UDR, Inc. Raises Full-Year 2026 Guidance Ranges and Provides Preliminary Third Quarter 2026 Results
DENVER, October 21, 2026--UDR, Inc. (the "Company") (NYSE: UDR), a leading multifamily real estate investment trust, announced today that it has raised its full-year 2026 guidance ranges for Net Income and Funds From Operations as Adjusted ("FFOA") per diluted share, and provided preliminary results for the quarter ended September 30, 2026. This update is provided in conjunction with the Company's separate announcement of the expected formation of a $2.0 billion strategic partnership with Apollo.
Preliminary Third Quarter 2026 Results and Outlook(1)
The Company expects Net Income per diluted share for the third quarter 2026 will be $0.67, which compares to the previously provided guidance range of $0.13 to $0.15 per diluted share. Furthermore, the Company expects FFOA per diluted share for the third quarter 2026 will be $0.65, which represents the high-end of the previously provided guidance range of $0.63 to $0.65 per diluted share. As shown in the table below, the Company has established guidance ranges for the fourth quarter 2026 and has raised its previously provided full-year 2026 guidance ranges for Net Income and FFOA per diluted share.
| Metric, per diluted share | 3Q 2026 Preliminary | YTD 2026 through 3Q 2026 Preliminary | 4Q 2026 Outlook | Prior Full-Year 2026 Outlook | Updated Full-Year 2026 Outlook | Full-Year 2026 Midpoint (Change) | |||||||
| Net Income | $0.67 | $1.45 | $0.13 to $0.15 | $1.03 to $1.11 | $1.58 to $1.60 | $1.59 (+$0.52) | |||||||
| FFO | $0.62 | $1.85 | $0.63 to $0.65 | $2.47 to $2.55 | $2.48 to $2.50 | $2.49 (-$0.02) | |||||||
| FFOA | $0.65 | $1.90 | $0.63 to $0.65 | $2.49 to $2.57 | $2.54 to $2.56 | $2.55 (+$0.02) | |||||||
| Year-Over-Year Same-Store ("SS") Growth: | |||||||||||||
| Revenue | 1.8% | 1.6% | N/A | 0.75% to 2.00% | 1.4% to 1.8% | 1.6% (+22.5bps) | |||||||
| Expense | 2.2% | 3.2% | N/A | 2.75% to 3.75% | 2.7% to 3.1% | 2.9% (-35bps) | |||||||
| NOI | 1.6% | 0.8% | N/A | 0.00% to 1.25% | 0.8% to 1.2% | 1.0% (+37.5bps) |
| (1) | All guidance is based on current expectations of future economic conditions and the judgment of the Company's management team. A reconciliation of GAAP Net Income per diluted share to forecasted FFO and FFOA per diluted share for the fourth quarter and full-year 2026 can be found under "Reconciliation of Forecasted Net Income to FFO and FFO as Adjusted" in this release. Non-GAAP financial measures and other terms, as used in this release, are defined and further explained under "Definitions" in this release. Net Income, FFO and FFOA per share for all 2026 periods and guidance are unaffected by the Apollo transaction. SS growth metrics have been adjusted to exclude the 19 communities that comprise the joint venture with Apollo. Including these communities, SS Revenue, Expense, and NOI would be 1.5%, 2.7%, and 1.0% for 3Q 2026, 1.4%, 3.2%, and 0.5% for YTD 2026 through 3Q 2026, and 1.45%, 2.9%, and 0.75% for Full-Year 2026 Midpoint. |