Financial leverage has trended upward, with the debt-to-equity ratio increasing from 1.21 in 2023Q4 to 1.78 in 2026Q1, signaling a potential strain on the company's capital structure.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Total Assets | 10.33B | 10.61B | 10.9B | 11.37B | 11.04B | 10.78B | 9.64B | 9.64B | 7.71B | 7.73B | 7.68B | 7.66B | 6.85B | 6.81B | 6.89B | 6.72B | 5.53B | 5.13B | 5.14B | 4.8B | 4.68B | 4.54B | 4.33B | 3.54B | 3.28B | 3.35B | 3.45B | 3.69B | 3.76B | 2.31B | 1.97B |
| Asset Growth % | -15.06% | -2.68% | -4.18% | 3.03% | 2.44% | 11.8% | 0.01% | 24.96% | -0.28% | 0.7% | 0.21% | 11.94% | 0.57% | -1.17% | 2.49% | 21.55% | 7.73% | -0.23% | 7.15% | 2.68% | 2.96% | 4.84% | 22.25% | 8.17% | -2.15% | -3.07% | -6.35% | -1.79% | 62.31% | 17.63% | 82.02% |
| Real Estate & Other Assets | 557.51M | 0 | 9.51B | 9.97B | 10.01B | 9.82B | 8.65B | 8.66B | 6.68B | 6.38B | 6.47B | 6.56B | 5.88B | 5.7B | 5.79B | -17.8M | 74.6M | 67.82M | 86.61M | 113.28M | 50.73M | 37.03M | 34.95M | -3.46B | -3.22B | -3.26B | -3.34B | -3.56B | -3.64B | -2.27B | -1.91B |
| PP&E (Net) | 8.83B | 187.62M | 187M | 190.62M | 194.08M | 197.46M | 200.91M | 204.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.24B | 5.24B | 4.96B | 4.75B | 4.58B | 4.57B | 4.39B | 4.24B | 3.45B | 3.22B | 3.26B | 3.33B | 3.56B | 3.64B | 2.27B | 1.91B |
| Investment Securities | 1000K | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 458K | 1000K | 0 | 1000K | 1000K | 0 | 0 | 0 | 0 |
| Total Current Assets | 188.36M | 151.2M | 283.28M | 263.69M | 84.9M | 55.28M | 182.16M | 186.94M | 251.15M | 629.93M | 384.18M | 168.31M | 229.56M | 602.08M | 589.48M | 283.37M | 63.87M | 86.92M | 257.08M | 54.86M | 52.9M | 115.97M | 44.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash & Equivalents | 1.3M | 36.93M | 1.33M | 2.92M | 1.19M | 967K | 1.41M | 8.11M | 185.22M | 2.04M | 2.11M | 6.74M | 15.22M | 30.25M | 12.12M | 12.5M | 9.49M | 5.99M | 12.74M | 3.22M | 2.14M | 15.54M | 7.9M | 4.82M | 14.93M | 31.47M | 55.25M | 64.65M | 76.89M | 17.58M | 13.45M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | 33.5M | -35.71M | 34.1M | 31.94M | 29M | 27.45M | 22.76M | -44.57M | 23.68M | 19.79M | 19.99M | 20.8M | 22.34M | 22.8M | 23.56M | 24.63M | 42.71M | 35.48M | 36.89M | 38.98M | 40.26M | 35.62M | 31.24M | -4.82M | -14.93M | -31.47M | -55.25M | -64.65M | -76.89M | -17.58M | -13.45M |
| Intangible Assets | 0 | 0 | 2.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 7.05B | 6.46B | 6.44B | 6.42B | 6.1B | 6B | 5.52B | 5.23B | 3.82B | 3.95B | 3.67B | 3.82B | 3.83B | 3.78B | 3.67B | 4.17B | 3.8B | 3.63B | 3.5B | 3.72B | 3.53B | 3.35B | 3.05B | 2.29B | 2.21B | 2.23B | 2.15B | 2.28B | 2.27B | 1.24B | 1.04B |
| Total Debt | 5.85B | 6.19B | 6.01B | 5.98B | 5.68B | 5.61B | 5.17B | 4.91B | 3.55B | 3.67B | 3.4B | 3.57B | 3.57B | 3.52B | 3.41B | 3.92B | 3.57B | 3.43B | 3.26B | 3.5B | 3.34B | 3.16B | 2.88B | 2.13B | 2.06B | 2.06B | 1.99B | 2.13B | 2.12B | 1.16B | 1.04B |
