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Dave Bragg , CFO - 720.398.0885 Trent Trujillo, Investor Relations - 720.283.6135 UDR, INC. | UDR.COM 2026 EARNINGS RELEASE & SUPPLEMENT AL FINANCIAL INFORMATION Q3 | 2026 DEVELOPMENT 4848 at Alex West | Northern Virginia
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3Q 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, Debt 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 Operating 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 ...............................................................................................................Attachment 8(D) Development, Redevelopment, Acquisitions and Dispositions Development and Land Summary ..................................................................................................................................... Attachment 9 Joint Ventures 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 4Q 2026 and Full-Year 2026 Guidance ........................................................................................................................... Attachment 13 Definitions and Reconciliations Defined Terms and Reconciliations ............................................................................................................... Attachments 14(A) –14(D) UDR Third Quarter 2026 Earnings Supplement
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1 Press Release DENVER, CO – November 2, 2026 Contact: Trent Trujillo Email: ttrujillo@udr.com UDR, INC. ANNOUNCES THIRD QUARTER 2026 RESULTS AND RAISES FULL-YEAR 2026 GUIDANCE RANGES UDR, Inc. (the “Company”) (NYSE: UDR), announced today its full third quarter 2026 results, which follows its release of preliminary third quarter 2026 results on October 21, 2026. Net Income, Funds from Operations (“FFO”) , and FFO as Adjusted (“FFOA”) per diluted share for the quarter and year -to-date period s ended September 30, 2026, are detailed below. Metric Quarter Ended September 30 Year-to-Date Ended September 30 2026 2025 2026 2025 Net Income per diluted share $0.67 $0.12 $1.45 $0.46 FFO per diluted share $0.62 $0.62 $1.85 $1.81 FFOA per diluted share $0.65 $0.65 $1.90 $1.90 Same-Store (“SS”) results for the third quarter 2026 versus the third quarter 2025 and the second quarter 2026 as well as year-to-date 2026 versus year-to-date 2025 are summarized below.(1) SS Growth / (Decline) Year-Over-Year (“YOY”): 3Q 2026 vs. 3Q 2025 Sequential: 3Q 2026 vs. 2Q 2026 Year-to-Date (YTD) YOY: 2026 vs. 2025 Revenue 1.8% 0.8% 1.6% Expense 2.2% 2.9% 3.2% Net Operating Income (“NOI”) 1.6% (0.1)% 0.8% (1) SS growth metrics have been adjusted to exclude the 19 communities that comprise the Company’s joint venture with Apollo which is described later in this release. Including these 19 communities, SS Revenue, Expense, and NOI would be 1.5%, 2.7%, and 1.0% for YOY 3Q 2026, 0.7%, 3.1%, and (0.4)% for sequential 3Q 2026, and 1.4%, 3.2%, and 0.5% for YTD 2026. Outlook(1) As shown in the table below , the Company has established the following guidance ranges for the fourth 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 3Q 2026 Actual YTD 2026 Actual 4Q 2026 Outlook Prior Full-Year 2026 Outlook Updated Full-Year 2026 Outlook Full-Year 2026 Midpoint (Change) Net Income $0.67 $1.45 $0.13 to $0.15 $1.03 to $1.11 $1.58 to $1.60 $1.59 (+$0.52) FFO $0.62 $1.85 $0.63 to $0.65 $2.47 to $2.55 $2.48 to $2.50 $2.49 (-$0.02) FFOA $0.65 $1.90 $0.63 to $0.65 $2.49 to $2.57 $2.54 to $2.56 $2.55 (+$0.02) YOY Growth: SS Revenue 1.8% 1.6% N/A 0.75% to 2.00% 1.4% to 1.8% 1.6% (+22.5bps) SS Expense 2.2% 3.2% N/A 2.75% to 3.75% 2.7% to 3.1% 2.9% (-35bps) SS NOI 1.6% 0.8% N/A 0.00% to 1.25% 0.8% to 1.2% 1.0% (+37.5bps) (1) Additional assumptions for the Company’s fourth 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 FFO 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. Net Income, FFO and FFOA per share for all 2026 periods and guidance are unaffected by the Apollo transaction which is described later in this release. SS growth metrics hav e bee n adjusted to exclude the 19 communities that comprise the joint venture with Apollo. Including these communities, the Full -Year guidance midpoints for SS Revenue, Expense, and NOI would be 1.45%, 2.9%, and 0.75%, respectively. Table of Contents
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2 “Third quarter operational results and FFOA per diluted share exceeded our expectations and drove our second guidance raise of 2026,” said Tom Toomey, UDR’s Chairman, President, and CEO. “Additionally, we are excited to have closed our strategic partnership with Apollo, which expands our access to capital, strengthens our balance sheet by reducing leverage, improves the quality of our wholly -owned portfolio, and positions UDR to pursue compelling investment opportunities that drive value creation for our shareholders.” Capital Allocation Activity During and subsequent to quarter-end, the Company, • Closed the previously announced $2.0 billion strategic partnership with Apollo by contributing 19 apartment communities totaling 7,059 apartment homes valued at an approximate 6.0 percent capitalization rate to a new joint venture. Under the terms of the transaction, UDR received $1.34 billion of equity capital from Apollo , r etained an approximate one-third interest in the joint venture, will continue to operate and manage the portfolio for which it will earn an asset management fee, and retained an option to repurchase Apollo’s interest in t he j oint venture at a 7.0 percent target IRR for a finite period starting at the fifth anniversary of closing. • Through the end of October, repurchased approximately 5.2 million shares of its common stock at a w eighted average share price of $35.48 for total consideration of approximately $185.1 million. Following this share repurchase activity, the Company has approximately 20.3 million shares remaining for repurchase under its program. Since recommencing share repurchases in September 2025, the Company has repurchased approximately 16.7 million shares of its common stock at a weighted average share price of $36.06 for total consideration of approximately $603.2 million. • Sold two apartment communities, one each in Seattle and Nashville, with a combined 412 apartment homes for gross proceeds of $183.0 million. The Company remains under contract to sell a 396- home apartment community in the Metropolitan Washington, D.C. area for gross proceeds of approximately $69.0 million. • Expanded its joint venture with LaSalle Investment Management to approximately $958.3 million by contributing a 360- home apartment community in Nashville, TN, to the venture while simultaneously placing debt on the newly contributed community and an existing community in the venture. Under the terms of th e t ransaction, the Company received approximately $103.2 million in cash proceeds. • Continued to execute on the runoff of its Debt and Preferred Equity (“ DPE”) portfolio, as announced last quarter, via the liquidation of the Company’s interest in various DPE joint ventures. As previously disclosed, the Company acquired a 286-home community in Portland, OR, for an incremental cash outlay of $74.7 million based on a property valuation of $104.3 million. During the quarter, the Company also reached a resolution with a developer partner on a two- property portfolio located in California’s Inland Empire. This resulted in th e ac quisition of a 483-home community during the quarter for an incremental cash outlay of $160.3 million based on a property valuation of $250.1 million as well as an agreement to acquire a 237-home community in the first hal f of 2027, subject to customary closing conditions . Excluding the latter Inland Empire transaction, the aggr egate investment balance of the Company’s Debt and Preferred Equity portfolio is expected to be approximately $250.0 million at year-end 2026. • Received a full repayment of approximately $29.5 million on its Preferred Equity investment in a stabilized apartment community in Orlando, FL. Operating Results In the third quarter, total revenue decreased by $3.8 million YOY, or (0.9) percent, as revenue increases attributable to growth from Same-Store and acquired communities were offset by the removal of revenue from properties that were sold. “Third quarter Same-Store results were supported by strong occupancy in the mid- 96 percent range, year -over-year improvement in bad debt, blended lease rate growth that fell within our expected range , and continued improvement in resident retention that led to strong expense control,” said Mike Lacy, UDR’s Chief Operating Officer. “Operating from a position of occupancy strength, with fewer lease expirations than typical in the fourth quarter following a strategic shift to the expiration schedule made last year, and renewal lease offers higher than those in the third quarter, we remain in an attractive position to drive revenue and NOI growth as we conclude a successful year.” Table of Contents
