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UDR, Inc. — Presentation / slide deck (8-K exhibit)
UDR, Inc. (UDR) · 28 slides · Filed Jul 30, 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 2Q 2025 YTD 2025 3Q 2025 Full-Year 2025 GAAP Metrics Net income/(loss) attributable to UDR, Inc. $37,673 $114,393 -- -- Net income/(loss) attributable to common stockholders $36,462 $111,976 -- -- Income/(loss) per weighted average common share, diluted $0.11 $0.34 $0.11 to $0.13 $0.53 to $0.59 Per Share Metrics FFO per common share and unit, diluted $0.61 $1.19 $0.61 to $0.63 $2.42 to $2.48 FFO as Adjusted per common share and unit, diluted $0.64 $1.25 $0.62 to $0.64 $2.49 to $2.55 Dividend declared per share and unit $0.43 $0.86 $0.43 $1.72 (2) Same-Store Operating Metrics Revenue growth/(decline) (Straight-line basis) 2.5% 2.5% -- 1.75% to 3.25% Expense growth 1.7% 2.4% -- 2.50% to 3.50% NOI growth/(decline) (Straight-line basis) 2.9% 2.6% -- 1.50% to 3.00% Physical Occupancy 96.9% 97.1% -- -- Property Metrics Homes Communities % of Total NOI Same-Store 54,915 165 92.6% Stabilized, Non-Mature 415 2 0.7% Acquired Communities 478 1 0.2% Non-Residential / Other N/A N/A 1.4% Joint Venture (3) 4,427 18 5.1% 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) 2Q 2025 2Q 2024 Consolidated Interest Coverage Ratio 5.2x 5.1x Consolidated Fixed Charge Coverage Ratio 5.1x 5.0x Consolidated Debt as a percentage of Total Assets 32.4% 32.7% Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items 5.5x 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 2025. Guidance for 1 Financial Highlights UDR, Inc. As of End of Second Quarter 2025 (Unaudited) (1) Residences at Lake Merritt, San Francisco, CA - 2Q 2025 Same-Store Addition 7DEOHRI&RQWHQWV ([KLELW
Slide 2 — Attachment 1
In thousands, except per share amounts 2025 2024 2025 2024 REVENUES: Rental income 423,001 $ 413,328 $ 842,837 $ 824,997 $ Joint venture management and other fees 2,398 1,992 4,510 3,957 Total revenues 425,399 415,320 847,347 828,954 OPERATING EXPENSES: Property operating and maintenance 75,613 70,443 151,603 143,921 Real estate taxes and insurance 57,008 58,884 115,753 117,679 Property management 13,747 13,433 27,392 26,812 Other operating expenses 7,753 7,593 15,812 14,421 Real estate depreciation and amortization 163,191 170,488 324,585 340,346 General and administrative 19,929 20,136 39,424 37,946 Casualty-related charges/(recoveries), net 3,382 998 6,679 7,276 Other depreciation and amortization 7,387 4,679 14,454 8,995 Total operating expenses 348,010 346,654 695,702 697,396 Gain/(loss) on sale of real estate owned - - 47,939 16,867 Operating income 77,389 68,666 199,584 148,425 Income/(loss) from unconsolidated entities 3,629 4,046 9,443 13,131 Interest expense (48,665) (47,811) (96,366) (95,873) Interest income and other income/(expense), net 8,134 6,498 10,055 12,363 Income/(loss) before income taxes 40,487 31,399 122,716 78,046 Tax (provision)/benefit, net (258) (386) (416) (723) Net Income/(loss) 40,229 31,013 122,300 77,323 Net (income)/loss attributable to redeemable noncontrolling interests in the OP and DownREIT Partnership (2,545) (2,013) (7,884) (5,162) Net (income)/loss attributable to noncontrolling interests (11) (117) (23) (129) Net income/(loss) attributable to UDR, Inc. 37,673 28,883 114,393 72,032 Distributions to preferred stockholders - Series E (Convertible) (1,211) (1,210) (2,417) (2,441) Net income/(loss) attributable to common stockholders 36,462 $ 27,673 $ 111,976 $ 69,591 $ Income/(loss) per weighted average common share - basic: $0.11 $0.08 $0.34 $0.21 Income/(loss) per weighted average common share - diluted: $0.11 $0.08 $0.34 $0.21 Common distributions declared per share $0.43 $0.425 $0.86 $0.850 Weighted average number of common shares outstanding - basic 330,778 329,056 330,703 328,940 Weighted average number of common shares outstanding - diluted 331,715 329,572 331,717 329,334 (1) See Attachment 14 for definitions and other terms. 2 June 30, June 30, Three Months Ended Attachment 1 Consolidated Statements of Operations (Unaudited) (1) Six 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 36,462 $ 27,673 $ 111,976 $ 69,591 $ Real estate depreciation and amortization 163,191 170,488 324,585 340,346 Noncontrolling interests 2,556 2,130 7,907 5,291 Real estate depreciation and amortization on unconsolidated joint ventures 13,458 14,228 26,224 28,382 Net (gain)/loss on consolidation (286) - (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 215,381 $ 214,519 $ 422,467 $ 426,743 $ Distributions to preferred stockholders - Series E (Convertible) (2) 1,211 1,210 2,417 2,441 FFO attributable to common stockholders and unitholders, diluted 216,592 $ 215,729 $ 424,884 $ 429,184 $ FFO per weighted average common share and unit, basic 0.61 $ 0.61 $ 1.19 $ 1.21 $ FFO per weighted average common share and unit, diluted 0.61 $ 0.60 $ 1.19 $ 1.20 $ Weighted average number of common shares and OP/DownREIT Units