UDR Inc (UDR)

UDR, Inc. Expands Share Repurchase Program to Approximately 30 Million SharesMay 4, 2026 4:16 PM
Business Wire UDR, Inc. (NYSE: UDR), a leading multifamily real estate investment trust, today announced that its Board of Directors has authorized increasing its share repurchase program by 25 million shares, effective immediately. This increase gives the Company the ability to repurchase a total of approximately 30 million shares, which equates to more than $1 billion at current share price levels. Share repurchases under this program may be made from time to time in open-market purchases, in block purchases, in privately negotiated transactions or otherwise as determined by the Company. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements, and other market conditions. The share repurchase program does not have an expiration date and may be terminated at any time without prior notice. Forward-Looking Statements Certain statements made in this press release may constitute “forward-looking statements.” Words such as “expects,” “intends,” “believes,” “anticipates,” “plans,” “likely,” “will,” “seeks,” “outlook,” “guidance,” “estimates” and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement, due to a number of factors, which include, but are not limited to, general market and economic conditions, unfavorable changes in the apartment market and economic conditions that could adversely affect occupancy levels and rental rates, the impact of inflation/deflation on rental rates and property operating expenses, the availability of capital and the stability of the capital markets, the impact of tariffs, geopolitical tensions, conflicts and wars, government shutdowns, and changes in immigration, elevated interest rates, the impact of competition and competitive pricing, acquisitions, developments and redevelopments not achieving anticipated results, delays in completing developments, redevelopments and lease-ups on schedule or at expected rent and occupancy levels, changes in job growth, home affordability and demand/supply ratio for multifamily housing, development and construction risks that may impact profitability, risks that joint ventures with third parties and Debt and Preferred Equity Program investments do not perform as expected, the failure of automation or technology to help grow net operating income, and other risk factors discussed in documents filed by the Company with the SEC from time to time, including the Company's Annual Report on Form 10-K and the Company's Quarterly Reports on Form 10-Q. Actual results may differ materially from those described in the forward-looking statements. These forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this press release, and the Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in the Company's expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required under the U.S. securities laws. About UDR, Inc. UDR, Inc. (NYSE: UDR), an S&P 500 company, is a leading multifamily real estate investment trust with a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive real estate communities in targeted U.S. markets. As of March 31, 2026, UDR owned or had an ownership position in 59,782 apartment homes, including 300 apartment homes under development. For over 53 years, UDR has delivered long-term value to shareholders, the best standard of service to residents, and the highest quality experience for associates. Additional information can be found on the Company’s refreshed Investor Relations website at ir.udr.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260504528190/en/ UDR, Inc. Trent Trujillo

UDR, Inc. Announces First Quarter 2026 Results and Updates Full-Year 2026 Guidance RangesApril 29, 2026 4:16 PM
Business Wire
UDR, Inc. (the “Company”) (NYSE: UDR), announced today its first quarter 2026 results. Net Income, Funds from Operations (“FFO”), and FFO as Adjusted (“FFOA”) per diluted share for the quarter ended March 31, 2026, are detailed below.




 






Quarter Ended March 31








Metric






1Q 2026 Actual






1Q 2026 Guidance






1Q 2025 Actual






$ Change vs. Prior Year Period






% Change vs. Prior Year Period








Net Income per diluted share






$0.57






$0.11 to $0.13






$0.23






$0.34






148%








FFO per diluted share






$0.63






$0.61 to $0.63






$0.58






$0.05






9%








FFOA per diluted share






$0.62






$0.61 to $0.63






$0.61






$0.01






2%







Same-Store (“SS”) results for the first quarter 2026 versus the first quarter 2025 and the fourth quarter 2025 are summarized below.




SS Growth / (Decline)






Year-Over-Year (“YOY”):

1Q 2026 vs. 1Q 2025






Sequential:

1Q 2026 vs. 4Q 2025








Revenue






0.9%






(0.4)%








Expense






4.4%






5.7%








Net Operating Income (“NOI”)






(0.8)%






(3.2)%







During the first quarter, the Company,



Completed the sales of four apartment communities with a combined 1,159 apartment homes for gross proceeds totaling $362.0 million.



Received approximately $138.9 million in proceeds from the full repayment of two Debt and Preferred Equity investments.



Repurchased approximately 2.8 million shares of its common stock at a weighted average share price of $36.27 for total consideration of approximately $100.0 million.



Subsequent to quarter-end, the Company,



Repurchased approximately 1.4 million shares of its common stock at a weighted average share price of $35.01 for total consideration of approximately $50.0 million. Since recommencing share repurchases in September 2025, the Company has repurchased approximately $268.0 million of its common stock.



Acquired a 232-apartment home community located in Portland, OR. This investment was previously recognized as part of the Company’s Debt and Preferred Equity program.



Announced, concurrent with this earnings release, the commencement of a monthly common stock dividend, beginning with the dividend payable in July 2026.



Earned the distinction of being named a Top Workplace by USA Today for the second consecutive year.



“First quarter Same-Store and FFOA per diluted share results aligned with our expectations, and we adhered to our capital allocation heatmaps to create shareholder value by selling assets at compelling valuations and repurchasing our stock. In addition, I am excited to announce that UDR has become the first residential REIT to offer monthly dividends. This strategic pivot in dividend policy is consistent with our effort to expand access to capital. Our responsiveness to growing interest in monthly cash distributions is emblematic of UDR’s culture of innovation and long-term value creation,” said Tom Toomey, UDR’s Chairman, President, and CEO.


Outlook(1)


As shown in the table below, the Company has established the following guidance ranges for the second quarter of 2026 and has updated full-year 2026 guidance ranges.




