UDR · 10-K filed 17 Feb 2026 · year to 31 Dec 2025

UDR

25 named things its latest annual report says its results depend on, each in the company's own words. 7 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Partners and platforms

LaSalle

51.0% ownership interest

We contributed four wholly-owned operating communities to our existing joint venture with LaSalle, while maintaining our 51.0% ownership interest in the venture.Business (Item 1)

Fannie Mae

depends onnamed as a risk

While in recent years we have decreased our borrowings from Fannie Mae and Freddie Mac, Fannie Mae and Freddie Mac are a major source of financing to participants in the multifamily housing markets including potential purchasers of our properties.Risk factors (Item 1A)

Also named by ABR, AGNC, BAC, CBRE, DX, FICO, FSUN, JLL and 7 more

Freddie Mac

depends onnamed as a risk

Also named by ABR, AGNC, BAC, CBRE, DX, FICO, FSUN, LEN and 5 more

Other companies

Moody's and Standard & Poor's credit ratings

named as a risk

Moody’s and Standard & Poor’s routinely evaluate our debt and have given us ratings on our senior unsecured debt, commercial paper program and preferred stock.Risk factors (Item 1A)

Also named by AB

RealPage, Inc. antitrust litigation

named as a risk

For example, we have been named as a defendant in a number of cases alleging antitrust violations by RealPage, Inc., a vendor providing revenue management software products, and various owners or managers of multifamily housing, which cases have been consolidated in the United States Court for the Middle District of Tennessee, and cases with similar allegations that have been filed by the District of Columbia, the State of Maryland and the State of Washington.Risk factors (Item 1A)

Places

Metropolitan Washington, D.C.

concentrated in · 15.7%named as a risk

For the year ended December 31, 2025, approximately 74.5% of our total NOI was generated from communities located in Metropolitan D.C. (15.7%), Boston, MA (11.7%), Orange County, CA (10.9%), the San Francisco Bay Area, CA (8.9%), Dallas, TX (8.0%), New York, NY (7.1%), Seattle, WA (6.5%) and Tampa, FL (5.7%).Risk factors (Item 1A)

Boston, MA

concentrated in · 11.7%named as a risk

Orange County, CA

concentrated in · 10.9%named as a risk

San Francisco Bay Area, CA

concentrated in · 8.9%named as a risk

Dallas, TX

concentrated in · 8.0%named as a risk

New York, NY

concentrated in · 7.1%named as a risk

Seattle, WA

concentrated in · 6.5%named as a risk

Tampa, FL

concentrated in · 5.7%named as a risk

Hazards

Earthquakes

operates innamed as a risk

Some of our communities are located in areas subject to earthquakes, including in the general vicinity of earthquake faults.Risk factors (Item 1A)

Also named by AAPL, AMKR, AN, ANET, APP, BRO, CDNS, CEG and 37 more

Laws and programs

REIT qualification under the Internal Revenue Code

subject to · at least 90% of our REIT taxable incomenamed as a risk

We have elected to be taxed as a REIT under the Code.Risk factors (Item 1A)

Also named by ARE, DX, ELS, VICI

Debt and Preferred Equity Program

insures or lends to · $886.5 millionnamed as a risk

As of December 31, 2025, we had active unconsolidated joint ventures and partnerships, including our preferred equity investments, with a total equity investment of $886.5 million.Risk factors (Item 1A)

Americans with Disabilities Act of 1990

subject tonamed as a risk

Claims have been asserted, and in the future claims may be asserted, against us with respect to some of our properties or operations under the Americans with Disabilities Act.Risk factors (Item 1A)

Also named by KIM, NNN, O

Section 1031 like-kind exchanges

subject tonamed as a risk

a significant portion of the proceeds from some property sales may be held by intermediaries in order for such sales to qualify as like-kind exchanges under Section 1031 of the Internal Revenue Code of 1986, as amended, or the “Code,” so that any related capital gain can be deferred for federal income tax purposes.Risk factors (Item 1A)

Also named by KIM

Montgomery County, Maryland rent control

subject tonamed as a risk

For example, in 2023, Montgomery County, Maryland enacted rent control that initially impacts a portion of our portfolio in that market.Risk factors (Item 1A)

New York Good Cause Eviction Law

subject tonamed as a risk

In 2024, the State of New York passed the Good Cause Eviction Law, which established rent limits on certain market-rate apartments.Risk factors (Item 1A)

City of New York rent freeze

subject tonamed as a risk

Although our properties currently have minimal exposure to the city’s allowable annual rent increases, such a freeze, or other measures that seek to increase affordability, would in turn reduce our property values.Risk factors (Item 1A)

City of Salinas, California rent stabilization ordinance

subject tonamed as a risk

In 2024, the City of Salinas, California passed a rent stabilization ordinance that impacted all our properties within the city.Risk factors (Item 1A)

Washington State rent control

subject tonamed as a risk

In 2025, the State of Washington enacted statewide rent control, which initially impacts a portion of our properties within the state.Risk factors (Item 1A)

Basel III High Volatility Commercial Real Estate designation

subject tonamed as a risk

We and other companies in the real estate industry have experienced limited availability of financing from time to time, including due to disruptions and uncertainty in the equity and credit markets and regulatory changes directly or indirectly affecting financing markets, for example the changes in terms on construction loans brought about by the Basel III capital requirements and the associated “High Volatility Commercial Real Estate” designation, which has adversely impacted the availability of loans, including construction loans, and the proceeds of and the interest rates thereon.Risk factors (Item 1A)

Federal lead-based paint disclosure law

subject tonamed as a risk

Federal legislation requires owners and landlords of residential housing constructed prior to 1978 to disclose to potential residents or purchasers of the communities any known lead paint hazards and imposes treble damages for failure to provide such notification.Business (Item 1)