UDR (UDR) Q3 2026 earnings summary

Executive summary

• Q3 operational results and FFOA per diluted share exceeded expectations, prompting a second 2026 guidance increase; the $2.0B Apollo partnership closed.

• Apollo transaction proceeds, asset sales and portfolio actions supported balance-sheet flexibility and repositioning.

Financial highlights

• Q3 diluted EPS was $0.67 vs. $0.12 YoY; FFO was $0.62 vs. $0.62 and FFOA was $0.65 vs. $0.65.

• YTD diluted EPS was $1.45 vs. $0.46; FFO was $1.85 vs. $1.81 and FFOA was $1.90 vs. $1.90.

• Q3 total revenue fell $3.8M, or 0.9% YoY, as same-store and acquired-community growth was offset by sold-property revenue.

Outlook and guidance

• FY 2026 diluted EPS guidance raised to $1.58–$1.60, midpoint $1.59 (+$0.52); FFO guidance updated to $2.48–$2.50, midpoint $2.49 (-$0.02).

• FY 2026 FFOA guidance raised to $2.54–$2.56, midpoint $2.55 (+$0.02); Q4 outlook is $0.13–$0.15 EPS, $0.63–$0.65 FFO and $0.63–$0.65 FFOA per diluted share.

• FY same-store guidance midpoints: revenue 1.6% (+22.5 bps), expense 2.9% (-35 bps) and NOI 1.0% (+37.5 bps); ranges are 1.4%–1.8%, 2.7%–3.1% and 0.8%–1.2%.