Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We have spent our lives looking for businesses that can raise prices ahead of inflation without losing customers, that gush more cash than they consume, and that get stronger as they get bigger. An apartment landlord — even a very well-run one, and UDR is a very well-run one — is none of those things. It is a capital-intensive, commodity business that rents an undifferentiated product at whatever price the local market will bear, financed with $5.8 billion of debt, in an industry where every competitor's product is a five-minute drive away and every tenant re-shops the market once a year. Charlie used to say that when you mix raisins with turds, you've still got turds. Here the raisins are genuinely good: a 25-year CEO, an industry-leading operating platform, and recent capital allocation we'd grade highly.
Recent filings analysed: 10-Q (2026-07-28), 8-K (2026-07-27), 8-K (2026-05-29), 8-K (2026-05-27).
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