UDR, Inc. (the "Company") (NYSE: UDR), announced today its first quarter 2025 results. Net Income, Funds from Operations ("FFO"), and FFO as Adjusted ("FFOA") per diluted share for the quarter ended March 31, 2025, are detailed below.

	Quarter Ended March 31
Metric	1Q 2025 Actual	1Q 2025 Guidance	1Q 2024 Actual	$ Change vs. Prior Year Period	% Change vs. Prior Year Period
Net Income per diluted share	$0.23	$0.24 to $0.26	$0.13	$0.10	77%
FFO per diluted share	$0.58	$0.60 to $0.62	$0.60	$(0.02)	(3)%
FFOA per diluted share	$0.61	$0.60 to $0.62	$0.61	$0.00	0%

Same-Store ("SS") results for the first quarter 2025 versus the first quarter 2024 and the fourth quarter 2024 are summarized below.

SS Growth / (Decline)	Year-Over-Year ("YOY"): 1Q 2025 vs. 1Q 2024	Sequential: 1Q 2025 vs. 4Q 2024
Revenue	2.6%	0.5%
Expense	2.3%	3.5%
Net Operating Income ("NOI")	2.8%	(0.9)%

As previously announced, during the first quarter the Company completed the sales of Leonard Pointe, a 188-home apartment community in New York, for gross proceeds of $127.5 million and One William, a 185-home apartment community in New Jersey, for gross proceeds of $84.0 million.

Also during the first quarter, the Company,

Commenced development of 3099 Iowa, a 300-home apartment community in Riverside, CA, with an expected total development cost of $133.6 million, or $445,000 per apartment home.
Increased its Debt and Preferred Equity joint venture loan investment in 1300 Fairmount, a 478-home apartment community in Philadelphia, PA, by acquiring the senior loan from the lender for $114.6 million, bringing its total investment in the joint venture to $183.2 million. Acquiring the senior loan affords UDR more control over the Company's investment and the apartment community.
Earned the distinction of being named a Top Workplace by USA Today for the second consecutive year.

Subsequent to quarter-end, the Company committed to invest, and fully funded, $13.0 million at a contractual return rate of 12.0 percent to a preferred equity investment in a stabilized 256-apartment home community located in the San Francisco MSA as part of a recapitalization.

"2025 has started with high demand for our apartment homes, which led to Same-Store growth exceeding our initial expectations and consensus estimates," said Tom Toomey, UDR's Chairman and CEO. "These results demonstrate the strength of our strategy and the value of our operating platform. As we look ahead, there are a variety of macroeconomic and political uncertainties that could affect the economy. Nevertheless, we believe that the fundamental backdrop remains supportive for continued Same-Store and FFOA per share growth."

Outlook⁽¹⁾

As shown in the table below, the Company has established the following guidance ranges for the second quarter of 2025 and has reaffirmed its previously provided full-year 2025 guidance ranges.

	2Q 2025 Outlook	1Q 2025 Actual	Reaffirmed Full-Year 2025 Outlook	Full-Year 2025 Midpoint
Net Income per diluted share	$0.11 to $0.13	$0.23	$0.56 to $0.66	$0.61
FFO per diluted share	$0.61 to $0.63	$0.58	$2.45 to $2.55	$2.50
FFOA per diluted share	$0.61 to $0.63	$0.61	$2.45 to $2.55	$2.50
YOY Growth:
SS Revenue	N/A	2.6%	1.25% to 3.25%	2.25%
SS Expense	N/A	2.3%	2.75% to 4.25%	3.50%
SS NOI	N/A	2.8%	0.50% to 3.00%	1.75%

⁽¹⁾

Additional assumptions for the Company's second quarter and full-year 2025 outlook can be found on Attachment 13 of the Company's related quarterly Supplemental Financial Information ("Supplement"). A reconciliation of GAAP Net Income per diluted share to FFO per diluted share and FFOA per diluted share can be found on Attachment 14(D) of the Company's related quarterly Supplement. Non-GAAP financial measures and other terms, as used in this earnings release, are defined and further explained on Attachments 14(A) through 14(D), "Definitions and Reconciliations," of the Company's related quarterly Supplement.

