Slide 1: Q3 2025 Earnings Release & Supplemental Financial Information
388 Beale | San Francisco, CA Q3| 2025 EARNINGS RELEASE & 2025 SUPPLEMENTAL FINANCIAL INFORMATION Dave Bragg, CFO - 720.398.0885 Trent Trujillo, Investor Relations - 720.283.6135 UDR, INC. | UDR.COM
Slide 2: UDR Third Quarter 2025 Earnings Supplement
UDR Third Quarter 2025 Earnings Supplement 3Q 2025 Earnings Press Release ........................................................................................................................................ Pages 1-6 Company Financial Highlights Consolidated Statements of Operations ............
Slide 3: Press Release: Third Quarter 2025 Results
Table of Contents Press Release DENVER, CO – October 29, 2025 Contact: Trent Trujillo Email: ttrujillo@udr.com UDR, INC. ANNOUNCES THIRD QUARTER 2025 RESULTS AND UPDATES FULL-YEAR 2025 GUIDANCE RANGES UDR, Inc. (the “Company”) (NYSE: UDR), announced today its third quarter 2025 results. Net Income,
Slide 4: Subsequent to quarter-end, the Company
Table of Contents Subsequent to quarter-end, the Company, • Entered into an agreement to acquire a 406-apartment home community in suburban Metropolitan Washington, D.C., for approximately $147.0 million. The transaction is expected to close in the fourth quarter of 2025 and is expected to be funded
Slide 5: Same-Store Results by Region
Table of Contents In the tables below, the Company has presented year-over-year, sequential, and year-to-date Same-Store results by region. Summary of Same-Store Results in the Third Quarter 2025 versus the Third Quarter 2024 Revenue Expense NOI Growth / Growth / Growth / % of Same-Store Physical YO
Slide 6: Transactional Activity
Table of Contents Transactional Activity Subsequent to quarter-end, the Company entered into an agreement to acquire a 406-apartment home community in suburban Metropolitan Washington, D.C., for approximately $147.0 million. The property is located directly across the street from an existing UDR apa
Slide 7: Board of Directors
Table of Contents Board of Directors As previously announced, subsequent to quarter-end, the Company appointed Richard B. Clark to its Board of Directors. Mr. Clark has over four decades of real estate investment and capital markets experience, having served Brookfield Corporation in various senior
Slide 8: Forward-Looking Statements
Table of Contents Forward-Looking Statements Certain statements made in this press release may constitute “forward-looking statements.” Words such as “expects,” “intends,” “believes,” “anticipates,” “plans,” “likely,” “will,” “seeks,” “outlook,” “guidance,” “estimates” and variations of such words a
Slide 9: Financial Highlights
Table of Contents Financial Highlights UDR, Inc. As of End of Third Quarter 2025 (1) (Unaudited) Actual Results Actual Results Guidance for Dollars in thousands, except per share and unit 3Q 2025 YTD 2025 4Q 2025 Full-Year 2025 GAAP Metrics Net income/(loss) attributable to UDR, Inc. $40,409 $154,80
Slide 10: Consolidated Statements of Operations
Table of Contents Attachment 1 Consolidated Statements of Operations (Unaudited) (1) Three Months Ended Nine Months Ended September 30, September 30, In thousands, except per share amounts 2025 2024 2025 2024 REVENUES: Rental income $ 429,294 $ 418,088 $ 1,272,131 $ 1,243,085 Joint venture managemen
Slide 11: Funds From Operations
Table of Contents Attachment 2 Funds From Operations (Unaudited) (1) Three Months Ended Nine Months Ended September 30, September 30, In thousands, except per share and unit amounts 2025 2024 2025 2024 Net income/(loss) attributable to common stockholders $ 39,198 $ 21,400 $ 151,174 $ 90,991 Real es
Slide 12: Consolidated Balance Sheets
Table of Contents Attachment 3 Consolidated Balance Sheets (Unaudited) (1) September 30, December 31, In thousands, except share and per share amounts 2025 2024 ASSETS Real estate owned: Real estate held for investment $ 16,348,713 $ 15,994,794 Less: accumulated depreciation (7,320,363) (6,836,920)
