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UDR, Inc. — Presentation / slide deck (8-K exhibit)
UDR, Inc. (UDR) · 23 slides · Filed Apr 29, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All UDR deck slides
Slide 1 — Financial Highlights
Actual Results Actual Results Dollars in thousands, except per share and unit 1Q 2026 YTD 2025 2Q 2026 Full-Year 2026 GAAP Metrics Net income/(loss) attributable to UDR, Inc. $189,831 $0 -- -- Net income/(loss) attributable to common stockholders $188,611 $0 -- -- Income/(loss) per weighted average common share, diluted $0.57 $0.00 $0.12 to $0.14 $0.91 to $1.01 Per Share Metrics FFO per common share and unit, diluted $0.63 $0.14 $0.62 to $0.64 $2.48 to $2.58 FFO as Adjusted per common share and unit, diluted $0.62 $0.22 $0.62 to $0.64 $2.47 to $2.57 Dividend declared per share and unit $0.435 $1.74 $0.435 $1.74 (2) Same-Store Operating Metrics Revenue growth/(decline) (Straight-line basis) 0.9% #REF! -- 0.25% to 2.25% Expense growth 4.4% #REF! -- 3.00% to 4.50% NOI growth/(decline) (Straight-line basis) -0.8% #REF! -- -1.00% to 1.25% Physical Occupancy 96.6% 96.9% -- -- Property Metrics Homes Communities % of Total NOI Same-Store 52,782 157 90.5% Stabilized, Non-Mature 1,299 4 2.0% Non-Residential / Other N/A N/A 1.6% Joint Venture (3) 5,401 22 5.9% Total completed 59,482 183 100.0% Under Development 300 1 - Total Quarter-end (3)(4) 59,782 184 100.0% Balance Sheet Metrics (adjusted for non-recurring items) 1Q 2026 1Q 2025 Consolidated Interest Coverage Ratio 4.9x 5.1x Consolidated Fixed Charge Coverage Ratio 4.8x 5.0x Consolidated Debt as a percentage of Total Assets 32.0% 32.8% Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items(5) 5.6x 5.7x (3) Joint venture NOI is based on UDR's share. Homes and communities at 100%. (4) Excludes homes that are part of the Debt and Preferred Equity Program as described in Attachment 10. (1) See Attachment 14 for definitions, other terms and reconciliations. (2) Annualized for 2026. Guidance for 1 Financial Highlights UDR, Inc. As of End of First Quarter 2026 (Unaudited) (1) (5) UDR's Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items is 5.5x when reducing total debt by the $134.8 million in proceeds further described in footnote 2 on Attachment 3. Meetinghouse, Portland, OR - 2Q26 Acquisition 7DEOHRI&RQWHQWV Exhibit 99.2
Slide 2 — Attachment 1
In thousands, except per share amounts 2026 2025 REVENUES: Rental income 423,321 $ 419,836 $ Joint venture management and other fees 2,528 2,112 Total revenues 425,849 421,948 OPERATING EXPENSES: Property operating and maintenance 80,732 75,990 Real estate taxes and insurance 59,859 58,745 Property management 13,758 13,645 Other operating expenses 9,415 8,059 Real estate depreciation and amortization 161,268 161,394 General and administrative 19,364 19,495 Casualty-related charges/(recoveries), net 5,729 3,297 Other depreciation and amortization 3,335 7,067 Total operating expenses 353,460 347,692 Gain/(loss) on sale of real estate owned 157,416 47,939 Operating income 229,805 122,195 Income/(loss) from unconsolidated entities 19,696 5,814 Interest expense (48,576) (47,701) Interest income and other income/(expense), net 2,434 1,921 Income/(loss) before income taxes 203,359 82,229 Tax (provision)/benefit, net (455) (158) Net Income/(loss) 202,904 82,071 Net (income)/loss attributable to redeemable noncontrolling interests in the OP and DownREIT Partnership (13,061) (5,339) Net (income)/loss attributable to noncontrolling interests (12) (12) Net income/(loss) attributable to UDR, Inc. 189,831 76,720 Distributions to preferred stockholders - Series E (Convertible) (1,220) (1,206) Net income/(loss) attributable to common stockholders 188,611 $ 75,514 $ Income/(loss) per weighted average common share - basic: $0.58 $0.23 Income/(loss) per weighted average common share - diluted: $0.57 $0.23 Common distributions declared per share $0.435 $0.43 Weighted average number of common shares outstanding - basic 327,301 330,628 Weighted average number of common shares outstanding - diluted 330,294 331,717 (1) See Attachment 14 for definitions and other terms. 2 March 31, Three Months Ended Attachment 1 Consolidated Statements of Operations (Unaudited) (1) 7DEOHRI&RQWHQWV
Slide 3 — Attachment 2
In thousands, except per share and unit amounts 2026 2025 Net income/(loss) attributable to common stockholders 188,611 $ 75,514 $ Real estate depreciation and amortization 161,268 161,394 Noncontrolling interests 13,073 5,351 Real estate depreciation and amortization on unconsolidated joint ventures 15,481 12,766 Net (gain)/loss on the sale of depreciable real estate owned, net of tax (157,416) (47,939) Funds from operations ("FFO") attributable to common stockholders and unitholders, basic 221,017 $ 207,086 $ Distributions to preferred stockholders - Series E (Convertible) (2) 1,220 1,206 FFO attributable to common stockholders and unitholders, diluted 222,237 $ 208,292 $ FFO per weighted average common share and unit, basic 0.63 $ 0.59 $ FFO per weighted average common share and unit, diluted 0.63 $ 0.58 $ Weighted average number of common shares and OP/DownREIT Units outstanding, basic 350,012 353,527 Weighted average number of common shares, OP/DownREIT Units, and common stock equivalents outstanding, diluted 353,005 357,432 Impact of adjustments to FFO: Legal and other costs 5,183 $ 3,805 $ Realized and unrealized (gain)/loss on real estate technology investments, net of tax (15,434) 211 Severance costs - 499 Software transition related costs - 2,967 Casualty-related charges/(recoveries) 5,729 3,297 Total impact of adjustments to FFO (4,522) $ 10,779 $ FFO as Adjusted attributable to common stockholders and unitholders, diluted 217,715 $ 219,071 $ FFO as Adjusted per weighted average common share and unit, diluted 0.62 $ 0.61 $ Recurring capital expenditures, inclusive of unconsolidated joint ventures (20,699) (18,405) AFFO attributable to common stockholders and unitholders, diluted 197,016 $ 200,666 $ AFFO per weighted average common share and unit, diluted 0.56 $ 0.56 $ (1) See Attachment 14 for definitions and other terms. 3 March 31, (2) Series E cumulative convertible preferred shares are dilutive for purposes of calculating FFO per share for the three months ended March 31, 2026 and March 31, 2025. Consequently, distributions to Series E cumulative convertible preferred stockholders are added to FFO and the weighted average number of Series E cumulative convertible preferred shares are included in the denominator when calculating FFO per common share and unit, diluted. Attachment 2 Funds From Operations (Unaudited) (1) Three Months Ended 7DEOHRI&RQWHQWV
Slide 4 — Attachment 3