 






1Q 2026




Actual






2Q 2026




Outlook






 




Prior




Full-Year 2026 Outlook






 




Updated




Full-Year 2026 Outlook






Full-Year 2026 Midpoint (Change)








Net Income per diluted share






$0.57






$0.12 to $0.14






$0.45 to $0.55






$0.91 to $1.01






$0.96 (+$0.46)








FFO per diluted share






$0.63






$0.62 to $0.64






$2.47 to $2.57






$2.48 to $2.58






$2.53 (+$0.01)








FFOA per diluted share






$0.62






$0.62 to $0.64






$2.47 to $2.57






$2.47 to $2.57






$2.52 (unch)







YOY Growth:








SS Revenue






0.9%






N/A






0.25% to 2.25%






0.25% to 2.25%






1.25% (unch)








SS Expense






4.4%






N/A






3.00% to 4.50%






3.00% to 4.50%






3.75% (unch)








SS NOI






(0.8)%






N/A






(1.00)% to 1.25%






(1.00)% to 1.25%






0.125% (unch)









(1)







Additional assumptions for the Company’s second quarter and full-year 2026 outlook can be found on Attachment 13 of the Company’s related quarterly Supplemental Financial Information (“Supplement”). A reconciliation of GAAP Net Income per diluted share to FFO per diluted share and FFOA per diluted share can be found on Attachment 14(D) of the Company’s related quarterly Supplement. Non-GAAP financial measures and other terms, as used in this earnings release, are defined and further explained on Attachments 14(A) through 14(D), “Definitions and Reconciliations,” of the Company’s related quarterly Supplement.







Operating Results


In the first quarter, total revenue increased by $3.9 million YOY, or 0.9 percent, to $425.8 million. This increase was primarily attributable to growth in revenue from Same-Store and acquired communities, partially offset by declines in revenue from property dispositions.


“2026 has started as expected, and our results align with guidance and our focus on maximizing revenue growth,” said Mike Lacy, UDR’s Chief Operating Officer. “I am pleased with the progress our teams have made in driving increased innovation income, which includes a variety of services and amenities desired by our residents, and achieving all-time Company high levels of resident retention.”


In the tables below, the Company has presented year-over-year and sequential Same-Store results by region.


Summary of Same-Store Results in the First Quarter 2026 versus the First Quarter 2025




Region






Revenue Growth / (Decline)






Expense




Growth / (Decline)






NOI Growth / (Decline)






% of Same-Store




Portfolio(1)






Physical Occupancy(2)






YOY Change in Occupancy








West






2.7%






8.0%






0.7%






32.4%






96.9%






(0.3)%








Northeast






2.1%






4.7%






0.6%






19.7%






96.8%






(0.5)%








Mid-Atlantic






0.5%






4.8%






(1.5)%






19.1%






96.3%






(1.3)%








Southeast






(1.8)%






2.6%






(3.9)%






12.9%






96.2%






(0.8)%








Southwest






(1.7)%






(0.8)%






(2.2)%






10.9%






96.9%






(0.4)%








Other Markets






(0.4)%






3.1%






(1.7)%






5.0%






95.8%






(0.5)%








Total / Weighted Average






0.9%






4.4%






(0.8)%






100.0%






96.6%






(0.6)%









(1)







Based on 1Q 2026 Same-Store NOI. For definitions of terms, please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplement.








(2)







Weighted average Same-Store physical occupancy for the quarter.







Summary of Same-Store Results in the First Quarter 2026 versus the Fourth Quarter 2025




Region






Revenue Growth / (Decline)






Expense




Growth / (Decline)






NOI Growth / (Decline)






% of Same-Store




Portfolio(1)






Physical Occupancy(2)






Sequential Change in Occupancy








West






(0.3)%






5.9%






(2.6)%






32.4%






96.9%






0.0%








Northeast






(0.3)%






10.2%






(5.6)%






19.7%






96.8%






0.0%








Mid-Atlantic






(0.1)%






8.5%






(3.9)%






19.1%






96.3%






(0.4)%








Southeast






(1.1)%






1.4%






(2.3)%






12.9%






96.2%






(0.5)%








Southwest






(0.5)%






(0.1)%






(0.8)%






10.9%






96.9%






(0.5)%








Other Markets






(0.7)%






0.8%






(1.3)%






5.0%






95.8%






(0.7)%








Total / Weighted Average






(0.4)%






5.7%






(3.2)%






100.0%






96.6%






(0.3)%









(1)







Based on 1Q 2026 Same-Store NOI. For definitions of terms, please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplement.








(2)







Weighted average Same-Store physical occupancy for the quarter.







Transactional Activity


Leveraging the Company’s collaborative and data-driven approach to capital allocation and disciplined perspective on risk-adjusted sources and uses of capital, the following transactions were completed:



During the quarter, the Company completed the sales of four apartment communities, one located in each of Baltimore, Denver, Seattle, and Tampa, with a combined 1,159 apartment homes for gross proceeds totaling $362.0 million.



During the quarter, the Company received proceeds of approximately $138.9 million from the full repayment of two Debt and Preferred Equity investments.



Subsequent to quarter-end, the Company acquired a 232-apartment home community located in Portland, OR, in connection with the liquidation of the Company’s interest in a Debt and Preferred Equity joint venture. As a result, the Company began consolidating the community.



Capital Markets and Balance Sheet Activity


During the quarter and subsequent to quarter-end, the Company repurchased approximately 4.2 million shares of its common stock at a weighted average share price of $35.84 for total consideration of approximately $150.0 million. Since recommencing share repurchases in September 2025, the Company has repurchased approximately 7.4 million shares of its common stock at a weighted average share price of $35.96 for total consideration of approximately $268.0 million.


The Company’s total indebtedness as of March 31, 2026, was $5.7 billion at a weighted average interest rate of 3.4 percent, with $355.0 million, or 6.6 percent of total consolidated debt, maturing through the rest of 2026, including principal amortization and excluding amounts on the Company’s line of credit, commercial paper program, and working capital credit facility. As of March 31, 2026, the Company had approximately $1.1 billion in liquidity through a combination of cash and undrawn capacity on its credit facilities. Please see Attachment 13 of the Company’s related quarterly Supplement for additional details regarding investment guidance.


In the table below, the Company has presented select balance sheet metrics for the quarter ended March 31, 2026, and the comparable prior year period.




