A Business at a Glance
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UDR, Inc.
UDR
$13.1B
Mkt Cap
$39.59
+0.28%
UDR, Inc. (UDR) has a current P/E ratio of 35.0, compared to its historical median P/E of 36.3. The stock is currently considered Fair based on its historical valuation range.
UDR, Inc. (UDR) has a 5-year average return on invested capital (ROIC) of 4.2%. This is below average and may indicate limited pricing power.
UDR, Inc. (UDR) has a market capitalization of $12.9B. It is classified as a large-cap stock.
Yes, UDR, Inc. (UDR) pays a dividend with a trailing twelve-month yield of 4.41%. The company also returns capital through share buybacks, with a buyback yield of 0.91%.
Based on historical P/E analysis, UDR, Inc. (UDR) appears fair. The current P/E of 35.0 is 3% below its historical median of 36.3. The estimated fair value CAGR (P/E method) is 7.1%.
UDR, Inc. (UDR) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
UDR, Inc. (UDR) reported annual revenue of $1.7 billion in its most recent fiscal year, based on SEC EDGAR filings.
UDR is a multifamily real estate investment trust that owns and operates apartment communities across the United States, with a portfolio concentrated in coastal markets (East Coast and West Coast comprising approximately 75% of net operating income) and Sunbelt markets. The company generates revenue primarily through residential lease income, supplemented by other operating initiatives including Wi-Fi, parking, and package lockers, which collectively contribute mid-single-digit growth. UDR's business model emphasizes total revenue and cash flow growth through resident retention and lifetime value optimization, leveraging proprietary analytics platforms to inform capital allocation decisions on acquisitions, dispositions, and redevelopment projects. The company operates with a capital-light strategy focused on being a net seller of assets, utilizing proceeds from dispositions for accretive share repurchases and debt reduction, while maintaining a disciplined approach to new investments and debt and preferred equity deployments. UDR's competitive positioning is built on operational execution, resident experience innovation, and data-driven market selection, enabling the company to achieve high occupancy levels (mid-96% range) and manage pricing power across diverse market conditions.
【Steady operational momentum continuing】 Management expects 2026 to unfold as anticipated, with Q1 results in line with expectations and Q2 progressing according to plan. Blended lease rate growth is expected to remain in the 1.5%-2% range through both the first and second halves of the year, with occupancy sustained in the mid-96% range and mid-single-digit other income growth continuing. The company remains optimistic about long-term apartment industry fundamentals, citing resilient demand, a shrinking multifamily supply pipeline with 2027 completions forecasted 60% below 2025 levels, and attractive relative affordability of apartments versus other housing forms. Management is focused on continuing to innovate, improve resident satisfaction and retention, and drive operating margin expansion, while maintaining disciplined capital allocation through selective dispositions and share repurchases. The company expects to benefit from favorable supply-demand dynamics as new supply pressures continue to ease and market concessions burn off toward the end of the year.
| Metric | Target | Period |
|---|---|---|
| FFOA per share | $2.47–$2.57 | FY2026 |
| Same-store revenue growth | 0.25%–2.25% | FY2026 |
| Same-store expense growth | 3.75% | FY2026 |
| Blended lease rate growth | 1.5%–2.0% | FY2026 |
| Debt and preferred equity portfolio decline | 10%–25% | FY2026 |
FFOA per share (FY2026): “Primary expectations include full year FFOA per share guidance of $2.47-$2.57”
Same-store revenue growth (FY2026): “Rolling this up, our 2026 same-store revenue guidance ranges from 0.25%-2.25%, with a midpoint of 1.25%.”
Same-store expense growth (FY2026): “Turning to slide 14, we expect 2026 same-store expense growth of 3.75% at the midpoint.”
Blended lease rate growth (FY2026): “The largest driver is blended lease rate growth, which we forecast to be between 1.5% and 2% on average in 2026.”
