8-K - UDR - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): February 9, 2026

UDR, Inc.

(Exact name of registrant as specified in its charter)


Maryland	1-10524	54-0857512
(State or other jurisdiction	(Commission	(I.R.S. Employer
of incorporation)	File Number)	Identification No.)

1745 Shea Center Drive, Suite 200 , Highlands Ranch , Colorado		80129
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: ( 720 ) 283-6120

Not Applicable

Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01	UDR	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On February 9, 2026, UDR, Inc. (the “Company”) issued a press release announcing its financial results for the quarter and year ended December 31, 2025. This press release is furnished as Exhibit 99.1 to this Report and refers to supplemental financial information that is available on the Company’s website and furnished as Exhibit 99.2 to this Report. This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.


Ex. No.		Description
99.1		Earnings press release dated February 9, 2026.
99.2		Supplemental Financial Information dated February 9, 2026.
104		Cover Page Interactive Data File – The cover page XBRL tags are embedded within the Inline XBRL document

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	UDR, Inc.

February 9, 2026	By:	/s/ David D. Bragg
		David D. Bragg
		Senior Vice President and Chief Financial Officer
		(Principal Financial Officer)


				Exhibit 99.1<br><br>
Press Release
DENVER, CO – February 9, 2026				Contact: Trent Trujillo
				Email: ttrujillo@udr.com

UDR, INC. ANNOUNCES FOURTH QUARTER AND FULL-YEAR 2025 RESULTS,

ESTABLISHES 2026 GUIDANCE RANGES AND INCREASES DIVIDEND

UDR, Inc. (the “Company”) (NYSE: UDR), announced today its fourth quarter and full-year 2025 results, and has posted a related Investor Presentation to its website at ir.udr.com. Net Income, Funds from Operations (“FFO”), and FFO as Adjusted (“FFOA”) per diluted share for the quarter and full-year ended December 31, 2025, are detailed below.

	Quarter Ended December 31
Metric	4Q 2025 Actual	4Q 2025 Guidance	4Q 2024 Actual	$ Change vs. Prior Year Period	% Change vs. Prior Year Period
Net Income per diluted share	$0.67	$0.13 to $0.15	$(0.02)	$0.69	N/A
FFO per diluted share	$0.62	$0.63 to $0.65	$0.48	$0.14	29%
FFOA per diluted share	$0.64	$0.63 to $0.65	$0.63	$0.01	2%

	Full-Year (“FY”) Ended December 31
Metric	FY 2025 Actual	FY 2025 Guidance	FY 2024 Actual	$ Change vs. Prior Year Period	% Change vs. Prior Year Period
Net Income per diluted share	$1.13	$0.57 to $0.59	$0.26	$0.87	335%
FFO per diluted share	$2.43	$2.44 to $2.46	$2.29	$0.14	6%
FFOA per diluted share	$2.54	$2.53 to $2.55	$2.48	$0.06	2%

Same-Store (“SS”) results for the fourth quarter 2025 versus the fourth quarter 2024 and the third quarter 2025 as well as full-year 2025 versus full-year 2024 are summarized below.

		<br><br>	<br><br>
SS Growth / (Decline)	Year-Over-Year (“YOY”): 4Q 2025 vs. 4Q 2024	Sequential:<br><br>4Q 2025 vs. 3Q 2025	Full Year:<br><br>2025 vs. 2024
Revenue	1.8%	(0.3)%	2.4%
Expense	2.0%	(2.7)%	2.6%
Net Operating Income (“NOI”)	1.7%	0.9%	2.3%

During the fourth quarter, the Company,

●	As previously announced, completed a $231.6 million expansion of its joint venture with LaSalle Investment Management, increasing the size of the joint venture to approximately $850.0 million. Under the terms of the transaction, the Company received approximately $202.8 million in cash proceeds, a portion of which was used to repay approximately $127.6 million of consolidated secured property debt at maturity.
●	As previously disclosed, completed the acquisition of The Enclave at Potomac Club, a 406-apartment home community in suburban Metropolitan Washington, D.C., for approximately $147.7 million.
---	---
●	Repurchased approximately 2.6 million shares of its common stock at a weighted average share price of $35.56 for total consideration of approximately $92.8 million.
---	---
●	As previously announced, appointed Richard B. Clark to its Board of Directors. Mr. Clark has over four decades of real estate investment and capital markets expertise, having served Brookfield Corporation in various senior leadership roles.
---	---

●	As previously announced, published its seventh annual Corporate Responsibility Report.

Subsequent to quarter-end, the Company,

●	Received a partial repayment of approximately $52.9 million on its preferred equity investment in a portfolio of stabilized apartment communities located in various markets upon the recapitalization of the joint venture.
●	As previously announced, appointed Ellen M. Goitia to its Board of Directors. Ms. Goitia has over three decades of expertise in accounting, finance, and corporate governance, having served KPMG in various senior leadership roles.
---	---

“2025 proved to be another solid year of results for UDR, with FFOA per share and Same-Store growth that exceeded our original expectations,” said Tom Toomey, UDR’s Chairman, President, and CEO. “Looking ahead, we start 2026 in a position of relative strength with positive operating momentum, easing supply pressures, and relative affordability of apartments that remains attractive versus other forms of housing. Collectively, this creates a foundation for sequential earnings growth as the year progresses.”

Outlook^(1)^

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

	<br><br>	<br><br>
	4Q 2025<br><br>Actual	1Q 2026<br><br>Outlook	Full-Year 2026 Outlook	Full-Year 2026 Midpoint	Full-Year 2025 Actual
Net Income per diluted share	$0.67	$0.11 to $0.13	0.45 to 0.55	0.50	$1.13
FFO per diluted share	$0.62	$0.61 to $0.63	2.47 to 2.57	2.52	$2.43
FFOA per diluted share	$0.64	$0.61 to $0.63	2.47 to 2.57	2.52	$2.54
YOY Growth:
SS Revenue	1.8%	N/A	0.25% to 2.25%	1.25%	2.4%
SS Expense	2.0%	N/A	3.00% to 4.50%	3.75%	2.6%
SS NOI	1.7%	N/A	(1.00)% to 1.25%	0.125%	2.3%

All values are in US Dollars.

^(1)^

Additional assumptions for the Company’s first 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 fourth quarter, total revenue increased by $10.4 million YOY, or 2.5 percent, to $433.1 million. This increase was primarily attributable to growth in revenue from Same-Store communities, completed developments, and acquired communities, partially offset by declines in revenue from property dispositions.

“The impressive operational results we achieved amid a choppy operating environment are a direct result of our team’s data-driven preparation, agility, and execution,” said Mike Lacy, UDR’s Chief Operating Officer. “First, 2025 was set up for success when we strategically adjusted the cadence of lease expirations. Then, when demand unexpectedly weakened late in the third quarter, we quicky pivoted to a high-occupancy strategy. These maneuvers positioned the portfolio for a reacceleration of blended lease rate growth in the final months of 2025. This acceleration has continued into early-2026 along with sustained outsized other income growth, low resident turnover, and elevated occupancy. We are well-positioned as we embark on a period of lower levels of competing new supply.” 2

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

Summary of Same-Store Results in the Fourth Quarter 2025 versus the Fourth Quarter 2024

		<br><br>		^(1)^<br><br>
Region	Revenue Growth / (Decline)	Expense<br><br>Growth / (Decline)	NOI Growth / (Decline)	% of Same-Store<br><br>Portfolio^(1)^	Physical Occupancy^(2)^	YOY Change in Occupancy
West	3.6%	2.7%	3.9%	32.0%	96.9%	0.1%
Northeast	3.1%	1.7%	3.8%	19.8%	96.8%	0.2%
Mid-Atlantic	2.0%	1.3%	2.3%	19.5%	96.8%	(0.2)%
Southeast	(0.7)%	2.8%	(2.2)%	12.9%	96.6%	(0.3)%
Southwest	(1.5)%	(0.4)%	(2.1)%	10.4%	97.4%	0.7%
Other Markets	(0.5)%	7.6%	(3.4)%	5.4%	96.4%	(0.3)%
Total / Weighted Average	1.8%	2.0%	1.7%	100.0%	96.9%	0.1%
^(1)^	Based on 4Q 2025 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 Fourth Quarter 2025 versus the Third Quarter 2025

		<br><br>		^(1)^<br><br>
Region	Revenue Growth / (Decline)	Expense<br><br>Growth / (Decline)	NOI Growth / (Decline)	% of Same-Store<br><br>Portfolio^(1)^	Physical Occupancy^(2)^	Sequential Change in Occupancy
West	1.0%	0.5%	1.1%	32.0%	96.9%	0.2%
Northeast	(0.6)%	(3.8)%	1.1%	19.8%	96.8%	0.0%
Mid-Atlantic	(0.6)%	(7.2)%	2.7%	19.5%	96.8%	0.0%
Southeast	(0.6)%	0.1%	(0.9)%	12.9%	96.6%	0.4%
Southwest	(1.3)%	(3.3)%	0.0%	10.4%	97.4%	0.5%
Other Markets	(1.7)%	(1.2)%	(1.9)%	5.4%	96.4%	0.2%
Total / Weighted Average	(0.3)%	(2.7)%	0.9%	100.0%	96.9%	0.2%
^(1)^	Based on 4Q 2025 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 for Full-Year 2025 versus Full-Year 2024

