Real Estate Portfolio - As of September 30, 2025, the consolidated real estate portfolio included 168 communities totaling 55,808 apartment homes[200] - The Same-Store Community apartment home population for the three months ended September 30, 2025, was 54,915, with an average occupancy of 96.6%[200] - The total carrying value of Same-Store Communities was approximately $15.6 billion, with a weighted average monthly income per occupied home of $2,605[202] - The Same-Store Communities segment represents those communities stabilized prior to July 1, 2024, and held as of September 30, 2025[205] - The Company has an ownership interest in 11,193 completed or to-be-completed apartment homes through unconsolidated joint ventures or partnerships[200] Development and Capital Expenditures - The Company is developing one wholly-owned community with a total of 300 apartment homes, none of which have been completed as of September 30, 2025[203] - Total capital expenditures for the nine months ended September 30, 2025, were $196.2 million, or $3,545 per stabilized home, compared to $191.3 million, or $3,458 per stabilized home in 2024[233] - The company had a development pipeline consisting of one wholly-owned community totaling 300 apartment homes with a budget of $133.6 million as of September 30, 2025[239] Financial Performance - Total revenue for the three months ended September 30, 2025, was $154.6 million, compared to $150.8 million for the same period in 2024, reflecting a growth of 2.5%[225] - Net income attributable to common stockholders for the nine months ended September 30, 2025, was $151,200,000 ($0.46 per diluted share), compared to $91,000,000 ($0.28 per diluted share) for the same period in 2024[258] - The Company reported a net income attributable to common stockholders of $39.2 million for the three months ended September 30, 2025, compared to $21.4 million in 2024[294] - Funds from Operations (FFO) attributable to common stockholders for the three months ended September 30, 2025, was $219.9 million, compared to $213.8 million in 2024[294] - Adjusted Funds from Operations (AFFO) for the nine months ended September 30, 2025, was $599.1 million, an increase from $586.4 million in 2024[295] Cash Flow and Liquidity - The Company expects to meet short-term liquidity requirements through net cash provided by property operations and borrowings under credit agreements[208] - The Company anticipates that proceeds from property operations will continue to be adequate to meet operating requirements and dividend payments[208] - For the nine months ended September 30, 2025, net cash provided by operating activities was $641.5 million, an increase from $636.3 million in the comparable period in 2024[229] - The company reported net cash provided by operating activities of $641,480,000 for the nine months ended September 30, 2025, compared to $636,312,000 in 2024[255] - The company incurred net cash used in financing activities of $(486,596,000) for the nine months ended September 30, 2025, compared to $(408,033,000) in 2024[255] Debt and Financing - The Company has a $1.3 billion unsecured revolving credit facility and a $350.0 million unsecured term loan, with the total commitments potentially increasing to $2.5 billion[213] - As of September 30, 2025, the Company had issued $340.0 million of commercial paper at a weighted average annualized rate of 4.32%, leaving $360.0 million of unused capacity[215] - The Company anticipates repaying approximately $129.2 million of secured debt and $340.0 million of unsecured debt maturing during the remainder of 2025[217] - As of September 30, 2025, the company had $1.3 billion of unused capacity under its Revolving Credit Facility[247] - The company is exposed to interest rate changes associated with its commercial paper program and unsecured credit facility, indicating potential refinancing risks[297] Operating Metrics - Total property NOI for the three months ended September 30, 2025, was $292.1 million, a 2.7% increase from $284.4 million in the same period of 2024[262] - Same-Store rental income increased by 2.6% to $414.7 million for the three months ended September 30, 2025, compared to $404.2 million in 2024[262] - NOI from Same-Store Communities increased by 2.3%, or $6.5 million, for the three months ended September 30, 2025, driven by a 2.6% increase in rental income[266] - Operating expenses for Same-Store Communities increased by 3.1% to $131.8 million for the three months ended September 30, 2025, compared to $127.9 million in 2024[262] - The operating margin for the three months ended September 30, 2025, was 68.2%, slightly down from 68.4% in 2024[268] Shareholder Activity - The Company did not sell any shares of common stock through its ATM program during the three and nine months ended September 30, 2025, with 14.0 million shares available for future issuance[210] - The Company repurchased 0.7 million shares at an average price of $38.37 per share for a total of approximately $25.0 million, and an additional 0.3 million shares at an average price of $36.14 per share for approximately $10.0 million in October 2025[212] - Weighted average number of common shares outstanding — basic for Q3 2025 was 330,668 thousand, compared to 329,421 thousand in Q3 2024, reflecting an increase of 0.4%[296] - Weighted average number of common shares outstanding — diluted for the nine months ended September 30, 2025 was 331,443 thousand, up from 329,755 thousand in the same period of 2024, representing a growth of 0.5%[296] - The company has a total of 353,484 thousand basic common shares outstanding for Q3 2025, slightly higher than 353,275 thousand in Q3 2024[296] Other Financial Metrics - The Company recognized a gain on the sale of real estate of $47.9 million for the nine months ended September 30, 2025, compared to $16.9 million in the same period of 2024[275] - Real estate depreciation and amortization decreased to $165.9 million for the three months ended September 30, 2025, from $170.3 million in 2024[277] - Other depreciation and amortization for the three months ended September 30, 2025, was $7.0 million, compared to $4.0 million in 2024, reflecting $3.3 million in software transition costs[281] - Interest income and other income for the three months ended September 30, 2025, decreased to $3.7 million from $6.2 million in 2024, attributed to lower interest income from reduced notes receivable balances[283] - The total impact of adjustments to FFO for the three months ended September 30, 2025, was $11.2 million, compared to $6.0 million in 2024[294] Market Risk - As of September 30, 2025, the company's market risk profile has not changed materially from the previous year, as reported in the Annual Report on Form 10-K for the year ended December 31, 2024[298]

