Cash Flow Statement

Operating Cash Flow

+10%

+49%

10Y

Currency: USD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	54	50	56	53	68	56	57	70	72	85	93	97	97	121	108	155	152	132	176	129	148	123	143	227	967	960	871	744	(42)	(54)	(84)	(92)	(103)	(118)	(103)	(107)	(110)	(68)	(57)	21	136	277	281	220	133	(18)	(5)	46	66	91	130	160	217	276	248	357	292	222	238	320	337	329	317	133	194	205	208	222	159	175	184	200	179	202	146	69	67	17	63	161	172	165	171	93	111	476	486	474	488	149	137	96	132	141	160	404
Depreciation & Amortization	154	157	160	163	163	163	164	167	170	174	177	184	193	201	209	215	222	230	239	247	253	258	261	261	249	248	249	257	274	281	285	284	287	291	297	308	320	337	359	374	384	378	368	355	344	345	341	348	353	357	362	364	365	367	368	381	398	413	428	426	425	428	429	437	440	438	439	436	440	451	471	508	551	589	616	619	608	599	600	620	640	662	676	680	686	688	689	692	693	696	699	695	690	685	684	680
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1	0	0	0	0	0	0	0	1	3	8	9	95	7	3	4	10	0	0	0	14	18	23	28	18	18	16	14	13	13	13	13	13	13	13	13	14	17	17	17	24	25	25	26	20	18	20	22	22	24	25	25	28	29	29	30	33	32	34	36	33	33	32	26	26
Other Non-Cash Items	7	14	11	15	(2)	10	9	(6)	(6)	(19)	(33)	(38)	(42)	(86)	(79)	(140)	(149)	(126)	(177)	(130)	(156)	(132)	(146)	(207)	(935)	(932)	(864)	(792)	(26)	(18)	12	34	41	46	25	23	24	(22)	(29)	(103)	(189)	(333)	(324)	(239)	(155)	29	35	(23)	(47)	(70)	(106)	(125)	(160)	(210)	(182)	(266)	(212)	(139)	(134)	(184)	(191)	(179)	(181)	(37)	(95)	(101)	(100)	(108)	(33)	(44)	(52)	(74)	(82)	(133)	(110)	(37)	(46)	35	7	(95)	(70)	(69)	(53)	51	42	(312)	(311)	(297)	(312)	30	55	121	92	112	88	(159)
Cash Taxes Paid	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	2	2	2	2	1	1	1	1	1	2	2	2	1	0	1	1	3	4	5	5	2	2	1	1	2	2	2	2	1	1	1	1	1	1	1
Cash Interest Paid	144	144	143	135	130	125	115	116	110	111	111	116	133	134	154	160	167	177	184	175	179	183	179	198	189	185	144	176	174	173	205	164	163	162	162	155	159	159	162	156	145	141	131	133	143	129	129	128	125	133	134	132	134	129	128	130	122	129	124	125	125	126	124	126	129	119	135	133	142	142	154	170	183	187	186	172	171	159	157	137	136	138	142	155	164	174	180	184	189	191	194	192	195	191	192	191
Change in Working Capital	2	5	2	(3)	(7)	(17)	(13)	4	(1)	0	7	8	17	20	10	18	4	(1)	4	(8)	(3)	9	11	(12)	(26)	(41)	(43)	(29)	23	12	17	4	(25)	(11)	(22)	(10)	(13)	(20)	(33)	(41)	(58)	(34)	(8)	(9)	2	(8)	(32)	(32)	(16)	(25)	(26)	(7)	(16)	(9)	(17)	(14)	(3)	(28)	3	(25)	(27)	(28)	(22)	(13)	(7)	(8)	(10)	11	0	10	8	(3)	(20)	4	(21)	(47)	(37)	(35)	(39)	(22)	(41)	(26)	(11)	(3)	(12)	(19)	(33)	(36)	(37)	(45)	(36)	(36)	(48)	(60)	(50)	(22)
