Udr, Inc.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 29 April 2026: press release. Guidance figures: 2 raised, 3 new, 4 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Net income per share rose to $0.57: Net income per diluted share was $0.57, against guidance of $0.11 to $0.13 and $0.23 a year earlier. FFO per diluted share was $0.63, against $0.58 in the first quarter of 2025. Source
• FFOA landed within guidance range: FFOA per diluted share was $0.62, within the $0.61 to $0.63 range given for the quarter, and up $0.01 from $0.61 a year earlier. Source
• Full-year net income range raised: Full-year 2026 net income per diluted share is now $0.91 to $1.01, against a prior $0.45 to $0.55. The midpoint is $0.96, up $0.46. Source
• Same-store NOI fell year over year: Same-store revenue rose 0.9 percent and expense 4.4 percent year over year, so NOI declined 0.8 percent. Sequentially, NOI fell 3.2 percent, with expense up 5.7 percent. Source
• Four communities sold for $362.0 million: Four communities with 1,159 apartment homes were sold for gross proceeds of $362.0 million. The communities are in Baltimore, Denver, Seattle and Tampa. Source
• Repurchased 4.2 million shares: Repurchases during the quarter and after quarter-end totaled 4.2 million shares for about $150.0 million, at a weighted average $35.84. Since September 2025, repurchases total about $268.0 million. Source
• Monthly dividend starts July 2026: Monthly dividends of $0.145 per share begin with the July 2026 payment, an annualized $1.74 per share. Record dates are July 17, August 17 and September 15, 2026. Source
• Innovation income and resident retention: Management cited progress in innovation income, including services and amenities residents want, and all-time Company high levels of resident retention. Source

“First quarter Same-Store and FFOA per diluted share results aligned with our expectations, and we adhered to our capital allocation heatmaps to create shareholder value by selling assets at compelling valuations and repurchasing our stock.”

Tom Toomey, UDR’s Chairman, President, and CEO

Guidance

What changed from last quarter

• New guidance: Second-quarter 2026 guidance ranges established for net income, FFO and FFOA per diluted share. Source
• Guidance raised: Full-year 2026 net income per diluted share range raised to $0.91 to $1.01 from $0.45 to $0.55. Source
• Guidance raised: Full-year 2026 FFO per diluted share range raised to $2.48 to $2.58 from $2.47 to $2.57. Source
• Guidance kept: Full-year 2026 FFOA per diluted share and same-store revenue, expense and NOI ranges were kept. Source
• New: Four apartment communities sold in the quarter, with 1,159 homes, for $362.0 million gross proceeds. Source
• New: Two Debt and Preferred Equity investments fully repaid, with about $138.9 million received in the quarter. Source
• New: 232-apartment community in Portland, OR acquired after quarter-end, and consolidated, as a Debt and Preferred Equity joint venture interest was liquidated. Source
• New: Monthly common stock dividend to begin, with the dividend payable in July 2026. Source
• Ended: Two directors, Katie Cattanach and Diane Morefield, will not stand for re-election at the upcoming annual shareholder meeting. Source

Quarter results and full-year update

• Net income per share rose to $0.57: Net income per diluted share was $0.57, against guidance of $0.11 to $0.13 and $0.23 a year earlier. FFO per diluted share was $0.63, against $0.58 in the first quarter of 2025. Source
• FFOA landed within guidance range: FFOA per diluted share was $0.62, within the $0.61 to $0.63 range given for the quarter, and up $0.01 from $0.61 a year earlier. Source
• Full-year net income range raised: Full-year 2026 net income per diluted share is now $0.91 to $1.01, against a prior $0.45 to $0.55. The midpoint is $0.96, up $0.46. Source
• Full-year FFO range moved up slightly: Full-year 2026 FFO per diluted share range is $2.48 to $2.58, up from $2.47 to $2.57. The midpoint is $2.53, up $0.01. Source
• Total revenue rose 0.9 percent: Total revenue rose $3.9 million to $425.8 million. Growth came from same-store and acquired communities, partly offset by property dispositions. Source

Same-store performance and expenses

• Same-store NOI fell year over year: Same-store revenue rose 0.9 percent and expense 4.4 percent year over year, so NOI declined 0.8 percent. Sequentially, NOI fell 3.2 percent, with expense up 5.7 percent. Source
• Physical occupancy averaged 96.6 percent: Weighted average same-store physical occupancy was 96.6 percent for the quarter, a change of (0.6)% year over year. Source
• Attachment 13 holds the assumptions: Assumptions behind the second-quarter and full-year guidance are in Attachment 13 of the Supplement. The FFO reconciliation is in Attachment 14(D). Source

“In addition, I am excited to announce that UDR has become the first residential REIT to offer monthly dividends.”

