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 (INSTANT) — — —
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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