| Net Debt | 5.84B | 6.15B | 6.01B | 5.98B | 5.68B | 5.6B | 5.17B | 4.9B | 3.36B | 3.67B | 3.4B | 3.56B | 3.55B | 3.49B | 3.4B | 3.91B | 3.56B | 3.42B | 3.25B | 3.5B | 3.34B | 3.14B | 2.87B | 2.13B | 2.04B | 2.03B | 1.94B | 2.06B | 2.04B | 1.14B | 1.03B |
| Long-Term Debt | 5.66B | 5.2B | 5.53B | 5.39B | 5.16B | 5.16B | 4.76B | 4.39B | 3.45B | 3.35B | 3.38B | 3.42B | 3.41B | 3.52B | 3.33B | 3.5B | 3.57B | 3.43B | 3.26B | 3.5B | 3.34B | 3.16B | 2.88B | 2.13B | 2.06B | 2.06B | 1.99B | 2.13B | 2.12B | 1.16B | 1.04B |
| Short-Term Borrowings | 0 | 801.67M | 299.26M | 412.67M | 328.01M | 249.55M | 218.02M | 316.58M | 101.13M | 321.77M | 21.35M | 150M | 152.5M | 0 | 76M | 421M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 724.89M | 182.96M | 182.28M | 185.84M | 189.24M | 192.49M | 195.59M | 198.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 382.69M | 45.64M | 726.71M | 848.92M | 751.8M | 645.75M | 568.53M | 638.99M | 369.56M | 599.88M | 293M | 396M | 397.5M | 253.92M | 308.52M | 639.63M | 206.9M | 176.49M | 355.24M | 166.83M | 146.22M | 147.56M | 141.53M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Payable | 107.07M | 0 | 115.11M | 141.31M | 153.22M | 136.95M | 111M | 90.03M | 76.34M | 102.96M | 103.83M | 81.36M | 91.28M | 118.68M | 104.57M | 95.48M | 105.92M | 80.69M | 71.39M | 52.07M | 52.89M | 53.16M | 49.76M | 55.14M | 84.78M | 100.14M | 83.27M | 105.01M | 105.42M | 50.6M | 24.63M |
| Deferred Revenue | 59.56M | 0 | 61.59M | 50.53M | 52M | 55.44M | 49.01M | 48.35M | 35.06M | 31.92M | 34.24M | 36.33M | 34.06M | 27.2M | 25.02M | 35.52M | 28.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 0 | 1.03B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -29.41M | 0 | 26.05M | 31.8M | 0 | 50.17M | 46.78M | 42.71M | 31.44M | -2.13B | -2.06B | -2.06B | -1.99B | -2.13B | -2.12B | -1.16B | -1.04B |
| Total Equity | 3.29B | 4.15B | 4.46B | 4.95B | 4.94B | 4.77B | 4.11B | 4.41B | 3.9B | 3.78B | 4.01B | 3.85B | 3.02B | 3.03B | 3.22B | 2.56B | 1.73B | 1.5B | 1.65B | 1.08B | 1.14B | 1.19B | 1.28B | 1.26B | 1.07B | 1.12B | 1.31B | 1.4B | 1.49B | 1.07B | 852.41M |
| Equity Growth % | -51.86% | -7% | -9.93% | 0.29% | 3.44% | 16.01% | -6.65% | 13.16% | 2.96% | -5.56% | 4.14% | 27.45% | -0.39% | -5.82% | 25.91% | 47.78% | 15.45% | -9.12% | 52.39% | -5.48% | -3.98% | -6.84% | 1.7% | 17.48% | -4.28% | -14.45% | -6.92% | -5.72% | 38.82% | 25.88% | 65.07% |
| Shareholders Equity | 3.29B | 3.29B | 3.44B | 3.99B | 4.1B | 3.44B | 3.23B | 3.36B | 2.91B | 2.83B | 3.09B | 2.9B | 2.74B | 2.81B | 2.99B | 2.31B | 1.61B | 1.4B | 1.59B | 1.02B | 1.06B | 1.11B | 1.2B | 1.16B | 1B | 1.04B | 1.22B | 1.31B | 1.37B | 1.06B | 850.38M |
| Minority Interest | 335K | 860.3M | 1.02B | 961.3M | 840.06M | 1.33B | 880.68M | 1.05B | 989.89M | 957.7M | 913.34M | 947.29M | 283.33M | 218.45M | 224.33M | 241.21M | 122.74M | 102.3M | 59.46M | 62.05M | 88.83M | 83.82M | 83.59M | 94.21M | 69.22M | 75.67M | 88.33M | 94.17M | 115.44M | 14.69M | 2.03M |
