UDR (UDR) Economic Moat Analysis38

Preuves

Business Overview We are a self-administered real estate investment trust, or REIT, that owns, operates, acquires, renovates, develops, redevelops, disposes of, and manages multifamily apartment communities in targeted markets located in the United States.

Business overview; multifamily apartment operating scope; Form 10-Q filed July 28, 2026 · Dépôt 28/07/2026

At June 30, 2026, our consolidated real estate portfolio included 162 communities in 12 states plus the District of Columbia totaling 54,173 apartment homes.

Business overview; consolidated portfolio at June 30, 2026 · Dépôt 28/07/2026

In addition, we have an ownership interest in 8,720 completed or to-be-completed apartment homes through unconsolidated joint ventures or partnerships, including 3,319 apartment homes owned by entities in which we hold preferred equity investments.

Business overview; unconsolidated and preferred-equity apartment exposure at June 30, 2026 · Dépôt 28/07/2026

UDR has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, which we refer to in this Report as the “Code.”

Business; UDR parent REIT tax election; 2025 Form 10-K filed February 17, 2026 · Dépôt 17/02/2026

We believe our competitive advantages include: ● a fully integrated organization with property management, development, redevelopment, acquisition, marketing, sales and financing expertise; ● scalable operating and support systems, which include automated systems to meet the changing needs of our residents and to effectively focus on our internet-based marketing efforts; ● access to diversified sources of capital; ● geographic diversification with a presence in 21 markets across the country; and ● significant presence in many of our major markets that allows us to be a local operating expert.

Business; issuer-asserted competitive advantages; 2025 Form 10-K · Dépôt 17/02/2026

These competitors include insurance companies, pension and investment funds, public and private real estate companies, investment companies and other public and private apartment REITs, some of which may have greater resources, or lower capital costs, than we do.

Competition; competitor resources and capital costs; 2025 Form 10-K · Dépôt 17/02/2026

In 2025, our resident turnover rate was 38.5%, the lowest in our operating history.

2026 proxy; achieved resident turnover for 2025; filed April 2, 2026 · Dépôt 02/04/2026

Since the beginning of 2023, UDR has improved resident turnover by 820 basis points, which is twice as much as the apartment REIT peer average.

2026 proxy; issuer-reported turnover improvement since early 2023 and peer comparison · Dépôt 02/04/2026

“Second quarter Same-Store revenue, expense, and NOI growth exceeded our expectations, driven by blended lease rate growth above the high-end of our previously provided guidance range of 1.5 percent to 2.0 percent, occupancy remaining in the mid-96 percent range with annualized resident retention achieving a seasonally adjusted all-time high of 60 percent, and mid-single-digit year-over-year innovation income growth,” said Mike Lacy, UDR’s Chief Operating Officer.

Second-quarter 2026 earnings release; COO statement on leasing and seasonally adjusted annualized retention; filed July 27, 2026 · Dépôt 27/07/2026

The increase in property rental income was primarily driven by a 0.7%, or $5.0 million, increase in rental rates, a 5.5%, or $5.2 million, increase in reimbursement and other income and a $2.4 million decrease in bad debt expense primarily due to a reduction in delinquent homes resulting in higher collections, partially offset by a 14.9%, or $3.1 million, increase in vacancy loss.

Six-month 2026 operating discussion; rental rates, reimbursements, collections and vacancy effects · Dépôt 28/07/2026

Weighted average physical occupancy decreased by 0.5% to 96.6% and total monthly income per occupied home increased by 1.8% to $2,623.

Six-month 2026 operating discussion; physical occupancy and monthly income per occupied home · Dépôt 28/07/2026

The operating margin (property net operating income divided by property rental income) was 67.8% and 68.5% for the six months ended June 30, 2026 and 2025, respectively.

Operating discussion; property NOI margin for six months ended June 30, 2026 and 2025 · Dépôt 28/07/2026

The operating margin (property net operating income divided by property rental income) was 68.6% and 68.6% for the years ended December 31, 2025 and 2024, respectively.

Operating discussion; annual property NOI margins for 2025 and 2024 · Dépôt 17/02/2026

Our apartment home leases are generally renewable at the end of the lease term, subject to potential changes in rental rates, and our retail and commercial space leases generally have renewal options, subject to associated increases in rental rates due to market based or fixed price renewal options and certain other conditions.

