UDR : Definitions and Reconciliations

UDR

DEFINITIONS AND RECONCILIATIONS

SEPTEMBER 2024

DEFINITIONS AND RECONCILIATIONS

A-2

Acquired Communities: The Company defines Acquired Communities as those communities acquired by the Company, other than development and redevelopment activity, that did not achieve stabilization as of the most recent quarter.

Adjusted Funds from Operations ("AFFO") attributable to common stockholders and unitholders: The Company defines AFFO as FFO as Adjusted attributable to common stockholders and unitholders less recurring capital expenditures on consolidated communities that are necessary to help preserve the value of and maintain functionality at our communities.

Management considers AFFO a useful supplemental performance metric for investors as it is more indicative of the Company's operational performance than FFO or FFO as Adjusted. AFFO is not intended to represent cash flow or liquidity for the period, and is only intended to provide an additional measure of our operating performance. The Company believes that net income/(loss) attributable to common stockholders is the most directly comparable GAAP financial measure to AFFO. Management believes that AFFO is a widely recognized measure of the operations of REITs, and presenting AFFO enables investors to assess our performance in comparison to other REITs. However, other REITs may use different methodologies for calculating AFFO and, accordingly, our AFFO may not always be comparable to AFFO calculated by other REITs. AFFO should not be considered as an alternative to net income/(loss) (determined in accordance with GAAP) as an indication of financial performance, or as an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to make distributions. A reconciliation from net income/(loss) attributable to common stockholders to AFFO is provided on page A-9 of this presentation.

Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items: The Company defines Consolidated Fixed Charge Coverage Ratio - adjusted for non- recurring items as Consolidated Interest Coverage Ratio - adjusted for non-recurring items divided by total consolidated interest, excluding the impact of costs associated with debt extinguishment, plus preferred dividends.

Management considers Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items a useful metric for investors as it provides ratings agencies, investors and lenders with a widely-used measure of the Company's ability to service its consolidated debt obligations as well as compare leverage against that of its peer REITs. A reconciliation of the components that comprise Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items is provided on page A-8 of this presentation.

Consolidated Interest Coverage Ratio - adjusted for non-recurring items: The Company defines Consolidated Interest Coverage Ratio - adjusted for non-recurring items as Consolidated EBITDAre - adjusted for non-recurring items divided by total consolidated interest, excluding the impact of costs associated with debt extinguishment.

Management considers Consolidated Interest Coverage Ratio - adjusted for non-recurring items a useful metric for investors as it provides ratings agencies, investors and lenders with a widely-used measure of the Company's ability to service its consolidated debt obligations as well as compare leverage against that of its peer REITs. A reconciliation of the components that comprise Consolidated Interest Coverage Ratio - adjusted for non-recurring items is provided on page A-8 of this presentation.

Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items: The Company defines Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items as total consolidated debt net of cash and cash equivalents divided by annualized Consolidated EBITDAre - adjusted for non-recurring items. Consolidated EBITDAre - adjusted for non-recurring items is defined as EBITDAre excluding the impact of income/(loss) from unconsolidated entities, adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures and other non-recurring items including, but not limited to casualty-related charges/(recoveries), net of wholly owned communities.

Management considers Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items a useful metric for investors as it provides ratings agencies, investors and lenders with a widely-used measure of the Company's ability to service its consolidated debt obligations as well as compare leverage against that of its peer REITs. A reconciliation between net income/(loss) and Consolidated EBITDAre - adjusted for non-recurring items is provided on page A-8 of this presentation.

Source: Company documents, Nareit, and Green Street.

DEFINITIONS AND RECONCILIATIONS

A-3

Controllable Expenses: The Company refers to property operating and maintenance expenses as Controllable Expenses.

Controllable Operating Margin: The Company defines Controllable Operating Margin as (i) rental income less Controllable Expenses (ii) divided by rental income. Management considers Controllable Operating Margin a useful metric as it provides investors with an indicator of the Company's ability to limit the growth of expenses that are within the control of the Company.