Slide 13: Selected Financial Information: Common Stock and Equivalents
Table of Contents Attachment 4(A) Selected Financial Information (Unaudited) (1) September 30, December 31, Common Stock and Equivalents 2025 2024 Common shares 330,766,065 330,858,719 Restricted unit and common stock equivalents - 1,043,568 Operating and DownREIT Partnership units 22,759,734 22,689
Slide 14: Debt Structure and Debt Maturities
Table of Contents Attachment 4(B) Selected Financial Information September 30, 2025 (Unaudited) (1) Weighted Weighted Average Average Years Debt Structure, In thousands Balance % of Total Interest Rate to Maturity (2) Secured Fixed $ 1,066,710 18.2% 3.48% 3.4 Floating 27,000 0.5% 3.26% 6.5 Combined
Slide 15: Coverage Ratios, Covenants, Ratings
Table of Contents Attachment 4(C) Selected Financial Information (Dollars in Thousands) (Unaudited) (1) Quarter Ended Coverage Ratios September 30, 2025 Net income/(loss) $ 43,130 Adjustments: Interest expense, including debt extinguishment and other associated costs 50,569 Real estate depreciation
Slide 16: Operating Information
Table of Contents Attachment 5 Operating Information (Unaudited) (1) Total Quarter Ended Quarter Ended Quarter Ended Quarter Ended Quarter Ended Dollars in thousands Homes September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Revenues Same-Store Communities 54,915 $ 41
Slide 17: Same-Store Operating Expense Information
Table of Contents Attachment 6 Same-Store Operating Expense Information (Dollars in Thousands) (Unaudited) (1) % of 3Q 2025 SS Operating Year-Over-Year Comparison Expenses 3Q 2025 3Q 2024 % Change Personnel 14.3% $ 18,897 $ 18,259 3.5% Utilities 14.5% 19,090 18,230 4.7% Repair and maintenance 20.9%
Slide 18: Apartment Home Breakout
Table of Contents Attachment 7(A) Apartment Home Breakout Portfolio Overview as of Quarter Ended September 30, 2025 (Unaudited) (1) Unconsolidated Revenue Per Total Joint Venture Total Occupied Same-Store Non-Mature Consolidated Operating Homes Home Homes Homes (2) Homes Homes (3) (incl. JV) (3) (In
Slide 19: Non-Mature Home Summary and NOI by Market
Table of Contents Attachment 7(B) Non-Mature Home Summary and Net Operating Income by Market September 30, 2025 (Unaudited) (1) Non-Mature Home Breakout - By Date Estimated Same-Store Community Category # of Homes Market Quarter (2) Villas at Fiori Stabilized, Non-Mature 85 Dallas, TX 2Q26 101 N. Me
Slide 20: Same-Store Operating Information by Major Market: Current vs Prior Year Quarter
Table of Contents Attachment 8(A) Same-Store Operating Information By Major Market Current Quarter vs. Prior Year Quarter September 30, 2025 (1) (Unaudited) % of Same- Same-Store Total Store Portfolio Same-Store Based on Physical Occupancy Total Revenue per Occupied Home Homes 3Q 2025 NOI 3Q 25 3Q 2
Slide 21: Same-Store Revenue, Expense, NOI: Current vs Prior Year Quarter
Table of Contents Attachment 8(B) Same-Store Operating Information By Major Market Current Quarter vs. Prior Year Quarter September 30, 2025 (1) (Unaudited) Same-Store ($000s) Total Same-Store Revenues Expenses Net Operating Income Homes 3Q 25 3Q 24 Change 3Q 25 3Q 24 Change 3Q 25 3Q 24 Change West
Slide 22: Same-Store Operating Information: Current vs Last Quarter
Table of Contents Attachment 8(C) Same-Store Operating Information By Major Market Current Quarter vs. Last Quarter September 30, 2025 (Unaudited) (1) Same-Store Total Same-Store Physical Occupancy Total Revenue per Occupied Home Homes 3Q 25 2Q 25 Change 3Q 25 2Q 25 Change West Region Orange County,
Slide 23: Same-Store Revenue, Expense, NOI: Current vs Last Quarter
Table of Contents Attachment 8(D) Same-Store Operating Information By Major Market Current Quarter vs. Last Quarter September 30, 2025 (Unaudited) (1) Same-Store ($000s) Total Same-Store Revenues Expenses Net Operating Income Homes 3Q 25 2Q 25 Change 3Q 25 2Q 25 Change 3Q 25 2Q 25 Change West Region
Slide 24: Same-Store Operating Information: Year-to-Date