Lease disclosure; apartment renewal and potential rental-rate changes; Form 10-Q filed April 30, 2026 · Dépôt 30/04/2026

Factors that have in the past and may in the future affect our occupancy levels, our rental revenues, and/or the value of our properties include the following, among others: ● downturns in global, national, regional and local economic conditions, particularly increases in unemployment, including as a result of tariffs currently in effect, including Section 122 tariffs, and any future tariffs that may be imposed, geopolitical tensions, government shutdowns or otherwise; ● declines in mortgage interest rates, making alternative housing options more affordable; ● government or builder incentives with respect to home ownership, making alternative housing options more attractive; ● local real estate market conditions, including oversupply of, or reduced demand for, apartment homes; ● declines in the financial condition of our tenants, which may make it more difficult for us to collect rents from some tenants; ● changes in market rental rates; ● our ability to renew leases or re-lease space on favorable terms; ● the timing and costs associated with property improvements, repairs or renovations; ● changes in household formation; and ● rent control or stabilization laws, or other laws regulating or impacting rental housing, which could prevent us from raising rents to offset increases in operating costs or otherwise impact us.

Risk factors; housing demand, supply, renewal and rent-regulation exposures; June 2026 Form 10-Q · Dépôt 28/07/2026

We also do not generally pass through increases in income, service or other taxes to tenants under leases.

Lease risk disclosure; general absence of tax-increase pass-through; 2025 Form 10-K · Dépôt 17/02/2026

Including these communities, Weighted Average Physical Occupancy and Effective Blended Lease Rate Growth would be 96.6% and 1.7% for 3Q 2026 and 96.6% and 1.8% for YTD 2026 through 3Q 2026.

Preliminary operating update; occupancy and effective blended lease growth including 19 proposed Apollo venture communities; filed October 21, 2026 · Dépôt 21/10/2026

Including these communities, SS Revenue, Expense, and NOI would be 1.5%, 2.7%, and 1.0% for 3Q 2026, 1.4%, 3.2%, and 0.5% for YTD 2026 through 3Q 2026, and 1.45%, 2.9%, and 0.75% for Full-Year 2026 Midpoint.

Preliminary same-store growth; inclusion of proposed Apollo venture communities and separate forecast midpoint; filed October 21, 2026 · Dépôt 21/10/2026

The Company has not yet finalized its results for the quarter ended September 30, 2026; therefore, this information is subject to adjustments that could be material as the Company finalizes its results and completes its review procedures.

Preliminary results qualification; September 2026 results remain subject to potentially material adjustments · Dépôt 21/10/2026

31.6% (2) ​ ​ Yes Minimum Fixed Charge Coverage Ratio ​ ​ ​ ​ ​ ​ ≥1.5x ​ ​ 4.7x ​ ​ Yes Maximum Secured Debt Ratio ​ ​ ​ ​ ​ ​ ≤40.0% ​ ​ 8.7% ​ ​ Yes Minimum Unencumbered Pool Leverage Ratio ​ ​ ​ ​ ​ ​ ≥150.0% ​ ​ 363.5% ​ ​ Yes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Senior Unsecured Note Covenants (3) ​ ​ ​ ​ ​ ​ Required ​ ​ Actual ​ ​ Compliance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt as a percentage of Total Assets ​ ​ ​ ​ ​ ​ ≤65.0% ​ ​ 32.7% (3) ​ ​ Yes Consolidated Income Available for Debt Service to Annual Service Charge ≥1.5x ​ ​ 5.6x ​ ​ Yes Secured Debt as a percentage of Total Assets ​ ​ ​ ​ ​ ​ ≤40.0% ​ ​ 5.2% ​ ​ Yes Total Unencumbered Assets to Unsecured Debt ​ ​ ​ ​ ​ ​ ≥150.0% ​ ​ 315.2% ​ ​ 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 ​ 2Q 2026 NOI (1) ​ ​ ​ ​ Carrying Value ​ ​ Total Gross Asset Summary ​ Homes ​ ($000s) ​ % of NOI ​ ​ ($000s) ​ ​ Carrying Value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unencumbered assets ​ 46,843 ​ $ 260,311 ​ 89.8% ​ $ 14,760,202 ​ ​ 90.0% Encumbered assets ​ 7,330 ​ ​ 29,445 ​ 10.2% ​ ​ 1,635,683 ​ ​ 10.0% ​ ​ 54,173 ​ $ 289,756 ​ 100.0% ​ $ 16,395,885 ​ ​ 100.0% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