outstanding, basic 353,617 353,380 353,572 353,311 Weighted average number of common shares, OP/DownREIT Units, and common stock equivalents outstanding, diluted 357,370 356,747 357,402 356,584 Impact of adjustments to FFO: Legal and other costs 3,358 $ 2,914 $ 7,163 $ 5,444 $ Realized and unrealized (gain)/loss on real estate technology investments, net of tax 220 372 431 (4,616) Severance costs 1,024 1,111 1,523 1,532 Software transition related costs 2,967 - 5,934 - Casualty-related charges/(recoveries) 3,382 998 6,679 7,276 Total impact of adjustments to FFO 10,951 $ 5,395 $ 21,730 $ 9,636 $ FFO as Adjusted attributable to common stockholders and unitholders, diluted 227,543 $ 221,124 $ 446,614 $ 438,820 $ FFO as Adjusted per weighted average common share and unit, diluted 0.64 $ 0.62 $ 1.25 $ 1.23 $ Recurring capital expenditures, inclusive of unconsolidated joint ventures (29,201) (26,290) (47,606) (43,598) AFFO attributable to common stockholders and unitholders, diluted 198,342 $ 194,834 $ 399,008 $ 395,222 $ AFFO per weighted average common share and unit, diluted 0.56 $ 0.55 $ 1.12 $ 1.11 $ (1) See Attachment 14 for definitions and other terms. 3 June 30, June 30, Six Months Ended (2) Series E cumulative convertible preferred shares are dilutive for purposes of calculating FFO per share for the three and six months ended June 30, 2025 and June 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 7DEOHRI&RQWHQWV
Slide 4 — Attachment 3
June 30, December 31, In thousands, except share and per share amounts 2025 2024 ASSETS Real estate owned: Real estate held for investment 16,270,190 $ 15,994,794 $ Less: accumulated depreciation (7,157,371) (6,836,920) Real estate held for investment, net 9,112,819 9,157,874 Real estate under development (net of accumulated depreciation of $0 and $0) 41,108 - Real estate held for disposition (net of accumulated depreciation of $0 and $64,106) - 154,463 Total real estate owned, net of accumulated depreciation 9,153,927 9,312,337 Cash and cash equivalents 1,532 1,326 Restricted cash 33,577 34,101 Notes receivable, net 143,492 247,849 Investment in and advances to unconsolidated joint ventures, net (2) 879,781 917,483 Operating lease right-of-use assets 185,125 186,997 Other assets (2) 249,651 197,493 Total assets 10,647,085 $ 10,897,586 $ LIABILITIES AND EQUITY Liabilities: Secured debt 1,136,046 $ 1,139,331 $ Unsecured debt 4,639,537 4,687,634 Operating lease liabilities 180,433 182,275 Real estate taxes payable 42,507 46,403 Accrued interest payable 51,718 52,631 Security deposits and prepaid rent 51,698 61,592 Distributions payable 153,662 151,720 Accounts payable, accrued expenses, and other liabilities 108,353 115,105 Total liabilities 6,363,954 6,436,691 Redeemable noncontrolling interests in the OP and DownREIT Partnership 957,980 1,017,355 Equity: Preferred stock, no par value; 50,000,000 shares authorized at June 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 10,272,196 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 June 30, 2025 and December 31, 2024: 331,291,669 shares issued and outstanding (330,858,719 shares at December 31, 2024) 3,313 3,309 Additional paid-in capital 7,582,852 7,572,480 Distributions in excess of net income (4,305,702) (4,179,415) Accumulated other comprehensive income/(loss), net 1,160 3,638 Total stockholders' equity 3,324,816 3,443,205 Noncontrolling interests 335 335 Total equity 3,325,151 3,443,540 Total liabilities and equity 10,647,085 $ 10,897,586 $ (1) See Attachment 14 for definitions and other terms. Attachment 3 Consolidated Balance Sheets (Unaudited) (1) 4 (2) As of June 30, 2025, UDR's residential accounts receivable balance, net of its reserve, was $5.3 million, including its share from unconsolidated joint ventures. The unreserved amount is based on probability of collection. 7DEOHRI&RQWHQWV
Slide 5 — Attachment 4(A)
June 30, December 31, Common Stock and Equivalents 2025 2024 Common shares 331,291,669 330,858,719 Restricted unit and common stock equivalents 379,044 1,043,568 Operating and DownREIT Partnership units 22,864,543 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 357,350,864 357,407,004 Weighted Average Number of Shares Outstanding 2Q 2025 2Q 2024 Weighted average number of common shares and OP/DownREIT units outstanding - basic 353,616,958 353,380,151 Weighted average number of OP/DownREIT units outstanding (22,838,737) (24,323,880) Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations 330,778,221 329,056,271 Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted 357,369,234 356,746,794 Weighted average number of OP/DownREIT units outstanding (22,838,737) (24,323,880) Weighted average number of Series E cumulative convertible preferred shares outstanding (2,815,608) (2,851,268) Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations 331,714,889 329,571,646 Year-to-Date 2025 Year-to-Date 2024 Weighted average number of common shares and OP/DownREIT units outstanding - basic 353,572,418 353,310,595 Weighted average number of OP/DownREIT units outstanding (22,868,799) (24,370,882) Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations 330,703,619 328,939,713 Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted 357,400,910 356,584,329 Weighted average number of OP/DownREIT units outstanding (22,868,799) (24,370,882) Weighted average number of Series E cumulative convertible preferred shares outstanding (2,815,608) (2,879,795) Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations 331,716,503 329,333,652 (1) See Attachment 14 for definitions and other terms. Attachment 4(A) Selected Financial Information (Unaudited) (1) 5 (2) At June 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 1,112,566 $ 19.2% 3.49% 3.5 Floating 27,000 0.5% 3.02% 6.7 1,139,566 19.7% 3.48% 3.6 Unsecured Fixed 4,225,000 (3) 73.0% 3.08% 5.4 Floating 425,215 7.3% 4.93% 0.7 4,650,215 80.3% 3.25% 5.0 Total Debt Fixed 5,337,566 92.2% 3.17% 5.0 Floating 452,215 7.8% 4.81% 1.1 5,789,781 100.0% 3.30% 4.7 Total Non-Cash Adjustments (4) (14,198) Total per Balance Sheet 5,775,583 $ 3.35% 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 175,091 $ - $ 220,000 $ 395,091 $ 6.8% 4.22% 2026 56,672 300,000 30,215 386,887 6.7% 3.18% 2027 6,939 650,000 - 656,939 11.3% 3.66% 2028 166,526 300,000 - 466,526 8.1% 3.72% 2029 315,811 300,000 - 615,811 10.6% 3.93% 2030 230,597 600,000 - 830,597 14.4% 3.34% 2031 160,930 600,000 - 760,930 13.1% 2.92% 2032 27,000 400,000 - 427,000 7.4% 2.16% 2033 - 650,000 - 650,000 11.2% 1.99% 2034 - 600,000 - 600,000 10.4% 4.04% Thereafter - - - - - - 1,139,566 4,400,000 250,215 5,789,781 100.0% 3.30% Total Non-Cash Adjustments (4) (3,520) (10,678) - (14,198) Total per Balance Sheet 1,136,046 $ 4,389,322 $ 250,215 $ 5,775,583 $ 3.35% (1) See Attachment 14 for definitions and other terms. June 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 June 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 adjusted SOFR plus 77.5 basis points. (2) The 2025 maturity reflects the $220.0 million of principal outstanding at an interest rate of 4.65%, the equivalent of SOFR plus a spread of 33.0 basis points, on the Company’s unsecured commercial paper program as of June 30, 2025. Under the terms of the program the Company may issue up to a maximum aggregate amount outstanding of $700.0 million. If the commercial paper was refinanced using the line of credit, the weighted average years to maturity would be 4.9 years with extensions and 4.8 years without extensions. (7) There was $30.2 million outstanding on our $75.0 million working capital credit facility at June 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 1.43% that expired in July 2025. The amounts that have not been swapped to fixed carry an interest rate of adjusted SOFR plus 83.0 basis points. The $350.0 million Term Loan has a maturity date of January 2027 plus a one-year extension option. (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 June 30, 2025 Net income/(loss) 40,229 $ Adjustments: Interest expense, including debt extinguishment and other associated costs 48,665 Real estate depreciation and amortization 163,191 Other depreciation and amortization 7,387 Tax provision/(benefit), net 258 Net (gain)/loss on consolidation (286) Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures 18,046 EBITDAre 277,490 $ Casualty-related charges/(recoveries), net 3,382 Legal and other costs 3,358 Realized and unrealized (gain)/loss on real estate technology investments 62 Severance costs 1,024 (Income)/loss from unconsolidated entities (3,629) Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures (18,046) Management fee expense on unconsolidated joint ventures (880) Consolidated EBITDAre - adjusted for non-recurring items 262,761 $ Annualized consolidated EBITDAre - adjusted for non-recurring items 1,051,044 $ Interest expense, including debt extinguishment and other associated costs 48,665 Capitalized interest expense 2,068 Total interest 50,733 $ Preferred dividends 1,211 $ Total debt 5,775,583 $ Cash (1,532) Net debt 5,774,051 $ Consolidated Interest Coverage Ratio - adjusted for non-recurring items 5.2x Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items 5.1x 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% 31.0% Yes Minimum Fixed Charge Coverage Ratio ш1.5x 4.8x Yes Maximum Secured Debt Ratio ч40.0% 9.7% Yes Minimum Unencumbered Pool Leverage Ratio ш150.0% 378.8% Yes Senior Unsecured Note Covenants (3) Required Actual Compliance Debt as a percentage of Total Assets ч65.0% 32.5% Yes Consolidated Income Available for Debt Service to Annual Service Charge ш1.5x 5.7x Yes Secured Debt as a percentage of Total Assets ч40.0% 6.4% Yes Total Unencumbered Assets to Unsecured Debt ш150.0% 320.0% 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 2Q 2025 NOI (1) Carrying Value Total Gross Asset Summary Homes ($000s) % of NOI ($000s) Carrying Value Unencumbered assets 46,868 252,874 $ 87.1% 14,264,633 $ 