 






Quarter Ended March 31








Balance Sheet Metric






1Q 2026






1Q 2025






Change








Weighted Average Interest Rate






3.4%






3.4%






0.0%








Weighted Average Years to Maturity






4.3






4.9






(0.6)








Consolidated Fixed Charge Coverage Ratio






4.8x






5.0x






(0.2)x








Consolidated Debt as a percentage of Total Assets






32.0%






32.8%






(0.8)%








Consolidated Net Debt-to-EBITDAre – adjusted for non-recurring items(1)






5.6x






5.7x






(0.1)x








(1)


A reconciliation of GAAP Net Income per share to EBITDAre - adjusted for non-recurring items and GAAP Total Debt to Net Debt can be found on Attachment 4(C) of the Company’s related quarterly Supplement.







Dividend


As previously announced, the Company’s Board of Directors declared a regular quarterly dividend on its common stock for the first quarter 2026 in the amount of $0.435 per share, representing a 1.2 percent increase over the comparable period in 2025. The dividend will be paid in cash on April 30, 2026, to UDR common shareholders of record as of April 15, 2026. The first quarter 2026 dividend will represent the 214th consecutive quarterly dividend paid by the Company on its common stock.


Concurrent with this earnings release, the Company announced in a separate press release the commencement of monthly common stock dividends, beginning with the dividend payable in July 2026. This enhanced frequency, compared to the previous quarterly dividend, provides shareholders with more consistent distributions that better align with the timing of the Company’s rental receipts. The Company’s Board of Directors declared dividends on its common stock for the second quarter of 2026 in the amount of $0.145 per share per month, payable in cash on the payment dates set forth in the table below to UDR shareholders of record as of the close of business on the corresponding record date in the table below. The monthly dividend reflects an annualized dividend amount of $1.74 per share of common stock.




Record Date






Payment Date






Amount








July 17, 2026






July 31, 2026






$0.145 per common share








August 17, 2026






August 31, 2026






$0.145 per common share








September 15, 2026






September 30, 2026






$0.145 per common share








Total Dividends for 2Q 2026






-






$0.435 per common share







Board of Directors


As part of the Board of Directors’ long-term succession plan with respect to director refreshment, and as previously announced, the Company appointed Ellen M. Goitia to its Board of Directors in January 2026. Ms. Goitia has over three decades of expertise in accounting, finance, and corporate governance, having served KPMG in various senior leadership roles including the partner-in-charge of the Chesapeake Business Unit Audit practice.


Subsequent to quarter-end, the Company announced that Katherine “Katie” A. Cattanach and Diane M. Morefield will not stand for re-election at the Company’s upcoming annual shareholder meeting. UDR and the Board express their gratitude for Ms. Cattanach and Ms. Morefield’s service as stewards who helped oversee the Company’s growth.


Corporate Responsibility


Subsequent to quarter-end, the Company earned the distinction of being named a Top Workplace by USA Today for the second consecutive year.


Supplemental Financial Information


The Company offers Supplemental Financial Information that provides details on the financial position and operating results of the Company which is available on the new Investor Relations section of the Company's website at ir.udr.com.


Attachment 14(A)


Definitions and Reconciliations

March 31, 2026

(Unaudited)


Acquired Communities: The Company defines Acquired Communities as those communities acquired by the Company, other than development and redevelopment activity, that did not achieve stabilization as of the most recent quarter.


Adjusted Funds from Operations ("AFFO") attributable to common stockholders and unitholders: The Company defines AFFO as FFO as Adjusted attributable to common stockholders and unitholders less recurring capital expenditures on consolidated communities and the Company’s proportionate share of recurring capital expenditures on unconsolidated partnerships and joint ventures, that are necessary to help preserve the value of and maintain functionality at our communities.


Management considers AFFO a useful supplemental performance metric for investors as it is more indicative of the Company's operational performance than FFO or FFO as Adjusted. AFFO is not intended to represent cash flow or liquidity for the period, and is only intended to provide an additional measure of our operating performance. The Company believes that net income/(loss) attributable to common stockholders is the most directly comparable GAAP financial measure to AFFO. Management believes that AFFO is a widely recognized measure of the operations of REITs, and presenting AFFO enables investors to assess our performance in comparison to other REITs. However, other REITs may use different methodologies for calculating AFFO and, accordingly, our AFFO may not always be comparable to AFFO calculated by other REITs. AFFO should not be considered as an alternative to net income/(loss) (determined in accordance with GAAP) as an indication of financial performance, or as an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to make distributions. A reconciliation from net income/(loss) attributable to common stockholders to AFFO is provided on Attachment 2.


Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items: The Company defines Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items as Consolidated Interest Coverage Ratio - adjusted for non-recurring items divided by total consolidated interest, excluding the impact of costs associated with debt extinguishment, plus preferred dividends.


Management considers Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items a useful metric for investors as it provides ratings agencies, investors and lenders with a widely-used measure of the Company’s ability to service its consolidated debt obligations as well as compare leverage against that of its peer REITs. A reconciliation of the components that comprise Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure.


Consolidated Interest Coverage Ratio - adjusted for non-recurring items: The Company defines Consolidated Interest Coverage Ratio - adjusted for non-recurring items as Consolidated EBITDAre – adjusted for non-recurring items divided by total consolidated interest, excluding the impact of costs associated with debt extinguishment.


Management considers Consolidated Interest Coverage Ratio - adjusted for non-recurring items a useful metric for investors as it provides ratings agencies, investors and lenders with a widely-used measure of the Company’s ability to service its consolidated debt obligations as well as compare leverage against that of its peer REITs. A reconciliation of the components that comprise Consolidated Interest Coverage Ratio - adjusted for non-recurring items is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure.


Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items: The Company defines Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items as total consolidated debt net of cash and cash equivalents divided by annualized Consolidated EBITDAre - adjusted for non-recurring items. Consolidated EBITDAre - adjusted for non-recurring items is defined as EBITDAre excluding the impact of income/(loss) from unconsolidated entities, adjustments to reflect the Company’s share of EBITDAre of unconsolidated joint ventures and other non-recurring items including, but not limited to casualty-related charges/(recoveries), net of wholly owned communities.