March 31, December 31, In thousands, except share and per share amounts 2026 2025 ASSETS Real estate owned: Real estate held for investment 16,116,838 $ 16,415,000 $ Less: accumulated depreciation (7,378,368) (7,374,546) Real estate held for investment, net 8,738,470 9,040,454 Real estate under development (net of accumulated depreciation of $0 and $0) 91,742 72,885 Total real estate owned, net of accumulated depreciation 8,830,212 9,113,339 Cash and cash equivalents 1,300 1,222 Restricted cash 33,498 35,710 Notes receivable, net 153,564 149,979 Investment in and advances to unconsolidated joint ventures, net 757,689 886,492 Operating lease right-of-use assets 186,641 187,624 Other assets (2) 370,870 231,308 Total assets 10,333,774 $ 10,605,674 $ LIABILITIES AND EQUITY Liabilities: Secured debt 959,597 $ 961,180 $ Unsecured debt 4,703,719 4,860,189 Operating lease liabilities 181,995 182,963 Real estate taxes payable 35,378 45,640 Accrued interest payable 27,817 51,698 Security deposits and prepaid rent 59,557 61,205 Distributions payable 152,871 151,934 Accounts payable, accrued expenses, and other liabilities 107,072 142,102 Total liabilities 6,228,006 6,456,911 Redeemable noncontrolling interests in the OP and DownREIT Partnership 819,753 859,966 Equity: Preferred stock, no par value; 50,000,000 shares authorized at March 31, 2026 and December 31, 2025: 2,600,678 shares of 8.00% Series E Cumulative Convertible issued and outstanding (2,600,678 shares at December 31, 2025) 43,192 43,192 10,026,490 shares of Series F outstanding (10,105,845 shares at December 31, 2025) 1 1 Common stock, $0.01 par value; 450,000,000 shares authorized at March 31, 2026 and December 31, 2025: 325,894,030 shares issued and outstanding (328,273,044 shares at December 31, 2025) 3,259 3,283 Additional paid-in capital 7,384,029 7,480,594 Distributions in excess of net income (4,147,206) (4,240,268) Accumulated other comprehensive income/(loss), net 2,405 1,660 Total stockholders' equity 3,285,680 3,288,462 Noncontrolling interests 335 335 Total equity 3,286,015 3,288,797 Total liabilities and equity 10,333,774 $ 10,605,674 $ (1) See Attachment 14 for definitions and other terms. Attachment 3 Consolidated Balance Sheets (Unaudited) (1) 4 (2) As of March 31, 2026, UDR had $134.8 million due from a qualified intermediary related to the sale of real estate in connection with a like-kind exchange under Section 1031 of the Internal Revenue Code, which is intended to qualify for nonrecognition of gain. The proceeds were received from the intermediary in April 2026 and were used to repay amounts outstanding under our $1.3 billion line of credit. 7DEOHRI&RQWHQWV
Slide 5 — Attachment 4(A)
March 31, December 31, Common Stock and Equivalents 2026 2025 Common shares 325,894,030 328,273,044 Restricted unit and common stock equivalents - 158,633 Operating and DownREIT Partnership units 22,773,248 22,531,708 Series E cumulative convertible preferred shares (2) 2,815,608 2,815,608 Total common shares, OP/DownREIT units, and common stock equivalents 351,482,886 353,778,993 Weighted Average Number of Shares Outstanding 1Q 2026 1Q 2025 Weighted average number of common shares and OP/DownREIT units outstanding - basic 350,011,667 353,527,384 Weighted average number of OP/DownREIT units outstanding (22,710,775) (22,899,196) Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations 327,300,892 330,628,188 Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted 353,004,578 357,431,948 Weighted average number of OP/DownREIT units outstanding (22,710,775) (22,899,196) Weighted average number of Series E cumulative convertible preferred shares outstanding - (2,815,608) Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations 330,293,803 331,717,144 (1) See Attachment 14 for definitions and other terms. Attachment 4(A) Selected Financial Information (Unaudited) (1) 5 (2) At March 31, 2026 and December 31, 2025 there were 2,600,678 of Series E cumulative convertible preferred shares outstanding, which is equivalent to 2,815,608 shares of common stock if converted (after adjusting for the special dividend paid in 2008). 7DEOHRI&RQWHQWV
Slide 6 — Attachment 4(B)
Weighted Weighted Average Average Years Debt Structure, In thousands Balance % of Total Interest Rate to Maturity Secured Fixed 935,789 $ 16.5% 3.46% 3.4 Floating 27,000 0.5% 2.56% 6.0 962,789 17.0% 3.43% 3.5 Unsecured Fixed 4,225,000 (2) 74.4% 3.15% 4.8 Floating 489,553 8.6% 4.34% 1.7 4,714,553 83.0% 3.28% 4.4 Total Debt Fixed 5,160,789 90.9% 3.21% 4.5 Floating 516,553 9.1% 4.25% 1.9 5,677,342 100.0% 3.30% 4.3 Total Non-Cash Adjustments (3) (14,026) Total per Balance Sheet 5,663,316 $ 3.37% Debt Maturities, In thousands Revolving Credit Weighted Unsecured Facilities & Comm. Average Secured Debt (4) Debt Paper (5) (6) (7) Balance % of Total Interest Rate 2026 54,986 $ 300,000 $ 170,000 $ 524,986 $ 9.2% 3.37% 2027 6,939 300,000 9,553 316,492 5.6% 3.54% 2028 166,526 300,000 135,000 601,526 10.6% 3.87% 2029 315,811 650,000 - 965,811 17.1% 4.05% 2030 230,597 600,000 - 830,597 14.6% 3.34% 2031 160,930 600,000 - 760,930 13.4% 2.92% 2032 27,000 400,000 - 427,000 7.5% 2.13% 2033 - 650,000 - 650,000 11.4% 1.99% 2034 - 600,000 - 600,000 10.6% 4.04% 2035 - - - - - - Thereafter - - - - - - 962,789 4,400,000 314,553 5,677,342 100.0% 3.30% Total Non-Cash Adjustments (3) (3,192) (10,834) - (14,026) Total per Balance Sheet 959,597 $ 4,389,166 $ 314,553 $ 5,663,316 $ 3.37% (1) See Attachment 14 for definitions and other terms. March 31, 2026 Attachment 4(B) Selected Financial Information (Unaudited) (1) 6 Combined Combined Combined (6) There was $135.0 million outstanding on our $1.3 billion line of credit at March 31, 2026. The facility has a maturity date of August 2028, plus two six-month extension options and currently carries an interest rate equal to SOFR plus 77.5 basis points. (5) The 2026 maturity reflects the $170.0 million of principal outstanding at an interest rate of 4.13%, the equivalent of SOFR plus a spread of 45.0 basis points, on the Company’s unsecured commercial paper program as of March 31, 2026. Under the terms of the program the Company may issue up to a maximum aggregate amount outstanding of $700.0 million. (7) There was $9.6 million outstanding on our $75.0 million working capital credit facility at March 31, 2026. The facility has a maturity date of January 2027 plus two one-year extension options. The working capital credit facility currently carries an interest rate equal to SOFR plus 77.5 basis points. (2) Includes amounts on our $350.0 million unsecured Term Loan that have been swapped to fixed. The amounts swapped to fixed are $175.0 million at a weighted average rate of 4.04% that expires in October 2027. The amounts that have not been swapped to fixed carry an interest rate of SOFR plus 85.0 basis points. The $350.0 million Term Loan has a maturity date of January 2029 plus two one-year extension options. (3) Includes the unamortized balance of fair market value adjustments, premiums/discounts and deferred financing costs. (4) Includes principal amortization, as applicable. 7DEOHRI&RQWHQWV
Slide 7 — Attachment 4(C)
