UDR (UDR) Q2 2025 earnings summary

Executive summary

• Net income attributable to common stockholders rose to $36.5M ($0.11/share) for Q2 2025, up from $27.7M ($0.08/share) in Q2 2024, driven by higher NOI and gains on property sales.

• FFOA per diluted share was $0.64 in Q2 2025, up $0.02 year-over-year, and full-year guidance was raised, reflecting outperformance and positive trends in core operations.

• Same-store revenue, expense, and NOI growth exceeded expectations, with year-to-date annualized resident turnover 350 basis points better than a year ago and occupancy near 97%.

• Strategic focus remains on customer experience, innovation, and capital deployment to drive earnings accretion and long-term growth.

• Named a National Top Workplaces winner in Real Estate for the second consecutive year, highlighting strong corporate culture.

Financial highlights

• Q2 2025 total revenues were $425.4M, up 2.4% year-over-year, driven by growth in Same-Store communities and completed developments.

• Same-store NOI increased 2.9% year-over-year for Q2 2025, with occupancy averaging 96.9%.

• FFO per diluted share was $0.61 for Q2 2025; AFFO per diluted share was $0.56.

• Declared a quarterly dividend of $0.43 per share, a 1.2% increase year-over-year, marking the 211th consecutive quarterly dividend.

• Gains on sale of real estate were $47.9M for the six months ended June 30, 2025.

Outlook and guidance

• Full-year 2025 FFOA per diluted share guidance raised to $2.49–$2.55, up $0.02 at midpoint; updated Net Income per diluted share guidance to $0.53–$0.59.

• Updated Same-Store revenue growth guidance to 2.75%–3.50% and NOI growth to 2.50%–3.00% for full-year 2025.

• Q3 2025 FFOA per diluted share guidance is $0.62–$0.64, with stable sequential core results expected.

• Management expects to meet short-term liquidity needs through operating cash flows and credit facilities, with long-term needs funded by operations, debt, equity, and property sales.