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): October 29, 2025

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 October 29, 2025, UDR, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended September 30, 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 October 29, 2025.
99.2		Supplemental Financial Information dated October 29, 2025.
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.

October 29, 2025	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 – October 29, 2025				Contact: Trent Trujillo
				Email: ttrujillo@udr.com

UDR, INC. ANNOUNCES THIRD QUARTER 2025 RESULTS

AND UPDATES FULL-YEAR 2025 GUIDANCE RANGES

UDR, Inc. (the “Company”) (NYSE: UDR), announced today its third quarter 2025 results. Net Income, Funds from Operations (“FFO”), and FFO as Adjusted (“FFOA”) per diluted share for the quarter ended September 30, 2025, are detailed below.

	Quarter Ended September 30
Metric	3Q 2025 Actual	3Q 2025 Guidance	3Q 2024 Actual	$ Change vs. Prior Year Period	% Change vs. Prior Year Period
Net Income per diluted share	$0.12	$0.11 to $0.13	$0.06	$0.06	100%
FFO per diluted share	$0.62	$0.61 to $0.63	$0.60	$0.02	3%
FFOA per diluted share	$0.65	$0.62 to $0.64	$0.62	$0.03	5%

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

		<br><br>	<br><br>
SS Growth / (Decline)	Year-Over-Year (“YOY”): 3Q 2025 vs. 3Q 2024	Sequential:<br><br>3Q 2025 vs. 2Q 2025	Year-to-Date (YTD) YOY:<br><br>YTD 2025 vs. YTD 2024
Revenue	2.6%	1.0%	2.6%
Expense	3.1%	3.7%	2.7%
Net Operating Income (“NOI”)	2.3%	(0.2)%	2.5%

During the third quarter, the Company,

●	Received full repayment of its approximately $32.2 million preferred equity investment, inclusive of preferred return, in a stabilized 142-apartment home community located in the Los Angeles, CA MSA upon the sale of the community to a third-party investor.
●	As previously announced, fully funded a $23.8 million preferred equity investment at a contractual return rate of 11.25 percent in a stabilized 350-apartment home community located in the Orlando, FL MSA as part of a recapitalization.
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●	Fully funded a $35.8 million preferred equity investment at a contractual return rate of 10.0 percent in a stabilized 400-apartment home community located in the Orange County, CA MSA as part of a recapitalization.
---	---
●	Repurchased approximately 651 thousand shares of its common stock at a weighted average share price of $38.37 for total consideration of approximately $25.0 million. Furthermore, subsequent to quarter-end, the Company repurchased an additional 277 thousand shares of its common stock at a weighted average share price of $36.14 for total consideration of approximately $10.0 million.
---	---
●	Extended the maturity date of its $350.0 million senior unsecured term loan from January 31, 2027, to January 31, 2029, with two 1-year extension options at a 10 basis point lower effective credit spread as compared to terms of the prior agreement. Concurrently, the Company entered into a swap agreement through October 1, 2027, for $175.0 million under the term loan at a fixed rate of 4.0 percent.
---	---
●	Earned the distinction of being named a National Top Workplaces winner in the Real Estate Industry for the second consecutive year.
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Subsequent to quarter-end, the Company,

●	Entered into an agreement to acquire a 406-apartment home community in suburban Metropolitan Washington, D.C., for approximately $147.0 million. The transaction is expected to close in the fourth quarter of 2025 and is expected to be funded with proceeds from planned dispositions.
●	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.
---	---
●	Published its seventh annual Corporate Responsibility Report.
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“Third quarter operational results and FFOA per diluted share exceeded our expectations and drove our second FFOA per share guidance raise of 2025,” said Tom Toomey, UDR’s Chairman, President and CEO. “Despite near-term macroeconomic uncertainties, the long-term fundamental outlook for apartments remains healthy and UDR has a history of delivering attractive results driven by our culture of innovation.”

Outlook^(1)^

As shown in the table below, the Company has established the following guidance ranges for the fourth quarter of 2025, raised its previously provided full-year 2025 guidance ranges for Net Income and FFOA per diluted share, and updated its previously provided full-year 2025 guidance ranges for FFO per diluted share and Same-Store growth.

	<br><br>	<br><br>	<br><br><br><br>	<br><br><br><br>
	3Q 2025<br><br>Actual	4Q 2025<br><br>Outlook	<br><br>Prior<br><br>Full-Year 2025 Outlook	<br><br>Updated<br><br>Full-Year 2025 Outlook	Full-Year 2025 Midpoint (Change)
Net Income per diluted share	$0.12	$0.13 to $0.15	$0.53 to $0.59	$0.57 to $0.59	$0.58 (+$0.02)
FFO per diluted share	$0.62	$0.63 to $0.65	$2.42 to $2.48	$2.44 to $2.46	$2.45 (unch)
FFOA per diluted share	$0.65	$0.63 to $0.65	$2.49 to $2.55	$2.53 to $2.55	$2.54 (+$0.02)
YOY Growth:
SS Revenue	2.6%	N/A	1.75% to 3.25%	2.20% to 2.60%	2.40% (-0.10%)
SS Expense	3.1%	N/A	2.50% to 3.50%	2.40% to 3.10%	2.75% (-0.25%)
SS NOI	2.3%	N/A	1.50% to 3.00%	2.00% to 2.50%	2.25% (unch)
^(1)^	Additional assumptions for the Company’s fourth quarter and full-year 2025 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.
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Operating Results

In the third quarter, total revenue increased by $11.7 million YOY, or 2.8 percent, to $431.9 million. This increase was primarily attributable to growth in revenue from Same-Store communities and completed developments, partially offset by declines in revenue from property dispositions.

“Same-Store revenue, expense, and NOI growth in the third quarter was stronger than consensus expectations,” said Mike Lacy, UDR’s Chief Operating Officer. “Occupancy remains strong in the mid-96 percent range, other income continues to grow in the mid-single-digit range, and expense growth is more moderate than our prior expectations. However, economic uncertainty, the continued lease-up of record-high levels of national new supply, and seasonal leasing trends have resulted in more moderate lease rate growth as we start the fourth quarter. Nevertheless, we continue to adjust our operating tactics to maximize revenue and NOI.” 2

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

Summary of Same-Store Results in the Third Quarter 2025 versus the Third 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	3.0%	4.3%	2.5%	31.4%	96.7%	0.5%
Mid-Atlantic	3.9%	4.0%	3.9%	21.0%	96.7%	0.3%
Northeast	3.9%	1.0%	5.5%	19.5%	96.8%	0.4%
Southeast	0.6%	2.2%	(0.2)%	13.2%	96.2%	0.3%
Southwest	(0.1)%	4.5%	(2.9)%	10.3%	96.9%	0.5%
Other Markets	1.1%	1.2%	1.1%	4.6%	96.2%	(0.4)%
Total	2.6%	3.1%	2.3%	100.0%	96.6%	0.3%
^(1)^	Based on 3Q 2025 Same-Store NOI. For definitions of terms, please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplement.
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^(2)^	Weighted average Same-Store physical occupancy for the quarter.
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Summary of Same-Store Results in the Third Quarter 2025 versus the Second 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	1.3%	6.1%	(0.4)%	31.4%	96.7%	(0.2)%
Mid-Atlantic	1.1%	4.2%	(0.3)%	21.0%	96.7%	(0.3)%
Northeast	2.1%	1.3%	2.4%	19.5%	96.8%	(0.4)%
Southeast	(0.2)%	0.9%	(0.6)%	13.2%	96.2%	(0.2)%
Southwest	0.0%	5.0%	(2.9)%	10.3%	96.9%	(0.1)%
Other Markets	0.4%	4.8%	(1.3)%	4.6%	96.2%	(0.2)%
Total	1.0%	3.7%	(0.2)%	100.0%	96.6%	(0.3)%
^(1)^	Based on 3Q 2025 Same-Store NOI. For definitions of terms, please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplement.
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^(2)^	Weighted average Same-Store physical occupancy for the quarter.
---	---

Summary of Same-Store Results for YTD 2025 versus YTD 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)^	YTD YOY Change in Occupancy
West	3.0%	4.1%	2.6%	31.3%	96.9%	0.3%
Mid-Atlantic	4.4%	3.8%	4.7%	20.8%	97.1%	0.2%
Northeast	3.7%	3.1%	4.0%	19.3%	97.1%	0.2%
Southeast	0.2%	1.0%	(0.1)%	13.4%	96.5%	0.1%
Southwest	(0.4)%	0.4%	(0.8)%	10.5%	97.1%	0.6%
Other Markets	1.2%	0.5%	1.4%	4.7%	96.3%	(0.5)%
Total	2.6%	2.7%	2.5%	100.0%	96.9%	0.2%
^(1)^	Based on YTD 2025 Same-Store NOI. For definitions of terms, please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplement.
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^(2)^	Weighted average Same-Store physical occupancy for YTD 2025.
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Transactional Activity

Subsequent to quarter-end, the Company entered into an agreement to acquire a 406-apartment home community in suburban Metropolitan Washington, D.C., for approximately $147.0 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. The transaction is expected to close in the fourth quarter of 2025.