June 30, 2026 supplemental debt covenants, ratings and unencumbered asset summary; filed July 27, 2026 · Dépôt 27/07/2026

​ Quarter Ended June 30 Balance Sheet Metric 2Q 2026 2Q 2025 Change Weighted Average Interest Rate 3.4% 3.4% - Weighted Average Years to Maturity 3.9 4.7 (0.8) Consolidated Fixed Charge Coverage Ratio 5.0x 5.1x (0.1)x Consolidated Debt as a percentage of Total Assets 32.7% 32.4% 0.3% Consolidated Net Debt-to-EBITDAre – adjusted for non-recurring items(1) 5.6x 5.5x 0.1x

Quarter ended June 30, 2026 balance-sheet metrics and prior-year comparison; filed July 27, 2026 · Dépôt 27/07/2026

As of June 30, 2026, the Company had approximately $885 million in liquidity through a combination of cash and undrawn capacity on its credit facilities.

Earnings release; corporate liquidity at June 30, 2026; filed July 27, 2026 · Dépôt 27/07/2026

​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ Average Years Debt Structure, In thousands ​ ​ ​ ​ ​ ​ ​ Balance ​ ​ % of Total ​ Interest Rate ​ to Maturity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured ​ ​ Fixed ​ ​ ​ ​ $ 909,154 ​ ​ 15.6% ​ 3.46% ​ 3.2 ​ ​ ​ Floating ​ ​ ​ ​ ​ 27,000 ​ ​ 0.5% ​ 2.56% ​ 5.7 ​ ​ ​ Combined ​ ​ ​ ​ ​ 936,154 ​ ​ 16.1% ​ 3.43% ​ 3.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unsecured ​ ​ Fixed ​ ​ ​ ​ ​ 4,225,000 (2) ​ 72.5% ​ 3.15% ​ 4.5 ​ ​ ​ Floating ​ ​ ​ ​ ​ 665,968 ​ ​ 11.4% ​ 4.14% ​ 0.7 ​ ​ ​ Combined ​ ​ ​ ​ ​ 4,890,968 ​ ​ 83.9% ​ 3.29% ​ 4.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Debt ​ ​ Fixed ​ ​ ​ ​ ​ 5,134,154 ​ ​ 88.1% ​ 3.21% ​ 4.3 ​ ​ ​ Floating ​ ​ ​ ​ ​ 692,968 ​ ​ 11.9% ​ 4.07% ​ 0.9 ​ ​ ​ Combined ​ ​ ​ ​ ​ 5,827,122 ​ ​ 100.0% ​ 3.31% ​ 3.9 ​ ​ ​ Total Non-Cash Adjustments (3) ​ ​ ​ ​ ​ (13,290) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total per Balance Sheet ​ ​ ​ ​ $ 5,813,832 ​ ​ ​ ​ 3.38% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt Maturities, In thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revolving Credit ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Unsecured ​ Facilities & Comm.

June 30, 2026 supplemental debt structure; principal in thousands, fixed/floating proportions and balance-sheet reconciliation · Dépôt 27/07/2026

​ ​ ​ ​ ​ ​ Average ​ ​ Secured Debt (4) ​ Debt ​ Paper (5) (6) (7) ​ Balance ​ % of Total ​ Interest Rate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2026 ​ $ 28,351 ​ $ 300,000 ​ $ 480,000 ​ $ 808,351 ​ 13.9% ​ 3.59% 2027 ​ ​ 6,939 ​ ​ 300,000 ​ ​ 10,968 ​ ​ 317,907 ​ 5.4% ​ 3.54% 2028 ​ ​ 166,526 ​ ​ 300,000 ​ ​ - ​ ​ 466,526 ​ 8.0% ​ 3.72% 2029 ​ ​ 315,811 ​ ​ 650,000 ​ ​ - ​ ​ 965,811 ​ 16.6% ​ 4.05% 2030 ​ ​ 230,597 ​ ​ 600,000 ​ ​ - ​ ​ 830,597 ​ 14.2% ​ 3.34% 2031 ​ ​ 160,930 ​ ​ 600,000 ​ ​ - ​ ​ 760,930 ​ 13.1% ​ 2.92% 2032 ​ ​ 27,000 ​ ​ 400,000 ​ ​ - ​ ​ 427,000 ​ 7.3% ​ 2.13% 2033 ​ ​ - ​ ​ 650,000 ​ ​ - ​ ​ 650,000 ​ 11.2% ​ 1.99% 2034 ​ ​ - ​ ​ 600,000 ​ ​ - ​ ​ 600,000 ​ 10.3% ​ 4.04% 2035 ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ - ​ - Thereafter ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ - ​ - ​ ​ ​ 936,154 ​ ​ 4,400,000 ​ ​ 490,968 ​ ​ 5,827,122 ​ 100.0% ​ 3.31% Total Non-Cash Adjustments (3) ​ ​ (3,091) ​ ​ (10,199) ​ ​ - ​ ​ (13,290) ​ ​ ​ ​ Total per Balance Sheet ​ $ 933,063 ​ $ 4,389,801 ​ $ 490,968 ​ $ 5,813,832 ​ ​ ​ 3.38%

