Page 1

UDR Opening doors to the future Press Release DENVER , CO - April 27 , 2021 Contact : Trent Trujillo Phone : 720.283.6135 UDR ANNOUNCES FIRST QUARTER 2021 RESULTS AND INCREASES CERTAIN FULL - YEAR 2021 GUIDANCE RANGES UDR , Inc. ( the " Company " ) First Quarter 2021 Highlights : • • Net income per share was $ 0.01 , Funds from Operations ( " FFO ” ) per share was $ 0.32 , FFO as Adjusted ( " FFOA " ) per share was $ 0.47 , and Adjusted FFO ( " AFFO " ) per share was $ 0.44 . Net income attributable to common stockholders was $ 2.0 million compared to net income of $ 4.2 million in the prior year period , primarily due to higher costs associated with debt extinguishment and a decline in Same- Store net operating income ( " NOI ” ) , partially offset by gains from the sale of communities during the quarter . Year - over - year ( " YOY ” ) Same - Store results during the first quarter of 2021 , with concessions accounted for on cash and straight - line bases , as compared to the first quarter of 2020 were as follows : Region West Mid - Atlantic Northeast Southeast Southwest Other Markets Total ( Cash ) Total ( Straight - Line ) ( 1 ) ( 2 ) Revenue Expense ΝΟΙ Growth / Growth / Growth / % of Same - Store ( Decline ) ( Decline ) ( Decline ) Portfolio ( 1 ) Physical Occupancy ( 2 ) YOY Change in Occupancy ( 10.6 ) % 0.3 % ( 14.1 ) % 36.4 % 95.8 % ( 1.1 ) % ( 4.1 ) % 1.6 % ( 6.4 ) % 22.4 % 96.6 % ( 0.4 ) % ( 9.7 ) % 8.5 % ( 17.9 ) % 16.8 % 95.5 % ( 1.0 ) % 2.3 % 10.5 % ( 1.2 ) % 11.7 % 97.3 % 0.5 % ( 2.0 ) % ( 0.4 ) % ( 3.0 ) % 7.2 % 96.9 % ( 0.2 ) % 0.1 % 0.0 % 0.1 % 5.5 % 97.2 % 1.0 % ( 6.4 ) % 3.3 % ( 10.4 ) % 100.0 % 96.4 % ( 0.4 ) % ( 6.7 ) % ( 10.8 ) % Based on Q1 2021 Same - Store NOI . For definitions of terms , please refer to the " Definitions and Reconciliations " section of the Company's related quarterly Supplemental Financial Information . Weighted average Same - Store physical occupancy for the quarter . • • The Company continues to implement its Next Generation Operating Platform , which assisted in limiting first quarter 2021 Same - Store controllable expense growth to 0.7 percent sequentially and 2.0 percent YOY . During the quarter , the Company о Entered into forward sale agreements for approximately 9.3 million shares of common stock at a weighted average initial forward price per share of $ 43.60 for estimated future proceeds of approximately $ 404.6 million , subject to adjustment as described later in this release . No shares under the forward sale agreements have been settled . Issued $ 300.0 million of unsecured debt at an effective interest rate of 2.14 percent that matures in June 2033 and repaid $ 300.0 million of higher cost , 4.00 percent debt originally due in 2025 . Acquired one multifamily community in suburban Boston ( Franklin ) , MA , for $ 77.4 million . Through its Developer Capital Program , committed to invest $ 50.1 million into two multifamily developments , one each in Herndon , VA , and Allen , TX . Each investment yields 9.0 percent on the Company's capital outstanding and includes profit participation upon a liquidity event . Sold one wholly owned community in Orange County ( Anaheim ) , CA , and one joint venture community in Los Angeles , CA , for total net proceeds of $ 187.0 million at the Company's ownership share . Subsequent to quarter - end , the Company : Acquired one community in suburban Dallas ( Farmers Branch ) , TX , for $ 110.0 million and is under contract to acquire another community in suburban Dallas ( Frisco ) , TX , for $ 167.0 million , which the Company expects to close during the second quarter of 2021 , subject to customary closing conditions . 1