$UDR
UDR, Inc.

2023 Q3 Form 10-Q Financial Statement

#000007420823000056 Filed on July 27, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $410.1M $404.5M
YoY Change 4.81% 9.58%
Cost Of Revenue $143.0M $139.5M
YoY Change 3.85% 11.45%
Gross Profit $267.2M $265.1M
YoY Change 5.34% 8.63%
Gross Profit Margin 65.14% 65.52%
Selling, General & Admin $15.16M $16.45M
YoY Change -4.3% -0.8%
% of Gross Profit 5.67% 6.21%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $171.2M $172.6M
YoY Change 0.61% 1.18%
% of Gross Profit 64.1% 65.12%
Operating Expenses $191.0M $193.3M
YoY Change 0.64% 0.57%
Operating Profit $78.07M $71.75M
YoY Change 24.08% 41.42%
Interest Expense $44.66M -$24.97M
YoY Change 11.93% -167.79%
% of Operating Profit 57.21% -34.8%
Other Income/Expense, Net -$3.069M $10.45M
YoY Change -59.05% 248.12%
Pretax Income $35.85M $371.5M
YoY Change 40.46% 6445.7%
Income Tax $428.0K $1.351M
% Of Pretax Income 1.19% 0.36%
Net Earnings $32.86M $346.3M
YoY Change 39.2% 6712.02%
Net Earnings / Revenue 8.01% 85.61%
Basic Earnings Per Share $0.10 $1.05
Diluted Earnings Per Share $0.10 $1.04
COMMON SHARES
Basic Shares Outstanding 329.5M 329.2M
Diluted Shares Outstanding 329.2M 332.5M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.624M $1.544M
YoY Change 6.01% 67.64%
Cash & Equivalents $1.624M $1.544M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $1.624M $1.544M
YoY Change 6.01% 67.64%
LONG-TERM ASSETS
Property, Plant & Equipment $9.993B $9.690B
YoY Change -0.49% -3.34%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $955.2M $963.3M
YoY Change 26.67% 40.58%
Other Assets $30.83M $28.84M
YoY Change -28.93% 3.85%
Total Long-Term Assets $11.42B $11.08B
YoY Change 2.9% 0.8%
TOTAL ASSETS
Total Short-Term Assets $1.624M $1.544M
Total Long-Term Assets $11.42B $11.08B
Total Assets $11.42B $11.09B
YoY Change 2.9% 0.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $126.0M $124.5M
YoY Change -7.3% -9.22%
Accrued Expenses $213.8M $234.3M
YoY Change -1.11% -1.06%
Deferred Revenue
YoY Change
Short-Term Debt $380.0M $250.0M
YoY Change -10.59% -23.08%
Long-Term Debt Due $359.0K $657.0K
YoY Change -66.32% -39.72%
Total Short-Term Liabilities $989.2M $853.4M
YoY Change -3.62% -7.54%
LONG-TERM LIABILITIES
Long-Term Debt $5.372B $5.177B
YoY Change -4.51% -0.28%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $5.372B $5.177B
YoY Change -4.51% -0.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $989.2M $853.4M
Total Long-Term Liabilities $5.372B $5.177B
Total Liabilities $6.362B $6.966B
YoY Change 2.17% 13.93%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $3.289M $3.295M
YoY Change 0.77% 1.42%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.151B $4.120B
YoY Change
Total Liabilities & Shareholders Equity $11.42B $11.09B
YoY Change 2.9% 0.81%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $32.86M $346.3M
YoY Change 39.2% 6712.02%
Depreciation, Depletion And Amortization $171.2M $172.6M
YoY Change 0.61% 1.18%
Cash From Operating Activities $203.6M $242.0M
YoY Change -0.46% 2.07%
INVESTING ACTIVITIES
Capital Expenditures $137.7M $134.1M
YoY Change -225.46% -130.4%
Acquisitions
YoY Change
Other Investing Activities -$17.86M $190.8M
YoY Change -88.39% -504.71%
Cash From Investing Activities -$155.5M $56.65M
YoY Change -40.99% -111.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -46.00M -297.4M
YoY Change -176.37% -217.58%
NET CHANGE
Cash From Operating Activities 203.6M 242.0M
Cash From Investing Activities -155.5M 56.65M
Cash From Financing Activities -46.00M -297.4M
Net Change In Cash 2.074M 1.171M
YoY Change 71.97% -33.54%
FREE CASH FLOW
Cash From Operating Activities $203.6M $242.0M
Capital Expenditures $137.7M $134.1M
Free Cash Flow $65.94M $107.9M
YoY Change -79.02% -84.1%

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us-gaap Financing Receivable Allowance For Credit Losses Policy For Uncollectible Amounts
FinancingReceivableAllowanceForCreditLossesPolicyForUncollectibleAmounts
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Allowance for Credit Losses</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt;">The Company accounts for allowance for credit losses under the current expected credit loss (“CECL”) impairment model for its financial assets, including trade and other receivables, held-to-maturity debt securities, loans and other financial instruments, and presents the net amount of the financial instrument expected to be collected. The CECL impairment model excludes operating lease receivables. The CECL impairment model requires an estimate of expected credit losses, measured over the contractual life of an instrument, that considers forecasts of future economic conditions in addition to information about past events and current conditions.<span style="font-family:'TimesNewRomanPSMT';"> Based on this model, we analyze the following criteria, as applicable in developing allowances for credit losses: historical loss information, the borrower’s ability to make scheduled payments, the remaining time to maturity, the value of underlying collateral, projected future performance of the borrower and macroeconomic trends.