June 30, 2026 supplemental debt maturity table; amounts in thousands; continuation of debt-structure heading · Dépôt 27/07/2026

Supplemental Information: ​ ​ ​ ​ Interest paid during the period, net of amounts capitalized ​ $ 93,260 ​ $ 96,670 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ ​ 6,378 ​ ​ 6,251 Cash paid/(refunds received) for income taxes ​ 1,255 ​ 1,274 Non-cash transactions: ​ ​ ​ ​ Net proceeds from sale of real estate investment held by qualified intermediary ​ $ 40,832 ​ $ — Preferred equity investment settled in exchange for acquisition of real estate owned ​ ​ 27,409 ​ ​ — Notes receivable settled in exchange for real estate owned ​ ​ 34,757 ​ ​ 180,700 Conversion of note receivable to equity securities ​ ​ — ​ ​ 42,807 Development costs and capital expenditures incurred, but not yet paid ​ ​ 33,260 ​ ​ 23,433 Conversion of Operating Partnership and DownREIT Partnership noncontrolling interests to common stock (956,845 shares and 155,453 shares, respectively) ​ 32,597 ​ 6,933 Dividends declared, but not yet paid ​ 150,913 ​ 153,662 ​ ​ ​ ​ ​ ​ ​ The following reconciles cash, cash equivalents, and restricted cash to amounts as shown above: ​ ​ ​ ​ ​ ​ Cash, cash equivalents, and restricted cash, beginning of year: ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 1,222 ​ $ 1,326 Restricted cash ​ ​ 35,710 ​ ​ 34,101 Total cash, cash equivalents, and restricted cash as shown above ​ $ 36,932 ​ $ 35,427 Cash, cash equivalents, and restricted cash, end of period: ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 1,193 ​ $ 1,532 Restricted cash ​ ​ 34,936 ​ ​ 33,577 Total cash, cash equivalents, and restricted cash as shown above ​ $ 36,129 ​ $ 35,109

Six-month cash-flow supplemental information; unrestricted and restricted cash reconciliation and unpaid commitments; amounts in thousands · Dépôt 28/07/2026

​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 Operating Activities ​ ​ ​ ​ ​ Net income/(loss) ​ $ 276,559 ​ $ 122,300 Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: ​ ​ ​ ​ Depreciation and amortization ​ 328,174 ​ 339,039 (Gain)/loss on sale of real estate owned ​ (193,120) ​ (47,939) (Income)/loss from unconsolidated entities ​ (22,967) ​ (9,443) Return on investment in unconsolidated joint ventures and partnerships ​ 14,303 ​ 23,486 Amortization of share-based compensation ​ 16,430 ​ 16,260 Other ​ 20,930 ​ 17,541 Changes in operating assets and liabilities: ​ ​ ​ ​ (Increase)/decrease in operating assets ​ (11,616) ​ (9,223) Increase/(decrease) in operating liabilities ​ (37,775) ​ (45,476) Net cash provided by/(used in) operating activities ​ 390,918 ​ 406,545 ​ ​ ​ ​ ​ ​ ​ Investing Activities ​ ​ ​ ​ Acquisition of real estate assets ​ (53,423) ​ — Proceeds from sales of real estate investments, net ​ 353,365 ​ 203,565 Development of real estate assets ​ (52,955) ​ (15,265) Capital expenditures and other major improvements — real estate assets ​ (104,184) ​ (113,247) Capital expenditures — non-real estate assets ​ (6,593) ​ (28,628) Investment in unconsolidated joint ventures and partnerships ​ (2,801) ​ (21,490) Distributions received from unconsolidated joint ventures and partnerships ​ 142,748 ​ 46,127 Repayment/(issuance) of notes receivable, net ​ (50,358) ​ (112,000) Net cash provided by/(used in) investing activities ​ 225,799 ​ (40,938) ​ ​ ​ ​ ​ ​ ​ Financing Activities ​ ​ ​ ​ Payments on secured debt ​ (28,320) ​ (3,231) Net proceeds/(repayment) of commercial paper ​ 35,000 ​ (69,900) Net proceeds/(repayment) of revolving bank debt ​ (15,413) ​ 20,854 Repurchase of common shares ​ ​ (300,283) ​ ​ — Distributions paid to redeemable noncontrolling interests ​ (19,803) ​ (19,801) Distributions paid to preferred stockholders ​ (2,436) ​ (2,408) Distributions paid to common stockholders ​ (282,919) ​ (283,174) Other ​ (3,346) ​ (8,265) Net cash provided by/(used in) financing activities ​ (617,520) ​ (365,925) Net increase/(decrease) in cash, cash equivalents, and restricted cash ​ (803) ​ (318) Cash, cash equivalents, and restricted cash, beginning of year ​ 36,932 ​ 35,427 Cash, cash equivalents, and restricted cash, end of period ​ $ 36,129 ​ $ 35,109 ​ ​ ​ ​ ​ ​ ​

