Exhibit 99.2

Financial Highlights

UDR, Inc.

As of End of Fourth Quarter 2025

(Unaudited) (1)


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

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

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

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


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


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

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

(2)	Annualized for 2026.

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

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

Attachment 1

Consolidated Statements of Operations

(Unaudited) (1)

Three Months Ended

Twelve Months Ended

December 31,

In thousands, except per share amounts

2025

 

2024

 

2025

 

2024

REVENUES:

Rental income

428,825

420,440

1,700,956

1,663,525

Joint venture management and other fees

4,281

2,288

11,361

8,317

Total revenues

433,106

422,728

1,712,317

1,671,842

OPERATING EXPENSES:

Property operating and maintenance

73,995

72,167

304,971

292,572

Real estate taxes and insurance

60,278

57,269

233,817

232,130

Property management

13,937

13,665

55,281

54,065

Other operating expenses

7,947

9,613

30,734

30,416

Real estate depreciation and amortization

163,610

165,446

654,121

676,068

General and administrative

22,948

25,469

85,104

84,305

Casualty-related charges/(recoveries), net

3,248

6,430

11,682

15,179

Other depreciation and amortization

4,451

6,381

25,914

19,405

Total operating expenses

350,414

356,440

1,401,624

1,404,140

Gain/(loss) on sale of real estate owned

194,974

242,913

16,867

Operating income

277,666

66,288

553,606

284,569

Income/(loss) from unconsolidated entities

4,934

8,984

28,388

20,235

Interest expense

(49,684)

(49,625)

(196,619)

(195,712)

Interest income and other income/(expense), net

5,406

(30,858)

19,175

(12,336)

Income/(loss) before income taxes

238,322

(5,211)

404,550

96,756

Tax (provision)/benefit, net

(37)

(312)

(835)

(879)

Net Income/(loss)

238,285

(5,523)

403,715

95,877

Net (income)/loss attributable to redeemable noncontrolling interests in the OP and DownREIT Partnership

(15,372)

490

(25,965)

(6,246)

Net (income)/loss attributable to noncontrolling interests

(11)

(11)

(46)

(46)

Net income/(loss) attributable to UDR, Inc.

222,902

(5,044)

377,704

89,585

Distributions to preferred stockholders - Series E (Convertible)

(1,211)

(1,197)

(4,839)

(4,835)

Net income/(loss) attributable to common stockholders

221,691

(6,241)

372,865

84,750

Income/(loss) per weighted average common share - basic:

$0.67

($0.02)

$1.13

$0.26

Income/(loss) per weighted average common share - diluted:

$0.67

($0.02)

$1.13

$0.26

Common distributions declared per share

$0.43

$0.425

$1.72

$1.700

Weighted average number of common shares outstanding - basic

329,226

329,854

330,322

329,290

Weighted average number of common shares outstanding - diluted

332,632

331,244

331,053

330,116

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

Attachment 2

Funds From Operations

(Unaudited) (1)


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

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

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

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

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

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

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

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

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

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

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

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

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

(2)

Series E cumulative convertible preferred shares are dilutive for purposes of calculating FFO per share for the three and twelve months ended December 31, 2025 and December 31, 2024. Consequently, distributions to Series E cumulative convertible preferred stockholders are added to FFO and the weighted average number of Series E cumulative convertible preferred shares are included in the denominator when calculating FFO per common share and unit, diluted.

