How are UDR’s (UDR) same-store revenues, expenses, and NOI trending?

In Q1 2026, same-store revenue grew 0.9% year over year, while same-store expenses increased 4.4% . As a result, same-store NOI declined 0.8% year over year and 3.2% sequentially, despite a high weighted average occupancy of 96.6% .

UDR (NYSE: UDR) Q1 2026 results, buybacks and shift to monthly dividends

Q: How did UDR (UDR) perform financially in Q1 2026?

UDR reported Q1 2026 net income of $0.57 per diluted share , up from $0.23 a year earlier. FFO per diluted share was $0.63 and FFO as Adjusted was $0.62 , reflecting modest underlying growth alongside a large gain on property sales.

Q: What 2026 earnings and FFO guidance did UDR (UDR) provide?

For full-year 2026, UDR guided net income per diluted share to $0.91–$1.01 . It expects FFO per diluted share of $2.48–$2.58 and FFO as Adjusted of $2.47–$2.57 , slightly above the prior FFO midpoint, assuming stable portfolio performance.

Q: What dividends will UDR (UDR) pay in 2026 and how is the schedule changing?

For Q1 2026, UDR declared a $0.435 per share quarterly dividend. Starting with the dividend payable in July 2026 , it will pay $0.145 per share monthly , totaling an annualized $1.74 per share , matching prior annual dividend levels.

Q: How much stock has UDR (UDR) repurchased and what is its leverage?

During and after Q1 2026, UDR repurchased about 4.2 million shares for roughly $150 million . Since September 2025, buybacks total 7.4 million shares for $268 million . As of March 31, 2026, total debt was $5.7 billion with net debt-to-EBITDAre of 5.6x .

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

UDR, Inc. reported first quarter 2026 net income of $0.57 per diluted share, up from $0.23 a year ago, helped by gains on property sales. FFO per diluted share was $0.63 and FFO as Adjusted was $0.62, both in line with guidance.

Same-store revenue grew 0.9% year over year while expenses rose 4.4%, leading to a 0.8% decline in same-store NOI. Portfolio occupancy remained high at 96.6%. Total revenues increased 0.9% to $425.8 million.

The company updated full-year 2026 guidance, raising net income per diluted share to a range of $0.91–$1.01 and slightly lifting FFO per share guidance to $2.48–$2.58. Same-store NOI guidance remains between a 1.0% decline and 1.25% growth.

UDR repurchased about 4.2 million shares for roughly $150 million during and after the quarter, and has bought 7.4 million shares for $268 million since September 2025. Total debt was $5.7 billion at a 3.4% weighted average interest rate, with $1.1 billion of liquidity as of March 31, 2026.

The board declared a first quarter 2026 dividend of $0.435 per share and approved a shift to monthly dividends starting with July 2026, equivalent to an annualized $1.74 per share. As of March 31, 2026, UDR owned or had an interest in 59,782 apartment homes, including 300 under development.

Insights

Solid quarter with asset-sale gains, modest FFO growth, and notable capital allocation moves.

UDR delivered Q1 2026 net income per diluted share of $0.57, sharply above the prior year largely due to a $157.4M gain on property sales. Core REIT metrics were steadier: FFO per diluted share was $0.63 versus $0.58 a year ago, and FFO as Adjusted reached $0.62, up slightly from $0.61.

Same-store revenue rose 0.9% year over year, but operating expenses increased 4.4%, producing a 0.8% decline in same-store NOI and a 3.2% sequential NOI drop. Occupancy stayed strong at 96.6%, and blended lease rate growth of 1.6% reflects modest pricing power amid cost pressure.

Leverage and liquidity appear manageable, with total indebtedness of $5.7B, a weighted average interest rate of 3.4%, net debt-to-EBITDAre of 5.6x, and about $1.1B of liquidity. The company has been active repurchasing stock, spending roughly $150M in and after the quarter and $268M since September 2025, while also guiding 2026 FFO per share to $2.48–$2.58, only $0.01 above the prior midpoint.

The shift to monthly dividends beginning in July 2026, at an annualized $1.74 per share, is structurally meaningful for income-focused holders but keeps the dividend level unchanged from prior guidance. Overall, this update is operationally mixed—modest growth with expense pressure—but financially stable, without changes likely to alter a long-term thesis by itself.

8-K Event Classification

5 items: 2.02, 4.8, 4.9, 7.01, 9.01

5 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 4.8 Item 4.8

Item 4.9 Item 4.9

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Net income per diluted share: $0.57 FFO per diluted share: $0.63 FFO as Adjusted per diluted share: $0.62 +5 more

8 metrics

Net income per diluted share $0.57 Quarter ended March 31, 2026 vs $0.23 in 1Q 2025

FFO per diluted share $0.63 Quarter ended March 31, 2026; prior-year $0.58

FFO as Adjusted per diluted share $0.62 Quarter ended March 31, 2026; prior-year $0.61

Total revenue $425.8 million Quarter ended March 31, 2026, up $3.9 million year over year

2026 FFO guidance range $2.48–$2.58 per share Full-year 2026 outlook midpoint $2.53

Share repurchases since September 2025 $268.0 million 7.4 million shares at average $35.96 per share

Total indebtedness $5.7 billion As of March 31, 2026; weighted average interest rate 3.4%

Annualized dividend $1.74 per share Based on monthly $0.145 per share starting July 2026

Key Terms

Funds from Operations (FFO), FFO as Adjusted, Same-Store NOI, Consolidated Net Debt-to-EBITDAre, +2 more

6 terms

Funds from Operations (FFO) financial

"Net Income, Funds from Operations (“FFO”), and FFO as Adjusted (“FFOA”) per diluted share for the quarter ended March 31, 2026, are detailed below."

Funds from operations (FFO) is a performance measure commonly used for real estate companies that adjusts net income by adding back non‑cash items like building depreciation and removing one‑time gains or losses from property sales, to show recurring operating earnings. Investors use FFO to judge a property portfolio’s ability to generate cash for dividends and growth — think of it as measuring a car’s regular fuel efficiency rather than its accounting value or one‑off resale price.

