NYSE : UDR
UDR, Inc. — Financial statements
Real Estate · REIT - Residential · United States
Last price 35.42 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 12.16B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 1.70B | 1.70B | 1.66B | 1.62B | 1.51B | 1.28B |
| Property Management Fees | 11.85M | 11.36M | 8.32M | 6.84M | 5.02M | 6.10M |
| Other Revenue | 50.11M | 36.59M | 28.34M | 4.69M | 4.95M | 16.75M |
| Total Revenue | 1.77B | 1.75B | 1.70B | 1.63B | 1.52B | 1.31B |
| Property Expenses | 590.29M | 583.77M | 568.77M | 549.36M | 512.42M | 447.78M |
| Selling, General & Administrative | 108.07M | 109.20M | 107.82M | 92.46M | 85.95M | 78.84M |
| Depreciation & Amortization | 669.17M | 680.03M | 695.47M | 691.84M | 679.57M | 619.83M |
| Other Operating Expenses | 23.30M | 16.94M | 16.91M | 6.89M | 4.39M | 8.65M |
| Total Operating Expenses | 1.39B | 1.39B | 1.39B | 1.34B | 1.28B | 1.16B |
| Operating Income | 375.51M | 358.96M | 311.22M | 291.65M | 240.00M | 152.41M |
| Interest Expense | -196.47M | -196.62M | -195.71M | -180.87M | -155.90M | -186.27M |
| Interest & Investment Income | 14.20M | 19.20M | 24.20M | 14.50M | 3.50M | 5.30M |
| Other Non-Operating Income | -50.00K | -25.00K | -36.54M | 3.26M | -10.43M | 9.69M |
| EBT Excluding Unusual Items | 193.19M | 181.52M | 103.17M | 128.54M | 77.17M | -18.87M |
| Gain (Loss) on Sale of Investments | -8.20M | -8.20M | -8.10M | 48.90M | ||
| Gain (Loss) on Sale of Assets | 388.09M | 242.91M | 16.87M | 351.19M | 25.49M | 136.05M |
| Other Unusual Items | -13.80M | -11.68M | -15.18M | -3.14M | -9.73M | -3.65M |
| Pretax Income | 559.28M | 404.55M | 96.76M | 476.59M | 92.93M | 162.43M |
| Income Tax Expense | 1.30M | 835.00K | 879.00K | 2.11M | 349.00K | 1.44M |
| Earnings From Continuing Operations | 557.97M | 403.71M | 95.88M | 474.49M | 92.58M | 160.99M |
| Minority Interest in Earnings | -35.80M | -26.01M | -6.29M | -30.14M | -5.66M | -10.98M |
| Net Income | 522.18M | 377.70M | 89.58M | 444.35M | 86.92M | 150.02M |
| Preferred Dividends & Other Adjustments | 4.87M | 4.84M | 4.83M | 4.85M | 4.41M | 4.23M |
| Net Income to Common | 517.31M | 372.87M | 84.75M | 439.50M | 82.51M | 145.79M |
| Basic Shares Outstanding | 327.53M | 330.32M | 329.29M | 328.76M | 321.67M | 300.33M |
| Diluted Shares Outstanding | 327.89M | 331.05M | 330.12M | 329.10M | 322.70M | 301.70M |
| EPS (Basic) | 1.58 | 1.13 | 0.26 | 1.34 | 0.26 | 0.49 |
| EPS (Diluted) | 1.58 | 1.13 | 0.26 | 1.34 | 0.26 | 0.48 |
| Dividend Per Share | 1.73 | 1.72 | 1.70 | 1.68 | 1.52 | 1.45 |
| Operating Margin | 21.26% | 20.52% | 18.30% | 17.87% | 15.77% | 11.66% |
| Profit Margin | 29.29% | 21.32% | 4.98% | 26.93% | 5.42% | 11.15% |
| EBITDA | 1.04B | 1.04B | 1.00B | 979.98M | 916.17M | 768.74M |
| EBITDA Margin | 58.92% | 59.19% | 59.00% | 60.04% | 60.18% | 58.79% |
