Short answer

UDR, Inc. (UDR) filed its fiscal 2025 10-K annual report with the SEC on Feb 17, 2026. It reported revenue of $11M (+36.6% year over year) and net income of $378M.

Top risk flagged: Rent control/stabilization laws risk limiting rent increases amid rising operating costs in major markets including D.C., Boston, San Francisco

FY2025 key financial metrics · XBRL

Revenue: $11M; +36.6% YoY
Net income: $378M; +321.6% YoY
Operating margin: 4872.9%; +1451.3 pp YoY
EPS (diluted): $1.13; +334.6% YoY
ROE: 11.5%; +8.9 pp YoY
Operating cash flow: $903M; +3.0% YoY

Source: XBRL data from the UDR, Inc. (UDR) FY2025 10-K on SEC EDGAR. USD.

UDR, Inc. FY2025 10-K analysis

AI summary of each section, grounded in the filing text

Business Overview

Core business: Owns, operates, and manages multifamily apartment communities in 21 U.S. markets, focusing on diversified portfolio with emphasis on stable income growth
New emphasis on developing one wholly-owned community with 300 apartments in Riverside, California, first new development since prior year with no redevelopments active
Strategic shift includes strengthening human capital with a multi-year HR roadmap, launching Life@UDR culture platform, and enhancing compensation governance
Net income $372.9M vs $84.8M prior year, driven by increased gains on real estate dispositions and higher Same-Store NOI growth of 2.3%
Completed a partial sale and joint venture restructuring generating $202.8M cash proceeds and recognized a gain of $195.0M, a notable liquidity event in 2025

Management Discussion & Analysis

Revenue $615M in 2025 vs $600M in 2024, net income $100.1M vs $77.5M, driven by higher NOI and occupancy
Operating income $162.9M in 2025 vs $140.8M in 2024; NOI growth contributed to margin improvement (specific margin % not disclosed)
Best performing: Same-Store Communities segment with net operating income $1.104B and 96.9% occupancy; Worst: Non-Mature Communities/Other with $57.9M income
Net cash from operating activities $902.9M in 2025 vs $876.8M in 2024; investing activities used $151.0M vs $276.4M, share repurchases $117.8M for 3.3M shares
Management expects 2026 debt maturities $801.7M (secured) and $745.0M (unsecured) to be funded by operations, debt/equity issuance, property sales; no sales under ATM in 2025, 14M shares available

Risk Factors

Rent control/stabilization laws risk limiting rent increases amid rising operating costs in major markets including D.C., Boston, San Francisco
Geographic concentration risk with 74.5% NOI from eight metro areas exposed to regional economic downturns or regulatory changes
Supply chain constraints in development increase costs, delay occupancy start dates, exacerbated by tariffs and labor shortages
Competition from single-family rentals and condominiums threatens leasing ability and rent growth potential
Joint venture partner disputes or capital contribution failures risk forcing unfavorable asset sales or additional capital injections totaling $886.5M equity exposure

Generated from the filing text; verify against the original. How to read a 10-K

Ask about this 10-K

Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.

Start free