SCHEDULE III - REAL ESTATE OWNED

12 Months Ended

Dec. 31, 2025

SCHEDULE III - REAL ESTATE OWNED

SCHEDULE III - REAL ESTATE OWNED

UDR, INC.

SCHEDULE III — REAL ESTATE OWNED

DECEMBER 31, 2025

(In thousands)

											Gross Amount at Which
			Initial Costs								Carried at Close of Period
									Costs of
									Improvements
									Capitalized
			Land and		Buildings		Total Initial		Subsequent		Land and		Buildings &		Total
			Land		and		Acquisition		to Acquisition		Land		Buildings		Carrying		Accumulated		Date of	Date
	Encumbrances		Improvements		Improvements		Costs		Costs		Improvements		Improvements		Value		Depreciation		Construction(a)	Acquired
WEST REGION
Harbor at Mesa Verde	$	—	$	20,476	$	28,538	$	49,014	$	32,395	$	23,025	$	58,384	$	81,409	$	48,990	1965/2003	Jun-03
27 Seventy Five Mesa Verde		—		99,329		110,644		209,973		121,398		118,154		213,217		331,371		186,939	1979/2013	Oct-04
Huntington Vista		—		8,055		22,486		30,541		20,421		9,610		41,352		50,962		33,614	1970	Jun-03
Missions at Back Bay		—		229		14,129		14,358		7,275		11,205		10,428		21,633		7,564	1969	Dec-03
Eight 80 Newport Beach - North		—		62,516		46,082		108,598		75,638		72,722		111,514		184,236		85,078	1968/2000/2016	Oct-04
Eight 80 Newport Beach - South		—		58,785		50,067		108,852		66,609		63,868		111,593		175,461		81,517	1968/2000/2016	Mar-05
Beach & Ocean		—		12,878		-		12,878		42,113		13,606		41,385		54,991		25,675	2014	Aug-11
The Residences at Bella Terra		—		25,000		-		25,000		134,604		26,090		133,514		159,604		86,650	2013	Oct-11
The Residences at Pacific City		—		78,085		-		78,085		285,729		79,680		284,134		363,814		138,622	2018	Jan-14
ORANGE COUNTY, CA		—		365,353		271,946		637,299		786,182		417,960		1,005,521		1,423,481		694,649
2000 Post Street		—		9,861		44,578		54,439		49,496		14,829		89,106		103,935		63,600	1987/2016	Dec-98
Birch Creek		—		4,365		16,696		21,061		13,830		1,797		33,094		34,891		24,150	1968	Dec-98
Highlands Of Marin		—		5,996		24,868		30,864		35,487		8,509		57,842		66,351		47,222	1991/2010	Dec-98
Marina Playa		—		6,224		23,916		30,140		19,225		1,778		47,587		49,365		33,120	1971	Dec-98
River Terrace		—		22,161		40,137		62,298		12,503		23,103		51,698		74,801		43,087	2005	Aug-05
CitySouth		—		14,031		30,537		44,568		45,470		16,945		73,093		90,038		62,506	1972/2012	Nov-05
Bay Terrace		—		8,545		14,458		23,003		12,156		11,781		23,378		35,159		17,122	1962	Oct-05
Highlands of Marin Phase II		—		5,353		18,559		23,912		12,308		5,889		30,331		36,220		24,518	1968/2010	Oct-07
Edgewater		—		30,657		83,872		114,529		16,339		30,878		99,990		130,868		76,058	2007	Mar-08
Almaden Lake Village		27,000		594		42,515		43,109		15,645		1,276		57,478		58,754		43,302	1999	Jul-08
388 Beale		—		14,253		74,104		88,357		29,274		14,930		102,701		117,631		66,649	1999	Apr-11
Channel @ Mission Bay		—		23,625		-		23,625		137,067		24,598		136,094		160,692		87,911	2014	Sep-10
5421 at Dublin Station		—		8,922		-		8,922		119,045		8,942		119,025		127,967		24,367	2022	Sep-16
HQ		—		19,938		65,816		85,754		1,412		19,942		67,224		87,166		13,071	2021	Sep-22
