UDR (UDR) Citi’s 30th Annual Global Property CEO Conference 2025 summary

Strategic positioning and business overview

• Operates a $22 billion S&P 500 apartment REIT with over 60,000 homes across 20 markets, emphasizing diversification by geography, asset class, and price point.

• Focuses on innovation, operational acumen, and maintaining an investment-grade balance sheet with over $1 billion in liquidity.

• Achieved an 11% annual total stock return over 24 years under current leadership.

• Key value drivers are diversification, customer-centric operations, and a culture of innovation for long-term outperformance.

• Strategic updates and operational performance are regularly communicated to investors.

Capital allocation and portfolio management

• Employs a multi-pronged capital allocation strategy: joint ventures, direct acquisitions, development, redevelopment, and NOI-enhancing CapEx.

• Recently resumed joint venture acquisitions with LaSalle and continues to pursue OP unit transactions.

• Plans three new development starts in 2024, targeting untrended yields of about 6%.

• Allocates about $250 million annually to recurring NOI-enhancing and redevelopment CapEx, leveraging customer data to inform decisions.

• Maintains a 75-25 coastal-to-Sunbelt portfolio mix, with incremental portfolio recycling based on market and asset-level opportunities.

Operational performance and innovation

• Achieved 96.8% occupancy in Q4, rising to over 97% at the start of the year, positioning for strong leasing season performance.

• Demonstrates 5-10% annual growth in other income lines, supported by a culture of innovation and operational focus.

• Outperformed peers in sequential revenue growth and maintains momentum into the current year.

• Utilizes technology and data analytics to drive customer retention, reduce turnover, and enhance resident experience.

• Rolling out a new CRM system and targeted CapEx to address resident pain points, aiming for further turnover reduction.