{"schemaVersion":1,"research":true,"symbol":"udr","name":"UDR","topic":"moat","path":"/stock/udr/moat","status":"published","version":12,"updatedAt":"2026-10-23T10:17:25.030Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"UDR demonstrates strong resident retention, modest realized rent increases and substantial financing flexibility. These support current operating strengths, but the passages do not establish durable switching barriers, exclusive locations or a lasting relative cost advantage. Preliminary nine-month results including proposed Apollo venture communities show 1.4% revenue growth against 3.2% expense growth and 0.5% NOI growth. Apollo funding remains prospective. Pricing power is mixed, and improved retention does not establish customer dependence. The evidence supports uncertainty about moat durability rather than a demonstrated weak competitive position.","advantages":[{"mechanism":"switching_costs","claim":"Improved resident retention demonstrates repeat demand and may reduce turnover costs. It does not establish that residents face substantial UDR-specific switching barriers.","durability":"The 2025 record-low turnover and separately reported second-quarter 2026 retention support a current operating strength. Persistence across a full cycle and its underlying causes remain unestablished.","risks":"Residents can reconsider alternatives at renewal; local supply, affordability and service quality can overwhelm retention benefits. Occupancy declined despite improved retention.","invalidation":"The operating-strength thesis would weaken if annual turnover returned to its pre-improvement level, retention deteriorated persistently, or maintaining occupancy required sustained concession-adjusted rent reductions.","competitors":[],"evidenceIds":["e7","e8","e9","e14"],"counterEvidenceIds":["e11","e15"]},{"mechanism":"cost_advantage","claim":"UDR has demonstrated access to diversified funding and extensive unencumbered assets. Its scalable-platform and low-cost-capital claims identify a possible advantage, but do not establish a durable relative cost edge.","durability":"Existing financing capacity provides current flexibility. Competing landlords also access substantial unsecured facilities, and the proposed Apollo transaction had not closed as of the October 21, 2026 filing.","risks":"Some competitors may have lower capital costs. Refinancing, operating expense inflation and the economic interest transferred to Apollo can offset funding benefits.","invalidation":"A relative cost-advantage thesis would fail if comparable funding spreads and operating costs showed no persistent advantage, or if refinancing and venture economics absorbed the claimed savings. Apollo closing alone would not validate it.","competitors":["Camden Property Trust"],"evidenceIds":["e5","e21","e23","e48"],"counterEvidenceIds":["e6","e18","e44","e45","e46","e47","e49","e50"]}],"evidence":[{"id":"e1","location":"Business overview; multifamily apartment operating scope; Form 10-Q filed July 28, 2026","sourceId":"filing-2","excerpt":"Business Overview\nWe are a self-administered real estate investment trust, or REIT, that owns, operates, acquires, renovates, develops, redevelops, disposes of, and manages multifamily apartment communities in targeted markets located in the United States."},{"id":"e2","location":"Business overview; consolidated portfolio at June 30, 2026","sourceId":"filing-2","excerpt":"At June 30, 2026, our consolidated real estate portfolio included 162 communities in 12 states plus the District of Columbia totaling 54,173 apartment homes."},{"id":"e3","location":"Business overview; unconsolidated and preferred-equity apartment exposure at June 30, 2026","sourceId":"filing-2","excerpt":"In addition, we have an ownership interest in 8,720 completed or to-be-completed apartment homes through unconsolidated joint ventures or partnerships, including 3,319 apartment homes owned by entities in which we hold preferred equity investments."},{"id":"e4","location":"Business; UDR parent REIT tax election; 2025 Form 10-K filed February 17, 2026","sourceId":"filing-1","excerpt":"UDR has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, which we refer to in this Report as the “Code.”"},{"id":"e5","location":"Business; issuer-asserted competitive advantages; 2025 Form 10-K","sourceId":"filing-1","excerpt":"We believe our competitive advantages include: ● a fully integrated organization with property management, development, redevelopment, acquisition, marketing, sales and financing expertise; ● scalable operating and support systems, which include automated systems to meet the changing needs of our residents and to effectively focus on our internet-based marketing efforts; ● access to diversified sources of capital; ● geographic diversification with a presence in 21 markets across the country; and ● significant presence in many of our major markets that allows us to be a local operating expert."},{"id":"e6","location":"Competition; competitor resources and capital costs; 2025 Form 10-K","sourceId":"filing-1","excerpt":"These competitors include insurance companies, pension and investment funds, public and private real estate companies, investment companies and other public and private apartment REITs, some of which may have greater resources, or lower capital costs, than we do."