UDR : June 2022 Investor Presentation

TABLE OF CONTENTS	2

KEY MESSAGES AND UPDATES	PAGE
UDR at a Glance	3
Recent Updates	4-5
REASONS TO INVEST IN UDR
UDR Value Proposition	6
Operating Competitive Advantages	7
Operating Platform and Innovation	8-9
Accretive Capital Allocation	10-12
Diversified Portfolio Composition	13
Market/Resident Attributes	14-15
Strong, Liquid Balance Sheet	16
ESG and Sustainability Leadership	17-18
APPENDIX
The Case for Apartment REITs	20
Apartment Demographics and Fundamentals	21-22

Bradlee Danvers | Boston, MA

UDR AT A GLANCE(1)			3
Established in	S&P 500	$22.4B EV		Full-Cycle Investment
1972	Multifamily REIT
		Better Relative TSR
~57K Homes	21 Markets	3.2% Div. Yield	Diversification Innovation	Lower Risk

	DIVERSIFIED PORTFOLIO
By Market Mix	By Price Point	By Location
Within Market

Northeast/Mid-Atlantic:

39% of NOI

Sunbelt:

West Coast:

24% of NOI

37% of NOI

A-Quality

B-Quality

Urban

Suburban

55%	67%
45%	33%

CONTINUOUS INNOVATION

Outsized Same-				Robust Relative TSR /
Store Growth				Consistent Return of Capital
				SAME-STORE NOI GROWTH CAGR
5-Year								2.5%				2.7%
10-Year
																									4.5%		4.9%
20-Year
							2.6%				3.3%
1.0%			2.0%		3.0%							4.0%					5.0%
										Peer Median			UDR
											TSR CAGR
5-Year																								12.9%						13.2%
10-Year
			11.0%			11.7%
20-Year
									11.8%						11.9%
10.0%	10.5%	11.0%	11.5%	12.0%	12.5%		13.0%	13.5%
								NAREIT Apt. Index						UDR

1. As of March 31, 2022, except otherwise noted.
2. Enterprise Value and Dividend Yield as of June 1, 2022. Dividend Yield is based on UDR's 2022 annualized dividend of $1.52 pe r share.
3. A-Qualityis defined as having average community rent >120% of the market average rent. B-Quality is defined as having average community rent greater than or equal to 80% but less than 120% of the market average rent. Source: Company and peer documents, Nareit.

RECENT UPDATES											4
OPERATING TRENDS REMAIN STRONG:
Accelerating Blended Lease Rate Growth Throughout 2Q22	Market Rent Growth Remains Above Historical Norms
	SAME-STORE YOY EFFECTIVE BLENDED LEASE RATE GROWTH(1)(2)	YEAR-TO-DATE CUMULATIVE MARKET RENT GROWTH COMPARISON(1)
20%			May 2022: +~18%	18.2%	5%			2022 YTD			Pre-COVID(10-Year Average)
16%			June 2022: High-Teens Expectation									4.5%
12%						4%								3.6%
8%
					3%
4%						2%
0%
					1%
(4)%
(8)%		Jan Feb Mar Apr May Jun Jul	Aug Sept Oct Nov Dec Jan Feb Mar Apr May	0%
	Jan 1		Feb 1	Mar 1	Apr 1	May 1	Jun 1
		2021		2022

• Full-Yeareffective blended lease rate growth trending toward high end of previously provided +9% to +11% range
• 2022 operating margin forecast to expand by ~155bps YOY at cash Same-Storerevenue and NOI guidance midpoints
• Apartments 50% less expensive to rent than own vs. ~35% pre-COVID average → Continued Pricing Power

• Potential for Strong		Elevated Market Rent Growth	Strong Potential 2023 Earn-In		Loss-to-Lease Recapture
multi-year Same-			•	Stable supply growth		• 3% to 4% expectation depends	•	Current LTL = ~10%
Store Revenue			•	Strong housing demand	on 2H22 blended lease growth	•	Capture throughout
		•	Good relative affordability	• Upside if blends outperform			2H22 and 2023
Growth due to:
					expectations		•	Grows with market rents
INNOVATION AND CAPITAL ALLOCATION CONTINUE TO DRIVE VALUE CREATION/EARNINGS ACCRETION:
							INNOVATION
	•	~$20M in NOI Upside	•	~$20M in NOI Upside by	•	~$140M NOI All-In Long-
		Realized from NextGen		YE 2024 from Identified		Term Upside Opportunity
		Platform			New Initiatives		from "Big Picture" Ideas

1. Metrics shown here are for the Company's same-store portfolio and are as of June 1, 2022, unless otherwise indicated.
2. The Company defines Effective Blended Lease Rate Growth as the combined proportional growth as a result of Effective New Lease Rate Growth and Effective Renewal Lease Rate Growth. Definitions can be found in the Definitions and Reconciliations addendum. Source: Company documents.

	RECENT UPDATES						5
	JUNE CAPITAL DEPLOYMENT AND CAPITAL ALLOCATION VALUE CREATED OVER TIME:
	Community Acquisition		Land Acquisition			Land Acquisition

• • Homes: 433
  • Location: Suburban Boston
  • Price: $208M
  • Yr. 1 Yield: low/mid-4%
• $2.9B of 2019-2021 acquisitions: clear path to >6% Weighted Average Stabilized Yield

		•	Potential Homes: 665	•	Potential Homes: 300
		•	Location: Dallas, TX	•	Location: Riverside, CA
		•	Price: $90M	•	Price: $29M
6.75%
	2019 AND 2020 ACQUISITIONS
6.25%						+70bps: ~6.55%

5.75%
			1.10%		5.85%
5.25%
4.75%
	4.75%
4.25%
	Initial Wtd. Avg. Yield	Innovation, Platform, Ops,	Current Wtd. Avg. Yield	Current Loss-to-Lease
			Market Selection, Redev

• Developments in lease-up are expected to benefit future earnings by approximately $0.05/share based on a 6.5% weighted average stabilized yield

Well-Positioned Balance Sheet(1)		Strong Liquidity and Less Interest Rate Risk

• ~$1.7B in available liquidity
• Sector-best2.8% weighted average interest rate
• <7% of debt is floating rate
• Only 12% of consolidated debt maturing through 2026
• • Lowest among peers
  • 21% lower than peer median

WELL-LADDERED FORWARD DEBT MATURITY SCHEDULE ($M)

$1,500

$1,000

$500

$0

2022	2023	2024	2025	2026	2027	2028	2029	2030	2031	After
Unsecured Debt			Secured Debt			Line of Credit/Working Capital

1. Balance sheet metrics for UDR and peers are as reported as of March 31, 2022. Source: Company documents.