REPORTABLE SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2025

REPORTABLE SEGMENTS

Schedule 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 years ended December 31, 2025, 2024, and 2023, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. on the Consolidated Statements of Operations (dollars in thousands):

	Year Ended December 31, (a)
	2025		2024		2023
Reportable apartment home segment lease revenue
Same-Store Communities
West Region	$	496,427	$	483,285	$	468,797
Northeast Region		324,572		314,446		305,364
Mid-Atlantic Region		310,416		299,695		290,194
Southeast Region		220,993		222,515		222,488
Southwest Region		198,270		200,309		178,772
Non-Mature Communities/Other		88,044		87,669		104,893
Total segment and consolidated lease revenue	$	1,638,722	$	1,607,919	$	1,570,508
Reportable apartment home segment other revenue
Same-Store Communities
West Region	$	13,919	$	12,199	$	11,771
Northeast Region		9,545		8,239		7,558
Mid-Atlantic Region		14,282		13,210		11,269
Southeast Region		12,544		10,783		9,185
Southwest Region		9,737		8,848		7,230
Non-Mature Communities/Other		2,207		2,327		3,137
Total segment and consolidated other revenue	$	62,234	$	55,606	$	50,150
Total reportable apartment home segment rental income
Same-Store Communities
West Region	$	510,346	$	495,484	$	480,568
Northeast Region		334,117		322,685		312,922
Mid-Atlantic Region		324,698		312,905		301,463
Southeast Region		233,537		233,298		231,673
Southwest Region		208,007		209,157		186,002
Non-Mature Communities/Other		90,251		89,996		108,030
Total segment and consolidated rental income	$	1,700,956	$	1,663,525	$	1,620,658
Total reportable apartment home segment operating expenses
Same-Store Communities
Personnel	$	74,099	$	70,795	$	63,451
Utilities		73,102		69,438		66,453
Repair and maintenance		99,367		97,785		91,014
Administrative and marketing		39,007		35,565		31,765
Real estate taxes		199,444		196,006		189,373
Insurance		21,509		24,080		24,362
Non-Mature Communities/Other (b)		32,260		31,033		39,470
Total segment and consolidated operating expenses	$	538,788	$	524,702	$	505,888
Reportable apartment home segment NOI
Same-Store Communities
West Region	$	375,281	$	365,620	$	355,640
Northeast Region		217,524		209,241		205,711
Mid-Atlantic Region		222,797		214,376		207,223
Southeast Region		158,620		159,459		159,369
Southwest Region		129,955		131,164		118,267
Non-Mature Communities/Other		57,991		58,963		68,560
Total segment and consolidated NOI		1,162,168		1,138,823		1,114,770

	Year Ended December 31, (a)
	2025		2024		2023
Reconciling items:
Joint venture management and other fees		11,361		8,317		6,843
Property management		(55,281)		(54,065)		(52,671)
Other operating expenses		(30,734)		(30,416)		(20,222)
Real estate depreciation and amortization		(654,121)		(676,068)		(676,419)
General and administrative		(85,104)		(84,305)		(69,929)
Casualty-related (charges)/recoveries, net		(11,682)		(15,179)		(3,138)
Other depreciation and amortization		(25,914)		(19,405)		(15,419)
Gain/(loss) on sale of real estate owned		242,913		16,867		351,193
Income/(loss) from unconsolidated entities		28,388		20,235		4,693
Interest expense		(196,619)		(195,712)		(180,866)
Interest income and other income/(expense), net		19,175		(12,336)		17,759
Tax (provision)/benefit, net		(835)		(879)		(2,106)
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership		(25,965)		(6,246)		(30,104)
Net (income)/loss attributable to noncontrolling interests		(46)		(46)		(31)
Net income/(loss) attributable to UDR, Inc.	$	377,704	$	89,585	$	444,353

(a) Same-Store Community population consisted of 53,468 apartment homes.

(b) Non-Mature Communities/Other operating expenses include costs to manage recently acquired, developed and redeveloped communities, and the non-apartment components of mixed-use properties.

Schedule of details of assets of UDR's reportable segments

The following table details the assets of UDR’s reportable segments as of December 31, 2025 and 2024 (dollars in thousands):

	December 31,		December 31,
	2025		2024
Reportable apartment home segment assets:
Same-Store Communities (a):
West Region	$	4,686,593	$	4,613,733
Northeast Region		3,835,341		3,788,083
Mid-Atlantic Region		3,221,425		3,171,487
Southeast Region		1,663,389		1,615,846
Southwest Region		1,905,947		1,889,173
Non-Mature Communities/Other		1,175,190		1,135,041
Total segment assets		16,487,885		16,213,363
Accumulated depreciation		(7,374,546)		(6,901,026)
Total segment assets — net book value		9,113,339		9,312,337
Reconciling items:
Cash and cash equivalents		1,222		1,326
Restricted cash		35,710		34,101
Notes receivable, net		149,979		247,849
Investment in and advances to unconsolidated joint ventures, net		886,492		917,483
Operating lease right-of-use assets		187,624		186,997
Other assets		231,308		197,493
Total consolidated assets	$	10,605,674	$	10,897,586

(a) Same-Store Community population consisted of 53,468 apartment homes.