Udr, Inc. · NYSE:UDR
Udr — Investor Presentation (September 2026)
37 slides from Udr's investor presentation, Sep 9, 2026
Slide 1: Investor Presentation September 2026
UR | Investor Presentation September 2026
Slide 2: Table of Contents
Table of Contents SECTION PAGE ) 1 | Company Overview 0) 2 | Best-In-Class Operating Model ros) U3 | Data-Driven Capital Allocation r 2 |) 0 4 | Proven Long-Term Shareholder Returns ep Ud | Favorable Apartment Tailwinds €D ee Udo | Corporate Governance & Sustainability Leadership UDR | 2
Slide 3: A Disciplined Approach to Long-Term Value Creation
A Disciplined Approach to Long-Term Value Creation C Best-in-Class Operating Platform Operational excellence is underpinned by an innovative culture, resulting in consistent revenue growth outperformance, margin advantage, industry leading resident retention, and outsized other income growth. Data-D
Slide 4: UDR At A Glance
UDR At A Glance: Balanced Exposure Maximizes Opportunity Set ~$20 Billion ~60,000 50+ Year High-Quality Portfolio i - Enterprise Value Apartment homes Track record of superior, UDR's objective is to own a dependable shareholder returns portfolio of assets with the highest potential growth and apply
Slide 5: Guiding Principles of Value Creation
Guiding Principles of Value Creation Operational Excellence + History of same-store growth outperformance via sector-leading, data-driven operations. + Deployed initiatives that have resulted in industry-leading resident retention and outsized other income growth, including innovation-driven service
Slide 6: Premier Operating Model With Compounding Benefits
Premier Operating Model With Compounding nie UDR’s platform has evolved over the last decade, leveraging operational excellence and the robust data set built over a 50+ year history. $03 Operating Efficiency joe Customer Experience Resident Economics Phase 1 — Initiated 2018; Complete Phase 2 — Init
Slide 7: Centralization Drives Operating Efficiencies
Centralization Drives Operating Efficiencies A Centralization Pioneer + Since introducing a centralized operating model in 2018 and leveraging machine learning and Al tools, UDR has increased apartment homes managed per associate from 34 to 43. + Atcurrent levels, UDR manages 20% more apartment home
Slide 8: Operating Efficiencies Drive Margin Advantage
Operating Efficiencies Drive Margin Advantage Higher NOI Margins Controllable Operating Margin vs. Average Monthly Rent () + _UDR’s operating margin is consistently higher 84% s UDR =Peer: than the peer average across the majority of the 13 markets shared by peers. This equates to 83% e approximatel
Slide 9: Enhanced Customer Experience Drives Higher Cash Flow Growth
Enhanced Customer Experience Drives Higher Cash Flow Growth Industry-Leading Improvement . . . . Resident retention) has improved more than 2x the peer average since 2023. + Utilize more than 1 million daily data elements that generate insights on UDR residents. This has guided more than 40,000 uniq
Slide 10: Operating Edge Drives Same-Store Growth Outperformance
Operating Edge Drives Same-Store Growth Outperformance Higher Revenue Growth Better Expense Controls Superior NOI Growth Industry-leading occupancy, innovative + Centralization enhances efficiencies and = Sustainable operating margin advantage ancillary income offerings, and data-driven industry-lea
Slide 11: 2026 Same-Store Growth
2026 Same-Store Growth FY 2026 Guidance 1H 2026 Results Recent Update Low: 0.75% Mid: 1.375% High: 2.0% - a Same-Store Consistent with Guidance: Coastal markets driving the highest Revenue Growth © e e 4.3%: Driven by peer-leading sequential growth absolute growth with evidence of momentum in Sunbel
Slide 12: Capital Allocation Value Creation Drivers
Capital Allocation Value Creation Drivers Orion Investment Analytics ReimedepooacsgUDRs Tamateridedinmecererinties “F Thoroligh analyeisiepmeee Operations Upside CapEx Profile proprietary data enterprise to for investment and term capital expenditure evaluate variables that drive divestment, UDR’s n
