UDR (UDR) Q2 2026 earnings summary

Executive summary

• Net income per diluted share rose to $0.21 for Q2 2026 from $0.11 in Q2 2025, and $0.79 year-to-date versus $0.34 last year.

• 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.

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

Financial highlights

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

• Sequentially, same-store revenue grew 1.4%, expenses declined 3.9%, and NOI rose 4.0%.

• Year-to-date same-store revenue up 1.3%, expenses up 3.5%, and NOI up 0.3% compared to 2025.

• Total revenue was flat year-over-year due to offsetting property sales.

Outlook and guidance

• Full-year 2026 guidance for FFOA per diluted share 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 growth guidance for 2026 raised, reflecting stronger leasing and economic resilience.