FFO as Adjusted financial

"FFO as Adjusted (“FFOA”) per diluted share for the quarter ended March 31, 2026, are detailed below."

Funds From Operations (FFO) as adjusted is a non-GAAP measure that shows the cash-generating power of a property-owning business after removing accounting items that don’t reflect ongoing operations, such as property depreciation, one-time gains or losses, and other unusual items. Think of it like a homeowner’s monthly rent income after excluding one-off repairs and accounting quirks; investors use it to judge recurring cash flow and dividend sustainability, and to compare operating performance across periods or peers.

Same-Store NOI financial

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

Same-store NOI (net operating income) measures the change in profit from a company’s properties or retail locations that were owned and operating in both the current and prior reporting periods, excluding income from newly acquired or sold assets. It matters to investors because it isolates organic performance—like rent increases, occupancy and cost control—so you can compare how the existing portfolio is actually doing over time, similar to tracking sales at the same set of stores rather than including new openings.

Consolidated Net Debt-to-EBITDAre financial

"Consolidated Net Debt-to-EBITDAre – adjusted for non-recurring items (1) | 5.6x | 5.7x"

Effective Blended Lease Rate Growth financial

"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."

Debt and Preferred Equity Program financial

"Debt and Preferred Equity Program Summary March 31, 2026 (Dollars in Thousands) (Unaudited)"

Earnings Snapshot

Net income per diluted share: $0.57 · Guidance included

Q1 2026

Net income per diluted share $0.57 up from $0.23 in Q1 2025

FFO per diluted share $0.63 up from $0.58 in Q1 2025

FFO as Adjusted per diluted share $0.62 up from $0.61 in Q1 2025

Same-store NOI growth -0.8% year-over-year decline

Guidance

Full-year 2026 net income per diluted share guidance raised to $0.91–$1.01; FFO per diluted share guided to $2.48–$2.58 and FFO as Adjusted to $2.47–$2.57.

Understanding 8-K Material Events →

04/29/2026 - 04:18 PM

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): April 29, 2026

UDR, Inc.

(Exact name of registrant as specified in its charter)


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

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

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

Not Applicable

Former name or former address, if changed since last report

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

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

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

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

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

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


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

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

Emerging Growth Company ☐

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

Item 2.02 Results of Operations and Financial Condition.

On April 29, 2026, UDR, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended March 31, 2026. 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, or otherwise subject to the liabilities under that Section. Furthermore, the information contained in Exhibits 99.1 and 99.2 shall not be deemed to be 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 7.01 Regulation FD Disclosure.

The information included as Exhibit 99.3 to this report will be made available to investors beginning April 29, 2026. This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section. Furthermore, the information contained in Exhibit 99.3 shall not be deemed to be 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 April 29, 2026.
99.2		Supplemental Financial Information dated April 29, 2026.
99.3		Presentation Materials.
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.

April 29, 2026	By:	/s/ David D. Bragg
		David D. Bragg
		Senior Vice President and Chief Financial Officer
		(Principal Financial Officer)


				Exhibit 99.1
Press Release
DENVER, CO – April 29, 2026				Contact: Trent Trujillo
				Email: ttrujillo@udr.com

UDR, INC. ANNOUNCES FIRST QUARTER 2026 RESULTS

AND UPDATES FULL-YEAR 2026 GUIDANCE RANGES

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


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

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


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

During the first quarter, the Company,

●

Completed the sales of four apartment communities with a combined 1,159 apartment homes for gross proceeds totaling $362.0 million.

●

Received approximately $138.9 million in proceeds from the full repayment of two Debt and Preferred Equity investments.

●

Repurchased approximately 2.8 million shares of its common stock at a weighted average share price of $36.27 for total consideration of approximately $100.0 million.

Subsequent to quarter-end, the Company,

●

Repurchased approximately 1.4 million shares of its common stock at a weighted average share price of $35.01 for total consideration of approximately $50.0 million. Since recommencing share repurchases in September 2025, the Company has repurchased approximately $268.0 million of its common stock.

●

Acquired a 232-apartment home community located in Portland, OR. This investment was previously recognized as part of the Company’s Debt and Preferred Equity program.

●

Announced, concurrent with this earnings release, the commencement of a monthly common stock dividend, beginning with the dividend payable in July 2026.

●

Earned the distinction of being named a Top Workplace by USA Today for the second consecutive year.

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

Outlook⁽¹⁾

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


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

⁽¹⁾

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

Operating Results

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

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

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

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

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

⁽¹⁾	Based on 1Q 2026 Same-Store NOI. For definitions of terms, please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplement.

⁽²⁾	Weighted average Same-Store physical occupancy for the quarter.

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

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

⁽¹⁾	Based on 1Q 2026 Same-Store NOI. For definitions of terms, please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplement.

⁽²⁾	Weighted average Same-Store physical occupancy for the quarter.

Transactional Activity

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

●

During the quarter, the Company completed the sales of four apartment communities, one located in each of Baltimore, Denver, Seattle, and Tampa, with a combined 1,159 apartment homes for gross proceeds totaling $362.0 million.

●

During the quarter, the Company received proceeds of approximately $138.9 million from the full repayment of two Debt and Preferred Equity investments.

●

Subsequent to quarter-end, the Company acquired a 232-apartment home community located in Portland, OR, in connection with the liquidation of the Company’s interest in a Debt and Preferred Equity joint venture. As a result, the Company began consolidating the community.

Capital Markets and Balance Sheet Activity

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

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

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


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

(1)

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

Dividend

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

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


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

Board of Directors

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

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

Corporate Responsibility

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

Supplemental Financial Information

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

Conference Call and Webcast Information

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

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

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

Full Text of the Earnings Report and Supplemental Data

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

Forward-Looking Statements

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

disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in the Company's expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required under the U.S. securities laws.

