UDR · 10-Q · 2026Q3 · Full report

Capital Expenditures

UDR, Inc. · 2026-11-03 · Importance 29 · Surprise 22 · From source text

UDR spent $176.3 million on portfolio capital expenditures, excluding development, during the first nine months of 2026, down 10.1% from $196.2 million in 2025; spending declined from $3,545 to $3,259 per stabilized home. Major renovations fell 36.4%, or $20.9 million, to $36.5 million, and NOI-enhancing improvements fell 6.8%, or $4.1 million, to $55.8 million. These declines were partly offset by a $2.7 million increase in operating-platform spending, including smart-home technology updates, and a 3.3% increase in recurring capital expenditures to $77.0 million.

Key facts

• UDR's total capital expenditures decreased 10.1% to $176.285 million for the nine months ended September 30, 2026, while repair and maintenance expense increased 2.2% to $80.801 million. source
• For the nine months ended September 30, 2026, UDR's major renovations decreased 36.4%, or $20.9 million, and NOI-enhancing improvements decreased 6.8%, or $4.1 million, compared with 2025. source
• UDR spent $176.3 million on capital expenditures, or $3,259 per stabilized home, during the nine months ended September 30, 2026, compared with $196.2 million, or $3,545 per stabilized home, in 2025. source
• UDR's recurring capital expenditures increased 3.3%, or $2.4 million, compared with 2025. source
• UDR intends to selectively add NOI-enhancing improvements that it believes will return more than its cost of capital. source
• UDR's recurring capital expenditures, inclusive of unconsolidated joint ventures, were $32.607 million for the three months ended September 30, 2026, compared with $32.238 million in 2025. source
• UDR's recurring capital expenditures, inclusive of unconsolidated joint ventures, were $81.772 million for the nine months ended September 30, 2026, compared with $79.844 million in 2025. source

Impact estimates