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UDR financial statements

The full income statement, balance sheet, and cash-flow statement for UDR Inc. (UDR), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Financial overview#

Revenue

5Y CAGR +6.6%10Y CAGR +6.7%YoY −0.9%
$1.7B TTM$428.1M Q3 '26
FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25TTM
Q4 '16Q1 '17Q2 '17Q3 '17Q4 '17Q1 '18Q2 '18Q3 '18Q4 '18Q1 '19Q2 '19Q3 '19Q4 '19Q1 '20Q2 '20Q3 '20Q4 '20Q1 '21Q2 '21Q3 '21Q4 '21Q1 '22Q2 '22Q3 '22Q4 '22Q1 '23Q2 '23Q3 '23Q4 '23Q1 '24Q2 '24Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26

Operating income

5Y CAGR +17.3%10Y CAGR +13.2%YoY +253.9%
$893.5M TTM$270.2M Q3 '26
FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25TTM
Q4 '16Q1 '17Q2 '17Q3 '17Q4 '17Q1 '18Q2 '18Q3 '18Q4 '18Q1 '19Q2 '19Q3 '19Q4 '19Q1 '20Q2 '20Q3 '20Q4 '20Q1 '21Q2 '21Q3 '21Q4 '21Q1 '22Q2 '22Q3 '22Q4 '22Q1 '23Q2 '23Q3 '23Q4 '23Q1 '24Q2 '24Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26

Net income

5Y CAGR +42.5%10Y CAGR +1.0%YoY +434.8%
$697.9M TTM$216.1M Q3 '26
FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25TTM
Q4 '16Q1 '17Q2 '17Q3 '17Q4 '17Q1 '18Q2 '18Q3 '18Q4 '18Q1 '19Q2 '19Q3 '19Q4 '19Q1 '20Q2 '20Q3 '20Q4 '20Q1 '21Q2 '21Q3 '21Q4 '21Q1 '22Q2 '22Q3 '22Q4 '22Q1 '23Q2 '23Q3 '23Q4 '23Q1 '24Q2 '24Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26

EPS (diluted)

5Y CAGR +41.4%10Y CAGR −1.3%YoY +458.3%
$2.13 TTM$0.67 Q3 '26
FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25TTM
Q4 '16Q1 '17Q2 '17Q3 '17Q4 '17Q1 '18Q2 '18Q3 '18Q4 '18Q1 '19Q2 '19Q3 '19Q4 '19Q1 '20Q2 '20Q3 '20Q4 '20Q1 '21Q2 '21Q3 '21Q4 '21Q1 '22Q2 '22Q3 '22Q4 '22Q1 '23Q2 '23Q3 '23Q4 '23Q1 '24Q2 '24Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26

Operating cash flow

5Y CAGR +8.4%10Y CAGR +7.0%YoY −14.1%
$854.1M TTM$201.8M Q3 '26
FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25TTM
Q4 '16Q1 '17Q2 '17Q3 '17Q4 '17Q1 '18Q2 '18Q3 '18Q4 '18Q1 '19Q2 '19Q3 '19Q4 '19Q1 '20Q2 '20Q3 '20Q4 '20Q1 '21Q2 '21Q3 '21Q4 '21Q1 '22Q2 '22Q3 '22Q4 '22Q1 '23Q2 '23Q3 '23Q4 '23Q1 '24Q2 '24Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26

Capital expenditure

5Y CAGR −7.4%10Y CAGR +8.1%YoY +21.9%
$479.8M FY25$96.6M Q3 '26
FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Q4 '16Q1 '17Q2 '17Q3 '17Q4 '17Q1 '18Q2 '18Q3 '18Q4 '18Q1 '19Q2 '19Q3 '19Q4 '19Q1 '20Q2 '20Q3 '20Q4 '20Q1 '21Q2 '21Q3 '21Q4 '21Q1 '22Q2 '22Q3 '22Q4 '22Q1 '23Q2 '23Q3 '23Q4 '23Q1 '24Q2 '24Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26

Free cash flow

5Y n/m10Y CAGR +5.9%YoY −32.5%
$423.1M FY25$105.2M Q3 '26
FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Q4 '16Q1 '17Q2 '17Q3 '17Q4 '17Q1 '18Q2 '18Q3 '18Q4 '18Q1 '19Q2 '19Q3 '19Q4 '19Q1 '20Q2 '20Q3 '20Q4 '20Q1 '21Q2 '21Q3 '21Q4 '21Q1 '22Q2 '22Q3 '22Q4 '22Q1 '23Q2 '23Q3 '23Q4 '23Q1 '24Q2 '24Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26

Shares (diluted)

