Slides
Page 2
2Q 2026 Earnings Press Release ........................................................................................................................................ Pages 1-5 Company Financial Highlights Consolidated Statements of Operations ............................................................................................................................ Attachment 1 Funds From Operations (FFO), FFO as Adjusted, AFFO .................................................................................................. Attachment 2 Consolidated Balance Sheets ................................................................................................ ............................................ Attachment 3 Selected Financial Information Common Stock and Equivalents, and Weighted Average Number of Shares Outstanding ........................................... Attachment 4(A) Debt Structure and Debt Maturities Schedules .............................................................................................................. Attachment 4(B) Coverage Ratios, D ebt Covenant Analysis, Securities Ratings, and Asset Summary .................................................. Attachment 4(C) Operations Revenue, Expense, NOI, Operating Margin, Quarterly Trends Comparison ..................................................................... Attachment 5 Same-Store Operating Expense Information ..................................................................................................................... Attachment 6 Portfolio Overview – Apartment Home Breakout ............................................................................................................... Attachment 7 Submarket Current Quarter vs. Prior Year Quarter O perating Results ............................................................................................ Attachment 8(A) Current Quarter vs. Last Quarter Operating Results ..................................................................................................... Attachment 8(B) Current Year- to-Date vs. Prior Year-to-Date Results .....................................................................................................Attachment 8(C) Lease Rate Growth and Turnover Information ...............................................................................................................A ttachment 8(D) Development, Redevelopment, Acquisitions and Dispositions Development and Land Summary ..................................................................................................................................... Attachment 9 Unconsolidated and Debt and Preferred Equity Program Summary ................................................................................ Attachment 10 Acquisitions, Dispositions, and Debt and Preferred Equity Program Summary ............................................................... Attachment 11 Capital Expenditure and Repair & Maintenance Capital Expenditure and Repair and Maintenance Summary .......................................................................................... Attachment 12 Company Guidance 3Q 2026 and Full-Year 2026 Guidance ........................................................................................................................... Attachment 13 Definitions and Reconciliations Defined Terms and Reconcilia tions ............................................................................................................... Attachments 14(A) –14(D) UDR Second Quarter 2026 Earnings Supplement
Page 3
1 Press Release DENVER, CO – July 27, 2026 Contact: Trent Trujillo Email: ttrujillo@udr.com UDR, INC. ANNOUNCES SECOND QUARTER 2026 RESULTS AND RAISES FULL-YEAR 2026 GUIDANCE RANGES UDR, Inc. (the “Company”) (NYSE: UDR), announced today its second quarter 2026 results. Net Income, Funds from Operations (“FFO”), and FFO as Adjusted (“FFOA”) per diluted share for the quarter and year-to-date periods ended June 30, 2026, are detailed below. Metric Quarter Ended June 30 Year-to-Date Ended June 30 2026 2025 2026 2025 Net Income per diluted share $0.21 $0.11 $0.79 $0.34 FFO per diluted share $0.60 $0.61 $1.23 $1.19 FFOA per diluted share $0.64 $0.64 $1.25 $1.25 Same-Store (“SS”) results for the second quarter 2026 versus the second quarter 2025 and the first quarter 2026 as well as year-to-date 2026 versus year-to-date 2025 are summarized below. SS Growth / (Decline) Year-Over-Year (“YOY”): 2Q 2026 vs. 2Q 2025 Sequential: 2Q 2026 vs. 1Q 2026 Year-to-Date (YTD) YOY: 2026 vs. 2025 Revenue 1.8% 1.4% 1.3% Expense 2.6% (3.9)% 3.5% Net Operating Income (“NOI”) 1.4% 4.0% 0.3% “Leasing strength in 2026 is tracking ahead of our initial expectations, resulting in second quarter results that exceeded our prior guidance. As a result, we have raised our full -year guidance ranges for Same-Store growth and FFOA per diluted share,” said Tom Toomey, UDR’s Chairman, President, and CEO. “ The resiliency of the economy, waning supply, and attractive relative affordability of apartments position UDR for continued success. Following 50+ years of dividend growth and stability totaling $9 billion of payments, we look forward to paying our first monthly dividend this week.” Outlook(1) As shown in the table below, the Company has established the following guidance ranges for the third quarter of 2026, raised its previously provided full-year 2026 guidance ranges for Net Income, FFOA per diluted share, and Same-Store Growth, and updated its previously provided full-year 2026 guidance range for FFO per diluted share. Metric, per diluted share 2Q 2026 Actual YTD 2026 Actual 3Q 2026 Outlook Prior Full-Year 2026 Outlook Updated Full-Year 2026 Outlook Full-Year 2026 Midpoint (Change) Net Income $0.21 $0.79 $0.13 to $0.15 $0.91 to $1.01 $1.03 to $1.11 $1.07 (+$0.11) FFO $0.60 $1.23 $0.63 to $0.65 $2.48 to $2.58 $2.47 to $2.55 $2.51 (-$0.02) FFOA $0.64 $1.25 $0.63 to $0.65 $2.47 to $2.57 $2.49 to $2.57 $2.53 (+$0.01) YOY Growth: SS Revenue 1.8% 1.3% N/A 0.25% to 2.25% 0.75% to 2.00% 1.375% (+12.5bps) SS Expense 2.6% 3.5% N/A 3.00% to 4.50% 2.75% to 3.75% 3.25% (-50bps) SS NOI 1.4% 0.3% N/A (1.00)% to 1.25% 0.00% to 1.25% 0.625% (+50bps) (1) Additional assumptions for the Company’s third quarter and full-year 2026 outlook can be found on Attachment 13 of the Company’s related quarterly Supplemental Financial Information (“Supplement”). A reconciliation of GAAP Net Income per diluted share to F FO per diluted share and FFOA per diluted share can be found on Attachment 14(D) of the Company’s related quarterly Supplement. Non-GAAP financial measures and other terms, as used in this earnings release, are defined and further explained on Attachments 14(A) through 14(D), “Definitions and Reconciliations,” of the Company’s related quarterly Supplement. Table of Contents
Page 4
2 C apital Allocation Activity Leveraging the Company’s collaborative and data- driven approach to capital allocation, d uring the quarter and subsequent to quarter-end, the Company, • As previously reported, expanded its share repurchase program to approximately 30 million shares and repurchased approximately 5.5 million shares of its common stock at a weighted average share price of $36.49 for total consideration of approximately $200.3 million. Following this share repurchase activity, the Company has approximately 25.5 million shares remaining for repurchase under its program. Since recommencing share repurchases in September 2025, the Company has repurchased approximately 11.5 million shares of its common stock at a weighted average share price of $36.32 for total consideration of approximately $418.0 million. • Sold a 206- apartment home community in Nashville, TN, that was originally constructed in 1977 for gross proceeds of $41.5 million. Additionally, the Company is under contract to sell three apartment communities with a combined 808 apartment homes for gross proceeds totaling approximately $252.5 million. Thes e t ransactions are expected to close in the third and fourth quarters of 2026. Should these pending sales close as anticipated, the Company’s 2026 disposition activity would total approximately $656.0 million. • Acquired three apartment home communities with a combined 58 4 apartment homes upon the liquidation of the Company’s interests in previous Debt and Preferred Equity joint ventures ; two of these communities are located in Portland, OR, and a third is located in Los Angeles, CA. • Commenced development of 4848 at Alex West, a 385-apartment home community in Northern Virginia, wit h an expected total development cost of $181.3 million, or $471,000 per apartment home. This second