Slide 13: Proficient Stewards of Capital with Various Value Creation Drivers
Proficient Stewards of Capital with Various Value Creation Drivers Sources of Capital active Cost Attractive Yes JV Capital Source in Size Current Strategy: Sell assets to fund growth and repurchase shares when equity trades at a material discount to NAV; UDR has executed on this playbook consistent
Slide 14: Accelerating Capital Recycling with Orion
Accelerating Capital Recycling with Orion Orion, UDR's proprietary analytics platform, screens approximately 7 million institutional-quality apartment homes across major U.S. markets to identify mispriced investment opportunities based on forward rent growth potential. When coupled with operating up
Slide 15: Orion Case Study: Capital Allocation that Drives Enhanced Growth
Orion Case Study: Capital Allocation that Drives Enhanced Growth The UDR Approach Three Key Criteria of Capital Allocation 1) Future relative rent growth potential over the next 6 years (i.e., Orion’s signal) 2) Operating upside potential 3) Capital expenditure needs Acquisition of The Enclave at Po
Slide 16: Exiting DPE
Exiting DPE Why: UDR is running off its DPE balance over time and redeploying proceeds into investment opportunities where UDR has operational control and sees superior risk-adjusted returns. Compressed returns and increased competition make it challenging for Debt and Preferred Equity (“DPE”) inves
Slide 17: Strong Balance Sheet to Provide Optionality and Manage Risk
Strong Balance Sheet” to Provide Optionality and Manage Risk Investment Grade BBB+ Baa1 Secor ouimeiniediversaeinereet S&P Unsecured Rating Moody’s Unsecured Rating rate, robust liquidity of nearly $1 billion, and strong leverage metrics support growth opportunities and reduce risk. 5.6x 5.0x Consol
Slide 18: Demonstrated Long-Term Outperformance vs. Broader Market This Century
Demonstrated Long-Term Outperformance vs. Broader Market This Century CAGR Growth of $100 Invested (Jan 2000 — June 2026)! 10.9% UDR UDR $1,560 10.1% NAREIT Equity Index NAREIT Equity Index $1,267 iy) 10.0 %o NAREIT Equity Apartments Index NAREIT Equity Apartments Index $1,253 $830 S&P 500 8.3% S&P
Slide 19: Track Record of Returning Capital Through Consistent Dividend Growth
Track Record of Returning Capital Through Consistent Dividend Gr 216 Consecutive Dividends Paid 6% Average Annual Dividend Increase Since 2010 ~$9 Billion Dividends Paid Over 50+ Years Annual Dividends Sper share $1.74 $1.72 $1.68 — ' -— | aa 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 20
Slide 20: How Rent Becomes Monthly Dividends for Shareholders
How Rent Becomes Monthly Dividends for Shareholders a 1st Residential REIT to offer Monthly Dividends Asimple, predictable model designed to align cash distributions to shareholders with the timing of rental receipts: fey GO _. Monthly Distributions UDR pays monthly dividends ez to shareholders, pro
Slide 21: Durable Tailwinds Driving Apartment REIT Outperformance
Durable Tailwinds Driving Apartment REIT Outperformance Ongoing shortage of affordable single-family U.S. housing with elevated home prices and mortgage rates Demographic and lifestyle shifts have resulted in an increased propensity to rent apartments Forward apartment supply outlook is moderating,
Slide 22: Fundamental Drivers Supporting UDR Apartment Demand
Fundamental Drivers Supporting UDR Apartment Demand Steady Rent-to-Income Ratio Attractive Relative Affordability Average UDR household income is 2.5x higher than the Nearly 60% less expensive to rent than own across median income, supporting renter affordability. UDR markets. mun Rad home Ran === L
Slide 23: Fundamental Drivers Supporting UDR Apartment Demand
Fundamental Drivers Supporting UDR Apartment Demand Robust Demand Major life events that have historically preceded a home purchase are occurring at later ages, supporting apartment rental demand. = = Today Majority Own Majority Own 20 25 30 © Average age at birth of first child © Average age at fir
