,457	9,916	11,058	7,315	18,373	6,228	1970	May-07
Addison Apts at The Park II	-	10,440	634	11,074	3,620	8,458	6,236	14,694	5,036	1975	May-07
Savoye	-	8,432	50,483	58,915	9,183	9,148	58,950	68,098	22,860	2009	Nov-19
Savoye 2	-	6,451	56,615	63,066	7,388	7,126	63,328	70,454	24,548	2011	Nov-19
Fiori on Vitruvian Park	-	7,934	78,575	86,509	8,092	9,132	85,469	94,601	34,096	2013	Nov-19
Vitruvian West Phase I	41,317	6,273	61,418	67,691	5,926	6,918	66,699	73,617	26,398	2018	Nov-19
Vitruvian West Phase II	-	6,451	15,798	22,249	41,121	6,814	56,556	63,370	19,044	2021	Nov-19
Vitruvian West Phase III	-	7,141	2,754	9,895	65,644	7,405	68,134	75,539	16,432	2022	Nov-19
Villas at Fiori	-	9,921	776	10,697	42,012	9,986	42,723	52,709	5,532	2024	Nov-19
The Canal	40,472	12,671	98,813	111,484	6,470	12,831	105,123	117,954	34,403	2017	Apr-21
Cool Springs at Frisco Bridges	89,510	18,325	151,982	170,307	23,879	18,611	175,575	194,186	60,467	2012	May-21
Central Square at Frisco	36,398	7,661	52,455	60,116	2,711	7,684	55,143	62,827	9,699	2018	Aug-23
Villaggio	31,681	6,186	41,813	47,999	3,574	6,221	45,352	51,573	7,993	2016	Aug-23
Lofts at Palisades	39,178	8,198	56,143	64,341	1,600	8,210	57,731	65,941	10,013	2018	Aug-23
Flats at Palisades	31,472	5,546	43,854	49,400	4,245	5,623	48,022	53,645	8,753	2017	Aug-23
DALLAS, TX	425,028	192,492	856,948	1,049,440	328,590	218,097	1,159,933	1,378,030	464,035
Barton Creek Landing	-	3,151	14,269	17,420	29,299	6,169	40,550	46,719	36,583	1986/2012	Mar-02
Residences at the Domain	-	4,034	55,256	59,290	19,466	5,107	73,649	78,756	56,413	2007	Aug-08
Red Stone Ranch	-	5,084	17,646	22,730	16,505	5,842	33,393	39,235	23,506	2000	Apr-12
Lakeline Villas	-	4,148	16,869	21,017	13,347	5,032	29,332	34,364	20,342	2002	Apr-12
Estancia Villas	27,387	6,384	52,946	59,330	3,638	6,415	56,553	62,968	9,920	2018	Aug-23
Palo Verde	38,519	5,975	57,880	63,855	3,349	6,090	61,114	67,204	10,475	2019	Aug-23
AUSTIN, TX	65,906	28,776	214,866	243,642	85,604	34,655	294,591	329,246	157,239
Steele Creek	—	8,586	130,400	138,986	10,738	8,937	140,787	149,724	61,368	2015	Oct-17
Cirrus	—	13,853	-	13,853	89,087	14,025	88,915	102,940	20,585	2022	Feb-19
DENVER, CO	—	22,439	130,400	152,839	99,825	22,962	229,702	252,664	81,953
TOTAL SOUTHWEST REGION	490,934	243,707	1,202,214	1,445,921	514,019	275,714	1,684,226	1,959,940	703,227
TOTAL OPERATING COMMUNITIES	964,475	2,340,837	8,759,676	11,100,513	4,981,961	2,628,028	13,454,446	16,082,474	7,344,835
REAL ESTATE UNDER DEVELOPMENT
3001 Iowa Ave	—	13,468	—	13,468	59,417	13,468	59,417	72,885	—
TOTAL REAL ESTATE UNDER DEVELOPMENT	—	13,468	—	13,468	59,417	13,468	59,417	72,885	—
LAND
Vitruvian Park®	—	22,547	1,467	24,014	18,690	30,323	12,381	42,704	906
Alameda Point Block 11	—	25,006	-	25,006	9,913	25,006	9,913	34,919	-
Newport Village II	—	5,237	-	5,237	21,414	5,237	21,414	26,651	-
2727 Turtle Creek	—	90,205	-	90,205	17,576	90,205	17,576	107,781	-
488 Residence at Riverwalk	—	16,053	-	16,053	9,442	16,053	9,442	25,495	-
TOTAL LAND	—	159,048	1,467	160,515	77,035	166,824	70,726	237,550	906
COMMERCIAL
Brookhaven Shopping Center	—	—	—	—	31,188	7,793	23,395	31,188	16,549
3001 Iowa Ave Commercial	—	9,882	4,861	14,743	1	9,882	4,862	14,744	1,116
TOTAL COMMERCIAL	—	9,882	4,861	14,743	31,189	17,675	28,257	45,932	17,665
Other (b)	—	—	—	—	15,723	133	15,590	15,723	1,100
1745 Shea Center I	—	3,034	20,534	23,568	9,753	3,083	30,238	33,321	10,040
TOTAL CORPORATE	—	3,034	20,534	23,568	25,476	3,216	45,828	49,044	11,140
TOTAL COMMERCIAL & CORPORATE	—	12,916	25,395	38,311	56,665	20,891	74,085	94,976	28,805
Deferred Financing Costs and Other Non-Cash Adjustments	(3,295)
TOTAL REAL ESTATE OWNED	$961,180	$2,526,269	$8,786,538	$11,312,807	$5,175,078	$2,829,211	$13,658,674	$16,487,885	$7,374,546

(a)	Date of original construction/date of last major renovation, if applicable.

(b)	Includes unallocated accruals and capital expenditures.

S - 4

The aggregate cost for federal income tax purposes was approximately $15.9 billion at December 31, 2025 (unaudited).

The estimated depreciable lives for all buildings in the latest Consolidated Statements of Operations are 30 to 55 years.

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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):

· · · · · · · · ·
	2025	2024	2023
Balance at beginning of the year	$16,213,363	$16,023,859	$15,570,072
Real estate acquired (including joint venture consolidation)	322,391	—	410,581
Capital expenditures and development	313,137	295,548	441,606
Real estate sold	(361,006)	(106,044)	(398,400)
Balance at end of the year	$16,487,885	$16,213,363	$16,023,859

The following is a reconciliation of total accumulated depreciation for real estate owned at December 31, (in thousands):

· · · · · · · · ·
	2025	2024	2023
Balance at beginning of the year	$6,901,026	$6,267,830	$5,762,501
Depreciation expense for the year	648,694	660,805	668,899
Accumulated depreciation on sales	(175,174)	(27,609)	(163,570)
Balance at end of year	$7,374,546	$6,901,026	$6,267,830

S - 6

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.