Cash from Operating Activities	218 N/A	224 +3%	229 +2%	229 0%	222 -3%	213 -4%	216 +2%	235 +9%	236 +1%	241 +2%	244 +1%	252 +3%	264 +5%	256 -3%	248 -3%	248 0%	230 -7%	235 +2%	242 +3%	238 -2%	242 +2%	259 +7%	269 +4%	269 +0%	255 -5%	234 -8%	213 -9%	180 -16%	229 +27%	221 -3%	231 +4%	229 -1%	199 -13%	207 +4%	197 -5%	214 +9%	221 +3%	228 +3%	240 +5%	251 +5%	273 +9%	288 +5%	318 +10%	327 +3%	324 -1%	348 +7%	339 -3%	340 +0%	356 +5%	354 -1%	361 +2%	392 +9%	406 +3%	423 +4%	416 -2%	459 +10%	475 +4%	468 -2%	536 +14%	537 +0%	544 +1%	550 +1%	543 -1%	519 -4%	531 +2%	534 +1%	536 +0%	561 +5%	566 +1%	592 +5%	611 +3%	631 +3%	629 0%	661 +5%	630 -5%	604 -4%	592 -2%	617 +4%	631 +2%	664 +5%	701 +6%	732 +4%	783 +7%	820 +5%	827 +1%	832 +1%	831 0%	833 +0%	832 0%	829 0%	855 +3%	877 +3%	865 -1%	877 +1%	882 +1%	903 +2%
Investing Cash Flow
Capital Expenditures	(212)	(329)	(365)	(350)	(310)	(309)	(287)	(383)	(456)	(401)	(649)	(859)	(929)	(923)	(826)	(622)	(543)	(726)	(716)	(691)	(736)	(606)	(571)	(744)	(1 182)	(1 243)	(1 449)	(1 244)	(737)	(605)	(350)	(303)	(278)	(263)	(541)	(518)	(532)	(655)	(1 137)	(1 273)	(1 301)	(1 222)	(474)	(508)	(537)	(579)	(558)	(442)	(499)	(441)	(544)	(583)	(478)	(440)	(307)	(465)	(463)	(485)	(514)	(438)	(528)	(550)	(565)	(471)	(400)	(380)	(337)	(268)	(643)	(937)	(1 466)	(1 593)	(1 339)	(1 045)	(540)	(705)	(605)	(877)	(1 488)	(1 589)	(1 595)	(1 689)	(1 101)	(775)	(770)	(463)	(491)	(487)	(473)	(433)	(381)	(339)	(322)	(314)	(307)	(480)
Other Items	125	96	264	283	291	202	83	79	82	137	174	263	337	383	371	403	374	374	578	533	500	466	481	654	1 767	1 829	1 796	1 546	363	417	147	145	161	(27)	(0)	(66)	(51)	(72)	(55)	218	79	509	445	296	449	256	280	319	340	75	248	289	271	262	86	200	202	261	205	325	298	278	341	64	131	144	110	155	94	129	173	(94)	(103)	3	(57)	244	399	263	399	317	195	156	(88)	(154)	(190)	48	184	198	319	125	81	63	45	77	104	329
Cash from Investing Activities	(87) N/A	(233) -167%	(100) +57%	(67) +33%	(19) +72%	(107) -473%	(204) -90%	(304) -49%	(374) -23%	(264) +30%	(475) -80%	(596) -25%	(592) +1%	(540) +9%	(455) +16%	(219) +52%	(169) +23%	(352) -109%	(138) +61%	(158) -15%	(236) -49%	(140) +41%	(90) +36%	(90) -1%	586 N/A	586 +0%	348 -41%	302 -13%	(374) N/A	(188) +50%	(203) -8%	(158) +22%	(116) +26%	(290) -150%	(541) -86%	(584) -8%	(583) +0%	(728) -25%	(1 192) -64%	(1 055) +12%	(1 222) -16%	(713) +42%	(29) +96%	(212) -620%	(88) +58%	(323) -266%	(279) +14%	(123) +56%	(159) -29%	(367) -131%	(296) +19%	(294) +1%	(207) +30%	(178) +14%	(221) -24%	(266) -20%	(261) +2%	(224) +14%	(309) -38%	(112) +64%	(230) -105%	(273) -19%	(224) +18%	(407) -82%	(269) +34%	(236) +12%	(227) +4%	(114) +50%	(549) -383%	(808) -47%	(1 293) -60%	(1 687) -30%	(1 441) +15%	(1 043) +28%	(597) +43%	(461) +23%	(206) +55%	(614) -198%	(1 089) -78%	(1 272) -17%	(1 400) -10%	(1 533) -9%	(1 190) +22%	(930) +22%	(960) -3%	(415) +57%	(307) +26%	(289) +6%	(153) +47%	(308) -101%	(301) +2%	(276) +8%	(277) 0%	(238) +14%	(203) +15%	(151) +26%
