UDR posts Q1 2026 results, lifts 2026 outlook
UDR, Inc. reported first quarter 2026 net income of $0.57 per diluted share, up from $0.23 a year ago, helped by gains on property sales.
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Rhea-AI Filing Summary
UDR, Inc. reported first quarter 2026 net income of $0.57 per diluted share, up from $0.23 a year ago, helped by gains on property sales. FFO per diluted share was $0.63 and FFO as Adjusted was $0.62, both in line with guidance.
Same-store revenue grew 0.9% year over year while expenses rose 4.4%, leading to a 0.8% decline in same-store NOI. Portfolio occupancy remained high at 96.6%. Total revenues increased 0.9% to $425.8 million.
The company updated full-year 2026 guidance, raising net income per diluted share to a range of $0.91–$1.01 and slightly lifting FFO per share guidance to $2.48–$2.58. Same-store NOI guidance remains between a 1.0% decline and 1.25% growth.
UDR repurchased about 4.2 million shares for roughly $150 million during and after the quarter, and has bought 7.4 million shares for $268 million since September 2025. Total debt was $5.7 billion at a 3.4% weighted average interest rate, with $1.1 billion of liquidity as of March 31, 2026.
The board declared a first quarter 2026 dividend of $0.435 per share and approved a shift to monthly dividends starting with July 2026, equivalent to an annualized $1.74 per share. As of March 31, 2026, UDR owned or had an interest in 59,782 apartment homes, including 300 under development.
Insights
Solid quarter with asset-sale gains, modest FFO growth, and notable capital allocation moves.
UDR delivered Q1 2026 net income per diluted share of $0.57, sharply above the prior year largely due to a $157.4M gain on property sales. Core REIT metrics were steadier: FFO per diluted share was $0.63 versus $0.58 a year ago, and FFO as Adjusted reached $0.62, up slightly from $0.61.
Same-store revenue rose 0.9% year over year, but operating expenses increased 4.4%, producing a 0.8% decline in same-store NOI and a 3.2% sequential NOI drop. Occupancy stayed strong at 96.6%, and blended lease rate growth of 1.6% reflects modest pricing power amid cost pressure.
Leverage and liquidity appear manageable, with total indebtedness of $5.7B, a weighted average interest rate of 3.4%, net debt-to-EBITDAre of 5.6x, and about $1.1B of liquidity. The company has been active repurchasing stock, spending roughly $150M in and after the quarter and $268M since September 2025, while also guiding 2026 FFO per share to $2.48–$2.58, only $0.01 above the prior midpoint.
The shift to monthly dividends beginning in July 2026, at an annualized $1.74 per share, is structurally meaningful for income-focused holders but keeps the dividend level unchanged from prior guidance. Overall, this update is operationally mixed—modest growth with expense pressure—but financially stable, without changes likely to alter a long-term thesis by itself.
8-K Event Classification
Key Figures
Key Terms
Funds from Operations (FFO) financial
FFO as Adjusted financial
Same-Store NOI financial
Consolidated Net Debt-to-EBITDAre financial
Effective Blended Lease Rate Growth financial
Debt and Preferred Equity Program financial
Earnings Snapshot
Full-year 2026 net income per diluted share guidance raised to $0.91–$1.01; FFO per diluted share guided to $2.48–$2.58 and FFO as Adjusted to $2.47–$2.57.
FAQ
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported):
(Exact name of registrant as specified in its charter)
(State or other jurisdiction | (Commission | (I.R.S. Employer | ||
of incorporation) | File Number) | Identification No.) | ||
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Registrant’s telephone number, including area code: (
Not Applicable
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On April 29, 2026, UDR, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended March 31, 2026. This press release is furnished as Exhibit 99.1 to this Report and refers to supplemental financial information that is available on the Company’s website and furnished as Exhibit 99.2 to this Report. This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section. Furthermore, the information contained in Exhibits 99.1 and 99.2 shall not be deemed to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
Item 7.01 Regulation FD Disclosure.
The information included as Exhibit 99.3 to this report will be made available to investors beginning April 29, 2026. This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section. Furthermore, the information contained in Exhibit 99.3 shall not be deemed to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Ex. No. | | Description |
99.1 | Earnings press release dated April 29, 2026. | |
99.2 | Supplemental Financial Information dated April 29, 2026. | |
99.3 | Presentation Materials. | |
104 | Cover Page Interactive Data File – The cover page XBRL tags are embedded within the Inline XBRL document |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
UDR, Inc. | ||||
April 29, 2026 | By: | /s/ David D. Bragg | ||
David D. Bragg | ||||
Senior Vice President and Chief Financial Officer | ||||
(Principal Financial Officer) | ||||
UDR, INC. ANNOUNCES FIRST QUARTER 2026 RESULTS
AND UPDATES FULL-YEAR 2026 GUIDANCE RANGES
UDR, Inc. (the “Company”) (NYSE: UDR), announced today its first quarter 2026 results. Net Income, Funds from Operations (“FFO”), and FFO as Adjusted (“FFOA”) per diluted share for the quarter ended March 31, 2026, are detailed below.
| Quarter Ended March 31 | ||||
Metric | 1Q 2026 Actual | 1Q 2026 Guidance | 1Q 2025 Actual | $ Change vs. Prior Year Period | % Change vs. Prior Year Period |
Net Income per diluted share | $0.57 | $0.11 to $0.13 | $0.23 | $0.34 | 148% |
FFO per diluted share | $0.63 | $0.61 to $0.63 | $0.58 | $0.05 | 9% |
FFOA per diluted share | $0.62 | $0.61 to $0.63 | $0.61 | $0.01 | 2% |
Same-Store (“SS”) results for the first quarter 2026 versus the first quarter 2025 and the fourth quarter 2025 are summarized below.
SS Growth / (Decline) | Year-Over-Year (“YOY”): 1Q 2026 vs. 1Q 2025 | Sequential: 1Q 2026 vs. 4Q 2025 |
Revenue | 0.9% | (0.4)% |
Expense | 4.4% | 5.7% |
Net Operating Income (“NOI”) | (0.8)% | (3.2)% |
During the first quarter, the Company,
| ● | Completed the sales of four apartment communities with a combined 1,159 apartment homes for gross proceeds totaling $362.0 million. |
| ● | Received approximately $138.9 million in proceeds from the full repayment of two Debt and Preferred Equity investments. |
| ● | Repurchased approximately 2.8 million shares of its common stock at a weighted average share price of $36.27 for total consideration of approximately $100.0 million. |
Subsequent to quarter-end, the Company,
| ● | Repurchased approximately 1.4 million shares of its common stock at a weighted average share price of $35.01 for total consideration of approximately $50.0 million. Since recommencing share repurchases in September 2025, the Company has repurchased approximately $268.0 million of its common stock. |
| ● | Acquired a 232-apartment home community located in Portland, OR. This investment was previously recognized as part of the Company’s Debt and Preferred Equity program. |
| ● | Announced, concurrent with this earnings release, the commencement of a monthly common stock dividend, beginning with the dividend payable in July 2026. |
| ● | Earned the distinction of being named a Top Workplace by USA Today for the second consecutive year. |
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“First quarter Same-Store and FFOA per diluted share results aligned with our expectations, and we adhered to our capital allocation heatmaps to create shareholder value by selling assets at compelling valuations and repurchasing our stock. In addition, I am excited to announce that UDR has become the first residential REIT to offer monthly dividends. This strategic pivot in dividend policy is consistent with our effort to expand access to capital. Our responsiveness to growing interest in monthly cash distributions is emblematic of UDR’s culture of innovation and long-term value creation,” said Tom Toomey, UDR’s Chairman, President, and CEO.
Outlook(1)
As shown in the table below, the Company has established the following guidance ranges for the second quarter of 2026 and has updated full-year 2026 guidance ranges.
| 1Q 2026 Actual | 2Q 2026 Outlook | Prior Full-Year 2026 Outlook | Updated Full-Year 2026 Outlook | Full-Year 2026 Midpoint (Change) | ||
Net Income per diluted share | $0.57 | $0.12 to $0.14 | $0.45 to $0.55 | $0.91 to $1.01 | $0.96 (+$0.46) | ||
FFO per diluted share | $0.63 | $0.62 to $0.64 | $2.47 to $2.57 | $2.48 to $2.58 | $2.53 (+$0.01) | ||
FFOA per diluted share | $0.62 | $0.62 to $0.64 | $2.47 to $2.57 | $2.47 to $2.57 | $2.52 (unch) | ||
YOY Growth: | | | | | | ||
SS Revenue | 0.9% | N/A | 0.25% to 2.25% | 0.25% to 2.25% | 1.25% (unch) | ||
SS Expense | 4.4% | N/A | 3.00% to 4.50% | 3.00% to 4.50% | 3.75% (unch) | ||
SS NOI | (0.8)% | N/A | (1.00)% to 1.25% | (1.00)% to 1.25% | 0.125% (unch) | ||
(1) | Additional assumptions for the Company’s second quarter and full-year 2026 outlook can be found on Attachment 13 of the Company’s related quarterly Supplemental Financial Information (“Supplement”). A reconciliation of GAAP Net Income per diluted share to FFO per diluted share and FFOA per diluted share can be found on Attachment 14(D) of the Company’s related quarterly Supplement. Non-GAAP financial measures and other terms, as used in this earnings release, are defined and further explained on Attachments 14(A) through 14(D), “Definitions and Reconciliations,” of the Company’s related quarterly Supplement. |
Operating Results
In the first quarter, total revenue increased by $3.9 million YOY, or 0.9 percent, to $425.8 million. This increase was primarily attributable to growth in revenue from Same-Store and acquired communities, partially offset by declines in revenue from property dispositions.
“2026 has started as expected, and our results align with guidance and our focus on maximizing revenue growth,” said Mike Lacy, UDR’s Chief Operating Officer. “I am pleased with the progress our teams have made in driving increased innovation income, which includes a variety of services and amenities desired by our residents, and achieving all-time Company high levels of resident retention.”
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In the tables below, the Company has presented year-over-year and sequential Same-Store results by region.
Summary of Same-Store Results in the First Quarter 2026 versus the First Quarter 2025
Region | Revenue Growth / (Decline) | Expense Growth / (Decline) | NOI Growth / (Decline) | % of Same-Store Portfolio(1) | Physical Occupancy(2) | YOY Change in Occupancy |
West | 2.7% | 8.0% | 0.7% | 32.4% | 96.9% | (0.3)% |
Northeast | 2.1% | 4.7% | 0.6% | 19.7% | 96.8% | (0.5)% |
Mid-Atlantic | 0.5% | 4.8% | (1.5)% | 19.1% | 96.3% | (1.3)% |
Southeast | (1.8)% | 2.6% | (3.9)% | 12.9% | 96.2% | (0.8)% |
Southwest | (1.7)% | (0.8)% | (2.2)% | 10.9% | 96.9% | (0.4)% |
Other Markets | (0.4)% | 3.1% | (1.7)% | 5.0% | 95.8% | (0.5)% |
Total / Weighted Average | 0.9% | 4.4% | (0.8)% | 100.0% | 96.6% | (0.6)% |
(1) | Based on 1Q 2026 Same-Store NOI. For definitions of terms, please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplement. |
(2) | Weighted average Same-Store physical occupancy for the quarter. |
Summary of Same-Store Results in the First Quarter 2026 versus the Fourth Quarter 2025
Region | Revenue Growth / (Decline) | Expense Growth / (Decline) | NOI Growth / (Decline) | % of Same-Store Portfolio(1) | Physical Occupancy(2) | Sequential Change in Occupancy |
West | (0.3)% | 5.9% | (2.6)% | 32.4% | 96.9% | 0.0% |
Northeast | (0.3)% | 10.2% | (5.6)% | 19.7% | 96.8% | 0.0% |
Mid-Atlantic | (0.1)% | 8.5% | (3.9)% | 19.1% | 96.3% | (0.4)% |
Southeast | (1.1)% | 1.4% | (2.3)% | 12.9% | 96.2% | (0.5)% |
Southwest | (0.5)% | (0.1)% | (0.8)% | 10.9% | 96.9% | (0.5)% |
Other Markets | (0.7)% | 0.8% | (1.3)% | 5.0% | 95.8% | (0.7)% |
Total / Weighted Average | (0.4)% | 5.7% | (3.2)% | 100.0% | 96.6% | (0.3)% |
(1) | Based on 1Q 2026 Same-Store NOI. For definitions of terms, please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplement. |
(2) | Weighted average Same-Store physical occupancy for the quarter. |
Transactional Activity
Leveraging the Company’s collaborative and data-driven approach to capital allocation and disciplined perspective on risk-adjusted sources and uses of capital, the following transactions were completed:
| ● | During the quarter, the Company completed the sales of four apartment communities, one located in each of Baltimore, Denver, Seattle, and Tampa, with a combined 1,159 apartment homes for gross proceeds totaling $362.0 million. |
| ● | During the quarter, the Company received proceeds of approximately $138.9 million from the full repayment of two Debt and Preferred Equity investments. |
| ● | Subsequent to quarter-end, the Company acquired a 232-apartment home community located in Portland, OR, in connection with the liquidation of the Company’s interest in a Debt and Preferred Equity joint venture. As a result, the Company began consolidating the community. |
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Capital Markets and Balance Sheet Activity
During the quarter and subsequent to quarter-end, the Company repurchased approximately 4.2 million shares of its common stock at a weighted average share price of $35.84 for total consideration of approximately $150.0 million. Since recommencing share repurchases in September 2025, the Company has repurchased approximately 7.4 million shares of its common stock at a weighted average share price of $35.96 for total consideration of approximately $268.0 million.
