Udr, Inc. · NYSE:UDR
Udr — Investor Presentation (December 2025)
33 slides from Udr's investor presentation, Dec 8, 2025
Slide 1: Investor Presentation December 2025
Vitruvian West Dallas, TX INVESTOR PRESENTATION December 2025 UR
Slide 2: Table of Contents
~ TABLE OF CONTENTS 4A = © Reasons to Invest in UDR -_ e Recent Updates C3} UDR at a Glance (10) Corporate Strategy & Value Proposition (14) Accretive Capital Allocation and Value Creation fis) Strong, Liquid, Flexible Balance Sheet (17) Corporate Governance & Sustainability Leadership (is) Appendix
Slide 3: Reasons to Invest in UDR
REASONS TO INVEST IN UDR Total Return Track Record: 10% compounded annual total shareholder return over the last 25 years, which includes a robust income component from dividend distributions. outperformance, supported by a culture of continuous innovation, to maximize the value of our real estate a
Slide 4: Recent Updates - Driving SSREV Growth Outperformance
RECENT UPDATES - DRIVING SSREV GROWTH OUTPERFORMANCE UDR tactically adjusts market- and unitevel operating strategies to maximize cash flow and same-store revenue growth. Winning Formula: UDR’s trailing-twelve-month blended lease rate growth approximates the peer group average.) while outperforming
Slide 5: Recent Updates - Acquisition of Enclave
RECENT UPDATES - ACQUISITION OF ENCLAVE Reflective of our assetevel approach to capital allocation, in mid-November we completed the first leg of an expected 1034 paired trade that offers attractive longterm cash flow accretion from meaningful embedded growth opportunities. Investment Analytics and
Slide 6: Recent Updates - Joint Venture Expansion
RECENT UPDATES - JOINT VENTURE EXPANSION In the coming weeks, we expect to expand an existing joint venture through asset contributions. This mutually beneficial transaction is expected to drive cash flow accretion. Transaction Overview Deal Specifics: UDR will contribute 4 communities totaling 974
Slide 7: Recent Updates - Sector Trends
RECENT UPDATES - SECTOR TRENDS™ Demographics, affordability, and demand/supply factors continue to support apartment rentership. Steady Rent-to-Income Ratio (“R/1") Median resident R/I ratio in the low-20% range; average UDR household income is 2.5x higher than the median MSA income. Py patio. —Long
Slide 8: UDR at a Glance
UDR AT A GLANCE?) UDR is a full-cycle investment that consistently generates strong total shareholder return (“TSR”) through innovation, best-n- class operations, and disciplined capital allocation. 4.9% Dividend S&P 500 60,000 Multifamily § Apartment REIT Homes 53 Year History Full-Cycle ‘ontinuous
Slide 9: UDR at a Glance - Diversified Portfolio Composition
UDR AT A GLANCE - DIVERSIFIED PORTFOLIO COMPOSITION UDR is diversified across markets and price points to generate robust growth with less risk. PsP sn Northeast/Mid-Atiantic: = A-Quality B-Quality 40% of NOI 56% = Coastal A = Sunbelt A Coastal B ‘Sunbelt B 62% West Coast: 35% of NOI = Urban — = Sub
Slide 10: Corporate Strategy: Three Pillars
CORPORATE STRATEGY: THREE PILLARS Operations, Capital Allocation, and Portfolio Exposure serve as UDR’s pillars of relative value creation. Each pillar is grounded on enduring principles influenced by long-term structural macro themes to ensure positive contribution to our growth profile. Relative F
Slide 11: UDR Value Proposition: Operational Innovation
UDR VALUE PROPOSITION: OPERATIONAL INNOVATION Innovation is a competitive engine that drives attractive NOI growth through operational efficiencies and better informed Capital allocation decisions. UDR’s operating innovation initiatives have consistently driven high-single-digit y/y growth in ancill
Slide 12: UDR Value Proposition: Harnessing Data
UDR VALUE PROPOSITION: HARNESSING DATA UDR is increasingly using data to make better decisions across all business lines in the effort to drive shareholder value creation. This focus, grounded in our best-in-class operational platform, has expanded to our capital allocation efforts. Operational Exce
Slide 13: Customer Experience Results: Resident Retention
CUSTOMER EXPERIENCE RESULTS: RESIDENT RETENTION UDR ranks first among peers” in change in resident turnover since the launch of our Customer Experience project in 2023. iW Absolute Improvement Every 1% decrease in trailingtwelve-month (“TTM”) resident turnover equates to approximately $3.5 million o
Slide 14: Accretive Capital Allocation
ACCRETIVE CAPITAL ALLOCATION UDR has a track record of being a proficient steward of capital and can utilize various external growth value creation drivers. ie Capital Allocation During the Apartment Cycle ($M) Soin ESEQUDR Prem,/(Disc.)toNAV ths) —=Net Acauisttons (ns) sa issue equity at a premium
Slide 15: Accretive Capital Allocation
ACCRETIVE CAPITAL ALLOCATION Our wide variety of value creation drivers provides UDR the latitude to pivot toward investment opportunities that generate the highest risk-adjusted IRRs and the greatest eamings and NAV accretion. These include: DEVELOPMENT REDEVELOPMENT Villaggio | Dallas, TX 401 N. M