Quarter Ended Coverage Ratios March 31, 2026 Net income/(loss) 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 3,335 Tax provision/(benefit), net 455 Net (gain)/loss on the sale of depreciable real estate owned (157,416) Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures 21,657 EBITDAre 280,779 $ Casualty-related charges/(recoveries), net 5,729 Legal and other costs 5,183 Realized and unrealized (gain)/loss on real estate technology investments 1,597 (Income)/loss from unconsolidated entities (19,696) Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures (21,657) Management fee expense on unconsolidated joint ventures (1,104) Consolidated EBITDAre - adjusted for non-recurring items 250,831 $ Annualized consolidated EBITDAre - adjusted for non-recurring items 1,003,324 $ Interest expense, including debt extinguishment and other associated costs 48,576 Capitalized interest expense 2,163 Total interest 50,739 $ Preferred dividends 1,220 $ Total debt 5,663,316 $ Cash (1,300) Net debt 5,662,016 $ Consolidated Interest Coverage Ratio - adjusted for non-recurring items 4.9x Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items 4.8x Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items (2) 5.6x Unsecured Line of Credit Covenants (3) Required Actual Compliance Maximum Leverage Ratio ч60.0% 31.3% Yes Minimum Fixed Charge Coverage Ratio ш1.5x 4.7x Yes Maximum Secured Debt Ratio ч40.0% 9.2% Yes Minimum Unencumbered Pool Leverage Ratio ш150.0% 370.9% Yes Senior Unsecured Note Covenants (4) Required Actual Compliance Debt as a percentage of Total Assets ч65.0% 32.0% Yes Consolidated Income Available for Debt Service to Annual Service Charge ш1.5x 5.9x Yes Secured Debt as a percentage of Total Assets ч40.0% 5.4% Yes Total Unencumbered Assets to Unsecured Debt ш150.0% 323.3% Yes Securities Ratings Debt Outlook Commercial Paper Moody's Investors Service Baa1 Stable P-2 S&P Global Ratings BBB+ Stable A-2 Gross % of Number of 1Q 2026 NOI (1) Carrying Value Total Gross Asset Summary Homes ($000s) % of NOI ($000s) Carrying Value Unencumbered assets 46,446 252,638 $ 89.4% 14,495,942 $ 89.4% Encumbered assets 7,635 30,092 10.6% 1,712,638 10.6% 54,081 282,730 $ 100.0% 16,208,580 $ 100.0% Attachment 4(C) Selected Financial Information (Unaudited) (1) (1) See Attachment 14 for definitions and other terms. (Dollars in Thousands) 7 Debt Covenant Overview (4) As defined in our indenture dated November 1, 1995 as amended, supplemented or modified from time to time. (3) As defined in our credit agreement dated September 15, 2021, as amended. (2) See footnote 5 on Financial Highlights. (4) (3) 7DEOHRI&RQWHQWV
Slide 8 — Attachment 5
Total Quarter Ended Quarter Ended Quarter Ended Quarter Ended Quarter Ended Dollars in thousands Homes March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Revenues Same-Store Communities 52,782 398,646 $ 400,286 $ 401,295 $ 397,170 $ 395,255 $ Stabilized, Non-Mature Communities 1,299 9,425 7,847 6,352 4,669 3,232 Non-Residential / Other - 7,741 7,911 8,059 7,523 7,198 Total 54,081 415,812 $ 416,044 $ 415,706 $ 409,362 $ 405,685 $ Expenses Same-Store Communities 131,725 $ 124,664 $ 128,086 $ 123,396 $ 126,175 $ Stabilized, Non-Mature Communities 3,318 2,274 1,771 1,934 1,529 Non-Residential / Other 3,074 3,712 3,456 3,421 2,967 Total (2) 138,117 $ 130,650 $ 133,313 $ 128,751 $ 130,671 $ Net Operating Income Same-Store Communities 266,921 $ 275,622 $ 273,209 $ 273,774 $ 269,080 $ Stabilized, Non-Mature Communities 6,107 5,573 4,581 2,735 1,703 Non-Residential / Other 4,667 4,199 4,603 4,102 4,231 Total 277,695 $ 285,394 $ 282,393 $ 280,611 $ 275,014 $ Operating Margin Same-Store Communities 67.0% 68.9% 68.1% 68.9% 68.1% Weighted Average Physical Occupancy Same-Store Communities 96.6% 96.9% 96.7% 96.9% 97.2% Stabilized, Non-Mature Communities 95.2% 95.2% 93.2% 89.3% 85.1% Other (3) - 96.8% 96.5% 96.7% 97.0% Total 96.5% 96.8% 96.6% 96.7% 97.2% Sold Communities Revenues - 7,509 $ 12,781 $ 13,588 $ 13,639 $ 14,151 $ Expenses (2) 2,474 3,623 3,846 3,870 4,064 Net Operating Income/(Loss) 5,035 $ 9,158 $ 9,742 $ 9,769 $ 10,087 $ Total 54,081 282,730 $ 294,552 $ 292,135 $ 290,380 $ 285,101 $ Non-Mature Home Breakout - By Date Estimated Category # of Homes Market Same-Store Quarter (4) Villas at Fiori Stabilized, Non-Mature 85 Dallas, TX 2Q26 101 N. Meridian Stabilized, Non-Mature 330 Tampa, FL 3Q26 Broadridge Stabilized, Non-Mature 478 Philadelphia, PA 1Q27 The Enclave at Potomac Club Stabilized, Non-Mature 406 Metropolitan DC 1Q27 Total 1,299 (1) See Attachment 14 for definitions and other terms. (3) Includes occupancy of Sold Communities. 8 Attachment 5 Operating Information (Unaudited) (1) (2) The summation of Total expenses and Sold Communities expenses above agrees to the summation of property operating and maintenance and real estate taxes and insurance expenses on Attachment 1. (4) Estimated Same-Store quarter represents the quarter UDR anticipates contributing the community to the QTD same-store pool. 7DEOHRI&RQWHQWV
Slide 9 — Attachment 6
% of 1Q 2026 SS Operating Year-Over-Year Comparison Expenses 1Q 2026 1Q 2025 % Change Personnel 14.9% 19,645 $ 18,887 $ 4.0% Utilities 15.4% 20,324 18,769 8.3% Repair and maintenance 19.5% 25,653 24,033 6.7% Administrative and marketing 7.5% 9,875 9,385 5.2% Controllable expenses 57.3% 75,497 71,074 6.2% Real estate taxes 38.8% 51,072 $ 50,103 $ 1.9% Insurance 3.9% 5,156 4,998 3.1% Same-Store operating expenses 100.0% 131,725 $ 126,175 $ 4.4% Same-Store Homes 52,782 % of 1Q 2026 SS Operating Sequential Comparison Expenses 1Q 2026 4Q 2025 % Change Personnel 14.9% 19,645 $ 18,227 $ 7.8% Utilities 15.4% 20,324 18,136 12.1% Repair and maintenance 19.5% 25,653 22,562 13.7% Administrative and marketing 7.5% 9,875 9,753 1.3% Controllable expenses 57.3% 75,497 68,678 9.9% Real estate taxes 38.8% 51,072 $ 50,502 $ 1.1% Insurance 3.9% 5,156 5,484 -6.0% Same-Store operating expenses 100.0% 131,725 $ 124,664 $ 5.7% Same-Store Homes 52,782 (1) See Attachment 14 for definitions and other terms. 9 Attachment 6 Same-Store Operating Expense Information (Dollars in Thousands) (Unaudited) (1) 7DEOHRI&RQWHQWV
Slide 10 — Attachment 7