Debt and preferred equity portfolio decline (FY2026): “Our outlook for this year reflects continued successful paybacks and a range of possibilities around paybacks and deployments that gets the book to decline. Rough order magnitude would be 10%-25%.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.7B | 1.7B | 1.7B | 1.6B | 1.5B | 1.3B |
| Net Income | 486M | 373M | 85M | 440M | 83M | 146M |
| EPS | $1.48 | $1.13 | $0.26 | $1.34 | $0.26 | $0.48 |
| Free Cash Flow | 837M | 650M | 627M | 537M | 605M | 508M |
| ROIC | 7.6% | 6.0% | 3.0% | 6.5% | 2.7% | 3.1% |
| Gross Margin | - | 40.1% | 22.5% | 40.7% | 29.4% | 31.5% |
| Debt/Equity | 1.64 | 1.82 | 1.66 | 1.48 | 1.36 | 1.58 |
| Dividends/Share | $1.74 | $1.72 | $1.70 | $1.68 | $1.52 | $1.45 |
| Operating Income | 661M | 554M | 285M | 635M | 251M | 268M |
| Operating Margin | 38.5% | 32.3% | 17.0% | 39.0% | 16.5% | 20.8% |
| ROE | 14.8% | 11.1% | 2.3% | 10.9% | 2.2% | 4.4% |
| Shares Outstanding | 326M | 330M | 326M | 328M | 317M | 304M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 818M | 872M | 960M | 996M | 1.0B | 1.2B | 1.2B | 1.3B | 1.5B | 1.6B | 1.7B | 1.7B | 1.7B |
| Gross Margin | 11.7% | 13.3% | 39.0% | 31.1% | 42.2% | 40.4% | 26.1% | 31.5% | 29.4% | 40.7% | 22.5% | 40.1% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 48M | 60M | 50M | 49M | 47M | 52M | 50M | 58M | 64M | 70M | 84M | 85M | 95M |
| EBIT | 127M | 160M | 401M | 228M | 355M | 221M | 249M | 268M | 251M | 635M | 285M | 554M | 661M |
| Op. Margin | 15.5% | 18.3% | 41.8% | 22.9% | 33.9% | 19.2% | 20.1% | 20.8% | 16.5% | 39.0% | 17.0% | 32.3% | 38.5% |
| Net Income | 151M | 337M | 289M | 118M | 199M | 181M | 60M | 146M | 83M | 440M | 85M | 373M | 486M |
| Net Margin | 18.4% | 38.6% | 30.1% | 11.8% | 19.0% | 15.7% | 4.8% | 11.3% | 5.4% | 27.0% | 5.1% | 21.8% | 28.3% |
| Non-Recurring | 139M | 139M | 0 | 0 | 0 | 11M | 10M | 21M | 22M | -12M | 8.9M | 5.8M | 5.8M |
| Returns on Capital | |||||||||||||
| ROIC | 2.0% | 2.5% | 6.0% | 3.4% | 5.5% | 3.0% | 2.9% | 3.1% | 2.7% | 6.5% | 3.0% | 6.0% | 7.6% |
| ROE | 5.4% | 11.9% | 9.6% | 4.0% | 7.0% | 5.8% | 1.8% | 4.4% | 2.2% | 10.9% | 2.3% | 11.1% | 14.8% |
| ROA | 2.2% | 4.6% | 3.8% | 1.5% | 2.6% | 2.1% | 0.6% | 1.4% | 0.8% | 3.9% | 0.8% | 3.5% | 4.7% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 397M | 459M | 537M | 519M | 561M | 631M | 604M | 664M | 820M | 833M | 877M | 903M | 875M |
| Free Cash Flow | 392M | 455M | 532M | 518M | 556M | 464M | 441M | 508M | 605M | 537M | 627M | 650M | 837M |
| Owner Earnings | 19M | 59M | 98M | 70M | 111M | 98M | -34M | 22M | 113M | 108M | 149M | 196M | 171M |
| CapEx | 5.5M | 4.0M | 4.4M | 1.4M | 4.9M | 167M | 163M | 156M | 215M | 295M | 250M | 253M | 38M |
| Maint. CapEx | 364M | 381M | 426M | 436M | 436M | 508M | 619M | 620M | 680M | 692M | 695M | 680M | 676M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 364M | 381M | 426M | 436M | 436M | 508M | 619M | 620M | 680M | 692M | 695M | 680M | 676M |
