UDR : Q4 2021 Supplemental Financial Information

R E A L E S T A T E

sector leader 2021

Q4 |	2021

EARNINGS RELEASE &

SUPPLEMENTAL FINANCIAL INFORMATION

UDR, Inc. (NYSE: UDR) is a leading S&P 500 real estate	• $26.5 Billion Enterprise Value
investment trust with a demonstrated performance	•	Markets
history of delivering superior and dependable returns	• 178 Communities
by successfully managing, buying, selling, developing	•	57,483 Apartment Homes
and redeveloping attractive multifamily communities

in targeted U.S. markets.

Q4 2021 ACQUISITION

Arbors at Maitland Summit | Orlando, FL

REDEVELOPMENT		Q4 2021 ACQUISITION
10 Hanover | New York, NY		Essex | Orlando, FL

Joe Fisher, CFO - 720.283.6139 | Trent Trujillo, Investor Relations - 720.283.6135

UDR, INC. | UDR.COM

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UDR Fourth Quarter 2021 Earnings Supplement

4Q 2021 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 Sheets............................................................................................................................................	Attachment 3
Selected Financial Information
Common Stock and Equivalents, and Weighted Average Number of Shares Outstanding...........................................	Attachment 4(A)
Debt Structure and Debt Maturities Schedules..............................................................................................................	Attachment 4(B)
Coverage Ratios, Debt Covenant Analysis, Securities Ratings, and Asset Summary..................................................	Attachment 4(C)
Operations
Revenue, Expense, NOI, Operating Margin, Quarterly Trends Comparison.....................................................................	Attachment 5
Same-StoreOperating Expense Information.....................................................................................................................	Attachment 6
Portfolio Overview - Apartment Home Breakout...........................................................................................................	Attachment 7(A)
Portfolio Overview - Non-MatureApartment Home Summary and Net Operating Income by Market...........................	Attachment 7(B)
Submarket
Current Quarter vs. Prior Year Quarter Occupancy, and Total Income per Occupied Home Information......................	Attachment 8(A)
Current Quarter vs. Prior Year Quarter Revenue, Expense, and NOI Information........................................................	Attachment 8(B)
Current Quarter vs. Last Quarter Occupancy, and Total Income per Occupied Home Information...............................	Attachment 8(C)
Current Quarter vs. Last Quarter Revenue, Expense, and NOI Information..................................................................	Attachment 8(D)
Current Year-to-Datevs. Prior Year-to-DateOccupancy, and Total Income per Occupied Home Information..............	Attachment 8(E)
Current Year-to-Datevs. Prior Year-to-DateRevenue, Expense, and NOI Information................................................	Attachment 8(F)
Lease Rate Growth and Turnover Information..............................................................................................................	Attachment 8(G)
Development, Redevelopment, Acquisitions and Dispositions
Development and Land Summary.....................................................................................................................................	Attachment 9
Redevelopment Summary...............................................................................................................................................	Attachment 10
Unconsolidated Summary............................................................................................................................................	Attachment 11(A)
Developer Capital Program.........................................................................................................................................	Attachment 11(B)
Acquisitions, Dispositions and Developer Capital Program Investments Summary.........................................................	Attachment 12
Capital Expenditure and Repair & Maintenance
Capital Expenditure and Repair and Maintenance Summary..........................................................................................	Attachment 13
Company Guidance
1Q 2022 and Full-Year2022 Guidance...........................................................................................................................	Attachment 14
Definitions and Reconciliations
Defined Terms and Reconciliations...............................................................................................................	Attachments 15(A) -15(D)

Table of Contents

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Table of Contents

Press Release

DENVER, CO - February 8, 2022	Contact: Trent Trujillo
	Email:[e-mail]

UDR ANNOUNCES FOURTH QUARTER AND FULL-YEAR 2021 RESULTS

AND 2022 GUIDANCE RANGES

UDR, Inc. (the "Company") (NYSE: UDR), announced today its fourth quarter and full-year 2021 results. Net Income, Funds from Operations ("FFO"), FFO as Adjusted ("FFOA"), and Adjusted FFO ("AFFO") per diluted share for the quarter ended December 31, 2021 are detailed below.

		Quarter Ended December 31
	4Q 2021	4Q 2021	4Q 2020	$ Change vs.	% Change vs.
Metric	Actual	Guidance	Actual	Prior Year Period	Prior Year Period
Net Income per diluted share	$0.37	$0.30 to $0.32	$0.09	$0.28	311%
FFO per diluted share	$0.63	$0.52 to $0.54	$0.39	$0.24	62%
FFOA per diluted share	$0.54	$0.52 to $0.54	$0.49	$0.05	10%
AFFO per diluted share	$0.47	$0.46 to $0.48	$0.43	$0.04	9%

• The Company reported net income attributable to common stockholders of $116.4 million, or $0.37 per share, compared to $25.5 million, or $0.09 per share, in the prior year period. This increase was primarily due to an increase in Same-Store ("SS") net operating income ("NOI"), higher NOI from acquired communities, higher income from unconsolidated entities particularly from real estate technology investments, higher gains on sold properties, and lower debt extinguishment costs.
• SS results for fourth quarter 2021 versus fourth quarter 2020 and third quarter 2021 are summarized below.

	Year-Over-Year ("YOY"):	Sequential:
Same-Store Growth / (Decline)	Q4 2021 vs. Q4 2020	Q4 2021 vs. Q3 2021
With concessions reflected on a cash basis:
Revenue	9.0%	3.0%
Expense	3.8%	(2.7)%
NOI	11.4%	5.7%
With concessions reflected on a straight-linebasis:
Revenue	5.8%	2.3%
NOI	6.6%	4.7%

• The Company's weighted average SS physical occupancy for the fourth quarter of 2021 was 97.1 percent, compared to 96.1 percent for the fourth quarter of 2020 and 97.5 percent for the third quarter of 2021.
• The Company continues to implement its Next Generation Operating Platform which helped limit fourth quarter 2021 SS controllable expense growth to 2.8 percent YOY and 2.2 percent YTD.
• During the quarter, the Company acquired three communities for an aggregate purchase price of $409.1 million and disposed of one community for proceeds of $126.0 million. Additionally, the Company committed $52.2 million to a Developer Capital Program ("DCP") investment.

"Our full-year 2021 earnings and same-store results compare very well versus initial guidance, and operating strength has persisted into 2022," said Tom Toomey, UDR's Chairman and CEO. "Our outlook for 2022 guidance signals one of our best years ever. In addition to favorable market rent growth dynamics, our unique value creation mechanisms, accretive capital allocation, and innovative Platform initiatives serve as a strong foundation for margin expansion and robust same-store, earnings, and dividend growth."

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