Cost of Capital: The cost to a company, such as a REIT, of raising capital in the form of equity (common or preferred stock) or debt. The cost of equity capital generally is considered to include both the dividend yield as well as the expected equity growth either by higher dividends or appreciation in stock price. The cost of debt capital generally is the after-tax interest expense on the debt incurred.

Debt-to-Asset Value: The amount of debt in relation to gross assets.

Debt-to-Enterprise Value: The amount of debt in relation to Enterprise Value. Management considers Debt-to-Enterprise Value a useful metric for investors as it is a widely recognized measure for evaluating leverage of a public company and presenting Debt-to-Enterprise Value enables investors to assess our leverage in comparison to other REITs.

Development Communities: The Company defines Development Communities as those communities recently developed or under development by the Company, that are currently majority owned by the Company and have not achieved stabilization as of the most recent quarter.

Dividend Payout Ratio: Measures the percentage of a REIT's common dividend that is covered by recurring cash flow.

Dividend Yield: A valuation metric typically used to compare dividend return potential. Dividend yield is the expected annual dividend per share as a percentage of the current share price.

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre): The Company defines EBITDAre as net income/(loss) (computed in accordance with GAAP), plus interest expense, including costs associated with debt extinguishment, plus real estate depreciation and amortization, plus other depreciation and amortization, plus (minus) income tax provision/(benefit), net, (minus) plus net gain/(loss) on the sale of depreciable real estate owned, plus impairment write-downs of depreciable real estate, plus the adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures. The Company computes EBITDAre in accordance with standards established by the National Association of Real Estate Investment Trusts, or Nareit, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the Nareit definition, or that interpret the Nareit definition differently than the Company does. The White Paper on EBITDAre was approved by the Board of Governors of Nareit in September 2017.

Management considers EBITDAre a useful metric for investors as it provides an additional indicator of the Company's ability to incur and service debt and enables investors to assess our performance against that of its peer REITs. EBITDAre should be considered along with, but not as an alternative to, net income and cash flow as a measure of the Company's activities in accordance with GAAP. EBITDAre does not represent cash generated from operating activities in accordance with GAAP and is not necessarily indicative of funds available to fund our cash needs. A reconciliation between net income/(loss) and EBITDAre is provided on page A-8 of this presentation.

Effective Blended Lease Rate Growth: The Company defines Effective Blended Lease Rate Growth as the combined proportional growth as a result of Effective New Lease Rate Growth and Effective Renewal Lease Rate Growth. Management considers Effective Blended Lease Rate Growth a useful metric for investors as it assesses combined proportional market-level, new and in-place demand trends.

Effective New Lease Rate Growth: The Company defines Effective New Lease Rate Growth as the increase in gross potential rent realized less concessions on a straight- line basis for the new lease term (current effective rent) versus prior resident effective rent for the prior lease term on new leases commenced during the current quarter. Management considers Effective New Lease Rate Growth a useful metric for investors as it assesses market-level new demand trends.

Source: Company documents, Nareit, and Green Street.

DEFINITIONS AND RECONCILIATIONS

A-4

Effective Renewal Lease Rate Growth: The Company defines Effective Renewal Lease Rate Growth as the increase in gross potential rent realized less concessions on a straight-line basis for the new lease term (current effective rent) versus prior effective rent for the prior lease term on renewed leases commenced during the current quarter. Management considers Effective Renewal Lease Rate Growth a useful metric for investors as it assesses market-level,in-place demand trends.

Enterprise Value: The summation of Equity Market Cap, short-term debt, and long-term debt, net of balances for cash and cash equivalents, on a given date. Management considers Enterprise Value a useful metric for investors as it is a widely recognized measure for calculating the public value of assets.

Equity Market Cap: The market value of all outstanding common stock and equivalents of a company based on the trading price of the common stock on a given date.

Estimated Quarter of Completion: The Company defines Estimated Quarter of Completion of a development or redevelopment project as the date on which construction is expected to be completed, but it does not represent the date of stabilization.

