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what it is
UDR owns and runs apartment communities in 21 U.S. markets.
how it gets paid
FY2025 consolidated revenues were ~$1.71B. Apartment rent is still the engine at roughly $1.57B, or ~92% of that total (segment mix per FY2025 reporting).
why it's growing
FY2025 same-store revenue rose ~2.4% vs. FY2024; companywide consolidated revenues were up ~2.4% to ~$1.71B (Q4 ~$433M vs. prior-year Q4 ~$423M).
what just happened
Q4 2025: ~$433M consolidated revenues; diluted FFO ~$0.62/sh and FFOA ~$0.64/sh (REIT cash-flow proxies—see Q4 2025 release and 10-K).
At a glance
B++ balance sheet — above average — nothing keeping you up at night
35/100 earnings predictability — expect surprises
~15× trailing FFO (FY2025 ~$2.43/sh) — REIT yardstick, not a normal industrial P/E
5.1% dividend yield — cash in your pocket every quarter
4.0% return on capital — nothing to write home about
xvary composite: 48/100 — below average
What they do
UDR owns and runs apartment communities in 21 U.S. markets.
UDR owns 169 communities and about 55,700 units. That scale matters because your rent check comes from a lot of doors, not one building. Occupancy is near 96.0%, so only 4.0% of units sit empty.
How they make money
~$1.71B
FY2025 consolidated revenues · ~+2.4% vs. FY2024
Apartment rent
~$1.57B
Resident fees
~$62M
Redevelopment and lease-up
~$46M
Other property income
~$33M
The products that matter
owns and operates rental apartments
Apartment Portfolio
96.0% occupancy · ~$1.71B FY2025 consolidated revenues
It's the whole story. You are buying apartment communities that are still ~96% occupied against a ~$1.7B revenue base. If occupancy holds, the core income thesis holds.
income engine
Key numbers
$0.70
fy2026 eps est
~$1.71B
FY2025 revenue
Consolidated revenues per Q4/FY2025 earnings materials (BusinessWire / Nasdaq release, Feb 2026).
~$2.43
FY2025 FFO/sh
5.1%
dividend yield
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 2 — safer than 80% of stocks
- price stability 90 / 100
- net profit margin 14.7% — keeps 15 cents of every dollar in revenue
- return on equity 6% — $0.06 profit for every $1 investors have put in
B++ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in UDR 3 years ago → it's now worth $10,070.
The index would have given you $13,920.
source: institutional data · total return
What just happened
reported Q4 / FY2025
Q4 2025: ~$433M consolidated revenues · diluted FFO ~$0.62/sh · FFOA ~$0.64/sh
Versus prior-year Q4 (~$423M revenues), the top line was up roughly 2–3%. FY2025 FFO was ~$2.43/sh and FFOA ~$2.54/sh—use filings for exact GAAP EPS and reconciliations.
~$433M
Q4 revenue
~$0.62
Q4 FFO/sh
~+2.5%
Q4 rev YoY
FFO matters here
For apartment REITs, FFO/FFOA usually matter more than headline GAAP EPS. Cross-check every figure in UDR’s Q4/FY2025 release and SEC filings.
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udr continues to hold up well in a difficult marketplace.the apartment reit’s portfolio is somewhat diverse, spanning numerous regions across the united states. however, operations in the south and southwest parts of the country remain sluggish, owing to speculative building, competition, and sluggish rental rates.
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to its credit, udr does a good job retaining tenants, as occupancy stands near the 96.0% mark.
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for FY2025, UDR reported consolidated revenues of roughly $1.71B (≈2.4% growth vs. FY2024).
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we look for ffo (funds from operations) to advance at a respectable pace.
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FY2025 diluted FFO was about $2.43/sh and FFOA about $2.54/sh—compare to prior-year FFO in the same release tables.
source: UDR Q4/FY2025 earnings release (BusinessWire / Nasdaq, Feb 2026) · SEC filings
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What could go wrong
UDR does not need a dramatic collapse to disappoint you. It just needs occupancy to slip, weak Sun Belt leasing to drag on longer, or FFO to stop looking comfortably steady.
med
occupancy slips from 96.0%
The income case works because the buildings stay full. If recession pressure hits occupancy and rent growth at the same time, the stock loses its cleanest support.
direct pressure on rent collections, cash flow, and the 5.1% yield narrative
med
south and southwest markets stay sluggish
That weakness is already in the operating commentary. If it spreads instead of stabilizing, the FY2025 ~$1.71B revenue base gets harder to grow from.
regional softness could drag companywide growth back toward flat
med
low-return economics leave little margin for error
A 4.0% return on capital and 7% return on equity are workable, not special. When the business only earns modest returns, small operating misses have a habit of becoming valuation ceilings.
modest profitability limits how much bad leasing data the stock can shrug off
med
FFO misses matter more than EPS misses
The market can forgive noisy GAAP earnings. It pays much more attention if the expected $2.45 per-share FFO line starts moving down instead. That's the kill criterion that matters here.
the valuation case weakens fast if the cash-flow proxy rolls over
What would change our mind: occupancy holding around 96%, the weak regional markets firming up, and FFO/FFOA staying near recently reported FY2025 levels. What would make us more cautious: occupancy breaking lower or FFO moving down before the stock gets cheaper.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
occupancy at 96.0%
If this number holds, the income story survives. If it cracks, the rest of the snapshot gets harder to defend.
trend
south and southwest leasing trends
Those regions are the soft patch. Improvement there would matter more than a small headline EPS beat.
calendar
2025 revenue path to $1.72B
The analyst view calls for about 3.0% growth. That is not a heroic target, which makes any miss more visible.
risk
FFO/FFOA vs. FY2025 reported ~$2.43 / ~$2.54
For REITs, this is the cash-flow number. If it weakens, the 5.1% yield stops looking comfortably funded.
Analyst rankings
short-term outlook
bottom 5%
momentum score 5 — the lowest rating. in human-speak, analysts think this trails most stocks in the next stretch.
risk profile
above average
stability score 2 — safer than roughly 80% of stocks. This is a defensive profile, not a fast one.
chart momentum
bottom 5%
technical score 5 — the chart has been weak, and weak charts usually stay weak until the operating story improves.
earnings predictability
35 / 100
earnings are harder to model than the stability score suggests. That's another reason REIT investors keep coming back to occupancy and FFO.
source: institutional data
Institutional activity
218 buyers vs. 250 sellers in 3q2025. total institutional holdings: 0.3B shares.
source: institutional data
Price targets
3-5 year target range
$30
$47
$36
current price
$39
target midpoint · +9% from current · 3-5yr high: $75 (+110% · 23% ann'l return)
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