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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 September 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 October 24, 2022 was 325,541,780.

UDR, INC.

INDEX

PAGE

PART I — FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

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

3

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

4

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

5

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

6

Consolidated Statements of Cash Flows for the nine months ended September 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

43

Item 3. Quantitative and Qualitative Disclosures About Market Risk

61

Item 4. Controls and Procedures

61

PART II — OTHER INFORMATION

Item 1. Legal Proceedings

62

Item 1A. Risk Factors

62

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

78

Item 3. Defaults Upon Senior Securities

79

Item 4. Mine Safety Disclosures

79

Item 5. Other Information

79

Item 6. Exhibits

80

Signatures

81

Exhibit 10.2

Exhibit 31.1

Exhibit 31.2

Exhibit 32.1

Exhibit 32.2

UDR, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

September 30, 

December 31, 

    

2022

    

2021

(unaudited)

(audited)

ASSETS

Real estate owned:

 

  

 

  

Real estate held for investment

$

15,075,552

$

14,352,234

Less: accumulated depreciation

 

(5,594,600)

 

(5,136,589)

Real estate held for investment, net

 

9,480,952

 

9,215,645

Real estate under development (net of accumulated depreciation of $2,265 and $507, respectively)

 

366,200

 

388,062

Real estate held for disposition (net of accumulated depreciation of $8,944 and $0, respectively)

 

15,019

 

Total real estate owned, net of accumulated depreciation

 

9,862,171

 

9,603,707

Cash and cash equivalents

 

1,532

 

967

Restricted cash

 

28,363

 

27,451

Notes receivable, net

 

40,128

 

26,860

Investment in and advances to unconsolidated joint ventures, net

 

761,117

 

702,461

Operating lease right-of-use assets

194,923

197,463

Other assets

 

209,728

 

216,311

Total assets

$

11,097,962

$

10,775,220

LIABILITIES AND EQUITY

 

  

 

  

Liabilities:

 

  

 

  

Secured debt, net

$

1,053,560

$

1,057,380

Unsecured debt, net

 

4,572,802

 

4,355,407

Operating lease liabilities

190,064

192,488

Real estate taxes payable

 

61,210

 

33,095

Accrued interest payable

 

26,109

 

45,980

Security deposits and prepaid rent

 

53,693

 

55,441

Distributions payable

 

133,341

 

124,729

Accounts payable, accrued expenses, and other liabilities

 

135,904

 

136,954

Total liabilities

 

6,226,683

 

6,001,474

Commitments and contingencies (Note 13)

 

  

 

  

Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership

 

920,311

 

1,299,442

Equity:

 

  

 

  

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

 

  

 

  

8.00% Series E Cumulative Convertible; 2,686,308 and 2,695,363 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively

 

44,614

 

44,764

Series F; 12,426,563 and 12,582,575 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively

 

1

 

1

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

 

  

 

  

326,352,154 and 318,149,635 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively

 

3,264

 

3,181

Additional paid-in capital

 

7,332,127

 

6,884,269

Distributions in excess of net income

 

(3,438,027)

 

(3,485,080)

Accumulated other comprehensive income/(loss), net

 

8,779

 

(4,261)

Total stockholders’ equity

 

3,950,758

 

3,442,874

Noncontrolling interests

 

210

 

31,430

Total equity

 

3,950,968

 

3,474,304

Total liabilities and equity

$

11,097,962

$

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

Nine Months Ended

September 30, 

September 30, 

    

2022

    

2021

2022

2021

REVENUES:

    

  

    

  

    

  

    

  

Rental income

$

390,023

$

328,699

$

1,113,952

$

937,641

Joint venture management and other fees

 

1,274

 

1,071

 

3,778

 

4,918

Total revenues

 

391,297

 

329,770

 

1,117,730

 

942,559

OPERATING EXPENSES:

 

  

 

  

 

  

 

  

Property operating and maintenance

 

66,769

 

57,708

 

185,658

 

160,424

Real estate taxes and insurance

 

58,236

 

51,511

 

164,788

 

148,043

Property management

 

12,675

 

9,861

 

36,203

 

28,129

Other operating expenses

 

3,746

 

4,237

 

13,485

 

13,045

Real estate depreciation and amortization

 

166,781

 

152,636

 

497,987

 

442,893

General and administrative

 

15,840

 

15,810

 

47,333

 

43,673

Casualty-related charges/(recoveries), net

 

901

 

