UDR (UDR) Q4 2025 earnings summary

Executive summary

• Full-year 2025 results exceeded initial guidance, with FFOA per share, net income, and same-store growth surpassing expectations and strong Q4 performance.

• Net income per diluted share for 2025 was $1.13, up 335% year-over-year, and FFO per diluted share was $2.43, up 6%.

• Announced 2026 guidance ranges and a 1.2% increase in the annualized dividend per share.

• Completed major transactions, including a $231.6 million joint venture expansion and a $147.7 million acquisition.

• Repurchased nearly $120 million of stock in 2025 and appointed two new independent directors.

Financial highlights

• Q4 2025 net income per diluted share was $0.67; FFO per diluted share was $0.62, up 29% year-over-year.

• Full-year 2025 FFOA per diluted share was $2.54, up 2%, and FFO per diluted share was $2.43, up 6%.

• Same-store revenue, expense, and NOI growth for 2025 were 2.4%, 2.6%, and 2.3%, respectively.

• Q4 2025 total revenue was $433.1 million, up 2.5% year-over-year.

• Acquired Enclave at Potomac Club for $147.7 million and expanded a joint venture with LaSalle by $231.6 million.

Outlook and guidance

• 2026 FFOA and FFO per diluted share guidance is $2.47–$2.57, with a midpoint of $2.52.

• 2026 net income per diluted share guidance: $0.45 to $0.55.

• Same-store revenue growth guidance for 2026 is 0.25%–2.25% (midpoint 1.25%), driven by blended lease rate growth and innovation.

• Same-store expense growth expected at 3.75% midpoint, mainly from real estate taxes, repairs/maintenance, and admin/marketing.

• 2026 annualized dividend per share set at $1.74, a 1.2% increase.