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) (Incl. JV at Share)(4) West Region Orange County, CA 4,305 - 4,305 701 5,006 3,220 $ San Francisco, CA 3,317 - 3,317 602 3,919 3,808 Seattle, WA 2,525 - 2,525 284 2,809 2,967 Monterey Peninsula, CA 1,567 - 1,567 - 1,567 2,407 Los Angeles, CA 1,225 - 1,225 340 1,565 3,429 12,939 - 12,939 1,927 14,866 Northeast Region Boston, MA 4,667 - 4,667 876 5,543 3,309 New York, NY 1,945 - 1,945 710 2,655 5,286 Philadelphia, PA 1,172 478 1,650 290 1,940 2,502 7,784 478 8,262 1,876 10,138 Mid-Atlantic Region Metropolitan DC 9,119 406 9,525 360 9,885 2,507 Baltimore, MD 1,721 - 1,721 - 1,721 2,113 10,840 406 11,246 360 11,606 Southeast Region Tampa, FL 3,611 330 3,941 - 3,941 2,226 Orlando, FL 3,293 - 3,293 200 3,493 1,894 Nashville, TN 2,261 - 2,261 - 2,261 1,721 9,165 330 9,495 200 9,695 Southwest Region Dallas, TX 7,364 85 7,449 - 7,449 1,781 Austin, TX 1,880 - 1,880 - 1,880 1,730 9,244 85 9,329 - 9,329 Other Markets (5) 2,810 - 2,810 1,038 3,848 2,340 Totals 52,782 1,299 54,081 5,401 59,482 2,647 $ Communities (6) 157 4 161 22 183 Homes Communities Total completed homes 59,482 183 Under Development (7) 300 1 Total Quarter-end homes and communities 59,782 184 (1) See Attachment 14 for definitions and other terms. (6) Represents communities where 100 percent of all development homes have been completed. (7) See Attachment 9 for UDR's developments and ownership interests. 10 Attachment 7 Apartment Home Breakout Portfolio Overview as of Quarter Ended March 31, 2026 (Unaudited) (1) (2) Represents homes included in Stabilized, Non-Mature, Acquired, Development, Redevelopment and Non-Residential/Other Communities categories on Attachment 5. Excludes development homes not yet completed and Sold. (3) Represents joint venture operating homes at 100 percent. Excludes joint venture held for disposition communities. See Attachment 10 for UDR's joint venture and partnership ownership interests. (5) Other Markets include Denver (292 homes), Palm Beach (636 homes), Inland Empire (658 homes), San Diego (163 wholly owned, 264 JV homes), Portland (220 wholly owned, 256 JV homes) and Richmond (841 wholly owned, 518 JV homes). (4) Represents joint ventures at UDR's ownership interests. Excludes joint venture held for disposition communities. See Attachment 10 for UDR's joint venture and partnership ownership interests. 7DEOHRI&RQWHQWV
Slide 11 — Attachment 8(A)
% of Same- Revenue per Total Store Portfolio Physical Occupied Revenue per Same-Store Based on Occupancy Home Physical Occupied Homes 1Q 2026 NOI 1Q 2026 1Q 2026 Revenue Expense NOI Occupancy Home West Region Orange County, CA 4,305 11.2% 96.2% 3,221 $ 1.8% 8.8% -0.3% -1.1% 3.0% San Francisco, CA 3,317 9.2% 97.7% 3,699 6.3% 6.0% 6.4% 0.5% 5.7% Seattle, WA 2,525 6.0% 97.0% 2,978 0.5% 8.2% -2.1% -0.7% 1.3% Monterey Peninsula, CA 1,567 3.1% 97.3% 2,407 3.1% 6.5% 2.0% 1.4% 1.8% Los Angeles, CA 1,225 2.9% 96.2% 3,255 -1.5% 12.9% -7.4% -1.1% -0.4% 12,939 32.4% 96.9% 3,201 2.7% 8.0% 0.7% -0.3% 3.0% Northeast Region Boston, MA 4,667 11.6% 96.3% 3,348 0.6% 5.1% -1.3% -0.9% 1.5% New York, NY 1,945 6.1% 98.5% 5,219 4.1% 2.3% 5.7% 0.5% 3.6% Philadelphia, PA 1,172 2.0% 96.3% 2,615 2.9% 14.0% -3.0% -0.7% 3.7% 7,784 19.7% 96.8% 3,705 2.1% 4.7% 0.6% -0.5% 2.5% Mid-Atlantic Region Metropolitan DC 9,119 16.5% 96.3% 2,507 0.5% 5.0% -1.6% -1.4% 2.0% Baltimore, MD 1,721 2.6% 96.4% 2,113 0.9% 3.8% -0.6% -0.7% 1.6% 10,840 19.1% 96.3% 2,444 0.5% 4.8% -1.5% -1.3% 1.9% Southeast Region Tampa, FL 3,611 5.4% 96.4% 2,148 -1.7% 2.2% -3.6% -0.8% -0.9% Orlando, FL 3,293 4.6% 96.4% 1,897 -1.8% 1.6% -3.2% -0.7% -1.0% Nashville, TN 2,261 2.9% 95.7% 1,721 -2.3% 5.3% -5.5% -0.9% -1.5% 9,165 12.9% 96.2% 1,952 -1.8% 2.6% -3.9% -0.8% -1.1% Southwest Region Dallas, TX 7,364 8.9% 96.9% 1,761 -0.8% -0.5% -1.0% -0.4% -0.5% Austin, TX 1,880 2.0% 96.7% 1,730 -5.0% -2.1% -7.2% -0.8% -4.3% 9,244 10.9% 96.9% 1,755 -1.7% -0.8% -2.2% -0.4% -1.3% Other Markets 2,810 5.0% 95.8% 2,345 -0.4% 3.1% -1.7% -0.5% 0.1% Total/Weighted Avg. 52,782 100.0% 96.6% 2,605 $ 0.9% 4.4% -0.8% -0.6% 1.5% (1) See Attachment 14 for definitions and other terms. Attachment 8(A) 11 % Increase/(Decrease) over Prior Year Quarter Same-Store Operating Information By Major Market Current Quarter vs. Prior Year Quarter March 31, 2026 (Unaudited) (1) 7DEOHRI&RQWHQWV
Slide 12 — Attachment 8(B)
% of Same- Revenue per Total Store Portfolio Physical Occupied Revenue per Same-Store Based on Occupancy Home Physical Occupied Homes 1Q 2026 NOI 1Q 2026 1Q 2026 Revenue Expense NOI Occupancy Home West Region Orange County, CA 4,305 11.2% 96.2% 3,221 $ -0.2% 8.6% -2.8% -0.5% 0.4% San Francisco, CA 3,317 9.2% 97.7% 3,699 1.2% 3.3% 0.3% 0.4% 0.8% Seattle, WA 2,525 6.0% 97.0% 2,978 -2.2% 6.9% -5.2% -0.1% -2.1% Monterey Peninsula, CA 1,567 3.1% 97.3% 2,407 0.3% -0.3% 0.5% 0.4% 0.0% Los Angeles, CA 1,225 2.9% 96.2% 3,255 -2.4% 10.8% -7.9% -0.2% -2.3% 12,939 32.4% 96.9% 3,201 -0.3% 5.9% -2.6% 0.0% -0.3% Northeast Region Boston, MA 4,667 11.6% 96.3% 3,348 -0.5% 12.8% -5.6% -0.1% -0.3% New York, NY 1,945 6.1% 98.5% 5,219 -0.5% 5.3% -5.0% 0.5% -1.1% Philadelphia, PA 1,172 2.0% 96.3% 2,615 1.5% 20.7% -7.6% -0.3% 1.9% 7,784 19.7% 96.8% 3,705 -0.3% 10.2% -5.6% 0.0% -0.3% Mid-Atlantic Region Metropolitan DC 9,119 16.5% 96.3% 2,507 0.1% 8.8% -3.8% -0.3% 0.4% Baltimore, MD 1,721 2.6% 96.4% 2,113 -1.1% 7.1% -5.0% -1.0% 0.0% 10,840 19.1% 96.3% 2,444 -0.1% 8.5% -3.9% -0.4% 0.3% Southeast Region Tampa, FL 3,611 5.4% 96.4% 2,148 -0.8% -2.3% 0.1% -0.3% -0.4% Orlando, FL 3,293 4.6% 96.4% 1,897 -1.1% 1.8% -2.4% -0.3% -0.7% Nashville, TN 2,261 2.9% 95.7% 1,721 -1.8% 10.0% -6.5% -0.7% -1.1% 9,165 12.9% 96.2% 1,952 -1.1% 1.4% -2.3% -0.5% -0.7% Southwest Region Dallas, TX 7,364 8.9% 96.9% 1,761 -0.5% 0.8% -1.2% -0.6% 0.1% Austin, TX 1,880 2.0% 96.7% 1,730 -0.8% -3.0% 1.0% -0.1% -0.6% 9,244 10.9% 96.9% 1,755 -0.5% -0.1% -0.8% -0.5% 0.0% Other Markets 2,810 5.0% 95.8% 2,345 -0.7% 0.8% -1.3% -0.7% 0.0% Total/Weighted Avg. 52,782 100.0% 96.6% 2,605 $ -0.4% 5.7% -3.2% -0.3% -0.1% (1) See Attachment 14 for definitions and other terms. 12 Attachment 8(B) Same-Store Operating Information By Major Market Current Quarter vs. Last Quarter March 31, 2026 (Unaudited) (1) % Increase/(Decrease) over Last Quarter 7DEOHRI&RQWHQWV
Slide 13 — Attachment 8(C)
Effective Blended Lease Rate Growth Effective New Lease Rate Growth Effective Renewal Lease Rate Growth 1Q 2026 1Q 2026 1Q 2026 1Q 2026 1Q 2025 West Region 4.3% 3.4% 5.0% 30.6% 31.4% Northeast Region 2.1% -3.1% 6.1% 24.0% 26.3% Mid-Atlantic Region 0.8% -5.3% 6.2% 25.9% 28.0% Southeast Region -2.5% -8.1% 3.7% 33.4% 37.3% Southwest Region 0.0% -5.1% 4.9% 31.3% 36.3% Other Markets -0.9% -5.8% 3.8% 30.9% 38.8% Total/Weighted Avg. 1.6% -2.4% 5.2% 29.0% 32.0% (1) See Attachment 14 for definitions and other terms. 13 Attachment 8(C) Annualized Turnover Same-Store Operating Information By Major Market March 31, 2026 (Unaudited) (1) 7DEOHRI&RQWHQWV
Slide 14 — Attachment 9
Wholly-Owned Schedule # of Compl. Cost to Budgeted Est. Cost Initial Community Location Homes Homes Date Cost per Home Start Occ. Compl. Leased Occupied Projects Under Construction 3099 Iowa Riverside, CA 300 - 91,742 $ 133,600 $ 445 $ 1Q25 4Q26 1Q27 N/A N/A Total Under Construction 300 - 91,742 $ 133,600 $ 445 $ Total - Wholly Owned 300 - 91,742 $ 133,600 $ 445 $ NOI From Wholly-Owned Projects 1Q 26 Projects Under Construction - $ Total - $ Land Summary Location Total Land (7 parcels) Various 100% (1) See Attachment 14 for definitions and other terms. (Unaudited) (1) Percentage Attachment 9 Development and Land Summary March 31, 2026 (Dollars in Thousands) 14 UDR Ownership Interest Real Estate Cost Basis 245,711 $ 7DEOHRI&RQWHQWV
Slide 15 — Attachment 10
