5. JOINT VENTURES AND PARTNERSHIPS

UDR has entered into joint ventures and partnerships with unrelated third parties to own, operate, acquire, renovate, develop, redevelop, dispose of, and manage real estate assets that are either consolidated and included in Real estate owned on the Consolidated Balance Sheets or are accounted for under the equity method of accounting, and are included in Investment in and advances to unconsolidated joint ventures, net, on the Consolidated Balance Sheets. The Company consolidates the entities that we control as well as any variable interest entity where we are the primary beneficiary. Under the VIE model, the Company consolidates an entity when it has control to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the voting model, the Company consolidates an entity when it controls the entity through ownership of a majority voting interest.

UDR’s joint ventures and partnerships are funded with a combination of debt and equity. Our losses are typically limited to our investment and except as noted below, the Company does not guarantee any debt, capital payout or other obligations associated with our joint ventures and partnerships.

Consolidated joint ventures and partnerships

Apollo JV

In October 2026, the Company formed a joint venture (the “Apollo JV”) with Apollo-managed funds and affiliates (“Apollo”). The Apollo JV owns 19 operating communities with a total of 7,059 apartment homes, valued at approximately $2.0 billion. The communities were previously wholly owned by the Company. Under the terms of the agreement, the Company contributed the communities to the Apollo JV, and Apollo invested approximately $1.34 billion of equity capital in the Apollo JV in exchange for Class B Units representing an approximate 67% interest. The Company received Class A Units representing an approximate 33% interest in the Apollo JV and continues to operate and manage the communities, for which it earns an asset management fee.

The Company consolidates the Apollo JV under the voting interest model because the Company’s equity interest entitles it to appoint four of the five members of the Apollo JV’s board of managers and to serve as the Apollo JV’s asset manager, responsible for its day-to-day management.

The Apollo JV transaction was accounted for as an issuance of noncontrolling interest in a consolidated subsidiary without a loss of control, and no gain or loss was recognized. The Company received approximately $1.34 billion for Apollo’s capital contribution. The noncontrolling interest was recognized at Apollo’s approximate 67% share of the historical carrying amount of the Apollo JV’s net assets, rather than at the amount of Apollo’s contribution, with the difference recorded as an increase to Additional paid-in capital on the Consolidated Balance Sheets. Direct and incremental transaction costs were recorded as a reduction of Additional paid-in capital.

The Apollo JV operating agreement provides for, among other things, quarterly distributions of available cash flow to its members, initially allocated 33% to the Class A Units and 67% to the Class B Units. Upon a sale or liquidation of the Apollo JV, proceeds are distributed 33% to the Class A Units and 67% to the Class B Units until Apollo has received a return of its invested capital and achieved its target internal rate of return (the “Target IRR”) of 7.00%, which increases to 7.30% on the seventh anniversary of December 31, 2026 (the “Measurement Date”) and 7.60% on the ninth anniversary of the Measurement Date. Thereafter, proceeds are distributed to the Class A Units. The Target IRR is not a fixed or guaranteed payment obligation of the Company or the Apollo JV; rather, it establishes the threshold at which liquidating distributions shift from the 33%/67% sharing ratio to all residual economics retained by the Class A Units. The Company holds an option, exercisable from the fifth through the tenth anniversaries of the Measurement Date and subject to certain

conditions, to acquire Apollo’s interest in the Apollo JV at a price that would provide Apollo a return of its invested capital and the Target IRR.

Because the members’ economic interests are not proportionate to their stated ownership percentages, the Company allocates income and loss attributable to the noncontrolling interest using the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, the income or loss allocated to each member each period is the change in the amount that member would receive if the Apollo JV were liquidated at the carrying amounts of its assets and liabilities, after adjusting for contributions and distributions during the period.

Unconsolidated joint ventures and partnerships

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The Company recognizes earnings or losses from our investments in unconsolidated joint ventures and partnerships consisting of our proportionate share of the net earnings or losses of the joint ventures and partnerships. In addition, we may earn fees for providing management services for the communities held by the 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 September 30, 2026 and December 31, 2025 (dollars in thousands):

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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 apartment 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 apartment 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 apartment 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.)

In August 2026, the Company received full repayment of $29.5 million from its preferred equity investment in a 384 apartment home apartment community, located in Orlando, Florida, upon the recapitalization of the joint venture.

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As of September 30, 2026 and December 31, 2025, the Company had deferred fees of $8.3 million and $8.4 million, respectively, which will be recognized through earnings over the weighted average life of the related properties, upon the disposition of the properties to a third party, or upon completion of certain development obligations.

The Company recognized management fees of $3.5 million and $2.6 million for the three months ended September 30, 2026 and 2025, respectively, and $8.5 million and $7.1 million for the nine months ended September 30, 2026 and 2025, respectively, for management of the communities held by the joint ventures and partnerships. The management fees are included in Joint venture management and other fees on the Consolidated Statements of Operations.

The Company may, in the future, make additional capital contributions to certain of our joint ventures and partnerships should additional capital contributions be necessary to fund acquisitions or operations.

We consider various factors to determine if a decrease in the value of our Investment in and advances to unconsolidated joint ventures, net is other-than-temporary. These factors include, but are not limited to, age of the venture, our intent and ability to retain our investment in the entity, the financial condition and long-term prospects of the entity, and the relationships with the other joint venture partners and its lenders. Based on the significance of the unobservable inputs, we classify these fair value measurements within Level 3 of the valuation hierarchy. The Company

did not incur any other-than-temporary impairments in the value of its investments in unconsolidated joint ventures during the three and nine months ended September 30, 2026 and 2025.

Combined summary balance sheets relating to the unconsolidated joint ventures and partnerships (not just our proportionate share) are presented below as of September 30, 2026 and December 31, 2025 (dollars in thousands):

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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 nine months ended September 30, 2026 and 2025 (dollars in thousands):

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