| Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to Net income/(loss) |
The following table details rental income and NOI for UDR’s reportable segments for the three and six months ended June 30, 2024 and 2023, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. on the Consolidated Statements of Operations (dollars in thousands): | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | June 30, (a) | | June 30, (b) | | | 2024 | | 2023 | | 2024 | | 2023 | Reportable apartment home segment lease revenue | | | | | | | | | | | | | Same-Store Communities | | | | | | | | | | | | | West Region | | $ | 119,226 | | $ | 116,123 | | $ | 236,155 | | $ | 229,282 | Mid-Atlantic Region | | | 77,254 | | | 74,801 | | | 154,065 | | | 148,922 | Northeast Region | | | 81,981 | | | 79,282 | | | 160,874 | | | 155,279 | Southeast Region | | | 56,933 | | | 56,775 | | | 113,716 | | | 112,573 | Southwest Region | | | 39,757 | | | 39,792 | | | 75,339 | | | 75,445 | Non-Mature Communities/Other | | | 24,545 | | | 23,858 | | | 58,725 | | | 56,147 | Total segment and consolidated lease revenue | | $ | 399,696 | | $ | 390,631 | | $ | 798,874 | | $ | 777,648 | | | | | | | | | | | | | | Reportable apartment home segment other revenue | | | | | | | | | | | | | Same-Store Communities | | | | | | | | | | | | | West Region | | $ | 2,858 | | $ | 2,864 | | $ | 5,814 | | $ | 5,631 | Mid-Atlantic Region | | | 3,350 | | | 2,838 | | | 6,474 | | | 5,309 | Northeast Region | | | 2,250 | | | 2,065 | | | 3,934 | | | 3,758 | Southeast Region | | | 2,715 | | | 2,325 | | | 5,128 | | | 4,457 | Southwest Region | | | 1,838 | | | 1,670 | | | 3,325 | | | 2,982 | Non-Mature Communities/Other | | | 621 | | | 705 | | | 1,448 | | | 1,620 | Total segment and consolidated other revenue | | $ | 13,632 | | $ | 12,467 | | $ | 26,123 | | $ | 23,757 | | | | | | | | | | | | | | Total reportable apartment home segment rental income | | | | | | | | | | | | | Same-Store Communities | | | | | | | | | | | | | West Region | | $ | 122,084 | | $ | 118,987 | | $ | 241,969 | | $ | 234,913 | Mid-Atlantic Region | | | 80,604 | | | 77,639 | | | 160,539 | | | 154,231 | Northeast Region | | | 84,231 | | | 81,347 | | | 164,808 | | | 159,037 | Southeast Region | | | 59,648 | | | 59,100 | | | 118,844 | | | 117,030 | Southwest Region | | | 41,595 | | | 41,462 | | | 78,664 | | | 78,427 | Non-Mature Communities/Other | | | 25,166 | | | 24,563 | | | 60,173 | | | 57,767 | Total segment and consolidated rental income | | $ | 413,328 | | $ | 403,098 | | $ | 824,997 | | $ | 801,405 | | | | | | | | | | | | | | Reportable apartment home segment NOI | | | | | | | | | | | | | Same-Store Communities | | | | | | | | | | | | | West Region | | $ | 90,603 | | $ | 88,228 | | $ | 179,604 | | $ | 176,028 | Mid-Atlantic Region | | | 55,222 | | | 53,109 | | | 109,927 | | | 106,550 | Northeast Region | | | 55,605 | | | 54,262 | | | 107,299 | | | 105,776 | Southeast Region | | | 40,817 | | | 40,559 | | | 81,090 | | | 80,345 | Southwest Region | | | 26,222 | | | 26,945 | | | 49,770 | | | 50,042 | Non-Mature Communities/Other | | | 15,532 | | | 13,618 | | | 35,707 | | | 33,483 | Total segment and consolidated NOI | | | 284,001 | | | 276,721 | | | 563,397 | | | 552,224 | Reconciling items: | | | | | | | | | | | | | Joint venture management and other fees | | | 1,992 | | | 1,450 | | | 3,957 | | | 2,692 | Property management | | | (13,433) | | | (13,101) | | | (26,812) | | | (26,046) | Other operating expenses | | | (7,593) | | | (4,259) | | | (14,421) | | | (7,291) | Real estate depreciation and amortization | | | (170,488) | | | (168,925) | | | (340,346) | | | (338,225) | General and administrative | | | (20,136) | | | (16,452) | | | (37,946) | | | (33,932) | Casualty-related (charges)/recoveries, net | | | (998) | | | (1,134) | | | (7,276) | | | (5,290) | Other depreciation and amortization | | | (4,679) | | | (3,681) | | | (8,995) | | | (7,330) | Gain/(loss) on sale of real estate owned | | | — | | | 325,884 | | | 16,867 | | | 325,885 | Income/(loss) from unconsolidated entities | | | 4,046 | | | 9,697 | | | 13,131 | | | 19,404 | Interest expense | | | (47,811) | | | (45,113) | | | (95,873) | | | (88,855) | Interest income and other income/(expense), net | | | 6,498 | | | 10,447 | | | 12,363 | | | 11,457 | Tax (provision)/benefit, net | | | (386) | | | (1,351) | | | (723) | | | (1,585) | Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership | | | (2,013) | | | (22,630) | | | (5,162) | | | (24,583) | Net (income)/loss attributable to noncontrolling interests | | | (117) | | | (8) | | | (129) | | | (16) | Net income/(loss) attributable to UDR, Inc. | | $ | 28,883 | | $ | 347,545 | | $ | 72,032 | | $ | 378,509 |
| (a) | Same-Store Community population consisted of 52,545 apartment homes. |
| (b) | Same-Store Community population consisted of 51,804 apartment homes. |
|
| Details of assets of UDR's reportable segments |
The following table details the assets of UDR’s reportable segments as of June 30, 2024 and December 31, 2023 (dollars in thousands): | | | | | | | | | June 30, | | December 31, | | | 2024 | | 2023 | Reportable apartment home segment assets: | | | | | | | Same-Store Communities (a): | | | | | | | West Region | | $ | 4,480,088 | | $ | 4,452,491 | Mid-Atlantic Region | | | 3,227,486 | | | 3,205,036 | Northeast Region | | | 3,979,372 | | | 3,957,210 | Southeast Region | | | 1,611,950 | | | 1,589,605 | Southwest Region | | | 1,412,477 | | | 1,403,971 | Non-Mature Communities/Other | | | 1,359,218 | | | 1,415,546 | Total segment assets | | | 16,070,591 | | | 16,023,859 | Accumulated depreciation | | | (6,572,743) | | | (6,267,830) | Total segment assets — net book value | | | 9,497,848 | | | 9,756,029 | Reconciling items: | | | | | | | Cash and cash equivalents | | | 2,770 | | | 2,922 | Restricted cash | | | 31,616 | | | 31,944 | Notes receivable, net | | | 241,842 | | | 228,825 | Investment in and advances to unconsolidated joint ventures, net | | | 958,943 | | | 952,934 | Operating lease right-of-use assets | | | 188,828 | | | 190,619 | Other assets | | | 195,958 | | | 209,969 | Total consolidated assets | | $ | 11,117,805 | | $ | 11,373,242 |
| (a) | Same-Store Community population consisted of 52,545 apartment homes. |
|