UDR posted second-quarter 2026 results with net income per diluted share of $0.21 and FFOA per diluted share of $0.64, and raised its full-year 2026 guidance ranges for Net Income and FFOA. Year-to-date FFO per diluted share was $1.23 and FFOA was $1.25 through June 30, 2026. The company also announced commencement of a monthly dividend and expanded share repurchase activity.

Financial Highlights

  • Net income per diluted share: $0.21 for Q2 2026; $0.79 year-to-date through June 30, 2026.
  • FFO per diluted share: $0.60 for Q2 2026; $1.23 year-to-date through June 30, 2026.
  • FFOA per diluted share: $0.64 for Q2 2026; $1.25 year-to-date through June 30, 2026.
  • Updated full-year 2026 outlook — Net Income per diluted share: $1.03 to $1.11 (midpoint $1.07, +$0.11 vs. prior midpoint).
  • Updated full-year 2026 outlook — FFOA per diluted share: $2.49 to $2.57 (midpoint $2.53, +$0.01 vs. prior midpoint); FFO outlook: $2.47 to $2.55 (midpoint $2.51, -$0.02 vs. prior midpoint).

Business Highlights

  • Same-Store results: Q2 2026 vs Q2 2025 — Revenue +1.8%, Expense +2.6%, NOI +1.4%; sequential Q2 vs Q1 2026 — Revenue +1.4%, Expense (3.9)%, NOI +4.0%.
  • Regional operating performance: strongest revenue and NOI growth in the West (Revenue +3.7%, NOI +3.7%) and Northeast (Revenue +3.0%, NOI +3.4%) on a YOY basis.
  • Occupancy remained in the mid-96% range (weighted average same-store physical occupancy 96.6% for Q2 2026) with annualized resident retention at a seasonally adjusted record 60%.
  • Capital allocation actions: repurchased ~5.5 million shares in the quarter (total ~11.5 million shares since Sept 2025) with ~25.5 million shares remaining under the repurchase program; sold one 206-unit community and under contract to sell three communities totaling 808 units (pending proceeds ~ $252.5 million).
  • Development and JV activity: commenced development of a 385-unit community (4848 at Alex West) expected cost ~$181.3 million; acquired three communities (584 units) from prior JV liquidations; formed a JV for Columbus Square while funding a $50.0 million mezzanine loan at an 8.0% effective return to the new partner.

Original SEC Filing:

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