| Common Stock | 3.26M | 46.48M | 3.31M | 3.29M | 3.29M | 3.18M | 2.97M | 2.95M | 2.75M | 2.68M | 2.67M | 2.62M | 2.55M | 2.51M | 2.5M | 2.2M | 1.82M | 1.55M | 1.37M | 1.44M | 1.35M | 1.34M | 0 | 127.3M | 106.61M | 103.13M | 102.22M | 102.74M | 103.64M | 89.17M | 81.98M |
| Additional Paid-in Capital | 7.38B | 7.48B | 7.57B | 7.49B | 7.49B | 6.88B | 5.88B | 5.78B | 4.92B | 4.65B | 4.64B | 4.45B | 4.22B | 4.11B | 4.1B | 3.34B | 2.45B | 1.95B | 1.72B | 1.75B | 1.68B | 1.68B | 1.61B | 1.46B | 1.14B | 1.1B | 1.08B | 1.08B | 1.09B | 906.31M | 814.79M |
| Retained Earnings | -4.15B | -4.24B | -4.18B | -3.55B | -3.45B | -3.49B | -2.69B | -2.46B | -2.06B | -1.87B | -1.59B | -1.58B | -1.53B | -1.34B | -1.14B | -1.14B | -973.86M | -687.18M | -448.74M | -917.09M | -810.88M | -755.7M | -731.81M | -651.5M | -541.43M | -448.35M | -366.53M | -296.03M | -242.33M | -183.31M | -147.53M |
| Preferred Stock | 43.19M | 1K | 43.19M | 44.62M | 44.62M | 44.77M | 44.77M | 46.2M | 46.2M | 46.2M | 46.46M | 46.46M | 46.57M | 46.57M | 46.57M | 128.18M | 131.71M | 132.4M | 46.57M | 181.57M | 181.97M | 181.97M | 318.4M | 236.56M | 310.4M | 310.4M | 410.21M | 427.87M | 430M | 255M | 105M |
| Return on Assets (ROA) | 4.65% | 3.51% | 0.8% | 3.97% | 0.8% | 1.47% | 0.67% | 2.13% | 2.63% | 1.58% | 3.82% | 4.69% | 2.26% | 0.65% | 3.12% | 0.33% | -1.93% | -1.7% | 14.03% | 4.67% | 2.79% | 3.5% | 2.47% | 2.06% | 1.61% | 1.82% | 2.15% | 2.52% | 2.38% | 3.28% | 2.49% |
| Return on Equity (ROE) | 12.37% | 8.77% | 1.9% | 8.99% | 1.79% | 3.38% | 1.51% | 4.46% | 5.29% | 3.12% | 7.45% | 9.92% | 5.1% | 1.43% | 7.35% | 0.93% | -6.38% | -5.56% | 51.13% | 19.89% | 11.01% | 12.56% | 7.66% | 6.05% | 4.86% | 5.1% | 5.65% | 6.47% | 5.65% | 7.29% | 5.55% |
| Debt / Assets | 56.57% | 58.34% | 55.14% | 52.62% | 51.43% | 52.02% | 53.67% | 50.91% | 46.01% | 47.48% | 44.29% | 46.59% | 52.07% | 51.76% | 49.49% | 58.3% | 64.52% | 66.76% | 63.39% | 72.96% | 71.4% | 69.57% | 66.48% | 60.17% | 62.81% | 61.65% | 57.68% | 57.68% | 56.39% | 49.97% | 53.12% |
| Debt / Equity | 1.78x | 1.49x | 1.35x | 1.21x | 1.15x | 1.17x | 1.26x | 1.11x | 0.91x | 0.97x | 0.85x | 0.93x | 1.18x | 1.16x | 1.06x | 1.53x | 2.06x | 2.29x | 1.98x | 3.24x | 2.92x | 2.65x | 2.25x | 1.70x | 1.92x | 1.85x | 1.52x | 1.51x | 1.42x | 1.08x | 1.23x |
| Net Debt / EBITDA | 5.10x | 6.14x | 6.13x | 4.51x | 6.10x | 6.31x | 5.96x | 6.72x | 4.25x | 5.52x | 4.11x | 6.59x | 7.23x | 7.51x | 8.05x | 9.85x | 18.53x | 16.68x | 17.24x | 19.13x | 21.52x | 14.62x | 13.77x | 6.32x | 5.90x | 5.90x | 5.66x | 6.06x | 7.95x | 5.28x | 7.74x |
| Book Value per Share | 9.95 | 12.53 | 13.51 | 15.05 | 15.30 | 15.82 | 13.95 | 15.41 | 14.46 | 14.07 | 14.99 | 14.59 | 11.91 | 12.12 | 13.47 | 12.69 | 10.43 | 10.05 | 11.69 | 7.45 | 8.56 | 8.75 | 9.98 | 10.87 | 10.01 | 11.07 | 12.67 | 13.55 | 14.89 | 12.29 | 14.78 |
Elevated leverage and debt
