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, 2020 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. Table of Contents The informatio ...

Financial Data and Key Metrics Changes - In Q4 2020, the company's FFO as adjusted per share was $0.49, achieving the midpoint of guidance range [42] - Year-over-year combined same-store NOI declined by 10.1%, driven by a revenue decline of 5.9% and an expense increase of 4.8% [19] - The company anticipates full year FFOA per share to range between $1.88 and $2, representing a 5% year-over-year decrease [44] Business Line Data and Key Metrics Changes - The 2019 acquisitions produced sequential revenue growth of 2% from Q3 to Q4, compared to a 50 basis point sequential revenue decline for combined same-store communities [21] - The company reported that occupancy has grown, with concession usage starting to decline, operating with minimal or no concessions across approximately 65% of the portfolio [22] Market Data and Key Metrics Changes - Approximately 25% to 30% of NOIs are in markets that are effectively open, such as Tampa and Orlando, with average physical occupancy over 97% [27] - About 55% of NOIs are in partially open markets, showing signs of improvement, with occupancy averaging 96.5% [28] - Roughly 15% to 20% of NOIs are in urban areas facing challenges, with average occupancy improving to nearly 90% [29] Company Strategy and Development Direction - The company aims to maximize cash flow by implementing the Next Generation Operating Platform and utilizing dynamic pricing across its portfolio [10] - ESG remains a cornerstone of the company's operations, with recognition as a top performer in ESG among global real estate firms [13] - The company plans to continue refining its ESG goals while providing comprehensive metrics to stakeholders [13] Management's Comments on Operating Environment and Future Outlook - Management remains confident in the recovery of the industry and the company, stating that the path to recovery will be slow but inevitable [12] - The company expects that widespread vaccination will positively impact business activity and regulatory restrictions [30] - Management noted that the urban markets should rebound once health and safety issues are addressed, with a focus on retaining residents [32] Other Important Information - The company has a strong liquidity position with $958 million available as of December 31 [47] - The dividend remains secure and is well covered by cash flow from operations, with a forecasted payout ratio of 82% [50] Q&A Session Summary Question: What benefits do you see from dynamic pricing in disrupted markets like Manhattan or San Francisco? - Management indicated that benefits are more pronounced in stabilized suburban markets, with urban areas expected to see more benefits once stabilized [59] Question: Are you seeing any distressed opportunities in urban markets for acquisitions? - Management noted that they are not currently seeing distressed opportunities in urban high-rise markets, with pricing down 5% to 10% relative to pre-COVID levels [65] Question: How do you expect the recovery in coastal markets to impact your guidance? - Management expects traffic to return in Q2 for places like New York and Boston, with results following those trends [76] Question: What is the impact of concessions granted in 2020 on future performance? - Management stated that concessions granted in 2020 will serve as headwinds in 2021, but cash performance is expected to improve in the back half of the year [85] Question: How do you see the composition of leasing in urban markets? - Management observed that studios are less occupied compared to typical cycles, but self-guided tours have increased traffic, aiding leasing efforts [93]

UDR Opening doors to the future® INVESTOR PRESENTATION NOVEMBER 2020 Rodgers Forge | Baltimore, MD 345 Harrison | Boston, MA Vitruvian West, Phase 2 | Dallas, TX Platform | Smart Homes for Smart Residents 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 • ~$17.8 Billion Enterprise Value • 2020 Annualized Dividend of $1.44; ~3.7% yield as of Novembe ...

UDR, Inc. (NYSE:UDR) Q3 2020 Earnings Conference Call October 30, 2020 12:00 PM ET Company Participants Trent Trujillo - IR Thomas Toomey - CEO, Chairman Joseph Fisher - CFO, SVP Michael Lacy - SVP, Property Operations Jerry Davis - President, COO Chris Ens - VP, Operations Harry Alcock - Senior Executive Matt Cozad - SVP Conference Call Participants Nick Joseph - Citigroup Richard Hightower - Evercore ISI Sumit Sharma - Scotiabank Jeff Spector - Bank of America Austin Wurschmidt - KeyBanc Juan Sanabria - B ...

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, 2020 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 ...

