UDR, Inc. (UDR)

UDR, Inc. is a self-administered real estate investment trust (REIT) that owns, operates, acquires, renovates, develops, redevelops, disposes of, and manages multifamily apartment communities in targeted markets across the United States. As of December 31, 2025, the company's consolidated real estate portfolio consisted of 165 communities in 21 markets comprising 55,240 completed apartment homes, held directly or through its Operating Partnership, DownREIT Partnership, and consolidated joint ventures, with an additional ownership interest in 12,167 completed or to-be-completed apartment homes through unconsolidated joint ventures and preferred equity investments; it also had one wholly-owned community under development totaling 300 apartment homes. The company operates in coastal and sunbelt markets throughout the U.S., with a portfolio mix of approximately 32% urban and 68% suburban communities, and approximately 44% Class A and 56% Class B quality properties, aiming for diversification by geography, location, and property quality to reduce volatility and appeal to a broad renter and investor base.

UDR's customers are renters of multifamily apartment homes, and its business model centers on generating rental income while pursuing opportunistic acquisitions, dispositions, renovations, and developments to manage real estate cycles and maximize total returns for stockholders. The company reports in two operating segments: Same-Store Communities, representing stabilized communities acquired or developed prior to January 1, 2024 and held as of year-end 2025, and Non-Mature Communities/Other, which includes recently acquired, developed, or redeveloped communities and non-apartment components of mixed-use properties. UDR has elected to be taxed as a REIT under the Internal Revenue Code, requiring it to distribute at least 90% of REIT taxable income annually to stockholders, and in 2025 it declared total distributions of $1.72 per common share.

During 2025, the company acquired two operating communities in Philadelphia, PA and Woodbridge, VA, commenced development of a 300-home community in Riverside, California, sold two operating communities in Brooklyn, NY and Englewood, NJ, contributed four wholly-owned communities to its joint venture with LaSalle while retaining a 51.0% interest, funded new preferred equity investments, and repurchased shares of common stock, while also amending its Term Loan and Working Capital Credit Facility to extend maturities. Originally formed in 1972 as a Virginia corporation and reincorporated in Maryland in 2003, UDR is headquartered in Highlands Ranch, Colorado, and employed approximately 1,420 full-time and 6 part-time associates as of December 31, 2025.