Debt and Preferred Equity Program Activity

During the quarter, the Company,

●	Received full repayment of its approximately $32.2 million preferred equity investment, inclusive of preferred return, in a stabilized 142-apartment home community located in the Los Angeles, CA MSA upon the sale of the community to a third-party investor.
●	As previously announced, fully funded a $23.8 million preferred equity investment at a contractual return rate of 11.25 percent in a stabilized 350-apartment home community located in the Orlando, FL MSA as part of a recapitalization.
---	---
●	Fully funded a $35.8 million preferred equity investment at a contractual return rate of 10.0 percent in a stabilized 400-apartment home community located in the Orange County, CA MSA as part of a recapitalization.
---	---

Capital Markets and Balance Sheet Activity

During the quarter and subsequent to quarter-end, the Company,

●	Repurchased approximately 651 thousand shares of its common stock at a weighted average share price of $38.37 for total consideration of approximately $25.0 million during the three months ended September 30, 2025. Furthermore, subsequent to quarter-end, the Company repurchased an additional 277 thousand shares of its common stock at a weighted average share price of $36.14 for total consideration of approximately $10.0 million.
●	Extended the maturity date of its $350.0 million senior unsecured term loan from January 31, 2027, to January 31, 2029, with two 1-year extension options. The effective credit spread applicable to the term loan is 10 basis points lower as compared to the terms of the prior agreement. Concurrent with the closing of the new term loan, the Company entered into a swap agreement through October 1, 2027, for $175.0 million at a fixed rate of 4.0 percent.
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●

Repurchased approximately 651 thousand shares of its common stock at a weighted average share price of $38.37 for total consideration of approximately $25.0 million during the three months ended September 30, 2025. Furthermore, subsequent to quarter-end, the Company repurchased an additional 277 thousand shares of its common stock at a weighted average share price of $36.14 for total consideration of approximately $10.0 million.

●

Extended the maturity date of its $350.0 million senior unsecured term loan from January 31, 2027, to January 31, 2029, with two 1-year extension options. The effective credit spread applicable to the term loan is 10 basis points lower as compared to the terms of the prior agreement. Concurrent with the closing of the new term loan, the Company entered into a swap agreement through October 1, 2027, for $175.0 million at a fixed rate of 4.0 percent.

---

The Company’s total indebtedness as of September 30, 2025, was $5.8 billion with only $485.9 million, or 8.9 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 September 30, 2025, the Company had approximately $1.0 billion in liquidity through a combination of cash and undrawn capacity on its credit facilities. Please see Attachment 13 of the Company’s related quarterly Supplement for additional details regarding investment guidance.

In the table below, the Company has presented select balance sheet metrics for the quarter ended September 30, 2025, and the comparable prior year period.

	Quarter Ended September 30
Balance Sheet Metric	3Q 2025	3Q 2024	Change
Weighted Average Interest Rate	3.4%	3.4%	0.0%
Weighted Average Years to Maturity	4.6	5.4	(0.8)
Consolidated Fixed Charge Coverage Ratio	4.9x	4.9x	0.0x
Consolidated Debt as a percentage of Total Assets	32.6%	32.9%	(0.3)%
Consolidated Net Debt-to-EBITDAre – adjusted for non-recurring items^(1)^	5.5x	5.6x	(0.1)x
(1)	A reconciliation of GAAP Net Income per share to EBITDAre - adjusted for non-recurring items and GAAP Total Debt to Net Debt can be found on Attachment 4(C) of the Company’s related quarterly Supplement.
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Board of Directors

As previously announced, subsequent to quarter-end, 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. Mr. Clark is an independent director and serves on UDR’s Nominating & Governance Committee and Audit & Risk Management Committee. His appointment, which follows the departure of two long-tenured directors earlier in 2025, was executed under the Board of Directors’ long-term succession plan with respect to director refreshment and expands the Company’s Board to nine members.

Corporate Responsibility

As previously announced, during the quarter, the Company was named as a Top Workplaces winner in the Real Estate Industry for the second consecutive year. This distinction reflects the Company’s ongoing commitment to fostering an innovative culture and engaging associate experience.

Also, as previously announced, subsequent to quarter-end, 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 third quarter 2025 in the amount of $0.43 per share, representing a 1.2 percent increase over the comparable period in 2024. The dividend will be paid in cash on October 31, 2025, to UDR common shareholders of record as of October 9, 2025. The third quarter 2025 dividend will represent the 212^th^ consecutive quarterly dividend paid by the Company on its common stock.

Supplemental Financial Information

The Company offers Supplemental Financial Information that provides details on the financial position and operating results of the Company, which is available on the 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 October 30, 2025, to discuss third quarter 2025 results as well as high-level views for 2025. 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 November 6, 2025, by dialing 844-512-2921 for domestic and 412-317-6671 for international and entering the confirmation number, 13756388, 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.

Full Text of the Earnings Report and Supplemental Data

The full text of the earnings report and related quarterly Supplement will be available on the 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 September 30, 2025, UDR owned or had an ownership position in 60,535 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 Third Quarter 2025

(Unaudited) (1)


	Actual Results	Actual Results	Guidance for
Dollars in thousands, except per share and unit	3Q 2025	YTD 2025	4Q 2025	Full-Year 2025

GAAP Metrics
Net income/(loss) attributable to UDR, Inc.	$40,409	$154,802	--	--
Net income/(loss) attributable to common stockholders	$39,198	$151,174	--	--
Income/(loss) per weighted average common share, diluted	$0.12	$0.46	$0.13 to $0.15	$0.57 to $0.59

Per Share Metrics
FFO per common share and unit, diluted	$0.62	$1.81	$0.63 to $0.65	$2.44 to $2.46
FFO as Adjusted per common share and unit, diluted	$0.65	$1.90	$0.63 to $0.65	$2.53 to $2.55
Dividend declared per share and unit	$0.43	$1.29	$0.43	$1.72 (2)

Same-Store Operating Metrics
Revenue growth/(decline) (Straight-line basis)	2.6%	2.6%	--	2.20% to 2.60%
Expense growth	3.1%	2.7%	--	2.40% to 3.10%
NOI growth/(decline) (Straight-line basis)	2.3%	2.5%	--	2.00% to 2.50%
Physical Occupancy	96.6%	96.9%	--	--


Property Metrics	Homes	Communities	% of Total NOI
Same-Store	54,915	165	91.7%
Stabilized, Non-Mature	415	2	0.9%
Acquired Communities	478	1	0.6%
Non-Residential / Other	N/A	N/A	1.5%
Joint Venture (3)	4,427	18	5.3%
Total completed homes	60,235	186	100.0%
Under Development	300	1	-
Total Quarter-end homes (3)(4)	60,535	187	100.0%


Balance Sheet Metrics (adjusted for non-recurring items)	3Q 2025	3Q 2024
Consolidated Interest Coverage Ratio	5.0x	5.1x
Consolidated Fixed Charge Coverage Ratio	4.9x	4.9x
Consolidated Debt as a percentage of Total Assets	32.6%	32.9%
Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items	5.5x	5.6x

(1)	See Attachment 14 for definitions, other terms and reconciliations.
(2)	Annualized for 2025.
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(3)	Joint venture NOI is based on UDR's share. Homes and communities at 100%.
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(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						Nine Months Ended
	September 30,						September 30,
In thousands, except per share amounts	2025		****	2024		****	2025		****	2024

