UDR, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>UDR, Inc. has submitted its 2023 Form 10-K, providing a detailed financial overview for the fiscal year ending December 31, 2023.</b>

AI Summary

UDR, Inc. (UDR) filed a Annual Report (10-K) with the SEC on February 20, 2024. UDR, Inc. filed its annual report for the fiscal year ending December 31, 2023. The filing is a Form 10-K, indicating a comprehensive overview of the company's financial performance and condition. The company's principal executive offices are located at 1745 Shea Center Drive, Suite 200, Highlands Ranch, CO 80129. UDR, Inc. is classified under Real Estate Investment Trusts (SIC code 6798). The filing includes detailed financial statements and disclosures for the fiscal year 2023.

Why It Matters

For investors and stakeholders tracking UDR, Inc., this filing contains several important signals. This 10-K filing provides investors with a comprehensive look at UDR's financial health, operational performance, and strategic positioning within the real estate investment trust sector for the past fiscal year. The detailed disclosures within the 10-K are crucial for understanding the company's financial results, risks, and future outlook, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — UDR, Inc. shows moderate risk based on this filing. The company operates in the real estate investment trust sector, which is subject to market fluctuations, interest rate changes, and regulatory environments, as detailed in the 10-K filing.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to assess UDR's performance and outlook in the REIT market.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-02-20 — Filing Date (Filed as of Date)
• 108 — Public Document Count (Conformed Document Count)
• 6798 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• UDR, Inc. (company) — Filer name
• 1745 Shea Center Drive, Suite 200, Highlands Ranch, CO 80129 (company) — Business address
• REAL ESTATE INVESTMENT TRUSTS (company) — Standard Industrial Classification
• 1934 Act (regulator) — SEC Act
• 001-10524 (regulator) — SEC File Number
• 24653397 (regulator) — Film Number
• UNITED DOMINION REALTY TRUST INC (company) — Former company name
• OLD DOMINION REAL ESTATE INVESTMENT TRUST (company) — Former company name

FAQ

Industry Context

UDR, Inc. operates as a Real Estate Investment Trust (REIT), a company that owns, operates, and develops income-producing real estate. REITs are a significant part of the real estate sector, offering investors exposure to large-scale, income-generating properties.

Regulatory Implications

As a publicly traded company and a REIT, UDR, Inc. is subject to regulations from the Securities and Exchange Commission (SEC) and specific tax laws governing REITs, which impact its financial reporting and operational requirements.

What Investors Should Do

1. Analyze UDR's financial statements for revenue, net income, and asset growth.
2. Review the risk factors section for potential challenges in the real estate market and operational risks.
3. Examine any disclosed executive compensation details and their relation to company performance.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-20: Filing Date — Date UDR, Inc. submitted its 10-K filing.

Year-Over-Year Comparison

This is the initial filing of the 2023 10-K. Comparative data from the previous year's 10-K would be found within the document itself.

Key Financial Figures

• $0.01 — nge on Which Registered Common Stock, $0.01 par value UDR New York Stock Exchan
• $1.68 — 023, we declared total distributions of $1.68 per common share and paid dividends of
• $1.64 — per common share and paid dividends of $1.64 per common share. Dividends Dividend
• $1,000 — lity by allowing associates to allocate $1,000 annually to various health, wellness, a
• $439.5 million — attributable to common stockholders was $439.5 million as compared to $82.5 million in the pri
• $82.5 million — lders was $439.5 million as compared to $82.5 million in the prior year. The increase was pri

Filing Documents

• udr-20231231x10k.htm (10-K) — 8761KB
• udr-20231231xex10d01.htm (EX-10.01) — 217KB
• udr-20231231xex21.htm (EX-21) — 124KB
• udr-20231231xex23d1.htm (EX-23.1) — 16KB
• udr-20231231xex31d1.htm (EX-31.1) — 16KB
• udr-20231231xex31d2.htm (EX-31.2) — 15KB
• udr-20231231xex32d1.htm (EX-32.1) — 6KB
• udr-20231231xex32d2.htm (EX-32.2) — 7KB
• udr-20231231xex97d1.htm (EX-97.1) — 23KB
• udr-20231231x10k004.jpg (GRAPHIC) — 47KB
• udr-20231231xex97d1001.jpg (GRAPHIC) — 2KB
• udr-20231231xex97d1004.jpg (GRAPHIC) — 2KB
• 0000074208-24-000011.txt (&nbsp;) — 35115KB
• udr-20231231.xsd (EX-101.SCH) — 157KB
• udr-20231231_cal.xml (EX-101.CAL) — 125KB
• udr-20231231_def.xml (EX-101.DEF) — 673KB
• udr-20231231_lab.xml (EX-101.LAB) — 1207KB
• udr-20231231_pre.xml (EX-101.PRE) — 917KB
• udr-20231231x10k_htm.xml (XML) — 9013KB