Residences at Lake Merritt		—		8,664		56,876		65,540		1,082		8,667		57,955		66,622		7,326	2023	Dec-23
SAN FRANCISCO, CA		27,000		183,189		536,932		720,121		520,339		193,864		1,046,596		1,240,460		634,009
Crowne Pointe		—		2,486		6,437		8,923		13,577		3,439		19,061		22,500		15,263	1987	Dec-98
Hilltop		—		2,174		7,408		9,582		8,902		3,261		15,223		18,484		12,785	1985	Dec-98
The Kennedy		—		6,179		22,307		28,486		7,445		6,480		29,451		35,931		23,525	2005	Nov-05
Hearthstone at Merrill Creek		—		6,848		30,922		37,770		13,225		7,631		43,364		50,995		32,440	2000	May-08
Island Square		—		21,284		89,389		110,673		22,318		22,304		110,687		132,991		77,382	2007	Jul-08
elements too		—		27,468		72,036		99,504		28,952		30,658		97,798		128,456		84,661	2010	Feb-10
989elements		—		8,541		45,990		54,531		10,718		8,800		56,449		65,249		39,787	2006	Dec-09
Lightbox		—		6,449		38,884		45,333		2,674		6,505		41,502		48,007		25,845	2014	Aug-14
Ashton Bellevue		—		8,287		124,939		133,226		8,544		8,553		133,217		141,770		62,753	2009	Oct-16
TEN20		—		5,247		76,587		81,834		8,249		5,375		84,708		90,083		40,682	2009	Oct-16
Milehouse		—		5,976		63,041		69,017		3,015		6,155		65,877		72,032		35,809	2016	Nov-16
CityLine		—		11,220		85,787		97,007		2,442		11,343		88,106		99,449		46,845	2016	Jan-17
CityLine II		—		3,723		56,843		60,566		880		3,752		57,694		61,446		26,696	2018	Jan-19
Brio		—		21,780		147,188		168,968		6,535		21,930		153,573		175,503		40,850	2020	Jul-21
SEATTLE, WA		—		137,662		867,758		1,005,420		137,476		146,186		996,710		1,142,896		565,323
Rosebeach		—		8,414		17,449		25,863		10,612		9,106		27,369		36,475		22,312	1970	Sep-04
Tierra Del Rey		—		39,586		36,679		76,265		13,953		40,323		49,895		90,218		38,182	1998	Dec-07
The Westerly		—		48,182		102,364		150,546		54,855		51,583		153,818		205,401		114,663	1993/2013	Sep-10
Jefferson at Marina del Rey		—		55,651		-		55,651		107,644		62,846		100,449		163,295		85,389	2008	Sep-07
LOS ANGELES, CA		—		151,833		156,492		308,325		187,064		163,858		331,531		495,389		260,546
Boronda Manor		—		1,946		8,982		10,928		14,831		3,513		22,246		25,759		16,344	1979	Dec-98
Garden Court		—		888		4,188		5,076		8,650		1,881		11,845		13,726		8,767	1973	Dec-98
Cambridge Court		—		3,039		12,883		15,922		23,115		6,094		32,943		39,037		25,254	1974	Dec-98
Laurel Tree		—		1,304		5,115		6,419		9,575		2,569		13,425		15,994		10,570	1977	Dec-98
The Pointe At Harden Ranch		—		6,388		23,854		30,242		41,034		10,701		60,575		71,276		45,521	1986	Dec-98
The Pointe At Northridge		—		2,044		8,028		10,072		15,437		3,894		21,615		25,509		16,363	1979	Dec-98
The Pointe At Westlake		—		1,329		5,334		6,663		10,645		2,461		14,847		17,308		10,820	1975	Dec-98
MONTEREY PENINSULA, CA		—		16,938		68,384		85,322		123,287		31,113		177,496		208,609		133,639
Verano at Rancho Cucamonga Town Square		—		13,557		3,645		17,202		68,616		24,847		60,971		85,818		57,088	2006	Oct-02
Windemere at Sycamore Highland		—		5,810		23,450		29,260		13,226		6,582		35,904		42,486		29,005	2001	Nov-02