Core Insights - UDR Inc. reported third-quarter 2025 funds from operations as adjusted (FFOA) per share of 65 cents, exceeding the Zacks Consensus Estimate of 63 cents and up from 62 cents in the prior-year quarter [1][9] - The company raised its 2025 FFOA midpoint per share guidance, reflecting positive performance in same-store net operating income (NOI) driven by higher effective blended lease rates [1][8] Financial Performance - Quarterly revenues from rental income were $429.3 million, slightly below the Zacks Consensus Estimate of $429.7 million, while total revenues reached $431.9 million, both showing over 2.5% year-over-year growth [2] - Same-store revenues increased by 2.6% year over year, while same-store expenses rose by 3.1%, resulting in a 2.3% improvement in same-store NOI [3] - The weighted average same-store physical occupancy was 96.6%, up 30 basis points year over year but down 30 basis points sequentially [4] Balance Sheet and Liquidity - As of September 30, 2025, UDR had $1.0 billion in liquidity, with total debt at $5.8 billion, of which only $485.9 million (8.9%) is maturing through 2026 [5] - The net debt-to-EBITDA ratio remained stable at 5.5X, with a weighted average interest rate of 3.4% and an average maturity of 4.6 years [6] Portfolio Activity - UDR has agreed to acquire a home community in suburban Metropolitan Washington, D.C., consisting of 406 apartment units for approximately $147 million, expected to close in the fourth quarter of 2025 [7] 2025 Guidance - For the fourth quarter of 2025, UDR expects FFOA per share in the range of 63-65 cents, with a full-year 2025 FFOA per share guidance raised to $2.53-$2.55, reflecting an increase from the previous guidance of $2.52 [8][10]