About UDR, Inc.

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

Exhibit 99.2

Financial Highlights

UDR, Inc.

As of End of First Quarter 2026

(Unaudited) (1)


	Actual Results		Guidance for
Dollars in thousands, except per share and unit	1Q 2026		2Q 2026	Full-Year 2026

GAAP Metrics
Net income/(loss) attributable to UDR, Inc.	$189,831		--	--
Net income/(loss) attributable to common stockholders	$188,611		--	--
Income/(loss) per weighted average common share, diluted	$0.57		$0.12 to $0.14	$0.91 to $1.01

Per Share Metrics
FFO per common share and unit, diluted	$0.63		$0.62 to $0.64	$2.48 to $2.58
FFO as Adjusted per common share and unit, diluted	$0.62		$0.62 to $0.64	$2.47 to $2.57
Dividend declared per share and unit	$0.435		$0.435	$1.74 (2)

Same-Store Operating Metrics
Revenue growth/(decline) (Straight-line basis)	0.9%		--	0.25% to 2.25%
Expense growth	4.4%		--	3.00% to 4.50%
NOI growth/(decline) (Straight-line basis)	-0.8%		--	-1.00% to 1.25%
Physical Occupancy	96.6%		--	--


Property Metrics	Homes	Communities	% of Total NOI
Same-Store	52,782	157	90.5%
Stabilized, Non-Mature	1,299	4	2.0%
Non-Residential / Other	N/A	N/A	1.6%
Joint Venture (3)	5,401	22	5.9%
Total completed	59,482	183	100.0%
Under Development	300	1	-
Total Quarter-end (3)(4)	59,782	184	100.0%


Balance Sheet Metrics (adjusted for non-recurring items)	1Q 2026	1Q 2025
Consolidated Interest Coverage Ratio	4.9x	5.1x
Consolidated Fixed Charge Coverage Ratio	4.8x	5.0x
Consolidated Debt as a percentage of Total Assets	32.0%	32.8%
Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items (5)	5.6x	5.7x

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

(2)	Annualized for 2026.

(3)	Joint venture NOI is based on UDR's share. Homes and communities at 100%.

(4)	Excludes homes that are part of the Debt and Preferred Equity Program as described in Attachment 10.

(5)	UDR's Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items is 5.5x when reducing total debt by the $134.8 million in proceeds further described in footnote 2 on Attachment 3.

Attachment 1

Consolidated Statements of Operations

(Unaudited) (1)


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

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

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

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

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

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

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

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

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


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

Common distributions declared per share		$0.435			$0.43

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

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

Attachment 2

Funds From Operations

(Unaudited) (1)


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

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

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

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

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

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

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

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

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

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

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

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

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

(2)

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

Attachment 3

Consolidated Balance Sheets

(Unaudited) (1)


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

ASSETS

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

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

LIABILITIES AND EQUITY

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

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

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

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

(2)

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

Attachment 4(A)

Selected Financial Information

(Unaudited) (1)


	March 31,	December 31,
Common Stock and Equivalents	2026	2025

Common shares	325,894,030	328,273,044
Restricted unit and common stock equivalents	-	158,633
Operating and DownREIT Partnership units	22,773,248	22,531,708
Series E cumulative convertible preferred shares (2)	2,815,608	2,815,608
Total common shares, OP/DownREIT units, and common stock equivalents	351,482,886	353,778,993




Weighted Average Number of Shares Outstanding	1Q 2026	1Q 2025

Weighted average number of common shares and OP/DownREIT units outstanding - basic	350,011,667	353,527,384
Weighted average number of OP/DownREIT units outstanding	(22,710,775)	(22,899,196)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations	327,300,892	330,628,188

Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted	353,004,578	357,431,948
Weighted average number of OP/DownREIT units outstanding	(22,710,775)	(22,899,196)
Weighted average number of Series E cumulative convertible preferred shares outstanding	-	(2,815,608)
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations	330,293,803	331,717,144

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

(2)	At March 31, 2026 and December 31, 2025 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

March 31, 2026

(Unaudited) (1)


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

Secured		Fixed			$	935,789			16.5%	3.46%	3.4
		Floating				27,000			0.5%	2.56%	6.0
		Combined				962,789			17.0%	3.43%	3.5

Unsecured		Fixed				4,225,000	(2)		74.4%	3.15%	4.8
		Floating				489,553			8.6%	4.34%	1.7
		Combined				4,714,553			83.0%	3.28%	4.4

Total Debt		Fixed				5,160,789			90.9%	3.21%	4.5
		Floating				516,553			9.1%	4.25%	1.9
		Combined				5,677,342			100.0%	3.30%	4.3
		Total Non-Cash Adjustments (3)				(14,026)
		Total per Balance Sheet			$	5,663,316				3.37%



Debt Maturities, In thousands
					Revolving Credit						Weighted
			Unsecured		Facilities & Comm.						Average
	Secured Debt (4)		Debt		Paper (5) (6) (7)			Balance		% of Total	Interest Rate

2026	$	54,986	$	300,000	$	170,000		$	524,986	9.2%	3.37%
2027		6,939		300,000		9,553			316,492	5.6%	3.54%
2028		166,526		300,000		135,000			601,526	10.6%	3.87%
2029		315,811		650,000		-			965,811	17.1%	4.05%
2030		230,597		600,000		-			830,597	14.6%	3.34%
2031		160,930		600,000		-			760,930	13.4%	2.92%
2032		27,000		400,000		-			427,000	7.5%	2.13%
2033		-		650,000		-			650,000	11.4%	1.99%
2034		-		600,000		-			600,000	10.6%	4.04%
2035		-		-		-			-	-	-
Thereafter		-		-		-			-	-	-
		962,789		4,400,000		314,553			5,677,342	100.0%	3.30%
Total Non-Cash Adjustments (3)		(3,192)		(10,834)		-			(14,026)
Total per Balance Sheet	$	959,597	$	4,389,166	$	314,553		$	5,663,316		3.37%

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

(2)

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.

