UDR is a self-administered REIT that owns and operates multifamily apartment communities across the U.S. As of year-end 2025, UDR owned 55,240 apartment homes across 165 communities in 21 markets, with an additional ~12,200 homes held through unconsolidated joint ventures and preferred equity investments. UDR leases directly to residents primarily on 12-month leases, and its revenue is driven by occupancy (targeting 96-97%), lease rate growth on new and renewed leases, and ancillary income from parking, WiFi, pet rent, storage, and short-term rentals. The portfolio is intentionally diversified across coastal markets (East Coast ~40% of NOI, West Coast ~35%) and Sunbelt markets (~25% of NOI), as well as urban/suburban and A/B quality tiers. Beyond rental income, UDR earns income from debt and preferred equity investments targeting ~10% contractual returns on stabilized third-party assets, and from fees and promoted interests on joint ventures. UDR grows NOI through operating innovation — most notably a customer experience program that has reduced resident turnover from above 50% historically to ~38.5% — as well as AI-driven pricing and analytics tools, systematic rollout of ancillary services, capital recycling, and selective development. As a REIT, UDR distributes at least 90% of taxable income to shareholders and has paid a dividend for 212 consecutive quarters.