Slide 1: Opening doors to the future
TEBE opening doors to the future Exhibit 99.3 Katella cau 1 Orange County, jeveloped West Coast Development JV UDR, Inc. (NYSE: UDR), has a demonstrated history CFO: of successfully managing, buying, selling, developing Tom Herzog and redeveloping attractive real estate properties in 720.283.6139 pr
Slide 2: Table of Contents
LUBY = Opening doors to the future’ TABLEOF CONTENTS ~e | Strategic Objectives - Overview Review of 2015 — Results vs. Plan Strategic Objectives — In Detail Operations Capital Allocation Balance Sheet and Funding Sources Cash Flow, Dividend and NAV Growth 2016 / 2017 Expectations 2016 Market Growth
Slide 3: Strategic Objectives - Overview
STRATEGIC OBJECTIVES - OVERVIEW We remain focused on executing UDR’s long-term strategic objectives that will continue to generate safe, consistent cash flow growth and optimize shareholder value 1 | Drive organic growth / | 2 | Allocate capital to 1 expand margins and 2 accretive opportunities, imp
Slide 4: Review of 2015 — Results vs. Plan
REVIEW OF 2015 — RESULTS VS. PLAN 2015 results kept us in-line with or ahead of the majority of objectives set forth in previous 3-year Plans 2013A-2015A VS. ORIGINAL 2013-2015 OPERATIONS THREE-YEAR PLAN (?) SS Revenue Growth +225 bps SS Expense Growth (85) bps SS NOI Growth 4375 bps CAPITAL ALLOCAT
Slide 5: Operational Excellence
OPERATIONAL EXCELLENCE Our best-in-class operating platform is a competitive advantage that differentiates UDR and continues to generate strong results versus peers ... LED TO STRONG SS REVENUE GROWTH WHICH HAS OUTPACED THAT OF PEERS SINCE INITIATING OUR STRATEGIC PLAN IN 201312) 6.0% 45% 40% . | |
Slide 6: Operations — Sustainable Improvement
OPERATIONS — SUSTAINABLE IMPROVEMENT ~ « Implementing operating efficiency initiatives that boost revenue growth or reduce expenses will continue to be a part of UDR’s DNA * Simplify * 6 Day reduction since documentation 2012 through lea: process and provide expiration wangesnent better audit trail
Slide 7: Operations — Operating Initiatives
OPERATIONS — OPERATING INITIATIVES The impact to our bottom-line from some of our current operating initiatives is quantified below 1 REDUCE DAYS VACANT + 6 days recovered since 2012 Impact of 6 Da 4 A P . YB $6.6M in Additional NOI Reduction 2 INCREASE MAINTENANCE STAFF EFFICIENCY * Use efficiency
Slide 8: Capital Allocation - Development
CAPITAL ALLOCATION - DEVELOPMENT 8 UNDERWAY AND COMPLETED, NON-STABILIZED DEVELOPMENT * Size: 1,689 homes at 100% * Completion Sete ot remaining * Cost: $670M, $587K per home at 100% underway develop! * Spent to Date: $370M (~55% of equity > 2016: S162 commitment) > 2017: $166M * Wtd. avg. yield vs.
Slide 9: Capital Allocation — Value Creation
CAPITAL ALLOCATION — VALUE CREATION 8 Development remains our most attractive capital allocation opportunity Targeted Average Initial Returns Available to UDR = Stabilized Yield: 6.3% 2% 3% 4% 6% 7% 8% Cash flow/sh and NAV/sh growth are expected to remain strong as developments stabilize Under Const
Slide 10: UDR's Developments
UDR’S DEVELOPMENTS Some of our recent developments are presented below STABILIZED, NON-MATURE DEVELOPMENTS Beach & Ocean | Huntington Beach, CA. Completed: 2014 UNDER CONSTRUCTION DEVELOPMENTS 3038 Wishife | Los Angoles/¢A Pcie ny IH Estimated Completion: 2017 Estimated Con PY
Slide 11: Balance Sheet and Funding Sources
BALANCE SHEET AND FUNDING SOURCES 4 Our debt metrics will continue to improve organically... METRIC YE 2015A YE 2016E YE 2017E Debt-to-Assets 34.6% 33% to 35% 32% to 34% Net Debt-to-EBITDA 5.7x 5.3x to 5.7x 5.0x to 5.4x Fixed Charge Coverage 41x 4.1x to 4.5x 4.3x to 4.7x ..and we will continue to fu
Slide 12: Cash Flow, Dividend & NAV Growth
CASH FLOW, DIVIDEND & NAV GROWTH ® After strong AFFO/sh growth in 2015, solid operating results and earn-in offset by reloading the development pipeline) are driving cash flow, dividend and NAV growth in 2016 AFFO/sh Growth () NAV/sh Growth ®) 12% —_ 10% 11% 6:9% ao 5-8% 12% 9-11% 8% — rw 8-10% — 6%
Slide 13: 2016 / 2017 Expectations
2016 / 2017 EXPECTATIONS 13 $ IN MILLIONS, EXCEPT PER SHARE 20158 2016E 2017E | EARNINGS FFO per Share $1.66 $1.75 to $1.81 $1.88 to $1.94 FFO as Adjusted per Share $1.67 $1.75 to$1.81 $1.86 to $1.92 AFFO per Share $1.51 $1.59 to $1.65 $1.70 to $1.76 Wed. Avg. Dil. Shares/Units (M) 276.7 N/A N/A Ann
Slide 14: 2016 Market Growth Expectations
2016 MARKET GROWTH EXPECTATIONS 14 UDR Same-Store Markets Revenue Growth) % of SS NOI: 44% % of Total NOI: 39% Northeast @ > 6.0% Revenue Growth \r © 5.5% to 6.0% Revenue Growth Southwest: @ <5.5% Revenue Growth % of SS NOI~ dof Total Ol? 1% % of Sof ais ais Total Total Market: NOI Market NOI Market
Slide 15: Definitions and Reconciliations
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Slide 16: Definitions and Reconciliations
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Slide 17: Definitions and Reconciliations
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Slide 18: Definitions and Reconciliations
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Slide 19: Definitions and Reconciliations
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Slide 20: Forward Looking Statements
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,” “ane “will” “seeks,” “estimates” and variations of such words a ‘expressions are int
Slide 21: Notes
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Slide 24: Investor Relations Contact
Investor Relations Contact: Shelby Noble snoble@u