},{"id":"e7","location":"2026 proxy; achieved resident turnover for 2025; filed April 2, 2026","sourceId":"filing-3","excerpt":"In 2025, our resident turnover rate was 38.5%, the lowest in our operating history."},{"id":"e8","location":"2026 proxy; issuer-reported turnover improvement since early 2023 and peer comparison","sourceId":"filing-3","excerpt":"Since the beginning of 2023, UDR has improved resident turnover by 820 basis points, which is twice as much as the apartment REIT peer average."},{"id":"e9","location":"Second-quarter 2026 earnings release; COO statement on leasing and seasonally adjusted annualized retention; filed July 27, 2026","sourceId":"filing-7","excerpt":"“Second quarter Same-Store revenue, expense, and NOI growth exceeded our expectations, driven by blended lease rate growth above the high-end of our previously provided guidance range of 1.5 percent to 2.0 percent, occupancy remaining in the mid-96 percent range with annualized resident retention achieving a seasonally adjusted all-time high of 60 percent, and mid-single-digit year-over-year innovation income growth,” said Mike Lacy, UDR’s Chief Operating Officer."},{"id":"e10","location":"Six-month 2026 operating discussion; rental rates, reimbursements, collections and vacancy effects","sourceId":"filing-2","excerpt":"The increase in property rental income was primarily driven by a 0.7%, or $5.0 million, increase in rental rates, a 5.5%, or $5.2 million, increase in reimbursement and other income and a $2.4 million decrease in bad debt expense primarily due to a reduction in delinquent homes resulting in higher collections, partially offset by a 14.9%, or $3.1 million, increase in vacancy loss."},{"id":"e11","location":"Six-month 2026 operating discussion; physical occupancy and monthly income per occupied home","sourceId":"filing-2","excerpt":"Weighted average physical occupancy decreased by 0.5% to 96.6% and total monthly income per occupied home increased by 1.8% to $2,623."},{"id":"e12","location":"Operating discussion; property NOI margin for six months ended June 30, 2026 and 2025","sourceId":"filing-2","excerpt":"The operating margin (property net operating income divided by property rental income) was 67.8% and 68.5% for the six months ended June 30, 2026 and 2025, respectively."},{"id":"e13","location":"Operating discussion; annual property NOI margins for 2025 and 2024","sourceId":"filing-1","excerpt":"The operating margin (property net operating income divided by property rental income) was 68.6% and 68.6% for the years ended December 31, 2025 and 2024, respectively."},{"id":"e14","location":"Lease disclosure; apartment renewal and potential rental-rate changes; Form 10-Q filed April 30, 2026","sourceId":"filing-6","excerpt":"Our apartment home leases are generally renewable at the end of the lease term, subject to potential changes in rental rates, and our retail and commercial space leases generally have renewal options, subject to associated increases in rental rates due to market based or fixed price renewal options and certain other conditions."},{"id":"e15","location":"Risk factors; housing demand, supply, renewal and rent-regulation exposures; June 2026 Form 10-Q","sourceId":"filing-2","excerpt":"Factors that have in the past and may in the future affect our occupancy levels, our rental revenues, and/or the value of our properties include the following, among others: ● downturns in global, national, regional and local economic conditions, particularly increases in unemployment, including as a result of tariffs currently in effect, including Section 122 tariffs, and any future tariffs that may be imposed, geopolitical tensions, government shutdowns or otherwise; ● declines in mortgage interest rates, making alternative housing options more affordable; ● government or builder incentives with respect to home ownership, making alternative housing options more attractive; ● local real estate market conditions, including oversupply of, or reduced demand for, apartment homes; ● declines in the financial condition of our tenants, which may make it more difficult for us to collect rents from some tenants; ● changes in market rental rates; ● our ability to renew leases or re-lease space on favorable terms; ● the timing and costs associated with property improvements, repairs or renovations; ● changes in household formation; and ● rent control or stabilization laws, or other laws regulating or impacting rental housing, which could prevent us from raising rents to offset increases in operating costs or otherwise impact us."},{"id":"e16","location":"Lease risk disclosure; general absence of tax-increase pass-through; 2025 Form 10-K","sourceId":"filing-1","excerpt":"We also do not generally pass through increases in income, service or other taxes to tenants under leases."},{"id":"e17","location":"Preliminary operating update; occupancy and effective blended lease growth including 19 proposed Apollo venture communities; filed October 21, 2026","sourceId":"filing-14","excerpt":"Including these communities, Weighted Average Physical Occupancy and Effective Blended Lease Rate Growth would be 96.6% and 1.7% for 3Q 2026 and 96.6% and 1.8% for YTD 2026 through 3Q 2026."