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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                    

Commission file number

1-10524

UDR, Inc.

(Exact name of registrant as specified in its charter)

Maryland

54-0857512

(State or other jurisdiction of

(I.R.S. Employer

incorporation of organization)

Identification No.)

1745 Shea Center Drive, Suite 200, Highlands Ranch, Colorado 80129

(Address of principal executive offices) (zip code)

(720283-6120

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01

UDR

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

Accelerated Filer

Non-Accelerated Filer

Smaller Reporting Company

Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

The number of shares of UDR, Inc.’s common stock, $0.01 par value, outstanding as of July 25, 2022 was 324,923,275.

UDR, INC.

INDEX

PAGE

PART I — FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

Consolidated Balance Sheets as of June 30, 2022 (unaudited) and December 31, 2021 (audited)

3

Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021 (unaudited)

4

Consolidated Statements of Comprehensive Income/(Loss) for the three and six months ended June 30, 2022 and 2021 (unaudited)

5

Consolidated Statements of Changes in Equity for the three and six months ended June 30, 2022 and 2021 (unaudited)

6

Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021 (unaudited)

8

Notes to Consolidated Financial Statements (unaudited)

10

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

41

Item 3. Quantitative and Qualitative Disclosures About Market Risk

57

Item 4. Controls and Procedures

57

PART II — OTHER INFORMATION

Item 1. Legal Proceedings

58

Item 1A. Risk Factors

58

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

74

Item 3. Defaults Upon Senior Securities

75

Item 4. Mine Safety Disclosures

75

Item 5. Other Information

75

Item 6. Exhibits

76

Signatures

77

Exhibit 10.1

Exhibit 31.1

Exhibit 31.2

Exhibit 32.1

Exhibit 32.2

UDR, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

June 30, 

December 31, 

    

2022

    

2021

(unaudited)

(audited)

ASSETS

Real estate owned:

 

  

 

  

Real estate held for investment

$

14,872,687

$

14,352,234

Less: accumulated depreciation

 

(5,443,351)

 

(5,136,589)

Real estate held for investment, net

 

9,429,336

 

9,215,645

Real estate under development (net of accumulated depreciation of $1,744 and $507, respectively)

 

399,029

 

388,062

Total real estate owned, net of accumulated depreciation

 

9,828,365

 

9,603,707

Cash and cash equivalents

 

921

 

967

Restricted cash

 

27,768

 

27,451

Notes receivable, net

 

37,548

 

26,860

Investment in and advances to unconsolidated joint ventures, net

 

691,864

 

702,461

Operating lease right-of-use assets

195,755

197,463

Other assets

 

214,765

 

216,311

Total assets

$

10,996,986

$

10,775,220

LIABILITIES AND EQUITY

 

  

 

  

Liabilities:

 

  

 

  

Secured debt, net

$

1,054,836

$

1,057,380

Unsecured debt, net

 

4,462,398

 

4,355,407

Operating lease liabilities

190,881

192,488

Real estate taxes payable

 

36,791

 

33,095

Accrued interest payable

 

45,917

 

45,980

Security deposits and prepaid rent

 

53,476

 

55,441

Distributions payable

 

132,793

 

124,729

Accounts payable, accrued expenses, and other liabilities

 

137,095

 

136,954

Total liabilities

 

6,114,187

 

6,001,474

Commitments and contingencies (Note 13)

 

  

 

  

Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership

 

1,013,165

 

1,299,442

Equity:

 

  

 

  

Preferred stock, no par value; 50,000,000 shares authorized at June 30, 2022 and December 31, 2021:

 

  

 

  

8.00% Series E Cumulative Convertible; 2,695,363 and 2,695,363 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively

 

44,764

 

44,764

Series F; 12,455,650 and 12,582,575 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively

 

1

 

1

Common stock, $0.01 par value; 450,000,000 shares authorized at June 30, 2022 and December 31, 2021:

 