| CapEx/OCF | 1.4% | 0.9% | 0.8% | 0.3% | 0.9% | 2.6% | 5.2% | 6.0% | 6.9% | 4.7% | 1.7% | 3.2% | 4.4% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 256M | 283M | 309M | 328M | 342M | 383M | 419M | 434M | 484M | 540M | 558M | 568M | 568M |
| Dividend Yield | 5.5% | 4.7% | 4.6% | 4.4% | 4.5% | 3.7% | 4.5% | 3.5% | 3.7% | 4.7% | 4.5% | 4.5% | 4.4% |
| Share Buybacks | 0 | 0 | 0 | 0 | 20M | 0 | 20M | 0 | 49M | 25M | 0 | 118M | 118M |
| Buyback Yield | N/A | N/A | N/A | N/A | 0.2% | N/A | 0.2% | N/A | 0.5% | 0.2% | N/A | 1.0% | 0.9% |
| Stock-Based Comp | 14M | 18M | 13M | 13M | 14M | 24M | 20M | 22M | 28M | 33M | 33M | 26M | 29M |
| Debt Repayment | 0 | 0 | 0 | 0 | 3.2M | 28M | 63M | 41M | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 3.6B | 3.6B | 3.4B | 4.0B | 3.2B | 4.9B | 4.9B | 5.4B | 5.6B | 5.9B | 5.7B | 6.0B | 5.4B |
| Cash & Equiv. | 15M | 6.7M | 2.1M | 2.0M | 185M | 8.1M | 1.4M | 967K | 1.2M | 2.9M | 1.3M | 1.2M | 1.3M |
| Long-Term Debt | 3.6B | 3.6B | 3.4B | 3.7B | 3.5B | 4.7B | 5.0B | 5.4B | 5.5B | 5.8B | 5.8B | 5.8B | 5.7B |
| Debt/Equity | 1.30 | 1.23 | 1.10 | 1.41 | 1.15 | 1.46 | 1.50 | 1.58 | 1.36 | 1.48 | 1.66 | 1.82 | 1.64 |
| Interest Coverage | 1.0 | 1.3 | 3.3 | 1.8 | 2.6 | 1.3 | 1.2 | 1.4 | 1.6 | 3.5 | 1.5 | 2.8 | 3.3 |
| Equity | 2.7B | 2.9B | 3.1B | 2.8B | 2.9B | 3.4B | 3.2B | 3.4B | 4.1B | 4.0B | 3.4B | 3.3B | 3.3B |
| Total Assets | 6.8B | 7.7B | 7.7B | 7.7B | 7.7B | 9.6B | 9.6B | 10.8B | 11.0B | 11.4B | 10.9B | 10.6B | 10.3B |
| Total Liabilities | 3.8B | 3.8B | 3.7B | 3.9B | 3.8B | 5.2B | 5.5B | 6.0B | 6.1B | 6.4B | 6.4B | 6.5B | 6.2B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | 81M | 37M | 63M | 40M | 46M | 31M | 22M | 22M |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 107M |
| Per Share Data | |||||||||||||
| EPS | 0.59 | 1.29 | 1.08 | 0.44 | 0.74 | 0.63 | 0.20 | 0.48 | 0.26 | 1.34 | 0.26 | 1.13 | 1.48 |
| Owner EPS | 0.08 | 0.23 | 0.36 | 0.26 | 0.41 | 0.34 | -0.11 | 0.07 | 0.36 | 0.33 | 0.46 | 0.60 | 0.52 |
| Book Value | 10.71 | 11.11 | 11.56 | 10.55 | 10.79 | 11.70 | 10.77 | 11.34 | 12.91 | 12.17 | 10.56 | 9.97 | 10.08 |
| Cash Flow/Share | 1.56 | 1.76 | 2.01 | 1.94 | 2.08 | 2.20 | 2.01 | 2.19 | 2.58 | 2.54 | 2.69 | 2.74 | 3.57 |
| Dividends/Share | 1.04 | 1.11 | 1.18 | 1.24 | 1.29 | 1.37 | 1.44 | 1.45 | 1.52 | 1.68 | 1.70 | 1.72 | 1.74 |
| Shares Out. | 255.3M | 261.0M | 267.6M | 267.8M | 269.2M | 287.1M | 300.2M | 303.7M | 317.4M | 328.0M | 326.0M | 330.0M | 325.9M |
| Valuation | |||||||||||||
| P/E Ratio | 35.8 | 20.1 | 23.5 | 64.8 | 40.6 | 57.9 | 155.3 | 104.4 | 126.9 | 26.2 | 158.0 | 31.9 | 26.7 |
| P/FCF | 13.8 | 14.9 | 12.7 | 14.7 | 14.6 | 22.6 | 21.1 | 30.0 | 17.3 | 21.5 | 21.4 | 18.3 | 15.4 |
| EV/EBIT | 70.6 | 64.7 | 25.4 | 50.9 | 31.7 | 69.5 | 53.9 | 73.1 | 59.4 | 25.3 | 63.5 | 30.3 | 27.7 |
| Price/Book | 2.0 | 2.3 | 2.2 | 2.7 | 2.8 | 3.1 | 2.9 | 4.4 | 2.6 | 2.9 | 3.9 | 3.6 | 3.9 |
| Price/Sales | 5.7 | 6.9 | 7.0 | 7.4 | 7.3 | 8.9 | 7.5 | 9.7 | 8.7 | 7.0 | 7.4 | 7.4 | 7.5 |
| FCF Yield | 7.3% | 6.7% | 7.8% | 6.8% | 6.9% | 4.4% | 4.7% | 3.3% | 5.8% | 4.7% | 4.7% | 5.5% | 6.5% |
