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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 September 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 October 24, 2023 was 328,928,134.

Table of Contents

UDR, INC.

INDEX

PAGE

PART I — FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

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

3

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

4

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

5

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

6

Consolidated Statements of Cash Flows for the nine months ended September 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)

September 30, 

December 31, 

    

2023

    

2022

(unaudited)

(audited)

ASSETS

Real estate owned:

 

  

 

  

Real estate held for investment

$

15,779,481

$

15,365,928

Less: accumulated depreciation

 

(6,117,312)

 

(5,762,205)

Real estate held for investment, net

 

9,662,169

 

9,603,723

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

 

139,143

 

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

 

9,801,312

 

9,807,571

Cash and cash equivalents

 

1,624

 

1,193

Restricted cash

 

30,831

 

29,001

Notes receivable, net

 

209,297

 

54,707

Investment in and advances to unconsolidated joint ventures, net

 

963,927

 

754,446

Operating lease right-of-use assets

191,499

194,081

Other assets

 

221,572

 

197,471

Total assets

$

11,420,062

$

11,038,470

LIABILITIES AND EQUITY

 

  

 

  

Liabilities:

 

  

 

  

Secured debt, net

$

1,238,240

$

1,052,281

Unsecured debt, net

 

4,514,582

 

4,435,022

Operating lease liabilities

186,701

189,238

Real estate taxes payable

 

68,900

 

37,681

Accrued interest payable

 

27,071

 

46,671

Security deposits and prepaid rent

 

50,571

 

51,999

Distributions payable

 

149,615

 

134,213

Accounts payable, accrued expenses, and other liabilities

 

125,979

 

153,220

Total liabilities

 

6,361,659

 

6,100,325

Commitments and contingencies (Note 13)

 

  

 

  

Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership

 

907,269

 

839,850

Equity:

 

  

 

  

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

 

  

 

  

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

 

44,614

 

44,614

Series F; 11,891,530 and 12,100,514 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively

 

1

 

1

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

 

  

 

  

328,904,161 and 328,993,088 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively

 

3,289

 

3,290

Additional paid-in capital

 

7,487,515

 

7,493,423

Distributions in excess of net income

 

(3,392,855)

 

(3,451,587)

Accumulated other comprehensive income/(loss), net

 

8,360

 

8,344

Total stockholders’ equity

 

4,150,924

 

4,098,085

Noncontrolling interests

 

210

 

210

Total equity

 

4,151,134

 

4,098,295

Total liabilities and equity

$

11,420,062

$

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

Nine Months Ended

September 30, 

September 30, 

    

2023

    

2022

2023

2022

REVENUES:

    

  

    

  

    

  

    

  

Rental income

$

408,359

$

390,023

$

1,209,764

$

1,113,952

Joint venture management and other fees

 

1,772

 

1,274

 

4,464

 

3,778

Total revenues

 

410,131

 

391,297

 

1,214,228

 

1,117,730

OPERATING EXPENSES:

 

  

 

  

 

  

 

  

Property operating and maintenance

 

71,599

 

66,769

 

205,294

 

185,658

Real estate taxes and insurance

 

58,104

 

58,236

 

173,590

 

164,788

Property management

 

13,271

 

12,675

 

39,317

 

36,203

Other operating expenses

 

4,611

 

3,746

 

11,902

 

13,485

Real estate depreciation and amortization

 

167,551

 

166,781

 

505,776

 

497,987

General and administrative

 

15,159

 

15,840

 

49,091

 

47,333

Casualty-related charges/(recoveries), net

 

(1,928)

 

901

 

3,362

 

1,210

Other depreciation and amortization

 

3,692

 

3,430

 

11,022

 

9,521

Total operating expenses

 

332,059

 

328,378

999,354

 

956,185

Gain/(loss) on sale of real estate owned

325,885

Operating income

 

78,072

 

62,919

 

540,759

 

161,545

Income/(loss) from unconsolidated entities

 

5,508

 

10,003

 

24,912

 

4,186

Interest expense

 

(44,664)

 

(39,905)

 

(133,519)

 

(112,653)

Interest income and other income/(expense), net

 

(3,069)

 

(7,495)

 

8,388

 

(6,934)

Income/(loss) before income taxes

 

35,847

 

25,522

 

440,540

 

46,144

Tax (provision)/benefit, net

 

(428)

 

(377)

 

(2,013)

 

(1,032)

Net income/(loss)

 

35,419

 

25,145

 

438,527

 

45,112

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

 

(2,554)

 

(1,533)

 

(27,137)

 

(2,684)

Net (income)/loss attributable to noncontrolling interests

 

(7)

 

(7)

 

(23)

 

(34)

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

 

32,858

 

23,605

 

411,367

 

42,394

Distributions to preferred stockholders — Series E (Convertible)

 

(1,221)

 

(1,106)

 

(3,626)

 

(3,307)

Net income/(loss) attributable to common stockholders

$

31,637

$

22,499

$

407,741

$

39,087

Income/(loss) per weighted average common share:

 

  

 

  

 

  

 

  

Basic

$

0.10

$

0.07

$

1.24

$

0.12

Diluted

$

0.10

$

0.07

$

1.24

$

0.12

Weighted average number of common shares outstanding:

 

  

 

  

 

  

 

  

Basic

 

328,760

 

324,701

 

328,835

 

320,378

Diluted

 

329,201

 

325,686

 

329,283

 

321,629

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

Nine Months Ended

September 30, 

September 30, 

    

2023

    

2022

2023

2022

Net income/(loss)

$

35,419

$

25,145

$

438,527

$

45,112

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

 

  

 

  

 

  

 

  

Other comprehensive income/(loss) - derivative instruments:

 

  

 

  

 

  

 

  

Unrealized holding gain/(loss)

 

1,314

 

5,048

 

5,336

 

13,988

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

 

(2,110)

 

(313)

 

(5,332)

 

(28)

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

 

(796)

 

4,735

 

4

 

13,960

Comprehensive income/(loss)

 

34,623

 

29,880

 

438,531

 

59,072

Comprehensive (income)/loss attributable to noncontrolling interests

 

(2,521)

 

(1,840)

 

(27,148)

 

(3,638)

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

$

32,102

$

28,040

$

411,383

$

55,434

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 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

$

7,487,515

$

(3,392,855)

$

8,360

$

210

$

4,151,134

    

    

    

    

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.

411,367

411,367

Other comprehensive income/(loss)

16

16

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

2

4,808

4,810

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

14,760

14,763

Common stock distributions declared ($1.26 per share)

(414,808)

(414,808)

Repurchase of common shares

(6)

(25,003)

(25,009)

Preferred stock distributions declared-Series E ($1.3644 per share)

(3,626)

(3,626)

Adjustment to reflect redemption value of redeemable noncontrolling interests

65,799

65,799

Balance at September 30, 2023

$

44,615

$

3,289

$

7,487,515

$

(3,392,855)

$

8,360

$

210

$

4,151,134

    

    

    

    

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