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UDR, Inc. — Presentation / slide deck (8-K exhibit)
UDR, Inc. (UDR) · 28 slides · Filed Oct 29, 2025
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 3Q 2025 YTD 2025 4Q 2025 Full-Year 2025 GAAP Metrics Net income/(loss) attributable to UDR, Inc. $40,409 $154,802 -- -- Net income/(loss) attributable to common stockholders $39,198 $151,174 -- -- Income/(loss) per weighted average common share, diluted $0.12 $0.46 $0.13 to $0.15 $0.57 to $0.59 Per Share Metrics FFO per common share and unit, diluted $0.62 $1.81 $0.63 to $0.65 $2.44 to $2.46 FFO as Adjusted per common share and unit, diluted $0.65 $1.90 $0.63 to $0.65 $2.53 to $2.55 Dividend declared per share and unit $0.43 $1.29 $0.43 $1.72 (2) Same-Store Operating Metrics Revenue growth/(decline) (Straight-line basis) 2.6% 2.6% -- 2.20% to 2.60% Expense growth 3.1% 2.7% -- 2.40% to 3.10% NOI growth/(decline) (Straight-line basis) 2.3% 2.5% -- 2.00% to 2.50% Physical Occupancy 96.6% 96.9% -- -- Property Metrics Homes Communities % of Total NOI Same-Store 54,915 165 91.7% Stabilized, Non-Mature 415 2 0.9% Acquired Communities 478 1 0.6% Non-Residential / Other N/A N/A 1.5% Joint Venture (3) 4,427 18 5.3% Total completed homes 60,235 186 100.0% Under Development 300 1 - Total Quarter-end homes (3)(4) 60,535 187 100.0% Balance Sheet Metrics (adjusted for non-recurring items) 3Q 2025 3Q 2024 Consolidated Interest Coverage Ratio 5.0x 5.1x Consolidated Fixed Charge Coverage Ratio 4.9x 4.9x Consolidated Debt as a percentage of Total Assets 32.6% 32.9% Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items 5.5x 5.6x (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 2025. Guidance for 1 Financial Highlights UDR, Inc. As of End of Third Quarter 2025 (Unaudited) (1) 2000 Post, San Francisco, CA - Same-Store Community 7DEOHRI&RQWHQWV Exhibit 99.2
Slide 2 — Attachment 1
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 management and other fees 2,570 2,072 7,080 6,029 Total revenues 431,864 420,160 1,279,211 1,249,114 OPERATING EXPENSES: Property operating and maintenance 79,373 76,484 230,976 220,405 Real estate taxes and insurance 57,786 57,182 173,539 174,861 Property management 13,952 13,588 41,344 40,400 Other operating expenses 6,975 6,382 22,787 20,803 Real estate depreciation and amortization 165,926 170,276 490,511 510,622 General and administrative 22,732 20,890 62,156 58,836 Casualty-related charges/(recoveries), net 1,755 1,473 8,434 8,749 Other depreciation and amortization 7,009 4,029 21,463 13,024 Total operating expenses 355,508 350,304 1,051,210 1,047,700 Gain/(loss) on sale of real estate owned - - 47,939 16,867 Operating income 76,356 69,856 275,940 218,281 Income/(loss) from unconsolidated entities 14,011 (1,880) 23,454 11,251 Interest expense (50,569) (50,214) (146,935) (146,087) Interest income and other income/(expense), net 3,714 6,159 13,769 18,522 Income/(loss) before income taxes 43,512 23,921 166,228 101,967 Tax (provision)/benefit, net (382) 156 (798) (567) Net Income/(loss) 43,130 24,077 165,430 101,400 Net (income)/loss attributable to redeemable noncontrolling interests in the OP and DownREIT Partnership (2,709) (1,574) (10,593) (6,736) Net (income)/loss attributable to noncontrolling interests (12) 94 (35) (35) Net income/(loss) attributable to UDR, Inc. 40,409 22,597 154,802 94,629 Distributions to preferred stockholders - Series E (Convertible) (1,211) (1,197) (3,628) (3,638) Net income/(loss) attributable to common stockholders 39,198 $ 21,400 $ 151,174 $ 90,991 $ Income/(loss) per weighted average common share - basic: $0.12 $0.06 $0.46 $0.28 Income/(loss) per weighted average common share - diluted: $0.12 $0.06 $0.46 $0.28 Common distributions declared per share $0.43 $0.425 $1.29 $1.275 Weighted average number of common shares outstanding - basic 330,668 329,421 330,692 329,101 Weighted average number of common shares outstanding - diluted 331,241 330,557 331,443 329,755 (1) See Attachment 14 for definitions and other terms. 2 September 30, September 30, Three Months Ended Attachment 1 Consolidated Statements of Operations (Unaudited) (1) Nine Months Ended 7DEOHRI&RQWHQWV
Slide 3 — Attachment 2
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 estate depreciation and amortization 165,926 170,276 490,511 510,622 Noncontrolling interests 2,721 1,480 10,628 6,771 Real estate depreciation and amortization on unconsolidated joint ventures 12,021 12,546 38,245 40,928 Impairment loss from unconsolidated joint ventures - 8,083 - 8,083 Net (gain)/loss on consolidation - - (286) - Net (gain)/loss on the sale of depreciable real estate owned, net of tax - - (47,939) (16,867) Funds from operations ("FFO") attributable to common stockholders and unitholders, basic 219,866 $ 213,785 $ 642,333 $ 640,528 $ Distributions to preferred stockholders - Series E (Convertible) (2) 1,211 1,197 3,628 3,638 FFO attributable to common stockholders and unitholders, diluted 221,077 $ 214,982 $ 645,961 $ 644,166 $ FFO per weighted average common share and unit, basic 0.62 $ 0.61 $ 1.82 $ 1.81 $ FFO per weighted average common share and unit, diluted 0.62 $ 0.60 $ 1.81 $ 1.81 $ Weighted average number of common shares and OP/DownREIT Units outstanding, basic 353,484 353,275 353,543 353,299 Weighted average number of common shares, OP/DownREIT Units, and common stock equivalents outstanding, diluted 356,873 357,226 357,110 356,811 Impact of adjustments to FFO: Legal and other costs 2,683 $ 1,551 $ 9,846 $ 6,995 $ Realized and unrealized (gain)/loss on real estate technology