REVENUES:
Rental income	$	429,294		$	418,088		$	1,272,131		$	1,243,085
Joint venture management and other fees		2,570			2,072			7,080			6,029
Total revenues		431,864			420,160			1,279,211			1,249,114

OPERATING EXPENSES:
Property operating and maintenance		79,373			76,484			230,976			220,405
Real estate taxes and insurance		57,786			57,182			173,539			174,861
Property management		13,952			13,588			41,344			40,400
Other operating expenses		6,975			6,382			22,787			20,803
Real estate depreciation and amortization		165,926			170,276			490,511			510,622
General and administrative		22,732			20,890			62,156			58,836
Casualty-related charges/(recoveries), net		1,755			1,473			8,434			8,749
Other depreciation and amortization		7,009			4,029			21,463			13,024
Total operating expenses		355,508			350,304			1,051,210			1,047,700

Gain/(loss) on sale of real estate owned		-			-			47,939			16,867
Operating income		76,356			69,856			275,940			218,281
		****						****
Income/(loss) from unconsolidated entities		14,011			(1,880)			23,454			11,251
Interest expense		(50,569)			(50,214)			(146,935)			(146,087)
Interest income and other income/(expense), net		3,714			6,159			13,769			18,522

Income/(loss) before income taxes		43,512			23,921			166,228			101,967
Tax (provision)/benefit, net		(382)			156			(798)			(567)

Net Income/(loss)		43,130			24,077			165,430			101,400
Net (income)/loss attributable to redeemable noncontrolling interests in the OP and DownREIT Partnership		(2,709)			(1,574)			(10,593)			(6,736)
Net (income)/loss attributable to noncontrolling interests		(12)			94			(35)			(35)

Net income/(loss) attributable to UDR, Inc.		40,409			22,597			154,802			94,629
Distributions to preferred stockholders - Series E (Convertible)		(1,211)			(1,197)			(3,628)			(3,638)

Net income/(loss) attributable to common stockholders	$	39,198		$	21,400		$	151,174		$	90,991
		****						****
		****						****
Income/(loss) per weighted average common share - basic:		$0.12			$0.06			$0.46			$0.28
Income/(loss) per weighted average common share - diluted:		$0.12			$0.06			$0.46			$0.28

Common distributions declared per share		$0.43			$0.425			$1.29			$1.275

Weighted average number of common shares outstanding - basic		330,668			329,421			330,692			329,101
Weighted average number of common shares outstanding - diluted		331,241			330,557			331,443			329,755

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

Attachment 2

Funds From Operations

(Unaudited) (1)


****	Three Months Ended						Nine Months Ended
	September 30,						September 30,
In thousands, except per share and unit amounts	2025		****	2024		****		2025	****	2024

Net income/(loss) attributable to common stockholders	$	39,198		$	21,400		$	151,174		$	90,991

Real estate depreciation and amortization		165,926			170,276			490,511			510,622
Noncontrolling interests		2,721			1,480			10,628			6,771
Real estate depreciation and amortization on unconsolidated joint ventures		12,021			12,546			38,245			40,928
Impairment loss from unconsolidated joint ventures		-			8,083			-			8,083
Net (gain)/loss on consolidation		-			-			(286)			-
Net (gain)/loss on the sale of depreciable real estate owned, net of tax		-			-			(47,939)			(16,867)
Funds from operations ("FFO") attributable to common stockholders and unitholders, basic	$	219,866		$	213,785		$	642,333		$	640,528

Distributions to preferred stockholders - Series E (Convertible) (2)		1,211			1,197			3,628			3,638

FFO attributable to common stockholders and unitholders, diluted	$	221,077		$	214,982		$	645,961		$	644,166

FFO per weighted average common share and unit, basic	$	0.62		$	0.61		$	1.82		$	1.81
FFO per weighted average common share and unit, diluted	$	0.62		$	0.60		$	1.81		$	1.81

Weighted average number of common shares and OP/DownREIT Units outstanding, basic		353,484			353,275			353,543			353,299
Weighted average number of common shares, OP/DownREIT Units, and common stock
equivalents outstanding, diluted		356,873			357,226			357,110			356,811

Impact of adjustments to FFO:
Legal and other costs	$	2,683		$	1,551		$	9,846		$	6,995
Realized and unrealized (gain)/loss on real estate technology investments, net of tax		(3,736)			3			(3,305)			(4,613)
Severance costs		7,214			3,018			8,737			4,550
Software transition related costs		3,329			-			9,263			-
Casualty-related charges/(recoveries)		1,755			1,473			8,434			8,749
Total impact of adjustments to FFO	$	11,245		$	6,045		$	32,975		$	15,681

FFO as Adjusted attributable to common stockholders and unitholders, diluted	$	232,322		$	221,027		$	678,936		$	659,847

FFO as Adjusted per weighted average common share and unit, diluted	$	0.65		$	0.62		$	1.90		$	1.85

Recurring capital expenditures, inclusive of unconsolidated joint ventures		(32,238)			(29,898)			(79,844)			(73,496)
AFFO attributable to common stockholders and unitholders, diluted	$	200,084		$	191,129		$	599,092		$	586,351

AFFO per weighted average common share and unit, diluted	$	0.56		$	0.54		$	1.68		$	1.64

(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 nine months ended September 30, 2025 and September 30, 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 nine months ended September 30, 2025 and September 30, 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)


	September 30,		December 31,
In thousands, except share and per share amounts	2025		2024

ASSETS		****
		****
Real estate owned:
Real estate held for investment	$	16,348,713	$	15,994,794
Less: accumulated depreciation		(7,320,363)		(6,836,920)
Real estate held for investment, net		9,028,350		9,157,874
Real estate under development
(net of accumulated depreciation of $0 and $0)		52,749		-
Real estate held for disposition
(net of accumulated depreciation of $0 and $64,106)		-		154,463
Total real estate owned, net of accumulated depreciation		9,081,099		9,312,337

Cash and cash equivalents		1,194		1,326
Restricted cash		35,052		34,101
Notes receivable, net		146,749		247,849
Investment in and advances to unconsolidated joint ventures, net		911,575		917,483
Operating lease right-of-use assets		184,172		186,997
Other assets		242,071		197,493
Total assets	$	10,601,912	$	10,897,586
		****
LIABILITIES AND EQUITY		****
		****
Liabilities:
Secured debt	$	1,090,305	$	1,139,331
Unsecured debt		4,743,864		4,687,634
Operating lease liabilities		179,496		182,275
Real estate taxes payable		67,728		46,403
Accrued interest payable		28,415		52,631
Security deposits and prepaid rent		60,563		61,592
Distributions payable		153,784		151,720
Accounts payable, accrued expenses, and other liabilities		126,329		115,105
Total liabilities		6,450,484		6,436,691
		****
Redeemable noncontrolling interests in the OP and DownREIT Partnership		876,127		1,017,355
		****
Equity:
Preferred stock, no par value; 50,000,000 shares authorized at September 30, 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
10,174,522 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 September 30, 2025 and December 31, 2024:
330,766,065 shares issued and outstanding (330,858,719 shares at December 31, 2024)		3,308		3,309
Additional paid-in capital		7,565,518		7,572,480
Distributions in excess of net income		(4,338,985)		(4,179,415)
Accumulated other comprehensive income/(loss), net		1,932		3,638
Total stockholders' equity		3,274,966		3,443,205
Noncontrolling interests		335		335
Total equity		3,275,301		3,443,540
Total liabilities and equity	$	10,601,912	$	10,897,586

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

Attachment 4(A)

Selected Financial Information

(Unaudited) (1)


	September 30,	December 31,
Common Stock and Equivalents	2025	2024

Common shares	330,766,065	330,858,719
Restricted unit and common stock equivalents	-	1,043,568
Operating and DownREIT Partnership units	22,759,734	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	356,341,407	357,407,004




Weighted Average Number of Shares Outstanding	3Q 2025	3Q 2024

Weighted average number of common shares and OP/DownREIT units outstanding - basic	353,483,759	353,274,894
Weighted average number of OP/DownREIT units outstanding	(22,815,748)	(23,853,772)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations	330,668,011	329,421,122

Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted	356,872,397	357,226,153
Weighted average number of OP/DownREIT units outstanding	(22,815,748)	(23,853,772)
Weighted average number of Series E cumulative convertible preferred shares outstanding	(2,815,608)	(2,815,608)
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations	331,241,041	330,556,773


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

Weighted average number of common shares and OP/DownREIT units outstanding - basic	353,542,541	353,298,608
Weighted average number of OP/DownREIT units outstanding	(22,850,921)	(24,197,254)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations	330,691,620	329,101,354

Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted	357,109,033	356,811,488
Weighted average number of OP/DownREIT units outstanding	(22,850,921)	(24,197,254)
Weighted average number of Series E cumulative convertible preferred shares outstanding	(2,815,608)	(2,858,243)
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations	331,442,504	329,755,991

(1)	See Attachment 14 for definitions and other terms.
(2)	At September 30, 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

September 30, 2025

(Unaudited) (1)


										Weighted	Weighted
										Average	Average Years
Debt Structure, In thousands					Balance				% of Total	Interest Rate	to Maturity (2)

Secured		Fixed			$	1,066,710			18.2%	3.48%	3.4
		Floating				27,000			0.5%	3.26%	6.5
		Combined				1,093,710			18.7%	3.47%	3.5

Unsecured		Fixed				4,225,000	(3)		72.2%	3.15%	5.3
		Floating				530,686			9.1%	4.65%	1.1
		Combined				4,755,686			81.3%	3.32%	4.8

Total Debt		Fixed				5,291,710			90.4%	3.22%	4.9
		Floating				557,686			9.6%	4.58%	1.4
		Combined				5,849,396			100.0%	3.35%	4.6
		Total Non-Cash Adjustments (4)				(15,227)
		Total per Balance Sheet			$	5,834,169				3.42%



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

2025	$	129,235	$	-	$	340,000		$	469,235	8.0%	4.13%
2026		56,672		300,000		15,686			372,358	6.4%	3.09%
2027		6,939		300,000		-			306,939	5.2%	3.51%
2028		166,526		300,000		-			466,526	8.0%	3.72%
2029		315,811		650,000		-			965,811	16.5%	4.19%
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%	2.17%
2033		-		650,000		-			650,000	11.1%	1.99%
2034		-		600,000		-			600,000	10.3%	4.04%
Thereafter		-		-		-			-	-	-
		1,093,710		4,400,000		355,686			5,849,396	100.0%	3.35%
Total Non-Cash Adjustments (4)		(3,405)		(11,822)		-			(15,227)
Total per Balance Sheet	$	1,090,305	$	4,388,178	$	355,686		$	5,834,169		3.42%

(1)	See Attachment 14 for definitions and other terms.
(2)	The 2025 maturity reflects the $340.0 million of principal outstanding at an interest rate of 4.32%, the equivalent of SOFR plus a spread of 17.0 basis points, on the Company’s unsecured commercial paper program as of September 30, 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 September 30, 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 $15.7 million outstanding on our $75.0 million working capital credit facility at September 30, 2025. The facility has a maturity date of January 2026. The working capital credit facility currently carries an interest rate equal to adjusted SOFR plus 77.5 basis points.
---	---

Attachment 4(C)

Selected Financial Information

(Dollars in Thousands)

(Unaudited) (1)


						Quarter Ended
Coverage Ratios						September 30, 2025
Net income/(loss)						$	43,130
Adjustments:
Interest expense, including debt extinguishment and other associated costs							50,569
Real estate depreciation and amortization							165,926
Other depreciation and amortization							7,009
Tax provision/(benefit), net							382
Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures							16,652
EBITDAre						$	283,668

Casualty-related charges/(recoveries), net							1,755
Legal and other costs							2,683
Realized and unrealized (gain)/loss on real estate technology investments							680
Severance costs							7,214
(Income)/loss from unconsolidated entities							(14,011)
Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures							(16,652)
Management fee expense on unconsolidated joint ventures							(960)
Consolidated EBITDAre - adjusted for non-recurring items						$	264,377

Annualized consolidated EBITDAre - adjusted for non-recurring items						$	1,057,508

Interest expense, including debt extinguishment and other associated costs							50,569
Capitalized interest expense							2,203
Total interest						$	52,772

Preferred dividends						$	1,211

Total debt						$	5,834,169
Cash							(1,194)
Net debt						$	5,832,975

Consolidated Interest Coverage Ratio - adjusted for non-recurring items							5.0x

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%		31.2% (2)		Yes
Minimum Fixed Charge Coverage Ratio			≥1.5x		4.9x		Yes
Maximum Secured Debt Ratio			≤40.0%		9.7%		Yes
Minimum Unencumbered Pool Leverage Ratio			≥150.0%		375.2%		Yes

Senior Unsecured Note Covenants (3)			Required		Actual		Compliance

Debt as a percentage of Total Assets			≤65.0%		32.6% (3)		Yes
Consolidated Income Available for Debt Service to Annual Service Charge			≥1.5x		5.6x		Yes
Secured Debt as a percentage of Total Assets			≤40.0%		6.1%		Yes
Total Unencumbered Assets to Unsecured Debt			≥150.0%		316.5%		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	3Q 2025 NOI (1)			Carrying Value		Total Gross
Asset Summary	Homes	(000s)	% of NOI		($000s)		Carrying Value

Unencumbered assets	47,260		87.8%	$	14,439,254		88.0%
Encumbered assets	8,548		12.2%		1,962,208		12.0%
	55,808		100.0%	$	16,401,462		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	September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024
Revenues
Same-Store Communities	54,915	$	414,657	$	410,518	$	408,503	$	406,482	$	404,241
Stabilized, Non-Mature Communities	415		3,654		3,613		3,232		2,606		1,858
Acquired Communities	478		2,698		1,056		-		-		-
Non-Residential / Other	-		8,285		7,814		7,659		7,164		7,776
Total	55,808	$	429,294	$	423,001	$	419,394	$	416,252	$	413,875

Expenses			****
Same-Store Communities		$	131,824	$	127,163	$	129,940	$	125,879	$	127,871
Stabilized, Non-Mature Communities			764		1,423		1,529		1,114		1,083
Acquired Communities			1,007		511		-		-		-
Non-Residential / Other			3,564		3,524		3,072		1,435		3,522
Total (2)		$	137,159	$	132,621	$	134,541	$	128,428	$	132,476

Net Operating Income			****
Same-Store Communities		$	282,833	$	283,355	$	278,563	$	280,603	$	276,370
Stabilized, Non-Mature Communities			2,890		2,190		1,703		1,492		775
Acquired Communities			1,691		545		-		-		-
Non-Residential / Other			4,721		4,290		4,587		5,729		4,254
Total		$	292,135	$	290,380	$	284,853	$	287,824	$	281,399

Operating Margin			****
Same-Store Communities			68.2%		69.0%		68.2%		69.0%		68.4%

Weighted Average Physical Occupancy
Same-Store Communities			96.6%		96.9%		97.2%		96.8%		96.3%
Stabilized, Non-Mature Communities			95.2%		94.5%		85.1%		67.1%		48.9%
Acquired Communities			91.5%		84.8%		-		-		-
Other (3)			-		-		-		97.6%		98.2%
Total			96.6%		96.7%		97.2%		96.6%		95.9%

Sold and Held for Disposition Communities
Revenues	-	$	-	$	-	$	442	$	4,188	$	4,213
Expenses (2)			-		-		194		1,008		1,190
Net Operating Income/(Loss)		$	-	$	-	$	248	$	3,180	$	3,023

Total	55,808	$	292,135	$	290,380	$	285,101	$	291,004	$	284,422

(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 and Held for Disposition Communities.
---	---

Attachment 6

Same-Store Operating Expense Information

(Dollars in Thousands)

(Unaudited) (1)


****	% of 3Q 2025
	SS Operating
Year-Over-Year Comparison	Expenses	3Q 2025		3Q 2024		% Change

Personnel	14.3%	$	18,897	$	18,259	3.5%
Utilities	14.5%		19,090		18,230	4.7%
Repair and maintenance	20.9%		27,539		27,230	1.1%
Administrative and marketing	8.0%		10,530		9,618	9.5%
Controllable expenses	57.7%		76,056		73,337	3.7%