		<br><br>		^(1)^<br><br>
Region	Revenue Growth / (Decline)	Expense<br><br>Growth / (Decline)	NOI Growth / (Decline)	% of Same-Store<br><br>Portfolio^(1)^	Physical Occupancy^(2)^	Full-Year YOY Change in Occupancy
West	3.2%	3.9%	2.9%	31.8%	96.9%	0.3%
Northeast	3.5%	2.8%	4.0%	19.7%	97.0%	0.2%
Mid-Atlantic	3.8%	3.6%	3.9%	19.0%	97.1%	0.1%
Southeast	0.1%	1.4%	(0.6)%	13.3%	96.6%	0.0%
Southwest	(0.6)%	0.2%	(1.1)%	10.6%	97.2%	0.6%
Other Markets	1.3%	2.0%	1.1%	5.6%	96.4%	(0.3)%
Total / Weighted Average	2.4%	2.6%	2.3%	100.0%	96.9%	0.2%
^(1)^	Based on full-year 2025 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 full-year 2025.
---	---

Transactional Activity

During the quarter, the Company,

●	Completed a $231.6 million expansion of its joint venture with LaSalle Investment Management, increasing the size of the joint venture to approximately $850.0 million. Under the terms of the transaction, the Company contributed four additional apartment communities across Portland, Orlando, and Richmond totaling 974 apartment homes, increasing the size of the joint venture to 2,564 apartment homes. Concurrently, the joint venture encumbered the newly contributed communities with 50% debt and placed debt on existing joint venture assets, bringing total joint venture leverage to approximately 33%. From the transaction, the Company received approximately $202.8 million in cash proceeds.
●	Acquired The Enclave at Potomac Club, a 406-apartment home community in suburban Metropolitan Washington, D.C., for approximately $147.7 million. The property is located directly across the street from an existing UDR apartment community, which the Company expects should drive operating efficiencies through its operating platform and initiatives.
---	---

●

Completed a $231.6 million expansion of its joint venture with LaSalle Investment Management, increasing the size of the joint venture to approximately $850.0 million. Under the terms of the transaction, the Company contributed four additional apartment communities across Portland, Orlando, and Richmond totaling 974 apartment homes, increasing the size of the joint venture to 2,564 apartment homes. Concurrently, the joint venture encumbered the newly contributed communities with 50% debt and placed debt on existing joint venture assets, bringing total joint venture leverage to approximately 33%. From the transaction, the Company received approximately $202.8 million in cash proceeds.

●

Acquired The Enclave at Potomac Club, a 406-apartment home community in suburban Metropolitan Washington, D.C., for approximately $147.7 million. The property is located directly across the street from an existing UDR apartment community, which the Company expects should drive operating efficiencies through its operating platform and initiatives.

---

Debt and Preferred Equity Program Activity

Subsequent to quarter-end, upon the recapitalization of one of our Debt and Preferred Equity investments, the Company received a partial repayment of approximately $52.9 million related to a portfolio of stabilized apartment communities located in various markets that carries a contractual return rate of 8.0 percent.

Capital Markets and Balance Sheet Activity

During the quarter, the Company,

●	Repurchased approximately 2.6 million shares of its common stock at a weighted average share price of $35.56 for total consideration of approximately $92.8 million.
●	Repaid approximately $127.6 million of consolidated secured property debt at maturity.
---	---

The Company’s total indebtedness as of December 31, 2025, was $5.8 billion at a weighted average interest rate of 3.4 percent, with only $356.7 million, or 6.7 percent of total consolidated debt, maturing through 2026, including principal amortization and excluding amounts on the Company’s commercial paper program and working capital credit facility. As of December 31, 2025, the Company had approximately $905.0 million 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 December 31, 2025, and the comparable prior year period.

	Quarter Ended December 31
Balance Sheet Metric	4Q 2025	4Q 2024	Change
Weighted Average Interest Rate	3.4%	3.4%	0.0%
Weighted Average Years to Maturity	4.3	5.2	(0.8)
Consolidated Fixed Charge Coverage Ratio	4.9x	5.0x	(0.1)x
Consolidated Debt as a percentage of Total Assets	32.4%	32.7%	(0.3)%
Consolidated Net Debt-to-EBITDAre – adjusted for non-recurring items^(1)^	5.5x	5.5x	0.0x
(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.
---	---

Board of Directors

As previously announced, during the quarter, the Company appointed Richard B. Clark to its Board of Directors. Mr. Clark has over four decades of real estate investment and capital markets experience, having served Brookfield Corporation in various senior leadership roles including Chairman and Chief Executive Officer of Brookfield Property Group, Brookfield Property Partners, and Brookfield Office Properties.

Also as previously announced, subsequent to quarter-end, the Company appointed Ellen M. Goitia to its Board of Directors. 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.

Both Mr. Clark and Ms. Goitia are independent directors and both serve on UDR’s Nominating and Governance Committee and Audit and Risk Management Committee. Their appointments, which follow the departure of two long-tenured directors earlier in 2025, are part of the Board of Directors’ long-term succession plan with respect to director refreshment and expanded the Company’s Board to ten members.

Corporate Responsibility

As previously announced, during the quarter, the Company published its seventh annual Corporate Responsibility Report, which details UDR’s ongoing commitment to being a leader in corporate responsibility and a good partner to the communities we operate in.

Dividend

As previously announced, the Company’s Board of Directors declared a regular quarterly dividend on its common stock for the fourth quarter 2025 in the amount of $0.43 per share, representing a 1.2 percent increase over the comparable period in 2024. The dividend was paid in cash on February 2, 2026, to UDR common shareholders of record as of January 12, 2026. The fourth quarter 2025 dividend represented the 213^th^ consecutive quarterly dividend paid by the Company on its common stock.

In conjunction with this release, the Company’s Board of Directors has announced a 2026 annualized dividend per share of $1.74, representing a 1.2 percent increase over the 2025 annualized dividend per share.

Supplemental Financial Information

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

Conference Call and Webcast Information

UDR will host a webcast and conference call at 12:00 p.m. Eastern Time on February 10, 2026, to discuss fourth quarter and full-year 2025 results as well as high-level views for 2026. The webcast will be available on the 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 February 17, 2026, by dialing 844-512-2921 for domestic and 412-317-6671 for international and entering the confirmation number, 13758076, when prompted for the passcode. A replay of the call will also be available on the Investor Relations section of the Company’s website at ir.udr.com. 5

Full Text of the Earnings Report, Supplemental Data, and Investor Presentation

The full text of the earnings report, related quarterly Supplement, and related Investor Presentation will be available on the 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, 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 December 31, 2025, UDR owned or had an ownership position in 60,941 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. 6

Exhibit 99.2

Financial Highlights

UDR, Inc.

As of End of Fourth Quarter 2025

(Unaudited) (1)


	Actual Results	Actual Results	Guidance for
Dollars in thousands, except per share and unit	4Q 2025	YTD 2025	1Q 2026	Full-Year 2026

GAAP Metrics
Net income/(loss) attributable to UDR, Inc.	$222,902	$377,704	--	--
Net income/(loss) attributable to common stockholders	$221,691	$372,865	--	--
Income/(loss) per weighted average common share, diluted	$0.67	$1.13	$0.11 to $0.13	$0.45 to $0.55

Per Share Metrics
FFO per common share and unit, diluted	$0.62	$2.43	$0.61 to $0.63	$2.47 to $2.57
FFO as Adjusted per common share and unit, diluted	$0.64	$2.54	$0.61 to $0.63	$2.47 to $2.57
Dividend declared per share and unit	$0.43	$1.72	$0.435	$1.74 (2)

Same-Store Operating Metrics
Revenue growth/(decline) (Straight-line basis)	1.8%	2.4%	--	0.25% to 2.25%
Expense growth	2.0%	2.6%	--	3.00% to 4.50%
NOI growth/(decline) (Straight-line basis)	1.7%	2.3%	--	-1.00% to 1.25%
Physical Occupancy	96.9%	96.9%	--	--


Property Metrics	Homes	Communities	% of Total NOI
Same-Store	53,941	161	91.4%
Stabilized, Non-Mature	893	3	1.5%
Acquired Communities	406	1	0.3%
Non-Residential / Other	N/A	N/A	1.4%
Joint Venture (3)	5,401	22	5.4%
Total completed	60,641	187	100.0%
Under Development	300	1	-
Total Quarter-end (3)(4)	60,941	188	100.0%


Balance Sheet Metrics (adjusted for non-recurring items)	4Q 2025	4Q 2024
Consolidated Interest Coverage Ratio	5.1x	5.1x
Consolidated Fixed Charge Coverage Ratio	4.9x	5.0x
Consolidated Debt as a percentage of Total Assets	32.4%	32.7%
Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items	5.5x	5.5x

(1)	See Attachment 14 for definitions, other terms and reconciliations.
(2)	Annualized for 2026.
---	---
(3)	Joint venture NOI is based on UDR's share. Homes and communities at 100%.
---	---
(4)	Excludes homes that are part of the Debt and Preferred Equity Program as described in Attachment 10.
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Attachment 1

Consolidated Statements of Operations

(Unaudited) (1)


****	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
In thousands, except per share amounts	2025			2024			2025			2024

REVENUES:
Rental income	$	428,825		$	420,440		$	1,700,956		$	1,663,525
Joint venture management and other fees		4,281			2,288			11,361			8,317
Total revenues		433,106			422,728			1,712,317			1,671,842

OPERATING EXPENSES:
Property operating and maintenance		73,995			72,167			304,971			292,572
Real estate taxes and insurance		60,278			57,269			233,817			232,130
Property management		13,937			13,665			55,281			54,065
Other operating expenses		7,947			9,613			30,734			30,416
Real estate depreciation and amortization		163,610			165,446			654,121			676,068
General and administrative		22,948			25,469			85,104			84,305
Casualty-related charges/(recoveries), net		3,248			6,430			11,682			15,179
Other depreciation and amortization		4,451			6,381			25,914			19,405
Total operating expenses		350,414			356,440			1,401,624			1,404,140