investments, net of tax (3,736) 3 (3,305) (4,613) Severance costs 7,214 3,018 8,737 4,550 Software transition related costs 3,329 - 9,263 - Casualty-related charges/(recoveries) 1,755 1,473 8,434 8,749 Total impact of adjustments to FFO 11,245 $ 6,045 $ 32,975 $ 15,681 $ FFO as Adjusted attributable to common stockholders and unitholders, diluted 232,322 $ 221,027 $ 678,936 $ 659,847 $ FFO as Adjusted per weighted average common share and unit, diluted 0.65 $ 0.62 $ 1.90 $ 1.85 $ Recurring capital expenditures, inclusive of unconsolidated joint ventures (32,238) (29,898) (79,844) (73,496) AFFO attributable to common stockholders and unitholders, diluted 200,084 $ 191,129 $ 599,092 $ 586,351 $ AFFO per weighted average common share and unit, diluted 0.56 $ 0.54 $ 1.68 $ 1.64 $ (1) See Attachment 14 for definitions and other terms. Nine Months Ended (2) Series E cumulative convertible preferred shares are dilutive for purposes of calculating FFO per share for the three and nine months ended September 30, 2025 and September 30, 2024. 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 3 September 30, September 30, 7DEOHRI&RQWHQWV
Slide 4 — Attachment 3
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) Real estate held for investment, net 9,028,350 9,157,874 Real estate under development (net of accumulated depreciation of $0 and $0) 52,749 - Real estate held for disposition (net of accumulated depreciation of $0 and $64,106) - 154,463 Total real estate owned, net of accumulated depreciation 9,081,099 9,312,337 Cash and cash equivalents 1,194 1,326 Restricted cash 35,052 34,101 Notes receivable, net 146,749 247,849 Investment in and advances to unconsolidated joint ventures, net 911,575 917,483 Operating lease right-of-use assets 184,172 186,997 Other assets 242,071 197,493 Total assets 10,601,912 $ 10,897,586 $ LIABILITIES AND EQUITY Liabilities: Secured debt 1,090,305 $ 1,139,331 $ Unsecured debt 4,743,864 4,687,634 Operating lease liabilities 179,496 182,275 Real estate taxes payable 67,728 46,403 Accrued interest payable 28,415 52,631 Security deposits and prepaid rent 60,563 61,592 Distributions payable 153,784 151,720 Accounts payable, accrued expenses, and other liabilities 126,329 115,105 Total liabilities 6,450,484 6,436,691 Redeemable noncontrolling interests in the OP and DownREIT Partnership 876,127 1,017,355 Equity: Preferred stock, no par value; 50,000,000 shares authorized at September 30, 2025 and December 31, 2024: 2,600,678 shares of 8.00% Series E Cumulative Convertible issued and outstanding (2,600,678 shares at December 31, 2024) 43,192 43,192 10,174,522 shares of Series F outstanding (10,424,485 shares at December 31, 2024) 1 1 Common stock, $0.01 par value; 450,000,000 shares authorized at September 30, 2025 and December 31, 2024: 330,766,065 shares issued and outstanding (330,858,719 shares at December 31, 2024) 3,308 3,309 Additional paid-in capital 7,565,518 7,572,480 Distributions in excess of net income (4,338,985) (4,179,415) Accumulated other comprehensive income/(loss), net 1,932 3,638 Total stockholders' equity 3,274,966 3,443,205 Noncontrolling interests 335 335 Total equity 3,275,301 3,443,540 Total liabilities and equity 10,601,912 $ 10,897,586 $ (1) See Attachment 14 for definitions and other terms. Attachment 3 Consolidated Balance Sheets (Unaudited) (1) 4 7DEOHRI&RQWHQWV
Slide 5 — Attachment 4(A)
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 22,689,109 Series E cumulative convertible preferred shares (2) 2,815,608 2,815,608 Total common shares, OP/DownREIT units, and common stock equivalents 356,341,407 357,407,004 Weighted Average Number of Shares Outstanding 3Q 2025 3Q 2024 Weighted average number of common shares and OP/DownREIT units outstanding - basic 353,483,759 353,274,894 Weighted average number of OP/DownREIT units outstanding (22,815,748) (23,853,772) Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations 330,668,011 329,421,122 Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted 356,872,397 357,226,153 Weighted average number of OP/DownREIT units outstanding (22,815,748) (23,853,772) Weighted average number of Series E cumulative convertible preferred shares outstanding (2,815,608) (2,815,608) Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations 331,241,041 330,556,773 Year-to-Date 2025 Year-to-Date 2024 Weighted average number of common shares and OP/DownREIT units outstanding - basic 353,542,541 353,298,608 Weighted average number of OP/DownREIT units outstanding (22,850,921) (24,197,254) Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations 330,691,620 329,101,354 Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted 357,109,033 356,811,488 Weighted average number of OP/DownREIT units outstanding (22,850,921) (24,197,254) Weighted average number of Series E cumulative convertible preferred shares outstanding (2,815,608) (2,858,243) Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations 331,442,504 329,755,991 (1) See Attachment 14 for definitions and other terms. Attachment 4(A) Selected Financial Information (Unaudited) (1) 5 (2) At September 30, 2025 and December 31, 2024 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 (2) Secured Fixed 1,066,710 $ 18.2% 3.48% 3.4 Floating 27,000 0.5% 3.26% 6.5 1,093,710 18.7% 3.47% 3.5 Unsecured Fixed 4,225,000 (3) 72.2% 3.15% 5.3 Floating 530,686 9.1% 4.65% 1.1 4,755,686 81.3% 3.32% 4.8 Total Debt Fixed 5,291,710 90.4% 3.22% 4.9 Floating 557,686 9.6% 4.58% 1.4 5,849,396 100.0% 3.35% 4.6 Total Non-Cash Adjustments (4) (15,227) Total per Balance Sheet 