(3)	Includes the unamortized balance of fair market value adjustments, premiums/discounts and deferred financing costs.

(4)	Includes principal amortization, as applicable.

(5)

The 2026 maturity reflects the $170.0 million of principal outstanding at an interest rate of 4.13%, the equivalent of SOFR plus a spread of 45.0 basis points, on the Company’s unsecured commercial paper program as of March 31, 2026. Under the terms of the program the Company may issue up to a maximum aggregate amount outstanding of $700.0 million.

(6)	There was $135.0 million outstanding on our $1.3 billion line of credit at March 31, 2026. 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 $9.6 million outstanding on our $75.0 million working capital credit facility at March 31, 2026. The facility has a maturity date of January 2027 plus two one-year extension options. The working capital credit facility currently carries an interest rate equal to SOFR plus 77.5 basis points.

Attachment 4(C)

Selected Financial Information

(Dollars in Thousands)

(Unaudited) (1)

Quarter Ended

Coverage Ratios

March 31, 2026

Net income/(loss)

202,904

Adjustments:

Interest expense, including debt extinguishment and other associated costs

48,576

Real estate depreciation and amortization

161,268

Other depreciation and amortization

3,335

Tax provision/(benefit), net

455

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

(157,416)

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

21,657

EBITDAre

280,779

Casualty-related charges/(recoveries), net

5,729

Legal and other costs

5,183

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

1,597

(Income)/loss from unconsolidated entities

(19,696)

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

(21,657)

Management fee expense on unconsolidated joint ventures

(1,104)

Consolidated EBITDAre - adjusted for non-recurring items

250,831

Annualized consolidated EBITDAre - adjusted for non-recurring items

1,003,324

Interest expense, including debt extinguishment and other associated costs

48,576

Capitalized interest expense

2,163

Total interest

50,739

Preferred dividends

1,220

Total debt

5,663,316

Cash

(1,300)

Net debt

5,662,016

Consolidated Interest Coverage Ratio - adjusted for non-recurring items

4.9x

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

4.8x

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

5.6x

Debt Covenant Overview

Unsecured Line of Credit Covenants (3)

Required

Actual

Compliance

Maximum Leverage Ratio

≤60.0%

31.3% (3)

Yes

Minimum Fixed Charge Coverage Ratio

≥1.5x

4.7x

Yes

Maximum Secured Debt Ratio

≤40.0%

9.2%

Yes

Minimum Unencumbered Pool Leverage Ratio

≥150.0%

370.9%

Yes

Senior Unsecured Note Covenants (4)

Required

Actual

Compliance

Debt as a percentage of Total Assets

≤65.0%

32.0% (4)

Yes

Consolidated Income Available for Debt Service to Annual Service Charge

≥1.5x

5.9x

Yes

Secured Debt as a percentage of Total Assets

≤40.0%

5.4%

Yes

Total Unencumbered Assets to Unsecured Debt

≥150.0%

323.3%

Yes

Securities Ratings

Debt

Outlook

Commercial Paper

Moody's Investors Service

Baa1

Stable

P-2

S&P Global Ratings

BBB+

Stable

A-2

Gross

% of

Number of

1Q 2026 NOI (1)

Carrying Value

Total Gross

Asset Summary

Homes

($000s)

% of NOI

($000s)

Carrying Value

Unencumbered assets

46,446

252,638

89.4%

14,495,942

89.4%

Encumbered assets

7,635

30,092

10.6%

1,712,638

10.6%

54,081

282,730

100.0%

16,208,580

100.0%

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

(2)	See footnote 5 on Financial Highlights.

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

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

Attachment 5

Operating Information

(Unaudited) (1)


	Total	Quarter Ended		Quarter Ended		Quarter Ended		Quarter Ended		Quarter Ended
Dollars in thousands	Homes	March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025
Revenues
Same-Store Communities	52,782	$	398,646	$	400,286	$	401,295	$	397,170	$	395,255
Stabilized, Non-Mature Communities	1,299		9,425		7,847		6,352		4,669		3,232
Non-Residential / Other	-		7,741		7,911		8,059		7,523		7,198
Total	54,081	$	415,812	$	416,044	$	415,706	$	409,362	$	405,685

Expenses
Same-Store Communities		$	131,725	$	124,664	$	128,086	$	123,396	$	126,175
Stabilized, Non-Mature Communities			3,318		2,274		1,771		1,934		1,529
Non-Residential / Other			3,074		3,712		3,456		3,421		2,967
Total (2)		$	138,117	$	130,650	$	133,313	$	128,751	$	130,671

Net Operating Income
Same-Store Communities		$	266,921	$	275,622	$	273,209	$	273,774	$	269,080
Stabilized, Non-Mature Communities			6,107		5,573		4,581		2,735		1,703
Non-Residential / Other			4,667		4,199		4,603		4,102		4,231
Total		$	277,695	$	285,394	$	282,393	$	280,611	$	275,014

Operating Margin
Same-Store Communities			67.0%		68.9%		68.1%		68.9%		68.1%

Weighted Average Physical Occupancy
Same-Store Communities			96.6%		96.9%		96.7%		96.9%		97.2%
Stabilized, Non-Mature Communities			95.2%		95.2%		93.2%		89.3%		85.1%
Other (3)			-		96.8%		96.5%		96.7%		97.0%
Total			96.5%		96.8%		96.6%		96.7%		97.2%

Sold Communities
Revenues	-	$	7,509	$	12,781	$	13,588	$	13,639	$	14,151
Expenses (2)			2,474		3,623		3,846		3,870		4,064
Net Operating Income/(Loss)		$	5,035	$	9,158	$	9,742	$	9,769	$	10,087

Total	54,081	$	282,730	$	294,552	$	292,135	$	290,380	$	285,101



Non-Mature Home Breakout - By Date								Estimated
								Same-Store
		Category		# of Homes		Market		Quarter (4)

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

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

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

The Enclave at Potomac Club		Stabilized, Non-Mature		406		Metropolitan DC		1Q27

Total					1,299

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

(2)	The summation of Total expenses and Sold Communities expenses above agrees to the summation of property operating and maintenance and real estate taxes and insurance expenses on Attachment 1.

