EARNINGS RELEASE & SUPPLEMENTAL 2025 FINANCIAL INFORMATION Q1 | 2025 DEVELOPMENT 3099 Iowa | Riverside, CA Joe Fisher, President, CFO, & CIO - 720.283.6139 Trent Trujillo, Investor Relations - 720.283.6135 UDR, INC. | UDR.COM UDR First Quarter 2025 Earnings Supplement | 1Q 2025 Earnings Press Release Pages 1-6 | | | --- | --- | | Company | Financial Highlights | | Consolidated Statements of Operations Attachment 1 | Funds From Operations (FFO), FFO as Adjusted, AFFO Attachment 2 | | Consolidated Balance She ...

UDR (UDR) reported $419.84 million in revenue for the quarter ended March 2025, representing a year-over-year increase of 2%. EPS of $0.61 for the same period compares to $0.13 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $421.31 million, representing a surprise of -0.35%. The company has not delivered EPS surprise, with the consensus EPS estimate being $0.61.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compar ...

UDR (UDR) came out with quarterly funds from operations (FFO) of $0.61 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $0.61 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this real estate investment trust would post FFO of $0.63 per share when it actually produced FFO of $0.63, delivering no surprise.Over the last four quarters, the company has surpassed consensus FFO estimates just once.UDR, which belongs to the Za ...

Exhibit 99.2 Financial Highlights UDR, Inc. As of End of First Quarter 2025 (Unaudited) (1) | | Actual Results | | Guidance for | | | --- | --- | --- | --- | --- | | Dollars in thousands, except per share and unit | 1Q 2025 | | 2Q 2025 | Full-Year 2025 | | GAAP Metrics | | | | | | Net income/(loss) attributable to UDR, Inc. | $76,720 | | -- | -- | | Net income/(loss) attributable to common stockholders | $75,514 | | -- | -- | | Income/(loss) per weighted average common share, diluted | $0.23 | | $0.11 to $0 ...

Company Overview - UDR Inc. is a premier multifamily real estate investment trust (REIT) based in Denver, CO, set to announce its first-quarter 2025 results on April 30, with expectations of revenue growth but unchanged funds from operations (FFO) per share [1][12]. Recent Performance - In the last reported quarter, UDR achieved an FFO as adjusted per share of 63 cents, aligning with the Zacks Consensus Estimate, reflecting year-over-year growth in same-store revenues despite increased property operating and maintenance costs [2][3]. - Over the past four quarters, UDR's FFO as adjusted per share met or surpassed estimates, with an average surprise of 0.41% [3]. Market Conditions - The first quarter of 2025 saw strong apartment demand, with over 138,000 market-rate apartment units absorbed nationally, marking the highest first-quarter demand on record [4]. - Demand exceeded supply, with nearly 577,000 units delivered, indicating a potential peak in the construction cycle [5]. - Occupancy rates rose to 95.2% in March, the highest since October 2022, and effective rents increased by 0.75% in March and 1.1% year-over-year, with an average effective rent of $1,848 [6]. Regional Performance - The recovery in the rental market is uneven, with the Midwest and Rust Belt regions showing strong rent gains, while high-supply Sun Belt metros like Austin and Phoenix faced rent cuts but showed monthly growth in March [7]. Strategic Focus - UDR maintains a geographically diversified portfolio of A/B quality properties and is focused on enhancing technology and operational efficiency through its Next Generation Operating Platform [8]. - A solid balance sheet supports UDR's ability to pursue growth opportunities, although elevated rental unit supply in certain markets has increased competition and affected rent growth [9]. Projections and Estimates - UDR's first-quarter 2025 revenue is estimated at $421.73 million, reflecting a 2.44% year-over-year increase, with same-store physical occupancy projected at 97.0% [11]. - The company expects FFO as adjusted per share in the range of 60-62 cents, with the Zacks Consensus Estimate remaining at 61 cents, indicating no change year-over-year [12]. Earnings Prediction - UDR currently has a Zacks Rank of 3 and an Earnings ESP of -0.05%, suggesting no clear prediction of a surprise in FFO per share for the upcoming quarter [13].

Group 1 - UDR's shares have increased by approximately 20% over the past year, benefiting from challenges in home affordability that have supported the rental market [1] - The company's business strategy is focused on legacy markets, which may provide a competitive advantage in the current economic environment [1]

