UDR Investor Presentation

ACCRETIVE CAPITAL ALLOCATION Our wide variety of value creation drivers provides UDR the latitude to pivot toward investment opportunities that generate the highest risk-adjusted IRRs and the greatest earnings/NAV accretion. These include: ACQUISITIONS DEVELOPMENT REDEVELOPMENT • • Arbors at Maitland Summit | Orlando, FL Target 10%-15% NOI growth above market in first 3 years of ownership Acquired $2.6B third-party communities and ~$4.0B overall (1) since 2019 with a focus Platform-friendly assets DEVELOPER CAPITAL PROGRAM . Cirrus | Denver, CO $188M active construction pipeline, 41% funded ~6.25% weighted average projected stabilized yield on $370M of communities currently in lease-up, which should benefit 2024 FFOA per share growth NOI-ENHANCING INVESTMENT 10 Hanover Square Lobby | New York, NY Target mid-teens IRRS Identified >$100M of potential new projects in coming years Current unit addition project: 30 units, $18M Current unit redevelopments: ~1,600 units, $70M PLATFORM & INNOVATION ACCOUNT SNAPSHOT Check your account balance and submit monthly payments Menu Farm Cem Make a One-Time Payment Essex Luxe | Orlando, FL Tierra Del Rey Bathroom Remodel | L.A., CA • Low/mid-double-digit IRRS on capital provided to • $75-$85M average annual spend Virtual Tours | SmartHome Technology Package ~$35M investment in Platform enhancements third-party developers . • Embedded optionality (have acquired -50% of completed deals). Low-teens IRRs for amenity, kitchen & bath, and other upgrades. • >$100M PropTech & ESG fund commitments • Future projects include building-wide Wi-Fi and electric vehicle charging stations (1) $4.0B includes acquisitions from Joint Ventures (including UDR's DCP portfolio and the UDR/MetLife JV, at share) and secured debt assumed at the time of acquisition, where applicable. Source: Company documents. 11

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