UDR net income +147% on smaller below-the-line deductions; Same-Store NOI falls 0.8%

Filed April 30, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 1, 2025 · ~2 min read

Key Changes

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  Net income rose 147% to $189.8M while operating income grew only 88% to $229.8M. The bottom-line outperformance came from smaller below-the-line deductions (taxes, interest, or non-controlling interests), not operational gains. The filing does not disclose which specific item drove the change.

  MD&A: Earnings Quality verify on EDGAR →
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  Same-Store NOI declined 0.8% as operating expenses rose 4.4% (driven by 6.7% higher repair costs from winter storms, 8.3% higher utilities, and 1.9% higher taxes) while revenue grew only 0.9%. Occupancy fell 60 basis points to 96.6% and rent growth per occupied home slowed to 1.5%.

  MD&A: Same-Store Performance verify on EDGAR →
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  UDR sold four communities for $362M gross proceeds ($157M gain) versus two for $212M ($48M gain) in the prior year, and repurchased $100M of stock in Q1 2026 plus $50M in April 2026. The company drew $135M on its revolving credit facility (versus zero prior year) to fund the buybacks.

  MD&A: Capital Allocation verify on EDGAR →