Operating Results

In the first quarter, total revenue increased by $8.3 million YOY, or 2.0 percent, to $421.9 million. This increase was primarily attributable to growth in revenue from Same-Store communities and completed developments, partially offset by declines in revenue from property dispositions.

"Same-Store revenue, expense, and NOI growth in the first quarter was better than expected, largely due to the enhancements we made to our Customer Experience strategy which drove a 300 basis point improvement in annualized turnover compared to the prior year period," said Mike Lacy, UDR's Chief Operating Officer. "We remain in a position of operating strength with Same-Store occupancy of approximately 97 percent, resident retention that continues to exceed our original expectations, positive sequential momentum on new lease rate growth, steady renewal rate growth in the mid-4 percent range, and continued innovation leading to mid-to-high single digit growth from our various rentable items initiatives."

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

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

Region	Revenue Growth / (Decline)		Expense Growth / (Decline)		NOI Growth / (Decline)		% of Same-Store Portfolio⁽¹⁾		Physical Occupancy⁽²⁾		YOY Change in Occupancy
West	2.8	%	3.9	%	2.4	%	31.3	%	97.2	%	0.1	%
Mid-Atlantic	4.9	%	4.6	%	5.0	%	20.7	%	97.6	%	0.3	%
Northeast	4.1	%	2.7	%	4.9	%	16.9	%	97.4	%	0.1	%
Southeast	0.5	%	(0.1	)%	0.7	%	13.5	%	97.0	%	0.1	%
Southwest	(0.2	)%	(1.1	)%	0.4	%	10.8	%	97.3	%	0.8	%
Other Markets	0.5	%	0.9	%	0.4	%	6.8	%	96.4	%	(0.7	)%
Total	2.6	%	2.3	%	2.8	%	100.0	%	97.2	%	0.2	%

⁽¹⁾		Based on 1Q 2025 Same-Store NOI. For definitions of terms, please refer to the "Definitions and Reconciliations" section of the Company's related quarterly Supplement.
⁽²⁾		Weighted average Same-Store physical occupancy for the quarter.

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

Region	Revenue Growth / (Decline)		Expense Growth / (Decline)		NOI Growth / (Decline)		% of Same-Store Portfolio⁽¹⁾		Physical Occupancy⁽²⁾		Sequential Change in Occupancy
West	0.6	%	1.4	%	0.3	%	31.3	%	97.2	%	0.3	%
Mid-Atlantic	1.0	%	6.1	%	(1.2	)%	20.7	%	97.6	%	0.5	%
Northeast	0.8	%	6.8	%	(2.4	)%	16.9	%	97.4	%	0.7	%
Southeast	0.1	%	1.2	%	(0.4	)%	13.5	%	97.0	%	0.1	%
Southwest	(0.3	)%	0.3	%	(0.7	)%	10.8	%	97.3	%	0.6	%
Other Markets	(0.4	)%	5.2	%	(2.7	)%	6.8	%	96.4	%	(0.1	)%
Total	0.5	%	3.5	%	(0.9	)%	100.0	%	97.2	%	0.4	%

⁽¹⁾		Based on 1Q 2025 Same-Store NOI. For definitions of terms, please refer to the "Definitions and Reconciliations" section of the Company's related quarterly Supplement.
⁽²⁾		Weighted average Same-Store physical occupancy for the quarter.

Transactional Activity

As previously announced, during the quarter, the Company completed the sales of Leonard Pointe, a 188-home apartment community in New York, for gross proceeds of $127.5 million, or $678,000 per apartment home, and One William, a 185-home apartment community in New Jersey, for gross proceeds of $84.0 million, or $454,000 per apartment home.