Unconsolidated Joint Ventures and Partnerships Physical Total Rev. per Own. # of # of Occupancy Occ. Home Portfolio Characteristics Interest Comm. Homes 1Q 26 1Q 26 1Q 26 UDR / MetLife 50% 13 2,837 96.6% 4,373 $ 10,789 $ UDR / LaSalle 51% 9 2,564 96.5% 2,490 6,538 Total 22 5,401 96.6% 3,473 $ 17,327 $ Gross Book Value Weighted of JV Real Total Project UDR's Equity Avg. Debt Debt Balance Sheet Characteristics Estate Assets (2) Debt (2) Investment Interest Rate Maturities UDR / MetLife 1,759,019 $ 844,361 $ 190,510 $ 3.87% 2027-2031 UDR / LaSalle 856,662 297,802 235,936 5.36% 2028-2033 Total 2,615,681 $ 1,142,163 $ 426,446 $ 4.26% Debt and Preferred Equity Program (3)(4) Contractual Weighted Avg. Return Years to Investment Classifications # of Commitments Commitment Balance Rate Maturity Non-Stabilized Communities - Preferred Equity 1 16,044 $ 27,992 $ 14.0% 0.3 Non-Stabilized Communities - Loans 2 84,123 114,442 11.0% 0.7 Stabilized Communities - Preferred Equity (5) 9 237,641 244,823 9.7% 2.4 Total Debt and Preferred Equity Program 12 337,808 $ 387,257 $ 10.2% 1.9 1Q 26 Income/(loss) from investments (6) 10,671 $ Income/(Loss) from Investments Other Unconsolidated Investments (7) Commitment Funded Balance 1Q 26 (9) Total Real Estate Technology and Sustainability Investments 169,000 $ 134,920 $ 158,743 $ 15,815 $ (1) See Attachment 14 for definitions and other terms. (9) Income/(loss) from investments is deducted/added back to FFOA. 15 (2) Joint ventures and partnerships represented at 100%. Debt balances are presented net of deferred financing costs. (8) Investment commitment represents maximum equity contractually required to be funded, and therefore excludes realized/unrealized gain/(loss). Investment funded represents cash funded towards the investment commitment. Investment balance includes amounts funded plus undistributed realized/unrealized gain/(loss), less $31.3 million of cash and stock distributed prior to the period end. UDR Investment (8) (7) Other unconsolidated investments represent UDR’s investments in nine real estate technology and climate technology funds. (3) UDR's investments are reflected as investment in and advances to unconsolidated joint ventures or notes receivable, net on the Consolidated Balance Sheets and income/(loss) from unconsolidated entities or interest and other income/(expense), net on the Consolidated Statements of Operations in accordance with GAAP. (4) Investment commitment represents maximum loan principal or equity investment and therefore excludes accrued return. Investment balance includes amounts funded plus accrued and unpaid return prior to the period end as well as any non-cash impairment losses or loan reserves. (6) When excluding UDR's share of recorded real estate depreciation and amortization on debt and preferred equity investments for the three months ended March 31, 2026, the amount is approximately $11.7 million. (5) During the quarter, UDR received aggregate proceeds of approximately $138.9 million from the full repayment of two preferred equity investments. UDR Investment Attachment 10 Unconsolidated and Debt and Preferred Equity Program Summary March 31, 2026 (Dollars in Thousands) (Unaudited) (1) Net Operating Income UDR's Share 7DEOHRI&RQWHQWV
Slide 16 — Attachment 11
Dispositions - Wholly-Owned Post Prior Transaction Ownership Ownership # of Price per Date of Sale Community Location Interest Interest Price (2) Debt (2) Homes Home Mar-26 Steele Creek Denver, CO 100% 0% 137,300 $ - $ 218 630 $ Mar-26 Rodgers Forge Baltimore, MD 100% 0% 105,200 - 498 211 Mar-26 Milehouse Seattle, WA 100% 0% 78,500 - 177 444 Mar-26 Summit West Tampa, FL 100% 0% 41,000 - 266 154 362,000 $ - $ 1,159 312 $ Redemptions - Debt and Preferred Equity Program UDR Initial Proceeds Proceeds Contractual Investment Received at Received Return Date of Redemption Investment Classification Market Commitment Redemption Life to Date Rate Feb-26 Stabilized Communities Various 102,000 $ 104,822 $ 132,600 $ 11.0% Feb-26 Non-Stabilized Community Washington, DC 52,163 34,042 72,515 11.5% 154,163 $ 138,864 $ 205,115 $ 11.2% 16 Attachment 11 Acquisitions, Dispositions, and Debt and Preferred Equity Program Summary (Unaudited) (1) March 31, 2026 (Dollars in Thousands) (1) See Attachment 14 for definitions and other terms. (2) Price represents 100% of the asset. Debt represents 100% of the asset's indebtedness, and excludes deferred financing costs. 7DEOHRI&RQWHQWV
Slide 17 — Attachment 12
Three Months Ended Cost Capital Expenditures for Consolidated Homes (2) March 31, 2026 per Home Average number of homes (3) 54,854 Total Recurring Cap Ex 19,587 $ 357 $ NOI Enhancing Cap Ex 13,064 238 Total Recurring and NOI Enhancing Cap Ex 32,651 $ 595 $ Three Months Ended Cost Repair and Maintenance for Consolidated Homes (Expensed) March 31, 2026 per Home Average number of homes (3) 54,854 Total Repair and Maintenance 26,925 $ 491 $ (1) See Attachment 14 for definitions and other terms. (2) Excludes redevelopment capital and initial capital expenditures on acquisitions. (3) Average number of homes is calculated based on the number of homes owned at the end of each month. 17 Attachment 12 Capital Expenditure and Repair and Maintenance Summary March 31, 2026 (In thousands, except Cost per Home) (Unaudited) (1) 7DEOHRI&RQWHQWV
Slide 18 — Attachment 13
Full-Year 2026 Guidance Change from Net Income, FFO and FFO as Adjusted per Share and Unit Guidance 2Q 2026 Full-Year 2026 Prior Guidance Prior Midpoint Income/(loss) per weighted average common share, diluted $0.12 to $0.14 $0.91 to $1.01 $0.45 to $0.55 $0.46 FFO per common share and unit, diluted $0.62 to $0.64 $2.48 to $2.58 $2.47 to $2.57 $0.01 FFO as Adjusted per common share and unit, diluted $0.62 to $0.64 $2.47 to $2.57 $2.47 to $2.57 - Weighted average number of common shares, OP/DownREIT Units, and common stock equivalents outstanding, diluted (in millions) 350.5 351.3 354.3 (3.0) Annualized dividend per share and unit $1.74 $1.74 - Change from Same-Store Guidance (Straight-line basis) Full-Year 2026 Prior Guidance Prior Midpoint Revenue growth / (decline) 0.25% to 2.25% 0.25% to 2.25% - Expense growth 3.00% to 4.50% 3.00% to 4.50% - NOI growth / (decline) -1.00% to 1.25% -1.00% to 1.25% - Change from Investment Guidance ($ in millions) Full-Year 2026 Prior Guidance Prior Midpoint Dispositions - Consolidated and Joint Venture (at share) $360 to $600 $300 to $600 $30 Acquisitions - Consolidated and Joint Venture (at share) $100 to $200 $100 to $200 - Capital Expenditures - Recurring, NOI Enhancing, and Redevelopment $220 to $260 $220 to $260 - Change from Corporate Expense Guidance ($ in millions) Full-Year 2026 Prior Guidance Prior Midpoint Consolidated interest expense, net of capitalized interest and adjustments for FFO as Adjusted $185 to $195 $185 to $195 - General and Administrative expense, net of adjustments for FFO as Adjusted $65 to $75 $65 to $75 - Attachment 13 March 31, 2026 2Q 2026 and Full-Year 2026 Guidance 18 (Unaudited) (1) (1) See Attachment 14 for definitions and other terms. 7DEOHRI&RQWHQWV
Slide 19 — Attachment 14(A)
