UDR (NYSE: UDR) lifts guidance and lines up a $2 billion Apollo JV

Posted by Micah Haroldson on Oct 21st, 2026

What happened

UDR, Inc. (NYSE: UDR) said on October 21, 2026 that it raised full-year 2026 guidance and posted preliminary third-quarter results.

Preliminary net income per diluted share was $0.67, above the earlier $0.13 to $0.15 range. Preliminary FFOA per diluted share was $0.65, the top of the prior $0.63 to $0.65 range. UDR also set fourth-quarter outlooks and said full-year net income guidance is now $1.58 to $1.60, while FFOA guidance is $2.54 to $2.56.

The same release came with a separate Apollo announcement. UDR and Apollo intend to form a long-term joint venture owning 19 communities with 7,059 apartment homes and a stated value of about $2.0 billion. Apollo-managed funds and affiliates would invest $1.34 billion, and UDR would keep a one-third interest and consolidate the venture.

Key numbers

Metric	Latest	Change	Source
Preliminary third-quarter 2026 net income per diluted share	$0.67		SEC 8-K
Preliminary third-quarter 2026 FFOA per diluted share	$0.65		SEC 8-K
Full-year 2026 net income midpoint per diluted share	$1.59	+$0.52	SEC 8-K
Full-year 2026 FFOA midpoint per diluted share	$2.55	+$0.02	SEC 8-K
Gross proceeds from two apartment community sales	$183.0 million		SEC 8-K
Weighted average physical occupancy	96.5%		SEC 8-K

Why it matters

UDR's same-store metrics were 96.5% weighted average physical occupancy and 2.0% effective blended lease rate growth for the quarter. Apollo's $1.34 billion equity is about 67% of the venture's $2.0 billion stated value, so UDR is adding outside capital while keeping a one-third interest and consolidating the portfolio. UDR said the Apollo transaction does not affect 2026 per-share guidance.

UDR also said it sold two apartment communities in Seattle and Nashville for $183.0 million gross. The company also said it remains under contract to sell a 296-home apartment community in Metropolitan Washington, D.C. for about $68.5 million. It received about $103.2 million in cash proceeds when it expanded its LaSalle Investment Management venture with a 360-home Nashville community, and it got a full repayment of about $29.5 million on a preferred equity investment in Orlando.

The pro forma read-through is still limited because the quarter-end review is not complete and the preliminary results are unaudited. Net income also includes a $190.07 million net gain on the sale of depreciable real estate owned, net of tax.

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What's next

UDR said it will report final third-quarter results on November 2, 2026, and hold an affiliated webcast and conference call at 12:00 p.m. Eastern Time on November 3, 2026. The Apollo transaction is expected to close on October 29, 2026, subject to documentation and customary closing conditions. A close and final results that hold near these preliminary numbers would reinforce the update.

From OptimistFi Perps

Sources

UDR, Inc. press release on guidance and preliminary results — SEC 8-K exhibit 99.1 filed October 21, 2026.
UDR, Inc. and Apollo strategic partnership release — SEC 8-K exhibit 99.2 filed October 21, 2026.

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