},{"id":"e18","location":"Preliminary same-store growth; inclusion of proposed Apollo venture communities and separate forecast midpoint; filed October 21, 2026","sourceId":"filing-14","excerpt":"Including these communities, SS Revenue, Expense, and NOI would be 1.5%, 2.7%, and 1.0% for 3Q 2026, 1.4%, 3.2%, and 0.5% for YTD 2026 through 3Q 2026, and 1.45%, 2.9%, and 0.75% for Full-Year 2026 Midpoint."},{"id":"e19","location":"Preliminary results qualification; September 2026 results remain subject to potentially material adjustments","sourceId":"filing-14","excerpt":"The Company has not yet finalized its results for the quarter ended September 30, 2026; therefore, this information is subject to adjustments that could be material as the Company finalizes its results and completes its review procedures."},{"id":"e21","location":"June 30, 2026 supplemental debt covenants, ratings and unencumbered asset summary; filed July 27, 2026","sourceId":"filing-5","excerpt":"31.6% (2)\n​\n​\nYes\nMinimum Fixed Charge Coverage Ratio\n​\n​\n​\n​\n​\n​\n≥1.5x\n​\n​\n4.7x\n​\n​\nYes\nMaximum Secured Debt Ratio\n​\n​\n​\n​\n​\n​\n≤40.0%\n​\n​\n8.7%\n​\n​\nYes\nMinimum Unencumbered Pool Leverage Ratio\n​\n​\n​\n​\n​\n​\n≥150.0%\n​\n​\n363.5%\n​\n​\nYes\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\nSenior Unsecured Note Covenants (3)\n​\n​\n​\n​\n​\n​\nRequired\n​\n​\nActual\n​\n​\nCompliance\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\nDebt as a percentage of Total Assets\n​\n​\n​\n​\n​\n​\n≤65.0%\n​\n​\n32.7% (3)\n​\n​\nYes\nConsolidated Income Available for Debt Service to Annual Service Charge\n≥1.5x\n​\n​\n5.6x\n​\n​\nYes\nSecured Debt as a percentage of Total Assets\n​\n​\n​\n​\n​\n​\n≤40.0%\n​\n​\n5.2%\n​\n​\nYes\nTotal Unencumbered Assets to Unsecured Debt\n​\n​\n​\n​\n​\n​\n≥150.0%\n​\n​\n315.2%\n​\n​\nYes\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\nSecurities Ratings\n​\n​\n​\n​\n​\n​\nDebt\n​\n​\nOutlook\n​\n​\nCommercial Paper\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\nMoody's Investors Service\n​\n​\n​\n​\n​\n​\nBaa1\n​\n​\nStable\n​\n​\nP-2\nS&P Global Ratings\n​\n​\n​\n​\n​\n​\nBBB+\n​\n​\nStable\n​\n​\nA-2\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\nGross\n​\n​\n% of\n​\n​\nNumber of\n​\n2Q 2026 NOI (1)\n​\n​\n​\n​\nCarrying Value\n​\n​\nTotal Gross\nAsset Summary\n​\nHomes\n​\n($000s)\n​\n% of NOI\n​\n​\n($000s)\n​\n​\nCarrying Value\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\nUnencumbered assets\n​\n 46,843\n​\n$\n260,311 \n​\n89.8%\n​\n$\n14,760,202 \n​\n​\n90.0%\nEncumbered assets\n​\n 7,330\n​\n​\n 29,445\n​\n10.2%\n​\n​\n 1,635,683\n​\n​\n10.0%\n​\n​\n 54,173\n​\n$\n289,756 \n​\n100.0%\n​\n$\n16,395,885 \n​\n​\n100.0%\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​"},{"id":"e22","location":"Quarter ended June 30, 2026 balance-sheet metrics and prior-year comparison; filed July 27, 2026","sourceId":"filing-7","excerpt":"​\nQuarter Ended June 30\nBalance Sheet Metric\n2Q 2026\n2Q 2025\nChange\nWeighted Average Interest Rate\n3.4%\n3.4%\n-\nWeighted Average Years to Maturity\n3.9\n4.7\n(0.8)\nConsolidated Fixed Charge Coverage Ratio\n5.0x\n5.1x\n(0.1)x\nConsolidated Debt as a percentage of Total Assets\n32.7%\n32.4%\n0.3%\nConsolidated Net Debt-to-EBITDAre – adjusted for non-recurring items(1)\n5.6x\n5.5x\n0.1x"},{"id":"e23","location":"Earnings release; corporate liquidity at June 30, 2026; filed July 27, 2026","sourceId":"filing-7","excerpt":"As of June 30, 2026, the Company had approximately $885 million in liquidity through a combination of cash and undrawn capacity on its credit facilities."},{"id":"e24","location":"June 30, 2026 supplemental debt structure; principal in thousands, fixed/floating proportions and balance-sheet reconciliation","sourceId":"filing-5","excerpt":"​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\nWeighted\n​\nWeighted\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\nAverage\n​\nAverage Years\nDebt Structure, In thousands\n​\n​\n​\n​\n​\n​\n​\nBalance\n​\n​\n% of Total\n​\nInterest Rate \n​\nto Maturity\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\nSecured \n​\n​\nFixed\n​\n​\n​\n​\n$\n909,154 \n​\n​\n15.6%\n​\n3.46%\n​\n 3.2\n​\n​\n​\nFloating\n​\n​\n​\n​\n​\n 27,000\n​\n​\n0.5%\n​\n2.56%\n​\n 5.7\n​\n​\n​\nCombined\n​\n​\n​\n​\n​\n 936,154\n​\n​\n16.1%\n​\n3.43%\n​\n 3.3\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\nUnsecured\n​\n​\nFixed\n​\n​\n​\n​\n​\n 4,225,000\n(2)\n​\n72.5%\n​\n3.15%\n​\n 4.5\n​\n​\n​\nFloating \n​\n​\n​\n​\n​\n 665,968\n​\n​\n11.4%\n​\n4.14%\n​\n 0.7\n​\n​\n​\nCombined\n​\n​\n​\n​\n​\n 4,890,968\n​\n​\n83.9%\n​\n3.29%\n​\n 4.0\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\nTotal Debt\n​\n​\nFixed\n​\n​\n​\n​\n​\n 5,134,154\n​\n​\n88.1%\n​\n3.21%\n​\n 4.3\n​\n​\n​\nFloating \n​\n​\n​\n​\n​\n 692,968\n​\n​\n11.9%\n​\n4.07%\n​\n 0.9\n​\n​\n​\nCombined \n​\n​\n​\n​\n​\n 5,827,122\n​\n​\n100.0%\n​\n3.31%\n​\n 3.9\n​\n​\n​\nTotal Non-Cash Adjustments (3)\n​\n​\n​\n​\n​\n (13,290)\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\nTotal per Balance Sheet\n​\n​\n​\n​\n$\n5,813,832 \n​\n​\n​\n​\n3.38%\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\nDebt Maturities, In thousands\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\nRevolving Credit\n​\n​\n​\n​\n​\n​\nWeighted\n​\n​\n​\n​\n​\nUnsecured\n​\nFacilities & Comm."