											Gross Amount at Which
			Initial Costs								Carried at Close of Period
									Costs of
									Improvements
									Capitalized
			Land and		Buildings		Total Initial		Subsequent		Land and		Buildings &		Total
			Land		and		Acquisition		to Acquisition		Land		Buildings		Carrying		Accumulated		Date of	Date
	Encumbrances		Improvements		Improvements		Costs		Costs		Improvements		Improvements		Value		Depreciation		Construction(a)	Acquired
Strata		—		14,278		84,242		98,520		3,835		14,519		87,836		102,355		29,604	2010	Nov-19
OTHER SOUTHERN CA		—		33,645		111,337		144,982		85,677		45,948		184,711		230,659		115,697
Tualatin Heights		—		3,273		9,134		12,407		14,609		4,767		22,249		27,016		17,786	1989	Dec-98
PORTLAND, OR		—		3,273		9,134		12,407		14,609		4,767		22,249		27,016		17,786
TOTAL WEST REGION		27,000		891,893		2,021,983		2,913,876		1,854,634		1,003,696		3,764,814		4,768,510		2,421,649
NORTHEAST REGION
Garrison Square		-		6,475		91,027		97,502		32,079		6,878		122,703		129,581		84,389	1887/1990	Sep-10
Ridge at Blue Hills		25,000		6,039		34,869		40,908		11,868		6,781		45,995		52,776		31,604	2007	Sep-10
Inwood West		80,000		20,778		88,096		108,874		25,455		20,667		113,662		134,329		78,964	2006	Apr-11
14 North		72,500		10,961		51,175		62,136		25,601		12,117		75,620		87,737		53,057	2005	Apr-11
100 Pier 4		-		24,584		-		24,584		210,207		24,963		209,828		234,791		107,450	2015	Dec-15
345 Harrison		-		32,938		-		32,938		334,406		45,164		322,180		367,344		129,252	2018	Nov-11
Currents on the Charles		-		12,580		70,149		82,729		5,338		12,869		75,198		88,067		31,751	2015	Jun-19
The Commons at Windsor Gardens		-		34,609		225,515		260,124		37,040		35,405		261,759		297,164		112,976	1969	Aug-19
Charles River Landing		-		17,068		112,777		129,845		7,947		17,428		120,364		137,792		46,632	2010	Nov-19
Lenox Farms		-		17,692		115,899		133,591		21,756		18,260		137,087		155,347		52,671	2009	Nov-19
Union Place		50,198		9,902		72,242		82,144		10,034		10,232		81,946		92,178		28,793	2005	Jan-21
Bradlee Danvers		-		28,669		175,114		203,783		15,766		28,749		190,800		219,549		48,546	1874/2008	Jun-22
BOSTON, MA		227,698		222,295		1,036,863		1,259,158		737,497		239,513		1,757,142		1,996,655		806,085
10 Hanover Square		—		41,432		218,983		260,415		40,518		42,116		258,817		300,933		156,466	2005/2020	Apr-11
21 Chelsea		—		36,399		107,154		143,553		20,256		36,594		127,215		163,809		79,988	2001	Aug-11
View 34		—		114,410		324,920		439,330		140,303		116,315		463,318		579,633		296,854	1985/2013	Jul-11
95 Wall Street		—		57,637		266,255		323,892		41,655		58,919		306,628		365,547		195,216	2008	Aug-11
NEW YORK, NY		—		249,878		917,312		1,167,190		242,732		253,944		1,155,978		1,409,922		728,524
Park Square		—		10,365		96,050		106,415		4,942		10,707		100,650		111,357		43,510	2018	May-19
The Smith Valley Forge		—		17,853		95,973		113,826		4,909		17,890		100,845		118,735		29,753	2019	Sep-21
322 on North Broad		—		12,240		124,524		136,764		12,930		12,310		137,384		149,694		42,961	2018	Sep-21
The George Apartments		—		17,341		-		17,341		50,121		17,366		50,096		67,462		11,551	2022	Aug-20
Broadridge		—		20,917		155,226		176,143		1,652		20,917		156,878		177,795		6,193	2021	May-25
PHILADELPHIA, PA		—		78,716		471,773		550,489		74,554		79,190		545,853		625,043		133,968
TOTAL NORTHEAST REGION		227,698		550,889		2,425,948		2,976,837		1,054,783		572,647		3,458,973		4,031,620		1,668,577
MID-ATLANTIC REGION
Dominion Middle Ridge		—		3,311		13,283		16,594		21,190		4,838		32,946		37,784		26,123	1990	Jun-96
Dominion Lake Ridge		—		2,366		8,387		10,753		13,489		3,358		20,884		24,242		17,630	1987	Feb-96
Presidential Greens		—		11,238		18,790		30,028		23,612		11,974		41,666		53,640		33,029	1938	May-02
The Whitmore		—		6,418		13,411		19,829		29,756		7,936		41,649		49,585		36,723	1962/2008	Apr-02
Ridgewood		—		5,612		20,086		25,698		20,919		6,763		39,854		46,617		32,600	1988	Aug-02
Waterside Towers		—		13,001		49,657		62,658		44,436		51,608		55,486		107,094		45,440	1971	Dec-03
Wellington Place at Olde Town		—		13,753		36,059		49,812		26,618		15,445		60,985		76,430		52,286	1987/2008	Sep-05
Andover House		—		183		59,948		60,131		10,402		356		70,177		70,533		52,231	2004	Mar-07
Sullivan Place		—		1,137		103,676		104,813		27,346		2,230		129,929		132,159		99,259	2007	Dec-07
Delancey at Shirlington		—		21,606		66,765		88,371		14,141		21,722		80,790		102,512		59,927	2006/2007	Mar-08
View 14		—		5,710		97,941		103,651		11,159		5,806		109,004		114,810		73,410	2009	Jun-11
Capitol View on 14th		—		31,393		-		31,393		101,419		31,556		101,256		132,812		67,120	2013	Sep-07
Domain College Park		—		7,300		-		7,300		63,788		7,592		63,496		71,088		41,497	2014	Jun-11
1200 East West		—		9,748		68,022		77,770		8,096		10,045		75,821		85,866		39,330	2010	Oct-15
Courts at Huntington Station		—		27,749		111,878		139,627		11,271		28,422		122,476		150,898		73,649	2011	Oct-15
Eleven55 Ripley		—		15,566		107,539		123,105		12,167		16,130		119,142		135,272		60,908	2014	Oct-15
Arbor Park of Alexandria		160,930		50,881		159,728		210,609		19,407		52,191		177,825		230,016		105,327	1969/2015	Oct-15
Courts at Dulles		—		14,697		83,834		98,531		18,003		15,131		101,403		116,534		61,992	2000	Oct-15
Newport Village		—		50,046		177,454		227,500		34,205		51,183		210,522		261,705		126,713	1968	Oct-15
1301 Thomas Circle		—		27,836		128,191		156,027		6,828		27,932		134,923		162,855		55,328	2006	Aug-19
Station on Silver		—		16,661		109,198		125,859		2,468		16,825		111,502		128,327		38,992	2018	Dec-20
Seneca Place		—		21,184		98,173		119,357		15,348		21,280		113,425		134,705		39,113	1985	Jun-21
Canterbury Apartments		—		24,456		100,011		124,467		16,267		24,648		116,086		140,734		39,227	1986	Aug-21

