REPORTABLE SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2024

REPORTABLE SEGMENTS

Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to Net income/(loss)

The following table details rental income and NOI for UDR’s reportable segments for the three months ended March 31, 2024 and 2023, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. on the Consolidated Statements of Operations (dollars in thousands):

	Three Months Ended
	March 31, (a)
	2024		2023
Reportable apartment home segment lease revenue
Same-Store Communities
West Region	$	117,899	$	114,289
Mid-Atlantic Region		76,811		74,122
Northeast Region		80,330		77,342
Southeast Region		56,784		55,799
Southwest Region		37,615		37,678
Non-Mature Communities/Other		29,740		27,787
Total segment and consolidated lease revenue	$	399,179	$	387,017
Reportable apartment home segment other revenue
Same-Store Communities
West Region	$	2,974	$	2,783
Mid-Atlantic Region		3,124		2,472
Northeast Region		1,735		1,742
Southeast Region		2,414		2,133
Southwest Region		1,566		1,379
Non-Mature Communities/Other		677		781
Total segment and consolidated other revenue	$	12,490	$	11,290
Total reportable apartment home segment rental income
Same-Store Communities
West Region	$	120,873	$	117,072
Mid-Atlantic Region		79,935		76,594
Northeast Region		82,065		79,084
Southeast Region		59,198		57,932
Southwest Region		39,181		39,057
Non-Mature Communities/Other		30,417		28,568
Total segment and consolidated rental income	$	411,669	$	398,307
Reportable apartment home segment NOI
Same-Store Communities
West Region	$	89,413	$	88,369
Mid-Atlantic Region		54,705		53,441
Northeast Region		52,634		52,398
Southeast Region		40,275		39,785
Southwest Region		24,791		24,600
Non-Mature Communities/Other		17,578		16,910
Total segment and consolidated NOI		279,396		275,503
Reconciling items:
Joint venture management and other fees		1,965		1,242
Property management		(13,379)		(12,945)
Other operating expenses		(6,828)		(3,032)
Real estate depreciation and amortization		(169,858)		(169,300)
General and administrative		(17,810)		(17,480)
Casualty-related (charges)/recoveries, net		(6,278)		(4,156)
Other depreciation and amortization		(4,316)		(3,649)
Gain/(loss) on sale of real estate owned		16,867		1
Income/(loss) from unconsolidated entities		9,085		9,707
Interest expense		(48,062)		(43,742)
Interest income and other income/(expense), net		5,865		1,010
Tax (provision)/benefit, net		(337)		(234)
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership		(3,149)		(1,953)
Net (income)/loss attributable to noncontrolling interests		(12)		(8)
Net income/(loss) attributable to UDR, Inc.	$	43,149	$	30,964

(a) Same-Store Community population consisted of 51,802 apartment homes.

Details of assets of UDR's reportable segments

The following table details the assets of UDR’s reportable segments as of March 31, 2024 and December 31, 2023 (dollars in thousands):

	March 31,		December 31,
	2024		2023
Reportable apartment home segment assets:
Same-Store Communities (a):
West Region	$	4,376,985	$	4,366,038
Mid-Atlantic Region		3,214,861		3,205,036
Northeast Region		3,899,854		3,890,762
Southeast Region		1,599,068		1,589,605
Southwest Region		1,334,198		1,330,063
Non-Mature Communities/Other		1,566,230		1,642,355
Total segment assets		15,991,196		16,023,859
Accumulated depreciation		(6,407,111)		(6,267,830)
Total segment assets — net book value		9,584,085		9,756,029
Reconciling items:
Cash and cash equivalents		2,116		2,922
Restricted cash		29,850		31,944
Notes receivable, net		235,382		228,825
Investment in and advances to unconsolidated joint ventures, net		954,301		952,934
Operating lease right-of-use assets		189,729		190,619
Other assets		195,025		209,969
Total consolidated assets	$	11,190,488	$	11,373,242

(a) Same-Store Community population consisted of 51,802 apartment homes.