</span> </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt;">The Company measures credit losses of financial assets on a collective (pool) basis when similar risk characteristics exist. If the Company determines that a financial asset does not share risk characteristics with the Company’s other financial assets, the Company evaluates the financial asset for expected credit losses on an individual basis. Allowance for credit losses are recorded as a direct reduction from an asset’s amortized cost basis. Credit losses and recoveries are recorded in<i style="font-style:italic;"> Interest income and other income/(expense), net</i> on the Consolidated Statements of Operations. Recoveries of financial assets previously written off are recorded when received. For the three months ended June 30, 2023 and 2022, the Company recorded net credit recoveries/(losses) of $(0.4) million and $0.1 million, respectively, on the Consolidated Statements of Operations. For the six months ended June 30, 2023 and 2022, the </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">Company recorded net credit recoveries/(losses) of $(0.5) million and $0.1 million, respectively, on the Consolidated Statements of Operations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt;">The Company has made the optional election provided by the standard not to measure allowance for credit losses for accrued interest receivables as the Company writes off any uncollectible accrued interest receivables in a timely manner. The Company periodically evaluates the collectability of its accrued interest receivables. A write-off is recorded when the Company concludes that all or a portion of its accrued interest receivable balance is no longer collectible.</p>
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ProvisionForLoanLossesExpensed
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CY2022Q2 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
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us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
500000
us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
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CY2023Q2 us-gaap Notes Receivable Gross
NotesReceivableGross
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CY2022Q4 us-gaap Notes Receivable Gross
NotesReceivableGross
54982000
CY2023Q2 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
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CY2022Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
275000
CY2023Q2 us-gaap Notes Receivable Net
NotesReceivableNet
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CY2022Q4 us-gaap Notes Receivable Net
NotesReceivableNet
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us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
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CY2023Q2 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
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CY2022Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
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CY2023Q2 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
162
CY2023Q2 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
13
CY2023Q2 udr Number Of Apartment Homes Owned And Consolidated By Company
NumberOfApartmentHomesOwnedAndConsolidatedByCompany
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CY2023Q2 us-gaap Land
Land
2518658000
CY2022Q4 us-gaap Land
Land
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CY2023Q2 us-gaap Land Improvements
LandImprovements
246470000
CY2022Q4 us-gaap Land Improvements
LandImprovements
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InvestmentBuildingAndBuildingImprovementsAndFurnitureFixturesAndEquipment
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CY2022Q4 udr Investment Building And Building Improvements And Furniture Fixtures And Equipment
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RealEstateOwnedGross
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RealEstatesOwnedAccumulatedDepreciation
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CY2022Q4 udr Real Estates Owned Accumulated Depreciation
RealEstatesOwnedAccumulatedDepreciation
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RealEstateInvestmentPropertyNet
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RealEstateInvestmentPropertyNet
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RealEstateOwnedAccumulatedAmortizationIntangibleAssets
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RealEstateOwnedAccumulatedAmortizationIntangibleAssets
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CY2022Q2 udr Development Costs Excluding Direct Costs And Capitalized Interest
DevelopmentCostsExcludingDirectCostsAndCapitalizedInterest
4700000
udr Development Costs Excluding Direct Costs And Capitalized Interest