phase development is located adjacent to an existing UDR apartment community, which the Company expects should drive unique operating efficiencies. • Formed a joint venture with a new partner in conjunction with MetLife’s sale of its 50 percent joint ventur e i nterest in Columbus Square, an assemblage of apartment communities in New York, NY, totaling 71 0 apar tment homes. UDR’s 50% joint venture interest in Columbus Square is unchanged, as are its joint venture ec onomics. Concurrent with the transaction, the Company fully funded a $50.0 million mezzanine loan investment to the new joint venture partner at an effective return rate of 8.0 percent. Operating Results In the second quarter, total revenue was flat YOY, as revenue i ncreases attributable to growth from Same-Store and acquired communities was offset by the removal of revenue from properties that were sold. “Second quarter Same-Store revenue, expense, and NOI growth exceeded our expectations, driven by blended lease rate growth above the high -end of our previously provided guidance range of 1.5 percent to 2.0 percent, occupancy remaining in the mid-96 percent range with annualized resident retention achieving a seasonally adjusted all-time high of 60 percent, and mid-single-digit year-over-year innovation income growth,” said Mike Lacy, UDR’s Chief Operating Officer. Table of Contents
Page 5
3 In the tables below, the Company has presented YOY, sequential, and YTD Same-Store results by region. Summary of Same-Store Results in the Second Quarter 2026 versus the Second Quarter 2025 Region Revenue Growth / (Decline) Expense Growth / (Decline) NOI Growth / (Decline) % of Same-Store Portfolio(1) Physical Occupancy(2) YOY Change in Occupancy West 3.7% 3.7% 3.7% 32.4% 96.8% (0.2)% Northeast 3.0% 2.3% 3.4% 20.2% 97.0% (0.2)% Mid-Atlantic 1.6% 3.5% 0.6% 19.0% 96.6% (0.3)% Southeast (1.0)% 1.0% (2.0)% 12.5% 96.3% (0.1)% Southwest (1.0)% 1.1% (2.2)% 10.9% 96.7% (0.3)% Other Markets 0.2% 4.7% (1.4)% 5.0% 96.1% (0.5)% Total / Weighted Average 1.8% 2.6% 1.4% 100.0% 96.6% (0.2)% (1) Based on 2Q 2026 Same-Store NOI. For definitions of terms, please refer to the “Definitions and Reconciliations” section of the Company’s related q uarterly Supplement. (2) Weighted average Same-Store physical occupancy for the quarter. Summary of Same-Store Results in the Second Quarter 2026 versus the First Quarter 2026 Region Revenue Growth / (Decline) Expense Growth / (Decline) NOI Growth / (Decline) % of Same-Store Portfolio(1) Physical Occupancy(2) Sequential Change in Occupancy West 1.7% (8.4)% 5.7% 32.4% 96.8% (0.1)% Northeast 1.8% (4.8)% 5.7% 20.2% 97.0% 0.2% Mid-Atlantic 1.2% (1.6)% 2.6% 19.0% 96.6% 0.3% Southeast 0.8% (1.3)% 1.9% 12.5% 96.3% 0.1% Southwest 0.8% (0.4)% 1.5% 10.9% 96.7% (0.2)% Other Markets 1.8% (0.8)% 2.9% 5.0% 96.1% 0.3% Total / Weighted Average 1.4% (3.9)% 4.0% 100.0% 96.6% 0.0% (1) Based on 2Q 2026 Same-Store NOI. For definitions of terms, please refer to the “Definitions and Reconciliation s” section of the Company’s related quarterly Supplement. (2) Weighted average Same-Store physical occupancy for the quarter. Summary of Same-Store Results for YTD 2026 versus YTD 2025 Region Revenue Growth / (Decline) Expense Growth / (Decline) NOI Growth / (Decline) % of Same-Store Portfolio(1) Physical Occupancy(2) YTD YOY Change in Occupancy West 3.2% 5.8% 2.2% 32.3% 96.8% (0.3)% Northeast 2.5% 3.5% 2.0% 20.1% 96.9% (0.4)% Mid-Atlantic 1.1% 4.2% (0.4)% 19.1% 96.4% (0.8)% Southeast (1.4)% 1.8% (2.9)% 12.6% 96.3% (0.4)% Southwest (1.4)% 0.1% (2.3)% 10.8% 96.8% (0.4)% Other Markets (0.1)% 3.9% (1.6)% 5.1% 96.0% (0.5)% Total / Weighted Average 1.3% 3.5% 0.3% 100.0% 96.6% (0.5)% (1) Based on YTD 2026 Same-Store NOI. For definitions of terms, please refer to the “Definitions and Reconciliations” section of the Company’s related q uarterly Supplement. (2) Weighted average Same-Store physical occupancy for YTD 2026. Table of Contents
Page 6
4 B alance Sheet Update The Company’s total indebtedness as of June 30, 2026, was $5.8 billion at a weighted average interest rate of 3.4 percent, with $328.4 million, or 6.2 percent of total consolidated debt, maturing through the rest of 2026, including principal amortization and excluding amounts on the Company’s line of credit, commercial paper program, and working capital credit facility . As of June 30, 20 26, the Company had approximately $885 m illion in liquidity through a combination of cash and undrawn capacity on its credit facilities. Please see Attachment 13 of the Company’s related quarterly Supplement for additional details regarding investment guidance. In the table below, the Company has presented select balance sheet metrics for the quarter ended June 30, 2026, and the comparable prior year period. Quarter Ended June 30 Balance Sheet Metric 2Q 2026 2Q 2025 Change Weighted Average Interest Rate 3.4% 3.4% - Weighted Average Years to Maturity 3.9 4.7 (0.8) Consolidated Fixed Charge Coverage Ratio 5.0x 5.1x (0.1)x Consolidated Debt as a percentage of Total Assets 32.7% 32.4% 0.3% Consolidated Net Debt-to-EBITDAre – adjusted for non-recurring items(1) 5.6x 5.5x 0.1x (1) A reconciliation of GAAP Net Income per share to EBITDAre - adjusted for non-recurring items and GAAP Total Debt to Net Debt can be found on Attachment 4(C) of the Company’s related quarterly Supplement. Dividend As previously announced , the Company commenced a monthly common stock dividend beginning in July 2026 and the Company’s Board of Directors declared dividends on its common stock for the second quarter of 2026 in the amount of $0.145 per share per month, payable in cash on the payment dates set forth in the table below to UDR shareholders of record as of the close of business on the corresponding record date in the table below. The dividends declared for the second quarter 2026 amount to $0.435 per share, representing a 1.2 percent increase over the comparable period in 2025, and reflects an annualized dividend amount of $1.74 per share of common stock . The September 2026 dividend will represent the 217 th consecutive dividend paid by the Company on its common stock. Record Date Payment Date Amount July 17, 2026 July 31, 2026 $0.145 per common share August 17, 2026 August 31, 2026 $0.145 per common share September 15, 2026 September 30, 2026 $0.145 per common share Total Dividends for 2Q 2026 - $0.435 per common share Corporate Responsibility During the quarter, the Company was named a National Top Workplaces winner in the Real Estate Industry for the third consecutive year. This distinction reflects the Company’s ongoing commitment to fostering an innovative culture and engaging associate experience. Supplemental Financial Information The Company offers Supplemental Financial Information that provides details on the financial position and operating results of the Company which is available on the Investor Relations section of the Company's website at ir.udr.com. Table of Contents
Page 7
5 Conference Call and Webcast Information UDR will host a webcast and conference call at 12:00 p.m. Eastern Time on July 28, 2026, to discuss second quarter 2026 results as well as high -level views for 202 6. The webcast will be available on the Investor Relations section of the Company’s website at ir.udr.com. To listen to a live broadcast, access the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. To participate in the teleconference dial 877-423-9813 for domestic and 201-689-8573 for international. A passcode is not necessary. Given a high volume of conference calls occurring during this time of year, delays are anticipated when connecting to the live call. As a result, stakeholders and interested parties are encouraged to utilize the Company’s webcast link for its earnings results discussion. A replay of the conference call will be available through August 4, 2026, by d ialing 844-512-2921 for domestic and 412-317-6671 for international and entering the confirmation number, 13761681, when prompted for the passcode. A replay of the call will also be available on the Investor Relations section of the Company’s website at ir.udr.com. Full Text of the Earnings Report and Supplemental Data The full text of the earnings report and related quarterly Supplement will be available on the Investor Relations section of the Company’s website at ir.udr.com. Forward-Looking Statements Certain statements made in this press release may constitute “forward-looking statements.” Words such as “expects,” “intends,” “believes,” “anticipates,” “plans,” “likely,” “will,” “seeks,” “outlook,” “guidance,” “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 risk s and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward - looking statement, due