# UDR Inc. (UDR) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/UDR/thesis · /stocks/UDR/memo

## Financial Snapshot

---
ticker: UDR
step: 04
generated: 2026-05-13
source: quick-research
---

### UDR, Inc. (UDR) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $1.52B | $1.63B | ~$1.70B | ~+4.3% |
| NOI Margin | ~65% | ~64% | ~63% | |
| FFOA (total) | ~$550M | ~$583M | ~$580M | -0.5% |
| FFOA/Share | ~$1.90 | ~$2.01 | ~$2.00 | -0.5% |
| Net Income | ~$50M | ~$50M | ~$50M | flat |

*FFOA = Funds From Operations As-Adjusted — UDR's preferred metric excluding non-recurring items. FY2024 FFOA was flat as supply headwinds offset operating improvements.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| FFOA | ~$580M |
| Dividend per Share | ~$1.52 (annualized; ~4.7% yield) |
| Total Debt | ~$5.8B |
| Net Debt / EBITDA | ~8.5x (higher than peers — development/capex intensive) |
| Development Pipeline (cost to complete) | ~$500M |

*UDR runs the highest leverage of the major apartment REITs (~8.5x) reflecting an active development strategy and technology investment cycle. Investment-grade rated.*

#### Key Ratios (approximate)
- Price/FFOA: ~15x | Implied Cap Rate: ~5.2% | Dividend Yield: ~4.7%
- Same-Store Revenue Growth (FY2025): +2.4% | Same-Store NOI Growth: slightly lower
- Resident Retention Improvement: +1,000 bps vs. historical baseline = +$35M annualized cash flow

#### Growth Profile
UDR delivered strong double-digit FFOA growth in FY2022 (+16%) as post-COVID apartment demand surged. Growth moderated in FY2023 (+6%) and FY2024 (flat) as new apartment supply and rising expenses (real estate taxes, insurance) compressed NOI margins. FY2025 same-store revenue growth of +2.4% suggests a bottoming-out; however, expense growth guidance of +3.75% for 2026 means net NOI growth remains constrained.

#### Forward Estimates
- FY2025 FFOA/Share: ~$2.54 (actual)
- FY2026 FFOA/Share guidance midpoint: $2.52 (flat to slightly down; guidance disappointed market at announcement)
- FY2026 Same-Store Revenue Growth: +0.25% to +2.25% (wide range reflecting macro uncertainty)
- FY2027: Supply completions projected 60% below 2025 levels — potential inflection year for FFOA re-acceleration
- AI and technology initiatives expected to contribute incremental margin improvements annually

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/UDR/fundamental

## Navigation

- Overview: /stocks/UDR
- Financials (this page): /stocks/UDR/financials
- Thesis: /stocks/UDR/thesis
- Investment Memo: /stocks/UDR/memo
- Coverage universe: /stocks