UDR : May 2025 Investor Presentation
UDR
Published on 05/05/2025 at 22:03
101 N. Meridian
Tampa, FL
INVESTOR PRESENTATION
May 2025
TABLE OF CONTENTS
Arbors at Maitland Summit
Orlando, FL
3 Recent Updates
6 UDR at a Glance
8 UDR Value Proposition
9 Accretive Capital Allocation and Value Creation
11 Resident Attributes
12 Strong, Liquid, Flexible Balance Sheet
13 ESG and Sustainability Leadership
15 The Case for Apartment REITs
2
Key operating metrics across revenue and expense growth are trending above the midpoints of our full-year outlook, including occupancy of nearly 97% and continued sequential improvement in blended lease rate growth to start the second quarter.
SSREV Growth SSREV Growth, by Region
Blended Lease Rate Growth(1)
SSEXP Growth
Approximately 100bps lower than the historical 2H average
3.0%
2.6%
0.9%
3
1Q 2025 April 2025 Rest of Year Implied
(1) With 1Q 2025 blended lease rate growth of 0.9%, UDR's outlook for blended lease rate growth of 1.4% to 1.8% in the first half of 2025 implies 2Q 2025 blended lease rate growth of 1.9% to 2.7%. Thereafter, guidance assumes blended lease rate growth follows typical seasonal patterns, including sequential deceleration in 4Q 2025 at a rate similar to the historical average.
Source: Company documents.
RECENT UPDATES - 2025 GUIDANCE (AS REPORTED APRIL 30, 2025)
Demographics, affordability, and demand/supply factors continue to support rentership.
Steady Rent-to-Income Ratio ("R/I")
Median resident R/I ratio in the low-20% range; average UDR household income is 2.5x higher than the median MSA income.
R/I Ratio Long-Term Average
25%
24%
23%
22%
21%
20%
Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25
Robust Demand
Above-average population concentrations in the mid-20's to
early-30's age cohorts support apartment rental demand
U.S. Population by Age Average (Ages 15 to 60)
Attractive Relative Affordability
Nearly 60%, or $3,200 per month, less expensive to rent than own across UDR markets
% Less Expensive to Rent vs. Own (TTM) Long-Term Average
-20%
-30%
-40%
-50%
-60%
Slowing Future Supply
Multifamily starts have declined materially since mid-2022
160,000
4,800,000
Quarterly Multifamily Development Starts (Units)
120,000
4,400,000
80,000
4,000,000
3,600,000
15 20 25 30 35 40 45 50 55 60
40,000
0
2019 2020 2021 2022 2023 2024 2025
(1) Metrics as of March 31, 2025, unless otherwise noted. 4
Source: Company documents, RealPage, U.S. Census Bureau.
RECENT UPDATES - SECTOR TRENDS(1)
Multifamily supply is expected to decline to historical average in 2025 with completions expected to trend even lower in 2026.
National Multifamily Deliveries
UDR Market Multifamily Deliveries
200,000
160,000
Deliveries
120,000
80,000
40,000
1.0%
0.8%
0.6%
0.4%
0.2%
80,000
% of Stock
Deliveries
60,000
40,000
20,000
1.0%
0.8%
% of Stock
0.6%
0.4%
0.2%
0
1Q22 4Q22 3Q23 2Q24 1Q25 4Q25 3Q26
0.0%
0
1Q22 4Q22 3Q23 2Q24 1Q25 4Q25 3Q26
0.0%
2025 Supply as % of Existing Stock(1)
Flat to 50 bps Above Historical Average
50 to 150 bps Above Historical Average
>150 bps Above Historical Average
20% of UDR NOI
Austin Inland Empire
Nashville Orlando Richmond San Diego Tampa
40% of UDR NOI
Boston Dallas Denver
Los Angeles New York Philadelphia Seattle
40% of UDR NOI
Baltimore Monterey Peninsula
Orange County
Portland
San Francisco Bay Area Washington, D.C. Metro
(1) Historical Average is defined as the period from 2000 through 2019. 5
Source: Company documents, RealPage, CoStar.
RECENT UPDATES - SUPPLY OUTLOOK
Disclaimer
UDR Inc. published this content on May 05, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 06, 2025 at 01:53 UTC.