Funds from Operations as Adjusted ("FFO as Adjusted") attributable to common stockholders and unitholders: The Company defines FFO as Adjusted attributable to common stockholders and unitholders as FFO excluding the impact of other non-comparable items including, but not limited to, acquisition-related costs, prepayment costs/benefits associated with early debt retirement, impairment write-downs or gains and losses on sales of real estate or other assets incidental to the main business of the Company and income taxes directly associated with those gains and losses, casualty-related expenses and recoveries, severance costs and legal and other costs.

Management believes that FFO as Adjusted is useful supplemental information regarding our operating performance as it provides a consistent comparison of our operating performance across time periods and allows investors to more easily compare our operating results with other REITs. FFO as Adjusted is not intended to represent cash flow or liquidity for the period and is only intended to provide an additional measure of our operating performance. The Company believes that net income/(loss) attributable to common stockholders is the most directly comparable GAAP financial measure to FFO as Adjusted. However, other REITs may use different methodologies for calculating FFO as Adjusted or similar FFO measures and, accordingly, our FFO as Adjusted may not always be comparable to FFO as Adjusted or similar FFO measures calculated by other REITs. FFO as Adjusted should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of financial performance, or as an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of our liquidity. A reconciliation from net income attributable to common stockholders to FFO as Adjusted is provided on page A-9 of this presentation.

Funds From Operations ("FFO") attributable to common stockholders and unitholders: The Company defines FFO attributable to common stockholders and unitholders as net income/(loss) attributable to common stockholders (computed in accordance with GAAP), excluding impairment write-downs of depreciable real estate related to the main business of the Company or of investments in non-consolidated investees that are directly attributable to decreases in the fair value of depreciable real estate held by the investee, gains and losses from sales of depreciable real estate related to the main business of the Company and income taxes directly associated with those gains and losses, plus real estate depreciation and amortization, and after adjustments for noncontrolling interests, and the Company's share of unconsolidated partnerships and joint ventures. This definition conforms with the National Association of Real Estate Investment Trust's definition issued in April 2002 and restated in November 2018. In the computation of diluted FFO, if OP Units, DownREIT Units, unvested restricted stock, unvested LTIP Units, stock options, and the shares of Series E Cumulative Convertible Preferred Stock are dilutive, they are included in the diluted share count.

Management considers FFO a useful metric for investors as the Company uses FFO in evaluating property acquisitions and its operating performance and believes that FFO should be considered along with, but not as an alternative to, net income and cash flow as a measure of the Company's activities in accordance with GAAP. FFO does not represent cash generated from operating activities in accordance with GAAP and is not necessarily indicative of funds available to fund our cash needs. A reconciliation from net income/(loss) attributable to common stockholders to FFO is provided on page A-9 of this presentation.

Held For Disposition Communities: The Company defines Held for Disposition Communities as those communities that were held for sale as of the end of the most recent quarter.

Internal Rate of Return ("IRR"): The discount rate that sets estimated discounted cash flows equal to the initial investment.

Source: Company documents, Nareit, and Green Street.

DEFINITIONS AND RECONCILIATIONS

A-5

Joint Venture Reconciliation at UDR's weighted average ownership interest:

In thousands

2Q 2024

YTD 2024

Income/(loss) from unconsolidated entities

$

4,046

$

13,131

Management fee

861

1,699

Interest expense

4,466

8,938

Depreciation

13,768

27,461

General and administrative

192

349

Developer Capital Program (excludes loans)

(8,436)

(16,599)

Other (income)/expense

(3)

(48)

Realized and unrealized (gain)/loss on real estate technology investments, net of tax

189

(5,457)

Total Joint Venture NOI at UDR's Ownership Interest

$

15,083

$

29,474

.

Net Asset Value: Net Asset Value ("NAV") is defined as marked-to-market value of assets less marked-to-market value of liabilities and preferred equity, divided by total outstanding diluted shares and operating partnership units. Management considers NAV a useful metric for investors as it provides context to portfolio value changes over time based on widely accepted market inputs.