to a number of factors, which include, but are not limited to, general market and economic conditions, unfavorable changes in the apartment market and economic conditions that could adversely affect occupancy levels and rental rates, the impact of inflation/deflation on rental rates and property operating expenses, the availability of capital and the stability of the capital markets, the impact of tariffs, geopolitical tensions, conflicts and wars, government shutdowns, and changes in immigration, elevated interest rates, the impact of competition and competitive pricing, acquisitions, developments and redevelopments not achieving anticipated results, delays in completing developments, redevelopments and lease -ups on schedule or at expected rent and occupanc y 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 da te of this press release, 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. About UDR, Inc. UDR, Inc. (NYSE: UDR), an S&P 500 company, is a leading multifamily real estate investment trust with a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive real estate communities in targeted U.S. markets. As of June 30, 2026, UDR owned or had an ownership position in 60,259 apartment homes , including 685 apartment homes under development. For over 54 years, UDR has delivered long-term value to shareholders, the best standard of service to Residents, and the highest quality experience for Associates. Table of Contents
Page 8
Page intentionally left blank Table of Contents
Page 9
Actual Results Actual Results Dollars in thousands, except per share and unit 2Q 2026 YTD 2026 3Q 2026 Full-Year 2026 GAAP Metrics Net income/(loss) attributable to UDR, Inc. $69,035 $258,866 -- -- Net income/(loss) attributable to common stockholders $67,810 $256,421 -- -- Income/(loss) per weighted average common share, diluted $0.21 $0.79 $0.13 to $0.15 $1.03 to $1.11 Per Share Metrics FFO per common share and unit, diluted $0.60 $1.23 $0.63 to $0.65 $2.47 to $2.55 FFO as Adjusted per common share and unit, diluted $0.64 $1.25 $0.63 to $0.65 $2.49 to $2.57 Dividend declared per share and unit $0.435 $0.87 $0.435 $1.74 (2) Same-Store Operating Metrics Revenue growth/(decline) (Straight-line basis) 1.8% 1.3% -- 0.75% to 2.00% Expense growth 2.6% 3.5% -- 2.75% to 3.75% NOI growth/(decline) (Straight-line basis) 1.4% 0.3% -- 0% to 1.25% Physical Occupancy 96.6% 96.6% -- -- Property Metrics Homes Communities % of Total NOI Same-Store 52,426 156 90.5% Stabilized, Non-Mature 1,214 3 1.8% Acquired Communities 298 2 0.3% Non-Residential / Other N/A N/A 1.6% Joint Venture (3) 5,401 22 5.8% Total completed 59,339 183 100.0% Held for Disposition 235 1 - Under Development 685 2 - Total Quarter-end (3)(4) 60,259 186 100.0% Balance Sheet Metrics (adjusted for non-recurring items) 2Q 2026 2Q 2025 Consolidated Interest Coverage Ratio 5.2x 5.2x Consolidated Fixed Charge Coverage Ratio 5.0x 5.1x Consolidated Debt as a percentage of Total Assets 32.7% 32.4% Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items 5.6x 5.5x (3) Joint venture NOI is based on UDR's share. Homes and communities at 100%. (4) Excludes homes that are part of the Debt and Preferred Equity Program as described in Attachment 10. (1) See Attachment 14 for definitions, other terms and reconciliations. (2) Annualized for 2026. Guidance for 1 Financial Highlights UDR, Inc. As of End of Second Quarter 2026 (Unaudited) (1) Heirloom, Portland, OR - 3Q26 Acquisition Table of Contents
Page 10
In thousands, except per share amounts 2026 2025 2026 2025 REVENUES: Rental income 422,933$ 423,001$ 846,254$ 842,837$ Joint venture management and other fees 2,466 2,398 4 ,994 4 ,510 Total revenues 425,399 425,399 851,248 847,347 OPERATING EXPENSES: Property operating and maintenance 76,331 75,613 157,063 151,603 Real estate taxes and insurance 56,846 57,008 116,705 115,753 Property management 13,745 13,747 27,503 27,392 Other operating expenses 12,966 7,753 22,381 15,812 Real estate depreciation and amortization 160,120 163,191 321,388 324,585 General and administrative 18,714 19,929 38,078 39,424 Casualty-related charges/(recoveries), net 3,073 3,382 8 ,802 6 ,679 Other depreciation and amortization 3,451 7,387 6,786 14,454 Total operating expenses 345,246 348,010 698,706 695,702 Gain/(loss) on sale of real estate owned 35,704 - 193,120 47,939 Operating income 115,857 77,389 345,662 199,584 Inc ome/(loss) from unconsolidated entities 3,271 3,629 22,967 9,443 Interest expense (47,640) (48,665) (96,216) (96,366) Interest income and other income/(expense), net 2,596 8,134 5,030 10,055 Income/(loss) before income taxes 74,084 40,487 277,443 122,716 Tax (provision)/benefit, net (429) (258) (884) (416) Net Income/(loss) 73,655 40,229 276,559 122,300 Net (income)/loss attributable to redeemable noncontrolling interests in the OP and DownREIT Partnership (4,609) (2,545) (17,670) (7,884) Net (income)/loss attributable to noncontrolling interests (11) (11) (23) (23) Net income/(loss) attributable to UDR, Inc. 69,035 37,673 258,866 114,393 Distributions to preferred stockholders - Series E (Convertible) (1,225) (1,211) (2,445) (2,417) Net income/(loss) attributable to common stockholders 67,810$ 36,462$ 256,421$ 111,976$ In come/(loss) per weighted average common share - basic: $0.21 $0.11 $0.79 $0.34 Income/(loss) per weighted average common share - diluted: $0.21 $0.11 $0.79 $0 .34 Common distributions declared per share $0.435 $0.43 $0.87 $0.86 Weighted average number of common shares outstanding - basic 322,958 330,778 325,117 330,703 Weighted average number of common shares outstanding - diluted 323,287 331,715 325,387 331,717 (1 ) See Attachment 14 for definitions and other terms. 2 June 30,June 30, Three Months Ended Attachment 1 Consolidated Statements of Operations (Unaudited) (1) Six Months Ended Table of Contents
Page 11
In thousands, except per share and unit amounts 2026 2025 2026 2025 Net income/(loss) attributable to common stockholders 67,810$ 36,462$ 256,421$ 111,976$ Real estate depreciation and amortization 160,120 163,191 321,388 324,585 Noncontrolling interests 4,620 2,556 17,693 7,907 Real estate depreciation and amortization on unconsolidated joint ventures 10,857 13,458 26,338 26,224 Net (gain)/loss on consolidation (275) (286) ( 275) ( 286) Net (gain)/loss on the sale of depreciable real estate owned, net of tax (35,674) - ( 193,090) ( 47,939) Funds from operations ("FFO") attributable to common stockholders and unitholders, basic 207,458$ 215,381$ 428,475$ 422,467$ Distributions to preferred stockholders - Series E (Convertible) (2) 1,225 1,211 2 ,445 2 ,417 FFO attributable to common stockholders and unitholders, diluted 208,683$ 216,592$ 430,920$ 424,884$ FFO per weighted average common share and unit, basic 0.60$ 0.61$ 1.23$ 1.19$ FFO per weighted average common share and unit, diluted 0.60$ 0.61$ 1.23$ 1.19$ Weighted average number of common shares and OP/DownREIT Units outstanding, basic 345,147 353,617 347,566 353,572 Weighted average number of common shares, OP/DownREIT Units, and common stock equivalents outstanding, diluted 348,292 357,370 350,652 357,402 Impact of adjustments to FFO: Legal and other costs 8,418$ 3,358$ 1 3,601$ 7 ,163$ Realized and unrealized (gain)/loss on real estate technology investments, net of tax 1,277 220 ( 14,157) 4 31 Severance costs 532 1,024 532 1,523 Software transition related costs - 2,967 - 5,934 Casualty-related charges/(recoveries) 3,073 3,382 8,802 6,679 Total impact of adjustments to FFO 13,300$ 10,951$ 8,778$ 21,730$ FFO as Adjusted attributable to common stockholders and unitholders, diluted 221,983$ 227,543$ 439,698$ 446,614$ FFO as Adjusted per weighted average common share and unit, diluted 0.64$ 0.64$ 1.25$ 1.25$ Recurring capital expenditures, inclusive of unconsolidated joint ventures (28,465) (29,201) (49,165) (47,606) AFFO attributable to common stockholders and unitholders, diluted 193,518$ 198,342$ 390,533$ 399,008$ AFFO per weighted average common share and unit, diluted 0.56$ 0.56$ 1.11$ 1.12$ (1) See Attachment 14 for definitions and other terms. Attachment 2 Funds From Operations (Unaudited) (1) Three Months Ended 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, 2026 and June 30, 2025. Consequently, distributions to Series E cumulative convertible preferred stockholders are added to FFO and the weighted average number of Series E cumulative convertible preferred shares are included in the denominator when calculating FFO per common share and unit, diluted. Table of Contents
Page 12