Real estate taxes	38.0%	$	50,073	$	48,375	3.5%
Insurance	4.3%		5,695		6,159	-7.5%
Same-Store operating expenses	100.0%	$	131,824	$	127,871	3.1%

Same-Store Homes	54,915

****

	% of 3Q 2025
	SS Operating
Sequential Comparison	Expenses	3Q 2025		2Q 2025		% Change

Personnel	14.3%	$	18,897	$	18,902	0.0%
Utilities	14.5%		19,090		17,867	6.8%
Repair and maintenance	20.9%		27,539		26,008	5.9%
Administrative and marketing	8.0%		10,530		10,006	5.2%
Controllable expenses	57.7%		76,056		72,783	4.5%

Real estate taxes	38.0%	$	50,073	$	49,071	2.0%
Insurance	4.3%		5,695		5,309	7.3%
Same-Store operating expenses	100.0%	$	131,824	$	127,163	3.7%

Same-Store Homes	54,915




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

Personnel	14.7%	$	56,508	$	54,035	4.6%
Utilities	14.4%		55,460		52,936	4.8%
Repair and maintenance	20.1%		77,583		75,403	2.9%
Administrative and marketing	7.7%		29,615		26,479	11.8%
Controllable expenses	56.9%		219,166		208,853	4.9%

Real estate taxes	38.9%	$	150,022	$	148,188	1.2%
Insurance	4.2%		16,267		18,305	-11.1%
Same-Store operating expenses	100.0%	$	385,455	$	375,346	2.7%

Same-Store Homes	54,442

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

Attachment 7(A)

Apartment Home Breakout

Portfolio Overview as of Quarter Ended

September 30, 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	$	3,194
San Francisco, CA	3,317	-	3,317	602	3,919		3,723
Seattle, WA	2,702	-	2,702	284	2,986		2,978
Monterey Peninsula, CA	1,567	-	1,567	-	1,567		2,402
Los Angeles, CA	1,225	-	1,225	340	1,565		3,510
	13,116	-	13,116	1,927	15,043

Mid-Atlantic Region
Metropolitan DC	9,119	-	9,119	360	9,479		2,512
Baltimore, MD	2,219	-	2,219	-	2,219		2,025
Richmond, VA	1,359	-	1,359	-	1,359		1,966
****	12,697	-	12,697	360	13,057

Northeast Region
Boston, MA	4,667	-	4,667	876	5,543		3,350
New York, NY	1,945	-	1,945	710	2,655		5,339
Philadelphia, PA	1,172	478	1,650	290	1,940		2,720
	7,784	478	8,262	1,876	10,138

Southeast Region
Tampa, FL	3,877	330	4,207	-	4,207		2,227
Orlando, FL	3,493	-	3,493	-	3,493		1,925
Nashville, TN	2,261	-	2,261	-	2,261		1,739
	9,631	330	9,961	-	9,961

Southwest Region
Dallas, TX	7,364	85	7,449	-	7,449		1,805
Austin, TX	1,880	-	1,880	-	1,880		1,787
****	9,244	85	9,329	-	9,329

Other Markets (5)	2,443	-	2,443	264	2,707		2,562

Totals	54,915	893	55,808	4,427	60,235	$	2,649

Communities (6)	165	3	168	18	186

		Homes	Communities
Total completed homes		60,235	186
Under Development (7)		300	1

Total Quarter-end homes and communities		60,535	187

(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 and Held for Disposition Communities.
---	---
(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) and Portland (476 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

September 30, 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		Acquired		478		Philadelphia, PA		1Q27

Total				893


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		10.9%		10.8%		Tampa, FL		5.6%		5.9%
San Francisco, CA		8.6%		9.0%		Orlando, FL		4.8%		4.4%
Seattle, WA		6.1%		6.3%		Nashville, TN		2.8%		2.5%
Monterey Peninsula, CA		2.9%		2.7%				13.2%		12.8%
Los Angeles, CA		2.9%		3.1%		Southwest Region
		31.4%		31.9%		Dallas, TX		8.3%		7.9%
Mid-Atlantic Region						Austin, TX		2.0%		1.8%
Metropolitan DC		15.9%		15.0%				10.3%		9.7%
Baltimore, MD		3.0%		2.8%
Richmond, VA		2.1%		1.9%		Other Markets (3)		4.6%		4.6%
		21.0%		19.7%
Northeast Region
Boston, MA		11.6%		11.6%
New York, NY		5.9%		6.8%
Philadelphia, PA		2.0%		2.9%
		19.5%		21.3%		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

September 30, 2025

(Unaudited) (1)



****		% of Same-	Same-Store
	Total	Store Portfolio
	Same-Store	Based on	Physical Occupancy			Total Revenue per Occupied Home
	Homes	3Q 2025 NOI	3Q 25	3Q 24	Change	3Q 25		3Q 24		Change

West Region
Orange County, CA	4,305	10.9%	96.6%	96.4%	0.2%	$	3,197	$	3,122	2.4%
San Francisco, CA	3,317	8.6%	97.6%	96.1%	1.5%		3,615		3,493	3.5%
Seattle, WA	2,702	6.1%	96.1%	96.3%	-0.2%		2,989		2,920	2.4%
Monterey Peninsula, CA	1,567	2.9%	96.7%	95.9%	0.8%		2,402		2,434	-1.3%
Los Angeles, CA	1,225	2.9%	96.3%	95.9%	0.4%		3,330		3,259	2.2%
	13,116	31.4%	96.7%	96.2%	0.5%		3,178		3,105	2.4%

Mid-Atlantic Region
Metropolitan DC	9,119	15.9%	96.8%	96.7%	0.1%		2,518		2,426	3.8%
Baltimore, MD	2,219	3.0%	96.2%	95.2%	1.0%		2,025		1,971	2.7%
Richmond, VA	1,359	2.1%	96.3%	96.7%	-0.4%		1,966		1,884	4.4%
	12,697	21.0%	96.7%	96.4%	0.3%		2,373		2,289	3.7%

Northeast Region
Boston, MA	4,667	11.6%	96.4%	96.2%	0.2%		3,395		3,263	4.0%
New York, NY	1,945	5.9%	97.8%	97.0%	0.8%		5,264		5,097	3.3%
Philadelphia, PA	1,172	2.0%	97.0%	96.5%	0.5%		2,591		2,560	1.2%
	7,784	19.5%	96.8%	96.4%	0.4%		3,746		3,622	3.4%

Southeast Region
Tampa, FL	3,877	5.6%	96.3%	95.8%	0.5%		2,164		2,153	0.5%
Orlando, FL	3,493	4.8%	96.4%	95.9%	0.5%		1,925		1,914	0.6%
Nashville, TN	2,261	2.8%	95.9%	96.0%	-0.1%		1,739		1,758	-1.1%
	9,631	13.2%	96.2%	95.9%	0.3%		1,978		1,973	0.2%

Southwest Region
Dallas, TX	7,364	8.3%	96.9%	96.3%	0.6%		1,789		1,782	0.4%
Austin, TX	1,880	2.0%	97.0%	96.8%	0.2%		1,787		1,863	-4.1%
	9,244	10.3%	96.9%	96.4%	0.5%		1,789		1,799	-0.6%

Other Markets	2,443	4.6%	96.2%	96.6%	-0.4%		2,637		2,598	1.5%

Total/Weighted Avg.	54,915	100.0%	96.6%	96.3%	0.3%	$	2,605	$	2,549	2.2%

(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

September 30, 2025

(Unaudited) (1)


****			Same-Store (000s)

	Total
	Same-Store	Revenues				Expenses					Net Operating Income
	Homes	3Q 25			Change	3Q 25		3Q 24		Change	3Q 25		3Q 24		Change

