AI Takeaway
UDR delivered strong FY2025 results with revenue growing 2.4% to $1.71B, while net income surged 321.6% to $377.7M driven by significantly improved operating margins and disciplined cost management.
Revenue
$1.71B
++2.42% YoY
EPS (Basic)
$1.13
++334.62% YoY
Operating Income
$553.61M
++94.54% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-K filing
Total revenue increased 2.4% year-over-year to $1.71B in FY2025 from $1.67B in FY2024, reflecting steady demand for UDR's multifamily apartment communities across its portfolio.
Source: Source: 10-K Income Statement, Financial Data
Operating income nearly doubled, rising 94.5% to $553.6M from $284.6M in the prior year, pushing the operating margin from 17.0% to 32.3% — a 15.3 percentage point improvement, suggesting meaningful gains in operational efficiency or reduced non-cash charges.
Source: Source: 10-K Income Statement, Financial Data
Net income jumped 321.6% to $377.7M from $89.6M in FY2024, with basic and diluted EPS rising to $1.13 from $0.26, reflecting both improved operations and potentially favorable asset dispositions or reduced impairments.
Source: Source: 10-K Income Statement, Financial Data
2 more insights available
Upgrade to unlockUDR carries $5.82B in long-term debt against stockholders' equity of $3.29B, resulting in a debt-to-equity ratio of approximately 1.96x. In a rising or sustained high interest rate environment, refinancing this debt could increase interest expense and pressure earnings and dividend coverage.
Source: Source: 10-K Balance Sheet, Financial Data
Unlock 4 more detailed risk analysis
Upgrade to unlockReported EPS of $0.08 versus the $0.15 analyst consensus — a -47.6% miss for FY2025.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $1.71B | $1.67B | +2.42% |
Operating Income | $553.61M | $284.57M | +94.54% |
Net Income | $377.7M | $89.58M | +321.62% |
EPS (Basic) | $1.13 | $0.26 | +334.62% |
EPS (Diluted) | $1.13 | $0.26 | +334.62% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $10.61B | $10.9B | -2.68% |
Total Liabilities | $6.46B | $6.44B | +0.31% |
Stockholders' Equity | $3.29B | $3.44B | -4.49% |
Cash & Equivalents | $1.22M | $1.33M | -7.84% |
Long-Term Debt | $5.82B | $5.83B | -0.10% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $902.89M | $876.85M | +2.97% |
Investing Cash Flow | $-150.99M | $-276.35M | +45.36% |
Financing Cash Flow | $-750.39M | $-599.94M | -25.08% |
Share Buybacks | $117.81M | — | — |
D&A | $680.03M | $695.47M | -2.22% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Margin | 32.3% | 17.0% | +15.31% |
Net Margin | 22.1% | — | — |
ROE | 11.5% | — | — |
ROA | 3.6% | — | — |
Debt to Equity | $1.964 | — | — |
Other companies in Multi-Family Residential REITs
UDR had a strong FY2025, with revenue growing 2.4% to $1.71B and net income surging 321.6% to $377.7M. Operating cash flow also grew 3.0% to $902.9M, underscoring the health of its core apartment business.
UDR's net income rose 321.6% to $377.7M in FY2025 from just $89.6M in FY2024, driven by a near-doubling of operating income to $553.6M and an operating margin expansion from 17.0% to 32.3%. This likely reflects reduced non-recurring charges, improved property-level performance, or gains from asset dispositions.
The most significant risks include UDR's high leverage, with $5.82B in long-term debt and a debt-to-equity ratio of ~1.96x, and extremely thin cash reserves of just $1.2M. Rising interest rates or difficulty refinancing debt could materially pressure earnings and the company's ability to sustain its dividend.
UDR repurchased $117.8M of its shares in FY2025, contributing to total financing outflows of $750.4M for the year. This buyback activity, combined with dividends, reflects the company's commitment to returning capital to shareholders.
UDR's operating fundamentals are solid, with $902.9M in operating cash flow and a 32.3% operating margin in FY2025, but the balance sheet carries meaningful risk with $5.82B in long-term debt and only $1.2M in cash. Investors should monitor interest rate trends and the company's debt refinancing schedule as key indicators of financial health.