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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, 2024

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 28, 2024 was 329,960,195.

UDR, INC.

INDEX

PAGE

PART I — FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023 (audited)

3

Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 (unaudited)

4

Consolidated Statements of Comprehensive Income/(Loss) for the three and nine months ended September 30, 2024 and 2023 (unaudited)

5

Consolidated Statements of Changes in Equity for the three and nine months ended September 30, 2024 and 2023 (unaudited)

6

Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 (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

59

Item 4. Controls and Procedures

59

PART II — OTHER INFORMATION

Item 1. Legal Proceedings

60

Item 1A. Risk Factors

60

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

76

Item 3. Defaults Upon Senior Securities

77

Item 4. Mine Safety Disclosures

77

Item 5. Other Information

77

Item 6. Exhibits

78

Signatures

79

UDR, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

September 30, 

December 31, 

    

2024

    

2023

(unaudited)

(audited)

ASSETS

Real estate owned:

 

  

 

  

Real estate held for investment

$

16,152,262

$

15,757,456

Less: accumulated depreciation

 

(6,739,674)

 

(6,242,686)

Real estate held for investment, net

 

9,412,588

 

9,514,770

Real estate under development (net of accumulated depreciation of $0 and $184, respectively)

 

 

160,220

Real estate held for disposition (net of accumulated depreciation of $0 and $24,960, respectively)

 

 

81,039

Total real estate owned, net of accumulated depreciation

 

9,412,588

 

9,756,029

Cash and cash equivalents

 

2,285

 

2,922

Restricted cash

 

33,267

 

31,944

Notes receivable, net

 

280,006

 

228,825

Investment in and advances to unconsolidated joint ventures, net

 

966,227

 

952,934

Operating lease right-of-use assets

187,918

190,619

Other assets

 

197,473

 

209,969

Total assets

$

11,079,764

$

11,373,242

LIABILITIES AND EQUITY

 

  

 

  

Liabilities:

 

  

 

  

Secured debt, net

$

1,140,692

$

1,277,713

Unsecured debt, net

 

4,724,571

 

4,520,996

Operating lease liabilities

183,181

185,836

Real estate taxes payable

 

68,816

 

47,107

Accrued interest payable

 

28,773

 

47,710

Security deposits and prepaid rent

 

49,727

 

50,528

Distributions payable

 

151,755

 

149,600

Accounts payable, accrued expenses, and other liabilities

 

119,202

 

141,311

Total liabilities

 

6,466,717

 

6,420,801

Commitments and contingencies (Note 13)

 

  

 

  

Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership

 

1,098,987

 

961,087

Equity:

 

  

 

  

Preferred stock, no par value; 50,000,000 shares authorized at September 30, 2024 and December 31, 2023:

 

  

 

  

8.00% Series E Cumulative Convertible; 2,600,678 and 2,686,308 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively

 

43,192

 

44,614

Series F; 11,355,829 and 11,867,730 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively

 

1

 

1

Common stock, $0.01 par value; 450,000,000 shares authorized at September 30, 2024 and December 31, 2023:

 

  

 

  

329,926,696 and 329,014,512 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively

 

3,299

 

3,290

Additional paid-in capital

 

7,526,910

 

7,493,217

Distributions in excess of net income

 

(4,064,283)

 

(3,554,892)

Accumulated other comprehensive income/(loss), net

 

4,606

 

4,914

Total stockholders’ equity

 

3,513,725

 

3,991,144

Noncontrolling interests

 

335

 

210

Total equity

 

3,514,060

 

3,991,354

Total liabilities and equity

$

11,079,764

$

11,373,242

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, 

    

2024

    

2023

2024

2023

REVENUES:

    

  

    

  

    

  

    

  

Rental income

$

418,088

$

408,359

$

1,243,085

$

1,209,764

Joint venture management and other fees

 

2,072

 

1,772

 

6,029

 

4,464

Total revenues

 

420,160

 

410,131

 

1,249,114

 

1,214,228

OPERATING EXPENSES:

 

  

 

  

 

  

 

  

Property operating and maintenance

 

76,484

 

71,599

 

220,405

 

205,294

Real estate taxes and insurance

 

57,182

 

58,104

 

174,861

 

173,590

Property management

 

13,588

 

13,271

 

40,400

 

39,317

Other operating expenses

 

6,382

 

4,611

 

20,803

 

11,902

Real estate depreciation and amortization

 

170,276

 

167,551

 

510,622

 

505,776

General and administrative

 

20,890

 

15,159

 

58,836

 

49,091

Casualty-related charges/(recoveries), net

 

1,473

 

(1,928)

 

8,749

 

3,362

Other depreciation and amortization

 

4,029

 

3,692

 

13,024

 

11,022

Total operating expenses

 

350,304

 

332,059

1,047,700

 

999,354

Gain/(loss) on sale of real estate owned

16,867

325,885

Operating income

 

69,856

 

78,072

 

218,281

 