5,834,169 $ 3.42% Debt Maturities, In thousands Revolving Credit Weighted Unsecured Facilities & Comm. Average Secured Debt (5) Debt Paper (2) (6) (7) Balance % of Total Interest Rate 2025 129,235 $ - $ 340,000 $ 469,235 $ 8.0% 4.13% 2026 56,672 300,000 15,686 372,358 6.4% 3.09% 2027 6,939 300,000 - 306,939 5.2% 3.51% 2028 166,526 300,000 - 466,526 8.0% 3.72% 2029 315,811 650,000 - 965,811 16.5% 4.19% 2030 230,597 600,000 - 830,597 14.2% 3.34% 2031 160,930 600,000 - 760,930 13.0% 2.92% 2032 27,000 400,000 - 427,000 7.3% 2.17% 2033 - 650,000 - 650,000 11.1% 1.99% 2034 - 600,000 - 600,000 10.3% 4.04% Thereafter - - - - - - 1,093,710 4,400,000 355,686 5,849,396 100.0% 3.35% Total Non-Cash Adjustments (4) (3,405) (11,822) - (15,227) Total per Balance Sheet 1,090,305 $ 4,388,178 $ 355,686 $ 5,834,169 $ 3.42% (1) See Attachment 14 for definitions and other terms. September 30, 2025 Attachment 4(B) Selected Financial Information (Unaudited) (1) 6 Combined Combined Combined (6) There were no borrowings outstanding on our $1.3 billion line of credit at September 30, 2025. 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. (2) The 2025 maturity reflects the $340.0 million of principal outstanding at an interest rate of 4.32%, the equivalent of SOFR plus a spread of 17.0 basis points, on the Company’s unsecured commercial paper program as of September 30, 2025. Under the terms of the program the Company may issue up to a maximum aggregate amount outstanding of $700.0 million. (7) There was $15.7 million outstanding on our $75.0 million working capital credit facility at September 30, 2025. The facility has a maturity date of January 2026. The working capital credit facility currently carries an interest rate equal to adjusted SOFR plus 77.5 basis points. (3) 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. (4) Includes the unamortized balance of fair market value adjustments, premiums/discounts and deferred financing costs. (5) Includes principal amortization, as applicable. 7DEOHRI&RQWHQWV
Slide 7 — Attachment 4(C)
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 depreciation and amortization 7,009 Tax provision/(benefit), net 382 Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures 16,652 EBITDAre 283,668 $ Casualty-related charges/(recoveries), net 1,755 Legal and other costs 2,683 Realized and unrealized (gain)/loss on real estate technology investments 680 Severance costs 7,214 (Income)/loss from unconsolidated entities (14,011) Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures (16,652) Management fee expense on unconsolidated joint ventures (960) Consolidated EBITDAre - adjusted for non-recurring items 264,377 $ Annualized consolidated EBITDAre - adjusted for non-recurring items 1,057,508 $ Interest expense, including debt extinguishment and other associated costs 50,569 Capitalized interest expense 2,203 Total interest 52,772 $ Preferred dividends 1,211 $ Total debt 5,834,169 $ Cash (1,194) Net debt 5,832,975 $ Consolidated Interest Coverage Ratio - adjusted for non-recurring items 5.0x Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items 4.9x Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items 5.5x Unsecured Line of Credit Covenants (2) Required Actual Compliance Maximum Leverage Ratio ч60.0% 31.2% Yes Minimum Fixed Charge Coverage Ratio ш1.5x 4.9x Yes Maximum Secured Debt Ratio ч40.0% 9.7% Yes Minimum Unencumbered Pool Leverage Ratio ш150.0% 375.2% Yes Senior Unsecured Note Covenants (3) Required Actual Compliance Debt as a percentage of Total Assets ч65.0% 32.6% Yes Consolidated Income Available for Debt Service to Annual Service Charge ш1.5x 5.6x Yes Secured Debt as a percentage of Total Assets ч40.0% 6.1% Yes Total Unencumbered Assets to Unsecured Debt ш150.0% 316.5% 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 3Q 2025 NOI (1) Carrying Value Total Gross Asset Summary Homes ($000s) % of NOI ($000s) Carrying Value Unencumbered assets 47,260 256,625 $ 87.8% 14,439,254 $ 88.0% Encumbered assets 8,548 35,510 12.2% 1,962,208 12.0% 55,808 292,135 $ 100.0% 16,401,462 $ 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 (3) As defined in our indenture dated November 1, 1995 as amended, supplemented or modified from time to time. (2) As defined in our credit agreement dated September 15, 2021, as amended. (3) (2) 7DEOHRI&RQWHQWV
Slide 8 — Attachment 5
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 54,915 414,657 $ 410,518 $ 408,503 $ 406,482 $ 404,241 $ Stabilized, Non-Mature Communities 415 3,654 3,613 3,232 2,606 1,858 Acquired Communities 478 2,698 1,056 - - - Non-Residential / Other - 8,285 7,814 7,659 7,164 7,776 Total 55,808 429,294 $ 423,001 $ 419,394 $ 416,252 $ 413,875 $ Expenses Same-Store Communities 131,824 $ 127,163 $ 129,940 $ 125,879 $ 127,871 $ Stabilized, Non-Mature Communities 764 1,423 1,529 1,114 1,083 Acquired Communities 1,007 511 - - - Non-Residential / Other 3,564 3,524 3,072 1,435 3,522 Total (2) 137,159 $ 132,621 $ 134,541 $ 128,428 $ 132,476 $ Net Operating Income Same-Store Communities 282,833 $ 283,355 $ 278,563 $ 280,603 $ 276,370 $ Stabilized, Non-Mature Communities 2,890 2,190 1,703 1,492 775 Acquired Communities 1,691 545 - - - Non-Residential / Other 4,721 4,290 4,587 5,729 4,254 Total 292,135 $ 290,380 $ 284,853 $ 287,824 $ 281,399 $ Operating Margin Same-Store Communities 68.2% 69.0% 68.2% 69.0% 68.4% Weighted Average Physical Occupancy Same-Store Communities 96.6% 96.9% 97.2% 96.8% 96.3% Stabilized, Non-Mature Communities 95.2% 94.5% 85.1% 67.1% 48.9% Acquired Communities 91.5% 84.8% - - - Other (3) - - - 97.6% 98.2% Total 96.6% 96.7% 97.2% 96.6% 95.9% Sold and Held for Disposition Communities Revenues - - $ - $ 442 $ 4,188 $ 4,213 $ Expenses (2) - - 194 1,008 1,190 Net Operating Income/(Loss) - $ - $ 248 $ 3,180 $ 3,023 $ Total 55,808 292,135 $ 290,380 $ 285,101 $ 291,004 $ 284,422 $ (1) See Attachment 14 for definitions and other terms. (3) Includes occupancy of Sold and Held for Disposition Communities. 8 Attachment 5 Operating Information (Unaudited) (1) (2) The summation of Total expenses and Sold and Held for Disposition Communities expenses above agrees to the summation of property operating and maintenance and real estate taxes and insurance expenses on Attachment 1. 7DEOHRI&RQWHQWV
