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UDR, Inc. — Presentation / slide deck (8-K exhibit)
UDR, Inc. (UDR) · 29 slides · Filed Feb 5, 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 4Q 2024 YTD 2024 1Q 2025 Full-Year 2025 GAAP Metrics Net income/(loss) attributable to UDR, Inc. ($5,044) $89,585 -- -- Net income/(loss) attributable to common stockholders ($6,241) $84,750 -- -- Income/(loss) per weighted average common share, diluted ($0.02) $0.26 $0.24 to $0.26 $0.56 to $0.66 Per Share Metrics FFO per common share and unit, diluted $0.48 $2.29 $0.60 to $0.62 $2.45 to $2.55 FFO as Adjusted per common share and unit, diluted $0.63 $2.48 $0.60 to $0.62 $2.45 to $2.55 Adjusted Funds from Operations ("AFFO") per common share and unit, diluted $0.54 $2.19 Dividend declared per share and unit $0.425 $1.70 $0.43 $1.72 (2) Same-Store Operating Metrics Revenue growth/(decline) (Straight-line basis) 2.5% 2.3% -- 1.25% to 3.25% Expense growth 3.4% 4.3% -- 2.75% to 4.25% NOI growth/(decline) (Straight-line basis) 2.1% 1.5% -- 0.50% to 3.00% Physical Occupancy 96.8% 96.8% -- -- Property Metrics Homes Communities % of Total NOI Same-Store 54,215 162 90.7% Stabilized, Non-Mature 693 3 1.0% Development 415 2 0.5% Non-Residential / Other N/A N/A 1.9% Joint Venture (3) 4,424 18 4.9% Total completed homes 59,747 185 99.0% Held for Disposition 373 2 1.0% Under Development - - - Total Quarter-end homes (3)(4) 60,120 187 100.0% Balance Sheet Metrics (adjusted for non-recurring items) 4Q 2024 4Q 2023 Consolidated Interest Coverage Ratio 5.1x 5.1x Consolidated Fixed Charge Coverage Ratio 5.0x 5.0x Consolidated Debt as a percentage of Total Assets 32.7% 32.9% Consolidated Net Debt-to-EBITDAre 5.5x 5.6x (3) Joint venture NOI is based on UDR's share. Homes and communities at 100%. (4) Excludes 7,633 homes that are part of the Debt and Preferred Equity Program as described in Attachment 10(B). (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 Fourth Quarter 2024 (Unaudited) (1) Central Square at Frisco, Dallas, TX - 4Q 2024 Same-Store Addition 7DEOHRI&RQWHQWV ([KLELW
Slide 2 — Attachment 1
In thousands, except per share amounts 2024 2023 2024 2023 REVENUES: Rental income (2) 420,440 $ 410,894 $ 1,663,525 $ 1,620,658 $ Joint venture management and other fees 2,288 2,379 8,317 6,843 Total revenues 422,728 413,273 1,671,842 1,627,501 OPERATING EXPENSES: Property operating and maintenance 72,167 68,442 292,572 273,736 Real estate taxes and insurance 57,269 58,562 232,130 232,152 Property management 13,665 13,354 54,065 52,671 Other operating expenses 9,613 8,320 30,416 20,222 Real estate depreciation and amortization 165,446 170,643 676,068 676,419 General and administrative 25,469 20,838 84,305 69,929 Casualty-related charges/(recoveries), net 6,430 (224) 15,179 3,138 Other depreciation and amortization 6,381 4,397 19,405 15,419 Total operating expenses 356,440 344,332 1,404,140 1,343,686 Gain/(loss) on sale of real estate owned - 25,308 16,867 351,193 Operating income 66,288 94,249 284,569 635,008 Income/(loss) from unconsolidated entities (2) 8,984 (20,219) 20,235 4,693 Interest expense (49,625) (47,347) (195,712) (180,866) Interest income and other income/(expense), net (3) (30,858) 9,371 (12,336) 17,759 Income/(loss) before income taxes (5,211) 36,054 96,756 476,594 Tax (provision)/benefit, net (312) (93) (879) (2,106) Net Income/(loss) (5,523) 35,961 95,877 474,488 Net (income)/loss attributable to redeemable noncontrolling interests in the OP and DownREIT Partnership 490 (2,967) (6,246) (30,104) Net (income)/loss attributable to noncontrolling interests (11) (8) (46) (31) Net income/(loss) attributable to UDR, Inc. (5,044) 32,986 89,585 444,353 Distributions to preferred stockholders - Series E (Convertible) (1,197) (1,222) (4,835) (4,848) Net income/(loss) attributable to common stockholders (6,241) $ 31,764 $ 84,750 $ 439,505 $ Income/(loss) per weighted average common share - basic: ($0.02) $0.10 $0.26 $1.34 Income/(loss) per weighted average common share - diluted: ($0.02) $0.10 $0.26 $1.34 Common distributions declared per share $0.425 $0.42 $1.70 $1.68 Weighted average number of common shares outstanding - basic 329,854 328,558 329,290 328,765 Weighted average number of common shares outstanding - diluted 331,244 328,825 330,116 329,104 (1) See Attachment 14 for definitions and other terms. (3) During the three months ended December 31, 2024, UDR recorded a $37.3 million non-cash loan reserve related to its joint venture loan investment in 1300 Fairmount. 2 December 31, December 31, Three Months Ended Attachment 1 Consolidated Statements of Operations (Unaudited) (1) Twelve Months Ended (2) As of December 31, 2024, UDR's residential accounts receivable balance, net of its reserve, was $5.9 million, including its share from unconsolidated joint ventures. The unreserved amount is based on probability of collection. 7DEOHRI&RQWHQWV
Slide 3 — Attachment 2
