UDR, Inc. (UDR) 10-Year Financial Performance & Capital Metrics

UDR • • REIT / Real Estate

Real EstateResidential REITsMultifamily ApartmentsNational Multifamily Operators

AboutUDR, 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, 2020, UDR owned or had an ownership position in 51,649 apartment homes including 1,031 homes under development. For over 48 years, UDR has delivered long-term value to shareholders, the best standard of service to Residents and the highest quality experience for Associates.Show more

Revenue $1.67B +2.7%
FFO $785M -30.9%
FFO/Share 2.38 -31.1%
FFO Payout 71.14% +49.7%
FFO per Share 2.38 -31.1%
NOI Margin 24.94% +3.4%
FFO Margin 46.96% -32.7%
ROE 1.9% -78.8%
ROA 0.8% -79.7%
Debt/Assets 55.14% +4.8%
Net Debt/EBITDA 6.13 +36.0%
Book Value/Share 13.51 -10.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Sustainable FFO payout ratio of 71.1%
✓14 consecutive years of dividend growth
✓Healthy dividend yield of 4.6%

✗Weaknesses

✗Weak 3Y average ROE of 4.2%
✗Profits declining 13.5% over 5 years
✗Low NOI margin of 24.9%
✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y7.41%

5Y7.73%

3Y9.01%

TTM2.38%

Profit (Net Income) CAGR

10Y-5.29%

5Y-13.5%

3Y-15.79%

TTM17.35%

EPS CAGR

10Y-7.87%

5Y-16.22%

3Y-18.48%

TTM14.87%

ROCE

10Y Avg3.54%

5Y Avg3.37%

3Y Avg3.77%

Latest2.75%

Peer Comparison

National Multifamily Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
UDRUDR, Inc.	12.25B	37.08	142.62	2.72%	8.8%	3.61%	4.94%	1.35
CPTCamden Property Trust	11.53B	108.35	72.23	0.12%	17.15%	5.84%	3.31%	0.73
MAAMid-America Apartment Communities, Inc.	15.86B	135.44	30.16	1.98%	25.23%	9.24%	4.89%	0.81
AVBAvalonBay Communities, Inc.	25.6B	180.80	23.79	5.27%	38.81%	9.61%	5.51%	0.69
EQREquity Residential	23.27B	61.17	22.49	3.69%	37.58%	10.09%	5.39%	0.73
AIVApartment Investment and Management Company	854.37M	5.93	-8.01	11.6%	125.34%	95.46%		3.82