Slide 24: Corporate Governance & Sustainability Leadership
Corporate Governance & Sustainability Leadership Top Workplace Named a 2025 and 2026 Top Workplace by USA Today and the 2024, 2025, and 2026 Top Workplaces winner in the Real Estate Industry LEED Sustainable Development Selected by USGBC as a LEED Homes Award recipient in the Outstanding Developer c
Slide 25: Forward-Looking Statements
Forward-Looking Statements Certain statements made in this presentation may constitute “forwardJooking statements.” Words such as “expects,” “intends,” “believes,” “anticipates,” “plans,” ‘tikely,” “will,” “seeks,” “outlook,” “guidance,” “estimates” and variations of such words and similar expressio
Slide 26: Definitions and Reconciliations
UR | ae al Definitions and ! Reconciliations ~ September 2026
Slide 27: Definitions and Reconciliation
Definitions and Reconciliation 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”) att
Slide 28: Definitions and Reconciliation
Definitions and Reconciliation Consolidated Net Debt-to-EBITDAre ~ adjusted for non-recurring items: The Company defines Consolidated Net Debt-to-EBITDAre — adjusted for non-recurring items as total consolidated debt net of cash and cash equivalents divided by annualized Consolidated EBITDAre — adju
Slide 29: Definitions and Reconciliation
Definitions and Reconciliation Dividend Payout Ratio: Measures the percentage of a REIT’s common dividend that is covered by recurring cash flow. Dividend Yield: A valuation metric typically used to compare dividend return potential. Dividend yield is the expected annual dividend per share as a perc
Slide 30: Definitions and Reconciliations
Definitions and Reconciliations Enterprise Value: The summation of Equity Market Cap, short-term debt, and long-term debt, net of balances for cash and cash equivalents, on a given date Equity Market Cap: The market value of all outstanding common stock and equivalents of a company based on the trad
Slide 31: Definitions and Reconciliations
Definitions and Reconciliations Held For Disposition Communities: The Company defines Held for Disposition Communities as those communities that were held for sale as of the end of the most recent quarter. Internal Rate of Return (“IRR”): The discount rate that sets estimated discounted cash flows e
Slide 32: 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 33: Definitions and Reconciliation
Definitions and Reconciliation NOI Enhancing Capital Expenditures ("Cap Ex"): The Company defines NOI Enhancing Capital Expenditures as expenditures that result in increased income generation or decreased expense growth over time. Management considers NOI Enhancing Capital Expenditures a useful metr
Slide 34: 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 third quarter of 2026 and full-year 2026 to forecasted
Slide 35: Definitions and Reconciliations
Definitions and Reconciliations Coverage Ratios June 30, 2026 ‘Net incorme/(loss) s 73,655 Aduustments: Interest expense, including debt extinguishment and other associated costs 47,640 Real estate depreciation and amortization 160,120 (Other deprecation and amortization 3451 ‘Tax provision/(benefit
Slide 36: Definitions and Reconciliations
Definitions and Reconciliations Three Months Ended June 20, June 20, tn thousands, exsept per share and unit amounts 2028 202 72036 25 ‘Net ncame(oes) attrbutable to common stockholders a Fea estate deprecation and amertzaton 160.120 e319 21.28 Pare Nerconrolig mteests 4520 2888 17.53 197 Fea estate
Slide 37: Forward-Looking Statements
Forward-Looking Statements Certain statements made in this presentation may constitute “forwardJooking statements.” Words such as “expects,” “intends,” “believes,” “anticipates,” “plans,” ‘tikely,” “will,” “seeks,” “outlook,” “guidance,” “estimates” and variations of such words and similar expressio