Attachment 14(A) Definitions and Reconciliations March 31, 2026 (Unaudited) Management considers EBITDAre a useful metric for investors as it provides an additional indicator of the Company’s ability to incur and service debt, and enables investors to assess our performance against that of its peer REITs. EBITDAre should be considered along with, but not as an alternative to, net income and cash flow as a measure of the Company’s activities in accordance with GAAP. EBITDAre does not represent cash generated from operating activities in accordance with GAAP and is not necessarily indicative of funds available to fund our cash needs. A reconciliation between net income/(loss) and EBITDAre is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure. Management considers AFFO a useful supplemental performance metric for investors as it is more indicative of the Company's operational performance than FFO or FFO as Adjusted. AFFO is not intended to represent cash flow or liquidity for the period, and is only intended to provide an additional measure of our operating performance. The Company believes that net income/(loss) attributable to common stockholders is the most directly comparable GAAP financial measure to AFFO. Management believes that AFFO is a widely recognized measure of the operations of REITs, and presenting AFFO enables investors to assess our performance in comparison to other REITs. However, other REITs may use different methodologies for calculating AFFO and, accordingly, our AFFO may not always be comparable to AFFO calculated by other REITs. AFFO should not be considered as an alternative to net income/(loss) (determined in accordance with GAAP) as an indication of financial performance, or as an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to make distributions. A reconciliation from net income/(loss) attributable to common stockholders to AFFO is provided on Attachment 2. Adjusted Funds from Operations ("AFFO") attributable to common stockholders and unitholders: The Company defines AFFO as FFO as Adjusted attributable to common stockholders and unitholders less recurring capital expenditures on consolidated communities and the Company’s proportionate share of recurring capital expenditures on unconsolidated partnerships and joint ventures, that are necessary to help preserve the value of and maintain functionality at our communities. 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. Contractual Return Rate: The Company defines Contractual Return Rate as the rate of return or interest rate that the Company is entitled to receive on a preferred equity investment or loan, as specified in the applicable agreement. Effective Blended Lease Rate Growth: The Company 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 Rate Growth a useful metric for investors as it assesses combined proportional market-level, new and in-place demand trends. Effective New Lease Rate Growth: The Company defines Effective New Lease Rate Growth as the increase/(decrease) in gross potential rent realized less concessions on a straight-line basis for the new lease term (current effective rent) versus prior resident effective rent for the prior lease term on new leases commenced during the current quarter. Management considers Effective New Lease Rate Growth a useful metric for investors as it assesses market-level new demand trends. Effective Renewal Lease Rate Growth: The Company defines Effective Renewal Lease Rate Growth as the increase/(decrease) in gross potential rent realized less concessions on a straight-line basis for the new lease term (current effective rent) versus prior effective rent for the prior lease term on renewed leases commenced during the current quarter. Management considers Effective Renewal Lease Rate Growth a useful metric for investors as it assesses market-level, in-place demand trends. 19 Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items: The Company defines Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items as Consolidated Interest Coverage Ratio - adjusted for non-recurring items divided by total consolidated interest, excluding the impact of costs associated with debt extinguishment, plus preferred dividends. Management considers Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items a useful metric for investors as it provides ratings agencies, investors and lenders with a widely-used measure of the Company’s ability to service its consolidated debt obligations as well as compare leverage against that of its peer REITs. A reconciliation of the components that comprise Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure. Consolidated Interest Coverage Ratio - adjusted for non-recurring items: The Company defines Consolidated Interest Coverage Ratio - adjusted for non-recurring items as Consolidated EBITDAre – adjusted for non-recurring items divided by total consolidated interest, excluding the impact of costs associated with debt extinguishment. Management considers Consolidated Interest Coverage Ratio - adjusted for non-recurring items a useful metric for investors as it provides ratings agencies, investors and lenders with a widely-used measure of the Company’s ability to service its consolidated debt obligations as well as compare leverage against that of its peer REITs. A reconciliation of the components that comprise Consolidated Interest Coverage Ratio - adjusted for non-recurring items is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure. 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 - adjusted for non-recurring items. Consolidated EBITDAre - adjusted for non-recurring items is defined as EBITDAre excluding the impact of income/(loss) from unconsolidated entities, adjustments to reflect the Company’s share of EBITDAre of unconsolidated joint ventures and other non-recurring items including, but not limited to casualty-related charges/(recoveries), net of wholly owned communities. Management considers Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items a useful metric for investors as it provides ratings agencies, investors and lenders with a widely-used measure of the Company’s ability to service its consolidated debt obligations as well as compare leverage against that of its peer REITs. A reconciliation between net income/(loss) and Consolidated EBITDAre - adjusted for non-recurring items is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure. Controllable Expenses: The Company refers to property operating and maintenance expenses as Controllable Expenses. Estimated Quarter of Completion: The Company defines Estimated Quarter of Completion of a development or redevelopment project as the date on which construction is expected to be completed, but it does not represent the date of stabilization. Development Communities: The Company defines Development Communities as those communities recently developed or under development by the Company, that are currently majority owned by the Company and have not achieved stabilization as of the most recent quarter. Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre): The Company defines EBITDAre as net income/(loss) (computed in accordance with GAAP), plus interest expense, including costs associated with debt extinguishment, plus real estate depreciation and amortization, plus other depreciation and amortization, plus (minus) income tax provision/(benefit), (minus) plus net gain/(loss) on the sale of depreciable real estate owned, plus impairment write-downs of depreciable real estate, plus the adjustments to reflect the Company’s share of EBITDAre of unconsolidated joint ventures. The Company computes EBITDAre in accordance with standards established by the National Association of Real Estate Investment Trusts, or Nareit, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the Nareit definition, or that interpret the Nareit definition differently than the Company does. The White Paper on EBITDAre was approved by the Board of Governors of Nareit in September 2017. 7DEOHRI&RQWHQWV