Core Viewpoint - UDR's recent earnings report shows stable performance with slight year-over-year growth in revenues, but challenges from rising expenses. The company has provided guidance for 2025, indicating expectations for continued growth in FFOA and revenues. Financial Performance - UDR reported Q4 2024 FFOA per share of 63 cents, meeting estimates, with total revenues of $422.7 million, a 2.3% increase year-over-year [2][4] - Full-year 2024 FFOA was $2.48 per share, slightly above the previous year, with rental income reaching $1.66 billion, a 2.6% year-over-year improvement [4] - Same-store revenues increased by 2.5% year-over-year, while same-store expenses rose by 3.4% [5] Expense Analysis - Property operating and maintenance expenses increased by 5.4% to $72.2 million, and interest expenses rose by 4.8% to $49.6 million [6] - The same-store effective blended lease rate declined by 0.5%, but physical occupancy remained stable at 96.8% [5] Balance Sheet Position - As of December 31, 2024, UDR had $1.1 billion in liquidity and total debt of $5.8 billion, with only 9.7% maturing through 2026 [7] - The net debt-to-EBITDA ratio improved to 5.5X from 5.6X in the previous quarter [7] 2025 Guidance - UDR expects Q1 2025 FFOA per share between 60-62 cents and full-year FFOA in the range of $2.45-$2.55 [9] - Projected growth rates for same-store revenues are between 1.25-3.25%, with same-store expenses expected to grow between 2.75% and 4.25% [10] Market Outlook - Estimates for UDR have been trending upward, with a Zacks Rank of 3 (Hold), indicating an expectation of in-line returns in the coming months [13] - UDR's overall VGM Score is D, reflecting subpar growth and value metrics, although it has a better momentum score of B [12]

Financial Data and Key Metrics Changes - For Q4 2024, the company reported FFOA per share of $0.63 and full year FFOA per share of $2.48, achieving the midpoint of previously provided guidance [11][15] - Same-store NOI growth exceeded the high end of guidance, with occupancy improving by 50 basis points sequentially compared to Q3 2024 [15][16] - The company maintained occupancy above 97% in early 2025, approximately 30 basis points higher than the Q4 average [16] Business Line Data and Key Metrics Changes - The company shifted to an occupancy-focused strategy, resulting in slightly lower blended lease rate growth but maximizing NOI for 2024 [15][16] - New lease rate growth has bottomed out, while renewal lease rate growth remains healthy in the mid-4% range [17] Market Data and Key Metrics Changes - The 2025 rental forecast is set at 2%, informed by economic factors such as GDP, job and wage growth, and a declining homeownership rate due to high mortgage rates [18][20] - The Sunbelt markets are expected to face new supply deliveries of approximately 4% of existing inventory, which is double that of coastal markets [26] Company Strategy and Development Direction - The company plans to continue utilizing various sources of capital, including joint ventures, to pursue external growth opportunities despite elevated capital costs [12][50] - Ongoing investments in innovation, particularly in customer experience, are expected to drive incremental NOI growth exceeding broader market trends in 2025 [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in economic growth and apartment demand remaining resilient in 2025, with supply pressures expected to ease in the latter half of the year [12][20] - The company anticipates same-store revenue growth of 1.25% to 3.25% for 2025, with a midpoint of 2.25% [43] Other Important Information - The company has a strong balance sheet with over $1 billion in liquidity and only 10% of total consolidated debt maturing through 2026, reducing refinancing risk [33][32] - The company is actively seeking to fill the CFO position following Joe Fisher's transition to Chief Investment Officer [9][13] Q&A Session Summary Question: Can you provide insights on blended rate growth trends across different markets? - Management indicated that blended rate growth is expected to be around 1.4% to 1.8% in the first half of 2025, increasing to about 2.8% to 3.2% in the second half [56][57] Question: What is the focus on investments given the guidance for being a net seller this year? - Management clarified that being a net seller is a timing issue related to sales from the previous year and emphasized an opportunistic approach to capital deployment [64][66] Question: Where do concessions currently stand and what is the outlook? - Concessions are currently around one week, with expectations to decrease further as the company focuses on driving rents up [72] Question: Can you discuss the rationale behind the new CIO role and any changes in capital allocation strategy? - Management highlighted the importance of fresh perspectives and career advancement opportunities within the team, indicating that the capital allocation strategy will remain focused on generating shareholder value [75][78] Question: What are the expectations for other income growth in the coming years? - Management expects continued growth in other income, driven by initiatives such as Wi-Fi rollouts and improved customer experience, with about 60% of the projected growth already secured [82][84]

One Upland Boston, MA FEBRUARY 2024 Opening cloors to the future DISCLAIMER AND FORWARD-LOOKING STATEMENTS Certain statements made in this presentation may constitute "forward-looking statements." Words such as "expects," "intends," "believes," "anticipates," "plans," "likely," "will," "seeks," "estimates" and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements, by their nature, involve estimates, projections, goals, forecasts ...

Core Insights - UDR reported revenue of $420.44 million for the quarter ended December 2024, reflecting a 2.3% increase year-over-year, but a slight miss of 0.02% against the Zacks Consensus Estimate of $420.52 million [1] - The company's EPS for the quarter was $0.63, significantly higher than $0.10 in the same quarter last year, aligning with the consensus estimate [1] Financial Performance - Average Physical Occupancy stood at 96.6%, matching the estimates from four analysts [4] - Rental income was reported at $420.44 million, exceeding the average estimate of $419.14 million from eight analysts, marking a 2.3% increase year-over-year [4] - Revenue from joint venture management and other fees was $2.29 million, slightly above the average estimate of $2.05 million, but represented a 3.8% decline year-over-year [4] - Net Earnings Per Share (Diluted) was reported at $0.02, below the average estimate of $0.06 from eight analysts [4] Market Performance - UDR shares have returned +1.5% over the past month, compared to a +1.7% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]