UDR, Inc.

UDR 10-Q · Q2 2025

UDR Q2 2025 request

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Income Statement

Income Statement
Metric Q2 2025 Q2 2024 YoY
Operating Lease Lease Income 423,001 413,328 +2.3%
Show Business Segments breakouts
Non-Mature communities/Other 12,483 12,813 -2.6%
Same Communities · Same Store Communities Mid-Atlantic Region 86,461 82,662 +4.6%
Same Communities · Same Store Communities Northeast Region 82,974 80,103 +3.6%
Same Communities · Same Store Communities Southeastern Region 59,560 59,648 -0.1%
Same Communities · Same Store Communities Southwestern Region 52,251 52,513 -0.5%
Same Communities · Same Store Communities Western Region 129,272 125,589 +2.9%
Show Subsegments breakouts
Total Communities 423,001 413,328 +2.3%
Revenue 2,398 1,992 +20.4%
Revenue 425,399 415,320 +2.4%
Show Equity Method Investment Nonconsolidated Investee breakouts
Unconsolidated Joint Ventures and Partnerships 93,206 78,013 +19.5%
Direct Costs Of Leased And Rented Property Or Equipment 75,613 70,443 +7.3%
Show Equity Method Investment Nonconsolidated Investee breakouts
Unconsolidated Joint Ventures and Partnerships 42,260 35,793 +18.1%
Real Estate Taxes And Insurance 57,008 58,884 -3.2%
Property Management Costs Operating 13,747 13,433 +2.3%
Other Cost And Expense Operating 7,753 7,593 +2.1%
Depreciation Nonproduction 163,191 170,488 -4.3%
Show Equity Method Investment Nonconsolidated Investee breakouts
Unconsolidated Joint Ventures and Partnerships 40,099 38,091 +5.3%
General & Administrative 19,929 20,136 -1.0%
Casualty Related Recoveries Charges Net 3,382 998 +238.9%
Other Depreciation And Amortization 7,387 4,679 +57.9%
Total Costs & Expenses 348,010 346,654 +0.4%
Operating Income 77,389 68,666 +12.7%
Show Equity Method Investment Nonconsolidated Investee breakouts
Unconsolidated Joint Ventures and Partnerships 10,847 4,129 +162.7%
Income Loss From Equity Method Investments 3,629 4,046 -10.3%
Interest Expense Debt -48,665 -47,811 -1.8%
Show Equity Method Investment Nonconsolidated Investee breakouts
Unconsolidated Joint Ventures and Partnerships -36,017 -25,571 -40.9%
Other Non-Operating Income (Expense) 8,134 6,498 +25.2%
Show Equity Method Investment Nonconsolidated Investee breakouts
Unconsolidated Joint Ventures and Partnerships 344 -1,520 +122.6%
Income Before Taxes 40,487 31,399 +28.9%
Income Tax Expense (Benefit) -258 -386 +33.2%
Net Income 40,229 31,013 +29.7%
Show Equity Method Investment Nonconsolidated Investee breakouts
Unconsolidated Joint Ventures and Partnerships -23,808 -17,613 -35.2%
Net Income Loss Attributable To Redeemable Noncontrolling Interest -2,545 -2,013 -26.4%
Net Income Loss Attributable To Nonredeemable Noncontrolling Interest -11 -117 +90.6%
Show Range breakouts
Maximum -0.1 -0.1 0.0%
Net Income 37,673 28,883 +30.4%
Show Equity Components breakouts
Accumulated Distributions In Excess Of Net Income 37,673 28,883 +30.4%
Dividends Preferred Stock -1,211 -1,210 -0.1%
Net Income Loss Available To Common Stockholders Basic 36,462 27,673 +31.8%
EPS (Basic) 0.11 0.08 +37.5%
EPS (Diluted) 0.11 0.08 +37.5%
Wtd Avg Shares (Basic) 330,778 329,056 +0.5%
Wtd Avg Shares (Diluted) 331,715 329,572 +0.7%
Selling, General & Administrative 10,006 8,974 +11.5%
Interest Expense -48,665 -47,811 -1.8%
Comprehensive Income 36,361 27,557 +31.9%
Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax -27 567 -104.8%
Show Derivative Risk breakouts
Interest Rate Contract · Cash Flow Hedging -27 567 -104.8%
Net Income Loss Attributable To Noncontrolling Interest -11 -117 +90.6%
Gain Loss On Investments (Q)
Show Equity Method Investment Nonconsolidated Investee breakouts
Unconsolidated Joint Ventures and Partnerships 1,018 5,349 -81.0%
Depreciation And Amortization -7,387 -4,679 -57.9%
Labor And Related Expense (Q)
Show Business Segments breakouts
Same Communities 18,902 17,685 +6.9%
Interest Income Operating (Q)
Show Related Party Transactions By Related Party breakouts
Nonrelated Party 8.1 6.5 +24.6%

