UDR (UDR) investor relations material

Executive summary

• Net income per diluted share rose to $0.21 in Q2 2026 from $0.11 in Q2 2025, with year-to-date net income per share at $0.79, up from $0.34 year-over-year, driven by gains on real estate sales and lower depreciation expenses.

• FFOA per diluted share was $0.64 for Q2 2026, up from $0.61 in Q2 2025, and $1.25 year-to-date versus $1.19 last year.

• Same-store revenue, expense, and NOI growth exceeded expectations, with blended lease rate growth above guidance and occupancy in the mid-96% range.

• Operational excellence, data-driven strategies, and disciplined capital allocation led to raised full-year same-store growth and FFOA per share guidance.

• Monthly dividend payments commenced in July 2026, with a 1.2% increase over the prior year.

Financial highlights

• Q2 2026 FFOA per share was $0.64, at the high end of guidance and above consensus, up $0.02 from Q1, mainly due to higher NOI.

• Q2 2026 net income attributable to common stockholders was $67.8 million; year-to-date was $256.4 million.

• Q2 2026 same-store revenue grew 1.8% year-over-year, expenses rose 2.6%, and NOI increased 1.4%.

• Total revenues for Q2 2026 were $425.4 million, flat year-over-year due to offsetting property sales.

• Share repurchases totaled 5.5 million shares for $200 million in Q2, with 11.5 million shares repurchased since September 2025.

Outlook and guidance

• Full-year 2026 FFOA per diluted share guidance raised to $2.49–$2.57, midpoint up $0.01.

• Net income per diluted share guidance increased to $1.03–$1.11, midpoint up $0.11.

• Same-store revenue growth guidance for 2026: 0.75%–2.00%; expense growth: 2.75%–3.75%; NOI growth: 0%–1.25%.

• Q3 2026 FFOA per share guidance range is $0.63–$0.65.

• Dispositions guidance raised to $400–$750 million; acquisitions $130–$300 million.