Gain/(loss) on sale of real estate owned		194,974			-			242,913			16,867
Operating income		277,666			66,288			553,606			284,569
		****						****
Income/(loss) from unconsolidated entities		4,934			8,984			28,388			20,235
Interest expense		(49,684)			(49,625)			(196,619)			(195,712)
Interest income and other income/(expense), net		5,406			(30,858)			19,175			(12,336)

Income/(loss) before income taxes		238,322			(5,211)			404,550			96,756
Tax (provision)/benefit, net		(37)			(312)			(835)			(879)

Net Income/(loss)		238,285			(5,523)			403,715			95,877
Net (income)/loss attributable to redeemable noncontrolling interests in the OP and DownREIT Partnership		(15,372)			490			(25,965)			(6,246)
Net (income)/loss attributable to noncontrolling interests		(11)			(11)			(46)			(46)

Net income/(loss) attributable to UDR, Inc.		222,902			(5,044)			377,704			89,585
Distributions to preferred stockholders - Series E (Convertible)		(1,211)			(1,197)			(4,839)			(4,835)

Net income/(loss) attributable to common stockholders	$	221,691		$	(6,241)		$	372,865		$	84,750
		****						****
		****						****
Income/(loss) per weighted average common share - basic:		$0.67			($0.02)			$1.13			$0.26
Income/(loss) per weighted average common share - diluted:		$0.67			($0.02)			$1.13			$0.26

Common distributions declared per share		$0.43			$0.425			$1.72			$1.700

Weighted average number of common shares outstanding - basic		329,226			329,854			330,322			329,290
Weighted average number of common shares outstanding - diluted		332,632			331,244			331,053			330,116

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

Attachment 2

Funds From Operations

(Unaudited) (1)


****	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
In thousands, except per share and unit amounts	2025			2024				2025		2024

Net income/(loss) attributable to common stockholders	$	221,691		$	(6,241)		$	372,865		$	84,750

Real estate depreciation and amortization		163,610			165,446			654,121			676,068
Noncontrolling interests		15,383			(479)			26,011			6,292
Real estate depreciation and amortization on unconsolidated joint ventures		13,584			12,799			51,829			53,727
Impairment loss from unconsolidated joint ventures		-			-			-			8,083
Net (gain)/loss on consolidation		-			-			(286)			-
Net (gain)/loss on the sale of depreciable real estate owned, net of tax		(194,974)			-			(242,913)			(16,867)
Funds from operations ("FFO") attributable to common stockholders and unitholders, basic	$	219,294		$	171,525		$	861,627		$	812,053

Distributions to preferred stockholders - Series E (Convertible) (2)		1,211			1,197			4,839			4,835

FFO attributable to common stockholders and unitholders, diluted	$	220,505		$	172,722		$	866,466		$	816,888

FFO per weighted average common share and unit, basic	$	0.62		$	0.49		$	2.44		$	2.30
FFO per weighted average common share and unit, diluted	$	0.62		$	0.48		$	2.43		$	2.29

Weighted average number of common shares and OP/DownREIT Units outstanding, basic		351,943			353,237			353,139			353,283
Weighted average number of common shares, OP/DownREIT Units, and common stock
equivalents outstanding, diluted		355,349			357,442			356,686			356,957

Impact of adjustments to FFO:
Legal and other costs	$	3,633		$	6,320		$	13,479		$	13,315
Realized and unrealized (gain)/loss on real estate technology investments, net of tax		(735)			(3,406)			(4,040)			(8,019)
Severance costs		777			6,006			9,514			10,556
Provision for loan loss		-			37,271			-			37,271
Software transition related costs		-			-			9,263			-
Casualty-related charges/(recoveries)		3,248			6,430			11,682			15,179
Total impact of adjustments to FFO	$	6,923		$	52,621		$	39,898		$	68,302

FFO as Adjusted attributable to common stockholders and unitholders, diluted	$	227,428		$	225,343		$	906,364		$	885,190

FFO as Adjusted per weighted average common share and unit, diluted	$	0.64		$	0.63		$	2.54		$	2.48

Recurring capital expenditures, inclusive of unconsolidated joint ventures		(33,912)			(31,620)			(113,756)			(105,116)
AFFO attributable to common stockholders and unitholders, diluted	$	193,516		$	193,723		$	792,608		$	780,074

AFFO per weighted average common share and unit, diluted	$	0.54		$	0.54		$	2.22		$	2.19

(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 and twelve months ended December 31, 2025 and December 31, 2024. 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.
---	---

(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 and twelve months ended December 31, 2025 and December 31, 2024. 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)


	December 31,		December 31,
In thousands, except share and per share amounts	2025		2024

ASSETS		****
		****
Real estate owned:
Real estate held for investment	$	16,415,000	$	15,994,794
Less: accumulated depreciation		(7,374,546)		(6,836,920)
Real estate held for investment, net		9,040,454		9,157,874
Real estate under development
(net of accumulated depreciation of $0 and $0)		72,885		-
Real estate held for disposition
(net of accumulated depreciation of $0 and $64,106)		-		154,463
Total real estate owned, net of accumulated depreciation		9,113,339		9,312,337

Cash and cash equivalents		1,222		1,326
Restricted cash		35,710		34,101
Notes receivable, net		149,979		247,849
Investment in and advances to unconsolidated joint ventures, net		886,492		917,483
Operating lease right-of-use assets		187,624		186,997
Other assets		231,308		197,493
Total assets	$	10,605,674	$	10,897,586
		****
LIABILITIES AND EQUITY		****
		****
Liabilities:
Secured debt	$	961,180	$	1,139,331
Unsecured debt		4,860,189		4,687,634
Operating lease liabilities		182,963		182,275
Real estate taxes payable		45,640		46,403
Accrued interest payable		51,698		52,631
Security deposits and prepaid rent		61,205		61,592
Distributions payable		151,934		151,720
Accounts payable, accrued expenses, and other liabilities		142,102		115,105
Total liabilities		6,456,911		6,436,691
		****
Redeemable noncontrolling interests in the OP and DownREIT Partnership		859,966		1,017,355
		****
Equity:
Preferred stock, no par value; 50,000,000 shares authorized at December 31, 2025 and December 31, 2024:
2,600,678 shares of 8.00% Series E Cumulative Convertible issued		****
and outstanding (2,600,678 shares at December 31, 2024)		43,192		43,192
10,105,845 shares of Series F outstanding (10,424,485 shares at December 31, 2024)		1		1
Common stock, $0.01 par value; 450,000,000 shares authorized at December 31, 2025 and December 31, 2024:
328,273,044 shares issued and outstanding (330,858,719 shares at December 31, 2024)		3,283		3,309
Additional paid-in capital		7,480,594		7,572,480
Distributions in excess of net income		(4,240,268)		(4,179,415)
Accumulated other comprehensive income/(loss), net		1,660		3,638
Total stockholders' equity		3,288,462		3,443,205
Noncontrolling interests		335		335
Total equity		3,288,797		3,443,540
Total liabilities and equity	$	10,605,674	$	10,897,586

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

Attachment 4(A)

Selected Financial Information

(Unaudited) (1)


	December 31,	December 31,
Common Stock and Equivalents	2025	2024

Common shares	328,273,044	330,858,719
Restricted unit and common stock equivalents	158,633	1,043,568
Operating and DownREIT Partnership units	22,531,708	22,689,109
Series E cumulative convertible preferred shares (2)	2,815,608	2,815,608
Total common shares, OP/DownREIT units, and common stock equivalents	353,778,993	357,407,004




Weighted Average Number of Shares Outstanding	4Q 2025	4Q 2024

Weighted average number of common shares and OP/DownREIT units outstanding - basic	351,942,938	353,237,456
Weighted average number of OP/DownREIT units outstanding	(22,716,751)	(23,382,861)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations	329,226,187	329,854,595

Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted	355,348,806	357,442,099
Weighted average number of OP/DownREIT units outstanding	(22,716,751)	(23,382,861)
Weighted average number of Series E cumulative convertible preferred shares outstanding	-	(2,815,608)
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations	332,632,055	331,243,630


	Year-to-Date 2025	Year-to-Date 2024

Weighted average number of common shares and OP/DownREIT units outstanding - basic	353,139,353	353,283,236
Weighted average number of OP/DownREIT units outstanding	(22,817,103)	(23,992,543)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations	330,322,250	329,290,693

Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted	356,685,400	356,956,515
Weighted average number of OP/DownREIT units outstanding	(22,817,103)	(23,992,543)
Weighted average number of Series E cumulative convertible preferred shares outstanding	(2,815,608)	(2,847,526)
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations	331,052,689	330,116,446

(1)	See Attachment 14 for definitions and other terms.
(2)	At December 31, 2025 and December 31, 2024 there were 2,600,678 of Series E cumulative convertible preferred shares outstanding, which is equivalent to 2,815,608 shares of common stock if converted (after adjusting for the special dividend paid in 2008).
---	---

Attachment 4(B)

Selected Financial Information

December 31, 2025

(Unaudited) (1)


										Weighted	Weighted
										Average	Average Years
Debt Structure, In thousands					Balance				% of Total	Interest Rate	to Maturity

Secured		Fixed			$	937,475			16.1%	3.46%	3.6
		Floating				27,000			0.4%	3.11%	6.2
		Combined				964,475			16.5%	3.45%	3.7

Unsecured		Fixed				4,225,000	(3)		72.4%	3.15%	5.0
		Floating				646,380			11.1%	4.17%	0.9
		Combined				4,871,380			83.5%	3.29%	4.5

