UDR · 10-Q · 2026Q3 · Full report

Liquidity and Debt Position

UDR, Inc. · 2026-11-03 · Importance 23 · Surprise 6 · In source text

At September 30, 2026, UDR had $700.0 million of commercial paper outstanding at a 4.15% weighted average annualized rate, with no remaining program capacity, and $350.0 million outstanding under its term loan. It had no borrowings on its $1.3 billion revolving credit facility, leaving $1.3 billion of unused capacity, and had $34.6 million outstanding on its $75.0 million working capital facility. UDR repaid $300.0 million of 2.95% notes due September 2026, primarily using commercial paper borrowings; approximately $700.0 million of commercial paper and $26.7 million of secured debt were due during the remainder of 2026. UDR reported $936.6 million in variable-rate debt not covered by interest-rate swaps; a 100-basis-point rate increase would have increased nine-month interest expense by $5.5 million based on the period’s average balance.

Key facts

• UDR expects to fund long-term requirements, including scheduled debt maturities, development financing repayments, and potential property acquisitions, with operating cash flow, borrowings, securities issuances, property dispositions, and property interests sold through joint ventures; the Apollo JV formed in October 2026 provided approximately $1.34 billion of cash proceeds. source
• UDR's unsecured revolving credit facility was $1.3 billion and its unsecured term loan was $350.0 million; the credit agreement permits aggregate commitments and borrowings to increase up to $2.5 billion, subject to conditions. source
• The Operating Partnership guarantees UDR debt securities including $300 million due July 2027, $300 million due January 2028, $300 million due January 2029, and $600 million due January 2030. source
• At September 30, 2026, UDR had no revolving credit facility borrowings and $1.3 billion of unused capacity, excluding $4.3 million of letters of credit, and had $350.0 million outstanding under its term loan. source
• At September 30, 2026, UDR had issued $700.0 million of commercial paper for one-month terms at a weighted average annualized rate of 4.15%, leaving no unused capacity. source
• UDR repaid $30.0 million of secured debt, repaid $300.0 million of senior unsecured notes, received $255.0 million net proceeds from commercial paper and $8.2 million net proceeds from revolving bank debt, repurchased shares for $300.3 million, and paid $422.6 million of common-stockholder distributions in the first nine months of 2026. source
• In September 2026, UDR repaid its $300.0 million 2.95% senior unsecured medium-term notes due September 1, 2026, primarily with commercial paper borrowings. source
• UDR had $34.6 million outstanding under its $75.0 million working capital credit facility at September 30, 2026, leaving $40.4 million unused capacity. source

Impact estimates