UDR, Inc.
For the period ended Sep 30, 2026. Filed Nov 3, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 3, 2026
UDR$36.71+0.4%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Table of Contents
INDEX
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| PART I — FINANCIAL INFORMATION | |
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| Item 1. Consolidated Financial Statements | |
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| Consolidated Balance Sheets as of September 30, 2026 (unaudited) and December 31, 2025 (audited) | 3 |
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| Consolidated Statements of Operations for the three and nine months ended September 30, 2026 and 2025 (unaudited) | 4 |
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| Consolidated Statements of Comprehensive Income/(Loss) for the three and nine months ended September 30, 2026 and 2025 (unaudited) | 5 |
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| Consolidated Statements of Changes in Equity for the three and nine months ended September 30, 2026 and 2025 (unaudited) | 6 |
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| Consolidated Statements of Cash Flows for the nine months ended September 30, 2026 and 2025 (unaudited) | 8 |
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| Notes to Consolidated Financial Statements (unaudited) | 10 |
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| Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | 43 |
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| Item 3. Quantitative and Qualitative Disclosures About Market Risk | 62 |
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| Item 4. Controls and Procedures | 62 |
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| PART II — OTHER INFORMATION | |
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| Item 1. Legal Proceedings | 63 |
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| Item 1A. Risk Factors | 63 |
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| Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 80 |
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| Item 3. Defaults Upon Senior Securities | 81 |
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| Item 4. Mine Safety Disclosures | 81 |
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| Item 5. Other Information | 81 |
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| Item 6. Exhibits | 83 |
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| Signatures | 84 |
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CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
| | | | | | | |
|---|---|---|---|---|---|---|
| · · September 30, · · December 31, | ||||||
| · · 2026 · · 2025 | ||||||
| · · (unaudited) · · (audited) | ||||||
| ASSETS | | | | | | |
| Real estate owned: · · · · | ||||||
| Real estate held for investment | | $16,403,674 | | $16,415,000 | ||
| Less: accumulated depreciation | | (7,510,899) | | (7,374,546) | ||
| Real estate held for investment, net | | 8,892,775 | | 9,040,454 | ||
| Real estate under development (net of accumulated depreciation of $170 and $0, respectively) | | 170,221 | | 72,885 | ||
| Real estate held for disposition (net of accumulated depreciation of $34,253 and $0, respectively) | | 20,327 | | — | ||
| Total real estate owned, net of accumulated depreciation | | 9,083,323 | | 9,113,339 | ||
| | | | | | | |
| Cash and cash equivalents | | 1,184 | | 1,222 | ||
| Restricted cash | | 35,778 | | 35,710 | ||
| Notes receivable, net | | 90,480 | | 149,979 | ||
| Investment in and advances to unconsolidated joint ventures, net | | 659,105 | | 886,492 | ||
| Operating lease right-of-use assets | | | 184,642 | | | 187,624 |
| Other assets | | 246,704 | | 231,308 | ||
| Total assets | | $10,301,216 | | $10,605,674 | ||
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| LIABILITIES AND EQUITY | | | | | ||
| Liabilities: | | | | | ||
| Secured debt, net | | $931,510 | | $961,180 | ||
| Unsecured debt, net | | 4,824,801 | | 4,860,189 | ||
| Operating lease liabilities | | | 180,026 | | | 182,963 |
| Real estate taxes payable | | 67,342 | | 45,640 | ||
| Accrued interest payable | | 26,978 | | 51,698 | ||
| Security deposits and prepaid rent | | 57,330 | | 61,205 | ||
| Distributions payable | | 150,907 | | 151,934 | ||
| Accounts payable, accrued expenses, and other liabilities | | 134,557 | | 142,102 | ||
| Total liabilities | | 6,373,451 | | 6,456,911 | ||
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| Commitments and contingencies (Note 13) | | | | | ||
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| Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership | | 799,194 | | 859,966 | ||
| | | | | | | |
| Equity: | | | | | ||
| Preferred stock, no par value; 50,000,000 shares authorized at September 30, 2026 and December 31, 2025: | | | | | ||
| 8.00% Series E Cumulative Convertible; 2,600,678 and 2,600,678 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively | | 43,192 | | 43,192 | ||
| Series F; 9,776,269 and 10,105,845 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively | | 1 | | 1 | ||
| Common stock, $0.01 par value; 450,000,000 shares authorized at September 30, 2026 and December 31, 2025: | | | | | ||
| 321,267,264 and 328,273,044 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively | | 3,213 | | 3,283 | ||
| Additional paid-in capital | | 7,218,648 | | 7,480,594 | ||
| Distributions in excess of net income | | (4,140,208) | | (4,240,268) | ||
| Accumulated other comprehensive income/(loss), net | | 3,389 | | 1,660 | ||
| Total stockholders’ equity | | 3,128,235 | | 3,288,462 | ||
| Noncontrolling interests | | 336 | | 335 | ||
| Total equity | | 3,128,571 | | 3,288,797 | ||
| Total liabilities and equity | | $10,301,216 | | $10,605,674 | ||
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.