Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 OR United Dominion Realty, L.P. (Exact name of registrant as specified in its charter) Delaware (United Dominion Realty, L.P.) 54-1776887 (State or other jurisdiction of (I.R.S. Employer incorporation of organization) Identification No.) ☐ TRANSITION REPORT PURSUANT TO SECTION ...

INVESTOR PRESENTATION MARCH 2020 Bellevue, WA UDR, Inc. (NYSE: UDR) has a demonstrated The Slade at Channelside | Tampa, FL The Arbory | Portland, OR Elements Brio Ashton Bellevue and TEN20 Elements history of successfully managing, buying, selling, developing and redeveloping attractive multifamily real estate properties in a variety of U.S. markets. • S&P 500 Company • ~$21.4 Billion Enterprise Value • 2020 Annualized Dividend of $1.44; ~2.9% yield as of February 25, 2020 Chief Financial Officer: Joe Fish ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-10524 (UDR, Inc.) Commission file number 333-156002-01 (United Dominion Realty, L.P.) UDR, Inc. United Dominion Realty, L.P. (Ex ...

UDR, Inc. (NYSE:UDR) Q4 2019 Results Conference Call February 12, 2020 1:00 PM ET Company Participants Trent Trujillo - Director of Investor Relations Thomas Toomey - Chairman and CEO Joseph Fisher - Chief Financial Officer Jerry Davis - President and Chief Operating Officer Warren Troupe - Senior Executive Vice President Harry Alcock - Senior Vice President and Chief Investment Officer Conference Call Participants Nick Joseph - Citi Nick Yulico - Scotiabank Shirley Wu - Bank of America Rich Hightower - Ev ...

INVESTOR PRESENTATION NOVEMBER 2019 One William | Englewood, NJ – Acquired 3Q19 1301 Thomas Circle | Washington, D.C. – Acquired 3Q19 The Commons at Windsor Gardens | Norwood, MA – Acquired 3Q19 UDR, Inc. (NYSE: UDR) has a demonstrated history of successfully managing, buying, selling, developing and redeveloping attractive multifamily real estate properties in a variety of U.S. markets. • S&P 500 Company • ~$20.9 Billion Enterprise Value as of 10/30/19. • 2019 Annualized Dividend of $1.37; ~2.7% yield as o ...

Financial Data and Key Metrics Changes - The company reported same-store NOI growth of 3.9% and FFO as adjusted per share growth of 6% for Q3 2019, indicating strong execution across all business aspects [8][33] - FFO adjusted per share was $0.52, approximately 6% higher year-over-year, driven by strong same-store and lease-up performance, accretive capital deployment, and lower interest rates [33] Business Line Data and Key Metrics Changes - Same-store revenue and expense growth were 3.7% and 3.1% respectively, leading to an NOI growth of 3.9% [15] - The company has implemented a next-generation operating platform aimed at driving controllable margin expansion and improving operational efficiencies [10][26] Market Data and Key Metrics Changes - The Monterey Peninsula, Seattle, and the San Francisco Bay Area, which represent 26% of same-store NOI, generated weighted average revenue growth of 5.9% [21] - Conversely, New York, Orange County, and Dallas, comprising 23% of same-store NOI, lagged with a weighted average revenue growth of 1.7% primarily due to competitive supply [22] Company Strategy and Development Direction - The company aims to expand controllable margin by 150 to 200 basis points by year-end 2022, translating to an incremental run rate NOI of $15 million to $20 million [27] - The company is focused on simplifying its business structure and reducing joint venture exposure, with plans to enhance operational efficiencies through technology and process improvements [10][37] Management's Comments on Operating Environment and Future Outlook - Management indicated that new lease rate growth is expected to be down compared to last year due to supply pressures in certain markets, but renewal rate growth remains strong at 5.3% [49] - The company is optimistic about its ability to manage revenue growth variables effectively, despite challenges posed by new supply in key markets [18][20] Other Important Information - The company has completed or announced $1.8 billion in acquisitions year-to-date, which are performing in line with expectations and are expected to create value through the next-gen operating platform [29][40] - The company has improved its public GRESB disclosure score to an A, reflecting its commitment to enhancing its ESG framework [12] Q&A Session Summary Question: What is the expectation for new lease rate growth in the coming quarters? - Management indicated that new lease rate growth will likely be down compared to last year due to supply pressures in specific markets, but renewal rates are expected to remain strong [49] Question: How does the company plan to execute capital raising in the future? - The company plans to ensure that any capital raised is matched with specific uses, maintaining discipline in capital deployment [51][52] Question: What impact will rent regulations in California have on the company? - Management estimated that the impact of California's rent regulations would be minimal, affecting 2020 same-store revenue growth by about 7 to 8 basis points [61] Question: Can you elaborate on the recent joint venture transactions? - Management explained that the unwinding of the KFH joint venture was a straightforward decision based on market value exploration, while the MetLife transaction was a result of ongoing discussions to create mutually beneficial outcomes [66] Question: How is the company addressing the current supply pressures in Dallas? - Management noted that supply pressures are affecting various sub-markets differently, with lower price points performing better than higher-end properties [86]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-10524 (UDR, Inc.) 333-156002-01 (United Dominion Realty, L.P.) UDR, Inc. United Dominion Realty, L.P. (Exact name of re ...

UDR, Inc. (NYSE:UDR) Q2 2019 Results Conference Call July 31, 2019 1:00 PM ET Company Participants Chris Van Ens - VS Tom Toomey - Chairman and CEO Jerry Davis - President and COO Joe Fisher - CFO Harry Alcock - EVP, Chief Investment Officer Conference Call Participants Nick Joseph - Citigroup Trent Trujillo - Scotiabank Austin Wurschmidt - KeyBanc Capital Markets Rich Hightower - Evercore Wes Golladay - RBC Capital Markets Lauren Weston - Morgan Stanley John Pawlowski - Green Street Advisors Alexander Gold ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-10524 (UDR, Inc.) 333-156002-01 (United Dominion Realty, L.P.) UDR, Inc. United Dominion Realty, L.P. (Exact name of registr ...

INVESTOR PRESENTATION JUNE 2019 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------|-------|----------------------------------------------------| | | | | | | | | | | | Park Square \| Philadelphia, PA – Acquired 2Q19 | | | | | | Park Square Lobby \| Philadelphia, PA | | Rodgers Forge \| Towson, MD – Acquired 2Q19 | | UDR, Inc. (NYSE: UDR) has a demonstrated | | Chief Financial Officer: | | history of successful ...