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UDR (UDR) investor relations material
UDR Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 delivered strong year-over-year growth in same-store revenue (2.6%) and NOI (2.3%), with FFOA per diluted share of $0.65, up 5%, and net income per diluted share of $0.12, up 100% year-over-year, exceeding consensus expectations.
Total revenue for Q3 2025 was $431.9 million, up 2.8% year-over-year, driven by growth in Same-Store communities and completed developments.
Occupancy remained strong in the mid-96% range, supported by robust resident retention and operational innovation.
Board refreshment continued with the addition of Richard B. Clark, bringing significant real estate and capital markets experience.
Recognized as a National Top Workplaces winner for the second consecutive year and published the seventh annual Corporate Responsibility Report.
Financial highlights
FFOA per diluted share was $0.65, up 5% year-over-year, and FFO per diluted share was $0.62, up 3%; AFFO per diluted share was $0.56.
Net income attributable to common stockholders was $39.2 million for Q3 2025, up from $21.4 million in Q3 2024.
Same-store revenue, expense, and NOI grew 2.6%, 3.1%, and 2.3% year-over-year, respectively.
Weighted average physical occupancy for the Same-Store portfolio was 96.6%.
Repurchased 930,000 shares for $35 million at a discount to consensus NAV during and after the quarter.
Outlook and guidance
Full-year 2025 FFOA per share guidance was raised to $2.53–$2.55, with net income per diluted share guidance at $0.57–$0.59.
Q4 2025 FFOA per share guidance is $0.63–$0.65; net income per diluted share guidance is $0.13–$0.15.
Full-year 2025 same-store revenue growth expected at 2.20%–2.60%, NOI growth at 2.00%–2.50%.
Dispositions guidance increased to $325–$625 million; acquisitions guidance increased to $150–$350 million.
Management expects to meet liquidity needs through operating cash flow, credit facilities, and property sales.
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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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