UDR, Inc.

UDR 10-Q · Q3 2025

UDR Q3 2025 request

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Income Statement

Income Statement
Metric Q3 2025 Q3 2024 YoY
Operating Lease Lease Income 429,294 418,088 +2.7%
Show Business Segments breakouts
Non-Mature communities/Other 14,637 13,847 +5.7%
Same Communities · Same Store Communities Mid-Atlantic Region 87,391 84,106 +3.9%
Same Communities · Same Store Communities Northeast Region 84,683 81,498 +3.9%
Same Communities · Same Store Communities Southeastern Region 59,457 59,127 +0.6%
Same Communities · Same Store Communities Southwestern Region 52,225 52,240 -0.0%
Same Communities · Same Store Communities Western Region 130,901 127,270 +2.9%
Show Subsegments breakouts
Total Communities 429,294 418,088 +2.7%
Revenue 2,570 2,072 +24.0%
Revenue 431,864 420,160 +2.8%
Show Equity Method Investment Nonconsolidated Investee breakouts
Unconsolidated Joint Ventures and Partnerships 96,331 80,793 +19.2%
Direct Costs Of Leased And Rented Property Or Equipment 79,373 76,484 +3.8%
Show Equity Method Investment Nonconsolidated Investee breakouts
Unconsolidated Joint Ventures and Partnerships 43,228 38,264 +13.0%
Real Estate Taxes And Insurance 57,786 57,182 +1.1%
Property Management Costs Operating 13,952 13,588 +2.7%
Other Cost And Expense Operating 6,975 6,382 +9.3%
Depreciation Nonproduction 165,926 170,276 -2.6%
Show Equity Method Investment Nonconsolidated Investee breakouts
Unconsolidated Joint Ventures and Partnerships 40,099 37,412 +7.2%
General & Administrative 22,732 20,890 +8.8%
Casualty Related Recoveries Charges Net 1,755 1,473 +19.1%
Other Depreciation And Amortization 7,009 4,029 +74.0%
Total Costs & Expenses 355,508 350,304 +1.5%
Operating Income 76,356 69,856 +9.3%
Show Equity Method Investment Nonconsolidated Investee breakouts
Unconsolidated Joint Ventures and Partnerships 13,004 5,117 +154.1%
Income Loss From Equity Method Investments 14,011 -1,880 +845.3%
Interest Expense Debt -50,569 -50,214 -0.7%
Show Equity Method Investment Nonconsolidated Investee breakouts
Unconsolidated Joint Ventures and Partnerships -32,919 -29,415 -11.9%
Other Non-Operating Income (Expense) 3,714 6,159 -39.7%
Show Equity Method Investment Nonconsolidated Investee breakouts
Unconsolidated Joint Ventures and Partnerships 193 -24 +904.2%
Income Before Taxes 43,512 23,921 +81.9%
Income Tax Expense (Benefit) -382 156 -344.9%
Net Income 43,130 24,077 +79.1%
Show Equity Method Investment Nonconsolidated Investee breakouts
Unconsolidated Joint Ventures and Partnerships 28,753 -20,792 +238.3%
Net Income Loss Attributable To Redeemable Noncontrolling Interest -2,709 -1,574 -72.1%
Net Income Loss Attributable To Nonredeemable Noncontrolling Interest -12 94 -112.8%
Show Range breakouts
Maximum -0.1 0.1 -200.0%
Net Income 40,409 22,597 +78.8%
Show Equity Components breakouts
Accumulated Distributions In Excess Of Net Income 40,409 22,597 +78.8%
Dividends Preferred Stock -1,211 -1,197 -1.2%
Net Income Loss Available To Common Stockholders Basic 39,198 21,400 +83.2%
EPS (Basic) 0.12 0.06 +100.0%
EPS (Diluted) 0.12 0.06 +100.0%
Wtd Avg Shares (Basic) 330,668 329,421 +0.4%
Wtd Avg Shares (Diluted) 331,241 330,557 +0.2%
Selling, General & Administrative 10,530 9,618 +9.5%
Interest Expense -50,569 -50,214 -0.7%
Comprehensive Income 41,181 19,293 +113.5%
Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax 547 -1,768 +130.9%
Show Derivative Risk breakouts
Interest Rate Contract · Cash Flow Hedging 547 -1,768 +130.9%
Net Income Loss Attributable To Noncontrolling Interest -12 94 -112.8%
Gain Loss On Investments (Q)
Show Equity Method Investment Nonconsolidated Investee breakouts
Unconsolidated Joint Ventures and Partnerships 48,475 3,530 +1273.2%
Depreciation And Amortization -7,009 -4,029 -74.0%
Labor And Related Expense (Q)
Show Business Segments breakouts
Same Communities 18,897 18,258 +3.5%
Interest Income Operating (Q)
Show Related Party Transactions By Related Party breakouts
Nonrelated Party 3.8 6.6 -42.4%

