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, 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) Maryland 54-0857512 (State or other jurisdiction ...

UDR, Inc. (NYSE:UDR) Q2 2021 Results Conference Call July 29, 2021 1:00 PM ET Company Participants Trent Trujillo - Director, IR Tom Toomey - Chairman & CEO Mike Lacy - SVP, Operations Joe Fisher - CFO Harry Alcock - CIO & SVP Chris Van Ens - VP, Operations Conference Call Participants Nick Joseph - Citi Jeff Spector - Bank of America Rich Hightower - Evercore ISI Rich Hill - Morgan Stanley Amanda Sweitzer - Baird Austin Wurschmidt - KeyBanc Capital Markets Brad Heffern - RBC Capital Markets Juan Sanabria - ...

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, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to UDR, Inc. (Exact name of registrant as specified in its charter) Maryland 54-0857512 (State or other jurisdiction of (I.R.S. Employer incorporation o ...

Company Overview - UDR's enterprise value is approximately $21.3 billion as of June 4, 2021[3] - The company's annualized dividend is $1.45, yielding approximately 3.0% as of June 4, 2021[3] - UDR's portfolio is diversified across 21 coastal and sunbelt markets[7] - 52,617 apartment homes are well diversified by price point within markets[7] Financial Performance and Guidance - The company raised its full-year 2021 earnings and same-store growth guidance expectations[11] - UDR expects to attain the high-end of its previously provided FFOA per share guidance range of $0.47-$0.49 for 2Q 2021[13] - Same-store cash revenue growth is forecast to be -2.0% to -1.0% for 2Q 2021, an improvement compared to 1Q 2021's -6.4%[13] Operating Platform and Initiatives - 50% of targeted $15-$20 million annual run rate NOI from Platform 1.0 achieved at YE 2020, with an additional 25% expected by YE 2021[27] - Phase 1.5 initiatives are expected to generate another $10-$15 million in run rate NOI over the next several years[27] - UDR collected approximately $5 million from rental assistance programs as of May 2021, with another $12 million of applications under review[28] Market Trends and Resident Profile - May 2021 leasing traffic was 40% higher year-over-year[17] - Weighted average May 2021 physical occupancy was 97.3%, a +50bps increase versus April[18] - Blended effective lease rate growth turned positive at +0.3% in May[19]

UDR, Inc. (NYSE:UDR) Q1 2021 Earnings Conference Call April 28, 2021 1:00 PM ET Company Participants Trent Trujillo - Director, IR Thomas Toomey - Chairman & CEO Michael Lacy - SVP, Property Operations Joseph Fisher - SVP & CFO Harry Alcock - CIO & SVP Chris Van Ens - VP, Operations Conference Call Participants Nick Joseph - Citigroup Austin Wurschmidt - KeyBanc Capital Markets Jeffrey Spector - Bank of America Merrill Lynch Richard Hill - Morgan Stanley Rich Anderson - SMBC Richard Hightower - Evercore ISI ...

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, 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) Maryland (UDR, Inc.) 54-0857512 (State or other juri ...

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 ...