June 30, December 31, In thousands, except share and per share amounts 2026 2025 ASSETS Real estate owned: Real estate held for investment 16,114,220$ 16,415,000$ Less: accumulated depreciation (7,439,163) (7,374,546) Real estate held for investment, net 8,675,057 9,040,454 Real estate under development (net of accumulated depreciation of $0 and $0) 147,617 72,885 Real estate held for disposition (net of accumulated depreciation of $79,664 and $0) 54,384 - Total real estate owned, net of accumulated depreciation 8,877,058 9,113,339 Cash and cash equivalents 1,193 1,222 Restricted cash 34,936 35,710 Notes receivable, net 171,667 149,979 Investment in and advances to unconsolidated joint ventures, net 728,837 886,492 Operating lease right-of-use assets 185,647 187,624 Other assets 266,010 231,308 Total assets 10,265,348$ 10,605,674$ LIABILITIES AND EQUITY Liabilities: Secured debt 933,063$ 961,180$ Unsecured debt 4,880,769 4,860,189 Operating lease liabilities 181,016 182,963 Real estate taxes payable 41,847 45,640 Accrued interest payable 51,419 51,698 Security deposits and prepaid rent 58,473 61,205 Distributions payable 150,913 151,934 Accounts payable, accrued expenses, and other liabilities 128,549 142,102 Total liabilities 6,426,049 6,456,911 Redeemable noncontrolling interests in the OP and DownREIT Partnership 900,280 859,966 Equity: Preferred stock, no par value; 50,000,000 shares authorized at June 30, 2026 and December 31, 2025: 2,600,678 shares of 8.00% Series E Cumulative Convertible issued and outs tanding (2,600,678 shares at December 31, 2025) 43,192 43,192 9,778,769 shares of Series F outstanding (10,105,845 shares at December 31, 2025) 1 1 Common stock, $0.01 par value; 450,000,000 shares authorized at June 30, 2026 and December 31, 2025: 321,266,356 shares issued and outstanding (328,273,044 shares at December 31, 2025) 3,213 3,283 Additional paid-in capital 7,216,484 7,480,594 Distributions in excess of net income (4,327,138) (4,240,268) Accumulated other comprehensive income/(loss), net 2,931 1,660 Total stockholders' equity 2,938,683 3,288,462 Noncontrolling interests 336 335 Total equity 2,939,019 3,288,797 Total liabilities and equity 10,265,348$ 10,605,674$ (1) See Attachment 14 for definitions and other terms. Attachment 3 Consolidated Balance Sheets (Unaudited) (1) 4 Table of Contents
Page 13
June 30, December 31, Common Stock and Equivalents 2026 2025 Common shares 321,266,356 328,273,044 Restricted unit and common stock equivalents 121,418 158,633 Operating and DownREIT Partnership units 21,983,169 22,531,708 Series E cumulative convertible preferred shares (2) 2,815,608 2,815,608 Total common shares, OP/DownREIT units, and common stock equivalents 346,186,551 353,778,993 Weighted Average Number of Shares Outstanding 2Q 2026 2Q 2025 Weighted average number of common shares and OP/DownREIT units outstanding - basic 345,147,319 353,616,958 Weighted average number of OP/DownREIT units outstanding (22,189,639) (22,838,737) Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations 322,957,680 330,778,221 Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted 348,291,597 357,369,234 Weighted average number of OP/DownREIT units outstanding (22,189,639) (22,838,737) Weighted average number of Series E cumulative convertible preferred shares outstanding (2,815,608) (2,815,608) Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations 323,286,350 331,714,889 Year-to-Date 2026 Year-to-Date 2025 Weighted average number of common shares and OP/DownREIT units outstanding - basic 347,566,056 353,572,418 Weighted average number of OP/DownREIT units outstanding (22,448,767) (22,868,799) Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations 325,117,289 330,703,619 Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted 350,651,049 357,400,910 Weighted average number of OP/DownREIT units outstanding (22,448,767) (22,868,799) Weighted average number of Series E cumulative convertible preferred shares outstanding (2,815,608) (2,815,608) Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations 325,386,674 331,716,503 (1) See Attachment 14 for definitions and other terms. Attachment 4(A) Selected Financial Information (Unaudited) (1) 5 (2) At June 30, 2026 and December 31, 2025 there were 2,600,678 of Series E cumulative convertible preferred shares outstanding, which is equivalent to 2,815,608 shares of common stock if converted (after adjusting for the special dividend paid in 2008). Table of Contents
Page 14
Weighted Weighted Average Average Years Debt Structure, In thousands Balance % of Total Interest Rate to Maturity Secured Fixed 909,154$ 15.6% 3.46% 3.2 Floating 27,000 0.5% 2.56% 5.7 936,154 16.1% 3.43% 3.3 Unsecured Fixed 4,225,000 (2) 72.5% 3.15% 4.5 Floating 665,968 11.4% 4.14% 0.7 4,890,968 83.9% 3.29% 4.0 Total Debt Fixed 5,134,154 88.1% 3.21% 4.3 Floating 692,968 11.9% 4.07% 0.9 5,827,122 100.0% 3.31% 3.9 Total Non-Cash Adjustments (3) (13,290) Total per Balance Sheet 5,813,832$ 3.38% Debt Maturities, In thousands Revolving Credit Weighted Unsecured Facilities & Comm. Average Secured Debt (4) Debt Paper (5) (6) (7) Balance % of Total Interest Rate 2026 28,351$ 300,000$ 480,000$ 808,351$ 13.9% 3. 59% 2027 6,939 300,000 10,968 317,907 5.4% 3.54% 2028 166,526 300,000 - 466,526 8.0% 3.72% 2029 315,811 650,000 - 965,811 16.6% 4.05% 2030 230,597 600,000 - 830,597 14.2% 3.34% 2031 160,930 600,000 - 760,930 13.1% 2.92% 2032 27,000 400,000 - 427,000 7.3% 2.13% 2033 - 650,000 - 650,000 11.2% 1.99% 2034 - 600,000 - 600,000 10.3% 4.04% 2035 - - - - - - Thereafter - - - - - - 936 ,154 4,400,000 490,968 5,827,122 100.0% 3.31% Total Non-Cash Adjustments (3) (3,091) (10,199) - ( 13,290) Total per Balance Sheet 933,063$ 4,389,801$ 4 90,968$ 5 ,813,832$ 3 .38% (1) See Attachment 14 for definitions and other terms. June 30, 2026 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, 2026. The facility has a maturity date of August 2028, plus two six-month extension options and currently carries an interest rate equal to SOFR plus 77.5 basis points. (5) The 2026 maturity reflects the $480.0 million of principal outstanding at an interest rate of 4.01%, the equivalent of SOFR plus a spread of 36.0 basis points, on the Company’s unsecured commercial paper program as of June 30, 2026. Under the terms of the program the Company may issue up to a maximum aggregate amount outstanding of $700.0 million. (7) There was $11.0 million outstanding on our $75.0 million working capital credit facility at June 30, 2026. The facility has a maturity date of January 2027 plus two one-year extension options. The working capital credit facility currently carries an interest rate equal to SOFR plus 77.5 basis points. (2) I ncludes amounts on our $350.0 million unsecured Term Loan that have been swapped to fixed. The amounts swapped to fixed are $175.0 million at a weighted average rate of 4.04% that expires in October 2027. The amounts that have not been swapped to fixed carry an interest rate of SOFR plus 85.0 basis points. The $350.0 million Term Loan has a maturity date of January 2029 plus two one-year extension options. (3) Includes the unamortized balance of fair market value adjustments, premiums/discounts and deferred financing costs. (4) Includes principal amortization, as applicable. Table of Contents
Page 15
Quarter Ended Coverage Ratios June 30, 2026 Net income/(loss) 73,655$ Adjustments: Interest expense, including debt extinguishment and other associated costs 47,640 Real estate depreciation and amortization 160,120 Other depreciation and amortization 3,451 Tax provision/(benefit), net 429 Net (gain)/loss on the sale of depreciable real estate owned (35,704) Net (gain)/loss on consolidation (275) Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures 17,089 EBITDAre 266,405$ Casualty-related charges/(recoveries), net 3,073 Legal and other costs 8,418 Realized and unrealized (gain)/loss on real estate technology investments 413 Severance costs 532 (Income)/loss from unconsolidated entities (3,271) Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures (17,089) Management fee expense on unconsolidated joint ventures (1,055) Consolidated EBITDAre - adjusted for non-recurring items 257,426$ Annualized consolidated EBITDAre - adjusted for non-recurring items 1,029,704$ Interest expense, including debt extinguishment and other associated costs 47,640 Capitalized interest expense 2,323 Total interest 49,963$ Preferred dividends 1,225$ Total debt 5,813,832$ Cash (1,193) Net debt 5,812,639$ Consolidated Interest Coverage Ratio - adjusted for non-recurring items 5.2x Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items 5.0x Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items 5.6x Unsecured Line of Credit Covenants (2) Required Actual Compliance Maximum Leverage Ratio ≤60.0% 31.6% Yes Minimum Fixed Charge Coverage Ratio ≥1.5x 4.7x Yes Maximum Secured Debt Ratio ≤40.0% 8.7% Yes Minimum Unencumbered Pool Leverage Ratio ≥150.0% 363.5% Yes Senior Unsecured Note Covenants (3) Required Actual Compliance Debt as a percentage of Total Assets ≤65.0% 32.7% Yes Consolidated Income Available for Debt Service to Annual Service Charge ≥1.5x 5.6x Yes Secured Debt as a percentage of Total Assets ≤40.0% 5.2% Yes Total Unencumbered Assets to Unsecured Debt ≥150.0% 315.2% 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 2026 NOI (1) Carrying Value Total Gross Asset Summary Homes ($000s) % of NOI ($000s) Carrying Value Unencumbered assets 46,843 260,311$ 89.8% 14,760,202$ 90.0% Encumbered assets 7,330 29,445 10.2% 1,635,683 10.0% 54,173 289,756$ 100.0% 16,395,885$ 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) Table of Contents