(3)	Includes occupancy of Sold Communities.

(4)	Estimated Same-Store quarter represents the quarter UDR anticipates contributing the community to the QTD same-store pool.

Attachment 6

Same-Store Operating Expense Information

(Dollars in Thousands)

(Unaudited) (1)


	% of 1Q 2026
	SS Operating
Year-Over-Year Comparison	Expenses	1Q 2026		1Q 2025		% Change

Personnel	14.9%	$	19,645	$	18,887	4.0%
Utilities	15.4%		20,324		18,769	8.3%
Repair and maintenance	19.5%		25,653		24,033	6.7%
Administrative and marketing	7.5%		9,875		9,385	5.2%
Controllable expenses	57.3%		75,497		71,074	6.2%

Real estate taxes	38.8%	$	51,072	$	50,103	1.9%
Insurance	3.9%		5,156		4,998	3.1%
Same-Store operating expenses	100.0%	$	131,725	$	126,175	4.4%

Same-Store Homes	52,782



	% of 1Q 2026
	SS Operating
Sequential Comparison	Expenses	1Q 2026		4Q 2025		% Change

Personnel	14.9%	$	19,645	$	18,227	7.8%
Utilities	15.4%		20,324		18,136	12.1%
Repair and maintenance	19.5%		25,653		22,562	13.7%
Administrative and marketing	7.5%		9,875		9,753	1.3%
Controllable expenses	57.3%		75,497		68,678	9.9%

Real estate taxes	38.8%	$	51,072	$	50,502	1.1%
Insurance	3.9%		5,156		5,484	-6.0%
Same-Store operating expenses	100.0%	$	131,725	$	124,664	5.7%

Same-Store Homes	52,782

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

Attachment 7

Apartment Home Breakout

Portfolio Overview as of Quarter Ended

March 31, 2026

(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	$	3,220
San Francisco, CA	3,317	-	3,317	602	3,919		3,808
Seattle, WA	2,525	-	2,525	284	2,809		2,967
Monterey Peninsula, CA	1,567	-	1,567	-	1,567		2,407
Los Angeles, CA	1,225	-	1,225	340	1,565		3,429
	12,939	-	12,939	1,927	14,866

Northeast Region
Boston, MA	4,667	-	4,667	876	5,543		3,309
New York, NY	1,945	-	1,945	710	2,655		5,286
Philadelphia, PA	1,172	478	1,650	290	1,940		2,502
	7,784	478	8,262	1,876	10,138

Mid-Atlantic Region
Metropolitan DC	9,119	406	9,525	360	9,885		2,507
Baltimore, MD	1,721	-	1,721	-	1,721		2,113
	10,840	406	11,246	360	11,606

Southeast Region
Tampa, FL	3,611	330	3,941	-	3,941		2,226
Orlando, FL	3,293	-	3,293	200	3,493		1,894
Nashville, TN	2,261	-	2,261	-	2,261		1,721
	9,165	330	9,495	200	9,695

Southwest Region
Dallas, TX	7,364	85	7,449	-	7,449		1,781
Austin, TX	1,880	-	1,880	-	1,880		1,730
	9,244	85	9,329	-	9,329

Other Markets (5)	2,810	-	2,810	1,038	3,848		2,340

Totals	52,782	1,299	54,081	5,401	59,482	$	2,647

Communities (6)	157	4	161	22	183

		Homes	Communities
Total completed homes		59,482	183
Under Development (7)		300	1

Total Quarter-end homes and communities		59,782	184

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

(2)	Represents homes included in Stabilized, Non-Mature, Acquired, Development, Redevelopment and Non-Residential/Other Communities categories on Attachment 5. Excludes development homes not yet completed and Sold.

(3)	Represents joint venture operating homes at 100 percent. Excludes joint venture held for disposition communities. See Attachment 10 for UDR's joint venture and partnership ownership interests.

(4)	Represents joint ventures at UDR's ownership interests. Excludes joint venture held for disposition communities. See Attachment 10 for UDR's joint venture and partnership ownership interests.

(5)	Other Markets include Denver (292 homes), Palm Beach (636 homes), Inland Empire (658 homes), San Diego (163 wholly owned, 264 JV homes), Portland (220 wholly owned, 256 JV homes) and Richmond (841 wholly owned, 518 JV homes).

(6)	Represents communities where 100 percent of all development homes have been completed.

(7)	See Attachment 9 for UDR’s developments and ownership interests.

Attachment 8(A)

Same-Store Operating Information By Major Market

Current Quarter vs. Prior Year Quarter

March 31, 2026

(Unaudited) (1)


						% Increase/(Decrease) over Prior Year Quarter
		% of Same-		Revenue per
	Total	Store Portfolio	Physical	Occupied						Revenue per
	Same-Store	Based on	Occupancy	Home					Physical	Occupied
	Homes	1Q 2026 NOI	1Q 2026	1Q 2026		Revenue	Expense	NOI	Occupancy	Home

West Region
Orange County, CA	4,305	11.2%	96.2%	$	3,221	1.8%	8.8%	-0.3%	-1.1%	3.0%
San Francisco, CA	3,317	9.2%	97.7%		3,699	6.3%	6.0%	6.4%	0.5%	5.7%
Seattle, WA	2,525	6.0%	97.0%		2,978	0.5%	8.2%	-2.1%	-0.7%	1.3%
Monterey Peninsula, CA	1,567	3.1%	97.3%		2,407	3.1%	6.5%	2.0%	1.4%	1.8%
Los Angeles, CA	1,225	2.9%	96.2%		3,255	-1.5%	12.9%	-7.4%	-1.1%	-0.4%
	12,939	32.4%	96.9%		3,201	2.7%	8.0%	0.7%	-0.3%	3.0%