Management considers Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items a useful metric for investors as it provides ratings agencies, investors and lenders with a widely-used measure of the Company’s ability to service its consolidated debt obligations as well as compare leverage against that of its peer REITs. A reconciliation between net income/(loss) and Consolidated EBITDAre - adjusted for non-recurring items is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure.


Contractual Return Rate: The Company defines Contractual Return Rate as the rate of return or interest rate that the Company is entitled to receive on a preferred equity investment or loan, as specified in the applicable agreement.


Controllable Expenses: The Company refers to property operating and maintenance expenses as Controllable Expenses.


Development Communities: The Company defines Development Communities as those communities recently developed or under development by the Company, that are currently majority owned by the Company and have not achieved stabilization as of the most recent quarter.


Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre): The Company defines EBITDAre as net income/(loss) (computed in accordance with GAAP), plus interest expense, including costs associated with debt extinguishment, plus real estate depreciation and amortization, plus other depreciation and amortization, plus (minus) income tax provision/(benefit), (minus) plus net gain/(loss) on the sale of depreciable real estate owned, plus impairment write-downs of depreciable real estate, plus the adjustments to reflect the Company’s share of EBITDAre of unconsolidated joint ventures. The Company computes EBITDAre in accordance with standards established by the National Association of Real Estate Investment Trusts, or Nareit, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the Nareit definition, or that interpret the Nareit definition differently than the Company does. The White Paper on EBITDAre was approved by the Board of Governors of Nareit in September 2017.


Management considers EBITDAre a useful metric for investors as it provides an additional indicator of the Company’s ability to incur and service debt, and enables investors to assess our performance against that of its peer REITs. EBITDAre should be considered along with, but not as an alternative to, net income and cash flow as a measure of the Company’s activities in accordance with GAAP. EBITDAre does not represent cash generated from operating activities in accordance with GAAP and is not necessarily indicative of funds available to fund our cash needs. A reconciliation between net income/(loss) and EBITDAre is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure.


Effective Blended Lease Rate Growth: The Company defines Effective Blended Lease Rate Growth as the combined proportional growth as a result of Effective New Lease Rate Growth and Effective Renewal Lease Rate Growth. Management considers Effective Blended Lease Rate Growth a useful metric for investors as it assesses combined proportional market-level, new and in-place demand trends.


Effective New Lease Rate Growth: The Company defines Effective New Lease Rate Growth as the increase/(decrease) in gross potential rent realized less concessions on a straight-line basis for the new lease term (current effective rent) versus prior resident effective rent for the prior lease term on new leases commenced during the current quarter. Management considers Effective New Lease Rate Growth a useful metric for investors as it assesses market-level new demand trends.


Effective Renewal Lease Rate Growth: The Company defines Effective Renewal Lease Rate Growth as the increase/(decrease) in gross potential rent realized less concessions on a straight-line basis for the new lease term (current effective rent) versus prior effective rent for the prior lease term on renewed leases commenced during the current quarter. Management considers Effective Renewal Lease Rate Growth a useful metric for investors as it assesses market-level, in-place demand trends.


Estimated Quarter of Completion: The Company defines Estimated Quarter of Completion of a development or redevelopment project as the date on which construction is expected to be completed, but it does not represent the date of stabilization.


Attachment 14(B)


Definitions and Reconciliations

March 31, 2026

(Unaudited)


Funds from Operations as Adjusted ("FFO as Adjusted") attributable to common stockholders and unitholders: The Company defines FFO as Adjusted attributable to common stockholders and unitholders as FFO excluding the impact of other non-comparable items including, but not limited to, acquisition-related costs, prepayment costs/benefits associated with early debt retirement, impairment write-downs or gains and losses on sales of real estate or other assets incidental to the main business of the Company and income taxes directly associated with those gains and losses, casualty-related expenses and recoveries, severance costs, software transition related costs and legal and other costs.


Management believes that FFO as Adjusted is useful supplemental information regarding our operating performance as it provides a consistent comparison of our operating performance across time periods and allows investors to more easily compare our operating results with other REITs. FFO as Adjusted is not intended to represent cash flow or liquidity for the period, and is only intended to provide an additional measure of our operating performance. The Company believes that net income/(loss) attributable to common stockholders is the most directly comparable GAAP financial measure to FFO as Adjusted. However, other REITs may use different methodologies for calculating FFO as Adjusted or similar FFO measures and, accordingly, our FFO as Adjusted may not always be comparable to FFO as Adjusted or similar FFO measures calculated by other REITs. FFO as Adjusted should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of financial performance, or as an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of our liquidity. A reconciliation from net income attributable to common stockholders to FFO as Adjusted is provided on Attachment 2.


Funds from Operations ("FFO") attributable to common stockholders and unitholders: The Company defines FFO attributable to common stockholders and unitholders as net income/(loss) attributable to common stockholders (computed in accordance with GAAP), excluding impairment write-downs of depreciable real estate related to the main business of the Company or of investments in non-consolidated investees that are directly attributable to decreases in the fair value of depreciable real estate held by the investee, gains and losses from sales of depreciable real estate related to the main business of the Company and income taxes directly associated with those gains and losses, plus real estate depreciation and amortization, and after adjustments for noncontrolling interests, and the Company’s share of unconsolidated partnerships and joint ventures. This definition conforms with the National Association of Real Estate Investment Trust's definition issued in April 2002 and restated in November 2018. In the computation of diluted FFO, if OP Units, DownREIT Units, unvested restricted stock, unvested LTIP Units, stock options, and the shares of Series E Cumulative Convertible Preferred Stock are dilutive, they are included in the diluted share count.


Management considers FFO a useful metric for investors as the Company uses FFO in evaluating property acquisitions and its operating performance and believes that FFO should be considered along with, but not as an alternative to, net income and cash flow as a measure of the Company's activities in accordance with GAAP. FFO does not represent cash generated from operating activities in accordance with GAAP and is not necessarily indicative of funds available to fund our cash needs. A reconciliation from net income/(loss) attributable to common stockholders to FFO is provided on Attachment 2.


