UDR, Inc. (UDR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el innovador mundo de UDR, Inc., una potencia inmobiliaria dinámica que transforma la vida urbana a través de la gestión de propiedades estratégicas y las soluciones residenciales de vanguardia. Esta exploración del lienzo de modelo de negocio de UDR revela un enfoque sofisticado que va más allá de los bienes inmuebles tradicionales, la tecnología combinada, la sostenibilidad y las estrategias centradas en el cliente para crear espacios de vida vibrantes para los habitantes urbanos modernos. Desde mercados metropolitanos hasta opciones de arrendamiento flexible, UDR ha creado un plan único que atrae Millennials, profesionales jóvenes e inversores por igual, posicionándose como un líder con visión de futuro en el panorama residencial multifamiliar.

UDR, Inc. (UDR) - Modelo de negocio: asociaciones clave

Proveedores de servicios de administración de propiedades y mantenimiento

UDR se asocia con empresas especializadas de administración de propiedades para mantener su cartera residencial multifamiliar. A partir de 2024, UDR administra aproximadamente 57,000 unidades de apartamentos en 21 mercados en los Estados Unidos.

Categoría de socio	Número de asociaciones	Valor de servicio anual
Contratistas de mantenimiento local	87	$ 42.3 millones
Empresas regionales de administración de propiedades	23	$ 18.7 millones

Fideicomisos de inversión inmobiliaria (REIT) e instituciones financieras

UDR colabora con instituciones financieras para financiamiento de capital y estrategias de inversión.

• Inversiones totales de empresas conjuntas: $ 1.2 mil millones
• Número de asociaciones REIT: 14
• Valor de inversión de asociación promedio: $ 86.4 millones

Contratistas de construcción y desarrollo

UDR trabaja con empresas de construcción para desarrollar nuevas propiedades residenciales y renovar los complejos existentes.

Tipo de contratista	Proyectos activos	Inversión total
Empresas de construcción nacionales	12	$ 567 millones
Socios de desarrollo regional	29	$ 342 millones

Proveedores de tecnología y software

UDR integra tecnologías avanzadas de administración de propiedades para mejorar la eficiencia operativa.

• Inversiones de asociación tecnológica: $ 24.3 millones
• Número de asociaciones de proveedores de software: 8
• Áreas de enfoque de tecnología primaria:
  • Sistemas de gestión de inquilinos
  • Seguimiento de mantenimiento
  • Plataformas de arrendamiento digital

Gobierno local y autoridades de planificación urbana

UDR mantiene relaciones estratégicas con las autoridades municipales en sus mercados operativos.

Tipo de asociación	Número de jurisdicciones	Proyectos de colaboración
Asociaciones de desarrollo urbano	37	22
Iniciativas de vivienda asequible	16	9

UDR, Inc. (UDR) - Modelo de negocio: actividades clave

Adquirir, desarrollar y administrar propiedades residenciales multifamiliares

UDR, Inc. posee y opera 58,084 casas de apartamentos en 21 mercados en los Estados Unidos al 31 de diciembre de 2023. Las inversiones inmobiliarias totales se valoraron en $ 19.1 mil millones.

Métrico de propiedad	2023 datos
Casas totales de apartamentos	58,084
Inversión inmobiliaria total	$ 19.1 mil millones
Número de mercados	21

Renovación de propiedades y optimización de activos estratégicos

En 2023, UDR invirtió $ 337 millones en proyectos de desarrollo de propiedades y reurbanización.

• Centrado en los mercados costeros y de alto crecimiento de las altas carreras
• Actualizaciones de propiedad continua para mantener un posicionamiento competitivo
• Disposición selectiva de activos no básicos

Gestión de evaluación y arrendamiento de inquilinos

Métrica de rendimiento de arrendamiento	Valor 2023
Tasa de ocupación	96.4%
Alquiler mensual promedio	$2,175

Inversión inmobiliaria y diversificación de cartera

UDR mantiene una cartera diversificada en las principales áreas metropolitanas con concentración geográfica estratégica.

• Los principales mercados incluyen el sur de California, Washington DC, Nueva York y Denver
• Aproximadamente el 87% de la cartera ubicada en los mercados costeros y de alto crecimiento de las cárcel

Iniciativas de sostenibilidad y eficiencia energética

UDR se comprometió a reducir las emisiones de gases de efecto invernadero en un 50% para 2035.

