Revenue has been essentially flat near $425M per quarter while NOI margins swung between roughly 24% and 68%, suggesting expense classification inconsistencies that obscure underlying operating trends.
UDR, Inc. (UDR) annual income statement — 30-year revenue, gross profit & net income history
| 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 |
|---|
| Revenue | 1.71B | 1.71B | 1.67B | 1.63B | 1.52B | 1.29B | 1.24B | 1.15B | 1.05B | 995.79M | 959.86M | 894.64M | 818.05M | 758.93M | 716.61M | 623.36M | 525.05M | 562.09M | 590.6M | 505.94M | 467.3M | 642.57M | 575.02M | 604.43M | 596.12M | 623.18M | 580.98M | 620.69M | 482.1M | 387.8M | 242.97M |
| Revenue Growth % | 0.62% | 2.42% | 2.72% | 7.26% | 17.56% | 4% | 7.72% | 10.06% | 5.13% | 3.74% | 7.29% | 9.36% | 7.79% | 5.9% | 14.96% | 18.72% | -6.59% | -4.83% | 16.73% | 8.27% | -27.28% | 11.75% | -4.87% | 1.39% | -4.34% | 7.26% | -6.4% | 28.75% | 24.32% | 59.61% | 23.38% |
| Property Operating Expenses | 760.96M | 1.27B | 1.25B | 1.23B | 1.19B | 1.06B | 1.03B | 863.81M | 760.46M | 742.93M | 721.07M | 656.63M | 628.89M | 598.14M | 587.24M | 543.6M | 350.32M | 200.89M | 461.98M | 183.81M | 181.26M | 252.22M | 241.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 951.48M | 438.21M | 417.01M | 392.52M | 331.03M | 228.04M | 214.62M | 288.38M | 286.4M | 252.86M | 238.79M | 238M | 189.15M | 160.78M | 129.37M | 79.75M | 174.74M | 361.21M | 128.62M | 322.13M | 286.04M | 390.35M | 333.51M | 604.43M | 596.12M | 623.18M | 580.98M | 620.69M | 482.1M | 387.8M | 242.97M |
| NOI Margin % | 55.56% | 25.59% | 24.94% | 24.12% | 21.82% | 17.67% | 17.29% | 25.03% | 27.36% | 25.39% | 24.88% | 26.6% | 23.12% | 21.19% | 18.05% | 12.79% | 33.28% | 64.26% | 21.78% | 63.67% | 61.21% | 60.75% | 58% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | 463.17M | 115.84M | 132.44M | -242.49M | 80.22M | -39.93M | -34.49M | 67.32M | -68.32M | 24.96M | -162.03M | 78.41M | 62.39M | 43.86M | 62.11M | 57.31M | 291M | 439.71M | 197.03M | 400.21M | 377.91M | 390.43M | 308.96M | 434.67M | 413.44M | 434.06M | 396.26M | 406.56M | 328.52M | 250.98M | 158.4M |
| G&A Expenses | 89.53M | 115.84M | 84.31M | 69.93M | 64.14M | 57.54M | 49.88M | 51.53M | 46.98M | 48.57M | 49.76M | 59.69M | 47.8M | 42.24M | 43.79M | 47.26M | 130.12M | 39.03M | 47.18M | 39.57M | 31.2M | 24.82M | 19.32M | 43.22M | 41.22M | 45.05M | 37.08M | 39.26M | 29.2M | 7.08M | 5.42M |
| EBITDA | 1.15B | 1B | 980.04M | 1.33B | 930.39M | 887.8M | 867.73M | 728.98M | 790.4M | 664.36M | 826.46M | 540.87M | 490.69M | 465.15M | 421.76M | 396.72M | 192.03M | 205.05M | 188.44M | 182.96M | 155.06M | 215.11M | 208.64M | 336.41M | 346.01M | 344.45M | 342.09M | 340.28M | 256.81M | 215.59M | 133.28M |
| EBITDA Margin % | 67.13% | 58.54% | 58.62% | 81.53% | 61.32% | 68.78% | 69.91% | 63.27% | 75.5% | 66.72% | 86.1% | 60.46% | 59.98% | 61.29% | 58.86% | 63.64% | 36.57% | 36.48% | 31.91% | 36.16% | 33.18% | 33.48% | 36.28% | 55.66% | 58.04% | 55.27% | 58.88% | 54.82% | 53.27% | 55.59% | 54.85% |
| Depreciation & Amortization | 661.28M | 680.03M | 695.47M | 691.84M | 679.57M | 619.83M | 618.63M | 507.92M | 435.68M | 436.46M | 425.64M | 381.28M | 363.93M | 348.23M | 354.5M | 374.27M | 308.29M | 283.55M | 256.85M | 261.04M | 246.93M | 215.19M | 184.09M | 166.64M | 163.33M | 155.33M | 157.36M | 126.15M | 103.23M | 78.77M | 48.71M |