											Gross Amount at Which
			Initial Costs								Carried at Close of Period
									Costs of
									Improvements
									Capitalized
			Land and		Buildings		Total Initial		Subsequent		Land and		Buildings &		Total
			Land		and		Acquisition		to Acquisition		Land		Buildings		Carrying		Accumulated		Date of	Date
	Encumbrances		Improvements		Improvements		Costs		Costs		Improvements		Improvements		Value		Depreciation		Construction(a)	Acquired
The MO		—		27,135		-		27,135		115,796		27,135		115,796		142,931		19,087	2023	Jan-19
The Enclave at Potomac Club		—		20,013		124,470		144,483		239		20,013		124,709		144,722		1,066	2013	Nov-25
METROPOLITAN, D.C.		160,930		429,000		1,756,501		2,185,501		668,370		482,119		2,371,752		2,853,871		1,298,007
Calvert's Walk		—		4,408		24,692		29,100		16,913		5,847		40,166		46,013		32,938	1988	Mar-04
20 Lambourne		—		11,750		45,590		57,340		24,164		12,733		68,771		81,504		50,004	2003	Mar-08
Domain Brewers Hill		—		4,669		40,630		45,299		7,108		5,088		47,319		52,407		31,803	2009	Aug-10
Rodgers Forge		—		15,392		67,958		83,350		12,846		15,889		80,307		96,196		35,504	1945	Apr-19
Towson Promenade		57,913		12,599		78,847		91,446		13,930		12,841		92,535		105,376		36,287	2009	Nov-19
1274 at Towson		—		7,807		46,238		54,045		4,784		7,879		50,950		58,829		15,637	2020	Sep-21
Quarters at Towson Town Center		—		16,111		106,453		122,564		20,121		16,239		126,446		142,685		50,984	2008	Nov-21
BALTIMORE, MD		57,913		72,736		410,408		483,144		99,866		76,516		506,494		583,010		253,157
Waterside At Ironbridge		—		1,844		13,239		15,083		17,718		3,216		29,585		32,801		22,725	1987	Sep-97
Legacy at Mayland		—		1,979		11,524		13,503		44,535		6,483		51,555		58,038		47,624	1973/2007	Dec-91
RICHMOND, VA		—		3,823		24,763		28,586		62,253		9,699		81,140		90,839		70,349
TOTAL MID-ATLANTIC REGION		218,843		505,559		2,191,672		2,697,231		830,489		568,334		2,959,386		3,527,720		1,621,513
SOUTHEAST REGION
Summit West		—		2,176		4,710		6,886		21,609		4,690		23,805		28,495		19,282	1972	Dec-92
The Breyley		—		1,780		2,458		4,238		24,000		4,766		23,472		28,238		22,942	1977/2007	Sep-93
Lakewood Place		—		1,395		10,647		12,042		20,261		3,547		28,756		32,303		24,784	1986	Mar-94
Cambridge Woods		—		1,791		7,166		8,957		18,303		3,852		23,408		27,260		20,145	1985	Jun-97
Inlet Bay		—		7,702		23,150		30,852		31,580		12,024		50,408		62,432		43,669	1988/1989	Jun-03
MacAlpine Place		—		10,869		36,858		47,727		31,076		13,181		65,622		78,803		48,442	2001	Dec-04
The Vintage Lofts at West End		—		6,611		37,663		44,274		28,825		16,239		56,860		73,099		48,073	2009	Jul-09
Peridot Palms		—		6,293		89,752		96,045		7,003		6,919		96,129		103,048		42,584	2017	Feb-19
The Preserve at Gateway		—		4,467		43,723		48,190		4,499		4,625		48,064		52,689		20,752	2013	May-19