In thousands, except per share and unit amounts 2024 2023 2024 2023 Net income/(loss) attributable to common stockholders (6,241) $ 31,764 $ 84,750 $ 439,505 $ Real estate depreciation and amortization 165,446 170,643 676,068 676,419 Noncontrolling interests (479) 2,975 6,292 30,135 Real estate depreciation and amortization on unconsolidated joint ventures 12,799 13,293 53,727 42,622 Impairment loss from unconsolidated joint ventures - - 8,083 - Net (gain)/loss on consolidation - 24,257 - 24,257 Net (gain)/loss on the sale of depreciable real estate owned, net of tax - (25,223) (16,867) (349,993) Funds from operations ("FFO") attributable to common stockholders and unitholders, basic 171,525 $ 217,709 $ 812,053 $ 862,945 $ Distributions to preferred stockholders - Series E (Convertible) (2) 1,197 1,222 4,835 4,848 FFO attributable to common stockholders and unitholders, diluted 172,722 $ 218,931 $ 816,888 $ 867,793 $ FFO per weighted average common share and unit, basic 0.49 $ 0.62 $ 2.30 $ 2.46 $ FFO per weighted average common share and unit, diluted 0.48 $ 0.61 $ 2.29 $ 2.45 $ Weighted average number of common shares and OP/DownREIT Units outstanding, basic 353,237 353,076 353,283 351,175 Weighted average number of common shares, OP/DownREIT Units, and common stock equivalents outstanding, diluted 357,442 356,252 356,957 354,422 Impact of adjustments to FFO: Variable upside participation on preferred equity investment, net - $ - $ - $ (204) $ Legal and other costs 6,320 3,763 13,315 2,869 Realized and unrealized (gain)/loss on real estate technology investments, net of tax (3,406) (2,872) (8,019) (3,051) Severance costs 6,006 4,164 10,556 4,164 Provision for loan loss (3) 37,271 - 37,271 - Casualty-related charges/(recoveries) 6,430 (224) 15,179 3,138 Total impact of adjustments to FFO 52,621 $ 4,831 $ 68,302 $ 6,916 $ FFO as Adjusted attributable to common stockholders and unitholders, diluted 225,343 $ 223,762 $ 885,190 $ 874,709 $ FFO as Adjusted per weighted average common share and unit, diluted 0.63 $ 0.63 $ 2.48 $ 2.47 $ Recurring capital expenditures, inclusive of unconsolidated joint ventures (31,620) (30,133) (105,116) (90,917) AFFO attributable to common stockholders and unitholders, diluted 193,723 $ 193,629 $ 780,074 $ 783,792 $ AFFO per weighted average common share and unit, diluted 0.54 $ 0.54 $ 2.19 $ 2.21 $ (1) See Attachment 14 for definitions and other terms. (3) See Attachment 1, footnote 3 and Attachment 10(B), footnote 9 for further details. Twelve Months Ended (2) Series E cumulative convertible preferred shares are dilutive for purposes of calculating FFO per share for the three and twelve months ended December 31, 2024 and December 31, 2023. 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 December 31, December 31, 7DEOHRI&RQWHQWV
Slide 4 — Attachment 3
December 31, December 31, In thousands, except share and per share amounts 2024 2023 ASSETS Real estate owned: Real estate held for investment 15,994,794 $ 15,757,456 $ Less: accumulated depreciation (6,836,920) (6,242,686) Real estate held for investment, net 9,157,874 9,514,770 Real estate under development (net of accumulated depreciation of $0 and $184) - 160,220 Real estate held for disposition (net of accumulated depreciation of $64,106 and $24,960) 154,463 81,039 Total real estate owned, net of accumulated depreciation 9,312,337 9,756,029 Cash and cash equivalents 1,326 2,922 Restricted cash 34,101 31,944 Notes receivable, net 247,849 228,825 Investment in and advances to unconsolidated joint ventures, net 917,483 952,934 Operating lease right-of-use assets 186,997 190,619 Other assets 197,493 209,969 Total assets 10,897,586 $ 11,373,242 $ LIABILITIES AND EQUITY Liabilities: Secured debt 1,139,331 $ 1,277,713 $ Unsecured debt 4,687,634 4,520,996 Operating lease liabilities 182,275 185,836 Real estate taxes payable 46,403 47,107 Accrued interest payable 52,631 47,710 Security deposits and prepaid rent 61,592 50,528 Distributions payable 151,720 149,600 Accounts payable, accrued expenses, and other liabilities 115,105 141,311 Total liabilities 6,436,691 6,420,801 Redeemable noncontrolling interests in the OP and DownREIT Partnership 1,017,355 961,087 Equity: Preferred stock, no par value; 50,000,000 shares authorized at December 31, 2024 and December 31, 2023: 2,600,678 shares of 8.00% Series E Cumulative Convertible issued and outstanding (2,686,308 shares at December 31, 2023) 43,192 44,614 10,424,485 shares of Series F outstanding (11,867,730 shares at December 31, 2023) 1 1 Common stock, $0.01 par value; 450,000,000 shares authorized at December 31, 2024 and December 31, 2023: 330,858,719 shares issued and outstanding (329,014,512 shares at December 31, 2023) 3,309 3,290 Additional paid-in capital 7,572,480 7,493,217 Distributions in excess of net income (4,179,415) (3,554,892) Accumulated other comprehensive income/(loss), net 3,638 4,914 Total stockholders' equity 3,443,205 3,991,144 Noncontrolling interests 335 210 Total equity 3,443,540 3,991,354 Total liabilities and equity 10,897,586 $ 11,373,242 $ (1) See Attachment 14 for definitions and other terms. Attachment 3 Consolidated Balance Sheets (Unaudited) (1) 4 7DEOHRI&RQWHQWV
Slide 5 — Attachment 4(A)
December 31, December 31, Common Stock and Equivalents 2024 2023 Common shares 330,858,719 329,014,512 Restricted unit and common stock equivalents 1,043,568 81,382 Operating and DownREIT Partnership units 22,689,109 24,428,223 Series E cumulative convertible preferred shares (2) 2,815,608 2,908,323 Total common shares, OP/DownREIT units, and common stock equivalents 357,407,004 356,432,440 Weighted Average Number of Shares Outstanding 4Q 2024 4Q 2023 Weighted average number of common shares and OP/DownREIT units outstanding - basic 353,237,456 353,075,692 Weighted average number of OP/DownREIT units outstanding (23,382,861) (24,517,972) Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations 329,854,595 328,557,720 Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted 357,442,099 356,251,542 Weighted average number of OP/DownREIT units outstanding (23,382,861) (24,517,972) Weighted average number of Series E cumulative convertible preferred shares outstanding (2,815,608) (2,908,323) Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations 331,243,630 328,825,247 Year-to-Date 2024 Year-to-Date 2023 Weighted average number of common shares and OP/DownREIT units outstanding - basic 353,283,236 351,175,000 Weighted average number of OP/DownREIT units outstanding (23,992,543) (22,409,581) Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations 329,290,693 328,765,419 Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted 356,956,515 354,422,379 Weighted average number of OP/DownREIT units outstanding (23,992,543) (22,409,581) Weighted average number of Series E cumulative convertible preferred shares outstanding (2,847,526) (2,908,323) Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations 330,116,446 329,104,475 (1) See Attachment 14 for definitions and other terms. Attachment 4(A) Selected Financial Information (Unaudited) (1) 5 (2) At December 31, 2024 and December 31, 2023 there were 2,600,678 and 2,686,308 of Series E cumulative convertible preferred shares outstanding, which is equivalent to 2,815,608 and 2,908,323 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 1,115,798 $ 19.1% 3.49% 4.0 Floating 27,000 0.5% 3.49% 7.2 1,142,798 19.6% 3.49% 4.1 Unsecured Fixed 4,225,000 (3) 72.3% 3.08% 5.9 Floating 474,260 8.1% 5.00% 0.8 4,699,260 80.4% 3.28% 5.4 Total Debt Fixed 5,340,798 91.4% 3.17% 5.5 Floating 501,260 8.6% 4.92% 1.2 5,842,058 100.0% 3.32% 5.2 Total Non-Cash Adjustments (4) (15,093) Total per Balance Sheet 5,826,965 $ 3.38% 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 178,323 $ - $ 289,900 $ 468,223 $ 8.0% 4.31% 2026 56,672 300,000 9,360 366,032 6.3% 3.07% 2027 6,939 650,000 - 656,939 11.2% 3.72% 2028 166,526 300,000 - 466,526 8.0% 3.72% 2029 315,811 300,000 - 615,811 10.5% 3.93% 2030 230,597 600,000 - 830,597 14.3% 3.34% 2031 160,930 600,000 - 760,930 13.0% 2.92% 2032 27,000 400,000 - 427,000 7.3% 2.19% 2033 - 650,000 - 650,000 11.1% 1.99% 2034 - 600,000 - 600,000 10.3% 4.04% Thereafter - - - - - - 1,142,798 4,400,000 299,260 5,842,058 100.0% 3.32% Total Non-Cash Adjustments (4) (3,467) (11,626) - (15,093) Total per Balance Sheet 1,139,331 $ 4,388,374 $ 299,260 $ 5,826,965 $ 3.38% (1) See Attachment 14 for definitions and other terms. December 31, 2024 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 December 31, 2024. 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 $289.9 million of principal outstanding at an interest rate of 4.70%, the equivalent of SOFR plus a spread of 31.0 basis points, on the Company’s unsecured commercial paper program as of December 31, 2024. 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 5.4 years with extensions and 5.3 years without extensions. (7) There was $9.4 million outstanding on our $75.0 million working capital credit facility at December 31, 2024. 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 expires 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 December 31, 2024 Net income/(loss) (5,523) $ Adjustments: Interest expense, including debt extinguishment and other associated costs 49,625 Real estate depreciation and amortization 165,446 Other depreciation and amortization 6,381 Tax provision/(benefit), net 312 Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures 17,413 EBITDAre 233,654 $ Casualty-related charges/(recoveries), net 6,430 Legal and other costs 6,320 Provision for loan loss 37,271 Severance costs 6,006 Realized and unrealized (gain)/loss on real estate technology investments 604 (Income)/loss from unconsolidated entities (8,984) Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures (17,413) Management fee expense on unconsolidated joint ventures (1,154) Consolidated EBITDAre - adjusted for non-recurring items 262,734 $ Annualized consolidated EBITDAre - adjusted for non-recurring items 1,050,936 $ Interest expense, including debt extinguishment and other associated costs 49,625 Capitalized interest expense 2,027 Total interest 51,652 $ Preferred dividends 1,197 $ Total debt 5,826,965 $ Cash (1,326) Net debt 5,825,639 $ Consolidated Interest Coverage Ratio - adjusted for non-recurring items 5.1x Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items 5.0x 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% 31.3% Yes Minimum Fixed Charge Coverage Ratio ш1.5x 4.8x Yes Maximum Secured Debt Ratio ч40.0% 9.8% Yes Minimum Unencumbered Pool Leverage Ratio ш150.0% 376.5% Yes Senior Unsecured Note Covenants (3) Required Actual Compliance Debt as a percentage of Total Assets ч65.0% 32.8% 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% 6.4% Yes Total Unencumbered Assets to Unsecured Debt ш150.0% 316.0% 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 4Q 2024 NOI (1) Carrying Value Total Gross Asset Summary Homes ($000s) % of NOI ($000s) Carrying Value Unencumbered assets 46,756 253,639 $ 87.2% 14,178,541 $ 87.4% Encumbered assets 8,940 37,365 12.8% 2,034,822 12.6% 55,696 291,004 $ 100.0% 16,213,363 $ 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 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Revenues Same-Store Communities 54,215 400,944 $ 398,549 $ 394,952 $ 392,537 $ 391,112 $ Stabilized, Non-Mature Communities 693 5,538 5,692 5,564 5,561 4,117 Development Communities 415 2,606 1,858 820 163 53 Non-Residential / Other - 7,164 7,776 7,866 8,270 8,110 Total 55,323 416,252 $ 413,875 $ 409,202 $ 406,531 $ 403,392 $ Expenses Same-Store Communities 123,465 $ 125,867 $ 122,714 $ 124,911 $ 119,355 $ Stabilized, Non-Mature Communities 2,412 2,004 2,330 2,377 1,871 Development Communities 1,116 1,083 855 505 302 Non-Residential / Other 1,435 3,522 2,322 3,004 3,421 Total (2) 128,428 $ 132,476 $ 128,221 $ 130,797 $ 124,949 $ Net Operating Income Same-Store Communities 277,479 $ 272,682 $ 272,238 $ 267,626 $ 271,757 $ Stabilized, Non-Mature Communities 3,126 3,688 3,234 3,184 2,246 Development Communities 1,490 775 (35) (342) (249) Non-Residential / Other 5,729 4,254 5,544 5,266 4,689 Total 287,824 $ 281,399 $ 280,981 $ 275,734 $ 278,443 $ Operating Margin Same-Store Communities 69.2% 68.4% 68.9% 68.2% 69.5% Weighted Average Physical Occupancy Same-Store Communities 96.8% 96.3% 96.8% 97.0% 96.8% Stabilized, Non-Mature