| D&A / Revenue % | 38.62% | 39.71% | 41.6% | 42.51% | 44.79% | 48.02% | 49.84% | 44.08% | 41.62% | 43.83% | 44.34% | 42.62% | 44.49% | 45.88% | 49.47% | 60.04% | 58.72% | 50.45% | 43.49% | 51.59% | 52.84% | 33.49% | 32.01% | 27.57% | 27.4% | 24.92% | 27.09% | 20.32% | 21.41% | 20.31% | 20.05% |
| Operating Income | 488.31M | 322.38M | 284.57M | 635.01M | 250.81M | 267.97M | 249.1M | 221.06M | 354.72M | 227.9M | 400.82M | 159.59M | 126.76M | 116.92M | 67.26M | 22.45M | -116.26M | -78.5M | -68.41M | -78.08M | -91.87M | -81K | 24.55M | 169.77M | 182.68M | 189.12M | 184.73M | 214.13M | 153.58M | 136.82M | 84.57M |
| Operating Margin % | 28.52% | 18.83% | 17.02% | 39.02% | 16.53% | 20.76% | 20.07% | 19.19% | 33.88% | 22.89% | 41.76% | 17.84% | 15.5% | 15.41% | 9.39% | 3.6% | -22.14% | -13.97% | -11.58% | -15.43% | -19.66% | -0.01% | 4.27% | 28.09% | 30.64% | 30.35% | 31.8% | 34.5% | 31.86% | 35.28% | 34.81% |
| Interest Expense | 4M | 196.62M | 208.05M | 180.87M | 162.83M | 186.27M | 202.71M | 170.92M | 134.17M | 128.71M | 123.03M | 121.88M | 130.45M | 126.08M | 138.79M | 156.37M | 142.25M | 136.09M | 143.02M | 161.76M | 179.07M | 162.77M | 123.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 2.06x | 1.47x | 3.64x | 1.57x | 1.87x | 1.35x | 2.19x | 2.66x | 2.03x | 1.86x | 1.83x | 1.01x | 0.96x | 0.45x | 0.15x | 0.15x | 0.29x | 0.63x | 0.99x | 0.49x | 1.00x | 1.20x | - | - | - | - | - | - | - | - |
| Non-Operating Income | -397.75M | -82.17M | -20.23M | -22.45M | -4.95M | -80.73M | -25.12M | -153.28M | -1.68M | -76.63M | -54.16M | -63.88M | -4.85M | -4.2M | 5.05M | -57.89M | -42.64M | -113.99M | -176.89M | -260.77M | -117.23M | -25.83M | -82.39M | 0 | 0 | -10.84M | 16.31M | 0 | -15.6M | 0 | 0 |
| Pretax Income | 747.13M | 404.55M | 96.76M | 476.59M | 92.93M | 162.43M | 71.52M | 203.42M | 86.03M | 89.01M | 105.75M | 101.6M | 1.16M | -4.96M | -73.32M | -117.28M | -20.73M | -94.36M | -3.61M | 221.35M | 128.6M | 155.17M | 97.15M | 70.4M | 53.23M | 203.03M | 0 | 0 | 0 | 149.52M | 0 |
| Pretax Margin % | 43.63% | 23.63% | 5.79% | 29.28% | 6.12% | 12.58% | 5.76% | 17.65% | 8.22% | 8.94% | 11.02% | 11.36% | 0.14% | -0.65% | -10.23% | -18.81% | -3.95% | -16.79% | -0.61% | 43.75% | 27.52% | 24.15% | 16.9% | 11.65% | 8.93% | 32.58% | 0% | 0% | 0% | 38.56% | 0% |
| Income Tax | 1.41M | 835K | 879K | 2.11M | 349K | 1.44M | 2.54M | 3.84M | 688K | -240K | -3.77M | -3.89M | -15.1M | -7.3M | -30.28M | -5.65M | 147.32M | -311K | -9.71M | -142.92M | 26.27M | 25.64M | 91.2M | 150.97M | 129.45M | 138.13M | 128.15M | 120.5M | 81.25M | 66.67M | 46.58M |
| Effective Tax Rate % | 0.19% | 0.21% | 0.91% | 0.44% | 0.38% | 0.89% | 3.56% | 1.89% | 0.8% | -0.27% | -3.57% | -3.82% | -1299.31% | 147.19% | 41.3% | 4.81% | -710.47% | 0.33% | 268.91% | -64.57% | 20.43% | 16.53% | 93.88% | 214.43% | 243.2% | 68.04% | - | - | - | 44.59% | - |
| Net Income | 697.86M | 377.7M | 89.58M | 444.35M | 86.92M | 150.02M | 64.27M | 184.97M | 203.11M | 121.56M | 292.72M | 340.38M | 154.33M | 44.81M | 212.18M | 20.02M | -102.9M | -87.53M | 697.79M | 221.35M | 128.6M | 155.17M | 97.15M | 70.4M | 53.23M | 61.83M | 76.61M | 93.62M | 72.33M | 70.15M | 37.99M |
