Earnings Call
Apr 29, 2026
Q1 FY2026
EPS Estimate
0.13
EPS Actual
0.58
Post-Earnings Close
$36.34
Earnings Reaction
+0.5%
UDR's first quarter 2026 results came in at the midpoint of guidance, with FFO as adjusted per share of $0.62, reflecting solid operational execution against a backdrop of still-elevated multifamily supply in certain markets and a meaningful dislocation between public and private real estate valuations. Same-store revenue grew 90 basis points year-over-year, supported by blended lease rate growth of 1.6%, management noted this was the highest among residential REIT peers on both an absolute and relative basis, occupancy in the mid-96% range, and mid-single-digit innovation income growth. Resident retention hit an all-time high, enabling renewal rate growth of 5.2%, nearly double the prior year's pace. Same-store expense growth of 4.4% was elevated by roughly $1.4 million of weather-related costs from winter storms; stripping those out, expense growth would have been approximately 100 basis points better and near the midpoint of full-year guidance.
Report generated on May 1, 2026
AI-generated earnings analysis. Not investment advice.
Chief Executive Officer
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
Read the full UDR analysis
The complete report, with key themes, analyst Q&A summary, notable quotes, and market context — is free with an account. No password, no card.