Financial Data and Key Metrics Changes - The company's second quarter FFO as adjusted per share was $0.51, a decline of only $0.01 or less than 2% year-over-year [40] - Cash collections as a percentage of billed revenue were strong at 97.5%, with no deterioration in month-over-month trajectory [12] - The balance sheet remains healthy with nearly $1 billion in available liquidity [14] Business Line Data and Key Metrics Changes - Combined same-store NOI declined by 4% year-over-year, driven by a revenue decline of 2.1% and an expense increase of 2.1% [16] - Blended lease rate growth remained positive during the quarter, despite challenges [22] - The company experienced a bad debt reserve totaling $4.5 million, negatively impacting results by 170 basis points [21] Market Data and Key Metrics Changes - Suburban communities generally outperformed urban communities in terms of occupancy and lease rate growth [23] - Physical occupancy in urban portfolios averaged 96.9%, compared to 94.6% in urban communities [23] - Certain urban areas experienced pressure due to corporate lease exposure and short-term mobility trends [24] Company Strategy and Development Direction - The company is focused on its next-generation operating platform, which is expected to enhance operational efficiency and resident engagement [10][31] - The strategy includes utilizing concessions rather than significant rental rate cuts to maximize both near-term and long-term results [53] - The company remains highly selective in capital deployment, focusing on both current yield and future value creation [50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to manage through uncertain times, citing a sound strategy and strong balance sheet [14] - The company is not reinstating full-year 2020 guidance due to ongoing uncertainty related to the pandemic [41] - Management noted that while occupancy has seen some pressure, they expect to maintain a strong rent roll for future periods [53] Other Important Information - The company has made nearly $2 billion in community acquisitions since the start of 2019, which continue to perform well [27] - The dividend remains secure and is well covered by cash flow from operations, with a payout ratio of 77% [47] Q&A Session Summary Question: How does the company think about the pricing strategy between offering concessions or holding rates? - Management stated they strategically elected to utilize concessions rather than take significant rental rate cuts to maximize both near-term and long-term results [53] Question: How does the company view its investment model in light of recent changes in MSAs? - Management emphasized that diversification remains a core part of the portfolio strategy, and they continue to utilize both quantitative and qualitative analyses in decision-making [57] Question: What is the company's approach to bad debt accounting? - Management clarified that they enhanced their approach to account for collectability in the current regulatory environment, establishing a prudent bad debt reserve [66] Question: How has leasing foot traffic performed with the resurgence of COVID cases? - Management reported that traffic and ad count for July were up around 9% and 7% respectively, despite some impact from the second wave of COVID [87]