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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 Third Quarter 2026 versus the Third 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 3.9% 3.8% 3.9% 37.2% 96.8% 0.0% Northeast 2.5% 1.6% 3.0% 21.3% 96.7% (0.3)% Mid-Atlantic 0.3% 3.0% (1.0)% 20.0% 95.9% (0.8)% Southwest (0.4)% (0.3)% (0.5)% 12.3% 96.9% 0.0% Southeast (0.9)% 2.0% (2.2)% 9.2% 96.4% 0.4% Total / Weighted Average 1.8% 2.2% 1.6% 100.0% 96.5% (0.2)% (1) Based on 3Q 2026 Same-Store NOI. Other Markets, as defined in the Company’s related quarterly Supplement, are reflected in their respective Regions. For definitions of terms, please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplement. SS growth metrics have been adjusted to exclude the 19 communities that comprise the Company’s joint venture with Apollo. Including these 19 communities, SS Revenue, Expense, and NOI growth (decline) would be 1.5%, 2.7%, and 1.0%, respectively, and Physical Occupancy and Change in Occupancy would be 96.6% and (0.1)%, respectively. (2) Weighted average Same-Store physical occupancy for the quarter. Summary of Same-Store Results in the Third Quarter 2026 versus the Second 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 1.5% 6.7% (0.4)% 37.2% 96.8% (0.1)% Northeast 1.6% 0.4% 2.2% 21.3% 96.7% (0.4)% Mid-Atlantic (0.1)% 3.6% (1.9)% 20.0% 95.9% (0.6)% Southwest 0.5% 2.9% (1.0)% 12.3% 96.9% 0.2% Southeast (0.4)% (3.4)% 1.2% 9.2% 96.4% 0.3% Total / Weighted Average 0.8% 2.9% (0.1)% 100.0% 96.5% (0.1)% (1) Based on 3Q 2026 Same-Store NOI. Other Markets, as defined in the Company’s related quarterly Supplement, are reflected in their respective Regions. For definitions of terms, please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplement. SS growth metrics have been adjusted to exclude the 19 communities that comprise the Company’s joint venture with Apollo. Including these 19 communities, SS Revenue, Expense, and NOI growth (decline) would be 0.7%, 3.1%, and (0.4)%, respectively, and Physical Occupancy and Change in Occupancy would be 96.6% and (0.1)%, respectively. (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 3.3% 5.3% 2.6% 37.5% 96.8% (0.2)% Northeast 2.5% 3.0% 2.2% 21.1% 96.9% (0.4)% Mid-Atlantic 0.7% 3.9% (0.7)% 20.5% 96.2% (0.8)% Southwest (1.1)% 0.0% (1.7)% 12.4% 96.8% (0.3)% Southeast (1.6)% 1.3% (3.0)% 8.5% 96.2% (0.2)% Total / Weighted Average 1.6% 3.2% 0.8% 100.0% 96.6% (0.4)% (1) Based on YTD 2026 Same-Store NOI. Other Markets, as defined in the Company’s related quarterly Supplement, are reflected in their respective Regions. For definitions of terms, please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplement. SS growth metrics have been adjusted to exclude the 19 communities that comprise the Company’s joint venture with Apollo. Including these 19 communities, SS Revenue, Expense, and NOI growth (decline) would be 1.4%, 3.2%, and 0.5%, respectively, and Physical Occupancy and Change in Occupancy would be 96.6% and (0.3)%, respectively. (2) Weighted average Same-Store physical occupancy for YTD 2026. Table of Contents
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4 Balance Sheet Update The Company’s total indebtedness as of September 30, 2026, was $5.8 billion at a weighted average interest rate of 3.45 percent, with $333.6 million, or 6.6 percent of total consolidated debt, maturing through 2027, including principal amortization and excluding amounts on the Company’s line of credit, commercial paper program , and working capital credit facility . As of September 30 , 2026 , the Company had approximately $641.6 m illion in liquidity through a combination of cash and undrawn capacity on its credit facilities . Immediately following the closing of the Apollo transaction, the Company received $1.34 billion of equity proceeds. 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 September 30, 2026, and the comparable prior year period. Quarter Ended September 30 Balance Sheet Metric 3Q 2026 3Q 2025 Change Weighted Average Interest Rate 3.45% 3.42% 0.03% Weighted Average Years to Maturity 3.7 4.6 (0.9) Consolidated Fixed Charge Coverage Ratio 5.0x 4.9x 0.1x Consolidated Debt as a percentage of Total Assets 32.3% 32.6% (0.3)% Consolidated Net Debt-to-EBITDAre – adjusted for non-recurring items(1) 5.5x 5.5x - (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’s Board of Directors declared dividends on its common stock with record dates in October, November, and December 2026. These dividends amount to $0.145 per share per month and will be payable in cash on the payment dates set forth in the table below to UDR common stock shareholders of record as of the close of business on the corresponding record date in the table below. These declared dividends amount to $0.435 per share, representing a 1.2 percent increase over the comparable period in 2025, and reflect an annualized dividend amount of $1.74 per share of common stock. The December 2026 dividend will represent the 220 th consecutive dividend paid by the Company on its common stock. Record Date Payment Date Amount October 19, 2026 November 2, 2026 $0.145 per common share November 16, 2026 November 30, 2026 $0.145 per common share December 15, 2026 December 31, 2026 $0.145 per common share Total Dividends - $0.435 per common share Executive Leadership As previously announced, subsequent to quarter -end, the Company appointed Scott McCallum as Chief Investment Officer. Mr. McCallum brings an extensive background in public and private real estate after a decade of experience with Blackstone, Inc. Corporate Responsibility Subsequent to quarter-end, the Company published its eighth annual Corporate Responsibility Report, which details UDR’s ongoing commitment to being a leader in corporate responsibility and a good partner to the communities we operate in. The report is available on the Investor Relations section of the Company's website at ir.udr.com. 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
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5 C onference Call and Webcast Information UDR will host a webcast and conference call at 12:00 p.m. Eastern Time on November 3, 2026, to discuss third 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 November 10, 2026, by dialing 844-512-2921 for domestic and 412-317-6671 for international and entering the confirmation number, 1376 3434, 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 date 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 September 30, 2026, UDR owned or had an ownership position in 60,617 apartment homes, including 634 apartment homes under development. For over 54 y ears, 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
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Actual Results Actual Results Dollars in thousands, except per share and unit 3Q 2026 YTD 2026 4Q 2026 Full-Year 2026 GAAP Metrics Net income/(loss) attributable to UDR, Inc. $216,094 $474,960 -- -- Net income/(loss) attributable to common stockholders $214,869 $471,290 -- -- Income/(loss) per weighted average common share, diluted $0.67 $1.45 $0.13 to $0.15 $1.58 to $1.60 Per Share Metrics FFO per common share and unit, diluted $0.62 $1.85 $0.63 to $0.65 $2.48 to $2.50 FFO as Adjusted per common share and unit, diluted $0.65 $1.90 $0.63 to $0.65 $2.54 to $2.56 Dividend declared per share and unit $0.435 $1.305 $0.435 $1.74 (2) Same-Store Operating Metrics Revenue growth/(decline) (Straight-line basis) 1.8% 1.6% -- 1.40% to 1.80% Expense growth 2.2% 3.2% -- 2.70% to 3.10% NOI growth/(decline) (Straight-line basis) 1.6% 0.8% -- 0.80% to 1.20% Physical Occupancy 96.5% 96.6% -- -- Property Metrics Homes Communities % of Total NOI Same-Store 44,765 135 80.6% Stabilized, Non-Mature 1,116 3 1.5% Acquired Communities 835 3 0.6% Development 51 1 -0.1% Pending Joint Venture Portfolio Communities (3) 7,059 19 9.7% Non-Residential / Other N/A N/A 1.5% Joint Venture (4) 5,761 23 6.2% Total completed 59,587 184 100.0% Held for Disposition 396 1 - Under Development 634 1 - Total Quarter-end (4)(5) 60,617 186 100.0% Balance Sheet Metrics (adjusted for non-recurring items) 3Q 2026 3Q 2025 Consolidated Interest Coverage Ratio 5.1x 5.0x Consolidated Fixed Charge Coverage Ratio 5.0x 4.9x Consolidated Debt as a percentage of Total Assets 32.3% 32.6% Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items 5.5x 5.5x (4) Joint venture NOI is based on UDR's share. Homes and communities at 100%. (5) 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 Third Quarter 2026 (Unaudited) (1) (3) Represents 19 communities totaling 7,059 apartment homes that comprise the joint venture with Apollo which closed on October 30, 2026. These communities are in our Same-Store Communities as of September 30, 2026 for purposes of our segment reporting in accordance with GAAP to be included in our 10-Q for the quarter ended September 30, 2026, but will be excluded in all future periods. This joint venture will be consolidated within the Company’s financial statements. 101 N. Meridian, Tampa, FL – 3Q 2026 Same-Store Addition Table of Contents