Total Debt		Fixed				5,162,475			88.5%	3.21%	4.8
		Floating				673,380			11.5%	4.13%	1.1
		Combined				5,835,855			100.0%	3.32%	4.3
		Total Non-Cash Adjustments (4)				(14,486)
		Total per Balance Sheet			$	5,821,369				3.38%



Debt Maturities, In thousands
					Revolving Credit						Weighted
			Unsecured		Facilities & Comm.						Average
	Secured Debt (5)		Debt		Paper (2) (6) (7)			Balance		% of Total	Interest Rate

2026	$	56,672	$	300,000	$	445,000		$	801,672	13.7%	3.53%
2027		6,939		300,000		26,380			333,319	5.7%	3.58%
2028		166,526		300,000		-			466,526	8.1%	3.72%
2029		315,811		650,000		-			965,811	16.6%	4.09%
2030		230,597		600,000		-			830,597	14.2%	3.34%
2031		160,930		600,000		-			760,930	13.0%	2.92%
2032		27,000		400,000		-			427,000	7.3%	2.16%
2033		-		650,000		-			650,000	11.1%	1.99%
2034		-		600,000		-			600,000	10.3%	4.04%
2035		-		-		-			-	-	-
Thereafter		-		-		-			-	-	-
		964,475		4,400,000		471,380			5,835,855	100.0%	3.32%
Total Non-Cash Adjustments (4)		(3,295)		(11,191)		-			(14,486)
Total per Balance Sheet	$	961,180	$	4,388,809	$	471,380		$	5,821,369		3.38%

(1)	See Attachment 14 for definitions and other terms.
(2)	The 2026 maturity reflects the $445.0 million of principal outstanding at an interest rate of 3.95%, the equivalent of SOFR plus a spread of 21.0 basis points, on the Company’s unsecured commercial paper program as of December 31, 2025. Under the terms of the program the Company may issue up to a maximum aggregate amount outstanding of $700.0 million.
---	---
(3)	Includes amounts on our $350.0 million unsecured Term Loan that have been swapped to fixed. The amounts swapped to fixed are $175.0 million at a weighted average rate of 4.04% that expires in October 2027. The amounts that have not been swapped to fixed carry an interest rate of SOFR plus 85.0 basis points. The $350.0 million Term Loan has a maturity date of January 2029 plus two one-year extension options.
---	---
(4)	Includes the unamortized balance of fair market value adjustments, premiums/discounts and deferred financing costs.
---	---
(5)	Includes principal amortization, as applicable.
---	---
(6)	There were no borrowings outstanding on our $1.3 billion line of credit at December 31, 2025. The facility has a maturity date of August 2028, plus two six-month extension options and currently carries an interest rate equal to SOFR plus 77.5 basis points.
---	---
(7)	There was $26.4 million outstanding on our $75.0 million working capital credit facility at December 31, 2025. The facility has a maturity date of January 2027 plus two one-year extension options. The working capital credit facility currently carries an interest rate equal to SOFR plus 77.5 basis points.
---	---

Attachment 4(C)

Selected Financial Information

(Dollars in Thousands)

(Unaudited) (1)


						Quarter Ended
Coverage Ratios						December 31, 2025
Net income/(loss)						$	238,285
Adjustments:
Interest expense, including debt extinguishment and other associated costs							49,684
Real estate depreciation and amortization							163,610
Other depreciation and amortization							4,451
Tax provision/(benefit), net							37
Net (gain)/loss on the sale of depreciable real estate owned							(194,974)
Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures							18,850
EBITDAre						$	279,943

Casualty-related charges/(recoveries), net							3,248
Legal and other costs							3,633
Realized and unrealized (gain)/loss on real estate technology investments							(299)
Severance costs							777
(Income)/loss from unconsolidated entities							(4,934)
Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures							(18,850)
Management fee expense on unconsolidated joint ventures							(942)
Consolidated EBITDAre - adjusted for non-recurring items						$	262,576

Annualized consolidated EBITDAre - adjusted for non-recurring items						$	1,050,304

Interest expense, including debt extinguishment and other associated costs							49,684
Capitalized interest expense							2,300
Total interest						$	51,984

Preferred dividends						$	1,211

Total debt						$	5,821,369
Cash							(1,222)
Net debt						$	5,820,147

Consolidated Interest Coverage Ratio - adjusted for non-recurring items							5.1x

Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items							4.9x

Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items							5.5x


Debt Covenant Overview

Unsecured Line of Credit Covenants (2)			Required		Actual		Compliance

Maximum Leverage Ratio			≤60.0%		31.5% (2)		Yes
Minimum Fixed Charge Coverage Ratio			≥1.5x		4.8x		Yes
Maximum Secured Debt Ratio			≤40.0%		9.7%		Yes
Minimum Unencumbered Pool Leverage Ratio			≥150.0%		370.3%		Yes

Senior Unsecured Note Covenants (3)			Required		Actual		Compliance

Debt as a percentage of Total Assets			≤65.0%		32.4% (3)		Yes
Consolidated Income Available for Debt Service to Annual Service Charge			≥1.5x		5.7x		Yes
Secured Debt as a percentage of Total Assets			≤40.0%		5.3%		Yes
Total Unencumbered Assets to Unsecured Debt			≥150.0%		315.8%		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	4Q 2025 NOI (1)			Carrying Value		Total Gross
Asset Summary	Homes	(000s)	% of NOI		($000s)		Carrying Value

Unencumbered assets	47,605		89.5%	$	14,779,283		89.6%
Encumbered assets	7,635		10.5%		1,708,602		10.4%
	55,240		100.0%	$	16,487,885		100.0%

All values are in US Dollars.

(1)	See Attachment 14 for definitions and other terms.
(2)	As defined in our credit agreement dated September 15, 2021, as amended.
---	---
(3)	As defined in our indenture dated November 1, 1995 as amended, supplemented or modified from time to time.
---	---

Attachment 5

Operating Information

(Unaudited) (1)


	Total	Quarter Ended		Quarter Ended		Quarter Ended		Quarter Ended		Quarter Ended
Dollars in thousands	Homes	December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024
Revenues
Same-Store Communities	53,941	$	407,967	$	409,032	$	404,923	$	402,919	$	400,850
Stabilized, Non-Mature Communities	893		6,432		6,352		4,669		3,232		2,606
Acquired Communities	406		1,415		-		-		-		-
Non-Residential / Other	-		8,206		8,285		7,814		7,659		7,164
Total	55,240	$	424,020	$	423,669	$	417,406	$	413,810	$	410,620

Expenses			****
Same-Store Communities		$	126,910	$	130,407	$	125,676	$	128,363	$	124,435
Stabilized, Non-Mature Communities			1,920		1,771		1,934		1,529		1,114
Acquired Communities			354		-		-		-		-
Non-Residential / Other			3,809		3,564		3,524		3,072		1,435
Total (2)		$	132,993	$	135,742	$	131,134	$	132,964	$	126,984

Net Operating Income			****
Same-Store Communities		$	281,057	$	278,625	$	279,247	$	274,556	$	276,415
Stabilized, Non-Mature Communities			4,512		4,581		2,735		1,703		1,492
Acquired Communities			1,061		-		-		-		-
Non-Residential / Other			4,397		4,721		4,290		4,587		5,729
Total		$	291,027	$	287,927	$	286,272	$	280,846	$	283,636

Operating Margin			****
Same-Store Communities			68.9%		68.1%		69.0%		68.1%		69.0%

Weighted Average Physical Occupancy
Same-Store Communities			96.9%		96.7%		96.9%		97.3%		96.8%
Stabilized, Non-Mature Communities			96.0%		93.2%		89.3%		85.1%		67.1%
Acquired Communities			93.4%		-		-		-		-
Other (3)			-		96.0%		96.3%		96.4%		97.2%
Total			96.8%		96.6%		96.7%		97.2%		96.6%

Sold Communities
Revenues	-	$	4,805	$	5,625	$	5,595	$	6,026	$	9,820
Expenses (2)			1,280		1,417		1,487		1,771		2,452
Net Operating Income/(Loss)		$	3,525	$	4,208	$	4,108	$	4,255	$	7,368

Total	55,240	$	294,552	$	292,135	$	290,380	$	285,101	$	291,004

(1)	See Attachment 14 for definitions and other terms.
(2)	The summation of Total expenses and Sold and Held for Disposition Communities expenses above agrees to the summation of property operating and maintenance and real estate taxes and insurance expenses on Attachment 1.
---	---
(3)	Includes occupancy of Sold Communities.
---	---

Attachment 6

Same-Store Operating Expense Information

(Dollars in Thousands)

(Unaudited) (1)


****	% of 4Q 2025
	SS Operating
Year-Over-Year Comparison	Expenses	4Q 2025		4Q 2024		% Change

Personnel	14.7%	$	18,601	$	17,704	5.1%
Utilities	14.5%		18,390		17,338	6.1%
Repair and maintenance	18.2%		23,094		23,809	-3.0%
Administrative and marketing	7.9%		9,979		9,623	3.7%
Controllable expenses	55.3%		70,064		68,474	2.3%

Real estate taxes	40.3%	$	51,267	$	49,799	2.9%
Insurance	4.4%		5,579		6,162	-9.5%
Same-Store operating expenses	100.0%	$	126,910	$	124,435	2.0%

Same-Store Homes	53,941

****

	% of 4Q 2025
	SS Operating
Sequential Comparison	Expenses	4Q 2025		3Q 2025		% Change

Personnel	14.7%	$	18,601	$	18,674	-0.4%
Utilities	14.5%		18,390		18,892	-2.7%
Repair and maintenance	18.2%		23,094		27,189	-15.1%
Administrative and marketing	7.9%		9,979		10,404	-4.1%
Controllable expenses	55.3%		70,064		75,159	-6.8%