Consolidated cash-flow statement; six months ended June 30, 2026 and 2025; amounts in thousands · Dépôt 28/07/2026

The following table outlines capital expenditures and repair and maintenance costs for all of our communities, excluding real estate under development, for the six months ended June 30, 2026 and 2025 (dollars in thousands except Per Home amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Per Home ​ ​ Six Months Ended June 30, ​ Six Months Ended June 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ % Change ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ % Change Turnover capital expenditures ​ $ 7,723 ​ $ 8,172 (5.5) % $ 142 ​ $ 148 (4.1) % Asset preservation expenditures ​ 38,876 ​ 36,868 5.4 % 714 ​ 666 7.2 % Total recurring capital expenditures ​ 46,599 ​ 45,040 3.5 % 856 ​ 814 5.2 % NOI enhancing improvements (a) ​ 33,713 ​ 35,203 (4.2) % 619 ​ 636 (2.7) % Major renovations (b) ​ 24,414 ​ 38,817 (37.1) % 449 ​ 702 (36.0) % Operations platform ​ ​ 3,632 ​ ​ 887 ​ 309.5 % ​ 67 ​ ​ 16 ​ 318.8 % Total capital expenditures (c) ​ $ 108,358 ​ $ 119,947 (9.7) % $ 1,991 ​ $ 2,168 (8.2) % Repair and maintenance expense ​ $ 52,996 ​ $ 51,258 3.4 % $ 974 ​ $ 927 5.1 % Average home count (d) ​ 54,433 ​ 55,324 (1.6) % ​ ​ ​ ​ ​ ​ ​ ​ (a) NOI enhancing improvements are expenditures that we believe will result in increased income generation or decreased expense growth.

Capital expenditures and repair costs; six months ended June 30, 2026 and 2025; dollars in thousands except per-home amounts · Dépôt 28/07/2026

​ In thousands, except per share and unit amounts Quarter Ended September 30, Nine Months Ended September 30, ​ 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) FFO attributable to common stockholders and unitholders, basic $213,041 $219,866 $641,516 $642,333 Distributions to preferred stockholders – Series E (Convertible) 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, diluted $0.62 $0.62 $1.85 $1.81 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

Preliminary September 2026 quarterly and nine-month GAAP-to-FFO and FFOA reconciliation; thousands except per-share/unit amounts · Dépôt 21/10/2026

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 as FFO excluding the impact of other non-comparable items including, but not limited 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 associated with those gains and losses, casualty-related expenses and recoveries, severance costs, software transition related costs and legal and other costs.

Definitions; issuer definition of FFO as Adjusted; October 21, 2026 filing · Dépôt 21/10/2026

1 ​ Capital Allocation Activity During the quarter the Company, ● Sold two apartment communities, one each in Seattle and Nashville, with a combined 412 apartment homes for gross proceeds of $183.0 million.