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In thousands, except per share amounts 2026 2025 2026 2025 REVENUES: Rental income 424,581$ 429,294$ 1,270,835$ 1,272,131$ Joint venture management and other fees 3,500 2,570 8 ,494 7 ,080 Total revenues 428,081 431,864 1,279,329 1,279,211 OPERATING EXPENSES: Property operating and maintenance 80,981 79,373 238,044 230,976 Real estate taxes and insurance 57,002 57,786 173,707 173,539 Property management 13,799 13,952 41,302 41,344 Other operating expenses 10,039 6,975 32,420 22,787 Real estate depreciation and amortization 161,569 165,926 482,957 490,511 General and administrative 20,559 22,732 58,637 62,156 Casualty-related charges/(recoveries), net 548 1,755 9 ,350 8 ,434 Other depreciation and amortization 3,479 7,009 10,265 21,463 Total operating expenses 347,976 355,508 1,046,682 1,051,210 Gain/(loss) on sale of real estate owned 190,084 - 383,204 47,939 Operating income 270,189 76,356 615,851 275,940 Inc ome/(loss) from unconsolidated entities 1,613 14,011 24,580 23,454 Interest expense (48,583) (50,569) (144,799) (146,935) Interest income and other income/(expense), net 8,144 3,714 13,174 13,769 Income/(loss) before income taxes 231,363 43,512 508,806 166,228 Tax (provision)/benefit, net (489) (382) (1,373) (798) Net Income/(loss) 230,874 43,130 507,433 165,430 Net (income)/loss attributable to redeemable noncontrolling interests in the OP and DownREIT Partnership (14,768) (2,709) (32,438) (10,593) Net (income)/loss attributable to noncontrolling interests (12) (12) (35) (35) Net income/(loss) attributable to UDR, Inc. 216,094 40,409 474,960 154,802 Distributions to preferred stockholders - Series E (Convertible) (1,225) (1,211) (3,670) (3,628) Net income/(loss) attributable to common stockholders 214,869$ 39,198$ 471,290$ 151,174$ In come/(loss) per weighted average common share - basic: $0.67 $0.12 $1.46 $0.46 Income/(loss) per weighted average common share - diluted: $0.67 $0.12 $1.45 $0 .46 Common distributions declared per share $0.435 $0.43 $1.305 $1.29 Weighted average number of common shares outstanding - basic 320,634 330,668 323,607 330,692 Weighted average number of common shares outstanding - diluted 324,012 331,241 326,790 331,443 (1 ) See Attachment 14 for definitions and other terms. 2 September 30,September 30, Three Months Ended Attachment 1 Consolidated Statements of Operations (Unaudited) (1) Nine Months Ended Table of Contents
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In thousands, except per share and unit amounts 2026 2025 2026 2025 Net income/(loss) attributable to common stockholders 214,869$ 39,198$ 471,290$ 151,174$ Real estate depreciation and amortization 161,569 165,926 482,957 490,511 Noncontrolling interests 14,780 2,721 32,473 10,628 Real estate depreciation and amortization on unconsolidated joint ventures 15,073 12,021 41,411 38,245 Net (gain)/loss on consolidation (3,181) - (3, 456) (286) Net (gain)/loss on the sale of depreciable real estate owned, net of tax (190,069) - (383, 159) (47, 939) Funds from operations ("FFO") attributable to common stockholders and unitholders, basic 213,041$ 219,866$ 641,516$ 642,333$ Distributions to preferred stockholders - Series E (Convertible) (2) 1,225 1,211 3,670 3,628 FFO attributable to common stockholders and unitholders, diluted 214,266$ 221,077$ 645,186$ 645,961$ FFO per weighted average common share and unit, basic 0.62$ 0.62$ 1.85$ 1.82$ FFO per weighted average common share and unit, diluted 0.62$ 0.62$ 1.85$ 1.81$ Weighted average number of common shares and OP/DownREIT Units outstanding, basic 342,656 353,484 345,912 353,543 Weighted average number of common shares, OP/DownREIT Units, and common stock equivalents outstanding, diluted 346,034 356,873 349,095 357,110 Impact of adjustments to FFO: Legal and other costs 5,512$ 2,683$ 19,113$ 9,846$ Realized and unrealized (gain)/loss on real estate technology investments 9 (3,736) (14,148) (3,305) Severance costs 4,438 7,214 4,970 8,737 Software transition related costs - 3,329 - 9,263 Casualty-related charges/(recoveries) 548 1,755 9,350 8,434 Total impact of adjustments to FFO 10,507$ 11,245$ 19,285$ 32,975$ FFO as Adjusted attributable to common stockholders and unitholders, diluted 224,773$ 232,322$ 664,471$ 678,936$ FFO as Adjusted per weighted average common share and unit, diluted 0.65$ 0.65$ 1.90$ 1.90$ Recurring capital expenditures, inclusive of unconsolidated joint ventures (32,607) (32,238) (81,772) (79,844) AFFO attributable to common stockholders and unitholders, diluted 192,166$ 200,084$ 582,699$ 599,092$ AFFO per weighted average common share and unit, diluted 0.56$ 0.56$ 1.67$ 1.68$ (1) See Attachment 14 for definitions and other terms. Nine Months Ended (2) Series E cumulative convertible preferred shares are dilutive for purposes of calculating FFO per share for the three and nine months ended September 30, 2026 and September 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. Attachment 2 Funds From Operations (Unaudited) (1) Three Months Ended 3 September 30, September 30, Table of Contents
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September 30, December 31, In thousands, except share and per share amounts 2026 2025 ASSETS Real estate owned: Real estate held for investment 16,403,674$ 16,415,000$ Less: accumulated depreciation (7,510,899) (7,374,546) Real estate held for investment, net 8,892,775 9,040,454 Real estate under development (net of accumulated depreciation of $170 and $0) 170,221 72,885 Real estate held for disposition (net of accumulated depreciation of $34,253 and $0) 20,327 - Total real estate owned, net of accumulated depreciation 9,083,323 9,113,339 Cash and cash equivalents 1,184 1,222 Restricted cash 35,778 35,710 Notes receivable, net 90,480 149,979 Investment in and advances to unconsolidated joint ventures, net 659,105 886,492 Operating lease right-of-use assets 184,642 187,624 Other assets 246,704 231,308 Total assets 10,301,216$ 10,605,674$ LIABILITIES AND EQUITY Liabilities: Secured debt 931,510$ 961,180$ Unsecured debt 4,824,801 4,860,189 Operating lease liabilities 180,026 182,963 Real estate taxes payable 67,342 45,640 Accrued interest payable 26,978 51,698 Security deposits and prepaid rent 57,330 61,205 Distributions payable 150,907 151,934 Accounts payable, accrued expenses, and other liabilities 134,557 142,102 Total liabilities 6,373,451 6,456,911 Redeemable noncontrolling interests in the OP and DownREIT Partnership 799,194 859,966 Equity: Preferred stock, no par value; 50,000,000 shares authorized at September 30, 2026 and December 31, 2025: 2,600,678 shares of 8.00% Series E Cumulative Convertible issued and outst anding (2,600,678 shares at December 31, 2025) 43,192 43,192 9,776,269 shares of Series F outstanding (10,105,845 shares at December 31, 2025) 1 1 Common stock, $0.01 par value; 450,000,000 shares authorized at September 30, 2026 and December 31, 2025: 321,267,264 shares issued and outstanding (328,273,044 shares at December 31, 2025) 3,213 3,283 Additional paid-in capital 7,218,648 7,480,594 Distributions in excess of net income (4,140,208) (4,240,268) Accumulated other comprehensive income/(loss), net 3,389 1,660 Total stockholders' equity 3,128,235 3,288,462 Noncontrolling interests 336 335 Total equity 3,128,571 3,288,797 Total liabilities and equity 10,301,216$ 10,605,674$ (1) See Attachment 14 for definitions and other terms. Attachment 3 Consolidated Balance Sheets (Unaudited) (1) 4 Table of Contents
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September 30, December 31, Common Stock and Equivalents 2026 2025 Common shares 321,267,264 328,273,044 Restricted unit and common stock equivalents - 158,633 Operating and DownREIT Partnership units 22,038,469 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 346,121,341 353,778,993 Weighted Average Number of Shares Outstanding 3Q 2026 3Q 2025 Weighted average number of common shares and OP/DownREIT units outstanding - basic 342,656,376 353,483,759 Weighted average number of OP/DownREIT units outstanding (22,022,120) (22,815,748) Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations 320,634,256 330,668,011 Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted 346,033,790 356,872,397 Weighted average number of OP/DownREIT units outstanding (22,022,120) (22,815,748) Weighted average number of Series E cumulative convertible preferred shares outstanding - (2,815,608) Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations 324,011,670 331,241,041 Year-to-Date 2026 Year-to-Date 2025 Weighted average number of common shares and OP/DownREIT units outstanding - basic 345,912,330 353,542,541 Weighted average number of OP/DownREIT units outstanding (22,305,807) (22,850,921) Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations 323,606,523 330,691,620 Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted 349,095,345 357,109,033 Weighted average number of OP/DownREIT units outstanding (22,305,807) (22,850,921) Weighted average number of Series E cumulative convertible preferred shares outstanding - (2,815,608) Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations 326,789,538 331,442,504 (1) See Attachment 14 for definitions and other terms. Attachment 4(A) Selected Financial Information (Unaudited) (1) 5 (2) At September 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
