EPS: As of FY2026 Q2, the actual value is USD 0.21, beating the estimate of USD 0.1304.

Net Income

Net income attributable to UDR, Inc. was $69,035 thousand for the three months ended June 30, 2026, compared to $37,673 thousand for the same period in 2025. For the six months ended June 30, 2026, it was $258,866 thousand, up from $114,393 thousand in 2025. Net income attributable to common stockholders was $67,810 thousand for the three months ended June 30, 2026, compared to $36,462 thousand for the same period in 2025. For the six months ended June 30, 2026, it was $256,421 thousand, up from $111,976 thousand in 2025.

Funds From Operations (FFO) and FFO as Adjusted (FFOA)

FFO attributable to common stockholders and unitholders, diluted, was $208,683 thousand for the three months ended June 30, 2026, compared to $216,592 thousand for the same period in 2025. For the six months ended June 30, 2026, FFO attributable to common stockholders and unitholders, diluted, was $430,920 thousand, up from $424,884 thousand in 2025. FFO as Adjusted attributable to common stockholders and unitholders, diluted, was $221,983 thousand for the three months ended June 30, 2026, compared to $227,543 thousand for the same period in 2025. For the six months ended June 30, 2026, FFO as Adjusted attributable to common stockholders and unitholders, diluted, was $439,698 thousand, down from $446,614 thousand in 2025.

Dividends

A dividend of $0.435 per share and unit was declared for the second quarter of 2026. The year-to-date 2026 dividend declared per share and unit was $0.87. UDR, Inc. declared monthly dividends of $0.145 per common share for the second quarter of 2026, totaling $0.435 per share, which represents a 1.2% increase over the comparable period in 2025. This annualized dividend amounts to $1.74 per share.

Same-Store Operating Metrics (2Q 2026 vs. 2Q 2025)

Same-Store Expense growth was 2.6%. Same-Store Net Operating Income (NOI) growth was 1.4%. Physical Occupancy was 96.6%.

Same-Store Operating Metrics (YTD 2026 vs. YTD 2025)

Same-Store Expense growth was 3.5%. Same-Store NOI growth was 0.3%.

Same-Store Operating Metrics (2Q 2026 vs. 1Q 2026 - Sequential)

Same-Store Expense decreased by -3.9%. Same-Store NOI increased by 4.0%.

Total Operating Expenses

Total Operating Expenses were $345,246 thousand for Q2 2026, compared to $348,010 thousand for Q2 2025. For year-to-date 2026, total operating expenses were $698,706 thousand, compared to $695,702 thousand for year-to-date 2025.

Operating Income

Operating Income was $115,857 thousand for Q2 2026, compared to $77,389 thousand for Q2 2025. For year-to-date 2026, operating income was $345,662 thousand, compared to $199,584 thousand for year-to-date 2025.

Interest Expense

Interest Expense was -$47,640 thousand for Q2 2026, compared to -$48,665 thousand for Q2 2025. For year-to-date 2026, interest expense was -$96,216 thousand, compared to -$96,366 thousand for year-to-date 2025.

Consolidated Balance Sheets (Selected Items as of June 30, 2026 vs. December 31, 2025)

Total Assets were $10,265,348 thousand as of June 30, 2026, compared to $10,605,674 thousand as of December 31, 2025. Cash and Cash Equivalents were $1,193 thousand as of June 30, 2026, compared to $1,222 thousand as of December 31, 2025. Total Liabilities were $6,426,049 thousand as of June 30, 2026, compared to $6,456,911 thousand as of December 31, 2025. Total Equity was $2,939,019 thousand as of June 30, 2026, compared to $3,288,797 thousand as of December 31, 2025.

Balance Sheet Metrics (Adjusted for Non-Recurring Items)

Consolidated Interest Coverage Ratio was 5.2x for Q2 2026, unchanged from Q2 2025. Consolidated Fixed Charge Coverage Ratio was 5.0x for Q2 2026, down from 5.1x for Q2 2025. Consolidated Debt as a percentage of Total Assets was 32.7% for Q2 2026, up from 32.4% for Q2 2025. Consolidated Net Debt-to-EBITDAre was 5.6x for Q2 2026, up from 5.5x for Q2 2025.

