UDR Investor Presentation

INNOVATION ACCOMPLISHMENTS UDR's history of innovation has delivered better SS NOI growth and controllable operating margin versus peers. Long-Term Same-Store Outperformance UDR vs. Peer Median (1) SS NOI Growth (2013-1023) Controllable Operating Margin ("COM") Expansion Controllable Operating Margin vs. Avg. Monthly Rent(2) (TTM through 1Q 2023) Peer Median 4.5% 50bps average annual additional NOI growth from UDR initiatives. 4.0% 3.5% 3.0% 2.5% 2.0% 3.9% UDR 4.4% 3.9% TTM Controllable Operating Margin 84% 83% 82% 81% 80% 79% ~300bps COM advantage Equates to $42M in higher annualized NOI. 78% $1,600 $1,800 $2,000 $2,200 $2,400 Peer Avg. $2,600 $2,800 $3,000 Average Monthly Rent Per Apartment Home ~300bps controllable operating margin advantage vs. peer average Fully-loaded margin (3) is ~200bps higher than the peer average Higher fully-loaded margins in 11 of 15 primary UDR markets (1) Peer group includes AIRC (AIV prior to 2021), AVB, CPT, EQR, ESS, and MAA; 2Q 2020 through 1Q 2023 UDR same-store NOI results have been adjusted where appropriate to reflect concessions on a straightline basis for peer comparability. (2) Based on disclosures across the peer group, Average Monthly Rent is defined as average monthly rental rates for AVB, CPT, EQR, ESS, and MAA and is defined as average monthly revenue per occupied home for AIRC and UDR. (3) Fully-loaded margin includes G&A, property management, and Capex Source: Company and peer documents. 8

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