Business

Item 1. Business 4

Risk Factors

Item 1A. Risk Factors 14

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 31

Cybersecurity

Item 1C. Cybersecurity 31

Properties

Item 2. Properties 34

Legal Proceedings

Item 3. Legal Proceedings 34

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 34 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 35

[Reserved]

Item 6. [Reserved] 37

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 38

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 56

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 56

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 56

Controls and Procedures

Item 9A. Controls and Procedures 56

Other Information

Item 9B. Other Information 57

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 57 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 58

Executive Compensation

Item 11. Executive Compensation 58

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 58

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 58

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 58 PART IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 59

Form 10-K Summary

Item 16. Form 10-K Summary 67 Table of Contents PART I Unless the context otherwise requires, all references in this Report to "UDR," the "Company," "we," "our" and "us" refer to UDR, Inc., together with its consolidated subsidiaries, including United Dominion Realty, L.P. (the "Operating Partnership" or the "OP") and UDR Lighthouse DownREIT L.P. (the "DownREIT Partnership").

Forward-Looking Statements

Forward-Looking Statements This Report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include, without limitation, statements concerning property acquisitions and dispositions, development activity and capital expenditures, capital raising activities, rent growth, occupancy and rental expense growth. Words such as "expects," "anticipates," "intends," "plans," "likely," "will," "believes," "seeks," "estimates," and variations of such words and similar expressions are intended to identify such forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from the results of operations or plans expressed or implied by such forward-looking statements. The following factors, among others, could cause our future results to differ materially from those expressed in the forward-looking statements: general market and economic conditions; the impact of inflation/deflation; unfavorable changes in apartment market and economic conditions that could adversely affect occupancy levels and rental rates; the failure of acquisitions, developments or redevelopments to achieve anticipated results; possible difficulty in selling apartment communities; competitive factors that may limit our ability to lease apartment homes or increase or maintain rents; insufficient cash flow that could affect our debt financing and create refinancing risk; failure to generate sufficient revenue, which could impair our debt service payments and distributions to stockholders; development and construction risks that may impact our profitability; potential damage from natural disasters, including hurricanes and other weather-related events, which could result in substantial costs to us; risks from climate change that im

BUSINESS

Item 1. BUSINESS General UDR is a self-administered real estate investment trust, or REIT, that owns, operates, acquires, renovates, develops, redevelops, disposes of, and manages multifamily apartment communities in targeted markets located in the United States. At December 31, 2023, our consolidated real estate portfolio consisted of 168 communities located in 21 markets, consisting of 55,550 completed apartment homes, which are held directly or through our subsidiaries, including the Operating Partnership and the DownREIT Partnership, and consolidated joint ventures. In addition, we have an ownership interest in 10,045 completed or to-be-completed apartment homes through unconsolidated joint ventures or partnerships, including 5,618 apartment homes owned by entities in which we hold preferred equity investments. At December 31, 2023, the Company was developing two wholly-owned communities totaling 415 homes, of which 56 have been completed. UDR has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, which we refer to in this Report as the "Code." To continue to qualify as a REIT, we must continue to meet certain tests which, among other things, generally require that our assets consist primarily of real estate assets, our income be derived primarily from real estate assets, and that we distribute at least 90% of our REIT taxable income (other than our net capital gains) to our stockholders annually. As a REIT, we generally will not be subject to U.S. federal income taxes at the corporate level on our net income to the extent we distribute such net income to our stockholders annually. In 2023, we declared total distributions of $1.68 per common share and paid dividends of $1.64 per common share. Dividends Dividends Declared in Paid in 2023 2023 First Quarter $ 0.4200 $ 0.3800 Second Quarter 0.4200 0.4200 Third Quarter 0.4200 0.4200 Fourth Quarter 0.4200 0.4200 Total $ 1.6800 $ 1.6400 UDR w

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