West Region
Orange County, CA	4,305	$	39,895	38,865	2.6%	$	9,127	$	8,165	11.8%	$	30,768	$	30,700	0.2%
San Francisco, CA	3,317		35,096	33,387	5.1%		10,646		10,499	1.4%		24,450		22,888	6.8%
Seattle, WA	2,702		23,286	22,791	2.2%		6,155		6,484	-5.1%		17,131		16,307	5.1%
Monterey Peninsula, CA	1,567		10,923	10,972	-0.4%		2,662		2,499	6.5%		8,261		8,473	-2.5%
Los Angeles, CA	1,225		11,783	11,485	2.6%		3,673		3,274	12.2%		8,110		8,211	-1.2%
	13,116		120,983	117,500	3.0%		32,263		30,921	4.3%		88,720		86,579	2.5%

Mid-Atlantic Region
Metropolitan DC	9,119		66,705	64,168	4.0%		21,769		20,949	3.9%		44,936		43,219	4.0%
Baltimore, MD	2,219		12,967	12,511	3.6%		4,465		4,223	5.7%		8,502		8,288	2.6%
Richmond, VA	1,359		7,719	7,427	3.9%		1,816		1,810	0.3%		5,903		5,617	5.1%
	12,697		87,391	84,106	3.9%		28,050		26,982	4.0%		59,341		57,124	3.9%

Northeast Region
Boston, MA	4,667		45,802	43,950	4.2%		13,041		12,944	0.7%		32,761		31,006	5.7%
New York, NY	1,945		30,045	28,857	4.1%		13,290		13,277	0.1%		16,755		15,580	7.5%
Philadelphia, PA	1,172		8,836	8,691	1.7%		3,102		2,917	6.3%		5,734		5,774	-0.7%
	7,784		84,683	81,498	3.9%		29,433		29,138	1.0%		55,250		52,360	5.5%

Southeast Region
Tampa, FL	3,877		24,234	23,985	1.0%		8,504		8,556	-0.6%		15,730		15,429	1.9%
Orlando, FL	3,493		19,444	19,239	1.1%		5,848		5,622	4.0%		13,596		13,617	-0.2%
Nashville, TN	2,261		11,310	11,449	-1.2%		3,439		3,236	6.3%		7,871		8,213	-4.2%
	9,631		54,988	54,673	0.6%		17,791		17,414	2.2%		37,197		37,259	-0.2%

Southwest Region
Dallas, TX	7,364		38,235	37,902	0.9%		14,734		13,937	5.7%		23,501		23,965	-1.9%
Austin, TX	1,880		9,783	10,169	-3.8%		4,091		4,077	0.3%		5,692		6,092	-6.6%
	9,244		48,018	48,071	-0.1%		18,825		18,014	4.5%		29,193		30,057	-2.9%

Other Markets	2,443		18,594	18,393	1.1%		5,462		5,402	1.2%		13,132		12,991	1.1%

Total	54,915	$	414,657	404,241	2.6%	$	131,824	$	127,871	3.1%	$	282,833	$	276,370	2.3%

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

September 30, 2025

(Unaudited) (1)


****		Same-Store
	Total
	Same-Store	Physical Occupancy			Total Revenue per Occupied Home
	Homes	3Q 25	2Q 25	Change	3Q 25		2Q 25		Change

West Region
Orange County, CA	4,305	96.6%	97.0%	-0.4%	$	3,197	$	3,166	1.0%
San Francisco, CA	3,317	97.6%	97.5%	0.1%		3,615		3,545	2.0%
Seattle, WA	2,702	96.1%	96.8%	-0.7%		2,989		2,956	1.1%
Monterey Peninsula, CA	1,567	96.7%	96.3%	0.4%		2,402		2,377	1.1%
Los Angeles, CA	1,225	96.3%	96.0%	0.3%		3,330		3,250	2.5%
	13,116	96.7%	96.9%	-0.2%		3,178		3,133	1.4%

Mid-Atlantic Region
Metropolitan DC	9,119	96.8%	97.0%	-0.2%		2,518		2,482	1.5%
Baltimore, MD	2,219	96.2%	96.7%	-0.5%		2,025		2,010	0.7%
Richmond, VA	1,359	96.3%	96.9%	-0.6%		1,966		1,939	1.4%
	12,697	96.7%	97.0%	-0.3%		2,373		2,339	1.6%

Northeast Region
Boston, MA	4,667	96.4%	96.9%	-0.5%		3,395		3,321	2.2%
New York, NY	1,945	97.8%	97.9%	-0.1%		5,264		5,116	2.9%
Philadelphia, PA	1,172	97.0%	97.0%	0.0%		2,591		2,551	1.6%
	7,784	96.8%	97.2%	-0.4%		3,746		3,657	2.4%

Southeast Region
Tampa, FL	3,877	96.3%	96.6%	-0.3%		2,164		2,165	0.0%
Orlando, FL	3,493	96.4%	96.3%	0.1%		1,925		1,922	0.2%
Nashville, TN	2,261	95.9%	96.2%	-0.3%		1,739		1,740	-0.1%
	9,631	96.2%	96.4%	-0.2%		1,978		1,977	0.1%

Southwest Region
Dallas, TX	7,364	96.9%	97.0%	-0.1%		1,789		1,779	0.6%
Austin, TX	1,880	97.0%	97.2%	-0.2%		1,787		1,805	-1.0%
	9,244	96.9%	97.0%	-0.1%		1,789		1,784	0.2%

Other Markets	2,443	96.2%	96.4%	-0.2%		2,637		2,621	0.6%

Total/Weighted Avg.	54,915	96.6%	96.9%	-0.3%	$	2,605	$	2,572	1.3%

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

Attachment 8(D)

Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

September 30, 2025

(Unaudited) (1)


****			Same-Store (000s)
	Total
	Same-Store	Revenues				Expenses					Net Operating Income
	Homes	3Q 25			Change	3Q 25		2Q 25		Change	3Q 25		2Q 25		Change

West Region
Orange County, CA	4,305	$	39,895	39,659	0.6%	$	9,127	$	8,743	4.4%	$	30,768	$	30,916	-0.5%
San Francisco, CA	3,317		35,096	34,392	2.0%		10,646		9,268	14.9%		24,450		25,124	-2.7%
Seattle, WA	2,702		23,286	23,198	0.4%		6,155		5,987	2.8%		17,131		17,211	-0.5%
Monterey Peninsula, CA	1,567		10,923	10,761	1.5%		2,662		2,815	-5.4%		8,261		7,946	4.0%
Los Angeles, CA	1,225		11,783	11,465	2.8%		3,673		3,607	1.8%		8,110		7,858	3.2%
	13,116		120,983	119,475	1.3%		32,263		30,420	6.1%		88,720		89,055	-0.4%

Mid-Atlantic Region
Metropolitan DC	9,119		66,705	65,861	1.3%		21,769		20,700	5.2%		44,936		45,161	-0.5%
Baltimore, MD	2,219		12,967	12,939	0.2%		4,465		4,451	0.3%		8,502		8,488	0.2%
Richmond, VA	1,359		7,719	7,661	0.8%		1,816		1,769	2.7%		5,903		5,892	0.2%
	12,697		87,391	86,461	1.1%		28,050		26,920	4.2%		59,341		59,541	-0.3%

Northeast Region
Boston, MA	4,667		45,802	45,050	1.7%		13,041		13,092	-0.4%		32,761		31,958	2.5%
New York, NY	1,945		30,045	29,226	2.8%		13,290		13,103	1.4%		16,755		16,123	3.9%
Philadelphia, PA	1,172		8,836	8,699	1.6%		3,102		2,847	8.9%		5,734		5,852	-2.0%
	7,784		84,683	82,975	2.1%		29,433		29,042	1.3%		55,250		53,933	2.4%

Southeast Region
Tampa, FL	3,877		24,234	24,328	-0.4%		8,504		8,234	3.3%		15,730		16,094	-2.3%
Orlando, FL	3,493		19,444	19,397	0.2%		5,848		6,170	-5.2%		13,596		13,227	2.8%
Nashville, TN	2,261		11,310	11,352	-0.4%		3,439		3,235	6.3%		7,871		8,117	-3.0%
	9,631		54,988	55,077	-0.2%		17,791		17,639	0.9%		37,197		37,438	-0.6%