1,568

 

1,210

 

4,682

Other depreciation and amortization

 

3,430

 

3,269

 

9,521

 

8,472

Total operating expenses

 

328,378

 

296,600

956,185

 

849,361

Gain/(loss) on sale of real estate owned

50,829

Operating income

 

62,919

 

33,170

 

161,545

 

144,027

Income/(loss) from unconsolidated entities

 

10,003

 

14,450

 

4,186

 

29,123

Interest expense

 

(39,905)

 

(36,289)

 

(112,653)

 

(149,849)

Interest income and other income/(expense), net

 

(7,495)

 

8,238

 

(6,934)

 

12,831

Income/(loss) before income taxes

 

25,522

 

19,569

 

46,144

 

36,132

Tax (provision)/benefit, net

 

(377)

 

(529)

 

(1,032)

 

(1,283)

Net income/(loss)

 

25,145

 

19,040

 

45,112

 

34,849

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

 

(1,533)

 

(1,260)

 

(2,684)

 

(2,221)

Net (income)/loss attributable to noncontrolling interests

 

(7)

 

(49)

 

(34)

 

(73)

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

 

23,605

 

17,731

 

42,394

 

32,555

Distributions to preferred stockholders — Series E (Convertible)

 

(1,106)

 

(1,058)

 

(3,307)

 

(3,171)

Net income/(loss) attributable to common stockholders

$

22,499

$

16,673

$

39,087

$

29,384

Income/(loss) per weighted average common share:

 

  

 

  

 

  

 

  

Basic

$

0.07

$

0.06

$

0.12

$

0.10

Diluted

$

0.07

$

0.06

$

0.12

$

0.10

Weighted average number of common shares outstanding:

 

  

 

  

 

  

 

  

Basic

 

324,701

 

297,828

 

320,378

 

296,998

Diluted

 

325,686

 

301,164

 

321,629

 

298,045

See accompanying notes to consolidated financial statements.

4

UDR, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)

(In thousands)

(Unaudited)

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

    

2022

    

2021

2022

2021

Net income/(loss)

$

25,145

$

19,040

$

45,112

$

34,849

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

 

  

 

  

 

  

 

  

Other comprehensive income/(loss) - derivative instruments:

 

  

 

  

 

  

 

  

Unrealized holding gain/(loss)

 

5,048

 

1,389

 

13,988

 

1,422

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

 

(313)

 

441

 

(28)

 

1,314

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

 

4,735

 

1,830

 

13,960

 

2,736

Comprehensive income/(loss)

 

29,880

 

20,870

 

59,072

 

37,585

Comprehensive (income)/loss attributable to noncontrolling interests

 

(1,840)

 

(1,437)

 

(3,638)

 

(2,486)

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

$

28,040

$

19,433

$

55,434

$

35,099

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 June 30, 2022

$

44,765

$

3,249

$

7,243,825

$

(3,426,760)

$

4,345

$

210

$

3,869,634

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

23,605

23,605

Other comprehensive income/(loss)

4,434

4,434

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

2,082

2,082

Issuance of common shares through public offering, net

18

99,659

99,677

Conversion of Series E Cumulative Convertible shares

(150)

1

149

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

1,558

1,558

Common stock distributions declared ($0.38 per share)

(124,018)

(124,018)

Repurchase of common shares

(4)

(15,146)

(15,150)

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

(1,106)

(1,106)

Adjustment to reflect redemption value of redeemable noncontrolling interests

90,252

90,252

Balance at September 30, 2022

$

44,615

$

3,264

$

7,332,127

$

(3,438,027)

$

8,779

$

210

$

3,950,968

    

    

    

    

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.

42,394

42,394

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

(31,220)

(31,220)

Other comprehensive income/(loss)

13,040

13,040

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

1

2,857

2,858

Issuance of common shares through public offering, net

83

449,862

449,945

Conversion of Series E Cumulative Convertible shares

(150)

1

149

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

2

10,136

10,138

Common stock distributions declared ($1.14 per share)

(368,549)

(368,549)

Repurchase of common shares

(4)

(15,146)

(15,150)

Preferred stock distributions declared-Series E ($1.2342 per share)

(3,307)

(3,307)

Adjustment to reflect redemption value of redeemable noncontrolling interests

376,515

376,515

Balance at September 30, 2022

$

44,615

$

3,264

$

7,332,127

$

(3,438,027)

$

8,779

$

210

$

3,950,968