Slide 9 — Attachment 6
% 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% 27,539 27,230 1.1% Administrative and marketing 8.0% 10,530 9,618 9.5% Controllable expenses 57.7% 76,056 73,337 3.7% Real estate taxes 38.0% 50,073 $ 48,375 $ 3.5% Insurance 4.3% 5,695 6,159 -7.5% Same-Store operating expenses 100.0% 131,824 $ 127,871 $ 3.1% Same-Store Homes 54,915 % of 3Q 2025 SS Operating Sequential Comparison Expenses 3Q 2025 2Q 2025 % Change Personnel 14.3% 18,897 $ 18,902 $ 0.0% Utilities 14.5% 19,090 17,867 6.8% Repair and maintenance 20.9% 27,539 26,008 5.9% Administrative and marketing 8.0% 10,530 10,006 5.2% Controllable expenses 57.7% 76,056 72,783 4.5% Real estate taxes 38.0% 50,073 $ 49,071 $ 2.0% Insurance 4.3% 5,695 5,309 7.3% Same-Store operating expenses 100.0% 131,824 $ 127,163 $ 3.7% Same-Store Homes 54,915 % of YTD 2025 SS Operating Year-to-Date Comparison Expenses YTD 2025 YTD 2024 % Change Personnel 14.7% 56,508 $ 54,035 $ 4.6% Utilities 14.4% 55,460 52,936 4.8% Repair and maintenance 20.1% 77,583 75,403 2.9% Administrative and marketing 7.7% 29,615 26,479 11.8% Controllable expenses 56.9% 219,166 208,853 4.9% Real estate taxes 38.9% 150,022 $ 148,188 $ 1.2% Insurance 4.2% 16,267 18,305 -11.1% Same-Store operating expenses 100.0% 385,455 $ 375,346 $ 2.7% Same-Store Homes 54,442 (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(A)
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 3,194 $ San Francisco, CA 3,317 - 3,317 602 3,919 3,723 Seattle, WA 2,702 - 2,702 284 2,986 2,978 Monterey Peninsula, CA 1,567 - 1,567 - 1,567 2,402 Los Angeles, CA 1,225 - 1,225 340 1,565 3,510 13,116 - 13,116 1,927 15,043 Mid-Atlantic Region Metropolitan DC 9,119 - 9,119 360 9,479 2,512 Baltimore, MD 2,219 - 2,219 - 2,219 2,025 Richmond, VA 1,359 - 1,359 - 1,359 1,966 12,697 - 12,697 360 13,057 Northeast Region Boston, MA 4,667 - 4,667 876 5,543 3,350 New York, NY 1,945 - 1,945 710 2,655 5,339 Philadelphia, PA 1,172 478 1,650 290 1,940 2,720 7,784 478 8,262 1,876 10,138 Southeast Region Tampa, FL 3,877 330 4,207 - 4,207 2,227 Orlando, FL 3,493 - 3,493 - 3,493 1,925 Nashville, TN 2,261 - 2,261 - 2,261 1,739 9,631 330 9,961 - 9,961 Southwest Region Dallas, TX 7,364 85 7,449 - 7,449 1,805 Austin, TX 1,880 - 1,880 - 1,880 1,787 9,244 85 9,329 - 9,329 Other Markets (5) 2,443 - 2,443 264 2,707 2,562 Totals 54,915 893 55,808 4,427 60,235 2,649 $ Communities (6) 165 3 168 18 186 Homes Communities Total completed homes 60,235 186 Under Development (7) 300 1 Total Quarter-end homes and communities 60,535 187 (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(A) Apartment Home Breakout Portfolio Overview as of Quarter Ended September 30, 2025 (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 and Held for Disposition Communities. (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 (510 homes), Palm Beach (636 homes), Inland Empire (658 homes), San Diego (163 wholly owned, 264 JV homes) and Portland (476 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 7(B)
Non-Mature Home Breakout - By Date Estimated Community Category # of Homes Market Same-Store Quarter (2) Villas at Fiori Stabilized, Non-Mature 85 Dallas, TX 2Q26 101 N. Meridian Stabilized, Non-Mature 330 Tampa, FL 3Q26 Broadridge Acquired 478 Philadelphia, PA 1Q27 Total 893 Net Operating Income Breakout By Market Region Same-Store Total Region Same-Store Total West Region Southeast Region Orange County, CA 10.9% 10.8% Tampa, FL 5.6% 5.9% San Francisco, CA 8.6% 9.0% Orlando, FL 4.8% 4.4% Seattle, WA 6.1% 6.3% Nashville, TN 2.8% 2.5% Monterey Peninsula, CA 2.9% 2.7% 13.2% 12.8% Los Angeles, CA 2.9% 3.1% Southwest Region 31.4% 31.9% Dallas, TX 8.3% 7.9% Mid-Atlantic Region Austin, TX 2.0% 1.8% Metropolitan DC 15.9% 15.0% 10.3% 9.7% Baltimore, MD 3.0% 2.8% Richmond, VA 2.1% 1.9% Other Markets (3) 4.6% 4.6% 21.0% 19.7% Northeast Region Boston, MA 11.6% 11.6% New York, NY 5.9% 6.8% Philadelphia, PA 2.0% 2.9% 19.5% 21.3% Total 100.0% 100.0% (1) See Attachment 14 for definitions and other terms. (2) Estimated Same-Store quarter represents the quarter UDR anticipates contributing the community to the QTD same-store pool. (3) See Attachment 7(A), footnote 5 for details regarding location of the Other Markets. 11 As a % of NOI As a % of NOI Attachment 7(B) September 30, 2025 (Unaudited) (1) Non-Mature Home Summary and Net Operating Income by Market 7DEOHRI&RQWHQWV
Slide 12 — Attachment 8(A)
