UDR, Inc. (the "Company") (NYSE: UDR), announced today its first quarter 2026 results. Net Income, Funds from Operations ("FFO"), and FFO as Adjusted ("FFOA") per diluted share for the quarter ended March 31, 2026, are detailed below.

	Quarter Ended March 31
Metric	1Q 2026 Actual	1Q 2026 Guidance	1Q 2025 Actual	$ Change vs. Prior Year Period	% Change vs. Prior Year Period
Net Income per diluted share	$0.57	$0.11 to $0.13	$0.23	$0.34	148%
FFO per diluted share	$0.63	$0.61 to $0.63	$0.58	$0.05	9%
FFOA per diluted share	$0.62	$0.61 to $0.63	$0.61	$0.01	2%

Same-Store ("SS") results for the first quarter 2026 versus the first quarter 2025 and the fourth quarter 2025 are summarized below.

SS Growth / (Decline)	Year-Over-Year ("YOY"): 1Q 2026 vs. 1Q 2025	Sequential: 1Q 2026 vs. 4Q 2025
Revenue	0.9%	(0.4)%
Expense	4.4%	5.7%
Net Operating Income ("NOI")	(0.8)%	(3.2)%

During the first quarter, the Company,

Completed the sales of four apartment communities with a combined 1,159 apartment homes for gross proceeds totaling $362.0 million.
Received approximately $138.9 million in proceeds from the full repayment of two Debt and Preferred Equity investments.
Repurchased approximately 2.8 million shares of its common stock at a weighted average share price of $36.27 for total consideration of approximately $100.0 million.

Subsequent to quarter-end, the Company,

Repurchased approximately 1.4 million shares of its common stock at a weighted average share price of $35.01 for total consideration of approximately $50.0 million. Since recommencing share repurchases in September 2025, the Company has repurchased approximately $268.0 million of its common stock.
Acquired a 232-apartment home community located in Portland, OR. This investment was previously recognized as part of the Company's Debt and Preferred Equity program.
Announced, concurrent with this earnings release, the commencement of a monthly common stock dividend, beginning with the dividend payable in July 2026.
Earned the distinction of being named a Top Workplace by USA Today for the second consecutive year.

"First quarter Same-Store and FFOA per diluted share results aligned with our expectations, and we adhered to our capital allocation heatmaps to create shareholder value by selling assets at compelling valuations and repurchasing our stock. In addition, I am excited to announce that UDR has become the first residential REIT to offer monthly dividends. This strategic pivot in dividend policy is consistent with our effort to expand access to capital. Our responsiveness to growing interest in monthly cash distributions is emblematic of UDR's culture of innovation and long-term value creation," said Tom Toomey, UDR's Chairman, President, and CEO.

Outlook⁽¹⁾

As shown in the table below, the Company has established the following guidance ranges for the second quarter of 2026 and has updated full-year 2026 guidance ranges.

	1Q 2026 Actual	2Q 2026 Outlook	Prior Full-Year 2026 Outlook	Updated Full-Year 2026 Outlook	Full-Year 2026 Midpoint (Change)
Net Income per diluted share	$0.57	$0.12 to $0.14	$0.45 to $0.55	$0.91 to $1.01	$0.96 (+$0.46)
FFO per diluted share	$0.63	$0.62 to $0.64	$2.47 to $2.57	$2.48 to $2.58	$2.53 (+$0.01)
FFOA per diluted share	$0.62	$0.62 to $0.64	$2.47 to $2.57	$2.47 to $2.57	$2.52 (unch)
YOY Growth:
SS Revenue	0.9%	N/A	0.25% to 2.25%	0.25% to 2.25%	1.25% (unch)
SS Expense	4.4%	N/A	3.00% to 4.50%	3.00% to 4.50%	3.75% (unch)
SS NOI	(0.8)%	N/A	(1.00)% to 1.25%	(1.00)% to 1.25%	0.125% (unch)

⁽¹⁾

Additional assumptions for the Company's second quarter and full-year 2026 outlook can be found on Attachment 13 of the Company's related quarterly Supplemental Financial Information ("Supplement"). A reconciliation of GAAP Net Income per diluted share to FFO per diluted share and FFOA per diluted share can be found on Attachment 14(D) of the Company's related quarterly Supplement. Non-GAAP financial measures and other terms, as used in this earnings release, are defined and further explained on Attachments 14(A) through 14(D), "Definitions and Reconciliations," of the Company's related quarterly Supplement.

Operating Results

In the first quarter, total revenue increased by $3.9 million YOY, or 0.9 percent, to $425.8 million. This increase was primarily attributable to growth in revenue from Same-Store and acquired communities, partially offset by declines in revenue from property dispositions.

"2026 has started as expected, and our results align with guidance and our focus on maximizing revenue growth," said Mike Lacy, UDR's Chief Operating Officer. "I am pleased with the progress our teams have made in driving increased innovation income, which includes a variety of services and amenities desired by our residents, and achieving all-time Company high levels of resident retention."

In the tables below, the Company has presented year-over-year and sequential Same-Store results by region.