The Company’s total indebtedness as of March 31, 2026, was $5.7 billion at a weighted average interest rate of 3.4 percent, with $355.0 million, or 6.6 percent of total consolidated debt, maturing through the rest of 2026, including principal amortization and excluding amounts on the Company’s line of credit, commercial paper program, and working capital credit facility. As of March 31, 2026, the Company had approximately $1.1 billion in liquidity through a combination of cash and undrawn capacity on its credit facilities. Please see Attachment 13 of the Company’s related quarterly Supplement for additional details regarding investment guidance.
In the table below, the Company has presented select balance sheet metrics for the quarter ended March 31, 2026, and the comparable prior year period.
| Quarter Ended March 31 | ||
Balance Sheet Metric | 1Q 2026 | 1Q 2025 | Change |
Weighted Average Interest Rate | 3.4% | 3.4% | 0.0% |
Weighted Average Years to Maturity | 4.3 | 4.9 | (0.6) |
Consolidated Fixed Charge Coverage Ratio | 4.8x | 5.0x | (0.2)x |
Consolidated Debt as a percentage of Total Assets | 32.0% | 32.8% | (0.8)% |
Consolidated Net Debt-to-EBITDAre – adjusted for non-recurring items(1) | 5.6x | 5.7x | (0.1)x |
| (1) | A reconciliation of GAAP Net Income per share to EBITDAre - adjusted for non-recurring items and GAAP Total Debt to Net Debt can be found on Attachment 4(C) of the Company’s related quarterly Supplement. |
Dividend
As previously announced, the Company’s Board of Directors declared a regular quarterly dividend on its common stock for the first quarter 2026 in the amount of $0.435 per share, representing a 1.2 percent increase over the comparable period in 2025. The dividend will be paid in cash on April 30, 2026, to UDR common shareholders of record as of April 15, 2026. The first quarter 2026 dividend will represent the 214th consecutive quarterly dividend paid by the Company on its common stock.
Concurrent with this earnings release, the Company announced in a separate press release the commencement of monthly common stock dividends, beginning with the dividend payable in July 2026. This enhanced frequency, compared to the previous quarterly dividend, provides shareholders with more consistent distributions that better align with the timing of the Company’s rental receipts. The Company’s Board of Directors declared dividends on its common stock for the second quarter of 2026 in the amount of $0.145 per share per month, payable in cash on the payment dates set forth in the table below to UDR shareholders of record as of the close of business on the corresponding record date in the table below. The monthly dividend reflects an annualized dividend amount of $1.74 per share of common stock.
Record Date | Payment Date | Amount |
July 17, 2026 | July 31, 2026 | $0.145 per common share |
August 17, 2026 | August 31, 2026 | $0.145 per common share |
September 15, 2026 | September 30, 2026 | $0.145 per common share |
Total Dividends for 2Q 2026 | - | $0.435 per common share |
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Board of Directors
As part of the Board of Directors’ long-term succession plan with respect to director refreshment, and as previously announced, the Company appointed Ellen M. Goitia to its Board of Directors in January 2026. Ms. Goitia has over three decades of expertise in accounting, finance, and corporate governance, having served KPMG in various senior leadership roles including the partner-in-charge of the Chesapeake Business Unit Audit practice.
Subsequent to quarter-end, the Company announced that Katherine “Katie” A. Cattanach and Diane M. Morefield will not stand for re-election at the Company’s upcoming annual shareholder meeting. UDR and the Board express their gratitude for Ms. Cattanach and Ms. Morefield’s service as stewards who helped oversee the Company’s growth.
Corporate Responsibility
Subsequent to quarter-end, the Company earned the distinction of being named a Top Workplace by USA Today for the second consecutive year.
Supplemental Financial Information
The Company offers Supplemental Financial Information that provides details on the financial position and operating results of the Company which is available on the new Investor Relations section of the Company's website at ir.udr.com.
Conference Call and Webcast Information
UDR will host a webcast and conference call at 12:00 p.m. Eastern Time on April 30, 2026, to discuss first quarter 2026 results as well as high-level views for 2026. The webcast will be available on the new Investor Relations section of the Company’s website at ir.udr.com. To listen to a live broadcast, access the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. To participate in the teleconference dial 877-423-9813 for domestic and 201-689-8573 for international. A passcode is not necessary.
Given a high volume of conference calls occurring during this time of year, delays are anticipated when connecting to the live call. As a result, stakeholders and interested parties are encouraged to utilize the Company’s webcast link for its earnings results discussion.
A replay of the conference call will be available through May 7, 2026, by dialing 844-512-2921 for domestic and 412-317-6671 for international and entering the confirmation number, 13759918, when prompted for the passcode. A replay of the call will also be available on the new Investor Relations section of the Company’s website at ir.udr.com.
Full Text of the Earnings Report and Supplemental Data
The full text of the earnings report and related quarterly Supplement will be available on the new Investor Relations section of the Company’s website at ir.udr.com.
Forward-Looking Statements
Certain statements made in this press release may constitute “forward-looking statements.” Words such as “expects,” “intends,” “believes,” “anticipates,” “plans,” “likely,” “will,” “seeks,” “outlook,” “guidance,” “estimates” and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement, due to a number of factors, which include, but are not limited to, general market and economic conditions, unfavorable changes in the apartment market and economic conditions that could adversely affect occupancy levels and rental rates, the impact of inflation/deflation on rental rates and property operating expenses, the availability of capital and the stability of the capital markets, the impact of tariffs, geopolitical tensions, conflicts and wars, government shutdowns, and changes in immigration, elevated interest rates, the impact of competition and competitive pricing, acquisitions, developments and redevelopments not achieving anticipated results, delays in completing developments, redevelopments and lease-ups on schedule or at expected rent and occupancy levels, changes in job growth, home affordability and demand/supply ratio for multifamily housing, development and construction risks that may impact profitability, risks that joint ventures with third parties and Debt and Preferred Equity Program investments do not perform as expected, the failure of automation or technology to help grow net operating income, and other risk factors discussed in documents filed by the Company with the SEC from time to time, including the Company's Annual Report on Form 10-K and the Company's Quarterly Reports on Form 10-Q. Actual results may differ materially from those described in the forward-looking statements. These forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this press release, and the Company expressly
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disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in the Company's expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required under the U.S. securities laws.
About UDR, Inc.
UDR, Inc. (NYSE: UDR), an S&P 500 company, is a leading multifamily real estate investment trust with a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive real estate communities in targeted U.S. markets. As of March 31, 2026, UDR owned or had an ownership position in 59,782 apartment homes, including 300 apartment homes under development. For over 53 years, UDR has delivered long-term value to shareholders, the best standard of service to Residents, and the highest quality experience for Associates.
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Exhibit 99.2
Financial Highlights
UDR, Inc.
As of End of First Quarter 2026
(Unaudited) (1)
| | | | Actual Results | | | | Guidance for | ||
Dollars in thousands, except per share and unit | | | | 1Q 2026 | | | | 2Q 2026 | | Full-Year 2026 |
| | | | | | | | | | |
GAAP Metrics | | | | | | | | | | |
Net income/(loss) attributable to UDR, Inc. | | | | $189,831 | | | | -- | | -- |
Net income/(loss) attributable to common stockholders | | | | $188,611 | | | | -- | | -- |
Income/(loss) per weighted average common share, diluted | | | | $0.57 | | | | $0.12 to $0.14 | | $0.91 to $1.01 |
| | | | | | | | | | |
Per Share Metrics | | | | | | | | | | |
FFO per common share and unit, diluted | | | | $0.63 | | | | $0.62 to $0.64 | | $2.48 to $2.58 |
FFO as Adjusted per common share and unit, diluted | | | | $0.62 | | | | $0.62 to $0.64 | | $2.47 to $2.57 |
Dividend declared per share and unit | | | | $0.435 | | | | $0.435 | | $1.74 (2) |
| | | | | | | | | | |
Same-Store Operating Metrics | | | | | | | | | | |
Revenue growth/(decline) (Straight-line basis) | | | | 0.9% | | | | -- | | 0.25% to 2.25% |
Expense growth | | | | 4.4% | | | | -- | | 3.00% to 4.50% |
NOI growth/(decline) (Straight-line basis) | | | | -0.8% | | | | -- | | -1.00% to 1.25% |
Physical Occupancy | | | | 96.6% | | | | -- | | -- |
| | | | | | | | | | |
| | | | | | | | | | |
Property Metrics | | | | Homes | | Communities | | % of Total NOI | | |
Same-Store | | | | 52,782 | | 157 | | 90.5% | | |
Stabilized, Non-Mature | | | | 1,299 | | 4 | | 2.0% | | |
Non-Residential / Other | | | | N/A | | N/A | | 1.6% | | |
Joint Venture (3) | | | | 5,401 | | 22 | | 5.9% | | |
Total completed | | | | 59,482 | | 183 | | 100.0% | | |
Under Development | | | | 300 | | 1 | | - | | |
Total Quarter-end (3)(4) | | | | 59,782 | | 184 | | 100.0% | | |
| | | | | | | | | | |
| | | | | | | | | | |
Balance Sheet Metrics (adjusted for non-recurring items) | | | | 1Q 2026 | | 1Q 2025 | | | | |
Consolidated Interest Coverage Ratio | | | | 4.9x | | 5.1x | | | | |
Consolidated Fixed Charge Coverage Ratio | | | | 4.8x | | 5.0x | | | | |
Consolidated Debt as a percentage of Total Assets | | | | 32.0% | | 32.8% | | | | |
Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items (5) | | 5.6x | | 5.7x | | | | | ||
| | | | | | | | | | |
| (1) | See Attachment 14 for definitions, other terms and reconciliations. |
| (2) | Annualized for 2026. |
| (3) | Joint venture NOI is based on UDR's share. Homes and communities at 100%. |
| (4) | Excludes homes that are part of the Debt and Preferred Equity Program as described in Attachment 10. |
| (5) | UDR's Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items is 5.5x when reducing total debt by the $134.8 million in proceeds further described in footnote 2 on Attachment 3. |
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Attachment 1
Consolidated Statements of Operations
(Unaudited) (1)
| | Three Months Ended | ||||
| | March 31, | ||||