[Explanatory Note](index=5&type=section&id=Explanatory%20Note) [Corporate Structure](index=5&type=section&id=Corporate%20Structure) This report combines the quarterly filings for UDR, Inc., a real estate investment trust (REIT), and its subsidiary, United Dominion Realty, L.P. (the Operating Partnership or OP) - UDR, Inc. is a REIT and the parent company of United Dominion Realty, L.P. (the Operating Partnership), through which it conducts most of its business[11](index=11&type=chunk)[12](index=12&type=chunk) - As of June 30, 2020, UDR, Inc. owned **95.3%** of the total outstanding OP Units in the Operating Partnership, giving it control over day-to-day operations[13](index=13&type=chunk) [PART I — FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20%E2%80%94%20FINANCIAL%20INFORMATION) [Item 1. Consolidated Financial Statements](index=5&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) This section presents the unaudited consolidated financial statements for both UDR, Inc. and its subsidiary, United Dominion Realty, L.P., for the period ended June 30, 2020 [UDR, INC. Consolidated Financial Statements](index=6&type=section&id=UDR%2C%20INC.%20Consolidated%20Financial%20Statements) UDR, Inc.'s financial statements show total assets of $9.56 billion as of June 30, 2020, with total revenues of $628.7 million and net income attributable to common stockholders of $60.9 million for the six months ended June 30, 2020 UDR, Inc. Consolidated Balance Sheet Highlights (Unaudited) | Account | June 30, 2020 (in thousands) | December 31, 2019 (in thousands) | | :--- | :--- | :--- | | **Total Assets** | **$9,564,471** | **$9,636,472** | | Total real estate owned, net | $8,403,115 | $8,470,748 | | Cash and cash equivalents | $833 | $8,106 | | **Total Liabilities** | **$5,315,060** | **$5,228,493** | | Secured debt, net | $1,112,870 | $1,149,441 | | Unsecured debt, net | $3,653,934 | $3,558,083 | | **Total Equity** | **$3,414,945** | **$3,389,314** | UDR, Inc. Consolidated Statement of Operations Highlights (Unaudited) | Metric | Three Months Ended June 30, 2020 (in thousands) | Six Months Ended June 30, 2020 (in thousands) | | :--- | :--- | :--- | | Total Revenues | $307,256 | $628,737 | | Operating Income | $91,777 | $130,731 | | Net Income Attributable to Common Stockholders | $56,709 | $60,864 | | Diluted EPS | $0.19 | $0.21 | UDR, Inc. Consolidated Statement of Cash Flows Highlights (Unaudited) | Cash Flow Activity | Six Months Ended June 30, 2020 (in thousands) | Six Months Ended June 30, 2019 (in thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | $317,015 | $286,421 | | Net cash used in investing activities | ($161,894) | ($805,993) | | Net cash provided by/(used in) financing activities | ($165,536) | $334,704 | [UNITED DOMINION REALTY, L.P. Consolidated Financial Statements](index=42&type=section&id=UNITED%20DOMINION%20REALTY%2C%20L.P.%20Consolidated%20Financial%20Statements) The Operating Partnership (UDR, L.P.) reported total assets of $2.34 billion as of June 30, 2020, generating rental income of $217.4 million and net income attributable to OP unitholders of $43.5 million for the six months ended June 30, 2020 United Dominion Realty, L.P. Consolidated Balance Sheet Highlights (Unaudited) | Account | June 30, 2020 (in thousands) | December 31, 2019 (in thousands) | | :--- | :--- | :--- | | **Total Assets** | **$2,338,924** | **$2,398,745** | | Total real estate owned, net | $2,031,639 | $2,078,592 | | **Total Liabilities** | **$1,054,467** | **$1,032,859** | | Secured debt, net | $99,082 | $99,071 | | Notes payable due to the General Partner | $655,619 | $637,233 | | **Total Capital** | **$1,284,457** | **$1,365,886** | United Dominion Realty, L.P. Consolidated Statement of Operations Highlights (Unaudited) | Metric | Three Months Ended June 30, 2020 (in thousands) | Six Months Ended June 30, 2020 (in thousands) | | :--- | :--- | :--- |\n| Rental Income | $105,201 | $217,366 | | Operating Income | $28,692 | $62,557 | | Net Income Attributable to OP Unitholders | $19,373 | $43,491 | | Net Income per OP Unit | $0.10 | $0.24 | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=68&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the significant impact of the COVID-19 pandemic, noting strong rent collections despite challenges, and analyzes liquidity, capital resources, and operational results for both UDR, Inc. and the Operating Partnership - The COVID-19 pandemic has adversely affected residents' ability to pay rent, leading to eviction moratoriums and rent assistance programs, resulting in the company reserving approximately **$9.0 million** for uncollectible lease receivables in Q2 2020[330](index=330&type=chunk)[334](index=334&type=chunk) - Despite the pandemic, multifamily rent collections remained strong, with collections for billed monthly rents at **98.6%** for April, **97.6%** for May, and **96.2%** for June as of July 24, 2020[335](index=335&type=chunk) - In May 2020, the company sold two operating communities in Washington for combined gross proceeds of **$142.6 million**, resulting in a total gain of **$61.3 million**[367](index=367&type=chunk)[368](index=368&type=chunk)[417](index=417&type=chunk) UDR, Inc. Same-Store Community Performance vs. Prior Year | Period | Same-Store NOI Change | Same-Store Rental Income Change | Same-Store Operating Expense Change | | :--- | :--- | :--- | :--- | | **Q2 2020** | -4.5% | -2.2% | +3.6% | | **H1 2020** | -0.9% | +0.2% | +3.2% | UDR, Inc. Key Non-GAAP Performance Metrics (per diluted share/unit) | Metric | Q2 2020 | Q2 2019 | H1 2020 | H1 2019 | | :--- | :--- | :--- | :--- | :--- | | FFO | $0.51 | $0.54 | $1.04 | $1.05 | | FFOA | $0.51 | $0.52 | $1.05 | $1.02 | | AFFO | $0.47 | $0.48 | $0.98 | $0.96 | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=91&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to interest rate risk from its variable-rate debt and refinancing needs for fixed-rate debt, with no material changes in market risk since the 2019 Annual Report on Form 10-K - The company's primary market risk is interest rate changes affecting its variable-rate debt and maturing fixed-rate debt[483](index=483&type=chunk) - As of June 30, 2020, there were no material changes to the company's market risk profile compared to what was disclosed in the 2019 Form 10-K[484](index=484&type=chunk) [Item 4. Controls and Procedures](index=91&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2020, with no material changes to internal control over financial reporting during the quarter - Based on an evaluation as of June 30, 2020, the CEO and CFO concluded that the disclosure controls and procedures for both UDR, Inc. and the Operating Partnership are effective[487](index=487&type=chunk) - There were no changes during the quarter that materially affected, or are reasonably likely to materially affect, the internal control over financial reporting[488](index=488&type=chunk) [PART II — OTHER INFORMATION](index=92&type=section&id=PART%20II%20%E2%80%94%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=92&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various routine legal claims and litigation, none of which are expected to have a material adverse effect on its financial position or results of operations - The company states that it is not involved in any legal proceedings that are expected to have a material adverse effect on its business or financial condition[491](index=491&type=chunk) [Item 1A. Risk Factors](index=92&type=section&id=Item%201A.%20Risk%20Factors) This section details significant risks to the company's business, including the COVID-19 pandemic, geographic concentration, reliance on debt financing, and the potential failure to qualify as a REIT - The COVID-19 pandemic is a primary risk, potentially leading to decreased occupancy, lower rental rates, and increased rent delinquencies due to job losses and economic uncertainty[493](index=493&type=chunk)[494](index=494&type=chunk) - The company has significant geographic concentration, with approximately **51.9%** of its H1 2020 NOI generated from the Washington D.C., Orange County, San Francisco Bay Area, and Boston markets, making it vulnerable to adverse regional economic conditions[498](index=498&type=chunk) - Risks related to indebtedness include insufficient cash flow to service debt, refinancing risk, and the potential for rising interest rates to increase costs, with the phase-out of LIBOR also noted as a potential risk[559](index=559&type=chunk)[562](index=562&type=chunk)[563](index=563&type=chunk) - Failure to maintain REIT status would result in adverse tax consequences, including being subject to federal income tax at regular corporate rates and the inability to deduct dividends paid to stockholders[575](index=575&type=chunk)[576](index=576&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=108&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2020, the company did not issue shares for OP Unit redemptions or repurchase shares under its public program, but did repurchase 72 shares from employees for tax obligations - No shares were repurchased under the company's **15 million** share repurchase program during the three months ended June 30, 2020, leaving **14.4 million** shares available for future repurchase[602](index=602&type=chunk) - A total of **72** shares were repurchased from employees at an average price of **$37.78** per share to satisfy statutory tax obligations on vested restricted stock[603](index=603&type=chunk) [Item 3. Defaults Upon Senior Securities](index=109&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) There were no defaults upon senior securities during the reporting period - None[604](index=604&type=chunk) [Item 5. Other Information](index=109&type=section&id=Item%205.%20Other%20Information) There is no other information to report for the period - None[606](index=606&type=chunk)

