2024 Q1 Form 10-K Financial Statement

#000007420824000011 Filed on February 20, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $413.6M $413.3M $1.628B
YoY Change 3.53% 3.41% 7.26%
Cost Of Revenue $145.7M $140.4M $558.6M
YoY Change 7.3% 4.37% 9.0%
Gross Profit $268.0M $272.9M $1.069B
YoY Change 1.59% 2.92% 6.37%
Gross Profit Margin 64.79% 66.04% 65.68%
Selling, General & Admin $17.81M $20.84M $69.93M
YoY Change 1.89% 23.95% -4.0%
% of Gross Profit 6.65% 7.64% 6.54%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $174.2M $175.0M $691.8M
YoY Change 0.71% 1.73% 1.8%
% of Gross Profit 64.99% 64.14% 64.72%
Operating Expenses $198.8M $204.2M $782.0M
YoY Change 2.77% 5.87% 1.57%
Operating Profit $69.17M $68.72M $287.0M
YoY Change 4.51% -4.95% 14.41%
Interest Expense -$33.11M -$58.20M -$158.4M
YoY Change -175.7% 36.98% -201.61%
% of Operating Profit -47.87% -84.69% -55.21%
Other Income/Expense, Net $5.865M $17.76M
YoY Change 480.69% -356.15%
Pretax Income $46.65M $36.05M $476.6M
YoY Change 40.68% -22.94% 412.86%
Income Tax $337.0K $93.00K $2.106M
% Of Pretax Income 0.72% 0.26% 0.44%
Net Earnings $41.92M $31.76M $439.5M
YoY Change 35.38% -26.85% 405.62%
Net Earnings / Revenue 10.13% 7.69% 27.0%
Basic Earnings Per Share $0.13 $1.34
Diluted Earnings Per Share $0.13 $0.10 $1.34
COMMON SHARES
Basic Shares Outstanding 329.2M 328.9M 328.8M
Diluted Shares Outstanding 329.0M 329.1M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.116M $2.922M $2.922M
YoY Change 80.55% 144.93% 144.93%
Cash & Equivalents $2.116M $2.922M $2.922M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $2.116M $2.922M $2.922M
YoY Change 80.55% 144.93% 144.93%
LONG-TERM ASSETS
Property, Plant & Equipment $9.774B $9.866B $9.866B
YoY Change -1.36% -1.22% -1.22%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $954.3M $952.9M $952.9M
YoY Change 28.38% 27.57% 26.31%
Other Assets $29.85M $113.0M $113.0M
YoY Change 6.46% 162.51% 162.51%
Total Long-Term Assets $11.19B $11.37B $11.37B
YoY Change 2.02% 3.02% 3.02%
TOTAL ASSETS
Total Short-Term Assets $2.116M $2.922M $2.922M
Total Long-Term Assets $11.19B $11.37B $11.37B
Total Assets $11.19B $11.37B $11.37B
YoY Change 2.03% 3.03% 3.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $119.7M $141.3M $141.3M
YoY Change 7.11% -7.77% -7.77%
Accrued Expenses $212.2M $233.5M $233.5M
YoY Change -1.29% -1.0% -1.0%
Deferred Revenue
YoY Change
Short-Term Debt $390.0M $408.1M $408.1M
YoY Change -3.7% 36.03% 36.03%
Long-Term Debt Due $97.22M $97.58M $97.58M
YoY Change 10112.39% 9273.49% 9273.49%
Total Short-Term Liabilities $1.059B $622.1M $622.1M
YoY Change 86.42% -31.94% -31.94%
LONG-TERM LIABILITIES
Long-Term Debt $5.275B $5.799B $5.799B
YoY Change -5.41% 11.81% 11.81%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $5.275B $5.799B $5.799B
YoY Change -5.41% 11.81% 11.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.059B $622.1M $622.1M
Total Long-Term Liabilities $5.275B $5.799B $5.799B
Total Liabilities $7.272B $7.382B $7.382B
YoY Change 18.33% 21.01% 6.36%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $3.293M $3.290M
YoY Change 0.03% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.919B $3.991B $3.991B
YoY Change
Total Liabilities & Shareholders Equity $11.19B $11.37B $11.37B
YoY Change 2.03% 3.03% 3.03%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $41.92M $31.76M $439.5M
YoY Change 35.38% -26.85% 405.62%
Depreciation, Depletion And Amortization $174.2M $175.0M $691.8M
YoY Change 0.71% 1.73% 1.8%
Cash From Operating Activities $167.6M $219.1M $832.7M
YoY Change -0.25% 0.75% 1.54%
INVESTING ACTIVITIES
Capital Expenditures $87.74M $113.2M $487.1M
YoY Change -14.09% -3.51% -37.17%
Acquisitions
YoY Change
Other Investing Activities $106.2M $40.24M $197.9M
YoY Change -797.96% 52.4% -228.24%
Cash From Investing Activities $18.45M -$72.91M -$289.1M
YoY Change -115.72% -19.76% -68.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -188.9M -143.7M -538.9M
YoY Change 265.76% 13.85% -584.44%
NET CHANGE
Cash From Operating Activities 167.6M 219.1M 832.7M
Cash From Investing Activities 18.45M -72.91M -289.1M
Cash From Financing Activities -188.9M -143.7M -538.9M
Net Change In Cash -2.900M 2.411M 4.672M
YoY Change 194.72% 706.35% 163.06%
FREE CASH FLOW
Cash From Operating Activities $167.6M $219.1M $832.7M
Capital Expenditures $87.74M $113.2M $487.1M
Free Cash Flow $79.86M $105.9M $345.6M
YoY Change 21.2% 5.75% 669.92%

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CY2021 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
39856000
CY2023 us-gaap Conversion Of Stock Shares Converted1