In thousands, except per share amounts | | 2026 | | 2025 | ||
| | | | | | |
REVENUES: | | | | | | |
Rental income | | $ | 423,321 | | $ | 419,836 |
Joint venture management and other fees | | | 2,528 | | | 2,112 |
Total revenues | | | 425,849 | | | 421,948 |
| | | | | | |
OPERATING EXPENSES: | | | | | | |
Property operating and maintenance | | | 80,732 | | | 75,990 |
Real estate taxes and insurance | | | 59,859 | | | 58,745 |
Property management | | | 13,758 | | | 13,645 |
Other operating expenses | | | 9,415 | | | 8,059 |
Real estate depreciation and amortization | | | 161,268 | | | 161,394 |
General and administrative | | | 19,364 | | | 19,495 |
Casualty-related charges/(recoveries), net | | | 5,729 | | | 3,297 |
Other depreciation and amortization | | | 3,335 | | | 7,067 |
Total operating expenses | | | 353,460 | | | 347,692 |
| | | | | | |
Gain/(loss) on sale of real estate owned | | | 157,416 | | | 47,939 |
Operating income | | | 229,805 | | | 122,195 |
| | | | | | |
Income/(loss) from unconsolidated entities | | | 19,696 | | | 5,814 |
Interest expense | | | (48,576) | | | (47,701) |
Interest income and other income/(expense), net | | | 2,434 | | | 1,921 |
| | | | | | |
Income/(loss) before income taxes | | | 203,359 | | | 82,229 |
Tax (provision)/benefit, net | | | (455) | | | (158) |
| | | | | | |
Net Income/(loss) | | | 202,904 | | | 82,071 |
Net (income)/loss attributable to redeemable noncontrolling interests in the OP and DownREIT Partnership | | | (13,061) | | | (5,339) |
Net (income)/loss attributable to noncontrolling interests | | | (12) | | | (12) |
| | | | | | |
Net income/(loss) attributable to UDR, Inc. | | | 189,831 | | | 76,720 |
Distributions to preferred stockholders - Series E (Convertible) | | | (1,220) | | | (1,206) |
| | | | | | |
Net income/(loss) attributable to common stockholders | | $ | 188,611 | | $ | 75,514 |
| | | | | | |
| | | | | | |
Income/(loss) per weighted average common share - basic: | | | $0.58 | | | $0.23 |
Income/(loss) per weighted average common share - diluted: | | | $0.57 | | | $0.23 |
| | | | | | |
Common distributions declared per share | | | $0.435 | | | $0.43 |
| | | | | | |
Weighted average number of common shares outstanding - basic | | | 327,301 | | | 330,628 |
Weighted average number of common shares outstanding - diluted | | | 330,294 | | | 331,717 |
| (1) | See Attachment 14 for definitions and other terms. |
2
Attachment 2
Funds From Operations
(Unaudited) (1)
| | Three Months Ended | ||||
| | March 31, | ||||
In thousands, except per share and unit amounts | | | 2026 | | 2025 | |
| | | | | | |
Net income/(loss) attributable to common stockholders | | $ | 188,611 | | $ | 75,514 |
| | | | | | |
Real estate depreciation and amortization | | | 161,268 | | | 161,394 |
Noncontrolling interests | | | 13,073 | | | 5,351 |
Real estate depreciation and amortization on unconsolidated joint ventures | | | 15,481 | | | 12,766 |
Net (gain)/loss on the sale of depreciable real estate owned, net of tax | | | (157,416) | | | (47,939) |
Funds from operations ("FFO") attributable to common stockholders and unitholders, basic | | $ | 221,017 | | $ | 207,086 |
| | | | | | |
Distributions to preferred stockholders - Series E (Convertible) (2) | | | 1,220 | | | 1,206 |
| | | | | | |
FFO attributable to common stockholders and unitholders, diluted | | $ | 222,237 | | $ | 208,292 |
| | | | | | |
FFO per weighted average common share and unit, basic | | $ | 0.63 | | $ | 0.59 |
FFO per weighted average common share and unit, diluted | | $ | 0.63 | | $ | 0.58 |
| | | | | | |
Weighted average number of common shares and OP/DownREIT Units outstanding, basic | | | 350,012 | | | 353,527 |
Weighted average number of common shares, OP/DownREIT Units, and common stock | | | | | | |
equivalents outstanding, diluted | | | 353,005 | | | 357,432 |
| | | | | | |
Impact of adjustments to FFO: | | | | | | |
Legal and other costs | | $ | 5,183 | | $ | 3,805 |
Realized and unrealized (gain)/loss on real estate technology investments, net of tax | | | (15,434) | | | 211 |
Severance costs | | | - | | | 499 |
Software transition related costs | | | - | | | 2,967 |
Casualty-related charges/(recoveries) | | | 5,729 | | | 3,297 |
Total impact of adjustments to FFO | | $ | (4,522) | | $ | 10,779 |
| | | | | | |
FFO as Adjusted attributable to common stockholders and unitholders, diluted | | $ | 217,715 | | $ | 219,071 |
| | | | | | |
FFO as Adjusted per weighted average common share and unit, diluted | | $ | 0.62 | | $ | 0.61 |
| | | | | | |
Recurring capital expenditures, inclusive of unconsolidated joint ventures | | | (20,699) | | | (18,405) |
AFFO attributable to common stockholders and unitholders, diluted | | $ | 197,016 | | $ | 200,666 |
| | | | | | |
AFFO per weighted average common share and unit, diluted | | $ | 0.56 | | $ | 0.56 |
| (1) | See Attachment 14 for definitions and other terms. |
| (2) | Series E cumulative convertible preferred shares are dilutive for purposes of calculating FFO per share for the three months ended March 31, 2026 and March 31, 2025. Consequently, distributions to Series E cumulative convertible preferred stockholders are added to FFO and the weighted average number of Series E cumulative convertible preferred shares are included in the denominator when calculating FFO per common share and unit, diluted. |
3
Attachment 3
Consolidated Balance Sheets
(Unaudited) (1)
| | March 31, | | December 31, | ||
In thousands, except share and per share amounts | | 2026 | | 2025 | ||
| | | | | | |
ASSETS | | | | | | |
| | | | | | |
Real estate owned: | | | | | | |
Real estate held for investment | | $ | 16,116,838 | | $ | 16,415,000 |
Less: accumulated depreciation | | | (7,378,368) | | | (7,374,546) |
Real estate held for investment, net | | | 8,738,470 | | | 9,040,454 |
Real estate under development | | | | | | |
(net of accumulated depreciation of $0 and $0) | | | 91,742 | | | 72,885 |
Total real estate owned, net of accumulated depreciation | | | 8,830,212 | | | 9,113,339 |
| | | | | | |
Cash and cash equivalents | | | 1,300 | | | 1,222 |
Restricted cash | | | 33,498 | | | 35,710 |
Notes receivable, net | | | 153,564 | | | 149,979 |
Investment in and advances to unconsolidated joint ventures, net | | | 757,689 | | | 886,492 |
Operating lease right-of-use assets | | | 186,641 | | | 187,624 |
Other assets (2) | | | 370,870 | | | 231,308 |
Total assets | | $ | 10,333,774 | | $ | 10,605,674 |
| | | | | | |
LIABILITIES AND EQUITY | | | | | | |
| | | | | | |
Liabilities: | | | | | | |
Secured debt | | $ | 959,597 | | $ | 961,180 |
Unsecured debt | | | 4,703,719 | | | 4,860,189 |
Operating lease liabilities | | | 181,995 | | | 182,963 |
Real estate taxes payable | | | 35,378 | | | 45,640 |
Accrued interest payable | | | 27,817 | | | 51,698 |
Security deposits and prepaid rent | | | 59,557 | | | 61,205 |
Distributions payable | | | 152,871 | | | 151,934 |
Accounts payable, accrued expenses, and other liabilities | | | 107,072 | | | 142,102 |
Total liabilities | | | 6,228,006 | | | 6,456,911 |
| | | | | | |
Redeemable noncontrolling interests in the OP and DownREIT Partnership | | | 819,753 | | | 859,966 |
| | | | | | |
Equity: | | | | | | |
Preferred stock, no par value; 50,000,000 shares authorized at March 31, 2026 and December 31, 2025: | | | | | | |
2,600,678 shares of 8.00% Series E Cumulative Convertible issued | | | | | | |
and outstanding (2,600,678 shares at December 31, 2025) | | | 43,192 | | | 43,192 |
10,026,490 shares of Series F outstanding (10,105,845 shares at December 31, 2025) | | | 1 | | | 1 |
Common stock, $0.01 par value; 450,000,000 shares authorized at March 31, 2026 and December 31, 2025: | | | | | | |
325,894,030 shares issued and outstanding (328,273,044 shares at December 31, 2025) | | | 3,259 | | | 3,283 |
Additional paid-in capital | | | 7,384,029 | | | 7,480,594 |
Distributions in excess of net income | | | (4,147,206) | | | (4,240,268) |
Accumulated other comprehensive income/(loss), net | | | 2,405 | | | 1,660 |
Total stockholders' equity | | | 3,285,680 | | | 3,288,462 |
Noncontrolling interests | | | 335 | | | 335 |
Total equity | | | 3,286,015 | | | 3,288,797 |
Total liabilities and equity | | $ | 10,333,774 | | $ | 10,605,674 |
| | | | | | |
| (1) | See Attachment 14 for definitions and other terms. |
| (2) | As of March 31, 2026, UDR had $134.8 million due from a qualified intermediary related to the sale of real estate in connection with a like-kind exchange under Section 1031 of the Internal Revenue Code, which is intended to qualify for nonrecognition of gain. The proceeds were received from the intermediary in April 2026 and were used to repay amounts outstanding under our $1.3 billion line of credit. |
4
Attachment 4(A)
Selected Financial Information
(Unaudited) (1)
| | | | | | March 31, | | December 31, |
Common Stock and Equivalents | | | | | | 2026 | | 2025 |
| | | | | | | | |
Common shares | | | | | | 325,894,030 | | 328,273,044 |
Restricted unit and common stock equivalents | | | | | | - | | 158,633 |
Operating and DownREIT Partnership units | | | | | | 22,773,248 | | 22,531,708 |
Series E cumulative convertible preferred shares (2) | | | | | | 2,815,608 | | 2,815,608 |
Total common shares, OP/DownREIT units, and common stock equivalents | | | | | | 351,482,886 | | 353,778,993 |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Weighted Average Number of Shares Outstanding | | | | | | 1Q 2026 | | 1Q 2025 |
| | | | | | | | |
Weighted average number of common shares and OP/DownREIT units outstanding - basic | | | | | | 350,011,667 | | 353,527,384 |
Weighted average number of OP/DownREIT units outstanding | | | | | | (22,710,775) | | (22,899,196) |
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations | | | | | | 327,300,892 | | 330,628,188 |
| | | | | | | | |
Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted | | | | | | 353,004,578 | | 357,431,948 |
Weighted average number of OP/DownREIT units outstanding | | | | | | (22,710,775) | | (22,899,196) |
Weighted average number of Series E cumulative convertible preferred shares outstanding | | | | | | - | | (2,815,608) |
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations | | | | | | 330,293,803 | | 331,717,144 |
| | | | | | | | |
| | | | | | | | |
| (1) | See Attachment 14 for definitions and other terms. |
| (2) | At March 31, 2026 and December 31, 2025 there were 2,600,678 of Series E cumulative convertible preferred shares outstanding, which is equivalent to 2,815,608 shares of common stock if converted (after adjusting for the special dividend paid in 2008). |
5
Attachment 4(B)
Selected Financial Information
March 31, 2026
(Unaudited) (1)
| | | | | | | | | | | | | | Weighted | | Weighted |
| | | | | | | | | | | | | | Average | | Average Years |
Debt Structure, In thousands | | | | | | | | Balance | | | % of Total | | Interest Rate | | to Maturity | |
| | | | | | | | | | | | | | | | |
Secured | | | Fixed | | | | | $ | 935,789 | | | 16.5% | | 3.46% | | 3.4 |
| | | Floating | | | | | | 27,000 | | | 0.5% | | 2.56% | | 6.0 |
| | | Combined | | | | | | 962,789 | | | 17.0% | | 3.43% | | 3.5 |
| | | | | | | | | | | | | | | | |
Unsecured | | | Fixed | | | | | | 4,225,000 | (2) | | 74.4% | | 3.15% | | 4.8 |
| | | Floating | | | | | | 489,553 | | | 8.6% | | 4.34% | | 1.7 |