Summary of Same-Store Results in the First Quarter 2026 versus the First Quarter 2025

Region	Revenue Growth / (Decline)	Expense Growth / (Decline)	NOI Growth / (Decline)	% of Same-Store Portfolio⁽¹⁾	Physical Occupancy⁽²⁾	YOY Change in Occupancy
West	2.7%	8.0%	0.7%	32.4%	96.9%	(0.3)%
Northeast	2.1%	4.7%	0.6%	19.7%	96.8%	(0.5)%
Mid-Atlantic	0.5%	4.8%	(1.5)%	19.1%	96.3%	(1.3)%
Southeast	(1.8)%	2.6%	(3.9)%	12.9%	96.2%	(0.8)%
Southwest	(1.7)%	(0.8)%	(2.2)%	10.9%	96.9%	(0.4)%
Other Markets	(0.4)%	3.1%	(1.7)%	5.0%	95.8%	(0.5)%
Total / Weighted Average	0.9%	4.4%	(0.8)%	100.0%	96.6%	(0.6)%

⁽¹⁾		Based on 1Q 2026 Same-Store NOI. For definitions of terms, please refer to the "Definitions and Reconciliations" section of the Company's related quarterly Supplement.
⁽²⁾		Weighted average Same-Store physical occupancy for the quarter.

Summary of Same-Store Results in the First Quarter 2026 versus the Fourth Quarter 2025

Region	Revenue Growth / (Decline)	Expense Growth / (Decline)	NOI Growth / (Decline)	% of Same-Store Portfolio⁽¹⁾	Physical Occupancy⁽²⁾	Sequential Change in Occupancy
West	(0.3)%	5.9%	(2.6)%	32.4%	96.9%	0.0%
Northeast	(0.3)%	10.2%	(5.6)%	19.7%	96.8%	0.0%
Mid-Atlantic	(0.1)%	8.5%	(3.9)%	19.1%	96.3%	(0.4)%
Southeast	(1.1)%	1.4%	(2.3)%	12.9%	96.2%	(0.5)%
Southwest	(0.5)%	(0.1)%	(0.8)%	10.9%	96.9%	(0.5)%
Other Markets	(0.7)%	0.8%	(1.3)%	5.0%	95.8%	(0.7)%
Total / Weighted Average	(0.4)%	5.7%	(3.2)%	100.0%	96.6%	(0.3)%

⁽¹⁾		Based on 1Q 2026 Same-Store NOI. For definitions of terms, please refer to the "Definitions and Reconciliations" section of the Company's related quarterly Supplement.
⁽²⁾		Weighted average Same-Store physical occupancy for the quarter.

Transactional Activity

Leveraging the Company's collaborative and data-driven approach to capital allocation and disciplined perspective on risk-adjusted sources and uses of capital, the following transactions were completed:

During the quarter, the Company completed the sales of four apartment communities, one located in each of Baltimore, Denver, Seattle, and Tampa, with a combined 1,159 apartment homes for gross proceeds totaling $362.0 million.
During the quarter, the Company received proceeds of approximately $138.9 million from the full repayment of two Debt and Preferred Equity investments.
Subsequent to quarter-end, the Company acquired a 232-apartment home community located in Portland, OR, in connection with the liquidation of the Company's interest in a Debt and Preferred Equity joint venture. As a result, the Company began consolidating the community.

Capital Markets and Balance Sheet Activity

During the quarter and subsequent to quarter-end, the Company repurchased approximately 4.2 million shares of its common stock at a weighted average share price of $35.84 for total consideration of approximately $150.0 million. Since recommencing share repurchases in September 2025, the Company has repurchased approximately 7.4 million shares of its common stock at a weighted average share price of $35.96 for total consideration of approximately $268.0 million.

The Company's total indebtedness as of March 31, 2026, was $5.7 billion at a weighted average interest rate of 3.4 percent, with $355.0 million, or 6.6 percent of total consolidated debt, maturing through the rest of 2026, including principal amortization and excluding amounts on the Company's line of credit, commercial paper program, and working capital credit facility. As of March 31, 2026, the Company had approximately $1.1 billion in liquidity through a combination of cash and undrawn capacity on its credit facilities. Please see Attachment 13 of the Company's related quarterly Supplement for additional details regarding investment guidance.

In the table below, the Company has presented select balance sheet metrics for the quarter ended March 31, 2026, and the comparable prior year period.

	Quarter Ended March 31
Balance Sheet Metric	1Q 2026	1Q 2025	Change
Weighted Average Interest Rate	3.4%	3.4%	0.0%
Weighted Average Years to Maturity	4.3	4.9	(0.6)
Consolidated Fixed Charge Coverage Ratio	4.8x	5.0x	(0.2)x
Consolidated Debt as a percentage of Total Assets	32.0%	32.8%	(0.8)%
Consolidated Net Debt-to-EBITDAre – adjusted for non-recurring items⁽¹⁾	5.6x	5.7x	(0.1)x

(1)

A reconciliation of GAAP Net Income per share to EBITDAre - adjusted for non-recurring items and GAAP Total Debt to Net Debt can be found on Attachment 4(C) of the Company's related quarterly Supplement.

Dividend

As previously announced, the Company's Board of Directors declared a regular quarterly dividend on its common stock for the first quarter 2026 in the amount of $0.435 per share, representing a 1.2 percent increase over the comparable period in 2025. The dividend will be paid in cash on April 30, 2026, to UDR common shareholders of record as of April 15, 2026. The first quarter 2026 dividend will represent the 214^th consecutive quarterly dividend paid by the Company on its common stock.