Development Activity

During the quarter, the Company commenced development of 3099 Iowa, a 300-home apartment community in Riverside, CA, with an expected total development cost of $133.6 million, or $445,000 per apartment home.

Debt and Preferred Equity Program Activity

During the quarter the Company increased its joint venture loan investment in 1300 Fairmount, a 478-home apartment community in Philadelphia, PA, by acquiring the senior loan from the lender for $114.6 million, bringing its total investment in the joint venture to $183.2 million. Acquiring the senior loan affords UDR more control over the Company's investment and the apartment community. The senior loan has an interest rate of Term SOFR plus 4.05 percent, a default interest rate of Term SOFR plus 12.05 percent and a maturity date of May 2026. Upon acquisition, the loan was placed on non-accrual status.

Capital Markets and Balance Sheet Activity

The Company's total indebtedness as of March 31, 2025, was $5.8 billion with only $533.5 million, or 9.7 percent of total consolidated debt, maturing through 2026, including principal amortization and excluding amounts on the Company's commercial paper program and working capital credit facility. As of March 31, 2025, 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, 2025, and the comparable prior year period.

	Quarter Ended March 31
Balance Sheet Metric	1Q 2025	1Q 2024	Change
Weighted Average Interest Rate	3.36%	3.38%	(0.02)%
Weighted Average Years to Maturity⁽¹⁾	4.9	5.4	(0.5)
Consolidated Fixed Charge Coverage Ratio	5.0x	4.8x	0.2x
Consolidated Debt as a percentage of Total Assets	32.8%	32.7%	0.1%
Consolidated Net Debt-to-EBITDAre⁽²⁾	5.7x	5.7x	0.0x

⁽¹⁾		If the Company's commercial paper balance was refinanced using its line of credit, the weighted average years to maturity would have been 5.1 years with and without extensions for 1Q 2025 and 5.6 years with extensions or 5.5 years without extensions for 1Q 2024.
⁽²⁾		Defined as EBITDAre - adjusted for non-recurring items. 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.

Executive Leadership

As previously announced, during the quarter the Company,

Promoted Mike Lacy to Senior Vice President – Chief Operating Officer after having served the Company as Senior Vice President – Operations since 2019.
Appointed Joe Fisher to Chief Investment Officer ("CIO") in addition to his responsibilities as President and Chief Financial Officer ("CFO"). In this role, Mr. Fisher has taken on the additional responsibilities of overseeing the Company's investment and development functions.
Announced it will initiate an executive search process to recruit a new CFO. Upon the successful hire of a new CFO, Mr. Fisher will relinquish his responsibilities in that capacity and retain the roles of President and CIO.

Board of Directors

As previously disclosed, subsequent to quarter-end the Company announced that James "Jim" D. Klingbeil has decided not to seek re-election to the Company's Board of Directors (the "Board") at the Company's upcoming Annual Shareholder Meeting. Mr. Klingbeil will continue to serve as a member of the Board until his elected term ends at the Annual Shareholder Meeting and will relinquish his role as Lead Independent Director at that time. Accordingly, the Board has elected Jon A. Grove, a current Director of the Board, to serve as its next Lead Independent Director.

Corporate Responsibility

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

Dividend

As previously announced, the Company's Board of Directors declared a regular quarterly dividend on its common stock for the first quarter 2025 in the amount of $0.43 per share, representing a 1.2 percent increase over the comparable period in 2024. The dividend was paid in cash on April 30, 2025, to UDR common shareholders of record as of April 10, 2025. The first quarter 2025 dividend represented the 210^th consecutive quarterly dividend paid by the Company on its common stock.