540,759

Income/(loss) from unconsolidated entities

 

(1,880)

 

5,508

 

11,251

 

24,912

Interest expense

 

(50,214)

 

(44,664)

 

(146,087)

 

(133,519)

Interest income and other income/(expense), net

 

6,159

 

(3,069)

 

18,522

 

8,388

Income/(loss) before income taxes

 

23,921

 

35,847

 

101,967

 

440,540

Tax (provision)/benefit, net

 

156

 

(428)

 

(567)

 

(2,013)

Net income/(loss)

 

24,077

 

35,419

 

101,400

 

438,527

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

 

(1,574)

 

(2,554)

 

(6,736)

 

(27,137)

Net (income)/loss attributable to noncontrolling interests

 

94

 

(7)

 

(35)

 

(23)

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

 

22,597

 

32,858

 

94,629

 

411,367

Distributions to preferred stockholders — Series E (Convertible)

 

(1,197)

 

(1,221)

 

(3,638)

 

(3,626)

Net income/(loss) attributable to common stockholders

$

21,400

$

31,637

$

90,991

$

407,741

Income/(loss) per weighted average common share:

 

  

 

  

 

  

 

  

Basic

$

0.06

$

0.10

$

0.28

$

1.24

Diluted

$

0.06

$

0.10

$

0.28

$

1.24

Weighted average number of common shares outstanding:

 

  

 

  

 

  

 

  

Basic

 

329,421

 

328,760

 

329,101

 

328,835

Diluted

 

330,557

 

329,201

 

329,755

 

329,283

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, 

    

2024

    

2023

2024

2023

Net income/(loss)

$

24,077

$

35,419

$

101,400

$

438,527

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

 

  

 

  

 

  

 

  

Other comprehensive income/(loss) - derivative instruments:

 

  

 

  

 

  

 

  

Unrealized holding gain/(loss)

 

(1,768)

 

1,314

 

5,464

 

5,336

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

 

(1,782)

 

(2,110)

 

(5,768)

 

(5,332)

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

 

(3,550)

 

(796)

 

(304)

 

4

Comprehensive income/(loss)

 

20,527

 

34,623

 

101,096

 

438,531

Comprehensive (income)/loss attributable to noncontrolling interests

 

(1,234)

 

(2,521)

 

(6,775)

 

(27,148)

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

$

19,293

$

32,102

$

94,321

$

411,383

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, 2024

$

43,193

$

3,295

$

7,508,794

$

(3,840,808)

$

7,910

$

335

$

3,722,719

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

22,597

22,597

Other comprehensive income/(loss)

(3,304)

(3,304)

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

2,242

2,242

Issuance of common shares through public offering, net

(38)

(38)

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

4

15,912

15,916

Common stock distributions declared ($0.425 per share)

(140,219)

(140,219)

Preferred stock distributions declared-Series E ($0.465 per share)

(1,197)

(1,197)

Adjustment to reflect redemption value of redeemable noncontrolling interests

(104,656)

(104,656)

Balance at September 30, 2024

$

43,193

$

3,299

$

7,526,910

$

(4,064,283)

$

4,606

$

335

$

3,514,060

    

    

    

    

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, 2023

$

44,615

$

3,290

$

7,493,217

$

(3,554,892)

$

4,914

$

210

$

3,991,354

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

94,629

94,629

Other comprehensive income/(loss)

(308)

(308)

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

1

4,343

4,344

Issuance of common shares through public offering, net

(456)

(456)

Conversion of Series E Cumulative Convertible shares

(1,422)

1

1,421

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

7

28,385

28,392

Contribution of noncontrolling interests in consolidated real estate

125

125

Common stock distributions declared ($1.275 per share)

(420,296)

(420,296)

Preferred stock distributions declared-Series E ($1.3950 per share)

(3,638)

(3,638)

Adjustment to reflect redemption value of redeemable noncontrolling interests

(180,086)

(180,086)

Balance at September 30, 2024

$

43,193

$

3,299

$

7,526,910

$

(4,064,283)

$

4,606

$

335

$

3,514,060

    

    

    

    

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, 2023

$

44,615

$

3,295

$

7,508,616

$

(3,445,679)

$

9,116

$

210

$

4,120,173

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

 

 

 

 

32,858

 

 

 

32,858

Other comprehensive income/(loss)

 

 

 

 

 

(756)

 

 

(756)

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

 

 

 

1,842

 

 

 

 

1,842

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

 

 

 

2,060

 

 

 

 

2,060

Common stock distributions declared ($0.42 per share)

 

 

 

 

(138,111)

 

 

 

(138,111)

Repurchase of common shares

(6)

(25,003)

(25,009)

Preferred stock distributions declared-Series E ($0.4548 per share)

 

 

 

 

(1,221)

 

 

 

(1,221)

Adjustment to reflect redemption value of redeemable noncontrolling interests

 

 

 

 

159,298

 

 

 

159,298

Balance at September 30, 2023

$

44,615

$

3,289

$<