$UDR · UDR, Inc.
UDR, Inc. filed an 8-K on October 21, 2026, announcing preliminary Q3 2026 results, raised full-year 2026 guidance, and the formation of a $2.0 billion joint venture with Apollo. Q3 preliminary Net Income per share was $0.67, dramatically exceeding the prior guidance range of $0.13–$0.15. Full-year Net Income guidance was raised to $1.58–$1.60 (midpoint +$0.52) and FFOA guidance to $2.54–$2.56. The Apollo JV involves 19 communities totaling 7,059 apartment homes.
- Q3 2026 preliminary Net Income per share of $0.67, far above prior guidance of $0.13–$0.15.
- Full-year 2026 Net Income guidance raised to $1.58–$1.60 from $1.03–$1.11, a $0.52 midpoint increase.
- FFOA per share guidance raised to $2.54–$2.56, with Q3 FFOA of $0.65 hitting the high end of prior range.
- Same-store revenue growth guidance raised 22.5 bps to 1.4%–1.8%; NOI guidance raised 37.5 bps to 0.8%–1.2%.
- Formed a $2.0B JV with Apollo, contributing 19 communities (7,059 homes); sold two properties for $183M.
Extended-hours trading shows UDR at $34.83, up +2.93% from the filing-time price of $33.84, reflecting positive reception to the guidance raise and Apollo JV announcement. The $11.05B market cap REIT is seeing a meaningful after-hours move on the dual catalysts.
A massive guidance raise paired with a $2.0B strategic JV with Apollo signals both operational outperformance and capital-recycling discipline at scale.
The Apollo JV mirrors a broader multifamily REIT trend of using joint ventures to recycle capital while retaining operational control. UDR's $2.0B partnership is among the larger recent multifamily JV formations.
Preliminary results are unaudited and subject to material adjustments as the 10-Q review is not yet complete. The $2.0B Apollo JV portfolio contribution and related same-store metric adjustments add complexity to final reported figures.
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