| | | Combined | | | | | | 4,714,553 | | | 83.0% | | 3.28% | | 4.4 |
| | | | | | | | | | | | | | | | |
Total Debt | | | Fixed | | | | | | 5,160,789 | | | 90.9% | | 3.21% | | 4.5 |
| | | Floating | | | | | | 516,553 | | | 9.1% | | 4.25% | | 1.9 |
| | | Combined | | | | | | 5,677,342 | | | 100.0% | | 3.30% | | 4.3 |
| | | Total Non-Cash Adjustments (3) | | | | | | (14,026) | | | | | | | |
| | | Total per Balance Sheet | | | | | $ | 5,663,316 | | | | | 3.37% | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Debt Maturities, In thousands | | | | | | | | | | | | | | | | |
| | | | | | | | Revolving Credit | | | | | | | Weighted | |
| | | | | Unsecured | | Facilities & Comm. | | | | | | | Average | ||
| | Secured Debt (4) | | Debt | | Paper (5) (6) (7) | | Balance | | % of Total | | Interest Rate | ||||
| | | | | | | | | | | | | | | | |
2026 | | $ | 54,986 | | $ | 300,000 | | $ | 170,000 | | $ | 524,986 | | 9.2% | | 3.37% |
2027 | | | 6,939 | | | 300,000 | | | 9,553 | | | 316,492 | | 5.6% | | 3.54% |
2028 | | | 166,526 | | | 300,000 | | | 135,000 | | | 601,526 | | 10.6% | | 3.87% |
2029 | | | 315,811 | | | 650,000 | | | - | | | 965,811 | | 17.1% | | 4.05% |
2030 | | | 230,597 | | | 600,000 | | | - | | | 830,597 | | 14.6% | | 3.34% |
2031 | | | 160,930 | | | 600,000 | | | - | | | 760,930 | | 13.4% | | 2.92% |
2032 | | | 27,000 | | | 400,000 | | | - | | | 427,000 | | 7.5% | | 2.13% |
2033 | | | - | | | 650,000 | | | - | | | 650,000 | | 11.4% | | 1.99% |
2034 | | | - | | | 600,000 | | | - | | | 600,000 | | 10.6% | | 4.04% |
2035 | | | - | | | - | | | - | | | - | | - | | - |
Thereafter | | | - | | | - | | | - | | | - | | - | | - |
| | | 962,789 | | | 4,400,000 | | | 314,553 | | | 5,677,342 | | 100.0% | | 3.30% |
Total Non-Cash Adjustments (3) | | | (3,192) | | | (10,834) | | | - | | | (14,026) | | | | |
Total per Balance Sheet | | $ | 959,597 | | $ | 4,389,166 | | $ | 314,553 | | $ | 5,663,316 | | | | 3.37% |
| (1) | See Attachment 14 for definitions and other terms. |
| (2) | Includes amounts on our $350.0 million unsecured Term Loan that have been swapped to fixed. The amounts swapped to fixed are $175.0 million at a weighted average rate of 4.04% that expires in October 2027. The amounts that have not been swapped to fixed carry an interest rate of SOFR plus 85.0 basis points. The $350.0 million Term Loan has a maturity date of January 2029 plus two one-year extension options. |
| (3) | Includes the unamortized balance of fair market value adjustments, premiums/discounts and deferred financing costs. |
| (4) | Includes principal amortization, as applicable. |
| (5) | The 2026 maturity reflects the $170.0 million of principal outstanding at an interest rate of 4.13%, the equivalent of SOFR plus a spread of 45.0 basis points, on the Company’s unsecured commercial paper program as of March 31, 2026. Under the terms of the program the Company may issue up to a maximum aggregate amount outstanding of $700.0 million. |
| (6) | There was $135.0 million outstanding on our $1.3 billion line of credit at March 31, 2026. The facility has a maturity date of August 2028, plus two six-month extension options and currently carries an interest rate equal to SOFR plus 77.5 basis points. |
| (7) | There was $9.6 million outstanding on our $75.0 million working capital credit facility at March 31, 2026. The facility has a maturity date of January 2027 plus two one-year extension options. The working capital credit facility currently carries an interest rate equal to SOFR plus 77.5 basis points. |
6
Attachment 4(C)
Selected Financial Information
(Dollars in Thousands)
(Unaudited) (1)
| | | | | | | | | | | | Quarter Ended | |
Coverage Ratios | | | | | | | | | | | | March 31, 2026 | |
Net income/(loss) | | | | | | | | | | | | $ | 202,904 |
Adjustments: | | | | | | | | | | | | | |
Interest expense, including debt extinguishment and other associated costs | | | 48,576 | ||||||||||
Real estate depreciation and amortization | | | | | | | | | | | | | 161,268 |
Other depreciation and amortization | | | | | | | | | | | | | 3,335 |
Tax provision/(benefit), net | | | | | | | | | | | | | 455 |
Net (gain)/loss on the sale of depreciable real estate owned | | | | | | | | | | | | | (157,416) |
Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures | | | 21,657 | ||||||||||
EBITDAre | | | | | | | | | | | | $ | 280,779 |
| | | | | | | | | | | | | |
Casualty-related charges/(recoveries), net | | | | | | | | | | | | | 5,729 |
Legal and other costs | | | | | | | | | | | | | 5,183 |
Realized and unrealized (gain)/loss on real estate technology investments | | | 1,597 | ||||||||||
(Income)/loss from unconsolidated entities | | | | | | | | | | | | | (19,696) |
Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures | | | (21,657) | ||||||||||
Management fee expense on unconsolidated joint ventures | | | | | | | | | | | | | (1,104) |
Consolidated EBITDAre - adjusted for non-recurring items | | | | | | | | | | | | $ | 250,831 |
| | | | | | | | | | | | | |
Annualized consolidated EBITDAre - adjusted for non-recurring items | | $ | 1,003,324 | ||||||||||
| | | | | | | | | | | | | |
Interest expense, including debt extinguishment and other associated costs | | | 48,576 | ||||||||||
Capitalized interest expense | | | | | | | | | | | | | 2,163 |
Total interest | | | | | | | | | | | | $ | 50,739 |
| | | | | | | | | | | | | |
Preferred dividends | | | | | | | | | | | | $ | 1,220 |
| | | | | | | | | | | | | |
Total debt | | | | | | | | | | | | $ | 5,663,316 |
Cash | | | | | | | | | | | | | (1,300) |
Net debt | | | | | | | | | | | | $ | 5,662,016 |
| | | | | | | | | | | | | |
Consolidated Interest Coverage Ratio - adjusted for non-recurring items | | | 4.9x | ||||||||||
| | | | | | | | | | | | | |
Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items | | | 4.8x | ||||||||||
| | | | | | | | | | | | | |
Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items (2) | | | 5.6x | ||||||||||
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Debt Covenant Overview | |||||||||||||
| | | | | | | | | | | | | |
Unsecured Line of Credit Covenants (3) | | | | | | | Required | | | Actual | | | Compliance |
| | | | | | | | | | | | | |
Maximum Leverage Ratio | | | | | | | ≤60.0% | | | 31.3% (3) | | | Yes |
Minimum Fixed Charge Coverage Ratio | | | | | | | ≥1.5x | | | 4.7x | | | Yes |
Maximum Secured Debt Ratio | | | | | | | ≤40.0% | | | 9.2% | | | Yes |
Minimum Unencumbered Pool Leverage Ratio | | | | | | | ≥150.0% | | | 370.9% | | | Yes |
| | | | | | | | | | | | | |
Senior Unsecured Note Covenants (4) | | | | | | | Required | | | Actual | | | Compliance |
| | | | | | | | | | | | | |
Debt as a percentage of Total Assets | | | | | | | ≤65.0% | | | 32.0% (4) | | | Yes |
Consolidated Income Available for Debt Service to Annual Service Charge | | | | | | | ≥1.5x | | | 5.9x | | | Yes |
Secured Debt as a percentage of Total Assets | | | | | | | ≤40.0% | | | 5.4% | | | Yes |
Total Unencumbered Assets to Unsecured Debt | | | | | | | ≥150.0% | | | 323.3% | | | Yes |
| | | | | | | | | | | | | |
Securities Ratings | | | | | | | Debt | | | Outlook | | | Commercial Paper |
| | | | | | | | | | | | | |
Moody's Investors Service | | | | | | | Baa1 | | | Stable | | | P-2 |
S&P Global Ratings | | | | | | | BBB+ | | | Stable | | | A-2 |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | Gross | | | % of |
| | Number of | | 1Q 2026 NOI (1) | | | | | Carrying Value | | | Total Gross | |
Asset Summary | | Homes | | ($000s) | | % of NOI | | | ($000s) | | | Carrying Value | |
| | | | | | | | | | | | | |
Unencumbered assets | | 46,446 | | $ | 252,638 | | 89.4% | | $ | 14,495,942 | | | 89.4% |
Encumbered assets | | 7,635 | | | 30,092 | | 10.6% | | | 1,712,638 | | | 10.6% |
| | 54,081 | | $ | 282,730 | | 100.0% | | $ | 16,208,580 | | | 100.0% |
| | | | | | | | | | | | | |
| (1) | See Attachment 14 for definitions and other terms. |
| (2) | See footnote 5 on Financial Highlights. |
| (3) | As defined in our credit agreement dated September 15, 2021, as amended. |
| (4) | As defined in our indenture dated November 1, 1995 as amended, supplemented or modified from time to time. |
7
Attachment 5
Operating Information
(Unaudited) (1)
| | Total | | Quarter Ended | | Quarter Ended | | Quarter Ended | | Quarter Ended | | Quarter Ended | |||||
Dollars in thousands | | Homes | | March 31, 2026 | | December 31, 2025 | | September 30, 2025 | | June 30, 2025 | | March 31, 2025 | |||||
Revenues | | | | | | | | | | | | | | | | | |
Same-Store Communities | | 52,782 | | $ | 398,646 | | $ | 400,286 | | $ | 401,295 | | $ | 397,170 | | $ | 395,255 |
Stabilized, Non-Mature Communities | | 1,299 | | | 9,425 | | | 7,847 | | | 6,352 | | | 4,669 | | | 3,232 |
Non-Residential / Other | | - | | | 7,741 | | | 7,911 | | | 8,059 | | | 7,523 | | | 7,198 |
Total | | 54,081 | | $ | 415,812 | | $ | 416,044 | | $ | 415,706 | | $ | 409,362 | | $ | 405,685 |
| | | | | | | | | | | | | | | | | |
Expenses | | | | | | | | | | | | | | | | | |
Same-Store Communities | | | | $ | 131,725 | | $ | 124,664 | | $ | 128,086 | | $ | 123,396 | | $ | 126,175 |
Stabilized, Non-Mature Communities | | | | | 3,318 | | | 2,274 | | | 1,771 | | | 1,934 | | | 1,529 |
Non-Residential / Other | | | | | 3,074 | | | 3,712 | | | 3,456 | | | 3,421 | | | 2,967 |
Total (2) | | | | $ | 138,117 | | $ | 130,650 | | $ | 133,313 | | $ | 128,751 | | $ | 130,671 |
| | | | | | | | | | | | | | | | | |
Net Operating Income | | | | | | | | | | | | | | | | | |
Same-Store Communities | | | | $ | 266,921 | | $ | 275,622 | | $ | 273,209 | | $ | 273,774 | | $ | 269,080 |
Stabilized, Non-Mature Communities | | | | | 6,107 | | | 5,573 | | | 4,581 | | | 2,735 | | | 1,703 |
Non-Residential / Other | | | | | 4,667 | | | 4,199 | | | 4,603 | | | 4,102 | | | 4,231 |
Total | | | | $ | 277,695 | | $ | 285,394 | | $ | 282,393 | | $ | 280,611 | | $ | 275,014 |
| | | | | | | | | | | | | | | | | |
Operating Margin | | | | | | | | | | | | | | | | | |
Same-Store Communities | | | | | 67.0% | | | 68.9% | | | 68.1% | | | 68.9% | | | 68.1% |
| | | | | | | | | | | | | | | | | |
Weighted Average Physical Occupancy | | | | | | | | | | | | | | | | | |
Same-Store Communities | | | | | 96.6% | | | 96.9% | | | 96.7% | | | 96.9% | | | 97.2% |
Stabilized, Non-Mature Communities | | | | | 95.2% | | | 95.2% | | | 93.2% | | | 89.3% | | | 85.1% |
Other (3) | | | | | - | | | 96.8% | | | 96.5% | | | 96.7% | | | 97.0% |
Total | | | | | 96.5% | | | 96.8% | | | 96.6% | | | 96.7% | | | 97.2% |
| | | | | | | | | | | | | | | | | |
Sold Communities | | | | | | | | | | | | | | | | | |
Revenues | | - | | $ | 7,509 | | $ | 12,781 | | $ | 13,588 | | $ | 13,639 | | $ | 14,151 |
Expenses (2) | | | | | 2,474 | | | 3,623 | | | 3,846 | | | 3,870 | | | 4,064 |
Net Operating Income/(Loss) | | | | $ | 5,035 | | $ | 9,158 | | $ | 9,742 | | $ | 9,769 | | $ | 10,087 |
| | | | | | | | | | | | | | | | | |
Total | | 54,081 | | $ | 282,730 | | $ | 294,552 | | $ | 292,135 | | $ | 290,380 | | $ | 285,101 |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Non-Mature Home Breakout - By Date | | | | | | | | | | | | | Estimated | | | | |
| | | | | | | | | | | | | Same-Store | | | | |
| | | | Category | | # of Homes | | Market | | Quarter (4) | | | | ||||
| | | | | | | | | | | | | | | | | |
Villas at Fiori | | | | Stabilized, Non-Mature | | 85 | | Dallas, TX | | 2Q26 | | | | ||||