Communities 94.9% 94.9% 95.0% 87.1% 90.3% Development Communities 67.1% 48.9% 26.9% 21.2% 10.9% Other (3) 97.6% 98.2% 98.4% 98.4% 98.2% Total 96.6% 95.9% 96.4% 96.8% 96.7% Sold and Held for Disposition Communities Revenues 373 4,188 $ 4,213 $ 4,126 $ 5,138 $ 7,502 $ Expenses (2) 1,008 1,190 1,106 1,476 2,055 Net Operating Income/(Loss) 3,180 $ 3,023 $ 3,020 $ 3,662 $ 5,447 $ Total 55,696 291,004 $ 284,422 $ 284,001 $ 279,396 $ 283,890 $ (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 4Q 2024 SS Operating Year-Over-Year Comparison Expenses 4Q 2024 4Q 2023 % Change Personnel 14.2% 17,571 $ 16,930 $ 3.8% Utilities 13.9% 17,156 16,630 3.2% Repair and maintenance 19.1% 23,639 22,403 5.5% Administrative and marketing 7.7% 9,490 8,412 12.8% Controllable expenses 54.9% 67,856 64,375 5.4% Real estate taxes 40.1% 49,445 $ 49,091 $ 0.7% Insurance 5.0% 6,164 5,889 4.7% Same-Store operating expenses 100.0% 123,465 $ 119,355 $ 3.4% Same-Store Homes 54,215 % of 4Q 2024 SS Operating Sequential Comparison Expenses 4Q 2024 3Q 2024 % Change Personnel 14.2% 17,571 $ 17,832 $ -1.4% Utilities 13.9% 17,156 17,876 -4.0% Repair and maintenance 19.1% 23,639 26,681 -11.4% Administrative and marketing 7.7% 9,490 9,324 1.8% Controllable expenses 54.9% 67,856 71,713 -5.4% Real estate taxes 40.1% 49,445 $ 48,099 $ 2.8% Insurance 5.0% 6,164 6,055 1.8% Same-Store operating expenses 100.0% 123,465 $ 125,867 $ -1.9% Same-Store Homes 54,215 % of YTD 2024 SS Operating Year-to-Date Comparison Expenses YTD 2024 YTD 2023 % Change Personnel (2) 14.3% 67,595 $ 60,918 $ 11.0% Utilities 14.2% 67,112 65,133 3.0% Repair and maintenance 19.9% 93,779 89,210 5.1% Administrative and marketing 7.2% 33,922 30,123 12.6% Controllable expenses 55.6% 262,408 245,384 6.9% Real estate taxes 39.5% 186,848 $ 183,546 $ 1.8% Insurance 4.9% 23,130 24,013 -3.7% Same-Store operating expenses 100.0% 472,386 $ 452,943 $ 4.3% Same-Store Homes 51,428 (1) See Attachment 14 for definitions and other terms. 9 Attachment 6 Same-Store Operating Expense Information (Dollars in Thousands) (Unaudited) (1) (2) Personnel for YTD 2023 includes a refundable payroll tax credit from 1Q 2023 of $3.7 million related to the Employee Retention Credit program. 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 3,113 $ San Francisco, CA 2,917 393 3,310 602 3,912 3,587 Seattle, WA 2,702 - 2,702 284 2,986 2,879 Monterey Peninsula, CA 1,567 - 1,567 - 1,567 2,442 Los Angeles, CA 1,225 - 1,225 340 1,565 3,463 12,716 393 13,109 1,927 15,036 Mid-Atlantic Region Metropolitan DC 8,819 300 9,119 360 9,479 2,439 Baltimore, MD 2,219 - 2,219 - 2,219 1,985 Richmond, VA 1,359 - 1,359 - 1,359 1,907 12,397 300 12,697 360 13,057 Northeast Region Boston, MA 4,667 - 4,667 876 5,543 3,251 New York, NY 1,945 - 1,945 707 2,652 5,110 6,612 - 6,612 1,583 8,195 Southeast Region Tampa, FL 3,877 330 4,207 - 4,207 2,180 Orlando, FL 3,493 - 3,493 - 3,493 1,917 Nashville, TN 2,261 - 2,261 - 2,261 1,749 9,631 330 9,961 - 9,961 Southwest Region Dallas, TX 7,364 85 7,449 - 7,449 1,804 Austin, TX 1,880 - 1,880 - 1,880 1,832 9,244 85 9,329 - 9,329 Other Markets (5) 3,615 - 3,615 554 4,169 2,642 Totals 54,215 1,108 55,323 4,424 59,747 2,596 $ Communities (6) 162 5 167 18 185 Homes Communities Total completed homes 59,747 185 Held for Disposition 373 2 Under Development (7) - - Total Quarter-end homes and communities 60,120 187 (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 December 31, 2024 (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(A) 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), Portland (476 homes) and Philadelphia (1,172 wholly owned, 290 JV homes). (4) Represents joint ventures at UDR's ownership interests. Excludes joint venture held for disposition communities. See Attachment 10(A) 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) 5421 at Dublin Station Stabilized, Non-Mature 220 San Francisco, CA 1Q25 The MO Stabilized, Non-Mature 300 Metropolitan DC 2Q25 Residences at Lake Merritt Stabilized, Non-Mature 173 San Francisco, CA 2Q25 Villas at Fiori Development 85 Dallas, TX 2Q26 101 N. Meridian Development 330 Tampa, FL 3Q26 Total 1,108 Net Operating Income Breakout By Market Region Same-Store Total Region Same-Store Total West Region Southeast Region Orange County, CA 10.9% 10.9% Tampa, FL 5.8% 5.7% San Francisco, CA 7.6% 8.4% Orlando, FL 4.8% 4.4% Seattle, WA 6.0% 6.2% Nashville, TN 3.0% 2.8% Monterey Peninsula, CA 3.1% 2.8% 13.6% 12.9% Los Angeles, CA 2.9% 3.1% Southwest Region 30.5% 31.4% Dallas, TX 8.8% 8.3% Mid-Atlantic Region Austin, TX 2.0% 1.8% Metropolitan DC 15.7% 15.4% 10.8% 10.1% Baltimore, MD 3.1% 2.9% Richmond, VA 2.1% 1.9% Other Markets (3) 6.9% 7.2% 20.9% 20.2% Northeast Region Boston, MA 11.6% 11.7% New York, NY 5.7% 6.5% 17.3% 18.2% 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) December 31, 2024 (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 4Q 2024 NOI 4Q 24 4Q 23 Change 4Q 24 4Q 23 Change West Region Orange County, CA 4,305 10.9% 96.9% 96.9% 0.0% 3,114 $ 3,041 $ 2.4% San Francisco, CA 2,917 7.6% 96.9% 96.2% 0.7% 3,565 3,482 2.4% Seattle, WA 2,702 6.0% 97.4% 97.6% -0.2% 2,886 2,822 2.3% Monterey Peninsula, CA 1,567 3.1% 96.9% 95.0% 1.9% 2,442 2,360 3.5% Los Angeles, CA 1,225 2.9% 95.3% 95.9% -0.6% 3,300 3,104 6.3% 12,716 30.5% 96.9% 96.6% 0.3% 3,104 3,021 2.7% Mid-Atlantic Region Metropolitan DC 8,819 15.7% 97.1% 97.3% -0.2% 2,438 2,326 4.8% Baltimore, MD 2,219 3.1% 96.8% 96.4% 0.4% 1,985 1,905 4.2% Richmond, VA 1,359 2.1% 97.5% 97.3% 0.2% 1,907 1,846 3.3% 12,397 20.9% 97.1% 97.2% -0.1% 2,299 2,196 4.7% Northeast Region Boston, MA 4,667 11.6% 96.3% 96.9% -0.6% 3,291 3,163 4.0% New York, NY 1,945 5.7% 97.6% 97.4% 0.2% 5,043 4,905 2.8% 6,612 17.3% 96.7% 97.1% -0.4% 3,811 3,674 3.7% Southeast Region Tampa, FL 3,877 5.8% 97.0% 97.3% -0.3% 2,140 2,117 1.1% Orlando, FL 3,493 4.8% 96.6% 96.5% 0.1% 1,917 1,911 0.3% Nashville, TN 2,261 3.0% 97.0% 96.8% 0.2% 1,749 1,756 -0.4% 9,631 13.6% 96.9% 96.9% 0.0% 1,967 1,958 0.5% Southwest Region Dallas, TX 7,364 8.8% 96.7% 96.8% -0.1% 1,785 1,779 0.3% Austin, TX 1,880 2.0% 96.6% 95.9% 0.7% 1,832 1,857 -1.3% 9,244 10.8% 96.7% 96.6% 0.1% 1,795 1,795 0.0% Other Markets 3,615 6.9% 96.5% 96.7% -0.2% 2,582 2,558 0.9% Total/Weighted Avg. 54,215 100.0% 96.8% 96.8% 0.0% 2,546 $ 2,483 $ 2.5% (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 December 31, 2024 (Unaudited) (1) Current Quarter vs. Prior Year Quarter 7DEOHRI&RQWHQWV
Slide 13 — Attachment 8(B)
Total Same-Store Homes 4Q 24 4Q 23 Change 4Q 24 4Q 23 Change 4Q 24 4Q 23 Change West Region Orange County, CA 4,305 38,974 $ 38,062 $ 2.4% 8,784 $ 8,332 $ 5.4% 30,190 $ 29,730 $ 1.5% San Francisco, CA 2,917 30,226 29,314 3.1% 9,148 8,676 5.4% 21,078 20,638 2.1% Seattle, WA 2,702 22,785 22,324 2.1% 6,167 5,723 7.8% 16,618 16,601 0.1% Monterey Peninsula, CA 1,567 11,122 10,541 5.5% 2,566 2,418 6.1% 8,556 8,123 5.3% Los Angeles, CA 1,225 11,559 10,940 5.7% 3,374 3,219 4.8% 8,185 7,721 6.0% 12,716 114,666 111,181 3.1% 30,039 28,368 5.9% 84,627 82,813 2.2% Mid-Atlantic Region Metropolitan DC 8,819 62,635 59,864 4.6% 19,068 18,554 2.8% 43,567 41,310 5.5% Baltimore, MD 2,219 12,791 12,234 4.6% 4,094 3,771 8.6% 8,697 8,463 2.8% Richmond, VA 1,359 7,582 7,322 3.6% 1,715 1,804 -4.9% 5,867 5,518 6.3% 12,397 83,008 79,420 4.5% 24,877 24,129 3.1% 58,131 55,291 5.1% Northeast Region Boston, MA 4,667 44,374 42,918 3.4% 12,138 11,926 1.8% 32,236 30,992 4.0% New York, NY 1,945 28,717 27,878 3.0% 12,967 12,228 6.0% 15,750 15,650 0.6% 6,612 73,091 70,796 3.2% 25,105 24,154 3.9% 47,986 46,642 2.9% Southeast Region Tampa, FL 3,877 24,140 23,962 0.7% 8,161 7,869 3.7% 15,979 16,093 -0.7% Orlando, FL 3,493 19,401 19,320 0.4% 6,158 5,987 2.9% 13,243 13,333 -0.7% Nashville, TN 2,261 11,508 11,522 -0.1% 3,066 2,880 6.4% 8,442 8,642 -2.3% 9,631 55,049 54,804 0.5% 17,385 16,736 3.9% 37,664 38,068 -1.1% Southwest Region Dallas, TX 7,364 38,129 38,035 0.2% 13,744 13,925 -1.3% 24,385 24,110 1.1% Austin, TX 1,880 9,979 10,051 -0.7% 4,549 4,197 8.4% 5,430 5,854 -7.3% 9,244 48,108 48,086 0.0% 18,293 18,122 0.9% 29,815 29,964 -0.5% Other Markets 3,615 27,022 26,825 0.7% 7,766 7,846 -1.0% 19,256 18,979 1.5% Total 54,215 400,944 $ 391,112 $ 2.5% 123,465 $ 119,355 $ 3.4% 277,479 $ 271,757 $ 2.1% Attachment 8(B) Same-Store Operating Information By Major Market Current Quarter vs. Prior Year Quarter December 31, 2024 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 4Q 24 3Q 24 Change 4Q 24 3Q 24 Change West Region Orange County, CA 4,305 96.9% 96.4% 0.5% 3,114 $ 3,122 $ -0.3% San Francisco, CA 2,917 96.9% 96.5% 0.4% 3,565 3,547 0.5% Seattle, WA 2,702 97.4% 96.3% 1.1% 2,886 2,920 -1.2% Monterey Peninsula, CA 1,567 96.9% 95.9% 1.0% 2,442 2,434 0.3% Los Angeles, CA 1,225 95.3% 95.9% -0.6% 3,300 3,259 1.3% 12,716 96.9% 96.3% 0.6% 3,104 3,105 0.0% Mid-Atlantic Region Metropolitan DC 8,819 97.1% 96.7% 0.4% 2,438 2,420 0.7% Baltimore, MD 2,219 96.8% 95.2% 1.6% 1,985 1,971 0.7% Richmond, VA 1,359 97.5% 96.7% 0.8% 1,907 1,884 1.2% 12,397 97.1% 96.4% 0.7% 2,299 2,282 0.8% Northeast Region Boston, MA 4,667 96.3% 96.2% 0.1% 3,291 3,263 0.9% New York, NY 1,945 97.6% 97.0% 0.6% 5,043 5,098 -1.1% 6,612 96.7% 96.4% 0.3% 3,811 3,806 0.1% Southeast Region Tampa, FL 3,877 97.0% 95.8% 1.2% 2,140 2,153 -0.6% Orlando, FL 3,493 96.6% 95.9% 0.7% 1,917 1,914 0.2% Nashville, TN 2,261 97.0% 96.0% 1.0% 1,749 1,758 -0.5% 9,631 96.9% 95.9% 1.0% 1,967 1,973 -0.3% Southwest Region Dallas, TX 7,364 96.7% 96.3% 0.4% 1,785 1,782 0.2% Austin, TX 1,880 96.6% 96.8% -0.2% 1,832 1,863 -1.7% 9,244 96.7% 96.4% 0.3% 1,795 1,799 -0.2% Other Markets 3,615 96.5% 96.6% -0.1% 2,582 2,585 -0.1% Total/Weighted Avg. 54,215 96.8% 96.3% 0.5% 2,546 $ 2,544 $ 0.1% (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 December 31, 2024 (Unaudited) (1) 7DEOHRI&RQWHQWV
Slide 15 — Attachment 8(D)
Total Same-Store Homes 4Q 24 3Q 24 Change 4Q 24 3Q 24 Change 4Q 24 3Q 24 Change West Region Orange County, CA 4,305 38,974 $ 38,865 $ 0.3% 8,784 $ 8,165 $ 7.6% 30,190 $ 30,700 $ -1.7% San Francisco, CA 2,917 30,226 29,957 0.9% 9,148 9,456 -3.3% 21,078 20,501 2.8% Seattle, WA 2,702 22,785 22,791 0.0% 6,167 6,484 -4.9% 16,618 16,307 1.9% Monterey Peninsula, CA 1,567 11,122 10,972 1.4% 2,566 2,499 2.7% 8,556 8,473 1.0% Los Angeles, CA 1,225 11,559 11,485 0.6% 3,374 3,274 3.1% 8,185 8,211 -0.3% 12,716 114,666 114,070 0.5% 30,039 29,878 0.5% 84,627 84,192 0.5% Mid-Atlantic Region Metropolitan DC 8,819 62,635 61,906 1.2% 19,068 19,988 -4.6% 43,567 41,918 3.9% Baltimore, MD 2,219 12,791 12,511 2.2% 4,094 4,223 -3.0% 8,697 8,288 4.9% Richmond, VA 1,359 7,582 7,427 2.1% 1,715 1,810 -5.2% 5,867 5,617 4.5% 12,397 83,008 81,844 1.4% 24,877 26,021 -4.4% 58,131 55,823 4.1% Northeast Region Boston, MA 4,667 44,374 43,950 1.0% 12,138 12,944 -6.2% 32,236 31,006 4.0% New York, NY 1,945 28,717 28,857 -0.5% 12,967 13,277 -2.3% 15,750 15,580 1.1% 6,612 73,091 72,807 0.4% 25,105 26,221 -4.3% 47,986 46,586 3.0% Southeast Region Tampa, FL 3,877 24,140 23,985 0.6% 8,161 8,556 -4.6% 15,979 15,429 3.6% Orlando, FL 3,493 19,401 19,239 0.8% 6,158 5,622 9.5% 13,243 13,617 -2.7% Nashville, TN 2,261 11,508 11,449 0.5% 3,066 3,236 -5.3% 8,442 8,213 2.8% 9,631 55,049 54,673 0.7% 17,385 17,414 -0.2% 37,664 37,259 1.1% Southwest Region Dallas, TX 7,364 38,129 37,903 0.6% 13,744 13,939 -1.4% 24,385 23,964 1.8% Austin, TX 1,880 9,979 10,169 -1.9% 4,549 4,077 11.6% 5,430 6,092 -10.9% 9,244 48,108 48,072 0.1% 18,293 18,016 1.5% 29,815 30,056 -0.8% Other Markets 3,615 27,022 27,083 -0.2% 7,766 8,317 -6.6% 19,256 18,766 2.6% Total 54,215 400,944 $ 398,549 $ 0.6% 123,465 $ 125,867 $ -1.9% 277,479 $ 272,682 $ 1.8% 15 Attachment 8(D) (Unaudited) (1) Same-Store ($000s) Revenues Expenses Net Operating Income December 31, 2024 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 2024 NOI YTD 24 YTD 23 Change YTD 24 YTD 23 Change West Region Orange County, CA 4,305 11.5% 96.7% 96.4% 0.3% 3,094 $ 3,016 $ 2.6% San Francisco, CA 2,781 7.7% 97.0% 96.5% 0.5% 3,555 3,500 1.6% Seattle, WA 2,702 6.2% 97.1% 97.2% -0.1% 2,870 2,816 1.9% Monterey Peninsula, CA 1,567 3.2% 96.1% 95.6% 0.5% 2,408 2,290 5.2% Los Angeles, CA 1,225 3.1% 96.1% 96.2% -0.1% 3,227 3,143 2.7% 12,580 31.7% 96.7% 96.5% 0.2% 3,076 3,002 2.4% Mid-Atlantic Region Metropolitan DC 8,819 15.9% 97.2% 97.2% 0.0% 2,389 2,297 4.0% Baltimore, MD 2,219 3.2% 96.2% 95.7% 0.5% 1,952 1,907 2.4% Richmond, VA 1,359 2.1% 96.9% 96.9% 0.0% 1,878 1,828 2.7% 12,397 21.2% 97.0% 96.9% 0.1% 2,255 2,177 3.6% Northeast Region Boston, MA 4,667 11.8% 96.6% 96.7% -0.1% 3,228 3,108 3.9% New York, NY 1,945 5.9% 97.6% 97.6% 0.0% 4,983 4,839 3.0% 6,612 17.7% 96.9% 96.9% 0.0% 3,748 3,621 3.5% Southeast Region Tampa, FL 3,877 6.0% 96.6% 96.7% -0.1% 2,143 2,118 1.2% Orlando, FL 3,493 5.1% 96.6% 96.2% 0.4% 1,918 1,915 0.2% Nashville, TN 2,261 3.1% 96.6% 96.2% 0.4% 1,753 1,762 -0.5% 9,631 14.2% 96.6% 96.4% 0.2% 1,970 1,961 0.4% Southwest Region Dallas, TX 5,813 7.2% 96.5% 96.7% -0.2% 1,775 1,783 -0.4% Austin, TX 1,272 1.6% 96.8% 96.3% 0.5% 1,911 1,936 -1.3% 7,085 8.8% 96.5% 96.7% -0.2% 1,799 1,810 -0.6% Other Markets 3,123 6.4% 96.8% 96.8% 0.0% 2,609 2,578 1.2% Total/Weighted Avg. 51,428 100.0% 96.8% 96.7% 0.1% 2,554 $ 2,498 $ 2.2% (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 December 31, 2024 Same-Store 7DEOHRI&RQWHQWV
Slide 17 — Attachment 8(F)
Total Same-Store Homes YTD 24 YTD 23 Change YTD 24 YTD 23 Change YTD 24 YTD 23 Change West Region Orange County, CA 4,305 154,628 $ 150,228 $ 2.9% 33,619 $ 33,289 $ 1.0% 121,009 $ 116,939 $ 3.5% San Francisco, CA 2,781 115,054 112,666 2.1% 34,213 32,601 4.9% 80,841 80,065 1.0% Seattle, WA 2,702 90,376 88,752 1.8% 25,083 23,101 8.6% 65,293 65,651 -0.5% Monterey Peninsula, CA 1,567 43,516 41,160 5.7% 9,986 9,349 6.8% 33,530 31,811 5.4% Los Angeles, CA 1,225 45,574 44,435 2.6% 12,907 12,187 5.9% 32,667 32,248 1.3% 12,580 449,148 437,241 2.7% 115,808 110,527 4.8% 333,340 326,714 2.0% Mid-Atlantic Region Metropolitan DC 8,819 245,679 236,162 4.0% 77,587 74,003 4.8% 168,092 162,159 3.7% Baltimore, MD 2,219 50,019 48,563 3.0% 16,618 15,820 5.0% 33,401 32,743 2.0% Richmond, VA 1,359 29,693 28,888 2.8% 7,304 7,355 -0.7% 22,389 21,533 4.0% 12,397 325,391 313,613 3.8% 101,509 97,178 4.5% 223,882 216,435 3.4% Northeast Region Boston, MA 4,667 174,616 168,257 3.8% 50,447 47,467 6.3% 124,169 120,790 2.8% New York, NY 1,945 113,444 110,216 2.9% 51,646 49,001 5.4% 61,798 61,215 1.0% 6,612 288,060 278,473 3.4% 102,093 96,468 5.8% 185,967 182,005 2.2% Southeast Region Tampa, FL 3,877 96,260 95,322 1.0% 32,920 32,204 2.2% 63,340 63,118 0.4% Orlando, FL 3,493 77,640 77,215 0.6% 24,189 23,910 1.2% 53,451 53,305 0.3% Nashville, TN 2,261 45,924 45,961 -0.1% 12,797 12,266 4.3% 33,127 33,695 -1.7% 9,631 219,824 218,498 0.6% 69,906 68,380 2.2% 149,918 150,118 -0.1% Southwest Region Dallas, TX 5,813 119,464 120,279 -0.7% 43,942 43,313 1.5% 75,522 76,966 -1.9% Austin, TX 1,272 28,242 28,469 -0.8% 11,457 10,713 6.9% 16,785 17,756 -5.5% 7,085 147,706 148,748 -0.7% 55,399 54,026 2.5% 92,307 94,722 -2.5% Other Markets 3,123 94,645 93,497 1.2% 27,671 26,364 5.0% 66,974 67,133 -0.2% Total 51,428 1,524,774 $ 1,490,070 $ 2.3% 472,386 $ 452,943 $ 4.3% 1,052,388 $ 1,037,127 $ 1.5% (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 December 31, 2024 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 4Q 2024 4Q 2024 4Q 2024 4Q 2024 4Q 2023 YTD 2024 YTD 2023 West Region 0.8% -2.6% 3.7% 33.1% 36.8% 41.1% 43.4% Mid-Atlantic Region 0.8% -5.2% 6.3% 28.1% 29.7% 40.8% 42.9% Northeast Region 0.7% -5.0% 5.4% 26.2% 29.6% 39.2% 42.7% Southeast Region -3.3% -8.6% 2.7% 39.0% 40.2% 48.7% 51.7% Southwest Region -4.0% -10.6% 2.8% 37.8% 40.6% 47.5% 49.9% Other Markets -0.6% -5.9% 4.9% 37.0% 40.9% 35.6% 38.3% Total/Weighted Avg. -0.5% -5.7% 4.3% 33.1% 35.7% 42.8% 45.5% 48.0% 52.0% (1) See Attachment 14 for definitions and other terms. Annualized Turnover 18 Attachment 8(G) Same-Store Operating Information By Major Market December 31, 2024 (Unaudited) (1) Allocation of Total Homes Repriced during the Quarter 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 N/A N/A - - - $ - $ - $ N/A N/A N/A N/A N/A Total Under Construction - - - $ - $ - $ Completed Projects, Non-Stabilized Villas at Fiori Addison, TX 85 85 52,467 $ 53,500 $ 629 $ 1Q22 4Q23 1Q24 95.3% 91.8% 101 N. Meridian Tampa, FL 330 330 132,081 134,000 406 1Q22 1Q24 2Q24 77.0% 72.7% Total Completed, Non-Stabilized 415 415 184,548 $ 187,500 $ 452 $ Total - Wholly Owned 415 415 184,548 $ 187,500 $ 452 $ NOI From Wholly-Owned Projects 4Q 24 Projects Under Construction - $ Completed, Non-Stabilized 1,490 Total 1,490 $ Land Summary Location Total Land (8 parcels) Various 100% (1) See Attachment 14 for definitions and other terms. (Unaudited) (1) Percentage Attachment 9 Development and Land Summary December 31, 2024 (Dollars in Thousands) 19 UDR Ownership Interest Real Estate Cost Basis 253,949 $ 7DEOHRI&RQWHQWV
Slide 20 — Attachment 10(A)
Physical Total Rev. per Own. # of # of Occupancy Occ. Home Total Portfolio Characteristics Interest Comm. Homes 4Q 24 4Q 24 4Q 24 YTD 24 YTD 24 (2) UDR / MetLife 50% 13 2,834 96.5% 4,245 $ 10,525 $ 41,483 $ 82,554 $ UDR / LaSalle 51% 5 1,590 96.5% 2,707 4,604 17,783 34,869 Total 18 4,424 96.5% 3,687 $ 15,129 $ 59,266 $ 117,423 $ Gross Book Value Weighted of JV Real Total Project UDR's Equity Avg. Debt Debt Balance Sheet Characteristics Estate Assets (3) Debt (3) Investment Interest Rate Maturities UDR / MetLife 1,740,587 $ 845,963 $ 211,608 $ 3.95% 2027-2031 UDR / LaSalle 619,164 45,247 267,562 5.87% 2028 Total 2,359,751 $ 891,210 $ 479,170 $ 4.05% Joint Venture Same-Store Growth (4) Communities Revenue Expense NOI Revenue Expense NOI Combined JV Portfolio 17 1.9% 8.4% -1.6% 0.3% -3.6% 2.8% Joint Venture Same-Store Growth (4) Communities Revenue Expense NOI Combined JV Portfolio 17 1.3% 11.0% -3.9% Income/(Loss) from Investments Other Unconsolidated Investments (5) Commitment Funded Balance 4Q 24 (7) Total Real Estate Technology and Sustainability Investments 111,000 $ 61,112 $ 61,553 $ 3,420 $ (1) See Attachment 14 for definitions and other terms. (2) Represents NOI at 100% for the period ended December 31, 2024. (4) Joint Venture Same-Store growth is presented at UDR's ownership interest. 4Q 24 vs. 4Q 23 Growth 4Q 24 vs. 3Q 24 Growth UDR's Share Net Operating Income 20 YTD 24 vs. YTD 23 Growth (3) Joint ventures and partnerships represented at 100%. Debt balances are presented net of deferred financing costs. (6) 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 $30.9 million of cash and stock distributed prior to the period end. UDR Investment (6) (5) Other unconsolidated investments represent UDR’s investments in eight real estate technology and climate technology funds. (7) Income/(loss) from investments is deducted/added back to FFOA. Attachment 10(A) Unconsolidated Summary December 31, 2024 (Dollars in Thousands) (Unaudited) (1) 7DEOHRI&RQWHQWV
Slide 21 — Attachment 10(B)
Debt and Preferred Equity Program (2)(3) Contractual # of Return Years to Upside Community Location Homes Commitment (3) Balance (3) Rate Maturity (4) Participation Preferred Equity Non-Stabilized Developments Makers Rise (5) Herndon, VA 356 30,208 $ 30,862 $ 9.0% 1.0 Variable 121 at Watters Allen, TX 469 19,843 26,937 9.0% 1.2 Variable Upton Place (6) Washington, DC 689 30,452 30,452 9.7% 1.9 - Infield Phase I Kissimmee, FL 384 16,044 23,534 14.0% 2.1 - Total 1,898 96,547 $ 111,785 $ 10.1% 1.5 Stabilized Developments and Recapitalizations Thousand Oaks Thousand Oaks, CA 142 20,059 29,019 9.0% 0.1 Variable Junction Santa Monica, CA 66 45,058 41,162 9.2% 2.1 - Meetinghouse Portland, OR 232 14,340 16,918 9.0% 2.1 - Heirloom Portland, OR 286 20,642 23,781 9.0% 2.5 - Vernon Boulevard Queens, NY 534 40,000 52,104 11.0% 2.9 - Portfolio Recapitalization (7) Various 2,460 102,000 102,691 8.0% 4.5 - Portfolio Recapitalization (8) Portland, OR 818 35,000 35,124 10.75% 4.4 - Total 4,538 277,099 $ 300,799 $ 9.2% 3.3 Total - Preferred Equity 6,436 373,646 $ 412,584 $ 9.4% 2.8 Loans - Non-Stabilized Developments 1300 Fairmount (9) Philadelphia, PA 478 71,393 68,643 11.0% 0.8 - Menifee Menifee, CA 237 24,447 28,968 11.0% 2.0 - Riverside Riverside, CA 482 59,676 71,575 11.0% 2.0 - Total - Loans 1,197 155,516 $ 169,186 $ 11.0% 1.4 Total - Debt and Preferred Equity Program 7,633 529,162 $ 581,770 $ 9.9% 2.4 4Q 24 Income/(loss) from investments (9) (25,779) $ (1) See Attachment 14 for definitions and other terms. (5) In December 2024, the balance was paid down $9.9 million from the proceeds of the refinance of the joint venture’s senior loan. (6) In December 2024, the balance was paid down $38.5 million from the proceeds of the refinance of the joint venture’s senior loan. (7) A joint venture with 14 stabilized communities located in various markets. (8) A joint venture with 4 stabilized communities located in Portland, OR. (9) During the three months ended December 31, 2024, UDR recorded a $37.3 million non-cash loan reserve related to its joint venture loan investment in 1300 Fairmount due to UDR’s assessment of the borrower’s ability to make future scheduled payments on the joint venture’s senior loan and a decrease in the value of the operating community. In addition, the loan investment was placed on non-accrual status. (3) 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. (4) As of December 31, 2024 our preferred equity investment and loan portfolio had a weighted average term to maturity of 2.4 years, excluding extension options. In many cases, the maturity dates of our investments can be extended by up to three years, typically through multiple one year extensions, subject to certain conditions being satisfied. In addition, the maturity dates of our investments may differ from the maturity dates of the senior loans held by the ventures. (2) 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. Attachment 10(B) Debt and Preferred Equity Program (Dollars in Thousands) December 31, 2024 (Unaudited) (1) UDR Investment 21 7DEOHRI&RQWHQWV
Slide 22 — Attachment 11
Post Prior Transaction UDR Date of Ownership Ownership Investment Return # of Investment Community Location Interest Interest Commitment Rate Homes Debt and Preferred Equity Program Jul-24 Portfolio Recapitalization Portland, OR N/A N/A 35,000 $ 10.75% 818 35,000 $ 10.75% 818 Post Prior Transaction Ownership Ownership # of Price per Date of Sale Community Location Interest Interest Price (2) Debt (2) Homes Home Dispositions - Wholly-Owned Feb-24 Crescent Falls Church (3) Arlington, VA 100% 0% 100,000 $ - $ 214 467 $ 100,000 $ - $ 214 467 $ (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. 22 Attachment 11 Acquisitions, Dispositions, and Debt and Preferred Equity Program Summary (Unaudited) (1) December 31, 2024 (Dollars in Thousands) (3) UDR recorded a gain on sale of approximately $16.9 million during the twelve months ended December 31, 2024, which is included in gain/(loss) on sale of real estate owned. 7DEOHRI&RQWHQWV
Slide 23 — Attachment 12