The Slade at Channelside		—		10,216		72,786		83,002		10,573		10,671		82,904		93,575		32,866	2009	Jan-20
Andover Place at Cross Creek		—		11,702		107,761		119,463		13,740		11,929		121,274		133,203		46,067	1997/1999	Nov-20
Meridian		—		6,611		-		6,611		126,516		6,613		126,514		133,127		11,318	2024	May-21
TAMPA, FL		—		71,613		436,674		508,287		337,985		99,056		747,216		846,272		380,924
Altamira Place		—		1,533		11,076		12,609		31,976		4,318		40,267		44,585		35,200	1984/2007	Apr-94
Regatta Shore		—		757		6,608		7,365		23,549		3,493		27,421		30,914		25,446	1988/2007	Jun-94
Alafaya Woods		—		1,653		9,042		10,695		17,386		3,238		24,843		28,081		22,010	1989/2006	Oct-94
Los Altos		—		2,804		12,349		15,153		19,009		5,315		28,847		34,162		25,491	1990/2004	Oct-96
Lotus Landing		—		2,185		8,639		10,824		18,932		3,544		26,212		29,756		20,782	1985/2006	Jul-97
Seville On The Green		—		1,282		6,498		7,780		13,428		2,206		19,002		21,208		14,819	1986/2004	Oct-97
Ashton @ Waterford		—		3,872		17,538		21,410		11,738		4,999		28,149		33,148		22,979	2000	May-98
Arbors at Lee Vista		—		6,692		12,860		19,552		25,058		8,312		36,298		44,610		26,087	1992/2007	Aug-06
Arbors at Maitland Summit		—		15,929		158,079		174,008		22,806		16,281		180,533		196,814		63,396	1998	Oct-21
Essex Luxe		—		9,068		94,487		103,555		1,966		9,164		96,357		105,521		28,210	2020	Oct-21
ORLANDO, FL		—		45,775		337,176		382,951		185,848		60,870		507,929		568,799		284,420
Legacy Hill		—		1,148		5,867		7,015		15,173		2,327		19,861		22,188		17,216	1977	Nov-95
Hickory Run		—		1,469		11,584		13,053		22,923		3,138		32,838		35,976		24,980	1989	Dec-95
Carrington Hills		—		2,117		-		2,117		53,967		5,661		50,423		56,084		36,811	1999	Dec-95
Brookridge		—		708		5,461		6,169		11,364		1,793		15,740		17,533		13,187	1986	Mar-96
Breckenridge		—		766		7,714		8,480		10,662		1,965		17,177		19,142		13,911	1986	Mar-97
Colonnade		—		1,460		16,015		17,475		15,023		3,062		29,436		32,498		23,108	1998	Jan-99
The Preserve at Brentwood		—		3,182		24,674		27,856		22,285		4,760		45,381		50,141		35,655	1998	Jun-04
Polo Park		—		4,583		16,293		20,876		25,786		7,552		39,110		46,662		32,911	1987/2008	May-06
NASHVILLE, TN		—		15,433		87,608		103,041		177,183		30,258		249,966		280,224		197,779
The Reserve and Park at Riverbridge		—		15,968		56,401		72,369		27,020		17,453		81,936		99,389		66,746	1999/2001	Dec-04
OTHER FLORIDA		—		15,968		56,401		72,369		27,020		17,453		81,936		99,389		66,746
TOTAL SOUTHEAST REGION		—		148,789		917,859		1,066,648		728,036		207,637		1,587,047		1,794,684		929,869
SOUTHWEST REGION
Thirty377		25,000		24,036		32,951		56,987		26,777		26,627		57,137		83,764		47,633	1999/2007	Aug-06
Legacy Village		90,000		16,882		100,102		116,984		40,423		24,030		133,377		157,407		104,573	2005/06/07	Mar-08