Held For Disposition Communities: The Company defines Held for Disposition Communities as those communities that were held for sale as of the end of the most recent quarter.


Joint Venture Reconciliation at UDR's weighted average ownership interest:



In thousands


1Q 2026







Income/(loss) from unconsolidated entities


$






19,696






 







Management fee


 






1,104






 







Interest expense


 






6,176






 







Depreciation


 






14,364






 







General and administrative


 






138






 







Preferred Equity Program (excludes loans)


 






(7,147






)







Other (income)/expense


 






27






 







Realized and unrealized (gain)/loss on real estate technology investments, net of tax


 






(17,031






)







Total Joint Venture NOI at UDR's Ownership Interest


$






17,327






 







Net Operating Income (“NOI”): The Company defines NOI as rental income less direct property rental expenses. Rental income represents gross market rent and other revenues less adjustments for concessions, vacancy loss and bad debt. Rental expenses include real estate taxes, insurance, personnel, utilities, repairs and maintenance, administrative and marketing. Excluded from NOI is property management expense, which is calculated as 3.25% of property revenue, and land rent. Property management expense covers costs directly related to consolidated property operations, inclusive of corporate management, regional supervision, accounting and other costs.


Management considers NOI a useful metric for investors as it is a more meaningful representation of a community’s continuing operating performance than net income as it is prior to corporate-level expense allocations, general and administrative costs, capital structure and depreciation and amortization and is a widely used input, along with capitalization rates, in the determination of real estate valuations. A reconciliation from net income/(loss) attributable to UDR, Inc. to NOI is provided below.



In thousands


1Q 2026







4Q 2025







3Q 2025







2Q 2025







1Q 2025







Net income/(loss) attributable to UDR, Inc.


$






189,831






 







$






222,902






 







$






40,409






 







$






37,673






 







$






76,720






 







Property management


 






13,758






 







 






13,937






 







 






13,952






 







 






13,747






 







 






13,645






 







Other operating expenses


 






9,415






 







 






7,947






 







 






6,975






 







 






7,753






 







 






8,059






 







Real estate depreciation and amortization


 






161,268






 







 






163,610






 







 






165,926






 







 






163,191






 







 






161,394






 







Interest expense


 






48,576






 







 






49,684






 







 






50,569






 







 






48,665






 







 






47,701






 







Casualty-related charges/(recoveries), net


 






5,729






 







 






3,248






 







 






1,755






 







 






3,382






 







 






3,297






 







General and administrative


 






19,364






 







 






22,948






 







 






22,732






 







 






19,929






 







 






19,495






 







Tax provision/(benefit), net


 






455






 







 






37






 







 






382






 







 






258






 







 






158






 







(Income)/loss from unconsolidated entities


 






(19,696






)







 






(4,934






)







 






(14,011






)







 






(3,629






)







 






(5,814






)







Interest income and other (income)/expense, net


 






(2,434






)







 






(5,406






)







 






(3,714






)







 






(8,134






)







 






(1,921






)







Joint venture management and other fees


 






(2,528






)







 






(4,281






)







 






(2,570






)







 






(2,398






)







 






(2,112






)







Other depreciation and amortization


 






3,335






 







 






4,451






 







 






7,009






 







 






7,387






 







 






7,067






 







(Gain)/loss on sale of real estate owned


 






(157,416






)







 






(194,974






)







 






-






 







 






-






 







 






(47,939






)







Net income/(loss) attributable to noncontrolling interests


 






13,073






 







 






15,383






 







 






2,721






 







 






2,556






 







 






5,351






 







Total consolidated NOI


$






282,730






 







$






294,552






 







$






292,135






 







$






290,380






 







$






285,101






 

















 


Attachment 14(C)


Definitions and Reconciliations

March 31, 2026

(Unaudited)


NOI Enhancing Capital Expenditures ("Cap Ex"): The Company defines NOI Enhancing Capital Expenditures as expenditures that result in increased income generation or decreased expense growth over time.


Management considers NOI Enhancing Capital Expenditures a useful metric for investors as it quantifies the amount of capital expenditures that are expected to grow, not just maintain, revenues or to decrease expenses.


Non-Mature Communities: The Company defines Non-Mature Communities as those communities that have not met the criteria to be included in same-store communities.


Non-Residential / Other: The Company defines Non-Residential / Other as non-apartment components of mixed-use properties, land held, properties being prepared for redevelopment and properties where a material change in home count has occurred.


Other Markets: The Company defines Other Markets as the accumulation of individual markets where it operates less than 1,000 Same-Store homes. Management considers Other Markets a useful metric as the operating results for the individual markets are not representative of the fundamentals for those markets as a whole.


Physical Occupancy: The Company defines Physical Occupancy as the number of occupied homes divided by the total homes available at a community.


QTD Same-Store Communities: The Company defines QTD Same-Store Communities as those communities Stabilized for five full consecutive quarters. These communities were owned and had stabilized operating expenses as of the beginning of the quarter in the prior year, were not in process of any substantial redevelopment activities, and were not held for disposition.


Recurring Capital Expenditures: The Company defines Recurring Capital Expenditures as expenditures that are necessary to help preserve the value of and maintain functionality at its communities.


Redevelopment Communities: The Company generally defines Redevelopment Communities as those communities where substantial redevelopment is in progress. Based upon the level of material impact the redevelopment has on the community (operations, occupancy levels, and future rental rates), the community may or may not maintain Stabilization. As such, for each redevelopment, the Company assesses whether the community remains in Same-Store.


Sold Communities: The Company defines Sold Communities as those communities that were disposed of prior to the end of the most recent quarter.


Stabilization/Stabilized: The Company defines Stabilization/Stabilized as when a community’s occupancy reaches 90% or above for at least three consecutive months.


Stabilized, Non-Mature Communities: The Company defines Stabilized, Non-Mature Communities as those communities that have reached Stabilization but are not yet in the same-store portfolio.