5Y +12.2%10Y +25.5%YoY −2.2%
326.9M TTM324M Q3 '26
FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25TTM
Q4 '16Q1 '17Q2 '17Q3 '17Q4 '17Q1 '18Q2 '18Q3 '18Q4 '18Q1 '19Q2 '19Q3 '19Q4 '19Q1 '20Q2 '20Q3 '20Q4 '20Q1 '21Q2 '21Q3 '21Q4 '21Q1 '22Q2 '22Q3 '22Q4 '22Q1 '23Q2 '23Q3 '23Q4 '23Q1 '24Q2 '24Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26

Dividend per share

5Y CAGR +3.6%10Y CAGR +4.5%YoY +1.2%
$1.73 TTM$0.43 Q3 '26
FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25TTM
Q4 '16Q1 '17Q2 '17Q3 '17Q4 '17Q1 '18Q2 '18Q3 '18Q4 '18Q1 '19Q2 '19Q3 '19Q4 '19Q1 '20Q2 '20Q3 '20Q4 '20Q1 '21Q2 '21Q3 '21Q4 '21Q1 '22Q2 '22Q3 '22Q4 '22Q1 '23Q2 '23Q3 '23Q4 '23Q1 '24Q2 '24Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26

Shares outstanding (point-in-time)

2024-09 330.0M2024-12 331.1M2025-03 331.3M2025-06 331.3M2025-09 330.5M2025-12 328.6M2026-03 324.9M2026-06 321.3M2026-09 316.9M-4.0% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeFiguresAs-reported fiscal years.
Line itemTrendFY2025FY2024FY2023FY2022FY2021
Income Statementas ofDec 31 ’25as ofDec 31 ’24as ofDec 31 ’23as ofDec 31 ’22as ofDec 31 ’21
1.71B+2.4%1.67B+2.7%1.63B+7.3%1.52B+17.6%1.29B+4.0%
Lease income1.70B+2.3%1.66B+2.6%1.62B+7.2%1.51B+17.7%1.28B+3.9%
Selling, general & administrative85.1M+0.9%84.3M+20.6%69.9M+9.0%64.1M+11.5%57.5M+15.3%
General & administrative85.1M+0.9%84.3M+20.6%69.9M+9.0%64.1M+11.5%57.5M+15.3%
Operating income554M+94.5%285M-55.2%635M+153.2%251M-6.4%268M+7.6%
Interest expense197M+0.5%196M+8.2%181M+16.0%156M-16.3%186M-8.1%
Other non-operating income19.2M+255.4%-12.3M-169.5%17.8M+356.2%-6.93M-146.0%15.1M+140.4%
Equity-method income28.4M+40.3%20.2M+331.2%4.69M-5.1%4.95M-92.5%65.6M+248.4%
Pre-tax income405M+318.1%96.8M-79.7%477M+412.9%92.9M-42.8%162M+127.1%
Income tax835K-5.0%879K-58.3%2.11M+503.4%349K-75.7%1.44M-43.5%
378M+321.6%89.6M-79.8%444M+411.2%86.9M-42.1%150M+133.4%
Net income to non-controlling interest26.0M+313.4%6.29M-79.1%30.1M+432.9%5.66M-48.5%11.0M+133.4%
Preferred dividends4.84M+0.1%4.83M-0.3%4.85M+9.9%4.41M+4.3%4.23M-0.0%
Net income to common373M+340.0%84.8M-80.7%440M+432.7%82.5M-43.4%146M+142.8%
$1.13+334.6%$0.26-80.6%$1.34+415.4%$0.26-45.8%$0.48+140.0%
EPS (basic)$1.13+334.6%$0.26-80.6%$1.34+415.4%$0.26-46.9%$0.49+145.0%
Weighted-avg shares (basic)330M+0.3%329M+0.2%329M+2.2%322M+7.1%300M+2.0%
Weighted-avg shares (diluted)331M+0.3%330M+0.3%329M+2.0%323M+7.0%302M+2.3%
Dividends per share$1.72+1.2%$1.70+1.2%$1.68+10.5%$1.52+4.8%$1.45+0.7%
Balance Sheetas ofDec 31 ’25as ofDec 31 ’24as ofDec 31 ’23as ofDec 31 ’22as ofDec 31 ’21
Cash & equivalents1.22M-7.8%1.33M-54.6%2.92M+144.9%1.19M+23.4%967K-31.4%
10.6B-2.7%10.9B-4.2%11.4B+3.0%11.0B+2.4%10.8B+11.8%
Operating lease right-of-use188M+0.3%187M-1.9%191M-1.8%194M-1.7%197M-1.7%
