UDR Investor Presentation

INNOVATION = REPEATABLE, CONSISTENT VALUE CREATION UDR's ongoing innovation drives outsized same-store NOI growth in our legacy portfolio and yield expansion when we externally grow. This has contributed to UDR generating better than peer average FFOA per share growth in 8 of the past 11 years. Our innovation is enduring, scalable, and a hard-to-replicate competitive advantage versus peers. Legacy Portfolio + Given a Cost of Capital to Grow >$20M NOI realized since 2018 = $420M value creation (1) >$40M NOI targeted over next 24-36 months Customer Self-Service Site-Level Efficiencies Advanced Data Science Reduce Controllable Expenses Reduce Vacant Days Pricing Engine Optimization Larger Share of Resident Wallet 50bps of yield expansion from innovation on $2.6B of third-party acquisitions from 2019-2021(2) = $275M value creation (1) 140bps of Total Yield Expansion To-Date (3)(4) Wtd. Avg. Initial Yield 4.35% UDR Portfolio Gross Potential Rent Growth Innovation Renovation Capex Current Yield 0.90% 0.25% 5.75% 0.50% 0.25% 4.0% 4.5% 5.0% 5.5% 6.0% (1) Calculated based on an applied cap rate of 4.75%. (2) Amounts include communities with at least 12 months of operating results under UDR ownership, exclude acquisitions from Joint Ventures (including UDR's DCP portfolio and the UDR/MetLife JV), and include secured debt assumed at the time of acquisition, where applicable. (3) Rent Growth is based on gross potential rents for UDR's portfolio as of March 2023. (4) Core Operations and Innovation includes revenue maximization strategies, parking optimization, view premiums, short-term furnished rentals, personnel optimization, SmartHome installations, and self-service integration. Renovation (accretive) and Cap Ex investment (dilutive from higher cost basis) include interior renovations (kitchen and bath) and common area upgrades. Source: Company documents. 9

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