Concurrent with this earnings release, the Company announced in a separate press release the commencement of monthly common stock dividends, beginning with the dividend payable in July 2026. This enhanced frequency, compared to the previous quarterly dividend, provides shareholders with more consistent distributions that better align with the timing of the Company's rental receipts. The Company's Board of Directors declared dividends on its common stock for the second quarter of 2026 in the amount of $0.145 per share per month, payable in cash on the payment dates set forth in the table below to UDR shareholders of record as of the close of business on the corresponding record date in the table below. The monthly dividend reflects an annualized dividend amount of $1.74 per share of common stock.

Record Date	Payment Date	Amount
July 17, 2026	July 31, 2026	$0.145 per common share
August 17, 2026	August 31, 2026	$0.145 per common share
September 15, 2026	September 30, 2026	$0.145 per common share
Total Dividends for 2Q 2026	-	$0.435 per common share

Board of Directors

As part of the Board of Directors' long-term succession plan with respect to director refreshment, and as previously announced, the Company appointed Ellen M. Goitia to its Board of Directors in January 2026. Ms. Goitia has over three decades of expertise in accounting, finance, and corporate governance, having served KPMG in various senior leadership roles including the partner-in-charge of the Chesapeake Business Unit Audit practice.

Subsequent to quarter-end, the Company announced that Katherine "Katie" A. Cattanach and Diane M. Morefield will not stand for re-election at the Company's upcoming annual shareholder meeting. UDR and the Board express their gratitude for Ms. Cattanach and Ms. Morefield's service as stewards who helped oversee the Company's growth.

Corporate Responsibility

Subsequent to quarter-end, the Company earned the distinction of being named a Top Workplace by USA Today for the second consecutive year.

Supplemental Financial Information

The Company offers Supplemental Financial Information that provides details on the financial position and operating results of the Company which is available on the new Investor Relations section of the Company's website at ir.udr.com.

Attachment 14(A)

Definitions and Reconciliations

March 31, 2026

(Unaudited)

Acquired Communities: The Company defines Acquired Communities as those communities acquired by the Company, other than development and redevelopment activity, that did not achieve stabilization as of the most recent quarter.

Adjusted Funds from Operations ("AFFO") attributable to common stockholders and unitholders: The Company defines AFFO as FFO as Adjusted attributable to common stockholders and unitholders less recurring capital expenditures on consolidated communities and the Company's proportionate share of recurring capital expenditures on unconsolidated partnerships and joint ventures, that are necessary to help preserve the value of and maintain functionality at our communities.

Management considers AFFO a useful supplemental performance metric for investors as it is more indicative of the Company's operational performance than FFO or FFO as Adjusted. AFFO is not intended to represent cash flow or liquidity for the period, and is only intended to provide an additional measure of our operating performance. The Company believes that net income/(loss) attributable to common stockholders is the most directly comparable GAAP financial measure to AFFO. Management believes that AFFO is a widely recognized measure of the operations of REITs, and presenting AFFO enables investors to assess our performance in comparison to other REITs. However, other REITs may use different methodologies for calculating AFFO and, accordingly, our AFFO may not always be comparable to AFFO calculated by other REITs. AFFO should not be considered as an alternative to net income/(loss) (determined in accordance with GAAP) as an indication of financial performance, or as an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to make distributions. A reconciliation from net income/(loss) attributable to common stockholders to AFFO is provided on Attachment 2.

Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items: The Company defines Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items as Consolidated Interest Coverage Ratio - adjusted for non-recurring items divided by total consolidated interest, excluding the impact of costs associated with debt extinguishment, plus preferred dividends.

Management considers Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items a useful metric for investors as it provides ratings agencies, investors and lenders with a widely-used measure of the Company's ability to service its consolidated debt obligations as well as compare leverage against that of its peer REITs. A reconciliation of the components that comprise Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure.

Consolidated Interest Coverage Ratio - adjusted for non-recurring items: The Company defines Consolidated Interest Coverage Ratio - adjusted for non-recurring items as Consolidated EBITDAre – adjusted for non-recurring items divided by total consolidated interest, excluding the impact of costs associated with debt extinguishment.

Management considers Consolidated Interest Coverage Ratio - adjusted for non-recurring items a useful metric for investors as it provides ratings agencies, investors and lenders with a widely-used measure of the Company's ability to service its consolidated debt obligations as well as compare leverage against that of its peer REITs. A reconciliation of the components that comprise Consolidated Interest Coverage Ratio - adjusted for non-recurring items is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure.

Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items: The Company defines Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items as total consolidated debt net of cash and cash equivalents divided by annualized Consolidated EBITDAre - adjusted for non-recurring items. Consolidated EBITDAre - adjusted for non-recurring items is defined as EBITDAre excluding the impact of income/(loss) from unconsolidated entities, adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures and other non-recurring items including, but not limited to casualty-related charges/(recoveries), net of wholly owned communities.

Management considers Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items a useful metric for investors as it provides ratings agencies, investors and lenders with a widely-used measure of the Company's ability to service its consolidated debt obligations as well as compare leverage against that of its peer REITs. A reconciliation between net income/(loss) and Consolidated EBITDAre - adjusted for non-recurring items is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure.

Contractual Return Rate: The Company defines Contractual Return Rate as the rate of return or interest rate that the Company is entitled to receive on a preferred equity investment or loan, as specified in the applicable agreement.