| | | | | | | | | | | | | | | | | |
101 N. Meridian | | | | Stabilized, Non-Mature | | 330 | | Tampa, FL | | 3Q26 | | | | ||||
| | | | | | | | | | | | | | | | | |
Broadridge | | | | Stabilized, Non-Mature | | 478 | | Philadelphia, PA | | 1Q27 | | | | ||||
| | | | | | | | | | | | | | | | | |
The Enclave at Potomac Club | | | | Stabilized, Non-Mature | | 406 | | Metropolitan DC | | 1Q27 | | | | ||||
| | | | | | | | | | | | | | | | | |
Total | | | | | | | | 1,299 | | | | | | | | | |
| (1) | See Attachment 14 for definitions and other terms. |
| (2) | The summation of Total expenses and Sold Communities expenses above agrees to the summation of property operating and maintenance and real estate taxes and insurance expenses on Attachment 1. |
| (3) | Includes occupancy of Sold Communities. |
| (4) | Estimated Same-Store quarter represents the quarter UDR anticipates contributing the community to the QTD same-store pool. |
8
Attachment 6
Same-Store Operating Expense Information
(Dollars in Thousands)
(Unaudited) (1)
| | % of 1Q 2026 | | | | | | | | |
| | SS Operating | | | | | | | | |
Year-Over-Year Comparison | | Expenses | | 1Q 2026 | | 1Q 2025 | | % Change | ||
| | | | | | | | | | |
Personnel | | 14.9% | | $ | 19,645 | | $ | 18,887 | | 4.0% |
Utilities | | 15.4% | | | 20,324 | | | 18,769 | | 8.3% |
Repair and maintenance | | 19.5% | | | 25,653 | | | 24,033 | | 6.7% |
Administrative and marketing | | 7.5% | | | 9,875 | | | 9,385 | | 5.2% |
Controllable expenses | | 57.3% | | | 75,497 | | | 71,074 | | 6.2% |
| | | | | | | | | | |
Real estate taxes | | 38.8% | | $ | 51,072 | | $ | 50,103 | | 1.9% |
Insurance | | 3.9% | | | 5,156 | | | 4,998 | | 3.1% |
Same-Store operating expenses | | 100.0% | | $ | 131,725 | | $ | 126,175 | | 4.4% |
| | | | | | | | | | |
Same-Store Homes | | 52,782 | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | % of 1Q 2026 | | | | | | | | |
| | SS Operating | | | | | | | | |
Sequential Comparison | | Expenses | | 1Q 2026 | | 4Q 2025 | | % Change | ||
| | | | | | | | | | |
Personnel | | 14.9% | | $ | 19,645 | | $ | 18,227 | | 7.8% |
Utilities | | 15.4% | | | 20,324 | | | 18,136 | | 12.1% |
Repair and maintenance | | 19.5% | | | 25,653 | | | 22,562 | | 13.7% |
Administrative and marketing | | 7.5% | | | 9,875 | | | 9,753 | | 1.3% |
Controllable expenses | | 57.3% | | | 75,497 | | | 68,678 | | 9.9% |
| | | | | | | | | | |
Real estate taxes | | 38.8% | | $ | 51,072 | | $ | 50,502 | | 1.1% |
Insurance | | 3.9% | | | 5,156 | | | 5,484 | | -6.0% |
Same-Store operating expenses | | 100.0% | | $ | 131,725 | | $ | 124,664 | | 5.7% |
| | | | | | | | | | |
Same-Store Homes | | 52,782 | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| (1) | See Attachment 14 for definitions and other terms. |
9
Attachment 7
Apartment Home Breakout
Portfolio Overview as of Quarter Ended
March 31, 2026
(Unaudited) (1)
| | | | | | | Unconsolidated | | | Revenue Per | |
| | | | | | Total | Joint Venture | Total | | Occupied | |
| | Same-Store | | Non-Mature | | Consolidated | Operating | Homes | | Home | |
| | Homes | | Homes (2) | | Homes | Homes (3) | (incl. JV) (3) | | (Incl. JV at Share)(4) | |
West Region | | | | | | | | | | | |
Orange County, CA | | 4,305 | | - | | 4,305 | 701 | 5,006 | | $ | 3,220 |
San Francisco, CA | | 3,317 | | - | | 3,317 | 602 | 3,919 | | | 3,808 |
Seattle, WA | | 2,525 | | - | | 2,525 | 284 | 2,809 | | | 2,967 |
Monterey Peninsula, CA | | 1,567 | | - | | 1,567 | - | 1,567 | | | 2,407 |
Los Angeles, CA | | 1,225 | | - | | 1,225 | 340 | 1,565 | | | 3,429 |
| | 12,939 | | - | | 12,939 | 1,927 | 14,866 | | | |
| | | | | | | | | | | |
Northeast Region | | | | | | | | | | | |
Boston, MA | | 4,667 | | - | | 4,667 | 876 | 5,543 | | | 3,309 |
New York, NY | | 1,945 | | - | | 1,945 | 710 | 2,655 | | | 5,286 |
Philadelphia, PA | | 1,172 | | 478 | | 1,650 | 290 | 1,940 | | | 2,502 |
| | 7,784 | | 478 | | 8,262 | 1,876 | 10,138 | | | |
| | | | | | | | | | | |
Mid-Atlantic Region | | | | | | | | | | | |
Metropolitan DC | | 9,119 | | 406 | | 9,525 | 360 | 9,885 | | | 2,507 |
Baltimore, MD | | 1,721 | | - | | 1,721 | - | 1,721 | | | 2,113 |
| | 10,840 | | 406 | | 11,246 | 360 | 11,606 | | | |
| | | | | | | | | | | |
Southeast Region | | | | | | | | | | | |
Tampa, FL | | 3,611 | | 330 | | 3,941 | - | 3,941 | | | 2,226 |
Orlando, FL | | 3,293 | | - | | 3,293 | 200 | 3,493 | | | 1,894 |
Nashville, TN | | 2,261 | | - | | 2,261 | - | 2,261 | | | 1,721 |
| | 9,165 | | 330 | | 9,495 | 200 | 9,695 | | | |
| | | | | | | | | | | |
Southwest Region | | | | | | | | | | | |
Dallas, TX | | 7,364 | | 85 | | 7,449 | - | 7,449 | | | 1,781 |
Austin, TX | | 1,880 | | - | | 1,880 | - | 1,880 | | | 1,730 |
| | 9,244 | | 85 | | 9,329 | - | 9,329 | | | |
| | | | | | | | | | | |
Other Markets (5) | | 2,810 | | - | | 2,810 | 1,038 | 3,848 | | | 2,340 |
| | | | | | | | | | | |
Totals | | 52,782 | | 1,299 | | 54,081 | 5,401 | 59,482 | | $ | 2,647 |
| | | | | | | | | | | |
Communities (6) | | 157 | | 4 | | 161 | 22 | 183 | | | |
| | | | | | | | | | | |
| | | | Homes | | Communities | | | | | |
Total completed homes | | | | 59,482 | | 183 | | | | | |
Under Development (7) | | | | 300 | | 1 | | | | | |
| | | | | | | | | | | |
Total Quarter-end homes and communities | | | | 59,782 | | 184 | | | | | |
| (1) | See Attachment 14 for definitions and other terms. |
| (2) | Represents homes included in Stabilized, Non-Mature, Acquired, Development, Redevelopment and Non-Residential/Other Communities categories on Attachment 5. Excludes development homes not yet completed and Sold. |
| (3) | Represents joint venture operating homes at 100 percent. Excludes joint venture held for disposition communities. See Attachment 10 for UDR's joint venture and partnership ownership interests. |
| (4) | Represents joint ventures at UDR's ownership interests. Excludes joint venture held for disposition communities. See Attachment 10 for UDR's joint venture and partnership ownership interests. |
| (5) | Other Markets include Denver (292 homes), Palm Beach (636 homes), Inland Empire (658 homes), San Diego (163 wholly owned, 264 JV homes), Portland (220 wholly owned, 256 JV homes) and Richmond (841 wholly owned, 518 JV homes). |
| (6) | Represents communities where 100 percent of all development homes have been completed. |
| (7) | See Attachment 9 for UDR’s developments and ownership interests. |
10
Attachment 8(A)
Same-Store Operating Information By Major Market
Current Quarter vs. Prior Year Quarter
March 31, 2026
(Unaudited) (1)
| | | | | | | | | | % Increase/(Decrease) over Prior Year Quarter | ||||
| | | % of Same- | | | | Revenue per | | | | | | | |
| | Total | Store Portfolio | | Physical | | Occupied | | | | | | Revenue per | |
| | Same-Store | Based on | | Occupancy | | Home | | | | | Physical | Occupied | |
| | Homes | 1Q 2026 NOI | | 1Q 2026 | | 1Q 2026 | | Revenue | Expense | NOI | Occupancy | Home | |
| | | | | | | | | | | | | | |
West Region | | | | | | | | | | | | | | |
Orange County, CA | | 4,305 | 11.2% | | 96.2% | | $ | 3,221 | | 1.8% | 8.8% | -0.3% | -1.1% | 3.0% |
San Francisco, CA | | 3,317 | 9.2% | | 97.7% | | | 3,699 | | 6.3% | 6.0% | 6.4% | 0.5% | 5.7% |
Seattle, WA | | 2,525 | 6.0% | | 97.0% | | | 2,978 | | 0.5% | 8.2% | -2.1% | -0.7% | 1.3% |
Monterey Peninsula, CA | | 1,567 | 3.1% | | 97.3% | | | 2,407 | | 3.1% | 6.5% | 2.0% | 1.4% | 1.8% |
Los Angeles, CA | | 1,225 | 2.9% | | 96.2% | | | 3,255 | | -1.5% | 12.9% | -7.4% | -1.1% | -0.4% |
| | 12,939 | 32.4% | | 96.9% | | | 3,201 | | 2.7% | 8.0% | 0.7% | -0.3% | 3.0% |
| | | | | | | | | | | | | | |
Northeast Region | | | | | | | | | | | | | | |
Boston, MA | | 4,667 | 11.6% | | 96.3% | | | 3,348 | | 0.6% | 5.1% | -1.3% | -0.9% | 1.5% |
New York, NY | | 1,945 | 6.1% | | 98.5% | | | 5,219 | | 4.1% | 2.3% | 5.7% | 0.5% | 3.6% |
Philadelphia, PA | | 1,172 | 2.0% | | 96.3% | | | 2,615 | | 2.9% | 14.0% | -3.0% | -0.7% | 3.7% |
| | 7,784 | 19.7% | | 96.8% | | | 3,705 | | 2.1% | 4.7% | 0.6% | -0.5% | 2.5% |
| | | | | | | | | | | | | | |
Mid-Atlantic Region | | | | | | | | | | | | | | |
Metropolitan DC | | 9,119 | 16.5% | | 96.3% | | | 2,507 | | 0.5% | 5.0% | -1.6% | -1.4% | 2.0% |
Baltimore, MD | | 1,721 | 2.6% | | 96.4% | | | 2,113 | | 0.9% | 3.8% | -0.6% | -0.7% | 1.6% |
| | 10,840 | 19.1% | | 96.3% | | | 2,444 | | 0.5% | 4.8% | -1.5% | -1.3% | 1.9% |
| | | | | | | | | | | | | | |
Southeast Region | | | | | | | | | | | | | | |
Tampa, FL | | 3,611 | 5.4% | | 96.4% | | | 2,148 | | -1.7% | 2.2% | -3.6% | -0.8% | -0.9% |
Orlando, FL | | 3,293 | 4.6% | | 96.4% | | | 1,897 | | -1.8% | 1.6% | -3.2% | -0.7% | -1.0% |
Nashville, TN | | 2,261 | 2.9% | | 95.7% | | | 1,721 | | -2.3% | 5.3% | -5.5% | -0.9% | -1.5% |
| | 9,165 | 12.9% | | 96.2% | | | 1,952 | | -1.8% | 2.6% | -3.9% | -0.8% | -1.1% |
| | | | | | | | | | | | | | |
Southwest Region | | | | | | | | | | | | | | |
Dallas, TX | | 7,364 | 8.9% | | 96.9% | | | 1,761 | | -0.8% | -0.5% | -1.0% | -0.4% | -0.5% |
Austin, TX | | 1,880 | 2.0% | | 96.7% | | | 1,730 | | -5.0% | -2.1% | -7.2% | -0.8% | -4.3% |
| | 9,244 | 10.9% | | 96.9% | | | 1,755 | | -1.7% | -0.8% | -2.2% | -0.4% | -1.3% |
| | | | | | | | | | | | | | |
Other Markets | | 2,810 | 5.0% | | 95.8% | | | 2,345 | | -0.4% | 3.1% | -1.7% | -0.5% | 0.1% |
| | | | | | | | | | | | | | |
Total/Weighted Avg. | | 52,782 | 100.0% | | 96.6% | | $ | 2,605 | | 0.9% | 4.4% | -0.8% | -0.6% | 1.5% |
| (1) | See Attachment 14 for definitions and other terms. |
11
Attachment 8(B)
Same-Store Operating Information By Major Market
Current Quarter vs. Last Quarter
March 31, 2026
(Unaudited) (1)
| | | | | | | | | % Increase/(Decrease) over Last Quarter | ||||
| | | % of Same- | | | Revenue per | | | | | | | |
| | Total | Store Portfolio | | Physical | Occupied | | | | | | Revenue per | |
| | Same-Store | Based on | | Occupancy | Home | | | | | Physical | Occupied | |
| | Homes | 1Q 2026 NOI | | 1Q 2026 | 1Q 2026 | | Revenue | Expense | NOI | Occupancy | Home | |
| | | | | | | | | | | | | |
West Region | | | | | | | | | | | | | |
Orange County, CA | | 4,305 | 11.2% | | 96.2% | $ | 3,221 | | -0.2% | 8.6% | -2.8% | -0.5% | 0.4% |
San Francisco, CA | | 3,317 | 9.2% | | 97.7% | | 3,699 | | 1.2% | 3.3% | 0.3% | 0.4% | 0.8% |
Seattle, WA | | 2,525 | 6.0% | | 97.0% | | 2,978 | | -2.2% | 6.9% | -5.2% | -0.1% | -2.1% |
Monterey Peninsula, CA | | 1,567 | 3.1% | | 97.3% | | 2,407 | | 0.3% | -0.3% | 0.5% | 0.4% | 0.0% |
Los Angeles, CA | | 1,225 | 2.9% | | 96.2% | | 3,255 | | -2.4% | 10.8% | -7.9% | -0.2% | -2.3% |
| | 12,939 | 32.4% | | 96.9% | | 3,201 | | -0.3% | 5.9% | -2.6% | 0.0% | -0.3% |
| | | | | | | | | | | | | |
Northeast Region | | | | | | | | | | | | | |
Boston, MA | | 4,667 | 11.6% | | 96.3% | | 3,348 | | -0.5% | 12.8% | -5.6% | -0.1% | -0.3% |
New York, NY | | 1,945 | 6.1% | | 98.5% | | 5,219 | | -0.5% | 5.3% | -5.0% | 0.5% | -1.1% |
Philadelphia, PA | | 1,172 | 2.0% | | 96.3% | | 2,615 | | 1.5% | 20.7% | -7.6% | -0.3% | 1.9% |
| | 7,784 | 19.7% | | 96.8% | | 3,705 | | -0.3% | 10.2% | -5.6% | 0.0% | -0.3% |
| | | | | | | | | | | | | |
Mid-Atlantic Region | | | | | | | | | | | | | |
Metropolitan DC | | 9,119 | 16.5% | | 96.3% | | 2,507 | | 0.1% | 8.8% | -3.8% | -0.3% | 0.4% |
Baltimore, MD | | 1,721 | 2.6% | | 96.4% | | 2,113 | | -1.1% | 7.1% | -5.0% | -1.0% | 0.0% |
