UDR : Q1 2021 Supplemental Financial Information

Q12021

EARNINGS SUPPLEMENT

UDR, Inc. (NYSE: UDR), has a demonstrated history of successfully managing, buying, selling, developing and redeveloping attractive real estate properties in targeted U.S. markets.

ž S&P 500 Company

ž $19.6 Billion Enterprise Value

ž 21 Markets

ž 168 Communities

ž 52,617 Apartment Homes

Union Place | Franklin, MA

The Canal | Farmers Branch, TX

Electronic Platform

CFO: Joe Fisher - 720.283.6139 | Investor Relations: Trent Trujillo - 720.283.6135

UDR, Inc. | UDR.com

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UDR First Quarter 2021 Earnings Supplement

1Q 2021 Earnings Press Release........................................................................................................................................	Pages 1-7
Company
Financial Highlights
Recent Operating Trends
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 Equivalents, and Market Cap ...............................................................................................................	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
Revenues, Expenses, NOI, Operating Margin, Quarterly Trends Comparison..................................................................	Attachment 5
Same-Store Operating Expense Information .....................................................................................................................	Attachment 6
Portfolio Overview - Apartment Home Breakout ...........................................................................................................	Attachment 7(A)
Portfolio Overview - Non-Mature Home Summary........................................................................................................	Attachment 7(B)
Portfolio Overview - Total Revenue per Occupied Home Summary .............................................................................	Attachment 7(C)
Net Operating Income Breakout by Market...................................................................................................................	Attachment 7(D)
Submarket
Current Quarter vs. Prior Year Quarter Physical Occupancy, and Total Revenue per Occupied Home Information	.....Attachment 8(A)
Current Quarter vs. Prior Year Quarter Revenues, Expenses, and NOI Information.....................................................	Attachment 8(B)
Current Quarter vs. Last Quarter Physical Occupancy, and Total Revenue per Occupied Home Information ..............	Attachment 8(C)
Current Quarter vs. Last Quarter Revenues, Expenses, and NOI Information ..............................................................	Attachment 8(D)
Lease Rate Growth and Turnover Information...............................................................................................................	Attachment 8(E)
Development, Redevelopment, Acquisitions and Dispositions
Development Summary .....................................................................................................................................................	Attachment 9
Redevelopment Summary ...............................................................................................................................................	Attachment 10
Land Summary ................................................................................................................................................................	Attachment 11
Unconsolidated Summary............................................................................................................................................	Attachment 12(A)
Developer Capital Program .........................................................................................................................................	Attachment 12(B)
Acquisitions, Dispositions and Developer Capital Program Investments Summary.........................................................	Attachment 13
Capital Expenditure and Repair & Maintenance
Capital Expenditure and Repair and Maintenance Summary ..........................................................................................	Attachment 14
Company Guidance
2Q 2021 and Full-Year 2021 Guidance ...........................................................................................................................	Attachment 15
Definitions and Reconciliations
Defined Terms and Reconciliations ...............................................................................................................	Attachments 16(A) -16(E)

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Press Release

DENVER, CO - April 27, 2021	Contact: Trent Trujillo
	Phone: [phone]

UDR ANNOUNCES FIRST QUARTER 2021 RESULTS

AND INCREASES CERTAIN FULL-YEAR 2021 GUIDANCE RANGES

UDR, Inc. (the "Company") First Quarter 2021 Highlights:

• Net income per share was $0.01, Funds from Operations ("FFO") per share was $0.32, FFO as Adjusted ("FFOA") per share was $0.47, and Adjusted FFO ("AFFO") per share was $0.44.
• Net income attributable to common stockholders was $2.0 million compared to net income of $4.2 million in the prior year period, primarily due to higher costs associated with debt extinguishment and a decline in Same- Store net operating income ("NOI"), partially offset by gains from the sale of communities during the quarter.
• Year-over-year("YOY") Same-Store results during the first quarter of 2021, with concessions accounted for on cash and straight-line bases, as compared to the first quarter of 2020 were as follows:

	Revenue	Expense	NOI
	Growth /	Growth /	Growth /	% of Same-Store	Physical	YOY Change
Region	(Decline)	(Decline)	(Decline)	Portfolio(1)	Occupancy(2)	in Occupancy
West	(10.6)%	0.3%	(14.1)%	36.4%	95.8%	(1.1)%
Mid-Atlantic	(4.1)%	1.6%	(6.4)%	22.4%	96.6%	(0.4)%
Northeast	(9.7)%	8.5%	(17.9)%	16.8%	95.5%	(1.0)%
Southeast	2.3%	10.5%	(1.2)%	11.7%	97.3%	0.5%
Southwest	(2.0)%	(0.4)%	(3.0)%	7.2%	96.9%	(0.2)%
Other Markets	0.1%	0.0%	0.1%	5.5%	97.2%	1.0%
Total (Cash)	(6.4)%	3.3%	(10.4)%	100.0%	96.4%	(0.4)%
Total (Straight-Line)	(6.7)%	-	(10.8)%	-	-	-

1. Based on Q1 2021 Same-Store NOI. For definitions of terms, please refer to the "Definitions and Reconciliations" section of the Company's related quarterly Supplemental Financial Information.
2. Weighted average Same-Store physical occupancy for the quarter.
3. • The Company continues to implement its Next Generation Operating Platform, which assisted in limiting first quarter 2021 Same-Store controllable expense growth to 0.7 percent sequentially and 2.0 percent YOY.
   • During the quarter, the Company

1. Entered intoforward sale agreements for approximately 9.3 million shares of common stockat a weighted average initial forward price per share of $43.60 for estimated future proceeds of approximately $404.6 million, subject to adjustment as described later in this release. No shares under the forward sale agreements have been settled.

1. Issued $300.0 million of unsecured debt at an effective interest rate of 2.14 percentthat matures in

June 2033 and repaid $300.0 million of higher cost, 4.00 percent debt originally due in 2025.

1. Acquired one multifamily community in suburban Boston (Franklin), MA, for $77.4 million.

1. Through its Developer Capital Program, committed to invest $50.1 million into two multifamily developments, one each in Herndon, VA, and Allen, TX. Each investment yields 9.0 percent on the Company's capital outstanding and includes profit participation upon a liquidity event.

• 1. Sold one wholly owned community in Orange County (Anaheim), CA, and one joint venture community in Los Angeles, CA, for total net proceeds of $187.0 million at the Company's ownership share.
• Subsequent to quarter-end, the Company:
• 1. Acquired one community in suburban Dallas (Farmers Branch), TX, for $110.0 million and is under contract to acquire another community in suburban Dallas (Frisco), TX, for $167.0 million, which the Company expects to close during the second quarter of 2021, subject to customary closing conditions.

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