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Table of Contents

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, 2023

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 24, 2023 was 329,480,204.

Table of Contents

UDR, INC.

INDEX

PAGE

PART I — FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

Consolidated Balance Sheets as of June 30, 2023 (unaudited) and December 31, 2022 (audited)

3

Consolidated Statements of Operations for the three and six months ended June 30, 2023 and 2022 (unaudited)

4

Consolidated Statements of Comprehensive Income/(Loss) for the three and six months ended June 30, 2023 and 2022 (unaudited)

5

Consolidated Statements of Changes in Equity for the three and six months ended June 30, 2023 and 2022 (unaudited)

6

Consolidated Statements of Cash Flows for the six months ended June 30, 2023 and 2022 (unaudited)

8

Notes to Consolidated Financial Statements (unaudited)

10

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

40

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 31.1

Exhibit 31.2

Exhibit 32.1

Exhibit 32.2

Table of Contents

UDR, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

June 30, 

December 31, 

    

2023

    

2022

(unaudited)

(audited)

ASSETS

Real estate owned:

 

  

 

  

Real estate held for investment

$

15,340,416

$

15,365,928

Less: accumulated depreciation

 

(5,951,557)

 

(5,762,205)

Real estate held for investment, net

 

9,388,859

 

9,603,723

Real estate under development (net of accumulated depreciation of $0 and $296, respectively)

 

108,432

 

189,809

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

 

 

14,039

Total real estate owned, net of accumulated depreciation

 

9,497,291

 

9,807,571

Cash and cash equivalents

 

1,544

 

1,193

Restricted cash

 

28,837

 

29,001

Notes receivable, net

 

183,629

 

54,707

Investment in and advances to unconsolidated joint ventures, net

 

963,253

 

754,446

Operating lease right-of-use assets

192,369

194,081

Other assets

 

218,782

 

197,471

Total assets

$

11,085,705

$

11,038,470

LIABILITIES AND EQUITY

 

  

 

  

Liabilities:

 

  

 

  

Secured debt, net

$

1,049,715

$

1,052,281

Unsecured debt, net

 

4,377,497

 

4,435,022

Operating lease liabilities

187,556

189,238

Real estate taxes payable

 

38,945

 

37,681

Accrued interest payable

 

46,729

 

46,671

Security deposits and prepaid rent

 

56,690

 

51,999

Distributions payable

 

148,403

 

134,213

Accounts payable, accrued expenses, and other liabilities

 

124,454

 

153,220

Total liabilities

 

6,029,989

 

6,100,325

Commitments and contingencies (Note 13)

 

  

 

  

Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership

 

935,543

 

839,850

Equity:

 

  

 

  

Preferred stock, no par value; 50,000,000 shares authorized at June 30, 2023 and December 31, 2022:

 

  

 

  

8.00% Series E Cumulative Convertible; 2,686,308 and 2,686,308 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively

 

44,614

 

44,614

Series F; 11,920,927 and 12,100,514 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively

 

1

 

1

Common stock, $0.01 par value; 450,000,000 shares authorized at June 30, 2023 and December 31, 2022:

 

  

 

  

329,478,476 and 328,993,088 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively

 

3,295

 

3,290

Additional paid-in capital

 

7,508,616

 

7,493,423

Distributions in excess of net income

 

(3,445,679)

 

(3,451,587)

Accumulated other comprehensive income/(loss), net

 

9,116

 

8,344

Total stockholders’ equity

 

4,119,963

 

4,098,085

Noncontrolling interests

 

210

 

210

Total equity

 

4,120,173

 

4,098,295

Total liabilities and equity

$

11,085,705

$

11,038,470

See accompanying notes to consolidated financial statements.

3

Table of Contents

UDR, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

Three Months Ended

Six Months Ended

June 30, 

June 30, 

    

2023

    

2022

2023

2022

REVENUES:

    

  

    

  

    

  

    

  

Rental income

$

403,098

$

367,748

$

801,405

$

723,929

Joint venture management and other fees

 

1,450

 

1,419

 

2,692

 

2,504

Total revenues

 

404,548

 

369,167

 

804,097

 

726,433

OPERATING EXPENSES:

 

  

 

  

 

  

 

  

Property operating and maintenance

 

68,861

 

60,405

 

133,695

 

118,889

Real estate taxes and insurance

 

57,516

 

52,788

 

115,486

 

106,552

Property management

 

13,101

 

11,952

 

26,046

 

23,528

Other operating expenses

 

4,259

 

5,027

 

7,291

 

9,739

Real estate depreciation and amortization

 

168,925

 

167,584

 

338,225

 

331,206

General and administrative

 