Slide 20 — Attachment 14(B)
In thousands 1Q 2026 YTD 2025 Income/(loss) from unconsolidated entities 19,696 $ - $ Management fee 1,104 Interest expense 6,176 Depreciation 14,364 General and administrative 138 Preferred Equity Program (excludes loans) (7,147) Other (income)/expense 27 Realized and unrealized (gain)/loss on real estate technology investments, net of tax (17,031) 17,327 $ - $ In thousands 1Q 2026 4Q 2025 3Q 2025 2Q 2025 1Q 2025 Net income/(loss) attributable to UDR, Inc. 189,831 $ 222,902 $ 40,409 $ 37,673 $ 76,720 $ Property management 13,758 13,937 13,952 13,747 13,645 Other operating expenses 9,415 7,947 6,975 7,753 8,059 Real estate depreciation and amortization 161,268 163,610 165,926 163,191 161,394 Interest expense 48,576 49,684 50,569 48,665 47,701 Casualty-related charges/(recoveries), net 5,729 3,248 1,755 3,382 3,297 General and administrative 19,364 22,948 22,732 19,929 19,495 Tax provision/(benefit), net 455 37 382 258 158 (Income)/loss from unconsolidated entities (19,696) (4,934) (14,011) (3,629) (5,814) Interest income and other (income)/expense, net (2,434) (5,406) (3,714) (8,134) (1,921) Joint venture management and other fees (2,528) (4,281) (2,570) (2,398) (2,112) Other depreciation and amortization 3,335 4,451 7,009 7,387 7,067 (Gain)/loss on sale of real estate owned (157,416) (194,974) - - (47,939) Net income/(loss) attributable to noncontrolling interests 13,073 15,383 2,721 2,556 5,351 Total consolidated NOI 282,730 $ 294,552 $ 292,135 $ 290,380 $ 285,101 $ Attachment 14(B) Definitions and Reconciliations March 31, 2026 (Unaudited) 20 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. 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 excluding the impact of other non-comparable items including, but not limited to, acquisition-related costs, prepayment costs/benefits associated with early debt retirement, impairment write-downs or gains and losses on sales of real estate or other assets incidental to the main business of the Company and income taxes directly associated with those gains and losses, casualty-related expenses and recoveries, severance costs, software transition related costs and legal and other costs. Management considers FFO a useful metric for investors as the Company uses FFO in evaluating property acquisitions and its operating performance and believes that FFO should be considered along with, but not as an alternative to, net income and cash flow as a measure of the Company's activities in accordance with GAAP. FFO does not represent cash generated from operating activities in accordance with GAAP and is not necessarily indicative of funds available to fund our cash needs. A reconciliation from net income/(loss) attributable to common stockholders to FFO is provided on Attachment 2. Management believes that FFO as Adjusted is useful supplemental information regarding our operating performance as it provides a consistent comparison of our operating performance across time periods and allows investors to more easily compare our operating results with other REITs. FFO as Adjusted is not intended to represent cash flow or liquidity for the period, and is only intended to provide an additional measure of our operating performance. The Company believes that net income/(loss) attributable to common stockholders is the most directly comparable GAAP financial measure to FFO as Adjusted. However, other REITs may use different methodologies for calculating FFO as Adjusted or similar FFO measures and, accordingly, our FFO as Adjusted may not always be comparable to FFO as Adjusted or similar FFO measures calculated by other REITs. FFO as Adjusted should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of financial performance, or as an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of our liquidity. A reconciliation from net income attributable to common stockholders to FFO as Adjusted is provided on Attachment 2. Funds from Operations ("FFO") attributable to common stockholders and unitholders: The Company defines FFO attributable to common stockholders and unitholders as net income/(loss) attributable to common stockholders (computed in accordance with GAAP), excluding impairment write- downs of depreciable real estate related to the main business of the Company or of investments in non-consolidated investees that are directly attributable to decreases in the fair value of depreciable real estate held by the investee, gains and losses from sales of depreciable real estate related to the main business of the Company and income taxes directly associated with those gains and losses, plus real estate depreciation and amortization, and after adjustments for noncontrolling interests, and the Company’s share of unconsolidated partnerships and joint ventures. This definition conforms with the National Association of Real Estate Investment Trust's definition issued in April 2002 and restated in November 2018. In the computation of diluted FFO, if OP Units, DownREIT Units, unvested restricted stock, unvested LTIP Units, stock options, and the shares of Series E Cumulative Convertible Preferred Stock are dilutive, they are included in the diluted share count. Total Joint Venture NOI at UDR's Ownership Interest Joint Venture Reconciliation at UDR's weighted average ownership interest: 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 taxes, insurance, personnel, utilities, repairs and maintenance, administrative and marketing. Excluded from NOI is property management expense, which is calculated as 3.25% of property revenue, and land rent. Property management expense covers costs directly related to consolidated property operations, inclusive of corporate management, regional supervision, accounting and other costs. Management considers NOI a useful metric for investors as it is a more meaningful representation of a community’s continuing operating performance than net income as it is prior to corporate-level expense allocations, general and administrative costs, capital structure and depreciation and amortization and is a widely used input, along with capitalization rates, in the determination of real estate valuations. A reconciliation from net income/(loss) attributable to UDR, Inc. to NOI is provided below. 7DEOHRI&RQWHQWV