ConversionOfStockSharesConverted1
470800
CY2022 us-gaap Conversion Of Stock Shares Converted1
ConversionOfStockSharesConverted1
502868
CY2021 us-gaap Conversion Of Stock Shares Converted1
ConversionOfStockSharesConverted1
1916613
CY2023 us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
18794000
CY2022 us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
23741000
CY2021 us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
99932000
CY2023 udr Distribution Of Equity Securities From Unconsolidated Investments
DistributionOfEquitySecuritiesFromUnconsolidatedInvestments
7749000
CY2022 udr Distribution Of Equity Securities From Unconsolidated Investments
DistributionOfEquitySecuritiesFromUnconsolidatedInvestments
18018000
CY2023 udr Contribution Of Operating Properties To Unconsolidated Joint Venture
ContributionOfOperatingPropertiesToUnconsolidatedJointVenture
258056000
CY2023 udr Transfer Of Preferred Equity Investment To Notes Receivable
TransferOfPreferredEquityInvestmentToNotesReceivable
73453000
CY2023Q4 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
149600000
CY2022Q4 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
134213000
CY2021Q4 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
124729000
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1193000
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
967000
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1409000
CY2022Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
29001000
CY2021Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
27451000
CY2020Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
22762000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
30194000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
28418000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
24171000
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2922000
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1193000
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
967000
CY2023Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
31944000
CY2022Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
29001000
CY2021Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
27451000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
34866000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
30194000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
28418000
CY2023Q4 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
168
CY2023Q4 udr Number Of Apartment Homes Owned And Consolidated By Company
NumberOfApartmentHomesOwnedAndConsolidatedByCompany
55550
CY2023Q4 udr Number Of Markets Operating Within
NumberOfMarketsOperatingWithin
21
CY2023 udr Joint Venture Number Of Completed Or To Be Completed Apartment Homes In Operating Communities
JointVentureNumberOfCompletedOrToBeCompletedApartmentHomesInOperatingCommunities
10045
CY2023 udr Number Of Apartment Homes With Ownership Interest Through Preferred Equity Investments
NumberOfApartmentHomesWithOwnershipInterestThroughPreferredEquityInvestments
5618
CY2023Q4 us-gaap Partners Capital Account Units
PartnersCapitalAccountUnits
189900000
CY2022Q4 us-gaap Partners Capital Account Units
PartnersCapitalAccountUnits
186100000
CY2023 udr Development Costs Excluding Direct Costs And Capitalized Interest
DevelopmentCostsExcludingDirectCostsAndCapitalizedInterest
13100000
CY2022 udr Development Costs Excluding Direct Costs And Capitalized Interest
DevelopmentCostsExcludingDirectCostsAndCapitalizedInterest
17900000
CY2021 udr Development Costs Excluding Direct Costs And Capitalized Interest
DevelopmentCostsExcludingDirectCostsAndCapitalizedInterest
11300000
CY2023 us-gaap Interest Costs Incurred Capitalized
InterestCostsIncurredCapitalized
10100000
CY2022 us-gaap Interest Costs Incurred Capitalized
InterestCostsIncurredCapitalized
13400000
CY2021 us-gaap Interest Costs Incurred Capitalized
InterestCostsIncurredCapitalized
9700000
CY2023 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
700000
CY2022 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
-100000
CY2021 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
600000
CY2023Q4 us-gaap Notes Receivable Gross
NotesReceivableGross
229802000
CY2022Q4 us-gaap Notes Receivable Gross
NotesReceivableGross
54982000
CY2023Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
977000
CY2022Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
275000
CY2023Q4 us-gaap Notes Receivable Net
NotesReceivableNet
228825000
CY2022Q4 us-gaap Notes Receivable Net
NotesReceivableNet
54707000
CY2022 us-gaap Equity Method Investment Sold Carrying Amount
EquityMethodInvestmentSoldCarryingAmount
