UDR (UDR) Q1 2026 earnings summary

Executive summary

• Q1 2026 results met expectations, with FFOA per share and Same-Store performance in line with guidance, supported by strong operational execution and capital allocation strategies.

• Net income attributable to common stockholders rose to $188.6 million ($0.57 per diluted share), up from $75.5 million ($0.23 per diluted share) in Q1 2025, driven by higher gains on real estate sales and increased income from unconsolidated entities.

• Resident retention reached an all-time high, supporting revenue and cash flow growth.

• Transitioned to a monthly dividend to attract high-net-worth and institutional investors, becoming the first residential REIT to do so.

• Maintained full-year 2026 same-store and earnings guidance, reflecting confidence in long-term growth prospects.

Financial highlights

• Q1 FFO as adjusted per share was $0.62, at the midpoint of guidance; FFO per diluted share was $0.63, up $0.05 year-over-year.

• Net income per diluted share was $0.57, up $0.34 year-over-year.

• Total revenues increased to $425.8 million from $421.9 million year-over-year.

• Same-store revenue grew 0.9% year-over-year; blended lease rate growth was 1.6%.

• Same-store expense growth was 4.4%, elevated by $1.4 million in incremental winter storm costs.

Outlook and guidance

• Full-year 2026 same-store and earnings guidance maintained; reassessment planned next quarter.

• Updated full-year 2026 net income per diluted share guidance to $0.91–$1.01, midpoint up $0.46.

• Full-year FFO per diluted share guidance set at $2.48–$2.58, midpoint up $0.01; FFOA per diluted share guidance unchanged at $2.47–$2.57.

• Q2 FFOA per share guidance is $0.62-$0.64, with the midpoint representing a 2% sequential increase.

• Same-Store revenue growth guidance for 2026: 0.25%–2.25%; NOI growth: (1.00)%–1.25%.