  

 

  

324,900,864 and 318,149,635 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively

 

3,249

 

3,181

Additional paid-in capital

 

7,243,825

 

6,884,269

Distributions in excess of net income

 

(3,426,760)

 

(3,485,080)

Accumulated other comprehensive income/(loss), net

 

4,345

 

(4,261)

Total stockholders’ equity

 

3,869,424

 

3,442,874

Noncontrolling interests

 

210

 

31,430

Total equity

 

3,869,634

 

3,474,304

Total liabilities and equity

$

10,996,986

$

10,775,220

See accompanying notes to consolidated financial statements.

3

UDR, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

Three Months Ended

Six Months Ended

June 30, 

June 30, 

    

2022

    

2021

2022

2021

REVENUES:

    

  

    

  

    

  

    

  

Rental income

$

367,748

$

309,116

$

723,929

$

608,942

Joint venture management and other fees

 

1,419

 

2,232

 

2,504

 

3,847

Total revenues

 

369,167

 

311,348

 

726,433

 

612,789

OPERATING EXPENSES:

 

  

 

  

 

  

 

  

Property operating and maintenance

 

60,405

 

51,335

 

118,889

 

102,716

Real estate taxes and insurance

 

52,788

 

49,145

 

106,552

 

96,532

Property management

 

11,952

 

9,273

 

23,528

 

18,268

Other operating expenses

 

5,027

 

4,373

 

9,739

 

8,808

Real estate depreciation and amortization

 

167,584

 

146,169

 

331,206

 

290,257

General and administrative

 

16,585

 

15,127

 

31,493

 

27,863

Casualty-related charges/(recoveries), net

 

1,074

 

(2,463)

 

309

 

3,114

Other depreciation and amortization

 

3,016

 

2,602

 

6,091

 

5,203

Total operating expenses

 

318,431

 

275,561

627,807

 

552,761

Gain/(loss) on sale of real estate owned

50,829

Operating income

 

50,736

 

35,787

 

98,626

 

110,857

Income/(loss) from unconsolidated entities

 

(11,229)

 

9,751

 

(5,817)

 

14,673

Interest expense

 

(36,832)

 

(35,404)

 

(72,748)

 

(113,560)

Interest income and other income/(expense), net

 

3,001

 

2,536

 

561

 

4,593

Income/(loss) before income taxes

 

5,676

 

12,670

 

20,622

 

16,563

Tax (provision)/benefit, net

 

(312)

 

(135)

 

(655)

 

(754)

Net income/(loss)

 

5,364

 

12,535

 

19,967

 

15,809

Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership

 

(272)

 

(807)

 

(1,151)

 

(961)

Net (income)/loss attributable to noncontrolling interests

 

(8)

 

(8)

 

(27)

 

(24)

Net income/(loss) attributable to UDR, Inc.

 

5,084

 

11,720

 

18,789

 

14,824

Distributions to preferred stockholders — Series E (Convertible)

 

(1,109)

 

(1,057)

 

(2,201)

 

(2,113)

Net income/(loss) attributable to common stockholders

$

3,975

$

10,663

$

16,588

$

12,711

Income/(loss) per weighted average common share:

 

  

 

  

 

  

 

  

Basic

$

0.01

$

0.04

$

0.05

$

0.04

Diluted

$

0.01

$

0.04

$

0.05

$

0.04

Weighted average number of common shares outstanding:

 

  

 

  

 

  

 

  

Basic

 

318,351

 

296,589

 

318,181

 

296,564

Diluted

 

319,572

 

297,542

 

319,592

 

297,221

See accompanying notes to consolidated financial statements.

