Toggle SGML Header (+)


Section 1: 10-Q (10-Q)

udr:ManagementAndOtherFeesMemberudr:ManagementAndOtherFeesMemberudr:ManagementAndOtherFeesMemberudr:ManagementAndOtherFeesMemberudr:ManagementAndOtherFeesMemberudr:ManagementAndOtherFeesMember27809942780994146912741454328129458830529488103800P1YP3MP1YP3M00000742080001018254falsefalse20202020Q1Q1--12-31--12-3110-Q2020-03-31truefalse1745 Shea Center Drive, Suite 200Highlands RanchCO80129720283-61200000074208udr:UnitedDominionRealityLPMembersrt:MaximumMemberus-gaap:AssetsLeasedToOthersMember2020-01-012020-03-310000074208udr:UnitedDominionRealityLPMembersrt:MaximumMemberus-gaap:AssetsLeasedToOthersMember2019-01-012019-03-310000074208us-gaap:CommonStockMember2020-01-012020-03-310000074208us-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-310000074208us-gaap:CommonStockMember2019-01-012019-03-310000074208us-gaap:AdditionalPaidInCapitalMember2019-01-012019-03-310000074208us-gaap:PreferredStockMember2020-03-310000074208us-gaap:NoncontrollingInterestMember2020-03-310000074208us-gaap:CommonStockMember2020-03-310000074208us-gaap:AdditionalPaidInCapitalMember2020-03-310000074208us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310000074208us-gaap:PreferredStockMember2019-12-310000074208us-gaap:NoncontrollingInterestMember2019-12-310000074208us-gaap:CommonStockMember2019-12-310000074208us-gaap:AdditionalPaidInCapitalMember2019-12-310000074208us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310000074208us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2019-12-310000074208us-gaap:PreferredStockMember2019-03-310000074208us-gaap:NoncontrollingInterestMember2019-03-310000074208us-gaap:CommonStockMember2019-03-310000074208us-gaap:AdditionalPaidInCapitalMember2019-03-310000074208us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-03-310000074208us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2019-03-310000074208us-gaap:PreferredStockMember2018-12-310000074208us-gaap:NoncontrollingInterestMember2018-12-310000074208us-gaap:CommonStockMember2018-12-310000074208us-gaap:AdditionalPaidInCapitalMember2018-12-310000074208us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-310000074208us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2018-12-310000074208us-gaap:CommercialPaperMember2019-01-012019-12-310000074208srt:MinimumMemberudr:EmployeeDirectorMemberudr:LtipUnitsClassTwoMember2020-01-012020-03-310000074208srt:MaximumMemberudr:EmployeeDirectorMemberudr:LtipUnitsClassTwoMember2020-01-012020-03-310000074208srt:MaximumMemberudr:LtipUnitsMember2020-01-012020-03-310000074208udr:LtipUnitsClassOneMember2020-01-012020-03-310000074208udr:TermLoanFacilityDueSeptember2023OnePointNinetyThreePercentMember2020-03-310000074208udr:TermLoanFacilityDueSeptember2023Member2020-03-310000074208udr:OthersMember2020-03-310000074208udr:EightPointFiveZeroPercentDebenturesDueSeptember2024Member2020-03-310000074208udr:A2.95MediumTermNoteDueSeptember2026Member2020-03-310000074208udr:TermLoanFacilityDueSeptember2023OnePointNinetyThreePercentMember2019-12-310000074208udr:TermLoanFacilityDueSeptember2023Member2019-12-310000074208udr:OthersMember2019-12-310000074208udr:EightPointFiveZeroPercentDebenturesDueSeptember2024Member2019-12-310000074208udr:A2.95MediumTermNoteDueSeptember2026Member2019-12-310000074208us-gaap:CommercialPaperMember2020-01-012020-03-310000074208us-gaap:AccountingStandardsUpdate201613Member2020-01-010000074208udr:UnitedDominionRealityLPMemberudr:UdrIncMember2020-01-012020-03-310000074208udr:UnitedDominionRealityLPMemberudr:UdrIncMember2019-01-012019-03-310000074208udr:HomeOperatingCommunity155InSeattleMembersrt:ScenarioForecastMember2020-04-012020-06-300000074208us-gaap:SeriesFPreferredStockMember2020-03-310000074208us-gaap:SeriesEPreferredStockMember2020-03-310000074208us-gaap:SeriesFPreferredStockMember2019-12-310000074208us-gaap:SeriesEPreferredStockMember2019-12-310000074208us-gaap:SeriesEPreferredStockMember2019-01-012019-03-310000074208us-gaap:SeriesEPreferredStockMember2020-01-012020-03-310000074208us-gaap:SeriesEPreferredStockMember2019-01-012019-12-310000074208udr:UnitedDominionRealityLPMemberus-gaap:NoncontrollingInterestMember2020-03-310000074208udr:UnitedDominionRealityLPMemberus-gaap:LimitedPartnerMember2020-03-310000074208udr:UnitedDominionRealityLPMemberus-gaap:GeneralPartnerMember2020-03-310000074208udr:UnitedDominionRealityLPMemberudr:PartnershipCapitalMember2020-03-310000074208udr:UnitedDominionRealityLPMemberudr:LimitedPartnersMember2020-03-310000074208udr:UnitedDominionRealityLPMemberudr:ClassLimitedPartnerMember2020-03-310000074208udr:UnitedDominionRealityLPMemberus-gaap:NoncontrollingInterestMember2019-12-310000074208udr:UnitedDominionRealityLPMemberus-gaap:LimitedPartnerMember2019-12-310000074208udr:UnitedDominionRealityLPMemberus-gaap:GeneralPartnerMember2019-12-310000074208udr:UnitedDominionRealityLPMemberudr:PartnershipCapitalMember2019-12-310000074208udr:UnitedDominionRealityLPMemberudr:LimitedPartnersMember2019-12-310000074208udr:UnitedDominionRealityLPMemberudr:ClassLimitedPartnerMember2019-12-310000074208udr:UnitedDominionRealityLPMemberus-gaap:NoncontrollingInterestMember2019-03-310000074208udr:UnitedDominionRealityLPMemberus-gaap:LimitedPartnerMember2019-03-310000074208udr:UnitedDominionRealityLPMemberus-gaap:GeneralPartnerMember2019-03-310000074208udr:UnitedDominionRealityLPMemberudr:PartnershipCapitalMember2019-03-310000074208udr:UnitedDominionRealityLPMemberudr:LimitedPartnersMember2019-03-310000074208udr:UnitedDominionRealityLPMemberudr:ClassLimitedPartnerMember2019-03-310000074208udr:UnitedDominionRealityLPMemberus-gaap:NoncontrollingInterestMember2018-12-310000074208udr:UnitedDominionRealityLPMemberus-gaap:LimitedPartnerMember2018-12-310000074208udr:UnitedDominionRealityLPMemberus-gaap:GeneralPartnerMember2018-12-310000074208udr:UnitedDominionRealityLPMemberudr:PartnershipCapitalMember2018-12-310000074208udr:UnitedDominionRealityLPMemberudr:LimitedPartnersMember2018-12-310000074208udr:UnitedDominionRealityLPMemberudr:ClassLimitedPartnerMember2018-12-310000074208udr:UDRLighthouseDownREITL.P.Member2020-03-310000074208us-gaap:NoncontrollingInterestMember2020-01-012020-03-310000074208us-gaap:NoncontrollingInterestMember2019-01-012019-03-310000074208us-gaap:LandMember2020-01-012020-03-310000074208us-gaap:LandMember2019-01-012019-03-310000074208udr:BellevueWashington259HomeCommunityMember2019-11-300000074208udr:NotesDueOctober2020Member2019-12-310000074208udr:NoteDueOctober2022Member2019-12-310000074208udr:NoteDueJanuary2023Member2019-12-310000074208udr:NoteDueApril2020Member2019-12-310000074208udr:UnitedDominionRealityLPMemberudr:NoteDueNovember2028Member2019-12-310000074208udr:UnitedDominionRealityLPMemberudr:NoteDueDecember2028Member2019-12-310000074208udr:UnitedDominionRealityLPMemberudr:NoteDueDecember2023Member2019-12-310000074208udr:UnitedDominionRealityLPMemberudr:NoteDueAugust2021Member2019-12-310000074208udr:UnitedDominionRealityLPMemberudr:NoteDueApril2026Member2019-12-310000074208srt:MaximumMember2020-01-012020-03-310000074208srt:MaximumMember2019-01-012019-03-310000074208udr:SeniorUnsecuredMediumTermNotes3.2PercentDueJanuary2030Member2019-07-012019-07-310000074208udr:UnitedDominionRealityLPMemberudr:FixedRateDebtMember2020-03-310000074208udr:UnitedDominionRealityLPMemberudr:FixedRateDebtMember2019-12-310000074208udr:UnitedDominionRealityLPMemberudr:UdrBankCreditFacilityMember2020-03-310000074208udr:UdrBankCreditFacilityMemberudr:TermLoanFacilityDueSeptember2023Member2020-03-310000074208udr:UdrBankCreditFacilityMember2020-03-310000074208udr:UdrBankCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2019-12-310000074208udr:UnitedDominionRealityLPMemberudr:VariableRateDebtMemberus-gaap:MortgagesMemberudr:OperatingPartnershipMember2020-03-310000074208udr:UdrBankCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2020-01-012020-03-310000074208udr:UdrBankCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2019-01-012019-12-310000074208udr:UnsecuredWorkingCapitalCreditFacilityDueJanuary2021Member2019-01-012019-12-310000074208udr:UnitedDominionRealityLPMemberudr:UnsecuredCommercialPaperMember2020-03-310000074208udr:UdrBankCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2020-03-310000074208udr:UnsecuredWorkingCapitalCreditFacilityDueJanuary2021Member2020-03-310000074208udr:UnsecuredRevolvingCreditFacilityMember2020-03-310000074208udr:UnsecuredRevolvingCreditFacilityDueTwoThousandTwentyThreeMember2020-03-310000074208udr:UnitedDominionRealityLPMemberudr:UnsecuredCommercialPaperMember2019-12-310000074208udr:UnsecuredWorkingCapitalCreditFacilityDueJanuary2021Member2019-12-310000074208udr:UnsecuredRevolvingCreditFacilityMember2019-12-310000074208udr:UnitedDominionRealityLPMemberudr:ClassLimitedPartnerMember2020-03-310000074208udr:UdrIncMemberus-gaap:LimitedPartnerMember2020-03-310000074208udr:UdrIncMemberus-gaap:GeneralPartnerMember2020-03-310000074208udr:UdrIncMemberudr:ClassLimitedPartnerMember2020-03-310000074208udr:UdrIncMemberudr:ClassLimitedPartnerMember2020-03-310000074208udr:ClassLimitedPartnerMemberudr:NonAffiliatedPartnersMember2020-03-310000074208us-gaap:LimitedPartnerMember2020-03-310000074208udr:UnitedDominionRealityLPMemberudr:ClassLimitedPartnerMember2019-12-310000074208udr:UdrIncMemberus-gaap:LimitedPartnerMember2019-12-310000074208udr:UdrIncMemberus-gaap:GeneralPartnerMember2019-12-310000074208udr:UdrIncMemberudr:ClassLimitedPartnerMember2019-12-310000074208udr:UdrIncMemberudr:ClassLimitedPartnerMember2019-12-310000074208udr:ClassLimitedPartnerMemberudr:NonAffiliatedPartnersMember2019-12-310000074208us-gaap:LimitedPartnerMember2019-12-310000074208udr:UnitedDominionRealityLPMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-03-310000074208us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-03-310000074208udr:UnitedDominionRealityLPMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-03-310000074208udr:UnitedDominionRealityLPMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-03-310000074208udr:UnitedDominionRealityLPMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000074208udr:UnitedDominionRealityLPMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000074208udr:UnitedDominionRealityLPMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000074208udr:UnitedDominionRealityLPMemberus-gaap:AssetsLeasedToOthersMember2020-03-310000074208us-gaap:AssetsLeasedToOthersMember2020-03-310000074208udr:UnitedDominionRealityLPMembersrt:MaximumMemberudr:ApartmentHomesMember2020-03-310000074208srt:MinimumMemberus-gaap:AssetsLeasedToOthersMember2020-03-310000074208srt:MaximumMemberus-gaap:AssetsLeasedToOthersMember2020-03-310000074208srt:MaximumMemberudr:ApartmentHomesMember2020-03-310000074208udr:UnitedDominionRealityLPMembersrt:MinimumMember2019-06-300000074208udr:UnitedDominionRealityLPMembersrt:MaximumMember2019-06-300000074208udr:UnitedDominionRealityLPMemberus-gaap:LandMember2020-03-310000074208udr:UnitedDominionRealityLPMemberudr:EquipmentLeasesMember2020-03-310000074208us-gaap:LandMember2020-03-310000074208us-gaap:OtherOperatingIncomeExpenseMemberus-gaap:LandMember2020-01-012020-03-310000074208udr:UnitedDominionRealityLPMemberus-gaap:LandMember2020-01-012020-03-310000074208udr:UnitedDominionRealityLPMemberudr:EquipmentLeasesMember2020-01-012020-03-310000074208us-gaap:OtherOperatingIncomeExpenseMemberus-gaap:LandMember2019-01-012019-03-310000074208udr:UnitedDominionRealityLPMemberus-gaap:LandMember2019-01-012019-03-310000074208udr:UnitedDominionRealityLPMembersrt:MaximumMember2020-01-012020-03-310000074208udr:UnitedDominionRealityLPMemberus-gaap:NoncontrollingInterestMember2020-01-012020-03-310000074208udr:UnitedDominionRealityLPMemberus-gaap:LimitedPartnerMember2020-01-012020-03-310000074208udr:UnitedDominionRealityLPMemberus-gaap:GeneralPartnerMember2020-01-012020-03-310000074208udr:UnitedDominionRealityLPMemberudr:ClassLimitedPartnerMember2020-01-012020-03-310000074208udr:UnitedDominionRealityLPMemberus-gaap:NoncontrollingInterestMember2019-01-012019-03-310000074208udr:UnitedDominionRealityLPMemberus-gaap:GeneralPartnerMember2019-01-012019-03-310000074208udr:UnitedDominionRealityLPMemberudr:ClassLimitedPartnerMember2019-01-012019-03-310000074208udr:UnitedDominionRealityLPMemberus-gaap:FinancialGuaranteeMember2020-03-310000074208udr:UnitedDominionRealityLPMemberudr:ThreePointSevenTermNotesDueOctober2020Member2020-03-310000074208udr:UnitedDominionRealityLPMemberudr:TermNote4.40PercentageDueJanuary2029Member2020-03-310000074208udr:UnitedDominionRealityLPMemberudr:TermLoanFacilityDueSeptember2023Member2020-03-310000074208udr:UnitedDominionRealityLPMemberudr:A4.00MediumTermNoteDueOctober2025Member2020-03-310000074208udr:UnitedDominionRealityLPMemberudr:A3.75MTNDueJuly2024Member2020-03-310000074208udr:UnitedDominionRealityLPMemberudr:A3.50MediumTermNoteDueJuly2027Member2020-03-310000074208udr:UnitedDominionRealityLPMemberudr:A2.95MediumTermNoteDueSeptember2026Member2020-03-310000074208udr:ThreePointOneZeroPercentSeniorUnsecuredNotesDue2034Member2020-03-3100000742082020-04-012020-04-300000074208udr:UdrBankCreditFacilityMember2020-01-012020-03-310000074208udr:PreferredEquityInvestmentHillsboroOregonMember2019-01-012019-01-310000074208udr:OperatingCommunityMember2020-03-310000074208udr:MarketPropertiesLlcThirteenthMember2020-03-310000074208udr:DevelopmentCommunityMember2020-03-310000074208udr:DevelopmentCommunityMemberudr:PreferredEquityInvestmentModeraLakeMerrittOaklandMember2019-12-310000074208udr:DevelopmentCommunityMemberudr:PreferredEquityInvestmentHillsboroOregonMember2019-12-310000074208udr:DevelopmentCommunityMemberudr:PreferredEquityInvestmentEssexOrlandoFlMember2019-12-310000074208udr:DevelopmentCommunityMemberudr:PreferredEquityInvestment1641LincolnSantaMonicaCaMember2019-12-310000074208udr:DevelopmentCommunityMemberudr:PreferredEquityInvestment1532HarrisonSanFranciscoCaMember2019-12-310000074208udr:DevelopmentCommunityMemberudr:PreferredEquityInvestment1300FairmountPhiladelphiaPaMember2019-12-310000074208udr:DevelopmentCommunityMemberudr:PreferredEquityInvestment1200BroadwayNashvilleTnMember2019-12-310000074208udr:DevelopmentCommunityMemberudr:OtherInvestmentVenturesMember2019-12-310000074208udr:DevelopmentCommunityMemberudr:OtherInvestmentPortalsWashingtonDcMember2019-12-310000074208udr:OperatingCommunityMember2019-12-310000074208udr:DevelopmentCommunityMember2019-12-310000074208udr:OperatingCommunityMemberudr:UnconsolidatedJointVentureWestCoastDevelopmentJvMember2020-03-310000074208udr:OperatingCommunityMemberudr:UnconsolidatedJointVentureSevenUdrMetlifeIiPartnershipMember2020-03-310000074208udr:OperatingCommunityMemberudr:UnconsolidatedJointVentureOtherMetLifeMember2020-03-310000074208udr:OperatingCommunityMemberudr:UnconsolidatedJointVentureOneUDRMetLifePartnershipMember2020-03-310000074208udr:OperatingCommunityMemberudr:UnconsolidatedJointVentureWestCoastDevelopmentJvMember2019-12-310000074208udr:OperatingCommunityMemberudr:UnconsolidatedJointVentureSevenUdrMetlifeIiPartnershipMember2019-12-310000074208udr:OperatingCommunityMemberudr:UnconsolidatedJointVentureOtherMetLifeMember2019-12-310000074208udr:OperatingCommunityMemberudr:UnconsolidatedJointVentureOneUDRMetLifePartnershipMember2019-12-310000074208udr:PreferredEquityInvestmentHillsboroOregonMember2019-12-310000074208us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2020-01-012020-03-310000074208us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2019-01-012019-03-310000074208us-gaap:LandBuildingsAndImprovementsMember2020-03-310000074208udr:BuildingImprovementsFurnitureFixturesAndEquipmentMember2020-03-310000074208us-gaap:LandBuildingsAndImprovementsMember2019-12-310000074208udr:BuildingImprovementsFurnitureFixturesAndEquipmentMember2019-12-310000074208udr:UnitedDominionRealityLPMemberus-gaap:InterestRateCapMemberus-gaap:NondesignatedMember2020-03-310000074208us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-03-310000074208us-gaap:InterestRateCapMemberus-gaap:NondesignatedMember2020-03-310000074208udr:UnitedDominionRealityLPMemberus-gaap:InterestRateContractMemberudr:OtherIncomeExpenseMember2020-01-012020-03-310000074208us-gaap:InterestRateContractMemberudr:OtherIncomeExpenseMember2020-01-012020-03-310000074208udr:UnitedDominionRealityLPMemberus-gaap:InterestRateContractMember2020-01-012020-03-310000074208udr:UnitedDominionRealityLPMemberus-gaap:InterestRateContractMemberudr:OtherIncomeExpenseMember2019-01-012019-03-310000074208us-gaap:InterestRateContractMemberudr:OtherIncomeExpenseMember2019-01-012019-03-310000074208udr:UnitedDominionRealityLPMemberus-gaap:InterestRateContractMember2019-01-012019-03-310000074208us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2020-01-012020-03-310000074208us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2019-01-012019-03-310000074208us-gaap:InterestRateContractMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-03-310000074208us-gaap:OtherLiabilitiesMemberus-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-03-310000074208us-gaap:InterestRateContractMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-03-310000074208us-gaap:InterestRateContractMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-03-310000074208us-gaap:OtherLiabilitiesMemberus-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2019-12-310000074208us-gaap:InterestRateContractMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000074208us-gaap:OtherAssetsMemberus-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2019-12-310000074208us-gaap:InterestRateContractMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000074208us-gaap:InterestRateContractMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000074208srt:MaximumMember2019-12-310000074208udr:UnitedDominionRealityLPMemberudr:VariableRateDebtMember2020-03-310000074208udr:UnitedDominionRealityLPMemberudr:VariableRateDebtMember2019-12-310000074208us-gaap:UnsecuredDebtMember2019-12-310000074208udr:SeniorUnsecuredMediumTermNotes3.2PercentDueJanuary2030Member2020-03-310000074208udr:MediumTerm3.00PercentageNoteDueAugust2031Member2020-03-310000074208udr:A3.50MediumTermNotesDueJanuary2028Member2020-03-310000074208udr:A3.50MediumTermNoteDueJuly2027Member2020-03-310000074208udr:SeniorUnsecuredMediumTermNotes3.2PercentDueJanuary2030Member2019-12-310000074208udr:MediumTerm3.10PercentageNoteDueNovember2034Member2019-12-310000074208udr:MediumTerm3.00PercentageNoteDueAugust2031Member2019-12-310000074208udr:FourPointFourZeroPercentMediumTermNoteDueJanuaryTwoThousandTwentyNineMember2019-12-310000074208udr:A4.00MediumTermNoteDueOctober2025Member2019-12-310000074208udr:A3.75MTNDueJuly2024Member2019-12-310000074208udr:A3.50MediumTermNotesDueJanuary2028Member2019-12-310000074208udr:A3.50MediumTermNoteDueJuly2027Member2019-12-310000074208udr:UnitedDominionRealityLPMembersrt:WeightedAverageMemberudr:VariableRateDebtMemberudr:TaxExemptNotesPayableMember2020-01-012020-03-310000074208udr:UnitedDominionRealityLPMembersrt:WeightedAverageMemberudr:FixedRateDebtMemberus-gaap:MortgagesMember2020-01-012020-03-310000074208udr:UnitedDominionRealityLPMembersrt:WeightedAverageMemberudr:VariableRateDebtMember2020-01-012020-03-310000074208udr:UnitedDominionRealityLPMembersrt:WeightedAverageMemberudr:FixedRateDebtMember2020-01-012020-03-310000074208srt:WeightedAverageMemberus-gaap:CommercialPaperMemberudr:UnsecuredRevolvingCreditFacilityDueTwoThousandTwentyMember2020-01-012020-03-310000074208srt:WeightedAverageMemberudr:VariableRateDebtMemberus-gaap:SecuredDebtMember2020-01-012020-03-310000074208srt:WeightedAverageMemberudr:VariableRateDebtMemberudr:TaxExemptNotesPayableMember2020-01-012020-03-310000074208srt:WeightedAverageMemberudr:FixedRateDebtMemberus-gaap:SecuredDebtMember2020-01-012020-03-310000074208srt:WeightedAverageMemberudr:FixedRateDebtMemberus-gaap:MortgagesMember2020-01-012020-03-310000074208srt:WeightedAverageMemberudr:FixedRateDebtMemberus-gaap:LineOfCreditMember2020-01-012020-03-310000074208udr:UnitedDominionRealityLPMembersrt:WeightedAverageMember2020-01-012020-03-310000074208srt:WeightedAverageMemberus-gaap:UnsecuredDebtMember2020-01-012020-03-310000074208srt:WeightedAverageMemberus-gaap:SecuredDebtMember2020-01-012020-03-310000074208srt:WeightedAverageMemberudr:UnsecuredWorkingCapitalCreditFacilityDueJanuary2021Member2020-01-012020-03-310000074208srt:WeightedAverageMemberudr:UnsecuredRevolvingCreditFacilityDueTwoThousandTwentyThreeMember2020-01-012020-03-310000074208srt:WeightedAverageMemberudr:TermLoanFacilityDueSeptember2023OnePointNinetyThreePercentMember2020-01-012020-03-310000074208srt:WeightedAverageMemberudr:TermLoanFacilityDueSeptember2023Member2020-01-012020-03-310000074208srt:WeightedAverageMemberudr:SeniorUnsecuredMediumTermNotes3.2PercentDueJanuary2030Member2020-01-012020-03-310000074208srt:WeightedAverageMemberudr:MediumTerm3.10PercentageNoteDueNovember2034Member2020-01-012020-03-310000074208srt:WeightedAverageMemberudr:MediumTerm3.00PercentageNoteDueAugust2031Member2020-01-012020-03-310000074208srt:WeightedAverageMemberudr:FourPointFourZeroPercentMediumTermNoteDueJanuaryTwoThousandTwentyNineMember2020-01-012020-03-310000074208srt:WeightedAverageMemberudr:EightPointFiveZeroPercentDebenturesDueSeptember2024Member2020-01-012020-03-310000074208srt:WeightedAverageMemberudr:A4.00MediumTermNoteDueOctober2025Member2020-01-012020-03-310000074208srt:WeightedAverageMemberudr:A3.75MTNDueJuly2024Member2020-01-012020-03-310000074208srt:WeightedAverageMemberudr:A3.50MediumTermNotesDueJanuary2028Member2020-01-012020-03-310000074208srt:WeightedAverageMemberudr:A3.50MediumTermNoteDueJuly2027Member2020-01-012020-03-310000074208srt:WeightedAverageMemberudr:A2.95MediumTermNoteDueSeptember2026Member2020-01-012020-03-310000074208srt:WeightedAverageMember2020-01-012020-03-310000074208udr:ThreePointTwoFourPercentDueOnTwoThousandThirtyMember2020-03-310000074208srt:MinimumMemberudr:FixedRateDebtMemberus-gaap:MortgagesMember2020-03-310000074208srt:MaximumMemberudr:FixedRateDebtMemberus-gaap:MortgagesMember2020-03-310000074208udr:VariableRateDebtMemberudr:TaxExemptSecuredNotesPayableMember2020-03-310000074208udr:UnitedDominionRealityLPMemberudr:NoteDueNovember2028Member2020-03-310000074208udr:UnitedDominionRealityLPMemberudr:NoteDueDecember2028Member2020-03-310000074208udr:UnitedDominionRealityLPMemberudr:NoteDueDecember2023Member2020-03-310000074208udr:UnitedDominionRealityLPMemberudr:NoteDueAugust2021Member2020-03-310000074208udr:UnitedDominionRealityLPMemberudr:NoteDueApril2026Member2020-03-310000074208us-gaap:CommercialPaperMemberudr:UnsecuredRevolvingCreditFacilityDueTwoThousandTwentyMember2020-01-012020-03-310000074208udr:FixedRateDebtMemberus-gaap:LineOfCreditMember2020-01-012020-03-310000074208srt:WeightedAverageMemberudr:ThreePointOneZeroPercentSeniorUnsecuredNotesDue2034Member2020-01-012020-03-310000074208srt:WeightedAverageMemberudr:MediumTermNotesDueAugust2031Member2020-01-012020-03-310000074208udr:UnsecuredWorkingCapitalCreditFacilityDueJanuary2021Member2020-01-012020-03-310000074208udr:UnsecuredRevolvingCreditFacilityDueTwoThousandTwentyThreeMember2020-01-012020-03-310000074208udr:TermLoanFacilityDueSeptember2023OnePointNinetyThreePercentMember2020-01-012020-03-310000074208udr:TermLoanFacilityDueSeptember2023Member2020-01-012020-03-310000074208udr:SeniorUnsecuredMediumTermNotes3.2PercentDueJanuary2030Member2020-01-012020-03-310000074208udr:MediumTerm3.10PercentageNoteDueNovember2034Member2020-01-012020-03-310000074208udr:MediumTerm3.00PercentageNoteDueAugust2031Member2020-01-012020-03-310000074208udr:FourPointFourZeroPercentMediumTermNoteDueJanuaryTwoThousandTwentyNineMember2020-01-012020-03-310000074208udr:EightPointFiveZeroPercentDebenturesDueSeptember2024Member2020-01-012020-03-310000074208udr:A4.00MediumTermNoteDueOctober2025Member2020-01-012020-03-310000074208udr:A3.75MTNDueJuly2024Member2020-01-012020-03-310000074208udr:A3.50MediumTermNotesDueJanuary2028Member2020-01-012020-03-310000074208udr:A3.50MediumTermNoteDueJuly2027Member2020-01-012020-03-310000074208udr:A2.95MediumTermNoteDueSeptember2026Member2020-01-012020-03-310000074208udr:VariableRateDebtMemberudr:TaxExemptNotesPayableMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberudr:TaxExemptNotesPayableMember2020-03-310000074208udr:UnitedDominionRealityLPMemberudr:VariableRateDebtMemberudr:TaxExemptNotesPayableMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-03-310000074208udr:UnitedDominionRealityLPMemberudr:FixedRateDebtMemberus-gaap:MortgagesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-03-310000074208udr:FixedRateDebtMemberus-gaap:MortgagesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgagesMember2020-03-310000074208udr:FixedRateDebtMemberus-gaap:LineOfCreditMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:LineOfCreditMember2020-03-310000074208udr:VariableRateDebtMemberudr:TaxExemptNotesPayableMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberudr:TaxExemptNotesPayableMember2020-03-310000074208udr:UnitedDominionRealityLPMemberudr:VariableRateDebtMemberudr:TaxExemptNotesPayableMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-03-310000074208udr:UnitedDominionRealityLPMemberudr:VariableRateDebtMemberudr:TaxExemptNotesPayableMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-03-310000074208udr:UnitedDominionRealityLPMemberudr:FixedRateDebtMemberus-gaap:MortgagesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-03-310000074208udr:UnitedDominionRealityLPMemberudr:FixedRateDebtMemberus-gaap:MortgagesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-03-310000074208udr:FixedRateDebtMemberus-gaap:MortgagesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgagesMember2020-03-310000074208udr:FixedRateDebtMemberus-gaap:LineOfCreditMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:LineOfCreditMember2020-03-310000074208udr:FixedRateDebtMemberus-gaap:LineOfCreditMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:LineOfCreditMember2020-03-310000074208udr:VariableRateDebtMemberudr:TaxExemptNotesPayableMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberudr:TaxExemptNotesPayableMember2019-12-310000074208udr:UnitedDominionRealityLPMemberudr:VariableRateDebtMemberudr:TaxExemptNotesPayableMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000074208udr:FixedRateDebtMemberus-gaap:MortgagesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgagesMember2019-12-310000074208udr:FixedRateDebtMemberus-gaap:LineOfCreditMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:LineOfCreditMember2019-12-310000074208udr:VariableRateDebtMemberudr:TaxExemptNotesPayableMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberudr:TaxExemptNotesPayableMember2019-12-310000074208udr:UnitedDominionRealityLPMemberus-gaap:MortgagesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000074208udr:UnitedDominionRealityLPMemberudr:VariableRateDebtMemberudr:TaxExemptNotesPayableMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000074208udr:UnitedDominionRealityLPMemberudr:VariableRateDebtMemberudr:TaxExemptNotesPayableMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000074208udr:FixedRateDebtMemberus-gaap:MortgagesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgagesMember2019-12-310000074208udr:FixedRateDebtMemberus-gaap:LineOfCreditMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:LineOfCreditMember2019-12-310000074208udr:UnitedDominionRealityLPMemberus-gaap:MortgagesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000074208udr:UnitedDominionRealityLPMemberus-gaap:MortgagesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000074208udr:MediumTermNotesDueAugust2031Member2020-03-310000074208udr:SeniorUnsecuredMediumTermNotes3.2PercentDueJanuary2030Member2020-02-290000074208udr:ThreePointTwoFourPercentDueOnTwoThousandThirtyMember2019-10-310000074208udr:SeniorUnsecuredMediumTermNotes3.2PercentDueJanuary2030Member2019-10-310000074208udr:ThreePointTwoFourPercentDueOnTwoThousandThirtyMember2019-07-310000074208udr:SeniorUnsecuredMediumTermNotes3.2PercentDueJanuary2030Member2019-07-310000074208srt:MinimumMemberus-gaap:UnsecuredDebtMember2020-01-012020-03-310000074208srt:MinimumMemberus-gaap:RevolvingCreditFacilityMember2020-01-012020-03-310000074208srt:MinimumMemberudr:UnsecuredWorkingCapitalCreditFacilityDueJanuary2021Member2020-01-012020-03-310000074208srt:MaximumMemberus-gaap:UnsecuredDebtMember2020-01-012020-03-310000074208srt:MaximumMemberus-gaap:RevolvingCreditFacilityMember2020-01-012020-03-310000074208srt:MaximumMemberudr:UnsecuredWorkingCapitalCreditFacilityDueJanuary2021Member2020-01-012020-03-310000074208us-gaap:UnsecuredDebtMember2020-01-012020-03-310000074208us-gaap:RevolvingCreditFacilityMember2020-01-012020-03-310000074208us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2020-03-310000074208udr:ForwardSalesAgreementMember2020-03-310000074208udr:AtMarketOfferingMember2017-07-310000074208udr:AtMarketOfferingMember2020-03-310000074208udr:CommercialBankMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-03-310000074208udr:CommercialBankMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-03-310000074208udr:CommercialBankMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-03-310000074208us-gaap:CommercialPaperMemberudr:UnsecuredRevolvingCreditFacilityDueTwoThousandTwentyMember2020-03-310000074208us-gaap:CommercialPaperMemberudr:UnsecuredRevolvingCreditFacilityDueTwoThousandTwentyMember2019-12-310000074208udr:UnitedDominionRealityLPMember2019-03-3100000742082019-03-310000074208udr:UnitedDominionRealityLPMember2018-12-3100000742082018-12-310000074208udr:PreferredEquityInvestmentHillsboroOregonMember2020-01-310000074208udr:HomeOperatingCommunity294TampaFloridaMember2020-01-310000074208us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-03-310000074208us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-03-310000074208us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-03-310000074208us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000074208us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000074208us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000074208us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000074208us-gaap:EquityUnitPurchaseAgreementsMember2020-01-012020-03-310000074208us-gaap:ConvertiblePreferredStockMember2020-01-012020-03-310000074208udr:StockCompensationPlanAndUnvestedRestrictedStockMember2020-01-012020-03-310000074208us-gaap:EquityUnitPurchaseAgreementsMember2019-01-012019-03-310000074208us-gaap:ConvertiblePreferredStockMember2019-01-012019-03-310000074208udr:StockCompensationPlanAndUnvestedRestrictedStockMember2019-01-012019-03-310000074208udr:DebtAssumedAsPartOfAcquisitionMember2020-01-012020-03-310000074208udr:DebtAssumedAsPartOfAcquisitionMember2019-01-012019-03-3100000742082020-01-012020-12-310000074208us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-03-310000074208us-gaap:RevolvingCreditFacilityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-03-310000074208us-gaap:LineOfCreditMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-03-310000074208us-gaap:SeniorNotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-03-310000074208us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-03-310000074208us-gaap:RevolvingCreditFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-03-310000074208us-gaap:RevolvingCreditFacilityMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-03-310000074208us-gaap:LineOfCreditMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-03-310000074208us-gaap:LineOfCreditMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-03-310000074208us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000074208udr:CommercialBankMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000074208us-gaap:SeniorNotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000074208us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000074208udr:CommercialBankMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000074208udr:CommercialBankMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000074208srt:MinimumMemberudr:LtipUnitsMember2020-01-012020-03-310000074208udr:VariableRateDebtMemberudr:TaxExemptNotesPayableMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberudr:TaxExemptNotesPayableMember2020-03-310000074208udr:FixedRateDebtMemberus-gaap:MortgagesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgagesMember2020-03-310000074208udr:UnitedDominionRealityLPMemberudr:VariableRateDebtMemberudr:TaxExemptNotesPayableMember2020-03-310000074208udr:UnitedDominionRealityLPMemberudr:FixedRateDebtMemberus-gaap:MortgagesMember2020-03-310000074208udr:VariableRateDebtMemberudr:TaxExemptNotesPayableMember2020-03-310000074208udr:UnitedDominionRealityLPMemberus-gaap:MortgagesMember2020-03-310000074208udr:FixedRateDebtMemberus-gaap:MortgagesMember2020-03-310000074208udr:FixedRateDebtMemberus-gaap:LineOfCreditMember2020-03-310000074208us-gaap:LineOfCreditMember2020-03-310000074208udr:MediumTerm3.10PercentageNoteDueNovember2034Member2020-03-310000074208udr:VariableRateDebtMemberudr:TaxExemptNotesPayableMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberudr:TaxExemptNotesPayableMember2019-12-310000074208udr:FixedRateDebtMemberus-gaap:MortgagesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgagesMember2019-12-310000074208udr:FixedRateDebtMemberus-gaap:LineOfCreditMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:LineOfCreditMember2019-12-310000074208udr:UnitedDominionRealityLPMemberudr:VariableRateDebtMemberudr:TaxExemptNotesPayableMember2019-12-310000074208udr:UnitedDominionRealityLPMemberudr:FixedRateDebtMemberus-gaap:MortgagesMember2019-12-310000074208udr:VariableRateDebtMemberus-gaap:SecuredDebtMember2019-12-310000074208udr:VariableRateDebtMemberudr:TaxExemptNotesPayableMember2019-12-310000074208udr:FixedRateDebtMemberus-gaap:SecuredDebtMember2019-12-310000074208udr:FixedRateDebtMemberus-gaap:MortgagesMember2019-12-310000074208udr:FixedRateDebtMemberus-gaap:LineOfCreditMember2019-12-310000074208us-gaap:SecuredDebtMember2019-12-310000074208udr:UnitedDominionRealityLPMember2020-01-012020-03-310000074208udr:UnitedDominionRealityLPMember2019-01-012019-03-310000074208udr:TaxableReitSubsidiariesMember2020-01-012020-03-310000074208udr:UnitedDominionRealityLPMemberudr:SameCommunitiesWesternRegionMember2020-03-310000074208udr:UnitedDominionRealityLPMemberudr:SameCommunitiesSouthwesternRegionMember2020-03-310000074208udr:UnitedDominionRealityLPMemberudr:SameCommunitiesSoutheasternRegionMember2020-03-310000074208udr:UnitedDominionRealityLPMemberudr:SameCommunitiesNortheastRegionMember2020-03-310000074208udr:UnitedDominionRealityLPMemberudr:SameCommunitiesMidAtlanticRegionMember2020-03-310000074208udr:UnitedDominionRealityLPMemberudr:NonMatureCommunitiesOtherMember2020-03-310000074208udr:SameCommunitiesWesternRegionMember2020-03-310000074208udr:SameCommunitiesSouthwesternRegionMember2020-03-310000074208udr:SameCommunitiesSoutheasternRegionMember2020-03-310000074208udr:SameCommunitiesNortheastRegionMember2020-03-310000074208udr:SameCommunitiesMidAtlanticRegionMember2020-03-310000074208udr:NonMatureCommunitiesOtherMember2020-03-310000074208udr:UnitedDominionRealityLPMemberudr:SameCommunitiesWesternRegionMember2019-12-310000074208udr:UnitedDominionRealityLPMemberudr:SameCommunitiesSouthwesternRegionMember2019-12-310000074208udr:UnitedDominionRealityLPMemberudr:SameCommunitiesSoutheasternRegionMember2019-12-310000074208udr:UnitedDominionRealityLPMemberudr:SameCommunitiesNortheastRegionMember2019-12-310000074208udr:UnitedDominionRealityLPMemberudr:SameCommunitiesMidAtlanticRegionMember2019-12-310000074208udr:UnitedDominionRealityLPMemberudr:NonMatureCommunitiesOtherMember2019-12-310000074208udr:SameCommunitiesWesternRegionMember2019-12-310000074208udr:SameCommunitiesSouthwesternRegionMember2019-12-310000074208udr:SameCommunitiesSoutheasternRegionMember2019-12-310000074208udr:SameCommunitiesNortheastRegionMember2019-12-310000074208udr:SameCommunitiesMidAtlanticRegionMember2019-12-310000074208udr:NonMatureCommunitiesOtherMember2019-12-310000074208udr:FourPointFourZeroPercentMediumTermNoteDueJanuaryTwoThousandTwentyNineMember2020-03-310000074208udr:A4.00MediumTermNoteDueOctober2025Member2020-03-310000074208udr:A3.75MTNDueJuly2024Member2020-03-310000074208udr:UnitedDominionRealityLPMemberudr:ApartmentHomesMember2020-01-012020-03-310000074208us-gaap:AssetsLeasedToOthersMember2020-01-012020-03-310000074208udr:ApartmentHomesMember2020-01-012020-03-310000074208udr:UnitedDominionRealityLPMemberus-gaap:AssetsLeasedToOthersMember2019-06-302019-06-300000074208udr:DevelopmentCommunityMemberudr:PreferredEquityInvestmentHillsboroOregonMember2020-03-310000074208us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310000074208us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-03-310000074208udr:UnitedDominionRealityLPMemberus-gaap:LimitedPartnerMember2019-01-012019-03-310000074208udr:UnitedDominionRealityLPMemberudr:TotalCommunitiesMember2020-01-012020-03-310000074208udr:UnitedDominionRealityLPMemberudr:SameCommunitiesWesternRegionMember2020-01-012020-03-310000074208udr:UnitedDominionRealityLPMemberudr:SameCommunitiesSouthwesternRegionMember2020-01-012020-03-310000074208udr:UnitedDominionRealityLPMemberudr:SameCommunitiesSoutheasternRegionMember2020-01-012020-03-310000074208udr:UnitedDominionRealityLPMemberudr:SameCommunitiesNortheastRegionMember2020-01-012020-03-310000074208udr:UnitedDominionRealityLPMemberudr:SameCommunitiesMidAtlanticRegionMember2020-01-012020-03-310000074208udr:UnitedDominionRealityLPMemberudr:NonMatureCommunitiesOtherMember2020-01-012020-03-310000074208udr:TotalCommunitiesMember2020-01-012020-03-310000074208udr:SameCommunitiesWesternRegionMember2020-01-012020-03-310000074208udr:SameCommunitiesSouthwesternRegionMember2020-01-012020-03-310000074208udr:SameCommunitiesSoutheasternRegionMember2020-01-012020-03-310000074208udr:SameCommunitiesNortheastRegionMember2020-01-012020-03-310000074208udr:SameCommunitiesMidAtlanticRegionMember2020-01-012020-03-310000074208udr:NonMatureCommunitiesOtherMember2020-01-012020-03-310000074208udr:UnitedDominionRealityLPMemberudr:TotalCommunitiesMember2019-01-012019-03-310000074208udr:UnitedDominionRealityLPMemberudr:SameCommunitiesWesternRegionMember2019-01-012019-03-310000074208udr:UnitedDominionRealityLPMemberudr:SameCommunitiesSouthwesternRegionMember2019-01-012019-03-310000074208udr:UnitedDominionRealityLPMemberudr:SameCommunitiesSoutheasternRegionMember2019-01-012019-03-310000074208udr:UnitedDominionRealityLPMemberudr:SameCommunitiesNortheastRegionMember2019-01-012019-03-310000074208udr:UnitedDominionRealityLPMemberudr:SameCommunitiesMidAtlanticRegionMember2019-01-012019-03-310000074208udr:UnitedDominionRealityLPMemberudr:NonMatureCommunitiesOtherMember2019-01-012019-03-310000074208udr:TotalCommunitiesMember2019-01-012019-03-310000074208udr:SameCommunitiesWesternRegionMember2019-01-012019-03-310000074208udr:SameCommunitiesSouthwesternRegionMember2019-01-012019-03-310000074208udr:SameCommunitiesSoutheasternRegionMember2019-01-012019-03-310000074208udr:SameCommunitiesNortheastRegionMember2019-01-012019-03-310000074208udr:SameCommunitiesMidAtlanticRegionMember2019-01-012019-03-310000074208udr:NonMatureCommunitiesOtherMember2019-01-012019-03-310000074208udr:UdrBankCreditFacilityMemberudr:UnsecuredRevolvingCreditFacilityDueTwoThousandTwentyThreeMember2020-03-310000074208udr:UnitedDominionRealityLPMemberudr:VariableRateDebtMemberudr:TaxExemptNotesPayableMember2020-01-012020-03-310000074208udr:UnitedDominionRealityLPMemberudr:FixedRateDebtMemberus-gaap:MortgagesMember2020-01-012020-03-310000074208udr:VariableRateDebtMemberus-gaap:SecuredDebtMember2020-01-012020-03-310000074208udr:VariableRateDebtMemberudr:TaxExemptNotesPayableMember2020-01-012020-03-310000074208udr:UnitedDominionRealityLPMemberudr:VariableRateDebtMember2020-01-012020-03-310000074208udr:UnitedDominionRealityLPMemberudr:FixedRateDebtMember2020-01-012020-03-310000074208udr:FixedRateDebtMemberus-gaap:SecuredDebtMember2020-01-012020-03-310000074208udr:FixedRateDebtMemberus-gaap:MortgagesMember2020-01-012020-03-310000074208udr:FixedRateDebtMemberus-gaap:LineOfCreditMember2020-01-012020-03-310000074208us-gaap:SecuredDebtMember2020-01-012020-03-310000074208udr:HomeOperatingCommunity294TampaFloridaMember2020-01-012020-01-310000074208udr:NoteDueApril2020Member2020-04-300000074208udr:NotesDueOctober2020Member2020-03-310000074208udr:NoteDueOctober2022Member2020-03-310000074208udr:NoteDueApril2020Member2020-03-310000074208us-gaap:NoncontrollingInterestMember2020-01-012020-03-310000074208us-gaap:NoncontrollingInterestMember2019-01-012019-03-310000074208us-gaap:LimitedPartnerMember2020-01-012020-03