The Apollo JV provides a new low-cost permanent equity capital source, expected to be accretive and used for debt reduction and higher-growth asset deployment. Monitor the Q3 2026 final earnings on November 2, 2026, for full details and the Apollo transaction close on October 29, 2026.
Price Chart
Executive Summary
UDR raised full-year 2026 FFOA guidance to $2.54-$2.56 per share (from $2.49-$2.57) and provided preliminary Q3 2026 FFOA of $0.65 (high-end of guidance). The company also announced a $2.0 billion strategic joint venture with Apollo, where Apollo will invest $1.34 billion for a two-thirds interest in a 19-community portfolio. The transaction is expected to close on October 29, 2026, and management expects it to be accretive to earnings while strengthening the balance sheet.
Key Facts
- Full-year 2026 FFOA guidance raised to $2.54-$2.56 per diluted share (midpoint +$0.02 vs prior $2.49-$2.57)
- Preliminary Q3 2026 FFOA of $0.65 per share, at the high-end of the $0.63-$0.65 guidance range
- Preliminary Q3 2026 Net Income of $0.67 per diluted share, well above the $0.13-$0.15 guidance range (driven by gains on asset sales)
- Same-store revenue growth of 1.8% in Q3 2026 (preliminary), same-store NOI growth of 1.6%
- Formation of a $2.0 billion joint venture with Apollo; Apollo invests $1.34 billion for ~2/3 interest, UDR retains 1/3 and consolidates
- UDR sold two communities for $183.0 million in Q3 and is under contract to sell a 296-home community for ~$68.5 million
- UDR acquired two communities via Debt and Preferred Equity portfolio liquidation for $235.0 million incremental cash outlay
- Dividend maintained at $0.145 per share per month ($1.74 annualized)
Financial Impact
Full-year 2026 FFOA guidance raised by $0.02 midpoint; Apollo JV provides $1.34B of equity capital at ~6.0% cap rate; Q3 preliminary FFOA at high-end of guidance
Risk Factors
- Apollo transaction subject to customary closing conditions; failure to close would remove expected capital and earnings benefits
- Same-store NOI growth remains modest at 1.6% in Q3, with expense growth of 2.2% pressuring margins
- Elevated interest rates could impact refinancing costs and cap rates on future transactions
- Preliminary results are unaudited and subject to adjustment upon finalization
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000074208-26-000081 |
| Document: udr-20261021x8k.htm | 0000074208-26-000081 |
| Document: udr-ex99d2.htm | 0000074208-26-000081 |
| Document: 0000074208-26-000081-index-headers.html | 0000074208-26-000081 |
| Document: 0000074208-26-000081-index.html | 0000074208-26-000081 |
| Document: 0000074208-26-000081.txt | 0000074208-26-000081 |
| 8-K Data (Synthetic) | 0000074208-26-000081 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 4d ago | Institutional Cluster | $35.84 $35.70 | ▼ −0.39% | ▼ −1.10% | $35.61 (−0.64%) |
Oct 21, 2026 6d ago | 8-K | $35.04 $36.18 | ▲ +3.25% | ▲ +4.43% | $35.61 (+1.63%) |
May 29, 2026 21w ago | 8-K | $36.61 $36.83 | ▲ +0.60% | ▲ +0.45% | $35.61 (−2.73%) |
May 11, 2026 24w ago | DEFA14A | $37.38 $37.37 | ▼ −0.02% | ▼ −0.56% | $35.61 (−4.73%) |
Apr 29, 2026 25w ago | 8-K | $36.33 $36.39 | ▲ +0.17% | ▼ −0.05% | $35.61 (−1.97%) |
US Market Status
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