JOINT VENTURES AND PARTNERSHIPS (Tables)

12 Months Ended

Dec. 31, 2025

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 December 31, 2025 and 2024 (dollars in thousands):

	Number of	Number of
	Operating	Apartment	UDR's Weighted Average
	Communities	Homes	Ownership Interest					Investment at				Income/(loss) from investments
	December 31,	December 31,	December 31,			December 31,		December 31,		December 31,		Year Ended December 31,
Joint Ventures	2025	2025	2025		2024			2025		2024		2025		2024		2023
Operating:
UDR/MetLife (a)	13	2,837	50.2	%		50.2	%	$	189,420	$	206,308	$	(3,202)	$	(7,438)	$	(5,378)
UDR/LaSalle (b)	9	2,564	51.0	%		51.0	%		242,337		267,562		(4,332)		(8,027)		(3,660)
Total Joint Ventures	22	5,401						$	431,757	$	473,870	$	(7,534)	$	(15,465)	$	(9,038)

	Number of	Apartment
	Commitments	Homes	Weighted				Investment at				Income/(loss) from investments
Debt and Preferred Equity Program	December 31,	December 31,	Average		UDR		December 31,		December 31,		Year Ended December 31,
and Real Estate Technology Investments (c)	2025	2025	Rate		Commitment (c)		2025		2024		2025		2024		2023
Preferred equity investments:
Operating	12	6,766	9.7	%	$	354,989	$	373,231	$	299,846	$	23,767	$	16,809	$	25,781
Real estate technology and sustainability investments:
Real estate technology and sustainability investments	N/A	N/A	N/A		$	86,000		74,747		57,344		6,363		9,959		104
Total Debt and Preferred Equity Program and Real Estate Technology and Sustainability Investments								447,978		357,190		30,130		26,768		25,885
Sold unconsolidated joint ventures and partnerships								—		81,123		5,792		8,932		(12,154)
Total investment in and advances to unconsolidated joint ventures, net (a)							$	879,735	$	912,183	$	28,388	$	20,235	$	4,693

(a) As of December 31, 2025 and 2024, the Company’s negative investment in one UDR/MetLife community of $6.8 million and $5.3 million, respectively, is recorded in Accounts payable, accrued expenses, and other liabilities on the Consolidated Balance Sheets.

(b) In December 2025, the Company contributed four operating communities, located in various markets, to the joint venture, while maintaining our 51.0% ownership in the venture. In connection with the contribution, our joint venture partner contributed cash and new debt was placed on the newly contributed operating communities and certain existing operating communities, resulting in the Company receiving approximately $202.8 million of cash proceeds. (See Note 3, Real Estate Owned for further discussion). 

(c) The Debt and Preferred Equity Program is the program through which the Company makes investments, including preferred equity investments, first mortgage loans, mezzanine loans (loans are recorded in Notes receivable, net on the Consolidated Balance Sheets) 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. The Company’s preferred equity investments include two investments that receive a variable percentage of the value created from the project upon a capital or liquidating event. During the year ended December 31, 2025, the Company entered into and funded three new preferred equity investments and two preferred equity investments were fully redeemed.

In April 2025, the Company entered into a joint venture agreement with an unaffiliated joint venture partner in an operating community with a total of 256 apartment homes located in Daly City, California. The Company’s preferred equity investment of $13.0 million earns a preferred return of 12.0% per annum. The unaffiliated joint venture partner is the managing member of the joint venture. The Company has concluded that it does not control the joint ventures and accounts for its investments under the equity method of accounting.

In June 2025, the Company received full repayment of its approximately $54.8 million preferred equity investment, which was inclusive of principal and accrued return, in a stabilized community located in Queens, New York, upon recapitalization of the venture.

In July 2025, the Company entered into a joint venture agreement with an unaffiliated joint venture partner in an operating community with a total of 350 apartment homes located in Orlando, Florida. The Company’s preferred equity investment of $23.8 million earns a preferred return of 11.25% per annum. The unaffiliated joint venture partner is the managing member of the joint venture. The Company has concluded that it does not control the joint

venture and accounts for its investments under the equity method of accounting.

In August 2025, the Company entered into a joint venture agreement with an unaffiliated joint venture partner in an operating community with a total of 400 apartment homes located in Yorba Linda, California. The Company’s preferred equity investment of $35.8 million earns a preferred return of 10.0% per annum. The unaffiliated joint venture partner is the managing member of the joint venture. The Company has concluded that it does not control the joint venture and accounts for its investments under the equity method of accounting.

