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UDR · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
Revenue grew 0.0% y/y to $425M, operating margin 27.2% vs 18.2%, net income $69M (+83.2% y/y).
Net income attributable to UDR, Inc.
$69M
up 83.2% y/y
Total revenues
$425M
up 0.0% y/y
Operating income
$116M
up 49.7% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Rental income | $423 · −0.0% |
| Joint venture management and other fees | $2.5 · +2.8% |
| Total revenues | $425 · +0.0% |
| Property operating and maintenance | $76.3 · +0.9% |
| Real estate taxes and insurance | $56.8 · −0.3% |
| Property management | $13.7 · −0.0% |
| Other operating expenses | $13 · +67.2% |
| Real estate depreciation and amortization | $160 · −1.9% |
| General and administrative | $18.7 · −6.1% |
| Casualty-related charges, net | $3.1 · −9.1% |
| Other depreciation and amortization | $3.5 · −53.3% |
| Gain on sale of real estate owned | $35.7 · vs $0 |
| Operating income | $116 · +49.7% · 27.2% margin |
| Income from unconsolidated entities | $3.3 · −9.9% |
| Interest expense | $47.6 · −2.1% |
| Interest income and other income, net | $2.6 · −68.1% |
| Income before income taxes | $74.1 · +83.0% |
| Tax provision, net | $0.4 · +66.3% · 0.6% effective rate |
| Noncontrolling interests in the OP and DownREIT Partnership | $4.6 · +80.8% |
| Net income attributable to UDR, Inc. | $69 · +83.2% · $0.21/sh · 16.2% margin |
Verdict: revenue grew 0.0% y/y to $425M, operating margin 27.2% vs 18.2%, net income $69M (+83.2% y/y).
Diluted EPS $0.21 vs $0.11 a year earlier; FFO $0.60 and FFO as Adjusted $0.64 per diluted share and unit (non-GAAP, company definitions); same-store physical occupancy 96.6%; quarterly dividend $0.435 per share.
Source and notation
Source: UDR earnings release, 8-K EX-99 of 07/27/2026 (SEC EDGAR). REIT layout: total revenues as reported; property expenses, depreciation, interest and other items lead to net income (a REIT pays little or no income tax). FFO is a non-GAAP measure: it appears only in the text, as defined by the company, never in the chart. The income statement lines were taken from the release by hand; the program found every figure in the release text and checked the accounting identities and the chart balance; revenue and net income match the company's 10-Q.
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Chart: “UDR Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/udr/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/udr/q2-2026"><img src="https://whoreportstoday.com/t/udr/q2-2026/sankey.png" alt="UDR Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/udr/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/udr/q2-2026">UDR Q2 2026 earnings chart (Who Reports Today)</a>
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- Net income nearly doubled thanks to a $35.7M gain on the sale of real estate; total revenues were flat at $425.4M.
- Same-store revenue grew 1.8% on a straight-line basis and expenses 2.6%, so same-store NOI rose 1.4%.
- Operating income was $116M, a 27.2% margin vs 18.2% a year earlier.
- The effective tax rate was 0.6% vs 0.6% a year earlier.
- Diluted EPS was $0.21 vs $0.11 a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
UDR — UDR is a multifamily real estate investment trust (REIT) that owns, operates, acquires and develops apartment communities in major U.S. markets.
Headquarters: Highlands Ranch, Colorado.
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