MARKETS / NYSE / UDR

NYSE · REAL ESTATE INVESTMENT TRUSTS · LARGE CAP

Udr, Inc. UDR

18 fiscal years on record · USD · FY2025 reported · SEC filings only

13 YEARS OF DIVIDEND GROWTH

Revenue

$11.4M

▲ 36.6% YoY

Net income

$377.7M

▲ 321.6% YoY

Free cash flow

$859.2M

▲ 6.2% YoY

In brief

What this company does

UDR is a self-administered real estate investment trust, or REIT, that owns, operates, acquires, renovates, develops, redevelops, disposes of, and manages multifamily apartment communities in targeted markets located in the United States. At December 31, 2025, our consolidated real estate portfolio consisted of 165 communities located in 21 markets, consisting of 55,240 completed apartment homes, which are held directly or through our subsidiaries, including the Operating Partnership and the DownREIT Partnership, and consolidated joint ventures. UDR was formed in 1972 as a Virginia corporation. In June 2003, we changed our state of incorporation from Virginia to Maryland. We report in two segments: Same-Store Communities and Non-Mature Communities/Other.

Written from the business description in UDR, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 17 February 2026. Every sentence was checked against that document before publication.

Growth

USD 11.4M

Revenue, FY2025 · full 18-year series below

Revenue $M Net income $M

FY2025 · Revenue 11.4 · Net income 377.7

Compound annual growth

Revenue

+31.3%

+17.5%

−35.2%

−22.6%

Net income

+63.2%

+42.5%

+1.0%

EPS, diluted

+63.2%

+41.4%

−1.3%

Dividend / share

+4.2%

+3.6%

+4.5%

Returned to shareholders

+12.3%

+10.3%

+9.2%

+12.3%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +17.5% a year over five years — but profit grew faster: net income at +42.5%, earnings per share at +41.4%.

The share count rose from 0.30B to 0.33B over the period.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

3554 cents

of every revenue dollar became profit

Operating margin Net margin

FY2025 · Operating 4872.9% · Net 3553.5%

ROE

FY2025 · ROE 11.2%

Gross margin-3077.6%

Operating margin4872.9%

Net margin3553.5%

Return on assets3.8%

EBITDAUSD 1.2B

Each USD of equity produced 11 cents of profit this year.

Cash & shareholders

USD 685.7M

returned in FY2025 · dividends + net buybacks

Free cash flow $M

FY2025 · FCF 859.2

Net buybacks $M Dividends $M

FY2025 · Dividends 567.9 · Net buybacks 117.8

Dividends paidUSD 567.9M

Net buybacksUSD 117.8M

Share of profit181.5%

Consecutive raises13 years (since the 2012 share-count change)

USD 567.9M in dividends and USD 117.8M in buybacks — 182% of the year's profit, so the payout drew on cash built up earlier.

Total assetsUSD 10.6B

EquityUSD 3.3B

CashUSD 1.2M

Gross debtUSD 5.8B

Net debtUSD 5.8B

Net debt stands at 177% of equity.

The 18-year record

18 fiscal years

Every figure from documents filed with the SEC · USD

The share count changed between 2010 and 2012, but the exact year can't be marked here — the underlying count wasn't on file for every year in that stretch.

row low → row highnegative

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Revenue $B	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.9	0.8	0.8	0.7	0.6	0.5	0.6	0.6
Operating income $B	0.6	0.3	0.6	0.3	0.3	0.2	0.2	0.4	0.2	0.4	0.2	0.1	0.1	0.1	0.0	−0.1	−0.1	−0.1
EBITDA $B	1.2	1.0	1.3	0.9	0.9	0.9	0.7	0.8	0.7	0.8	0.5	0.5	0.5	0.4	0.4	0.2	0.2	0.2
Income tax $B	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	−0.0	0.0	−0.0	−0.0	−0.0	−0.0	0.0	−0.0	0.0	·
Net income $B	0.4	0.1	0.4	0.1	0.2	0.1	0.2	0.2	0.1	0.3	0.3	0.2	0.0	0.2	0.0	−0.1	−0.1	0.7
Free cash flow $B	0.9	0.8	0.7	0.6	0.5	0.5	0.6	0.4	0.3	0.5	0.5	0.4	0.3	0.3	0.2	0.2	0.2	−0.8
EPS, diluted $	1.13	0.26	1.34	0.26	0.48	0.20	0.63	0.74	0.44	1.08	1.29	0.59	0.16	0.85	0.05	−0.68	−0.64	5.29
Dividend / sh $	1.72	1.70	1.68	1.52	1.45	1.44	1.37	1.29	1.24	1.18	1.11	1.04	0.94	0.88	0.80	0.73	0.85	2.29
Payout %	150	623	121	556	289	653	207	169	270	106	83	166	517	98	751	−117	−165	24
ROE %	11.2	2.4	11.0	2.3	4.5	1.9	5.9	7.1	4.1	9.8	12.1	5.6	1.5	8.0	1.0	−6.9	−6.3	·
Shares out B	0.33	0.33	0.33	0.33	0.32	0.30	0.29	0.28	0.27	0.27	0.26	0.26	0.25	0.25	0.22	0.18	0.16	·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance

Company facts, as filed

How we verify · 0 failures in 53 reconciliationsAUDITED

Reconciled in 18 of 19 fiscal years. 7 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures

ActivityReal Estate Investment Trusts

Listed onNYSE

Incorporated inMaryland

Fiscal year endsDecember 31

Data on record since2008