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	894.64M	959.86M	995.79M	1.05B	1.15B	1.24B	1.29B	1.52B	1.63B	1.67B
Revenue Growth %	0.09%	0.07%	0.04%	0.05%	0.1%	0.08%	0.04%	0.18%	0.07%	0.03%
Property Operating Expenses	656.63M	721.07M	742.93M	760.46M	863.81M	1.03B	1.06B	1.19B	1.23B	1.25B
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	78.41M	-162.03M	24.96M	-68.32M	67.32M	-34.49M	-39.93M	80.22M	-242.49M	132.44M
G&A Expenses	59.69M	49.76M	48.57M	46.98M	51.53M	49.88M	57.54M	64.14M	69.93M	84.31M
EBITDA+	540.87M	826.46M	664.36M	790.4M	728.98M	867.73M	887.8M	930.39M	1.33B	980.04M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	381.28M	425.64M	436.46M	435.68M	507.92M	618.63M	619.83M	679.57M	691.84M	695.47M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	159.59M	400.82M	227.9M	354.72M	221.06M	249.1M	267.97M	250.81M	635.01M	284.57M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	121.88M	123.03M	128.71M	134.17M	170.92M	202.71M	186.27M	162.83M	180.87M	208.05M
Interest Coverage	1.31x	3.26x	1.77x	2.64x	1.29x	1.23x	1.44x	1.54x	3.51x	1.37x
Non-Operating Income	-63.88M	-54.16M	-76.63M	-1.68M	-153.28M	-25.12M	-80.73M	-4.95M	-22.45M	-20.23M
Pretax Income+	101.6M	105.75M	89.01M	86.03M	203.42M	71.52M	162.43M	92.93M	476.59M	96.76M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	-3.89M	-3.77M	-240K	688K	3.84M	2.54M	1.44M	349K	2.11M	879K
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	340.38M	292.72M	121.56M	203.11M	184.97M	64.27M	150.02M	86.92M	444.35M	89.58M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	1.21%	-0.14%	-0.58%	0.67%	-0.09%	-0.65%	1.33%	-0.42%	4.11%	-0.8%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	0.39%	-0%	-0.22%	0.14%	0.08%	-0.01%	0.13%	-0%	0.48%	-0.31%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	1.29	1.08	0.44	0.75	0.63	0.20	0.48	0.26	1.34	0.26
EPS Growth %	1.19%	-0.16%	-0.59%	0.7%	-0.16%	-0.68%	1.4%	-0.46%	4.15%	-0.81%
EPS (Basic)	1.30	1.09	0.44	0.76	0.63	0.20	0.49	0.26	1.34	0.26
Diluted Shares Outstanding	263.75M	267.31M	268.83M	269.48M	286.01M	294.93M	301.7M	322.7M	329.1M	330.12M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	7.66B	7.68B	7.73B	7.71B	9.64B	9.64B	10.78B	11.04B	11.37B	10.9B
Asset Growth %	0.12%	0%	0.01%	-0%	0.25%	0%	0.12%	0.02%	0.03%	-0.04%
Real Estate & Other Assets+	6.56B	6.47B	6.38B	6.68B	8.66B	8.65B	9.82B	10.01B	9.97B	9.51B
PP&E (Net)	0	0	0	0	204.22M	200.91M	197.46M	194.08M	190.62M	187M
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	168.31M	384.18M	629.93M	251.15M	186.94M	182.16M	55.28M	84.9M	263.69M	283.28M
Cash & Equivalents	6.74M	2.11M	2.04M	185.22M	8.11M	1.41M	967K	1.19M	2.92M	1.33M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	20.8M	19.99M	19.79M	23.68M	-44.57M	22.76M	27.45M	29M	31.94M	34.1M
Intangible Assets	0	0	0	0	0	0	0	0	0	2.26M
Total Liabilities	3.82B	3.67B	3.95B	3.82B	5.23B	5.52B	6B	6.1B	6.42B	6.44B
Total Debt+	3.57B	3.4B	3.67B	3.55B	4.91B	5.17B	5.61B	5.68B	5.98B	6.01B
Net Debt	3.56B	3.4B	3.67B	3.36B	4.9B	5.17B	5.6B	5.68B	5.98B	6.01B
Long-Term Debt	3.42B	3.38B	3.35B	3.45B	4.39B	4.76B	5.16B	5.16B	5.39B	5.53B
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	0	46.46M	46.2M	46.2M	198.56M	195.59M	192.49M	189.24M	185.84M	182.28M
Total Current Liabilities+	396M	293M	599.88M	369.56M	638.99M	568.53M	645.75M	751.8M	848.92M	726.71M
Accounts Payable	81.36M	103.83M	102.96M	76.34M	90.03M	111M	136.95M	153.22M	141.31M	115.11M
Deferred Revenue	36.33M	34.24M	31.92M	35.06M	48.35M	49.01M	55.44M	52M	50.53M	61.59M
Other Liabilities	0	0	0	0	0	0	0	0	0	0
Total Equity+	3.85B	4.01B	3.78B	3.9B	4.41B	4.11B	4.77B	4.94B	4.95B	4.46B
Equity Growth %	0.27%	0.04%	-0.06%	0.03%	0.13%	-0.07%	0.16%	0.03%	0%	-0.1%
Shareholders Equity	2.9B	3.09B	2.83B	2.91B	3.36B	3.23B	3.44B	4.1B	3.99B	3.44B
Minority Interest	947.29M	913.34M	957.7M	989.89M	1.05B	880.68M	1.33B	840.06M	961.3M	1.02B
Common Stock	2.62M	2.67M	2.68M	2.75M	2.95M	2.97M	3.18M	3.29M	3.29M	3.31M
Additional Paid-in Capital	4.45B	4.64B	4.65B	4.92B	5.78B	5.88B	6.88B	7.49B	7.49B	7.57B
Retained Earnings	-1.58B	-1.59B	-1.87B	-2.06B	-2.46B	-2.69B	-3.49B	-3.45B	-3.55B	-4.18B
Preferred Stock	46.46M	46.46M	46.2M	46.2M	46.2M	44.77M	44.77M	44.62M	44.62M	43.19M
Return on Assets (ROA)	0.05%	0.04%	0.02%	0.03%	0.02%	0.01%	0.01%	0.01%	0.04%	0.01%
Return on Equity (ROE)	0.1%	0.07%	0.03%	0.05%	0.04%	0.02%	0.03%	0.02%	0.09%	0.02%
Debt / Assets	0.47%	0.44%	0.47%	0.46%	0.51%	0.54%	0.52%	0.51%	0.53%	0.55%
Debt / Equity	0.93x	0.85x	0.97x	0.91x	1.11x	1.26x	1.17x	1.15x	1.21x	1.35x
Net Debt / EBITDA	6.59x	4.11x	5.52x	4.25x	6.72x	5.96x	6.31x	6.10x	4.51x	6.13x
Book Value per Share	14.59	14.99	14.07	14.46	15.41	13.95	15.82	15.30	15.05	13.51