Attachment 3

Consolidated Balance Sheets

(Unaudited) (1)


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

ASSETS

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

Cash and cash equivalents		1,222		1,326
Restricted cash		35,710		34,101
Notes receivable, net		149,979		247,849
Investment in and advances to unconsolidated joint ventures, net		886,492		917,483
Operating lease right-of-use assets		187,624		186,997
Other assets		231,308		197,493
Total assets	$	10,605,674	$	10,897,586

LIABILITIES AND EQUITY

Liabilities:
Secured debt	$	961,180	$	1,139,331
Unsecured debt		4,860,189		4,687,634
Operating lease liabilities		182,963		182,275
Real estate taxes payable		45,640		46,403
Accrued interest payable		51,698		52,631
Security deposits and prepaid rent		61,205		61,592
Distributions payable		151,934		151,720
Accounts payable, accrued expenses, and other liabilities		142,102		115,105
Total liabilities		6,456,911		6,436,691

Redeemable noncontrolling interests in the OP and DownREIT Partnership		859,966		1,017,355

Equity:
Preferred stock, no par value; 50,000,000 shares authorized at December 31, 2025 and December 31, 2024:
2,600,678 shares of 8.00% Series E Cumulative Convertible issued
and outstanding (2,600,678 shares at December 31, 2024)		43,192		43,192
10,105,845 shares of Series F outstanding (10,424,485 shares at December 31, 2024)		1		1
Common stock, $0.01 par value; 450,000,000 shares authorized at December 31, 2025 and December 31, 2024:
328,273,044 shares issued and outstanding (330,858,719 shares at December 31, 2024)		3,283		3,309
Additional paid-in capital		7,480,594		7,572,480
Distributions in excess of net income		(4,240,268)		(4,179,415)
Accumulated other comprehensive income/(loss), net		1,660		3,638
Total stockholders' equity		3,288,462		3,443,205
Noncontrolling interests		335		335
Total equity		3,288,797		3,443,540
Total liabilities and equity	$	10,605,674	$	10,897,586

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

Attachment 4(A)

Selected Financial Information

(Unaudited) (1)


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

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




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

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

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


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

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

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

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

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

Attachment 4(B)

Selected Financial Information

December 31, 2025

(Unaudited) (1)


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

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

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

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



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

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

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

(2)

The 2026 maturity reflects the $445.0 million of principal outstanding at an interest rate of 3.95%, the equivalent of SOFR plus a spread of 21.0 basis points, on the Company’s unsecured commercial paper program as of December 31, 2025. Under the terms of the program the Company may issue up to a maximum aggregate amount outstanding of $700.0 million.

(3)

Includes amounts on our $350.0 million unsecured Term Loan that have been swapped to fixed. The amounts swapped to fixed are $175.0 million at a weighted average rate of 4.04% that expires in October 2027. The amounts that have not been swapped to fixed carry an interest rate of SOFR plus 85.0 basis points. The $350.0 million Term Loan has a maturity date of January 2029 plus two one-year extension options.

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

(5)	Includes principal amortization, as applicable.

(6)	There were no borrowings outstanding on our $1.3 billion line of credit at December 31, 2025. The facility has a maturity date of August 2028, plus two six-month extension options and currently carries an interest rate equal to SOFR plus 77.5 basis points.

(7)

There was $26.4 million outstanding on our $75.0 million working capital credit facility at December 31, 2025. The facility has a maturity date of January 2027 plus two one-year extension options. The working capital credit facility currently carries an interest rate equal to SOFR plus 77.5 basis points.

Attachment 4(C)

Selected Financial Information

(Dollars in Thousands)

(Unaudited) (1)

Quarter Ended

Coverage Ratios

December 31, 2025

Net income/(loss)

238,285

Adjustments:

Interest expense, including debt extinguishment and other associated costs

49,684

Real estate depreciation and amortization

163,610

Other depreciation and amortization

4,451

Tax provision/(benefit), net

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

(194,974)

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

18,850

EBITDAre

279,943

Casualty-related charges/(recoveries), net

3,248

Legal and other costs

3,633

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

(299)

Severance costs

777

(Income)/loss from unconsolidated entities

(4,934)

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

(18,850)

Management fee expense on unconsolidated joint ventures

(942)