% of Same- Total Store Portfolio Same-Store Based on Homes 3Q 2025 NOI 3Q 25 3Q 24 Change 3Q 25 3Q 24 Change West Region Orange County, CA 4,305 10.9% 96.6% 96.4% 0.2% 3,197 $ 3,122 $ 2.4% San Francisco, CA 3,317 8.6% 97.6% 96.1% 1.5% 3,615 3,493 3.5% Seattle, WA 2,702 6.1% 96.1% 96.3% -0.2% 2,989 2,920 2.4% Monterey Peninsula, CA 1,567 2.9% 96.7% 95.9% 0.8% 2,402 2,434 -1.3% Los Angeles, CA 1,225 2.9% 96.3% 95.9% 0.4% 3,330 3,259 2.2% 13,116 31.4% 96.7% 96.2% 0.5% 3,178 3,105 2.4% Mid-Atlantic Region Metropolitan DC 9,119 15.9% 96.8% 96.7% 0.1% 2,518 2,426 3.8% Baltimore, MD 2,219 3.0% 96.2% 95.2% 1.0% 2,025 1,971 2.7% Richmond, VA 1,359 2.1% 96.3% 96.7% -0.4% 1,966 1,884 4.4% 12,697 21.0% 96.7% 96.4% 0.3% 2,373 2,289 3.7% Northeast Region Boston, MA 4,667 11.6% 96.4% 96.2% 0.2% 3,395 3,263 4.0% New York, NY 1,945 5.9% 97.8% 97.0% 0.8% 5,264 5,097 3.3% Philadelphia, PA 1,172 2.0% 97.0% 96.5% 0.5% 2,591 2,560 1.2% 7,784 19.5% 96.8% 96.4% 0.4% 3,746 3,622 3.4% Southeast Region Tampa, FL 3,877 5.6% 96.3% 95.8% 0.5% 2,164 2,153 0.5% Orlando, FL 3,493 4.8% 96.4% 95.9% 0.5% 1,925 1,914 0.6% Nashville, TN 2,261 2.8% 95.9% 96.0% -0.1% 1,739 1,758 -1.1% 9,631 13.2% 96.2% 95.9% 0.3% 1,978 1,973 0.2% Southwest Region Dallas, TX 7,364 8.3% 96.9% 96.3% 0.6% 1,789 1,782 0.4% Austin, TX 1,880 2.0% 97.0% 96.8% 0.2% 1,787 1,863 -4.1% 9,244 10.3% 96.9% 96.4% 0.5% 1,789 1,799 -0.6% Other Markets 2,443 4.6% 96.2% 96.6% -0.4% 2,637 2,598 1.5% Total/Weighted Avg. 54,915 100.0% 96.6% 96.3% 0.3% 2,605 $ 2,549 $ 2.2% (1) See Attachment 14 for definitions and other terms. 12 Physical Occupancy Total Revenue per Occupied Home Same-Store Attachment 8(A) Same-Store Operating Information By Major Market September 30, 2025 (Unaudited) (1) Current Quarter vs. Prior Year Quarter 7DEOHRI&RQWHQWV
Slide 13 — Attachment 8(B)
Total Same-Store Homes 3Q 25 3Q 24 Change 3Q 25 3Q 24 Change 3Q 25 3Q 24 Change West Region Orange County, CA 4,305 39,895 $ 38,865 $ 2.6% 9,127 $ 8,165 $ 11.8% 30,768 $ 30,700 $ 0.2% San Francisco, CA 3,317 35,096 33,387 5.1% 10,646 10,499 1.4% 24,450 22,888 6.8% Seattle, WA 2,702 23,286 22,791 2.2% 6,155 6,484 -5.1% 17,131 16,307 5.1% Monterey Peninsula, CA 1,567 10,923 10,972 -0.4% 2,662 2,499 6.5% 8,261 8,473 -2.5% Los Angeles, CA 1,225 11,783 11,485 2.6% 3,673 3,274 12.2% 8,110 8,211 -1.2% 13,116 120,983 117,500 3.0% 32,263 30,921 4.3% 88,720 86,579 2.5% Mid-Atlantic Region Metropolitan DC 9,119 66,705 64,168 4.0% 21,769 20,949 3.9% 44,936 43,219 4.0% Baltimore, MD 2,219 12,967 12,511 3.6% 4,465 4,223 5.7% 8,502 8,288 2.6% Richmond, VA 1,359 7,719 7,427 3.9% 1,816 1,810 0.3% 5,903 5,617 5.1% 12,697 87,391 84,106 3.9% 28,050 26,982 4.0% 59,341 57,124 3.9% Northeast Region Boston, MA 4,667 45,802 43,950 4.2% 13,041 12,944 0.7% 32,761 31,006 5.7% New York, NY 1,945 30,045 28,857 4.1% 13,290 13,277 0.1% 16,755 15,580 7.5% Philadelphia, PA 1,172 8,836 8,691 1.7% 3,102 2,917 6.3% 5,734 5,774 -0.7% 7,784 84,683 81,498 3.9% 29,433 29,138 1.0% 55,250 52,360 5.5% Southeast Region Tampa, FL 3,877 24,234 23,985 1.0% 8,504 8,556 -0.6% 15,730 15,429 1.9% Orlando, FL 3,493 19,444 19,239 1.1% 5,848 5,622 4.0% 13,596 13,617 -0.2% Nashville, TN 2,261 11,310 11,449 -1.2% 3,439 3,236 6.3% 7,871 8,213 -4.2% 9,631 54,988 54,673 0.6% 17,791 17,414 2.2% 37,197 37,259 -0.2% Southwest Region Dallas, TX 7,364 38,235 37,902 0.9% 14,734 13,937 5.7% 23,501 23,965 -1.9% Austin, TX 1,880 9,783 10,169 -3.8% 4,091 4,077 0.3% 5,692 6,092 -6.6% 9,244 48,018 48,071 -0.1% 18,825 18,014 4.5% 29,193 30,057 -2.9% Other Markets 2,443 18,594 18,393 1.1% 5,462 5,402 1.2% 13,132 12,991 1.1% Total 54,915 414,657 $ 404,241 $ 2.6% 131,824 $ 127,871 $ 3.1% 282,833 $ 276,370 $ 2.3% Attachment 8(B) Same-Store Operating Information By Major Market Current Quarter vs. Prior Year Quarter September 30, 2025 13 (Unaudited) (1) Same-Store ($000s) Revenues (1) See Attachment 14 for definitions and other terms. Expenses Net Operating Income 7DEOHRI&RQWHQWV
Slide 14 — Attachment 8(C)
Total Same-Store Homes 3Q 25 2Q 25 Change 3Q 25 2Q 25 Change West Region Orange County, CA 4,305 96.6% 97.0% -0.4% 3,197 $ 3,166 $ 1.0% San Francisco, CA 3,317 97.6% 97.5% 0.1% 3,615 3,545 2.0% Seattle, WA 2,702 96.1% 96.8% -0.7% 2,989 2,956 1.1% Monterey Peninsula, CA 1,567 96.7% 96.3% 0.4% 2,402 2,377 1.1% Los Angeles, CA 1,225 96.3% 96.0% 0.3% 3,330 3,250 2.5% 13,116 96.7% 96.9% -0.2% 3,178 3,133 1.4% Mid-Atlantic Region Metropolitan DC 9,119 96.8% 97.0% -0.2% 2,518 2,482 1.5% Baltimore, MD 2,219 96.2% 96.7% -0.5% 2,025 2,010 0.7% Richmond, VA 1,359 96.3% 96.9% -0.6% 1,966 1,939 1.4% 12,697 96.7% 97.0% -0.3% 2,373 2,339 1.6% Northeast Region Boston, MA 4,667 96.4% 96.9% -0.5% 3,395 3,321 2.2% New York, NY 1,945 97.8% 97.9% -0.1% 5,264 5,116 2.9% Philadelphia, PA 1,172 97.0% 97.0% 0.0% 2,591 2,551 1.6% 7,784 96.8% 97.2% -0.4% 3,746 3,657 2.4% Southeast Region Tampa, FL 3,877 96.3% 96.6% -0.3% 2,164 2,165 0.0% Orlando, FL 3,493 96.4% 96.3% 0.1% 1,925 1,922 0.2% Nashville, TN 2,261 95.9% 96.2% -0.3% 1,739 1,740 -0.1% 9,631 96.2% 96.4% -0.2% 1,978 1,977 0.1% Southwest Region Dallas, TX 7,364 96.9% 97.0% -0.1% 1,789 1,779 0.6% Austin, TX 1,880 97.0% 97.2% -0.2% 1,787 1,805 -1.0% 9,244 96.9% 97.0% -0.1% 1,789 1,784 0.2% Other Markets 2,443 96.2% 96.4% -0.2% 2,637 2,621 0.6% Total/Weighted Avg. 54,915 96.6% 96.9% -0.3% 2,605 $ 2,572 $ 1.3% (1) See Attachment 14 for definitions and other terms. 14 Same-Store Physical Occupancy Total Revenue per Occupied Home Attachment 8(C) Same-Store Operating Information By Major Market Current Quarter vs. Last Quarter September 30, 2025 (Unaudited) (1) 7DEOHRI&RQWHQWV
Slide 15 — Attachment 8(D)
