$UDR · UDR, Inc.
UDR, Inc. filed its 10-Q for the quarter ended September 30, 2026. Net income attributable to common stockholders surged to $214.9M ($0.67/share) from $39.2M ($0.12/share) in Q3 2025, almost entirely due to a $190.1M gain on real estate sales. Core operating metrics were stable: FFOA per diluted share was flat at $0.65, AFFO at $0.56, while total revenues slipped 0.9% to $428.1M.
- Q3 net income attributable to common stockholders was $214.9M ($0.67/share) vs. $39.2M ($0.12/share) a year ago, driven by a $190.1M gain on real estate sales.
- Total revenues dipped 0.9% YoY to $428.1M; rental income fell to $424.6M from $429.3M.
- FFOA per diluted share was flat at $0.65; AFFO per share also flat at $0.56.
- The company repurchased $300.3M of common stock during the nine months ended September 30, 2026.
- Same-store NOI grew across all four regions, led by the West Region with rental income up 3.7% YoY to $130.5M.
Price data unavailable — after-hours session; regular-session close at $35.91 was essentially flat (+0.01%) on the day.
The 435% net income surge masks flat operating performance — FFOA unchanged at $0.65 — while $300M in buybacks and $639M in asset sales suggest capital recycling is accelerating.
UDR's flat FFOA and slight revenue decline reflect the broader multifamily REIT environment of moderating rent growth, though same-store NOI expansion across all regions signals portfolio resilience relative to peers facing coastal weakness.
Interest rate exposure on variable-rate debt including commercial paper and unsecured credit facility; refinancing risk on fixed-rate debt. Casualty-related charges rose to $9.4M for the nine-month period from $8.4M a year ago.