},{"id":"e25","location":"June 30, 2026 supplemental debt maturity table; amounts in thousands; continuation of debt-structure heading","sourceId":"filing-5","excerpt":"​\n​\n​\n​\n​\n​\nAverage\n​\n​\nSecured Debt (4)\n​\nDebt\n​\nPaper (5) (6) (7)\n​\nBalance\n​\n% of Total\n​\nInterest Rate\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n​\n2026\n​\n$\n28,351 \n​\n$\n 300,000\n​\n$\n480,000 \n​\n$\n808,351 \n​\n13.9%\n ​\n3.59%\n2027\n​\n​\n 6,939\n​\n​\n 300,000\n​\n​\n 10,968\n​\n​\n 317,907\n​\n5.4%\n​\n3.54%\n2028\n​\n​\n 166,526\n​\n​\n 300,000\n​\n​\n -\n​\n​\n 466,526\n​\n8.0%\n​\n3.72%\n2029\n​\n​\n 315,811\n​\n​\n 650,000\n​\n​\n -\n​\n​\n 965,811\n​\n16.6%\n​\n4.05%\n2030\n​\n​\n 230,597\n​\n​\n 600,000\n​\n​\n -\n​\n​\n 830,597\n​\n14.2%\n​\n3.34%\n2031\n​\n​\n 160,930\n​\n​\n 600,000\n​\n​\n -\n​\n​\n 760,930\n​\n13.1%\n​\n2.92%\n2032\n​\n​\n 27,000\n​\n​\n 400,000\n​\n​\n -\n​\n​\n 427,000\n​\n7.3%\n​\n2.13%\n2033\n​\n​\n -\n​\n​\n 650,000\n​\n​\n -\n​\n​\n 650,000\n​\n11.2%\n​\n1.99%\n2034\n​\n​\n -\n​\n​\n 600,000\n​\n​\n -\n​\n​\n 600,000\n​\n10.3%\n​\n4.04%\n2035\n​\n​\n -\n​\n​\n -\n​\n​\n -\n​\n​\n -\n​\n -\n​\n -\nThereafter\n​\n​\n -\n​\n​\n -\n​\n​\n -\n ​\n​\n -\n​\n-\n ​\n-\n​\n​\n​\n 936,154\n​\n​\n 4,400,000\n​\n​\n 490,968\n​\n​\n 5,827,122\n​\n100.0%\n​\n3.31%\nTotal Non-Cash Adjustments (3)\n​\n​\n (3,091)\n​\n​\n (10,199)\n​\n​\n -\n​\n​\n (13,290)\n​\n​\n​\n​\nTotal per Balance Sheet\n​\n$\n933,063 \n​\n$\n4,389,801 \n​\n$\n490,968 \n​\n$\n5,813,832 \n​\n​\n​\n3.38%"},{"id":"e26","location":"Six-month cash-flow supplemental information; unrestricted and restricted cash reconciliation and unpaid commitments; amounts in thousands","sourceId":"filing-2","excerpt":"Supplemental Information:\n​\n \n ​\n​\n \n ​\nInterest paid during the period, net of amounts capitalized\n​\n$\n 93,260\n​\n$\n 96,670\nCash paid for amounts included in the measurement of lease liabilities:\n​\n​\n​\n​\n​\n​\nOperating cash flows from operating leases\n​\n​\n 6,378\n​\n​\n 6,251\nCash paid/(refunds received) for income taxes\n​\n \n 1,255\n​\n \n 1,274\nNon-cash transactions:\n​\n \n ​\n​\n \n ​\nNet proceeds from sale of real estate investment held by qualified intermediary\n​\n$\n 40,832\n​\n$\n —\nPreferred equity investment settled in exchange for acquisition of real estate owned\n​\n​\n 27,409\n​\n​\n —\nNotes receivable settled in exchange for real estate owned\n​\n​\n 34,757\n​\n​\n 180,700\nConversion of note receivable to equity securities\n​\n​\n —\n​\n​\n 42,807\nDevelopment costs and capital expenditures incurred, but not yet paid\n​\n​\n 33,260\n​\n​\n 23,433\nConversion of Operating Partnership and DownREIT Partnership noncontrolling interests to common stock (956,845 shares and 155,453 shares, respectively)\n​\n \n 32,597\n​\n \n 6,933\nDividends declared, but not yet paid\n​\n \n 150,913\n​\n \n 153,662\n​\n​\n​\n​\n​\n​\n​\nThe following reconciles cash, cash equivalents, and restricted cash to amounts as shown above:\n​\n​\n​\n​\n​\n​\nCash, cash equivalents, and restricted cash, beginning of year:\n​\n​\n​\n​\n​\n​\nCash and cash equivalents\n​\n$\n 1,222\n​\n$\n 1,326\nRestricted cash\n​\n​\n 35,710\n​\n​\n 34,101\nTotal cash, cash equivalents, and restricted cash as shown above\n​\n$\n 36,932\n​\n$\n35,427\nCash, cash equivalents, and restricted cash, end of period:\n​\n​\n​\n​\n​\n​\nCash and cash equivalents\n​\n$\n 1,193\n​\n$\n 1,532\nRestricted cash\n​\n​\n 34,936\n​\n​\n 33,577\nTotal cash, cash equivalents, and restricted cash as shown above\n​\n$\n 36,129\n​\n$\n35,109"},{"id":"e27","location":"Consolidated cash-flow statement; six months ended June 30, 2026 and 2025; amounts in thousands","sourceId":"filing-2","excerpt":"​\n​\n​\n​\n​\n​\n​\n​\n​\nSix Months Ended June 30, \n​\n ​ ​ ​\n2026\n ​ ​ ​\n2025\nOperating Activities\n​\n​\n ​\n \n​\n ​\nNet income/(loss)\n​\n$\n 276,559\n​\n$\n 122,300\nAdjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:\n​\n \n ​\n​\n \n ​\nDepreciation and amortization\n​\n \n 328,174\n​\n \n 339,039\n(Gain)/loss on sale of real estate owned\n​\n \n (193,120)\n​\n \n (47,939)\n(Income)/loss from unconsolidated entities\n​\n \n (22,967)\n​\n \n (9,443)\nReturn on investment in unconsolidated joint ventures and partnerships\n​\n \n 14,303\n​\n \n 23,486\nAmortization of share-based compensation\n​\n \n 16,430\n​\n \n 16,260\nOther\n​\n \n 20,930\n​\n \n 17,541\nChanges in operating assets and liabilities:\n​\n \n​\n​\n \n ​\n(Increase)/decrease in operating assets\n​\n \n (11,616)\n​\n \n (9,223)\nIncrease/(decrease) in operating liabilities\n​\n \n (37,775)\n​\n \n (45,476)\nNet cash provided by/(used in) operating activities\n​\n \n 390,918\n​\n \n 406,545\n​\n​\n​\n​\n​\n​\n​\nInvesting Activities\n​\n \n ​\n​\n \n ​\nAcquisition of real estate assets\n​\n \n (53,423)\n​\n \n —\nProceeds from sales of real estate investments, net\n​\n \n 353,365\n​\n \n 203,565\nDevelopment of real estate assets\n​\n \n (52,955)\n​\n \n (15,265)\nCapital expenditures and other major improvements — real estate assets\n​\n \n (104,184)\n​\n \n (113,247)\nCapital expenditures — non-real estate assets\n​\n \n (6,593)\n​\n \n (28,628)\nInvestment in unconsolidated joint ventures and partnerships\n​\n \n (2,801)\n​\n \n (21,490)\nDistributions received from unconsolidated joint ventures and partnerships\n​\n \n 142,748\n​\n \n 46,127\nRepayment/(issuance) of notes receivable, net\n​\n \n (50,358)\n​\n \n (112,000)\nNet