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Jun 30
UDR Q2 2025 Earnings Report
UDR reported solid financial performance in Q2 2025, driven by strong same-store NOI growth and increased revenues.
Key Takeaways
UDR delivered a strong second quarter with higher revenue and net income, supported by gains in same-store NOI and strategic investment activities.
EPS came in at $0.11, in line with guidance, while FFOA per share reached $0.64, up from $0.62 last year.
Same-store NOI grew 2.9% YoY, with stable occupancy at 96.9%.
Revenue increased by $10.1 million YoY, reaching $425.4 million.
UDR raised full-year FFOA and same-store growth guidance amid favorable apartment demand trends.
UDR
UDR
UDR Revenue by Geographic Location
Revenue by Geographic Location
West Revenue
CapyFin.comMid-Atlantic Revenue
CapyFin.comNortheast Revenue
CapyFin.comSoutheast Revenue
CapyFin.comSouthwest Revenue
CapyFin.comOther Markets Revenue
CapyFin.com Forward Guidance
UDR updated its full-year 2025 guidance, raising expectations for FFOA and same-store growth metrics, while revising net income and FFO downward.
Positive Outlook
- Raised FFOA per diluted share guidance to $2.49–$2.55.
- Increased same-store revenue growth outlook to 1.75%–3.25%.
- Raised same-store NOI growth midpoint by 0.5%.
- Continued strong occupancy rates near 97%.
- Improved physical resident turnover by 350 basis points YoY.
Challenges Ahead
- Lowered full-year net income per diluted share guidance midpoint by $0.05.
- Lowered FFO per share guidance midpoint to $2.45.
- Expense growth expected to outpace initial assumptions at 2.5%–3.5%.
- Southwest and Southeast regions showed YoY declines in same-store revenue.
- Higher real estate depreciation contributing to flat FFO growth.