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	431.62M	536.93M	519.15M	560.68M	630.7M	604.32M	663.96M	820.07M	832.66M	876.85M
Operating CF Growth %	0.09%	0.24%	-0.03%	0.08%	0.12%	-0.04%	0.1%	0.24%	0.02%	0.05%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	357.16M	320.38M	132.66M	221.54M	199.58M	68.97M	160.99M	92.58M	474.49M	95.88M
Depreciation & Amortization	381.28M	425.64M	436.46M	435.68M	507.92M	618.63M	619.83M	679.57M	691.84M	695.47M
Stock-Based Compensation	18.02M	13.4M	12.86M	14.24M	24.33M	19.62M	22.05M	27.5M	32.9M	32.63M
Other Non-Cash Items	-279.7M	-177.59M	-49.78M	-121.9M	-98.02M	-56.07M	-116.91M	23.76M	-330.15M	88.78M
Working Capital Changes	-13.56M	-25.07M	-13.05M	11.11M	-3.11M	-46.83M	-22.01M	-3.35M	-36.41M	-35.9M
Cash from Investing+	-238.45M	-112.28M	-407.44M	-113.55M	-1.69B	-460.84M	-1.27B	-929.53M	-289.14M	-276.35M
Acquisitions (Net)	-217.64M	-40.16M	-123.84M	-113.03M	-105.22M	-77.6M	-112.32M	-201.41M	-72.39M	-49.34M
Purchase of Investments	0	0	0	0	0	0	0	0	0	0
Sale of Investments	0	0	0	0	0	0	0	0	1000K	1000K
Other Investing	69.63M	23.62M	-157.45M	116.69M	-1.4B	-209.13M	-993.41M	-492.1M	81.13M	40.05M
Cash from Financing+	-201.65M	-429.28M	-111.78M	-260.07M	880.38M	-152.59M	612.54M	111.23M	-538.85M	-599.94M
Dividends Paid	-286.89M	-312.64M	-331.5M	-346.08M	-387.14M	-423.57M	-438M	-488M	-544.62M	-563.33M
Common Dividends	-283.17M	-308.92M	-327.79M	-342.24M	-387.14M	-419.35M	-433.78M	-483.62M	-539.85M	-558.48M
Debt Issuance (Net)	-1000K	-1000K	1000K	-1000K	1000K	1000K	1000K	1000K	1000K	1000K
Share Repurchases	0	0	0	-19.99M	0	-19.8M	0	-49.03M	-25.01M	0
Other Financing	-29.68M	-40.84M	-52.45M	-73.94M	125.58M	-107.42M	-90.49M	-58.61M	-52.63M	-66.51M
Net Change in Cash+	-8.48M	-4.63M	-74K	187.06M	-175.6M	-9.12M	4.25M	1.78M	4.67M	561K
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	15.22M	6.74M	2.11M	21.83M	208.89M	33.29M	24.17M	28.42M	30.19M	34.87M
Cash at End	6.74M	2.11M	2.04M	208.89M	33.29M	24.17M	28.42M	30.19M	34.87M	35.43M
Free Cash Flow+	314.17M	440.64M	393M	443.47M	446.36M	430.2M	497.44M	584.06M	520.32M	605.16M
FCF Growth %	0.08%	0.4%	-0.11%	0.13%	0.01%	-0.04%	0.16%	0.17%	-0.11%	0.16%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	2.74	2.69	2.08	2.37	2.42	2.32	2.55	2.38	3.45	2.38
FFO Payout Ratio	39.24%	43%	58.74%	53.58%	55.87%	61.41%	56.35%	63.1%	47.51%	71.14%
NOI Margin	26.6%	24.88%	25.39%	27.36%	25.03%	17.29%	17.67%	21.82%	24.12%	24.94%
Net Debt / EBITDA	6.59x	4.11x	5.52x	4.25x	6.72x	5.96x	6.31x	6.10x	4.51x	6.13x
Debt / Assets	46.59%	44.29%	47.48%	46.01%	50.91%	53.67%	52.02%	51.43%	52.62%	55.14%
Interest Coverage	1.31x	3.26x	1.77x	2.64x	1.29x	1.23x	1.44x	1.54x	3.51x	1.37x
Book Value / Share	14.59	14.99	14.07	14.46	15.41	13.95	15.82	15.3	15.05	13.51
Revenue Growth	9.36%	7.29%	3.74%	5.13%	10.06%	7.72%	4%	17.56%	7.26%	2.72%