Total Revenue per Occupied Home: The Company defines Total Revenue per Occupied Home as rental and other revenues with concessions reported on a straight-line basis, divided by the product of occupancy and the number of apartment homes.


Management considers Total Revenue per Occupied Home a useful metric for investors as it serves as a proxy for portfolio quality, both geographic and physical.


TRS: The Company’s taxable REIT subsidiaries (“TRS”) focus on making investments and providing services that are otherwise not allowed to be made or provided by a REIT.


YTD Same-Store Communities: The Company defines YTD Same-Store Communities as those communities Stabilized for two full consecutive calendar years. These communities were owned and had stabilized operating expenses as of the beginning of the prior year, were not in process of any substantial redevelopment activities, and were not held for disposition.


Conference Call and Webcast Information


UDR will host a webcast and conference call at 12:00 p.m. Eastern Time on April 30, 2026, to discuss first quarter 2026 results as well as high-level views for 2026. The webcast will be available on the new Investor Relations section of the Company’s website at ir.udr.com. To listen to a live broadcast, access the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. To participate in the teleconference dial 877-423-9813 for domestic and 201-689-8573 for international. A passcode is not necessary.


Given a high volume of conference calls occurring during this time of year, delays are anticipated when connecting to the live call. As a result, stakeholders and interested parties are encouraged to utilize the Company’s webcast link for its earnings results discussion.


A replay of the conference call will be available through May 7, 2026, by dialing 844-512-2921 for domestic and 412-317-6671 for international and entering the confirmation number, 13759918, when prompted for the passcode. A replay of the call will also be available on the new Investor Relations section of the Company’s website at ir.udr.com.


Full Text of the Earnings Report and Supplemental Data


The full text of the earnings report and related quarterly Supplement will be available on the new Investor Relations section of the Company’s website at ir.udr.com.


Forward-Looking Statements


Certain statements made in this press release may constitute “forward-looking statements.” Words such as “expects,” “intends,” “believes,” “anticipates,” “plans,” “likely,” “will,” “seeks,” “outlook,” “guidance,” “estimates” and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement, due to a number of factors, which include, but are not limited to, general market and economic conditions, unfavorable changes in the apartment market and economic conditions that could adversely affect occupancy levels and rental rates, the impact of inflation/deflation on rental rates and property operating expenses, the availability of capital and the stability of the capital markets, the impact of tariffs, geopolitical tensions, conflicts and wars, government shutdowns, and changes in immigration, elevated interest rates, the impact of competition and competitive pricing, acquisitions, developments and redevelopments not achieving anticipated results, delays in completing developments, redevelopments and lease-ups on schedule or at expected rent and occupancy levels, changes in job growth, home affordability and demand/supply ratio for multifamily housing, development and construction risks that may impact profitability, risks that joint ventures with third parties and Debt and Preferred Equity Program investments do not perform as expected, the failure of automation or technology to help grow net operating income, and other risk factors discussed in documents filed by the Company with the SEC from time to time, including the Company's Annual Report on Form 10-K and the Company's Quarterly Reports on Form 10-Q. Actual results may differ materially from those described in the forward-looking statements. These forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this press release, and the Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in the Company's expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required under the U.S. securities laws.


About UDR, Inc.


UDR, Inc. (NYSE: UDR), an S&P 500 company, is a leading multifamily real estate investment trust with a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive real estate communities in targeted U.S. markets. As of March 31, 2026, UDR owned or had an ownership position in 59,782 apartment homes, including 300 apartment homes under development. For over 53 years, UDR has delivered long-term value to shareholders, the best standard of service to Residents, and the highest quality experience for Associates.


Attachment 1


Consolidated Statements of Operations

(Unaudited) (1)





Three Months Ended




March 31,


In thousands, except per share amounts


2026







2025











 


REVENUES:






Rental income


$






423,321






 







$






419,836






 







Joint venture management and other fees


 






2,528






 







 






2,112






 







Total revenues


 






425,849






 







 






421,948






 











 


OPERATING EXPENSES:






Property operating and maintenance


 






80,732






 







 






75,990






 







Real estate taxes and insurance


 






59,859






 







 






58,745






 







Property management


 






13,758






 







 






13,645






 







Other operating expenses


 






9,415






 







 






8,059






 







Real estate depreciation and amortization


 






161,268






 







 






161,394






 







General and administrative


 






19,364






 







 






19,495






 







Casualty-related charges/(recoveries), net


 






5,729






 







 






3,297






 







Other depreciation and amortization


 






3,335






 







 






7,067






 







Total operating expenses


 






353,460






 







 






347,692






 











 


Gain/(loss) on sale of real estate owned


 






157,416






 







 






47,939






 







Operating income


 






229,805






 







 






122,195






 











 


Income/(loss) from unconsolidated entities


 






19,696






 







 






5,814






 







Interest expense


 






(48,576






)







 






(47,701






)







Interest income and other income/(expense), net


 






2,434






 







 






1,921






 











 


Income/(loss) before income taxes


 






203,359






 







 






82,229






 







Tax (provision)/benefit, net


 






(455






)







 






(158






)











 


Net Income/(loss)


 






202,904






 







 






82,071






 







Net (income)/loss attributable to redeemable noncontrolling interests in the OP and DownREIT Partnership


 






(13,061






)







 






(5,339






)







Net (income)/loss attributable to noncontrolling interests


 






(12






)







 






(12






)











 


Net income/(loss) attributable to UDR, Inc.


 






189,831






 







 






76,720






 







Distributions to preferred stockholders - Series E (Convertible)


 






(1,220






)







 






(1,206






)











 


Net income/(loss) attributable to common stockholders


$






188,611






 







$






75,514






 











 






 


Income/(loss) per weighted average common share - basic:


$






0.58






 







$






0.23






 







Income/(loss) per weighted average common share - diluted:


$






0.57






 







$






0.23






 











 


Common distributions declared per share


$






0.435






 







$






0.43






 











 


Weighted average number of common shares outstanding - basic


 






327,301






 







 






330,628






 







Weighted average number of common shares outstanding - diluted


 






330,294






 







 






331,717






 











 


(1) See Attachment 14 for definitions and other terms.