Financing Cash Flow
Net Issuance of Common Stock	(25)	93	101	44	26	81	160	180	148	91	17	100	98	100	100	(69)	(67)	(69)	(71)	5	3	(30)	(47)	(76)	(178)	(175)	(185)	26	127	156	217	45	123	149	485	472	493	691	865	876	980	1 230	686	675	473	(0)	(0)	0	0	0	100	100	209	209	210	210	275	275	173	173	(0)	0	0	0	(20)	(20)	(20)	280	492	513	962	725	0	512	44	82	0	0	602	899	899	1 249	835	581	580	230	120	(26)	0	0	0	0	0	0	(25)	(118)
Net Issuance of Debt	55	64	(77)	(48)	(71)	(25)	(1)	71	169	116	394	438	423	389	312	253	247	401	206	121	179	127	63	110	(389)	(443)	(174)	(293)	200	23	(30)	48	(71)	67	(19)	44	8	(22)	258	120	168	(404)	(659)	(540)	(449)	54	125	55	70	294	106	64	(133)	(188)	(120)	(95)	(163)	(176)	(46)	(249)	46	91	55	272	147	119	136	(120)	(88)	122	131	616	755	359	455	296	123	508	414	242	301	70	107	77	100	(87)	(61)	83	(43)	119	74	30	50	0	(132)	(6)
Cash Paid for Dividends	(141)	(140)	(142)	(145)	(146)	(148)	(151)	(156)	(161)	(165)	(167)	(168)	(170)	(173)	(176)	(178)	(179)	(180)	(181)	(182)	(184)	(187)	(188)	(189)	(190)	(188)	(186)	(179)	(177)	(182)	(166)	(156)	(141)	(122)	(125)	(130)	(136)	(141)	(150)	(160)	(173)	(190)	(204)	(214)	(221)	(227)	(232)	(236)	(239)	(246)	(252)	(260)	(268)	(274)	(281)	(287)	(293)	(300)	(307)	(313)	(319)	(323)	(327)	(332)	(336)	(339)	(342)	(346)	(352)	(362)	(373)	(387)	(399)	(409)	(418)	(424)	(430)	(431)	(432)	(438)	(447)	(460)	(476)	(488)	(498)	(515)	(530)	(545)	(558)	(560)	(561)	(563)	(566)	(568)	(571)	(573)
Other	(19)	(16)	(12)	(14)	(16)	(17)	(15)	(24)	(21)	(21)	(25)	(23)	(22)	(26)	(25)	(28)	(28)	(35)	(36)	(37)	(38)	(33)	(34)	(23)	(25)	(17)	(15)	(26)	(28)	(26)	(26)	(16)	(11)	(8)	(12)	(13)	(11)	(14)	(17)	(30)	(35)	(48)	(43)	(36)	(35)	(26)	(24)	(18)	(18)	(17)	(15)	(17)	(17)	(16)	(18)	(30)	(35)	(41)	(46)	(41)	(43)	(50)	(48)	(53)	(54)	(49)	(76)	(74)	(66)	(63)	(42)	(73)	(78)	(82)	(114)	(107)	(150)	(150)	(120)	(90)	(62)	(66)	(59)	(59)	(48)	(43)	(51)	(52)	(50)	(52)	(65)	(67)	(72)	(71)	(51)	(54)
Cash from Financing Activities	(130) N/A	1 N/A	(129) N/A	(163) -26%	(207) -27%	(110) +47%	(7) +94%	71 N/A	135 +91%	22 -84%	220 +910%	347 +58%	328 -5%	290 -12%	210 -27%	(22) N/A	(27) -23%	118 N/A	(81) N/A	(93) -15%	(41) +56%	(122) -198%	(205) -69%	(178) +13%	(782) -339%	(822) -5%	(560) +32%	(473) +16%	122 N/A	(30) N/A	(6) +81%	(78) -1 295%	(100) -29%	86 N/A	329 +282%	373 +13%	354 -5%	514 +45%	956 +86%	806 -16%	941 +17%	588 -38%	(220) N/A	(116) +47%	(232) -100%	(200) +14%	(131) +34%	