Controllable Expenses: The Company refers to property operating and maintenance expenses as Controllable Expenses.

Development Communities: The Company defines Development Communities as those communities recently developed or under development by the Company, that are currently majority owned by the Company and have not achieved stabilization as of the most recent quarter.

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre): The Company defines EBITDAre as net income/(loss) (computed in accordance with GAAP), plus interest expense, including costs associated with debt extinguishment, plus real estate depreciation and amortization, plus other depreciation and amortization, plus (minus) income tax provision/(benefit), (minus) plus net gain/(loss) on the sale of depreciable real estate owned, plus impairment write-downs of depreciable real estate, plus the adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures. The Company computes EBITDAre in accordance with standards established by the National Association of Real Estate Investment Trusts, or Nareit, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the Nareit definition, or that interpret the Nareit definition differently than the Company does. The White Paper on EBITDAre was approved by the Board of Governors of Nareit in September 2017.

Management considers EBITDAre a useful metric for investors as it provides an additional indicator of the Company's ability to incur and service debt, and enables investors to assess our performance against that of its peer REITs. EBITDAre should be considered along with, but not as an alternative to, net income and cash flow as a measure of the Company's activities in accordance with GAAP. EBITDAre does not represent cash generated from operating activities in accordance with GAAP and is not necessarily indicative of funds available to fund our cash needs. A reconciliation between net income/(loss) and EBITDAre is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure.

Effective Blended Lease Rate Growth: The Company defines Effective Blended Lease Rate Growth as the combined proportional growth as a result of Effective New Lease Rate Growth and Effective Renewal Lease Rate Growth. Management considers Effective Blended Lease Rate Growth a useful metric for investors as it assesses combined proportional market-level, new and in-place demand trends.

Effective New Lease Rate Growth: The Company defines Effective New Lease Rate Growth as the increase/(decrease) in gross potential rent realized less concessions on a straight-line basis for the new lease term (current effective rent) versus prior resident effective rent for the prior lease term on new leases commenced during the current quarter. Management considers Effective New Lease Rate Growth a useful metric for investors as it assesses market-level new demand trends.

Effective Renewal Lease Rate Growth: The Company defines Effective Renewal Lease Rate Growth as the increase/(decrease) in gross potential rent realized less concessions on a straight-line basis for the new lease term (current effective rent) versus prior effective rent for the prior lease term on renewed leases commenced during the current quarter. Management considers Effective Renewal Lease Rate Growth a useful metric for investors as it assesses market-level, in-place demand trends.

Estimated Quarter of Completion: The Company defines Estimated Quarter of Completion of a development or redevelopment project as the date on which construction is expected to be completed, but it does not represent the date of stabilization.

Attachment 14(B)

Definitions and Reconciliations

March 31, 2026

(Unaudited)

Funds from Operations as Adjusted ("FFO as Adjusted") attributable to common stockholders and unitholders: The Company defines FFO as Adjusted attributable to common stockholders and unitholders as FFO excluding the impact of other non-comparable items including, but not limited to, acquisition-related costs, prepayment costs/benefits associated with early debt retirement, impairment write-downs or gains and losses on sales of real estate or other assets incidental to the main business of the Company and income taxes directly associated with those gains and losses, casualty-related expenses and recoveries, severance costs, software transition related costs and legal and other costs.

Management believes that FFO as Adjusted is useful supplemental information regarding our operating performance as it provides a consistent comparison of our operating performance across time periods and allows investors to more easily compare our operating results with other REITs. FFO as Adjusted is not intended to represent cash flow or liquidity for the period, and is only intended to provide an additional measure of our operating performance. The Company believes that net income/(loss) attributable to common stockholders is the most directly comparable GAAP financial measure to FFO as Adjusted. However, other REITs may use different methodologies for calculating FFO as Adjusted or similar FFO measures and, accordingly, our FFO as Adjusted may not always be comparable to FFO as Adjusted or similar FFO measures calculated by other REITs. FFO as Adjusted should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of financial performance, or as an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of our liquidity. A reconciliation from net income attributable to common stockholders to FFO as Adjusted is provided on Attachment 2.

Funds from Operations ("FFO") attributable to common stockholders and unitholders: The Company defines FFO attributable to common stockholders and unitholders as net income/(loss) attributable to common stockholders (computed in accordance with GAAP), excluding impairment write-downs of depreciable real estate related to the main business of the Company or of investments in non-consolidated investees that are directly attributable to decreases in the fair value of depreciable real estate held by the investee, gains and losses from sales of depreciable real estate related to the main business of the Company and income taxes directly associated with those gains and losses, plus real estate depreciation and amortization, and after adjustments for noncontrolling interests, and the Company's share of unconsolidated partnerships and joint ventures. This definition conforms with the National Association of Real Estate Investment Trust's definition issued in April 2002 and restated in November 2018. In the computation of diluted FFO, if OP Units, DownREIT Units, unvested restricted stock, unvested LTIP Units, stock options, and the shares of Series E Cumulative Convertible Preferred Stock are dilutive, they are included in the diluted share count.

Management considers FFO a useful metric for investors as the Company uses FFO in evaluating property acquisitions and its operating performance and believes that FFO should be considered along with, but not as an alternative to, net income and cash flow as a measure of the Company's activities in accordance with GAAP. FFO does not represent cash generated from operating activities in accordance with GAAP and is not necessarily indicative of funds available to fund our cash needs. A reconciliation from net income/(loss) attributable to common stockholders to FFO is provided on Attachment 2.