DevelopmentCostsExcludingDirectCostsAndCapitalizedInterest
7700000
udr Development Costs Excluding Direct Costs And Capitalized Interest
DevelopmentCostsExcludingDirectCostsAndCapitalizedInterest
10200000
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InterestCostsIncurredCapitalized
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CY2022Q2 us-gaap Interest Costs Incurred Capitalized
InterestCostsIncurredCapitalized
3700000
us-gaap Interest Costs Incurred Capitalized
InterestCostsIncurredCapitalized
4600000
us-gaap Interest Costs Incurred Capitalized
InterestCostsIncurredCapitalized
6900000
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GainLossOnSaleOfInvestments
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CY2023Q2 us-gaap Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
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CY2022Q2 us-gaap Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
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us-gaap Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
3156000
us-gaap Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
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EquityMethodInvestments
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CY2022Q4 us-gaap Equity Method Investments
EquityMethodInvestments
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CY2023Q2 udr Income From Participating Loan
IncomeFromParticipatingLoan
9697000
CY2022Q2 udr Income From Participating Loan
IncomeFromParticipatingLoan
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udr Income From Participating Loan
IncomeFromParticipatingLoan
19404000
udr Income From Participating Loan
IncomeFromParticipatingLoan
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udr Number Of Preferred Equity Investment Agreement Amended To Be Inclusive Of Accrued Preferred Return
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1
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DeferredGainOnSaleOfProperty
7700000
CY2022Q4 us-gaap Deferred Gain On Sale Of Property
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8100000
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RevenueFromContractWithCustomerExcludingAssessedTax
1400000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2700000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2500000
CY2023Q2 udr Number Of Communities Subject To Ground Leases
NumberOfCommunitiesSubjectToGroundLeases
6
us-gaap Lessee Operating Lease Existence Of Option To Extend
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true
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OperatingLeaseRightOfUseAsset
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OperatingLeaseRightOfUseAsset
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OperatingLeaseLiability
187600000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
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OperatingLeaseWeightedAverageRemainingLeaseTerm1
P42Y3M18D
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OperatingLeaseWeightedAverageRemainingLeaseTerm1
P42Y7M6D
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OperatingLeaseRightOfUseAssetAmortizationExpense
1700000
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OperatingLeaseLiabilitiesAmortization
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OperatingLeaseRightOfUseAssetAmortizationExpense
1700000
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OperatingLeaseLiabilitiesAmortization
1600000
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OperatingLeaseCost
100000
us-gaap Operating Lease Cost
OperatingLeaseCost
200000
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200000
CY2022Q2 us-gaap Variable Lease Cost
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100000
us-gaap Variable Lease Cost
VariableLeaseCost
800000
us-gaap Variable Lease Cost
VariableLeaseCost
400000
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LongTermDebt
5427212000
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LongTermDebt
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DebtWeightedAverageInterestRate
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SecuredDebtEncumbersRealEstateOwnedPercent
0.11
CY2023Q2 udr Secured Debt Unencumbered Real Estate Owned Percent
SecuredDebtUnencumberedRealEstateOwnedPercent
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LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
250657000
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
132357000
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
174793000
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LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
352744000
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
652860000
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
462310000
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LongTermDebtMaturitiesRepaymentOfPrincipleInYearSix