| | 10,840 | 19.1% | | 96.3% | | 2,444 | | -0.1% | 8.5% | -3.9% | -0.4% | 0.3% |
| | | | | | | | | | | | | |
Southeast Region | | | | | | | | | | | | | |
Tampa, FL | | 3,611 | 5.4% | | 96.4% | | 2,148 | | -0.8% | -2.3% | 0.1% | -0.3% | -0.4% |
Orlando, FL | | 3,293 | 4.6% | | 96.4% | | 1,897 | | -1.1% | 1.8% | -2.4% | -0.3% | -0.7% |
Nashville, TN | | 2,261 | 2.9% | | 95.7% | | 1,721 | | -1.8% | 10.0% | -6.5% | -0.7% | -1.1% |
| | 9,165 | 12.9% | | 96.2% | | 1,952 | | -1.1% | 1.4% | -2.3% | -0.5% | -0.7% |
| | | | | | | | | | | | | |
Southwest Region | | | | | | | | | | | | | |
Dallas, TX | | 7,364 | 8.9% | | 96.9% | | 1,761 | | -0.5% | 0.8% | -1.2% | -0.6% | 0.1% |
Austin, TX | | 1,880 | 2.0% | | 96.7% | | 1,730 | | -0.8% | -3.0% | 1.0% | -0.1% | -0.6% |
| | 9,244 | 10.9% | | 96.9% | | 1,755 | | -0.5% | -0.1% | -0.8% | -0.5% | 0.0% |
| | | | | | | | | | | | | |
Other Markets | | 2,810 | 5.0% | | 95.8% | | 2,345 | | -0.7% | 0.8% | -1.3% | -0.7% | 0.0% |
| | | | | | | | | | | | | |
Total/Weighted Avg. | | 52,782 | 100.0% | | 96.6% | $ | 2,605 | | -0.4% | 5.7% | -3.2% | -0.3% | -0.1% |
| (1) | See Attachment 14 for definitions and other terms. |
12
Attachment 8(C)
Same-Store Operating Information By Major Market
March 31, 2026
(Unaudited) (1)
| | Effective Blended Lease Rate Growth | | Effective New Lease Rate Growth | | Effective Renewal Lease Rate Growth | | Annualized Turnover | |
| | 1Q 2026 | | 1Q 2026 | | 1Q 2026 | | 1Q 2026 | 1Q 2025 |
| | | | | | | | | |
West Region | | 4.3% | | 3.4% | | 5.0% | | 30.6% | 31.4% |
| | | | | | | | | |
Northeast Region | | 2.1% | | -3.1% | | 6.1% | | 24.0% | 26.3% |
| | | | | | | | | |
Mid-Atlantic Region | | 0.8% | | -5.3% | | 6.2% | | 25.9% | 28.0% |
| | | | | | | | | |
Southeast Region | | -2.5% | | -8.1% | | 3.7% | | 33.4% | 37.3% |
| | | | | | | | | |
Southwest Region | | 0.0% | | -5.1% | | 4.9% | | 31.3% | 36.3% |
| | | | | | | | | |
Other Markets | | -0.9% | | -5.8% | | 3.8% | | 30.9% | 38.8% |
| | | | | | | | | |
Total/Weighted Avg. | | 1.6% | | -2.4% | | 5.2% | | 29.0% | 32.0% |
| | | | | | | | | |
| (1) | See Attachment 14 for definitions and other terms. |
13
Attachment 9
Development and Land Summary
March 31, 2026
(Dollars in Thousands)
(Unaudited) (1)
Wholly-Owned | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | Schedule | | | Percentage | |||
| | # of | Compl. | Cost to | Budgeted | Est. Cost | | | Initial | | | | | | ||||
Community | Location | Homes | Homes | Date | Cost | per Home | Start | Occ. | Compl. | | Leased | | Occupied | |||||
| | | | | | | | | | | | | | | | | | |
Projects Under Construction | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
3099 Iowa | Riverside, CA | | 300 | - | $ | 91,742 | $ | 133,600 | $ | 445 | | 1Q25 | 4Q26 | 1Q27 | | N/A | | N/A |
| | | | | | | | | | | | | | | | | | |
Total Under Construction | | | 300 | - | $ | 91,742 | $ | 133,600 | $ | 445 | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Total - Wholly Owned | | | 300 | - | $ | 91,742 | $ | 133,600 | $ | 445 | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |||
NOI From Wholly-Owned Projects | | 1Q 26 | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Projects Under Construction | | $ | - | | | | | | | | | | | | | | | |
Total | | $ | - | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | ||||
Land Summary | Location | UDR Ownership Interest | Real Estate Cost Basis | | | | | | | | ||||||||
| | | | | | | | | | | | | | |||||
Total Land (7 parcels) | Various | 100% | $ | 245,711 | | | | | | | | | | | ||||
| | | | | | | | | | | | | | | | | | |
| (1) | See Attachment 14 for definitions and other terms. |
14
Attachment 10
Unconsolidated and Debt and Preferred Equity Program Summary
March 31, 2026
(Dollars in Thousands)
(Unaudited) (1)
Unconsolidated Joint Ventures and Partnerships | | | | | | | | | | | | ||
| | | | | | | | | | | | | |
| | | | | | | Physical | | Total Rev. per | Net Operating Income | |||
| Own. | # of | | # of | | Occupancy | | Occ. Home | UDR's Share | ||||
Portfolio Characteristics | Interest | Comm. | | Homes | | 1Q 26 | | 1Q 26 | 1Q 26 | ||||
| | | | | | | | | | | | | |
UDR / MetLife | 50% | | 13 | | 2,837 | | 96.6% | | $ | 4,373 | $ | 10,789 | |
UDR / LaSalle | 51% | | 9 | | 2,564 | | 96.5% | | | 2,490 | | 6,538 | |
| | | | | | | | | | | | | |
Total | | | | 22 | | 5,401 | | 96.6% | | $ | 3,473 | $ | 17,327 |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | ||||
| Gross Book Value | | | | | | Weighted | | | | | | |
| of JV Real | Total Project | UDR's Equity | | Avg. Debt | | Debt | | | ||||
Balance Sheet Characteristics | Estate Assets (2) | Debt (2) | Investment | | Interest Rate | | Maturities | | | ||||
| | | | | | | | | | | | | |
UDR / MetLife | $ | 1,759,019 | $ | 844,361 | $ | 190,510 | | 3.87% | | 2027-2031 | | | |
UDR / LaSalle | | 856,662 | | 297,802 | | 235,936 | | 5.36% | | 2028-2033 | | | |
| | | | | | | | | | | | | |
Total | $ | 2,615,681 | $ | 1,142,163 | $ | 426,446 | | 4.26% | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | ||||
Debt and Preferred Equity Program (3)(4) | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | Contractual | | Weighted Avg. | | | ||
| | | UDR Investment | Return | | Years to | | | |||||
Investment Classifications | | # of Commitments | Commitment | Balance | Rate | | Maturity | | | ||||
| | | | | | | | | | | | | |
Non-Stabilized Communities - Preferred Equity | | 1 | $ | 16,044 | $ | 27,992 | | 14.0% | | 0.3 | | | |
Non-Stabilized Communities - Loans | | 2 | | 84,123 | | 114,442 | | 11.0% | | 0.7 | | | |
Stabilized Communities - Preferred Equity (5) | | 9 | | 237,641 | | 244,823 | | 9.7% | | 2.4 | | | |
| | | | | | | | | | | | | |
Total Debt and Preferred Equity Program | | 12 | $ | 337,808 | $ | 387,257 | | 10.2% | | 1.9 | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| 1Q 26 | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Income/(loss) from investments (6) | $ | 10,671 | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | Income/(Loss) | | | |
| | | UDR Investment (8) | | from Investments | | | ||||||
Other Unconsolidated Investments (7) | | | Commitment | Funded | Balance | | 1Q 26 (9) | | | ||||
| | | | | | | | | | | | | |
Total Real Estate Technology and Sustainability Investments | $ | 169,000 | $ | 134,920 | $ | 158,743 | | $ | 15,815 | | | ||
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| (1) | See Attachment 14 for definitions and other terms. |
| (2) | Joint ventures and partnerships represented at 100%. Debt balances are presented net of deferred financing costs. |
| (3) | UDR's investments are reflected as investment in and advances to unconsolidated joint ventures or notes receivable, net on the Consolidated Balance Sheets and income/(loss) from unconsolidated entities or interest and other income/(expense), net on the Consolidated Statements of Operations in accordance with GAAP. |
| (4) | Investment commitment represents maximum loan principal or equity investment and therefore excludes accrued return. Investment balance includes amounts funded plus accrued and unpaid return prior to the period end as well as any non-cash impairment losses or loan reserves. |
| (5) | During the quarter, UDR received aggregate proceeds of approximately $138.9 million from the full repayment of two preferred equity investments. |
| (6) | When excluding UDR's share of recorded real estate depreciation and amortization on debt and preferred equity investments for the three months ended March 31, 2026, the amount is approximately $11.7 million. |
| (7) | Other unconsolidated investments represent UDR’s investments in nine real estate technology and climate technology funds. |
| (8) | Investment commitment represents maximum equity contractually required to be funded, and therefore excludes realized/unrealized gain/(loss). Investment funded represents cash funded towards the investment commitment. Investment balance includes amounts funded plus undistributed realized/unrealized gain/(loss), less $31.3 million of cash and stock distributed prior to the period end. |
| (9) | Income/(loss) from investments is deducted/added back to FFOA. |
15
Attachment 11
Acquisitions, Dispositions, and Debt and Preferred Equity Program Summary
March 31, 2026
(Dollars in Thousands)
(Unaudited) (1)
Dispositions - Wholly-Owned | | | Post | | | | | | | | | | |||||
| | | | | Prior | Transaction | | | | | | | | | | ||
| | | | | Ownership | Ownership | | | | | # of | Price per | |||||
Date of Sale | | Community | | Location | Interest | Interest | | Price (2) | Debt (2) | | Homes | Home | |||||
| | | | | | | | | | | | | | | | | |
Mar-26 | | Steele Creek | | Denver, CO | | 100% | | 0% | | $ | 137,300 | $ | - | | 218 | $ | 630 |
Mar-26 | | Rodgers Forge | | Baltimore, MD | | 100% | | 0% | | | 105,200 | | - | | 498 | | 211 |
Mar-26 | | Milehouse | | Seattle, WA | | 100% | | 0% | | | 78,500 | | - | | 177 | | 444 |
Mar-26 | | Summit West | | Tampa, FL | | 100% | | 0% | | | 41,000 | | - | | 266 | | 154 |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | $ | 362,000 | $ | - | | 1,159 | $ | 312 |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Redemptions - Debt and Preferred Equity Program | | | | | | | | | | | | | | ||||
| | | | | UDR Initial | Proceeds | | Proceeds | | | | | | ||||
| | | | | Investment | Received at | | Received | | | | | | ||||
Date of Redemption | | Investment Classification | | Market | Commitment | Redemption | | Life to Date | | | | | | ||||
| | | | | | | | | | | | | | | | | |
Feb-26 | | Stabilized Communities | | Various | $ | 102,000 | $ | 104,822 | | $ | 132,600 | | | | | | |
Feb-26 | | Non-Stabilized Community | | Washington, DC | | 52,163 | | 34,042 | | | 72,515 | | | | | | |
| | | | | $ | 154,163 | $ | 138,864 | | $ | 205,115 | | | | | | |
| (1) | See Attachment 14 for definitions and other terms. |
| (2) | Price represents 100% of the asset. Debt represents 100% of the asset's indebtedness, and excludes deferred financing costs. |
16
Attachment 12
Capital Expenditure and Repair and Maintenance Summary
March 31, 2026
(In thousands, except Cost per Home)
(Unaudited) (1)
| | | Three Months | | ||
| | | Ended | Cost | ||
Capital Expenditures for Consolidated Homes (2) | | | March 31, 2026 | per Home | ||
| | | | | | |
Average number of homes (3) | | | | 54,854 | | |
| | | | | | |
Total Recurring Cap Ex | | | $ | 19,587 | $ | 357 |
| | | | | | |
NOI Enhancing Cap Ex | | | | 13,064 | | 238 |
| | | | | | |
Total Recurring and NOI Enhancing Cap Ex | | | $ | 32,651 | $ | 595 |
| | | | | | |
| | | | | | |
| | | Three Months | | | |
| | | Ended | | Cost | |
Repair and Maintenance for Consolidated Homes (Expensed) | | March 31, 2026 | | per Home | ||
| | | | | | |
Average number of homes (3) | | | | 54,854 | | |
| | | | | | |
Total Repair and Maintenance | | | $ | 26,925 | $ | 491 |
| (1) | See Attachment 14 for definitions and other terms. |
| (2) | Excludes redevelopment capital and initial capital expenditures on acquisitions. |
| (3) | Average number of homes is calculated based on the number of homes owned at the end of each month. |
17
Attachment 13
2Q 2026 and Full-Year 2026 Guidance
March 31, 2026
(Unaudited) (1)
| | | | | | | | Full-Year 2026 Guidance |
| | | | | | | | Change from |
Net Income, FFO and FFO as Adjusted per Share and Unit Guidance | | 2Q 2026 | | Full-Year 2026 | | Prior Guidance | | Prior Midpoint |
