EarningsQ2 2026 Earnings Report
MX:UDR Q2 2026 EPS Results
Actual EPS$3.81
Consensus EPS$2.36
Beat/MissBeat by +$1.45
One Year Ago EPS$2.00
MX:UDR Q2 2026 Revenue Results
Actual Revenue$7.73B
Expected Revenue$7.69B
Beat/MissBeat by +$37.23M
YoY Revenue Growth0.00%
Earnings Announcement Details
QuarterQ2 2026
Date07/27/2026
TimeAfter Close
Conference CallMonday, July 27, 2026
MX:UDR Upcoming Earnings
UDR's next earnings date is estimated for October 28, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:UDR Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was largely constructive: the company beat expectations in Q2, raised same-store and FFOA guidance, demonstrated strong coastal market rent momentum (notably San Francisco and New York), controlled expenses, advanced development projects ahead of schedule and returned capital via sizable buybacks. Challenges are concentrated in portions of the Sunbelt (negative new-lease pressure), localized market softness (e.g., Nashville, some D.C. pockets), and a strategic wind-down of the DPE book that creates modest near-term dilution risk. On balance the favorable operating execution, guidance increases, capital allocation activity, liquidity and coastal outperformance outweigh the localized and transitional headwinds.Company Guidance
Raised Full-Year Guidance and Beat Expectations
Management raised full-year same-store growth and FFOA per share guidance after Q2 results exceeded expectations. Q2 FFOA per share was $0.64 (high end of guidance), up $0.02 vs Q1, and full-year FFOA midpoint was raised by $0.01 to $2.53. Q3 FFOA guidance range is $0.63 to $0.65 (midpoint $0.64).
Same-Store Revenue and Rent Momentum
Q2 year-over-year same-store revenue growth of 1.8% was driven by blended lease rate growth of 2.1% (accelerated 50 bps vs Q1 and exceeded the high end of the 1.5%–2% target). First-half blended lease rate growth was 1.9%, above the prior midpoint of 1.75%.
Strong Occupancy and Resident Retention
Portfolio occupancy remained in the mid-96% range. Resident retention reached a seasonal high of 60%, 140 bps better than the prior year, contributing to improved delinquency (60 bps benefit) and constrained same-store expense growth.
Improved Expense Control and NOI Outlook
Same-store expenses grew only 2.6% in Q2 and management lowered the full-year expense-growth midpoint by 50 bps to 3.25%. Combined revenue and expense improvements increased same-store NOI growth guidance by 50 bps.
Coastal Market Outperformance
Coastal markets (75% of NOI) led results with average blended lease rate growth of 3.8% vs Sunbelt's negative ~2%. San Francisco delivered ~13% blended lease rate growth with occupancy in the high-97% range; Orange County >3% blended growth; New York and Philadelphia posted mid-single-digit blends and mid-97% occupancy.
Capital Allocation: Dispositions and Share Repurchases
Management executed opportunistic dispositions and buybacks: four dispositions under/near contract with estimated gross proceeds of ~$295M (projected 2026 dispositions ~$650M at a mid-5% buyer cap rate). Repurchases expanded to ~30M shares; ~5.5M shares repurchased in the quarter for $200M at an average $36.49; total since Sep 2025: 11.5M shares (~$420M, avg $36.34) (implied mid-6% cap rate).
Development and Acquisition Progress
Commenced a 385-unit Northern Virginia development (Phase 2 adjacent to an existing community) and 3099 Iowa ground-up development in Riverside, CA is two quarters ahead of schedule and 5% under budget. Both developments expected to achieve mid-6% stabilized yields. Opportunistic acquisitions added 500+ units in Portland and one community in Los Angeles to enhance local scale.
Balance Sheet Strength and Liquidity
Company maintains an investment-grade balance sheet with nearly $1.0 billion of liquidity. DPE (debt & preferred equity) book reduced from a peak ~$725M to $380M at end-Q2, with an expected year-end balance of $250M–$300M.
Operational Differentiators and Customer Metrics
UDR highlights data-driven operations: 43 apartment homes managed per associate, deposits up ~20% (from ~$640 to ~$760), credit screening up ~20 points (710 to ~730), other/innovation income growing mid-single-digits (expected ~5%–7%), and 4–5 star reviews up ~50% YoY. Company also launched a monthly dividend and was named a top workplace for the third consecutive year; associate turnover 19% vs industry 34%.
MX:UDR Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed