UDR Investor Presentation

THE CASE FOR APARTMENT REITS Apartment REIT TSR has outperformed other REITs and the broader market by a wide margin since 2000 due to: 1 of U.S. housing Ongoing shortage 2 Increased propensity to rent 3 Housing's status as a necessary, non- discretionary expense 4 Better long-term NOI growth lower capex than most REIT sectors TOTAL SHAREHOLDER RETURN (INDEXED AT 100 IN JANUARY 2000)(1) NAREIT Equity Apartments Index NAREIT Equity Index S&P 500 Apartment REITs have outperformed over time 1,600 10.7% Nareit Equity Apartments Index CAGR 1,400 10.0% Nareit Equity Index CAGR 7.4% S&P 500 CAGR 1,200 1,000 800 600 400 200 15% 10% 1073 919 5% 0% 524 (5)% (10)% ROLLING 3-YEAR ANNUALIZED TSR(1) Apt. REIT Outperformance vs. Equity REITS 62% of the time, the Nareit Equity Apartments Index has outperformed the Nareit Equity Index on a rolling 3-Year TSR basis. 4% Average Outperformance 3% Average Underperformance (15)% 2000 2002 2005 2008 2011 2014 2017 2019 2022 2000 2002 2005 2008 2011 2014 2017 2019 2022 (1) Data through April 30, 2023. Source: Nareit and Factset. 17

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