Udr (UDR) FY2025 results: revenue $1.7 billion, up 2.4% on the year

UDR owns, operates, acquires, renovates, develops, redevelops, disposes of and manages multifamily apartment communities in targeted United States markets. It is a self-administered REIT, formed in 1972 as a Virginia corporation and reincorporated in Maryland in June 2003, with corporate offices in Highlands Ranch, Colorado.

The portfolio

At the end of 2025 the consolidated portfolio was 165 communities in 21 markets, with 55,240 completed apartment homes, held directly or through the Operating Partnership, the DownREIT Partnership and consolidated joint ventures. On top of that UDR holds an interest in 12,167 completed or to-be-completed apartment homes through unconsolidated joint ventures and partnerships, of which 6,766 are owned by entities in which UDR holds preferred equity rather than ordinary equity. One wholly owned community of 300 apartment homes was under development, none of it complete, and the company was capitalising predevelopment costs for future starts.

Two partnerships beneath the company

At the end of 2025 there were 190.1 million units in the Operating Partnership, of which UDR owned 176.6 million, or 92.9 percent, and outside limited partners owned 13.5 million, or 7.1 percent. There were 32.4 million units in the DownREIT Partnership, of which UDR and its subsidiaries owned 23.3 million, or 71.9 percent, and outside limited partners owned 9.1 million, or 28.1 percent. Those outside interests appear as noncontrolling interests in the consolidated accounts.

Two reporting segments

Same-Store Communities covers communities acquired, developed and stabilised before 1 January 2024 and still held at the end of 2025, with stabilised occupancy defined as reaching 90 percent occupancy for at least three consecutive months, no plan for substantial redevelopment, and not held for disposal at year end. Non-Mature Communities and Other holds everything else, including recently acquired, developed and redeveloped communities and the non-apartment parts of mixed-use properties.

The stated strategy

The company describes four strategic objectives: maintaining a diversified portfolio and allocating capital to accretive investment opportunities; maintaining a strong balance sheet; consistently driving operating excellence; and advancing a strong corporate culture while striving for high resident satisfaction.

On the first, the company defines diversification across three dimensions, geographic concentration, location within a market meaning urban or suburban, and property quality meaning A or B grade. It states that greater diversification on those lines reduces the volatility of same-store growth through the real estate cycle, appeals to a wider renter and investor audience, lessens the market risk of owning a homogeneous portfolio, and creates more opportunities for external growth.

On financing, it uses proceeds from debt and equity offerings and refinancings to extend maturities, pay down existing debt, fund development and redevelopment and buy apartment communities.

Technology in the operation

Residents can transact at any hour, completing online leasing applications and renewals and submitting maintenance and other requests through a web-based resident portal or, increasingly, a smart-device application. The company states that transforming operations through technology has improved resident satisfaction and made operating teams more efficient, and that web-based technologies have also brought declining marketing and advertising costs, improved cash management and better pricing management.

The REIT rules it operates under

To keep REIT status the company must meet tests that broadly require its assets to consist primarily of real estate, its income to be derived primarily from real estate, and at least 90 percent of its REIT taxable income other than net capital gains to be distributed to stockholders each year. In exchange it generally pays no US federal income tax at the corporate level on net income it distributes.

Staff

About 1,420 full-time and 6 part-time associates at the end of 2025, of whom 1,034 worked in roles tied directly to the communities and the rest in corporate functions. Turnover was 19.4 percent, which the filing compares with an industry benchmark of 34 percent.

From UDR's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 17 February 2026: read the full 10-K.