Slide 1: Investor Presentation June 2026
al UR | ae Investor Presentation June 2026
Slide 2: A Proven Platform For Long-Term Value Creation
A Proven Platform For Long-Term Value Creation Resilient Financial Performance Durable earnings and cash flow growth, underpinned by an investment grade balance sheet. Favorable Apartment Tailwinds Structural housing shortages and renter affordability trends support durable demand. E> OO Diversified
Slide 3: UDR At A Glance
UDR At A Glance Leading S&P 500 multifamily REIT 50+ Year Track record of superior, dependable shareholder returns ~$20 Billion Enterprise Value Financial measures andoterterms, so used inthis presentation arecefnes and ‘uther sxpianed inte estes De Snitona ana Raconsiatons presentation. Monthly Div
Slide 4: 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
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Slide 6: 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 7: 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. —Renttoincome Ratio ==
Slide 8: Fundamental Drivers Supporting UDR Apartment Demand
Fundamental Drivers Supporting UDR Apartment Demand Robust Demand Slowing Supply in UDR Markets Above-average population concentrations in the mid- Multifamily completions (as a percentage of existing 20’s to mid-30’s age cohorts support apartment rental inventory) declined to historical average lev
Slide 9: Diversification
UR Diversiiam
Slide 10: Balanced Market & Submarket Exposure Drives Resilient Earnings Power
Balanced Market & Submarket Exposure Drives Resilient Earnings Power Dynamic Exposure Varied price point exposure captures both premium and value-oriented demand HE Luxury (A-Quality) lJ Market Rate (B-Quaiity) Coastal Sunbelt oe Suburban and market mix positions UDR’s portfolio to capture demand ac
Slide 11: Guiding Principles of Value Creation
Guiding Principles of Value Creation Operational Excellence + History of same-store growth outperformance via best-in-class Relative Earnings and Cash > Total Shareholder operations, technology, and data Flow per Share Growth Return Outperformance + Deployed initiatives that enhance resident retenti
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Slide 13: Customer Experience
Customer Experience Assess more than 1 million daily data elements to understand resident 4 satisfaction and behavior. Machine Learning Leverage Al to increase the predictive nature of corrective actions and to increase the lifetime value of a resident. Proactive Outreach Insights guided more than 3
Slide 14: Enhancing Customer Experience Lengthens Average Resident Tenure
Enhancing Customer Experience Lengthens Average Resident Tenure, Driving Higher Same-Store & Cash Flow Growth Industry-Leading Improvement Resident retention has improved more than 2x the peer average since 2023. 9% UDR teeee Peer Average —_— + Since the launch of UDR’s enhanced Customer 1% _— Exper
Slide 15: Resilient Financial Performance
un Resilient Financial Performance
Slide 16: Operating Momentum Driving Sustained Earnings Growth
Operating Momentum Driving Sustained Earnings Gri Same-Store Net Operating Income (NOI) growth and margin Funds From Operations as Adjusted (FFOA) per share expansion supported by operating strength, innovation-driven growth further enhanced by accretive acquisitions and ancillary income, and discip
Slide 17: Strong Balance Sheet Positioned to Fund Growth and Withstand Volatility
Strong Balance Sheet Positioned to Fund Growth and Withstand Volatility Sector-low weighted average interest rate, robust liquidity and strong leverage metrics support growth opportunities and reduce risk. Available Liquidity of more than $1 Billion at March 31, 2026 Investment Grade BBB+ S&P Unsecu
Slide 18: Recent Updates: 2026 Revenue Growth Outlook
Recent Updates: 2026 Revenue Growth Outlook First quarter and second quarter to-date results are consistent with guidance.) 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. | Ag report
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Slide 20: Data-Driven and Collaborative Approach to Capital Allocation Decisions
Data-Driven and Collaborative | \pproach i to Capital Allocation Decisions Orion Investment Analytics Refined approach using t UDR’s proprietary data enterprise to better inform all capital allocation decisions. Micro Location and Asset Selection Evaluation of nearly 70 a variables and 2,000 manipul
Slide 21: Introducing Orion: Identifying Capital Allocation Opportunities
Introducing Orion: Identifying Capital Allocation Opportunities Orion: The Hunter UDR's proprietary Orion analytics platform hunts for mispriced investment opportunities across all forms of capital allocation, including acquisitions, dispositions, development, redevelopment, and capital expenditures
Slide 22: Orion Case Study: Capital Allocation That Drives Enhanced Growth
Orion Case Study: Capital Allocation that Drives Enhanced Growth The four assets sold in 1Q 2026 screen inferior to the remaining UDR portfolio on all three key The U D R Approach criteria while acquisitions in Washington, D.C. and Portland screen favorably in Orion. Three Key Criteria to Capital Al
Slide 23: Proficient Stewards of Capital with Various Value Creation Drivers
Proficient Stewards of Capital with Various Value Creation Drivers Sources of Capital Cost Attractive Yes Source in Size Current Strategy: Sell assets to fund growth and execute share repurchases when equity trades at a material discount to NAV; we have executed on this playbook consistently over th
Slide 24: Debt and Preferred Equity (DPE) Investment Update
Debt and Preferred Equity (“DPE”) Investment Update Enhanced Approach to DPE Investments since 2022 1) Focus on stabilized, income generating communities to enhance cash payments 2) More senior capital position (lower loan- to-value) compared to a ground-up development 3) Opportunistically acquire a
Slide 25: Proven Long-Term Shareholder Returns
UDR | Proven Long-Term ~@ Shareholder Returr Ss
Slide 26: Track Record of Returning Capital Through Consistent Dividend Growth
Track Record of Returning Capital Through Consistent Dividend Gr 214 Consecutive Quarters of 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
Slide 27: 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 — Apr 2026)' 10.6% UDR UDR $1,420 10.0% tht AL NAREIT Equity Index $1,229 NAREIT Equity Index a . iy) ote 7 NARETEsuipy Aperimentsindex Po pe NAREIT Equity Apartments Index S&P 500 $796 8.2%
Slide 28: Corporate Governance & Sustainability Leadership
Corporate Governance & Sustainability Leadership Top Workplace Named a 2025 and 2026 Top Workplace and the 2024 and 2025 Top Workplaces winner in the Real Estate Industry LEED Sustainable Development Selected by USGBC as a LEED Homes Award recipient in the Outstanding Developer category Sextel “Most
Slide 29: 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 30: Definitions and Reconciliations June 2026
UR | ae Definitions and ip Reconciliations ~~ ‘3 5 June 2026
Slide 31: 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 32: 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 33: 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 34: 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 35: 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 36: 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 37: 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 38: 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 second quarter of 2026 and full-year 2026 to forecasted
Slide 39: Definitions and Reconciliations
Definitions and Reconciliations Quarter Ended Coverage Ratios March 31, 2026 ‘Net income/(Ioss) s 202,904 ‘Adjustments. Interest expense, including debt extinguishment and other associated costs 48,576 Real estate depreciation and amortization 161.268 Other depreciation and amortization 3335 ‘Tax pr
Slide 40: Definitions and Reconciliations
Definitions and Reconciliations Three Months Ended March 31, in thousands, except per share and unit amounts 2026 2025 Net income/(loss) attributable to common stockholders: $ ime Ss 75514 Real estate deprecation and amortization 161,268 161,394 Noncortroling interests 13,073 5,381 Real estate depre
Slide 41: 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