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UDR cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$135M in Q3 2026 · $614M over twelve months

Operating cash flow$202M
Capital spending−$67.1M
Free cash flow+$135M
Cash / net income0.9×

Analysis

In Q3 2026, UDR generated $202M of operating cash flow and spent $67.1M on capital projects, leaving free cash flow of $135M. That is $30.0M less than in Q3 2025 ($165M).

Over the twelve months to Sep 30, 2026, operating cash flow was $854M; the largest uses were dividends ($565M), buybacks ($393M), other investing ($331M); besides operations, cash came from asset & business sales ($809M), net borrowing (+) / repaid (−) ($220M); the cash balance rose by $716K.

Operating cash flow was $202M against net income of $231M — 0.9× profit, less cash than reported earnings, worth checking against working capital. The largest differences: depreciation & amortization +$165M, stock-based pay +$8.0M, gains on investments −$2.5M.

Free cash flow

UDR: free cash flow by quarterUDR: free cash flow by quarter$179MQ4 2024$103MQ1 2025$190MQ2 2025$165MQ3 2025$192MQ4 2025$85.3MQ1 2026$201MQ2 2026$135MQ3 2026
Operating cash flow less capital spending.
UDR: operating cash flow against capital spendingUDR: operating cash flow against capital spendingOperating cash flowCapital spending$241M$61.1MQ4 2024$156M$53.0MQ1 2025$250M$60.3MQ2 2025$235M$70.3MQ3 2025$261M$69.3MQ4 2025$129M$43.5MQ1 2026$262M$60.7MQ2 2026$202M$67.1MQ3 2026
Latest (Q3 2026): Operating cash flow $202M, Capital spending $67.1M.

Capital allocation, year by year

UDR: where the cash came from (up) and went (down), by fiscal yearUDR: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $664MFY2021: Net borrowing $243MFY2021: Shares issued $899MFY2021: Asset sales $280MFY2021: Capital spending −$178MFY2021: Dividends −$434M$2.1BFY2021FY2022: Operating cash flow $820MFY2022: Net borrowing $77.3MFY2022: Shares issued $630MFY2022: Asset sales $40.8MFY2022: Capital spending −$215MFY2022: Buybacks −$49.0MFY2022: Dividends −$484M$1.6BFY2022FY2023: Operating cash flow $833MFY2023: Net borrowing $83.4MFY2023: Shares issued −$551KFY2023: Asset sales $326MFY2023: Capital spending −$295MFY2023: Buybacks −$25.0MFY2023: Dividends −$540M$1.2BFY2023FY2024: Operating cash flow $877MFY2024: Net borrowing $25.1MFY2024: Asset sales $98.7MFY2024: Capital spending −$250MFY2024: Dividends −$558M$1.0BFY2024FY2025: Operating cash flow $903MFY2025: Net borrowing −$6.2MFY2025: Asset sales $374MFY2025: Capital spending −$253MFY2025: Buybacks −$118MFY2025: Dividends −$568M$1.3BFY2025
Over these 5 years operating cash flow totalled $4.1B; the largest uses were dividends ($2.6B) and capital spending ($1.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.2M
Debt$5.8B
Net debt$5.8B
Due within a year$802M

UDR funds itself: free cash flow was $614M over the last twelve months, and $1.2M of cash and investments stands against $5.8B of debt ($802M due within a year, 0.0× covered by cash).

UDR: debt maturities by year (FY2025)UDR: debt maturities by year (FY2025)$802MYear 1$333MYear 2$467MYear 3$966MYear 4$831MYear 5
Principal due in each year as disclosed in the annual report, against $1.2M of cash and investments now.

Where the cash came from and went

UDR: sources (+) and uses (−) of cash, Q3 2026UDR: sources (+) and uses (−) of cash, Q3 2026Other financing−$302MAsset & business sales$286MNet borrowing (+) / repaid (−)$242MReal estate bought−$230MOperating cash flow$202MDividends−$140MCapital spending−$67.1MOther investing$19.9MPartners−$9.7MCash drawn (+) / kept (−)−$833K
UDR: sources (+) and uses (−) of cash, TTM to Q3 2026UDR: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$854MAsset & business sales$809MDividends−$565MBuybacks−$393MOther investing−$331MOther financing−$313MCapital spending−$241MNet borrowing (+) / repaid (−)$220MPartners−$39.5MCash drawn (+) / kept (−)−$716K

From profit to cash

UDR: net income to operating cash flow, Q3 2026UDR: net income to operating cash flow, Q3 2026Net income$231MDepreciation & amortization$165MStock-based pay$8.0MGains on investments−$2.5MOperating cash flow$202M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$202M−$67.1M—−$140M$242M−$833K$135M
Q2 2026$262M−$60.7M−$200M−$142M$150M−$1.3M$201M
Q1 2026$129M−$43.5M−$100M−$141M−$159M$2.1M$85.3M
Q4 2025$261M−$69.3M−$92.8M−$142M−$13.5M−$686K$192M
Q3 2025$235M−$70.3M−$25.0M−$142M$59.6M−$1.1M$165M
Q2 2025$250M−$60.3M—−$142M−$36.2M−$1.8M$190M
Q1 2025$156M−$53.0M—−$141M−$16.1M$2.1M$103M
Q4 2024$241M−$61.1M—−$140M−$37.5M$125K$179M

UDR: income statement and cash flow

UDR, Q3 2026: revenue $428M (-0.9% year over year), operating margin 63.1%. The chart follows the revenue to costs, profit and cash.

UDR: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.