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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, 2021

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 25, 2021 was 309,186,379.

UDR, INC.

INDEX

PAGE

PART I — FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

Consolidated Balance Sheets as of September 30, 2021 (unaudited) and December 31, 2020 (audited)

3

Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020 (unaudited)

4

Consolidated Statements of Comprehensive Income/(Loss) for the three and nine months ended September 30, 2021 and 2020 (unaudited)

5

Consolidated Statements of Changes in Equity for the three and nine months ended September 30, 2021 and 2020 (unaudited)

6

Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020 (unaudited)

8

Notes to Consolidated Financial Statements (unaudited)

10

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

44

Item 3. Quantitative and Qualitative Disclosures About Market Risk

64

Item 4. Controls and Procedures

64

PART II — OTHER INFORMATION

Item 1. Legal Proceedings

65

Item 1A. Risk Factors

65

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

81

Item 3. Defaults Upon Senior Securities

82

Item 4. Mine Safety Disclosures

82

Item 5. Other Information

82

Item 6. Exhibits

83

Signatures

85

Exhibit 4.1

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)

September 30, 

December 31, 

    

2021

    

2020

(unaudited)

(audited)

ASSETS

Real estate owned:

 

  

 

  

Real estate held for investment

$

13,902,872

$

12,706,940

Less: accumulated depreciation

 

(4,983,109)

 

(4,590,577)

Real estate held for investment, net

 

8,919,763

 

8,116,363

Real estate under development (net of accumulated depreciation of $445 and $1,010, respectively)

 

331,200

 

246,867

Real estate held for disposition (net of accumulated depreciation of $34,387 and $13,779, respectively)

 

39,065

 

102,876

Total real estate owned, net of accumulated depreciation

 

9,290,028

 

8,466,106

Cash and cash equivalents

 

1,063

 

1,409

Restricted cash

 

28,170

 

22,762

Notes receivable, net

 

25,741

 

157,992

Investment in and advances to unconsolidated joint ventures, net

 

643,902

 

600,233

Operating lease right-of-use assets

198,339

200,913

Other assets

 

213,321

 

188,118

Total assets

$

10,400,564

$

9,637,533

LIABILITIES AND EQUITY

 

  

 

  

Liabilities:

 

  

 

  

Secured debt, net

$

1,058,647

$

862,147

Unsecured debt, net

 

4,463,792

 

4,114,401

Operating lease liabilities

193,277

195,592

Real estate taxes payable

 

55,849

 

29,946

Accrued interest payable

 

25,674

 

44,760

Security deposits and prepaid rent

 

51,631

 

49,008

Distributions payable

 

120,830

 

115,795

Accounts payable, accrued expenses, and other liabilities

 

114,601

 

110,999

Total liabilities

 

6,084,301

 

5,522,648

Commitments and contingencies (Note 13)

 

  

 

  

Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership

 

1,192,723

 

856,294

Equity:

 

  

 

  

Preferred stock, no par value; 50,000,000 shares authorized:

 

  

 

  

8.00% Series E Cumulative Convertible; 2,695,363 and 2,695,363 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively

 

44,764

 

44,764

Series F; 14,331,810 and 14,440,519 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively

 

1

 

1

Common stock, $0.01 par value; 450,000,000 shares authorized:

 

  

 

  

308,287,019 and 296,611,579 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively

 

3,083

 

2,966

Additional paid-in capital

 

6,390,547

 

5,881,383

Distributions in excess of net income

 

(3,335,108)

 

(2,685,770)

Accumulated other comprehensive income/(loss), net

 

(6,600)

 

(9,144)

Total stockholders’ equity

 

3,096,687

 

3,234,200

Noncontrolling interests

 

26,853

 

24,391

Total equity

 

3,123,540

 

3,258,591

Total liabilities and equity

$

10,400,564

$

9,637,533

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, 

    

2021

    

2020

2021

2020

REVENUES:

    

  

    

  

    

  

    

  

Rental income

$

328,699

$

308,845

$

937,641

$

934,920

Joint venture management and other fees

 

1,071

 

1,199

 

4,918

 

3,861

Total revenues

 

329,770

 

310,044

 

942,559

 

938,781

OPERATING EXPENSES:

 

  

 

  

 

  

 

  

Property operating and maintenance

 

57,708

 

53,385

 

160,424

 

151,585

Real estate taxes and insurance

 

51,511

 

44,328

 

148,043

 

134,485

Property management

 

9,861

 

8,879

 

28,129

 

26,879

Other operating expenses

 

4,237

 