Balance Sheet

Balance Sheet
Metric Q3 2025 Q3 2024 YoY
Current Assets
Cash & Cash Equivalents 1,194 2,285 -47.7%
Show Equity Method Investment Nonconsolidated Investee breakouts
Unconsolidated Joint Ventures and Partnerships 84,794 62,106 +36.5%
Non-Current Assets
Operating Lease Right-of-Use Assets 184,172 187,918 -2.0%
Total Assets 10,601,912
Show Equity Method Investment Nonconsolidated Investee breakouts
Unconsolidated Joint Ventures and Partnerships 3,733,210
Other Assets
Real Estate Investment Property At Cost 16,348,713 16,152,262 +1.2%
Real Estate Investment Property Accumulated Depreciation -7,320,363 -6,739,674 -8.6%
Real Estate Held For Investment Net Excluding Real Estate Under Development Or Held For Disposition 9,028,350 9,412,588 -4.1%
Real Estate Investment Property Net 9,081,099
Show Equity Method Investment Nonconsolidated Investee breakouts
Unconsolidated Joint Ventures and Partnerships 3,052,742
Restricted Cash And Cash Equivalents 35,052 33,267 +5.4%
Notes Receivable Net 146,749 280,006 -47.6%
Investments In Affiliates Subsidiaries Associates And Joint Ventures Fair Value Disclosure 911,575 966,227 -5.7%
Show Equity Method Investment Nonconsolidated Investee breakouts
Unconsolidated Joint Ventures and Partnerships 469,137 322,637 +45.4%
Other Assets 242,071 197,473 +22.6%
Show Equity Method Investment Nonconsolidated Investee breakouts
Unconsolidated Joint Ventures and Partnerships 126,537 139,898 -9.6%
Non-Current Liabilities
Accrual For Taxes Other Than Income Taxes Current And Noncurrent 67,728 68,816 -1.6%
Interest Payable Current And Noncurrent 28,415 28,773 -1.2%
Dividends Payable Current And Noncurrent 153,784 151,755 +1.3%
Accounts Payable And Accrued Liabilities Current And Noncurrent 126,329 119,202 +6.0%
Show Equity Method Investment Nonconsolidated Investee breakouts
Unconsolidated Joint Ventures and Partnerships 169,168 172,656 -2.0%
Total Liabilities 6,450,484
Show Equity Method Investment Nonconsolidated Investee breakouts
Unconsolidated Joint Ventures and Partnerships 2,227,844
Long-Term Debt 5,834,169
Show Debt Instrument breakouts
1.90% Medium-Term Notes due March 2033 · Fixed Rate Debt 349,102
2.10% Medium Term Note Due August 2032 · Fixed Rate Debt 399,759
2.10% Medium-Term Note due June 2033 · Fixed Rate Debt 299,233
3.00% Medium-Term Notes due August 2031 · Fixed Rate Debt 607,018
3.10% Medium-Term Notes due November 2034 · Fixed Rate Debt 299,198
3.20% Medium-Term Notes due January 2030 · Fixed Rate Debt 605,892
3.50 Medium-Term Note due July 2027 · Fixed Rate Debt 299,877
3.50% Medium-Term Notes Due January 2028 · Fixed Rate Debt 299,728
4.40% Medium-Term Notes due January 2029 · Fixed Rate Debt 299,998
5.125% Medium-Term Note due September 2034 · Fixed Rate Debt 297,275
Show Financial Instrument breakouts
Fixed Rate Debt · Secured Debt 1,063,350
Variable Rate Debt · Secured Debt 26,955
Show Long-Term Debt Type breakouts
Secured Debt 1,090,305
Unsecured Debt 4,743,864
Other Liabilities
Secured Debt 1,090,305 1,140,692 -4.4%
Unsecured Debt 4,743,864 4,724,571 +0.4%
Operating Lease Liability 179,496 183,181 -2.0%
Show Property Plant And Equipment By Type breakouts
Land 179,496 183,181 -2.0%
Advance Rent 60,563 49,727 +21.8%
Redeemable Noncontrolling Interest Equity Common Carrying Amount 876,127 1,098,987 -20.3%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 · Estimate Of Fair Value Fair Value Disclosure 876,127 1,098,987 -20.3%
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure · Fair Value Measurements Recurring 876,127 1,098,987 -20.3%
Estimate Of Fair Value Fair Value Disclosure · Fair Value Measurements Recurring 876,127 1,098,987 -20.3%
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 3,308 3,299 +0.3%
Additional Paid-In Capital 7,565,518 7,526,910 +0.5%
Accumulated Distributions In Excess Of Net Income -4,338,985 -4,064,283 -6.8%
Accumulated Other Comprehensive Income 1,932 4,606 -58.1%
Total Stockholders' Equity 3,274,966 3,513,725 -6.8%
Minority Interest 335 335 0.0%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 3,275,301 3,514,060 -6.8%
Show Equity Components breakouts
Accumulated Distributions In Excess Of Net Income -4,338,985 -4,064,283 -6.8%
Accumulated Other Comprehensive Income 1,932 4,606 -58.1%
Additional Paid In Capital 7,565,518 7,526,910 +0.5%
Common Stock 3,308 3,299 +0.3%
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 1,505,366 1,439,973 +4.5%
Total Liabilities & Equity 10,601,912 11,079,764 -4.3%
Development In Process 52,749
Show Property Plant And Equipment By Type breakouts
Building, improvements and furniture, fixtures and equipment 39,281
Land Buildings And Improvements 13,468

