UDR, INC. ANNOUNCES THIRD QUARTER 2026 RESULTS
UDR, Inc. (UDR) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Press Release DENVER, CO – November 2, 2026 Contact: Trent Trujillo Email: ttrujillo@udr.com UDR, INC. ANNOUNCES THIRD QUARTER 2026 RESULTS AND RAISES FULL-YEAR 2026 GUIDANCE RANGES UDR, Inc. (the “Company”) (NYSE: UDR), announce
How this was made
The 30-second read
Why it matters
The raised guidance may attract buying interest and support the stock price in the short term.
Market read
The earnings release and guidance raise are the primary market‑moving elements of this article.
What to watch
Potential risks from higher interest rates could offset the guidance benefit.
UDR, INC. ANNOUNCES THIRD QUARTER 2026 RESULTS AND RAISES FULL-YEAR 2026 GUIDANCE RANGES
Third-quarter FFOA per diluted share was unchanged year over year at $0.65, while Same-Store revenue and NOI grew 1.8% and 1.6%, respectively. The Company raised full-year guidance for Net Income, FFOA, Same-Store revenue growth and Same-Store NOI growth, while completing its $2.0 billion Apollo strategic partnership and repurchasing shares. Reported total revenue decreased $3.8 million, or (0.9) percent, year over year, and Same-Store NOI declined (0.1)% sequentially.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net Income per diluted share, quarter ended September 30, 2026GAAP | $0.67 | – | – |
| FFO per diluted share, quarter ended September 30, 2026non-GAAP | $0.62 | – | – |
| FFOA per diluted share, quarter ended September 30, 2026non-GAAP | $0.65 | – | – |
| Net Income per diluted share, year-to-date ended September 30, 2026GAAP | $1.45 | – | – |
| FFO per diluted share, year-to-date ended September 30, 2026non-GAAP | $1.85 | – | – |
| FFOA per diluted share, year-to-date ended September 30, 2026non-GAAP | $1.90 | – | – |
| Total revenue, third quarter 2026GAAP | decreased by $3.8 million | – | (0.9) percent |
| Same-Store Revenue Growth / (Decline), third quarter 2026other | 1.8% | 0.8% | 1.8% |
| Same-Store Expense Growth / (Decline), third quarter 2026other | 2.2% | 2.9% | 2.2% |
| Same-Store NOI Growth / (Decline), third quarter 2026other | 1.6% | (0.1)% | 1.6% |
| Same-Store Revenue Growth / (Decline), year-to-date 2026other | 1.6% | – | 1.6% |
| Same-Store Expense Growth / (Decline), year-to-date 2026other | 3.2% | – | 3.2% |
| Same-Store NOI Growth / (Decline), year-to-date 2026other | 0.8% | – | 0.8% |
| Same-Store physical occupancy, third quarter 2026other | 96.5% | (0.1)% | (0.2)% |
| Same-Store physical occupancy, year-to-date 2026other | 96.6% | – | (0.4)% |
| Total indebtedness as of September 30, 2026GAAP | $5.8B | – | – |
| Weighted Average Interest Rate, third quarter 2026other | 3.45% | – | 0.03% |
| Weighted Average Years to Maturity, third quarter 2026other | 3.7 | – | (0.9) |
| Consolidated Fixed Charge Coverage Ratio, third quarter 2026other | 5.0x | – | 0.1x |
| Consolidated Debt as a percentage of Total Assets, third quarter 2026other | 32.3% | – | (0.3)% |
| Consolidated Net Debt-to-EBITDAre – adjusted for non-recurring items, third quarter 2026non-GAAP | 5.5x | – | - |
| Same-Store West Revenue Growth / (Decline), year-to-date 2026other | 3.3% | – | 3.3% |
| Same-Store West Expense Growth / (Decline), year-to-date 2026other | 5.3% | – | 5.3% |
| Same-Store West NOI Growth / (Decline), year-to-date 2026other | 2.6% | – | 2.6% |
| Same-Store Northeast Revenue Growth / (Decline), year-to-date 2026other | 2.5% | – | 2.5% |
| Same-Store Northeast Expense Growth / (Decline), year-to-date 2026other | 3.0% | – | 3.0% |
| Same-Store Northeast NOI Growth / (Decline), year-to-date 2026other | 2.2% | – | 2.2% |
| Same-Store Mid-Atlantic Revenue Growth / (Decline), year-to-date 2026other | 0.7% | – | 0.7% |
