UDR plans roughly $2B apartment venture with Apollo
The planned venture would leave UDR with a one-third interest and ongoing portfolio management, with closing subject to customary conditions.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
UDR, Inc. reported preliminary third-quarter 2026 results and raised full-year 2026 per-share guidance. Third-quarter net income is expected at $0.67 per diluted share, versus prior guidance of $0.13 to $0.15; FFOA is expected at $0.65, the high end of its $0.63 to $0.65 range. Updated full-year net income guidance is $1.58 to $1.60 per diluted share, compared with $1.03 to $1.11 previously; FFOA guidance is $2.54 to $2.56, versus $2.49 to $2.57. The preliminary results are unaudited and may be subject to material adjustments as UDR completes its review.
UDR and Apollo announced their intention to form a long-term joint venture for 19 apartment communities with 7,059 homes, valued at approximately $2.0 billion. Apollo-managed funds and affiliates will invest $1.34 billion of equity for an approximate two-thirds interest; UDR will retain one-third, continue operating and managing the portfolio for an asset management fee, and consolidate the venture. Closing is expected on October 29, 2026, subject to execution of the documentation and customary closing conditions. UDR’s CFO said proceeds are intended for higher-growth assets, general corporate purposes, and debt reduction.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major point. Forward-looking: it has not happened yet and may not happen.2026 net income midpoint increased by $0.52 to $1.59 per diluted share.
Negative
- None.
Filing Explained
A property-sale gain is excluded from FFO, distinguishing FFO from preliminary net income.
UDR reports preliminary third-quarter per-share results of
UDR defines FFO to exclude gains on sales of depreciable real estate, so the net-income and FFO figures are different measures.
UDR says it will report final third-quarter results on
8-K Event Classification
Key Figures
Key Terms
FFO as Adjusted financial
capitalization rate financial
QTD Same-Store Communities financial
Physical Occupancy financial
Earnings Snapshot
Fourth-quarter 2026 outlook: net income of $0.13 to $0.15 and FFOA of $0.63 to $0.65 per diluted share.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were UDR's preliminary third-quarter 2026 results?
How did UDR change its full-year 2026 guidance?
What are the terms of UDR's planned Apollo joint venture?
When is UDR's Apollo joint venture expected to close, and what option does UDR retain?
When will UDR report final third-quarter 2026 results?
AI-generated analysis. How Rhea-AI works. Not financial advice.
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.) | ||
(Address of principal executive offices) | (Zip Code) |
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 October 21, 2026, UDR, Inc. (the “Company”) issued a press release announcing its preliminary financial results for the quarter ended September 30, 2026. This press release is furnished as Exhibit 99.1 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 Exhibit 99.1 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
On October 21, 2026, the Company issued a press release announcing the formation of a long-term joint venture with Apollo involving a diversified portfolio of apartment communities. The portfolio contributed by the Company comprises 19 communities totaling 7,059 apartment homes and is valued at approximately $2.0 billion. This press release is 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 Exhibit 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 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Ex. No. | | Description |
99.1 | Earnings press release dated October 21, 2026. | |
99.2 | Press Release dated October 21, 2026. | |
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. | ||||
October 21, 2026 | By: | /s/ David D. Bragg | ||
David D. Bragg | ||||
Senior Vice President and Chief Financial Officer | ||||
(Principal Financial Officer) | ||||
UDR, INC. RAISES FULL-YEAR 2026 GUIDANCE RANGES
AND PROVIDES PRELIMINARY THIRD QUARTER 2026 RESULTS
UDR, Inc. (the “Company”) (NYSE: UDR), a leading multifamily real estate investment trust, announced today that it has raised its full-year 2026 guidance ranges for Net Income and Funds From Operations as Adjusted (“FFOA”) per diluted share, and provided preliminary results for the quarter ended September 30, 2026. This update is provided in conjunction with the Company’s separate announcement of the expected formation of a $2.0 billion strategic partnership with Apollo.
Preliminary Third Quarter 2026 Results and Outlook(1)
The Company expects Net Income per diluted share for the third quarter 2026 will be $0.67, which compares to the previously provided guidance range of $0.13 to $0.15 per diluted share. Furthermore, the Company expects FFOA per diluted share for the third quarter 2026 will be $0.65, which represents the high-end of the previously provided guidance range of $0.63 to $0.65 per diluted share. As shown in the table below, the Company has established guidance ranges for the fourth quarter 2026 and has raised its previously provided full-year 2026 guidance ranges for Net Income and FFOA per diluted share.