Net Operating Income ("NOI"): The Company defines NOI as rental income less direct property rental expenses. Rental income represents gross market rent and other revenues less adjustments for concessions, vacancy loss and bad debt. Rental expenses include real estate taxes, insurance, personnel, utilities, repairs and maintenance, administrative and marketing. Excluded from NOI is property management expense, which is calculated as 3.25% of property revenue, and land rent. Property management expense covers costs directly related to consolidated property operations, inclusive of corporate management, regional supervision, accounting and other costs.

Management considers NOI a useful metric for investors as it is a more meaningful representation of a community's continuing operating performance than net income as it is prior to corporate-level expense allocations, general and administrative costs, capital structure and depreciation and amortization and is a widely used input, along with capitalization rates, in the determination of real estate valuations. A reconciliation from net income/(loss) attributable to UDR, Inc. to NOI is provided below.

In thousands

2Q 2024

1Q 2024

4Q 2023

3Q 2023

2Q 2023

Net income/(loss) attributable to UDR, Inc.

$

28,883

$

43,149

$

32,986

$

32,858

$

347,545

Property management

13,433

13,379

13,354

13,271

13,101

Other operating expenses

7,593

6,828

8,320

4,611

4,259

Real estate depreciation and amortization

170,488

169,858

170,643

167,551

168,925

Interest expense

47,811

48,062

47,347

44,664

45,113

Casualty-related charges/(recoveries), net

998

6,278

(224)

(1,928)

1,134

General and administrative

20,136

17,810

20,838

15,159

16,452

Tax provision/(benefit), net

386

337

93

428

1,351

(Income)/loss from unconsolidated entities

(4,046)

(9,085)

20,219

(5,508)

(9,697)

Interest income and other (income)/expense, net

(6,498)

(5,865)

(9,371)

3,069

(10,447)

Joint venture management and other fees

(1,992)

(1,965)

(2,379)

(1,772)

(1,450)

Other depreciation and amortization

4,679

4,316

4,397

3,692

3,681

(Gain)/loss on sale of real estate owned

-

(16,867)

(25,308)

-

(325,884)

Net income/(loss) attributable to noncontrolling interests

2,130

3,161

2,975

2,561

22,638

Total consolidated NOI

$

284,001

$

279,396

$

283,890

$

278,656

$

276,721

Source: Company documents, Nareit, and Green Street.

DEFINITIONS AND RECONCILIATIONS

A-6

NOI Enhancing Capital Expenditures ("Cap Ex"): The Company defines NOI Enhancing Capital Expenditures as expenditures that result in increased income generation or decreased expense growth over time. Management considers NOI Enhancing Capital Expenditures a useful metric for investors as it quantifies the amount of capital expenditures that are expected to grow, not just maintain, revenues or to decrease expenses.

Nominal Cap Rate: Nominal cap rates represent the expected unleveraged first year yield a property buyer expects to realize on its investment.

Non-Mature Communities: The Company defines Non-Mature Communities as those communities that have not met the criteria to be included in same-store communities.

Non-Residential / Other: The Company defines Non-Residential / Other as non-apartment components of mixed-use properties, land held, properties being prepared for redevelopment and properties where a material change in home count has occurred.

Other Markets: The Company defines Other Markets as the accumulation of individual markets where it operates less than 1,000 Same-Store homes. Management considers Other Markets a useful metric as the operating results for the individual markets are not representative of the fundamentals for those markets as a whole.

Physical Occupancy: The Company defines Physical Occupancy as the number of occupied homes divided by the total homes available at a community.

QTD Same-Store Communities: The Company defines QTD Same-Store Communities as those communities Stabilized for five full consecutive quarters. These communities were owned and had stabilized operating expenses as of the beginning of the quarter in the prior year, were not in process of any substantial redevelopment activities, and were not held for disposition.

Recurring Capital Expenditures: The Company defines Recurring Capital Expenditures as expenditures that are necessary to help preserve the value of and maintain functionality at its communities.

Redevelopment Communities: The Company generally defines Redevelopment Communities as those communities where substantial redevelopment is in progress. Based upon the level of material impact the redevelopment has on the community (operations, occupancy levels, and future rental rates), the community may or may not maintain Stabilization. As such, for each redevelopment, the Company assesses whether the community remains in Same-Store.

