Companies · UDR
UDR, Inc.
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Latest analysis
Updated Nov 3, 2026
UDR Q3 2026: Same-store NOI grows 1.0% as aggressive asset rotation and $1.34B Apollo JV reshape portfolio amid RealPage litigation cost escalation
UDR's Q3 2026 10-Q reveals a REIT in active portfolio transformation: seven communities sold YTD for $383.2 million in gains, four joint-venture communities consolidated into wholly-owned status, and a $1.34 billion Apollo JV closed in October 2026 to fund long-term liquidity needs. Same-store NOI growth of 1.0% for the quarter and 0.5% YTD reflects the fundamental tension between modest rental rate gains and accelerating expense growth — operating margin compressed 40 basis points to 67.8% QoQ. RealPage antitrust litigation costs are now a material P&L line, with legal fees driving $9.6 million of incremental operating expense YTD.
Tone: mixedRevenue
$1.7B
UDR 10-K · FY 2025
Employees
1,426
Revenue FY2024
$1.7B
Founded
1972
Profile
UDR 10-K Item 1 · Feb 17, 2026UDR, Inc. is a self-administered REIT that owns, operates, acquires, renovates, develops, redevelops, and manages multifamily apartment communities across targeted U.S. markets. At December 31, 2025, its consolidated portfolio comprised 165 communities with 55,240 completed apartment homes in 21 markets. The company also holds interests in an additional 12,167 completed or to-be-completed apartment homes through unconsolidated joint ventures, partnerships, and preferred equity investments.
Read filing description ↓ Collapse description ↑
UDR is a self-administered real estate investment trust, or REIT, that owns, operates, acquires, renovates, develops, redevelops, disposes of, and manages multifamily apartment communities in targeted markets located in the United States. At December 31, 2025, our consolidated real estate portfolio consisted of 165 communities located in 21 markets, consisting of 55,240 completed apartment homes, which are held directly or through our subsidiaries, including the Operating Partnership and the DownREIT Partnership, and consolidated joint ventures. In addition, we have an ownership interest in 12,167 completed or to-be-completed apartment homes through unconsolidated joint ventures or partnerships, including 6,766 apartment homes owned by entities in which we hold preferred equity investments. At December 31, 2025, the Company was developing one wholly-owned community totaling 300 apartment homes, none of which have been completed. Our principal business objective is to maximize the economic returns of our apartment communities in a sustainable manner to provide our stockholders with the greatest possible total return and value. We believe greater portfolio diversification, as defined by geographic concentration, location within a market (i.e., urban or suburban) and property quality (i.e., A or B), reduces the volatility of our same-store growth throughout the real estate cycle, appeals to a wider renter and investor audience, lessens the market risk associated with owning a homogenous portfolio, and provides more opportunities for accretive external growth when appropriate. Our mix of urban/suburban communities is approximately 32%/68% and our mix of A/B quality properties is approximately 44%/56%.
Primary products
- Multifamily apartment communities
- Retail and commercial space
- Preferred equity investments
- Joint venture and partnership interests
Business segments
End markets
Geographies
Named competitors
“We believe that, in general, we are well-positioned to compete effectively for residents and investments.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues increased 2.4% over the prior year primarily due to overall market rent growth and communities acquired and completion of developments during 2024, partially offset by dispositions of real estate in 2025 and 2024.
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