UDR (UDR) Investor presentation summary

Investment highlights

• Achieved a 10% compounded annual total shareholder return over 25 years, with a strong dividend component and operational outperformance across cycles.

• Maintains an investment grade balance sheet, over $1 billion in liquidity, and a well-laddered debt maturity profile.

• Offers a 5% dividend yield and trades at a 6.5% implied cap rate, exceeding private market rates by 150 basis points.

• Employs a data-driven capital allocation strategy, including $100 million in share repurchases year-to-date.

• Pursues multiple growth avenues through portfolio optimization and access to diverse funding sources.

Recent operational and strategic updates

• Outperformed peers in same-store revenue growth in 11 of 14 shared markets, with leading occupancy and resident turnover metrics.

• Completed a $147 million acquisition in Woodbridge, VA, expected to yield over 6% by year 3 through operational efficiencies.

• Expanding a joint venture by contributing four communities valued at $231 million, expecting $200 million in proceeds for redeployment.

• Maintains a rent-to-income ratio in the low-20% range and offers rents approximately 60% less expensive than ownership in its markets.

• Multifamily supply in core markets is projected to decline to historical averages by end of 2025 and lower in subsequent years.

Portfolio and market positioning

• Operates in 21 markets with about 60,000 apartment homes and a $20 billion enterprise value.

• Portfolio diversified across Northeast/Mid-Atlantic (40% of NOI), West Coast (35%), and Sunbelt (25%).

• Focuses on both A- and B-quality assets, balancing urban and suburban exposure for stability and growth.

• Delivers a 4.9% dividend yield and has paid 212 consecutive dividends, with a 6% CAGR since 2010.