Métrica de sostenibilidad	Estado 2023
Propiedades con certificación Energy Star	45%
Inversión de energía renovable	$ 12.5 millones

UDR, Inc. (UDR) - Modelo de negocio: recursos clave

Propiedades residenciales multifamiliares de alta calidad

A partir del cuarto trimestre de 2023, UDR posee 55 propiedades en 16 mercados, por un total de 16,935 casas de apartamentos. Activos inmobiliarios totales valorados en $ 9.7 mil millones.

Categoría de propiedad	Número de propiedades	Unidades totales
Mercados centrales	55	16,935
Costa oeste	22	6,782
Sudeste	15	4,573
Suroeste	18	5,580

Capital financiero y calificaciones crediticias

Métricas financieras al 31 de diciembre de 2023:

• Capitalización de mercado: $ 8.2 mil millones
• Deuda total: $ 4.9 mil millones
• Calificación crediticia: BBB+ (S&P Global)
• Relación de deuda / capital: 0.62

Equipo de gestión y desarrollo

Composición de liderazgo:

• Total de empleados: 670
• Promedio de tenencia ejecutiva: 12.3 años
• Tamaño del equipo de desarrollo inmobiliario: 45 profesionales

Tecnología de gestión de propiedades

Inversiones de infraestructura tecnológica:

Plataforma tecnológica	Inversión anual
Sistemas de arrendamiento digital	$ 3.2 millones
Software de administración de propiedades	$ 2.7 millones
Ciberseguridad	$ 1.5 millones

Red de la industria de bienes raíces

Conexiones y asociaciones de la industria:

• Membresía del Consejo Nacional de Vivienda Multifamiliar
• Urban Land Institute miembro activo
• 15 asociaciones de desarrollo estratégico
• 22 colaboraciones de inversión activa

UDR, Inc. (UDR) - Modelo de negocio: propuestas de valor

Comunidades de apartamentos modernas y bien mantenidas en lugares deseables

UDR, Inc. posee 57,946 casas de apartamentos en 21 mercados en los Estados Unidos a partir del cuarto trimestre de 2023. Activos inmobiliarios totales valorados en $ 20.1 mil millones con un enfoque en los mercados de alto crecimiento de alto nivel.

Segmento de mercado	Número de propiedades	Unidades totales
Mercados de la costa oeste	124	26,345
Mercados del sudeste	87	18,456
Mercados del suroeste	62	13,145

Opciones de arrendamiento flexible para profesionales urbanos y familias jóvenes

Las tarifas de alquiler promedian $ 2,287 por mes en toda la cartera en el cuarto trimestre de 2023.

• Opciones de arrendamiento a corto plazo disponibles
• Aplicación en línea y firma de arrendamiento
• Plataformas de pago de alquiler digital

Servicios de alta calidad y experiencias de vida centradas en la comunidad

Inversión promedio de servicios de propiedad de $ 3.4 millones por comunidad en 2023.

Tipo de amenidad	Porcentaje de propiedades
Centros de fitness	92%
Piscina	78%
Espacios de trabajo conjunto	65%

Espacios residenciales sostenibles y tecnológicamente avanzados

$ 45 millones invirtieron en iniciativas de sostenibilidad en 2023.

• Propiedades certificadas con LEED
• Integración de tecnología de hogar inteligente
• Electrodomésticos de eficiencia energética

Ingresos de alquiler consistentes y confiables para los inversores

2023 Rendimiento financiero:

Métrica financiera	Cantidad
Ingresos totales	$ 1.48 mil millones
Ingresos operativos netos	$ 876 millones
Fondos de las operaciones	$ 686 millones

UDR, Inc. (UDR) - Modelo de negocio: relaciones con los clientes

Portales de inquilinos de autoservicio digital

UDR proporciona plataformas en línea que permiten a los inquilinos administrar las interacciones de alquiler digitalmente. El portal digital de la compañía admite:

• Pagos de alquiler en línea
• Envíos de solicitudes de mantenimiento
• Procesos de renovación de arrendamiento
• Gestión de documentos

Función de portal digital	Porcentaje de disponibilidad
Pago de alquiler en línea	98%
Envío de solicitud de mantenimiento	95%
Renovación de arrendamiento en línea	92%

Atención al cliente de administración de propiedades receptivas

UDR mantiene canales de atención al cliente dedicados con métricas de rendimiento específicas:

