| Schedule of unconsolidated joint ventures and partnerships |
The following table summarizes the Company’s investment in and advances to unconsolidated joint ventures and partnerships, net, which are accounted for under the equity method of accounting as of June 30, 2026 and December 31, 2025 (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Number of | | Number of | | | | | | | | | | | | | | | | | | | | | | | Operating | | Apartment | | UDR's Weighted Average | | | | | | | | | Income/(loss) from investments | | | Communities | | Homes | | Ownership Interest | | | Investment at | | Three Months Ended | | Six Months Ended | | | June 30, | | June 30, | | June 30, | | | December 31, | | | June 30, | | December 31, | | June 30, | | June 30, | Joint Ventures | | 2026 | | 2026 | | 2026 | | 2025 | | | 2026 | | 2025 | | 2026 | | 2025 | | 2026 | | 2025 | Operating: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | UDR/MetLife (a) | | 8 | | 2,127 | | 50.2 | % | | 50.2 | % | | $ | 41,056 | | $ | 189,420 | | $ | (678) | | $ | (1,135) | | $ | (1,891) | | $ | (2,176) | UDR/LaSalle | | 9 | | 2,564 | | 51.0 | % | | 51.0 | % | | | 231,914 | | | 242,337 | | | (3,362) | | | (926) | | | (6,631) | | | (1,961) | UDR/Carmel Partners (b) | | 5 | | 710 | | 50.0 | % | | — | % | | | 140,521 | | | — | | | 370 | | | — | | | 370 | | | — | Total Joint Ventures | | 22 | | 5,401 | | | | | | | | $ | 413,491 | | $ | 431,757 | | $ | (3,670) | | $ | (2,061) | | $ | (8,152) | | $ | (4,137) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Number of | | Apartment | | | | | | | | | | | | | | Income/(loss) from investments | | | Commitments | | Homes | | Weighted | | | | | | Investment at | | Three Months Ended | | Six Months Ended | Debt and Preferred Equity Program | | June 30, | | June 30, | | Average | | | UDR | | June 30, | | December 31, | | June 30, | | June 30, | and Real Estate Technology Investments (c) | | 2026 | | 2026 | | Rate | | | Commitment (d) | | 2026 | | 2025 | | 2026 | | 2025 | | 2026 | | 2025 | Preferred equity investments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Operating | | 8 | | 3,319 | | 10.4 | % | | $ | 194,287 | | $ | 216,258 | | $ | 212,390 | | $ | 4,490 | | $ | 2,837 | | $ | 9,140 | | $ | 5,793 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Real estate technology and sustainability investments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Real estate technology and sustainability investments | | N/A | | N/A | | N/A | | | $ | 86,000 | | | 91,536 | | | 74,747 | | | (865) | | | (158) | | | 16,167 | | | 1,511 | Total Debt and Preferred Equity Program and Real Estate Technology and Sustainability Investments | | | | | | | | | | | | | 307,794 | | | 287,137 | | | 3,625 | | | 2,679 | | | 25,307 | | | 7,304 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Sold unconsolidated joint ventures and partnerships | | | | | | | | | | | | | — | | | 160,841 | | | 3,316 | | | 3,011 | | | 5,812 | | | 6,276 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total investment in and advances to unconsolidated joint ventures, net (a) | | | | $ | 721,285 | | $ | 879,735 | | $ | 3,271 | | $ | 3,629 | | $ | 22,967 | | $ | 9,443 |
| (a) | As of June 30, 2026 and December 31, 2025, the Company’s negative investment in one UDR/MetLife community of $7.6 million and $6.8 million, respectively, is recorded in Accounts payable, accrued expenses, and other liabilities on the Consolidated Balance Sheets. |
| (b) | In May 2026, the Company formed a new real estate joint venture, UDR/Carmel Partners, with an affiliate of Carmel Partners (“Carmel”). Carmel acquired MetLife's interest in five operating communities located in New York, New York, that were previously held by the UDR/MetLife joint venture. The Company continued to own a 50.0% interest in the operating communities through the newly formed joint venture. The transaction represented a change in the Company's joint venture partner and did not result in a sale of the Company's interest or the recognition of a gain or loss. |