| Market Cap | 5.4B | 6.8B | 6.8B | 7.6B | 8.1B | 10.5B | 9.3B | 15.2B | 10.5B | 11.5B | 13.4B | 11.9B | 12.9B |
| Avg. Price | 18.26 | 23.00 | 25.09 | 27.58 | 28.41 | 35.69 | 30.98 | 41.17 | 41.42 | 34.97 | 37.85 | 38.51 | 39.59 |
| Year-End Price | 21.13 | 25.88 | 25.34 | 28.50 | 30.05 | 36.46 | 31.07 | 50.13 | 32.99 | 35.16 | 41.08 | 36.08 | 39.59 |
UDR, Inc. passes 3 of 9 quality checks, indicating weak fundamentals.
UDR, Inc. trades at 35.0x trailing earnings, compared to its 15-year median P/E of 36.3x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 14.9x vs a median of 19.7x. The company's 5-year average ROIC is 4.2% with a gross margin of 32.8%. Total shareholder yield (dividends + buybacks) is 5.3%. At current prices, the estimated annualized return to fair value is +4.3%.
UDR, Inc. (UDR) has a net profit margin of 21.8%. This is a strong margin indicating high profitability.
UDR, Inc. (UDR) generated $650 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
UDR, Inc. (UDR) has a debt-to-equity ratio of 1.82. This indicates higher leverage, which may increase financial risk.
UDR, Inc. (UDR) reported earnings per share (EPS) of $1.13 in its most recent fiscal year.
UDR, Inc. (UDR) has a return on equity (ROE) of 11.1%. This indicates moderate shareholder returns.
UDR, Inc. (UDR) has a 5-year average gross margin of 32.8%. This indicates decent pricing power.
The Ledger Terminal provides 18 years of financial data for UDR, Inc. (UDR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
UDR, Inc. (UDR) has a book value per share of $9.97, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects 2026 to unfold as anticipated, with Q1 results in line with expectations and Q2 progressing according to plan. Blended lease rate growth is expected to remain in the 1.5%-2% range through both the first and second halves of the year, with occupancy sustained in the mid-96% range and mid-single-digit other income growth continuing. The company remains optimistic about long-term apartment industry fundamentals, citing resilient demand, a shrinking multifamily supply pipeline with 2027 completions forecasted 60% below 2025 levels, and attractive relative affordability of apartments versus other housing forms. Management is focused on continuing to innovate, improve resident satisfaction and retention, and drive operating margin expansion, while maintaining disciplined capital allocation through selective dispositions and share repurchases. The company expects to benefit from favorable supply-demand dynamics as new supply pressures continue to ease and market concessions burn off toward the end of the year.
Based on recent SEC filings and earnings calls, UDR, Inc. (UDR) has provided the following forward guidance: FFOA per share: $2.47–$2.57 (FY2026); Same-store revenue growth: 0.25%–2.25% (FY2026); Same-store expense growth: 3.75% (FY2026); Blended lease rate growth: 1.5%–2.0% (FY2026); Debt and preferred equity portfolio decline: 10%–25% (FY2026).