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CY2023Q2 udr Long Term Debt Maturities Repayment Of Principle In Year Seven
LongTermDebtMaturitiesRepaymentOfPrincipleInYearSeven
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CY2023Q2 udr Long Term Debt Maturities Repayment Of Principle In Year Eight
LongTermDebtMaturitiesRepaymentOfPrincipleInYearEight
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CY2023Q2 udr Long Term Debt Maturities Repayment Of Principle In Year Nine
LongTermDebtMaturitiesRepaymentOfPrincipleInYearNine
427000000
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LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearNine
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DebtInstrumentCarryingAmount
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DebtInstrumentUnamortizedFairMarketValueAdjustmentDiscountPremiumDeferredFinancingCost
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LongTermDebt
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ProfitLoss
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ProfitLoss
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us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
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us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
1151000
CY2023Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
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CY2022Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
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CY2023Q2 us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Dividends Preferred Stock
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NetIncomeLossAvailableToCommonStockholdersBasic
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CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
3975000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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1222000
us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
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2405000
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NetIncomeLossAvailableToCommonStockholdersDiluted
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3975000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
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us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
16588000
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329324000
CY2022Q2 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
318613000
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
329242000
us-gaap Weighted Average Number Of Shares Issued Basic
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IncrementalCommonSharesAttributableToParticipatingNonvestedSharesWithNonForfeitableDividendRights
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us-gaap Incremental Common Shares Attributable To Participating Nonvested Shares With Non Forfeitable Dividend Rights
IncrementalCommonSharesAttributableToParticipatingNonvestedSharesWithNonForfeitableDividendRights
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us-gaap Incremental Common Shares Attributable To Participating Nonvested Shares With Non Forfeitable Dividend Rights
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273000
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WeightedAverageNumberOfSharesOutstandingBasic
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WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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332480000
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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332412000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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319592000
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.05
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.01
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.14
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.05
CY2023Q2 us-gaap Earnings Per Share Diluted
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1.05
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.01
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.14
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.05
udr Minimum Holding Period Of Redeemable Units For Redemption
MinimumHoldingPeriodOfRedeemableUnitsForRedemption
P1Y
CY2022Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
839850000
us-gaap Minority Interest Change In Redemption Value
MinorityInterestChangeInRedemptionValue
-93499000
us-gaap Conversion Of Stock Amount Issued1
ConversionOfStockAmountIssued1
18032000
us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
24583000
us-gaap Distributions On Mandatorily Redeemable Securities
DistributionsOnMandatorilyRedeemableSecurities
18550000
udr Long Term Incentive Plan Operating Partnership Unit Vesting Value
LongTermIncentivePlanOperatingPartnershipUnitVestingValue
14165000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