16,452

 

16,585

 

33,932

 

31,493

Casualty-related charges/(recoveries), net

 

1,134

 

1,074

 

5,290

 

309

Other depreciation and amortization

 

3,681

 

3,016

 

7,330

 

6,091

Total operating expenses

 

333,929

 

318,431

667,295

 

627,807

Gain/(loss) on sale of real estate owned

325,884

325,885

Operating income

 

396,503

 

50,736

 

462,687

 

98,626

Income/(loss) from unconsolidated entities

 

9,697

 

(11,229)

 

19,404

 

(5,817)

Interest expense

 

(45,113)

 

(36,832)

 

(88,855)

 

(72,748)

Interest income and other income/(expense), net

 

10,447

 

3,001

 

11,457

 

561

Income/(loss) before income taxes

 

371,534

 

5,676

 

404,693

 

20,622

Tax (provision)/benefit, net

 

(1,351)

 

(312)

 

(1,585)

 

(655)

Net income/(loss)

 

370,183

 

5,364

 

403,108

 

19,967

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

 

(22,630)

 

(272)

 

(24,583)

 

(1,151)

Net (income)/loss attributable to noncontrolling interests

 

(8)

 

(8)

 

(16)

 

(27)

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

 

347,545

 

5,084

 

378,509

 

18,789

Distributions to preferred stockholders — Series E (Convertible)

 

(1,222)

 

(1,109)

 

(2,405)

 

(2,201)

Net income/(loss) attributable to common stockholders

$

346,323

$

3,975

$

376,104

$

16,588

Income/(loss) per weighted average common share:

 

  

 

  

 

  

 

  

Basic

$

1.05

$

0.01

$

1.14

$

0.05

Diluted

$

1.05

$

0.01

$

1.14

$

0.05

Weighted average number of common shares outstanding:

 

  

 

  

 

  

 

  

Basic

 

328,957

 

318,351

 

328,871

 

318,181

Diluted

 

332,480

 

319,572

 

332,412

 

319,592

See accompanying notes to consolidated financial statements.

4

Table of Contents

UDR, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)

(In thousands)

(Unaudited)

Three Months Ended

Six Months Ended

June 30, 

June 30, 

    

2023

    

2022

2023

2022

Net income/(loss)

$

370,183

$

5,364

$

403,108

$

19,967

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

 

  

 

  

 

  

 

  

Other comprehensive income/(loss) - derivative instruments:

 

  

 

  

 

  

 

  

Unrealized holding gain/(loss)

 

4,295

 

1,748

 

4,022

 

8,941

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

 

(1,852)

 

(102)

 

(3,222)

 

285

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

 

2,443

 

1,646

 

800

 

9,226

Comprehensive income/(loss)

 

372,626

 

7,010

 

403,908

 

29,193

Comprehensive (income)/loss attributable to noncontrolling interests

 

(22,787)

 

(386)

 

(24,627)

 

(1,798)

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

$

349,839

$

6,624

$

379,281

$

27,395

See accompanying notes to consolidated financial statements.

5

Table of Contents

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, 2023

$

44,615

$

3,292

$

7,494,042

$

(3,627,873)

$

6,823

$

210

$

3,921,109

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

347,545

347,545

Other comprehensive income/(loss)

2,293

2,293

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

2,271

2,271

Issuance of common shares through public offering, net

(11)

(11)

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

3

12,314

12,317

Common stock distributions declared ($0.42 per share)

(138,379)

(138,379)

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

(1,222)

(1,222)

Adjustment to reflect redemption value of redeemable noncontrolling interests

(25,750)

(25,750)

Balance at June 30, 2023

$

44,615

$

3,295

$

7,508,616

$

(3,445,679)

$

9,116

$

210

$

4,120,173

    

    

    

    

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, 2022

44,615

3,290

7,493,423

(3,451,587)

8,344

210

4,098,295

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

378,509

378,509

Other comprehensive income/(loss)

772

772

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

2

2,966

2,968

Issuance of common shares through public offering, net

(473)

(473)

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

3

12,700

12,703

Common stock distributions declared ($0.84 per share)

(276,697)

(276,697)

Preferred stock distributions declared-Series E ($0.9096 per share)

(2,405)

(2,405)

Adjustment to reflect redemption value of redeemable noncontrolling interests

(93,499)

(93,499)

Balance at June 30, 2023

$

44,615

$

3,295

$

7,508,616

$

(3,445,679)

$

9,116

$

210

$

4,120,173

    

    

    

    

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

6

Table of Contents

    

    

    

    

Distributions

    

Accumulated Other Comprehensive

    

    

Preferred

Common