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, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Maryland 54-0857512 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 1745 Shea Center Drive, Suite 200, Highlands Ranch, Colorado 80129 ...

UDR, Inc. (NYSE:UDR) Q4 2022 Earnings Conference Call February 7, 2023 1:00 PM ET Company Participants Trent Trujillo - Director, Investor Relations Thomas Toomey - Chairman and Chief Executive Officer Joe Fisher - President and Chief Financial Officer Mike Lacy - Senior Vice President, Operations Chris Van Ens - Vice President, Property Operations H. Andrew Cantor - Senior Vice President, Acquisitions and Dispositions Conference Call Participants Anthony Paolone - JPMorgan Nick Joseph - Citi Daniel Tricari ...

UDR, Inc. (NYSE:UDR) Q3 2022 Earnings Conference Call October 27, 2022 1:00 PM ET Company Participants Trent Trujillo - Senior Director, Investor Relations Tom Toomey - Chairman and Chief Executive Officer Mike Lacy - Senior Vice President, Operations Joe Fisher - President and Chief Financial Officer Andrew Cantor - Senior Vice President Conference Call Participants Nick Joseph - Citi Steve Sakwa - Evercore Austin Wurschmidt - KeyBanc Capital Markets Dan Tricarico - Scotiabank Jeff Spector - Bank of Americ ...

UDR, Inc. (NYSE:UDR) Q2 2022 Earnings Conference Call July 27, 2022 1:00 PM ET Company Participants Trent Trujillo - Director of Investor Relations Tom Toomey - Chairman & Chief Executive Officer Mike Lacy - Senior Vice President of Operations Joe Fisher - Chief Financial Officer Conference Call Participants Nick Joseph - Citi Austin Wurschmidt - KeyBanc Chandni Luthra - Goldman Sachs Brad Heffern - RBC Capital Markets John Pawlowski - Green Street Adam Kramer - Morgan Stanley Neil Malkin - Capital One Secu ...

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, 2022 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. (Exact name of registrant as specified in its charter) Maryland 54-0857512 (State or other jurisdiction of ( ...

UDR, Inc. (NYSE:UDR) Q1 2022 Earnings Conference Call April 27, 2022 1:00 PM ET Company Participants Trent Trujillo - Director, Investor Relations Tom Toomey - Chairman and CEO Mike Lacy - Senior Vice President, Operations Joe Fisher - Chief Financial Officer Andrew Cantor - Senior Vice President, Investments Chris Van Ens - Vice President, Investor Relations Conference Call Participants Nick Joseph - Citi Anthony Pallone - JP Morgan Rich Hill - Morgan Stanley Austin Wurschmidt - KeyBanc Brad Heffern - RBC ...

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, 2022 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. 1745 Shea Center Drive, Suite 200, Highlands Ranch, Colorado 80129 (Address of principal executive of ices) ...

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, 2021 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. (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I.R.S. Employer incorpor ...

Financial Data and Key Metrics Changes - UDR reported fourth quarter FFOA per share of $0.54, achieving the high end of previously provided guidance, supported by strong same-store revenue growth and accretive transactions [45][46] - Full year 2022 FFOA per share guidance range is $2.22 to $2.30, representing a more than 12% increase from the full year 2021 result of $2.01 [47][51] - Total shareholder return for 2021 was over 61%, extending the track record of outperforming peers and all REIT return indices [11] Business Line Data and Key Metrics Changes - Same-store cash revenue grew 3% sequentially in Q4 2021, with year-over-year same-store cash revenue and NOI growth of 9% and 11.4%, respectively [23][24] - Effective blended lease rate growth was 11.7%, accelerating sequentially by 350 basis points compared to Q3 [24] - Weighted average occupancy was 97.1%, up 100 basis points year-over-year, with annualized turnover declining by more than 650 basis points [24] Market Data and Key Metrics Changes - January occupancy increased to 97.4%, with blended rate growth accelerating to over 13% [25] - Market rents increased approximately 2% at the start of 2022, with loss-to-lease holding steady at 11% [25][40] - Growth potential rents are up 5% to 6% on average compared to pre-COVID levels, with stable rent income ratios in the low 20% range [40] Company Strategy and Development Direction - UDR plans to continue identifying targeted accretive opportunities, focusing on under-managed acquisitions, DCP investments, and development opportunities [17][18] - The company aims to leverage its Next Gen operating platform and advanced AI data science to drive growth opportunities and cost savings [16][28] - UDR's strategy includes maintaining a self-service business model to enhance customer service and reduce operating expenses [9][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued robust apartment rental demand and pricing power, citing favorable fundamentals [15][19] - The company expects FFOA per share growth of over 12% and dividend growth of 5% in 2022 [19] - Management acknowledged potential challenges from regulatory restrictions and delinquent residents but remains optimistic about capturing market pricing in 2023 [37][41] Other Important Information - UDR completed $1.5 billion in acquisitions in 2021, funded through attractively priced equity [10][52] - The company has a strong liquidity position of $1.4 billion and a low weighted average interest rate of 2.8% [56][57] - UDR's ESG initiatives have been recognized, achieving a score of 86 from GRESB, highlighting its commitment to sustainability [12][64] Q&A Session Summary Question: What does the pipeline look like for external growth opportunities? - Management indicated that the pipeline has become lighter at year-end, focusing on finding accretive deals in desirable markets [60][61] Question: How are you thinking about the cost and return on ESG programs? - Management emphasized a commitment to science-based targets and refining long-term actions based on carbon footprint and regulatory constraints [64][66] Question: What is embedded in guidance regarding market rent growth? - Management expects effective blended rate growth of approximately 6.5% to 7.5% for the year, with higher growth anticipated in the first half [34][72] Question: Can you discuss the capital side and cap rates? - Management noted that cap rates have decreased to a range of 3.5% to 4%, with strong demand for multifamily assets driving this trend [62][82] Question: What are the expectations for expenses in 2022? - Management expects controllable operating expense growth to be limited to 2% to 3%, aided by efficiencies from the Next Gen operating platform [94][96]