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28000
CY2023Q2 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
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udr Transfers Between Levels Fair Value Hierarchy
TransfersBetweenLevelsFairValueHierarchy
0
CY2023Q2 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
InterestRateCashFlowHedgeGainLossToBeReclassifiedDuringNext12MonthsNet
7800000
CY2023Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
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CY2022Q2 us-gaap Interest Expense Debt
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us-gaap Interest Expense Debt
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us-gaap Interest Expense Debt
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CY2023Q2 us-gaap Derivative Assets
DerivativeAssets
15325000
CY2023Q2 us-gaap Derivative Assets
DerivativeAssets
15325000
CY2023Q2 us-gaap Derivative Fair Value Of Derivative Asset Amount Offset Against Collateral
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15325000
CY2022Q4 us-gaap Derivative Assets
DerivativeAssets
15270000
CY2022Q4 us-gaap Derivative Assets
DerivativeAssets
15270000
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral
15270000
CY2023Q2 udr Cost Incurred To Date
CostIncurredToDate
200252000
CY2023Q2 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
207948000
udr Property Management Costs Operating Percentage
PropertyManagementCostsOperatingPercentage
0.0325
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
udr Condition For Community Considered To Have Stabilized Occupancy
ConditionForCommunityConsideredToHaveStabilizedOccupancy
90%
udr Lease Practical Expedient Lessor Single Lease Component True False
LeasePracticalExpedientLessorSingleLeaseComponentTrueFalse
true
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1450000
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1419000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2692000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2504000
CY2023Q2 udr Segment Reporting Reconciling Items Owned Property Management Costs
SegmentReportingReconcilingItemsOwnedPropertyManagementCosts
13101000
CY2022Q2 udr Segment Reporting Reconciling Items Owned Property Management Costs
SegmentReportingReconcilingItemsOwnedPropertyManagementCosts
11952000
udr Segment Reporting Reconciling Items Owned Property Management Costs
SegmentReportingReconcilingItemsOwnedPropertyManagementCosts
26046000
udr Segment Reporting Reconciling Items Owned Property Management Costs
SegmentReportingReconcilingItemsOwnedPropertyManagementCosts
23528000
CY2023Q2 udr Other Cost And Expense Operating Including Discontinued Operations
OtherCostAndExpenseOperatingIncludingDiscontinuedOperations
4259000
CY2022Q2 udr Other Cost And Expense Operating Including Discontinued Operations
OtherCostAndExpenseOperatingIncludingDiscontinuedOperations
5027000
udr Other Cost And Expense Operating Including Discontinued Operations
OtherCostAndExpenseOperatingIncludingDiscontinuedOperations
7291000
udr Other Cost And Expense Operating Including Discontinued Operations
OtherCostAndExpenseOperatingIncludingDiscontinuedOperations
9739000
CY2023Q2 udr Segment Reporting Reconciling Items Cost Of Services Depreciation And Amortization
SegmentReportingReconcilingItemsCostOfServicesDepreciationAndAmortization
168925000
CY2022Q2 udr Segment Reporting Reconciling Items Cost Of Services Depreciation And Amortization
SegmentReportingReconcilingItemsCostOfServicesDepreciationAndAmortization
167584000
udr Segment Reporting Reconciling Items Cost Of Services Depreciation And Amortization
SegmentReportingReconcilingItemsCostOfServicesDepreciationAndAmortization
338225000
udr Segment Reporting Reconciling Items Cost Of Services Depreciation And Amortization
SegmentReportingReconcilingItemsCostOfServicesDepreciationAndAmortization
331206000
CY2023Q2 udr Other General And Administrative Expense Including Discontinued Operations
OtherGeneralAndAdministrativeExpenseIncludingDiscontinuedOperations
16452000
CY2022Q2 udr Other General And Administrative Expense Including Discontinued Operations
OtherGeneralAndAdministrativeExpenseIncludingDiscontinuedOperations
16585000
udr Other General And Administrative Expense Including Discontinued Operations
OtherGeneralAndAdministrativeExpenseIncludingDiscontinuedOperations
33932000
udr Other General And Administrative Expense Including Discontinued Operations
OtherGeneralAndAdministrativeExpenseIncludingDiscontinuedOperations
31493000
CY2023Q2 udr Casualty Related Recoveries Charges Net
CasualtyRelatedRecoveriesChargesNet
1134000
CY2022Q2 udr Casualty Related Recoveries Charges Net
CasualtyRelatedRecoveriesChargesNet
1074000
udr Casualty Related Recoveries Charges Net
CasualtyRelatedRecoveriesChargesNet
5290000
udr Casualty Related Recoveries Charges Net
CasualtyRelatedRecoveriesChargesNet
309000
CY2023Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
3681000
CY2022Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