Slide 16: Strong, Liquid, Flexible Balance Sheet
STRONG, LIQUID, FLEXIBLE BALANCE SHEET Sectorleading weighted average interest rate, the lowest percentage of maturing debt among peers over the next 3- and 5- year periods, robust liquidity (>$1 billion), and strong leverage metrics support growth opportunities and reduce risk. Strong Leverage Metr
Slide 17: Corporate Governance & Sustainability Leadership
CORPORATE GOVERNANCE & SUSTAINABILITY LEADERSHIP UDR is a recognized global leader with a commitment to further enhancing Corporate Responsibility.” Top Workplace Named a 2025 Top Workplace and the 2024 and 2025 Top Workplaces winner in the Real Estate Industry lg) Sustainable Development Selected b
Slide 18: Appendix
Vitruvian West Dallas, TX
Slide 19: The Case for Apartment REITs
THE CASE FOR APARTMENT REITS Apartment REIT TSR has outperformed other REITs and the broader market by a wide margin since 2000 due to the following trends, which we expect will remain supportive of continued relative outperformance: Ongoing shortage Increased Housing's status as d Better longterm N
Slide 20: Apartment Demographics and Fundamentals
APARTMENT DEMOGRAPHICS AND FUNDAMENTALS Long-term demographics remain strong for apartments. Since 2010, approximately 30% fewer total housing units have been produced versus total households formed over the same period. US. POPULATION BY AGE COHORT (MILLIONS) PROPENSITY TO RENT BY AGE COHORT oe = D
Slide 21: Apartment Demographics and Fundamentals
APARTMENT DEMOGRAPHICS AND FUNDAMENTALS Low absolute and relative affordability represent a barrier to single-family ownership, resulting in a larger potential multifamily renter pool. Third-party forecasts indicate approximately 5 million additional apartments will be needed by 2030 to satisfy hous
Slide 22: Forward Looking Statements
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,” “outlook,” “guidance,” “estimates” and variations of such words and similar expressi
Slide 23: Definitions and Reconciliations
a ey | ‘ b nasdaq Celebrates > gin Annual ESG Report Ly DEFINITIONS AND RECONCILIATIONS December 2025
Slide 24: Definitions and Reconciliations A2
DEFINITIONS AND RECONCILIATIONS A2 ‘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’
Slide 25: Definitions and Reconciliations A3
DEFINITIONS AND RECONCILIATIONS A3 Contractual Return Rate: The Compary defines Contractual Retum Rate as the rate of return or interest rate that the Compary is entitled to receive on a preferred equity investment or loan, as specifiedin the applicable agreement. Controllable Expenses: The Company
Slide 26: Definitions and Reconciliations A4
DEFINITIONS AND RECONCILIATIONS AA Effective Blended Lease Rate Growth: The Compary defines Effective Blended Lease Rate Growth as the combined proportional growth as a result of Effective New Lease Rate Growth and Effective Renewal Lease Rate Growth. Management considers Effective Blended Lease Rat
Slide 27: Definitions and Reconciliations A5
DEFINITIONS AND RECONCILIATIONS AS Funds From Operations (“FFO") attributable to common stockholders and unitholders: The Compary defines FFO attributable to common stockholders and unitholders as net income/(loss) attributable to common stockholders (computed in accordance with GAAP), excluding imp
Slide 28: Definitions and Reconciliations A6
DEFINITIONS AND RECONCILIATIONS AG 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 esta
Slide 29: Definitions and Reconciliations A7
DEFINITIONS AND RECONCILIATIONS AT QID SameStore Communities: The Compary defines QTD Same-Store Communities as those communities Stabilized for five full consecutive quarters. These communities were owned and had stabilized operating expenses as of the beginning of the quarter in the prior year, we
Slide 30: Definitions and Reconciliations A8
DEFINITIONS AND RECONCILIATIONS AS 2025 Guidance: All guidance is based on current expectations of future economic conditions and the judgment of the Company'smanagement team. The following reconciles from GAAP Net income/(loss) per share for the fourth quarter of 2025 and full-year 2025 to forecast
Slide 31: Definitions and Reconciliations A9
DEFINITI ‘source company documents. ONS AND RECONCILIATIONS Ag 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 and amortization 165,926 Other depreciati
Slide 32: Definitions and Reconciliations A10
DEFINITIONS AND RECONCILIATIONS A10 ‘Thee Months Ended Nine Months Ended ‘Seprember 30, ‘September 30, Inthousands, except per share and unit amourts 025 2028 2025 2024 Netincome/(los) suribumble w commen senile: $ sores s $ astava feat ute cepreiston and emortaston 305,928 400,513 Noveonraing meres
Slide 33: Forward Looking Statements
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,” “outlook,” “guidance,” “estimates” and variations of such words and similar expressi