UDR (UDR) investor relations material

Executive summary

• Net income per diluted share rose to $0.21 in Q2 2026 from $0.11 in Q2 2025, with year-to-date net income per share at $0.79, up from $0.34 year-over-year, driven by gains on real estate sales and lower depreciation expenses.

• FFOA per diluted share was $0.64 for Q2 2026, up from $0.61 in Q2 2025, and $1.25 year-to-date versus $1.19 last year.

• Same-store revenue, expense, and NOI growth exceeded expectations, with blended lease rate growth above guidance and occupancy in the mid-96% range.

• Monthly dividend payments commenced in July 2026, with a 1.2% increase over the prior year.

• Recognized as a top workplace in real estate for the third consecutive year, with associate turnover at 19% versus industry norm of 34%.

Financial highlights

• Q2 2026 FFOA per share was $0.64, at the high end of guidance, and AFFO per share was $0.56; total revenues for Q2 2026 were $425.4 million, flat year-over-year.

• Same-store revenue grew 1.8% year-over-year, expenses rose 2.6%, and NOI increased 1.4% in Q2 2026.

• Resident retention reached a seasonal high of 60%, 140 basis points better than prior year.

• Dividend declared for Q2 2026 was $0.435 per share, annualized at $1.74.

• Net income attributable to common stockholders was $67.8 million for Q2 2026 and $256.4 million year-to-date.

Outlook and guidance

• Full-year 2026 guidance for FFOA per diluted share raised to $2.49–$2.57, midpoint up $0.01.

• Net income per diluted share guidance increased to $1.03–$1.11, midpoint up $0.11.

• Same-store revenue growth guidance for 2026: 0.75%–2.00%; expense growth: 2.75%–3.75%; NOI growth: 0%–1.25%.

• Q3 2026 net income guidance: $0.13–$0.15 per diluted share; FFOA: $0.63–$0.65 per share.

• Dispositions guidance raised to $400–$750 million; acquisitions $130–$300 million.