Key Highlights

  • UDR reported Net Income of $214.9 million, or $0.67 per diluted share, and raised its 2026 FFO as Adjusted outlook to $2.54 to $2.56.
  • Independence Realty Trust posted EPS of $0.11 and core FFO of $0.29 per share, with a Merger vote set for Nov 10, 2026.
  • Centerspace reported net income to common shareholders of $123.3 million on $150.3 million of property sale gains, with Revenue down 16.6%.
  • UMH Properties reported community NOI up 10% to $36.2 million and a $2.1 million net loss to common shareholders.
  • Janus Living posted revenue of $268 million, up 78%, and raised its 2026 FFO as adjusted guidance to $0.97 to $0.99.

Which Apartment and Housing REITs Reported Third-Quarter 2026 Results?

Five apartment and housing real estate Investment trusts reported third-quarter 2026 results for the period ended Sep 30, 2026, all around Nov 2, 2026. Revenue changes spanned a 16.6% decline to a 78.3% rise, and sale gains and acquisitions drove much of the spread.

UDR (NYSE:UDR) reported total revenue of $428.1 million, down 0.9%, and net income of $214.9 million. Independence Realty Trust (NYSE:IRT) posted rental and other property revenue of $172.0 million, up about 3.0% (calculated), and net income of $25.1 million. Centerspace (NYSE:CSR) reported revenue of $59.5 million, down 16.6%, and net income to common shareholders of $123.3 million.

UMH Properties (NYSE:UMH) posted total income of $74.1 million, up about 10.8% (calculated), and a net loss to common shareholders of $2.1 million. Janus Living (NYSE:JAN) reported revenue of $268 million, up 78%, and a net loss of $5.6 million.

The sections follow the group order and not a ranking. The revenue definitions differ slightly by company.

UDR: How Did a $190.1 Million Sale Gain Shape Net Income?

UDR reported net income of $214.9 million, or $0.67 per diluted share, versus $0.12 a year earlier, mainly on a $190.1 million gain on the sale of real estate. FFO as Adjusted was $0.65 per share, unchanged from a year ago.

Same-Store NOI grew 1.6%, with physical occupancy of 96.5%. The company closed a $2.0 billion joint venture involving 19 communities and received $1.34 billion of Equity Capital while keeping about a one-third interest.

It raised its 2026 FFO as Adjusted outlook to $2.54 to $2.56 per diluted share from $2.49 to $2.57. Total Debt was $5.8 billion at a 3.45% weighted average rate.

Independence Realty Trust: Why Was EPS Guidance Cut as Core FFO Guidance Held?

Independence Realty Trust reported EPS of $0.11 versus $0.03, helped by a $26.5 million gain on a property sale. Core FFO was $70.7 million, or $0.29 per share, the same per share as a year earlier.

Same-store NOI rose 1.6%, with average occupancy of 95.0% and blended Lease rent growth of 2.8%. The company kept 2026 core FFO guidance at $1.13 to $1.15 per share but lowered EPS guidance to $0.18 to $0.20 from $0.22 to $0.27.

It also agreed on Sep 9, 2026 to a merger with another apartment REIT, which would create an owner of about 44,400 units. Shareholders vote on Nov 10, 2026.

Centerspace: How Large Were Sale Gains Against a 16.6% Revenue Drop?

Centerspace reported net income to common shareholders of $123.3 million, or $7.28 per diluted share, versus $53.8 million. Gains on the sale of real estate were $150.3 million, after the company sold 13 communities in the quarter for $288.8 million.

Revenue fell 16.6% to $59.5 million, and core FFO slipped to $1.11 per share from $1.19. Same-store NOI declined 2.7% to $29.7 million on flat revenue and 4.2% higher expenses.

The company agreed on Sep 8, 2026 to a merger at 3.8 acquirer shares per Centerspace share. The filing gives no Earnings guidance, and total debt fell to $812.6 million.

UMH Properties: Can 10% NOI Growth Coexist With a Net Loss to Common Shareholders?

UMH Properties reported community NOI up 10% to $36.2 million and rental and related income up 8% to $62.4 million. Net income was $3.1 million, but after $5.3 million of preferred dividends the net loss to common shareholders was $2.1 million, or $0.02 per share.

The company tied the decline mainly to higher interest and Depreciation expense and a $3.6 million Fair Value drop in marketable securities. Normalized FFO rose to $22.1 million from $21.3 million.

Same property occupancy reached 88.8%, and manufactured home sales rose 29% to $11.8 million. The next dated event is a $0.225 Dividend payable Dec 15, 2026.

Janus Living: What Powered 78% Revenue Growth Alongside a Net Loss?

Janus Living, a senior housing REIT, reported revenue of $268 million, up 78%, and FFO as adjusted of $0.25 per share, up 46%. Net loss was $5.6 million, or $0.02 per share, as depreciation and amortization jumped to $78.7 million from $30.9 million after acquisitions.

The company acquired 33 communities for about $1.75 billion in the quarter, and same-store adjusted NOI rose 25.9%. It held $338 million of unrestricted cash and no debt.

Guidance for FFO as adjusted rose to $0.97 to $0.99 per share, while diluted EPS guidance fell to $0.08 to $0.10 from $0.34 to $0.37.

Residential REIT Results Compared: Property Sale Gains Totaled $366.9 Million

Revenue growth averaged 14.9% (calculated) across the five companies, with a spread of 94.9 percentage points (calculated) between Janus Living and Centerspace. Combined revenue was about $1,002 million (calculated), and combined net income about $356 million (calculated), mixing totals and amounts to common shareholders.

Sale gains at UDR, Independence Realty Trust and Centerspace totaled $366.9 million (calculated). UDR's gain equaled about 88.5% (calculated) of its net income, while Centerspace's gain exceeded its net income to common shareholders.

Bases differ because Janus Living's revenue reflects heavy acquisitions, Centerspace's reflects sales, and UMH Properties' figure is total income. Three companies raised or held cash-flow guidance, two cut EPS guidance, and Centerspace and UMH Properties gave none.

What to Watch Next: Merger Votes, Dividends and Fourth-Quarter Closings

Independence Realty Trust holds its Shareholder vote on its pending merger on Nov 10, 2026, and closing could come as early as the end of the fourth quarter. Centerspace says its deal could close as early as the end of the fourth quarter of 2026, though no vote date is identified in its materials.

UMH Properties will pay a $0.225 dividend on Dec 15, 2026 to holders of record on Nov 16, 2026. Janus Living has monthly dividends of $0.0475 per share scheduled for Nov 23 and Dec 29, 2026, plus $82 million of pending acquisitions.

UDR will pay the 220th consecutive monthly dividend of $0.145 on Dec 31, 2026, and guides fourth-quarter FFO as Adjusted to $0.63 to $0.65.