At a glance
UDR Inc is worth $11.54B, about 32 times its fiscal 2025 earnings. Revenue grew 2.4% to $1.71B in fiscal 2025, with 22.1% kept as profit; over 5 years it has grown 6.6% a year. It pays a 4.09% dividend yield, raised every year for at least 9 years, and returned $2.78B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +11.0% over the past year with dividends reinvested and −4.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 41.0% in the 2020 crash (S&P 500: 33.7%) and 35.8% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
UDR, Inc. is a real estate investment trust, or REIT: a company that owns income-producing property and generally must pay out at least 90% of its taxable income to shareholders. UDR owns, runs, develops, renovates and sells apartment communities in the United States. As of December 31, 2025, it held 165 communities with 55,240 apartment homes in 21 markets. It also had interests in 12,167 more completed or planned homes through joint ventures and partnerships, and one 300-home community under development.
UDR earns its revenue mainly from apartment rent. Most leases run 12 months or less, so rents adjust to market conditions quickly. Total revenue was about $1.71 billion in 2025, up 2.4%. Market rent growth and newly acquired or completed communities helped, while property sales partly offset those gains. Sales also swing reported profit: net income for common stockholders jumped to $372.9 million from $84.8 million, helped by bigger gains on buildings sold.
UDR reports two segments. Same-Store Communities are established properties that reached steady occupancy before January 1, 2024. Non-Mature Communities/Other covers newer acquisitions, developments and redevelopments, plus retail and commercial space in mixed-use properties. Eight markets produced about 74.5% of 2025 net operating income (property income minus operating costs), led by Metropolitan Washington, D.C. (15.7%), Boston (11.7%) and Orange County, California (10.9%).
Price history
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UDR +11.0% over the year to Nov 2, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $425.4M, up 0% from a year earlier, and net income was $69.0M (+83.2%).
- For fiscal 2025, revenue was $1.71B (+2.4% year over year; +6.6% a year from FY2020 to FY2025) with a 22.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +6.6% good |
|---|---|
| Operating margin | 32.3% good |
| Free cash flow margin | 38% good |
| Return on equity (FY2025) | 11.5% watch |
| Return on assets (FY2025) | 3.6% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.24B | $64.3M | $441.2M |
| FY2021 | $1.29B | $150.0M | $507.6M |
| FY2022 | $1.52B | $86.9M | $605.2M |
| FY2023 | $1.63B | $444.4M | $537.2M |
| FY2024 | $1.67B | $89.6M | $627.0M |
| FY2025 | $1.71B | $377.7M | $650.0M |
Valuation snapshot
| Market value | $11.54B |
|---|---|
| P/E ratio | 31.8 |
| Dividend yield | 4.09% |
Rank among 1514 US companies
Market value at each year end
UDR’s market value went from $9.75B at the end of 2016 to $11.54B on Nov 2, 2026, up 18%; since the end of 2025 it is down 5%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $11.54B | -4.8% |
| 2025 | $12.12B | -15.4% |
| 2024 | $14.32B | +13.7% |
| 2023 | $12.59B | -0.1% |
| 2022 | $12.61B | -32.0% |
| 2021 | $18.55B | +63.9% |
| 2020 | $11.32B | -17.3% |
| 2019 | $13.69B | +28.7% |
| 2018 | $10.63B | +3.1% |
| 2017 | $10.31B | +5.8% |
| 2016 | $9.75B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| UDR price data to Nov 2, 2026 | +2.0% | +11.0% | +8.1% | -4.5% | +4.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +2.0% |
| 2025 | -11.7% |
| 2024 | +18.3% |
| 2023 | +3.0% |
| 2022 | -33.4% |
| 2021 | +61.1% |
| 2020 | -14.6% |
| 2019 | +21.4% |
| 2018 | +6.4% |
| 2017 | +9.1% |
| 2016 | +0.3% |
| 2015 | +26.0% |
| 2014 | +37.2% |
| 2013 | +2.0% |
| 2012 | -1.9% |
| 2011 | +10.3% |
| 2010 | +48.7% |
| 2009 | +27.6% |
| 2008 | -19.4% |
| 2007 | -34.6% |
| 2006 | +41.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 66.2% over that stretch · deepest drop along the way 71.4%, back to its old high 19.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 40.1% over that stretch · deepest drop along the way 41%, back to its old high 14.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 34.3% over that stretch · deepest drop along the way 35.8%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (22 read): 0 open-market purchases and 1 sales ($3.1M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 5, 2026 | Thomas W Toomey Chairman, President and CEO, Director | sell | $3.1M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 9.5% | Jun 30, 2026 |
| Vanguard Portfolio Management | 8% | Mar 31, 2026 |
| COHEN & STEERS, INC. | 7.92% | Jun 30, 2025 |
| Capital Research Global Investors | 7.8% | Mar 31, 2026 |
| Vanguard Capital Management | 7.09% | Mar 31, 2026 |
| Cohen & Steers, Inc. | 4.77% | Jun 30, 2026 |
ETFs with the most weight in UDR
| HAUS Residential REIT ETF | 4.39% |
| FPRO Fidelity Real Estate Investment ETF | 4.04% |
| RSPR Invesco S&P 500 Equal Weight Real Estate ETF | 3.2% |
| REZ iShares Residential and Multisector Real Estate ETF | 3.17% |
| JPRE JPMorgan Realty Income ETF | 2.74% |
| PPTY US Diversified Real Estate ETF | 2.23% |
| GQRE FlexShares Global Quality Real Estate Index Fund | 1.92% |
| PSR Invesco Active U.S. Real Estate Fund | 1.81% |
What could go wrong
- Heavy reliance on eight big markets. Eight metro areas produced about 74.5% of 2025 net operating income, led by Washington, D.C. (15.7%), Boston (11.7%) and Orange County (10.9%). Local job losses, new supply or rent rules there would hurt more.