Three Months Twelve Months Ended Cost Ended Cost Capital Expenditures for Consolidated Homes (2) December 31, 2024 per Home December 31, 2024 per Home Average number of homes (3) 55,283 55,301 Total Recurring Cap Ex 28,643 $ 518 $ 98,686 $ 1,785 $ NOI Enhancing Cap Ex 28,735 520 92,668 1,676 Total Recurring and NOI Enhancing Cap Ex 57,378 $ 1,038 $ 191,354 $ 3,460 $ Three Months Twelve Months Ended Cost Ended Cost Repair and Maintenance for Consolidated Homes (Expensed) December 31, 2024 per Home December 31, 2024 per Home Average number of homes (3) 55,283 55,301 Total Repair and Maintenance 24,280 $ 439 $ 101,223 $ 1,830 $ (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. 23 Attachment 12 Capital Expenditure and Repair and Maintenance Summary December 31, 2024 (In thousands, except Cost per Home) (Unaudited) (1) 7DEOHRI&RQWHQWV
Slide 24 — Attachment 13
Net Income, FFO and FFO as Adjusted per Share and Unit Guidance 1Q 2025 Full-Year 2025 Income/(loss) per weighted average common share, diluted $0.24 to $0.26 $0.56 to $0.66 FFO per common share and unit, diluted $0.60 to $0.62 $2.45 to $2.55 FFO as Adjusted per common share and unit, diluted $0.60 to $0.62 $2.45 to $2.55 Weighted average number of common shares, OP/DownREIT Units, and common stock equivalents outstanding, diluted (in millions) 357.6 358.0 Annualized dividend per share and unit $1.72 Same-Store Guidance (Straight-line basis) Full-Year 2025 Revenue growth / (decline) 1.25% to 3.25% Expense growth 2.75% to 4.25% NOI growth / (decline) 0.50% to 3.00% Investment Guidance ($ in millions) Full-Year 2025 Dispositions - Consolidated and Joint Venture (at share) $215 to $415 Acquisitions - Consolidated and Joint Venture (at share) $0 to $200 Capital Expenditures - Recurring, NOI Enhancing, and Redevelopment $220 to $260 Corporate Expense Guidance ($ in millions) Full-Year 2025 Consolidated interest expense, net of capitalized interest and adjustments for FFO as Adjusted $185 to $195 General and administrative $70 to $80 Attachment 13 December 31, 2024 1Q 2025 and Full-Year 2025 Guidance 24 (Unaudited) (1) (1) See Attachment 14 for definitions and other terms. 7DEOHRI&RQWHQWV
Slide 25 — Attachment 14(A)
Attachment 14(A) Definitions and Reconciliations December 31, 2024 (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. 25 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 26 — Attachment 14(B)
In thousands 4Q 2024 YTD 2024 Income/(loss) from unconsolidated entities 8,984 $ 20,235 $ Management fee 1,154 3,728 Interest expense 4,614 18,296 Depreciation 12,284 52,060 General and administrative 49 530 Preferred Equity Program (excludes loans) (8,154) (33,824) Other (income)/expense 208 117 Realized and unrealized (gain)/loss on real estate technology investments, net of tax (4,010) (9,959) Impairment loss from unconsolidated joint ventures - 8,083 15,129 $ 59,266 $ In thousands 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023 Net income/(loss) attributable to UDR, Inc. (5,044) $ 22,597 $ 28,883 $ 43,149 $ 32,986 $ Property management 13,665 13,588 13,433 13,379 13,354 Other operating expenses 9,613 6,382 7,593 6,828 8,320 Real estate depreciation and amortization 165,446 170,276 170,488 169,858 170,643 Interest expense 49,625 50,214 47,811 48,062 47,347 Casualty-related charges/(recoveries), net 6,430 1,473 998 6,278 (224) General and administrative 25,469 20,890 20,136 17,810 20,838 Tax provision/(benefit), net 312 (156) 386 337 93 (Income)/loss from unconsolidated entities (8,984) 1,880 (4,046) (9,085) 20,219 Interest income and other (income)/expense, net 30,858 (6,159) (6,498) (5,865) (9,371) Joint venture management and other fees (2,288) (2,072) (1,992) (1,965) (2,379) Other depreciation and amortization 6,381 4,029 4,679 4,316 4,397 (Gain)/loss on sale of real estate owned - - - (16,867) (25,308) Net income/(loss) attributable to noncontrolling interests (479) 1,480 2,130 3,161 2,975 Total consolidated NOI 291,004 $ 284,422 $ 284,001 $ 279,396 $ 283,890 $ Attachment 14(B) Definitions and Reconciliations December 31, 2024 (Unaudited) 26 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 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 27 — 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. 27 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 December 31, 2024 (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 28 — Attachment 14(D)
Low High Forecasted net income per diluted share 0.56 $ 0.66 $ Conversion from GAAP share count (0.02) (0.02) Net gain on the sale of depreciable real estate owned (0.14) (0.14) Depreciation 2.01 2.01 Noncontrolling interests 0.03 0.03 Preferred dividends 0.01 0.01 Forecasted FFO per diluted share and unit 2.45 $ 2.55 $ Legal and other costs - - Casualty-related charges/(recoveries) - - Realized/unrealized (gain)/loss on real estate technology investments - - Forecasted FFO as Adjusted per diluted share and unit 2.45 $ 2.55 $ Low High Forecasted net income per diluted share 0.24 $ 0.26 $ Conversion from GAAP share count (0.01) (0.01) Net gain on the sale of depreciable real estate owned (0.14) (0.14) Depreciation 0.50 0.50 Noncontrolling interests 0.01 0.01 Preferred dividends - - Forecasted FFO per diluted share and unit 0.60 $ 0.62 $ Legal and other costs - - Casualty-related charges/(recoveries) - - Realized/unrealized (gain)/loss on real estate technology investments - - Forecasted FFO as Adjusted per diluted share and unit 0.60 $ 0.62 $ 28 Full-Year 2025 Attachment 14(D) Definitions and Reconciliations December 31, 2024 (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 first quarter of 2025 to forecasted FFO and FFO as Adjusted per share and unit: 1Q 2025 7DEOHRI&RQWHQWV
Slide 29 — Forward Looking Statements
Forward-Looking Statements 29 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, 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 December 31, 2024 (Unaudited) 7DEOHRI&RQWHQWV