Northeast Region
Boston, MA	4,667	11.6%	96.3%		3,348	0.6%	5.1%	-1.3%	-0.9%	1.5%
New York, NY	1,945	6.1%	98.5%		5,219	4.1%	2.3%	5.7%	0.5%	3.6%
Philadelphia, PA	1,172	2.0%	96.3%		2,615	2.9%	14.0%	-3.0%	-0.7%	3.7%
	7,784	19.7%	96.8%		3,705	2.1%	4.7%	0.6%	-0.5%	2.5%

Mid-Atlantic Region
Metropolitan DC	9,119	16.5%	96.3%		2,507	0.5%	5.0%	-1.6%	-1.4%	2.0%
Baltimore, MD	1,721	2.6%	96.4%		2,113	0.9%	3.8%	-0.6%	-0.7%	1.6%
	10,840	19.1%	96.3%		2,444	0.5%	4.8%	-1.5%	-1.3%	1.9%

Southeast Region
Tampa, FL	3,611	5.4%	96.4%		2,148	-1.7%	2.2%	-3.6%	-0.8%	-0.9%
Orlando, FL	3,293	4.6%	96.4%		1,897	-1.8%	1.6%	-3.2%	-0.7%	-1.0%
Nashville, TN	2,261	2.9%	95.7%		1,721	-2.3%	5.3%	-5.5%	-0.9%	-1.5%
	9,165	12.9%	96.2%		1,952	-1.8%	2.6%	-3.9%	-0.8%	-1.1%

Southwest Region
Dallas, TX	7,364	8.9%	96.9%		1,761	-0.8%	-0.5%	-1.0%	-0.4%	-0.5%
Austin, TX	1,880	2.0%	96.7%		1,730	-5.0%	-2.1%	-7.2%	-0.8%	-4.3%
	9,244	10.9%	96.9%		1,755	-1.7%	-0.8%	-2.2%	-0.4%	-1.3%

Other Markets	2,810	5.0%	95.8%		2,345	-0.4%	3.1%	-1.7%	-0.5%	0.1%

Total/Weighted Avg.	52,782	100.0%	96.6%	$	2,605	0.9%	4.4%	-0.8%	-0.6%	1.5%

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

Attachment 8(B)

Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

March 31, 2026

(Unaudited) (1)


						% Increase/(Decrease) over Last Quarter
		% of Same-		Revenue per
	Total	Store Portfolio	Physical	Occupied						Revenue per
	Same-Store	Based on	Occupancy	Home					Physical	Occupied
	Homes	1Q 2026 NOI	1Q 2026	1Q 2026		Revenue	Expense	NOI	Occupancy	Home

West Region
Orange County, CA	4,305	11.2%	96.2%	$	3,221	-0.2%	8.6%	-2.8%	-0.5%	0.4%
San Francisco, CA	3,317	9.2%	97.7%		3,699	1.2%	3.3%	0.3%	0.4%	0.8%
Seattle, WA	2,525	6.0%	97.0%		2,978	-2.2%	6.9%	-5.2%	-0.1%	-2.1%
Monterey Peninsula, CA	1,567	3.1%	97.3%		2,407	0.3%	-0.3%	0.5%	0.4%	0.0%
Los Angeles, CA	1,225	2.9%	96.2%		3,255	-2.4%	10.8%	-7.9%	-0.2%	-2.3%
	12,939	32.4%	96.9%		3,201	-0.3%	5.9%	-2.6%	0.0%	-0.3%

Northeast Region
Boston, MA	4,667	11.6%	96.3%		3,348	-0.5%	12.8%	-5.6%	-0.1%	-0.3%
New York, NY	1,945	6.1%	98.5%		5,219	-0.5%	5.3%	-5.0%	0.5%	-1.1%
Philadelphia, PA	1,172	2.0%	96.3%		2,615	1.5%	20.7%	-7.6%	-0.3%	1.9%
	7,784	19.7%	96.8%		3,705	-0.3%	10.2%	-5.6%	0.0%	-0.3%

Mid-Atlantic Region
Metropolitan DC	9,119	16.5%	96.3%		2,507	0.1%	8.8%	-3.8%	-0.3%	0.4%
Baltimore, MD	1,721	2.6%	96.4%		2,113	-1.1%	7.1%	-5.0%	-1.0%	0.0%
	10,840	19.1%	96.3%		2,444	-0.1%	8.5%	-3.9%	-0.4%	0.3%

Southeast Region
Tampa, FL	3,611	5.4%	96.4%		2,148	-0.8%	-2.3%	0.1%	-0.3%	-0.4%
Orlando, FL	3,293	4.6%	96.4%		1,897	-1.1%	1.8%	-2.4%	-0.3%	-0.7%
Nashville, TN	2,261	2.9%	95.7%		1,721	-1.8%	10.0%	-6.5%	-0.7%	-1.1%
	9,165	12.9%	96.2%		1,952	-1.1%	1.4%	-2.3%	-0.5%	-0.7%

Southwest Region
Dallas, TX	7,364	8.9%	96.9%		1,761	-0.5%	0.8%	-1.2%	-0.6%	0.1%
Austin, TX	1,880	2.0%	96.7%		1,730	-0.8%	-3.0%	1.0%	-0.1%	-0.6%
	9,244	10.9%	96.9%		1,755	-0.5%	-0.1%	-0.8%	-0.5%	0.0%

Other Markets	2,810	5.0%	95.8%		2,345	-0.7%	0.8%	-1.3%	-0.7%	0.0%

Total/Weighted Avg.	52,782	100.0%	96.6%	$	2,605	-0.4%	5.7%	-3.2%	-0.3%	-0.1%

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

Attachment 8(C)