Financial Data and Key Metrics Changes - The third quarter FFOA per share was $0.51, achieving the high end of the previously provided guidance range, with full year FFOA guidance raised to $2 to $2.02, reflecting a 1% increase from prior guidance [30][32] - Same-store revenue growth for the full year 2021 is now forecasted at 1.0% to 1.5%, with concessions on a cash basis, and negative 1.0% to negative 0.5% with concessions on a straight-line basis [33] - The company anticipates a sequential FFOA per share increase of 4% for the fourth quarter, driven by continued positive same-store NOI growth [31] Business Line Data and Key Metrics Changes - Same-store revenue and NOI growth for the third quarter were 5.3% and 6.3% year-over-year, respectively, with occupancy at 97.5%, up 200 basis points from a year ago [14][16] - Effective blended lease rate growth was 8.2%, accelerating by 730 basis points compared to the second quarter [14] - Other income grew by 5.1% year-over-year, with traffic averaging 35% above pre-COVID levels [15] Market Data and Key Metrics Changes - Approximately 15% of NOI comes from markets with regulatory restrictions on renewal rate increases, but the company is leveraging other income initiatives to drive revenue growth [19] - The Sunbelt markets, which comprise about 25% of NOI, are generating over 20% year-over-year market rent growth, while urban centers are recovering more slowly [21] - The company reported that 20 of its 21 markets now have rents above pre-COVID levels [21] Company Strategy and Development Direction - The company is focused on its NextGen operating platform to enhance operational advantages and broaden acquisition opportunities [7][8] - The company has successfully reduced on-site staff by approximately 40% since 2018, positioning itself well against inflationary pressures [8] - Future initiatives are expected to drive additional revenue growth and margin expansion, relying on advanced data analytics [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in capturing additional embedded rent growth throughout the fourth quarter and into 2022, despite regulatory restrictions [19] - The company noted that the current demand environment is strong, with expectations for continued rent growth and occupancy stability [52] - Management highlighted the unique pricing opportunity in the current market, allowing for higher rents without significantly sacrificing occupancy [48] Other Important Information - The company was recognized as the number one ESG performer in the 2021 GRESB survey among publicly listed residential companies worldwide [10] - The company has sourced over $19 million in rental assistance for residents in need, with nearly $10 million coming in the third quarter [22] Q&A Session Summary Question: Can you walk through some of the building blocks for 2022 in terms of capturing the current loss? - Management indicated that occupancy is expected to remain around 97% and that they are confident in rent growth continuing into the end of the year [41][42] Question: How are you seeing demand and seasonality expectations? - Management noted that while seasonality is starting to play a role, they expect to maintain occupancy and continue optimizing rents [44] Question: Can you help us understand the magnitude of trade-offs between revenue strategy and occupancy? - Management acknowledged that while occupancy may decrease slightly, they are able to push rents higher due to lower turnover rates [46][48] Question: What is the outlook for demand in 2022? - Management expressed optimism about demand, citing strong wage growth and improved balance sheets for renters, which supports continued rent growth [52][54] Question: Can you provide more details on rental assistance and its impact on revenue? - Management reported that approximately half of the $20 million collected for residents came in the third quarter, which has positively impacted accounts receivable and collections [58] Question: How do you see the leasing trends in different markets? - Management noted that the Sunbelt markets are outperforming coastal markets in terms of occupancy and rent growth, with overall compression across various market types [65]