UDR, Inc. is a self-administered real estate investment trust (REIT) that focuses on owning, operating, acquiring, renovating, developing, and managing multifamily apartment communities in the United States. The company's core business model centers around generating revenue from rental income, and it maintains a diversified portfolio across various markets. UDR aims to maximize returns for its stockholders through strategic property management and capital allocation. The company's competitive advantages include its fully integrated organization, scalable operating systems, and geographic diversification. UDR's primary markets are located in major metropolitan areas across the U.S.

• Employees: 1,410 (as of December 31, 2023)
• Geographic Footprint: 21 markets in the United States
• Headquarters: Highlands Ranch, Colorado
• Founded: 1972
• Number of locations/facilities: 168 communities
• Revenue: $1.63 billion (FY2023)
• Key Subsidiaries/Brands: United Dominion Realty, L.P. and UDR Lighthouse DownREIT L.P.

• CEO: Thomas W. Toomey
• CFO: Joseph D. Fisher
• Other Key Executives: Tracy L. Hofmeister (Senior Vice President - Chief Accounting Officer)

The leadership team has extensive experience in real estate and finance. The CEO has been in his role since 2001.

• Annual Revenue: $1.63 billion (FY2023)
• Net Income: $439.5 million (FY2023)
• Total Assets: $11.37 billion (as of December 31, 2023)
• Number of Employees: 1,410 (as of December 31, 2023)
• Key Financial Highlights: Same-store revenue growth of 5.6% and same-store NOI growth of 6.0% (FY2023)

UDR's primary business involves multifamily apartment communities. Key product and service lines include:

• Apartment Rentals: Leasing of apartment homes to residents across various markets.
• Property Management: Management of owned and operated apartment communities.
• Development and Redevelopment: Development of new communities and redevelopment of existing properties.

UDR operates through two main segments:

• Same-Store Communities: Represents communities that have stabilized occupancy and operating expenses and are not classified as held for disposition.
• Non-Mature Communities/Other: Includes recently acquired, developed, and redeveloped communities, as well as non-apartment components of mixed-use properties.

In FY2023, Same-Store Communities accounted for 93.1% of total NOI.

UDR's business strategy is focused on maximizing economic returns, providing value to stockholders, and maintaining a sustainable business model. Key strategic initiatives include:

• Portfolio Diversification: Owning and operating a diversified portfolio of apartments in targeted markets.
• Real Estate Cycle Management: Taking an opportunistic approach to buying, selling, renovating, and developing communities.
• Operational Efficiency: Empowering site associates to manage communities effectively.
• Capital Structure Management: Lowering the relative cost of capital to enhance profitability.
• Technology Integration: Investing in new technologies to drive operating efficiencies.

UDR operates within the multifamily real estate industry, which is characterized by strong demand for rental housing. Key market trends include:

• Market Position: UDR is a leading multifamily REIT.
• Key Competitors: Competitors include other public and private real estate companies, investment funds, and other apartment REITs.
• Industry Trends: Increasing demand for multifamily housing, favorable demand/supply ratios, and technological advancements in property management.

• Market Risks: Unfavorable apartment market and economic conditions could adversely affect occupancy levels and rental rates.
• Operational Risks: Failure to generate sufficient income could impair debt service payments and distributions to stockholders.
• Financial Risks: Changing interest rates could increase interest costs and adversely affect cash flows and the market price of common stock.
• Regulatory Risks: Changes in rent control, rent stabilization, eviction, and tenants' rights laws could have an adverse effect on results of operations and property values.
• Cybersecurity Risks: Breaches of information technology systems could materially impact business, financial condition, and reputation.