| (c) | The Debt and Preferred Equity Program is the program through which the Company makes investments, including preferred equity investments, first mortgage loans, mezzanine loans (loans are recorded in Notes receivable, net on the Consolidated Balance Sheets) or other structured investments that may receive a fixed yield on the investment and may include provisions pursuant to which the Company participates in the increase in value of the property upon monetization of the applicable property. The Company’s preferred equity investments include two investments that receive a variable percentage of the value created from the project upon a capital or liquidating event. During the six months ended June 30, 2026, the Company did not enter into and fund any new preferred equity investments and three preferred equity investments were fully redeemed. In addition, one preferred equity investment was remeasured to its liquidation value in connection with the Company's acquisition of its joint venture partner's interest. |
In February 2026, the Company received aggregate proceeds of approximately $138.9 million from the full repayment of two preferred equity investments. In April 2026, the Company acquired a 232-home operating apartment community located in Portland, Oregon in connection with the liquidation of the Company’s interest in a joint venture. In connection with the liquidation, the Company settled its $18.9 million preferred equity investment. (See Note 3, Real Estate Owned for further discussion.) In June 2026, the Company acquired a 66-home operating apartment community located in Santa Monica, California in connection with the acquisition of the developer’s equity interest. Concurrent with the acquisition, the preferred equity investment was adjusted to its liquidation value, resulting in a $3.8 million gain recognized in Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations. (See Note 3, Real Estate Owned for further discussion.) In July 2026, the Company acquired a 286-home operating apartment community located in Portland, Oregon in connection with the liquidation of the Company’s interest in a joint venture. In connection with the liquidation, the Company settled its $27.5 million preferred equity investment. (See Note 3, Real Estate Owned for further discussion.) | (d) | Represents UDR’s maximum funding commitment only and therefore excludes other activity such as income from investments. |
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| Schedule of combined balance sheets relating to unconsolidated joint ventures and partnerships operations (not just proportionate share) |
Combined summary balance sheets relating to the unconsolidated joint ventures and partnerships (not just our proportionate share) are presented below as of June 30, 2026 and December 31, 2025 (dollars in thousands): | | | | | | | | | June 30, | | December 31, | | | 2026 | | 2025 | Total real estate, net | | $ | 2,924,017 | | $ | 3,580,595 | Investments, at fair value | | | 591,354 | | | 489,468 | Cash and cash equivalents | | | 54,710 | | | 78,177 | Other assets | | | 49,286 | | | 134,818 | Total assets | | $ | 3,619,367 | | $ | 4,283,058 | | | | | | | | Third party debt, net | | $ | 1,753,194 | | $ | 2,496,081 | Accounts payable and accrued liabilities | | | 59,886 | | | 180,461 | Total liabilities | | | 1,813,080 | | | 2,676,542 | Total equity | | $ | 1,806,287 | | $ | 1,606,516 |
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| Schedule of combined financial information relating to unconsolidated joint ventures and partnerships operations (not just proportionate share) |
Combined summary financial information relating to the unconsolidated joint ventures’ and partnerships’ operations (not just our proportionate share) is presented below for the three and six months ended June 30, 2026 and 2025 (dollars in thousands): | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | June 30, | | June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | Total revenues | | $ | 93,923 | | $ | 93,206 | | $ | 196,975 | | $ | 183,327 | Property operating expenses | | | 47,029 | | | 42,260 | | | 94,413 | | | 84,680 | Real estate depreciation and amortization | | | 36,465 | | | 40,099 | | | 79,738 | | | 81,072 | Operating income/(loss) | | | 10,429 | | | 10,847 | | | 22,824 | | | 17,575 | Interest expense | | | (28,451) | | | (36,017) | | | (62,097) | | | (78,296) | Net unrealized/realized gain/(loss) on held investments | | | (1,735) | | | 1,018 | | | 96,794 | | | 16,630 | Other income/(loss) | | | 147 | | | 344 | | | 331 | | | 3,386 | Net income/(loss) | | $ | (19,610) | | $ | (23,808) | | $ | 57,852 | | $ | (40,705) |
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