NYSE: UDR
UDR
Real Estate · Real Estate Investment Trusts
52-week range
$32.94$42.00
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.$11.0B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $9.75B |
| FY2017, ended Dec 31, 2017 | $10.3B |
| FY2018, ended Dec 31, 2018 | $10.9B |
| FY2019, ended Dec 31, 2019 | $13.8B |
| FY2020, ended Dec 31, 2020 | $11.3B |
| FY2021, ended Dec 31, 2021 | $19.1B |
| FY2022, ended Dec 31, 2022 | $12.7B |
| FY2023, ended Dec 31, 2023 | $12.6B |
| FY2024, ended Dec 31, 2024 | $14.4B |
| FY2025, ended Dec 31, 2025 | $12.1B |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $11.0B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.$1.72B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $960M |
| FY2017, ended Dec 31, 2017 | $996M |
| FY2018, ended Dec 31, 2018 | $1.05B |
| FY2019, ended Dec 31, 2019 | $1.15B |
| FY2020, ended Dec 31, 2020 | $1.24B |
| FY2021, ended Dec 31, 2021 | $1.29B |
| FY2022, ended Dec 31, 2022 | $1.52B |
| FY2023, ended Dec 31, 2023 | $1.63B |
| FY2024, ended Dec 31, 2024 | $1.67B |
| FY2025, ended Dec 31, 2025 | $1.71B |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $1.72B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $293M | $532M |
| FY2017, ended Dec 31, 2017 | $122M | $518M |
| FY2018, ended Dec 31, 2018 | $203M | $556M |
| FY2019, ended Dec 31, 2019 | $185M | $464M |
| FY2020, ended Dec 31, 2020 | $64.3M | $441M |
| FY2021, ended Dec 31, 2021 | $150M | $508M |
| FY2022, ended Dec 31, 2022 | $86.9M | $605M |
| FY2023, ended Dec 31, 2023 | $444M | $537M |
| FY2024, ended Dec 31, 2024 | $89.6M | $627M |
| FY2025, ended Dec 31, 2025 | $378M | $650M |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $491M | $632M |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.$1.30M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $2.11M |
| FY2017, ended Dec 31, 2017 | $2.04M |
| FY2018, ended Dec 31, 2018 | $185M |
| FY2019, ended Dec 31, 2019 | $8.11M |
| FY2020, ended Dec 31, 2020 | $1.41M |
| FY2021, ended Dec 31, 2021 | $967K |
| FY2022, ended Dec 31, 2022 | $1.19M |
| FY2023, ended Dec 31, 2023 | $2.92M |
| FY2024, ended Dec 31, 2024 | $1.33M |
| FY2025, ended Dec 31, 2025 | $1.22M |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $1.30M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.$5.66B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $3.40B |
| FY2017, ended Dec 31, 2017 | $3.67B |
| FY2018, ended Dec 31, 2018 | $3.55B |
| FY2019, ended Dec 31, 2019 | $4.71B |
| FY2020, ended Dec 31, 2020 | $4.98B |
| FY2021, ended Dec 31, 2021 | $5.41B |
| FY2022, ended Dec 31, 2022 | $5.49B |
| FY2023, ended Dec 31, 2023 | $5.80B |
| FY2024, ended Dec 31, 2024 | $5.83B |
| FY2025, ended Dec 31, 2025 | $5.82B |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $5.66B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 21.5% since 2016.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.325M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 267M |
| FY2017, ended Dec 31, 2017 | 268M |
| FY2018, ended Dec 31, 2018 | 276M |
| FY2019, ended Dec 31, 2019 | 295M |
| FY2020, ended Dec 31, 2020 | 295M |
| FY2021, ended Dec 31, 2021 | 318M |
| FY2022, ended Dec 31, 2022 | 329M |
| FY2023, ended Dec 31, 2023 | 329M |
| FY2024, ended Dec 31, 2024 | 331M |
| FY2025, ended Dec 31, 2025 | 329M |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | 325M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.Net: $28.6M more issued than bought back
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| Period | Bought back | Paid to employees | Sold for cash |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | — | $13.4M | $173M |
| FY2017, ended Dec 31, 2017 | — | $12.9M | — |
| FY2018, ended Dec 31, 2018 | $20.0M | $14.2M | $300M |
| FY2019, ended Dec 31, 2019 | — | $24.3M | $725M |
| FY2020, ended Dec 31, 2020 | $19.8M | $19.6M | $102M |
| FY2021, ended Dec 31, 2021 | — | $22.1M | $899M |
| FY2022, ended Dec 31, 2022 | $49.0M | $27.5M | $630M |
| FY2023, ended Dec 31, 2023 | $25.0M | $32.9M | −$551K |
| FY2024, ended Dec 31, 2024 | — | $32.6M | — |
| FY2025, ended Dec 31, 2025 | $118M | $26.5M | — |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | — | $28.6M | — |
Revenue (TTM)
$1.72B
+2.1% YoY
Net income (TTM)
$491M
+299% YoY
Cash
$1.30M
+4.0% YoY
Total debt
$5.66B
−2.5% YoY
Valuation
At current price- Market Cap
- $11.5B
- P/E
- 23.5×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 6.7×
- Price / Book
- 3.5×
- EV / EBITDA
- 12.9×
Growth
Trailing 12 months- Revenue (TTM)
- $1.72B
- Revenue Growth YoY
- 2.1%
- Revenue CAGR 3Y
- 4.1%
- Revenue CAGR 5Y
- 6.6%
- EPS Growth YoY
- 308%
- Net Income Growth YoY
- 299%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 38.5%
- Net Margin
- 28.6%
- FCF Margin
- 36.8%
- Return on Equity
- 14.8%
Earnings
Trailing 12 months- Net Income
- $491M
- EPS (diluted)
- $1.47
- EBITDA
- $1.34B
- Operating Income
- $661M
Balance Sheet
As of Mar 31, 2026- Cash and cash equivalents
- $1.30M
- Total Debt
- $5.66B
- Net Debt
- $5.66B
- Total Assets
- $10.3B
- Total Liabilities
- $6.23B
- Shareholders' Equity
- $3.29B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $875M
- Capital Expenditure
- $243M
- Free Cash Flow
- $632M
Dividends and risk
Last 12 months- Dividend Yield
- 4.1%
- Dividend / Share
- $1.44
- Beta (5Y)
- 0.72
Every ratio is calculated from the company’s reported figures.