87.5% Encumbered assets 8,940 37,506 12.9% 2,046,665 12.5% 55,808 290,380 $ 100.0% 16,311,298 $ 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 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Revenues Same-Store Communities 54,915 410,518 $ 408,503 $ 406,482 $ 404,241 $ 400,515 $ Stabilized, Non-Mature Communities 415 3,613 3,232 2,606 1,858 821 Acquired Communities 478 1,056 - - - - Non-Residential / Other - 7,814 7,659 7,164 7,776 7,866 Total 55,808 423,001 $ 419,394 $ 416,252 $ 413,875 $ 409,202 $ Expenses Same-Store Communities 127,163 $ 129,940 $ 125,879 $ 127,871 $ 125,043 $ Stabilized, Non-Mature Communities 1,423 1,529 1,114 1,083 856 Acquired Communities 511 - - - - Non-Residential / Other 3,524 3,072 1,435 3,522 2,322 Total (2) 132,621 $ 134,541 $ 128,428 $ 132,476 $ 128,221 $ Net Operating Income Same-Store Communities 283,355 $ 278,563 $ 280,603 $ 276,370 $ 275,472 $ Stabilized, Non-Mature Communities 2,190 1,703 1,492 775 (35) Acquired Communities 545 - - - - Non-Residential / Other 4,290 4,587 5,729 4,254 5,544 Total 290,380 $ 284,853 $ 287,824 $ 281,399 $ 280,981 $ Operating Margin Same-Store Communities 69.0% 68.2% 69.0% 68.4% 68.8% Weighted Average Physical Occupancy Same-Store Communities 96.9% 97.2% 96.8% 96.3% 96.8% Stabilized, Non-Mature Communities 94.5% 85.1% 67.1% 48.9% 26.9% Acquired Communities 84.8% - - - - Other (3) - - 97.6% 98.2% 98.4% Total 96.7% 97.2% 96.6% 95.9% 96.4% Sold and Held for Disposition Communities Revenues - - $ 442 $ 4,188 $ 4,213 $ 4,126 $ Expenses (2) - 194 1,008 1,190 1,106 Net Operating Income/(Loss) - $ 248 $ 3,180 $ 3,023 $ 3,020 $ Total 55,808 290,380 $ 285,101 $ 291,004 $ 284,422 $ 284,001 $ (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 2Q 2025 SS Operating Year-Over-Year Comparison Expenses 2Q 2025 2Q 2024 % Change Personnel 14.9% 18,902 $ 17,685 $ 6.9% Utilities 14.1% 17,867 17,024 4.9% Repair and maintenance 20.4% 26,008 24,273 7.1% Administrative and marketing 7.9% 10,006 8,974 11.5% Controllable expenses 57.3% 72,783 67,956 7.1% Real estate taxes 38.5% 49,071 $ 50,871 $ -3.5% Insurance 4.2% 5,309 6,216 -14.6% Same-Store operating expenses 100.0% 127,163 $ 125,043 $ 1.7% Same-Store Homes 54,915 % of 2Q 2025 SS Operating Sequential Comparison Expenses 2Q 2025 1Q 2025 % Change Personnel 14.9% 18,902 $ 19,539 $ -3.3% Utilities 14.1% 17,867 19,217 -7.0% Repair and maintenance 20.4% 26,008 24,934 4.3% Administrative and marketing 7.9% 10,006 9,698 3.2% Controllable expenses 57.3% 72,783 73,388 -0.8% Real estate taxes 38.5% 49,071 $ 51,347 $ -4.4% Insurance 4.2% 5,309 5,205 2.0% Same-Store operating expenses 100.0% 127,163 $ 129,940 $ -2.1% Same-Store Homes 54,915 % of YTD 2025 SS Operating Year-to-Date Comparison Expenses YTD 2025 YTD 2024 % Change Personnel 14.9% 37,907 $ 36,066 $ 5.1% Utilities 14.3% 36,614 34,942 4.8% Repair and maintenance 19.7% 50,355 48,513 3.8% Administrative and marketing 7.6% 19,306 17,096 12.9% Controllable expenses 56.5% 144,182 136,617 5.5% Real estate taxes 39.3% 100,406 $ 100,398 $ 0.0% Insurance 4.2% 10,610 12,217 -13.2% Same-Store operating expenses 100.0% 255,198 $ 249,232 $ 2.4% 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 3,161 $ San Francisco, CA 3,317 - 3,317 602 3,919 3,647 Seattle, WA 2,702 - 2,702 284 2,986 2,947 Monterey Peninsula, CA 1,567 - 1,567 - 1,567 2,377 Los Angeles, CA 1,225 - 1,225 340 1,565 3,424 13,116 - 13,116 1,927 15,043 Mid-Atlantic Region Metropolitan DC 9,119 - 9,119 360 9,479 2,474 Baltimore, MD 2,219 - 2,219 - 2,219 2,010 Richmond, VA 1,359 - 1,359 - 1,359 1,939 12,697 - 12,697 360 13,057 Northeast Region Boston, MA 4,667 - 4,667 876 5,543 3,281 New York, NY 1,945 - 1,945 710 2,655 5,184 Philadelphia, PA 1,172 478 1,650 290 1,940 2,455 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 1,922 Nashville, TN 2,261 - 2,261 - 2,261 1,740 9,631 330 9,961 - 9,961 Southwest Region Dallas, TX 7,364 85 7,449 - 7,449 1,798 Austin, TX 1,880 - 1,880 - 1,880 1,805 9,244 85 9,329 - 9,329 Other Markets (5) 2,443 - 2,443 264 2,707 2,636 Totals 54,915 893 55,808 4,427 60,235 2,614 $ 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 June 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 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 4Q27 Total 893 Net Operating Income Breakout By Market Region Same-Store Total Region Same-Store Total West Region Southeast Region Orange County, CA 10.8% 11.0% Tampa, FL 5.7% 5.8% San Francisco, CA 8.9% 9.1% Orlando, FL 4.7% 4.3% Seattle, WA 6.1% 6.3% Nashville, TN 2.8% 2.6% Monterey Peninsula, CA 2.8% 2.6% 13.2% 12.7% Los Angeles, CA 2.8% 3.0% Southwest Region 31.4% 32.0% Dallas, TX 8.6% 8.2% Mid-Atlantic Region Austin, TX 2.0% 1.9% Metropolitan DC 15.9% 15.2% 10.6% 10.1% Baltimore, MD 3.0% 2.8% Richmond, VA 2.1% 1.9% Other Markets (3) 4.7% 4.7% 21.0% 19.9% Northeast Region Boston, MA 11.3% 11.4% New York, NY 5.7% 6.6% Philadelphia, PA 2.1% 2.6% 19.1% 20.6% 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) June 