Financial Data and Key Metrics Changes - For Q3 2025, same-store revenue and NOI growth were 2.6% and 2.3% respectively, exceeding consensus expectations [12][19] - FFOA per share was $0.65, surpassing previous guidance, leading to an increase in full-year 2025 FFOA per share guidance to a range of $2.53 to $2.55 [23][24] - Year-over-year same-store expense growth was 3.1%, better than expectations, driven by favorable real estate tax growth and insurance savings [13][14] Business Line Data and Key Metrics Changes - Blended lease rate growth was 0.8%, with renewal rate growth at 3.3% and new lease rate growth at -2.6% [12] - Annualized resident turnover improved by nearly 300 basis points compared to the prior year, contributing to revenue and expense benefits [12] - Other income growth was strong at 8.5%, driven by continued innovation and value-add services [13] Market Data and Key Metrics Changes - Coastal markets performed well, with same-store revenue growth of approximately 4%, while Sunbelt markets lagged with slightly negative revenue growth [16][19] - The East Coast had a weighted average occupancy of 96.7% and blended lease rate growth of 2% year to date [17] - The West Coast showed strong momentum with a 96.7% occupancy and 3% blended lease rate growth year to date [18] Company Strategy and Development Direction - The company focuses on data-driven capital allocation and operational innovation to enhance cash flow growth and shareholder value [6][9] - UDR aims to leverage its investment-grade balance sheet and substantial liquidity for future growth opportunities [9][27] - The company is committed to corporate stewardship and sustainability, as evidenced by its seventh annual Corporate Responsibility Report [9] Management's Comments on Operating Environment and Future Outlook - Management noted a deceleration in rent growth due to employment uncertainty, slower household formation, and high levels of new supply [5][20] - Despite current challenges, management remains optimistic about long-term fundamentals in the apartment industry, citing a structural under-housing issue in the U.S. [5][11] - The company plans to adjust its operating strategy to maximize cash flow and leverage its innovative culture for growth [20] Other Important Information - The company welcomed Rick Clark as a new board member, enhancing its board refreshment process [10] - UDR has a strong liquidity position with over $1 billion available as of September 30 [27] - The company repurchased approximately 930,000 shares at an average price of $37.70, reflecting a commitment to shareholder returns [24] Q&A Session Summary Question: Can you walk through the assumptions for a flat earn-in for 2026? - Management indicated that the flat earn-in assumes blended lease rates of approximately -1% to -2% in Q4, with regional variations expected [30][34] Question: What is driving variability in rate growth compared to peers? - Management attributed variability to consumer sentiment, job growth, and supply dynamics, particularly in the Sunbelt markets [37][39] Question: Are there concerns about retention rates given current job market conditions? - Management expressed confidence in retention rates, citing a significant reduction in turnover due to enhanced customer experience initiatives [92][93]

Financial Performance - Net Income per diluted share was $0.12 in 3Q 2025, a 100% increase compared to $0.06 in 3Q 2024[8] - FFO per diluted share was $0.62 in 3Q 2025, a 3% increase compared to $0.60 in 3Q 2024[8] - FFOA per diluted share was $0.65 in 3Q 2025, a 5% increase compared to $0.62 in 3Q 2024[8] - The company raised its full-year 2025 guidance for Net Income and FFOA per diluted share by $0.02 to a midpoint of $0.58 and $2.54, respectively[11] - Total revenue increased by $11.7 million YOY, or 2.8%, to $431.9 million in 3Q 2025[12] Same-Store Results - Same-Store revenue grew by 2.6% YOY in 3Q 2025[9] - Same-Store expense increased by 3.1% YOY in 3Q 2025[9] - Same-Store NOI grew by 2.3% YOY in 3Q 2025[9] - Physical occupancy for Same-Store communities was 96.6% in 3Q 2025, a 0.3% increase YOY[16] - The company updated its full-year 2025 Same-Store revenue growth guidance to 2.20% to 2.60%, a 0.10% decrease from the prior midpoint[11] Capital Activities - The company repurchased approximately 651 thousand shares of its common stock for $25.0 million during 3Q 2025 and an additional 277 thousand shares for $10.0 million subsequent to quarter-end[9] - The company extended the maturity date of its $350.0 million senior unsecured term loan from January 31, 2027, to January 31, 2029[9] - Total indebtedness as of September 30, 2025, was $5.8 billion, with $485.9 million, or 8.9%, maturing through 2026[24]

Core Insights - UDR reported revenue of $429.29 million for Q3 2025, a year-over-year increase of 2.2%, with an EPS of $0.65 compared to $0.08 a year ago [1] - The revenue fell slightly short of the Zacks Consensus Estimate of $429.73 million, resulting in a surprise of -0.1%, while the EPS exceeded expectations by 3.17% [1] - UDR's stock has returned -6% over the past month, underperforming the Zacks S&P 500 composite, which increased by 3.8% [3] Financial Performance Metrics - Weighted Average Physical Occupancy was reported at 96.6%, slightly below the four-analyst average estimate of 96.7% [4] - Revenue from joint venture management and other fees was $2.57 million, exceeding the average estimate of $2.32 million, representing a year-over-year increase of 24% [4] - Rental income was reported at $429.29 million, compared to the estimated $430.04 million, reflecting a year-over-year increase of 2.7% [4] - Net Earnings Per Share (Diluted) was $0.12, slightly above the average estimate of $0.11 [4]