											Gross Amount at Which
			Initial Costs								Carried at Close of Period
									Costs of
									Improvements
									Capitalized
			Land and		Buildings		Total Initial		Subsequent		Land and		Buildings &		Total
			Land		and		Acquisition		to Acquisition		Land		Buildings		Carrying		Accumulated		Date of	Date
	Encumbrances		Improvements		Improvements		Costs		Costs		Improvements		Improvements		Value		Depreciation		Construction(a)	Acquired
Addison Apts at The Park		-		22,041		11,228		33,269		26,009		32,215		27,063		59,278		20,327	1977/78/79	May-07
Addison Apts at The Park I		-		7,903		554		8,457		9,916		11,058		7,315		18,373		6,228	1970	May-07
Addison Apts at The Park II		-		10,440		634		11,074		3,620		8,458		6,236		14,694		5,036	1975	May-07
Savoye		-		8,432		50,483		58,915		9,183		9,148		58,950		68,098		22,860	2009	Nov-19
Savoye 2		-		6,451		56,615		63,066		7,388		7,126		63,328		70,454		24,548	2011	Nov-19
Fiori on Vitruvian Park		-		7,934		78,575		86,509		8,092		9,132		85,469		94,601		34,096	2013	Nov-19
Vitruvian West Phase I		41,317		6,273		61,418		67,691		5,926		6,918		66,699		73,617		26,398	2018	Nov-19
Vitruvian West Phase II		-		6,451		15,798		22,249		41,121		6,814		56,556		63,370		19,044	2021	Nov-19
Vitruvian West Phase III		-		7,141		2,754		9,895		65,644		7,405		68,134		75,539		16,432	2022	Nov-19
Villas at Fiori		-		9,921		776		10,697		42,012		9,986		42,723		52,709		5,532	2024	Nov-19
The Canal		40,472		12,671		98,813		111,484		6,470		12,831		105,123		117,954		34,403	2017	Apr-21
Cool Springs at Frisco Bridges		89,510		18,325		151,982		170,307		23,879		18,611		175,575		194,186		60,467	2012	May-21
Central Square at Frisco		36,398		7,661		52,455		60,116		2,711		7,684		55,143		62,827		9,699	2018	Aug-23
Villaggio		31,681		6,186		41,813		47,999		3,574		6,221		45,352		51,573		7,993	2016	Aug-23
Lofts at Palisades		39,178		8,198		56,143		64,341		1,600		8,210		57,731		65,941		10,013	2018	Aug-23
Flats at Palisades		31,472		5,546		43,854		49,400		4,245		5,623		48,022		53,645		8,753	2017	Aug-23
DALLAS, TX		425,028		192,492		856,948		1,049,440		328,590		218,097		1,159,933		1,378,030		464,035
Barton Creek Landing		-		3,151		14,269		17,420		29,299		6,169		40,550		46,719		36,583	1986/2012	Mar-02
Residences at the Domain		-		4,034		55,256		59,290		19,466		5,107		73,649		78,756		56,413	2007	Aug-08
Red Stone Ranch		-		5,084		17,646		22,730		16,505		5,842		33,393		39,235		23,506	2000	Apr-12
Lakeline Villas		-		4,148		16,869		21,017		13,347		5,032		29,332		34,364		20,342	2002	Apr-12
Estancia Villas		27,387		6,384		52,946		59,330		3,638		6,415		56,553		62,968		9,920	2018	Aug-23
Palo Verde		38,519		5,975		57,880		63,855		3,349		6,090		61,114		67,204		10,475	2019	Aug-23
AUSTIN, TX		65,906		28,776		214,866		243,642		85,604		34,655		294,591		329,246		157,239
Steele Creek		—		8,586		130,400		138,986		10,738		8,937		140,787		149,724		61,368	2015	Oct-17
Cirrus		—		13,853		-		13,853		89,087		14,025		88,915		102,940		20,585	2022	Feb-19
DENVER, CO		—		22,439		130,400		152,839		99,825		22,962		229,702		252,664		81,953
TOTAL SOUTHWEST REGION		490,934		243,707		1,202,214		1,445,921		514,019		275,714		1,684,226		1,959,940		703,227
TOTAL OPERATING COMMUNITIES		964,475		2,340,837		8,759,676		11,100,513		4,981,961		2,628,028		13,454,446		16,082,474		7,344,835
REAL ESTATE UNDER DEVELOPMENT
3001 Iowa Ave		—		13,468		—		13,468		59,417		13,468		59,417		72,885		—
TOTAL REAL ESTATE UNDER DEVELOPMENT		—		13,468		—		13,468		59,417		13,468		59,417		72,885		—
LAND
Vitruvian Park®		—		22,547		1,467		24,014		18,690		30,323		12,381		42,704		906
Alameda Point Block 11		—		25,006		-		25,006		9,913		25,006		9,913		34,919		-
Newport Village II		—		5,237		-		5,237		21,414		5,237		21,414		26,651		-
2727 Turtle Creek		—		90,205		-		90,205		17,576		90,205		17,576		107,781		-
488 Residence at Riverwalk		—		16,053		-		16,053		9,442		16,053		9,442		25,495		-
TOTAL LAND		—		159,048		1,467		160,515		77,035		166,824		70,726		237,550		906
COMMERCIAL
Brookhaven Shopping Center		—		—		—		—		31,188		7,793		23,395		31,188		16,549
3001 Iowa Ave Commercial		—		9,882		4,861		14,743		1		9,882		4,862		14,744		1,116
TOTAL COMMERCIAL		—		9,882		4,861		14,743		31,189		17,675		28,257		45,932		17,665
Other (b)		—		—		—		—		15,723		133		15,590		15,723		1,100
1745 Shea Center I		—		3,034		20,534		23,568		9,753		3,083		30,238		33,321		10,040
TOTAL CORPORATE		—		3,034		20,534		23,568		25,476		3,216		45,828		49,044		11,140
TOTAL COMMERCIAL & CORPORATE		—		12,916		25,395		38,311		56,665		20,891		74,085		94,976		28,805
Deferred Financing Costs and Other Non-Cash Adjustments		(3,295)
TOTAL REAL ESTATE OWNED	$	961,180	$	2,526,269	$	8,786,538	$	11,312,807	$	5,175,078	$	2,829,211	$	13,658,674	$	16,487,885	$	7,374,546