Metric, per diluted share | 3Q 2026 Preliminary | YTD 2026 through 3Q 2026 Preliminary | 4Q 2026 Outlook | Prior Full-Year 2026 Outlook | Updated Full-Year 2026 Outlook | Full-Year 2026 Midpoint (Change) |
Net Income | $0.67 | $1.45 | $0.13 to $0.15 | $1.03 to $1.11 | $1.58 to $1.60 | $1.59 (+$0.52) |
FFO | $0.62 | $1.85 | $0.63 to $0.65 | $2.47 to $2.55 | $2.48 to $2.50 | $2.49 (-$0.02) |
FFOA | $0.65 | $1.90 | $0.63 to $0.65 | $2.49 to $2.57 | $2.54 to $2.56 | $2.55 (+$0.02) |
Year-Over-Year Same-Store (“SS”) Growth: | | | | |||
Revenue | 1.8% | 1.6% | N/A | 0.75% to 2.00% | 1.4% to 1.8% | 1.6% (+22.5bps) |
Expense | 2.2% | 3.2% | N/A | 2.75% to 3.75% | 2.7% to 3.1% | 2.9% (-35bps) |
NOI | 1.6% | 0.8% | N/A | 0.00% to 1.25% | 0.8% to 1.2% | 1.0% (+37.5bps) |
(1) | All guidance is based on current expectations of future economic conditions and the judgment of the Company’s management team. A reconciliation of GAAP Net Income per diluted share to forecasted FFO and FFOA per diluted share for the fourth quarter and full-year 2026 can be found under “Reconciliation of Forecasted Net Income to FFO and FFO as Adjusted” in this release. Non-GAAP financial measures and other terms, as used in this release, are defined and further explained under “Definitions” in this release. Net Income, FFO and FFOA per share for all 2026 periods and guidance are unaffected by the Apollo transaction. SS growth metrics have been adjusted to exclude the 19 communities that comprise the joint venture with Apollo. Including these communities, SS Revenue, Expense, and NOI would be 1.5%, 2.7%, and 1.0% for 3Q 2026, 1.4%, 3.2%, and 0.5% for YTD 2026 through 3Q 2026, and 1.45%, 2.9%, and 0.75% for Full-Year 2026 Midpoint. |
Operating Update
SS Metric(1) | 3Q 2026, preliminary | YTD 2026 through 3Q 2026 preliminary |
Weighted Average Physical Occupancy | 96.5% | 96.6% |
Effective Blended Lease Rate Growth | 2.0% | 2.2% |
(1) | SS metrics have been adjusted to exclude the 19 communities that comprise the joint venture with Apollo. Including these communities, Weighted Average Physical Occupancy and Effective Blended Lease Rate Growth would be 96.6% and 1.7% for 3Q 2026 and 96.6% and 1.8% for YTD 2026 through 3Q 2026. |
1
Capital Allocation Activity
During the quarter the Company,
| ● | Sold two apartment communities, one each in Seattle and Nashville, with a combined 412 apartment homes for gross proceeds of $183.0 million. The Company remains under contract to sell a 296-home apartment community in the Metropolitan Washington, D.C. area for gross proceeds totaling approximately $68.5 million. |
| ● | As part of the previously announced runoff of its Debt and Preferred Equity portfolio, acquired a 483-home apartment community in Inland Empire, CA, and, as previously reported, a 286-home in Portland, OR, both upon the liquidation of the Company’s interests in previous Debt and Preferred Equity joint ventures, for an incremental cash outlay of $235.0 million based on a combined property valuation of $354.4 million. |
| ● | Expanded its joint venture with LaSalle Investment Management to approximately $958.3 million by contributing a 360-home apartment community in Nashville, TN, to the venture. Under the terms of the transaction, the Company received approximately $103.2 million in cash proceeds. |
| ● | Received a full repayment of approximately $29.5 million on its Preferred Equity investment in a stabilized apartment community in Orlando. |
Below is a summary of the Company’s preliminary results for the three and nine months ended September 30, 2026.