• Disponibilidad de servicio al cliente 24/7
• Tiempo de respuesta promedio: 2.3 horas
• Plataformas de soporte multicanal

Compromiso comunitario y eventos residentes

UDR realiza iniciativas estructuradas de participación de residentes:

• Eventos comunitarios mensuales
• Oportunidades de redes virtuales y en persona
• Programas de apreciación de los residentes

Tipo de evento	Frecuencia anual
Eventos sociales de la comunidad	36
Redes virtuales	24
Días de apreciación de los residentes	4

Servicios de arrendamiento y mantenimiento personalizados

Enfoques de interacción de inquilinos personalizados incluir:

• Consultas de arrendamiento individualizadas
• Programación de mantenimiento a medida
• Preferencias de comunicación personalizadas

Canales de comunicación transparentes

UDR mantiene múltiples plataformas de comunicación con accesibilidad documentada:

• Soporte por correo electrónico
• Soporte telefónico
• Comunicación de aplicaciones móviles
• Servicios de chat en línea

Canal de comunicación	Tiempo de respuesta promedio
Soporte por correo electrónico	4-6 horas
Soporte telefónico	Menos de 5 minutos
Chat de aplicación móvil	2-3 horas

UDR, Inc. (UDR) - Modelo de negocio: canales

Plataformas de listado de propiedades en línea

UDR utiliza múltiples plataformas de listado de propiedades en línea para maximizar la visibilidad y alcanzar posibles inquilinos:

Plataforma	Usuarios activos mensuales	Porcentaje de listado de UDR
Apartamentos.com	12.5 millones	85% de las propiedades de UDR
Zillow	9.6 millones	92% de las propiedades de UDR
REALTOR.COM	7.3 millones	78% de las propiedades de UDR

Sitio web corporativo y aplicaciones móviles

La presencia digital de UDR incluye:

• Tráfico del sitio web corporativo: 1.2 millones de visitantes mensuales
• Descargas de aplicaciones móviles: 487,000
• Tasa de finalización de la solicitud de arrendamiento en línea: 62%

Redes de corredores de bienes raíces

UDR se asocia con Broker Networks en 20 principales mercados metropolitanos.

Tipo de red	Número de corredores	Comisión de referencia
Red Nacional de Broker	1.245 corredores	1-2% del valor de arrendamiento de primer año
Asociaciones locales de corredor	678 corredores	1.5% del valor de arrendamiento

Equipos directos de ventas y arrendamiento

UDR mantiene profesionales de arrendamiento dedicados en su cartera:

• Agentes de arrendamiento total: 342
• Tasa de conversión de arrendamiento promedio: 48%
• Tiempo promedio de arrendamiento: 17 días

Redes sociales y campañas de marketing digital

Métricas de rendimiento de marketing digital:

Plataforma	Seguidores	Tasa de compromiso
Instagram	87,500	3.2%
LinkedIn	45,200	2.7%
Facebook	62,300	2.5%

UDR, Inc. (UDR) - Modelo de negocio: segmentos de clientes

Profesionales urbanos

A partir del cuarto trimestre de 2023, UDR posee 19,279 casas de apartamentos en 14 mercados, con un enfoque significativo en segmentos profesionales urbanos.

Características demográficas	Porcentaje
Rango de ingresos promedio	$85,000 - $125,000
Rango de edad	28-45 años
Sectores de empleo	Tecnología, finanzas, atención médica

Familias jóvenes

UDR se dirige a segmentos familiares jóvenes en áreas metropolitanas con configuraciones de apartamentos específicas.

• Tamaño promedio del hogar: 2.5 personas
• Ingresos familiares promedio: $ 112,000
• Preferencia por unidades de 2-3 habitaciones

Millennials and Gen Z inquilinos

En 2023, UDR informó que el 42% de su base de inquilinos comprendía a los Millennials y los inquilinos de la Generación Z.

Características de segmento	Puntos de datos
Edad promedio	25-38 años
Preferencia de tecnología digital	Alto
Duración del alquiler	2-4 años

Vivienda corporativa y clientes de reubicación

UDR sirve a clientes corporativos con soluciones de vivienda especializadas.