(a) Date of original construction/date of last major renovation, if applicable.

(b) Includes unallocated accruals and capital expenditures.

The aggregate cost for federal income tax purposes was approximately $15.9 billion at December 31, 2025 (unaudited).

The estimated depreciable lives for all buildings in the latest Consolidated Statements of Operations are 30 to 55 years.

3-YEAR ROLLFORWARD OF REAL ESTATE OWNED AND ACCUMULATED DEPRECIATION

The following is a reconciliation of the carrying amount of total real estate owned at December 31, (in thousands):

	2025		2024		2023
Balance at beginning of the year	$	16,213,363	$	16,023,859	$	15,570,072
Real estate acquired (including joint venture consolidation)		322,391		—		410,581
Capital expenditures and development		313,137		295,548		441,606
Real estate sold		(361,006)		(106,044)		(398,400)
Balance at end of the year	$	16,487,885	$	16,213,363	$	16,023,859

The following is a reconciliation of total accumulated depreciation for real estate owned at December 31, (in thousands):

	2025		2024		2023
Balance at beginning of the year	$	6,901,026	$	6,267,830	$	5,762,501
Depreciation expense for the year		648,694		660,805		668,899
Accumulated depreciation on sales		(175,174)		(27,609)		(163,570)
Balance at end of year	$	7,374,546	$	6,901,026	$	6,267,830