UDR : September 2021 Investor Presentation

Opening doors to the future®	INVESTOR PRESENTATION
		SEPTEMBER 2021
		The Smith | King of Prussia, PA

Platform | Smart Homes for Smart Residents		Canterbury Apartments | Germantown, MD

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

• S&P 500 Company
• ~$23.1 Billion Enterprise Value as of August 30, 2021
• 2021 Annualized Dividend of $1.45; ~2.7% yield as of August 30, 2021

Chief Financial Officer: Joe Fisher | 720.283.6139

Investor Relations: Trent Trujillo | 720.283.6135

UDR, Inc. |UDR.com

TABLE OF CONTENTS	2

KEY MESSAGES AND UPDATES	PAGE
UDR At a Glance	3
2021 Guidance	4
Recent Updates	5-6
REASONS TO INVEST IN UDR
UDR Value Proposition	7-10
Operating Excellence	11-12
Accretive Capital Allocation	13-15
Diversified Portfolio Composition	16
Market/Resident Attributes	17-18
Strong, Liquid Balance Sheet	19
Innovative Culture and ESG Leadership	20-21
Regulatory Knowledge	22
APPENDIX
The Case for Apartment REITs	24
Apartment Demographics and Fundamentals	25

Brio | Bellevue, WA

UDR AT A GLANCE(1)	3

UDR is a multifamily REIT that owns, operates, develops and redevelops a diversified portfolio of apartment homes across top-tier U.S. markets. Founded in 1972, UDR is an S&P 500 company that consistently generates strong total shareholder return ("TSR") through innovation, best-in-classoperations and flexible capital allocation across a wide range of opportunities. UDR's strategy starts with diversification, which creates opportunity. Coupling a diversified portfolio across markets, price points, and product types with our best-in-class operations delivers a full-cycleinvestment that generates both growth and stability.

UDR is a $23.1 billion(2) company with a highly diverse portfolio spread	Best-in-class, innovative operations have powered outsized
across 21 coastal and sunbelt markets.		historical Same-Store NOI growth.
> 5.0% of Total NOI	2.5%-5.0% Total NOI	< 2.5% Total NOI	SAME-STORE NOI GROWTH CAGR (1999-2Q 2021)

Seattle

190

UDR

Peer Median

182

Portland

Boston

164

140

Philadelphia

New York

San Francisco Bay Area

Metro Washington, D.C.

Baltimore

90

Richmond

Monterey Peninsula

Denver

1999

2003

2007

2011

2015

2019

Los Angeles

Nashville

Other CA:

UDR's strong value proposition has driven robust relative

Inland Empire/San Diego

TSR and consistent return of capital over time.

Orange County

Dallas

Austin

Orlando

TSR CAGR

Tampa

UDR

NAREIT Apt. Index

Other FL:

13%

12.5%

West Palm Beach

11.8%

12%

11.4%

11.6%

Our 54,667 apartment homes are well diversified by price point(3) and location

11%

10.4%

10.4%

within markets, and are occupied by households earning, on average, 150% of

their respective MSA's median income.

10%

A-Quality

B-Quality

Urban

Suburban

9%

5-Year

10-Year

20-Year

54%	46%	35%	65%	195 Consecutive Quarters	Dividend Yield(2):
				Paying a Dividend	2.7%

1. As of June 30, 2021, except otherwise noted.
2. Enterprise Value and Dividend Yield as of August 30, 2021.
3. Quality and location charts are based on NOI. A-Quality is 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.

2021 GUIDANCE(1)	4

As previously reported with 2Q 2021 results, we have raised full-year 2021 earnings and same-store growth guidance expectations three times this year due to continued strength in operating fundamentals and accretive external growth.

EARNINGS PER SHARE GUIDANCE	FY 2021
Net Income/(loss) per wtd. avg. common share, diluted	$0.12 to $0.16
FFO per common share and unit, diluted	$1.85 to $1.89
FFOA per common share and unit, diluted	$1.97 to $2.01
AFFO per common share and unit, diluted	$1.79 to $1.83
Annualized Dividend per common share and unit	$1.45

SAME-STORE GUIDANCE	FY 2021
Revenue growth / (decline) (Cash basis)	(0.25)% to 0.75%
Revenue growth / (decline) (Straight-line basis)	(2.25)% to (1.25)%
Expense growth	1.00% to 3.00%
NOI growth / (decline) (Cash basis)	(1.00)% to 0.50%
NOI growth / (decline) (Straight-line basis)	(3.50)% to (2.00)%

3Q 2021 Considerations:

• We expect to attain the high-end of our previously provided FFOA per share guidance range of $0.49-$0.51.
• Blended effective lease rate growth has accelerated to +5.9% in July and +9.0% in August, driven by ongoing strong new and renewal lease rate growth portfolio-wide. We forecast mid-to-high single digit blended effective lease rate growth for the duration of 2021.
• Closed 3 previously disclosed acquisitions totaling ~$410 million.
• 3 communities (in Orlando, Baltimore, and Philadelphia) planned for acquisition at an aggregate purchase price of ~$305 million.

1. As of July 28, 2021.

Source: Company and peer documents.

RECENT UPDATES	5

UDR's preliminary August and QTD operating results continued to improve. Strong demand, increased pricing power, and the near- elimination of concessions have led to an all-timehigh in physical occupancy with mid-to-high-singledigit blended lease rate growth.

SAME-STORE DEMAND TRENDS(1)(2)

			Leasing Traffic 2020/21		Leasing Traffic 2019/20	Concessions 2020/21
LeasingTraffic	1,600				4.0	ConcessionsAverage Granted	weeks)(inon New Leases
400				0.0
	1,200				3.0
							2.0
	800				1.0
				Sep Oct Nov Dec Jan	Feb Mar Apr May Jun	Jul Aug
		SAME-STORE WEIGHTED AVERAGE PHYSICAL OCCUPANCY(1)
98.0%						97.7%
97.5%
97.0%
96.5%
96.0%
95.5%
95.0%
	Aug-20Oct-20Dec-20	Feb-21Apr-21	Jun-21Aug-21

Demand:

• YTD 2021 leasing traffic has been ~40% higher year-over-year.
• Only 7% of UDR properties are offering concessions.
• Positive in-migration in urban areas that were hardest hit by the pandemic.
• Self-guidedtouring via our Next Generation Operating Platform allowed more tours booked and more homes shown.
• ~97% of tours YTD have been self-guided or touchless.

Occupancy:

• Rising levels of demand and lower turnover continue to result in strong occupancy trends.
• Weighted average August 2021 physical occupancy of 97.7% is an all-timehigh for the Company.

SAME-STORE YOY EFFECTIVE BLENDED LEASE RATE GROWTH(1)(3)

12%

9.0%

8%

4%

0% -4%

-8%

Jan-21Feb-21Mar-21Apr-21May-21Jun-21Jul-21Aug-21

Blended Effective Lease Rate Growth:

• Pricing power has accelerated with blended effective lease rate growth of +5.9% in July and +9.0% in August.
• All 21 UDR markets had positive YOY effective rent growth during August 2021.
• Effective rental rates are above pre-COVIDlevels in 20 of 21 markets (~92% of NOI) as of August 2021.
• Loss-to-leasein the mid-teenssupports future pricing power.

1. Metrics shown here are for the Company's same-store portfolio and are as of August 30, 2021, unless otherwise indicated.
2. The Company defines Leasing Traffic as average daily leads to lease a home for the period indicated.
3. 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 and peer documents.