UDR
Owner-operator of U.S. apartment communities with centralized resident services.
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Profile
Owns and operates apartment communities across targeted U.S. markets, earning mainly from resident rents. Portfolio recycling, development and redevelopment, joint ventures, and preferred equity investments complement stabilized communities managed through centralized resident-service technology.
Owns and operates multifamily apartment communities across West, Northeast, Mid-Atlantic, Southeast, and Southwest U.S. markets. Rental income from stabilized Same-Store Communities forms the core business, while Non-Mature Communities/Other covers recently acquired, developed, redeveloped, and mixed-use assets. A consolidated portfolio of more than 55,000 apartment homes is supplemented by joint ventures and a Debt and Preferred Equity Program.
Acquires, renovates, develops, redevelops, and sells communities to reshape the portfolio. Centralized leasing and resident-service systems, a resident app, and smart-home tools support property operations and retention. Results depend on local rents, occupancy, operating costs, housing supply, and capital availability. REIT qualification also requires recurring distributions, limiting cash retained for investment.
Company facts
Categories
Key statistics
Year to date +1.2% · Average volume (30d) 3.2M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 14, 2026 | Deutsche Bank | Reiterate | Buy | $45 | $44 | |
| Aug 12, 2026 | Morgan Stanley | Reiterate | Equal Weight | $44.50 | $42 | |
| Aug 3, 2026 | Cantor Fitzgerald | Reiterate | Neutral | $39 | $41 | |
| Jul 30, 2026 | Goldman Sachs | Reiterate | Sell | $35 | $38 | |
| Jul 22, 2026 | Wells Fargo | Reiterate | Overweight | $41 | $44 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 27, 2026Q2 FY26 | $0.13 | $0.21 | +61.0% | $423.3M | $422.9M | −0.1% | −0.69% |
| Apr 29, 2026Q1 FY26 | $0.13 | $0.62 | +376.9% | $427.1M | $423.3M | −0.9% | +0.50% |
| Feb 9, 2026Q4 FY25 | $0.15 | $0.64 | +324.7% | $430.1M | $428.8M | −0.3% | +4.32% |
| Oct 29, 2025Q3 FY25 | $0.63 | $0.65 | +3.2% | $430.3M | $431.9M | +0.4% | +0.21% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $421.9M | $425.4M | $431.9M | $433.1M | $425.8M | $425.4M | |
| Gross profit | $112.2M | $115.8M | $294.7M | $116.8M | $262.1M | $282.5M | |
| Operating income | $122.2M | $77.4M | $76.4M | $85.9M | $229.8M | $92.5M | |
| Net income | $76.7M | $37.7M | $40.4M | $222.9M | $189.8M | $69.0M | |
| Diluted EPS | $0.23 | $0.11 | $0.11 | $0.67 | $0.57 | $0.22 | |
| Gross margin | 26.6% | 27.2% | 68.2% | 27.0% | 61.5% | 66.4% | |
| Operating margin | 29.0% | 18.2% | 17.7% | 19.8% | 54.0% | 21.7% |
Fiscal years (4-quarter sums)FY21 $1.29B · FY22 $1.52B · FY23 $1.63B · FY24 $1.67B · FY25 $1.71B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $1.2M · Total debt $5.99B · Total assets $10.27B · Shareholders' equity $2.94B
Dividends
Raised for 16 straight years. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 17, 2026 | Aug 17 | Aug 31 | $0.145 | |
| Jul 17, 2026 | Jul 17 | Jul 31 | $0.145 | cut from $0.435 |
| Apr 15, 2026 | Apr 15 | Apr 30 | $0.435 | raised from $0.43 |
| Jan 12, 2026 | Jan 12 | Feb 2 | $0.43 | |
| Oct 9, 2025 | Oct 9 | Oct 31 | $0.43 | |
| Jul 10, 2025 | Jul 10 | Jul 31 | $0.43 | |
| Apr 10, 2025 | Apr 10 | Apr 30 | $0.43 | raised from $0.425 |
| Jan 10, 2025 | Jan 10 | Jan 31 | $0.425 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 321.26M · Float 289.00M · 90.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 31.25M | 9.73% | 13F | Aug 7, 2026 |
| Norges Bank | 29.45M | 9.17% | 13F | Aug 12, 2026 |
| Capital Research Global Investors | 25.57M | 7.96% | 13F | Aug 12, 2026 |
| Vanguard Portfolio Management LLC | 25.52M | 7.94% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 20.29M | 6.32% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 5, 2026 | Thomas W. Toomey | director, officer: Chairman, President and CEO | −80,000 | $39.25 |
Peers
- AvalonBay Communities
Large U.S. multifamily REIT with broad apartment overlap
- Equity Residential
Large apartment REIT overlap in coastal and growth metros
- Mid-America Apartment Communities
Sun Belt multifamily peer across leasing and asset growth
- Camden Property Trust
Sun Belt and western apartment REIT overlap
- Essex Property Trust
West Coast apartment REIT competing for renters and assets
- Independence Realty Trust
Non-gateway U.S. multifamily REIT overlapping Sun Belt renters
- Centerspace
Regional apartment REIT overlap in Denver and capital recycling
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| UDR | $37.12 | −0.01% | $11.93B | 23.6 | 64.3 | 6.9 | −0.6% |
| AvalonBay Communities | $184.06 | 0.00% | $26.28B | 25.4 | 35.5 | 8.5 | −6.3% |
| Equity Residential | $63.66 | −3.50% | $23.87B | 27.9 | 42.5 | 7.6 | +2.1% |
| Mid-America Apartment Communities | $128.57 | −0.84% | $15.08B | 37.9 | 41.5 | 6.8 | +1.0% |
| Camden Property Trust | $106.35 | +0.03% | $10.69B | 35.3 | 101.8 | 6.8 | −0.9% |
| Essex Property Trust | $284.03 | 0.00% | $18.25B | 44.2 | 47.4 | 9.5 | +3.6% |
| Independence Realty Trust | $16.31 | +0.03% | $3.84B | 88.9 | 91.7 | 5.8 | +3.0% |
| Centerspace | $52.48 | +0.01% | $881.8M | 41.7 | 443.1 | 3.3 | −4.0% |
| Median | 37.9 | 47.4 | 6.8 | +1.0% |