JOINT VENTURES AND PARTNERSHIPS (Tables)

3 Months Ended

Mar. 31, 2024

JOINT VENTURES AND PARTNERSHIPS

Schedule of unconsolidated joint ventures and partnerships

The following table summarizes the Company’s investment in and advances to unconsolidated joint ventures and partnerships, net, which are accounted for under the equity method of accounting as of March 31, 2024 and December 31, 2023 (dollars in thousands):

	Number of	Number of
	Operating	Apartment	UDR's Weighted Average									Income/(loss) from investments
	Communities	Homes	Ownership Interest					Investment at				Three Months Ended
	March 31,	March 31,	March 31,			December 31,		March 31,		December 31,		March 31,
Joint Ventures	2024	2024	2024		2023			2024		2023		2024		2023
Operating:
UDR/MetLife (a)	13	2,837	50.2	%		50.2	%	$	219,387	$	225,195	$	(1,846)	$	(1,350)
UDR/LaSalle	5	1,590	51.0	%		51.0	%		281,314		286,723		(2,878)		—
Total Joint Ventures	18	4,427						$	500,701	$	511,918	$	(4,724)	$	(1,350)

	Number of	Apartment										Income/(loss) from investments
	Communities	Homes	Weighted					Investment at				Three Months Ended
Developer Capital Program	March 31,	March 31,	Average		Years To	UDR		March 31,		December 31,		March 31,
and Real Estate Technology Investments (b)	2024	2024	Rate		Maturity	Commitment (c)		2024		2023		2024		2023
Preferred equity investments:
Operating	21	4,545	9.3	%	3.1	$	252,889	$	308,820	$	304,699	$	5,920	$	6,643
Development	2	1,073	10.7	%	3.3		68,207		85,315		83,072		2,243		1,992
Total Preferred Equity Investments	23	5,618	9.6	%	3.1	$	321,096		394,135		387,771		8,163		8,635
Real estate technology and sustainability investments:
Real estate technology and sustainability investments	N/A	N/A	N/A		N/A	$	86,000		50,528		44,382		5,646		935
Total Preferred Equity Investments and Real Estate Technology and Sustainability Investments									444,663		432,153		13,809		9,570
Sold joint ventures and other investments									—		—		—		1,487
Total investment in and advances to unconsolidated joint ventures, net (a)								$	945,364	$	944,071	$	9,085	$	9,707

(a) As of March 31, 2024 and December 31, 2023, the Company’s negative investment in one UDR/MetLife community of $8.9 million and $8.9 million, respectively, is recorded in Accounts payable, accrued expenses, and other liabilities on the Consolidated Balance Sheets.

(b) The Developer Capital Program is the program through which the Company makes investments, including preferred equity investments, mezzanine loans or other structured investments that may receive a fixed yield on the investment and may include provisions pursuant to which the Company participates in the increase in value of the property upon monetization of the applicable property. At March 31, 2024, our preferred equity investment portfolio consisted of 23 communities located in various markets, consisting of 5,618 completed or under development homes. In addition, the Company’s preferred equity investments include four investments that receive a variable percentage of the value created from the project upon a capital or liquidating event. During the three months ended March 31, 2024, the Company did not enter into or fund any new preferred equity investments and no preferred equity investments were redeemed.

(c) Represents UDR’s maximum funding commitment only and therefore excludes other activity such as income from investments.

Combined summary of balance sheets relating to unconsolidated joint ventures and partnerships

Combined summary balance sheets relating to the unconsolidated joint ventures and partnerships (not just our proportionate share) are presented below as of March 31, 2024 and December 31, 2023 (dollars in thousands):

	March 31,		December 31,
	2024		2023
Total real estate, net	$	3,180,973	$	3,158,057
Investments, at fair value		304,826		257,832
Cash and cash equivalents		69,247		61,670
Other assets		135,491		146,976
Total assets	$	3,690,537	$	3,624,535
Third party debt, net	$	2,027,146	$	2,012,816
Accounts payable and accrued liabilities		178,704		171,502
Total liabilities		2,205,850		2,184,318
Total equity	$	1,484,687	$	1,440,217

Schedule of combined financial information relating to unconsolidated joint ventures and partnerships operations (not just proportionate share)

Combined summary financial information relating to the unconsolidated joint ventures’ and partnerships’ operations (not just our proportionate share) is presented below for the three months ended March 31, 2024 and 2023 (dollars in thousands):

	Three Months Ended
	March 31,
	2024		2023
Total revenues	$	76,256	$	60,675
Property operating expenses		34,935		28,033
Real estate depreciation and amortization		36,962		24,428
Operating income/(loss)		4,359		8,214
Interest expense		(24,537)		(23,951)
Net unrealized/realized gain/(loss) on held investments		27,400		9,789
Other income/(loss)		(1,828)		2,322
Net income/(loss)	$	5,394	$	(3,626)