• Tasa de asociación corporativa: 17% de la cartera total
• Valor de arrendamiento de cliente corporativo promedio: $ 3,200/mes
• Industrias primarias: tecnología, atención médica, servicios financieros

Inversores inmobiliarios y accionistas institucionales

Al 31 de diciembre de 2023, la composición de los accionistas de UDR:

Tipo de inversor	Propiedad porcentual
Inversores institucionales	89.4%
Accionistas individuales	10.6%
Capitalización de mercado total	$ 8.3 mil millones

UDR, Inc. (UDR) - Modelo de negocio: Estructura de costos

Gastos de adquisición y desarrollo de propiedades

A partir del cuarto trimestre de 2023, UDR, Inc. reportó inversiones inmobiliarias totales de $ 10.8 mil millones. Los costos anuales de adquisición de propiedades totalizaron $ 287.3 millones. Los gastos de desarrollo para nuevas propiedades multifamiliares fueron de aproximadamente $ 215.6 millones en 2023.

Categoría de gastos	Monto ($)
Adquisición de tierras	102,500,000
Costos de construcción	178,300,000
Gastos de desarrollo previo	34,800,000

Costos continuos de mantenimiento y renovación

Los gastos de mantenimiento total para 2023 fueron de $ 153.4 millones. Las inversiones de mejora de capital alcanzaron los $ 87.6 millones.

• Mantenimiento de rutina por unidad: $ 1,240 anualmente
• Proyectos de renovación importantes: $ 42.3 millones
• Presupuesto de mantenimiento preventivo: $ 22.5 millones

Salarios de empleados y sobrecarga operativa

La compensación total de los empleados para 2023 fue de $ 128.7 millones. Los gastos generales y administrativos totalizaron $ 84.2 millones.

Categoría de personal	Compensación anual ($)
Liderazgo ejecutivo	12,600,000
Personal de administración de propiedades	62,300,000
Empleados corporativos	53,800,000

Inversiones de tecnología e infraestructura

El gasto en tecnología para 2023 fue de $ 18.6 millones. La infraestructura digital y las inversiones en software totalizaron $ 12.4 millones.

• Infraestructura de computación en la nube: $ 5.2 millones
• Inversiones de ciberseguridad: $ 3.7 millones
• Software de administración de propiedades: $ 4.1 millones

Gastos de marketing y arrendamiento

Los costos totales de marketing y arrendamiento para 2023 fueron de $ 43.5 millones.

Canal de marketing	Gasto ($)
Publicidad digital	15,600,000
Medios tradicionales	8,700,000
Comisiones de agentes de arrendamiento	19,200,000

UDR, Inc. (UDR) - Modelo de negocio: flujos de ingresos

Ingresos de alquiler mensuales de propiedades residenciales

A partir del cuarto trimestre de 2023, UDR reportó ingresos totales de alquiler residencial de $ 1,214.1 millones. El alquiler mensual promedio en su cartera fue de $ 2,221 por unidad.

Tipo de propiedad	Unidades totales	Alquiler mensual promedio	Ingresos anuales de alquiler
Comunidades estabilizadas	55,869	$2,221	$ 1,489.4 millones
Comunidades de desarrollo	2,153	$2,385	$ 61.5 millones

Tarifas de administración de propiedades

UDR generado $ 12.3 millones en las tarifas de administración de propiedades durante 2023, que representa servicios de administración de terceros para carteras de bienes raíces externas.

Distribuciones de dividendos de fideicomiso de inversión inmobiliaria (REIT)

Para el año fiscal 2023, UDR declaró dividendos totales de $ 1.56 por acción, con una distribución de dividendos total de aproximadamente $ 389.4 millones.

Apreciación de la propiedad y ganancias de capital

En 2023, UDR reportó una generación total de ventas de propiedades $ 437.2 millones en ingresos brutos, con una ganancia neta de $ 127.6 millones.

Servicios auxiliares

Las fuentes de ingresos suplementarias incluyen:

• Tarifas de estacionamiento: $ 18.7 millones
• Tarifas de servicios: $ 9.3 millones
• Alquiler de almacenamiento: $ 5.6 millones
• Tarifas de mascotas: $ 4.2 millones

Servicio auxiliar	Ingresos anuales	Porcentaje de ingresos totales
Tarifas de estacionamiento	$ 18.7 millones	1.2%
Tarifas de amenidad	$ 9.3 millones	0.6%
Alquiler de almacenamiento	$ 5.6 millones	0.4%
Tarifas de mascotas	$ 4.2 millones	0.3%

UDR, Inc. (UDR) - Canvas Business Model: Value Propositions

You're looking at the core reasons why residents choose UDR, Inc. over the competition. It's about delivering a specific quality of home in the right places, making the math work for the renter, and using technology to make life smoother.