Slide 21 — Attachment 14(C)
Physical Occupancy: The Company defines Physical Occupancy as the number of occupied homes divided by the total homes available at a community. 21 Stabilization/Stabilized: The Company defines Stabilization/Stabilized as when a community’s occupancy reaches 90% or above for at least three consecutive months. Total Revenue per Occupied Home: The Company defines Total Revenue per Occupied Home as rental and other revenues with concessions reported on a straight- line basis, divided by the product of occupancy and the number of apartment homes. Management considers Total Revenue per Occupied Home a useful metric for investors as it serves as a proxy for portfolio quality, both geographic and physical. TRS: The Company’s taxable REIT subsidiaries (“TRS”) focus on making investments and providing services that are otherwise not allowed to be made or provided by a REIT. YTD Same-Store Communities: The Company defines YTD Same-Store Communities as those communities Stabilized for two full consecutive calendar years. These communities were owned and had stabilized operating expenses as of the beginning of the prior year, were not in process of any substantial redevelopment activities, and were not held for disposition. Attachment 14(C) Definitions and Reconciliations March 31, 2026 (Unaudited) Stabilized, Non-Mature Communities: The Company defines Stabilized, Non-Mature Communities as those communities that have reached Stabilization but are not yet in the same-store portfolio. Sold Communities: The Company defines Sold Communities as those communities that were disposed of prior to the end of the most recent quarter. Management considers NOI Enhancing Capital Expenditures a useful metric for investors as it quantifies the amount of capital expenditures that are expected to grow, not just maintain, revenues or to decrease expenses. Non-Mature Communities: The Company defines Non-Mature Communities as those communities that have not met the criteria to be included in same-store communities. Non-Residential / Other: The Company defines Non-Residential / Other as non-apartment components of mixed-use properties, land held, properties being prepared for redevelopment and properties where a material change in home count has occurred. 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. QTD Same-Store Communities: The Company 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, were not in process of any substantial redevelopment activities, and were not held for disposition. Recurring Capital Expenditures: The Company defines Recurring Capital Expenditures as expenditures that are necessary to help preserve the value of and maintain functionality at its communities. Redevelopment Communities: The Company generally defines Redevelopment Communities as those communities where substantial redevelopment is in progress. Based upon the level of material impact the redevelopment has on the community (operations, occupancy levels, and future rental rates), the community may or may not maintain Stabilization. As such, for each redevelopment, the Company assesses whether the community remains in Same-Store. Other Markets: The Company defines Other Markets as the accumulation of individual markets where it operates less than 1,000 Same-Store homes. Management considers Other Markets a useful metric as the operating results for the individual markets are not representative of the fundamentals for those markets as a whole. 7DEOHRI&RQWHQWV
Slide 22 — Attachment 14(D)
Low High Forecasted net income per diluted share 0.91 $ 1.01 $ Conversion from GAAP share count (0.07) (0.07) Net gain on the sale of depreciable real estate owned (0.45) (0.45) Depreciation 2.02 2.02 Noncontrolling interests 0.06 0.06 Preferred dividends 0.01 0.01 Forecasted FFO per diluted share and unit 2.48 $ 2.58 $ Legal and other costs 0.01 0.01 Casualty-related charges/(recoveries) 0.02 0.02 Realized/unrealized (gain)/loss on real estate technology investments (0.04) (0.04) Forecasted FFO as Adjusted per diluted share and unit 2.47 $ 2.57 $ Low High Forecasted net income per diluted share 0.12 $ 0.14 $ Conversion from GAAP share count (0.01) (0.01) Depreciation 0.50 0.50 Noncontrolling interests 0.01 0.01 Preferred dividends - - Forecasted FFO per diluted share and unit 0.62 $ 0.64 $ Legal and other costs - - Casualty-related charges/(recoveries) - - Realized/unrealized (gain)/loss on real estate technology investments - - Forecasted FFO as Adjusted per diluted share and unit 0.62 $ 0.64 $ 22 Full-Year 2026 Attachment 14(D) Definitions and Reconciliations March 31, 2026 (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-year 2026 and second quarter of 2026 to forecasted FFO and FFO as Adjusted per share and unit: 2Q 2026 7DEOHRI&RQWHQWV
Slide 23 — Forward-Looking Statements
Forward-Looking Statements 23 Certain statements made in this supplement may constitute “forward-looking statements.” Words such as “expects,” “intends,” “believes,” “anticipates,” “plans,” “likely,” “will,” “seeks,” “estimates” and variations of such words and similar expressions are intended to identify such forward- looking statements. Forward-looking statements, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement, due to a number of factors, which include, but are not limited to, general market and economic conditions, unfavorable changes in the apartment market and economic conditions that could adversely affect occupancy levels and rental rates, the impact of inflation/deflation on rental rates and property operating expenses, the availability of capital and the stability of the capital markets, the impact of tariffs, geopolitical tensions, conflicts and wars, government shutdowns, and changes in immigration, elevated interest rates, the impact of competition and competitive pricing, acquisitions, developments and redevelopments not achieving anticipated results, delays in completing developments, redevelopments and lease-ups on schedule or at expected rent and occupancy levels, changes in job growth, home affordability and demand/supply ratio for multifamily housing, development and construction risks that may impact profitability, risks that joint ventures with third parties and Debt and Preferred Equity Program investments do not perform as expected, the failure of automation or technology to help grow net operating income, and other risk factors discussed in documents filed by the Company with the SEC from time to time, including the Company's Annual Report on Form 10-K and the Company's Quarterly Reports on Form 10-Q. Actual results may differ materially from those described in the forward-looking statements. These forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this supplement, and the Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in the Company's expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required under the U.S. securities laws. Forward-Looking Statements March 31, 2026 (Unaudited) 7DEOHRI&RQWHQWV