| Net Margin % | 40.75% | 22.06% | 5.36% | 27.3% | 5.73% | 11.62% | 5.18% | 16.05% | 19.4% | 12.21% | 30.5% | 38.05% | 18.87% | 5.9% | 29.61% | 3.21% | -19.6% | -15.57% | 118.15% | 43.75% | 27.52% | 24.15% | 16.9% | 11.65% | 8.93% | 9.92% | 13.19% | 15.08% | 15% | 18.09% | 15.64% |
| Net Income Growth % | 365.99% | 321.62% | -79.84% | 411.2% | -42.06% | 133.43% | -65.25% | -8.93% | 67.09% | -58.47% | -14% | 120.55% | 244.4% | -78.88% | 959.67% | 119.46% | -17.56% | -112.54% | 215.25% | 72.11% | -17.12% | 59.71% | 37.99% | 32.27% | -13.91% | -19.3% | -18.17% | 29.43% | 3.11% | 84.65% | 14.68% |
| Funds From Operations (FFO) | 1.36B | 1.06B | 785.06M | 1.14B | 766.5M | 769.85M | 682.89M | 692.89M | 638.78M | 558.02M | 718.36M | 721.66M | 518.26M | 393.04M | 566.68M | 394.3M | 205.39M | 196.02M | 954.64M | 482.39M | 375.54M | 370.36M | 281.24M | 237.04M | 216.56M | 217.16M | 233.98M | 219.77M | 175.56M | 148.92M | 86.7M |
| FFO Margin % | 79.37% | 61.77% | 46.96% | 69.81% | 50.51% | 59.64% | 55.02% | 60.14% | 61.02% | 56.04% | 74.84% | 80.66% | 63.35% | 51.79% | 79.08% | 63.25% | 39.12% | 34.87% | 161.64% | 95.34% | 80.36% | 57.64% | 48.91% | 39.22% | 36.33% | 34.85% | 40.27% | 35.41% | 36.42% | 38.4% | 35.68% |
| FFO Growth % | 269.32% | 34.73% | -30.9% | 48.23% | -0.44% | 12.73% | -1.44% | 8.47% | 14.47% | -22.32% | -0.46% | 39.25% | 31.86% | -30.64% | 43.72% | 91.97% | 4.78% | -79.47% | 97.9% | 28.45% | 1.4% | 31.69% | 18.65% | 9.46% | -0.28% | -7.19% | 6.46% | 25.18% | 17.89% | 71.77% | 18.49% |
| FFO per Share | 4.19 | 3.20 | 2.38 | 3.45 | 2.38 | 2.55 | 2.32 | 2.42 | 2.37 | 2.08 | 2.69 | 2.74 | 2.04 | 1.57 | 2.37 | 1.96 | 1.24 | 1.31 | 6.77 | 3.32 | 2.81 | 2.72 | 2.20 | 2.05 | 2.02 | 2.15 | 2.27 | 2.12 | 1.75 | 1.71 | 1.50 |
| FFO Payout Ratio % | 0.22% | 53.69% | 71.14% | 47.51% | 63.1% | 56.35% | 61.41% | 55.87% | 53.58% | 58.74% | 43% | 39.24% | 49.42% | 58.98% | 36.61% | 38.16% | 58.78% | 73.76% | 17.49% | 36.47% | 44.41% | 44.01% | 52.41% | 54.08% | 54.08% | 49.97% | 47.06% | 49.87% | 58.71% | 57.6% | 62.26% |
| EPS (Diluted) | 2.15 | 1.13 | 0.26 | 1.34 | 0.26 | 0.48 | 0.20 | 0.63 | 0.75 | 0.44 | 1.08 | 1.29 | 0.59 | 0.16 | 0.85 | 0.05 | -0.62 | -0.59 | 5.08 | 1.41 | 0.85 | 1.03 | 0.56 | 0.21 | 0.24 | 0.27 | 0.41 | 0.54 | 0.49 | 0.60 | 0.49 |
| EPS Growth % | 394.08% | 334.62% | -80.6% | 415.38% | -45.83% | 140% | -68.25% | -16% | 70.45% | -59.26% | -16.28% | 118.64% | 268.75% | -81.18% | 1600% | 108.06% | -5.08% | -111.61% | 260.28% | 65.88% | -17.48% | 83.93% | 166.67% | -12.5% | -11.11% | -34.15% | -24.07% | 10.2% | -18.33% | 22.45% | -2% |
| EPS (Basic) | - | 1.13 | 0.26 | 1.34 | 0.26 | 0.49 | 0.20 | 0.63 | 0.76 | 0.44 | 1.09 | 1.30 | 0.60 | 0.16 | 0.85 | 0.05 | -0.62 | -0.59 | 5.08 | 1.41 | 0.85 | 1.03 | 0.56 | 0.22 | 0.24 | 0.27 | 0.41 | 0.54 | 0.49 | 0.61 | 0.49 |
| Diluted Shares Outstanding | 324.01M | 331.05M | 330.12M | 329.1M | 322.7M | 301.7M | 294.93M | 286.01M | 269.48M | 268.83M | 267.31M | 263.75M | 253.44M | 249.97M | 238.85M | 201.29M | 165.86M | 149.09M | 140.98M | 145.09M | 133.73M | 136.14M | 128.1M | 115.65M | 106.95M | 101.04M | 103.21M | 103.64M | 100.06M | 87.34M | 57.66M |
Quick answers to the most common questions about buying UDR stock.