Third-quarter 2026 capital allocation; completed Seattle and Nashville dispositions · Dépôt 21/10/2026

● As part of the previously announced runoff of its Debt and Preferred Equity portfolio, acquired a 483-home apartment community in Inland Empire, CA, and, as previously reported, a 286-home in Portland, OR, both upon the liquidation of the Company’s interests in previous Debt and Preferred Equity joint ventures, for an incremental cash outlay of $235.0 million based on a combined property valuation of $354.4 million.

Third-quarter 2026 capital allocation; Debt and Preferred Equity runoff acquisitions and incremental cash outlay · Dépôt 21/10/2026

● 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.

Third-quarter 2026 capital allocation; completed LaSalle venture expansion and contributed community · Dépôt 21/10/2026

Under the terms of the transaction, the Company received approximately $103.2 million in cash proceeds.

Third-quarter 2026 capital allocation; cash proceeds from preceding LaSalle contribution · Dépôt 21/10/2026

● Received a full repayment of approximately $29.5 million on its Preferred Equity investment in a stabilized apartment community in Orlando.

Third-quarter 2026 capital allocation; full repayment of Orlando preferred-equity investment · Dépôt 21/10/2026

For the year ended December 31, 2024, the Company recorded an $8.1 million non-cash impairment loss on one of its preferred equity investment (recorded in Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations) due to a decrease in the value of the operating community that it deemed to be other-than-temporary.

2025 Form 10-K; 2024 preferred-equity impairment and underlying property-value decline · Dépôt 17/02/2026

● Executive compensation that is competitive with our peers and that is structured to be aligned with our strategy and is measured against both absolute and relative to our peers total return to shareholders and FFOA per share growth.

2026 proxy; existing executive compensation measures · Dépôt 02/04/2026

As of April 2, 2026, all of our directors are in compliance with this policy.

2026 proxy; director ownership-policy compliance as of April 2, 2026 · Dépôt 02/04/2026

The threshold, target and maximum for these awards were determined prior to the grant date, and the amount of the awards with respect to the portion of the awards with a 1-year performance period was determined in February 2026 based upon the achievement of the performance metrics, and the portion of the long-term award with a 3-year performance period will be determined in February of 2028.

2026 proxy; completed one-year award measurement and future three-year measurement · Dépôt 02/04/2026

Mr. Fisher’s awards for the 2025 STI and LTI programs listed in the “Stock Awards” column terminated without vesting upon his resignation.

2026 proxy; actual termination without vesting of departing executive's 2025 awards · Dépôt 02/04/2026

This concept has been expanded to cover associates at all levels ● Annual advisory approval of named executive officer compensation ● Robust Code of Business Conduct and Ethics, and Code of Ethics for Senior Financial Officers ● Stock ownership guidelines for executive officers and directors ● Board Overboarding Policy ● Prohibition on hedging transactions ● Pledging transactions prohibited without prior approval ● Recoupment Policy ● Charitable Donations and Political Contributions Policy ● Annual corporate responsibility reporting ● Double-trigger acceleration of vesting in the event of a change in control ● Twelve-month minimum vesting on equity awards generally ● Board and committee oversight of material short-term and long-term risks (including climate change and cybersecurity risk), sustainability and human capital management ​ ​ ► ​Shareholder Rights ● Annual election of all directors ● Majority voting in uncontested director elections ● Proxy access for eligible director candidates nominated by eligible shareholders ● No shareholder rights plan (poison pill) ● Confidential voting ● No material restrictions on shareholders’ right to call a special meeting ● Active shareholder engagement ● Ability for shareholders to propose binding bylaw amendments ● No issued and outstanding shares of capital stock that have no voting rights and no treasury stock ​ ► ​Independent Oversight ● Strong Lead Independent Director role with clearly articulated responsibilities ● Audit, Compensation, and Nominating and Governance Committees consist entirely of Independent Directors ● All directors are independent, except the Chairman, President and Chief Executive Officer ●

2026 proxy; compensation safeguards, shareholder rights and independent oversight · Dépôt 02/04/2026

The Maryland General Corporation Law restricts mergers and other business combination transactions between us and any person who acquires beneficial ownership of shares of our stock representing 10% or more of the voting power without our board of directors’ prior approval.

June 2026 Form 10-Q; Maryland business-combination restrictions · Dépôt 28/07/2026

At the Annual Meeting, the shareholders approved, on an advisory basis, the compensation of the Company’s named executive officers, as disclosed in the Company’s Proxy Statement for the Annual Meeting pursuant to the compensation disclosure rules of the Securities and Exchange Commission, by the votes indicated below: ​ ​ ​ ​ Votes For ​ Votes Against ​ Abstentions ​ Broker Non-Votes 213,004,891 ​ 97,164,665 ​ 338,303 ​ 8,459,602 ​ 3.

