UDRNYSEReal Estate Investment TrustsUS GAAP · USD

UDR, Inc.

UDR, Inc. is a self-administered real estate investment trust that owns, operates, acquires, develops, redevelops, and manages multifamily apartment communities in targeted U.S. markets. The company conducts its business primarily through the Operating Partnership and joint ventures, with a portfolio of apartment homes held directly and through consolidated and unconsolidated entities.

Ask about the company
Revenue1,712m USD
+2.4 %y/y
Operating profit (EBIT)554m USD
+94.5 %y/y
EBIT margin32.3%
+15.3 ppy/y
Net income378m USD
+321.6 %y/y
Free cash flow903m USD
+3.0 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

05001,0001,5002,000m USD2020: 1,241 m USD2020: EBIT 249 m USD20202021: 1,291 m USD2021: EBIT 268 m USD20212022: 1,517 m USD2022: EBIT 251 m USD20222023: 1,628 m USD2023: EBIT 635 m USD20232024: 1,672 m USD2024: EBIT 285 m USD20242025: 1,712 m USD2025: EBIT 554 m USD20251,712554
RevenueOperating profit (EBIT)
Ask Clarifo about UDR, Inc.

Business

Share of revenue
Same-Store Communities85 %

Stabilized apartment communities held and operated as part of the core portfolio.

Non-Mature Communities/Other15 %

Recently acquired, developed, redeveloped, and mixed-use non-apartment assets.

Customers

UDR's customers are residential renters in apartment communities across targeted U.S. markets. Demand comes from individuals and households seeking professionally managed multifamily housing, with leasing decisions driven by location, amenities, service quality, and community features. The company also works with joint venture partners and capital providers through preferred equity and partnership structures.

Apartment residents

Households and individuals leasing units in UDR's communities for long-term rental housing.

Residents in stabilized communities

Tenants in same-store assets that form the core operating base and recurring rent stream.

Residents in non-mature communities

Tenants in newly acquired, developed, or redeveloped properties that are still stabilizing.

Joint venture partners

Capital partners in unconsolidated ventures that share ownership of apartment homes.

Strategy

UDR's strategy centers on maximizing the economic returns of its apartment communities in a sustainable manner. It does this by balancing stabilized same-store assets with acquisitions, renovations, redevelopment, and selective development to refresh the portfolio and support long-term value creation.

Optimize same-store apartment performanceShort term

Stabilized communities provide the core recurring operating base.

Redevelop and develop selected communitiesMedium term

Newer and improved assets can enhance long-term portfolio quality.

Allocate capital through acquisitions and dispositionsMedium term

Portfolio turnover helps concentrate capital in targeted markets and asset types.

Geography

UDR operates apartment communities in targeted markets located in the United States. Its portfolio spans 21 markets, with corporate offices in Highlands Ranch, Colorado, and properties held directly, through subsidiaries, and through joint ventures. Geography matters because local employment, population growth, and supply conditions influence occupancy, rent growth, and redevelopment opportunities.

Risks

UDR's business is exposed to apartment market cycles, including changes in occupancy, rent levels, and local supply-demand conditions in its target markets. It also faces property-level and platform risks such as redevelopment execution, interest rate sensitivity, cybersecurity, and dependence on third-party systems and vendors.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Local apartment market cyclicality1Development and redevelopment execution2Interest rate and refinancing risk3Cybersecurity and IT system failures4State and local tax changes5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Local apartment market cyclicalityImpact: HighLikelihood: Medium

    Rental demand and pricing depend on employment, household formation, and supply in each market.

    Exposure: Targeted U.S. markets

  2. Development and redevelopment executionImpact: HighLikelihood: Medium

    New projects and repositionings require capital, timing discipline, and lease-up success.

    Exposure: Non-Mature Communities/Other

  3. Interest rate and refinancing riskImpact: HighLikelihood: Medium

    A REIT with debt financing is sensitive to borrowing costs and access to capital.

    Exposure: Medium-term notes and other debt

  4. Cybersecurity and IT system failuresImpact: MediumLikelihood: Low

    Breaches or outages can disrupt operations, damage reputation, and create liability.

    Exposure: Internal systems and third-party vendors

  5. State and local tax changesImpact: MediumLikelihood: Low

    REITs are exposed to local property and other non-federal taxes across markets.

    Exposure: States and local jurisdictions with apartment communities

Ask Clarifo about UDR, Inc.

Accounting

Judgemental items
Real estate investment properties

Property values, depreciation, and impairment judgments materially affect reported results.

Impact: Operating income and asset carrying values

Capital expenditures

Judgment is required to distinguish repairs from capital improvements.

Impact: Expense recognition versus capitalization

Revenue recognition

Apartment rental income and concessions can affect timing and comparability.

Impact: Quarterly revenue and occupancy trends

Consolidation and noncontrolling interests

OP Units and DownREIT Units create complex ownership and elimination entries.

Impact: Balance sheet, debt presentation, and net income attribution

Similar listed companies

Publicly listed companies with a comparable business focus.

The RMR Group Inc

RMR · Services-Management Consulting Services

Veris Residential, Inc.

Real Estate Investment Trusts

Cedar Realty Trust, Inc.

CDR-PC · Real Estate Investment Trusts

Welltower Inc

WELL · Real Estate Investment Trusts

The Macerich Company

MAC · Real Estate Investment Trusts

NVR, Inc

NVR · Operative Builders

Last updated: 24/09/2026