Page 16
Total Quarter Ended Quarter Ended Quarter Ended Quarter Ended Quarter Ended Dollars in thousands Homes June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Revenues Same-Store Communities 52,426 401,686$ 396,174$ 397,809$ 398,779$ 394,711$ Stabilized, Non-Mature Communities 1,214 8,550 8,566 6,973 5,510 3,824 Acquired Communities 298 1,366 - - - - Development Communities - 2 - - - - Non-Residential / Other - 7,362 7, 177 7, 350 7, 500 6, 963 Total 53,938 418,966$ 411,917$ 412,132$ 411,789$ 405,498$ Expenses Sam e-Store Communities 126,073$ 131,132$ 124,038$ 127,535$ 122,843$ Stabilized, Non-Mature Communities 3,152 2,946 1,986 1,422 1,582 Acquired Communities 447 - - - - Development Communities 37 - - - - Non-Residential / Other 2,462 2,981 3, 624 3, 365 3, 307 Total (2) 132,171$ 137,059$ 129, 648$ 132, 322$ 127, 732$ Net Operating Income Sam e-Store Communities 275,613$ 265,042$ 273,771$ 271,244$ 271,868$ Stabilized, Non-Mature Communities 5,398 5,620 4,987 4,088 2,242 Acquired Communities 919 - - - - Development Communities (35) - - - - Non-Residential / Other 4,900 4,196 3,726 4,135 3,656 Total 286,795$ 274,858$ 282,484$ 279,467$ 277,766$ Operating Margin Sam e-Store Communities 68.6% 66.9% 68.8% 68.0% 68.9% Weighted Average Physical Occupancy Same-Store Communities 96.6% 96.6% 96.9% 96.7% 96.9% Stabilized, Non-Mature Communities 95.9% 95.2% 95.0% 93.2% 88.7% Acquired Communities 95.3% - - - - Development Communities - - - - - Other (3) 96.2% 97.4% 96.6% 96.4% 96.5% Total 96.6% 96.5% 96.8% 96.6% 96.7% Sold and Held for Disposition Communities (5) Revenues 235 3,967$ 11,404$ 16,693$ 17,505$ 17,503$ Expenses (2) 1,006 3,532 4, 625 4, 837 4, 889 Net Operating Income/(Loss) 2,961$ 7,872$ 12,068$ 12,668$ 12,614$ Total 54,173 289,756$ 282,730$ 294,552$ 292,135$ 290,380$ Non-Mature Home Breakout - By Date Estimated Category # of Homes Market Same-Store Quarter (4) 101 N. Meridian Stabilized, Non-Mature 330 Tampa, FL 3Q26 Broadridge Stabilized, Non-Mature 478 Philadelphia, PA 1Q27 The Enclave at Potomac Club Stabilized, Non-Mature 406 Metropolitan DC 1Q27 Meetinghouse Acquired 232 Portland, OR 3Q27 Junction Acquired 66 Los Angeles, CA 3Q27 Total 1,512 (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. (4) Estimated Same-Store quarter represents the quarter UDR anticipates contributing the community to the QTD same-store pool. (5) Home count represents a Held for Disposition community at June 30, 2026. The revenues, expenses, and net operating income/(loss) represent both the Held for Disposition and Sold communities during the periods presented. Table of Contents
Page 17
% of 2Q 2026 SS Operating Year-Over-Year Comparison Expenses 2Q 2026 2Q 2025 % Change Personnel 14.8% 18,715$ 18,103$ 3.4% Utilities 14.4% 18,155 17,261 5.2% Repair and maintenance 19.9% 25,138 24,950 0.8% Administrative and marketing 7.8% 9,892 9,638 2.6% Controllable expenses 56.9% 71,900 69,952 2.8% Real estate taxes 39.1% 49,149$ 47,825$ 2.8% Insurance 4.0% 5,024 5,066 -0.8% Same-Store operating expenses 100.0% 126,073$ 122,843$ 2.6% Same-Store Homes 52,426 % of 2Q 2026 SS Operating Sequential Comparison Expenses 2Q 2026 1Q 2026 % Change Personnel 14.8% 18,715$ 19,503$ -4.0% Utilities 14.4% 18,155 20,148 -9.9% Repair and maintenance 19.9% 25,138 25,554 -1.6% Administrative and marketing 7.8% 9,892 9,816 0.8% Controllable expenses 56.9% 71,900 75,021 -4.2% Real estate taxes 39.1% 49,149$ 50,990$ -3.6% Insurance 4.0% 5,024 5,121 -1.9% Same-Store operating expenses 100.0% 126,073$ 131,132$ -3.9% Same-Store Homes 52,426 % of YTD 2026 SS Operating Year-to-Date Comparison Expenses YTD 2026 YTD 2025 % Change Personnel 14.9% 38,184$ 36,802$ 3.8% Utilities 14.9% 38,236 35,813 6.8% Repair and maintenance 19.7% 50,570 48,806 3.6% Administrative and marketing 7.7% 19,631 18,928 3.7% Controllable expenses 57.2% 146,621 140,349 4.5% Real estate taxes 38.8% 99,713$ 97,446$ 2.3% Insurance 4.0% 10,132 9,999 1.3% Same-Store operating expenses 100.0% 256,466$ 247,794$ 3.5% Same-Store Homes 52,341 (1) S ee Attachment 14 for definitions and other terms. 9 Attachment 6 Same-Store Operating Expense Information (Dollars in Thousands) (Unaudited) (1) Table of Contents
Page 18
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 3,247$ San Francisco, CA 3,317 - 3,317 602 3,919 3,937 Seattle, WA 2,290 - 2,290 284 2,574 2,972 Monterey Peninsula, CA 1,567 - 1,567 - 1,567 2,435 Los Angeles, CA 1,225 66 1,291 340 1,631 3,465 12,704 66 12,770 1,927 14,697 Northeast Region Boston, MA 4,667 - 4,667 876 5,543 3,353 New York, NY 1,945 - 1,945 710 2,655 5,400 Philadelphia, PA 1,172 478 1,650 290 1,940 2,527 7,784 478 8,262 1,876 10,138 Mid-Atlantic Region Metropolitan DC 9,119 406 9,525 360 9,885 2,523 Baltimore, MD 1,721 - 1,721 - 1,721 2,142 10 ,840 406 11,246 360 11,606 Southeast Region Tampa, FL 3,611 330 3,941 - 3,941 2,232 Orlando, FL 3,293 - 3,293 200 3,493 1,907 Nashville, TN 2,055 - 2,055 - 2,055 1,741 8, 959 330 9,289 200 9,489 Southwest Region Dallas, TX 7,449 - 7,449 - 7,449 1,810 Austin, TX 1,880 - 1,880 - 1,880 1,704 9, 329 - 9,329 - 9,329 Other Markets (5) 2,810 232 3,042 1,038 4,080 2,340 Totals 52,426 1,512 53,938 5,401 59,339 2,677$ Communities (6) 156 5 161 22 183 Homes Communities Total completed homes 59,339 183 Held for Disposition 235 1 Under Development (7) 685 2 Total Quarter-end homes and communities 60,259 186 (1) See Attachment 14 for definitions and other terms. (6) Represents communities where 100 percent of all development homes have been completed. (7) See Attachment 9 for UDR's developments and ownership interests. 10 Attachment 7 Apartment Home Breakout Portfolio Overview as of Quarter Ended June 30, 2026 (Unaudited) (1) (2) Represents homes included in Stabilized, Non-Mature, Acquired, Development, Redevelopment and Non-Residential/Other Communities categories on Attachment 5. Excludes development homes not yet completed and Sold and Held for Disposition. (3) Represents joint venture operating homes at 100 percent. Excludes joint venture held for disposition communities. See Attachment 10 for UDR's joint venture and partnership ownership interests. (5) Other Markets include Denver (292 homes), Palm Beach (636 homes), Inland Empire (658 homes), San Diego (163 wholly owned, 264 JV homes), Portland (452 wholly owned, 256 JV homes) and Richmond (841 wholly owned, 518 JV homes). (4) Represents joint ventures at UDR's ownership interests. Excludes joint venture held for disposition communities. See Attachment 10 for UDR's joint venture and partnership ownership interests. Table of Contents
Page 19
% of Same- Revenue per Total Store Portfolio Physical Occupied Revenue per Same-Store Based on Occupancy Home Physical Occupied Homes 2Q 2026 NOI 2Q 2026 2Q 2026 Revenue Expense NOI Occupancy Home West Region Orange County, CA 4,305 11.5% 96.3% 3,252$ 2.0% 0.2% 2.5% -0.7% 2.7% San Francisco, CA 3,317 9.7% 97.8% 3,817 8.0% 12.2% 6.5% 0.3% 7.6% Seattle, WA 2,290 5.3% 97.3% 2,984 1.9% 2.0% 1.9% 0.2% 1.7% Monterey Peninsula, CA 1,567 3.0% 96.2% 2,435 2.4% -2.2% 4.0% -0.1% 2.4% Los Angeles, CA 1,225 2.9% 95.8% 3,289 1.0% -2.8% 2.7% -0.2% 1.2% 12,704 32.4% 96.8% 3,254 3.7% 3.7% 3.7% -0.2% 3.8% Northeast Region Boston, MA 4,667 11.8% 96.7% 3,395 2.1% 3.7% 1.4% -0.2% 2.3% New York, NY 1,945 6.2% 97.6% 5,340 4.0% 0.5% 6.9% -0.3% 4.3% Philadelphia, PA 1,172 2.2% 97.0% 2,663 4.4% 4.2% 4.5% 0.0% 4.4% 7,784 20.2% 97.0% 3,771 3.0% 2.3% 3.4% -0.2% 3.2% Mid-Atlantic Region Metropolitan DC 9,119 16.5% 96.6% 2,526 1.3% 2.8% 0.6% -0.4% 1.8% Baltimore, MD 1,721 2.5% 96.9% 2,142 3.1% 7.3% 0.7% 0.5% 2.5% 10,840 19.0% 96.6% 2,465 1.6% 3.5% 0.6% -0.3% 1.9% Southeast Region Tampa, FL 3,611 5.3% 96.6% 2,152 -1.7% 2.1% -3.6% 0.0% -1.7% Orlando, FL 3,293 4.6% 96.7% 1,910 -0.7% -2.3% 0.1% 0.4% -1.1% Nashville, TN 2,055 2.6% 95.2% 1,741 -0.3% 4.8% -2.3% -0.9% 0.6% 8,959 12.5% 96.3% 1,969 -1.0% 1.0% -2.0% -0.1% -1.0% Southwest Region Dallas, TX 7,449 8.9% 96.6% 1,810 0.3% 3.3% -1.5% -0.3% 0.7% Austin, TX 1,880 2.0% 97.0% 1,704 -5.8% -6.3% -5.4% -0.2% -5.5% 9,329 10.9% 96.7% 1,789 -1.0% 1.1% -2.2% -0.3% -0.6% Other Markets 2,810 5.0% 96.1% 2,380 0. 2% 4.7% -1.4% -0.5% 0.7% Total/Weighted Avg. 52,426 100.0% 96.6% 2,642$ 1. 8% 2.6% 1.4% -0.2% 2.0% (1) See Attachment 14 for definitions and other terms. Attachment 8(A) 11 % Increase/(Decrease) over Prior Year Quarter Same-Store Operating Information By Major Market Current Quarter vs. Prior Year Quarter June 30, 2026 (Unaudited) (1) Table of Contents