High-Quality Living: A- and B-Quality apartment homes in coastal and Sunbelt markets.

UDR, Inc. focuses its portfolio across specific geographic areas, balancing established coastal markets with high-growth Sunbelt locations. As of March 31, 2025, the portfolio's Net Operating Income (NOI) exposure was distributed as follows:

Market Segment	% of NOI (as of March 31, 2025)
Northeast/Mid-Atlantic	40%
West Coast	35%
Sunbelt	25%

The quality mix within these markets, based on average community rent relative to the market average rent as of March 31, 2025, shows a clear focus on the upper-middle tier:

Quality Tier	% of NOI (as of March 31, 2025)
A-Quality (Rent >120% of market average)	31%
B-Quality (Rent 80% to 120% of market average)	69%

Relative Affordability: Renting is nearly 60% less expensive than owning in UDR's markets.

The financial reality in UDR's operating areas strongly favors renting for many households. The comparison of monthly costs shows a significant gap:

• Renting is nearly 60% less expensive to rent than to own across UDR markets, based on data from 4Q 2023.
• This represents an approximately 25% improvement in relative affordability compared to pre-COVID levels (data as of 4Q 2023).

Enhanced Resident Experience: Customer Experience strategy leading to lower turnover.

UDR deploys a Customer Experience Project (CEP), calibrated using approximately 650 million historical resident-focused data points, to boost retention. The focus on experience translates into lower resident churn compared to industry norms.

• Annualized resident turnover was reported at 32% as of 1Q 2025, noted as the lowest in over a decade.
• Resident turnover decreased by nearly 500 basis points since 1Q 2023.
• UDR achieved an associate turnover rate of 20% in 2024, which is 14 percentage points lower than the industry standard of 34%.

Technology-Enabled Service: Seamless digital leasing and resident communication via AI-CRM.

Innovation initiatives are a direct driver of incremental revenue. The focus on digital service and value-add offerings shows up clearly in the financial results.

• UDR innovation initiatives have consistently driven high-single-digit year-over-year growth in other income, resulting in approximately $40 million of incremental run-rate NOI since 2018.
• Other income growth was 8.5% in the third quarter of 2025, driven by services like parking and Wi-Fi.
• UDR reaffirmed full-year 2025 guidance for same-store revenue growth in the range of 1.25% to 3.25%.

ESG Leadership: Commitment to sustainability, with 38 certified properties (over 20% of the portfolio).

UDR, Inc. has made concrete, measurable commitments to sustainability across its portfolio of 60,535 apartment homes as of June 30, 2025.

• The company completed Sustainability Certification for two additional properties, bringing the total to 38 certified properties, representing over 20% of the portfolio.
• Scope 1 and 2 emissions intensity has been reduced by 22% since 2020, which is more than halfway to the 40% reduction target set for 2035.
• In 2024, UDR procured 29% of operationally controlled electricity through renewable energy sources.
• The total commitment to strategic ESG and Climate Technology Funds stands at $35 million, following an additional $5 million commitment in early 2025.

Finance: review the Q4 2025 guidance impact on the 2026 same-store revenue forecast by Monday.

UDR, Inc. (UDR) - Canvas Business Model: Customer Relationships

UDR, Inc. employs a multi-faceted approach to managing customer relationships, blending advanced technology with dedicated on-site support across its portfolio of approximately 60,535 apartment homes as of June 30, 2025.

Automated/Digital: Self-service tools and AI-powered CRM for initial inquiries and leasing.

UDR, Inc. has moved toward a unified, omnichannel communication platform by rolling out Funnel's entire suite, including a renter-centric CRM and AI solutions, across its nearly 60,000-unit national portfolio. This technology is designed to simplify day-to-day operations by transparently routing communication and tasks to the correct specialized, centralized, or on-site team members. The AI component helps team members efficiently address frequently asked questions, schedule tours, and screen applications.

Dedicated On-site Teams: For maintenance, community engagement, and complex issue resolution.