Intangible assets21.6M-30.3%31.0M-32.3%45.9M+13.8%40.3M-35.7%62.7M+67.5%
6.46B+0.3%6.44B+0.2%6.42B+5.3%6.10B+1.6%6.00B+8.7%
Long-term debt5.82B-0.1%5.83B+0.5%5.80B+5.7%5.49B+1.4%5.41B+8.8%
Operating lease liability (total)183M+0.4%182M-1.9%186M-1.8%189M-1.7%192M-1.6%
3.29B-4.5%3.44B-13.7%3.99B-2.6%4.10B+19.0%3.44B+6.5%
Common stock3.28M-0.8%3.31M+0.6%3.29M+0.0%3.29M+3.4%3.18M+7.2%
Additional paid-in capital7.48B-1.2%7.57B+1.1%7.49B-0.0%7.49B+8.8%6.88B+17.1%
Accumulated other comprehensive income1.66M-54.4%3.64M-26.0%4.91M-41.1%8.34M+295.8%-4.26M+53.4%
Non-controlling interest335K+0.0%335K+59.5%210K+0.0%210K-99.3%31.4M+28.9%
Total equity incl. non-controlling3.29B-4.5%3.44B-13.7%3.99B-2.6%4.10B+18.0%3.47B+6.6%
Total liabilities & equity10.6B-2.7%10.9B-4.2%11.4B+3.0%11.0B+2.4%10.8B+11.8%
Common shares issued328M-0.8%331M+0.6%329M+0.0%329M+3.4%318M+7.3%
Common shares outstanding328M-0.8%331M+0.6%329M+0.0%329M+3.4%318M+7.3%
Shares outstanding (cover)329M-0.8%331M+0.6%329M+0.0%329M+3.4%318M+7.2%
Cash Flowas ofDec 31 ’25as ofDec 31 ’24as ofDec 31 ’23as ofDec 31 ’22as ofDec 31 ’21
903M+3.0%877M+5.3%833M+1.5%820M+23.5%664M+9.9%
Depreciation & amortization680M-2.2%695M+0.5%692M+1.8%680M+9.6%620M+0.2%
Share-based compensation26.5M-18.8%32.6M-0.8%32.9M+19.6%27.5M+24.7%22.1M+12.4%
Other operating activities32.5M+19.9%27.1M+198.2%9.09M-71.3%31.7M+65.2%19.2M+57.3%
-151M+45.4%-276M+4.4%-289M+68.9%-930M+26.9%-1.27B-176.1%
Capital expenditure480M—486M-37.3%775M-51.2%1.59B+126.0%
Free cash flow423M—347M+672.1%44.9M+104.9%-925M-835.7%
Acquisitions0.00——0.000.00
-750M-25.1%-600M-11.3%-539M-584.4%111M-81.8%613M+501.4%
Long-term debt issued0.000.000.000.000.00
Long-term debt repaid0.000.000.000.000.00
Common stock issued0.000.00+100.0%-551K-100.1%630M-30.0%899M+779.4%
Common stock repurchased118M0.00-100.0%25.0M-49.0%49.0M0.00-100.0%
Dividends paid568M+1.7%558M+3.5%540M+11.6%484M+11.5%434M+3.4%
Other financing activities-14.0M+41.0%-23.7M-39.1%-17.0M+30.0%-24.4M-51.7%-16.1M-26.1%
Interest paid191M-0.8%192M+4.3%184M+18.9%155M+13.1%137M-14.1%
Income taxes paid1.37M+31.5%1.04M-45.4%1.91M+66.9%1.15M-76.0%4.78M+364.3%
Valuation Ratiosas ofDec 31 ’25as ofDec 31 ’24as ofDec 31 ’23as ofDec 31 ’22as ofDec 31 ’21
Market cap12.0B-16.2%14.4B+14.0%12.6B-0.1%12.6B-33.9%19.1B+67.4%
P/E31.9×-80.1%160.3×+480.3%27.6×-65.0%78.9×-38.0%127.2×-28.3%
P/S7.0×-18.1%8.6×+10.1%7.8×-9.3%8.6×-41.8%14.8×+61.0%
P/B3.7×-12.2%4.2×+37.5%3.0×-4.9%3.2×-42.4%5.5×+57.3%
P/FCF28.5×—37.0×——
Earnings yield3.1%+402.9%0.62%-82.8%3.6%+185.5%1.3%+61.3%0.79%+39.4%
FCF yield3.5%—2.7%——
Dividend yield4.7%+19.7%3.9%-10.7%4.4%+11.8%3.9%+62.4%2.4%-35.5%
Source filing10-K10-K10-K10-K10-K

About this data

Source: UDR’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all UDR filings on SEC EDGAR → Not investment advice.