Debt Structure (as of June 30, 2026)

Total Debt was $5,827,122 thousand with a weighted average interest rate of 3.31% and weighted average years to maturity of 3.9 years. Fixed debt totaled $5,134,154 thousand (88.1% of total) with a 3.21% weighted average interest rate and 4.3 years to maturity. Floating debt totaled $692,968 thousand (11.9% of total) with a 4.07% weighted average interest rate and 0.9 years to maturity. Secured Debt was $936,154 thousand with a weighted average interest rate of 3.43% and 3.3 years to maturity. Unsecured Debt was $4,890,968 thousand with a weighted average interest rate of 3.29% and 4.0 years to maturity. Total indebtedness was $5.8 billion at a weighted average interest rate of 3.4%. Approximately $328.4 million, or 6.2%, of total consolidated debt is maturing through the rest of 2026.

Property Metrics (as of End of Second Quarter 2026)

Total completed homes were 59,339 across 183 communities. Same-Store properties included 52,426 homes in 156 communities, representing 90.5% of total NOI. There were 685 homes under development in 2 communities.

Same-Store Operating Expense Information (2Q 2026 vs. 2Q 2025)

Total Same-Store operating expenses were $126,073 thousand in Q2 2026, up 2.6% from $122,843 thousand in Q2 2025. Personnel expenses increased by 3.4% to $18,715 thousand. Utilities increased by 5.2% to $18,155 thousand. Repair and maintenance increased by 0.8% to $25,138 thousand. Real estate taxes increased by 2.8% to $49,149 thousand.

Same-Store Lease Rate Growth (2Q 2026)

Effective Blended Lease Rate Growth was 2.1%. Effective New Lease Rate Growth was -0.6%. Effective Renewal Lease Rate Growth was 4.2%.

Capital Expenditures and Repair and Maintenance (Six Months Ended June 30, 2026)

Total Recurring Capital Expenditures were $46,599 thousand, or $856 per home. NOI Enhancing Capital Expenditures were $33,713 thousand, or $619 per home. Total Repair and Maintenance (Expensed) were $52,996 thousand, or $974 per home.

Capital Allocation Activities (YTD 2026)

UDR, Inc. completed dispositions of five wholly-owned communities totaling 1,365 homes for $403,500 thousand. Two communities, Meetinghouse (232 homes) and Junction (66 homes), were consolidated from the Debt and Preferred Equity Program for a total value of $119,600 thousand. A new investment of $50,000 thousand was made in Communities - Loans with a 7.75% contractual return rate. UDR, Inc. repurchased approximately 5.5 million shares of its common stock for approximately $200.3 million during the quarter at a weighted average price of $36.49. Since September 2025, the company has repurchased about 11.5 million shares for approximately $418.0 million, with 25.5 million shares remaining under its program. The company sold a 206-apartment home community for $41.5 million and is under contract to sell three additional communities for approximately $252.5 million, potentially totaling $656.0 million in dispositions for 2026. UDR, Inc. acquired three apartment home communities comprising 584 homes through the liquidation of previous joint ventures. Development commenced on a 385-apartment home community in Northern Virginia, with an expected total cost of $181.3 million. A $50.0 million mezzanine loan investment was fully funded to a new joint venture partner at an 8.0% effective return rate, maintaining UDR, Inc.’s 50% interest in Columbus Square.

Liquidity

Liquidity stood at approximately $885 million, comprising cash and undrawn credit facilities.

Outlook / Guidance (Full-Year 2026)

UDR, Inc. forecasts diluted net income per share between $1.03 and $1.11, and FFO per diluted share and unit between $2.47 and $2.55. Same-store revenue growth is projected to be between 0.75% and 2.00%, with NOI growth expected to range from 0% to 1.25%. The company anticipates dispositions between $400 million and $750 million and acquisitions between $130 million and $300 million. UDR, Inc. raised its full-year 2026 guidance ranges for Net Income and FFOA per diluted share, and also increased its Same-Store Growth expectations. For the third quarter of 2026, Net Income per diluted share is projected to be between $0.13 and $0.15, with FFO and FFOA per diluted share expected to range from $0.63 to $0.65.