Tom Toomey, UDR’s Chairman, President, and CEO

Regional same-store results

• West revenue and NOI rose: West same-store revenue rose 2.7 percent and NOI 0.7 percent, with expense up 8.0 percent. West is 32.4 percent of same-store NOI, with occupancy at 96.9 percent. Source
• Southeast and Southwest revenue declined: Southeast revenue fell 1.8 percent and NOI 3.9 percent. Southwest revenue fell 1.7 percent and NOI 2.2 percent, with Southwest expense down 0.8 percent. Source
• Mid-Atlantic NOI down 1.5 percent: Mid-Atlantic revenue rose 0.5 percent and expense 4.8 percent, while NOI fell 1.5 percent. Occupancy was 96.3 percent, a change of (1.3)%. Source
• Sequential NOI fell in every region: Against the fourth quarter, NOI declined in all six regions, from (0.8)% in Southwest to (5.6)% in Northeast. No region reported a sequential occupancy gain. Source

Dispositions, repayments and acquisition

• Four communities sold for $362.0 million: Four communities with 1,159 apartment homes were sold for gross proceeds of $362.0 million. The communities are in Baltimore, Denver, Seattle and Tampa. Source
• Two DPE investments repaid in full: Two Debt and Preferred Equity investments were repaid in full during the quarter, producing about $138.9 million of proceeds. Source
• Portland community consolidated after DPE liquidation: After quarter-end, UDR acquired a 232-apartment community in Portland, OR, as it liquidated its interest in a Debt and Preferred Equity joint venture, and began consolidating it. Source

“2026 has started as expected, and our results align with guidance and our focus on maximizing revenue growth,”

Mike Lacy, UDR’s Chief Operating Officer

Capital, balance sheet and buybacks

• Repurchased 4.2 million shares: Repurchases during the quarter and after quarter-end totaled 4.2 million shares for about $150.0 million, at a weighted average $35.84. Since September 2025, repurchases total about $268.0 million. Source
• Debt totals $5.7 billion at 3.4%: Total indebtedness was $5.7 billion at a 3.4 percent weighted average interest rate. Debt maturing for the rest of 2026 is $355.0 million, or 6.6 percent of total consolidated debt. Source
• Liquidity stood at $1.1 billion: Liquidity at March 31, 2026 was about $1.1 billion, from cash and undrawn capacity on credit facilities. Source
• Net debt-to-EBITDAre 5.6x: Adjusted net debt-to-EBITDAre was 5.6x, down from 5.7x a year earlier. Consolidated debt was 32.0 percent of total assets, down from 32.8 percent. Source

Dividend and monthly distribution

• Monthly dividend starts July 2026: Monthly dividends of $0.145 per share begin with the July 2026 payment, an annualized $1.74 per share. Record dates are July 17, August 17 and September 15, 2026. Source
• Monthly timing matches rental receipts: Management said monthly payments give shareholders more consistent distributions, aligned with the timing of rental receipts, compared with the previous quarterly dividend. Source
• First-quarter dividend $0.435, up 1.2%: The regular quarterly dividend of $0.435 per share for the first quarter of 2026 was paid April 30, 2026, as the 214th consecutive quarterly dividend. Source

Board and corporate recognition

• Goitia joined board in January: Ellen M. Goitia was appointed to the Board in January 2026 as part of the long-term director refreshment plan. She has over three decades of accounting, finance and governance expertise. Source
• Named Top Workplace for second year: UDR was named a Top Workplace by USA Today for the second consecutive year, as stated after quarter-end. Source

Strategy and management commentary

• Capital moves guided by heatmaps: Management said it adhered to its capital allocation heatmaps by selling assets at valuations it described as compelling and repurchasing stock. Source
• Innovation income and resident retention: Management cited progress in innovation income, including services and amenities residents want, and all-time Company high levels of resident retention. Source
• Monthly dividend framed as strategic pivot: The Chairman, President and CEO described the monthly dividend as a strategic pivot in dividend policy, consistent with efforts to expand access to capital. Source

Coming up, as management said on 29 April 2026

• First monthly dividend payable July 31: The first monthly dividend of $0.145 per share is payable July 31, 2026, to holders of record on July 17, 2026. Source
• Annual meeting with two director departures: Two directors will not stand for re-election at the upcoming annual shareholder meeting. Source

In management's words

“I am pleased with the progress our teams have made in driving increased innovation income, which includes a variety of services and amenities desired by our residents, and achieving all-time Company high levels of resident retention.”

Mike Lacy, UDR’s Chief Operating Officer

Figures management reported

Earlier plans management reported on

• Met: Management said first-quarter same-store and FFOA per diluted share results aligned with its expectations. Source
• Met: Management said 2026 started as expected and that results align with guidance. Source

Other quarters

• Q2 FY2026 earnings call
• Q4 FY2025 earnings call
• Q3 FY2025 earnings call
• Q2 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.