4

UDR, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)

(In thousands)

(Unaudited)

Three Months Ended

Six Months Ended

June 30, 

June 30, 

    

2022

    

2021

2022

2021

Net income/(loss)

$

5,364

$

12,535

$

19,967

$

15,809

Other comprehensive income/(loss), including portion attributable to noncontrolling interests:

 

  

 

  

 

  

 

  

Other comprehensive income/(loss) - derivative instruments:

 

  

 

  

 

  

 

  

Unrealized holding gain/(loss)

 

1,748

 

(94)

 

8,941

 

34

(Gain)/loss reclassified into earnings from other comprehensive income/(loss)

 

(102)

 

428

 

285

 

873

Other comprehensive income/(loss), including portion attributable to noncontrolling interests

 

1,646

 

334

 

9,226

 

907

Comprehensive income/(loss)

 

7,010

 

12,869

 

29,193

 

16,716

Comprehensive (income)/loss attributable to noncontrolling interests

 

(386)

 

(836)

 

(1,798)

 

(1,049)

Comprehensive income/(loss) attributable to UDR, Inc.

$

6,624

$

12,033

$

27,395

$

15,667

See accompanying notes to consolidated financial statements.

5

UDR, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(In thousands, except per share data)

(Unaudited)

    

    

Distributions

Accumulated Other Comprehensive

Preferred

Common

Paid-in

in Excess of

Income/(Loss),

Noncontrolling

Stock

Stock

Capital

Net Income

net

Interests

Total

Balance at March 31, 2022

$

44,765

$

3,184

$

6,891,707

$

(3,549,788)

$

2,805

$

210

$

3,392,883

Net income/(loss) attributable to UDR, Inc.

5,084

5,084

Other comprehensive income/(loss)

1,540

1,540

Issuance/(forfeiture) of common and restricted shares, net

1,816

1,816

Issuance of common shares through public offering, net

65

350,302

350,367

Common stock distributions declared ($0.38 per share)

(123,463)

(123,463)

Preferred stock distributions declared-Series E ($0.4114 per share)

(1,109)

(1,109)

Adjustment to reflect redemption value of redeemable noncontrolling interests

242,516

242,516

Balance at June 30, 2022

$

44,765

$

3,249

$

7,243,825

$

(3,426,760)

$

4,345

$

210

$

3,869,634

    

    

    

    

Distributions

Accumulated Other Comprehensive

Preferred

Common

Paid-in

in Excess of

Income/(Loss),

Noncontrolling

Stock

Stock

Capital

Net Income

net

Interests

Total

Balance at December 31, 2021

44,765

3,181

6,884,269

(3,485,080)

(4,261)

31,430

3,474,304

Net income/(loss) attributable to UDR, Inc.

18,789

18,789

Long Term Incentive Plan Unit grants/(vestings), net

(31,220)

(31,220)

Other comprehensive income/(loss)

8,606

8,606

Issuance/(forfeiture) of common and restricted shares, net

1

775

776

Issuance of common shares through public offering, net

65

350,203

350,268

Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership and DownREIT Partnership

2

8,578

8,580

Common stock distributions declared ($0.76 per share)

(244,531)

(244,531)

Preferred stock distributions declared-Series E ($0.8228 per share)

(2,201)

(2,201)

Adjustment to reflect redemption value of redeemable noncontrolling interests

286,263

286,263

Balance at June 30, 2022

$

44,765

$

3,249

$

7,243,825

$

(3,426,760)

$

4,345

$

210

$

3,869,634

    

    

    

    

Distributions

    

Accumulated Other Comprehensive

    

    

Preferred

Common

Paid-in

in Excess of

Income/(Loss),

Noncontrolling

Stock

Stock

Capital

Net Income

net

Interests

Total

Balance at March 31, 2021

$

44,765

$

2,968

$

5,885,682

$

(2,923,073)

$

(8,614)

$

14,673

$

3,016,401

Net income/(loss) attributable to UDR, Inc.

 

 

 

 

11,720

 

 

 

11,720

Net income/(loss) attributable to noncontrolling interests

 

 

 

 

 

 

8

 

8

Long Term Incentive Plan Unit grants/(vestings), net