UDR, Inc. (UDR)

UDR is a self-administered real estate investment trust that owns, operates, acquires, renovates, develops, redevelops, disposes of, and manages multifamily apartment communities in targeted U.S. markets. It was formed in 1972 as a Virginia corporation and reincorporated in Maryland in 2003. It has elected to be taxed as a REIT, which generally requires that its assets and income be derived primarily from real estate and that it distribute at least 90% of its REIT taxable income to stockholders. In 2025 it declared distributions of $1.72 per common share. Its stated objective is to maximize the economic returns of its apartment communities in a sustainable manner, and its strategic vision is to be the multifamily public REIT of choice for investors.

At December 31, 2025, the consolidated portfolio held directly or through subsidiaries, including the Operating Partnership and the DownREIT Partnership, and consolidated joint ventures comprised 165 communities with 55,240 completed apartment homes in 21 markets. UDR also holds interests in 12,167 completed or to-be-completed apartment homes through unconsolidated joint ventures or partnerships, including 6,766 homes owned by entities in which it holds preferred equity investments. It was developing one wholly-owned community of 300 homes in Riverside, California, and incurs predevelopment costs for future projects. UDR reports two segments: Same-Store Communities, meaning stabilized communities owned before January 1, 2024, and Non-Mature Communities/Other, which includes recently acquired, developed and redeveloped communities and the non-apartment components of mixed-use properties. In 2025 it acquired two communities (Philadelphia and Woodbridge, VA), sold two (Brooklyn and Englewood, NJ), and contributed four communities to its joint venture with LaSalle, in which it retains a 51.0% interest.

UDR serves apartment renters in both coastal and sunbelt markets. It targets markets with strong income growth, high working-age population growth, favorable rental affordability versus single-family homes, and a favorable demand/supply balance for multifamily housing. The portfolio is diversified by location and quality, with roughly 32% urban and 68% suburban communities and a 44%/56% mix of A and B quality properties. Its stockholders are its capital providers, and it paid its 212th consecutive quarterly dividend in October 2025.

UDR is headquartered at 1745 Shea Center Drive, Highlands Ranch, Colorado. At year-end 2025 it had approximately 1,420 full-time and 6 part-time associates, of whom 1,034 work directly in community roles. It owned 92.9% of the 190.1 million Operating Partnership units and 71.9% of the 32.4 million DownREIT Partnership units, with outside limited partners holding the rest. Its balance sheet activity in 2025 included repurchasing 3.3 million common shares for about $117.8 million and extending the maturities of its Term Loan, to January 2029, and its Working Capital Credit Facility, to January 2027.