UDR, Inc. reported its third quarter 2025 results, showing positive changes in various financial metrics compared to the same period last year. Net income per diluted share for the quarter ended September 30, 2025, was $0.12, representing a 100% increase compared to the same period in 2024. Funds from operations (FFO) per diluted share was $0.62, a 3% increase from the third quarter of 2024, while FFO as adjusted (FFOA) per diluted share was $0.65, marking a 3.5% increase from the same period last year.
The company's same-store results for the third quarter of 2025 compared to the third quarter of 2024 and the second quarter of 2025, as well as year-to-date 2025 versus year-to-date 2024, showed revenue growth of 2.6%, expense growth of 3.1%, and net operating income (NOI) growth of 2.3%.
UDR, Inc. also engaged in several significant transactions during the third quarter, including the acquisition of a 406-apartment home community in suburban metropolitan Washington, D.C., for approximately $147.0 million. Additionally, the company received full repayment of its approximately $32.2 million preferred equity investment in a stabilized 142-apartment home community located in the Los Angeles, CA MSA upon the sale of the community to a third-party investor.
Furthermore, the company repurchased approximately 651 thousand shares of its common stock at a weighted average share price of $38.37 for total consideration of approximately $25.0 million during the quarter. It also extended the maturity date of its $350.0 million senior unsecured term loan and entered into a swap agreement for $175.0 million under the term loan at a fixed rate of 4.0 percent.
UDR's outlook for the fourth quarter of 2025 includes raised guidance ranges for net income and FFOA per diluted share, and updated ranges for FFO per diluted share and same-store growth. The company's full-year 2025 midpoint for FFOA per diluted share was revised upward by $0.02.
In terms of balance sheet metrics, the company's total revenue increased by $11.7 million year-over-year, or 2.8%, to $431.9 million. Its total indebtedness as of September 30, 2025, was $5.8 billion, with approximately $1.0 billion in liquidity through a combination of cash and undrawn capacity on its credit facilities.
UDR, Inc. also declared a regular quarterly dividend on its common stock for the third quarter of 2025 in the amount of $0.43 per share, representing a 1.2% increase over the comparable period in 2024.
The company's corporate responsibility efforts were recognized as it was named a top workplaces winner in the real estate industry for the second consecutive year, and it published its seventh annual corporate responsibility report.
For more detailed financial information, the full text of the earnings report and related quarterly supplement is available on the investor relations section of the company’s website. Following these announcements, the company's shares moved -2.69%, and are now trading at a price of $35.04. For more information, read the company's full 8-K submission here.