Consolidated EBITDAre - adjusted for non-recurring items

262,576

Annualized consolidated EBITDAre - adjusted for non-recurring items

1,050,304

Interest expense, including debt extinguishment and other associated costs

49,684

Capitalized interest expense

2,300

Total interest

51,984

Preferred dividends

1,211

Total debt

5,821,369

Cash

(1,222)

Net debt

5,820,147

Consolidated Interest Coverage Ratio - adjusted for non-recurring items

5.1x

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

4.9x

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

5.5x

Debt Covenant Overview

Unsecured Line of Credit Covenants (2)

Required

Actual

Compliance

Maximum Leverage Ratio

≤60.0%

31.5% (2)

Yes

Minimum Fixed Charge Coverage Ratio

≥1.5x

4.8x

Yes

Maximum Secured Debt Ratio

≤40.0%

9.7%

Yes

Minimum Unencumbered Pool Leverage Ratio

≥150.0%

370.3%

Yes

Senior Unsecured Note Covenants (3)

Required

Actual

Compliance

Debt as a percentage of Total Assets

≤65.0%

32.4% (3)

Yes

Consolidated Income Available for Debt Service to Annual Service Charge

≥1.5x

5.7x

Yes

Secured Debt as a percentage of Total Assets

≤40.0%

5.3%

Yes

Total Unencumbered Assets to Unsecured Debt

≥150.0%

315.8%

Yes

Securities Ratings

Debt

Outlook

Commercial Paper

Moody's Investors Service

Baa1

Stable

P-2

S&P Global Ratings

BBB+

Stable

A-2

Gross

% of

Number of

4Q 2025 NOI (1)

Carrying Value

Total Gross

Asset Summary

Homes

($000s)

% of NOI

($000s)

Carrying Value

Unencumbered assets

47,605

263,676

89.5%

14,779,283

89.6%

Encumbered assets

7,635

30,876

10.5%

1,708,602

10.4%

55,240

294,552

100.0%

16,487,885

100.0%

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

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

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

Attachment 5

Operating Information

(Unaudited) (1)


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

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

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

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

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

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

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

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

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

(3)	Includes occupancy of Sold Communities.

Attachment 6

Same-Store Operating Expense Information

(Dollars in Thousands)

(Unaudited) (1)


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

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

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

Same-Store Homes	53,941



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

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

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

Same-Store Homes	53,941




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

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

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

Same-Store Homes	53,468

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

Attachment 7(A)

Apartment Home Breakout

Portfolio Overview as of Quarter Ended

December 31, 2025

(Unaudited) (1)


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

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

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

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

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

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

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

Communities (6)	161	4	165	22	187

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

Total Quarter-end homes and communities		60,941	188

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

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

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

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

(5)	Other Markets include Denver (510 homes), Palm Beach (636 homes), Inland Empire (658 homes), San Diego (163 wholly owned, 264 JV homes), Portland (220 wholly owned, 256 JV homes) and Richmond (841 wholly owned, 518 JV homes).

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

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

Attachment 7(B)

Non-Mature Home Summary and Net Operating Income by Market

December 31, 2025

(Unaudited) (1)


Non-Mature Home Breakout - By Date

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

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

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

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

The Enclave at Potomac Club		Acquired		406		Metropolitan DC		1Q27

Total				1,299


Net Operating Income Breakout By Market

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

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

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

(3)	See Attachment 7(A), footnote 5 for details regarding location of the Other Markets.