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 2Q 2025 NOI 2Q 25 2Q 24 Change 2Q 25 2Q 24 Change West Region Orange County, CA 4,305 10.8% 97.0% 96.8% 0.2% 3,166 $ 3,081 $ 2.8% San Francisco, CA 3,317 8.9% 97.5% 96.2% 1.3% 3,545 3,449 2.8% Seattle, WA 2,702 6.1% 96.8% 97.0% -0.2% 2,956 2,853 3.6% Monterey Peninsula, CA 1,567 2.8% 96.3% 95.4% 0.9% 2,377 2,393 -0.7% Los Angeles, CA 1,225 2.8% 96.0% 96.2% -0.2% 3,250 3,150 3.2% 13,116 31.4% 96.9% 96.5% 0.4% 3,133 3,052 2.7% Mid-Atlantic Region Metropolitan DC 9,119 15.9% 97.0% 97.3% -0.3% 2,482 2,359 5.2% Baltimore, MD 2,219 3.0% 96.7% 96.4% 0.3% 2,010 1,944 3.4% Richmond, VA 1,359 2.1% 96.9% 96.6% 0.3% 1,939 1,870 3.7% 12,697 21.0% 97.0% 97.1% -0.1% 2,339 2,235 4.7% Northeast Region Boston, MA 4,667 11.3% 96.9% 97.0% -0.1% 3,321 3,195 3.9% New York, NY 1,945 5.7% 97.9% 97.5% 0.4% 5,116 4,921 4.0% Philadelphia, PA 1,172 2.1% 97.0% 96.7% 0.3% 2,551 2,562 -0.4% 7,784 19.1% 97.2% 97.0% 0.2% 3,657 3,537 3.4% Southeast Region Tampa, FL 3,877 5.7% 96.6% 96.6% 0.0% 2,165 2,150 0.7% Orlando, FL 3,493 4.7% 96.3% 96.7% -0.4% 1,922 1,930 -0.4% Nashville, TN 2,261 2.8% 96.2% 96.6% -0.4% 1,740 1,762 -1.2% 9,631 13.2% 96.4% 96.6% -0.2% 1,977 1,979 -0.1% Southwest Region Dallas, TX 7,364 8.6% 97.0% 96.7% 0.3% 1,779 1,791 -0.7% Austin, TX 1,880 2.0% 97.2% 96.7% 0.5% 1,805 1,856 -2.7% 9,244 10.6% 97.0% 96.7% 0.3% 1,784 1,804 -1.1% Other Markets 2,443 4.7% 96.4% 96.7% -0.3% 2,621 2,579 1.6% Total/Weighted Avg. 54,915 100.0% 96.9% 96.8% 0.1% 2,572 $ 2,512 $ 2.4% (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 June 30, 2025 (Unaudited) (1) Current Quarter vs. Prior Year Quarter 7DEOHRI&RQWHQWV
Slide 13 — Attachment 8(B)
Total Same-Store Homes 2Q 25 2Q 24 Change 2Q 25 2Q 24 Change 2Q 25 2Q 24 Change West Region Orange County, CA 4,305 39,659 $ 38,513 $ 3.0% 8,743 $ 8,158 $ 7.2% 30,916 $ 30,355 $ 1.9% San Francisco, CA 3,317 34,392 33,020 4.2% 9,268 10,498 -11.7% 25,124 22,522 11.6% Seattle, WA 2,702 23,198 22,433 3.4% 5,987 6,215 -3.7% 17,211 16,218 6.1% Monterey Peninsula, CA 1,567 10,761 10,730 0.3% 2,815 2,437 15.5% 7,946 8,293 -4.2% Los Angeles, CA 1,225 11,465 11,138 2.9% 3,607 3,051 18.2% 7,858 8,087 -2.8% 13,116 119,475 115,834 3.1% 30,420 30,359 0.2% 89,055 85,475 4.2% Mid-Atlantic Region Metropolitan DC 9,119 65,861 62,803 4.9% 20,700 20,129 2.8% 45,161 42,674 5.8% Baltimore, MD 2,219 12,939 12,495 3.6% 4,451 4,272 4.2% 8,488 8,223 3.2% Richmond, VA 1,359 7,661 7,364 4.0% 1,769 1,829 -3.3% 5,892 5,535 6.4% 12,697 86,461 82,662 4.6% 26,920 26,230 2.6% 59,541 56,432 5.5% Northeast Region Boston, MA 4,667 45,050 43,394 3.8% 13,092 12,206 7.3% 31,958 31,188 2.5% New York, NY 1,945 29,226 27,999 4.4% 13,103 12,454 5.2% 16,123 15,545 3.7% Philadelphia, PA 1,172 8,699 8,710 -0.1% 2,847 2,860 -0.4% 5,852 5,850 0.0% 7,784 82,975 80,103 3.6% 29,042 27,520 5.5% 53,933 52,583 2.6% Southeast Region Tampa, FL 3,877 24,328 24,154 0.7% 8,234 8,079 1.9% 16,094 16,075 0.1% Orlando, FL 3,493 19,397 19,552 -0.8% 6,170 6,217 -0.8% 13,227 13,335 -0.8% Nashville, TN 2,261 11,352 11,544 -1.7% 3,235 3,201 1.1% 8,117 8,343 -2.7% 9,631 55,077 55,250 -0.3% 17,639 17,497 0.8% 37,438 37,753 -0.8% Southwest Region Dallas, TX 7,364 38,114 38,268 -0.4% 13,758 14,048 -2.1% 24,356 24,220 0.6% Austin, TX 1,880 9,895 10,121 -2.2% 4,171 4,256 -2.0% 5,724 5,865 -2.4% 9,244 48,009 48,389 -0.8% 17,929 18,304 -2.1% 30,080 30,085 0.0% Other Markets 2,443 18,521 18,277 1.3% 5,213 5,133 1.6% 13,308 13,144 1.2% Total 54,915 410,518 $ 400,515 $ 2.5% 127,163 $ 125,043 $ 1.7% 283,355 $ 275,472 $ 2.9% Attachment 8(B) Same-Store Operating Information By Major Market Current Quarter vs. Prior Year Quarter June 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 2Q 25 1Q 25 Change 2Q 25 1Q 25 Change West Region Orange County, CA 4,305 97.0% 97.3% -0.3% 3,166 $ 3,127 $ 1.2% San Francisco, CA 3,317 97.5% 97.2% 0.3% 3,545 3,499 1.3% Seattle, WA 2,702 96.8% 97.7% -0.9% 2,956 2,923 1.1% Monterey Peninsula, CA 1,567 96.3% 96.0% 0.3% 2,377 2,365 0.5% Los Angeles, CA 1,225 96.0% 97.3% -1.3% 3,250 3,268 -0.6% 13,116 96.9% 97.2% -0.3% 3,133 3,102 1.0% Mid-Atlantic Region Metropolitan DC 9,119 97.0% 97.7% -0.7% 2,482 2,459 0.9% Baltimore, MD 2,219 96.7% 97.3% -0.6% 2,010 1,997 0.7% Richmond, VA 1,359 96.9% 96.8% 0.1% 1,939 1,919 1.0% 12,697 97.0% 97.5% -0.5% 2,339 2,321 0.9% Northeast Region Boston, MA 4,667 96.9% 97.2% -0.3% 3,321 3,296 0.8% New York, NY 1,945 97.9% 98.0% -0.1% 5,116 5,036 1.6% Philadelphia, PA 1,172 97.0% 97.0% 0.0% 2,551 2,522 1.1% 7,784 97.2% 97.3% -0.1% 3,657 3,621 1.0% Southeast Region Tampa, FL 3,877 96.6% 97.3% -0.7% 2,165 2,143 1.0% Orlando, FL 3,493 96.3% 97.0% -0.7% 1,922 1,911 0.6% Nashville, TN 2,261 96.2% 96.6% -0.4% 1,740 1,747 -0.4% 9,631 96.4% 97.0% -0.6% 1,977 1,966 0.6% Southwest Region Dallas, TX 7,364 97.0% 97.3% -0.3% 1,779 1,769 0.6% Austin, TX 1,880 97.2% 97.5% -0.3% 1,805 1,807 -0.1% 9,244 97.0% 97.3% -0.3% 1,784 1,777 0.4% Other Markets 2,443 96.4% 96.1% 0.3% 2,621 2,600 0.8% Total/Weighted Avg. 54,915 96.9% 97.2% -0.3% 2,572 $ 2,550 $ 0.9% (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 June 30, 2025 (Unaudited) (1) 7DEOHRI&RQWHQWV