| | | | | | | | |
Income/(loss) per weighted average common share, diluted | | $0.12 to $0.14 | | $0.91 to $1.01 | | $0.45 to $0.55 | | $0.46 |
FFO per common share and unit, diluted | | $0.62 to $0.64 | | $2.48 to $2.58 | | $2.47 to $2.57 | | $0.01 |
FFO as Adjusted per common share and unit, diluted | | $0.62 to $0.64 | | $2.47 to $2.57 | | $2.47 to $2.57 | | - |
Weighted average number of common shares, OP/DownREIT Units, and common stock | | 350.5 | | 351.3 | | 354.3 | | (3.0) |
Annualized dividend per share and unit | | | | $1.74 | | $1.74 | | - |
| | | | | | | | |
| | | | | | | | Change from |
Same-Store Guidance (Straight-line basis) | | | | Full-Year 2026 | | Prior Guidance | | Prior Midpoint |
| | | | | | | | |
Revenue growth / (decline) | | | | 0.25% to 2.25% | | 0.25% to 2.25% | | - |
Expense growth | | | | 3.00% to 4.50% | | 3.00% to 4.50% | | - |
NOI growth / (decline) | | | | -1.00% to 1.25% | | -1.00% to 1.25% | | - |
| | | | | | | | |
| | | | | | | | Change from |
Investment Guidance ($ in millions) | | | | Full-Year 2026 | | Prior Guidance | | Prior Midpoint |
| | | | | | | | |
Dispositions - Consolidated and Joint Venture (at share) | | | | $360 to $600 | | $300 to $600 | | $30 |
Acquisitions - Consolidated and Joint Venture (at share) | | | | $100 to $200 | | $100 to $200 | | - |
Capital Expenditures - Recurring, NOI Enhancing, and Redevelopment | | | | $220 to $260 | | $220 to $260 | | - |
| | | | | | | | |
| | | | | | | | Change from |
Corporate Expense Guidance ($ in millions) | | | | Full-Year 2026 | | Prior Guidance | | Prior Midpoint |
| | | | | | | | |
Consolidated interest expense, net of capitalized interest and adjustments for FFO as Adjusted | | | | $185 to $195 | | $185 to $195 | | - |
General and Administrative expense, net of adjustments for FFO as Adjusted | | | | $65 to $75 | | $65 to $75 | | - |
| | | | | | | | |
| (1) | See Attachment 14 for definitions and other terms. |
18
Attachment 14(A)
Definitions and Reconciliations
March 31, 2026
(Unaudited)
Acquired Communities: The Company defines Acquired Communities as those communities acquired by the Company, other than development and redevelopment activity, that did not achieve stabilization as of the most recent quarter.
Adjusted Funds from Operations ("AFFO") attributable to common stockholders and unitholders: The Company defines AFFO as FFO as Adjusted attributable to common stockholders and unitholders less recurring capital expenditures on consolidated communities and the Company’s proportionate share of recurring capital expenditures on unconsolidated partnerships and joint ventures, that are necessary to help preserve the value of and maintain functionality at our communities.
Management considers AFFO a useful supplemental performance metric for investors as it is more indicative of the Company's operational performance than FFO or FFO as Adjusted. AFFO is not intended to represent cash flow or liquidity for the period, and is only intended to provide an additional measure of our operating performance. The Company believes that net income/(loss) attributable to common stockholders is the most directly comparable GAAP financial measure to AFFO. Management believes that AFFO is a widely recognized measure of the operations of REITs, and presenting AFFO enables investors to assess our performance in comparison to other REITs. However, other REITs may use different methodologies for calculating AFFO and, accordingly, our AFFO may not always be comparable to AFFO calculated by other REITs. AFFO should not be considered as an alternative to net income/(loss) (determined in accordance with GAAP) as an indication of financial performance, or as an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to make distributions. A reconciliation from net income/(loss) attributable to common stockholders to AFFO is provided on Attachment 2.
Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items: The Company defines Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items as Consolidated Interest Coverage Ratio - adjusted for non-recurring items divided by total consolidated interest, excluding the impact of costs associated with debt extinguishment, plus preferred dividends.
Management considers Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items a useful metric for investors as it provides ratings agencies, investors and lenders with a widely-used measure of the Company’s ability to service its consolidated debt obligations as well as compare leverage against that of its peer REITs. A reconciliation of the components that comprise Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure.
Consolidated Interest Coverage Ratio - adjusted for non-recurring items: The Company defines Consolidated Interest Coverage Ratio - adjusted for non-recurring items as Consolidated EBITDAre – adjusted for non-recurring items divided by total consolidated interest, excluding the impact of costs associated with debt extinguishment.
Management considers Consolidated Interest Coverage Ratio - adjusted for non-recurring items a useful metric for investors as it provides ratings agencies, investors and lenders with a widely-used measure of the Company’s ability to service its consolidated debt obligations as well as compare leverage against that of its peer REITs. A reconciliation of the components that comprise Consolidated Interest Coverage Ratio - adjusted for non-recurring items is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure.
Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items: The Company defines Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items as total consolidated debt net of cash and cash equivalents divided by annualized Consolidated EBITDAre - adjusted for non-recurring items. Consolidated EBITDAre - adjusted for non-recurring items is defined as EBITDAre excluding the impact of income/(loss) from unconsolidated entities, adjustments to reflect the Company’s share of EBITDAre of unconsolidated joint ventures and other non-recurring items including, but not limited to casualty-related charges/(recoveries), net of wholly owned communities.
Management considers Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items a useful metric for investors as it provides ratings agencies, investors and lenders with a widely-used measure of the Company’s ability to service its consolidated debt obligations as well as compare leverage against that of its peer REITs. A reconciliation between net income/(loss) and Consolidated EBITDAre - adjusted for non-recurring items is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure.
Contractual Return Rate: The Company defines Contractual Return Rate as the rate of return or interest rate that the Company is entitled to receive on a preferred equity investment or loan, as specified in the applicable agreement.
Controllable Expenses: The Company refers to property operating and maintenance expenses as Controllable Expenses.
Development Communities: The Company defines Development Communities as those communities recently developed or under development by the Company, that are currently majority owned by the Company and have not achieved stabilization as of the most recent quarter.
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre): The Company defines EBITDAre as net income/(loss) (computed in accordance with GAAP), plus interest expense, including costs associated with debt extinguishment, plus real estate depreciation and amortization, plus other depreciation and amortization, plus (minus) income tax provision/(benefit), (minus) plus net gain/(loss) on the sale of depreciable real estate owned, plus impairment write-downs of depreciable real estate, plus the adjustments to reflect the Company’s share of EBITDAre of unconsolidated joint ventures. The Company computes EBITDAre in accordance with standards established by the National Association of Real Estate Investment Trusts, or Nareit, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the Nareit definition, or that interpret the Nareit definition differently than the Company does. The White Paper on EBITDAre was approved by the Board of Governors of Nareit in September 2017.
Management considers EBITDAre a useful metric for investors as it provides an additional indicator of the Company’s ability to incur and service debt, and enables investors to assess our performance against that of its peer REITs. EBITDAre should be considered along with, but not as an alternative to, net income and cash flow as a measure of the Company’s activities in accordance with GAAP. EBITDAre does not represent cash generated from operating activities in accordance with GAAP and is not necessarily indicative of funds available to fund our cash needs. A reconciliation between net income/(loss) and EBITDAre is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure.
Effective Blended Lease Rate Growth: The Company defines Effective Blended Lease Rate Growth as the combined proportional growth as a result of Effective New Lease Rate Growth and Effective Renewal Lease Rate Growth. Management considers Effective Blended Lease Rate Growth a useful metric for investors as it assesses combined proportional market-level, new and in-place demand trends.
Effective New Lease Rate Growth: The Company defines Effective New Lease Rate Growth as the increase/(decrease) in gross potential rent realized less concessions on a straight-line basis for the new lease term (current effective rent) versus prior resident effective rent for the prior lease term on new leases commenced during the current quarter. Management considers Effective New Lease Rate Growth a useful metric for investors as it assesses market-level new demand trends.
Effective Renewal Lease Rate Growth: The Company defines Effective Renewal Lease Rate Growth as the increase/(decrease) in gross potential rent realized less concessions on a straight-line basis for the new lease term (current effective rent) versus prior effective rent for the prior lease term on renewed leases commenced during the current quarter. Management considers Effective Renewal Lease Rate Growth a useful metric for investors as it assesses market-level, in-place demand trends.
Estimated Quarter of Completion: The Company defines Estimated Quarter of Completion of a development or redevelopment project as the date on which construction is expected to be completed, but it does not represent the date of stabilization.
19
Attachment 14(B)
Definitions and Reconciliations
March 31, 2026
(Unaudited)
Funds from Operations as Adjusted ("FFO as Adjusted") attributable to common stockholders and unitholders: The Company defines FFO as Adjusted attributable to common stockholders and unitholders as FFO excluding the impact of other non-comparable items including, but not limited to, acquisition-related costs, prepayment costs/benefits associated with early debt retirement, impairment write-downs or gains and losses on sales of real estate or other assets incidental to the main business of the Company and income taxes directly associated with those gains and losses, casualty-related expenses and recoveries, severance costs, software transition related costs and legal and other costs.