(199) -51%	(188) +5%	31 N/A	(62) N/A	(114) -85%	(209) -84%	(269) -29%	(209) +23%	(202) +3%	(217) -8%	(242) -11%	(225) +7%	(429) -91%	(316) +26%	(282) +11%	(320) -14%	(112) +65%	(263) -135%	(289) -10%	(303) -5%	(260) +14%	(14) +95%	209 N/A	678 +224%	880 +30%	811 -8%	380 -53%	(33) N/A	(153) -360%	(375) -146%	9 N/A	464 +4 843%	613 +32%	691 +13%	793 +15%	407 -49%	111 -73%	135 +22%	(415) N/A	(521) -26%	(539) -3%	(676) -25%	(517) +24%	(552) -7%	(600) -9%	(587) +2%	(639) -9%	(779) -22%	(750) +4%
Change in Cash
Net Change in Cash	0 N/A	(8) N/A	(0) +96%	(2) -400%	(3) -127%	(4) -18%	6 N/A	2 -73%	(3) N/A	(1) +69%	(11) -1 275%	3 N/A	(0) N/A	5 N/A	4 -34%	8 +120%	35 +351%	0 -100%	23 +23 200%	(13) N/A	(35) -160%	(3) +90%	(26) -697%	1 N/A	59 +5 218%	(1) N/A	1 N/A	10 +1 820%	(23) N/A	4 N/A	22 +519%	(7) N/A	(17) -158%	3 N/A	(15) N/A	4 N/A	(8) N/A	14 N/A	3 -76%	3 -9%	(8) N/A	163 N/A	69 -58%	(0) N/A	4 N/A	(175) N/A	(71) +59%	18 N/A	9 -52%	18 +106%	4 -80%	(15) N/A	(10) +37%	(24) -151%	(13) +44%	(9) +36%	(3) +69%	2 N/A	2 -14%	(5) N/A	(2) +68%	(4) -180%	(1) +74%	(0) +73%	(1) -367%	10 N/A	6 -41%	187 +3 126%	3 -98%	(7) N/A	(4) +35%	(176) -3 891%	(1) +99%	(1) +8%	1 N/A	(9) N/A	12 N/A	13 +14%	5 -62%	4 -16%	(8) N/A	(7) +3%	1 N/A	2 +168%	2 +29%	2 -26%	3 +51%	5 +83%	3 -41%	4 +45%	3 -23%	1 -82%	1 +142%	1 -47%	(100) N/A	2 N/A
Free Cash Flow
Free Cash Flow	6 N/A	(105) N/A	(135) -28%	(121) +11%	(87) +28%	(96) -10%	(70) +27%	(149) -111%	(220) -48%	(160) +27%	(405) -154%	(607) -50%	(665) -10%	(667) 0%	(577) +14%	(374) +35%	(313) +16%	(491) -57%	(474) +4%	(453) +4%	(494) -9%	(348) +30%	(302) +13%	(475) -57%	(926) -95%	(1 008) -9%	(1 236) -23%	(1 064) +14%	(508) +52%	(384) +24%	(119) +69%	(74) +38%	(78) -6%	(56) +29%	(344) -515%	(304) +12%	(311) -2%	(428) -37%	(897) -110%	(1 022) -14%	(1 028) -1%	(934) +9%	(156) +83%	(181) -16%	(213) -18%	(232) -9%	(219) +5%	(102) +54%	(143) -40%	(88) +39%	(183) -109%	(190) -4%	(72) +62%	(16) +77%	109 N/A	(7) N/A	13 N/A	(17) N/A	22 N/A	99 +351%	17 -83%	(0) N/A	(22) -5 275%	48 N/A	131 +176%	155 +18%	199 +29%	292 +47%	(77) N/A	(345) -347%	(856) -148%	(962) -12%	(710) +26%	(384) +46%	90 N/A	(100) N/A	(13) +87%	(259) -1 941%	(858) -231%	(925) -8%	(894) +3%	(957) -7%	(318) +67%	45 N/A	57 +27%	369 +549%	340 -8%	346 +2%	360 +4%	396 +10%	474 +20%	538 +13%	543 +1%	563 +4%	575 +2%	423 -26%

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UDR Inc
NYSE:UDR

Cash Flow Statement

Cash Flow Statement
UDR Inc

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UDR Inc NYSE:UDR

Cash Flow Statement

Cash Flow Statement UDR Inc

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UDR Inc
NYSE:UDR

Cash Flow Statement
UDR Inc