Southwest Region
Dallas, TX	7,364		38,235	38,114	0.3%		14,734		13,758	7.1%		23,501		24,356	-3.5%
Austin, TX	1,880		9,783	9,895	-1.1%		4,091		4,171	-1.9%		5,692		5,724	-0.6%
	9,244		48,018	48,009	0.0%		18,825		17,929	5.0%		29,193		30,080	-2.9%

Other Markets	2,443		18,594	18,521	0.4%		5,462		5,213	4.8%		13,132		13,308	-1.3%

Total	54,915	$	414,657	410,518	1.0%	$	131,824	$	127,163	3.7%	$	282,833	$	283,355	-0.2%

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

September 30, 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	11.0%	97.0%	96.7%	0.3%	$	3,163	$	3,087	2.5%
San Francisco, CA	3,144	8.4%	97.4%	96.5%	0.9%		3,623		3,500	3.5%
Seattle, WA	2,702	6.2%	96.9%	97.0%	-0.1%		2,956		2,865	3.2%
Monterey Peninsula, CA	1,567	2.8%	96.3%	95.8%	0.5%		2,381		2,398	-0.7%
Los Angeles, CA	1,225	2.9%	96.5%	96.3%	0.2%		3,282		3,204	2.4%
	12,943	31.3%	96.9%	96.6%	0.3%		3,149		3,069	2.6%

Mid-Atlantic Region
Metropolitan DC	8,819	15.6%	97.3%	97.2%	0.1%		2,477		2,373	4.4%
Baltimore, MD	2,219	3.1%	96.7%	95.9%	0.8%		2,011		1,941	3.6%
Richmond, VA	1,359	2.1%	96.7%	96.8%	-0.1%		1,941		1,867	4.0%
	12,397	20.8%	97.1%	96.9%	0.2%		2,335		2,241	4.2%

Northeast Region
Boston, MA	4,667	11.4%	96.8%	96.7%	0.1%		3,337		3,207	4.1%
New York, NY	1,945	5.8%	97.9%	97.5%	0.4%		5,139		4,962	3.6%
Philadelphia, PA	1,172	2.1%	97.0%	96.7%	0.3%		2,554		2,555	0.0%
	7,784	19.3%	97.1%	96.9%	0.2%		3,673		3,550	3.5%

Southeast Region
Tampa, FL	3,877	5.7%	96.7%	96.4%	0.3%		2,158		2,144	0.7%
Orlando, FL	3,493	4.8%	96.5%	96.5%	0.0%		1,920		1,920	0.0%
Nashville, TN	2,261	2.9%	96.2%	96.4%	-0.2%		1,742		1,754	-0.7%
	9,631	13.4%	96.5%	96.4%	0.1%		1,974		1,971	0.2%

Southwest Region
Dallas, TX	7,364	8.6%	97.0%	96.5%	0.5%		1,778		1,785	-0.4%
Austin, TX	1,880	1.9%	97.3%	96.7%	0.6%		1,800		1,853	-2.9%
	9,244	10.5%	97.1%	96.5%	0.6%		1,782		1,799	-0.9%

Other Markets	2,443	4.7%	96.3%	96.8%	-0.5%		2,619		2,573	1.8%

Total/Weighted Avg.	54,442	100.0%	96.9%	96.7%	0.2%	$	2,576	$	2,518	2.3%

(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

September 30, 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	$	118,845	115,654	2.8%	$	27,065	$	24,835	9.0%	$	91,780	$	90,819	1.1%
San Francisco, CA	3,144		99,896	95,561	4.5%		29,730		29,220	1.7%		70,166		66,341	5.8%
Seattle, WA	2,702		69,635	67,591	3.0%		18,024		18,916	-4.7%		51,611		48,675	6.0%
Monterey Peninsula, CA	1,567		32,358	32,394	-0.1%		8,140		7,420	9.7%		24,218		24,974	-3.0%
Los Angeles, CA	1,225		34,932	34,015	2.7%		10,689		9,533	12.1%		24,243		24,482	-1.0%
	12,943		355,666	345,215	3.0%		93,648		89,924	4.1%		262,018		255,291	2.6%

Mid-Atlantic Region
Metropolitan DC	8,819		191,213	183,045	4.5%		60,740		58,521	3.8%		130,473		124,524	4.8%
Baltimore, MD	2,219		38,838	37,228	4.3%		13,247		12,524	5.8%		25,591		24,704	3.6%
Richmond, VA	1,359		22,952	22,110	3.8%		5,547		5,588	-0.7%		17,405		16,522	5.3%
	12,397		253,003	242,383	4.4%		79,534		76,633	3.8%		173,469		165,750	4.7%

Northeast Region
Boston, MA	4,667		135,707	130,242	4.2%		39,670		38,309	3.6%		96,037		91,933	4.5%
New York, NY	1,945		88,067	84,726	3.9%		39,678		38,679	2.6%		48,389		46,047	5.1%
Philadelphia, PA	1,172		26,138	26,052	0.3%		8,924		8,616	3.6%		17,214		17,436	-1.3%
	7,784		249,912	241,020	3.7%		88,272		85,604	3.1%		161,640		155,416	4.0%

Southeast Region
Tampa, FL	3,877		72,811	72,120	1.0%		24,939		24,759	0.7%		47,872		47,361	1.1%
Orlando, FL	3,493		58,265	58,239	0.0%		18,079		18,032	0.3%		40,186		40,207	-0.1%
Nashville, TN	2,261		34,107	34,416	-0.9%		10,012		9,732	2.9%		24,095		24,684	-2.4%
	9,631		165,183	164,775	0.2%		53,030		52,523	1.0%		112,153		112,252	-0.1%

Southwest Region
Dallas, TX	7,364		114,374	114,181	0.2%		42,620		42,583	0.1%		71,754		71,598	0.2%
Austin, TX	1,880		29,615	30,318	-2.3%		12,480		12,288	1.6%		17,135		18,030	-5.0%
	9,244		143,989	144,499	-0.4%		55,100		54,871	0.4%		88,889		89,628	-0.8%

Other Markets	2,443		55,427	54,788	1.2%		15,871		15,791	0.5%		39,556		38,997	1.4%

Total	54,442	$	1,223,180	1,192,680	2.6%	$	385,455	$	375,346	2.7%	$	837,725	$	817,334	2.5%

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

September 30, 2025

(Unaudited) (1)


	Effective Blended Lease Rate Growth	Effective New Lease Rate Growth	Effective Renewal Lease Rate Growth	Annualized Turnover
	3Q 2025	3Q 2025	3Q 2025	3Q 2025	3Q 2024	YTD 2025	YTD 2024

West Region	3.0%	2.3%	3.4%	45.2%	49.5%	38.4%	42.5%

Mid-Atlantic Region	1.3%	-3.4%	4.4%	52.2%	56.9%	40.9%	44.1%

Northeast Region	2.9%	0.7%	4.4%	52.6%	54.6%	40.7%	42.4%

Southeast Region	-1.8%	-6.4%	2.0%	56.7%	59.0%	46.8%	50.6%

Southwest Region	-4.0%	-10.3%	1.2%	56.0%	57.6%	43.8%	47.8%

Other Markets	-2.2%	-6.3%	1.0%	48.6%	49.2%	42.9%	43.1%

Total/Weighted Avg.	0.8%	-2.6%	3.3%	51.4%	54.2%	41.6%	44.8%

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

Attachment 9

Development and Land Summary

September 30, 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	-	$	52,749	$	133,600	$	445		1Q25	1Q27	2Q27	N/A	N/A

Total Under Construction			300	-	$	52,749	$	133,600	$	445

Total - Wholly Owned			300	-	$	52,749	$	133,600	$	445



NOI From Wholly-Owned Projects		3Q 25

Projects Under Construction		$	-
Total		$	-



Land Summary	Location	UDR Ownership Interest			Real Estate Cost Basis

Total Land (7 parcels)	Various	100%			$	233,350

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

Attachment 10

Unconsolidated and Debt and Preferred Equity Program Summary

September 30, 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		3Q 25	****	3Q 25		3Q 25		YTD 25

UDR / MetLife	50%			13		2,837		96.3%		$	4,397	$	11,767	$	33,729
UDR / LaSalle	51%			5		1,590		96.1%			2,759		4,544		13,601