The centralized technology strategy is built to support on-site personnel by ensuring tasks are routed correctly for resolution. UDR, Inc. is also focused on enhancing customer service by adding back positions where necessary to maintain high service levels. The company's focus on its associates is reflected in its 2024 associate turnover rate of 20%, which was fourteen percentage points lower than the industry standard of 34%.

Customer Experience Strategy: Proactive efforts to improve satisfaction and retention.

UDR, Inc. actively leverages insights from resident interactions to improve retention and drive cash flow, with innovation initiatives targeting high single-digit returns. This Customer Experience strategy is yielding measurable results in resident retention.

Metric	Value/Period	Data Point
Year-to-Date Annualized Resident Turnover Improvement (vs. prior year)	350 basis points better	As of Q2 2025
Annualized Resident Turnover Improvement (vs. prior year period)	300 basis points better	Early results as of May 2025
Same-Store Physical Occupancy	Averaged 96.6%	Q3 2025
Renewal Lease Rate Growth Expectation	Mid-4% range	For 2025
Portfolio Physical Occupancy	Near 97%	Q2 2025

Value-Add Services: Offering bundled services like Wi-Fi and parking for convenience.

Ancillary services are a key driver of revenue growth outside of core rent. Other income, which includes parking and Wi-Fi, grew by 8.5% in Q3 2025. In Q1 2024, this category represented approximately 10% of UDR's total revenue. The successful rollout of building-wide Wi-Fi contributed $1 million in additional income during Q1 2024, compared to just $100,000 in the same period the prior year. UDR's total revenue for the third quarter of 2025 was reported at $431.9 million.

• UDR's Q3 2025 total revenue increased by 2.8% year-over-year.
• UDR's annual revenue for the trailing twelve months ending September 30, 2025, was $1.70 billion.
• UDR's average household income is 2.5x higher than the median MSA income.

UDR, Inc. (UDR) - Canvas Business Model: Channels

You're looking at how UDR, Inc. gets its apartment homes in front of prospective residents and capital markets, so let's stick to the hard numbers from late 2025.

For Direct Digital Channels, which includes the main UDR website and resident services platforms, the effectiveness is reflected in the high occupancy figures. For the first quarter of 2025, Same-Store physical occupancy hit 97.2 percent. By the third quarter of 2025, occupancy was still strong, sitting in the mid-96% range. Resident retention, which is a key outcome of good resident services, showed a significant improvement, with annualized turnover dropping to 32 percent in Q1 2025, the lowest figure UDR reported in over a decade.

When it comes to Online Listing Syndication, UDR is pushing its inventory across third-party sites. While we don't have a direct percentage of leases sourced this way, the overall leasing momentum informs this channel's role. Management projected the full-year 2025 blended lease rate growth to land around 2.5 percent. This is a blend of new leases and renewals. Renewal lease rate growth, which often involves digital touchpoints for existing residents, was expected to stay in the mid-4% range throughout 2025.

The On-site Leasing Offices remain critical for that in-person connection. The success of the entire leasing effort, whether digital or physical, is evident in the revenue performance. For the third quarter of 2025, Same-Store revenue growth year-over-year was 2.6 percent. Also, other income, which often involves on-site service upselling, showed growth of 8.5 percent in Q3 2025.

For Investor Relations, UDR, Inc. actively engages capital markets through digital and in-person events. For instance, the executive team participated in the Bank of America Securities 2025 Global Real Estate Conference between September 9 and September 11, 2025. These events are broadcast via webcast on the Investor Relations section of the website, `ir.udr.com`. The company also released its third quarter 2025 financial results on October 29, 2025, followed by a public webcast on October 30, 2025, at 12:00 p.m. Eastern Time.

Here's a quick look at the key operational metrics that show how these channels are performing as of late 2025:

Metric	Period/Date	Value/Amount
Apartment Homes Owned/Positioned	As of June 30, 2025	60,535 units
Apartment Homes Under Development	As of June 30, 2025	300 units
Same-Store Physical Occupancy (YTD)	Q1 2025	97.2 percent
Same-Store Physical Occupancy	Q3 2025	Mid-96% range
Annualized Resident Turnover Rate	Q1 2025	32 percent
Projected Full-Year Blended Lease Rate Growth	2025 Guidance	2.5 percent
Same-Store Revenue Growth (YOY)	3Q 2025 vs 3Q 2024	2.6 percent
Other Income Growth (YOY)	3Q 2025	8.5 percent
FFOA per Diluted Share (Actual)	3Q 2025	$0.65

The company repurchased approximately 651 thousand shares of common stock for about $25.0 million during the three months ended September 30, 2025. Also, UDR extended the maturity date of its $350.0 million senior unsecured term loan to January 31, 2029.

