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UDR (UDR) investor relations material

UDR Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary10 Feb, 2026

Executive summary

  • Reported strong Q4 and full-year 2025 results, with FFOA per share of $2.54 and Q4 FFOA per share of $0.64 meeting guidance midpoints, and net income per diluted share of $1.13, up 335% year-over-year.

  • Same-store expense and NOI growth exceeded expectations, with same-store revenue growth meeting or surpassing guidance and peer medians in most markets.

  • Strategic focus on data-driven decision-making, innovation, and disciplined capital allocation, including significant AI integration, drove margin expansion and cash flow growth.

  • Board refreshed with new members bringing accounting and governance expertise, including Richard B. Clark and Ellen M. Goitia.

  • Completed major transactions, including a $231.6M joint venture expansion and a $147.7M acquisition in the Washington, D.C. area.

Financial highlights

  • Repurchased nearly $120 million of stock in 2025, including 2.6M shares for $92.8M in Q4.

  • Acquired Enclave at Potomac Club for $147.7 million and expanded a joint venture with LaSalle by $231.6 million, using proceeds to repay $127.6 million in debt and repurchase $92.8 million in stock.

  • Ended 2025 with nearly $1 billion in liquidity and only 6.7%–12% of consolidated debt maturing through 2026–2027.

  • 2025 same-store revenue, expense, and NOI growth were 2.4%, 2.6%, and 2.3%, respectively, with NOI growth second-highest among peers.

  • Q4 2025 net income per diluted share was $0.67; FFO per diluted share was $0.62, up 29% year-over-year.

Outlook and guidance

  • 2026 FFOA/FFO per share guidance is $2.47–$2.57, with a midpoint of $2.52, and net income per diluted share guidance is $0.45–$0.55.

  • 2026 same-store revenue growth guidance is 0.25%–2.25% (midpoint 1.25%), driven by 1.5%–2% blended lease rate growth and innovation initiatives.

  • Same-store expense growth expected at 3.75% midpoint, with real estate taxes, repairs/maintenance, and admin/marketing as key drivers.

  • Net seller position in 2026, actively marketing $700 million in assets for disposition, with proceeds to be used for share repurchases and NOI-enhancing CapEx.

  • 2026 annualized dividend per share set at $1.74, a 1.2% increase.

Explain the impact of lease expiration cadence adjustments
Address 4Q25 SS NOI decline in Southeast/Southwest
Discuss 2026 debt maturities and liquidity position
Detail AI's impact on resident experience and operations
How do dispositions balance buybacks and tax capacity?
Explain drivers of recent lease rate acceleration
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Frequently asked questions

Upscale Apartment REIT

UDR, Inc. is a real estate investment trust (REIT) specializing in managing, developing, and redeveloping multifamily properties. UDR has established a robust portfolio of upscale and luxury properties, including residential units across major metropolitan areas across the United States. The company focuses on delivering enjoyable living environments for residents while aiming for long-term value creation for shareholders at the same time. It is headquartered in Highlands Ranch, Colorado, and its shares are listed on the NYSE.

From Real Estate Development to Public REIT

UDR was founded in 1972, the company started as a small real estate development firm in Colorado. Today, UDR owns and manages a substantial portfolio of over 60,000 apartment homes, many of which are located in some of the most sought-after markets in the United States, such as New York City, San Francisco, and Washington, D.C.

The Properties

The company is primarily engaged in the ownership, operation, development, and acquisition of multifamily apartment communities. Its property portfolio spans various regions across the United States, with a focus on urban and suburban areas. UDR's properties typically include mid-rise and high-rise buildings, often featuring a range of amenities designed to appeal to a diverse tenant base. These amenities can include fitness centers, swimming pools, and community spaces. Some similar companies to UDR are Boston Properties, Equity Residential, and AvalonBay Communities.

Real Estate Investment Trust

As a REIT, UDR. operates under a specific framework that involves owning and typically managing income-generating real estate properties. The REIT structure mandates that the company distributes a significant portion of its taxable income to shareholders, usually in the form of dividends. This is one of the rules and regulations that a company has to adhere to in order to qualify as a REIT, and in return, it receives a number of benefits.

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