Real estate taxes	40.3%	$	51,267	$	49,650	3.3%
Insurance	4.4%		5,579		5,598	-0.3%
Same-Store operating expenses	100.0%	$	126,910	$	130,407	-2.7%

Same-Store Homes	53,941




	% of YTD 2025
	SS Operating
Year-to-Date Comparison	Expenses	YTD 2025		YTD 2024		% Change

Personnel	14.6%	$	74,099	$	70,795	4.7%
Utilities	14.4%		73,102		69,438	5.3%
Repair and maintenance	19.6%		99,367		97,785	1.6%
Administrative and marketing	7.7%		39,007		35,565	9.7%
Controllable expenses	56.3%		285,575		273,583	4.4%

Real estate taxes	39.5%	$	199,444	$	196,006	1.8%
Insurance	4.2%		21,509		24,080	-10.7%
Same-Store operating expenses	100.0%	$	506,528	$	493,669	2.6%

Same-Store Homes	53,468

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

Attachment 7(A)

Apartment Home Breakout

Portfolio Overview as of Quarter Ended

December 31, 2025

(Unaudited) (1)


				Unconsolidated		Revenue Per
			Total	Joint Venture	Total	Occupied
	Same-Store	Non-Mature	Consolidated	Operating	Homes	Home
	Homes	Homes (2)	Homes	Homes (3)	(incl. JV) (3)	(Incl. JV at Share)(4)
West Region
Orange County, CA	4,305	-	4,305	701	5,006	$	3,209
San Francisco, CA	3,317	-	3,317	602	3,919		3,777
Seattle, WA	2,702	-	2,702	284	2,986		3,011
Los Angeles, CA	1,225	-	1,225	340	1,565		3,487
Monterey Peninsula, CA	1,567	-	1,567	-	1,567		2,409
	13,116	-	13,116	1,927	15,043

Northeast Region
Boston, MA	4,667	-	4,667	876	5,543		3,321
New York, NY	1,945	-	1,945	710	2,655		5,362
Philadelphia, PA	1,172	478	1,650	290	1,940		2,493
	7,784	478	8,262	1,876	10,138

Mid-Atlantic Region
Metropolitan DC	9,119	406	9,525	360	9,885		2,519
Baltimore, MD	2,219	-	2,219	-	2,219		2,039
****	11,338	406	11,744	360	12,104

Southeast Region
Tampa, FL	3,877	330	4,207	-	4,207		2,204
Orlando, FL	3,293	-	3,293	200	3,493		1,900
Nashville, TN	2,261	-	2,261	-	2,261		1,741
	9,431	330	9,761	200	9,961

Southwest Region
Dallas, TX	7,364	85	7,449	-	7,449		1,779
Austin, TX	1,880	-	1,880	-	1,880		1,742
****	9,244	85	9,329	-	9,329

Other Markets (5)	3,028	-	3,028	1,038	4,066		2,393

Totals	53,941	1,299	55,240	5,401	60,641	$	2,645

Communities (6)	161	4	165	22	187

		Homes	Communities
Total completed homes		60,641	187
Under Development (7)		300	1

Total Quarter-end homes and communities		60,941	188

(1)	See Attachment 14 for definitions and other terms.
(2)	Represents homes included in Stabilized, Non-Mature, Acquired, Development, Redevelopment and Non-Residential/Other Communities categories on Attachment 5. Excludes development homes not yet completed and Sold.
---	---
(3)	Represents joint venture operating homes at 100 percent. Excludes joint venture held for disposition communities. See Attachment 10 for UDR's joint venture and partnership ownership interests.
---	---
(4)	Represents joint ventures at UDR's ownership interests. Excludes joint venture held for disposition communities. See Attachment 10 for UDR's joint venture and partnership ownership interests.
---	---
(5)	Other Markets include Denver (510 homes), Palm Beach (636 homes), Inland Empire (658 homes), San Diego (163 wholly owned, 264 JV homes), Portland (220 wholly owned, 256 JV homes) and Richmond (841 wholly owned, 518 JV homes).
---	---
(6)	Represents communities where 100 percent of all development homes have been completed.
---	---
(7)	See Attachment 9 for UDR’s developments and ownership interests.
---	---

Attachment 7(B)

Non-Mature Home Summary and Net Operating Income by Market

December 31, 2025

(Unaudited) (1)


Non-Mature Home Breakout - By Date

								Estimated
Community		Category		# of Homes		Market		Same-Store Quarter (2)

Villas at Fiori		Stabilized, Non-Mature		85		Dallas, TX		2Q26

101 N. Meridian		Stabilized, Non-Mature		330		Tampa, FL		3Q26

Broadridge		Stabilized, Non-Mature		478		Philadelphia, PA		1Q27

The Enclave at Potomac Club		Acquired		406		Metropolitan DC		1Q27

Total				1,299


Net Operating Income Breakout By Market

		As a % of NOI						As a % of NOI
Region		Same-Store		Total		Region		Same-Store		Total
West Region						Southeast Region
Orange County, CA		11.0%		10.9%		Tampa, FL		5.5%		5.7%
San Francisco, CA		8.8%		8.9%		Orlando, FL		4.5%		4.1%
Seattle, WA		6.3%		6.5%		Nashville, TN		2.9%		2.6%
Los Angeles, CA		3.0%		3.1%				12.9%		12.4%
Monterey Peninsula, CA		2.9%		2.6%		Southwest Region
		32.0%		32.0%		Dallas, TX		8.5%		8.0%
Northeast Region						Austin, TX		1.9%		1.7%
Boston, MA		11.6%		11.7%				10.4%		9.7%
New York, NY		6.1%		7.1%
Philadelphia, PA		2.1%		3.0%		Other Markets (3)		5.4%		5.4%
		19.8%		21.8%
Mid-Atlantic Region
Metropolitan DC		16.3%		15.8%
Baltimore, MD		3.2%		2.9%
		19.5%		18.7%		Total		100.0%		100.0%

(1)	See Attachment 14 for definitions and other terms.
(2)	Estimated Same-Store quarter represents the quarter UDR anticipates contributing the community to the QTD same-store pool.
---	---
(3)	See Attachment 7(A), footnote 5 for details regarding location of the Other Markets.
---	---

Attachment 8(A)

Same-Store Operating Information By Major Market

Current Quarter vs. Prior Year Quarter

December 31, 2025

(Unaudited) (1)



****		% of Same-	Same-Store
	Total	Store Portfolio
	Same-Store	Based on	Physical Occupancy			Total Revenue per Occupied Home
	Homes	4Q 2025 NOI	4Q 25	4Q 24	Change	4Q 25		4Q 24		Change

West Region
Orange County, CA	4,305	11.0%	96.7%	96.9%	-0.2%	$	3,210	$	3,114	3.1%
San Francisco, CA	3,317	8.8%	97.3%	96.5%	0.8%		3,670		3,489	5.2%
Seattle, WA	2,702	6.3%	97.1%	97.4%	-0.3%		3,021		2,886	4.7%
Los Angeles, CA	1,225	3.0%	96.4%	95.3%	1.1%		3,328		3,300	0.8%
Monterey Peninsula, CA	1,567	2.9%	96.9%	96.9%	0.0%		2,409		2,442	-1.4%
	13,116	32.0%	96.9%	96.8%	0.1%		3,203		3,098	3.4%

Northeast Region
Boston, MA	4,667	11.6%	96.4%	96.3%	0.1%		3,359		3,291	2.1%
New York, NY	1,945	6.1%	98.0%	97.6%	0.4%		5,273		5,043	4.6%
Philadelphia, PA	1,172	2.1%	96.6%	96.4%	0.2%		2,567		2,529	1.5%
	7,784	19.8%	96.8%	96.6%	0.2%		3,724		3,619	2.9%

Mid-Atlantic Region
Metropolitan DC	9,119	16.3%	96.6%	97.0%	-0.4%		2,497		2,446	2.1%
Baltimore, MD	2,219	3.2%	97.5%	96.8%	0.7%		2,039		1,985	2.7%
	11,338	19.5%	96.8%	97.0%	-0.2%		2,407		2,355	2.2%

Southeast Region
Tampa, FL	3,877	5.5%	96.7%	97.0%	-0.3%		2,134		2,140	-0.3%
Orlando, FL	3,293	4.5%	96.7%	96.7%	0.0%		1,911		1,921	-0.5%
Nashville, TN	2,261	2.9%	96.4%	97.0%	-0.6%		1,741		1,749	-0.5%
	9,431	12.9%	96.6%	96.9%	-0.3%		1,962		1,970	-0.4%

Southwest Region
Dallas, TX	7,364	8.5%	97.5%	96.7%	0.8%		1,759		1,785	-1.5%
Austin, TX	1,880	1.9%	96.8%	96.6%	0.2%		1,742		1,832	-4.9%
	9,244	10.4%	97.4%	96.7%	0.7%		1,756		1,795	-2.2%

Other Markets	3,028	5.4%	96.4%	96.7%	-0.3%		2,437		2,442	-0.2%

Total/Weighted Avg.	53,941	100.0%	96.9%	96.8%	0.1%	$	2,602	$	2,559	1.7%

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

Attachment 8(B)

Same-Store Operating Information By Major Market

Current Quarter vs. Prior Year Quarter

December 31, 2025

(Unaudited) (1)


****			Same-Store (000s)

	Total
	Same-Store	Revenues				Expenses					Net Operating Income
	Homes	4Q 25			Change	4Q 25		4Q 24		Change	4Q 25		4Q 24		Change