Core Insights - UDR reported quarterly funds from operations (FFO) of $0.65 per share, exceeding the Zacks Consensus Estimate of $0.63 per share, and up from $0.62 per share a year ago, representing an FFO surprise of +3.17% [1] - The company posted revenues of $429.29 million for the quarter ended September 2025, slightly missing the Zacks Consensus Estimate by 0.1%, but up from $420.16 million year-over-year [2] - UDR shares have underperformed the market, losing about 19.3% since the beginning of the year compared to the S&P 500's gain of 17.2% [3] Financial Performance - Over the last four quarters, UDR has surpassed consensus FFO estimates two times and topped consensus revenue estimates just once [2] - The current consensus FFO estimate for the coming quarter is $0.64 on revenues of $431.72 million, and for the current fiscal year, it is $2.51 on revenues of $1.7 billion [7] Market Outlook - The sustainability of UDR's stock price movement will depend on management's commentary during the earnings call and future FFO expectations [3][4] - The Zacks Industry Rank indicates that the REIT and Equity Trust - Residential sector is currently in the bottom 41% of over 250 Zacks industries, which may impact UDR's performance [8]

Financial Performance - Net income attributable to UDR, Inc. for Q3 2025 was $40,409,000, an increase from $22,597,000 in Q3 2024, representing an 79% year-over-year growth[4] - Funds from Operations (FFO) per diluted share for Q3 2025 was $0.62, compared to $0.60 in Q3 2024, reflecting a 3.3% increase[7] - Total revenues for Q3 2025 reached $431,864,000, up from $420,160,000 in Q3 2024, marking a 4% increase[4] - The company reported a year-to-date net income of $154,802,000 for 2025, compared to $94,629,000 for the same period in 2024, indicating a 63% increase[4] - Total revenues for the year-to-date (YTD) 2025 reached $1,223,180,000, reflecting a 2.6% increase compared to $1,192,680,000 in YTD 2024[55] - Net operating income (NOI) for YTD 2025 was $837,725,000, up 2.5% from $817,334,000 in YTD 2024[55] Revenue and Occupancy - Same-store revenue growth for Q3 2025 was 2.6%, with a full-year guidance of 2.20% to 2.60%[2] - Physical occupancy rate stood at 96.6% for Q3 2025, slightly down from 96.9% in Q3 2024[2] - Same-store communities generated revenues of $414,657,000 for the quarter, reflecting a year-over-year increase from $404,241,000[26] - Total net operating income for the quarter was $292,135,000, up from $281,399,000 in the same quarter last year[26] - The average physical occupancy rate across all regions was 96.6%, showing a 0.3% increase from the previous year[41] - Total physical occupancy across all regions was reported at 96.2% for Q3 2025[63] Debt and Equity - Consolidated debt as a percentage of total assets decreased to 32.6% in Q3 2025 from 32.9% in Q3 2024[2] - Total liabilities increased slightly to $6,450,484 from $6,436,691, reflecting a marginal rise of 0.2%[10] - Total stockholders' equity decreased to $3,274,966, down from $3,443,205, indicating a decline of approximately 4.9%[10] - Total debt stood at $5,849,396 with a weighted average interest rate of 3.35%[15] - The company has a $1.3 billion line of credit with no borrowings outstanding as of September 30, 2025[19] Capital Expenditures and Investments - The company plans to issue up to a maximum aggregate amount of $700 million under its unsecured commercial paper program[17] - The company recorded a total investment of $72.55 million in stabilized communities with a weighted average return rate of 10.8%[72] - The company expects FFO per common share and unit for Q4 2025 to be in the range of $0.63 to $0.65, and for the full year 2025, it is projected to be $2.44 to $2.46[79] - Capital expenditures for recurring, NOI enhancing, and redevelopment are expected to be between $235 million and $245 million for the full year 2025[79] Operational Efficiency - The company’s physical occupancy rate is a key metric, defined as the number of occupied homes divided by the total homes available at a community, reflecting operational efficiency[110] - The company emphasizes that FFO is a useful metric for evaluating property acquisitions and operating performance, providing a consistent comparison across time periods[101] - Year-over-year same-store operating expenses increased by 3.1% to $131,824,000, driven by higher personnel and utility costs[29] Regional Performance - The West Region contributed 31.4% of the same-store net operating income, with Orange County, CA leading at 10.9%[37] - The Northeast Region accounted for 19.5% of the same-store net operating income, with Boston, MA at 11.6%[37] - The Southeast Region's same-store net operating income was 13.2%, with Tampa, FL contributing 5.6%[37] - The Southwest Region's same-store net operating income was 10.3%, with Dallas, TX at 8.3%[37] Future Outlook - The company anticipates adding 893 homes to the same-store portfolio by the end of 2026[36] - The company continues to focus on market expansion and enhancing operational efficiency to drive future growth[45]