Total Same-Store Homes 3Q 25 2Q 25 Change 3Q 25 2Q 25 Change 3Q 25 2Q 25 Change West Region Orange County, CA 4,305 39,895 $ 39,659 $ 0.6% 9,127 $ 8,743 $ 4.4% 30,768 $ 30,916 $ -0.5% San Francisco, CA 3,317 35,096 34,392 2.0% 10,646 9,268 14.9% 24,450 25,124 -2.7% Seattle, WA 2,702 23,286 23,198 0.4% 6,155 5,987 2.8% 17,131 17,211 -0.5% Monterey Peninsula, CA 1,567 10,923 10,761 1.5% 2,662 2,815 -5.4% 8,261 7,946 4.0% Los Angeles, CA 1,225 11,783 11,465 2.8% 3,673 3,607 1.8% 8,110 7,858 3.2% 13,116 120,983 119,475 1.3% 32,263 30,420 6.1% 88,720 89,055 -0.4% Mid-Atlantic Region Metropolitan DC 9,119 66,705 65,861 1.3% 21,769 20,700 5.2% 44,936 45,161 -0.5% Baltimore, MD 2,219 12,967 12,939 0.2% 4,465 4,451 0.3% 8,502 8,488 0.2% Richmond, VA 1,359 7,719 7,661 0.8% 1,816 1,769 2.7% 5,903 5,892 0.2% 12,697 87,391 86,461 1.1% 28,050 26,920 4.2% 59,341 59,541 -0.3% Northeast Region Boston, MA 4,667 45,802 45,050 1.7% 13,041 13,092 -0.4% 32,761 31,958 2.5% New York, NY 1,945 30,045 29,226 2.8% 13,290 13,103 1.4% 16,755 16,123 3.9% Philadelphia, PA 1,172 8,836 8,699 1.6% 3,102 2,847 8.9% 5,734 5,852 -2.0% 7,784 84,683 82,975 2.1% 29,433 29,042 1.3% 55,250 53,933 2.4% Southeast Region Tampa, FL 3,877 24,234 24,328 -0.4% 8,504 8,234 3.3% 15,730 16,094 -2.3% Orlando, FL 3,493 19,444 19,397 0.2% 5,848 6,170 -5.2% 13,596 13,227 2.8% Nashville, TN 2,261 11,310 11,352 -0.4% 3,439 3,235 6.3% 7,871 8,117 -3.0% 9,631 54,988 55,077 -0.2% 17,791 17,639 0.9% 37,197 37,438 -0.6% Southwest Region Dallas, TX 7,364 38,235 38,114 0.3% 14,734 13,758 7.1% 23,501 24,356 -3.5% Austin, TX 1,880 9,783 9,895 -1.1% 4,091 4,171 -1.9% 5,692 5,724 -0.6% 9,244 48,018 48,009 0.0% 18,825 17,929 5.0% 29,193 30,080 -2.9% Other Markets 2,443 18,594 18,521 0.4% 5,462 5,213 4.8% 13,132 13,308 -1.3% Total 54,915 414,657 $ 410,518 $ 1.0% 131,824 $ 127,163 $ 3.7% 282,833 $ 283,355 $ -0.2% 15 Attachment 8(D) (Unaudited) (1) Same-Store ($000s) Revenues Expenses Net Operating Income September 30, 2025 Current Quarter vs. Last Quarter Same-Store Operating Information By Major Market (1) See Attachment 14 for definitions and other terms. 7DEOHRI&RQWHQWV
Slide 16 — Attachment 8(E)
% of Same- Total Store Portfolio Same-Store Based on Homes YTD 2025 NOI YTD 25 YTD 24 Change YTD 25 YTD 24 Change West Region Orange County, CA 4,305 11.0% 97.0% 96.7% 0.3% 3,163 $ 3,087 $ 2.5% San Francisco, CA 3,144 8.4% 97.4% 96.5% 0.9% 3,623 3,500 3.5% Seattle, WA 2,702 6.2% 96.9% 97.0% -0.1% 2,956 2,865 3.2% Monterey Peninsula, CA 1,567 2.8% 96.3% 95.8% 0.5% 2,381 2,398 -0.7% Los Angeles, CA 1,225 2.9% 96.5% 96.3% 0.2% 3,282 3,204 2.4% 12,943 31.3% 96.9% 96.6% 0.3% 3,149 3,069 2.6% Mid-Atlantic Region Metropolitan DC 8,819 15.6% 97.3% 97.2% 0.1% 2,477 2,373 4.4% Baltimore, MD 2,219 3.1% 96.7% 95.9% 0.8% 2,011 1,941 3.6% Richmond, VA 1,359 2.1% 96.7% 96.8% -0.1% 1,941 1,867 4.0% 12,397 20.8% 97.1% 96.9% 0.2% 2,335 2,241 4.2% Northeast Region Boston, MA 4,667 11.4% 96.8% 96.7% 0.1% 3,337 3,207 4.1% New York, NY 1,945 5.8% 97.9% 97.5% 0.4% 5,139 4,962 3.6% Philadelphia, PA 1,172 2.1% 97.0% 96.7% 0.3% 2,554 2,555 0.0% 7,784 19.3% 97.1% 96.9% 0.2% 3,673 3,550 3.5% Southeast Region Tampa, FL 3,877 5.7% 96.7% 96.4% 0.3% 2,158 2,144 0.7% Orlando, FL 3,493 4.8% 96.5% 96.5% 0.0% 1,920 1,920 0.0% Nashville, TN 2,261 2.9% 96.2% 96.4% -0.2% 1,742 1,754 -0.7% 9,631 13.4% 96.5% 96.4% 0.1% 1,974 1,971 0.2% Southwest Region Dallas, TX 7,364 8.6% 97.0% 96.5% 0.5% 1,778 1,785 -0.4% Austin, TX 1,880 1.9% 97.3% 96.7% 0.6% 1,800 1,853 -2.9% 9,244 10.5% 97.1% 96.5% 0.6% 1,782 1,799 -0.9% Other Markets 2,443 4.7% 96.3% 96.8% -0.5% 2,619 2,573 1.8% Total/Weighted Avg. 54,442 100.0% 96.9% 96.7% 0.2% 2,576 $ 2,518 $ 2.3% (1) See Attachment 14 for definitions and other terms. Physical Occupancy Total Revenue per Occupied Home 16 (Unaudited) (1) Attachment 8(E) Same-Store Operating Information By Major Market Current Year-to-Date vs. Prior Year-to-Date September 30, 2025 Same-Store 7DEOHRI&RQWHQWV
Slide 17 — Attachment 8(F)
Total Same-Store Homes YTD 25 YTD 24 Change YTD 25 YTD 24 Change YTD 25 YTD 24 Change West Region Orange County, CA 4,305 118,845 $ 115,654 $ 2.8% 27,065 $ 24,835 $ 9.0% 91,780 $ 90,819 $ 1.1% San Francisco, CA 3,144 99,896 95,561 4.5% 29,730 29,220 1.7% 70,166 66,341 5.8% Seattle, WA 2,702 69,635 67,591 3.0% 18,024 18,916 -4.7% 51,611 48,675 6.0% Monterey Peninsula, CA 1,567 32,358 32,394 -0.1% 8,140 7,420 9.7% 24,218 24,974 -3.0% Los Angeles, CA 1,225 34,932 34,015 2.7% 10,689 9,533 12.1% 24,243 24,482 -1.0% 12,943 355,666 345,215 3.0% 93,648 89,924 4.1% 262,018 255,291 2.6% Mid-Atlantic Region Metropolitan DC 8,819 191,213 183,045 4.5% 60,740 58,521 3.8% 130,473 124,524 4.8% Baltimore, MD 2,219 38,838 37,228 4.3% 13,247 12,524 5.8% 25,591 24,704 3.6% Richmond, VA 1,359 22,952 22,110 3.8% 5,547 5,588 -0.7% 17,405 16,522 5.3% 12,397 253,003 242,383 4.4% 79,534 76,633 3.8% 173,469 165,750 4.7% Northeast Region Boston, MA 4,667 135,707 130,242 4.2% 39,670 38,309 3.6% 96,037 91,933 4.5% New York, NY 1,945 88,067 84,726 3.9% 39,678 38,679 2.6% 48,389 46,047 5.1% Philadelphia, PA 1,172 26,138 26,052 0.3% 8,924 8,616 3.6% 17,214 17,436 -1.3% 7,784 249,912 241,020 3.7% 88,272 85,604 3.1% 161,640 155,416 4.0% Southeast Region Tampa, FL 3,877 72,811 72,120 1.0% 24,939 24,759 0.7% 47,872 47,361 1.1% Orlando, FL 3,493 58,265 58,239 0.0% 18,079 18,032 0.3% 40,186 40,207 -0.1% Nashville, TN 2,261 34,107 34,416 -0.9% 10,012 9,732 2.9% 24,095 24,684 -2.4% 9,631 165,183 164,775 0.2% 53,030 52,523 1.0% 112,153 112,252 -0.1% Southwest Region Dallas, TX 7,364 114,374 114,181 0.2% 42,620 42,583 0.1% 71,754 71,598 0.2% Austin, TX 1,880 29,615 30,318 -2.3% 12,480 12,288 1.6% 17,135 18,030 -5.0% 9,244 143,989 144,499 -0.4% 55,100 54,871 0.4% 88,889 89,628 -0.8% Other Markets 2,443 55,427 54,788 1.2% 15,871 15,791 0.5% 39,556 38,997 1.4% Total 54,442 1,223,180 $ 1,192,680 $ 2.6% 385,455 $ 375,346 $ 2.7% 837,725 $ 817,334 $ 2.5% (1) See Attachment 14 for definitions and other terms. (Unaudited) (1) Attachment 8(F) Same-Store Operating Information By Major Market Current Year-to-Date vs. Prior Year-to-Date September 30, 2025 17 Same-Store ($000s) Revenues Expenses Net Operating Income 7DEOHRI&RQWHQWV