West Region
Orange County, CA	4,305	$	40,085	38,974	2.9%	$	9,208	$	8,784	4.8%	$	30,877	$	30,190	2.3%
San Francisco, CA	3,317		35,535	33,502	6.1%		10,925		10,677	2.3%		24,610		22,825	7.8%
Seattle, WA	2,702		23,780	22,785	4.4%		5,975		6,167	-3.1%		17,805		16,618	7.1%
Los Angeles, CA	1,225		11,791	11,559	2.0%		3,475		3,374	3.0%		8,316		8,185	1.6%
Monterey Peninsula, CA	1,567		10,974	11,122	-1.3%		2,846		2,566	10.9%		8,128		8,556	-5.0%
	13,116		122,165	117,942	3.6%		32,429		31,568	2.7%		89,736		86,374	3.9%

Northeast Region
Boston, MA	4,667		45,333	44,374	2.2%		12,611		12,138	3.9%		32,722		32,236	1.5%
New York, NY	1,945		30,152	28,717	5.0%		12,902		12,967	-0.5%		17,250		15,750	9.5%
Philadelphia, PA	1,172		8,719	8,573	1.7%		2,810		2,735	2.8%		5,909		5,838	1.2%
	7,784		84,204	81,664	3.1%		28,323		27,840	1.7%		55,881		53,824	3.8%

Mid-Atlantic Region
Metropolitan DC	9,119		65,988	64,896	1.7%		20,189		19,951	1.2%		45,799		44,945	1.9%
Baltimore, MD	2,219		13,234	12,791	3.5%		4,164		4,094	1.7%		9,070		8,697	4.3%
	11,338		79,222	77,687	2.0%		24,353		24,045	1.3%		54,869		53,642	2.3%

Southeast Region
Tampa, FL	3,877		23,997	24,140	-0.6%		8,637		8,161	5.8%		15,360		15,979	-3.9%
Orlando, FL	3,293		18,258	18,351	-0.5%		5,654		5,786	-2.3%		12,604		12,565	0.3%
Nashville, TN	2,261		11,387	11,508	-1.1%		3,195		3,066	4.2%		8,192		8,442	-3.0%
	9,431		53,642	53,999	-0.7%		17,486		17,013	2.8%		36,156		36,986	-2.2%

Southwest Region
Dallas, TX	7,364		37,882	38,129	-0.6%		13,956		13,744	1.5%		23,926		24,385	-1.9%
Austin, TX	1,880		9,511	9,979	-4.7%		4,257		4,549	-6.4%		5,254		5,430	-3.2%
	9,244		47,393	48,108	-1.5%		18,213		18,293	-0.4%		29,180		29,815	-2.1%

Other Markets	3,028		21,341	21,450	-0.5%		6,106		5,676	7.6%		15,235		15,774	-3.4%

Total	53,941	$	407,967	400,850	1.8%	$	126,910	$	124,435	2.0%	$	281,057	$	276,415	1.7%

All values are in US Dollars.

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

Attachment 8(C)

Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

December 31, 2025

(Unaudited) (1)


****		Same-Store
	Total
	Same-Store	Physical Occupancy			Total Revenue per Occupied Home
	Homes	4Q 25	3Q 25	Change	4Q 25		3Q 25		Change

West Region
Orange County, CA	4,305	96.7%	96.6%	0.1%	$	3,210	$	3,197	0.4%
San Francisco, CA	3,317	97.3%	97.6%	-0.3%		3,670		3,615	1.5%
Seattle, WA	2,702	97.1%	96.1%	1.0%		3,021		2,989	1.1%
Los Angeles, CA	1,225	96.4%	96.3%	0.1%		3,328		3,330	-0.1%
Monterey Peninsula, CA	1,567	96.9%	96.7%	0.2%		2,409		2,402	0.3%
	13,116	96.9%	96.7%	0.2%		3,203		3,178	0.8%

Northeast Region
Boston, MA	4,667	96.4%	96.4%	0.0%		3,359		3,395	-1.1%
New York, NY	1,945	98.0%	97.8%	0.2%		5,273		5,264	0.2%
Philadelphia, PA	1,172	96.6%	97.0%	-0.4%		2,567		2,591	-0.9%
	7,784	96.8%	96.8%	0.0%		3,724		3,746	-0.6%

Mid-Atlantic Region
Metropolitan DC	9,119	96.6%	96.8%	-0.2%		2,497		2,518	-0.8%
Baltimore, MD	2,219	97.5%	96.2%	1.3%		2,039		2,025	0.7%
	11,338	96.8%	96.8%	0.0%		2,407		2,420	-0.4%

Southeast Region
Tampa, FL	3,877	96.7%	96.3%	0.4%		2,134		2,164	-1.4%
Orlando, FL	3,293	96.7%	96.4%	0.3%		1,911		1,934	-1.2%
Nashville, TN	2,261	96.4%	95.9%	0.5%		1,741		1,739	0.1%
	9,431	96.6%	96.2%	0.4%		1,962		1,982	-1.0%

Southwest Region
Dallas, TX	7,364	97.5%	96.9%	0.6%		1,759		1,789	-1.7%
Austin, TX	1,880	96.8%	97.0%	-0.2%		1,742		1,787	-2.5%
	9,244	97.4%	96.9%	0.5%		1,756		1,789	-1.8%

Other Markets	3,028	96.4%	96.2%	0.2%		2,437		2,485	-1.9%

Total/Weighted Avg.	53,941	96.9%	96.7%	0.2%	$	2,602	$	2,615	-0.5%

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

Attachment 8(D)

Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

December 31, 2025

(Unaudited) (1)


****			Same-Store (000s)
	Total
	Same-Store	Revenues				Expenses					Net Operating Income
	Homes	4Q 25			Change	4Q 25		3Q 25		Change	4Q 25		3Q 25		Change

West Region
Orange County, CA	4,305	$	40,085	39,895	0.5%	$	9,208	$	9,127	0.9%	$	30,877	$	30,768	0.4%
San Francisco, CA	3,317		35,535	35,096	1.3%		10,925		10,646	2.6%		24,610		24,450	0.7%
Seattle, WA	2,702		23,780	23,286	2.1%		5,975		6,155	-2.9%		17,805		17,131	3.9%
Los Angeles, CA	1,225		11,791	11,783	0.1%		3,475		3,673	-5.4%		8,316		8,110	2.5%
Monterey Peninsula, CA	1,567		10,974	10,923	0.5%		2,846		2,662	6.9%		8,128		8,261	-1.6%
	13,116		122,165	120,983	1.0%		32,429		32,263	0.5%		89,736		88,720	1.1%

Northeast Region
Boston, MA	4,667		45,333	45,802	-1.0%		12,611		13,041	-3.3%		32,722		32,761	-0.1%
New York, NY	1,945		30,152	30,045	0.4%		12,902		13,290	-2.9%		17,250		16,755	3.0%
Philadelphia, PA	1,172		8,719	8,836	-1.3%		2,810		3,102	-9.4%		5,909		5,734	3.0%
	7,784		84,204	84,683	-0.6%		28,323		29,433	-3.8%		55,881		55,250	1.1%

Mid-Atlantic Region
Metropolitan DC	9,119		65,988	66,705	-1.1%		20,189		21,769	-7.3%		45,799		44,936	1.9%
Baltimore, MD	2,219		13,234	12,967	2.1%		4,164		4,465	-6.8%		9,070		8,502	6.7%
	11,338		79,222	79,672	-0.6%		24,353		26,234	-7.2%		54,869		53,438	2.7%

Southeast Region
Tampa, FL	3,877		23,997	24,234	-1.0%		8,637		8,504	1.6%		15,360		15,730	-2.4%
Orlando, FL	3,293		18,258	18,419	-0.9%		5,654		5,527	2.3%		12,604		12,892	-2.2%
Nashville, TN	2,261		11,387	11,310	0.7%		3,195		3,439	-7.1%		8,192		7,871	4.1%
	9,431		53,642	53,963	-0.6%		17,486		17,470	0.1%		36,156		36,493	-0.9%

Southwest Region
Dallas, TX	7,364		37,882	38,235	-0.9%		13,956		14,734	-5.3%		23,926		23,501	1.8%
Austin, TX	1,880		9,511	9,783	-2.8%		4,257		4,091	4.1%		5,254		5,692	-7.7%
	9,244		47,393	48,018	-1.3%		18,213		18,825	-3.3%		29,180		29,193	0.0%

Other Markets	3,028		21,341	21,713	-1.7%		6,106		6,182	-1.2%		15,235		15,531	-1.9%

Total	53,941	$	407,967	409,032	-0.3%	$	126,910	$	130,407	-2.7%	$	281,057	$	278,625	0.9%

All values are in US Dollars.