Attachment 2


Funds From Operations

(Unaudited) (1)





Three Months Ended




March 31,


In thousands, except per share and unit amounts


2026







2025











 


Net income/(loss) attributable to common stockholders


$






188,611






 







$






75,514






 











 


Real estate depreciation and amortization


 






161,268






 







 






161,394






 







Noncontrolling interests


 






13,073






 







 






5,351






 







Real estate depreciation and amortization on unconsolidated joint ventures


 






15,481






 







 






12,766






 







Net (gain)/loss on the sale of depreciable real estate owned, net of tax


 






(157,416






)







 






(47,939






)







Funds from operations ("FFO") attributable to common stockholders and unitholders, basic


$






221,017






 







$






207,086






 











 


Distributions to preferred stockholders - Series E (Convertible) (2)


 






1,220






 







 






1,206






 











 


FFO attributable to common stockholders and unitholders, diluted


$






222,237






 







$






208,292






 











 


FFO per weighted average common share and unit, basic


$






0.63






 







$






0.59






 







FFO per weighted average common share and unit, diluted


$






0.63






 







$






0.58






 











 


Weighted average number of common shares and OP/DownREIT Units outstanding, basic


 






350,012






 







 






353,527






 







Weighted average number of common shares, OP/DownREIT Units, and common stock equivalents outstanding, diluted


 






353,005






 







 






357,432






 











 


Impact of adjustments to FFO:






Legal and other costs


$






5,183






 







$






3,805






 







Realized and unrealized (gain)/loss on real estate technology investments, net of tax


 






(15,434






)







 






211






 







Severance costs


 






-






 







 






499






 







Software transition related costs


 






-






 







 






2,967






 







Casualty-related charges/(recoveries)


 






5,729






 







 






3,297






 







Total impact of adjustments to FFO


$






(4,522






)







$






10,779






 











 


FFO as Adjusted attributable to common stockholders and unitholders, diluted


$






217,715






 







$






219,071






 











 


FFO as Adjusted per weighted average common share and unit, diluted


$






0.62






 







$






0.61






 











 


Recurring capital expenditures, inclusive of unconsolidated joint ventures


 






(20,699






)







 






(18,405






)







AFFO attributable to common stockholders and unitholders, diluted


$






197,016






 







$






200,666






 











 


AFFO per weighted average common share and unit, diluted


$






0.56






 







$






0.56






 











 


(1) See Attachment 14 for definitions and other terms.


(2) Series E cumulative convertible preferred shares are dilutive for purposes of calculating FFO per share for the three months ended March 31, 2026 and March 31, 2025. Consequently, distributions to Series E cumulative convertible preferred stockholders are added to FFO and the weighted average number of Series E cumulative convertible preferred shares are included in the denominator when calculating FFO per common share and unit, diluted.


Attachment 3


Consolidated Balance Sheets

(Unaudited) (1)





March 31,

December 31,


In thousands, except share and per share amounts


2026







2025











 


ASSETS










 


Real estate owned:






Real estate held for investment


$






16,116,838






 







$






16,415,000






 







Less: accumulated depreciation


 






(7,378,368






)







 






(7,374,546






)







Real estate held for investment, net


 






8,738,470






 







 






9,040,454






 







Real estate under development






(net of accumulated depreciation of $0 and $0)


 






91,742






 







 






72,885






 







Total real estate owned, net of accumulated depreciation


 






8,830,212






 







 






9,113,339






 











 


Cash and cash equivalents


 






1,300






 







 






1,222






 







Restricted cash


 






33,498






 







 






35,710






 







Notes receivable, net


 






153,564






 







 






149,979






 







Investment in and advances to unconsolidated joint ventures, net


 






757,689






 







 






886,492






 







Operating lease right-of-use assets


 






186,641






 







 






187,624






 







Other assets (2)


 






370,870






 







 






231,308






 







Total assets


$






10,333,774






 







$






10,605,674






 











 


LIABILITIES AND EQUITY










 


Liabilities:






Secured debt


$






959,597






 







$






961,180






 







Unsecured debt


 






4,703,719






 







 






4,860,189






 







Operating lease liabilities


 






181,995






 







 






182,963






 







Real estate taxes payable


 






35,378






 







 






45,640






 







Accrued interest payable


 






27,817






 







 






51,698






 







Security deposits and prepaid rent


 






59,557






 







 






61,205






 







Distributions payable


 






152,871






 







 






151,934






 







Accounts payable, accrued expenses, and other liabilities


 






107,072






 







 






142,102






 







Total liabilities


 






6,228,006






 







 






6,456,911






 











 


Redeemable noncontrolling interests in the OP and DownREIT Partnership


 






819,753






 







 






859,966






 











 


Equity:






Preferred stock, no par value; 50,000,000 shares authorized at March 31, 2026 and December 31, 2025:






2,600,678 shares of 8.00% Series E Cumulative Convertible issued and outstanding (2,600,678 shares at December 31, 2025)


 






43,192






 







 






43,192






 







10,026,490 shares of Series F outstanding (10,105,845 shares at December 31, 2025)


 






1






 







 






1






 







Common stock, $0.01 par value; 450,000,000 shares authorized at March 31, 2026 and December 31, 2025:






325,894,030 shares issued and outstanding (328,273,044 shares at December 31, 2025)


 






3,259






 







 






3,283






 







Additional paid-in capital


 






7,384,029






 







 






7,480,594






 







Distributions in excess of net income


 






(4,147,206






)







 






(4,240,268






)







Accumulated other comprehensive income/(loss), net


 






2,405






 







 






1,660






 







Total stockholders' equity


 






3,285,680






 







 






3,288,462






 







Noncontrolling interests


 






335






 







 






335






 







Total equity


 






3,286,015






 







 






3,288,797






 







Total liabilities and equity


$






10,333,774






 







$






10,605,674






 











 


(1) See Attachment 14 for definitions and other terms.