103173000
CY2023 us-gaap Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
-22058000
CY2022 us-gaap Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
21606000
CY2023 udr Minimum Period Of Time Units Have Been Outstanding Prior To Redemption
MinimumPeriodOfTimeUnitsHaveBeenOutstandingPriorToRedemption
P1Y
CY2023 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0
CY2023Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
800000
CY2022Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
800000
CY2023Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0
CY2023 us-gaap Advertising Expense
AdvertisingExpense
9200000
CY2022 us-gaap Advertising Expense
AdvertisingExpense
8700000
CY2021 us-gaap Advertising Expense
AdvertisingExpense
8300000
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 10pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 10pt 0pt;">The preparation of these financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates.</p>
CY2023 udr Minimum Percentage Of Carrying Value Of Real Estate Portfolio Held By Company
MinimumPercentageOfCarryingValueOfRealEstatePortfolioHeldByCompany
0.10
CY2023Q4 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
168
CY2023Q4 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
13
CY2023Q4 udr Number Of Apartment Homes Owned And Consolidated By Company
NumberOfApartmentHomesOwnedAndConsolidatedByCompany
55550
CY2023Q4 us-gaap Land
Land
2549716000
CY2022Q4 us-gaap Land
Land
2539499000
CY2023Q4 us-gaap Land Improvements
LandImprovements
255706000
CY2022Q4 us-gaap Land Improvements
LandImprovements
254578000
CY2023Q4 udr Investment Building And Building Improvements And Furniture Fixtures And Equipment
InvestmentBuildingAndBuildingImprovementsAndFurnitureFixturesAndEquipment
12902021000
CY2022Q4 udr Investment Building And Building Improvements And Furniture Fixtures And Equipment
InvestmentBuildingAndBuildingImprovementsAndFurnitureFixturesAndEquipment
12521838000
CY2023Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Assets Other Than Goodwill
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill
50013000
CY2022Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Assets Other Than Goodwill
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill
50013000
CY2023Q4 udr Real Estate Owned Gross
RealEstateOwnedGross
16023859000
CY2022Q4 udr Real Estate Owned Gross
RealEstateOwnedGross
15570072000
CY2023Q4 udr Real Estates Owned Accumulated Depreciation
RealEstatesOwnedAccumulatedDepreciation
6267830000
CY2022Q4 udr Real Estates Owned Accumulated Depreciation
RealEstatesOwnedAccumulatedDepreciation
5762501000
CY2023Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
9756029000
CY2022Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
9807571000
CY2023Q4 udr Real Estate Owned Accumulated Amortization Intangible Assets
RealEstateOwnedAccumulatedAmortizationIntangibleAssets
17200000
CY2022Q4 udr Real Estate Owned Accumulated Amortization Intangible Assets
RealEstateOwnedAccumulatedAmortizationIntangibleAssets
13100000
CY2023Q4 udr Number Of Communities Under Development
NumberOfCommunitiesUnderDevelopment
2
CY2023Q4 udr Number Of Homes Under Development
NumberOfHomesUnderDevelopment
415
CY2023 udr Number Of Homes Completed
NumberOfHomesCompleted
56
CY2023Q4 udr Investments On Development Communities
InvestmentsOnDevelopmentCommunities
160400000
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
45874000
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
12992000
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
4484000
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
4242000
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
4040000
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
2762000
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
17354000
CY2021 us-gaap Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
20515000
CY2023Q4 us-gaap Equity Method Investments
EquityMethodInvestments
944071000
CY2022Q4 us-gaap Equity Method Investments
EquityMethodInvestments
746994000
CY2023 udr Income From Participating Loan
IncomeFromParticipatingLoan
4693000
CY2022 udr Income From Participating Loan
IncomeFromParticipatingLoan
4947000
CY2021 udr Income From Participating Loan
IncomeFromParticipatingLoan
65646000
CY2023Q2 udr Number Of Preferred Equity Investment Agreement Amended To Be Inclusive Of Accrued Preferred Return
NumberOfPreferredEquityInvestmentAgreementAmendedToBeInclusiveOfAccruedPreferredReturn
1
CY2023Q4 us-gaap Deferred Gain On Sale Of Property
DeferredGainOnSaleOfProperty
7600000
CY2022Q4 us-gaap Deferred Gain On Sale Of Property