Note
Revenue is roughly flat year over year at $1.72B.
Strength
Operating margin widened 19.1 pts in a year, to 38.5%.
Watch
Net debt is 4.2× EBITDA ($5.66B), a heavy load.
Strength
Turns 36.8% of revenue into free cash flow.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 17, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K38Serious concerns
38Serious concerns
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 18, 2025 · Read the filing on EDGAR
- Net income for common stockholders fell about 81% to $84.8 million, mainly because property sale gains dropped to $16.9 million from $351.2 million.
- Underlying apartment results still grew slowly: total property operating income rose 2.2%, and income from longer-held communities rose 1.5%, with occupancy at 96.8%.
- UDR recorded a $37.3 million reserve on a joint venture loan and an $8.1 million impairment on a preferred equity investment.
- The State of Maryland is now also suing UDR in the RealPage matter, and legal costs helped lift other operating expenses.
Business momentum
Sharp deterioration
“Net income/(loss) attributable to common stockholders was $84.8 million ($0.26 per diluted share) for the year ended December 31, 2024, as compared to $439.5 million ($1.34 per diluted share) for the prior year.”
Outlook
Neutral
“We plan to continue to pursue our strategy of exiting markets where long-term growth prospects are limited and redeploying capital to primary locations in markets we believe will provide the best investment returns.”
Financial stress
Low
“As of December 31, 2024, we had no outstanding borrowings under the Revolving Credit Facility, leaving $1.3 billion of unused capacity”
Tone against the previous report
More negative
Red flags
- Medium
Large write-down
“a recorded $37.3 million non-cash loan reserve related to one of the Company’s joint venture loan investments during the year end December 31, 2024”
Positives
Income from longer-held apartment communities kept growing
“NOI for our Same-Store Community properties increased 1.5%, or $15.3 million, for the year ended December 31, 2024 compared to the same period in 2023.”
Operating cash flow increased
“For the year ended December 31, 2024, our Net cash provided by/(used in) operating activities was $876.8 million compared to $832.7 million for 2023.”
Main credit line maturity pushed out to 2028
“In August 2024, the Company amended the Revolving Credit Facility to extend the maturity date to August 31, 2028, with two six-month extension options.”
Concerns
Costs grew faster than rents, trimming apartment margins
“The operating margin (property net operating income divided by property rental income) was 69.0% and 69.6% for the years ended December 31, 2024 and 2023, respectively.”
Interest costs rose on higher debt
“an increase in interest expense of $14.8 million primarily due to higher overall debt balances during the year ended December 31, 2024”
Legal and other operating costs increased
“an increase in other operating expenses of $10.2 million primarily attributable to an increase in legal-related expenses and political contributions”
New risks since the previous report
State of Maryland joins the RealPage lawsuits against UDR
“we are currently a defendant in a consolidated class action lawsuit and lawsuits filed by the District of Columbia and the State of Maryland involving RealPage”
New local rent limits, including in Salinas, California
“in September 2024, the City of Salinas California, passed a rent stabilization ordinance”
Laws could restrict operating systems UDR currently uses
“existing laws could be interpreted in a manner that restricts our ability to use systems that we currently use in our operations”
Borrowers on UDR's joint venture loans may not repay
“due to the Company’s assessment of the borrower’s ability to make future scheduled payments on the senior loan and a decrease in the value of the operating community”
Higher costs from severe weather and lower insurance recoveries
“an increase in claim charges due to severe weather events and a decrease in insurance recoveries”
Biggest risks named
- Weak apartment market or new supply reducing rents and occupancy
- Rent control, eviction and tenant laws limiting rents and fees
- RealPage lawsuits and other litigation
- Interest rates and refinancing of maturing debt
- Losses on joint venture loans and preferred equity investments
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −15 | |
| Outlook | 0 | |
| Tone against the previous report | −2 | |
| Financial stress | 0 | |
| Red flags | −3 | |
| New risks | −2 | |
| Score | 38 | |
Written by AI (Claude Opus 5.5) from the report’s text. 15 of 15 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 17, 2026 | Pro | |||
| 10-K | Feb 18, 2025 | 38 | Sharp deterioration | 1 medium | |
| 10-K | Feb 20, 2024 | 68 | Strong improvement | 1 medium | |
| 10-K | Feb 13, 2023 | 44 | Sharp deterioration | None | |
| 10-K | Feb 15, 2022 | 72 | Strong improvement | None | |
| 10-K | Feb 18, 2021 | 39 | Sharp deterioration | None | |
| 10-K | Feb 18, 2020 | 55 | Mixed | None | |
| 10-K | Feb 19, 2019 | 71 | Strong improvement | None | |
| 10-K | Feb 20, 2018 | 45 | Sharp deterioration | None | |
| 10-K | Feb 21, 2017 | 56 | Mixed | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q1 FY2026 (period ended Mar 31, 2026), filed Apr 30, 2026. View filings on SEC EDGAR