Slide 15 — Attachment 8(D)
Total Same-Store Homes 2Q 25 1Q 25 Change 2Q 25 1Q 25 Change 2Q 25 1Q 25 Change West Region Orange County, CA 4,305 39,659 $ 39,291 $ 0.9% 8,743 $ 9,195 $ -4.9% 30,916 $ 30,096 $ 2.7% San Francisco, CA 3,317 34,392 33,836 1.6% 9,268 10,648 -13.0% 25,124 23,188 8.3% Seattle, WA 2,702 23,198 23,152 0.2% 5,987 5,882 1.8% 17,211 17,270 -0.3% Monterey Peninsula, CA 1,567 10,761 10,674 0.8% 2,815 2,662 5.7% 7,946 8,012 -0.8% Los Angeles, CA 1,225 11,465 11,685 -1.9% 3,607 3,409 5.8% 7,858 8,276 -5.0% 13,116 119,475 118,638 0.7% 30,420 31,796 -4.3% 89,055 86,842 2.5% Mid-Atlantic Region Metropolitan DC 9,119 65,861 65,718 0.2% 20,700 20,915 -1.0% 45,161 44,803 0.8% Baltimore, MD 2,219 12,939 12,932 0.1% 4,451 4,330 2.8% 8,488 8,602 -1.3% Richmond, VA 1,359 7,661 7,572 1.2% 1,769 1,962 -9.9% 5,892 5,610 5.0% 12,697 86,461 86,222 0.3% 26,920 27,207 -1.1% 59,541 59,015 0.9% Northeast Region Boston, MA 4,667 45,050 44,855 0.4% 13,092 13,537 -3.3% 31,958 31,318 2.0% New York, NY 1,945 29,226 28,796 1.5% 13,103 13,285 -1.4% 16,123 15,511 3.9% Philadelphia, PA 1,172 8,699 8,602 1.1% 2,847 2,974 -4.3% 5,852 5,628 4.0% 7,784 82,975 82,253 0.9% 29,042 29,796 -2.5% 53,933 52,457 2.8% Southeast Region Tampa, FL 3,877 24,328 24,249 0.3% 8,234 8,200 0.4% 16,094 16,049 0.3% Orlando, FL 3,493 19,397 19,423 -0.1% 6,170 6,061 1.8% 13,227 13,362 -1.0% Nashville, TN 2,261 11,352 11,444 -0.8% 3,235 3,337 -3.0% 8,117 8,107 0.1% 9,631 55,077 55,116 -0.1% 17,639 17,598 0.2% 37,438 37,518 -0.2% Southwest Region Dallas, TX 7,364 38,114 38,025 0.2% 13,758 14,128 -2.6% 24,356 23,897 1.9% Austin, TX 1,880 9,895 9,937 -0.4% 4,171 4,218 -1.1% 5,724 5,719 0.1% 9,244 48,009 47,962 0.1% 17,929 18,346 -2.3% 30,080 29,616 1.6% Other Markets 2,443 18,521 18,312 1.1% 5,213 5,197 0.3% 13,308 13,115 1.5% Total 54,915 410,518 $ 408,503 $ 0.5% 127,163 $ 129,940 $ -2.1% 283,355 $ 278,563 $ 1.7% 15 Attachment 8(D) (Unaudited) (1) Same-Store ($000s) Revenues Expenses Net Operating Income June 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% 97.1% 96.8% 0.3% 3,147 $ 3,071 $ 2.5% San Francisco, CA 3,144 8.3% 97.4% 96.7% 0.7% 3,591 3,475 3.3% Seattle, WA 2,702 6.2% 97.2% 97.4% -0.2% 2,940 2,837 3.6% Monterey Peninsula, CA 1,567 2.8% 96.2% 95.8% 0.4% 2,371 2,378 -0.3% Los Angeles, CA 1,225 2.9% 96.7% 96.5% 0.2% 3,258 3,176 2.6% 12,943 31.2% 97.0% 96.8% 0.2% 3,129 3,047 2.7% Mid-Atlantic Region Metropolitan DC 8,819 15.6% 97.4% 97.5% -0.1% 2,461 2,348 4.8% Baltimore, MD 2,219 3.1% 97.0% 96.2% 0.8% 2,004 1,927 4.0% Richmond, VA 1,359 2.1% 96.8% 96.8% 0.0% 1,929 1,860 3.7% 12,397 20.8% 97.3% 97.2% 0.1% 2,321 2,220 4.6% Northeast Region Boston, MA 4,667 11.3% 97.0% 97.0% 0.0% 3,309 3,177 4.2% New York, NY 1,945 5.7% 97.9% 97.8% 0.1% 5,077 4,895 3.7% Philadelphia, PA 1,172 2.1% 97.0% 96.7% 0.3% 2,536 2,553 -0.7% 7,784 19.1% 97.3% 97.2% 0.1% 3,638 3,516 3.5% Southeast Region Tampa, FL 3,877 5.8% 96.9% 96.7% 0.2% 2,155 2,140 0.7% Orlando, FL 3,493 4.8% 96.6% 96.8% -0.2% 1,917 1,922 -0.3% Nashville, TN 2,261 2.9% 96.4% 96.6% -0.2% 1,744 1,753 -0.5% 9,631 13.5% 96.7% 96.7% 0.0% 1,973 1,970 0.1% Southwest Region Dallas, TX 7,364 8.7% 97.1% 96.6% 0.5% 1,774 1,787 -0.7% Austin, TX 1,880 2.0% 97.4% 96.7% 0.7% 1,806 1,847 -2.2% 9,244 10.7% 97.2% 96.6% 0.6% 1,781 1,799 -1.0% Other Markets 2,443 4.7% 96.3% 97.0% -0.7% 2,610 2,561 1.9% Total/Weighted Avg. 54,442 100.0% 97.1% 96.9% 0.2% 2,561 $ 2,502 $ 2.4% (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 June 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 78,951 $ 76,789 $ 2.8% 17,938 $ 16,670 $ 7.6% 61,013 $ 60,119 $ 1.5% San Francisco, CA 3,144 65,951 63,380 4.1% 19,694 19,518 0.9% 46,257 43,862 5.5% Seattle, WA 2,702 46,350 44,801 3.5% 11,869 12,431 -4.5% 34,481 32,370 6.5% Monterey Peninsula, CA 1,567 21,435 21,422 0.1% 5,477 4,920 11.3% 15,958 16,502 -3.3% Los Angeles, CA 1,225 23,149 22,530 2.8% 7,016 6,259 12.1% 16,133 16,271 -0.8% 12,943 235,836 228,922 3.0% 61,994 59,798 3.7% 173,842 169,124 2.8% Mid-Atlantic Region Metropolitan DC 8,819 126,881 121,139 4.7% 39,930 38,533 3.6% 86,951 82,606 5.3% Baltimore, MD 2,219 25,871 24,717 4.7% 8,782 8,301 5.8% 17,089 16,416 4.1% Richmond, VA 1,359 15,233 14,683 3.7% 3,731 3,778 -1.3% 11,502 10,905 5.5% 12,397 167,985 160,539 4.6% 52,443 50,612 3.6% 115,542 109,927 5.1% Northeast Region Boston, MA 4,667 89,905 86,292 4.2% 26,629 25,365 5.0% 63,276 60,927 3.9% New York, NY 1,945 58,022 55,869 3.9% 26,388 25,402 3.9% 31,634 30,467 3.8% Philadelphia, PA 1,172 17,301 17,362 -0.3% 5,822 5,699 2.2% 11,479 11,663 -1.6% 7,784 165,228 159,523 3.6% 58,839 56,466 4.2% 106,389 103,057 3.2% Southeast Region Tampa, FL 3,877 48,577 48,135 0.9% 16,434 16,203 1.4% 32,143 31,932 0.7% Orlando, FL 3,493 38,821 38,999 -0.5% 12,231 12,410 -1.4% 26,590 26,589 0.0% Nashville, TN 2,261 22,796 