UDR
UDR · NYSEReal Estate Investment Trusts · Fiscal year ends Dec 31
UDR reported revenue of $11M in the fiscal year ended Dec 2025, up 36.6% from the year before. Operating income was $554M, an operating margin of 4872.9%, and net income was $378M. Net debt was $5.8B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $6M | $5M | $7M | $8M | $11M |
| Operating income | $268M | $251M | $635M | $285M | $554M |
| Interest expense | $186M | $156M | $181M | $196M | $197M |
| Pre-tax income | $162M | $93M | $477M | $97M | $405M |
| Income tax | $1M | $349,000 | $2M | $879,000 | $835,000 |
| Net income | $150M | $87M | $444M | $90M | $378M |
| Diluted EPS | 0.48 | 0.26 | 1.34 | 0.26 | 1.13 |
| Diluted shares | 302M | 323M | 329M | 330M | 331M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $967,000 | $1M | $3M | $1M | $1M |
| Total assets | $10.8B | $11B | $11.4B | $10.9B | $10.6B |
| Long-term debt | $5.4B | $5.5B | $5.8B | $5.8B | $5.8B |
| Total liabilities | $6B | $6.1B | $6.4B | $6.4B | $6.5B |
| Shareholders' equity | $3.4B | $4.1B | $4B | $3.4B | $3.3B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $664M | $820M | $833M | $877M | $903M |
| Depreciation & amortisation | $620M | $680M | $692M | $695M | $680M |
| Stock-based compensation | $22M | $28M | $33M | $33M | $26M |
| Share buybacks | – | $49M | $25M | – | $118M |
| Dividends paid | $434M | $484M | $540M | $558M | $568M |
| Dividend per share | 1.45 | 1.52 | 1.68 | 1.70 | 1.72 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −17.7% | 36.3% | 21.5% | 36.6% |
| Operating income growth (YoY) | – | −6.4% | 153.2% | −55.2% | 94.5% |
| EPS growth (YoY) | – | −45.8% | 415.4% | −80.6% | 334.6% |
| Operating margin | 4391.5% | 4994.3% | 9279.7% | 3421.5% | 4872.9% |
| Net margin | 2458.5% | 1730.9% | 6493.5% | 1077.1% | 3324.6% |
| Return on equityBlank when equity is negative | 4.4% | 2.1% | 11.1% | 2.6% | 11.5% |
| Cash conversion (CFO ÷ net income) | 4.43x | 9.43x | 1.87x | 9.79x | 2.39x |
| Interest cover | 1.44x | 1.61x | 3.51x | 1.45x | 2.82x |
| Debt ÷ equity | 1.57x | 1.34x | 1.45x | 1.69x | 1.77x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $5.4B | $5.5B | $5.8B | $5.8B | $5.8B |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.