cash provided by/(used in) investing activities\n​\n \n 225,799\n​\n \n (40,938)\n​\n​\n​\n​\n​\n​\n​\nFinancing Activities\n​\n \n ​\n​\n \n ​\nPayments on secured debt\n​\n \n (28,320)\n​\n \n (3,231)\nNet proceeds/(repayment) of commercial paper\n​\n \n 35,000\n​\n \n (69,900)\nNet proceeds/(repayment) of revolving bank debt\n​\n \n (15,413)\n​\n \n 20,854\nRepurchase of common shares\n​\n​\n (300,283)\n​\n​\n —\nDistributions paid to redeemable noncontrolling interests\n​\n \n (19,803)\n​\n \n (19,801)\nDistributions paid to preferred stockholders\n​\n \n (2,436)\n​\n \n (2,408)\nDistributions paid to common stockholders\n​\n \n (282,919)\n​\n \n (283,174)\nOther\n​\n \n (3,346)\n​\n \n (8,265)\nNet cash provided by/(used in) financing activities\n​\n \n (617,520)\n​\n \n (365,925)\nNet increase/(decrease) in cash, cash equivalents, and restricted cash\n​\n \n (803)\n​\n \n (318)\nCash, cash equivalents, and restricted cash, beginning of year\n​\n \n 36,932\n​\n \n 35,427\nCash, cash equivalents, and restricted cash, end of period\n​\n$\n 36,129\n​\n$\n 35,109\n​\n​\n​\n​\n​\n​\n​"},{"id":"e28","location":"Capital expenditures and repair costs; six months ended June 30, 2026 and 2025; dollars in thousands except per-home amounts","sourceId":"filing-2","excerpt":"The following table outlines capital expenditures and repair and maintenance costs for all of our communities, excluding real estate under development, for the six months ended June 30, 2026 and 2025 (dollars in thousands except Per Home amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Per Home ​ ​ Six Months Ended June 30, ​ Six Months Ended June 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ % Change ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ % Change Turnover capital expenditures ​ $ 7,723 ​ $ 8,172 (5.5) % $ 142 ​ $ 148 (4.1) % Asset preservation expenditures ​ 38,876 ​ 36,868 5.4 % 714 ​ 666 7.2 % Total recurring capital expenditures ​ 46,599 ​ 45,040 3.5 % 856 ​ 814 5.2 % NOI enhancing improvements (a) ​ 33,713 ​ 35,203 (4.2) % 619 ​ 636 (2.7) % Major renovations (b) ​ 24,414 ​ 38,817 (37.1) % 449 ​ 702 (36.0) % Operations platform ​ ​ 3,632 ​ ​ 887 ​ 309.5 % ​ 67 ​ ​ 16 ​ 318.8 % Total capital expenditures (c) ​ $ 108,358 ​ $ 119,947 (9.7) % $ 1,991 ​ $ 2,168 (8.2) % Repair and maintenance expense ​ $ 52,996 ​ $ 51,258 3.4 % $ 974 ​ $ 927 5.1 % Average home count (d) ​ 54,433 ​ 55,324 (1.6) % ​ ​ ​ ​ ​ ​ ​ ​ (a) NOI enhancing improvements are expenditures that we believe will result in increased income generation or decreased expense growth."},{"id":"e29","location":"Preliminary September 2026 quarterly and nine-month GAAP-to-FFO and FFOA reconciliation; thousands except per-share/unit amounts","sourceId":"filing-14","excerpt":"​\nIn thousands, except per share and unit amounts\nQuarter Ended\nSeptember 30,\nNine Months Ended September 30,\n​\n2026\n2025\n2026\n2025\nNet income/(loss) attributable to common stockholders\n$214,869\n$39,198\n$471,290\n$151,174\n Real estate depreciation and amortization\n161,569\n165,926\n482,957\n490,511\n Noncontrolling interests\n14,780\n2,721\n32,473\n10,628\n Real estate depreciation and amortization on unconsolidated joint ventures\n15,073\n12,021\n41,411\n38,245\n Net (gain)/loss on consolidation\n(3,181)\n-\n(3,456)\n(286)\n Net (gain)/loss on the sale of depreciable real estate owned, net of tax\n(190,069)\n-\n(383,159)\n(47,939)\nFFO attributable to common stockholders and unitholders, basic\n$213,041\n$219,866\n$641,516\n$642,333\n Distributions to preferred stockholders – Series E (Convertible)\n1,225\n1,211\n3,670\n3,628\nFFO attributable to common stockholders and unitholders, diluted\n$214,266\n$221,077\n$645,186\n$645,961\nFFO per weighted average common share and unit, diluted\n$0.62\n$0.62\n$1.85\n$1.81\n Weighted average number of common shares, OP/DownREIT Units, and common stock equivalents outstanding, diluted\n346,034\n356,873\n349,095\n357,110\nImpact of adjustments to FFO:\n​\n​\n​\n​\n Legal and other costs\n5,512\n2,683\n19,113\n9,846\n Realized and unrealized (gain)/loss on real estate technology investments\n9\n(3,736)\n(14,148)\n(3,305)\n Severance costs\n4,438\n7,214\n4,970\n8,737\n Software transition related costs\n-\n3,329\n-\n9,263\n Casualty-related charges/(recoveries)\n548\n1,755\n9,350\n8,434\nTotal impact of adjustments to FFO\n$10,507\n$11,245\n$19,285\n$32,975\nFFO as Adjusted attributable to common stockholders and unitholders, diluted\n$224,773\n$232,322\n$664,471\n$678,936\nFFO as Adjusted per weighted average common share and unit, diluted\n$0.65\n$0.65\n$1.90\n$1.90"},{"id":"e30","location":"Definitions; issuer definition of FFO as Adjusted; October 21, 2026 filing","sourceId":"filing-14","excerpt":"Funds From Operations as Adjusted (“FFO as Adjusted”) attributable to common stockholders and unitholders: The Company defines FFO as Adjusted attributable to common stockholders and unitholders as FFO excluding the impact of other non-comparable items including, but not limited to, acquisition-related costs, prepayment costs/benefits associated with early debt retirement, impairment write-downs or gains and losses on sales of real estate or other assets incidental to the main business of the Company and income taxes directly associated with those gains and losses, casualty-related expenses and recoveries, severance costs, software transition related costs and legal and other costs."