Page 20
% of Same- Revenue per Total Store Portfolio Physical Occupied Revenue per Same-Store Based on Occupancy Home Physical Occupied Homes 2Q 2026 NOI 2Q 2026 2Q 2026 Revenue Expense NOI Occupancy Home West Region Orange County, CA 4,305 11.5% 96.3% 3,252$ 1.0% -12.4% 5.5% 0.1% 1.0% San Francisco, CA 3,317 9.7% 97.8% 3,817 3.3% -7.8% 8.4% 0.1% 3.2% Seattle, WA 2,290 5.3% 97.3% 2,984 1.6% -4.7% 3.9% 0.3% 1.3% Monterey Peninsula, CA 1,567 3.0% 96.2% 2,435 0.1% -3.0% 1.2% -1.1% 1.2% Los Angeles, CA 1,225 2.9% 95.8% 3,289 0.6% -9.0% 5.4% -0.4% 1.0% 12,704 32.4% 96.8% 3,254 1.7% -8.4% 5.7% -0.1% 1.7% Northeast Region Boston, MA 4,667 11.8% 96.7% 3,395 1.9% -4.5% 4.9% 0.4% 1.4% New York, NY 1,945 6.2% 97.6% 5,340 1.4% -3.1% 5.1% -0.9% 2.3% Philadelphia, PA 1,172 2.2% 97.0% 2,663 2.6% -12.5% 12.0% 0.7% 1.8% 7,784 20.2% 97.0% 3,771 1.8% -4.8% 5.7% 0.2% 1.8% Mid-Atlantic Region Metropolitan DC 9,119 16.5% 96.6% 2,526 1.1% -3.1% 3.1% 0.3% 0.8% Baltimore, MD 1,721 2.5% 96.9% 2,142 2.0% 7.2% -0.9% 0.5% 1.4% 10,840 19.0% 96.6% 2,465 1.2% -1.6% 2.6% 0.3% 0.8% Southeast Region Tampa, FL 3,611 5.3% 96.6% 2,152 0.4% -0.5% 0.9% 0.2% 0.2% Orlando, FL 3,293 4.6% 96.7% 1,910 1.1% -1.6% 2.3% 0.3% 0.7% Nashville, TN 2,055 2.6% 95.2% 1,741 1.2% -2.9% 3.1% -0.3% 1.6% 8,959 12.5% 96.3% 1,969 0.8% -1.3% 1.9% 0.1% 0.7% Southwest Region Dallas, TX 7,449 8.9% 96.6% 1,810 1.3% 1.0% 1.4% -0.3% 1.6% Austin, TX 1,880 2.0% 97.0% 1,704 -1.2% -5.3% 2.0% 0.3% -1.5% 9,329 10.9% 96.7% 1,789 0.8% -0.4% 1.5% -0.2% 1.0% Other Markets 2,810 5.0% 96.1% 2,380 1. 8% -0.8% 2.9% 0.3% 1.5% Total/Weighted Avg. 52,426 100.0% 96.6% 2,642$ 1. 4% -3.9% 4.0% 0.0% 1.4% (1) See Attachment 14 for definitions and other terms. 12 Attachment 8(B) Same-Store Operating Information By Major Market Current Quarter vs. Last Quarter June 30, 2026 (Unaudited) (1) % Increase/(Decrease) over Last Quarter Table of Contents
Page 21
% of Same- Revenue per Total Store Portfolio Physical Occupied Revenue per Same-Store Based on Occupancy Home Physical Occupied Homes YTD 2026 NOI YTD 2026 YTD 2026 Revenue Expense NOI Occupancy Home West Region Orange County, CA 4,305 11.5% 96.2% 3,236$ 1.9% 4.6% 1.1% -0.9% 2.8% San Francisco, CA 3,317 9.5% 97.7% 3,758 7.2% 8.9% 6.4% 0.4% 6.7% Seattle, WA 2,290 5.4% 97.1% 2,966 1.0% 4.8% -0.3% -0.4% 1.4% Monterey Peninsula, CA 1,567 3.0% 96.7% 2,421 2.7% 2.0% 3.0% 0.5% 2.1% Los Angeles, CA 1,225 2.9% 96.0% 3,272 -0.3% 4.8% -2.5% -0.7% 0.4% 12,704 32.3% 96.8% 3,227 3.2% 5.8% 2.2% -0.3% 3.4% Northeast Region Boston, MA 4,667 11.8% 96.5% 3,371 1.3% 4.4% 0.0% -0.5% 1.9% New York, NY 1,945 6.2% 98.0% 5,279 4.1% 1.4% 6.3% 0.1% 4.0% Philadelphia, PA 1,172 2.1% 96.6% 2,639 3.6% 9.2% 0.8% -0.4% 4.1% 7,784 20.1% 96.9% 3,738 2.5% 3.5% 2.0% -0.4% 2.8% Mid-Atlantic Region Metropolitan DC 9,119 16.6% 96.4% 2,516 0.9% 3.9% -0.5% -1.0% 1.9% Baltimore, MD 1,721 2.5% 96.7% 2,128 2.0% 5.6% 0.0% 0.0% 2.1% 10,840 19.1% 96.4% 2,454 1.1% 4.2% -0.4% -0.8% 1.9% Southeast Region Tampa, FL 3,611 5.4% 96.5% 2,150 -1.7% 2.1% -3.6% -0.4% -1.3% Orlando, FL 3,293 4.6% 96.6% 1,904 -1.2% -0.4% -1.6% -0.1% -1.0% Nashville, TN 2,055 2.6% 95.4% 1,727 -1.3% 4.9% -3.8% -0.9% -0.3% 8,959 12.6% 96.3% 1,963 -1.4% 1.8% -2.9% -0.4% -1.0% Southwest Region Dallas, TX 7,364 8.8% 96.8% 1,775 -0.3% 1.4% -1.3% -0.3% 0.1% Austin, TX 1,880 2.0% 96.8% 1,717 -5.4% -4.2% -6.3% -0.6% -4.9% 9,244 10.8% 96.8% 1,763 -1.4% 0.1% -2.3% -0.4% -1.0% Other Markets 2,810 5.1% 96.0% 2,363 - 0.1% 3.9% -1.6% -0.5% 0.5% Total/Weighted Avg. 52,341 100.0% 96.6% 2,623$ 1. 3% 3.5% 0.3% -0.5% 1.8% (1) See Attachment 14 for definitions and other terms. 13 Attachment 8(C) Same-Store Operating Information By Major Market Current Year-to-Date vs. Prior Year-to-Date June 30, 2026 (Unaudited) (1) % Increase/(Decrease) over Prior Year Table of Contents
Page 22
Effective Blended Lease Rate Growth Effective New Lease Rate Growth Effective Renewal Lease Rate Growth 2Q 2026 2Q 2026 2Q 2026 2Q 2026 2Q 2025 YTD 2026 YTD 2025 West Region 6.2% 7.8% 5.0% 39.1% 38.9% 34.7% 34.8% Northeast Region 3.3% 1.6% 4.5% 41.6% 44.2% 32.4% 35.1% Mid-Atlantic Region 1.0% -4.2% 4.8% 34.8% 41.2% 30.4% 34.6% Southeast Region -2.7% -8.0% 1.7% 45.5% 47.3% 39.6% 42.5% Southwest Region -1.7% -7.9% 3.8% 42.1% 39.2% 36.8% 37.6% Other Markets 0.3% -3.4% 3.2% 40.1% 40.5% 35.5% 39.7% Total/Weighted Avg. 2.1% -0.6% 4.2% 39.9% 41.3% 34.5% 36.6% (1) See Attachment 14 for definitions and other terms. 14 Attachment 8(D) Annualized Turnover Same-Store Operating Information By Major Market June 30, 2026 (Unaudited) (1) Table of Contents
Page 23
Wholly-Owned S chedule # of Compl. Cost to Budgeted Est. Cost Initial Community Market Homes Homes Date Cost per Home Start Occ. Compl. Leased Occupied Projects Under Construction 3099 Iowa Other Southern CA 300 - 109,599$ 133,600$ 445$ 1Q25 3Q26 1Q27 0.7% N/A 4848 at Alex West Metropolitan DC 385 - 38,018 181,300 471 2Q26 4Q28 2Q29 N/A N/A Total Under Construction 685 - 147,617$ 314,900$ 460$ Total - Wholly Owned 685 - 147,617$ 314,900$ 460$ NOI From Wholly-Owned Projects 2Q 26 Projects Under Construction (35)$ Total (35)$ Land Summary Location Total Land (6 parcels) Various (1) S ee Attachment 14 for definitions and other terms. Attachment 9 Development and Land Summary June 30, 2026 (Dollars in Thousands) (Unaudited) (1) Percentage 100% 15 UDR Ownership Interest Real Estate Cost Basis 216,412$ Table of Contents
Page 24
Unconsolidated Joint Ventures and Partnerships Ph ysical Total Rev. per Own. # of # of Occupancy Occ. Home Portfolio Characteristics Interest Comm. Homes 2Q 26 2Q 26 2Q 26 YTD 26 UDR / MetLife 50% 8 2,127 96.5% 4,032$ 9,001$ 19,790$ UDR / LaSalle 51% 9 2 ,564 9 6.8% 2,494 6 ,719 1 3,257 UDR / Carmel Partners 50% 5 7 10 9 5.9% 5,732 2 ,028 2 ,028 Total 22 5,401 9 6.6% 3,514$ 1 7,748$ 3 5,075$ 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 1,087,713$ 616,822$ 48,607$ 4.24% 2027-2030 UDR / LaSalle 861,222 298,005 231,914 5.36% 2028-2033 UDR / Carmel Partners 673,927 227,220 140,521 2.87% 2031 Total 2,622,862$ 1,142,047$ 421,042$ 4.26% Debt and Preferred Equity Program (3)(4) Contractual Weighted Avg. Return Years to Investment Classifications # of Commitments Commitment Balance Rate Maturity Communities - Loans 3 134,123$ 166,421$ 9.8% 2.0 Communities - Preferred Equity (5)(6) 8 194,287 2 16,258 1 0.4% 2.2 Total Debt and Preferred Equity Program 11 328,410$ 382,679$ 10.1% 2.1 2Q 26 Income/(loss) from investments 10,400$ Income/(Loss) from Investments Other Unconsolidated Investments (7) Commitment Funded Balance 2Q 26 (9) Total Real Estate Technology and Sustainability Investments 169,000$ 136,057$ 158,636$ (1,050)$ (1) See Attachment 14 for definitions and other terms. (9) Income/(loss) from investments is deducted/added back to FFOA. (6) In June 2026, UDR acquired a 66-home apartment community located in Santa Monica, CA, through the assumption of the developer's equity interest in the joint venture in exchange for approximately 0.1 million UDR LP units. As a result, the joint venture became wholly owned, and UDR began consolidating the community. As part of the transaction, UDR settled its $34.8 million loan investment and $8.3 million preferred equity investment. 16 (2) Joint ventures and partnerships represented at 100%. Debt balances are presented net of deferred financing costs. (8) Investment commitment represents maximum equity contractually required to be funded, and therefore excludes realized/unrealized gain/(loss). Investment funded represents cash funded towards the investment commitment. Investment balance includes amounts funded plus undistributed realized/unrealized gain/(loss), less $31.5 million of cash and stock distributed prior to the period end. UDR Investment (8) (7) Other unconsolidated investments represent UDR’s investments in nine real estate technology and climate technology funds. (3) UDR's investments are reflected as investment in and advances to unconsolidated joint ventures or notes receivable, net on the Consolidated Balance Sheets and income/(loss) from unconsolidated entities or interest and other income/(expense), net on the Consolidated Statements of Operations in accordance with GAAP. (4) Investment commitment represents maximum loan principal or equity investment and therefore excludes accrued return. Investment balance includes amounts funded plus accrued and unpaid return prior to the period end as well as any non-cash impairment losses or loan reserves. (5) In April 2026, UDR acquired a 232-home apartment community located in Portland, OR, upon the liquidation of its joint venture interest. In connection with the liquidation, UDR repaid the joint venture's $53.4 million first mortgage and settled its $18.9 million preferred equity investment. UDR Investment Attachment 10 Unconsolidated and Debt and Preferred Equity Program Summary June 30, 2026 (Dollars in Thousands) (Unaudited) (1) Net Operating Income UDR's Share Table of Contents