Held For Disposition Communities: The Company defines Held for Disposition Communities as those communities that were held for sale as of the end of the most recent quarter.

Joint Venture Reconciliation at UDR's weighted average ownership interest:

In thousands	1Q 2026
Income/(loss) from unconsolidated entities	$	19,696
Management fee		1,104
Interest expense		6,176
Depreciation		14,364
General and administrative		138
Preferred Equity Program (excludes loans)		(7,147	)
Other (income)/expense		27
Realized and unrealized (gain)/loss on real estate technology investments, net of tax		(17,031	)
Total Joint Venture NOI at UDR's Ownership Interest	$	17,327

Net Operating Income ("NOI"): The Company defines NOI as rental income less direct property rental expenses. Rental income represents gross market rent and other revenues less adjustments for concessions, vacancy loss and bad debt. Rental expenses include real estate taxes, insurance, personnel, utilities, repairs and maintenance, administrative and marketing. Excluded from NOI is property management expense, which is calculated as 3.25% of property revenue, and land rent. Property management expense covers costs directly related to consolidated property operations, inclusive of corporate management, regional supervision, accounting and other costs.

Management considers NOI a useful metric for investors as it is a more meaningful representation of a community's continuing operating performance than net income as it is prior to corporate-level expense allocations, general and administrative costs, capital structure and depreciation and amortization and is a widely used input, along with capitalization rates, in the determination of real estate valuations. A reconciliation from net income/(loss) attributable to UDR, Inc. to NOI is provided below.

In thousands	1Q 2026			4Q 2025			3Q 2025			2Q 2025			1Q 2025
Net income/(loss) attributable to UDR, Inc.	$	189,831		$	222,902		$	40,409		$	37,673		$	76,720
Property management		13,758			13,937			13,952			13,747			13,645
Other operating expenses		9,415			7,947			6,975			7,753			8,059
Real estate depreciation and amortization		161,268			163,610			165,926			163,191			161,394
Interest expense		48,576			49,684			50,569			48,665			47,701
Casualty-related charges/(recoveries), net		5,729			3,248			1,755			3,382			3,297
General and administrative		19,364			22,948			22,732			19,929			19,495
Tax provision/(benefit), net		455			37			382			258			158
(Income)/loss from unconsolidated entities		(19,696	)		(4,934	)		(14,011	)		(3,629	)		(5,814	)
Interest income and other (income)/expense, net		(2,434	)		(5,406	)		(3,714	)		(8,134	)		(1,921	)
Joint venture management and other fees		(2,528	)		(4,281	)		(2,570	)		(2,398	)		(2,112	)
Other depreciation and amortization		3,335			4,451			7,009			7,387			7,067
(Gain)/loss on sale of real estate owned		(157,416	)		(194,974	)		-			-			(47,939	)
Net income/(loss) attributable to noncontrolling interests		13,073			15,383			2,721			2,556			5,351
Total consolidated NOI	$	282,730		$	294,552		$	292,135		$	290,380		$	285,101

Attachment 14(C)

Definitions and Reconciliations

March 31, 2026

(Unaudited)

NOI Enhancing Capital Expenditures ("Cap Ex"): The Company defines NOI Enhancing Capital Expenditures as expenditures that result in increased income generation or decreased expense growth over time.

Management considers NOI Enhancing Capital Expenditures a useful metric for investors as it quantifies the amount of capital expenditures that are expected to grow, not just maintain, revenues or to decrease expenses.

Non-Mature Communities: The Company defines Non-Mature Communities as those communities that have not met the criteria to be included in same-store communities.

Non-Residential / Other: The Company defines Non-Residential / Other as non-apartment components of mixed-use properties, land held, properties being prepared for redevelopment and properties where a material change in home count has occurred.

Other Markets: The Company defines Other Markets as the accumulation of individual markets where it operates less than 1,000 Same-Store homes. Management considers Other Markets a useful metric as the operating results for the individual markets are not representative of the fundamentals for those markets as a whole.

Physical Occupancy: The Company defines Physical Occupancy as the number of occupied homes divided by the total homes available at a community.

QTD Same-Store Communities: The Company defines QTD Same-Store Communities as those communities Stabilized for five full consecutive quarters. These communities were owned and had stabilized operating expenses as of the beginning of the quarter in the prior year, were not in process of any substantial redevelopment activities, and were not held for disposition.

Recurring Capital Expenditures: The Company defines Recurring Capital Expenditures as expenditures that are necessary to help preserve the value of and maintain functionality at its communities.

Redevelopment Communities: The Company generally defines Redevelopment Communities as those communities where substantial redevelopment is in progress. Based upon the level of material impact the redevelopment has on the community (operations, occupancy levels, and future rental rates), the community may or may not maintain Stabilization. As such, for each redevelopment, the Company assesses whether the community remains in Same-Store.

Sold Communities: The Company defines Sold Communities as those communities that were disposed of prior to the end of the most recent quarter.

Stabilization/Stabilized: The Company defines Stabilization/Stabilized as when a community's occupancy reaches 90% or above for at least three consecutive months.

Stabilized, Non-Mature Communities: The Company defines Stabilized, Non-Mature Communities as those communities that have reached Stabilization but are not yet in the same-store portfolio.