According to reported financial statements, UDR's total assets have contracted from $11.4 billion in 2023Q4 to $10.3 billion in 2026Q1, suggesting a strategic pivot toward balance sheet consolidation rather than aggressive portfolio expansion during this period of heightened interest rate sensitivity and market uncertainty.
The reduction in total assets alongside relatively static debt levels indicates a potential shift in capital allocation strategy, moving away from heavy asset accumulation. Investors should monitor whether this contraction reflects intentional divestment of non-core assets or a broader inability to source accretive growth opportunities in the current environment.
Based on the provided figures, UDR's debt-to-equity ratio has climbed from 1.21 in 2023Q4 to 1.78 in 2026Q1, which, as noted in financial filings, highlights a concerning trend of increasing financial leverage that may limit the company's flexibility in a higher-for-longer interest rate regime.
The steady rise in the debt-to-equity ratio suggests that the company is relying more heavily on debt financing to maintain its capital structure. This trend warrants further investigation into the maturity profile of this debt and the potential for interest expense to further compress net operating margins.
As reported in recent quarterly filings, UDR maintains extremely thin cash reserves, with balances as low as $1.2 million in 2025Q3, which suggests a reliance on revolving credit facilities to manage day-to-day liquidity needs rather than maintaining a robust cash buffer on the balance sheet.
The persistent lack of significant cash on hand implies that the company operates with very little margin for error regarding unexpected capital requirements. This liquidity profile necessitates a high degree of confidence in the company's access to external capital markets to fund ongoing operations and development commitments.
Based on the company's reported balance sheet data, equity has declined from $4.0 billion in 2023Q4 to $3.3 billion in 2026Q1, indicating that the company's net asset value is under pressure, potentially due to dividend distributions exceeding retained earnings or asset impairment charges.
The erosion of the equity base is a critical signal that requires careful scrutiny of the company's dividend policy and capital recycling effectiveness. If this trend continues, it may indicate that the company is struggling to generate sufficient internal growth to offset the costs of maintaining its current portfolio and distribution levels.
Quick answers to the most common questions about buying UDR stock.
As of 2025, UDR, Inc. (UDR) had total assets of $10.61B including $151.2M in current assets.
UDR, Inc. (UDR) carries total debt of $6.19B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
UDR, Inc. (UDR) has total shareholders' equity (book value) of $3.29B ($12.53 book value per share). Book value represents the net worth of the company belonging to common stock holders.
UDR, Inc. (UDR) reported a current ratio of 3.31x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.