UDRHIGH SIGNALFINANCIAL10-K

UDR reported substantially higher operating income alongside resumption of development activities with one 300-unit community under construction.

The meaningful expansion in operating income suggests strong operational performance, likely driven by rent growth and occupancy improvements in UDR's apartment portfolio. However, the company has transitioned from completing developments in 2024 to having one active development project, indicating a more measured approach to new supply additions in the current market environment.

Comparing 2026-02-17 vs 2025-02-18View on EDGAR →
FINANCIAL ANALYSIS

UDR's operating income expanded substantially, reflecting strong performance across the apartment portfolio. The company increased dividend distributions modestly from $1.70 to $1.72 per share, demonstrating confidence in cash flow generation. With market capitalization declining from approximately $5.9 billion to $5.2 billion based on non-affiliate holdings, the improved operating performance provides a positive counterpoint to valuation compression.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
+94.5%
$284.6M$553.6M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

LANGUAGE CHANGES
NEW — 2026-02-17
PRIOR — 2025-02-18
ADDED
held by non-affiliates on June 30, 2025 was approximately $ 5.2 billion.
As of February 11, 2026, there were 328,571,965 shares of UDR, Inc.
At December 31, 2025, the Company was developing one wholly-owned community totaling 300 apartment homes, none of which have been completed .
In addition, the Company is incurring and capitalizing costs directly related to predevelopment activities in preparation of future development commencements.
In 2025, we declared total distributions of $1.72 per common share and paid dividends of $1.715 per common share.
Dividends Dividends Declared in Paid in 2025 2025 First Quarter $ 0.4300 $ 0.4250 Second Quarter 0.4300 0.4300 Third Quarter 0.4300 0.4300 Fourth Quarter 0.4300 0.4300 Total $ 1.7200 $ 1.7150 UDR was formed in 1972 as a Virginia corporation.
As of December 31, 2025, there were 190.1 million units in the Operating Partnership ( OP Units ) outstanding, of which 176.6 million OP Units (including 0.1 million of general partnership units), or 92.9%, were owned by UDR and 13.5 million OP Units, or 7.1%, were owned by outside limited partners.
As of December 31, 2025, there were 32.4 million units in the DownREIT Partnership ( DownREIT Units ) outstanding, of which 23.3 million, or 71.9%, were owned by UDR and its subsidiaries and 9.1 million, or 28.1%, were owned by outside limited partners.
Human Capital Management Our people are fundamental to executing our strategy, serving our residents and customers, and delivering long-term value for our company and shareholders.
We focus on building a workforce and culture that supports operational excellence, strong leadership, and an associate experience that attracts, develops, motivates, and retains talent in a competitive labor environment.
REMOVED
held by non-affiliates on June 30, 2024 was approximately $ 5.9 billion.
As of February 14, 2025, there were 331,133,359 shares of UDR, Inc.
Such statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from the results of operations or plans expressed or implied by such forward-looking statements.
At December 31, 2024, the Company was not developing any communities, although the Company was incurring and capitalizing costs directly related to predevelopment activities in preparation of future development commencements.
During the year ended December 31, 2024, the Company completed the development of two communities located in Tampa, Florida and Addison, Texas, with a total of 415 apartment homes.
In 2024, we declared total distributions of $1.70 per common share and paid dividends of $1.695 per common share.
Dividends Dividends Declared in Paid in 2024 2024 First Quarter $ 0.4250 $ 0.4200 Second Quarter 0.4250 0.4250 Third Quarter 0.4250 0.4250 Fourth Quarter 0.4250 0.4250 Total $ 1.7000 $ 1.6950 UDR was formed in 1972 as a Virginia corporation.
As of December 31, 2024, there were 189.8 million units in the Operating Partnership ( OP Units ) outstanding, of which 176.6 million OP Units (including 0.1 million of general partnership units), or 93.0%, were owned by UDR and 13.2 million OP Units, or 7.0%, were owned by outside limited partners.
As of December 31, 2024, there were 32.4 million units in the DownREIT Partnership ( DownREIT Units ) outstanding, of which 23.0 million, or 71.0%, were owned by UDR and its subsidiaries and 9.4 million, or 29.0%, were owned by outside limited partners.
Human Capital Management We strive to attract and retain high-performing talent.
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