Balance Sheet

Balance Sheet
Metric Q2 2025 Q2 2024 YoY
Current Assets
Cash & Cash Equivalents 1,532 2,770 -44.7%
Show Equity Method Investment Nonconsolidated Investee breakouts
Unconsolidated Joint Ventures and Partnerships 74,800 69,423 +7.7%
Non-Current Assets
Operating Lease Right-of-Use Assets 185,125 188,828 -2.0%
Total Assets 10,647,085
Show Equity Method Investment Nonconsolidated Investee breakouts
Unconsolidated Joint Ventures and Partnerships 3,658,241
Other Assets
Real Estate Investment Property At Cost 16,270,190 16,070,591 +1.2%
Real Estate Investment Property Accumulated Depreciation -7,157,371 -6,572,743 -8.9%
Real Estate Held For Investment Net Excluding Real Estate Under Development Or Held For Disposition 9,112,819 9,497,848 -4.1%
Real Estate Investment Property Net 9,153,927
Show Equity Method Investment Nonconsolidated Investee breakouts
Unconsolidated Joint Ventures and Partnerships 3,045,542
Restricted Cash And Cash Equivalents 33,577 31,616 +6.2%
Notes Receivable Net 143,492 241,842 -40.7%
Investments In Affiliates Subsidiaries Associates And Joint Ventures Fair Value Disclosure 879,781 958,943 -8.3%
Show Equity Method Investment Nonconsolidated Investee breakouts
Unconsolidated Joint Ventures and Partnerships 408,920 305,418 +33.9%
Other Assets 249,651 195,958 +27.4%
Show Equity Method Investment Nonconsolidated Investee breakouts
Unconsolidated Joint Ventures and Partnerships 128,979 134,973 -4.4%
Non-Current Liabilities
Accrual For Taxes Other Than Income Taxes Current And Noncurrent 42,507 44,333 -4.1%
Interest Payable Current And Noncurrent 51,718 47,289 +9.4%
Dividends Payable Current And Noncurrent 153,662 151,518 +1.4%
Accounts Payable And Accrued Liabilities Current And Noncurrent 108,353 120,784 -10.3%
Show Equity Method Investment Nonconsolidated Investee breakouts
Unconsolidated Joint Ventures and Partnerships 164,118 169,254 -3.0%
Total Liabilities 6,363,954
Show Equity Method Investment Nonconsolidated Investee breakouts
Unconsolidated Joint Ventures and Partnerships 2,195,211
Long-Term Debt 5,775,583
Show Debt Instrument breakouts
1.90% Medium-Term Notes due March 2033 · Fixed Rate Debt 349,071
2.10% Medium Term Note Due August 2032 · Fixed Rate Debt 399,750
2.10% Medium-Term Note due June 2033 · Fixed Rate Debt 299,208
3.00% Medium-Term Notes due August 2031 · Fixed Rate Debt 607,317
3.10% Medium-Term Notes due November 2034 · Fixed Rate Debt 299,176
3.20% Medium-Term Notes due January 2030 · Fixed Rate Debt 606,235
3.50 Medium-Term Note due July 2027 · Fixed Rate Debt 299,859
3.50% Medium-Term Notes Due January 2028 · Fixed Rate Debt 299,698
4.40% Medium-Term Notes due January 2029 · Fixed Rate Debt 299,998
5.125% Medium-Term Note due September 2034 · Fixed Rate Debt 297,199
Show Financial Instrument breakouts
Fixed Rate Debt · Secured Debt 1,109,093
Variable Rate Debt · Secured Debt 26,953
Show Long-Term Debt Type breakouts
Secured Debt 1,136,046
Unsecured Debt 4,639,537
Other Liabilities
Secured Debt 1,136,046 1,235,748 -8.1%
Unsecured Debt 4,639,537 4,540,388 +2.2%
Operating Lease Liability 180,433 184,076 -2.0%
Show Property Plant And Equipment By Type breakouts
Land 180,433 184,076 -2.0%
Advance Rent 51,698 49,168 +5.1%
Redeemable Noncontrolling Interest Equity Common Carrying Amount 957,980 1,021,782 -6.2%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 · Estimate Of Fair Value Fair Value Disclosure 957,980 1,021,782 -6.2%
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure · Fair Value Measurements Recurring 957,980 1,021,782 -6.2%
Estimate Of Fair Value Fair Value Disclosure · Fair Value Measurements Recurring 957,980 1,021,782 -6.2%
Stockholders' Equity
Preferred Stock Value (Q)
Show Statement Class Of Stock breakouts
Series E Preferred Stock 43,192 43,192 0.0%
Series F Preferred Stock 1 1 0.0%
Common Stock 3,313 3,295 +0.5%
Additional Paid-In Capital 7,582,852 7,508,794 +1.0%
Accumulated Distributions In Excess Of Net Income -4,305,702 -3,840,808 -12.1%
Accumulated Other Comprehensive Income 1,160 7,910 -85.3%
Total Stockholders' Equity 3,324,816 3,722,384 -10.7%
Minority Interest 335 335 0.0%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 3,325,151 3,722,719 -10.7%
Show Equity Components breakouts
Accumulated Distributions In Excess Of Net Income -4,305,702 -3,840,808 -12.1%
Accumulated Other Comprehensive Income 1,160 7,910 -85.3%
Additional Paid In Capital 7,582,852 7,508,794 +1.0%
Common Stock 3,313 3,295 +0.5%
Noncontrolling Interest 335 335 0.0%
Preferred Stock 43,193 43,193 0.0%
Show Equity Method Investment Nonconsolidated Investee breakouts
Unconsolidated Joint Ventures and Partnerships 1,463,030 1,465,869 -0.2%
Total Liabilities & Equity 10,647,085 11,117,805 -4.2%
Development In Process 41,108
Show Property Plant And Equipment By Type breakouts
Building, improvements and furniture, fixtures and equipment 27,640
Land Buildings And Improvements 13,468