Page 25
Dispositions - Wholly-Owned # of Price per Date of Sale Community Market Price (2) Debt (2) Homes Home Mar-26 Steele Creek Denver, CO 137,300$ -$ 218 630$ Mar-26 Rodgers Forge Baltimore, MD 105,200 - 498 211 Mar-26 Milehouse Seattle, WA 78,500 - 177 444 Mar-26 Summit West Tampa, FL 41,000 - 266 154 Jun-26 Legacy Hill Nashville, TN 41,500 - 206 201 403,500$ -$ 1,365 296$ Consolidations - Debt and Preferred Equity Program (3) Consolidation # of Value per Date of Consolidation Community Market Value Homes Home Apr-26 Meetinghouse Portland, OR 73,300$ 232 316$ Jun-26 Junction Los Angeles, CA 46,300 66 702 119,600$ 298 401$ Investments - Debt and Preferred Equity Program UDR Contractual Investment Return Date of Investment Investment Classification Market Commitment Rate May-26 Communities - Loans (4) New York, NY 50,000$ 7.75% 50,000$ 7.75% Redemptions - Debt and Preferred Equity Program UDR Initial Proceeds Proceeds Contractual Investment Received at Received Return Date of Redemption Investment Classification Market Commitment Redemption Life to Date Rate Feb-26 Communities - Preferred Equity Various 102,000$ 104,822$ 132,600$ 11.0% Feb-26 Communities - Preferred Equity Washington, DC 52,163 34,042 72,515 11.5% 154,163$ 138,864$ 205,115$ 11.2% 17 Attachment 11 Acquisitions, Dispositions, and Debt and Preferred Equity Program Summary (Unaudited) (1) June 30, 2026 (Dollars in Thousands) (1) See Attachment 14 for definitions and other terms. (2) Price represents 100% of the asset. Debt represents 100% of the asset's indebtedness, and excludes deferred financing costs. (3) See footnotes 5 and 6 on Attachment 10 for details. (4) The loan investment's effective interest rate is approximately 8.0%, including the impact of the loan origination fee. Table of Contents
Page 26
Three Months Six Months Ended Cost Ended Cost Capital Expenditures for Consolidated Homes (2) June 30, 2026 per Home June 30, 2026 per Home Average number of homes (3) 54,012 54,433 Total Recurring Cap Ex 27,011$ 500$ 46,599$ 856$ NOI Enhancing Cap Ex 20,648 382 33,713 619 Total Recurring and NOI Enhancing Cap Ex 47,659$ 882$ 80,312$ 1,475$ Three Months Six Months Ended Cost Ended Cost Repair and Maintenance for Consolidated Homes (Expensed) June 30, 2026 per Home June 30, 2026 per Home Average number of homes (3) 54,012 54,433 Total Repair and Maintenance 26,073$ 483$ 52,996$ 974$ (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. 18 Attachment 12 Capital Expenditure and Repair and Maintenance Summary June 30, 2026 (In thousands, except Cost per Home) (Unaudited) (1) Table of Contents
Page 27
Full-Year 2026 Guidance Change from Net Income, FFO and FFO as Adjusted per Share and Unit Guidance 3Q 2026 Full-Year 2026 Prior Guidance Prior Midpoint Income/(loss) per weighted average common share, diluted $0.13 to $0.15 $1.03 to $1.11 $0.91 to $1.01 $0.11 FFO per common share and unit, diluted $0.63 to $0.65 $2.47 to $2.55 $2.48 to $2.58 ($0.02) FFO as Adjusted per common share and unit, diluted $0.63 to $0.65 $2.49 to $2.57 $2.47 to $2.57 $0.01 Weighted average number of common shares, OP/DownREIT Units, and common stock equivalents outstanding, diluted (in millions) 346.2 348.5 351.3 (2.8) Annualized dividend per share and unit $1.74 $1.74 - Change from Same-Store Guidance (Straight-line basis) Full-Year 2026 Prior Guidance Prior Midpoint Revenue growth / (decline) 0.75% to 2.00% 0.25% to 2.25% 0.125% Expense growth 2.75% to 3.75% 3.00% to 4.50% (0.50%) NOI growth / (decline) 0% to 1.25% -1.00% to 1.25% 0.50% Change from Investment Guidance ($ in millions) Full-Year 2026 Prior Guidance Prior Midpoint Dispositions - Consolidated and Joint Venture (at share) $400 to $750 $300 to $600 $95 Acquisitions - Consolidated and Joint Venture (at share) $130 to $300 $100 to $200 $65 Capital Expenditures - Recurring, NOI Enhancing, and Redevelopment $220 to $260 $220 to $260 - Change from Corporate Expense Guidance ($ in millions) Full-Year 2026 Prior Guidance Prior Midpoint Consolidated interest expense, net of capitalized interest and adjustments for FFO as Adjusted $187 to $195 $185 to $195 $1 General and Administrative expense, net of adjustments for FFO as Adjusted $65 to $75 $65 to $75 - Attachment 13 June 30, 2026 3Q 2026 and Full-Year 2026 Guidance 19 (Unaudited) (1) (1) See Attachment 14 for definitions and other terms. Table of Contents
Page 28
Attachment 14(A) Definitions and Reconciliations June 30, 2026 (Unaudited) Management considers EBITDAre a useful metric for investors as it provides an additional indicator of the Company’s ability to incur and service debt, and enables investors to assess our performance against that of its peer REITs. EBITDAre should be considered along with, but not as an alternative to, net income and cash flow as a measure of the Company’s activities in accordance with GAAP. EBITDAre does not represent cash generated from operating activities in accordance with GAAP and is not necessarily indicative of funds available to fund our cash needs. A reconciliation between net income/(loss) and EBITDAre is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure. Management considers AFFO a useful supplemental performance metric for investors as it is more indicative of the Company's operational performance than FFO or FFO as Adjusted. AFFO is not intended to represent cash flow or liquidity for the period, and is only intended to provide an additional measure of our operating performance. The Company believes that net income/(loss) attributable to common stockholders is the most directly comparable GAAP financial measure to AFFO. Management believes that AFFO is a widely recognized measure of the operations of REITs, and presenting AFFO enables investors to assess our performance in comparison to other REITs. However, other REITs may use different methodologies for calculating AFFO and, accordingly, our AFFO may not always be comparable to AFFO calculated by other REITs. AFFO should not be considered as an alternative to net income/(loss) (determined in accordance with GAAP) as an indication of financial performance, or as an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to make distributions. A reconciliation from net income/(loss) attributable to common stockholders to AFFO is provided on Attachment 2. Adjusted Funds from Operations ("AFFO") attributable to common stockholders and unitholders: The Company defines AFFO as FFO as Adjusted attributable to common stockholders and unitholders less recurring capital expenditures on consolidated communities and the Company’s proportionate share of recurring capital expenditures on unconsolidated partnerships and joint ventures, that are necessary to help preserve the value of and maintain functionality at our communities. Acquired Communities: The Company defines Acquired Communities as those communities acquired by the Company, other than development and redevelopment activity, that did not achieve stabilization as of the most recent quarter. Contractual Return Rate: The Company defines Contractual Return Rate as the rate of return or interest rate that the Company is entitled to receive on a preferred equity investment or loan, as specified in the applicable agreement. Effective Blended Lease Rate Growth: The Company defines Effective Blended Lease Rate Growth as the combined proportional growth as a result of Effective New Lease Rate Growth and Effective Renewal Lease Rate Growth. Management considers Effective Blended Lease Rate Growth a useful metric for investors as it assesses combined proportional market-level, new and in-place demand trends. Effective New Lease Rate Growth: The Company defines Effective New Lease Rate Growth as the increase/(decrease) in gross potential rent realized less concessions on a straight-line basis for the new lease term (current effective rent) versus prior resident effective rent for the prior lease term on new leases commenced during the current quarter. Management considers Effective New Lease Rate Growth a useful metric for investors as it assesses market-level new demand trends. Effective Renewal Lease Rate Growth: The Company defines Effective Renewal Lease Rate Growth as the increase/(decrease) in gross potential rent realized less concessions on a straight-line basis for the new lease term (current effective rent) versus prior effective rent for the prior lease term on renewed leases commenced during the current quarter. Management considers Effective Renewal Lease Rate Growth a useful metric for investors as it assesses market-level, in-place demand trends. 20 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. Table of Contents