Management believes that FFO as Adjusted is useful supplemental information regarding our operating performance as it provides a consistent comparison of our operating performance across time periods and allows investors to more easily compare our operating results with other REITs. FFO as Adjusted is not intended to represent cash flow or liquidity for the period, and is only intended to provide an additional measure of our operating performance. The Company believes that net income/(loss) attributable to common stockholders is the most directly comparable GAAP financial measure to FFO as Adjusted. However, other REITs may use different methodologies for calculating FFO as Adjusted or similar FFO measures and, accordingly, our FFO as Adjusted may not always be comparable to FFO as Adjusted or similar FFO measures calculated by other REITs. FFO as Adjusted should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of financial performance, or as an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of our liquidity. A reconciliation from net income attributable to common stockholders to FFO as Adjusted is provided on Attachment 2.
Funds from Operations ("FFO") attributable to common stockholders and unitholders: The Company defines FFO attributable to common stockholders and unitholders as net income/(loss) attributable to common stockholders (computed in accordance with GAAP), excluding impairment write-downs of depreciable real estate related to the main business of the Company or of investments in non-consolidated investees that are directly attributable to decreases in the fair value of depreciable real estate held by the investee, gains and losses from sales of depreciable real estate related to the main business of the Company and income taxes directly associated with those gains and losses, plus real estate depreciation and amortization, and after adjustments for noncontrolling interests, and the Company’s share of unconsolidated partnerships and joint ventures. This definition conforms with the National Association of Real Estate Investment Trust's definition issued in April 2002 and restated in November 2018. In the computation of diluted FFO, if OP Units, DownREIT Units, unvested restricted stock, unvested LTIP Units, stock options, and the shares of Series E Cumulative Convertible Preferred Stock are dilutive, they are included in the diluted share count.
Management considers FFO a useful metric for investors as the Company uses FFO in evaluating property acquisitions and its operating performance and believes that FFO should be considered along with, but not as an alternative to, net income and cash flow as a measure of the Company's activities in accordance with GAAP. FFO does not represent cash generated from operating activities in accordance with GAAP and is not necessarily indicative of funds available to fund our cash needs. A reconciliation from net income/(loss) attributable to common stockholders to FFO is provided on Attachment 2.
Held For Disposition Communities: The Company defines Held for Disposition Communities as those communities that were held for sale as of the end of the most recent quarter.
Joint Venture Reconciliation at UDR's weighted average ownership interest:
In thousands | | | | | 1Q 2026 | | | | | | ||
Income/(loss) from unconsolidated entities | | | | | $ | 19,696 | | | | | | |
Management fee | | | | | | 1,104 | | | | | | |
Interest expense | | | | | | 6,176 | | | | | | |
Depreciation | | | | | | 14,364 | | | | | | |
General and administrative | | | | | | 138 | | | | | | |
Preferred Equity Program (excludes loans) | | | | | | (7,147) | | | | | | |
Other (income)/expense | | | | | | 27 | | | | | | |
Realized and unrealized (gain)/loss on real estate technology investments, net of tax | | | | | | (17,031) | | | | | | |
Total Joint Venture NOI at UDR's Ownership Interest | | | $ | 17,327 | | | | | | | ||
Net Operating Income (“NOI”): The Company defines NOI as rental income less direct property rental expenses. Rental income represents gross market rent and other revenues less adjustments for concessions, vacancy loss and bad debt. Rental expenses include real estate taxes, insurance, personnel, utilities, repairs and maintenance, administrative and marketing. Excluded from NOI is property management expense, which is calculated as 3.25% of property revenue, and land rent. Property management expense covers costs directly related to consolidated property operations, inclusive of corporate management, regional supervision, accounting and other costs.
Management considers NOI a useful metric for investors as it is a more meaningful representation of a community’s continuing operating performance than net income as it is prior to corporate-level expense allocations, general and administrative costs, capital structure and depreciation and amortization and is a widely used input, along with capitalization rates, in the determination of real estate valuations. A reconciliation from net income/(loss) attributable to UDR, Inc. to NOI is provided below.
In thousands | 1Q 2026 | 4Q 2025 | 3Q 2025 | | 2Q 2025 | 1Q 2025 | | |||||
Net income/(loss) attributable to UDR, Inc. | $ | 189,831 | $ | 222,902 | $ | 40,409 | | $ | 37,673 | $ | 76,720 | |
Property management | | 13,758 | | 13,937 | | 13,952 | | | 13,747 | | 13,645 | |
Other operating expenses | | 9,415 | | 7,947 | | 6,975 | | | 7,753 | | 8,059 | |
Real estate depreciation and amortization | | 161,268 | | 163,610 | | 165,926 | | | 163,191 | | 161,394 | |
Interest expense | | 48,576 | | 49,684 | | 50,569 | | | 48,665 | | 47,701 | |
Casualty-related charges/(recoveries), net | | 5,729 | | 3,248 | | 1,755 | | | 3,382 | | 3,297 | |
General and administrative | | 19,364 | | 22,948 | | 22,732 | | | 19,929 | | 19,495 | |
Tax provision/(benefit), net | | 455 | | 37 | | 382 | | | 258 | | 158 | |
(Income)/loss from unconsolidated entities | | (19,696) | | (4,934) | | (14,011) | | | (3,629) | | (5,814) | |
Interest income and other (income)/expense, net | | (2,434) | | (5,406) | | (3,714) | | | (8,134) | | (1,921) | |
Joint venture management and other fees | | (2,528) | | (4,281) | | (2,570) | | | (2,398) | | (2,112) | |
Other depreciation and amortization | | 3,335 | | 4,451 | | 7,009 | | | 7,387 | | 7,067 | |
(Gain)/loss on sale of real estate owned | | (157,416) | | (194,974) | | - | | | - | | (47,939) | |
Net income/(loss) attributable to noncontrolling interests | | 13,073 | | 15,383 | | 2,721 | | | 2,556 | | 5,351 | |
Total consolidated NOI | $ | 282,730 | $ | 294,552 | $ | 292,135 | | $ | 290,380 | $ | 285,101 | |
20
Attachment 14(C)
Definitions and Reconciliations
March 31, 2026
(Unaudited)
NOI Enhancing Capital Expenditures ("Cap Ex"): The Company defines NOI Enhancing Capital Expenditures as expenditures that result in increased income generation or decreased expense growth over time.
Management considers NOI Enhancing Capital Expenditures a useful metric for investors as it quantifies the amount of capital expenditures that are expected to grow, not just maintain, revenues or to decrease expenses.
Non-Mature Communities: The Company defines Non-Mature Communities as those communities that have not met the criteria to be included in same-store communities.
Non-Residential / Other: The Company defines Non-Residential / Other as non-apartment components of mixed-use properties, land held, properties being prepared for redevelopment and properties where a material change in home count has occurred.
Other Markets: The Company defines Other Markets as the accumulation of individual markets where it operates less than 1,000 Same-Store homes. Management considers Other Markets a useful metric as the operating results for the individual markets are not representative of the fundamentals for those markets as a whole.
Physical Occupancy: The Company defines Physical Occupancy as the number of occupied homes divided by the total homes available at a community.
QTD Same-Store Communities: The Company defines QTD Same-Store Communities as those communities Stabilized for five full consecutive quarters. These communities were owned and had stabilized operating expenses as of the beginning of the quarter in the prior year, were not in process of any substantial redevelopment activities, and were not held for disposition.
Recurring Capital Expenditures: The Company defines Recurring Capital Expenditures as expenditures that are necessary to help preserve the value of and maintain functionality at its communities.
Redevelopment Communities: The Company generally defines Redevelopment Communities as those communities where substantial redevelopment is in progress. Based upon the level of material impact the redevelopment has on the community (operations, occupancy levels, and future rental rates), the community may or may not maintain Stabilization. As such, for each redevelopment, the Company assesses whether the community remains in Same-Store.
Sold Communities: The Company defines Sold Communities as those communities that were disposed of prior to the end of the most recent quarter.
Stabilization/Stabilized: The Company defines Stabilization/Stabilized as when a community’s occupancy reaches 90% or above for at least three consecutive months.
Stabilized, Non-Mature Communities: The Company defines Stabilized, Non-Mature Communities as those communities that have reached Stabilization but are not yet in the same-store portfolio.
Total Revenue per Occupied Home: The Company defines Total Revenue per Occupied Home as rental and other revenues with concessions reported on a straight-line basis, divided by the product of occupancy and the number of apartment homes.
Management considers Total Revenue per Occupied Home a useful metric for investors as it serves as a proxy for portfolio quality, both geographic and physical.
TRS: The Company’s taxable REIT subsidiaries (“TRS”) focus on making investments and providing services that are otherwise not allowed to be made or provided by a REIT.
YTD Same-Store Communities: The Company defines YTD Same-Store Communities as those communities Stabilized for two full consecutive calendar years. These communities were owned and had stabilized operating expenses as of the beginning of the prior year, were not in process of any substantial redevelopment activities, and were not held for disposition.
21
Attachment 14(D)
Definitions and Reconciliations
March 31, 2026
(Unaudited)
All guidance is based on current expectations of future economic conditions and the judgment of the Company's management team. The following reconciles from GAAP Net income/(loss) per share for full-year 2026 and second quarter of 2026 to forecasted FFO and FFO as Adjusted per share and unit:
| | | | | Full-Year 2026 | | | ||||
| | | | | Low | | High | | | ||
| | | | | | | | | | | |
Forecasted net income per diluted share | | | | | $ | 0.91 | | $ | 1.01 | | |
Conversion from GAAP share count | | | | | | (0.07) | | | (0.07) | | |
Net gain on the sale of depreciable real estate owned | | | | | | (0.45) | | | (0.45) | | |
Depreciation | | | | | | 2.02 | | | 2.02 | | |
Noncontrolling interests | | | | | | 0.06 | | | 0.06 | | |
Preferred dividends | | | | | | 0.01 | | | 0.01 | | |
Forecasted FFO per diluted share and unit | | | | | $ | 2.48 | | $ | 2.58 | | |
Legal and other costs | | | | | | 0.01 | | | 0.01 | | |
Casualty-related charges/(recoveries) | | | | | | 0.02 | | | 0.02 | | |
Realized/unrealized (gain)/loss on real estate technology investments | | | | | | (0.04) | | | (0.04) | | |
Forecasted FFO as Adjusted per diluted share and unit | | | | | $ | 2.47 | | $ | 2.57 | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | 2Q 2026 | | | ||||
| | | | | Low | | High | | | ||
| | | | | | | | | | | |
Forecasted net income per diluted share | | | | | $ | 0.12 | | $ | 0.14 | | |
Conversion from GAAP share count | | | | | | (0.01) | | | (0.01) | | |
Depreciation | | | | | | 0.50 | | | 0.50 | | |
Noncontrolling interests | | | | | | 0.01 | | | 0.01 | | |
Preferred dividends | | | | | | - | | | - | | |
Forecasted FFO per diluted share and unit | | | | | $ | 0.62 | | $ | 0.64 | | |
Legal and other costs | | | | | | - | | | - | | |
Casualty-related charges/(recoveries) | | | | | | - | | | - | | |
Realized/unrealized (gain)/loss on real estate technology investments | | | | | | - | | | - | | |
Forecasted FFO as Adjusted per diluted share and unit | | | | | $ | 0.62 | | $ | 0.64 | | |
22
Forward-Looking Statements
March 31, 2026
(Unaudited)
Forward-Looking Statements
Certain statements made in this supplement may constitute “forward-looking statements.” Words such as “expects,” “intends,” “believes,” “anticipates,” “plans,” “likely,” “will,” “seeks,” “estimates” and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement, due to a number of factors, which include, but are not limited to, general market and economic conditions, unfavorable changes in the apartment market and economic conditions that could adversely affect occupancy levels and rental rates, the impact of inflation/deflation on rental rates and property operating expenses, the availability of capital and the stability of the capital markets, the impact of tariffs, geopolitical tensions, conflicts and wars, government shutdowns, and changes in immigration, elevated interest rates, the impact of competition and competitive pricing, acquisitions, developments and redevelopments not achieving anticipated results, delays in completing developments, redevelopments and lease-ups on schedule or at expected rent and occupancy levels, changes in job growth, home affordability and demand/supply ratio for multifamily housing, development and construction risks that may impact profitability, risks that joint ventures with third parties and Debt and Preferred Equity Program investments do not perform as expected, the failure of automation or technology to help grow net operating income, and other risk factors discussed in documents filed by the Company with the SEC from time to time, including the Company's Annual Report on Form 10-K and the Company's Quarterly Reports on Form 10-Q. Actual results may differ materially from those described in the forward-looking statements. These forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this supplement, and the Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in the Company's expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required under the U.S. securities laws.
23
Exhibit 99.3