Core Insights - UDR, Inc. reported its third quarter 2025 results, showing significant growth in net income and funds from operations compared to the previous year [1]. Financial Performance - Net Income per diluted share for Q3 2025 was $0.12, exceeding the guidance of $0.11 to $0.13 and showing a 100% increase from $0.06 in Q3 2024 [1]. - Funds from Operations (FFO) per diluted share for Q3 2025 was not fully detailed in the provided text, but it is a key metric for assessing the company's performance [1].

Core Insights - UDR Inc. is expected to announce its third-quarter 2025 results on October 29, with anticipated growth in revenues and funds from operations (FFO) per share [1] Company Performance - In the last reported quarter, UDR achieved an adjusted FFO per share of 64 cents, exceeding the Zacks Consensus Estimate of 62 cents, driven by year-over-year growth in same-store net operating income (NOI) due to a higher effective blended lease rate [2] - Over the past four quarters, UDR's FFO as adjusted per share met or surpassed the Zacks Consensus Estimate on four occasions, with an average surprise of 0.81% [3] Market Conditions - The U.S. apartment market experienced a slowdown in Q3 2025, with effective asking rents declining by 0.3% from July to September, marking the first rent cut during this period since 2009 [4] - Approximately 637,000 market-rate apartments were absorbed in the year ending Q3 2025, a decrease from nearly 784,900 units absorbed in the previous quarter, attributed to sluggish new lease activity amid weaker job growth and cautious consumer behavior [5] - Nationally, about 474,800 units were completed over the past year, with 105,500 units completed in Q3, leading to increased competition among landlords and a slight drop in occupancy rates to 95.4% [6] Rental Trends - To attract renters, 22% of properties offered discounts averaging 6.2%, indicating a shift towards prioritizing occupancy over pricing power [7] - Rent declines varied by region, with significant drops in markets that experienced aggressive construction, while areas with lighter construction, such as the Midwest and Northeast, fared better [8] Projections for UDR - UDR's third-quarter results are expected to benefit from its diverse portfolio of A/B quality properties, with projected rental income growth of 2.3% year-over-year and same-property NOI expected to increase by 4.3% [9][10] - The Zacks Consensus Estimate for UDR's quarterly revenues is $430.08 million, reflecting a 2.36% year-over-year rise, with FFO per share expected to be in the range of 62-64 cents [13] - The consensus estimate for FFO as adjusted per share has remained unchanged at 63 cents over the past three months, indicating a 1.61% year-over-year increase [14] Earnings Prediction - UDR has a positive Earnings ESP of +0.41% and a Zacks Rank of 3, suggesting a potential surprise in FFO per share for the upcoming quarter [15]

分组1 - The S&P 500 index currently has a low yield of approximately 1.2%, making reliable dividend stocks more attractive for investors seeking better returns [2] - Realty Income is the largest net lease REIT, boasting over 15,600 properties and a market cap over three times larger than its closest competitor, with a dividend yield of 5.4% and a 30-year history of annual dividend increases [3][4] - Prologis, a leading industrial REIT with a market cap exceeding $100 billion, offers a dividend yield of around 3.5% and has seen its dividend grow by over 150% in the past decade, indicating significant growth potential [6][7] 分组2 - Realty Income's business model is characterized by a net lease approach, where tenants cover most property expenses, allowing the company to focus on collecting rent with minimal operational hassle [4] - Prologis is positioned for long-term growth, leveraging its size and market presence to capitalize on opportunities within the industrial asset class [6][7] - UDR has recently repositioned its apartment portfolio and is now set for long-term growth, although specific details on its current performance were not provided [7]