Total Revenue per Occupied Home: The Company defines Total Revenue per Occupied Home as rental and other revenues with concessions reported on a straight-line basis, divided by the product of occupancy and the number of apartment homes.

Management considers Total Revenue per Occupied Home a useful metric for investors as it serves as a proxy for portfolio quality, both geographic and physical.

TRS: The Company's taxable REIT subsidiaries ("TRS") focus on making investments and providing services that are otherwise not allowed to be made or provided by a REIT.

YTD Same-Store Communities: The Company defines YTD Same-Store Communities as those communities Stabilized for two full consecutive calendar years. These communities were owned and had stabilized operating expenses as of the beginning of the prior year, were not in process of any substantial redevelopment activities, and were not held for disposition.

Conference Call and Webcast Information

UDR will host a webcast and conference call at 12:00 p.m. Eastern Time on April 30, 2026, to discuss first quarter 2026 results as well as high-level views for 2026. The webcast will be available on the new Investor Relations section of the Company's website at ir.udr.com. To listen to a live broadcast, access the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. To participate in the teleconference dial 877-423-9813 for domestic and 201-689-8573 for international. A passcode is not necessary.

Given a high volume of conference calls occurring during this time of year, delays are anticipated when connecting to the live call. As a result, stakeholders and interested parties are encouraged to utilize the Company's webcast link for its earnings results discussion.

A replay of the conference call will be available through May 7, 2026, by dialing 844-512-2921 for domestic and 412-317-6671 for international and entering the confirmation number, 13759918, when prompted for the passcode. A replay of the call will also be available on the new Investor Relations section of the Company's website at ir.udr.com.

Full Text of the Earnings Report and Supplemental Data

The full text of the earnings report and related quarterly Supplement will be available on the new Investor Relations section of the Company's website at ir.udr.com.

Forward-Looking Statements

Certain statements made in this press release may constitute "forward-looking statements." Words such as "expects," "intends," "believes," "anticipates," "plans," "likely," "will," "seeks," "outlook," "guidance," "estimates" and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement, due to a number of factors, which include, but are not limited to, general market and economic conditions, unfavorable changes in the apartment market and economic conditions that could adversely affect occupancy levels and rental rates, the impact of inflation/deflation on rental rates and property operating expenses, the availability of capital and the stability of the capital markets, the impact of tariffs, geopolitical tensions, conflicts and wars, government shutdowns, and changes in immigration, elevated interest rates, the impact of competition and competitive pricing, acquisitions, developments and redevelopments not achieving anticipated results, delays in completing developments, redevelopments and lease-ups on schedule or at expected rent and occupancy levels, changes in job growth, home affordability and demand/supply ratio for multifamily housing, development and construction risks that may impact profitability, risks that joint ventures with third parties and Debt and Preferred Equity Program investments do not perform as expected, the failure of automation or technology to help grow net operating income, and other risk factors discussed in documents filed by the Company with the SEC from time to time, including the Company's Annual Report on Form 10-K and the Company's Quarterly Reports on Form 10-Q. Actual results may differ materially from those described in the forward-looking statements. These forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this press release, and the Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in the Company's expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required under the U.S. securities laws.

About UDR, Inc.

UDR, Inc. (NYSE:UDR), an S&P 500 company, is a leading multifamily real estate investment trust with a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive real estate communities in targeted U.S. markets. As of March 31, 2026, UDR owned or had an ownership position in 59,782 apartment homes, including 300 apartment homes under development. For over 53 years, UDR has delivered long-term value to shareholders, the best standard of service to Residents, and the highest quality experience for Associates.

Attachment 1

Consolidated Statements of Operations

(Unaudited) ⁽¹⁾

	Three Months Ended
	March 31,
In thousands, except per share amounts	2026			2025

REVENUES:
Rental income	$	423,321		$	419,836
Joint venture management and other fees		2,528			2,112
Total revenues		425,849			421,948

OPERATING EXPENSES:
Property operating and maintenance		80,732			75,990
Real estate taxes and insurance		59,859			58,745
Property management		13,758			13,645
Other operating expenses		9,415			8,059
Real estate depreciation and amortization		161,268			161,394
General and administrative		19,364			19,495
Casualty-related charges/(recoveries), net		5,729			3,297
Other depreciation and amortization		3,335			7,067
Total operating expenses		353,460			347,692

Gain/(loss) on sale of real estate owned		157,416			47,939
Operating income		229,805			122,195

Income/(loss) from unconsolidated entities		19,696			5,814
Interest expense		(48,576	)		(47,701	)
Interest income and other income/(expense), net		2,434			1,921

Income/(loss) before income taxes		203,359			82,229
Tax (provision)/benefit, net		(455	)		(158	)

Net Income/(loss)		202,904			82,071
Net (income)/loss attributable to redeemable noncontrolling interests in the OP and DownREIT Partnership		(13,061	)		(5,339	)
Net (income)/loss attributable to noncontrolling interests		(12	)		(12	)

Net income/(loss) attributable to UDR, Inc.		189,831			76,720
Distributions to preferred stockholders - Series E (Convertible)		(1,220	)		(1,206	)

Net income/(loss) attributable to common stockholders	$	188,611		$	75,514


Income/(loss) per weighted average common share - basic:	$	0.58		$	0.23
Income/(loss) per weighted average common share - diluted:	$	0.57		$	0.23

Common distributions declared per share	$	0.435		$	0.43

Weighted average number of common shares outstanding - basic		327,301			330,628
Weighted average number of common shares outstanding - diluted		330,294			331,717

(1) See Attachment 14 for definitions and other terms.

