Udr, Inc. · NYSE:UDR
Udr — Investor Presentation (April 2026)
40 slides from Udr's investor presentation, Apr 29, 2026
Slide 1: Investor Presentation April / May 2026
al UR | ae Investor Presentation April / May 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 (0), Fnanoial measures ander tems, a8 used inthis presentation, are defnes {3nd futher expiant alstes Dafnitons and Resonsiatone presentation Monthly Divid
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 Exposure Drives Resilient Earnings Power
Balanced Market Exposure Drives Resilient Earnings Power Market Dynamics Coastal markets support stable occupancy and cash flow through durable demand and constrained supply. Sunbelt markets benefit from favorable demographic and economic trends, supporting incremental demand and growth. Northeast/M
Slide 11: Diversified Market and Price Point Mix Drives Growth and Stability
Diversified Market and Price Point Mix Drives Growth and Stability Varied price point exposure captures both Suburban and market mix positions UDR’s portfolio to premium and value-oriented demand capture demand across cycles Quality Location HE Luxury (A-Quality) ll Market Rate (B-Quaiity) Mi Suburb
Slide 12: Guiding Principles of Relative Value Creation
Guiding Principles of Relative 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 residen
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Slide 14: 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 15: Enhancing Customer Experience Lengthens Average Resident Tenure
Enhancing Customer Experience Lengthens Average Resident Tenure, Driving Higher Same-Store & Cash Flow Growth Industry-Leading Improvement As residents stay longer, the share of those e who leave to buy homes is at an all-time low. Since the launch of UDR’s enhanced Customer Experience in 2023, resi
Slide 16: Resilient Financial Performance
un Resilient Financial Performance
Slide 17: 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 18: 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 19: 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. Components
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Slide 21: Data-Driven and Collaborative Approach to Capital Allocation Decisions
Data-Driven and Collaborative / to Capital Allocation Decisions i Investment Analytics Refined approach using te UDR’s proprietary data enterprise to better inform all capital allocation decisions. Micro Location and Asset Selection Evaluation of nearly 70 SP variables and 2,000 manipulations of the
Slide 22: Proficient Stewards of Capital with Various Value Creation Drivers
Proficient Stewards of Capital with Various Value Creation Drivers Beyond returning capital to shareholders via dividends, UDR thoughtfully optimizes its portfolio: Sources of Capital Current Strategy Sell assets to fund growth and execute share repurchases when equity trades at a material discount
Slide 23: Investment Analytics Driving Superior Asset-Level Capital Allocation
Investment Analytics Driving Superior Asset-Level Capital Allocation Heightened focus on converting data into actionable insights that drive cash flow growth Case Study: Acquisition of The Enclave at Potomac Club This 406-apartment home community in Woodbridge, VA, was identified as a candidate for
Slide 24: Proven Long-Term Shareholder Returns
UDR | Proven Long-Term ~@ Shareholder Returr Ss
Slide 25: 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 26: 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 — Mar 2026)! 10.3% UDR UDR $1,304 9.7% NAREIT Equity Index NAREIT Equity Index $1,127 $1,070 iy) 95 %o NAREIT Equity Apartments Index NAREIT Equity Apartments Index S&P 500 $720 7.8% S&P 500
Slide 27: 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 7 Source: Co
Slide 28: 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 29: Definitions and Reconciliations
UR | ae al Definitions and ! Reconciliations ~ April / May 2026
Slide 30: 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 31: 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 32: 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 33: 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 34: 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 35: 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 36: 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 37: 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 38: 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 39: 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 40: 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