In September 2025, the Company received full repayment of its approximately $32.2 million preferred equity investment, which was inclusive of principal and accrued return, in a stabilized community located in Thousand Oaks, California.

In December 2025, the Company received a $10.3 million partial paydown from one of its operating preferred equity investments located in Allen, Texas, upon recapitalization of the joint venture. In addition, the maturity date of our preferred investment was extended to September 30, 2027.

In January 2026, the Company received a $52.9 million partial paydown from one of its operating preferred equity investments in a portfolio of stabilized apartment communities located in various markets upon the recapitalization of the joint venture.

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

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

Condensed summary financial information relating to the unconsolidated joint ventures’ and partnerships’ operations (not just our proportionate share) is presented below for the years ended December 31, 2025, 2024, and 2023 (dollars in thousands):

					Debt and Preferred
					Equity Program
As of and For the	UDR/		UDR/		and Other
Year Ended December 31, 2025	MetLife		LaSalle		Investments		Total
Condensed Statements of Operations:
Total revenues	$	146,406	$	51,870	$	178,221	$	376,497
Property operating expenses		61,914		18,566		92,172		172,652
Real estate depreciation and amortization		53,340		38,744		69,530		161,614
Operating income/(loss)		31,152		(5,440)		16,519		42,231
Interest expense		(33,607)		(3,994)		(103,620)		(141,221)
Other income/(loss)		—		—		3,718		3,718
Net unrealized/realized gain/(loss) on held investments		—		—		70,039		70,039
Net income/(loss)	$	(2,455)	$	(9,434)	$	(13,344)	$	(25,233)
Condensed Balance Sheets:
Total real estate, net	$	1,137,830	$	764,229	$	1,678,536	$	3,580,595
Investments, at fair value		—		—		489,468		489,468
Cash and cash equivalents		28,596		10,308		39,273		78,177
Other assets		9,464		7,704		117,650		134,818
Total assets		1,175,890		782,241		2,324,927		4,283,058
Third party debt, net		844,681		297,714		1,353,686		2,496,081
Accounts payable and accrued liabilities		18,431		6,887		155,143		180,461
Total liabilities		863,112		304,601		1,508,829		2,676,542
Total equity	$	312,778	$	477,640	$	816,098	$	1,606,516

					Debt and Preferred
					Equity Program
As of and For the	UDR/		UDR/		and Other
Year Ended December 31, 2024	MetLife		LaSalle		Investments		Total
Condensed Statements of Operations:
Total revenues	$	141,014	$	49,063	$	131,876	$	321,953
Property operating expenses		64,329		17,657		69,737		151,723
Real estate depreciation and amortization		53,543		45,375		51,633		150,551
Operating income/(loss)		23,142		(13,969)		10,506		19,679
Interest expense		(33,491)		(2,698)		(74,268)		(110,457)
Other income/(loss)		—		—		(3,840)		(3,840)
Net unrealized/realized gain/(loss) on held investments		—		—		84,835		84,835
Net income/(loss)	$	(10,349)	$	(16,667)	$	17,233	$	(9,783)
Condensed Balance Sheets:
Total real estate, net	$	1,174,695	$	567,474	$	1,372,206	$	3,114,375
Investments, at fair value		—		—		372,478		372,478
Cash and cash equivalents		12,528		5,688		29,716		47,932
Other assets		20,774		1,334		125,236		147,344
Total assets		1,207,997		574,496		1,899,636		3,682,129
Third party debt, net		845,963		45,246		1,168,926		2,060,135
Accounts payable and accrued liabilities		19,393		5,150		133,962		158,505
Total liabilities		865,356		50,396		1,302,888		2,218,640
Total equity	$	342,641	$	524,100	$	596,748	$	1,463,489

					Debt and Preferred
					Equity Program
For the	UDR/		UDR/		and Other
Year Ended December 31, 2023	MetLife		LaSalle		Investments		Total
Condensed Statements of Operations:
Total revenues	$	139,073	$	20,514	$	109,753	$	269,340
Property operating expenses		58,298		6,896		54,442		119,636
Real estate depreciation and amortization		54,895		21,182		43,407		119,484
Operating income/(loss)		25,880		(7,564)		11,904		30,220
Interest expense		(32,720)		(126)		(53,385)		(86,231)
Other income/(loss)		—		—		537		537
Net unrealized/realized gain/(loss) on held investments		—		—		23,403		23,403
Net income/(loss)	$	(6,840)	$	(7,690)	$	(17,541)	$	(32,071)