UDR Investor Presentation
UDR VALUE PROPOSITION
Durable and Repeatable Competitive Advantages
Innovation
Operations
Self-service and improved
resident experience
Expand margins and
lessen expense growth
$60M incremental NOI
captured or identified
Differentiated
Market Selection
Predictive analytics and
qualitative analyses to
help identify investment/
divestment markets
Beneficial to our 2019-
2021 acquisition yield
expansion to-date
2
Repeatable
Investment
Upside
Durable competitive
advantages boost yields
History of acquisitions
achieving 10-15% NOI growth
in excess of market over first 3
years of ownership
Better Results Than Peers
Average Annual Outperformance
vs. Peer Median (1) (bps), Last 10 Years
00
90
Above peer-average FFOA/sh(3)
growth in 8 of last 11 years
100
90
80
70
60
50
50
40
3220
10
60
40
40
80%
70%
Long-Term TSR Outperformance
Frequency that UDR's Rolling 3-year Annualized TSR(2)
Outperforms Index
Last 5 Years
Last 10 Years
60%
58%
50%
40%
75%
67%
64%
SS NOI Growth
FFOA/sh
Div/sh
NAV/sh
(1)
(2)
Actual results from 2013 through 2022; 2023 reflects full-year guidance for UDR and peers. 2013 coincides with UDR's initial publicly disseminated 3-year strategic plan.
Data through March 31, 2023.
(3)
UDR vs. NAREIT UDR vs. NAREIT UDR vs. NAREIT UDR vs. NAREIT
Apt. Index
Equity Index Apt. Index Equity Index
Funds from Operations as Adjusted ("FFOA") is defined as Funds From Operations ("FFO") excluding the impact of non-comparable items including, but not limited to, acquisition-related costs, prepayment costs / benefits associated with early debt retirement, gains and losses 7
on sales of real estate, and other costs. A comprehensive definition of FFOA and a reconciliation from net income attributable to common stockholders to FFOA is provided in the "Definitions and Reconciliations" section of UDR's quarterly Supplemental Financial Information.
Source: Company documents.View entire presentation