For fiscal year 2025, UDR, Inc. (UDR) reported total revenue of $1.71B. This represents a 604.8% increase compared to $243.0M in 1996.
UDR, Inc. (UDR) is profitable, generating $377.7M in net income for the fiscal year ending 2025 with a net profit margin of 22.1%.
UDR, Inc. (UDR) reported an operating income of $322.4M, resulting in an operating profit margin of 18.8%. This margin reflects the operational efficiency of the business before interest and taxes.
UDR, Inc. (UDR) generated $438.2M in gross profit for the year, representing a gross profit margin of 25.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Rate-sensitive refinancing and guidance normalization
Metrics are mathematically derived from official filings.
Revenue Flat, NOI Recovery Uneven
Based on reported figures, UDR's quarterly revenue has held near $425M to $433M across the ten-quarter window, implying growth driven mostly by pricing rather than volume expansion over the period.
Revenue growth of roughly 2% to 3% in 2024 and 2025 faded to near zero by Q2 and Q3 2026, which suggests the post-pandemic rent tailwind is losing momentum. The NOI series is distorted by reported margin swings between roughly 27% and 68%, which likely reflects inconsistent property-level expense classification rather than operating performance, so the trajectory warrants further investigation before drawing firm conclusions.
FFO Per Share Volatile, Not Compounding
As reported in the income statement, FFO per share ranged from $0.50 to $1.18 across the period, with Q3 2026 at $1.18 appearing to reflect a one-time or timing-driven spike rather than a durable step-up.
The swings in FFO per share and the 134% sequential jump in Q4 2025 are not consistent with a stable recurring earnings base. Investors should monitor whether Q3 2026 FFO of $381M is repeatable, since AFFO of $284M is materially lower and better reflects distributable cash available to cover the dividend.
Earnings Beat May Not Be Durable
The reported Q2 2026 EPS of $0.21 against forward guidance of $0.13 to $0.15 suggests the headline beat may reflect timing effects that could reverse, which warrants monitoring of H2 execution.
A sequential guidance decline implies management may expect earnings normalization, which could indicate conservatism or emerging margin pressure. The reported Debt/Equity figure of 1.49 appears atypically low for a residential REIT and should be verified against consolidated debt before it is relied upon as evidence of balance sheet strength.
Property Margins Remain Structurally Volatile
Based on UDR's reported figures, NOI margin oscillated between roughly 25% and 68% over ten quarters, a range too wide to attribute to operations alone and suggestive of expense classification inconsistency.
The stable NOI margin observed in some quarters contrasts sharply with sub-30% readings in others, which may indicate changes in what is captured within property operating expenses or reimbursement treatment. Without a consistent expense definition, the margin trend cannot be reliably interpreted as evidence of the platform efficiency gains management emphasizes.
Net Income Obscured by Non-Cash Charges
As reported in filings, net income of -$5.0M in Q4 2024 versus $222.9M in Q4 2025 illustrates how heavily GAAP earnings are influenced by non-cash items, making FFO the more relevant earnings lens for this REIT.
Net margins compressed to roughly 22% in the latest period, which is consistent with large real estate depreciation charges dampening GAAP income. Analysts should rely on AFFO after maintenance capital expenditures, since the gap between FFO and AFFO indicates the recurring reinvestment needed to sustain the portfolio.