May 21, 2026 annual meeting; actual advisory compensation voting results; filed May 27, 2026 · Dépôt 27/05/2026

The transaction is expected to close on October 29, 2026, subject to execution of the documentation, and customary closing conditions.

Apollo transaction announcement; expected October 29, 2026 closing and conditions; filed October 21, 2026 · Dépôt 21/10/2026

Apollo-managed funds and affiliates (“Apollo”) will invest $1.34 billion of equity capital into a newly established joint venture, acquiring an approximate two-thirds interest.

Proposed Apollo transaction; prospective equity funding and acquired venture interest · Dépôt 21/10/2026

UDR will retain a one-third interest and consolidate the joint venture.

Proposed Apollo transaction; UDR retained interest and consolidation · Dépôt 21/10/2026

UDR will also retain an option to repurchase Apollo’s interest in the joint venture at an expected 7.00-7.50% fixed return for a finite period starting at the fifth anniversary of closing.

Proposed Apollo transaction; expected repurchase-option return, timing and finite exercise period · Dépôt 21/10/2026

“UDR’s partnership with Apollo provides access to a new, low-cost permanent source of equity capital.

Apollo announcement; management characterization of prospective capital cost · Dépôt 21/10/2026

(AVB), Camden Property Trust (CPT), Equity Residential (EQR), Essex Property Trust, Inc.

2026 UDR proxy; named apartment peers including Camden Property Trust · Dépôt 02/04/2026

As of December 31, 2025, we had approximately $1.2 billion available under our unsecured revolving credit facility, which we have at our option, the ability to extend to August 2027 and the ability to increase the facility up to $500 million subject to certain conditions.

Camden Property Trust competitor disclosure only; available revolving facility at December 31, 2025; filed February 12, 2026 · Dépôt 12/02/2026

Excluded from NOI is property management expense, which is calculated as 3.25% of property revenue, and land rent.

June 2026 supplemental NOI definition; excluded property management expense and land rent · Dépôt 27/07/2026

During the three and six months ended June 30, 2026, the Company did not sell any shares of common stock through its ATM program.

June 2026 Form 10-Q; actual absence of ATM common-share sales during three and six months ended June 30, 2026 · Dépôt 28/07/2026

Effective Blended Lease Rate Growth: 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.

October 2026 preliminary release; effective blended lease-rate growth definition · Dépôt 21/10/2026

Effective New Lease Rate Growth: The Company defines Effective New 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 resident effective rent for the prior lease term on new leases commenced during the current quarter.

October 2026 preliminary release; effective new-lease growth definition including concessions and prior lease comparison · Dépôt 21/10/2026

Effective Renewal Lease Rate 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.

October 2026 preliminary release; effective renewal growth definition including concessions and prior lease comparison · Dépôt 21/10/2026

● Commenced development of 4848 at Alex West, a 385-apartment home community in Northern Virginia, with an expected total development cost of $181.3 million, or $471,000 per apartment home.

Second-quarter 2026 capital allocation; commenced development and expected total development cost · Dépôt 27/07/2026

Historique des publications

Sources

• filing-1 · Dépôt 17/02/2026
• filing-2 · Dépôt 28/07/2026
• filing-3 · Dépôt 02/04/2026
• filing-6 · Dépôt 30/04/2026
• filing-7 · Dépôt 27/07/2026
• filing-9 · Dépôt 27/05/2026
• CAMDEN PROPERTY TRUST annual report: competitor disclosure for comparison only. Its financial results, customer outcomes and advantages are not those of the subject issuer; compare only explicitly supported scope. · Dépôt 12/02/2026
• ESSEX PROPERTY TRUST, INC. annual report: competitor disclosure for comparison only. Its financial results, customer outcomes and advantages are not those of the subject issuer; compare only explicitly supported scope. · Dépôt 20/02/2026
• filing-5 · Dépôt 27/07/2026
• filing-14 · Dépôt 21/10/2026
• filing-15 · Dépôt 21/10/2026
• filing-13 · Dépôt 18/02/2025
• filing-16 · Dépôt 20/02/2024
• filing-17 · Dépôt 05/01/2026