Table of Contents Attachment 8(E) Same-Store Operating Information By Major Market Current Year-to-Date vs. Prior Year-to-Date September 30, 2025 (Unaudited) (1) % of Same- Total Store Portfolio Same-Store Same-Store Based on Physical Occupancy Total Revenue per Occupied Home Homes YTD 2025 NOI YTD
Slide 25: Same-Store Revenue, Expense, NOI: Year-to-Date
Table of Contents Attachment 8(F) Same-Store Operating Information By Major Market Current Year-to-Date vs. Prior Year-to-Date September 30, 2025 (1) (Unaudited) Same-Store ($000s) Total Same-Store Revenues Expenses Net Operating Income Homes YTD 25 YTD 24 Change YTD 25 YTD 24 Change YTD 25 YTD 24 C
Slide 26: Lease Rate Growth and Turnover by Region
Table of Contents Attachment 8(G) Same-Store Operating Information By Major Market September 30, 2025 (Unaudited) (1) Effective Effective Blended Effective Renewal Lease Rate New Lease Lease Rate Growth Rate Growth Growth Annualized Turnover 3Q 2025 3Q 2025 3Q 2025 3Q 2025 3Q 2024 YTD 2025 YTD 2024
Slide 27: Development and Land Summary
Table of Contents Attachment 9 Development and Land Summary September 30, 2025 (Dollars in Thousands) (1) (Unaudited) Wholly-Owned Schedule Percentage # of Compl. Cost to Budgeted Est. Cost Initial Community Location Homes Homes Date Cost per Home Start Occ. Compl. Leased Occupied Projects Under Con
Slide 28: Unconsolidated and Debt and Preferred Equity Program Summary
Table of Contents Attachment 10 Unconsolidated and Debt and Preferred Equity Program Summary September 30, 2025 (Dollars in Thousands) (Unaudited) (1) Unconsolidated Joint Ventures and Partnerships Net Operating Physical Total Rev. per Income Own. # of # of Occupancy Occ. Home UDR's Share Portfolio
Slide 29: Acquisitions, Dispositions, and Debt and Preferred Equity Program Summary
Table of Contents Attachment 11 Acquisitions, Dispositions, and Debt and Preferred Equity Program Summary September 30, 2025 (Dollars in Thousands) (Unaudited) (1) Dispositions - Wholly-Owned Post Prior Transaction Ownership Ownership # of Price per Date of Sale Community Location Interest Interest
Slide 30: Capital Expenditure and Repair and Maintenance Summary
Table of Contents Attachment 12 Capital Expenditure and Repair and Maintenance Summary September 30, 2025 (In thousands, except Cost per Home) (Unaudited) (1) Three Months Nine Months Ended Cost Ended Cost Capital Expenditures for Consolidated Homes (2) September 30, 2025 per Home September 30, 2025
Slide 31: 4Q 2025 and Full-Year 2025 Guidance
Table of Contents Attachment 13 4Q 2025 and Full-Year 2025 Guidance September 30, 2025 (Unaudited) (1) Full-Year 2025 Guidance Change from Net Income, FFO and FFO as Adjusted per Share and Unit Guidance 4Q 2025 Full-Year 2025 Prior Guidance Prior Midpoint Income/(loss) per weighted average common sh
Slide 32: Definitions and Reconciliations (A)
Table of Contents Attachment 14(A) Definitions and Reconciliations September 30, 2025 (Unaudited) 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 t
Slide 33: Definitions and Reconciliations (B)
Table of Contents Attachment 14(B) Definitions and Reconciliations September 30, 2025 (Unaudited) Funds from Operations as Adjusted ("FFO as Adjusted") attributable to common stockholders and unitholders: The Company defines FFO as Adjusted attributable to common stockholders and unitholders as FFO
Slide 34: Definitions and Reconciliations (C)
Table of Contents Attachment 14(C) Definitions and Reconciliations September 30, 2025 (Unaudited) 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. Ma
Slide 35: Definitions and Reconciliations (D)
Table of Contents Attachment 14(D) Definitions and Reconciliations September 30, 2025 (Unaudited) 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 full-yea
Slide 36: Forward-Looking Statements
Table of Contents Forward-Looking Statements September 30, 2025 (Unaudited) Forward-Looking Statements Certain statements made in this supplement may constitute “forward-looking statements.” Words such as “expects,” “intends,” “believes,” “anticipates,” “plans,” “likely,” “will,” “seeks,” “estimates