Slide 1: Opening doors to the future
Exhibit 99.3 Opening doors to the future’ UDR, Inc. (NYSE: UDR), has a demonstrated history of successfully managing, buying, selling, developing and redeveloping attractive real estate properties in 720.283.6139 primary U.S. markets * S&P 400 Company * $13 Billion Enterprise CFO: Tom Herzog Investo
Slide 2: Opening doors to the future
i Opening doors to the future Strategic Objectives - Overview Review of 2014 — Results vs. Plan Strategic Objectives — In Detail Operations Capital Allocation Balance Sheet and Funding Sources Cash Flow, Dividend and NAV Growth 2015 / 2016 Expectations 2015 Market Growth Expectations Definitions and
Slide 3: Strategic Objectives - Overview
STRATEGIC OBJECTIVES - OVERVIEW 3 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, i
Slide 4: Review of 2014 — Results vs. Plan
REVIEW OF 2014 — RESULTS VS. PLAN ‘ 2014 results kept us in-line with or ahead of the majority of objectives set forth in previous 3-year Plans OPERATIONS Pt sssssrincromnon| mist romnon | 2013-2015 THREE-YEAR PLAN) | __ 2016 THREE-YEAR PLAN @) SS Revenue Growth +75 bps +95 bps SS Expense Growth (11
Slide 5: Operational Excellence
OPERATIONAL EXCELLENCE 5 Our best-in-class operating platform is a competitive advantage that differentiates UDR and continues to generate strong results versus peers BETTER TOP-LINE RESULTS IN PRIMARY MARKETS... P| averse sae srone even crow | % UDR UDR VS. MF PEER UDR VS. MF PEER MARKET No!) AVG.
Slide 6: Operations — Sustainable Improvement
OPERATIONS — SUSTAINABLE IMPROVEMENT « Implementing operating efficiency initiatives that boost revenue growth or reduce expense growth has been and will continue to be a part of UDR’s DNA PRIMARY ENHANCEMENTS TO OPERATING PLATFORM HISTORICAL ENHANCEMENTS OUTCOME On-Line Rent Payment 77% penetration
Slide 7: Operations — Operating Initiatives
OPERATIONS — OPERATING INITIATIVES 7 The potential impact to our bottom-line from some of our current operating initiatives is quantified below 1 REDUCE DAYS VACANT + 5S days recovered since 2012 POTENTIAL IMPACT OF 5 DAY REDUCTION 5 LESS DAYS VACANT x # OF SS APARTMENT HOMES “21 Days (~36K) x AVG.
Slide 8: Capital Allocation - Development
CAPITAL ALLOCATION - DEVELOPMENT UNDERWAY AND COMPLETED, NON-STABILIZED DEVELOPMENT - 12/31/2014 * Size: 2,430 homes at 100% * Completion timeline of remaining * Cost: $875M, $472K per home at 100% meray sevelopme * Spent to Date: $630M (~72% of total cost) > 2015: $326 milion + Wtd. avg. yield vs.
Slide 9: Capital Allocation — Value Creation
CAPITAL ALLOCATION — VALUE CREATION ° Development remains our most attractive capital allocation opportunity Average Initial Returns Available to UDR Acq. 2% 3% 4% 5% 6% 7% 8% Cash flow/sh and NAV/sh growth are expected to remain strong as developments stabilize Under Construction Developments: $604
Slide 10: UDR's Developments
UDR’S DEVELOPMENTS Some of our recent developments are presented below STABILIZED, NON-MATURE DEVELOPMENTS Capitol View on 14th = ieee Ls COMPLETED, NON-STABILIZED DEVELOPMENTS DetRay Tower rl
Slide 11: Balance Sheet and Funding Sources
BALANCE SHEET AND FUNDING SOURCES # By year-end 2016, we expect to achieve our target leverage profile... METRIC YE 2014A YE 2015E YE 2016E Debt-to-assets 38.6% 36% to 38% 34% to 36% Net debt-to-EBITDA 6.5x 5.8x to 6.2x 5.4x to 5.8x Fixed Charge Coverage 3.6x 3.6x to 4.0x 3.8x to 4.2x ..as we also c
Slide 12: Cash Flow, Dividend & NAV Growth
CASH FLOW, DIVIDEND & NAV GROWTH v After strong AFFO/sh growth in 2014, solid operating results and earn-in hat offset by reloading the pipeline) are expected to drive cash flow, dividend and NAV growth in 2015 AFFO/sh Growth NAV/sh Growth 14% 12% Dividend/sh growth is expected to Hlaticap rate expe
Slide 13: 2015 / 2016 Expectations
2015 / 2016 EXPECTATIONS ® $ IN MILLIONS, EXCEPT PER SHARE 20148 2015E 2016E FFO per Share $1.56 $1.60 to $1.66 $1.69 to $1.75 FFO as Adjusted per Share $1.52 $1.58 to $1.64 $1.69 to $1.75 AFFO per Share $1.35 $1.41 to $1.47 $1.52 to $1.58 Wed. Avg. Dil. Shares/Units (M) 265.7 N/A N/A Annualized Dec
Slide 14: 2015 Market Growth Expectations
2015 MARKET GROWTH EXPECTATIONS ® ‘West Coa: ‘% of SS Ne 1% ‘% of Total NOI: 41% UDR Same-Store Markets RE oy = Revenue Growth!) % of SS NOI: 13% _ ie % of Total NOI: 19% \ ACPA Mid-Atlantic % of Total © > 4.50% Revenue Growth © 3.50% to 4.50% Revenue Growth Southwest: @ < 3.50% Revenue Growth % of
Slide 15: Definitions and Reconciliations
DEFINITIONS AND RECONCILIATIONS B ‘Aequred Communities: Seabee aor Mana seplentlperomance met fx stra mare ndtv ofthe Company operation] patomance than FFO GFF a Asad PFO ‘einer apresnt ch for ay for eres ery ene gave Sagan eae Sr Op oat bec at ence pees aes vests fo ste ou peiormance in compara to
Slide 16: Definitions and Reconciliations
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Slide 17: Definitions and Reconciliations
DEFINITIONS AND RECONCILIATIONS w tp Some store") Communities: SUbiedoccponcy ane operon ‘held for dspostion wha the curent year Redevelopment Projected Weighted Average Return on erementl Capa vested AeisrcPYoah te Scbueaon bed tae Aecescopmart ed defn es het Merion st Rett Copel penne les yao ofth
Slide 18: Definitions and Reconciliations
DEFINITIONS AND RECONCILIATIONS B eon o TOR, The Conga te et det BITOR i deine net income, excluding the impact of ‘hese of deproble property and RE income to Net Debt to E704 (0008) Bugera et incomes atrbuate to UDR ne s oa Adjstments (inches continuing nd dscontined operations) ners expense nm el
Slide 19: Definitions and Reconciliations
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Slide 20: Forward Looking Statements
FORWARD LOOKING STATEMENTS 20 Forward Looking Statements Certain statements made in this presentation may constitute “forward-looking statements.” Words such as “expects,” “intends,” “believes,” “anticipates,” “plans,” “likely,” “will,” “seeks,” “estimates” on variations of such words and similar ap
Slide 21: Notes
Slide 22: Notes
Slide 23: Notes
Slide 24: Investor Relations Contact
Investor Relations Contact: Chris Van Ens cvanens@udr.com 720.348.7762