Slide 18 — Attachment 8(G)
Effective Blended Lease Rate Growth Effective New Lease Rate Growth Effective Renewal Lease Rate Growth 3Q 2025 3Q 2025 3Q 2025 3Q 2025 3Q 2024 YTD 2025 YTD 2024 West Region 3.0% 2.3% 3.4% 45.2% 49.5% 38.4% 42.5% Mid-Atlantic Region 1.3% -3.4% 4.4% 52.2% 56.9% 40.9% 44.1% Northeast Region 2.9% 0.7% 4.4% 52.6% 54.6% 40.7% 42.4% Southeast Region -1.8% -6.4% 2.0% 56.7% 59.0% 46.8% 50.6% Southwest Region -4.0% -10.3% 1.2% 56.0% 57.6% 43.8% 47.8% Other Markets -2.2% -6.3% 1.0% 48.6% 49.2% 42.9% 43.1% Total/Weighted Avg. 0.8% -2.6% 3.3% 51.4% 54.2% 41.6% 44.8% (1) See Attachment 14 for definitions and other terms. Attachment 8(G) Annualized Turnover 18 Same-Store Operating Information By Major Market September 30, 2025 (Unaudited) (1) 7DEOHRI&RQWHQWV
Slide 19 — 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 - 52,749 $ 133,600 $ 445 $ 1Q25 1Q27 2Q27 N/A N/A Total Under Construction 300 - 52,749 $ 133,600 $ 445 $ Total - Wholly Owned 300 - 52,749 $ 133,600 $ 445 $ NOI From Wholly-Owned Projects 3Q 25 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 September 30, 2025 (Dollars in Thousands) 19 UDR Ownership Interest Real Estate Cost Basis 233,350 $ 7DEOHRI&RQWHQWV
Slide 20 — Attachment 10
Unconsolidated Joint Ventures and Partnerships Physical Total Rev. per Own. # of # of Occupancy Occ. Home Portfolio Characteristics Interest Comm. Homes 3Q 25 3Q 25 3Q 25 YTD 25 UDR / MetLife 50% 13 2,837 96.3% 4,397 $ 11,767 $ 33,729 $ UDR / LaSalle 51% 5 1,590 96.1% 2,759 4,544 13,601 Total 18 4,427 96.2% 3,803 $ 16,311 $ 47,330 $ 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 1,751,046 $ 845,000 $ 201,857 $ 3.92% 2027-2031 UDR / LaSalle 625,034 45,336 258,381 5.86% 2028 Total 2,376,080 $ 890,336 $ 460,238 $ 4.02% 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 2 46,496 $ 58,849 $ 11.2% 1.2 Non-Stabilized Communities - Loans 2 84,123 108,538 11.0% 1.2 Stabilized Communities - Preferred Equity (5) 10 339,641 353,705 9.3% 2.9 Total Debt and Preferred Equity Program 14 470,260 $ 521,092 $ 9.8% 2.5 3Q 25 Income/(loss) from investments (6) 13,905 $ Income/(Loss) from Investments Other Unconsolidated Investments (7) Commitment Funded Balance 3Q 25 (9) Total Real Estate Technology and Sustainability Investments 169,000 $ 129,507 $ 137,208 $ 3,429 $ (1) See Attachment 14 for definitions and other terms. (9) Income/(loss) from investments is deducted/added back to FFOA. 20 (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) There is no difference in Income/(loss) from investments when excluding UDR's share of recorded real estate depreciation and amortization on debt and preferred equity investments for the three months ended September 30, 2025. (5) During the quarter, UDR received full repayment of its approximately $32.2 million preferred equity investment, inclusive of accrued return, in a stabilized community located in the Los Angeles, CA market, upon the sale of the community to a third-party investor. UDR Investment Attachment 10 Unconsolidated and Debt and Preferred Equity Program Summary September 30, 2025 (Dollars in Thousands) (Unaudited) (1) Net Operating Income UDR's Share 7DEOHRI&RQWHQWV
Slide 21 — 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 Jan-25 One William (3) Englewood, NJ 100% 0% 84,000 $ - $ 185 454 $ Jan-25 Leonard Pointe (4) Brooklyn, NY 100% 0% 127,500 - 188 678 211,500 $ - $ 373 567 $ Acquisitions - Wholly-Owned May-25 Broadridge Philadelphia, PA N/A 100% 182,500 $ - $ 478 382 $ 182,500 $ - $ 478 382 $ Investments - Debt and Preferred Equity Program Post Prior Transaction UDR Contractual Ownership Ownership Investment Return Date of Investment Investment Classification Market Interest Interest Commitment Rate Apr-25 Stabilized Community San Francisco, CA N/A N/A 13,000 $ 12.0% Jul-25 Stabilized Community Orlando, FL N/A N/A 23,800 11.25% Aug-25 Stabilized Community Orange County, CA N/A N/A 35,750 10.0% 72,550 $ 10.8% Redemptions - Debt and Preferred Equity Program UDR Proceeds Proceeds Contractual Investment Received at Received Return Date of Redemption Investment Classification Market Commitment Redemption Life to Date Rate Jun-25 Stabilized Community New York, NY 40,000 $ 54,760 $ 72,257 $ 11.0% Sep-25 Stabilized Community Los Angeles, CA 20,059 32,155 32,155 11.5% 60,059 $ 86,915 $ 104,412 $ 11.2% 21 Attachment 11 Acquisitions, Dispositions, and Debt and Preferred Equity Program Summary (Unaudited) (1) September 30, 2025 (Dollars in Thousands) (4) UDR recorded a gain on sale of approximately $23.5 million during the nine months ended September 30, 2025, which is included in gain/(loss) on sale of real estate owned. (3) UDR recorded a gain on sale of approximately $24.4 million during the nine months ended September 30, 2025, which is included in gain/(loss) on sale of real estate owned. (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 22 — Attachment 12
Three Months Nine Months Ended Cost Ended Cost Capital Expenditures for Consolidated Homes (2) September 30, 2025 per Home September 30, 2025 per Home Average number of homes (3) 55,330 55,326 Total Recurring Cap Ex 29,503 $ 533 $ 74,543 $ 1,347 $ NOI Enhancing Cap Ex 24,633 445 59,836 1,082 Total Recurring and NOI Enhancing Cap Ex 54,136 $ 978 $ 134,379 $ 2,429 $ Three Months Nine Months Ended Cost Ended Cost Repair and Maintenance for Consolidated Homes (Expensed) September 30, 2025 per Home September 30, 2025 per Home Average number of homes (3) 55,330 55,326 Total Repair and Maintenance 27,799 $ 502 $ 79,057 $ 1,429 $ (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. 22 Attachment 12 Capital Expenditure and Repair and Maintenance Summary September 30, 2025 (In thousands, except Cost per Home) (Unaudited) (1) 7DEOHRI&RQWHQWV