Attachment 2

Funds From Operations

(Unaudited) ⁽¹⁾

	Three Months Ended
	March 31,
In thousands, except per share and unit amounts	2026			2025

Net income/(loss) attributable to common stockholders	$	188,611		$	75,514

Real estate depreciation and amortization		161,268			161,394
Noncontrolling interests		13,073			5,351
Real estate depreciation and amortization on unconsolidated joint ventures		15,481			12,766
Net (gain)/loss on the sale of depreciable real estate owned, net of tax		(157,416	)		(47,939	)
Funds from operations ("FFO") attributable to common stockholders and unitholders, basic	$	221,017		$	207,086

Distributions to preferred stockholders - Series E (Convertible)⁽²⁾		1,220			1,206

FFO attributable to common stockholders and unitholders, diluted	$	222,237		$	208,292

FFO per weighted average common share and unit, basic	$	0.63		$	0.59
FFO per weighted average common share and unit, diluted	$	0.63		$	0.58

Weighted average number of common shares and OP/DownREIT Units outstanding, basic		350,012			353,527
Weighted average number of common shares, OP/DownREIT Units, and common stock equivalents outstanding, diluted		353,005			357,432

Impact of adjustments to FFO:
Legal and othercosts	$	5,183		$	3,805
Realized and unrealized (gain)/loss on real estate technology investments, net of tax		(15,434	)		211
Severance costs		-			499
Software transition related costs		-			2,967
Casualty-related charges/(recoveries)		5,729			3,297
Total impact of adjustments to FFO	$	(4,522	)	$	10,779

FFO as Adjusted attributable to common stockholders and unitholders, diluted	$	217,715		$	219,071

FFO as Adjusted per weighted average common share and unit, diluted	$	0.62		$	0.61

Recurring capital expenditures, inclusive of unconsolidated joint ventures		(20,699	)		(18,405	)
AFFO attributable to common stockholders and unitholders, diluted	$	197,016		$	200,666

AFFO per weighted average common share and unit, diluted	$	0.56		$	0.56

(1) See Attachment 14 for definitions and other terms.
(2) Series E cumulative convertible preferred shares are dilutive for purposes of calculating FFO per share for the three months ended March 31, 2026 and March 31, 2025. Consequently, distributions to Series E cumulative convertible preferred stockholders are added to FFO and the weighted average number of Series E cumulative convertible preferred shares are included in the denominator when calculating FFO per common share and unit, diluted.

Attachment 3

Consolidated Balance Sheets

(Unaudited) ⁽¹⁾

	March 31,			December 31,
In thousands, except share and per share amounts	2026			2025

ASSETS

Real estate owned:
Real estate held for investment	$	16,116,838		$	16,415,000
Less: accumulated depreciation		(7,378,368	)		(7,374,546	)
Real estate held for investment, net		8,738,470			9,040,454
Real estate under development
(net of accumulated depreciation of $0 and $0)		91,742			72,885
Total real estate owned, net of accumulated depreciation		8,830,212			9,113,339

Cash and cash equivalents		1,300			1,222
Restricted cash		33,498			35,710
Notes receivable, net		153,564			149,979
Investment in and advances to unconsolidated joint ventures, net		757,689			886,492
Operating lease right-of-use assets		186,641			187,624
Other assets⁽²⁾		370,870			231,308
Total assets	$	10,333,774		$	10,605,674

LIABILITIES AND EQUITY

Liabilities:
Secured debt	$	959,597		$	961,180
Unsecured debt		4,703,719			4,860,189
Operating lease liabilities		181,995			182,963
Real estate taxes payable		35,378			45,640
Accrued interest payable		27,817			51,698
Security deposits and prepaid rent		59,557			61,205
Distributions payable		152,871			151,934
Accounts payable, accrued expenses, and other liabilities		107,072			142,102
Total liabilities		6,228,006			6,456,911

Redeemable noncontrolling interests in the OP and DownREIT Partnership		819,753			859,966

Equity:
Preferred stock, no par value; 50,000,000 shares authorized at March 31, 2026 and December 31, 2025:
2,600,678 shares of 8.00% Series E Cumulative Convertible issued and outstanding (2,600,678 shares at December 31, 2025)		43,192			43,192
10,026,490 shares of Series F outstanding (10,105,845 shares at December 31, 2025)		1			1
Common stock, $0.01 par value; 450,000,000 shares authorized at March 31, 2026 and December 31, 2025:
325,894,030 shares issued and outstanding (328,273,044 shares at December 31, 2025)		3,259			3,283
Additional paid-in capital		7,384,029			7,480,594
Distributions in excess of net income		(4,147,206	)		(4,240,268	)
Accumulated other comprehensive income/(loss), net		2,405			1,660
Total stockholders' equity		3,285,680			3,288,462
Noncontrolling interests		335			335
Total equity		3,286,015			3,288,797
Total liabilities and equity	$	10,333,774		$	10,605,674

(1) See Attachment 14 for definitions and other terms.
(2) As of March 31, 2026, UDR had $134.8 million due from a qualified intermediary related to the sale of real estate in connection with a like-kind exchange under Section 1031 of the Internal Revenue Code, which is intended to qualify for nonrecognition of gain. The proceeds were received from the intermediary in April 2026 and were used to repay amounts outstanding under our $1.3 billion line of credit.

