UDR Inc delivered a solid Q4 2025 performance anchored by a durable revenue base and robust operating leverage. Revenue for the quarter was $433.1 million, up 2.46% year over year, with gross profit of $298.8 million and a gross margin of approximately 69.0%. Operating income reached $277.7 million, yielding an operating margin of 64.11%, while net income rose to $221.7 million and diluted EPS stood at $0.67, reflecting a meaningful year-over-year uplift (net income up ~4,495% and EPS up ~3,645%). Despite the strong GAAP results, EBITDA of $87.5 million and an EBITDAR of 0.202 indicate that depreciation, interest expense, and other non-cash or non-operating items influenced the quarterly earnings mix. The quarter also featured a sizable negative “other expenses” line of $193.2 million and a high level of depreciation ($142.1 million), underscoring ongoing investment activity and non-cash charges.
For the full-year framing, UDR shows a resilient growth trajectory with YoY revenue growth of about 2.5% and meaningful margin persistence. The strong operating income contribution (64% margin) combined with a solid net income margin (~51%) signals a healthy earnings base, albeit with sensitivity to interest costs and development-related spend. The company’s quarterly results reflect ongoing strength in core multifamily assets and value-add opportunities in target markets, complemented by capital recycling and development activity. As management guides the business in a rising-rate environment, key investor questions will center on rent growth, occupancy momentum, capital deployment (acquisitions, development, and redevelopment), and balance sheet maturity.)