UDR Q3 2026 Earnings Call Transcript - UDR (NYSE:UDR)

UDR (NYSE:UDR) reported third-quarter 2026 results on Tuesday, saying performance exceeded the high end of guidance and raised its outlook for full-year same-store growth and FFOA per share. The company also closed a $2 billion joint venture with Apollo, which management says improved equity capital access, reduced leverage, enhanced asset quality and should add to earnings. UDR cited 1.8% same-store revenue growth and 2% blended lease-rate growth, along with a jump in resident retention to 52%, a third-quarter record. It pointed to a shift in lease expirations toward higher-demand months, expecting stronger seasonality from Q3 to Q4 and blended lease-rate growth of 1.5% to 2% in Q4. Capital allocation included debt reduction, acquisitions and share buybacks, with nearly $4 billion year-to-date across major activity categories. Regional strength was highlighted in coastal markets including San Francisco and New York.