UDR Investor Presentation

ACCRETIVE CAPITAL ALLOCATION UDR has a track record of being a proficient steward of capital and can utilize various external growth value creation drivers. UDR's Capital Allocation Throughout the Apartment Cycle ($M) JUDR Prem./(Disc.) to NAV (lhs) Net Acquisitions (rhs) 40% $2,000 30% Issue equity at a premium to NAV and grow when appropriate $1,500 20% $1,000 10% $500 0% $0 (10)% ($500) (20)% ($1,000) (30)% Sell assets to fund growth and execute share repurchases when equity trades at a discount to NAV ($1,500) (40)% ($2,000) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 UDR'S CAPITAL SOURCES UDR'S CAPITAL USES Cost Risk-Adjusted Return Not Attractive Attractive Low High Source: Company documents. No Source in Size Yes Common Equity Asset Dispositions Unsecured Debt Secured Debt JV Capital LOC Commercial Paper O Preferred Equity Investment Opportunity Small Large Acquisitions Development DCP Redevelopment NOI Enhancing Cap Ex Stock Buybacks Operating Platform 10

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