},{"id":"e31","location":"Third-quarter 2026 capital allocation; completed Seattle and Nashville dispositions","sourceId":"filing-14","excerpt":"1\n​\nCapital Allocation Activity\nDuring the quarter the Company,\n●\nSold two apartment communities, one each in Seattle and Nashville, with a combined 412 apartment homes for gross proceeds of $183.0 million."},{"id":"e32","location":"Third-quarter 2026 capital allocation; Debt and Preferred Equity runoff acquisitions and incremental cash outlay","sourceId":"filing-14","excerpt":"●\nAs part of the previously announced runoff of its Debt and Preferred Equity portfolio, acquired a 483-home apartment community in Inland Empire, CA, and, as previously reported, a 286-home in Portland, OR, both upon the liquidation of the Company’s interests in previous Debt and Preferred Equity joint ventures, for an incremental cash outlay of $235.0 million based on a combined property valuation of $354.4 million."},{"id":"e33","location":"Third-quarter 2026 capital allocation; completed LaSalle venture expansion and contributed community","sourceId":"filing-14","excerpt":"●\nExpanded its joint venture with LaSalle Investment Management to approximately $958.3 million by contributing a 360-home apartment community in Nashville, TN, to the venture."},{"id":"e34","location":"Third-quarter 2026 capital allocation; cash proceeds from preceding LaSalle contribution","sourceId":"filing-14","excerpt":"Under the terms of the transaction, the Company received approximately $103.2 million in cash proceeds."},{"id":"e35","location":"Third-quarter 2026 capital allocation; full repayment of Orlando preferred-equity investment","sourceId":"filing-14","excerpt":"●\nReceived a full repayment of approximately $29.5 million on its Preferred Equity investment in a stabilized apartment community in Orlando."},{"id":"e36","location":"2025 Form 10-K; 2024 preferred-equity impairment and underlying property-value decline","sourceId":"filing-1","excerpt":"For the year ended December 31, 2024, the Company recorded an $8.1 million non-cash impairment loss on one of its preferred equity investment (recorded in Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations) due to a decrease in the value of the operating community that it deemed to be other-than-temporary."},{"id":"e37","location":"2026 proxy; existing executive compensation measures","sourceId":"filing-3","excerpt":"●\nExecutive compensation that is competitive with our peers and that is structured to be aligned with our strategy and is measured against both absolute and relative to our peers total return to shareholders and FFOA per share growth."},{"id":"e38","location":"2026 proxy; director ownership-policy compliance as of April 2, 2026","sourceId":"filing-3","excerpt":"As of April 2, 2026, all of our directors are in compliance with this policy."},{"id":"e39","location":"2026 proxy; completed one-year award measurement and future three-year measurement","sourceId":"filing-3","excerpt":"The threshold, target and maximum for these awards were determined prior to the grant date, and the amount of the awards with respect to the portion of the awards with a 1-year performance period was determined in February 2026 based upon the achievement of the performance metrics, and the portion of the long-term award with a 3-year performance period will be determined in February of 2028."},{"id":"e40","location":"2026 proxy; actual termination without vesting of departing executive's 2025 awards","sourceId":"filing-3","excerpt":"Mr. Fisher’s awards for the 2025 STI and LTI programs listed in the “Stock Awards” column terminated without vesting upon his resignation."},{"id":"e41","location":"2026 proxy; compensation safeguards, shareholder rights and independent oversight","sourceId":"filing-3","excerpt":"This concept has been expanded to cover associates at all levels\n●\nAnnual advisory approval of named executive officer compensation\n●\nRobust Code of Business Conduct and Ethics, and Code of Ethics for Senior Financial Officers\n●\nStock ownership guidelines for executive officers and directors\n●\nBoard Overboarding Policy\n●\nProhibition on hedging transactions\n●\nPledging transactions prohibited without prior approval\n●\nRecoupment Policy \n●\nCharitable Donations and Political Contributions Policy \n●\nAnnual corporate responsibility reporting\n●\nDouble-trigger acceleration of vesting in the event of a change in control\n●\nTwelve-month minimum vesting on equity awards generally\n●\nBoard and committee oversight of material short-term and long-term risks (including climate change and cybersecurity risk), sustainability and human capital management\n​\n​\n► ​Shareholder Rights\n●\nAnnual election of all directors\n●\nMajority voting in uncontested director elections\n●\nProxy access for eligible director candidates nominated by eligible shareholders\n●\nNo shareholder rights plan (poison pill)\n●\nConfidential voting\n●\nNo material restrictions on shareholders’ right to call a special meeting \n●\nActive shareholder engagement\n●\nAbility for shareholders to propose binding bylaw amendments\n●\nNo issued and outstanding shares of capital stock that have no voting rights and no treasury stock\n​\n► ​Independent Oversight\n●\nStrong Lead Independent Director role with clearly articulated responsibilities\n●\nAudit, Compensation, and Nominating and Governance Committees consist entirely of Independent Directors\n●\nAll directors are independent, except the Chairman, President and Chief Executive Officer\n●"},{"id":"e42","location":"June 2026 Form 10-Q; Maryland business-combination restrictions","sourceId":"filing-2","excerpt":"The Maryland General Corporation Law restricts mergers and other business combination transactions between us and any person who acquires beneficial ownership of shares of our stock representing 10% or more of the voting power without our board of directors’ prior approval."