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Weighted Weighted Average Average Years Debt Structure, In thousands Balance % of Total Interest Rate to Maturity Secured Fixed 907,503$ 15.7% 3.46% 3.0 Floating 27,000 0.5% 2.79% 5.5 934,503 16.2% 3.44% 3.1 Unsecured Fixed 3,925,000 (2) 68.0% 3.17% 4.6 Floating 909,558 15.8% 4.24% 0.5 4,834,558 83.8% 3.37% 3.8 Total Debt Fixed 4,832,503 83. 7% 3.22% 4.3 Floating 936,558 16.3% 4.20% 0.6 5,769,061 100.0% 3.38% 3.7 Total Non-Cash Adjustments (3) (12,750) Total per Balance Sheet 5,756,311$ 3.45% 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 26,700$ -$ 700,000$ 726,700$ 12.6% 4.11% 2027 6, 939 300,000 34,558 341,497 5.9% 3.62% 2028 166,526 300,000 - 466,526 8.1% 3.72% 2029 315,811 650,000 - 965,811 16.7% 4.06% 2030 230,597 600,000 - 830,597 14.4% 3.34% 2031 160,930 600,000 - 760,930 13.2% 2.92% 2032 27,000 400,000 - 427,000 7.4% 2.14% 2033 - 650,000 - 650,000 11.3% 1.99% 2034 - 600,000 - 600,000 10.4% 4.04% 2035 - - - - - - Thereafter - - - - - - 934,503 4, 100,000 734,558 5,769,061 100.0% 3.38% Total Non-Cash Adjustments (3) (2,993) (9,757) - ( 12,750) Total per Balance Sheet 931,510$ 4,090,243$ 734, 558$ 5, 756,311$ 3. 45% (1) See Attachment 14 for definitions and other terms. September 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 September 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 $700.0 million of principal outstanding at an interest rate of 4.15%, the equivalent of SOFR plus a spread of 25.0 basis points, on the Company’s unsecured commercial paper program as of September 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 $34.6 million outstanding on our $75.0 million working capital credit facility at September 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) Includes amounts on our $350.0 million unsecured Term Loan that have been swapped to fixed. The amounts swapped to fixed are $175.0 million at a weighted average rate of 4.04% that expires in October 2027. The amounts that have not been swapped to fixed carry an interest rate of SOFR plus 85.0 basis points. The $350.0 million Term Loan has a maturity date of January 2029 plus two one-year extension options. (3) Includes the unamortized balance of fair market value adjustments, premiums/discounts and deferred financing costs. (4) Includes principal amortization, as applicable. Table of Contents
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Quarter Ended Coverage Ratios September 30, 2026 Net income/(loss) 230,874$ Adjustments: Interest expense, including debt extinguishment and other associated costs 48,583 Real estate depreciation and amortization 161,569 Other depreciation and amortization 3,479 Tax provision/(benefit), net 489 Net (gain)/loss on the sale of depreciable real estate owned (190,084) Net (gain)/loss on consolidation (3,181) Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures 21,889 EBITDAre 273,618$ Casualty-related charges/(recoveries), net 548 Legal and other costs 5,512 Realized and unrealized (gain)/loss on real estate technology investments (27) Severance costs 4,438 (Income)/loss from unconsolidated entities (1,613) Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures (21,889) Management fee expense on unconsolidated joint ventures (1,176) Consolidated EBITDAre - adjusted for non-recurring items 259,411$ Annualized consolidated EBITDAre - adjusted for non-recurring items 1,037,644$ Interest expense, including debt extinguishment and other associated costs 48,583 Capitalized interest expense 2,560 Total interest 51,143$ Preferred dividends 1,225$ Total debt 5,756,311$ Cash (1,184) Net debt 5,755,127$ 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 ≤60.0% 30.9% Yes Minimum Fixed Charge Coverage Ratio ≥1.5x 4.7x Yes Maximum Secured Debt Ratio ≤40.0% 8.6% Yes Minimum Unencumbered Pool Leverage Ratio ≥150.0% 373.3% Yes Senior Unsecured Note Covenants (3) Required Actual Compliance Debt as a percentage of Total Assets ≤65.0% 32.3% Yes Consolidated Income Available for Debt Service to Annual Service Charge ≥1.5x 5.5x Yes Secured Debt as a percentage of Total Assets ≤40.0% 5.2% Yes Total Unencumbered Assets to Unsecured Debt ≥150.0% 321.4% Yes Securities Ratings Debt Outlook Commercial Paper Moody's Investors Service Baa1 Stable P-2 S&P Global Ratings BBB+ Stable A-2 Gross % of Number of 3Q 2026 NOI (1) Carrying Value Total Gross Asset Summary Homes ($000s) % of NOI ($000s) Carrying Value Unencumbered assets 46,892 257,568$ 89.9% 14,986,286$ 90.1% Encumbered assets 7,330 29,030 10.1% 1,642,359 9.9% 54,222 286,598$ 100.0% 16,628,645$ 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
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Total Quarter Ended Quarter Ended Quarter Ended Quarter Ended Quarter Ended Dollars in thousands Homes September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Revenues Same-Store Communities 44,765 359,317$ 356,302$ 351,125$ 352,318$ 353,038$ Stabilized, Non-Mature Communities 1,116 7,034 6,854 5,612 4,070 2,698 Acquired Communities 835 2,653 79 - - - Development Communities 51 71 2 - - - Pending Joint Venture Portfolio Communities (2) 7,059 43,328 43,537 43,144 43,456 43, 663 Non-Residential / Other - 8,036 7, 333 7, 148 7, 321 7,475 Total 53,826 420,439$ 414,107$ 407,029$ 407,165$ 406,874$ Expenses Same- Store Communities 115,471$ 112,252$ 116,848$ 110,143$ 112,946$ Stabilized, Non-Mature Communities 2,449 2,419 1,855 1,269 1,007 Acquired Communities 884 50 - - - Development Communities 247 37 - - - Pending Joint Venture Portfolio Communities (2) 14,033 13,394 13,775 13,340 13, 194 Non-Residential / Other 3,506 2,461 2, 982 3, 622 3, 364 Total (3) 136,590$ 130,613$ 135,460$ 128,374$ 130, 511$ Net Operating Income Same- Store Communities 243,846$ 244,050$ 234,277$ 242,175$ 240,092$ Stabilized, Non-Mature Communities 4,585 4,435 3,757 2,801 1,691 Acquired Communities 1,769 29 - - - Development Communities (176) (35) - - - Pending Joint Venture Portfolio Communities (2) 29,295 30,143 29,369 30,116 30, 469 Non-Residential / Other 4,530 4,872 4,166 3,699 4,111 Total 283,849$ 283,494$ 271,569$ 278,791$ 276,363$ Operating Margin Same- Store Communities 67.9% 68.5% 66.7% 68.7% 68.0% Weighted Average Physical Occupancy Same-Store Communities 96.5% 96.7% 96.6% 96.9% 96.7% Stabilized, Non-Mature Communities 96.7% 95.8% 94.5% 94.4% 91.5% Acquired Communities 75.4% 88.0% - - - Development Communities 22.9% - - - - Pending Joint Venture Portfolio Communities (2) 96.7% 96.7% 96.5% 96.5% 96.3% Other (4) 96.8% 96.3% 96.5% 96.9% 96.3% Total 96.2% 96.6% 96.5% 96.8% 96.6% Sold and Held for Disposition Communities (5) Revenues 396 4,142$ 8,826$ 16,292$ 21,660$ 22,420$ Expenses (3) 1,393 2,564 5, 131 5, 899 6,648 Net Operating Income/(Loss) 2,749$ 6,262$ 11,161$ 15,761$ 15,772$ Total 54,222 286,598$ 289,756$ 282,730$ 294,552$ 292,135$ Non-Mature Home Breakout - By Date Estimated Category # of Homes Market Same-Store Quarter (6) Broadridge Stabilized, Non-Mature 478 Philadelphia, PA 1Q27 The Enclave at Potomac Club Stabilized, Non-Mature 406 Metropolitan DC 1Q27 Meetinghouse Stabilized, Non-Mature 232 Portland, OR 3Q27 Heirloom Acquired 286 Portland, OR 3Q27 Junction Acquired 66 Los Angeles, CA 4Q27 North Grove Acquired 483 Other Southern CA 1Q29 3099 Iowa Development 51 Other Southern CA 1Q29 Total 2,002 (1) See Attachment 14 for definitions and other terms. (4) Includes occupancy of Sold and Held for Disposition Communities. 8 Attachment 5 Operating Information (Unaudited) (1) (3) 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. (6) 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 September 30, 2026. The revenues, expenses, and net operating income/(loss) represent both the Held for Disposition and Sold communities during the periods presented. (2) Represents 19 communities totaling 7,059 apartment homes that comprise the joint venture with Apollo which closed on October 30, 2026. These communities are in our Same-Store Communities as of September 30, 2026 for purposes of our segment reporting in accordance with GAAP to be included in our 10-Q for the quarter ended September 30, 2026, but will be excluded in all future periods. This joint venture will be consolidated within the Company’s financial statements. Table of Contents