Page 29
In thousands 2Q 2026 YTD 2026 Income/(loss) from unconsolidated entities 3,271$ 22,967$ Management fee 1,055 2,159 Interest expense 6,232 12,408 Depreciation 13,743 28,107 General and administrative 124 262 Preferred Equity Program (excludes loans) (7,530) (14,677) Other (income)/expense 264 291 Realized and unrealized (gain)/loss on real estate technology investments, net of tax 864 (16,167) Net (gain)/loss on consolidation (275) (275) 17,748$ 35,075$ In thousands 2Q 2026 1Q 2026 4Q 2025 3Q 2025 2Q 2025 Net income/(loss) attributable to UDR, Inc. 69,035$ 189,831$ 222,902$ 40,409$ 37,673$ Property management 13,745 13,758 13,937 13,952 13,747 Other operating expenses 12,966 9,415 7,947 6,975 7,753 Real estate depreciation and amortization 160,120 161,268 163,610 165,926 163,191 Interest expense 47,640 48,576 49,684 50,569 48,665 Casualty-related charges/(recoveries), net 3,073 5,729 3,248 1,755 3,382 General and administrative 18,714 19,364 22,948 22,732 19,929 Tax provision/(benefit), net 429 455 37 382 258 (Income)/loss from unconsolidated entities (3,271) (19,696) (4,934) (14,011) (3,629) Interest income and other (income)/expense, net (2,596) (2,434) (5,406) (3,714) (8,134) Joint venture management and other fees (2,466) (2,528) (4,281) (2,570) (2,398) Other depreciation and amortization 3,451 3,335 4,451 7,009 7,387 (Gain)/loss on sale of real estate owned (35,704) (157,416) (194,974) - - Net income/(loss) attributable to noncontrolling interests 4,620 13,073 15,383 2,721 2,556 Total consolidated NOI 289,756$ 282,730$ 294,552$ 292,135$ 290,380$ Attachment 14(B) Definitions and Reconciliations June 30, 2026 (Unaudited) 21 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. Table of Contents
Page 30
Physical Occupancy: The Company defines Physical Occupancy as the number of occupied homes divided by the total homes available at a community. 22 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, 2026 (Unaudited) Stabilized, Non-Mature Communities: The Company defines Stabilized, Non-Mature Communities as those communities that have reached Stabilization but are not yet in the same-store portfolio. Sold Communities: The Company defines Sold Communities as those communities that were disposed of prior to the end of the most recent quarter. Management considers NOI Enhancing Capital Expenditures a useful metric for investors as it quantifies the amount of capital expenditures that are expected to grow, not just maintain, revenues or to decrease expenses. Non-Mature Communities: The Company defines Non-Mature Communities as those communities that have not met the criteria to be included in same-store communities. Non-Residential / Other: The Company defines Non-Residential / Other as non-apartment components of mixed-use properties, land held, properties being prepared for redevelopment and properties where a material change in home count has occurred. NOI Enhancing Capital Expenditures ("Cap Ex"): The Company defines NOI Enhancing Capital Expenditures as expenditures that result in increased income generation or decreased expense growth over time. QTD Same-Store Communities: The Company defines QTD Same-Store Communities as those communities Stabilized for five full consecutive quarters. These communities were owned and had stabilized operating expenses as of the beginning of the quarter in the prior year, were not in process of any substantial redevelopment activities, and were not held for disposition. Recurring Capital Expenditures: The Company defines Recurring Capital Expenditures as expenditures that are necessary to help preserve the value of and maintain functionality at its communities. Redevelopment Communities: The Company generally defines Redevelopment Communities as those communities where substantial redevelopment is in progress. Based upon the level of material impact the redevelopment has on the community (operations, occupancy levels, and future rental rates), the community may or may not maintain Stabilization. As such, for each redevelopment, the Company assesses whether the community remains in Same-Store. Other Markets: The Company defines Other Markets as the accumulation of individual markets where it operates less than 1,000 Same-Store homes. Management considers Other Markets a useful metric as the operating results for the individual markets are not representative of the fundamentals for those markets as a whole. Table of Contents
Page 31
Low High Forecasted net income per diluted share 1.03$ 1.11$ Conversion from GAAP share count (0.09) (0.09) Net gain on the sale of depreciable real estate owned (0.55) (0.55) Depreciation 2.00 2.00 Noncontrolling interests 0.07 0.07 Preferred dividends 0.01 0.01 Forecasted FFO per diluted share and unit 2.47$ 2.55$ Legal and other costs 0.04 0.04 Casualty-related charges/(recoveries) 0.02 0.02 Realized/unrealized (gain)/loss on real estate technology investments (0.04) (0.04) Forecasted FFO as Adjusted per diluted share and unit 2.49$ 2.57$ Low High Forecasted net income per diluted share 0.13$ 0.15$ Conversion from GAAP share count (0.01) (0.01) Depreciation 0.50 0.50 Noncontrolling interests 0.01 0.01 Preferred dividends - - Forecasted FFO per diluted share and unit 0.63$ 0.65$ Legal and other costs - - Casualty-related charges/(recoveries) - - Realized/unrealized (gain)/loss on real estate technology investments - - Forecasted FFO as Adjusted per diluted share and unit 0.63$ 0.65$ 23 Full-Year 2026 Attachment 14(D) Definitions and Reconciliations June 30, 2026 (Unaudited) All guidance is based on current expectations of future economic conditions and the judgment of the Company's management team. The following reconciles from GAAP Net income/(loss) per share for full-year 2026 and third quarter of 2026 to forecasted FFO and FFO as Adjusted per share and unit: 3Q 2026 Table of Contents
Page 32
Forward-Looking Statements 24 Certain statements made in this supplement may constitute “forward-looking statements.” Words such as “expects,” “intends,” “believes,” “anticipates,” “plans,” “likely,” “will,” “seeks,” “estimates” and variations of such words and similar expressions are intended to identify such forward- looking statements. Forward-looking statements, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement, due to a number of factors, which include, but are not limited to, general market and economic conditions, unfavorable changes in the apartment market and economic conditions that could adversely affect occupancy levels and rental rates, the impact of inflation/deflation on rental rates and property operating expenses, the availability of capital and the stability of the capital markets, the impact of tariffs, geopolitical tensions, conflicts and wars, government shutdowns, and changes in immigration, elevated interest rates, the impact of competition and competitive pricing, acquisitions, developments and redevelopments not achieving anticipated results, delays in completing developments, redevelopments and lease-ups on schedule or at expected rent and occupancy levels, changes in job growth, home affordability and demand/supply ratio for multifamily housing, development and construction risks that may impact profitability, risks that joint ventures with third parties and Debt and Preferred Equity Program investments do not perform as expected, the failure of automation or technology to help grow net operating income, and other risk factors discussed in documents filed by the Company with the SEC from time to time, including the Company's Annual Report on Form 10-K and the Company's Quarterly Reports on Form 10-Q. Actual results may differ materially from those described in the forward-looking statements. These forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this supplement, and the Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in the Company's expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required under the U.S. securities laws. Forward-Looking Statements June 30, 2026 (Unaudited) Table of Contents