Udr, Inc. · NYSE:UDR
Udr — Investor Presentation (September 2025)
31 slides from Udr's investor presentation, Sep 2, 2025
Slide 1: Investor Presentation September 2025
399 Fremont San Francisco, CA INVESTOR PRESENTATION September 2025
Slide 2: Table of Contents
: - *. ‘TABLE OF CONTENTS (3] Recent Updates (6) UDR at a Glance (3) Corporate Strategy and Value Proposition ® Accretive Capital Allocation and Value Creation = ® Strong, Liquid, Flexible Balance Sheet : ~ ® sustainability Leadership A | (16) Appendix: The Case for Apartment REITs 399 Fremont San F
Slide 3: Recent Updates - 2025 Guidance (as reported July 30, 2025)
RECENT UPDATES - 2025 GUIDANCE (AS REPORTED JULY 30, 2025) Key operating metrics are trending as expected relative to the midpoints of our recently improved full-year outlook. SSREV Growth SSREV Growth, by Region 2 vro magn 292025 1 vio eon 202025, React ance seo soon 8 baer 20 pence 3% mm “ apo) ve
Slide 4: Recent Updates - Sector Trends
RECENT UPDATES - SECTOR TRENDS™ Demographics, affordability, and demand/supply factors continue to support rentership. Steady Rent-to-Income Ratio (“R/1") Median resident R/I ratio in the low-20% range; average UDR household income is 2.5x higher than the median MSA income. Py patio. —LongTerm Avera
Slide 5: Recent Updates - Supply Outlook
RECENT UPDATES - SUPPLY OUTLOOK Multifamily supply is expected to decline to historical average levels in 2025 and trend even lower in 2026 and 2027. National Multifamily Deliveries UDR Market Multifamily Deliveries mEEUnits ——% of Stock —% of Stock (Historical Avg.) mEEUnits ——% of Stock —% of Stoc
Slide 6: UDR at a Glance
UDR AT A GLANCE?) UDR is a full-cycle investment that consistently generates strong total shareholder return (“TSR”) through innovation, best-n- class operations, and disciplined capital allocation. 52 Year S&P 500 60,000 4.2% Full-Cycle @§ Continuous History Multifamily § Apartment ff) 21 Markets D
Slide 7: UDR at a Glance - Diversified Portfolio Composition
UDR AT A GLANCE - DIVERSIFIED PORTFOLIO COMPOSITION UDR is diversified across markets and price points to generate robust growth with less risk. PsP sn Northeast/Mid-Atiantic: = A-Quality B-Quality 40% of NOI 56% = Coastal A = Sunbelt A Coastal B Sunbelt B oe 63% West Coast: 35% of NOI = Urban — = S
Slide 8: Corporate Strategy: Three Pillars
CORPORATE STRATEGY: THREE PILLARS Operations, Capital Allocation, and Portfolio Exposure serve as UDR’s pillars of relative value creation. Each pillar is grounded on enduring principles influenced by long-term structural macro themes to ensure positive contribution to our growth profile. Relative F
Slide 9: UDR Value Proposition: Operational Innovation
UDR VALUE PROPOSITION: OPERATIONAL INNOVATION Innovation is a competitive engine that drives attractive NOI growth through operational efficiencies and better informed Capital allocation decisions. UDR innovation initiatives have consistently driven high-single-digit y/y growth in income from rentab
Slide 10: UDR Value Proposition: Harnessing Data
UDR VALUE PROPOSITION: HARNESSING DATA UDR is increasingly using data to make better decisions across all business lines in the effort to drive shareholder value creation. This focus, grounded in our best-in-class operational platform, is being expanded to our capital allocation efforts. Operational
Slide 11: Customer Experience Results: Resident Retention
CUSTOMER EXPERIENCE RESULTS: RESIDENT RETENTION Every 1% decrease in resident tumover equates to approximately $3.5 million of increased cash flow. UDR ranks first among peers in change in turnover since the launch of our Customer Experience project. Y Focus on the UDR Customer Experience has helped
Slide 12: Accretive Capital Allocation
ACCRETIVE CAPITAL ALLOCATION UDR has a track record of being a proficient steward of capital and can utilize various external growth value creation drivers. [SSSUDR Prem/(Disc.)to NAV (hs) Net Acquisitions rhs) issue equity at a premium to and grow when appropriate Sell assets to fund growth and exe
Slide 13: Accretive Capital Allocation
ACCRETIVE CAPITAL ALLOCATION Our wide variety of value creation drivers provides UDR the latitude to pivot toward investment opportunities that generate the highest risk-adjusted IRRs and the greatest eamings and NAV accretion. These include: DEVELOPMENT REDEVELOPMENT Villaggio | Dallas, TX 401 N. M
Slide 14: Strong, Liquid, Flexible Balance Sheet