Sold Communities: The Company defines Sold Communities as those communities that were disposed of prior to the end of the most recent quarter.

Stabilization/Stabilized: The Company defines Stabilization/Stabilized as when a community's occupancy reaches 90% or above for at least three consecutive months.

Stabilized, Non-Mature Communities: The Company defines Stabilized, Non-Mature Communities as those communities that have reached Stabilization but are not yet in the same-store portfolio.

Total Revenue per Occupied Home: The Company defines Total Revenue per Occupied Home as rental and other revenues with concessions reported on a straight-line basis, divided by the product of occupancy and the number of apartment homes. Management considers Total Revenue per Occupied Home a useful metric for investors as it serves as a proxy for portfolio quality, both geographic and physical.

YTD Same-Store Communities: The Company defines YTD Same-Store Communities as those communities Stabilized for two full consecutive calendar years. These communities were owned and had stabilized operating expenses as of the beginning of the prior year, were not in process of any substantial redevelopment activities, and were not held for disposition.

Source: Company documents, Nareit, and Green Street.

DEFINITIONS AND RECONCILIATIONS

A-7

2024 Guidance: All guidance is based on current expectations of future economic conditions and the judgment of the Company's management team. The following reconciles from GAAP Net income/(loss) per share for the third quarter of 2024 and full-year 2024 to forecasted FFO, FFO as Adjusted and AFFO per share and unit:

3Q 2024

Full-Year 2024

Low

High

Low

High

Forecasted net income per diluted share

$

0.08

$

0.10

$

0.35

$

0.43

Conversion from GAAP share count

(0.01)

(0.01)

(0.02)

(0.02)

Net gain on the sale of depreciable real estate owned

-

-

(0.05)

(0.05)

Depreciation

0.52

0.52

2.07

2.07

Noncontrolling interests

0.01

0.01

0.02

0.02

Preferred dividends

-

-

0.01

0.01

Forecasted FFO per diluted share and unit

$

0.60

$

0.62

$

2.38

$

2.46

Legal and other costs

-

-

0.02

0.02

Severance costs and other restructuring expense

0.01

0.01

0.01

0.01

Casualty-related charges/(recoveries)

-

-

0.02

0.02

Realized/unrealized (gain)/loss on real estate technology investments

-

-

(0.01)

(0.01)

Forecasted FFO as Adjusted per diluted share and unit

$

0.61

$

0.63

$

2.42

$

2.50

Recurring capital expenditures

(0.07)

(0.07)

(0.26)

(0.26)

Forecasted AFFO per diluted share and unit

$

0.54

$

0.56

$

2.16

$

2.24

Source: Company documents.

DEFINITIONS AND RECONCILIATIONS

A-8

Quarter Ended

Coverage Ratios

June 30, 2024

Net income/(loss)

$

31,013

Adjustments:

Interest expense, including debt extinguishment and other associated costs

47,811

Real estate depreciation and amortization

170,488

Other depreciation and amortization

4,679

Tax provision/(benefit), net

386

Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures

18,694

EBITDAre

$

273,071

Casualty-related charges/(recoveries), net

998

Legal and other costs

2,914

Severance costs

1,111

Realized and unrealized (gain)/loss on real estate technology investments

183

(Income)/loss from unconsolidated entities

(4,046)

Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures

(18,694)

Management fee expense on unconsolidated joint ventures

(861)

Consolidated EBITDAre - adjusted for non-recurring items

$

254,676

Annualized consolidated EBITDAre - adjusted for non-recurring items

$

1,018,704

Interest expense, including debt extinguishment and other associated costs

47,811

Capitalized interest expense

2,417

Total interest

$

50,228

Preferred dividends

$

1,210

Total debt

$

5,776,136

Cash

(2,770)

Net debt

$

5,773,366

Consolidated Interest Coverage Ratio - adjusted for non-recurring items

5.1x

Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items

5.0x

Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items

5.7x

Source: Company documents.