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

Attachment 8(E)

Same-Store Operating Information By Major Market

Current Year-to-Date vs. Prior Year-to-Date

December 31, 2025

(Unaudited) (1)


		% of Same-
****	Total	Store Portfolio	Same-Store
	Same-Store	Based on	Physical Occupancy			Total Revenue per Occupied Home
	Homes	YTD 2025 NOI	YTD 25	YTD 24	Change	YTD 25		YTD 24		Change

West Region
Orange County, CA	4,305	11.2%	96.9%	96.7%	0.2%	$	3,175	$	3,094	2.6%
San Francisco, CA	3,144	8.5%	97.4%	96.5%	0.9%		3,651		3,513	3.9%
Seattle, WA	2,702	6.3%	96.9%	97.1%	-0.2%		2,973		2,870	3.6%
Los Angeles, CA	1,225	2.9%	96.5%	96.1%	0.4%		3,294		3,227	2.1%
Monterey Peninsula, CA	1,567	2.9%	96.5%	96.1%	0.4%		2,388		2,408	-0.8%
	12,943	31.8%	96.9%	96.6%	0.3%		3,165		3,079	2.8%

Northeast Region
Boston, MA	4,667	11.7%	96.7%	96.6%	0.1%		3,342		3,228	3.5%
New York, NY	1,945	5.9%	97.9%	97.6%	0.3%		5,173		4,983	3.8%
Philadelphia, PA	1,172	2.1%	96.9%	96.6%	0.3%		2,558		2,549	0.4%
	7,784	19.7%	97.0%	96.8%	0.2%		3,686		3,568	3.3%

Mid-Atlantic Region
Metropolitan DC	8,819	15.8%	97.1%	97.2%	-0.1%		2,479		2,389	3.8%
Baltimore, MD	2,219	3.2%	96.9%	96.2%	0.7%		2,018		1,952	3.4%
	11,038	19.0%	97.1%	97.0%	0.1%		2,386		2,302	3.7%

Southeast Region
Tampa, FL	3,877	5.8%	96.7%	96.6%	0.1%		2,152		2,143	0.4%
Orlando, FL	3,293	4.6%	96.6%	96.6%	0.0%		1,923		1,924	-0.1%
Nashville, TN	2,261	2.9%	96.3%	96.6%	-0.3%		1,742		1,753	-0.6%
	9,431	13.3%	96.6%	96.6%	0.0%		1,974		1,973	0.1%

Southwest Region
Dallas, TX	7,364	8.7%	97.2%	96.6%	0.6%		1,773		1,785	-0.7%
Austin, TX	1,880	1.9%	97.2%	96.7%	0.5%		1,785		1,847	-3.4%
	9,244	10.6%	97.2%	96.6%	0.6%		1,775		1,798	-1.2%

Other Markets	3,028	5.6%	96.4%	96.7%	-0.3%		2,455		2,416	1.6%

Total/Weighted Avg.	53,468	100.0%	96.9%	96.7%	0.2%	$	2,590	$	2,536	2.1%

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

Attachment 8(F)

Same-Store Operating Information By Major Market

Current Year-to-Date vs. Prior Year-to-Date

December 31, 2025

(Unaudited) (1)


****			Same-Store (000s)
	Total
	Same-Store	Revenues				Expenses					Net Operating Income
	Homes	YTD 25			Change	YTD 25		YTD 24		Change	YTD 25		YTD 24		Change

West Region
Orange County, CA	4,305	$	158,930	154,628	2.8%	$	36,273	$	33,619	7.9%	$	122,657	$	121,009	1.4%
San Francisco, CA	3,144		134,206	127,941	4.9%		40,067		39,137	2.4%		94,139		88,804	6.0%
Seattle, WA	2,702		93,415	90,376	3.4%		23,999		25,083	-4.3%		69,416		65,293	6.3%
Los Angeles, CA	1,225		46,724	45,574	2.5%		14,164		12,907	9.7%		32,560		32,667	-0.3%
Monterey Peninsula, CA	1,567		43,332	43,516	-0.4%		10,985		9,986	10.0%		32,347		33,530	-3.5%
	12,943		476,607	462,035	3.2%		125,488		120,732	3.9%		351,119		341,303	2.9%

Northeast Region
Boston, MA	4,667		181,040	174,616	3.7%		52,280		50,447	3.6%		128,760		124,169	3.7%
New York, NY	1,945		118,220	113,444	4.2%		52,580		51,646	1.8%		65,640		61,798	6.2%
Philadelphia, PA	1,172		34,857	34,625	0.7%		11,733		11,351	3.4%		23,124		23,274	-0.6%
	7,784		334,117	322,685	3.5%		116,593		113,444	2.8%		217,524		209,241	4.0%

Mid-Atlantic Region
Metropolitan DC	8,819		254,788	245,679	3.7%		80,167		77,587	3.3%		174,621		168,092	3.9%
Baltimore, MD	2,219		52,072	50,019	4.1%		17,411		16,618	4.8%		34,661		33,401	3.8%
	11,038		306,860	295,698	3.8%		97,578		94,205	3.6%		209,282		201,493	3.9%

Southeast Region
Tampa, FL	3,877		96,808	96,260	0.6%		33,576		32,920	2.0%		63,232		63,340	-0.2%
Orlando, FL	3,293		73,436	73,439	0.0%		22,645		22,744	-0.4%		50,791		50,695	0.2%
Nashville, TN	2,261		45,494	45,924	-0.9%		13,207		12,797	3.2%		32,287		33,127	-2.5%
	9,431		215,738	215,623	0.1%		69,428		68,461	1.4%		146,310		147,162	-0.6%

Southwest Region
Dallas, TX	7,364		152,256	152,310	0.0%		56,576		56,327	0.4%		95,680		95,983	-0.3%
Austin, TX	1,880		39,126	40,297	-2.9%		16,736		16,838	-0.6%		22,390		23,459	-4.6%
	9,244		191,382	192,607	-0.6%		73,312		73,165	0.2%		118,070		119,442	-1.1%

Other Markets	3,028		86,001	84,881	1.3%		24,129		23,662	2.0%		61,872		61,219	1.1%

Total	53,468	$	1,610,705	1,573,529	2.4%	$	506,528	$	493,669	2.6%	$	1,104,177	$	1,079,860	2.3%

All values are in US Dollars.

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

Attachment 8(G)

Same-Store Operating Information By Major Market

December 31, 2025

(Unaudited) (1)


	Effective Blended Lease Rate Growth	Effective New Lease Rate Growth	Effective Renewal Lease Rate Growth	Annualized Turnover
	4Q 2025	4Q 2025	4Q 2025	4Q 2025	4Q 2024	YTD 2025	YTD 2024

West Region	0.9%	-2.2%	3.4%	30.4%	32.3%	36.2%	39.7%

Northeast Region	-1.5%	-7.2%	3.5%	26.6%	27.1%	37.0%	38.4%

Mid-Atlantic Region	-2.5%	-8.3%	3.1%	26.2%	28.1%	37.0%	40.1%

Southeast Region	-6.5%	-11.6%	0.0%	31.8%	37.7%	43.1%	47.4%

Southwest Region	-5.2%	-11.2%	2.1%	29.0%	35.3%	40.1%	44.7%

Other Markets	-5.0%	-10.1%	0.1%	34.3%	35.2%	41.0%	40.1%

Total/Weighted Avg.	-2.1%	-7.2%	2.7%	29.0%	32.1%	38.5%	41.6%

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

Attachment 9

Development and Land Summary

December 31, 2025

(Dollars in Thousands)

(Unaudited) (1)


Wholly-Owned
****													Schedule		Percentage
		# of		Compl.	Cost to		Budgeted		Est. Cost				Initial
Community	Location	Homes		Homes	Date		Cost		per Home		Start		Occ.	Compl.	Leased	Occupied

Projects Under Construction

3099 Iowa	Riverside, CA		300	-	$	72,885	$	133,600	$	445		1Q25	1Q27	2Q27	N/A	N/A

Total Under Construction			300	-	$	72,885	$	133,600	$	445

Total - Wholly Owned			300	-	$	72,885	$	133,600	$	445



NOI From Wholly-Owned Projects		4Q 25

Projects Under Construction		$	-
Total		$	-



Land Summary	Location	UDR Ownership Interest			Real Estate Cost Basis

Total Land (7 parcels)	Various	100%			$	237,550

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

Attachment 10

Unconsolidated and Debt and Preferred Equity Program Summary

December 31, 2025

(Dollars in Thousands)

(Unaudited) (1)


Unconsolidated Joint Ventures and Partnerships

****								Physical	Total Rev. per		Net Operating Income
	Own.		# of			# of		Occupancy	Occ. Home		UDR's Share
Portfolio Characteristics	Interest		Comm.			Homes		4Q 25	4Q 25		4Q 25		YTD 25

UDR / MetLife	50%			13		2,837		96.6%	$	4,406	$	11,363	$	45,092
UDR / LaSalle	51%			9		2,564		96.7%		2,428		5,096		18,697

Total				22		5,401		96.6%	$	3,459	$	16,459	$	63,789




****	Gross Book Value							Weighted
	of JV Real		Total Project		UDR's Equity			Avg. Debt	Debt
Balance Sheet Characteristics	Estate Assets (2)		Debt (2)		Investment			Interest Rate	Maturities

UDR / MetLife	$	1,756,986	$	844,680	$	196,177		3.89%	2027-2031
UDR / LaSalle		854,389		297,714		242,337		5.36%	2028-2033

Total	$	2,611,375	$	1,142,394	$	438,514		4.28%




Debt and Preferred Equity Program (3)(4)

							Contractual		Weighted Avg.
			UDR Investment				Return		Years to
Investment Classifications		# of Commitments	Commitment		Balance		Rate		Maturity

Non-Stabilized Communities - Preferred Equity		2	$	46,496	$	60,589		11.2%	0.8
Non-Stabilized Communities - Loans		2		84,123		111,523		11.0%	1.0
Stabilized Communities - Preferred Equity (5)		10		339,641		346,298		9.2%	2.8

Total Debt and Preferred Equity Program		14	$	470,260	$	518,410		9.7%	2.3


	4Q 25

Income/(loss) from investments (6)	$	10,769


									Income/(Loss)
			UDR Investment (8)						from Investments
Other Unconsolidated Investments (7)			Commitment		Funded		Balance		4Q 25 (9)

Total Real Estate Technology and Sustainability Investments			$	169,000	$	134,006	$	142,009	$	288