Slide 23 — Attachment 13
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 share, diluted $0.13 to $0.15 $0.57 to $0.59 $0.53 to $0.59 $0.02 FFO per common share and unit, diluted $0.63 to $0.65 $2.44 to $2.46 $2.42 to $2.48 - FFO as Adjusted per common share and unit, diluted $0.63 to $0.65 $2.53 to $2.55 $2.49 to $2.55 $0.02 Weighted average number of common shares, OP/DownREIT Units, and common stock equivalents outstanding, diluted (in millions) 357.6 357.0 358.0 (1.0) Annualized dividend per share and unit $1.72 $1.72 - Change from Same-Store Guidance (Straight-line basis) Full-Year 2025 Prior Guidance Prior Midpoint Revenue growth / (decline) 2.20% to 2.60% 1.75% to 3.25% (0.10%) Expense growth 2.40% to 3.10% 2.50% to 3.50% (0.25%) NOI growth / (decline) 2.00% to 2.50% 1.50% to 3.00% - Change from Investment Guidance ($ in millions) Full-Year 2025 Prior Guidance Prior Midpoint Dispositions - Consolidated and Joint Venture (at share) $325 to $625 $215 to $415 $160 Acquisitions - Consolidated and Joint Venture (at share) $150 to $350 $0 to $200 $150 Capital Expenditures - Recurring, NOI Enhancing, and Redevelopment $235 to $245 $220 to $260 - Change from Corporate Expense Guidance ($ in millions) Full-Year 2025 Prior Guidance Prior Midpoint Consolidated interest expense, net of capitalized interest and adjustments for FFO as Adjusted $194 to $196 $190 to $195 $2.5 General and administrative $73 to $75 $72 to $80 ($2) Attachment 13 September 30, 2025 4Q 2025 and Full-Year 2025 Guidance 23 (Unaudited) (1) (1) See Attachment 14 for definitions and other terms. 7DEOHRI&RQWHQWV
Slide 24 — Attachment 14(A)
Attachment 14(A) Definitions and Reconciliations September 30, 2025 (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 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. 24 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 25 — Attachment 14(B)
In thousands 3Q 2025 YTD 2025 Income/(loss) from unconsolidated entities 14,011 $ 23,454 $ Management fee 960 2,703 Interest expense 4,631 13,761 Depreciation 12,045 35,950 General and administrative 52 308 Preferred Equity Program (excludes loans) (10,346) (22,416) Other (income)/expense (626) (503) Realized and unrealized (gain)/loss on real estate technology investments, net of tax (4,416) (5,927) 16,311 $ 47,330 $ In thousands 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 Net income/(loss) attributable to UDR, Inc. 40,409 $ 37,673 $ 76,720 $ (5,044) $ 22,597 $ Property management 13,952 13,747 13,645 13,665 13,588 Other operating expenses 6,975 7,753 8,059 9,613 6,382 Real estate depreciation and amortization 165,926 163,191 161,394 165,446 170,276 Interest expense 50,569 48,665 47,701 49,625 50,214 Casualty-related charges/(recoveries), net 1,755 3,382 3,297 6,430 1,473 General and administrative 22,732 19,929 19,495 25,469 20,890 Tax provision/(benefit), net 382 258 158 312 (156) (Income)/loss from unconsolidated entities (14,011) (3,629) (5,814) (8,984) 1,880 Interest income and other (income)/expense, net (3,714) (8,134) (1,921) 30,858 (6,159) Joint venture management and other fees (2,570) (2,398) (2,112) (2,288) (2,072) Other depreciation and amortization 7,009 7,387 7,067 6,381 4,029 (Gain)/loss on sale of real estate owned - - (47,939) - - Net income/(loss) attributable to noncontrolling interests 2,721 2,556 5,351 (479) 1,480 Total consolidated NOI 292,135 $ 290,380 $ 285,101 $ 291,004 $ 284,422 $ Attachment 14(B) Definitions and Reconciliations September 30, 2025 (Unaudited) 25 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 26 — 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. 26 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 September 30, 2025 (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 27 — Attachment 14(D)
Low High Forecasted net income per diluted share 0.57 $ 0.59 $ Conversion from GAAP share count (0.04) (0.04) Net gain on the sale of depreciable real estate owned (0.13) (0.13) Depreciation 2.00 2.00 Noncontrolling interests 0.03 0.03 Preferred dividends 0.01 0.01 Forecasted FFO per diluted share and unit 2.44 $ 2.46 $ Legal and other costs 0.03 0.03 Severance costs 0.02 0.02 Software transition related costs 0.03 0.03 Casualty-related charges/(recoveries) 0.02 0.02 Realized/unrealized (gain)/loss on real estate technology investments (0.01) (0.01) Forecasted FFO as Adjusted per diluted share and unit 2.53 $ 2.55 $ Low High Forecasted net income per diluted share 0.13 $ 0.15 $ 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 0.63 $ 0.65 $ Legal and other costs - - Software transition related costs - - Casualty-related charges/(recoveries) - - Realized/unrealized (gain)/loss on real estate technology investments - - Forecasted FFO as Adjusted per diluted share and unit 0.63 $ 0.65 $ 27 Full-Year 2025 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-year 2025 and fourth quarter of 2025 to forecasted FFO and FFO as Adjusted per share and unit: 4Q 2025 7DEOHRI&RQWHQWV
Slide 28 — Forward-Looking Statements
Forward-Looking Statements 28 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, 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 September 30, 2025 (Unaudited) 7DEOHRI&RQWHQWV