Udr, Inc. · NYSE:UDR
Udr — Investor Presentation (February 2026)
31 slides from Udr's investor presentation, Feb 27, 2026
Slide 1: Investor Presentation March 2026
INVESTOR PRESENTATION ‘ March 2026 +t *"101.N. Meridian Tampa, FL
Slide 2: | e Recent Updates: 2026 Outlook
ah | e Recent Updates: 2026 Outlook ‘ | tc] Corporate Strategy & Value Proposition i 8 Operational Excellence | Qe Capital Allocation: Investment Analytics stone. Liquid, Flexible Balance Sheet © @) vor Ata Glance (3) Positive Fundamentals ® Corporate Governance & Sustainability Leadership (5) Appen
Slide 3: Reasons to Invest in UDR
REASONS TO INVEST IN UDR Total Retum Track Record: 11% compounded annual total shareholder return over the last 25 years, which includes a robust income component from dividend distributions. by a culture of continuous innovation, resulting in a sustainable Q Operational Acumen: Track record of long
Slide 4: Recent Updates: 2026 Revenue Growth Outlook
RECENT UPDATES: 2026 REVENUE GROWTH OUTLOOK") Quarter-to-date results are consistent with our plan.) Full-year 2026 guidance does not contemplate acceleration in second- half blended lease rate growth to achieve the midpoint of our same-store revenue growth outlook. Components of 2026 SSREV Growth G
Slide 5: Capital Allocation: Strategy and Recent Activity
CAPITAL ALLOCATION: STRATEGY AND RECENT ACTIVITY UDR has a track record as a proficient steward of capital and can utilize various value creation drivers. Source in Size Yes No vty Current Strategy. Sell assets to fund growth and 50g execute share repurchases when equity trades at a material discoun
Slide 6: 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 7: UDR Value Proposition: Harnessing Data and AI
UDR VALUE PROPOSITION: HARNESSING DATA AND Al 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, has expanded to our capital allocation efforts. Operation
Slide 8: Operational Excellence: Customer Experience
OPERATIONAL EXCELLENCE: CUSTOMER EXPERIENCE Enhancing the UDR Customer Experience lengthens average resident tenure and drives higher same-store and cash flow growth. ( +PeerLeading Improvement UDR ranks first among peers in change in resident retention since the launch of C2 our Customer Experience
Slide 9: Capital Allocation: Investment Analytics
CAPITAL ALLOCATION: INVESTMENT ANALYTICS We have a heightened focus on converting data into actions that drive cash flow growth. Through our investment analytics platform, we have found that allocating capital to the right asset is twice as important as picking the right market. As such, all of our
Slide 10: 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 years, robust liquidity (nearly $1 billion), and strong leverage metrics support growth opportunities and reduce risk. Investment Grade Strong Lever
Slide 11: 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. Fae S&P 500 60,000 4.1% Full-Cycle ff Continuous History Multifamily § Apartment ff) 21 Markets DIMGE
Slide 12: UDR at a Glance: Portfolio Composition
UDR AT A GLANCE: 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 62% West Coast: 35% of NOI = Urban — = Suburban mUDR ©
Slide 13: Positive Fundamentals
POSITIVE FUNDAMENTALS. Demographics, affordability, and demand/supply factors continue to support apartment 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. Ratio === LongTerm avera
Slide 14: Corporate Governance & Sustainability Leadership
CORPORATE GOVERNANCE & SUSTAINABILITY LEADERSHIP UDR is a recognized global leader with a commitment to further enhancing Corporate Responsibility.” Top Workplace Named a 2025 Top Workplace and the 2024 and 2025 Top Workplaces winner in the Real Estate Industry lg) Sustainable Development Selected b
Slide 15: N. Meridian
101 N. Meridian Tampa, FL
Slide 16: The Case for Apartment REITs
THE CASE FOR APARTMENT REITS Apartment REIT TSR has outperformed other REITs and the broader market since 2000 due to the following trends, which we expect will remain supportive of continued relative outperformance: Ongoing shortage Increased Housing's status as of U.S. housing propensity to rent a
Slide 17: 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. U.S. POPULATION BY AGE COHORT (MILLIONS) PROPENSITY TO RENT BY AGE COHORT oe 1m
Slide 18: 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. Forward supply expectations do not appear to solve the nation’s supply-demand balance. Household (“HH”) Growth by T
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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
Definitions and Reconciliations | ms ‘ N 101 N. Meridian March 2026 q N 1 ampa, FL
Slide 22: Definitions and Reconciliations
DEFINITIONS AND RECONCILIATIONS ‘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
DEFINITIONS AND RECONCILIATIONS 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 ref
Slide 24: Definitions and Reconciliations
DEFINITIONS AND RECONCILIATIONS 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 Rate G
Slide 25: Definitions and Reconciliations
DEFINITIONS AND RECONCILIATIONS 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 impair
Slide 26: Definitions and Reconciliations
DEFINITIONS AND RECONCILIATIONS 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
Slide 27: Definitions and Reconciliations
DEFINITIONS AND RECONCILIATIONS 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, were
Slide 28: Definitions and Reconciliations
DEFINITIONS AND RECONCILIATIONS 2026 Guidance: 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 the first quarter of 2026 and full-year 2026 to forecasted
Slide 29: Definitions and Reconciliations
DEFINITIONS AND RECONCILIATIONS ‘source company documents. Quarter Ended Coverage Ratios December 31, 2025 Net income/(loss) $ 238,285 Adjustments: Interest expense, including debt extinguishment and other associated costs 49,684 Real estate depreciation and amortization 163,610 Other depreciation a
Slide 30: Definitions and Reconciliations
DEFINITIONS AND RECONCILIATIONS Three Months Ended “Twelve Months Ended Devember 31 December 31, Inthousands, except per shere and unit amounts, 2025 2028 2025 2028 Netincome/(ess) etrbutubleto commen stosesers $ maeor $ © ezt) $ Sze $ 84750 Rea! entte ceprecaten and emortazton 303,610 sesso esaizt
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