},{"id":"e43","location":"May 21, 2026 annual meeting; actual advisory compensation voting results; filed May 27, 2026","sourceId":"filing-9","excerpt":"At the Annual Meeting, the shareholders approved, on an advisory basis, the compensation of the Company’s named executive officers, as disclosed in the Company’s Proxy Statement for the Annual Meeting pursuant to the compensation disclosure rules of the Securities and Exchange Commission, by the votes indicated below:\n​\n​\n​\n​\nVotes For\n​\nVotes Against\n​\nAbstentions\n​\nBroker Non-Votes\n213,004,891\n​\n97,164,665\n​\n338,303\n​\n8,459,602\n​\n3."},{"id":"e44","location":"Apollo transaction announcement; expected October 29, 2026 closing and conditions; filed October 21, 2026","sourceId":"filing-15","excerpt":"The transaction is expected to close on October 29, 2026, subject to execution of the documentation, and customary closing conditions."},{"id":"e45","location":"Proposed Apollo transaction; prospective equity funding and acquired venture interest","sourceId":"filing-15","excerpt":"Apollo-managed funds and affiliates (“Apollo”) will invest $1.34 billion of equity capital into a newly established joint venture, acquiring an approximate two-thirds interest."},{"id":"e46","location":"Proposed Apollo transaction; UDR retained interest and consolidation","sourceId":"filing-15","excerpt":"UDR will retain a one-third interest and consolidate the joint venture."},{"id":"e47","location":"Proposed Apollo transaction; expected repurchase-option return, timing and finite exercise period","sourceId":"filing-15","excerpt":"UDR will also retain an option to repurchase Apollo’s interest in the joint venture at an expected 7.00-7.50% fixed return for a finite period starting at the fifth anniversary of closing."},{"id":"e48","location":"Apollo announcement; management characterization of prospective capital cost","sourceId":"filing-15","excerpt":"“UDR’s partnership with Apollo provides access to a new, low-cost permanent source of equity capital."},{"id":"e49","location":"2026 UDR proxy; named apartment peers including Camden Property Trust","sourceId":"filing-3","excerpt":"(AVB), Camden Property Trust (CPT), Equity Residential (EQR), Essex Property Trust, Inc."},{"id":"e50","location":"Camden Property Trust competitor disclosure only; available revolving facility at December 31, 2025; filed February 12, 2026","sourceId":"filing-11","excerpt":"As of December 31, 2025, we had approximately $1.2 billion available under our unsecured revolving credit facility, which we have at our option, the ability to extend to August 2027 and the ability to increase the facility up to $500 million subject to certain conditions."},{"id":"e51","location":"June 2026 supplemental NOI definition; excluded property management expense and land rent","sourceId":"filing-5","excerpt":"Excluded from NOI is property management expense, which is calculated as 3.25% of property revenue, and land rent."},{"id":"e52","location":"June 2026 Form 10-Q; actual absence of ATM common-share sales during three and six months ended June 30, 2026","sourceId":"filing-2","excerpt":"During the three and six months ended June 30, 2026, the Company did not sell any shares of common stock through its ATM program."},{"id":"e53","location":"October 2026 preliminary release; effective blended lease-rate growth definition","sourceId":"filing-14","excerpt":"Effective Blended Lease Rate Growth: The Company defines Effective Blended Lease Rate Growth as the combined proportional growth as a result of Effective New Lease Rate Growth and Effective Renewal Lease Rate Growth."},{"id":"e54","location":"October 2026 preliminary release; effective new-lease growth definition including concessions and prior lease comparison","sourceId":"filing-14","excerpt":"Effective New Lease Rate Growth: The Company defines Effective New Lease Rate Growth as the increase/(decrease) in gross potential rent realized less concessions on a straight-line basis for the new lease term (current effective rent) versus prior resident effective rent for the prior lease term on new leases commenced during the current quarter."},{"id":"e55","location":"October 2026 preliminary release; effective renewal growth definition including concessions and prior lease comparison","sourceId":"filing-14","excerpt":"Effective Renewal Lease Rate Growth: The Company defines Effective Renewal Lease Rate Growth as the increase/(decrease) in gross potential rent realized less concessions on a straight-line basis for the new lease term (current effective rent) versus prior effective rent for the prior lease term on renewed leases commenced during the current quarter."