UDR, Inc. (UDR) SEC Filings & Earnings Calls

Joint venture may reduce direct ownership and future NOI from contributed properties.

“19 communities comprising the joint venture with Apollo are excluded from same-store metrics.”

Antitrust litigation expense

“an increase in other operating expenses of $5.2 million primarily due to an increase in legal fees incurred during the three months ended June 30, 2026 primarily related to the cases in which we have been named that allege antitrust violations by RealPage, Inc.” · word for word

Operating expense inflation

“The increase in operating expenses was primarily driven by a 6.8%, or $2.4 million, increase in utilities primarily due to an increase in commodity prices, a 2.3%, or $2.3 million, increase in real estate taxes due to higher assessed valuations.” · word for word

Expense growth (2.6%) outpacing revenue growth (1.8%) in same-store portfolio, pressuring NOI margin

“Same-store expense growth 2.6% vs revenue growth 1.8% for Q2 2026”

Net debt/EBITDAre increased slightly to 5.6x from 5.5x year-over-year

“Consolidated Net Debt-to-EBITDAre 5.6x for 2Q 2026 vs 5.5x for 2Q 2025”

Operating Expense Inflation

“The increase in operating expenses was primarily driven by a 6.7%, or $1.6 million, increase in repair and maintenance expense due to increases in third party vendor costs and weather-related events, an 8.3%, or $1.6 million, increase in utilities, and a 1.9%, or $1.0 million, increase in real estate taxes due to higher assessed valuations.” · word for word

Geographic Concentration

“For the three months ended March 31, 2026, approximately 74.8% of our total NOI was generated from communities located in Metropolitan D.C. (16.9%), Boston, MA (11.3%), Orange County, CA (11.0%), the San Francisco Bay Area, CA (9.0%), Dallas, TX (8.8%), New York, NY (6.0%), Tampa, FL (6.0%) and Seattle, WA (5.8%).” · word for word

Tariff and Inflation Impact on Residents

“The U.S. economy has during certain periods over the last few years experienced periods of high rates of inflation and could again, including due to pressures related to tariffs currently in effect, which has in the past increased, and could in the future increase, our operating expenses... an extreme or sustained escalation in costs could have a negative im” · word for word

Expense growth outpacing revenue growth, pressuring NOI margins.

“Expense growth 4.4% vs revenue growth 0.9%.”

Gain on sale of real estate is non-recurring and may not be sustainable.

“Gain/(loss) on sale of real estate owned $157,416.” · word for word

No material risk identified; routine capital markets activity.

“Amendment to existing ATM and MTN programs; no new issuance or financial impact disclosed.”

Interest rate sensitivity

“If market interest rates for variable rate debt increased by 100 basis points, our interest expense would increase by $6.3 million” · word for word

Operating expense inflation

“Same-Store operating expense increased 2.6% driven by utilities, taxes, and personnel costs.”

Debt maturity concentration

“During 2026, we have approximately $56.7 million of secured debt maturing... and $745.0 million of unsecured debt maturing.” · word for word

Expense growth outpacing revenue growth expected in FY2026, pressuring NOI

“FY2026 same-store expense growth guidance 3.00% to 4.50% vs revenue growth 0.25% to 2.25%.”

Expense inflation pressure

“The increase in operating expenses was primarily driven by a 3.5%, or $1.7 million increase in real estate taxes due to higher assessed valuations for certain properties, a 9.5%, or $0.9 million, increase in administration and marketing...and a 4.7%, or $0.9 million, increase in utilities primarily due to an increase in energy costs.” · word for word

Geographic concentration

“For the nine months ended September 30, 2025, approximately 73.3% of our total NOI was generated from communities located in Metropolitan D.C. (15.0%), Boston, MA (11.6%), Orange County, CA (10.8%), the San Francisco Bay Area, CA (9.0%), Dallas, TX (7.9%), New York, NY (6.8%), Seattle, WA (6.3%) and Tampa, FL (5.9%).” · word for word

Expense growth (3.1%) slightly outpacing revenue growth (2.6%) could pressure NOI margins if trend continues.

“Same-store expense growth 3.1% vs revenue growth 2.6% in Q3 2025.”