-310000074208udr:UnitedDominionRealityLPMemberudr:PartnershipCapitalMember2020-01-012020-03-310000074208udr:UnitedDominionRealityLPMemberudr:LimitedPartnersMember2020-01-012020-03-310000074208udr:UnitedDominionRealityLPMemberudr:PartnershipCapitalMember2019-01-012019-03-310000074208udr:UnitedDominionRealityLPMemberudr:LimitedPartnersMember2019-01-012019-03-310000074208udr:UnitedDominionRealityLPMember2019-01-012019-03-310000074208udr:SeniorUnsecuredMediumTermNotes3.2PercentDueJanuary2030Member2020-02-012020-02-290000074208udr:UnitedDominionRealityLPMemberudr:NonAffiliatedPartnersMember2020-03-310000074208udr:NonAffiliatedPartnersMemberudr:UnitedDominionRealityLPMember2020-03-310000074208udr:NonAffiliatedPartnersMemberudr:UDRLighthouseDownREITL.P.Member2020-03-310000074208udr:UDRLighthouseDownREITL.P.Member2020-03-310000074208udr:NonAffiliatedPartnersMember2020-03-310000074208udr:UnitedDominionRealityLPMemberudr:NonAffiliatedPartnersMember2019-12-310000074208udr:UdrIncMemberudr:UnitedDominionRealityLPMember2019-12-310000074208udr:NonAffiliatedPartnersMemberudr:UnitedDominionRealityLPMember2019-12-310000074208udr:UdrIncMember2019-12-310000074208udr:ClassLimitedPartnerMember2020-01-012020-03-310000074208udr:UnitedDominionRealityLPMember2020-03-310000074208udr:UnitedDominionRealityLPMember2019-12-310000074208udr:OperatingCommunityMemberudr:UnconsolidatedJointVentureWestCoastDevelopmentJvMember2020-01-012020-03-310000074208udr:OperatingCommunityMemberudr:UnconsolidatedJointVentureSevenUdrMetlifeIiPartnershipMember2020-01-012020-03-310000074208udr:OperatingCommunityMemberudr:UnconsolidatedJointVentureOtherMetLifeMember2020-01-012020-03-310000074208udr:OperatingCommunityMemberudr:UnconsolidatedJointVentureOneUDRMetLifePartnershipMember2020-01-012020-03-310000074208udr:DevelopmentCommunityMemberudr:PreferredEquityInvestmentThousandOaksCaMember2020-01-012020-03-310000074208udr:DevelopmentCommunityMemberudr:PreferredEquityInvestmentModeraLakeMerrittOaklandMember2020-01-012020-03-310000074208udr:DevelopmentCommunityMemberudr:PreferredEquityInvestmentHillsboroOregonMember2020-01-012020-03-310000074208udr:DevelopmentCommunityMemberudr:PreferredEquityInvestmentEssexOrlandoFlMember2020-01-012020-03-310000074208udr:DevelopmentCommunityMemberudr:PreferredEquityInvestment1641LincolnSantaMonicaCaMember2020-01-012020-03-310000074208udr:DevelopmentCommunityMemberudr:PreferredEquityInvestment1532HarrisonSanFranciscoCaMember2020-01-012020-03-310000074208udr:DevelopmentCommunityMemberudr:PreferredEquityInvestment1300FairmountPhiladelphiaPaMember2020-01-012020-03-310000074208udr:DevelopmentCommunityMemberudr:PreferredEquityInvestment1200BroadwayNashvilleTnMember2020-01-012020-03-310000074208udr:DevelopmentCommunityMemberudr:OtherInvestmentVenturesMember2020-01-012020-03-310000074208udr:DevelopmentCommunityMemberudr:OtherInvestmentPortalsWashingtonDcMember2020-01-012020-03-310000074208udr:OperatingCommunityMember2020-01-012020-03-310000074208udr:DevelopmentCommunityMember2020-01-012020-03-310000074208udr:OperatingCommunityMemberudr:UnconsolidatedJointVentureWestCoastDevelopmentJvMember2019-01-012019-03-310000074208udr:OperatingCommunityMemberudr:UnconsolidatedJointVentureSevenUdrMetlifeIiPartnershipMember2019-01-012019-03-310000074208udr:OperatingCommunityMemberudr:UnconsolidatedJointVentureOtherMetLifeMember2019-01-012019-03-310000074208udr:OperatingCommunityMemberudr:UnconsolidatedJointVentureOneUDRMetLifePartnershipMember2019-01-012019-03-310000074208udr:OperatingCommunityMemberudr:SoldJointVenturesMember2019-01-012019-03-310000074208udr:DevelopmentCommunityMemberudr:PreferredEquityInvestmentHillsboroOregonMember2019-01-012019-03-310000074208udr:DevelopmentCommunityMemberudr:PreferredEquityInvestmentEssexOrlandoFlMember2019-01-012019-03-310000074208udr:DevelopmentCommunityMemberudr:PreferredEquityInvestment1641LincolnSantaMonicaCaMember2019-01-012019-03-310000074208udr:DevelopmentCommunityMemberudr:PreferredEquityInvestment1532HarrisonSanFranciscoCaMember2019-01-012019-03-310000074208udr:DevelopmentCommunityMemberudr:PreferredEquityInvestment1300FairmountPhiladelphiaPaMember2019-01-012019-03-310000074208udr:DevelopmentCommunityMemberudr:PreferredEquityInvestment1200BroadwayNashvilleTnMember2019-01-012019-03-310000074208udr:DevelopmentCommunityMemberudr:OtherInvestmentVenturesMember2019-01-012019-03-310000074208udr:DevelopmentCommunityMemberudr:OtherInvestmentPortalsWashingtonDcMember2019-01-012019-03-310000074208udr:OperatingCommunityMember2019-01-012019-03-310000074208udr:DevelopmentCommunityMember2019-01-012019-03-310000074208udr:UdrIncMemberudr:UnitedDominionRealityLPMember2020-03-310000074208udr:UnitedDominionRealityLPMember2020-03-310000074208udr:UdrIncMember2020-03-310000074208udr:PreferredEquityInvestmentHillsboroOregonMember2020-01-012020-01-310000074208udr:ForwardSalesAgreementMember2020-01-012020-03-310000074208udr:UdrBankCreditFacilityMemberudr:UnsecuredRevolvingCreditFacilityDueTwoThousandTwentyThreeMember2020-01-012020-03-310000074208udr:UnitedDominionRealityLPMemberudr:UDRLighthouseDownREITL.P.Member2020-01-012020-03-310000074208udr:UnconsolidatedJointVenturesMember2020-01-012020-03-310000074208udr:UnitedDominionRealityLPMemberudr:UDRLighthouseDownREITL.P.Member2019-01-012019-03-310000074208udr:UnconsolidatedJointVenturesMember2019-01-012019-03-310000074208udr:UnitedDominionRealityLPMemberudr:UDRLighthouseDownREITL.P.Member2020-03-310000074208udr:UnitedDominionRealityLPMemberudr:UDRLighthouseDownREITL.P.Member2019-12-310000074208udr:UnconsolidatedJointVenturesMember2020-03-310000074208udr:UnconsolidatedJointVenturesMember2019-12-310000074208udr:DevelopmentCommunityMemberudr:PreferredEquityInvestmentThousandOaksCaMember2020-03-310000074208udr:DevelopmentCommunityMemberudr:PreferredEquityInvestmentModeraLakeMerrittOaklandMember2020-03-310000074208udr:DevelopmentCommunityMemberudr:PreferredEquityInvestmentEssexOrlandoFlMember2020-03-310000074208udr:DevelopmentCommunityMemberudr:PreferredEquityInvestment1641LincolnSantaMonicaCaMember2020-03-310000074208udr:DevelopmentCommunityMemberudr:PreferredEquityInvestment1532HarrisonSanFranciscoCaMember2020-03-310000074208udr:DevelopmentCommunityMemberudr:PreferredEquityInvestment1300FairmountPhiladelphiaPaMember2020-03-310000074208udr:DevelopmentCommunityMemberudr:PreferredEquityInvestment1200BroadwayNashvilleTnMember2020-03-310000074208udr:DevelopmentCommunityMemberudr:OtherInvestmentVenturesMember2020-03-310000074208udr:DevelopmentCommunityMemberudr:OtherInvestmentPortalsWashingtonDcMember2020-03-310000074208udr:PreferredEquityInvestmentThousandOaksMember2020-02-290000074208udr:UnitedDominionRealityLPMembersrt:MaximumMember2019-01-012019-03-3100000742082019-01-012019-03-310000074208udr:KingOfPrussiaMember2019-12-310000074208udr:VariableRateDebtMemberus-gaap:SecuredDebtMember2020-03-310000074208udr:FixedRateDebtMemberus-gaap:SecuredDebtMember2020-03-310000074208us-gaap:UnsecuredDebtMember2020-03-310000074208us-gaap:SecuredDebtMember2020-03-310000074208udr:BellevueWashington259HomeCommunityMemberudr:NoteDueOctober2022Member2019-11-012019-11-300000074208udr:UnitedDominionRealityLPMemberudr:RealEstateCommunitiesRedevelopmentMember2020-03-310000074208udr:WhollyOwnedPropertiesUnderDevelopmentMember2020-03-310000074208udr:WhollyOwnedPropertiesRedevelopmentMember2020-03-310000074208udr:RealEstateInvestmentOtherMember2020-03-310000074208udr:PreferredEquityInvestmentsMember2020-03-310000074208us-gaap:CommercialPaperMember2020-03-310000074208us-gaap:CommercialPaperMember2019-12-310000074208udr:OperatingCommunityInSeattle196HomesMember2020-05-012020-05-070000074208udr:NoteDueJanuary2023Member2020-01-012020-03-310000074208udr:NoteDueJanuary2023Member2020-03-310000074208udr:BellevueWashington259HomeCommunityMemberudr:NoteDueOctober2022Member2019-11-3000000742082020-03-3100000742082019-12-3100000742082020-05-060000074208udr:UnitedDominionRealityLPMember2020-01-012020-03-3100000742082020-01-012020-03-31udr:leaseudr:instrumentudr:propertyudr:segmentudr:statexbrli:sharesiso4217:USDudr:homexbrli:pureiso4217:USDxbrli:sharesudr:itemudr:classudr:communityudr:loan