(2) As of March 31, 2026, UDR had $134.8 million due from a qualified intermediary related to the sale of real estate in connection with a like-kind exchange under Section 1031 of the Internal Revenue Code, which is intended to qualify for nonrecognition of gain. The proceeds were received from the intermediary in April 2026 and were used to repay amounts outstanding under our $1.3 billion line of credit.


Attachment 4(C)


Selected Financial Information

(Dollars in Thousands)

(Unaudited) (1)













Quarter Ended


Coverage Ratios

March 31, 2026


Net income/(loss)


$






202,904






 







Adjustments:




Interest expense, including debt extinguishment and other associated costs


 






48,576






 







Real estate depreciation and amortization


 






161,268






 







Other depreciation and amortization


 






3,335






 







Tax provision/(benefit), net


 






455






 







Net (gain)/loss on the sale of depreciable real estate owned


 






(157,416






)







Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures


 






21,657






 







EBITDAre


$






280,779






 







Casualty-related charges/(recoveries), net


 






5,729






 







Legal and other costs


 






5,183






 







Realized and unrealized (gain)/loss on real estate technology investments


 






1,597






 







(Income)/loss from unconsolidated entities


 






(19,696






)







Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures


 






(21,657






)







Management fee expense on unconsolidated joint ventures


 






(1,104






)







Consolidated EBITDAre - adjusted for non-recurring items


$






250,831






 







Annualized consolidated EBITDAre - adjusted for non-recurring items


$






1,003,324






 







Interest expense, including debt extinguishment and other associated costs


 






48,576






 







Capitalized interest expense


 






2,163






 







Total interest


$






50,739






 







Preferred dividends


$






1,220






 







Total debt


$






5,663,316






 







Cash


 






(1,300






)







Net debt


$






5,662,016






 







Consolidated Interest Coverage Ratio - adjusted for non-recurring items

4.9x


Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items

4.8x


Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items (2)

5.6x












 


Debt Covenant Overview


Unsecured Line of Credit Covenants (3)

Required

Actual

Compliance


Maximum Leverage Ratio

≤60.0%


31.3% (3)






Yes


Minimum Fixed Charge Coverage Ratio

≥1.5x

4.7x

Yes


Maximum Secured Debt Ratio

≤40.0%


9.2%






Yes


Minimum Unencumbered Pool Leverage Ratio

≥150.0%


370.9%






Yes












 


Senior Unsecured Note Covenants (4)

Required

Actual

Compliance


Debt as a percentage of Total Assets

≤65.0%


32.0% (4)






Yes


Consolidated Income Available for Debt Service to Annual Service Charge

≥1.5x


5.9x






Yes


Secured Debt as a percentage of Total Assets

≤40.0%


5.4%






Yes


Total Unencumbered Assets to Unsecured Debt

≥150.0%


323.3%






Yes












 


Securities Ratings

Debt

Outlook

Commercial Paper


Moody's Investors Service

Baa1

Stable

P-2


S&P Global Ratings

BBB+

Stable

A-2












 










Gross

% of




Number of

1Q 2026 NOI (1)



Carrying Value

Total Gross


Asset Summary

Homes

($000s)

% of NOI

($000s)

Carrying Value












 


Unencumbered assets


46,446







$






252,638







89.4%







$






14,495,942






 







89.4%







Encumbered assets


7,635







 






30,092







10.6%







 






1,712,638






 







10.6%










54,081







$






282,730







100.0%







$






16,208,580






 







100.0%

















 


(1) See Attachment 14 for definitions and other terms.


(2) See footnote 5 on Financial Highlights.


(3) As defined in our credit agreement dated September 15, 2021, as amended.


(4) As defined in our indenture dated November 1, 1995 as amended, supplemented or modified from time to time.


Attachment 14(D)


Definitions and Reconciliations

March 31, 2026

(Unaudited)


All guidance is based on current expectations of future economic conditions and the judgment of the Company's management team. The following reconciles from GAAP Net income/(loss) per share for full-year 2026 and second quarter of 2026 to forecasted FFO and FFO as Adjusted per share and unit:





Full-Year 2026




Low

High






 


Forecasted net income per diluted share


$






0.91






 







$






1.01






 







Conversion from GAAP share count


 






(0.07






)







 






(0.07






)







Net gain on the sale of depreciable real estate owned


 






(0.45






)







 






(0.45






)







Depreciation


 






2.02






 







 






2.02






 







Noncontrolling interests


 






0.06






 







 






0.06






 







Preferred dividends


 






0.01






 







 






0.01






 







Forecasted FFO per diluted share and unit


$






2.48






 







$






2.58






 







Legal and other costs


 






0.01






 







 






0.01






 







Casualty-related charges/(recoveries)


 






0.02






 







 






0.02






 







Realized/unrealized (gain)/loss on real estate technology investments


 






(0.04






)







 






(0.04






)







Forecasted FFO as Adjusted per diluted share and unit


$






2.47






 







$






2.57






 











 






 





2Q 2026









Low

High






 


Forecasted net income per diluted share


$






0.12






 







$






0.14






 







Conversion from GAAP share count


 






(0.01






)







 






(0.01






)







Depreciation


 






0.50






 







 






0.50






 







Noncontrolling interests


 






0.01






 







 






0.01






 







Preferred dividends


 






-






 







 






-






 







Forecasted FFO per diluted share and unit


$






0.62






 







$






0.64






 







Legal and other costs


 






-






 







 






-






 







Casualty-related charges/(recoveries)


 






-






 







 






-






 







Realized/unrealized (gain)/loss on real estate technology investments


 






-






 







 






-






 







Forecasted FFO as Adjusted per diluted share and unit


$






0.62






 







$






0.64






 







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260428496645/en/
Contact: Trent Trujillo

Email: ttrujillo@udr.com


Original: UDR, Inc. Announces First Quarter 2026 Results and Updates Full-Year 2026 Guidance Ranges