22,967 -0.7% 6,573 6,495 1.2% 16,223 16,472 -1.5% 9,631 110,194 110,101 0.1% 35,238 35,108 0.4% 74,956 74,993 0.0% Southwest Region Dallas, TX 7,364 76,139 76,278 -0.2% 27,886 28,646 -2.7% 48,253 47,632 1.3% Austin, TX 1,880 19,832 20,149 -1.6% 8,389 8,211 2.2% 11,443 11,938 -4.1% 9,244 95,971 96,427 -0.5% 36,275 36,857 -1.6% 59,696 59,570 0.2% Other Markets 2,443 36,833 36,396 1.2% 10,409 10,391 0.2% 26,424 26,005 1.6% Total 54,442 812,047 $ 791,908 $ 2.5% 255,198 $ 249,232 $ 2.4% 556,849 $ 542,676 $ 2.6% (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 June 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 2Q 2025 2Q 2025 2Q 2025 2Q 2025 2Q 2024 YTD 2025 YTD 2024 West Region 4.2% 4.4% 4.0% 39.1% 44.2% 35.0% 39.2% Mid-Atlantic Region 3.6% 0.2% 6.6% 40.9% 43.9% 35.3% 37.8% Northeast Region 4.3% 2.3% 5.7% 44.1% 45.2% 35.0% 36.4% Southeast Region 0.0% -4.1% 4.5% 46.8% 51.1% 41.7% 46.4% Southwest Region -0.5% -5.3% 4.4% 38.7% 45.8% 37.5% 42.9% Other Markets -1.1% -5.1% 3.1% 45.2% 43.1% 39.8% 40.1% Total/Weighted Avg. 2.8% 0.3% 5.0% 41.2% 45.4% 36.6% 40.1% (1) See Attachment 14 for definitions and other terms. Attachment 8(G) Annualized Turnover 18 Same-Store Operating Information By Major Market June 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 - 41,108 $ 133,600 $ 445 $ 1Q25 1Q27 2Q27 N/A N/A Total Under Construction 300 - 41,108 $ 133,600 $ 445 $ Total - Wholly Owned 300 - 41,108 $ 133,600 $ 445 $ NOI From Wholly-Owned Projects 2Q 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 June 30, 2025 (Dollars in Thousands) 19 UDR Ownership Interest Real Estate Cost Basis 230,690 $ 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 2Q 25 2Q 25 2Q 25 YTD 25 UDR / MetLife 50% 13 2,837 96.8% 4,281 $ 11,002 $ 21,962 $ UDR / LaSalle 51% 5 1,590 96.7% 2,742 4,631 9,057 Total 18 4,427 96.7% 3,723 $ 15,633 $ 31,019 $ 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 1,745,370 $ 845,320 $ 204,812 $ 3.93% 2027-2031 UDR / LaSalle 622,458 45,306 262,912 5.86% 2028 Total 2,367,828 $ 890,626 $ 467,724 $ 4.03% 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 4 96,547 $ 115,092 $ 10.1% 1.0 Non-Stabilized Communities - Loans (5) 2 84,123 105,908 11.0% 1.5 Stabilized Communities - Preferred Equity (6) 7 250,099 262,600 9.2% 3.0 Total Debt and Preferred Equity Program 13 430,769 $ 483,600 $ 9.7% 2.3 2Q 25 Income/(loss) from investments (5)(7) 13,393 $ Income/(Loss) from Investments Other Unconsolidated Investments (8) Commitment Funded Balance 2Q 25 (10) Total Real Estate Technology and Sustainability Investments 169,000 $ 128,404 $ 133,021 $ (59) $ (1) See Attachment 14 for definitions and other terms. (10) 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. (9) 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 $31.0 million of cash and stock distributed prior to the period end. UDR Investment (9) (8) Other unconsolidated investments represent UDR’s investments in nine real estate technology and climate technology funds. During the quarter, a previously held note receivable, including accrued interest, totaling $42.8 million was fully settled through the receipt of shares in a real estate technology company. In connection with this transaction, we also purchased an additional $15.2 million of the company’s shares. UDR’s investment is recorded in Other Assets on the Consolidated Balance Sheet. (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. (5) In May 2025, UDR acquired the developer’s equity interest in its joint venture that owns an apartment community located in Philadelphia, PA. In connection with the acquisition, the developer paid UDR $6.7 million, which consisted primarily of unpaid interest on its loan investment and reimbursement for certain costs previously advanced by UDR. As a result, the joint venture became wholly owned, and UDR began consolidating the community. The consolidation of the community resulted in UDR recording $3.9 million in previously unaccrued interest and a $0.3 million gain on consolidation. (7) When excluding UDR's share of recorded real estate depreciation and amortization on debt and preferred equity investments for the three months ended June 30, 2025, the amount is approximately $14.9 million. (6) During the quarter, UDR received full repayment of its approximately $54.8 million preferred equity investment, inclusive of accrued return, in a stabilized community located in New York, NY, upon the recapitalization of the joint venture. UDR Investment Attachment 10 Unconsolidated and Debt and Preferred Equity Program Summary June 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 (5) 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% 13,000 $ 12.0% 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% 40,000 $ 54,760 $ 72,257 $ 11.0% 21 Attachment 11 Acquisitions, Dispositions, and Debt and Preferred Equity Program Summary (Unaudited) (1) June 30, 2025 (Dollars in Thousands) (4) UDR recorded a gain on sale of approximately $23.5 million during the six months ended June 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 six months ended June 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. (5) See Attachment 10, footnote 5 for further details. 7DEOHRI&RQWHQWV