| D&A For Ebitda | 665.27M | 676.24M | 691.87M | 688.34M | 676.17M | 616.33M |
| EBIT | 375.51M | 358.96M | 311.22M | 291.65M | 240.00M | 152.41M |
| EBIT Margin | 21.26% | 20.52% | 18.30% | 17.87% | 15.77% | 11.66% |
| Funds From Operations (FFO) | 867.63M | 861.63M | 812.05M | 862.95M | 757.96M | 656.92M |
| FFO Per Share | 2.47 | 2.43 | 2.29 | 2.45 | 2.20 | 2.02 |
| Adjusted Funds From Operations (AFFO) | 779.27M | 787.77M | 775.24M | 779.15M | 726.97M | 590.75M |
| AFFO Per Share | 2.22 | 2.22 | 2.19 | 2.21 | 2.11 | 1.82 |
| FFO Payout Ratio | 65.42% | 65.91% | 68.77% | 62.56% | 63.81% | 66.03% |
| Effective Tax Rate | 0.23% | 0.21% | 0.91% | 0.44% | 0.38% | 0.89% |
| Revenue as Reported | 1.72B | 1.71B | 1.67B | 1.63B | 1.52B | 1.29B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 8.99B | 9.27B | 9.34B | 9.82B | 9.91B | 9.69B |
| Total Real Estate Assets | 9.01B | 9.29B | 9.34B | 9.83B | 9.95B | 9.76B |
| Cash & Equivalents | 1.19M | 1.22M | 1.33M | 2.92M | 1.19M | 967.00K |
| Other Intangible Assets | 21.65M | 32.81M | 36.91M | 41.21M | ||
| Loans Receivable Current | 171.67M | 149.98M | 247.85M | 228.82M | 54.71M | 26.86M |
| Restricted Cash | 34.94M | 35.71M | 34.10M | 31.94M | 29.00M | 27.45M |
| Trading Asset Securities | 1.64M | 272.00K | 3.23M | 10.10M | 15.27M | 3.28M |
| Other Long-Term Assets | 1.05B | 1.11B | 1.27B | 1.23B | 950.69M | 915.49M |
| Total Assets | 10.27B | 10.61B | 10.90B | 11.37B | 11.04B | 10.78B |
| Current Portion of Long-Term Debt | 328.35M | 356.67M | 15.64M | |||
| Current Portion of Leases | 6.35M | 12.70M | ||||
| Long-Term Debt | 5.01B | 5.02B | 5.54B | 5.37B | 5.19B | 5.19B |
| Long-Term Leases | 174.67M | 170.27M | 182.28M | 185.84M | 189.24M | 192.49M |
| Accounts Payable | 120.45M | 134.80M | 109.00M | 131.61M | 144.92M | 130.05M |
| Accrued Expenses | 93.27M | 97.34M | 99.03M | 94.82M | 84.35M | 79.08M |
| Other Current Liabilities | 150.91M | 151.93M | 151.72M | 149.60M | 134.21M | 124.73M |
| Long-Term Deferred Tax Liabilities | 500.00K | 800.00K | 800.00K | 800.00K | 800.00K | |
| Other Long-Term Liabilities | 66.07M | 68.00M | 66.89M | 59.43M | 59.50M | 61.54M |
| Total Liabilities | 6.43B | 6.46B | 6.44B | 6.42B | 6.10B | 6.00B |
| Preferred Stock, Convertible | 43.19M | 43.19M | 43.19M | 44.61M | 44.61M | 44.76M |
| Total Preferred Equity | 43.19M | 43.19M | 43.19M | 44.62M | 44.62M | 44.77M |
| Common Stock | 3.21M | 3.28M | 3.31M | 3.29M | 3.29M | 3.18M |
| Additional Paid-In Capital | 7.22B | 7.48B | 7.57B | 7.49B | 7.49B | 6.88B |
| Distributions in Excess of Earnings | -4.33B | -4.24B | -4.18B | -3.55B | -3.45B | -3.49B |
| Comprehensive Income & Other | 2.93M | 1.66M | 3.64M | 4.91M | 8.34M | -4.26M |
| Total Common Equity | 2.90B | 3.25B | 3.40B | 3.95B | 4.05B | 3.40B |
| Minority Interest | 900.62M | 860.30M | 1.02B | 961.30M | 840.06M | 1.33B |