Revenue by Segment

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
Management Service	-	-	-	-	-	14M	5.1M	6.1M	5M	6.8M
Management Service Growth	-	-	-	-	-	-	-63.57%	19.61%	-18.03%	36.00%
Non Mature Communities Other	174.18M	211.79M	223.05M	134.24M	95.38M	-	-	-	-	-
Non Mature Communities Other Growth	-	21.59%	5.32%	-39.81%	-28.95%	-	-	-	-	-
Total Communities	805.15M	871.93M	948.46M	-	-	-	-	-	-	-
Total Communities Growth	-	8.29%	8.78%	-	-	-	-	-	-	-

Revenue by Geography

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
Same Communities Western Region	245.8M	255.35M	298.47M	329.32M	399.31M	-	-	-	-	-
Same Communities Western Region Growth	-	3.88%	16.89%	10.34%	21.25%	-	-	-	-	-
Same Communities Northeast Region	60.8M	86.05M	130.28M	151.74M	154.02M	-	-	-	-	-
Same Communities Northeast Region Growth	-	41.54%	51.41%	16.46%	1.50%	-	-	-	-	-
Same Communities Southeastern Region	107.99M	103.92M	111.32M	116.47M	122.23M	-	-	-	-	-
Same Communities Southeastern Region Growth	-	-3.77%	7.12%	4.63%	4.95%	-	-	-	-	-
Non Mature Communities Other	174.18M	211.79M	223.05M	134.24M	95.38M	-	-	-	-	-
Non Mature Communities Other Growth	-	21.59%	5.32%	-39.81%	-28.95%	-	-	-	-	-
Same Communities Southwestern Region	54.81M	57.67M	41.27M	42.99M	43.71M	-	-	-	-	-
Same Communities Southwestern Region Growth	-	5.22%	-28.43%	4.16%	1.67%	-	-	-	-	-
Same Communities Mid-Atlantic Region	161.57M	157.16M	144.07M	-	-	-	-	-	-	-
Same Communities Mid-Atlantic Region Growth	-	-2.73%	-8.33%	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

UDR, Inc. (UDR) has a price-to-earnings (P/E) ratio of 142.6x. This suggests investors expect higher future growth.

Growth & Financials

UDR, Inc. (UDR) reported $1.70B in revenue for fiscal year 2024. This represents a 173% increase from $623.4M in 2011.

UDR, Inc. (UDR) grew revenue by 2.7% over the past year. Growth has been modest.

Yes, UDR, Inc. (UDR) is profitable, generating $149.8M in net income for fiscal year 2024 (5.4% net margin).

Dividend & Returns

Yes, UDR, Inc. (UDR) pays a dividend with a yield of 4.56%. This makes it attractive for income-focused investors.

UDR, Inc. (UDR) has a return on equity (ROE) of 1.9%. This is below average, suggesting room for improvement.

Industry Metrics

UDR, Inc. (UDR) generated Funds From Operations (FFO) of $833.6M in the trailing twelve months. FFO is the primary profitability metric for REITs.

UDR, Inc. (UDR) offers a 4.56% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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