| Same-Store Mid-Atlantic Expense Growth / (Decline), year-to-date 2026other | 3.9% | – | 3.9% |
| Same-Store Mid-Atlantic NOI Growth / (Decline), year-to-date 2026other | (0.7)% | – | (0.7)% |
| Same-Store Southwest Revenue Growth / (Decline), year-to-date 2026other | (1.1)% | – | (1.1)% |
| Same-Store Southwest Expense Growth / (Decline), year-to-date 2026other | 0.0% | – | 0.0% |
| Same-Store Southwest NOI Growth / (Decline), year-to-date 2026other | (1.7)% | – | (1.7)% |
| Same-Store Southeast Revenue Growth / (Decline), year-to-date 2026other | (1.6)% | – | (1.6)% |
| Same-Store Southeast Expense Growth / (Decline), year-to-date 2026other | 1.3% | – | 1.3% |
| Same-Store Southeast NOI Growth / (Decline), year-to-date 2026other | (3.0)% | – | (3.0)% |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| West Same-StoreExpense Growth / (Decline) was 3.8% year over year and 6.7% sequentially; NOI Growth / (Decline) was 3.9% year over year and (0.4)% sequentially; % of Same-Store Portfolio was 37.2%; Physical Occupancy was 96.8%; YOY Change in Occupancy was 0.0%; Sequential Change in Occupancy was (0.1)%. | 3.9% | 1.5% | 3.9% |
| Northeast Same-StoreExpense Growth / (Decline) was 1.6% year over year and 0.4% sequentially; NOI Growth / (Decline) was 3.0% year over year and 2.2% sequentially; % of Same-Store Portfolio was 21.3%; Physical Occupancy was 96.7%; YOY Change in Occupancy was (0.3)%; Sequential Change in Occupancy was (0.4)%. | 2.5% | 1.6% | 2.5% |
| Mid-Atlantic Same-StoreExpense Growth / (Decline) was 3.0% year over year and 3.6% sequentially; NOI Growth / (Decline) was (1.0)% year over year and (1.9)% sequentially; % of Same-Store Portfolio was 20.0%; Physical Occupancy was 95.9%; YOY Change in Occupancy was (0.8)%; Sequential Change in Occupancy was (0.6)%. | 0.3% | (0.1)% | 0.3% |
| Southwest Same-StoreExpense Growth / (Decline) was (0.3)% year over year and 2.9% sequentially; NOI Growth / (Decline) was (0.5)% year over year and (1.0)% sequentially; % of Same-Store Portfolio was 12.3%; Physical Occupancy was 96.9%; YOY Change in Occupancy was 0.0%; Sequential Change in Occupancy was 0.2%. | (0.4)% | 0.5% | (0.4)% |
| Southeast Same-StoreExpense Growth / (Decline) was 2.0% year over year and (3.4)% sequentially; NOI Growth / (Decline) was (2.2)% year over year and 1.2% sequentially; % of Same-Store Portfolio was 9.2%; Physical Occupancy was 96.4%; YOY Change in Occupancy was 0.4%; Sequential Change in Occupancy was 0.3%. | (0.9)% | (0.4)% | (0.9)% |
4Q 2026 Outlook and Updated Full-Year 2026 Outlook outlook
- Note4Q 2026 Net Income: $0.13 to $0.15 per diluted share
- Note4Q 2026 FFO: $0.63 to $0.65 per diluted share
- Note4Q 2026 FFOA: $0.63 to $0.65 per diluted share
- NoteUpdated Full-Year 2026 Net Income: $1.58 to $1.60 per diluted share; midpoint $1.59 (+$0.52)
- NoteUpdated Full-Year 2026 FFO: $2.48 to $2.50 per diluted share; midpoint $2.49 (-$0.02)
- NoteUpdated Full-Year 2026 FFOA: $2.54 to $2.56 per diluted share; midpoint $2.55 (+$0.02)
- NoteUpdated Full-Year 2026 Same-Store Revenue growth: 1.4% to 1.8%; midpoint 1.6% (+22.5bps)
- NoteUpdated Full-Year 2026 Same-Store Expense growth: 2.7% to 3.1%; midpoint 2.9% (-35bps)
- NoteUpdated Full-Year 2026 Same-Store NOI growth: 0.8% to 1.2%; midpoint 1.0% (+37.5bps)
- NoteIncluding the 19 Apollo joint-venture communities, Full-Year guidance midpoints for Same-Store Revenue, Expense, and NOI would be 1.45%, 2.9%, and 0.75%, respectively.
Capital returns
- Through the end of October, repurchased approximately 5.2 million shares of common stock at a weighted average share price of $35.48 for total consideration of approximately $185.1 million.
- Following this share repurchase activity, the Company has approximately 20.3 million shares remaining for repurchase under its program.