(1)	See Attachment 14 for definitions and other terms.
(2)	Joint ventures and partnerships represented at 100%. Debt balances are presented net of deferred financing costs.
---	---
(3)	UDR's investments are reflected as investment in and advances to unconsolidated joint ventures or notes receivable, net on the Consolidated Balance Sheets and income/(loss) from unconsolidated entities or interest and other income/(expense), net on the Consolidated Statements of Operations in accordance with GAAP.
---	---
(4)	Investment commitment represents maximum loan principal or equity investment and therefore excludes accrued return. Investment balance includes amounts funded plus accrued and unpaid return prior to the period end as well as any non-cash impairment losses or loan reserves.
---	---
(5)	During the quarter, UDR received a partial repayment of approximately $10.3 million from its preferred equity investment in a stabilized community located in the Dallas, Texas market, upon the recapitalization of the joint venture.
---	---
(6)	When excluding UDR's share of recorded real estate depreciation and amortization on debt and preferred equity investments for the three months ended December 31, 2025, the amount is approximately $11.8 million.
---	---
(7)	Other unconsolidated investments represent UDR’s investments in nine real estate technology and climate technology funds.
---	---
(8)	Investment commitment represents maximum equity contractually required to be funded, and therefore excludes realized/unrealized gain/(loss). Investment funded represents cash funded towards the investment commitment. Investment balance includes amounts funded plus undistributed realized/unrealized gain/(loss), less $31.3 million of cash and stock distributed prior to the period end.
---	---
(9)	Income/(loss) from investments is deducted/added back to FFOA.
---	---

Attachment 11

Acquisitions, Dispositions, and Debt and Preferred Equity Program Summary

December 31, 2025

(Dollars in Thousands)

(Unaudited) (1)


Dispositions - Wholly-Owned					Post
			Prior		Transaction
			Ownership		Ownership							# of	Price per
Date of Sale	Community	Location	Interest		Interest			Price (2)		Debt (2)		Homes	Home

Jan-25	One William (3)	Englewood, NJ		100%		0%		$	84,000	$	-	185	$	454
Jan-25	Leonard Pointe (4)	Brooklyn, NY		100%		0%			127,500		-	188		678
Dec-25	UDR / LaSalle Joint Venture (5)	Various		100%		51%			231,600		-	974		238

								$	443,100	$	-	1,347	$	329


Acquisitions - Wholly-Owned

May-25	Broadridge	Philadelphia, PA		N/A		100%		$	182,500	$	-	478	$	382
Nov-25	The Enclave at Potomac Club	Woodbridge, VA		N/A		100%			147,700		-	406		364

								$	330,200	$	-	884	$	374




Investments - Debt and Preferred Equity Program					Post
			Prior		Transaction			UDR		Contractual
			Ownership		Ownership			Investment		Return
Date of Investment	Investment Classification	Market	Interest		Interest			Commitment		Rate

Apr-25	Stabilized Community	San Francisco, CA		N/A		N/A		$	13,000		12.0%
Jul-25	Stabilized Community	Orlando, FL		N/A		N/A			23,800		11.25%
Aug-25	Stabilized Community	Orange County, CA		N/A		N/A			35,750		10.0%
								$	72,550		10.8%


Redemptions - Debt and Preferred Equity Program
			UDR		Proceeds			Proceeds
			Investment		Received at			Received
Date of Redemption	Investment Classification	Market	Commitment		Redemption			Life to Date

Jun-25	Stabilized Community	New York, NY	$	40,000	$	54,760		$	72,257
Sep-25	Stabilized Community	Los Angeles, CA		20,059		32,155			32,155
			$	60,059	$	86,915		$	104,412

(1)	See Attachment 14 for definitions and other terms.
(2)	Price represents 100% of the asset. Debt represents 100% of the asset's indebtedness, and excludes deferred financing costs.
---	---
(3)	UDR recorded a gain on sale of approximately $24.4 million during the twelve months ended December 31, 2025, which is included in gain/(loss) on sale of real estate owned.
---	---
(4)	UDR recorded a gain on sale of approximately $23.5 million during the twelve months ended December 31, 2025, which is included in gain/(loss) on sale of real estate owned.
---	---
(5)	UDR recorded a gain on sale of approximately $195.0 million during the twelve months ended December 31, 2025, which is included in gain/(loss) on sale of real estate owned.
---	---

Attachment 12

Capital Expenditure and Repair and Maintenance Summary

December 31, 2025

(In thousands, except Cost per Home)

(Unaudited) (1)


	Three Months				Twelve Months
	Ended		Cost		Ended			Cost
Capital Expenditures for Consolidated Homes (2)	December 31, 2025		per Home		December 31, 2025			per Home

Average number of homes (3)		55,005				55,200

Total Recurring Cap Ex	$	31,431	$	571	$	105,974	$	1,920

NOI Enhancing Cap Ex		24,810		451		84,646		1,533

Total Recurring and NOI Enhancing Cap Ex	$	56,241	$	1,022	$	190,620	$	3,453


	Three Months				Twelve Months
	Ended			Cost	Ended			Cost
Repair and Maintenance for Consolidated Homes (Expensed)	December 31, 2025			per Home	December 31, 2025			per Home

Average number of homes (3)		55,005				55,200

Total Repair and Maintenance	$	23,592	$	429	$	102,649	$	1,860

(1)	See Attachment 14 for definitions and other terms.
(2)	Excludes redevelopment capital and initial capital expenditures on acquisitions.
---	---
(3)	Average number of homes is calculated based on the number of homes owned at the end of each month.
---	---

Attachment 13

1Q 2026 and Full-Year 2026 Guidance

December 31, 2025

(Unaudited) (1)




Net Income, FFO and FFO as Adjusted per Share and Unit Guidance	1Q 2026	Full-Year 2026

Income/(loss) per weighted average common share, diluted	$0.11 to $0.13	$0.45 to $0.55
FFO per common share and unit, diluted	$0.61 to $0.63	$2.47 to $2.57
FFO as Adjusted per common share and unit, diluted	$0.61 to $0.63	$2.47 to $2.57
Weighted average number of common shares, OP/DownREIT Units, and common stock<br>equivalents outstanding, diluted (in millions)	354.1	354.3
Annualized dividend per share and unit		$1.74


Same-Store Guidance (Straight-line basis)		Full-Year 2026

Revenue growth / (decline)		0.25% to 2.25%
Expense growth		3.00% to 4.50%
NOI growth / (decline)		-1.00% to 1.25%


Investment Guidance ($ in millions)		Full-Year 2026

Dispositions - Consolidated and Joint Venture (at share)		$300 to $600
Acquisitions - Consolidated and Joint Venture (at share)		$100 to $200
Capital Expenditures - Recurring, NOI Enhancing, and Redevelopment		$220 to $260


Corporate Expense Guidance ($ in millions)		Full-Year 2026

Consolidated interest expense, net of capitalized interest and adjustments for FFO as Adjusted		$185 to $195
General and Administrative expense, net of adjustments for FFO as Adjusted		$65 to $75

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

Attachment 14(A)

Definitions and Reconciliations

December 31, 2025

(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

December 31, 2025

(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	4Q 2025		YTD 2025
Income/(loss) from unconsolidated entities	$	4,934	$	28,388
Management fee		942		3,645
Interest expense		5,266		19,027
Depreciation		12,562		48,512
General and administrative		322		630
Preferred Equity Program (excludes loans)		(7,142)		(29,558)
Other (income)/expense		11		(492)
Realized and unrealized (gain)/loss on real estate technology investments, net of tax		(436)		(6,363)
Total Joint Venture NOI at UDR's Ownership Interest	$	16,459	$	63,789

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	4Q 2025		3Q 2025		2Q 2025		1Q 2025		4Q 2024
Net income/(loss) attributable to UDR, Inc.	$	222,902	$	40,409	$	37,673	$	76,720	$	(5,044)
Property management		13,937		13,952		13,747		13,645		13,665
Other operating expenses		7,947		6,975		7,753		8,059		9,613
Real estate depreciation and amortization		163,610		165,926		163,191		161,394		165,446
Interest expense		49,684		50,569		48,665		47,701		49,625
Casualty-related charges/(recoveries), net		3,248		1,755		3,382		3,297		6,430
General and administrative		22,948		22,732		19,929		19,495		25,469
Tax provision/(benefit), net		37		382		258		158		312
(Income)/loss from unconsolidated entities		(4,934)		(14,011)		(3,629)		(5,814)		(8,984)
Interest income and other (income)/expense, net		(5,406)		(3,714)		(8,134)		(1,921)		30,858
Joint venture management and other fees		(4,281)		(2,570)		(2,398)		(2,112)		(2,288)
Other depreciation and amortization		4,451		7,009		7,387		7,067		6,381
(Gain)/loss on sale of real estate owned		(194,974)		-		-		(47,939)		-
Net income/(loss) attributable to noncontrolling interests		15,383		2,721		2,556		5,351		(479)
Total consolidated NOI	$	294,552	$	292,135	$	290,380	$	285,101	$	291,004

Attachment 14(C)

Definitions and Reconciliations

December 31, 2025

(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.

Attachment 14(D)

Definitions and Reconciliations

December 31, 2025

(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 first 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	$	0.45	$	0.55
Conversion from GAAP share count		(0.04)		(0.04)
Depreciation		2.02		2.02
Noncontrolling interests		0.03		0.03
Preferred dividends		0.01		0.01
Forecasted FFO per diluted share and unit	$	2.47	$	2.57
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	$	2.47	$	2.57


	1Q 2026
	Low		High

Forecasted net income per diluted share	$	0.11	$	0.13
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	$	0.61	$	0.63
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	$	0.61	$	0.63

Forward-Looking Statements

December 31, 2025

(Unaudited)

Forward-Looking Statements

Certain statements made in this supplement may constitute “forward-looking statements.” Words such as “expects,” “intends,” “believes,” “anticipates,” “plans,” “likely,” “will,” “seeks,” “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, 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 supplement, 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. 28