DeferredGainOnSaleOfProperty
8100000
CY2021 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
49900000
CY2023Q4 udr Number Of Communities Subject To Ground Leases
NumberOfCommunitiesSubjectToGroundLeases
6
CY2023 us-gaap Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
true
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
190600000
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
194100000
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
185800000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
189200000
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P42Y
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P42Y7M6D
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.050
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.050
CY2023 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
3500000
CY2023 udr Operating Lease Liabilities Amortization
OperatingLeaseLiabilitiesAmortization
3400000
CY2022 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
3400000
CY2022 udr Operating Lease Liabilities Amortization
OperatingLeaseLiabilitiesAmortization
3300000
CY2021 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
3500000
CY2021 udr Operating Lease Liabilities Amortization
OperatingLeaseLiabilitiesAmortization
3100000
CY2023 us-gaap Operating Lease Cost
OperatingLeaseCost
100000
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
100000
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
300000
CY2023 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
30104000
CY2022 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
5613000
CY2021 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
10873000
CY2023 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
31000
CY2022 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
42000
CY2021 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
104000
CY2023 us-gaap Net Income Loss
NetIncomeLoss
444353000
CY2022 us-gaap Net Income Loss
NetIncomeLoss
86924000
CY2021 us-gaap Net Income Loss
NetIncomeLoss
150016000
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
26807000
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
24432000
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
21735000
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
18121000
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Five Years
LessorOperatingLeasePaymentsToBeReceivedFiveYears
15191000
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
LessorOperatingLeasePaymentsToBeReceivedThereafter
58166000
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
164452000
CY2023 us-gaap Variable Lease Cost
VariableLeaseCost
1100000
CY2022 us-gaap Variable Lease Cost
VariableLeaseCost
800000
CY2021 us-gaap Variable Lease Cost
VariableLeaseCost
400000
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
5798709000
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
5487303000
CY2023Q4 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.0340
CY2023Q4 udr Secured Debt Encumbers Real Estate Owned Percent
SecuredDebtEncumbersRealEstateOwnedPercent
0.14
CY2023Q4 udr Secured Debt Unencumbered Real Estate Owned Percent
SecuredDebtUnencumberedRealEstateOwnedPercent
0.86
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
521297000
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
223178000
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
356665000
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
656931000
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
466518000
CY2023Q4 udr Long Term Debt Maturities Repayment Of Principle In Year Six
LongTermDebtMaturitiesRepaymentOfPrincipleInYearSix
615802000
CY2023Q4 udr Long Term Debt Maturities Repayment Of Principle In Year Seven
LongTermDebtMaturitiesRepaymentOfPrincipleInYearSeven
830759000
CY2023Q4 udr Long Term Debt Maturities Repayment Of Principle In Year Eight
LongTermDebtMaturitiesRepaymentOfPrincipleInYearEight
760930000
CY2023Q4 udr Long Term Debt Maturities Repayment Of Principle In Year Nine
LongTermDebtMaturitiesRepaymentOfPrincipleInYearNine
427000000
CY2023Q4 udr Long Term Debt Maturities Repayment Of Principle In Year Ten
LongTermDebtMaturitiesRepaymentOfPrincipleInYearTen
650000000
CY2023Q4 udr Long Term Debt Maturities Repayments Of Principal After Year Ten
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearTen
300000000
CY2023Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
5809080000
CY2023Q4 udr Debt Instrument Unamortized Fair Market Value Adjustment Discount Premium Deferred Financing Cost
DebtInstrumentUnamortizedFairMarketValueAdjustmentDiscountPremiumDeferredFinancingCost