Attachment 4(C)

Selected Financial Information

(Dollars in Thousands)

(Unaudited) ⁽¹⁾

Quarter Ended

Coverage Ratios

March 31, 2026

Net income/(loss)

202,904

Adjustments:

Interest expense, including debt extinguishment and other associated costs

48,576

Real estate depreciation and amortization

161,268

Other depreciation and amortization

3,335

Tax provision/(benefit), net

455

Net (gain)/loss on the sale of depreciable real estate owned

(157,416

)

Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures

21,657

EBITDAre

280,779

Casualty-related charges/(recoveries), net

5,729

Legal and other costs

5,183

Realized and unrealized (gain)/loss on real estate technology investments

1,597

(Income)/loss from unconsolidated entities

(19,696

)

Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures

(21,657

)

Management fee expense on unconsolidated joint ventures

(1,104

)

Consolidated EBITDAre - adjusted for non-recurring items

250,831

Annualized consolidated EBITDAre - adjusted for non-recurring items

1,003,324

Interest expense, including debt extinguishment and other associated costs

48,576

Capitalized interest expense

2,163

Total interest

50,739

Preferred dividends

1,220

Total debt

5,663,316

Cash

(1,300

)

Net debt

5,662,016

Consolidated Interest Coverage Ratio - adjusted for non-recurring items

4.9x

Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items

4.8x

Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items ⁽²⁾

5.6x

Debt Covenant Overview

Unsecured Line of Credit Covenants ⁽³⁾

Required

Actual

Compliance

Maximum Leverage Ratio

≤60.0%

31.3% ⁽³⁾

Yes

Minimum Fixed Charge Coverage Ratio

≥1.5x

4.7x

Yes

Maximum Secured Debt Ratio

≤40.0%

9.2%

Yes

Minimum Unencumbered Pool Leverage Ratio

≥150.0%

370.9%

Yes

Senior Unsecured Note Covenants ⁽⁴⁾

Required

Actual

Compliance

Debt as a percentage of Total Assets

≤65.0%

32.0% ⁽⁴⁾

Yes

Consolidated Income Available for Debt Service to Annual Service Charge

≥1.5x

5.9x

Yes

Secured Debt as a percentage of Total Assets

≤40.0%

5.4%

Yes

Total Unencumbered Assets to Unsecured Debt

≥150.0%

323.3%

Yes

Securities Ratings

Debt

Outlook

Commercial Paper

Moody's Investors Service

Baa1

Stable

P-2

S&P Global Ratings

BBB+

Stable

A-2

Gross

% of

Number of

1Q 2026 NOI ⁽¹⁾

Carrying Value

Total Gross

Asset Summary

Homes

($000s)

% of NOI

($000s)

Carrying Value

Unencumbered assets

46,446

252,638

89.4%

14,495,942

89.4%

Encumbered assets

7,635

30,092

10.6%

1,712,638

10.6%

54,081

282,730

100.0%

16,208,580

100.0%

(1) See Attachment 14 for definitions and other terms.

(2) See footnote 5 on Financial Highlights.

(3) As defined in our credit agreement dated September 15, 2021, as amended.

(4) As defined in our indenture dated November 1, 1995 as amended, supplemented or modified from time to time.

Attachment 14(D)

Definitions and Reconciliations

March 31, 2026

(Unaudited)

All guidance is based on current expectations of future economic conditions and the judgment of the Company's management team. The following reconciles from GAAP Net income/(loss) per share for full-year 2026 and second quarter of 2026 to forecasted FFO and FFO as Adjusted per share and unit:

	Full-Year 2026
	Low			High

Forecasted net income per diluted share	$	0.91		$	1.01
Conversion from GAAP share count		(0.07	)		(0.07	)
Net gain on the sale of depreciable real estate owned		(0.45	)		(0.45	)
Depreciation		2.02			2.02
Noncontrolling interests		0.06			0.06
Preferred dividends		0.01			0.01
Forecasted FFO per diluted share and unit	$	2.48		$	2.58
Legal and other costs		0.01			0.01
Casualty-related charges/(recoveries)		0.02			0.02
Realized/unrealized (gain)/loss on real estate technology investments		(0.04	)		(0.04	)
Forecasted FFO as Adjusted per diluted share and unit	$	2.47		$	2.57


	2Q 2026
	Low			High

Forecasted net income per diluted share	$	0.12		$	0.14
Conversion from GAAP share count		(0.01	)		(0.01	)
Depreciation		0.50			0.50
Noncontrolling interests		0.01			0.01
Preferred dividends		-			-
Forecasted FFO per diluted share and unit	$	0.62		$	0.64
Legal and other costs		-			-
Casualty-related charges/(recoveries)		-			-
Realized/unrealized (gain)/loss on real estate technology investments		-			-
Forecasted FFO as Adjusted per diluted share and unit	$	0.62		$	0.64

View source version on businesswire.com: https://www.businesswire.com/news/home/20260428496645/en/

Contact: Trent Trujillo

Email: ttrujillo@udr.com

UDR, Inc. Announces First Quarter 2026 Results and Updates Full-Year 2026 Guidance Ranges