Attachment 8(A)

Same-Store Operating Information By Major Market

Current Quarter vs. Prior Year Quarter

December 31, 2025

(Unaudited) (1)



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

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

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

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

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

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

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

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

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

Attachment 8(B)

Same-Store Operating Information By Major Market

Current Quarter vs. Prior Year Quarter

December 31, 2025

(Unaudited) (1)


			Same-Store ($000s)

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

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

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

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

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

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

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

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

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

Attachment 8(C)

Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

December 31, 2025

(Unaudited) (1)


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

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

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

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

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

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

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

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

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

Attachment 8(D)

Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

December 31, 2025

(Unaudited) (1)


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

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

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

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

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

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

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

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

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

Attachment 8(E)

Same-Store Operating Information By Major Market

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

December 31, 2025

(Unaudited) (1)


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

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

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

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

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

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

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

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

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

Attachment 8(F)

Same-Store Operating Information By Major Market

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

December 31, 2025

(Unaudited) (1)


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

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

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

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

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

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

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

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

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

Attachment 8(G)

Same-Store Operating Information By Major Market

December 31, 2025

(Unaudited) (1)


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

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

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

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

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

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

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

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

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

Attachment 9

Development and Land Summary

December 31, 2025

(Dollars in Thousands)

(Unaudited) (1)

Wholly-Owned

Schedule

Percentage

# of

Compl.

Cost to

Budgeted

Est. Cost

Initial

Community

Location

Homes

Date

Cost

per Home

Start

Occ.

Compl.

Leased

Occupied

Projects Under Construction

3099 Iowa

Riverside, CA

300

72,885

133,600

445

1Q25

1Q27

2Q27

N/A

Total Under Construction

300

72,885

133,600

445

Total - Wholly Owned

300

72,885

133,600

445

NOI From Wholly-Owned Projects

4Q 25

Projects Under Construction

Total

Land Summary

Location

UDR Ownership Interest

Real Estate Cost Basis

Total Land (7 parcels)

Various

100%

237,550

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

Attachment 10

Unconsolidated and Debt and Preferred Equity Program Summary

December 31, 2025

(Dollars in Thousands)

(Unaudited) (1)


Unconsolidated Joint Ventures and Partnerships

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

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

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




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

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

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




Debt and Preferred Equity Program (3)(4)

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

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

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


	4Q 25

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


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

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

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

(2)	Joint ventures and partnerships represented at 100%. Debt balances are presented net of deferred financing costs.

(3)

UDR's investments are reflected as investment in and advances to unconsolidated joint ventures or notes receivable, net on the Consolidated Balance Sheets and income/(loss) from unconsolidated entities or interest and other income/(expense), net on the Consolidated Statements of Operations in accordance with GAAP.

(4)	Investment commitment represents maximum loan principal or equity investment and therefore excludes accrued return. Investment balance includes amounts funded plus accrued and unpaid return prior to the period end as well as any non-cash impairment losses or loan reserves.

(5)	During the quarter, UDR received a partial repayment of approximately $10.3 million from its preferred equity investment in a stabilized community located in the Dallas, Texas market, upon the recapitalization of the joint venture.

(6)	When excluding UDR's share of recorded real estate depreciation and amortization on debt and preferred equity investments for the three months ended December 31, 2025, the amount is approximately $11.8 million.

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

(8)

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

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

Attachment 11

Acquisitions, Dispositions, and Debt and Preferred Equity Program Summary

December 31, 2025

(Dollars in Thousands)

(Unaudited) (1)

Dispositions - Wholly-Owned

Post

Prior

Transaction

Ownership

# of

Price per

Date of Sale

Community

Location

Interest

 

Price (2)

Debt (2)

Homes

Home

Jan-25

One William (3)

Englewood, NJ

100%

84,000

185

454

Jan-25

Leonard Pointe (4)

Brooklyn, NY

100%

127,500

188

678

Dec-25

UDR / LaSalle Joint Venture (5)