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% o f 3Q 2026 SS Operating Year-Over-Year Comparison Expenses 3Q 2026 3Q 2025 % Change Personnel 14.5% 16,761$ 16,220$ 3.3% Utilities 14.7% 17,013 16,027 6.2% Repair and maintenance 20.2% 23,361 22,886 2.1% Administrative and marketing 8.1% 9,372 9,214 1.7% Controllable expenses 57.5% 66,507 64,347 3.4% Real estate taxes 39.0% 44,881$ 4 3,988$ 2 .0% Insurance 3.5% 4,083 4,611 -11.5% Same-Store operating expenses 100.0% 115,471$ 112,946$ 2.2% Same-Store Homes 44,765 % of 3Q 2026 SS Operating Sequential Comparison Expenses 3Q 2026 2Q 2026 % Change Personnel 14.5% 16,761$ 16,549$ 1.3% Utilities 14.7% 17,013 15,892 7.1% Repair and maintenance 20.2% 23,361 21,804 7.1% Administrative and marketing 8.1% 9,372 8,825 6.2% Controllable expenses 57.5% 66,507 63,070 5.4% Real estate taxes 39.0% 44,881$ 4 4,869$ 0 .0% Insurance 3.5% 4,083 4,313 -5.3% Same-Store operating expenses 100.0% 115,471$ 112,252$ 2.9% Same-Store Homes 44,765 % of YTD 2026 SS Operating Year-to-Date Comparison Expenses YTD 2026 YTD 2025 % Change Personnel 14.7% 50,174$ 48,492$ 3.5% Utilities 14.7% 50,230 46,921 7.1% Repair and maintenance 19.5% 66,327 64,370 3.0% Administrative and marketing 7.8% 26,496 25,733 3.0% Controllable expenses 56.7% 193,227 185,516 4.2% Real estate taxes 39.6% 134,682$ 1 31,526$ 2 .4% Insurance 3.7% 12,733 13,121 -3.0% Same-Store operating expenses 100.0% 340,642$ 330,163$ 3.2% Same-Store Homes 44,350 (1) See Attachment 14 for definitions and other terms. 9 Attachment 6 Same-Store Operating Expense Information (Dollars in Thousands) (Unaudited) (1)(2) (2) Excludes the 19 communities totaling 7,059 apartment homes that comprise the joint venture with Apollo which closed on October 30, 2026. These communities are in our Same-Store Communities as of September 30, 2026 for purposes of our segment reporting in accordance with GAAP to be included in our 10-Q for the quarter ended September 30, 2026, but will be excluded in all future periods. T his joint venture will be consolidated within the Company’s financial statements. Table of Contents
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Pending Unconsolidated Revenue Per Joint Venture Total Joint Venture Total Occupied Same-Store Non-Mature Portfolio Consolidated Operating Homes Home Homes Homes (2) Homes (3) Homes Homes (4) (incl. JV) (4) (Incl. JV at Share)(5) West Region Orange County, CA 4,201 - 104 4,305 701 5,006 3,282$ San Francisco, CA 3,317 - - 3,317 602 3,919 4,093 Seattle, WA 2,291 - - 2,291 284 2,575 3,005 Los Angeles, CA 1,225 66 - 1,291 340 1,631 3,485 11,034 66 104 11,204 1,927 13,131 Northeast Region Boston, MA 3,753 - 914 4,667 876 5,543 3,365 New York, NY 1,945 - - 1,945 710 2,655 5,607 Philadelphia, PA 1,172 478 - 1,650 290 1,940 2,580 6,870 478 914 8,262 1,876 10,138 Mid-Atlantic Region Metropolitan DC 8,077 406 646 9,129 360 9,489 2,562 Baltimore, MD 1,291 - 430 1,721 - 1,721 2,156 9,368 406 1, 076 10,850 360 11,210 Southwest Region Dallas, TX 7,449 - - 7,449 - 7,449 1,812 Austin, TX 1,630 - 250 1,880 - 1,880 1,715 9,079 - 250 9,329 - 9,329 Southeast Region Tampa, FL 3,131 - 810 3,941 - 3,941 2,219 Orlando, FL 1,604 - 1,689 3,293 200 3,493 1,897 4,735 - 2, 499 7,234 200 7,434 Other Markets (6) 3,679 1,052 2,216 6,947 1,398 8,345 2,111 Totals 44,765 2,002 7,059 53,826 5,761 59,587 2,698$ Communities (7) 135 7 19 161 23 184 Homes Communities Total completed homes 59,587 184 Held for Disposition 396 1 Under Development (8) 634 1 Total Quarter-end homes and communities 60,617 186 (1) See Attachment 14 for definitions and other terms. (7) Represents communities where 100 percent of all development homes have been completed. (8) See Attachment 9 for UDR's developments and ownership interests. 10 Attachment 7 Apartment Home Breakout Portfolio Overview as of Quarter Ended September 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. (4) Represents unconsolidated joint venture operating homes at 100 percent. Excludes unconsolidated joint venture held for disposition communities. See Attachment 10 for UDR's unconsolidated joint venture and partnership ownership interests. (6) Other Markets include Denver (292 homes), Palm Beach (636 Pending JV homes), Inland Empire (1,192 homes), San Diego (163 wholly owned, 264 JV homes), Portland (738 wholly owned, 256 JV homes), Richmond (841 wholly owned, 518 JV homes), Nashville (772 wholly owned, 746 Pending JV homes, 360 JV homes) and Monterey Peninsula (733 wholly owned, 834 Pending JV homes). (5) Represents unconsolidated joint ventures at UDR's ownership interests. Excludes unconsolidated joint venture held for disposition communities. See Attachment 10 for UDR's unconsolidated joint venture and partnership ownership interests. (3) Represents 19 communities totaling 7,059 apartment homes that comprise the joint venture with Apollo which closed on October 30, 2026. These communities are in our Same-Store Communities as of September 30, 2026 for purposes of our segment reporting in accordance with GAAP to be included in our 10-Q for the quarter ended September 30, 2026, but will be excluded in all future periods. This joint venture will be consolidated within the Company’s financial statements. Table of Contents
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% of Same- Revenue per Total Store Portfolio Physical Occupied Revenue per Same-Store Based on Occupancy Home Physical Occupied Homes 3Q 2026 NOI 3Q 2026 3Q 2026 Revenue Expense NOI Occupancy Home West Region Orange County, CA 4,201 12.7% 96.7% 3,297$ 3.0% 1.8% 3.3% 0.1% 2.8% San Francisco, CA 3,317 11.1% 97.1% 3,957 9.0% 5.5% 10.5% -0.5% 9.5% Seattle, WA 2,291 6.0% 96.5% 3,016 2.0% 4.7% 1.0% 0.5% 1.4% Los Angeles, CA 1,225 3.2% 95.8% 3,296 -1.5% 0.6% -2.4% -0.5% -1.0% 11,034 33.0% 96.7% 3,437 4.3% 3.6% 4.6% 0.0% 4.3% Northeast Region Boston, MA 3,753 11.4% 96.2% 3,603 0.2% 3.0% -0.9% -0.4% 0.6% New York, NY 1,945 7.3% 97.6% 5,544 5.1% 3.6% 6.4% -0.2% 5.3% Philadelphia, PA 1,172 2.6% 96.8% 2,688 3.5% -12.1% 11.9% -0.2% 3.7% 6,870 21.3% 96.7% 3,996 2.5% 1.6% 3.0% -0.3% 2.8% Mid-Atlantic Region Metropolitan DC 8,077 16.5% 96.0% 2,595 -0.1% 2.8% -1.6% -0.8% 0.7% Baltimore, MD 1,291 2.1% 96.4% 2,145 3.1% 4.3% 2.3% 0.5% 2.6% 9,368 18.6% 96.1% 2,533 0.2% 3.0% -1.1% -0.7% 0.9% Southwest Region Dallas, TX 7,449 9.8% 96.8% 1,812 0.4% 1.2% -0.1% -0.1% 0.4% Austin, TX 1,630 1.9% 97.1% 1,667 -3.4% -8.3% 0.2% 0.0% -3.3% 9,079 11.7% 96.9% 1,786 -0.3% -0.6% -0.1% 0.0% -0.3% Southeast Region Tampa, FL 3,131 5.8% 96.9% 2,307 -0.9% 0.8% -1.7% 0.7% -1.6% Orlando, FL 1,604 2.5% 96.9% 1,939 -1.0% 4.1% -3.3% 0.1% -1.1% 4,735 8.3% 96.9% 2,182 -0.9% 1.8% -2.2% 0.5% -1.4% Other Markets 3,679 7.1% 95.6% 2,271 0. 3% 5.4% -1.6% -0.4% 0.7% Total/Weighted Avg. 44,765 100.0% 96.5% 2,772$ 1. 8% 2.2% 1.6% -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 September 30, 2026 (Unaudited) (1)(2) (2) Excludes the 19 communities totaling 7,059 apartment homes that comprise the joint venture with Apollo which closed on October 30, 2026. These communities are in our Same- Store Communities as of September 30, 2026 for purposes of our segment reporting in accordance with GAAP to be included in our 10-Q for the quarter ended September 30, 2026, but will be excluded in all future periods. This joint venture will be consolidated within the Company’s financial statements. Table of Contents
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% of Same- Revenue per Total Store Portfolio Physical Occupied Revenue per Same-Store Based on Occupancy Home Physical Occupied Homes 3Q 2026 NOI 3Q 2026 3Q 2026 Revenue Expense NOI Occupancy Home West Region Orange County, CA 4,201 12.7% 96.7% 3,297$ 1.5% 6.1% 0.3% 0.4% 1.0% San Francisco, CA 3,317 11.1% 97.1% 3,957 3.0% 8.0% 1.0% -0.7% 3.7% Seattle, WA 2,291 6.0% 96.5% 3,016 0.3% 6.3% -1.7% -0.7% 1.1% Los Angeles, CA 1,225 3.2% 95.8% 3,296 0.3% 5.4% -2.0% 0.0% 0.2% 11,034 33.0% 96.7% 3,437 1.7% 6.8% -0.1% -0.2% 1.8% Northeast Region Boston, MA 3,753 11.4% 96.2% 3,603 -0.1% -2.0% 0.7% -0.6% 0.6% New York, NY 1,945 7.3% 97.6% 5,544 3.9% 4.5% 3.4% 0.0% 3.8% Philadelphia, PA 1,172 2.6% 96.8% 2,688 0.7% -8.1% 5.0% -0.2% 0.9% 6,870 21.3% 96.7% 3,996 1.6% 0.4% 2.2% -0.4% 1.9% Mid-Atlantic Region Metropolitan DC 8,077 16.5% 96.0% 2,595 -0.3% 4.8% -2.7% -0.6% 0.3% Baltimore, MD 1,291 2.1% 96.4% 2,145 0.6% -3.2% 3.0% -0.5% 1.2% 9,368 18.6% 96.1% 2,533 -0.2% 3.7% -2.1% -0.6% 0.4% Southwest Region Dallas, TX 7,449 9.8% 96.8% 1,812 0.4% 4.7% -2.1% 0.2% 0.1% Austin, TX 1,630 1.9% 97.1% 1,667 0.3% -4.4% 3.8% 0.3% 0.1% 9,079 11.7% 96.9% 1,786 0.4% 3.0% -1.2% 0.3% 0.1% Southeast Region Tampa, FL 3,131 5.8% 96.9% 2,307 -0.2% -6.9% 3.5% 0.3% -0.4% Orlando, FL 1,604 2.5% 96.9% 1,939 -0.6% 4.0% -2.8% 0.2% -0.9% 4,735 8.3% 96.9% 2,182 -0.3% -3.8% 1.5% 0.3% -0.6% Other Markets 3,679 7.1% 95.6% 2,271 0. 1% 4.0% -1.3% 0.3% -0.1% Total/Weighted Avg. 44,765 100.0% 96.5% 2,772$ 0. 8% 2.9% -0.1% -0.1% 1.0% (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 September 30, 2026 (Unaudited) (1)(2) % Increase/(Decrease) over Last Quarter (2) Excludes the 19 communities totaling 7,059 apartment homes that comprise the joint venture with Apollo which closed on October 30, 2026. T hese communities are in our Same- Store Communities as of September 30, 2026 for purposes of our segment reporting in accordance with GAAP to be included in our 10-Q for the quarter ended September 30, 2026, but will be excluded in all future periods. This joint venture will be consolidated within the Company’s financial statements. Table of Contents