10371000
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
5798709000
CY2023 us-gaap Profit Loss
ProfitLoss
474488000
CY2022 us-gaap Profit Loss
ProfitLoss
92579000
CY2021 us-gaap Profit Loss
ProfitLoss
160993000
CY2023 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
600000
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Per Share Weighted Average Price Of Shares Purchased
ShareBasedCompensationArrangementByShareBasedPaymentAwardPerShareWeightedAveragePriceOfSharesPurchased
40.13
CY2023 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
25000000.0
CY2023 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.68
CY2022 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.52
CY2021 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.45
CY2023 us-gaap Dividends Preferred Stock
DividendsPreferredStock
4848000
CY2022 us-gaap Dividends Preferred Stock
DividendsPreferredStock
4412000
CY2021 us-gaap Dividends Preferred Stock
DividendsPreferredStock
4229000
CY2023 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
439505000
CY2023 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
439505000
CY2022 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
82512000
CY2022 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
82512000
CY2021 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
145787000
CY2021 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
145787000
CY2023 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
329136000
CY2022 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
321949000
CY2021 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
300579000
CY2023 us-gaap Incremental Common Shares Attributable To Participating Nonvested Shares With Non Forfeitable Dividend Rights
IncrementalCommonSharesAttributableToParticipatingNonvestedSharesWithNonForfeitableDividendRights
371000
CY2022 us-gaap Incremental Common Shares Attributable To Participating Nonvested Shares With Non Forfeitable Dividend Rights
IncrementalCommonSharesAttributableToParticipatingNonvestedSharesWithNonForfeitableDividendRights
278000
CY2021 us-gaap Incremental Common Shares Attributable To Participating Nonvested Shares With Non Forfeitable Dividend Rights
IncrementalCommonSharesAttributableToParticipatingNonvestedSharesWithNonForfeitableDividendRights
253000
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
328765000
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
321671000
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
300326000
CY2023 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
339000
CY2022 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1029000
CY2021 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1377000
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
329104000
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
322700000
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
301703000
CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.34
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.26
CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.49
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.34
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.26
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.48
CY2023 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
600000
CY2023 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
40.13
CY2023 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
25000000.0
CY2022 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1200000
CY2022 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
41.14
CY2022 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
49000000.0
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
450000000.0
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000.0
CY2023 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
600000
CY2023 udr Taxable Distributions Paid Per Common Share Ordinary Income
TaxableDistributionsPaidPerCommonShareOrdinaryIncome
1.4384
CY2022 udr Taxable Distributions Paid Per Common Share Ordinary Income
TaxableDistributionsPaidPerCommonShareOrdinaryIncome
1.3329
CY2021 udr Taxable Distributions Paid Per Common Share Ordinary Income
TaxableDistributionsPaidPerCommonShareOrdinaryIncome
0.9798
CY2023 udr Taxable Distributions Paid Per Common Share Qualified Ordinary Income
TaxableDistributionsPaidPerCommonShareQualifiedOrdinaryIncome
0.0001
CY2022 udr Taxable Distributions Paid Per Common Share Qualified Ordinary Income
TaxableDistributionsPaidPerCommonShareQualifiedOrdinaryIncome
0.0001
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