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# UDR Raises 2026 Profit Outlook After Apollo Venture Brings In $1.34 Billion
- URL: https://www.bullished.co/udr-raises-2026-profit-outlook-after-apollo-venture-brings-in-1-34-billion-3335103e/
- Published: 2026-11-02T21:41:43.000Z
- Updated: 2026-11-02T21:41:43.000Z
- Description: The apartment landlord also bought back about 5.2 million shares through October and lifted its full-year cash-earnings range.
- Author: Matteo Parrino
- Tags: Earnings, UDR, Industry: Real Estate

[UDR](https://www.bullished.co/tag/udr/), the apartment landlord, [raised its 2026 forecasts](https://www.businesswire.com/news/home/20261101998492/en/UDR-Inc.-Announces-Third-Quarter-2026-Results-and-Raises-Full-Year-2026-Guidance-Ranges?ref=bullished.co) for net income and adjusted cash earnings on Monday, after closing a joint venture with Apollo that [brought in $1.34 billion](https://www.sec.gov/Archives/edgar/data/0000074208/000007420826000084/udr-ex99d1.htm?ref=bullished.co) of equity capital. Most of the jump in profit guidance traces to property sales, not operations.

## Guidance moves, with a sales gain underneath

UDR now expects full-year net income of [$1.58 to $1.60](https://www.businesswire.com/news/home/20261101998492/en/UDR-Inc.-Announces-Third-Quarter-2026-Results-and-Raises-Full-Year-2026-Guidance-Ranges?ref=bullished.co) per diluted share, up from $1.03 to $1.11\. Its guidance for FFO as adjusted, the cash-earnings measure REITs use, moved to $2.54 to $2.56 from $2.49 to $2.57\. Fourth-quarter guidance for that measure is $0.63 to $0.65.

Third-quarter net income was $0.67 per diluted share against $0.12 a year earlier. The [financial supplement](https://www.sec.gov/Archives/edgar/data/0000074208/000007420826000084/udr-ex99d2.htm?ref=bullished.co) shows a $190.1 million gain on real estate sales in the quarter, while FFO as adjusted held flat at $0.65.

Same-store revenue, measured excluding the Apollo communities, grew 1.8% from a year earlier and expenses rose 2.2%. CEO Tom Toomey said operations and FFO as adjusted "exceeded our expectations and drove our second guidance raise of 2026."

## What Apollo bought, and what UDR kept

UDR, a real estate investment trust that owns and manages apartment communities across the United States, put 19 communities with 7,059 homes into the venture, valued at roughly a 6.0 percent capitalization rate. The deal is worth $2.0 billion.

UDR keeps about a one-third interest, continues to manage the portfolio for an asset management fee, and holds an option to buy back Apollo's stake at a 7.0 percent target return for a finite period starting at the fifth anniversary of closing. Toomey said the partnership reduces leverage and positions UDR to pursue new investments.

## Buybacks, sales and a lending runoff

Through the end of October UDR repurchased about 5.2 million shares at a weighted average $35.48, for roughly $185.1 million, leaving about 20.3 million shares authorized. Since resuming buybacks in September 2025 it has bought about 16.7 million shares for roughly $603.2 million, at an average $36.06.

It sold two communities in Seattle and Nashville for $183.0 million and is under contract to sell a 396-home Washington, D.C.-area community for about $69.0 million. It also took ownership of a 286-home Portland community and a 483-home Southern California community while winding down its debt and preferred equity lending book, and agreed to buy a 237-home community in the first half of 2027.

Total debt was $5.8 billion at the end of September at a 3.45 percent average rate.

UDR hosts its third-quarter webcast and conference call at 12:00 p.m. Eastern on November 3.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — UDR, Inc. (UDR)](https://www.sec.gov/Archives/edgar/data/0000074208/000007420826000084/udr-20261102x8k.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit udr-ex99d1.htm — UDR, Inc. 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0000074208/000007420826000084/udr-ex99d1.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit udr-ex99d2.htm — UDR, Inc. 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0000074208/000007420826000084/udr-ex99d2.htm?ref=bullished.co) — SEC EDGAR
- [UDR, Inc. Announces Third Quarter 2026 Results and Raises Full-Year 2026 Guidance Ranges](https://www.businesswire.com/news/home/20261101998492/en/UDR-Inc.-Announces-Third-Quarter-2026-Results-and-Raises-Full-Year-2026-Guidance-Ranges?ref=bullished.co) — businesswire.com

### More on UDR

- [UDR's Preliminary Quarterly Net Income Is $0.67 A Share, But Core Profit Only Hit The Top Of Guidance](https://www.bullished.co/udrs-preliminary-quarterly-net-income-is-0-67-a-share-but-core-profit-only-hit-the-top-of-bbd24498/)

[All UDR (UDR) coverage →](https://www.bullished.co/tag/udr/)