STRONG, LIQUID, FLEXIBLE BALANCE SHEET Sectorleading weighted average interest rate, the lowest percentage of maturing debt among peers over the next 3- and 5- year periods, robust liquidity (>$1 billion), and strong leverage metrics support growth opportunities and reduce risk. Strong Leverage Metr
Slide 15: Sustainability Leadership
SUSTAINABILITY LEADERSHIP UDR is a recognized global Sustainability leader with a commitment to further enhancing Corporate Responsibility." Sustainable a Top Workplace Sector Leader SDG Alignment Development Named a 2025 Top Workplace Selected by USGBC as a LEED Recognized by GRESB as a Aligned wit
Slide 16: Appendix
399 Fremont San Francisco, CA APPENDIX
Slide 17: The Case for Apartment REITs
THE CASE FOR APARTMENT REITS Apartment REIT TSR has outperformed other REITs and the broader market by a wide margin since 2000 due to the following trends, which we expect will remain supportive of continued relative outperformance: Ongoing shortage Increased Housing's status as A Better longterm N
Slide 18: Apartment Demographics and Fundamentals
APARTMENT DEMOGRAPHICS AND FUNDAMENTALS Long-term demographics remain strong for apartments. Since 2010, approximately 30% fewer total housing units have been produced versus total households formed over the same period. US. POPULATION BY AGE COHORT (MILLIONS) PROPENSITY TO RENT BY AGE COHORT oe = D
Slide 19: Apartment Demographics and Fundamentals
APARTMENT DEMOGRAPHICS AND FUNDAMENTALS Low absolute and relative affordability represent a barrier to single-family ownership, resulting in a larger potential multifamily renter pool. Third-party forecasts indicate approximately 5 million additional apartments will be needed by 2030 to satisfy hous
Slide 20: Forward Looking Statements
FORWARD LOOKING STATEMENTS Certain statements made in this presentation 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 expressi
Slide 21: Definitions and Reconciliations
a ey | ‘ b nasdaq Celebrates > gin Annual ESG Report Ly DEFINITIONS AND RECONCILIATIONS September 2025
Slide 22: Definitions and Reconciliations A2
DEFINITIONS AND RECONCILIATIONS A2 ‘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’
Slide 23: Definitions and Reconciliations A3
DEFINITIONS AND RECONCILIATIONS AS Contractual Return Rate: The Compary defines Contractual Retum Rate as the rate of return or interest rate that the Compary is entitled to receive on a preferred equity investment or loan, as specifiedin the applicable agreement. Controllable Expenses: The Company
Slide 24: Definitions and Reconciliations A4
DEFINITIONS AND RECONCILIATIONS AA Effective Blended Lease Rate Growth: The Compary 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 Rat
Slide 25: Definitions and Reconciliations A5
DEFINITIONS AND RECONCILIATIONS AS Funds From Operations (“FFO") attributable to common stockholders and unitholders: The Compary defines FFO attributable to common stockholders and unitholders as net income/(loss) attributable to common stockholders (computed in accordance with GAAP), excluding imp
Slide 26: Definitions and Reconciliations A6
DEFINITIONS AND RECONCILIATIONS A6 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 esta
Slide 27: Definitions and Reconciliations A7
DEFINITIONS AND RECONCILIATIONS AT QID SameStore Communities: The Compary 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, we
Slide 28: Definitions and Reconciliations
DEFINITIONS AND RECONCILIATIONS As 2025 Guidance: All guidance is based on current expectations of future economic conditions and the judgment of the Company'smanagement team. The following recon share and unit: Forecasted net income per diluted share Conversion from GAAP share count Net gain on the
Slide 29: Definitions and Reconciliations
DEFINITIONS AND RECONCILIATIONS ‘source company documents. Coverage Ratios Quarter Ended June 30, 2025 Net income/(|oss) Adjustments: Interest expense, including debt extinguishment and other associated costs Real estate depreciation and amortization Other depreciation and amortization Tax provision
Slide 30: Definitions and Reconciliations
DEFINITIONS AND RECONCILIATIONS AO ‘Three Months Ended ‘Sx Months Ended June 30, June 30, Inthousands, excegt per share and unit amounts, 2025 2028 2025 2024 Net income/(loss) attributable to common stockholders Sse $s 7e3 $ MISE § Gas Fas estate depresston and amortzaton 163,191 s70.488 24505 30936
Slide 31: Forward Looking Statements
FORWARD LOOKING STATEMENTS Certain statements made in this presentation 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 expressi