UDR (UDR) Investor presentation summary

Reasons to invest

• 11% compounded annual total shareholder return over 25 years, with strong dividend income.

• Sustainable operating margin advantage and high resident satisfaction from continuous innovation.

• Consistent results across economic cycles, supported by an investment grade balance sheet.

• Data-driven capital allocation using AI to maximize long-term cash flow growth.

• Mid-4% dividend yield and shares trading at a low-6% implied cap rate.

2026 outlook and recent updates

• 2026 same-store revenue growth guidance: blended lease rate growth of 1.5% to 2%, about double the prior year.

• Renewal increases offered between 5% and 6%, with QTD renewals above 5%.

• Concessions are lower than 4Q25 and trending down; occupancy in the mid-96% range.

• YTD resident turnover improved by 200bps year-over-year.

• Markets like San Francisco, New York, and Dallas are outperforming expectations.

Corporate strategy and value proposition

• Focus on operations, capital allocation, and portfolio exposure as pillars of value creation.

• Customer Experience project and AI initiatives drive resident retention and NOI growth.

• Proprietary analytics platform informs capital decisions at asset and micro-market levels.

• Data and AI are used to optimize market and asset selection for capital allocation.

• Nearly 30,000 apartment communities across 35 markets are continually evaluated for value creation.