},{"id":"e56","location":"Second-quarter 2026 capital allocation; commenced development and expected total development cost","sourceId":"filing-7","excerpt":"●\nCommenced development of 4848 at Alex West, a 385-apartment home community in Northern Virginia, with an expected total development cost of $181.3 million, or $471,000 per apartment home."}],"changes":["Retain the uncertain verdict: re-examination supports current retention and financing strengths without establishing durable structural protection.","Add explicit moat-criterion grades from current operating and contractual evidence; uncertainty about moat width does not make all observed criteria unassessable.","Keep the previous pricing, management and sector financial grades after re-examining their current catalog support. Treat third-quarter figures as preliminary and Apollo funding as unclosed.","Use Camden's facility solely to show that substantial unsecured funding access is shared by a named peer; do not attribute its outcomes or lease terms to UDR."],"limitations":["Assessment uses only supplied passages. Source dates cited here are filing dates, not retrieval dates; all evidence supporting non-null financial checks was filed within 550 days of October 23, 2026.","UDR's annual parent REIT election and disclosed multifamily operations establish the real-estate scope. The financial checks are qualitative apartment-sector assessments, not credit ratings or industrial ROIC grades.","Peer coverage is incomplete and not matched for geography, asset quality, leverage, debt vintage or maturity. Claims of superior turnover improvement, platform quality and capital cost remain issuer assertions; the catalog does not establish exclusive assets or persistent comparable cost leadership.","Third-quarter 2026 results were preliminary and subject to potentially material adjustment. Apollo was expected to close October 29, 2026; its prospective proceeds, accretion and debt reduction are not completed outcomes.","No updated September corporate liquidity and maturity bridge is supplied. June unrestricted cash is distinguished from restricted cash; unconsolidated venture assets are not treated as freely available corporate liquidity.","The catalog supplies an FFOA definition and GAAP reconciliation but no complete standalone Nareit FFO definition. FFOA is used only as supplemental per-share operating evidence, never as operating cash flow or dividend coverage.","UDR apartment lease durations, rent-control exposure and quantified resident switching costs are not supplied. Compensation policies and director compliance are disclosed, but complete executive beneficial-ownership details are absent.","No separate five-year predictability calculation is made from FFO, forecasts or the incomplete supplied revenue series."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":2,"rationale":"Record resident turnover and substantial unencumbered assets support current operating and funding strengths. Integration and scalability are management claims, while a named peer also has substantial unsecured capacity. The evidence is mixed on differentiation and does not establish exclusive assets, network effects or a persistent relative cost advantage.","evidenceIds":["e5","e6","e7","e21","e49","e50"]},{"criterion":"durability","grade":1,"rationale":"Turnover improvement since early 2023 provides some persistence, but renewable apartment leases expose demand to market repricing. Current expense growth exceeds revenue growth. The claimed new permanent equity source remains unclosed, so neither retention history nor prospective financing establishes durable economic protection.","evidenceIds":["e8","e14","e18","e44","e48"]},{"criterion":"customer_dependency","grade":1,"rationale":"Residents demonstrate repeat demand, including record-low annual turnover and management-reported record seasonally adjusted retention. Those outcomes do not establish dependency: leases can be reconsidered at renewal, and occupancy declined. No UDR-specific contractual lock-in or substantial switching burden is demonstrated.","evidenceIds":["e7","e9","e11","e14"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Retention and positive preliminary same-store NOI growth show partial resilience. Including proposed Apollo communities, nine-month revenue grew 1.4%, expenses 3.2% and NOI 0.5%. Lower first-half occupancy and margin show actual pressure; supply and regulation are additional potential risks rather than evidence of realized failure.","evidenceIds":["e7","e11","e12","e15","e18","e19"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"First-half rental rates increased 0.7%, separately from reimbursements, collections and vacancy. Preliminary concession-adjusted blended lease growth including proposed Apollo communities was 1.7% for the third quarter and 1.8% year to date. These observed outcomes support modest pricing, without proving sustained market-independent increases.","evidenceIds":["e10","e17","e19","e53","e54","e55"]},{"criterion":"retention","grade":3,"rationale":"UDR reported 2025 resident turnover of 38.5%, its historical low, and an 820-basis-point improvement since early 2023. The COO separately reported second-quarter 2026 seasonally adjusted annualized retention of 60%. 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