UDR is a self-administered real estate investment trust that owns, operates, and develops multifamily apartment communities across the United States in both urban and suburban markets. The company generates revenue primarily through rental income from apartment leases, which typically allow for periodic rent increases, supplemented by ancillary fees for services such as parking and pet ownership. UDR serves residents across diverse income levels by maintaining a portfolio of Class A and Class B properties across multiple markets, and as a REIT it distributes at least 90 percent of taxable income to shareholders while maintaining financial flexibility through staggered debt maturities and access to capital markets for acquisitions, developments, and shareholder distributions.