Research Reports

Key takeaways

Net income rose 147.4% to $189.8M, and diluted EPS increased 147.8% to $0.57, both reflecting improved operating performance and lower prior-year non-recurring expenses.

Operating margin expanded to 54.0%, as operating income growth significantly outpaced revenue growth.

Net cash provided by operating activities was $128.7M, down from $156.2M in Q1 2025, reflecting timing and working capital dynamics.

Full analysis

Operating Performance

Net Income and Earnings Per Share

Cash Flow and Liquidity

Operational Headwinds

Contextual Metric Use

Management consistently emphasizes Net Operating Income (NOI) as a more meaningful indicator of community-level operating performance than net income, because it excludes corporate-level allocations, general and administrative costs, capital structure effects, and depreciation. While specific NOI figures are not included in the authoritative financial packet used for this revision, the emphasis on NOI underscores how management evaluates underlying asset productivity — a perspective investors should retain when interpreting consolidated results.

UDR · UDR, Inc.