Same-Store Operating Information By Major Market

March 31, 2026

(Unaudited) (1)


	Effective Blended Lease Rate Growth	Effective New Lease Rate Growth	Effective Renewal Lease Rate Growth	Annualized Turnover
	1Q 2026	1Q 2026	1Q 2026	1Q 2026	1Q 2025

West Region	4.3%	3.4%	5.0%	30.6%	31.4%

Northeast Region	2.1%	-3.1%	6.1%	24.0%	26.3%

Mid-Atlantic Region	0.8%	-5.3%	6.2%	25.9%	28.0%

Southeast Region	-2.5%	-8.1%	3.7%	33.4%	37.3%

Southwest Region	0.0%	-5.1%	4.9%	31.3%	36.3%

Other Markets	-0.9%	-5.8%	3.8%	30.9%	38.8%

Total/Weighted Avg.	1.6%	-2.4%	5.2%	29.0%	32.0%

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

Attachment 9

Development and Land Summary

March 31, 2026

(Dollars in Thousands)

(Unaudited) (1)

Wholly-Owned

Schedule

Percentage

# of

Compl.

Cost to

Budgeted

Est. Cost

Initial

Community

Location

Homes

Date

Cost

per Home

Start

Occ.

Compl.

Leased

Occupied

Projects Under Construction

3099 Iowa

Riverside, CA

300

91,742

133,600

445

1Q25

4Q26

1Q27

N/A

Total Under Construction

300

91,742

133,600

445

Total - Wholly Owned

300

91,742

133,600

445

NOI From Wholly-Owned Projects

1Q 26

Projects Under Construction

Total

Land Summary

Location

UDR Ownership Interest

Real Estate Cost Basis

Total Land (7 parcels)

Various

100%

245,711

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

Attachment 10

Unconsolidated and Debt and Preferred Equity Program Summary

March 31, 2026

(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		1Q 26	1Q 26		1Q 26

UDR / MetLife	50%			13		2,837		96.6%	$	4,373	$	10,789
UDR / LaSalle	51%			9		2,564		96.5%		2,490		6,538

Total				22		5,401		96.6%	$	3,473	$	17,327




	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	$	1,759,019	$	844,361	$	190,510		3.87%	2027-2031
UDR / LaSalle		856,662		297,802		235,936		5.36%	2028-2033

Total	$	2,615,681	$	1,142,163	$	426,446		4.26%




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		1	$	16,044	$	27,992		14.0%	0.3
Non-Stabilized Communities - Loans		2		84,123		114,442		11.0%	0.7
Stabilized Communities - Preferred Equity (5)		9		237,641		244,823		9.7%	2.4

Total Debt and Preferred Equity Program		12	$	337,808	$	387,257		10.2%	1.9


	1Q 26

Income/(loss) from investments (6)	$	10,671


									Income/(Loss)
			UDR Investment (8)						from Investments
Other Unconsolidated Investments (7)			Commitment		Funded		Balance		1Q 26 (9)

Total Real Estate Technology and Sustainability Investments			$	169,000	$	134,920	$	158,743	$	15,815

(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 aggregate proceeds of approximately $138.9 million from the full repayment of two preferred equity investments.

(6)	When excluding UDR's share of recorded real estate depreciation and amortization on debt and preferred equity investments for the three months ended March 31, 2026, the amount is approximately $11.7 million.

(7)	Other unconsolidated investments represent UDR’s investments in nine real estate technology and climate technology funds.

(8)

Investment commitment represents maximum equity contractually required to be funded, and therefore excludes realized/unrealized gain/(loss). Investment funded represents cash funded towards the investment commitment. Investment balance includes amounts funded plus undistributed realized/unrealized gain/(loss), less $31.3 million of cash and stock distributed prior to the period end.

(9)	Income/(loss) from investments is deducted/added back to FFOA.

Attachment 11

Acquisitions, Dispositions, and Debt and Preferred Equity Program Summary

March 31, 2026

(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

Mar-26	Steele Creek	Denver, CO		100%		0%		$	137,300	$	-	218	$	630
Mar-26	Rodgers Forge	Baltimore, MD		100%		0%			105,200		-	498		211
Mar-26	Milehouse	Seattle, WA		100%		0%			78,500		-	177		444
Mar-26	Summit West	Tampa, FL		100%		0%			41,000		-	266		154

								$	362,000	$	-	1,159	$	312




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

Feb-26	Stabilized Communities	Various	$	102,000	$	104,822		$	132,600
Feb-26	Non-Stabilized Community	Washington, DC		52,163		34,042			72,515
			$	154,163	$	138,864		$	205,115

(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.

Attachment 12

Capital Expenditure and Repair and Maintenance Summary

March 31, 2026

(In thousands, except Cost per Home)

(Unaudited) (1)


	Three Months
	Ended		Cost
Capital Expenditures for Consolidated Homes (2)	March 31, 2026		per Home

Average number of homes (3)		54,854

Total Recurring Cap Ex	$	19,587	$	357

NOI Enhancing Cap Ex		13,064		238

Total Recurring and NOI Enhancing Cap Ex	$	32,651	$	595


	Three Months
	Ended			Cost
Repair and Maintenance for Consolidated Homes (Expensed)	March 31, 2026			per Home

Average number of homes (3)		54,854

Total Repair and Maintenance	$	26,925	$	491

(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

2Q 2026 and Full-Year 2026 Guidance

March 31, 2026

(Unaudited) (1)


				Full-Year 2026 Guidance
				Change from
Net Income, FFO and FFO as Adjusted per Share and Unit Guidance	2Q 2026	Full-Year 2026	Prior Guidance	Prior Midpoint