- Since recommencing share repurchases in September 2025, repurchased approximately 16.7 million shares of common stock at a weighted average share price of $36.06 for total consideration of approximately $603.2 million.
- Sold two apartment communities with a combined 412 apartment homes for gross proceeds of $183.0 million.
- The Company remains under contract to sell a 396-home apartment community for gross proceeds of approximately $69.0 million.
- Declared dividends of $0.145 per common share per month for October, November, and December 2026, totaling $0.435 per common share.
- The declared dividends represent a 1.2 percent increase over the comparable period in 2025 and an annualized dividend amount of $1.74 per share of common stock.
What drove it
- Revenue increases attributable to growth from Same-Store and acquired communities were offset by the removal of revenue from properties that were sold.
- Third-quarter Same-Store results were supported by strong occupancy in the mid-96 percent range, year-over-year improvement in bad debt, blended lease rate growth within the expected range, and continued improvement in resident retention that led to strong expense control.
- The Company cited fewer lease expirations than typical in the fourth quarter following a strategic shift to the expiration schedule made last year, alongside renewal lease offers higher than those in the third quarter.
- West and Northeast generated Same-Store NOI growth of 3.9% and 3.0%, respectively, year over year.
Concerns
- Reported total revenue decreased by $3.8 million YOY, or (0.9) percent.
- Same-Store NOI declined (0.1)% sequentially as Same-Store expense grew 2.9% sequentially versus 0.8% Same-Store revenue growth.
- Mid-Atlantic, Southwest, and Southeast Same-Store NOI growth was (1.0)%, (0.5)%, and (2.2)%, respectively, year over year.
- Year-to-date Same-Store NOI declined in Mid-Atlantic, Southwest, and Southeast by (0.7)%, (1.7)%, and (3.0)%, respectively.
- Weighted Average Years to Maturity declined to 3.7 from 4.6.
What to watch
- Fourth-quarter Net Income outlook of $0.13 to $0.15 per diluted share, FFO outlook of $0.63 to $0.65 per diluted share, and FFOA outlook of $0.63 to $0.65 per diluted share.
- Execution against updated full-year Same-Store Revenue growth guidance of 1.4% to 1.8% and Same-Store NOI growth guidance of 0.8% to 1.2%.
- The operating and asset-management contribution from the Apollo joint venture, including UDR’s option to repurchase Apollo’s interest at a 7.0 percent target IRR for a finite period starting at the fifth anniversary of closing.
- Completion of the contracted sale of the 396-home Metropolitan Washington, D.C. apartment community for gross proceeds of approximately $69.0 million.
- The agreement to acquire a 237-home community in the first half of 2027, subject to customary closing conditions.
Balance sheet and cash flow
- Total indebtedness as of September 30, 2026 was $5.8 billion at a weighted average interest rate of 3.45 percent.
- $333.6 million, or 6.6 percent of total consolidated debt, matures through 2027, including principal amortization and excluding amounts on the Company’s line of credit, commercial paper program, and working capital credit facility.
- The Company had approximately $641.6 million in liquidity through cash and undrawn capacity on credit facilities as of September 30, 2026.
- Immediately following the Apollo transaction closing, the Company received $1.34 billion of equity proceeds.
- The Apollo transaction contributed 19 apartment communities totaling 7,059 apartment homes to a new joint venture valued at an approximate 6.0 percent capitalization rate; UDR retained an approximate one-third interest.
- The LaSalle Investment Management joint venture was expanded to approximately $958.3 million; the Company received approximately $103.2 million in cash proceeds.
- The Company received a full repayment of approximately $29.5 million on its Preferred Equity investment in a stabilized apartment community in Orlando, FL.
- Excluding the latter Inland Empire transaction, the aggregate investment balance of the Debt and Preferred Equity portfolio is expected to be approximately $250.0 million at year-end 2026.
Analysis
UDR reported third-quarter Net Income of $0.67 per diluted share, compared with $0.12 per diluted share in the prior-year quarter. FFO was $0.62 per diluted share and FFOA was $0.65 per diluted share, each unchanged from the third quarter of 2025. Year-to-date Net Income was $1.45 per diluted share, while FFO and FFOA were $1.85 and $1.90 per diluted share, respectively. The reported total-revenue comparison was negative, with revenue decreasing by $3.8 million YOY, or (0.9) percent, as Same-Store and acquired-community growth was more than offset by sold-property revenue removal.