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                    

Commission file number

1-10524 (UDR, Inc.)

333-156002-01 (United Dominion Realty, L.P.)

UDR, Inc.

United Dominion Realty, L.P.

(Exact name of registrant as specified in its charter)

Maryland (UDR, Inc.)

54-0857512

Delaware (United Dominion Realty, L.P.)

54-1776887

(State or other jurisdiction of

(I.R.S. Employer

incorporation of organization)

Identification No.)

1745 Shea Center Drive, Suite 200, Highlands Ranch, Colorado 80129

(Address of principal executive offices) (zip code)

(720283-6120

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01

UDR

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

UDR, Inc.

Yes No

United Dominion Realty, L.P.

Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

UDR, Inc.

Yes No

United Dominion Realty, L.P.

Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

UDR, Inc.:

Large Accelerated Filer

Accelerated Filer

Non-Accelerated Filer

Smaller Reporting Company

Emerging Growth Company

United Dominion Realty, L.P.:

Large Accelerated Filer

Accelerated Filer

Non-Accelerated Filer

Smaller Reporting Company

Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

UDR, Inc.

United Dominion Realty, L.P.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

UDR, Inc.

Yes No

United Dominion Realty, L.P.

Yes No

The number of shares of UDR, Inc.’s common stock, $0.01 par value, outstanding as of May 6, 2020 was 294,886,013.

Table of Contents

UDR, INC.

UNITED DOMINION REALTY, L.P.

INDEX

PAGE

PART I — FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

UDR, INC.:

Consolidated Balance Sheets as of March 31, 2020 (unaudited) and December 31, 2019 (audited)

5

Consolidated Statements of Operations for the three months ended March 31, 2020 and 2019 (unaudited)

6

Consolidated Statements of Comprehensive Income/(Loss) for the three months ended March 31, 2020 and 2019 (unaudited)

7

Consolidated Statements of Changes in Equity for the three months ended March 31, 2020 and 2019 (unaudited)

8

Consolidated Statements of Cash Flows for the three months ended March 31, 2020 and 2019 (unaudited)

9

Notes to Consolidated Financial Statements (unaudited)

10

UNITED DOMINION REALTY, L.P.:

Consolidated Balance Sheets as of March 31, 2020 (unaudited) and December 31, 2019 (audited)

40

Consolidated Statements of Operations for the three months ended March 31, 2020 and 2019 (unaudited)

41

Consolidated Statements of Changes in Capital for the three months ended March 31, 2020 and 2019 (unaudited)

42

Consolidated Statements of Cash Flows for the three months ended March 31, 2020 and 2019 (unaudited)

43

Notes to Consolidated Financial Statements (unaudited)

44

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

61

Item 3. Quantitative and Qualitative Disclosures About Market Risk

82

Item 4. Controls and Procedures

82

PART II — OTHER INFORMATION

Item 1. Legal Proceedings

83

Item 1A. Risk Factors

83

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

99

Item 3. Defaults Upon Senior Securities

100

Item 4. Mine Safety Disclosures

100

Item 5. Other Information

100

Item 6. Exhibits

101

Signatures

103

Table of Contents

Exhibit 4.1

Exhibit 31.1

Exhibit 31.2

Exhibit 31.3

Exhibit 31.4

Exhibit 32.1

Exhibit 32.2

Exhibit 32.3

Exhibit 32.4

Table of Contents

EXPLANATORY NOTE

This Report combines the quarterly reports on Form 10-Q for the quarter ended March 31, 2020 of UDR, Inc., a Maryland corporation, and United Dominion Realty, L.P., a Delaware limited partnership, of which UDR, Inc. is the parent company and sole general partner. Unless the context otherwise requires, all references in this Report to “we,” “us,” “our,” the “Company,” “UDR” or “UDR, Inc.” refer collectively to UDR, Inc., together with its consolidated subsidiaries and joint ventures, including United Dominion Realty, L.P. and UDR Lighthouse DownREIT L.P. (the “DownREIT Partnership”), also a Delaware limited partnership of which UDR is the sole general partner. Unless the context otherwise requires, the references in this Report to the “Operating Partnership” or the “OP” refer to United Dominion Realty, L.P., together with its consolidated subsidiaries. “Common stock” refers to the common stock of UDR and “stockholders” means the holders of shares of UDR’s common stock and preferred stock. The limited partnership interests of the Operating Partnership and the DownREIT Partnership are referred to as “OP Units” and “DownREIT Units,” respectively, and the holders of the OP Units and DownREIT Units are referred to as “unitholders.” This combined Form 10-Q is being filed separately by UDR and the Operating Partnership.

There are a number of differences between the Company and the Operating Partnership, which are reflected in our disclosures in this Report. UDR is a real estate investment trust (“REIT”), whose most significant asset is its ownership interest in the Operating Partnership. UDR also conducts business through other subsidiaries, including its taxable REIT subsidiary (“TRS”). UDR acts as the sole general partner of the Operating Partnership, holds interests in subsidiaries and joint ventures, owns and operates properties, issues securities from time to time and guarantees debt of certain of our subsidiaries. The Operating Partnership conducts the operations of a substantial portion of the business and is structured as a partnership with no publicly traded equity securities. The Operating Partnership has guaranteed certain outstanding debt of UDR.

As of March 31, 2020, UDR owned 0.1 million units (100%) of the general partnership interests of the Operating Partnership and 176.1 million OP Units, representing approximately 95.3% of the total outstanding OP Units in the Operating Partnership. UDR conducts a substantial amount of its business and holds a substantial amount of its assets through the Operating Partnership, and, by virtue of its ownership of the OP Units and UDR’s role as the Operating Partnership’s sole general partner, UDR has the ability to control all of the day-to-day operations of the Operating Partnership. Separate financial statements and accompanying notes, as well as separate discussions under “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” are presented in this report for each of UDR and the Operating Partnership.

Table of Contents

UDR, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

March 31, 

December 31, 

    

2020

    

2019

(unaudited)

(audited)

ASSETS

Real estate owned:

 

  

 

  

Real estate held for investment

$

12,608,022

$

12,532,324

Less: accumulated depreciation

 

(4,231,269)

 

(4,131,330)

Real estate held for investment, net

 

8,376,753

 

8,400,994

Real estate under development (net of accumulated depreciation of $81 and $23, respectively)

 

95,245

 

69,754

Real estate held for disposition (net of accumulated depreciation of $41,121 and $0, respectively)

 

73,529

 

Total real estate owned, net of accumulated depreciation

 

8,545,527

 

8,470,748

Cash and cash equivalents

 

980

 

8,106

Restricted cash

 

21,949

 

25,185

Notes receivable, net

 

151,543

 

153,650

Investment in and advances to unconsolidated joint ventures, net

 

588,395

 

588,262

Operating lease right-of-use assets

203,410

204,225

Other assets

 

179,301

 

186,296

Total assets

$

9,691,105

$

9,636,472

LIABILITIES AND EQUITY

 

  

 

  

Liabilities:

 

  

 

  

Secured debt, net

$

1,144,201

$

1,149,441

Unsecured debt, net

 

3,740,937

 

3,558,083

Operating lease liabilities

197,829

198,558

Real estate taxes payable

 

33,134

 

29,445

Accrued interest payable

 

31,494

 

45,199

Security deposits and prepaid rent

 

48,474

 

48,353

Distributions payable

 

115,259

 

109,382

Accounts payable, accrued expenses, and other liabilities

 

82,254

 

90,032

Total liabilities

 

5,393,582

 

5,228,493

Commitments and contingencies (Note 13)

 

  

 

  

Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership

 

819,133

 

1,018,665

Equity:

 

  

 

  

Preferred stock, no par value; 50,000,000 shares authorized:

 

  

 

  

8.00% Series E Cumulative Convertible; 2,780,994 shares issued and outstanding at March 31, 2020 and December 31, 2019

 

46,200

 

46,200

Series F; 14,543,281 and 14,691,274 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively

 

1

 

1

Common stock, $0.01 par value; 350,000,000 shares authorized:

 

  

 

  

294,881,038 and 294,588,305 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively

 

2,949

 

2,946

Additional paid-in capital

 

5,788,471

 

5,781,975

Distributions in excess of net income

 

(2,360,636)

 

(2,462,132)

Accumulated other comprehensive income/(loss), net

 

(12,870)

 

(10,448)

Total stockholders’ equity

 

3,464,115

 

3,358,542

Noncontrolling interests

 

14,275

 

30,772

Total equity

 

3,478,390

 

3,389,314

Total liabilities and equity

$

9,691,105

$

9,636,472

See accompanying notes to consolidated financial statements.

