No material guidance revision or operational catalyst; the stock may trade modestly lower on weak same-store NOI trends. Watch for comments on expense control and occupancy on the earnings call.
Price Chart
Executive Summary
UDR reported Q1 2026 FFOA of $0.62 per diluted share, exactly in line with both the company's guidance range ($0.61–$0.63) and Street consensus ($0.62). Total revenue of $425.8M was slightly below the $426.6M consensus. Same-store NOI declined 0.8% YoY as expense growth of 4.4% outpaced revenue growth of 0.9%. Full-year 2026 FFOA guidance was maintained at $2.47–$2.57 per share (midpoint $2.52 unchanged). The company repurchased $100M of stock in Q1 and an additional $50M post-quarter, and announced a shift to monthly dividends. Overall, the release is neutral with soft operational trends offset by capital returns.
Key Financial Metrics
Key Facts
- FFOA per diluted share: $0.62 (in line with guidance of $0.61–$0.63 and consensus $0.62)
- Total revenue: $425.8M vs consensus $426.6M (miss of ~0.2%)
- Same-store revenue growth: 0.9% YoY; same-store expense growth: 4.4%; same-store NOI decline: 0.8%
- Full-year 2026 FFOA guidance maintained at $2.47–$2.57 (midpoint $2.52 unchanged)
- Net income per diluted share guidance raised to $0.91–$1.01 (from $0.45–$0.55) due to gain on asset sales
- Q1 share repurchases: 2.8M shares for ~$100M; subsequent repurchases of 1.4M shares for ~$50M
- Monthly dividend program announced; annualized dividend unchanged at $1.74/share
- Weighted average diluted shares outstanding decreased 1.2% YoY to 330.3M
Financial Impact
FFOA per share in line; revenue slightly below consensus; same-store NOI declining
Risk Factors
- Same-store expense growth outpacing revenue (4.4% vs 0.9%)
- Occupancy declined 60bps YoY to 96.6%
- Southeast and Southwest regions seeing negative same-store revenue growth
- Reduced share count from buybacks may provide minor EPS support but does not fix underlying operations
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000074208-26-000045 |
| Document: udr-20260429xex99d1.htm | 0000074208-26-000045 |
| Document: udr-20260429x8k.htm | 0000074208-26-000045 |
| Document: 0000074208-26-000045-index-headers.html | 0000074208-26-000045 |
| Document: 0000074208-26-000045-index.html | 0000074208-26-000045 |
| Document: 0000074208-26-000045.txt | 0000074208-26-000045 |
| 8-K Data (Synthetic) | 0000074208-26-000045 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 29, 2026 18w ago | 8-K | $36.61 $38.15 | ▲ +4.20% | ▲ +3.23% | $33.27 (−9.12%) |
May 11, 2026 20w ago | DEFA14A | $37.38 $38.14 | ▲ +2.04% | ▼ −2.08% | $33.27 (−10.99%) |
Apr 29, 2026 22w ago | 8-K | $36.33 $39.59 | ▲ +8.98% | ▲ +6.16% | $33.27 (−8.42%) |
US Market Status
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