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% 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 4,201 12.8% 96.4% 3,265$ 2.3% 3.7% 1.8% -0.6% 2.9% San Francisco, CA 3,317 11.0% 97.5% 3,824 7.8% 7.7% 7.8% 0.1% 7.6% Seattle, WA 2,291 6.1% 96.9% 2,982 1.4% 4.8% 0.2% 0.0% 1.4% Los Angeles, CA 1,225 3.3% 96.0% 3,280 -0.7% 3.4% -2.5% -0.5% -0.1% 11,034 33.2% 96.8% 3,376 3.6% 5.3% 3.0% -0.2% 3.8% Northeast Region Boston, MA 3,753 11.4% 96.4% 3,571 0.8% 4.2% -0.6% -0.7% 1.4% New York, NY 1,945 7.2% 97.9% 5,367 4.4% 2.2% 6.3% 0.0% 4.4% Philadelphia, PA 1,172 2.5% 96.7% 2,655 3.6% 1.8% 4.5% -0.3% 4.0% 6,870 21.1% 96.9% 3,923 2.5% 3.0% 2.2% -0.4% 2.9% Mid-Atlantic Region Metropolitan DC 8,077 17.0% 96.3% 2,583 0.6% 3.7% -0.8% -0.9% 1.5% Baltimore, MD 1,291 2.1% 96.5% 2,121 1.5% 4.9% -0.4% -0.1% 1.5% 9,368 19.1% 96.3% 2,519 0.7% 3.8% -0.8% -0.7% 1.5% Southwest Region Dallas, TX 7,364 10.0% 96.8% 1,781 -0.1% 1.2% -0.9% -0.2% 0.2% Austin, TX 1,630 1.9% 96.8% 1,671 -4.5% -4.9% -4.1% -0.5% -4.0% 8,994 11.9% 96.8% 1,761 -0.9% 0.0% -1.5% -0.3% -0.6% Southeast Region Tampa, FL 2,801 4.9% 96.7% 2,217 -1.8% 0.9% -3.1% 0.0% -1.8% Orlando, FL 1,604 2.6% 96.6% 1,944 -0.9% 1.5% -2.0% -0.2% -0.7% 4,405 7.5% 96.7% 2,118 -1.5% 1.1% -2.8% 0.0% -1.4% Other Markets 3,679 7.2% 95.5% 2,259 0. 4% 4.2% -1.0% -0.6% 1.0% Total/Weighted Avg. 44,350 100.0% 96.6% 2,736$ 1. 6% 3.2% 0.8% -0.4% 2.0% (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 September 30, 2026 (Unaudited) (1)(2) % Increase/(Decrease) over Prior Year (2) Excludes the 19 communities totaling 7,059 apartment homes that comprise the joint venture with Apollo which closed on October 30, 2026. T hese communities are in our Same- Store Communities as of September 30, 2026 for purposes of our segment reporting in accordance with GAAP to be included in our 10-Q for the quarter ended September 30, 2026, but will be excluded in all future periods. This joint venture will be consolidated within the Company’s financial statements. Table of Contents
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Effective Blended Lease Rate Growth Effective New Lease Rate Growth Effective Renewal Lease Rate Growth 3Q 2026 3Q 2026 3Q 2026 3Q 2026 3Q 2025 YTD 2026 YTD 2025 West Region 5.4% 5.7% 5.2% 44.2% 47.0% 38.7% 39.3% Northeast Region 3.4% 1.5% 4.5% 50.2% 53.7% 38.5% 40.9% Mid-Atlantic Region 0.2% -6.6% 4.5% 49.0% 51.1% 36.2% 39.9% Southwest Region -1.8% -7.2% 1.9% 48.3% 55.3% 40.8% 43.5% Southeast Region -1.4% -6.4% 3.0% 56.2% 59.8% 44.7% 48.9% Other Markets -0.5% -5.3% 2.7% 43.9% 48.4% 36.9% 40.0% Total/Weighted Avg. 2.0% -1.2% 4.1% 48.0% 51.7% 39.0% 41.4% (1) See Attachment 14 for definitions and other terms. 14 Attachment 8(D) Annualized Turnover Same-Store Operating Information By Major Market September 30, 2026 (Unaudited) (1)(2) (2) Excludes the 19 communities totaling 7,059 apartment homes that comprise the joint venture with Apollo which closed on October 30, 2026. These communities are in our Same-Store Communities as of September 30, 2026 for purposes of our segment reporting in accordance with GAAP to be included in our 10-Q for the quarter ended September 30, 2026, but will be excluded in all future periods. T his joint venture will be consolidated within the Company’s financial statements. Table of Contents
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Wholly-Owned Sc hedule # 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 51 121,913$ 133,600$ 445$ 1Q25 3Q26 1Q27 16.7% 10.3% 4848 at Alex West Metropolitan DC 385 - 48,478 181,300 471 2Q26 4Q28 2Q29 N/A N/A Total Under Construction 685 51 170,391$ 314,900$ 460$ Total - Wholly Owned 685 51 1 70,391$ 3 14,900$ 4 60$ NOI From Wholly-Owned Projects 3Q 26 Projects Under Construction (176)$ Total (176)$ Land Summary Location Total Land (6 parcels) Various (1) See Attachment 14 for definitions and other terms. Attachment 9 Development and Land Summary September 30, 2026 (Dollars in Thousands) (Unaudited) (1) Percentage 100% 15 UDR Ownership Interest Real Estate Cost Basis 218,338$ Table of Contents
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Unconsolidated Joint Ventures and Partnerships Phy sical Total Rev. per Own. # of # of Occupancy Occ. Home Portfolio Characteristics Interest Comm. Homes 3Q 26 3Q 26 3Q 26 YTD 26 UDR / MetLife 50% 8 2,127 96.1% 4,169$ 7,960$ 27,750$ UDR / LaSalle 51% 10 2, 924 96 .7% 2,377 7, 321 20 ,578 UDR / Carmel Partners 50% 5 71 0 96 .5% 5,957 3, 399 5, 427 Total 23 5,761 96 .5% 3,468$ 18 ,680$ 53 ,755$ 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 1,090,970$ 616,374$ 45,102$ 4.24% 2027-2030 UDR / LaSalle 958,346 406,546 218,164 5.38% 2028-2033 UDR / Carmel Partners 674,812 227,347 140,779 2.86% 2031 Total 2,724,128$ 1,250,267$ 404,045$ 4.36% Debt and Preferred Equity Program (4)(5) Contractual Weighted Avg. Return Years to Investment Classifications # of Commitments Commitment Balance Rate Maturity Communities - Loans (6) 2 74,830$ 84 ,992$ 8. 8% 3.6 Communities - Preferred Equity (7)(8) 6 157,601 16 0,933 10 .2% 2.5 Total Debt and Preferred Equity Program 8 232,431$ 245,925$ 9.8% 2.9 3Q 26 Income/(loss) from investments 12,406$ Income/(Loss) from Investments Other Unconsolidated Investments (9) Commitment Funded Balance 3Q 26 (11) Total Real Estate Technology and Sustainability Investments 169,000$ 140,725$ 162,801$ (2)$ (1) See Attachment 14 for definitions and other terms. (11) Income/(loss) from investments is deducted/added back to FFOA. 16 (3) Joint ventures and partnerships represented at 100%. Debt balances are presented net of deferred financing costs. (10) 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 $32.0 million of cash and stock distributed prior to the period end. UDR Investment (10) (9) Other unconsolidated investments represent UDR’s investments in nine real estate technology and climate technology funds. (4) 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. (5) 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. (8) In July 2026, UDR acquired a 286-home apartment community located in Portland, OR, for an incremental cash outlay of $74.7 million, by repaying the joint venture’s first mortgage loan and liquidating its joint venture interest. As a result, the joint venture became wholly owned, and UDR began consolidating the community. As part of the transaction, UDR settled its $27.5 million preferred equity investment. (6) In September 2026, UDR acquired a 483-home apartment community located in Riverside, CA, for an incremental cash outlay of $160.3 million, by repaying the joint venture’s first mortgage loan and obtaining the developer’s interest through a deed in lieu of foreclosure. As a result, the joint venture became wholly owned, and UDR began consolidating the community. As part of the transaction, UDR settled its $88.7 million mezzanine loan investment. (7) During the quarter, UDR received full repayment of $29.5 million from its preferred equity investment in a community located in Orlando, FL, upon the recapitalization of the joint venture. (2) Excludes the joint venture with Apollo, comprising 19 communities totaling 7,059 apartment homes, which had not closed as of September 30, 2026. The transaction closed on October 30, 2026, and the joint venture will be consolidated within the Company’s financial statements. UDR Investment Attachment 10 Joint Ventures and Debt and Preferred Equity Program Summary September 30, 2026 (Dollars in Thousands) (Unaudited) (1)(2) Net Operating Income UDR's Share Table of Contents
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Dispositions - Wholly-Owned # of Price per Date of Sale Community Market Price (2) Homes Home Mar-26 Steele Creek Denver, CO 137,300$ 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 Jul-26 Carrington Hills Nashville, TN 46,060 360 261 Jul-26 Island Square Seattle, WA 157,000 235 668 Sep-26 Brookridge Nashville, TN 26,000 177 147 632,560$ 2,137 296$ 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 Jul-26 Heirloom Portland, OR 104,300 286 365 Sep-26 North Grove Other Southern CA 250,100 483 518 474,000$ 1,067 444$ 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 (5) UDR Initial Proceeds Proceeds Investment Received at Received Date of Redemption Investment Classification Market Commitment Redemption Life to Date Feb-26 Communities - Preferred Equity Various 102,000$ 104,822$ 132,600$ Feb-26 Communities - Preferred Equity Washington, DC 52,163 34,042 72,515 Aug-26 Communities - Preferred Equity Orlando, FL 16,044 29,461 29,461 170,207$ 168,325$ 234,576$ 17 Attachment 11 Acquisitions, Dispositions, and Debt and Preferred Equity Program Summary (Unaudited) (1) September 30, 2026 (Dollars in Thousands) (1) See Attachment 14 for definitions and other terms. (2) Price represents 100% of the asset, except for Carrington Hills, which was sold to the LaSalle Joint Venture and represents the 49% interest not retained by UDR. UDR’s ownership after the transaction is 51%. Number of homes and price per home represent 100% of each asset. (3) See footnotes 6 and 8 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. (5) See footnote 7 on Attachment 10 for details. Table of Contents
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Three Months Nine Months Ended Cost Ended Cost Capital Expenditures for Consolidated Homes (2) September 30, 2026 per Home September 30, 2026 per Home Average number of homes (3) 53,453 54,106 Total Recurring Cap Ex 30,368$ 568$ 76,967$ 1,423$ NOI Enhancing Cap Ex 22,052 413 55,765 1,031 Total Recurring and NOI Enhancing Cap Ex 52,420$ 981$ 132,732$ 2,453$ Three Months Nine Months Ended Cost Ended Cost Repair and Maintenance for Consolidated Homes (Expensed) September 30, 2026 per Home September 30, 2026 per Home Average number of homes (3) 53,453 54,106 Total Repair and Maintenance 27,805$ 520$ 80,801$ 1,493$ (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 September 30, 2026 (In thousands, except Cost per Home) (Unaudited) (1) Table of Contents