Cash Flow Statement

Cash Flow Statement
Metric YTD Q2 2025 YTD Q2 2024 YoY
Operating Activities
Depreciation & Amortization 339,039 349,341 -2.9%
Return On Investment In Equity Method Investments 23,486 7,565 +210.5%
Stock-Based Compensation 16,260 16,681 -2.5%
Other Operating Activities Cash Flow Statement 17,541 15,455 +13.5%
Increase Decrease In Operating Assets -9,223 -12,923 +28.6%
Increase Decrease In Operating Liabilities -45,476 -17,383 -161.6%
Net Cash from Operations 406,545 406,061 +0.1%
Investing Activities
Proceeds From Sale Of Real Estate Heldforinvestment 203,565 98,650 +106.4%
Payments To Develop Real Estate Assets -15,265 -51,104 +70.1%
Payments For Capital Improvements -113,247 -119,880 +5.5%
Payments To Acquire Furniture And Fixtures -28,628 -10,909 -162.4%
Payments To Acquire Interest In Subsidiaries And Affiliates -21,490 -9,189 -133.9%
Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital 46,127 8,743 +427.6%
Payments For Proceeds From Loans Receivable -112,000 -270 -41381.5%
Net Cash from Investing -40,938 -79,335 +48.4%
Financing Activities
Repayments Of Secured Debt -3,231 -41,596 +92.2%
Proceeds From Repayments Of Commercial Paper -69,900 21,925 -418.8%
Proceeds From Repayments Of Lines Of Credit 20,854 -3,036 +786.9%
Payments Of Dividends Minority Interest -19,801 -20,956 +5.5%
Payments Of Dividends Preferred Stock And Preference Stock -2,408 -2,457 +2.0%
Payments Of Dividends Common Stock -283,174 -278,209 -1.8%
Proceeds From Payments For Other Financing Activities -8,265 -2,877 -187.3%
Net Cash from Financing -365,925 -327,206 -11.8%
Amortization of Financing Costs (YTD)
Show Income Statement Location breakouts
Interest Expense 2.5 2.5 0.0%
Supplemental
Interest Paid 96,670 97,636 -1.0%
Proceeds From Lease Payments 6,251 6,251 0.0%
Income Taxes Paid 1,274 898 +41.9%
Notes Receivables Settled In Exchange For Real Estate Owned 180,700
Conversion Of Notes Receivable To Equity Securities Upon Sale Of Borrower Assets To Unaffiliated Third Party 42,807
Unpaid Capital Expenditures 23,433 27,881 -16.0%
Conversion Of Stock Amount Converted1 6,933 12,476 -44.4%
Other Cash Flow
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 35,109 34,386 +2.1%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect -318 -480 +33.8%

Values in thousands USD. Source: SEC EDGAR 10-Q filing.

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