| Shareholders' Equity | 3.84B | 4.15B | 4.46B | 4.95B | 4.94B | 4.77B |
| Total Liabilities & Equity | 10.27B | 10.61B | 10.90B | 11.37B | 11.04B | 10.78B |
| Total Debt | 5.99B | 6.00B | 6.01B | 5.98B | 5.68B | 5.61B |
| Net Cash (Debt) | -5.99B | -6.00B | -6.00B | -5.97B | -5.66B | -5.60B |
| Net Cash Per Share | -18.27 | -18.13 | -18.19 | -18.14 | -17.54 | -18.56 |
| Filing Date Shares Outstanding | 321.26M | 328.57M | 331.13M | 329.22M | 329.17M | 318.26M |
| Total Common Shares Outstanding | 321.27M | 328.27M | 330.86M | 329.01M | 328.99M | 318.15M |
| Book Value Per Share | 9.01 | 9.89 | 10.28 | 11.99 | 12.32 | 10.68 |
| Tangible Book Value | 2.90B | 3.22B | 3.40B | 3.91B | 4.02B | 3.36B |
| Tangible Book Value Per Share | 9.01 | 9.82 | 10.28 | 11.90 | 12.21 | 10.55 |
| Land | 2.50B | 2.54B | 2.52B | 2.55B | 2.54B | 2.34B |
| Buildings | 13.31B | 13.58B | 13.19B | 12.90B | 12.52B | 11.72B |
| Construction In Progress | 128.91M | 59.42M | 143.83M | 146.39M | 314.17M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 522.18M | 377.70M | 89.58M | 444.35M | 86.92M | 150.02M |
| Depreciation & Amortization | 669.17M | 680.03M | 695.47M | 691.84M | 679.57M | 619.83M |
| Gain (Loss) on Sale of Assets | -388.09M | -242.91M | -16.87M | -351.19M | -25.49M | -136.05M |
| Stock-Based Compensation | 26.65M | 26.48M | 32.62M | 32.90M | 27.50M | 22.05M |
| Income (Loss) on Equity Investments | 2.82M | 25.53M | 41.08M | 11.25M | 17.42M | -42.38M |
| Change in Other Net Operating Assets | -16.95M | -22.26M | -35.90M | -36.41M | -3.35M | -22.01M |
| Other Operating Activities | 71.69M | 58.52M | 33.40M | 39.22M | 37.35M | 72.50M |
| Operating Cash Flow | 887.26M | 902.89M | 876.85M | 832.66M | 820.07M | 663.96M |
| Acquisition of Real Estate Assets | -539.82M | -479.81M | -339.22M | -486.07M | -775.18M | -1.59B |
| Sale of Real Estate Assets | 523.35M | 373.55M | 98.65M | 325.77M | 40.81M | 280.08M |
| Net Sale / Acq. of Real Estate Assets | -16.48M | -106.26M | -240.57M | -160.30M | -734.38M | -1.31B |
| Cash Acquisition | -1.00M | |||||
| Investment in Marketable & Equity Securities | 182.58M | 67.27M | -4.61M | -42.52M | -119.97M | -74.96M |
| Other Investing Activities | -50.36M | -112.00M | -31.17M | -85.31M | -75.18M | 111.69M |
| Investing Cash Flow | 115.75M | -150.99M | -276.35M | -289.14M | -929.53M | -1.27B |
| Short-Term Debt Issued | 155.10M | 108.08M | 80.00M | 30.00M | ||
| Long-Term Debt Issued | 17.02M | 301.70M | 513.07M | |||
| Total Debt Issued | 186.27M | 172.12M | 301.70M | 108.08M | 80.00M | 543.07M |
| Short-Term Debt Repaid | -118.17M | |||||
| Long-Term Debt Repaid | -178.32M | -153.62M | -24.67M | -2.67M | -301.10M | |
| Total Debt Repaid | -148.93M | -178.32M | -271.79M | -24.67M | -2.67M | -301.10M |
| Net Debt Issued (Repaid) | 37.34M | -6.20M | 29.91M | 83.41M | 77.33M | 241.98M |
