CONSOLIDATION AND BASIS OF PRESENTATION	12 Months Ended
Dec. 31, 2025
CONSOLIDATION AND BASIS OF PRESENTATION
CONSOLIDATION AND BASIS OF PRESENTATION	1. CONSOLIDATION AND BASIS OF PRESENTATION Organization and Formation UDR, Inc. (“UDR,” the “Company,” “we,” or “our”) is a self-administered real estate investment trust, or REIT, that owns, operates, acquires, renovates, develops, redevelops, and manages apartment communities in targeted markets located in the United States. At December 31, 2025, our consolidated apartment portfolio consisted of 165 communities with a total of 55,240 apartment homes located in 21 markets. In addition, the Company has an ownership interest in 12,167 completed or to-be-completed apartment homes through unconsolidated joint ventures or partnerships, including 6,766 apartment homes owned by entities in which we hold preferred equity investments. Basis of Presentation The accompanying consolidated financial statements of UDR include its wholly-owned and/or controlled subsidiaries (see Note 4, Variable Interest Entities and Note 5, Joint Ventures and Partnerships, for further discussion). All significant intercompany accounts and transactions have been eliminated in consolidation. The accompanying consolidated financial statements include the accounts of UDR and its subsidiaries, including United Dominion Realty, L.P. (the “Operating Partnership” or the “OP”) and UDR Lighthouse DownREIT L.P. (the “DownREIT Partnership”). As of December 31, 2025 and 2024, there were 190.1 million and 189.8 million units, respectively, in the Operating Partnership (“OP Units”) outstanding, of which 176.6 million, or 92.9% and 176.6 million, or 93.0%, respectively, were owned by UDR and 13.5 million, or 7.1% and 13.2 million, or 7.0%, respectively, were owned by outside limited partners. As of December 31, 2025 and 2024, there were 32.4 million units in the DownREIT Partnership (“DownREIT Units”) outstanding, of which 23.3 million, or 71.9% and 23.0 million, or 71.0%, respectively, were owned by UDR and its subsidiaries and 9.1 million, or 28.1% and 9.4 million, or 29.0%, respectively, were owned by outside limited partners. The consolidated financial statements of UDR include the noncontrolling interests of the unitholders in the Operating Partnership and DownREIT Partnership. The Company evaluated subsequent events through the date its financial statements were issued. No significant recognized or non-recognized subsequent events were noted other than those in Note 5, Joint Ventures and Partnerships.

CONSOLIDATION AND BASIS OF PRESENTATION

12 Months Ended

Dec. 31, 2025

CONSOLIDATION AND BASIS OF PRESENTATION

1. CONSOLIDATION AND BASIS OF PRESENTATION

Organization and Formation

UDR, Inc. (“UDR,” the “Company,” “we,” or “our”) is a self-administered real estate investment trust, or REIT, that owns, operates, acquires, renovates, develops, redevelops, and manages apartment communities in targeted markets located in the United States. At December 31, 2025, our consolidated apartment portfolio consisted of 165 communities with a total of 55,240 apartment homes located in 21 markets. In addition, the Company has an ownership interest in 12,167 completed or to-be-completed apartment homes through unconsolidated joint ventures or partnerships, including 6,766 apartment homes owned by entities in which we hold preferred equity investments.

Basis of Presentation

The accompanying consolidated financial statements of UDR include its wholly-owned and/or controlled subsidiaries (see Note 4, Variable Interest Entities and Note 5, Joint Ventures and Partnerships, for further discussion). All significant intercompany accounts and transactions have been eliminated in consolidation.

The accompanying consolidated financial statements include the accounts of UDR and its subsidiaries, including United Dominion Realty, L.P. (the “Operating Partnership” or the “OP”) and UDR Lighthouse DownREIT L.P. (the “DownREIT Partnership”). As of December 31, 2025 and 2024, there were 190.1 million and 189.8 million units, respectively, in the Operating Partnership (“OP Units”) outstanding, of which 176.6 million, or 92.9% and 176.6 million, or 93.0%, respectively, were owned by UDR and 13.5 million, or 7.1% and 13.2 million, or 7.0%, respectively, were owned by outside limited partners. As of December 31, 2025 and 2024, there were 32.4 million units in the DownREIT Partnership (“DownREIT Units”) outstanding, of which 23.3 million, or 71.9% and 23.0 million, or 71.0%, respectively, were owned by UDR and its subsidiaries and 9.1 million, or 28.1% and 9.4 million, or 29.0%, respectively, were owned by outside limited partners. The consolidated financial statements of UDR include the noncontrolling interests of the unitholders in the Operating Partnership and DownREIT Partnership.

The Company evaluated subsequent events through the date its financial statements were issued. No significant recognized or non-recognized subsequent events were noted other than those in Note 5, Joint Ventures and Partnerships.