- Riskier loans and preferred equity stakes. UDR invests in other owners' apartment projects through preferred equity and junior loans, which carry more risk of loss than senior mortgages. A non-cash loan reserve weighed on 2024 profits.
- Short leases reprice quickly. Most leases run 12 months or less, so falling market rents hit revenue quickly. If residents lose jobs or income, UDR may struggle to raise rents, refill units or collect payments.
- Rent control and tenant laws. New or stricter rent control, rent stabilization, eviction or tenants' rights laws in UDR's markets could cap rent increases while costs keep rising, hurting results and property values.
- New supply and competition for renters. A wave of new apartments, rival landlords, or lower mortgage rates and home-buying incentives can pull renters away and limit rent growth. UDR's major expenses generally don't fall when rents do.
- Debt and interest-rate exposure. UDR had about $5.81 billion of total debt as of June 30, 2026. Higher interest rates, a credit-rating downgrade or tighter credit markets could raise borrowing costs and make refinancing harder.
Recent events
- Quarterly results released
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released
- Investor presentation or announcement
- Shareholder vote results
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Other company announcement
For income and retirement investors
UDR declared a $1.72-a-share dividend for 2025, up 1.2% from 2024 and slower than its 3.6% yearly average since 2020. In October 2025 it paid its 212th straight quarterly dividend, and it has raised the annual payout at least nine years in a row through 2025. The yield was 4.24% as of October 28, 2026. Dividends equaled about 150% of 2025 earnings, though depreciation, a non-cash charge, holds down REIT earnings. They used about 87% of free cash flow. Buybacks totaled $191.8 million from FY2021 to FY2025, yet the share count rose 8.2% between July 2021 and July 2026.
The shares have fallen hard in downturns. They dropped about 71% in the 2008 financial crisis and regained their peak in October 2010. They fell 41% in the 2020 COVID crash, recovering by June 2021. They fell about 36% in the 2022 bear market, a drop not yet recovered as of October 28, 2026. A single stock carries more risk than a diversified fund.
Questions investors ask
How does UDR make money?
Mostly by renting out apartments. UDR, Inc. is a real estate investment trust, or REIT, that owns, develops, renovates and sells apartment communities in US metro areas. As of December 31, 2025, it held 165 communities with 55,240 apartment homes in 21 markets, plus interests in 12,167 more through joint ventures and partnerships. Total revenue was about $1.71 billion in 2025, up 2.4%. Gains from selling buildings can swing its reported profit from year to year.
Does UDR raise its dividend every year?
It has for at least nine years in a row through 2025. Dividends per share rose from $1.44 in 2020 to $1.72 in 2025, about 3.6% a year, but the 2025 increase was just 1.2%. In October 2025, UDR paid its 212th consecutive quarterly dividend. Dividends used about 87% of 2025 free cash flow (cash generated after capital spending), and UDR's annual report warns that it may change its dividend policy in the future.
What is UDR's dividend yield?
UDR's dividend yield was 4.24% as of October 28, 2026. Yield is a year's dividends divided by the share price. UDR declared $0.43 a share each quarter in 2025, or $1.72 for the year. Because UDR is a REIT, its dividends generally don't qualify for the lower tax rates that apply to many other companies' dividends. That matters more in a taxable brokerage account than in a tax-advantaged account such as an IRA.
Where are UDR's apartments located?
Mostly in large metro areas on the East and West Coasts, plus Dallas and Tampa. UDR's portfolio spans 21 US markets, but eight produced about 74.5% of its 2025 net operating income (property income minus operating costs): Metropolitan Washington, D.C. (15.7%), Boston (11.7%), Orange County, California (10.9%), the San Francisco Bay Area (8.9%), Dallas (8.0%), New York (7.1%), Seattle (6.5%) and Tampa (5.7%). Because of that concentration, trouble in one region can weigh heavily on results.
How has UDR stock performed over the long term?
Unevenly. As of October 28, 2026, UDR stock returned about 4.0% a year over 10 years, or 48% in total, but lost about 5.5% a year over five years, or 25% in total. Calendar-year results have swung widely, from a 61% gain in 2021 to a 33% loss in 2022 and a 12% loss in 2025. For 2026 through October 28, the stock was down 1.4%.