Columbus Square | New York, NY

INVESTOR

PRESENTATION

SEPTEMBER 2023

TABLE OF CONTENTS

3 Recent Updates

5 UDR at a Glance

7 UDR Value Proposition

8 Innovation and Competitive Advantages

10 Accretive Capital Allocation and Value Creation

13 Market and Resident Attributes

15 Strong, Liquid, Flexible Balance Sheet

16 ESG and Sustainability Leadership

18 The Case for Apartment REITs

21 Chelsea | New York, NY

2

RECENT UPDATES

Apartment fundamentals remain healthy and UDR's innovation set us up well for continued strong relative

relative competitive advantages in operations, capital allocation, and same-store and earnings growth.

3Q 2023 To-Date(1)

Strategy: Maximizing revenue with a current bias towards building occupancy.

Same-StoreRevenue Growth: ~5% YOY, supported by ~2% sequential SSREV growth.

Occupancy: Currently 96.8%, up from 96.5% in June.

Blended Lease Rate Growth: ~2% QTD, supporting occupancy acceleration.

Bad Debt: In-the-month collections continue to improve sequentially.

Resident Turnover: Lower on a year-over-year basis for 4th consecutive month in August.

FFOA/share: Trending to $0.63, consistent with guidance midpoint.

Share Repurchases: ~$25.0 million through August at a weighted average price of $40.11 per share.

FY 2023 and Long-Term

Leading Results and Outlook(2)

Sector-Best

FY23 Same-StoreGrowth Guidance: 2nd highest REV (6.75%) and NOI

Innovation: 50bps avg. annual incremental SSNOI growth from initiatives

(7.50%) growth; 3rd lowest EXP growth (4.75%) among peer group

2Q23 Results: 3rd highest YOY SSREV, SSNOI, and FFOA/sh growth

Operations: ~300bps controllable operating margin advantage vs. peer avg.

Long-Term: Above peer avg. FFOA/sh growth in 7 of last 10 years

Liquidity Profile: 5% of debt (vs. 23% peer avg.) maturing over next 3 years(3)

  1. As of August 31, 2023.

(2)

Metrics as of June 30, 2023; 2023 expectations based on guidance ranges for UDR and peers. Peer group includes AIRC, AVB, CPT, EQR, ESS, and MAA.

3

(3)

Data as of June 30, 2023. Amount for UDR excludes commercial paper balance, working capital facility balance, and principal amortization.

Source: Company and peer documents.

RECENT UPDATES - RESIDENT AND MARKET TRENDS(1)

Demand indicators continue to show strength as consumer financial health remains resilient and relative affordability continues to favor multifamily renting.

Steady Rent-to-Income Ratio ("R/I")

Relative Affordability

Growing UDR household income supports strong rent growth

~55% less expensive to rent than

while keeping median resident R/I ratio in the low/mid-20% range

own across UDR markets

R/I Ratio (lhs)

Long-Term Avg. R/I Ratio (lhs)

TTM Avg. Income, $000s (rhs)

-20%

30%

$165

-30%

25% increase in average UDR

25%

household income vs. pre-COVID

$155

-40%

$145

-50%

20%

Only 6% of 2Q 2023 moveouts

$135

-60%

were to buy a single-family home,

~50% lower than average.

15%

$125

-70%

Jun-17Jun-18Jun-19Jun-20Jun-21Jun-22

Jun-23

Jun-03

Jun-07

Jun-11

Jun-15

Jun-19

Jun-23

Coastal Outperformance

Improving Occupancy(2)

Market rent growth and loss-to-lease(2) support

Occupancy has increased from 96.6% on average

continued East Coast leadership

in 2Q 2023 to our highest levels of the year

4%

YTD Market Rent Growth

Loss-to-Lease

96.9%

2%

96.6%

0%

-2%

96.3%

Total

East Coast

West Coast

Sunbelt

Aug-22

Oct-22

Dec-22Feb-23Apr-23

Jun-23

Aug-23

(1) Metrics as of June 30, 2023, unless otherwise noted.

4

(2) Market rent growth, loss-to-lease, and occupancy statistics are as of August 31, 2023.

Source: Company documents.

UDR AT A GLANCE(1)(2)

UDR is a full-cycleinvestment that consistently generates strong total shareholder return ("TSR") through innovation, best-in- class operations, and disciplined capital allocation.

51 Year

S&P 500

~60,000

4.2%

Full-Cycle

Continuous

Multifamily

Apartment 21 Markets $20.0B EV

Dividend

History

Investment

Innovation

REIT

Homes

Yield

Outsized Same-Store NOI Growth(3)

5-Year

3.8%

4.1%

10-Year

4.0%

4.6%

15-Year

3.5%

4.0%

20-Year

3.6%

4.1%

2.0%

3.0%

4.0%

Peer Median CAGR

UDR CAGR

Robust Relative TSR

5-Year

4.6%

6.2%

10-Year

6.4%

9.0%

15-Year

6.8%

9.1%

20-Year

8.6%

9.6%

5.0%

2.0%

4.0%

6.0%

8.0%

10.0%

NAREIT Equity Index CAGR

UDR CAGR

Sustainable Dividends That Grow Over Time

$2.00

$1.60

$1.20

$0.80

$0.40

203 Consecutive Dividends Paid

$1.68

6.7% CAGR since 2010

$0.72

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

  1. As of June 30, 2023, except otherwise noted.

(2)

Enterprise Value and Dividend Yield as of August 31, 2023. Dividend Yield is based on UDR's 2023 annualized dividend of $1.68 per share.

5

(3)

Peer group includes AIRC (AIV prior to 2021), AVB, CPT, EQR, ESS and MAA; 2Q 2020 through 2Q 2023 UDR same-store NOI results have been adjusted where appropriate to reflect concessions on a straightline basis for peer comparability.

Source: Company and peer documents, Nareit.

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Disclaimer

UDR Inc. published this content on 11 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 September 2023 12:08:07 UTC.