UDR, Inc.

Company facts

Industry

Real Estate Investment Trusts

Headquarters

Highlands Ranch, Colorado

Most recent report

10-Q, filed Jul 28, 2026

Incorporated

Maryland

Filings on record

1,000+ filings

On EDGAR

CIK 74208

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Jun 2026 10-Q

SECSift found 4 of 17 sections worth reading, with 1 positive, 15 notable, and 4 negative flags.

• NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

  Many asset sales, JV formation, large stock buyback, debt changes, and litigation update.
  Notable

  • DownREIT Partnership liquidated in July 2026; units exchanged for new OP units.
  • New $50 million secured mezzanine loan extended in May 2026 to JV partner for five NY communities.
  • Sold one Nashville community in June 2026 for $41.5 million, recording a $35.7 million gain.
  • Formed new JV UDR/Carmel Partners in May 2026 with $140.5 million investment for five NY communities.
  • Repurchased 8.2 million shares for $300.3 million in H1 2026, including 5.5 million in Q2 alone.
  • Company named as defendant in antitrust litigation related to RealPage software; no liability recorded.

• Item 2

  Core operations and financial position: slow NOI growth, big buyback, rising legal costs, near-term maturity wall.
  Notable

  • Repurchased 8.2M shares for $300.3M in H1 2026, up from 2.8M shares for $100M in Q1 alone.
  • Variable-rate debt not swapped totaled $693M at June 30 '26; a 100bp rate rise would add $3.3M in annualized interest expense.
  • Gains on real estate sales of $193.1M in H1 2026 (vs $47.9M) boosted net income but are non-recurring.
  Negative

  • Commercial paper outstanding rose to $480M at June 30 '26 ($220M capacity left), up from $170M at March 31 '26.
  • $780M of unsecured debt matures in remainder of 2026, up from $470M in the prior filing; a large near-term refinancing need.
  • Same-store NOI growth slowed to 0.3% YTD June '26, down from 1.4% in Q2 alone, as expenses rose faster than revenue.

• Risk Factors (Item 1A)

  Company-specific litigation, rent control enactments, increased variable debt.
  Notable

  • 75% of NOI from 8 markets; Metro D.C. largest at 17%. Low geographic diversity is a key risk.
  • Joint venture and preferred equity investments total $728.8M as of June 30, 2026.
  • Washington state enacted rent control in 2025; NYC succeeded in freezing rents for covered properties.
  • Variable-rate debt increased to $693M (11.9% of total debt) from $516.6M (9.1%) three months earlier.
  • DownREIT Partnership liquidated in July 2026; assets moved to Operating Partnership.
  Negative

  • UDR is a defendant in RealPage antitrust litigation consolidated in Tennessee, plus cases by DC, Maryland, Washington.

• Unregistered Sales and Repurchases (Item 2)

  Buyback authorization increased by 25M shares; Q2 repurchases nearly doubled from Q1.
  Positive

  • Board authorized 25M share buyback increase in May 2026, expanding program to 40M shares total.
  Notable

  • Issued 64,976 shares for OP unit redemptions in Q2 2026, up from 11,901 in Q1 2026.

What changed: Jun 2026 vs. Mar 2026

About 8% of UDR's Jun 2026 10-Q is new information. 46 paragraphs were added, 204 changed, and 18 removed. Below are the most important lines SECSift identified.

• NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 97
• Item 2 97
• Item 1A 12
• Item 3 1
• Item 4 1
• Item 5 1
• Item 6 1