Various

100%

51%

231,600

974

238

443,100

1,347

329

Acquisitions - Wholly-Owned

May-25

Broadridge

Philadelphia, PA

N/A

100%

182,500

478

382

Nov-25

The Enclave at Potomac Club

Woodbridge, VA

N/A

100%

147,700

406

364

330,200

884

374

Investments - Debt and Preferred Equity Program

Post

Prior

Transaction

UDR

Contractual

Ownership

Investment

Return

Date of Investment

Investment Classification

Market

Interest

Commitment

Rate

Apr-25

Stabilized Community

San Francisco, CA

N/A

13,000

12.0%

Jul-25

Stabilized Community

Orlando, FL

N/A

23,800

11.25%

Aug-25

Stabilized Community

Orange County, CA

N/A

35,750

10.0%

72,550

10.8%

Redemptions - Debt and Preferred Equity Program

UDR

Proceeds

Investment

Received at

Received

Date of Redemption

Investment Classification

Market

Commitment

Redemption

Life to Date

Jun-25

Stabilized Community

New York, NY

40,000

54,760

72,257

Sep-25

Stabilized Community

Los Angeles, CA

20,059

32,155

60,059

86,915

104,412

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

(2)	Price represents 100% of the asset. Debt represents 100% of the asset's indebtedness, and excludes deferred financing costs.

(3)	UDR recorded a gain on sale of approximately $24.4 million during the twelve months ended December 31, 2025, which is included in gain/(loss) on sale of real estate owned.

(4)	UDR recorded a gain on sale of approximately $23.5 million during the twelve months ended December 31, 2025, which is included in gain/(loss) on sale of real estate owned.

(5)	UDR recorded a gain on sale of approximately $195.0 million during the twelve months ended December 31, 2025, which is included in gain/(loss) on sale of real estate owned.

Attachment 12

Capital Expenditure and Repair and Maintenance Summary

December 31, 2025

(In thousands, except Cost per Home)

(Unaudited) (1)


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

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

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

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

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


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

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

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

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

(2)	Excludes redevelopment capital and initial capital expenditures on acquisitions.

(3)	Average number of homes is calculated based on the number of homes owned at the end of each month.

Attachment 13

1Q 2026 and Full-Year 2026 Guidance

December 31, 2025

(Unaudited) (1)




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

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


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

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


Investment Guidance ($ in millions)		Full-Year 2026

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


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

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

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

Attachment 14(A)

Definitions and Reconciliations

December 31, 2025

(Unaudited)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Attachment 14(B)

Definitions and Reconciliations

December 31, 2025

(Unaudited)

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

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

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

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

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

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

In thousands

4Q 2025

YTD 2025

Income/(loss) from unconsolidated entities

4,934

28,388

Management fee

942

3,645

Interest expense

5,266

19,027

Depreciation

12,562

48,512

General and administrative

322

630

Preferred Equity Program (excludes loans)

(7,142)

(29,558)

Other (income)/expense

(492)

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

(436)

(6,363)

Total Joint Venture NOI at UDR's Ownership Interest

16,459

63,789

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

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


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

Attachment 14(D)

Definitions and Reconciliations

December 31, 2025

(Unaudited)

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


	Full-Year 2026
	Low		High

Forecasted net income per diluted share	$	0.45	$	0.55
Conversion from GAAP share count		(0.04)		(0.04)
Depreciation		2.02		2.02
Noncontrolling interests		0.03		0.03
Preferred dividends		0.01		0.01
Forecasted FFO per diluted share and unit	$	2.47	$	2.57
Legal and other costs		-		-
Casualty-related charges/(recoveries)		-		-
Realized/unrealized (gain)/loss on real estate technology investments		-		-
Forecasted FFO as Adjusted per diluted share and unit	$	2.47	$	2.57


	1Q 2026
	Low		High

Forecasted net income per diluted share	$	0.11	$	0.13
Conversion from GAAP share count		(0.01)		(0.01)
Depreciation		0.50		0.50
Noncontrolling interests		0.01		0.01
Preferred dividends		-		-
Forecasted FFO per diluted share and unit	$	0.61	$	0.63
Legal and other costs		-		-
Casualty-related charges/(recoveries)		-		-
Realized/unrealized (gain)/loss on real estate technology investments		-		-
Forecasted FFO as Adjusted per diluted share and unit	$	0.61	$	0.63