UDR, Inc. (UDR) - Canvas Business Model: Customer Segments

You're looking at the core groups UDR, Inc. (UDR) focuses on serving and partnering with to generate returns. It's about who pays the rent and who funds the enterprise.

Affluent Renters

This segment is defined by high earning power, which provides a strong buffer against economic shifts. The properties are priced to attract those with significant disposable income.

• The average household income across UDR, Inc. (UDR) markets is reported as $167K.
• This average household income sits at 166% above the median income across metropolitan statistical areas (MSAs).
• The average UDR household income is 2.5x higher than the median MSA income.
• Resident Rent-to-Income (R/I) ratio is maintained in the low-20% range.

Urban and Suburban Professionals

UDR, Inc. (UDR) targets residents in specific geographic areas, balancing established coastal markets with high-growth Sunbelt locations. As of June 30, 2025, the portfolio size was substantial.

• As of June 30, 2025, UDR, Inc. (UDR) owned or had an ownership position in 60,535 apartment homes.
• This portfolio included 300 apartment homes under development as of September 30, 2025.
• The company is recognized as NMHC's 14th-largest multifamily owner-operator in the United States.

Institutional Investors

This group provides the vast majority of the capital base, seeking dependable, long-term returns characteristic of a large-cap S&P 500 REIT. Ownership concentration is high.

Here's the quick math on ownership structure as of late 2025:

Ownership Category	Percentage of Shares Outstanding (Late 2025)	Market Value (Approximate as of Sep 2025)
Institutional Shareholders	90.56% to 91.49%	$10.97B
Largest Institutional Shareholder (Vanguard Group Inc.)	15.22%	$1.83B
Insider Ownership	1.29%	N/A

Joint Venture Partners

UDR, Inc. (UDR) actively co-invests in development and stabilized assets, often through preferred equity or joint venture loan structures, which allows for capital deployment with defined return profiles. The activity in 2025 shows specific capital commitments.

• In Q1 2025, UDR, Inc. (UDR) increased its joint venture loan investment in the 478-home 1300 Fairmount community (Philadelphia, PA) by $114.6 million, for a total investment of $183.2 million.
• Subsequent to Q1 2025, a preferred equity investment of $13.0 million was fully funded in a stabilized San Francisco MSA community at a contractual return rate of 12.0 percent.
• In Q3 2025, UDR, Inc. (UDR) fully funded two preferred equity investments totaling $59.6 million in apartment communities in Orlando, FL, and Orange County, CA.
• One preferred equity investment in an Orange County, CA MSA community, fully funded in Q3 2025, was for $35.8 million at a contractual return rate of 10.0 percent.

UDR, Inc. (UDR) - Canvas Business Model: Cost Structure

You're looking at the cost side of UDR, Inc.'s business as of late 2025. For a real estate investment trust (REIT) like UDR, Inc., the cost structure is heavily weighted toward property-level expenses and the cost of capital. Honestly, managing these line items is what separates strong operators from the rest.

Property Operating Expenses

These are your day-to-day running costs for the apartment communities. UDR, Inc. groups real estate taxes, insurance, utilities, and maintenance under what they sometimes call Controllable Expenses. For the first quarter of 2025, Same-Store expense growth was reported at 2.3% year-over-year. By the second quarter of 2025, that growth moderated to 1.7% year-over-year. Looking ahead, the updated full-year 2025 guidance for Same-Store Expense Growth is set between 2.50% and 3.50%. That range shows you where management sees the pressure points for the rest of the year.

Here are the key components that make up those property-level costs:

• Property operating and maintenance expenses.
• Real estate taxes, insurance, utilities, and maintenance are included in rental expenses.
• Administrative and marketing costs are also part of direct property rental expenses.

Personnel Costs

Salaries and wages for your centralized corporate team and the on-site staff are a significant component. You'll see personnel costs rolled into the broader rental expenses calculation for Same-Store reporting. The good news for UDR, Inc. is that they emphasize low associate turnover, which helps keep recruiting and training costs down-a definite operational advantage. For instance, in Q1 2025, operational enhancements drove a 300 basis point improvement in annualized turnover compared to the prior year period.

