Revenue growth remains modest, ranging between 0.9% and 2.8% over the last ten quarters, while NOI margins exhibit significant volatility, fluctuating between 23.7% and 68.2%.
| 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 | 1.72B | 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 % | 2.15% | 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 | 926.75M | 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) | 789.47M | 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 % | 46% | 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 | 319.98M | 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 | 92.92M | 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 % | 66.76% | 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 | 676.18M | 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 % | 39.4% | 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 | 469.49M | 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 % | 27.36% | 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 | 3M | 0 | 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 | - | - | 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 | 21.08M | 0 | -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 | 525.68M | 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 % | 30.63% | 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 | 1.13M | 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 % | 0.22% | 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 | 490.81M | 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 % | 28.6% | 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 % | 298.53% | 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) | 1.17B | 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 % | 68% | 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 % | 189.38% | 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 | 3.53 | 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 % | 0.05% | 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) | 1.49 | 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 % | 305.78% | 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 | 330.29M | 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 |
Supply-driven rent compression
As reported in recent financial filings, UDR's revenue growth has remained modest, hovering around 0.9% to 2.8% over the last ten quarters, suggesting that the company is navigating a period of decelerating demand while attempting to maintain its competitive position within the broader multifamily residential sector.
The consistent, albeit slow, revenue expansion indicates that UDR is struggling to push significant rent increases in a cooling market. Investors should monitor whether the company's reliance on its digital operating platform can offset the lack of organic pricing power in its core metropolitan markets.
Based on the provided quarterly data, NOI margins have exhibited significant fluctuations, ranging from 23.7% to 68.2%, which suggests that the company's property-level cost management may be subject to irregular accounting adjustments or seasonal expense spikes that warrant further investigation by institutional analysts.
The wide variance in NOI margins is atypical for a mature residential REIT and may imply that the company's operating expenses are not as predictable as the 'Next Gen' platform narrative suggests. This volatility makes it difficult to assess the true underlying efficiency of the portfolio without deeper disclosure on expense timing.
According to UDR's reported earnings, FFO per share has shown extreme volatility, with a notable 134.4% growth spike in 2025Q4 followed by significant fluctuations, indicating that headline FFO figures may be heavily influenced by non-recurring items rather than sustainable, core rental income growth.
The erratic nature of FFO per share growth suggests that investors should be cautious when relying on these metrics to project future dividend safety. The disconnect between revenue stability and FFO volatility implies that corporate-level adjustments or JV accounting may be obscuring the true cash-generating capacity of the assets.
As evidenced by the stark contrast between GAAP net income and FFO, UDR's financial statements are heavily impacted by non-cash depreciation charges, which consistently mask the actual economic performance of the company's residential portfolio and complicate traditional valuation metrics like the price-to-earnings ratio.
The recurring gap between net income and FFO highlights why GAAP metrics are largely irrelevant for assessing UDR's operational health. Analysts must focus on the spread between FFO and AFFO to determine the true level of recurring maintenance CAPEX required to keep the properties competitive.
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.