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Full-Year 2026 Guidance Change from Net Income, FFO and FFO as Adjusted per Share and Unit Guidance 4Q 2026 Full-Year 2026 Prior Guidance Prior Midpoint Income/(loss) per weighted average common share, diluted $0.13 to $0.15 $1.58 to $1.60 $1.03 to $1.11 $0.52 FFO per common share and unit, diluted $0.63 to $0.65 $2.48 to $2.50 $2.47 to $2.55 ($0.02) FFO as Adjusted per common share and unit, diluted $0.63 to $0.65 $2.54 to $2.56 $2.49 to $2.57 $0.02 Weighted average number of common shares, OP/DownREIT Units, and common stock equivalents outstanding, diluted (in millions) 340.0 348.5 348.5 - Annualized dividend per share and unit $1.74 $1.74 - Change from Same-Store Guidance (Straight-line basis) (2) Full-Year 2026 Prior Guidance Prior Midpoint Revenue growth / (decline) 1.40% to 1.80% 0.75% to 2.00% 0.225% Expense growth 2.70% to 3.10% 2.75% to 3.75% (0.35%) NOI growth / (decline) 0.80% to 1.20% 0% to 1.25% 0.375% Change from Investment Guidance ($ in millions) Full-Year 2026 Prior Guidance Prior Midpoint Dispositions - Consolidated and Joint Venture (at share) $700 $400 to $750 $125 Apollo Joint Venture Asset Contributions (at share) $1,340 N/A N/A Acquisitions - Consolidated and Joint Venture (at share) $285 to $365 $130 to $300 $110 Capital Expenditures - Recurring, NOI Enhancing, and Redevelopment $235 to $245 $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 $189 $187 to $195 ($3) General and Administrative expense, net of adjustments for FFO as Adjusted $72 to $74 $65 to $75 $3 Attachment 13 September 30, 2026 4Q 2026 and Full-Year 2026 Guidance 19 (Unaudited) (1) (1) See Attachment 14 for definitions and other terms. (2) Excludes the 19 communities totaling 7,059 apartment homes that comprise the joint venture with Apollo which closed on October 30, 2026. These communities are in our Same-Store Communities as of September 30, 2026 for purposes of our segment reporting in accordance with GAAP to be included in our 10-Q for the quarter ended September 30, 2026, but will be excluded in all future periods. This joint venture will be consolidated within the Company’s financial statements. Table of Contents
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Attachment 14(A) Definitions and Reconciliations September 30, 2026 (Unaudited) Management considers EBITDAre a useful metric for investors asit provides an additional indicator of the Company’s ability to incur andservice debt, and enables investors toassess our performance against that of its peerREITs. EBITDAre should be considered along with, but not as an alternative to, net income andcash flow as a measure of the Company’s activitiesin accordance with GAAP. EBITDAredoes not representcash generated from operating activitiesin accordance with GAAP and is not necessarily indicative of funds available to fund ourcash needs. A reconciliation between net income/(loss) andEBITDAre is provided on Attachment4(C) of the Company's quarterly supplemental disclosure. Management considers AFFO a useful supplemental performance metric for investors asit is more indicative of the Company's operational performance thanFFO or FFO as Adjusted. AFFO is not intended to representcash flow or liquidity for the period, andis only intended to provide an additional measure of our operating performance. The Company believes that net income/(loss) attributable to common stockholdersis the most directly comparableGAAP financial measure toAFFO. Management believes thatAFFO is a widely recognized measure of the operations ofREITs, and presenting AFFO enables investors toassess our performance in comparison to otherREITs. However, otherREITs may use different methodologies for calculatingAFFO and, accordingly, ourAFFO may not always be comparable to AFFO calculated by otherREITs. AFFO should not be considered as an alternative to net income/(loss) (determinedin accordance with GAAP) as an indication of financial performance, or as an alternative tocash flow from operating activities (determinedin accordance with GAAP) as a measure of our liquidity, noris itindicative of funds available to fund ourcash 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 Fundsfrom Operations ("AFFO")attributable to common stockholders and unitholders: The Company definesAFFO as FFO as Adjusted attributable to common stockholders and unitholders lessrecurring capital expenditures on consolidated communities and the Company’s proportionate share ofrecurring 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 LeaseRate Growth: The Company defines Effective Blended Lease Rate Growth as the combined proportional growth asa result of EffectiveNew Lease Rate Growth and Effective Renewal Lease Rate Growth. Management considers Effective Blended Lease Rate Growtha useful metric for investors asit 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 ona 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 LeaseRate 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 Growtha useful metric for investors asit assesses market-level, in-place demand trends. 20 Consolidated FixedCharge CoverageRatio - adjusted for non-recurring items: The Company defines ConsolidatedFixed 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 itemsa useful metric for investors asit provides ratings agencies, investors and lenderswith a widely-used measure of the Company’s ability toservice its consolidated debt obligations aswell as compare leverage against that of its peer REITs. A reconciliation of the components that comprise ConsolidatedFixed Charge Coverage Ratio- adjusted for non-recurring itemsis provided on Attachment 4(C) of the Company's quarterly supplemental disclosure. Consolidated InterestCoverage 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 itemsa useful metric for investors asit provides ratings agencies, investors and lenderswith a widely-used measure of the Company’s ability toservice its consolidated debt obligations aswell as compare leverage against that of its peerREITs. 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 ConsolidatedNet Debt-to-EBITDAre - adjusted for non-recurring items as total consolidated debt net ofcash and cash equivalents divided by annualized ConsolidatedEBITDAre - adjusted for non-recurring items. Consolidated EBITDAre - adjusted for non-recurring itemsis defined as EBITDAre excluding the impact of income/(loss) from unconsolidated entities, adjustments to reflect the Company’s share ofEBITDAre of unconsolidated joint ventures and other non-recurring items including, but notlimited to casualty-related charges/(recoveries), net of wholly owned communities. Management considers ConsolidatedNet Debt-to-EBITDAre - adjusted for non-recurring itemsa useful metric for investors asit provides ratings agencies, investors and lenders with a widely-used measure of the Company’s ability toservice its consolidated debt obligations aswell as compare leverage against that of its peerREITs. A reconciliation between net income/(loss) and ConsolidatedEBITDAre - adjusted for non-recurring itemsis provided on Attachment4(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 ofa development or redevelopment project as the date onwhich 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, Depreciationand Amortizationfor Real Estate (EBITDAre): The Company definesEBITDAre as net income/(loss) (computedin 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 ofEBITDAre 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 toEBITDAre reported by otherREITs that do not computeEBITDAre 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