5,543

 

13,045

 

16,609

Real estate depreciation and amortization

 

152,636

 

151,949

 

442,893

 

462,481

General and administrative

 

15,810

 

11,958

 

43,673

 

37,907

Casualty-related charges/(recoveries), net

 

1,568

 

 

4,682

 

1,353

Other depreciation and amortization

 

3,269

 

3,887

 

8,472

 

7,939

Total operating expenses

 

296,600

 

279,929

849,361

 

839,238

Gain/(loss) on sale of real estate owned

50,829

61,303

Operating income

 

33,170

 

30,115

 

144,027

 

160,846

Income/(loss) from unconsolidated entities

 

14,450

 

2,940

 

29,123

 

14,328

Interest expense

 

(36,289)

 

(62,268)

 

(149,849)

 

(140,182)

Interest income and other income/(expense), net

 

8,238

 

2,183

 

12,831

 

7,304

Income/(loss) before income taxes

 

19,569

 

(27,030)

 

36,132

 

42,296

Tax (provision)/benefit, net

 

(529)

 

(187)

 

(1,283)

 

(1,877)

Net income/(loss)

 

19,040

 

(27,217)

 

34,849

 

40,419

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

 

(1,260)

 

1,990

 

(2,221)

 

(2,614)

Net (income)/loss attributable to noncontrolling interests

 

(49)

 

(31)

 

(73)

 

(71)

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

 

17,731

 

(25,258)

 

32,555

 

37,734

Distributions to preferred stockholders — Series E (Convertible)

 

(1,058)

 

(1,051)

 

(3,171)

 

(3,179)

Net income/(loss) attributable to common stockholders

$

16,673

$

(26,309)

$

29,384

$

34,555

Income/(loss) per weighted average common share:

 

  

 

  

 

  

 

  

Basic

$

0.06

$

(0.09)

$

0.10

$

0.12

Diluted

$

0.06

$

(0.09)

$

0.10

$

0.12

Weighted average number of common shares outstanding:

 

  

 

  

 

  

 

  

Basic

 

297,828

 

294,713

 

296,998

 

294,627

Diluted

 

301,164

 

295,003

 

298,045

 

294,938

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, 

    

2021

    

2020

2021

2020

Net income/(loss)

$

19,040

$

(27,217)

$

34,849

$

40,419

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

 

  

 

  

 

  

 

  

Other comprehensive income/(loss) - derivative instruments:

 

  

 

  

 

  

 

  

Unrealized holding gain/(loss)

 

1,389

 

(30)

 

1,422

 

(3,241)

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

 

441

 

1,585

 

1,314

 

3,234

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

 

1,830

 

1,555

 

2,736

 

(7)

Comprehensive income/(loss)

 

20,870

 

(25,662)

 

37,585

 

40,412

Comprehensive (income)/loss attributable to noncontrolling interests

 

(1,437)

 

1,850

 

(2,486)

 

(2,724)

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

$

19,433

$

(23,812)

$

35,099

$

37,688

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, 2021

$

44,765

$

2,968

$

5,887,838

$

(3,143,000)

$

(8,301)

$

20,903

$

2,805,173

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

17,731

17,731

Net income/(loss) attributable to noncontrolling interests

41

41

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

5,909

5,909

Other comprehensive income/(loss)

1,701

1,701

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

1,489

1,489

Issuance of common shares through public offering, net

114

499,616

499,730

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

1

1,604

1,605

Common stock distributions declared ($0.3625 per share)

(111,755)

(111,755)

Preferred stock distributions declared-Series E ($0.3925 per share)

(1,058)

(1,058)

Adjustment to reflect redemption value of redeemable noncontrolling interests

(97,026)

(97,026)

Balance at September 30, 2021

$

44,765

$

3,083

$

6,390,547

$

(3,335,108)

$

(6,600)

$

26,853

$

3,123,540

    

    

    

    

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, 2020

$

44,765

$

2,966

$

5,881,383

$

(2,685,770)

$

(9,144)

$

24,391

$

3,258,591

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

32,555

32,555

Net income/(loss) attributable to noncontrolling interests

57

57

Redemption of noncontrolling interests in consolidated real estate

(125)

(125)

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

2,530

2,530

Other comprehensive income/(loss)

2,544

2,544

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

1

2,999

3,000

Issuance of common shares through public offering, net

114

499,223

499,337

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

2

6,942

6,944

Common stock distributions declared ($1.0875 per share)

(327,015)

(327,015)

Preferred stock distributions declared-Series E ($1.1775 per share)