3016000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
7330000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
6091000
CY2023Q2 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
325884000
us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
325885000
CY2023Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
9697000
CY2022Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-11229000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
19404000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-5817000
CY2023Q2 us-gaap Interest Expense
InterestExpense
45113000
CY2022Q2 us-gaap Interest Expense
InterestExpense
36832000
us-gaap Interest Expense
InterestExpense
88855000
us-gaap Interest Expense
InterestExpense
72748000
CY2023Q2 udr Interest And Other Income Including Discontinued Operations
InterestAndOtherIncomeIncludingDiscontinuedOperations
10447000
CY2022Q2 udr Interest And Other Income Including Discontinued Operations
InterestAndOtherIncomeIncludingDiscontinuedOperations
3001000
udr Interest And Other Income Including Discontinued Operations
InterestAndOtherIncomeIncludingDiscontinuedOperations
11457000
udr Interest And Other Income Including Discontinued Operations
InterestAndOtherIncomeIncludingDiscontinuedOperations
561000
CY2023Q2 udr Income Tax Expense Benefit Of Reit Subsidiary Net Including Discontinued Operations
IncomeTaxExpenseBenefitOfReitSubsidiaryNetIncludingDiscontinuedOperations
1351000
CY2022Q2 udr Income Tax Expense Benefit Of Reit Subsidiary Net Including Discontinued Operations
IncomeTaxExpenseBenefitOfReitSubsidiaryNetIncludingDiscontinuedOperations
312000
udr Income Tax Expense Benefit Of Reit Subsidiary Net Including Discontinued Operations
IncomeTaxExpenseBenefitOfReitSubsidiaryNetIncludingDiscontinuedOperations
1585000
udr Income Tax Expense Benefit Of Reit Subsidiary Net Including Discontinued Operations
IncomeTaxExpenseBenefitOfReitSubsidiaryNetIncludingDiscontinuedOperations
655000
CY2023Q2 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
22630000
CY2022Q2 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
272000
us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
24583000
us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
1151000
CY2023Q2 us-gaap Noncontrolling Interest In Net Income Loss Other Noncontrolling Interests Nonredeemable
NoncontrollingInterestInNetIncomeLossOtherNoncontrollingInterestsNonredeemable
8000
CY2022Q2 us-gaap Noncontrolling Interest In Net Income Loss Other Noncontrolling Interests Nonredeemable
NoncontrollingInterestInNetIncomeLossOtherNoncontrollingInterestsNonredeemable
8000
us-gaap Noncontrolling Interest In Net Income Loss Other Noncontrolling Interests Nonredeemable
NoncontrollingInterestInNetIncomeLossOtherNoncontrollingInterestsNonredeemable
16000
us-gaap Noncontrolling Interest In Net Income Loss Other Noncontrolling Interests Nonredeemable
NoncontrollingInterestInNetIncomeLossOtherNoncontrollingInterestsNonredeemable
27000
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
347545000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
5084000
us-gaap Net Income Loss
NetIncomeLoss
378509000
us-gaap Net Income Loss
NetIncomeLoss
18789000
udr Same Store Communities
SameStoreCommunities
51846
CY2023Q2 udr Real Estate Owned Gross
RealEstateOwnedGross
15448848000
CY2022Q4 udr Real Estate Owned Gross
RealEstateOwnedGross
15570072000
CY2023Q2 udr Real Estates Owned Accumulated Depreciation
RealEstatesOwnedAccumulatedDepreciation
5951557000
CY2022Q4 udr Real Estates Owned Accumulated Depreciation
RealEstatesOwnedAccumulatedDepreciation
5762501000
CY2023Q2 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
9497291000
CY2022Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
9807571000
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1544000
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1193000
CY2023Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
28837000
CY2022Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
29001000
CY2023Q2 us-gaap Notes Receivable Net
NotesReceivableNet
183629000
CY2022Q4 us-gaap Notes Receivable Net
NotesReceivableNet
54707000
CY2023Q2 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures Fair Value Disclosure
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVenturesFairValueDisclosure
963253000
CY2022Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures Fair Value Disclosure
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVenturesFairValueDisclosure
754446000
CY2023Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
192369000
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
194081000
CY2023Q2 us-gaap Other Assets
OtherAssets
218782000
CY2022Q4 us-gaap Other Assets
OtherAssets
197471000
CY2023Q2 us-gaap Assets
Assets
11085705000
CY2022Q4 us-gaap Assets
Assets
11038470000
udr Same Store Communities
SameStoreCommunities
51846
CY2023Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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