Cash Flow Statement

Cash Flow Statement
Metric YTD Q3 2025 YTD Q3 2024 YoY
Operating Activities
Depreciation & Amortization 511,974 523,646 -2.2%
Return On Investment In Equity Method Investments 39,771 29,816 +33.4%
Stock-Based Compensation 19,337 25,857 -25.2%
Other Operating Activities Cash Flow Statement 26,210 19,308 +35.7%
Increase Decrease In Operating Assets -17,642 -21,235 +16.9%
Increase Decrease In Operating Liabilities -32,207 -14,362 -124.3%
Net Cash from Operations 641,480 636,312 +0.8%
Investing Activities
Proceeds From Sale Of Real Estate Heldforinvestment 203,565 98,650 +106.4%
Payments To Develop Real Estate Assets -23,237 -63,236 +63.3%
Payments For Capital Improvements -183,567 -188,783 +2.8%
Payments To Acquire Furniture And Fixtures -29,586 -16,304 -81.5%
Payments To Acquire Interest In Subsidiaries And Affiliates -81,728 -45,372 -80.1%
Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital 72,488 13,646 +431.2%
Payments For Proceeds From Loans Receivable -112,000 -31,818 -252.0%
Net Cash from Investing -154,065 -227,593 +32.3%
Financing Activities
Repayments Of Secured Debt -49,088 -136,631 +64.1%
Proceeds From Repayments Of Commercial Paper 50,100 -118,075 +142.4%
Proceeds From Repayments Of Lines Of Credit 6,325 42,191 -85.0%
Share Repurchases -24,999
Payments Of Dividends Minority Interest -29,771 -31,398 +5.2%
Payments Of Dividends Preferred Stock And Preference Stock -3,607 -3,642 +1.0%
Payments Of Dividends Common Stock -425,633 -418,263 -1.8%
Proceeds From Payments For Other Financing Activities -9,923 -23,500 +57.8%
Net Cash from Financing -486,596 -408,033 -19.3%
Amortization of Financing Costs (YTD)
Show Income Statement Location breakouts
Interest Expense 3.8 3.7 +2.7%
Supplemental
Interest Paid 165,995 166,511 -0.3%
Proceeds From Lease Payments 9,377 9,377 0.0%
Income Taxes Paid 1,364 1,063 +28.3%
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 35,635 21,214 +68.0%
Conversion Of Stock Amount Converted1 11,405 28,391 -59.8%
Other Cash Flow
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 36,246 35,552 +2.0%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect 819 686 +19.4%

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

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