Property Management Expense

This is a straightforward, formulaic cost that covers corporate management, regional supervision, and accounting functions directly related to consolidated property operations. UDR, Inc. calculates this expense consistently as 3.25% of property revenue. If you look at their Q3 2025 total revenue of $431.9 million, you can quickly estimate the magnitude of this specific cost component for that period.

Capital Expenditures

This bucket covers investments to keep the properties competitive and enhance Net Operating Income (NOI). While the search results don't give a single, consolidated CapEx number for 2025, they detail significant capital deployment through preferred equity investments, which is a form of investment CapEx. For example, UDR, Inc. fully funded a $23.8 million preferred equity investment in Q1/Q2 and another for $35.8 million in Q3. Also, they repurchased stock, spending approximately $25.0 million in Q3 2025 alone.

Here's a quick look at some of the capital deployment activities mentioned around the 2025 reporting periods:

Capital Activity Type	Amount (Millions USD)	Context/Rate
Preferred Equity Investment (Orlando)	$23.8	Contractual return rate of 11.25 percent
Preferred Equity Investment (Orange County)	$35.8	Contractual return rate of 10.0 percent
Common Stock Repurchase (Q3 2025)	$25.0	Weighted average share price of $38.37

You can see they are actively deploying capital into both external investments and returning value to shareholders.

Interest Expense

This is the cost of financing the balance sheet. As of March 31, 2025, UDR, Inc.'s total indebtedness stood at $5.8 billion. The weighted average interest rate on that debt was relatively low at 3.4% as of Q1 2025. However, you have to watch for specific impacts, like the expected negative $0.01 per diluted share impact from an interest rate swap expiring mid-year 2025. Still, management noted that this was expected to be more than offset by an assumed lower average debt balance for FY 2025 compared to FY 2024.

The key cost drivers for UDR, Inc. boil down to property-level operations and debt servicing.

Finance: draft 13-week cash view by Friday.

UDR, Inc. (UDR) - Canvas Business Model: Revenue Streams

You're looking at the core ways UDR, Inc. brings in cash, which is essential for valuing any REIT. Honestly, it all boils down to rent, but the other bits add up, too.

Rental Income is the bedrock here. For the third quarter of 2025, the total revenue figure UDR reported was $431.9 million. To be more specific, the quarterly revenues from the rental income component itself were $429.3 million for that same period. This is the primary engine for UDR, Inc.

The outlook for growth from existing properties is managed carefully. For the full year 2025, UDR, Inc. adjusted its guidance midpoint for Same-Store Revenue Growth to 2.4%. This number reflects how much revenue is growing from properties UDR has owned for the full comparison periods, stripping out the noise from buying or selling assets.

Also important is the growth from ancillary services. Other Income, which comes from value-add services like parking and Wi-Fi access, showed strong momentum, growing by 8.5% in the third quarter of 2025. This shows successful execution on their innovation initiatives.

When you look at the bottom line for shareholders, FFOA per Share (Funds From Operations as Adjusted per Share) is the key metric. The updated full-year 2025 guidance midpoint for FFOA per Share sits at $2.54, with the range set between $2.53 and $2.55. For context, the actual FFOA per share in Q3 2025 was $0.65.

UDR, Inc. also generates income through its Preferred Equity Returns program, which acts as a debt-like investment stream. Here's a snapshot of recent activity in that area:

Investment Detail	Amount	Contractual Return Rate	Location Example
New Preferred Equity Investment Funded (Q3 2025)	$23.8 million	11.25%	Orlando, FL
New Preferred Equity Investment Funded (Q3 2025)	$35.8 million	10.0%	Orange County, CA
Total Preferred Equity Funded (Q3 2025)	Approximately $60 million	Weighted Average of 10.5%	Orlando, FL and Orange County, CA
Preferred Equity Investment Repayment Received (Q3 2025)	Approximately $32.2 million	N/A (Repayment)	Los Angeles, CA

These preferred equity deals are strategic, aiming for high current pay. You can see the specific contractual return mentioned in your outline:

• Income from preferred equity investments includes a specific deal with a contractual return of 11.25% on a $23.8 million investment.
• Another recent funding was for $35.8 million at a 10.0% contractual return.
• The company also received a full repayment of a $32.2 million preferred equity investment during the quarter.

Finance: draft 13-week cash view by Friday.