Total				18		4,427		96.2%		$	3,803	$	16,311	$	47,330




****	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	$	1,751,046	$	845,000	$	201,857		3.92%		2027-2031
UDR / LaSalle		625,034		45,336		258,381		5.86%		2028

Total	$	2,376,080	$	890,336	$	460,238		4.02%




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	$	58,849		11.2%		1.2
Non-Stabilized Communities - Loans		2		84,123		108,538		11.0%		1.2
Stabilized Communities - Preferred Equity (5)		10		339,641		353,705		9.3%		2.9

Total Debt and Preferred Equity Program		14	$	470,260	$	521,092		9.8%		2.5


	3Q 25

Income/(loss) from investments (6)	$	13,905


										Income/(Loss)
			UDR Investment (8)							from Investments
Other Unconsolidated Investments (7)			Commitment		Funded		Balance			3Q 25 (9)

Total Real Estate Technology and Sustainability Investments			$	169,000	$	129,507	$	137,208		$	3,429

(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 full repayment of its approximately $32.2 million preferred equity investment, inclusive of accrued return, in a stabilized community located in the Los Angeles, CA market, upon the sale of the community to a third-party investor.
---	---
(6)	There is no difference in Income/(loss) from investments when excluding UDR's share of recorded real estate depreciation and amortization on debt and preferred equity investments for the three months ended September 30, 2025.
---	---
(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

September 30, 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

								$	211,500	$	-	373	$	567


Acquisitions - Wholly-Owned

May-25	Broadridge	Philadelphia, PA		N/A		100%		$	182,500	$	-	478	$	382

								$	182,500	$	-	478	$	382




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 nine months ended September 30, 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 nine months ended September 30, 2025, which is included in gain/(loss) on sale of real estate owned.
---	---

Attachment 12

Capital Expenditure and Repair and Maintenance Summary

September 30, 2025

(In thousands, except Cost per Home)

(Unaudited) (1)


	Three Months				Nine Months
	Ended		Cost		Ended			Cost
Capital Expenditures for Consolidated Homes (2)	September 30, 2025		per Home		September 30, 2025			per Home

Average number of homes (3)		55,330				55,326

Total Recurring Cap Ex	$	29,503	$	533	$	74,543	$	1,347

NOI Enhancing Cap Ex		24,633		445		59,836		1,082

Total Recurring and NOI Enhancing Cap Ex	$	54,136	$	978	$	134,379	$	2,429


	Three Months				Nine Months
	Ended			Cost	Ended			Cost
Repair and Maintenance for Consolidated Homes (Expensed)	September 30, 2025			per Home	September 30, 2025			per Home

Average number of homes (3)		55,330				55,326

Total Repair and Maintenance	$	27,799	$	502	$	79,057	$	1,429

(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

4Q 2025 and Full-Year 2025 Guidance

September 30, 2025

(Unaudited) (1)


				Full-Year 2025 Guidance
				Change from
Net Income, FFO and FFO as Adjusted per Share and Unit Guidance	4Q 2025	Full-Year 2025	Prior Guidance	Prior Midpoint

Income/(loss) per weighted average common share, diluted	$0.13 to $0.15	$0.57 to $0.59	$0.53 to $0.59	$0.02
FFO per common share and unit, diluted	$0.63 to $0.65	$2.44 to $2.46	$2.42 to $2.48	-
FFO as Adjusted per common share and unit, diluted	$0.63 to $0.65	$2.53 to $2.55	$2.49 to $2.55	$0.02
Weighted average number of common shares, OP/DownREIT Units, and common stock<br>equivalents outstanding, diluted (in millions)	357.6	357.0	358.0	(1.0)
Annualized dividend per share and unit		$1.72	$1.72	-

				Change from
Same-Store Guidance (Straight-line basis)		Full-Year 2025	Prior Guidance	Prior Midpoint

Revenue growth / (decline)		2.20% to 2.60%	1.75% to 3.25%	(0.10%)
Expense growth		2.40% to 3.10%	2.50% to 3.50%	(0.25%)
NOI growth / (decline)		2.00% to 2.50%	1.50% to 3.00%	-

				Change from
Investment Guidance ($ in millions)		Full-Year 2025	Prior Guidance	Prior Midpoint

Dispositions - Consolidated and Joint Venture (at share)		$325 to $625	$215 to $415	$160
Acquisitions - Consolidated and Joint Venture (at share)		$150 to $350	$0 to $200	$150
Capital Expenditures - Recurring, NOI Enhancing, and Redevelopment		$235 to $245	$220 to $260	-

				Change from
Corporate Expense Guidance ($ in millions)		Full-Year 2025	Prior Guidance	Prior Midpoint

Consolidated interest expense, net of capitalized interest and adjustments for FFO as Adjusted		$194 to $196	$190 to $195	$2.5
General and administrative		$73 to $75	$72 to $80	($2)

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

Attachment 14(A)

Definitions and Reconciliations

September 30, 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 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

September 30, 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	3Q 2025		YTD 2025
Income/(loss) from unconsolidated entities	$	14,011	$	23,454
Management fee		960		2,703
Interest expense		4,631		13,761
Depreciation		12,045		35,950
General and administrative		52		308
Preferred Equity Program (excludes loans)		(10,346)		(22,416)
Other (income)/expense		(626)		(503)
Realized and unrealized (gain)/loss on real estate technology investments, net of tax		(4,416)		(5,927)
Total Joint Venture NOI at UDR's Ownership Interest	$	16,311	$	47,330

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	3Q 2025		2Q 2025		1Q 2025		4Q 2024		3Q 2024
Net income/(loss) attributable to UDR, Inc.	$	40,409	$	37,673	$	76,720	$	(5,044)	$	22,597
Property management		13,952		13,747		13,645		13,665		13,588
Other operating expenses		6,975		7,753		8,059		9,613		6,382
Real estate depreciation and amortization		165,926		163,191		161,394		165,446		170,276
Interest expense		50,569		48,665		47,701		49,625		50,214
Casualty-related charges/(recoveries), net		1,755		3,382		3,297		6,430		1,473
General and administrative		22,732		19,929		19,495		25,469		20,890
Tax provision/(benefit), net		382		258		158		312		(156)
(Income)/loss from unconsolidated entities		(14,011)		(3,629)		(5,814)		(8,984)		1,880
Interest income and other (income)/expense, net		(3,714)		(8,134)		(1,921)		30,858		(6,159)
Joint venture management and other fees		(2,570)		(2,398)		(2,112)		(2,288)		(2,072)
Other depreciation and amortization		7,009		7,387		7,067		6,381		4,029
(Gain)/loss on sale of real estate owned		-		-		(47,939)		-		-
Net income/(loss) attributable to noncontrolling interests		2,721		2,556		5,351		(479)		1,480
Total consolidated NOI	$	292,135	$	290,380	$	285,101	$	291,004	$	284,422

Attachment 14(C)

Definitions and Reconciliations

September 30, 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

September 30, 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 2025 and fourth quarter of 2025 to forecasted FFO and FFO as Adjusted per share and unit:


	Full-Year 2025
	Low		High

Forecasted net income per diluted share	$	0.57	$	0.59
Conversion from GAAP share count		(0.04)		(0.04)
Net gain on the sale of depreciable real estate owned		(0.13)		(0.13)
Depreciation		2.00		2.00
Noncontrolling interests		0.03		0.03
Preferred dividends		0.01		0.01
Forecasted FFO per diluted share and unit	$	2.44	$	2.46
Legal and other costs		0.03		0.03
Severance costs		0.02		0.02
Software transition related costs		0.03		0.03
Casualty-related charges/(recoveries)		0.02		0.02
Realized/unrealized (gain)/loss on real estate technology investments		(0.01)		(0.01)
Forecasted FFO as Adjusted per diluted share and unit	$	2.53	$	2.55


	4Q 2025
	Low		High

Forecasted net income per diluted share	$	0.13	$	0.15
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	$	0.63	$	0.65
Legal and other costs		-		-
Software transition related costs		-		-
Casualty-related charges/(recoveries)		-		-
Realized/unrealized (gain)/loss on real estate technology investments		-		-
Forecasted FFO as Adjusted per diluted share and unit	$	0.63	$	0.65

Forward-Looking Statements

September 30, 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