DEFINITIONS AND RECONCILIATIONS

A-9

Three Months Ended

Six Months Ended

June 30,

June 30,

In thousands, except per share and unit amounts

2024

2023

2024

2023

Net income/(loss) attributable to common stockholders

$

27,673

$

346,323

$

69,591

$

376,104

Real estate depreciation and amortization

170,488

168,925

340,346

338,225

Noncontrolling interests

2,130

22,638

5,291

24,599

Real estate depreciation and amortization on unconsolidated joint ventures

14,228

8,695

28,382

16,180

Net (gain)/loss on the sale of depreciable real estate owned, net of tax

-

(324,769)

(16,867)

(324,770)

Funds from operations ("FFO") attributable to common stockholders and unitholders, basic

$

214,519

$

221,812

$

426,743

$

430,338

Distributions to preferred stockholders - Series E (Convertible) (1)

1,210

1,222

2,441

2,405

FFO attributable to common stockholders and unitholders, diluted

$

215,729

$

223,034

$

429,184

$

432,743

FFO per weighted average common share and unit, basic

$

0.61

$

0.63

$

1.21

$

1.23

FFO per weighted average common share and unit, diluted

$

0.60

$

0.63

$

1.20

$

1.22

Weighted average number of common shares and OP/DownREIT Units outstanding, basic

353,380

350,207

353,311

350,157

Weighted average number of common shares, OP/DownREIT Units, and common stock

equivalents outstanding, diluted

356,747

353,730

356,584

353,698

Impact of adjustments to FFO:

Variable upside participation on Developer Capital Program, net

$

-

$

(204)

$

-

$

(204)

Legal and other costs

2,914

-

5,444

(1,258)

Realized and unrealized (gain)/loss on real estate technology investments, net of tax

372

(7,847)

(4,616)

(8,110)

Severance costs

1,111

-

1,532

-

Casualty-related charges/(recoveries)

998

1,134

7,276

5,290

Total impact of adjustments to FFO

$

5,395

$

(6,917)

$

9,636

$

(4,282)

FFO as Adjusted attributable to common stockholders and unitholders, diluted

$

221,124

$

216,117

$

438,820

$

428,461

FFO as Adjusted per weighted average common share and unit, diluted

$

0.62

$

0.61

$

1.23

$

1.21

Recurring capital expenditures, inclusive of unconsolidated joint ventures

(26,290)

(21,345)

(43,598)

(33,644)

AFFO attributable to common stockholders and unitholders, diluted

$

194,834

$

194,772

$

395,222

$

394,817

AFFO per weighted average common share and unit, diluted

$

0.55

$

0.55

$

1.11

$

1.12

See pages A-1 through A-9 for definitions and other terms.

Source: Company documents.

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," "outlook," "guidance," "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 and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement, due to a number of factors, which include, but are not limited to, general market and economic conditions, unfavorable changes in the apartment market and economic conditions that could adversely affect occupancy levels and rental rates, the impact of inflation/deflation on rental rates and property operating expenses, the availability of capital and the stability of the capital markets, rising interest rates, the impact of competition and competitive pricing, acquisitions, developments and redevelopments not achieving anticipated results, delays in completing developments, redevelopments and lease-ups on schedule or at expected rent and occupancy levels, changes in job growth, home affordability and demand/supply ratio for multifamily housing, development and construction risks that may impact profitability, risks that joint ventures with third parties and Developer Capital Program investments do not perform as expected, the failure of automation or technology to help grow net operating income, and other risk factors discussed in documents filed by the Company with the SEC from time to time, including the Company's Annual Report on Form 10-K and the Company's Quarterly Reports on Form 10-Q. Actual results may differ materially from those described in the forward-looking statements. These forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this presentation and the Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in the Company's expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required under the U.S. securities laws.

Definitions and reconciliations can be found in the attached appendix and on UDR's investor relations website at http://ir.udr.com/under the News and Presentations heading.

Disclaimer

UDR Inc. published this content on 04 September 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on September 04, 2024 at 22:49:41 UTC.