Slide 22 — Attachment 12
Three Months Six Months Ended Cost Ended Cost Capital Expenditures for Consolidated Homes (2) June 30, 2025 per Home June 30, 2025 per Home Average number of homes (3) 55,325 55,324 Total Recurring Cap Ex 27,757 $ 502 $ 45,040 $ 814 $ NOI Enhancing Cap Ex 21,148 382 35,203 636 Total Recurring and NOI Enhancing Cap Ex 48,905 $ 884 $ 80,243 $ 1,450 $ Three Months Six Months Ended Cost Ended Cost Repair and Maintenance for Consolidated Homes (Expensed) June 30, 2025 per Home June 30, 2025 per Home Average number of homes (3) 55,325 55,324 Total Repair and Maintenance 26,254 $ 475 $ 51,258 $ 927 $ (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 June 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 3Q 2025 Full-Year 2025 Prior Guidance Prior Midpoint Income/(loss) per weighted average common share, diluted $0.11 to $0.13 $0.53 to $0.59 $0.56 to $0.66 ($0.05) FFO per common share and unit, diluted $0.61 to $0.63 $2.42 to $2.48 $2.45 to $2.55 ($0.05) FFO as Adjusted per common share and unit, diluted $0.62 to $0.64 $2.49 to $2.55 $2.45 to $2.55 $0.02 Weighted average number of common shares, OP/DownREIT Units, and common stock equivalents outstanding, diluted (in millions) 357.6 358.0 358.0 - Annualized dividend per share and unit $1.72 $1.72 - Change from Same-Store Guidance (Straight-line basis) Full-Year 2025 Prior Guidance Prior Midpoint Revenue growth / (decline) 1.75% to 3.25% 1.25% to 3.25% 0.25% Expense growth 2.50% to 3.50% 2.75% to 4.25% (0.50%) NOI growth / (decline) 1.50% to 3.00% 0.50% to 3.00% 0.50% Change from Investment Guidance ($ in millions) Full-Year 2025 Prior Guidance Prior Midpoint Dispositions - Consolidated and Joint Venture (at share) $215 to $415 $215 to $415 - Acquisitions - Consolidated and Joint Venture (at share) $0 to $200 $0 to $200 - Capital Expenditures - Recurring, NOI Enhancing, and Redevelopment $220 to $260 $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 $190 to $195 $185 to $195 $2.5 General and administrative $72 to $80 $70 to $80 $1 Attachment 13 June 30, 2025 3Q 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 June 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 2Q 2025 YTD 2025 Income/(loss) from unconsolidated entities 3,629 $ 9,443 $ Management fee 880 1,743 Interest expense 4,588 9,130 Depreciation 11,970 23,905 General and administrative 131 256 Preferred Equity Program (excludes loans) (5,849) (12,070) Other (income)/expense 126 123 Realized and unrealized (gain)/loss on real estate technology investments, net of tax 158 (1,511) 15,633 $ 31,019 $ In thousands 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 Net income/(loss) attributable to UDR, Inc. 37,673 $ 76,720 $ (5,044) $ 22,597 $ 28,883 $ Property management 13,747 13,645 13,665 13,588 13,433 Other operating expenses 7,753 8,059 9,613 6,382 7,593 Real estate depreciation and amortization 163,191 161,394 165,446 170,276 170,488 Interest expense 48,665 47,701 49,625 50,214 47,811 Casualty-related charges/(recoveries), net 3,382 3,297 6,430 1,473 998 General and administrative 19,929 19,495 25,469 20,890 20,136 Tax provision/(benefit), net 258 158 312 (156) 386 (Income)/loss from unconsolidated entities (3,629) (5,814) (8,984) 1,880 (4,046) Interest income and other (income)/expense, net (8,134) (1,921) 30,858 (6,159) (6,498) Joint venture management and other fees (2,398) (2,112) (2,288) (2,072) (1,992) Other depreciation and amortization 7,387 7,067 6,381 4,029 4,679 (Gain)/loss on sale of real estate owned - (47,939) - - - Net income/(loss) attributable to noncontrolling interests 2,556 5,351 (479) 1,480 2,130 Total consolidated NOI 290,380 $ 285,101 $ 291,004 $ 284,422 $ 284,001 $ Attachment 14(B) Definitions and Reconciliations June 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 June 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 0.53 $ 0.59 $ Conversion from GAAP share count (0.02) (0.02) 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 2.42 $ 2.48 $ Legal and other 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 - - Forecasted FFO as Adjusted per diluted share and unit 2.49 $ 2.55 $ Low High Forecasted net income per diluted share 0.11 $ 0.13 $ 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 0.61 $ 0.63 $ Legal and other costs - - Software transition related costs 0.01 0.01 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 $ 27 Full-Year 2025 Attachment 14(D) Definitions and Reconciliations June 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 third quarter of 2025 to forecasted FFO and FFO as Adjusted per share and unit: 3Q 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 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 June 30, 2025 (Unaudited) 7DEOHRI&RQWHQWV