$UDR · UDR, Inc.
UDR reported Q3 2026 results with net income of $0.67 per diluted share (vs $0.12 in Q3 2025), FFOA of $0.65 per share, and same-store revenue growth of 1.8% YoY. The company raised full-year 2026 guidance across net income, FFOA, and same-store metrics. The previously announced $2.0 billion Apollo joint venture closed on October 30, 2026, delivering $1.34 billion in equity capital to UDR.
- Q3 GAAP net income per diluted share was $0.67, up from $0.12 in Q3 2025, driven by $190.1M in gains on real estate sales.
- FFOA per diluted share was $0.65, flat YoY; full-year FFOA guidance raised to $2.54–$2.56 (midpoint +$0.02).
- Same-store revenue grew 1.8% YoY; full-year SS revenue guidance raised to 1.4%–1.8% (+22.5 bps at midpoint).
- Closed $2.0B Apollo JV on Oct 30, contributing 19 communities (7,059 homes) at ~6.0% cap rate; UDR received $1.34B in equity capital.
- Repurchased ~5.2M shares for $185.1M through October; ~$603.2M total buybacks since September 2025.
Extended-hours trading shows minimal reaction at $35.92 (+0.03% vs regular close). The muted move likely reflects the preliminary results release on October 21, 2026 having already priced in the beat and guidance raise.
UDR delivered a second guidance raise in 2026, closed a transformative $2.0B Apollo JV that deleverages the balance sheet, and returned $185M to shareholders via buybacks — all in a single quarter.
UDR's 1.8% SS revenue growth and mid-96% occupancy reflect the broader Sun Belt and coastal apartment REIT trend of moderating but still-positive rent growth, with the Apollo JV providing a capital recycling template peers may follow.
Sequential same-store NOI declined 0.1% in Q3 vs Q2 2026, with Mid-Atlantic (-1.9%) and Southwest (-1.0%) regions underperforming. SS expense growth of 2.2% YoY continues to pressure margins.