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In thousands 3Q 2026 YTD 2026 Income/(loss) from unconsolidated entities 1,613$ 24,580$ Management fee 1,176 3,335 Interest expense 6,816 19,224 Depreciation 14,353 42,460 General and administrative 105 367 Preferred Equity Program (excludes loans) (3,478) (18,155) Other (income)/expense 119 410 Realized and unrealized (gain)/loss on real estate technology investments 36 (16,131) Net (gain)/loss on consolidation (2,060) (2,335) 18,680$ 53,755$ In thousands 3Q 2026 2Q 2026 1Q 2026 4Q 2025 3Q 2025 Net income/(loss) attributable to UDR, Inc. 216,094$ 69,035$ 189,831$ 222,902$ 40,409$ Property management 13,799 13,745 13,758 13,937 13,952 Other operating expenses 10,039 12,966 9,415 7,947 6,975 Real estate depreciation and amortization 161,569 160,120 161,268 163,610 165,926 Interest expense 48,583 47,640 48,576 49,684 50,569 Casualty-related charges/(recoveries), net 548 3,073 5,729 3,248 1,755 General and administrative 20,559 18,714 19,364 22,948 22,732 Tax provision/(benefit), net 489 429 455 37 382 (Income)/loss from unconsolidated entities (1,613) (3,271) (19,696) (4,934) (14,011) Interest income and other (income)/expense, net (8,144) (2,596) (2,434) (5,406) (3,714) Joint venture management and other fees (3,500) (2,466) (2,528) (4,281) (2,570) Other depreciation and amortization 3,479 3,451 3,335 4,451 7,009 (Gain)/loss on sale of real estate owned (190,084) (35,704) (157,416) (194,974) - Net income/(loss) attributable to noncontrolling interests 14,780 4,620 13,073 15,383 2,721 Total consolidated NOI 286,598$ 289,756$ 282,730$ 294,552$ 292,135$ Attachment 14(B) Definitions and Reconciliations September 30, 2026 (Unaudited) 21 Held For Disposition Communities: The Company definesHeld for Disposition Communities as those communities thatwere 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 asFFO excluding the impact of other non-comparable items including, but notlimited 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 associatedwith those gains andlosses, casualty-related expenses and recoveries, severance costs, software transition related costs and legal and other costs. Management considersFFO a useful metric for investors as the Company usesFFO 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 andcash flow as a measure of the Company's activitiesin accordance with GAAP. FFO does not representcash generated from operating activitiesin 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 thatFFO as Adjustedis useful supplemental information regarding our operating performance asit provides a consistent comparison of our operating performance across time periods and allows investors tomore easily compare our operating resultswith other REITs. FFO as Adjusted is not intended to representcash flow or liquidity for the period, andis only intended to provide an additional measure of our operating performance. The Company believes that net income/(loss) attributable to common stockholdersis the most directly comparableGAAP financial measure toFFO as Adjusted. However, other REITs may use different methodologies for calculatingFFO as Adjusted orsimilar FFO measures and, accordingly, ourFFO as Adjusted may not always be comparable toFFO as Adjusted orsimilar FFO measures calculated by otherREITs. FFO as Adjusted should not be considered as an alternative to net income (determinedin accordance with GAAP) as an indication of financial performance, or as an alternative tocash flow from operating activities (determinedin accordance with GAAP) as a measure of our liquidity.A reconciliation from net income attributable to common stockholders toFFO 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 (computedin accordance with GAAP), excluding impairment write- downs of depreciable real estate related to the main business of the Company or of investmentsin non-consolidated investees thatare 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 associatedwith 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 conformswith the National Association of Real Estate Investment Trust's definition issuedin April 2002 and restatedin November 2018. In the computation of dilutedFFO, if OP Units, DownREIT Units, unvested restrictedstock, unvested LTIP Units, stock options, and the shares of SeriesE 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 definesNOI 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 fromNOI 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 considersNOI a useful metric for investors asit isa more meaningful representation ofa community’s continuing operating performance than net income asit isprior to corporate-level expense allocations, general and administrativecosts, capital structure and depreciation and amortization andis a widely used input, alongwith capitalization rates,in the determination of real estate valuations.A reconciliation from net income/(loss) attributable toUDR, Inc. to NOI is provided below. Table of Contents
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Dollars in thousands Total Homes 3Q 2026 2Q 2026 1Q 2026 4Q 2025 3Q 2025 Revenue Same-Store Communities 44,765 359,317$ 356,302$ 351,125$ 352,318$ 353,038$ Plus: Pending Joint Venture Portfolio Communities 7,059 43,300 43,509 43,116 43,428 43,638 Same-Store including Pending Joint Venture Portfolio 51,824 402,617$ 399,811$ 394,241$ 395,746$ 396,676$ Expenses Same-Store Communities 115,471$ 112,252$ 116,848$ 110,143$ 112,946$ Plus: Pending Joint Venture Portfolio Communities 14,033 13,394 13,775 13,340 13,194 Same-Store including Pending Joint Venture Portfolio 129,504$ 125,646$ 130,623$ 123,483$ 126,140$ NOI Same-Store Communities 243,846$ 244,050$ 234,277$ 242,175$ 240,092$ Plus: Pending Joint Venture Portfolio Communities 29,267 30,115 29,341 30,088 30,444 Same-Store including Pending Joint Venture Portfolio 273,113$ 274,165$ 263,618$ 272,263$ 270,536$ Total Homes Same-Store Communities 44,350 Plus: Pending Joint Venture Portfolio Communities 7,059 Same-Store including Pending Joint Venture Portfolio 51,409 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 perOccupied Home: The Company defines Total Revenue per OccupiedHome as rental and other revenueswith concessions reported ona 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 communitiesStabilized for two full consecutive calendar years. These communities were owned and hadstabilized operating expenses as ofthe beginning ofthe prior year,were not in process of any substantial redevelopmentactivities, and were not heldfor disposition. YTD Same-Store Communities excludes 19 communities totaling 7,059 apartment homes thatwere wholly owned bythe Company as of September 30, 2026, andwere contributed to the joint venturewith Apolloannounced in October 2026(the "Pending Joint VenturePortfolio Communities"). The Pending Joint VenturePortfolio Communities are presented separatelyfor informational purposes. A reconciliation of YTD Same-Store results excluding these communities is provided below: Attachment 14(C) Definitions and Reconciliations September 30, 2026 (Unaudited) Stabilized, Non-Mature Communities: The Company defines Stabilized, Non-Mature Communities as those communities that have reachedStabilization 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 considersNOI Enhancing Capital Expendituresa useful metric for investors asit quantifies the amount of capital expenditures thatare 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 preparedfor redevelopment and properties where a material change in home count has occurred. NOI Enhancing Capital Expenditures ("Cap Ex"): The Company definesNOI Enhancing Capital Expenditures as expenditures that resultin increased income generation or decreased expense growth over time. QTD Same-Store Communities: The Company defines QTD Same-Store Communities as those communitiesStabilized for five full consecutive quarters. These communities were owned and hadstabilized operating expenses as ofthe beginning ofthe quarter in the prior year,were not in process of any substantial redevelopmentactivities, and were not heldfor disposition. QTD Same-Store Communities excludes 19 communities totaling 7,059 apartment homes thatwere wholly owned by the Company as of September 30, 2026, andwere contributed to the joint venture with Apollo announced in October 2026 (the "Pending Joint Venture Portfolio Communities"). The Pending Joint Venture Portfolio Communities are presented separately for informational purposes. A reconciliation of QTD Same-Store results excluding these communities is provided below: Recurring Capital Expenditures: The Company defines Recurring Capital Expenditures as expenditures thatare necessary to help preservethe value of and maintain functionality atits communities. Redevelopment Communities: The Company generally defines Redevelopment Communities as those communities where substantial redevelopmentis inprogress. Based uponthe level of material impactthe redevelopment has onthe community (operations, occupancylevels, 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 asthe accumulation of individual markets whereit 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
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Low High Forecasted net income per diluted share 1.58$ 1.60$ Conversion from GAAP share count (0.10) (0.10) Net gain on the sale of depreciable real estate owned (1.10) (1.10) Depreciation 2.00 2.00 Noncontrolling interests 0.10 0.10 Net (gain)/loss on consolidation (0.01) (0.01) Preferred dividends 0.01 0.01 Forecasted FFO per diluted share and unit 2.48$ 2.50$ Legal and other costs 0.06 0.06 Severance costs 0.01 0.01 Casualty-related charges/(recoveries) 0.03 0.03 Realized/unrealized (gain)/loss on real estate technology investments (0.04) (0.04) Forecasted FFO as Adjusted per diluted share and unit 2.54$ 2.56$ 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 September 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 fourth quarter of 2026 to forecasted FFO and FFO as Adjusted per share and unit: 4Q 2026 Table of Contents
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Forward-Looking Statements 24 Forward-Looking Statements September 30, 2026 (Unaudited) Certain statements made in this supplement 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 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 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. Table of Contents