Same-Store operating performance remained positive year over year but moderated sequentially. Third-quarter Same-Store revenue grew 1.8%, expenses rose 2.2%, and NOI increased 1.6%. Sequentially, Same-Store revenue grew 0.8% and expenses increased 2.9%, producing a (0.1)% NOI decline. Physical occupancy was 96.5%, with a (0.2)% year-over-year change and a (0.1)% sequential change. West and Northeast were the strongest regional NOI contributors on a year-over-year basis, while Mid-Atlantic, Southwest, and Southeast recorded NOI declines.
The Company raised its full-year outlook ranges for Net Income, FFOA, Same-Store revenue growth, and Same-Store NOI growth. Updated full-year guidance calls for Net Income of $1.58 to $1.60 per diluted share, FFO of $2.48 to $2.50 per diluted share, and FFOA of $2.54 to $2.56 per diluted share. The updated Same-Store outlook calls for revenue growth of 1.4% to 1.8%, expense growth of 2.7% to 3.1%, and NOI growth of 0.8% to 1.2%. Fourth-quarter FFO and FFOA outlook are both $0.63 to $0.65 per diluted share.
Capital allocation centered on the closed $2.0 billion Apollo strategic partnership, which supplied $1.34 billion of equity capital and placed 19 apartment communities into a new joint venture. UDR also repurchased approximately 5.2 million shares through the end of October for approximately $185.1 million, sold two communities for gross proceeds of $183.0 million, and expanded its LaSalle joint venture while receiving approximately $103.2 million in cash proceeds. Total indebtedness was $5.8 billion and liquidity was approximately $641.6 million as of September 30, 2026. Debt maturity exposure through 2027 was $333.6 million, or 6.6 percent of total consolidated debt.
The main operating issue is the divergence between resilient occupancy and uneven regional NOI, particularly in Mid-Atlantic, Southwest, and Southeast, alongside sequential expense growth that exceeded Same-Store revenue growth. The fourth-quarter outlook and progress against the raised full-year Same-Store NOI target will show whether higher renewal offers, fewer fourth-quarter expirations, resident retention, and expense control translate into renewed sequential NOI expansion. Apollo-related asset management income, continued portfolio sales, DPE runoff, and share repurchases are additional determinants of capital deployment and balance-sheet positioning.
Management, verbatim
Third quarter operational results and FFOA per diluted share exceeded our expectations and drove our second guidance raise of 2026.
Tom Toomey, UDR’s Chairman, President, and CEO
Additionally, we are excited to have closed our strategic partnership with Apollo, which expands our access to capital, strengthens our balance sheet by reducing leverage, improves the quality of our wholly-owned portfolio, and positions UDR to pursue compelling investment opportunities that drive value creation for our shareholders.
Tom Toomey, UDR’s Chairman, President, and CEO
Third quarter Same-Store results were supported by strong occupancy in the mid-96 percent range, year-over-year improvement in bad debt, blended lease rate growth that fell within our expected range, and continued improvement in resident retention that led to strong expense control.
Mike Lacy, UDR’s Chief Operating Officer
Not in the filing
stated, not guessed- Actual total revenue for the third quarter and year-to-date periods was not provided.
- Actual gross profit, gross margin, operating income, operating margin, net income in dollars, and EPS dilution share counts were not provided.
- Operating cash flow and free cash flow were not provided.
- Cash balance as of September 30, 2026 was not separately provided.
- Prior-quarter Net Income, FFO, and FFOA per diluted share were not provided.
- Prior-quarter and prior-year actual Same-Store revenue, expense, NOI, and occupancy values were not provided; only changes were provided.
- Regional actual revenue dollars, expense dollars, and NOI dollars were not provided.
- Prior full-year outlook was included in the current release, but a previous earnings release outlook section was not provided for the required vs_prior_guidance comparison.
- Detailed fourth-quarter and full-year investment assumptions referenced in Attachment 13 were not included in the filing text.
- GAAP-to-FFO, FFOA, EBITDAre, and net-debt reconciliation details referenced in the quarterly Supplement were not included in the filing text.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
UDR is a publicly traded residential REIT that reports quarterly results via SEC Form 8‑K.
Ticker impact
UDR announced third‑quarter 2026 results and raised full‑year guidance ranges.
likely upward pressure as investors price in higher guidance
The company increased its full‑year net income and FFOA guidance, which typically supports the stock.
Market effects
Positive for the residential REIT sector as guidance lift may signal broader demand.
U.S. market participants may adjust exposure to real‑estate equities.
Limited to U.S. REIT investors.
Counterpoint
If the guidance raise is already priced in, the stock could face a pull‑back.
Key entities
- ExecutiveTom Toomey
Chairman, President and CEO of UDR who commented on the results.