Income/(loss) per weighted average common share, diluted	$0.12 to $0.14	$0.91 to $1.01	$0.45 to $0.55	$0.46
FFO per common share and unit, diluted	$0.62 to $0.64	$2.48 to $2.58	$2.47 to $2.57	$0.01
FFO as Adjusted per common share and unit, diluted	$0.62 to $0.64	$2.47 to $2.57	$2.47 to $2.57	-
Weighted average number of common shares, OP/DownREIT Units, and common stock equivalents outstanding, diluted (in millions)	350.5	351.3	354.3	(3.0)
Annualized dividend per share and unit		$1.74	$1.74	-

				Change from
Same-Store Guidance (Straight-line basis)		Full-Year 2026	Prior Guidance	Prior Midpoint

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

				Change from
Investment Guidance ($ in millions)		Full-Year 2026	Prior Guidance	Prior Midpoint

Dispositions - Consolidated and Joint Venture (at share)		$360 to $600	$300 to $600	$30
Acquisitions - Consolidated and Joint Venture (at share)		$100 to $200	$100 to $200	-
Capital Expenditures - Recurring, NOI Enhancing, and Redevelopment		$220 to $260	$220 to $260	-

				Change from
Corporate Expense Guidance ($ in millions)		Full-Year 2026	Prior Guidance	Prior Midpoint

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

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

Attachment 14(A)

Definitions and Reconciliations

March 31, 2026

(Unaudited)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Attachment 14(B)

Definitions and Reconciliations

March 31, 2026

(Unaudited)

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

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

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

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

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

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

In thousands

1Q 2026

Income/(loss) from unconsolidated entities

19,696

Management fee

1,104

Interest expense

6,176

Depreciation

14,364

General and administrative

138

Preferred Equity Program (excludes loans)

(7,147)

Other (income)/expense

Realized and unrealized (gain)/loss on real estate technology investments, net of tax

(17,031)

Total Joint Venture NOI at UDR's Ownership Interest

17,327

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

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


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

Attachment 14(C)

Definitions and Reconciliations

March 31, 2026

(Unaudited)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Attachment 14(D)

Definitions and Reconciliations

March 31, 2026

(Unaudited)

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


	Full-Year 2026
	Low		High

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


	2Q 2026
	Low		High

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

Forward-Looking Statements

March 31, 2026

(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, conflicts and wars, government shutdowns, and changes in immigration, elevated interest rates, the impact of competition and competitive pricing, acquisitions, developments and redevelopments not achieving anticipated results, delays in completing developments, redevelopments and lease-ups on schedule or at expected rent and occupancy levels, changes in job growth, home affordability and demand/supply ratio for multifamily housing, development and construction risks that may impact profitability, risks that joint ventures with third parties and Debt and Preferred Equity Program investments do not perform as expected, the failure of automation or technology to help grow net operating income, and other risk factors discussed in documents filed by the Company with the SEC from time to time, including the Company's Annual Report on Form 10-K and the Company's Quarterly Reports on Form 10-Q. Actual results may differ materially from those described in the forward-looking statements. These forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this 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.

Exhibit 99.3

Source: View Original Filing on SEC EDGAR

FAQ

How did UDR (UDR) perform financially in Q1 2026?

UDR reported Q1 2026 net income of $0.57 per diluted share, up from $0.23 a year earlier. FFO per diluted share was $0.63 and FFO as Adjusted was $0.62, reflecting modest underlying growth alongside a large gain on property sales.

What 2026 earnings and FFO guidance did UDR (UDR) provide?

For full-year 2026, UDR guided net income per diluted share to $0.91–$1.01. It expects FFO per diluted share of $2.48–$2.58 and FFO as Adjusted of $2.47–$2.57, slightly above the prior FFO midpoint, assuming stable portfolio performance.

What dividends will UDR (UDR) pay in 2026 and how is the schedule changing?

For Q1 2026, UDR declared a $0.435 per share quarterly dividend. Starting with the dividend payable in July 2026, it will pay $0.145 per share monthly, totaling an annualized $1.74 per share, matching prior annual dividend levels.

How much stock has UDR (UDR) repurchased and what is its leverage?

During and after Q1 2026, UDR repurchased about 4.2 million shares for roughly $150 million. Since September 2025, buybacks total 7.4 million shares for $268 million. As of March 31, 2026, total debt was $5.7 billion with net debt-to-EBITDAre of 5.6x.

What is UDR’s (UDR) portfolio size and occupancy as of March 31, 2026?

As of March 31, 2026, UDR owned or had an interest in 59,782 apartment homes, including 300 homes under development. Same-store physical occupancy was 96.6%, and total portfolio occupancy averaged 96.5% for the quarter across completed communities.

Filing Exhibits & Attachments

9 documents

UDR (NYSE: UDR) Q1 2026 results, buybacks and shift to monthly dividends

Rhea-AI Filing Summary

Positive

Negative

Insights

8-K Event Classification

Key Figures

Key Terms

Earnings Snapshot

FAQ

How did UDR (UDR) perform financially in Q1 2026?

What 2026 earnings and FFO guidance did UDR (UDR) provide?

What dividends will UDR (UDR) pay in 2026 and how is the schedule changing?

How much stock has UDR (UDR) repurchased and what is its leverage?

What is UDR’s (UDR) portfolio size and occupancy as of March 31, 2026?

Filing Exhibits & Attachments

Press Releases

Other Documents

UDR (NYSE: UDR) Q1 2026 results, buybacks and shift to monthly dividends

Rhea-AI Filing Summary

Positive

Negative

Insights

REIT earnings and balance sheet analyst neutral

8-K Event Classification

Key Figures

Key Terms

Earnings Snapshot

FAQ

How did UDR (UDR) perform financially in Q1 2026?

What 2026 earnings and FFO guidance did UDR (UDR) provide?

How are UDR’s (UDR) same-store revenues, expenses, and NOI trending?

What dividends will UDR (UDR) pay in 2026 and how is the schedule changing?

How much stock has UDR (UDR) repurchased and what is its leverage?

What is UDR’s (UDR) portfolio size and occupancy as of March 31, 2026?

Filing Exhibits & Attachments

Press Releases

Other Documents