UDR (UDR) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and UDR published the results on November 2, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. UDR reports EPS two ways: GAAP, under the accounting rules every US filer follows, and FFO as Adjusted per diluted share, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• UDR's revenue line is total revenues: rental income plus joint venture management and other fees. UDR reports in thousands; figures here are in millions.
• UDR released preliminary Q3 2026 results on October 21, 2026 and full results on November 2, 2026.
• Same-Store growth figures in the release exclude the 19 communities contributed to the Apollo joint venture, which closed on October 30, 2026. The 10-Q segment table still counts them as Same-Store.

Source: UDR Q3 2026 results, November 2, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How UDR splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• UDR's Same-Store: West Region revenue was $131 million in Q3 2026, up 4% from $126 million in Q3 2025, 30% of total revenue.
• UDR's Same-Store: Northeast Region revenue was $86.6 million in Q3 2026, up 2% from $84.7 million in Q3 2025, 20% of total revenue.
• UDR's Same-Store: Mid-Atlantic Region revenue was $79.8 million in Q3 2026, flat on $79.6 million in Q3 2025, 19% of total revenue.
• UDR's Same-Store: Southeast Region revenue was $55.2 million in Q3 2026, down 1% from $55.8 million in Q3 2025, 13% of total revenue.
• UDR's Same-Store: Southwest Region revenue was $50.4 million in Q3 2026, down 1% from $50.7 million in Q3 2025, 12% of total revenue.
• UDR's Non-Mature Communities/Other revenue was $22.0 million in Q3 2026, down 33% from $32.6 million in Q3 2025, 5% of total revenue.
• UDR's Joint venture management and other fees revenue was $3.5 million in Q3 2026, up 36% from $2.6 million in Q3 2025, under 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, UDR said:

“As shown in the table below, the Company has established the following guidance ranges for the fourth quarter of 2026, raised its previously provided full-year 2026 guidance ranges for Net Income, FFOA per diluted share, and Same-Store Growth, and updated its previously provided full-year 2026 guidance range for FFO per diluted share.”

“Net Income, FFO and FFOA per share for all 2026 periods and guidance are unaffected by the Apollo transaction which is described later in this release.”

“Including these communities, the Full-Year guidance midpoints for SS Revenue, Expense, and NOI would be 1.45%, 2.9%, and 0.75%, respectively.”

Source: UDR Q3 2026 release, Nov 2, 2026.

This is the company's own guidance as of Nov 2, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the UDR forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP total revenues and diluted EPS, each as first reported in that quarter's supplemental financial information. Q4 2025 EPS includes gains on real estate sales.

We do not hold a confirmed date for UDR's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 2, 2026

UDR's revenue is almost all apartment rent. In Q3 2026 total revenues were $428.1 million: rental income of $424.6 million and joint venture management and other fees of $3.5 million. Total revenue fell $3.8 million, or 0.9 percent, from a year earlier, and UDR said growth from Same-Store and acquired communities was offset by the removal of revenue from properties it sold. (UDR Q3 2026 supplemental financial information, Nov 2, 2026; UDR Q3 2026 release, Nov 2, 2026)

UDR reports two segments, Same-Store Communities and Non-Mature Communities/Other, and judges both by net operating income (NOI). Same-Store rental income by region in the quarter was West $130.5 million, Northeast $86.6 million, Mid-Atlantic $79.8 million, Southeast $55.2 million and Southwest $50.4 million. Non-Mature Communities/Other brought in $22.0 million, down from $32.6 million a year earlier. Joint venture fees are not allocated to a segment, and no single tenant accounted for 10% or more of revenue. (UDR Form 10-Q, Q3 2026, Nov 3, 2026)

Same-Store revenue grew 1.8% from a year earlier and Same-Store NOI 1.6%, with weighted average physical occupancy of 96.5%. The West, 37.2% of Same-Store NOI, grew revenue 3.9% and the Northeast 2.5%, while the Southwest fell 0.4% and the Southeast 0.9%. These figures leave out the 19 communities in the Apollo joint venture; with them, Same-Store revenue growth was 1.5%. (UDR Q3 2026 release, Nov 2, 2026)

UDR's blended lease rate growth was 2.0% in the quarter, made up of effective new lease rates down 1.2% and renewal rates up 4.1%. Annualized turnover was 48.0%, against 51.7% in Q3 2025. (UDR Q3 2026 supplemental financial information, Nov 2, 2026)

At December 31, 2025, UDR's consolidated portfolio was 165 communities in 21 markets with 55,240 completed apartment homes. On October 30, 2026 it closed a $2.0 billion partnership with Apollo, contributing 19 communities with 7,059 homes to a new joint venture, receiving $1.34 billion of equity capital and keeping about a one-third interest. (UDR Form 10-K, 2025, Feb 17, 2026; UDR Q3 2026 release, Nov 2, 2026; UDR Q3 2026 supplemental financial information, Nov 2, 2026)

UDR's GAAP diluted EPS was $0.67 in Q3 2026, against $0.12 a year earlier, mostly because of $190.1 million of gains on the sale of real estate. The 10-Q lists a gain of about $93.7 million on a 235-home Seattle community sold for $157.0 million, $21.2 million on a Nashville community and about $75.2 million on a partial sale into the LaSalle joint venture. (UDR Q3 2026 supplemental financial information, Nov 2, 2026; UDR Form 10-Q, Q3 2026, Nov 3, 2026)

UDR also reports funds from operations (FFO), which adds back real estate depreciation and amortization ($161.6 million in the quarter) and excludes gains on sales of depreciable real estate. FFO per diluted share was $0.62 and FFO as Adjusted (FFOA) $0.65, both the same as a year earlier. FFOA further excludes items such as acquisition-related costs and costs of retiring debt early. (UDR Q3 2026 supplemental financial information, Nov 2, 2026)

UDR's diluted weighted average share count fell to 324.0 million from 331.2 million a year earlier. UDR bought back no shares in Q3 2026, after repurchasing 8.2 million in the first nine months for about $300.3 million at an average of $36.43, and repurchased another 5.2 million through October for about $185.1 million. (UDR Q3 2026 supplemental financial information, Nov 2, 2026; UDR Form 10-Q, Q3 2026, Nov 3, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

UDR publishes quarterly and full-year guidance in its release, covering net income, FFO and FFOA per diluted share and Same-Store growth. For Q4 2026 it guided net income of $0.13 to $0.15 per diluted share and FFO and FFOA of $0.63 to $0.65 each. For the full year it raised FFOA to $2.54 to $2.56, from $2.49 to $2.57, and moved FFO to $2.48 to $2.50, from $2.47 to $2.55. (UDR Q3 2026 release, Nov 2, 2026)

UDR's full-year Same-Store revenue growth range moved to 1.4% to 1.8%, from 0.75% to 2.00%, and Same-Store NOI growth to 0.8% to 1.2%, from 0.00% to 1.25%. Both exclude the Apollo communities. UDR said its per-share guidance is unaffected by the Apollo transaction. (UDR Q3 2026 release, Nov 2, 2026)

A consensus figure is the average of the models published by the analysts who cover UDR, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones UDR's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning UDR is on is UDR a buy or a sell?, what analysts expect next is on the UDR forecast, and what the company does is on the UDR (UDR) stock page.

Every number on this page can be traced to a document UDR published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.