| Issuance of Common Stock | 629.55M | 899.05M | ||||
| Repurchase of Common Stock | -418.09M | -117.81M | -25.01M | -49.03M | ||
| Common Dividends Paid | -567.61M | -567.86M | -558.48M | -539.85M | -483.62M | -433.78M |
| Preferred Dividends Paid | -4.86M | -4.83M | -4.85M | -4.77M | -4.38M | -4.22M |
| Total Dividends Paid | -572.47M | -572.69M | -563.33M | -544.62M | -488.00M | -438.00M |
| Other Financing Activities | -48.77M | -53.68M | -66.51M | -52.63M | -58.61M | -90.49M |
| Net Cash Flow | 1.02M | 1.50M | 561.00K | 4.67M | 1.78M | 4.25M |
| Levered Free Cash Flow | 779.83M | 892.48M | 741.04M | 612.55M | 738.69M | 772.75M |
| Unlevered Free Cash Flow | 902.62M | 1.02B | 863.36M | 725.59M | 836.13M | 889.17M |
| Cash Interest Paid | 187.10M | 190.51M | 192.10M | 184.20M | 154.91M | 136.98M |
| Cash Income Tax Paid | 1.35M | 1.37M | 1.04M | 1.91M | 1.15M | 4.78M |
| Change in Working Capital | -16.95M | -22.26M | -35.90M | -36.41M | -3.35M | -22.01M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 12.31B | 12.12B | 14.32B | 12.59B | 12.61B | 18.55B |
| Enterprise Value | 18.30B | 19.05B | 21.51B | 19.47B | 19.37B | 25.53B |
| Last Close Price | 35.52 | 35.24 | 39.94 | 33.76 | 32.74 | 49.19 |
| Price/FFO Ratio | 15.91 | 14.50 | 17.44 | 13.78 | 14.88 | 24.35 |
| Price/AFFO Ratio | 17.71 | 15.88 | 18.24 | 15.28 | 15.52 | 27.03 |
| PE Ratio | 22.70 | 32.51 | 169.01 | 28.66 | 152.81 | 127.23 |
| PS Ratio | 6.92 | 6.93 | 8.43 | 7.72 | 8.28 | 14.19 |
| PB Ratio | 3.94 | 2.92 | 3.21 | 2.54 | 2.55 | 3.88 |
| P/OCF Ratio | 13.78 | 13.43 | 16.34 | 15.13 | 15.38 | 27.94 |
| EV/Sales Ratio | 10.31 | 10.89 | 12.65 | 11.93 | 12.72 | 19.52 |
| EV/EBITDA Ratio | 17.51 | 18.41 | 21.44 | 19.87 | 21.14 | 33.20 |
| EV/EBIT Ratio | 48.52 | 53.08 | 69.11 | 66.76 | 80.72 | 167.48 |
| Debt / Equity Ratio | 1.56 | 1.45 | 1.35 | 1.21 | 1.15 | 1.17 |
| Debt / EBITDA Ratio | 5.68 | 5.72 | 5.91 | 6.02 | 6.11 | 7.17 |
| Net Debt / Equity Ratio | 1.56 | 1.45 | 1.35 | 1.21 | 1.15 | 1.17 |
| Net Debt / EBITDA Ratio | 5.76 | 5.80 | 5.99 | 6.09 | 6.18 | 7.29 |
| Asset Turnover | 0.17 | 0.16 | 0.15 | 0.15 | 0.14 | 0.13 |
| Quick Ratio | 0.00 | 0.00 | 0.01 | 0.02 | 0.03 | 0.01 |
| Current Ratio | 0.18 | 0.16 | 0.44 | 0.34 | 0.15 | 0.11 |
| Return on Equity (ROE) | 13.74% | 9.38% | 2.04% | 9.59% | 1.91% | 3.62% |
| Return on Assets (ROA) | 2.25% | 2.09% | 1.75% | 1.63% | 1.38% | 0.93% |
| Return on Invested Capital (ROIC) | 3.79% | 3.47% | 2.88% | 2.70% | 2.28% | 1.54% |
| Earnings Yield | 4.40% | 3.12% | 0.62% | 3.53% | 0.69% | 0.81% |
| Dividend Yield | 4.85% | 4.66% | 3.93% | 4.39% | 3.97% | 2.49% |
| Payout Ratio | 109.85% | 151.62% | 628.82% | 122.56% | 561.42% | 291.97% |
| Buyback Yield / Dilution | 1.03% | -0.28% | -0.31% | -1.98% | -6.96% | -2.30% |
| Total Shareholder Return | 5.91% | 4.37% | 3.62% | 2.40% | -2.99% | 0.19% |