UDR® Opening doors to the future® INVESTOR PRESENTATION JUNE 2020 Next Generation Operating Platform | UDR Resident App 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 • ~$17.2 Billion Enterprise Value • 2020 Annualized Dividend of $1.44; ~3.9% yield as of May 28, 2020 Chief Financial Officer: Joe Fisher | 720-283-6139 Investor Relations: Trent ...

UDR, Inc. (NYSE:UDR) Q1 2020 Earnings Conference Call May 7, 2020 3:00 PM ET Company Participants Trent Trujillo - Director of Investor Relations Tom Toomey - CEO Jerry Davis - President and Chief Operating Officer Mike Lacy - Senior Vice President of Operations Joe Fisher - Chief Financial Officer Harry Alcock - Chief Investment Officer Matt Cozad - Senior VP, Corporate Services & Innovation Conference Call Participants Nicholas Joseph - Citi Austin Wurschmidt - KeyBanc Rich Hightower - Evercore Jeff Spect ...

Q12020 EARNINGS SUPPLEMENT UDR, Inc. (NYSE: UDR), has a demonstrated history of successfully managing, buying, selling, developing and redeveloping attractive real estate properties in primarily coastal, core U.S. markets. S&P 500 Company $17.1 Billion Enterprise Value 21 Markets, 167 Communities, 51,587 Apartment Homes Brio | Next Generation Operating Platform Resident App Electronic Platform Self-Guided and Virtual Tours CFO: Joe Fisher - 720.283.6139 | Investor Relations: Trent Trujillo - 720.283.6135 UD ...