Reconciliation of Net Income to FFO and FFO as Adjusted
In thousands, except per share and unit amounts | Quarter Ended September 30, | Nine Months Ended September 30, | ||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 |
Net income/(loss) attributable to common stockholders | $214,869 | $39,198 | $471,290 | $151,174 |
Real estate depreciation and amortization | 161,569 | 165,926 | 482,957 | 490,511 |
Noncontrolling interests | 14,780 | 2,721 | 32,473 | 10,628 |
Real estate depreciation and amortization on unconsolidated joint ventures | 15,073 | 12,021 | 41,411 | 38,245 |
Net (gain)/loss on consolidation | (3,181) | - | (3,456) | (286) |
Net (gain)/loss on the sale of depreciable real estate owned, net of tax | (190,069) | - | (383,159) | (47,939) |
FFO attributable to common stockholders and unitholders, basic | $213,041 | $219,866 | $641,516 | $642,333 |
Distributions to preferred stockholders – Series E (Convertible) | 1,225 | 1,211 | 3,670 | 3,628 |
FFO attributable to common stockholders and unitholders, diluted | $214,266 | $221,077 | $645,186 | $645,961 |
FFO per weighted average common share and unit, diluted | $0.62 | $0.62 | $1.85 | $1.81 |
Weighted average number of common shares, OP/DownREIT Units, and common stock equivalents outstanding, diluted | 346,034 | 356,873 | 349,095 | 357,110 |
Impact of adjustments to FFO: | | | | |
Legal and other costs | 5,512 | 2,683 | 19,113 | 9,846 |
Realized and unrealized (gain)/loss on real estate technology investments | 9 | (3,736) | (14,148) | (3,305) |
Severance costs | 4,438 | 7,214 | 4,970 | 8,737 |
Software transition related costs | - | 3,329 | - | 9,263 |
Casualty-related charges/(recoveries) | 548 | 1,755 | 9,350 | 8,434 |
Total impact of adjustments to FFO | $10,507 | $11,245 | $19,285 | $32,975 |
FFO as Adjusted attributable to common stockholders and unitholders, diluted | $224,773 | $232,322 | $664,471 | $678,936 |
FFO as Adjusted per weighted average common share and unit, diluted | $0.65 | $0.65 | $1.90 | $1.90 |
2
Balance Sheet Summary
In thousands | September 30, 2026 | December 31, 2025 |
|---|---|---|
Total assets | $10,301,216 | $10,605,674 |
Total liabilities | $6,373,451 | $6,456,911 |
Redeemable noncontrolling interests in the OP and DownREIT Partnership | $799,194 | $859,966 |
Total equity | $3,128,571 | $3,288,797 |
Reconciliation of Forecasted Net Income to FFO and FFO as Adjusted
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 fourth quarter 2026 to forecasted FFO and FFO as Adjusted per share and unit.
| Full-Year 2026 | 4Q 2026 | ||
|---|---|---|---|---|
| Low | High | Low | High |
Forecasted net income per diluted share | $1.58 | $1.60 | $0.13 | $0.15 |
Conversion from GAAP share count | (0.10) | (0.10) | (0.01) | (0.01) |
Net gain on the sale of depreciable real estate owned | (1.10) | (1.10) | - | - |
Depreciation | 2.00 | 2.00 | 0.50 | 0.50 |
Noncontrolling interests | 0.10 | 0.10 | 0.01 | 0.01 |
Net (gain)/loss on consolidation | (0.01) | (0.01) | - | - |
Preferred dividends | 0.01 | 0.01 | - | - |
Forecasted FFO per diluted share and unit | $2.48 | $2.50 | $0.63 | $0.65 |
Legal and other costs | 0.06 | 0.06 | - | - |
Severance costs | 0.01 | 0.01 | - | - |
Casualty-related charges/(recoveries) | 0.03 | 0.03 | - | - |
Realized/unrealized (gain)/loss on real estate technology investments | (0.04) | (0.04) | - | - |
Forecasted FFO as Adjusted per diluted share and unit | $2.54 | $2.56 | $0.63 | $0.65 |
The Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, and the related review by its independent registered public accounting firm are not complete. The Company’s preliminary results are unaudited and do not include all the information that will be contained in the Company’s financial statements for the period, including the notes related thereto. The Company has not yet finalized its results for the quarter ended September 30, 2026; therefore, this information is subject to adjustments that could be material as the Company finalizes its results and completes its review procedures. The Company will provide additional information on the quarter ended September 30, 2026, when it reports final earnings results on November 2, 2026, and holds an affiliated webcast and conference call at 12:00 p.m. Eastern Time on November 3, 2026. The webcast will be available on the Investor Relations section of the Company’s website at ir.udr.com.
Dividend
As previously announced, the Company’s Board of Directors declared dividends on its common stock with record dates in October, November, and December 2026. These dividends amount to $0.145 per share per month and will be payable in cash on the payment dates set forth in the table below to UDR common stock shareholders of record as of the close of business on the corresponding record date in the table below.
Record Date | Payment Date | Amount |
October 19, 2026 | November 2, 2026 | $0.145 per common share |
November 16, 2026 | November 30, 2026 | $0.145 per common share |
December 15, 2026 | December 31, 2026 | $0.145 per common share |
3
Definitions
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.
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.
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.
4
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.