5

Table of Contents

UDR, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

Three Months Ended

March 31, 

    

2020

2019

REVENUES:

    

  

    

  

Rental income

$

320,093

$

267,922

Joint venture management and other fees

 

1,388

 

2,751

Total revenues

 

321,481

 

270,673

OPERATING EXPENSES:

 

  

 

  

Property operating and maintenance

 

49,483

 

41,939

Real estate taxes and insurance

 

45,145

 

36,300

Property management

 

9,203

 

7,703

Other operating expenses

 

4,966

 

5,646

Real estate depreciation and amortization

 

155,476

 

112,468

General and administrative

 

14,978

 

12,467

Casualty-related charges/(recoveries), net

 

1,251

 

Other depreciation and amortization

 

2,025

 

1,656

Total operating expenses

282,527

 

218,179

Operating income

 

38,954

 

52,494

Income/(loss) from unconsolidated entities

 

3,367

 

49

Interest expense

 

(39,317)

 

(33,542)

Interest income and other income/(expense), net

 

2,700

 

9,813

Income/(loss) before income taxes

 

5,704

 

28,814

Tax (provision)/benefit, net

 

(164)

 

(2,212)

Net income/(loss)

 

5,540

 

26,602

Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership

 

(313)

 

(2,057)

Net (income)/loss attributable to noncontrolling interests

 

(6)

 

(42)

Net income/(loss) attributable to UDR, Inc.

 

5,221

 

24,503

Distributions to preferred stockholders — Series E (Convertible)

 

(1,066)

 

(1,011)

Net income/(loss) attributable to common stockholders

$

4,155

$

23,492

Income/(loss) per weighted average common share:

 

  

 

  

Basic

$

0.01

$

0.08

Diluted

$

0.01

$

0.08

Weighted average number of common shares outstanding:

 

  

 

  

Basic

 

294,457

 

277,002

Diluted

 

295,160

 

277,557

See accompanying notes to consolidated financial statements.

6

Table of Contents

UDR, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)

(In thousands)

(Unaudited)

Three Months Ended

March 31, 

2020

2019

Net income/(loss)

$

5,540

$

26,602

Other comprehensive income/(loss), including portion attributable to noncontrolling interests:

 

  

 

  

Other comprehensive income/(loss) - derivative instruments:

 

  

 

  

Unrealized holding gain/(loss)

 

(2,917)

 

(2,210)

(Gain)/loss reclassified into earnings from other comprehensive income/(loss)

 

357

 

(945)

Other comprehensive income/(loss), including portion attributable to noncontrolling interests

 

(2,560)

 

(3,155)

Comprehensive income/(loss)

 

2,980

 

23,447

Comprehensive (income)/loss attributable to noncontrolling interests

 

(181)

 

(1,847)

Comprehensive income/(loss) attributable to UDR, Inc.

$

2,799

$

21,600

See accompanying notes to consolidated financial statements.

7

Table of Contents

UDR, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(In thousands, except per share data)

(Unaudited)

    

    

    

    

Distributions

    

Accumulated Other Comprehensive

    

    

Preferred

Common

Paid-in

in Excess of

Income/(Loss),

Noncontrolling

Stock

Stock

Capital

Net Income

net

Interests

Total

Balance at December 31, 2019

$

46,201

$

2,946

$

5,781,975

$

(2,462,132)

$

(10,448)

$

30,772

$

3,389,314

Net income/(loss) attributable to UDR, Inc.

 

 

 

 

5,221

 

 

 

5,221

Net income/(loss) attributable to noncontrolling interests

 

 

 

 

 

 

(10)

 

(10)

Long Term Incentive Plan Unit grants/(vestings), net

 

 

 

 

 

 

(16,487)

 

(16,487)

Other comprehensive income/(loss)

 

 

 

 

 

(2,422)

 

 

(2,422)

Issuance/(forfeiture) of common and restricted shares, net

 

 

1

 

(1,332)

 

 

 

 

(1,331)

Cumulative effect upon adoption of ASC 326

 

 

 

(2,182)

 

 

 

(2,182)

Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership and DownREIT Partnership

 

 

2

 

7,828

 

 

 

 

7,830

Common stock distributions declared ($0.36 per share)

 

 

 

 

(106,190)

 

 

 

(106,190)

Preferred stock distributions declared-Series E ($0.3898 per share)

 

 

 

 

(1,066)

 

 

 

(1,066)

Adjustment to reflect redemption value of redeemable noncontrolling interests

 

 

 

 

205,713

 

 

 

205,713

Balance at March 31, 2020

$

46,201

$

2,949

$

5,788,471

$

(2,360,636)

$

(12,870)

$

14,275

$

3,478,390

    

    

    

    

Distributions

    

Accumulated Other Comprehensive

    

    

Preferred

Common

Paid-in

in Excess of

Income/(Loss),

Noncontrolling

Stock

Stock

Capital

Net Income

net

Interests

Total

Balance at December 31, 2018

$

46,201

$

2,755

$

4,920,732

$

(2,063,996)

$

(67)

$

17,152

$

2,922,777

Net income/(loss) attributable to UDR, Inc.

 

 

 

 

24,503

 

 

 

24,503

Net income/(loss) attributable to noncontrolling interests

 

 

 

 

 

 

30

 

30

Contribution of noncontrolling interests in consolidated real estate

 

 

 

 

 

 

125

 

125

Long Term Incentive Plan Unit grants/(vestings), net

 

 

 

 

 

 

(3,925)

 

(3,925)

Other comprehensive income/(loss)

 

 

 

 

 

(2,903)

 

 

(2,903)

Issuance/(forfeiture) of common and restricted shares, net

 

 

 

(1,499)

 

 

 

 

(1,499)

Issuance of common shares through public offering, net

 

 

44

 

192,135

 

 

 

 

192,179

Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership and DownREIT Partnership

 

 

19

 

72,827

 

 

 

 

72,846

Common stock distributions declared ($0.3425 per share)

 

 

 

 

(96,561)

 

 

 

(96,561)

Preferred stock distributions declared-Series E ($0.3708 per share)

 

 

 

 

(1,011)

 

 

 

(1,011)

Adjustment to reflect redemption value of redeemable noncontrolling interests

 

 

 

 

(144,197)

 

 

 

(144,197)

Balance at March 31, 2019

$

46,201

$

2,818

$

5,184,195

$

(2,281,262)

$

(2,970)

$

13,382

$

2,962,364

See accompanying notes to consolidated financial statements.

8

Table of Contents

UDR, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands, except for share data)

(Unaudited)

Three Months Ended March 31, 

    

2020

    

2019

Operating Activities

  

 

  

Net income/(loss)

$

5,540

$

26,602

Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:

 

  

 

  

Depreciation and amortization

 

157,501

 

114,124

(Income)/loss from unconsolidated entities

 

(3,367)

 

(49)

Return on investment in unconsolidated joint ventures

 

1,741

 

1,977

Amortization of share-based compensation

 

6,808

 

5,937

Other

 

(1,215)

 

3,910

Changes in operating assets and liabilities:

 

  

 

  

(Increase)/decrease in operating assets

 

114

 

2,295

Increase/(decrease) in operating liabilities

 

(31,666)

 

(17,463)

Net cash provided by/(used in) operating activities

 

135,456

 

137,333

Investing Activities

 

  

 

  

Acquisition of real estate assets

 

(141,727)

 

(403,245)

Development of real estate assets

 

(23,087)

 

(6,237)

Capital expenditures and other major improvements — real estate assets

 

(32,983)

 

(31,264)

Capital expenditures — non-real estate assets

 

(2,479)

 

(3,346)

Investment in unconsolidated joint ventures

 

(16,139)

 

(21,389)

Distributions received from unconsolidated joint ventures

 

3,271

 

10,797

Purchase deposits on pending acquisitions

(10,350)

Repayment/(issuance) of notes receivable, net

 

(900)

 

5,285

Net cash provided by/(used in) investing activities

 

(214,044)

 

(459,749)

Financing Activities

 

  

 

  

Payments on secured debt

 

(2,781)

 

(962)

Net proceeds from the issuance of unsecured debt

 

211,320

 

Net proceeds/(repayment) of commercial paper

 

(85,000)

 

(11,115)

Net proceeds/(repayment) of revolving bank debt

 

58,214

 

54,294

Proceeds from the issuance of common shares through public offering, net

 

 

192,179

Distributions paid to redeemable noncontrolling interests

 

(7,618)

 

(8,553