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. QTD Same-Store Communities excludes 19 communities totaling 7,059 apartment homes that were wholly owned by the Company as of September 30, 2026, and are expected to be contributed to the joint venture with Apollo announced in October 2026 (the "Pending Joint Venture Portfolio Communities"). The Pending Joint Venture Portfolio Communities are presented separately for informational purposes. A reconciliation of QTD Same-Store results excluding these communities is provided below:
5
Stabilization/Stabilized: The Company defines Stabilization/Stabilized as when a community’s occupancy reaches 90% or above for at least three consecutive months.
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. YTD Same-Store Communities excludes 19 communities totaling 7,059 apartment homes that were wholly owned by the Company as of September 30, 2026, and are expected to be contributed to the joint venture with Apollo announced in October 2026 (the "Pending Joint Venture Portfolio Communities"). The Pending Joint Venture Portfolio Communities are presented separately for informational purposes.
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, the completion of the Company’s expected formation of a strategic partnership with Apollo, 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 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 September 30, 2026, UDR owned or had an ownership position in 60,617 apartment homes, including 634 apartment homes under development. For over 54 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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6
Exhibit 99.2
UDR, Inc. and Apollo Form $2.0 Billion Strategic Partnership
Denver & New York, October 21, 2026 – UDR, Inc. (NYSE: UDR), a multifamily real estate investment trust, and Apollo (NYSE: APO) today announced their intention to form a new, long-term joint venture involving a diversified portfolio of apartment communities. The joint venture will own a portfolio of 19 high-quality communities totaling 7,059 apartment homes and valued at approximately $2.0 billion.
Under the terms of the transaction, UDR will continue to operate and manage the portfolio for which it will earn an asset management fee. Apollo-managed funds and affiliates (“Apollo”) will invest $1.34 billion of equity capital into a newly established joint venture, acquiring an approximate two-thirds interest. UDR will retain a one-third interest and consolidate the joint venture. The transaction, once completed, is expected to imply a capitalization rate of approximately 6.0% for a portfolio with average revenue per home of $2,058 and an age of 39 years. UDR will also retain an option to repurchase Apollo’s interest in the joint venture at an expected 7.00-7.50% fixed return for a finite period starting at the fifth anniversary of closing.
“We are delighted for the opportunity to partner with Apollo, one of the world’s leading financial institutions. We believe that our best-in-class operating platform positions UDR as a natural fit with Apollo’s scaled permanent capital base. Access to equity capital is one of UDR’s strategic priorities. With this transaction, we believe we will be positioned to take advantage of compelling opportunities in the marketplace, while improving the quality of our wholly-owned portfolio and strengthening our balance sheet, all in an accretive manner. Our shareholders will benefit not only from the flexibility to move assets in and out of our newly established joint venture, but also from the ability to realize outsized value creation over time,” said Tom Toomey, UDR’s Chairman, President, and CEO.
Apollo Partner Jamshid Ehsani said, " We are proud to serve as a capital partner to UDR. UDR is a recognized leader in the real estate industry with a track record of operational excellence and disciplined capital allocation. This transaction provides a cost-efficient capital solution tailored to UDR’s needs. Apollo’s investment further demonstrates the ability of our High Grade Capital Solutions business to partner with and support leading companies around the world."
“UDR’s partnership with Apollo provides access to a new, low-cost permanent source of equity capital. We expect the transaction to be accretive to earnings and intend to deploy the proceeds into higher-growth assets and other general corporate purposes. Proceeds will also be utilized for debt reduction, strengthening the balance sheet at an opportune moment,” said Dave Bragg, UDR’s Chief Financial Officer.
The transaction is expected to close on October 29, 2026, subject to execution of the documentation, and customary closing conditions.
Citigroup Global Markets Inc. and Wells Fargo Securities, LLC acted as structuring agents and financial advisors to UDR. Scotiabank acted as financial advisor to Apollo.
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 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 September 30, 2026, UDR owned or had an ownership position in 60,617 apartment homes, including 634 apartment homes under development. For over 54 years, UDR has delivered long-term value to shareholders, the best standard of service to residents, and the highest quality experience for associates. Additional information can be found on the Company’s Investor Relations website at ir.udr.com.
About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of June 30, 2026, Apollo had approximately $1.05 trillion of assets under management. To learn more, please visit www.apollo.com.
Contact: UDR, Inc.
Trent Trujillo
ttrujillo@udr.com
720-283-6135
Contact: Apollo
Noah Gunn
Global Head of Investor Relations
(212) 822-0540
IR@apollo.com
Joanna Rose
Global Head of Corporate Communications
(212) 822-0491
communications@apollo.com