Supplemental Financial Information

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

Attachment 14(A)

Definitions and Reconciliations

March 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 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, 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	1Q 2025
Income/(loss) from unconsolidated entities	$	5,814
Management fee		863
Interest expense		4,542
Depreciation		11,935
General and administrative		125
Preferred Equity Program (excludes loans)		(6,221	)
Other (income)/expense		(3	)
Realized and unrealized (gain)/loss on real estate technology investments, net of tax		(1,669	)
Total Joint Venture NOI at UDR's Ownership Interest	$	15,386

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 2025			4Q 2024			3Q 2024			2Q 2024			1Q 2024
Net income/(loss) attributable to UDR, Inc.	$	76,720		$	(5,044	)	$	22,597		$	28,883		$	43,149
Property management		13,645			13,665			13,588			13,433			13,379
Other operating expenses		8,059			9,613			6,382			7,593			6,828
Real estate depreciation and amortization		161,394			165,446			170,276			170,488			169,858
Interest expense		47,701			49,625			50,214			47,811			48,062
Casualty-related charges/(recoveries), net		3,297			6,430			1,473			998			6,278
General and administrative		19,495			25,469			20,890			20,136			17,810
Tax provision/(benefit), net		158			312			(156	)		386			337
(Income)/loss from unconsolidated entities		(5,814	)		(8,984	)		1,880			(4,046	)		(9,085	)
Interest income and other (income)/expense, net		(1,921	)		30,858			(6,159	)		(6,498	)		(5,865	)
Joint venture management and other fees		(2,112	)		(2,288	)		(2,072	)		(1,992	)		(1,965	)
Other depreciation and amortization		7,067			6,381			4,029			4,679			4,316
(Gain)/loss on sale of real estate owned		(47,939	)		-			-			-			(16,867	)
Net income/(loss) attributable to noncontrolling interests		5,351			(479	)		1,480			2,130			3,161
Total consolidated NOI	$	285,101		$	291,004		$	284,422		$	284,001		$	279,396

Attachment 14(C)

Definitions and Reconciliations

March 31, 2025

(Unaudited)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Conference Call and Webcast Information

UDR will host a webcast and conference call at 12:00 p.m. Eastern Time on May 1, 2025, to discuss first quarter 2025 results as well as high-level views for 2025. The webcast will be available on the Investor Relations section of the Company's website at ir.udr.com. To listen to a live broadcast, access the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. To participate in the teleconference dial 877-423-9813 for domestic and 201-689-8573 for international. A passcode is not necessary.

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

A replay of the conference call will be available through May 15, 2025, by dialing 844-512-2921 for domestic and 412-317-6671 for international and entering the confirmation number, 13753004, when prompted for the passcode. A replay of the call will also be available on the Investor Relations section of the Company's website at ir.udr.com.

Full Text of the Earnings Report and Supplemental Data

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

Forward-Looking Statements

Certain statements made in this press release may constitute "forward-looking statements." Words such as "expects," "intends," "believes," "anticipates," "plans," "likely," "will," "seeks," "outlook," "guidance," "estimates" and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement, due to a number of factors, which include, but are not limited to, general market and economic conditions, unfavorable changes in the apartment market and economic conditions that could adversely affect occupancy levels and rental rates, the impact of inflation/deflation on rental rates and property operating expenses, the availability of capital and the stability of the capital markets, the impact of tariffs, geopolitical tensions, 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, 2025, UDR owned or had an ownership position in 60,047 apartment homes, including 300 apartment homes under development. For over 52 years, UDR has delivered long-term value to shareholders, the best standard of service to Residents and the highest quality experience for Associates.

Attachment 1

Consolidated Statements of Operations
(Unaudited) ⁽¹⁾

	Three Months Ended
	March 31,
In thousands, except per share amounts	2025			2024

REVENUES:
Rental income	$	419,836		$	411,669
Joint venture management and other fees		2,112			1,965
Total revenues		421,948			413,634

OPERATING EXPENSES:
Property operating and maintenance		75,990			73,478
Real estate taxes and insurance		58,745			58,795
Property management		13,645			13,379
Other operating expenses		8,059			6,828
Real estate depreciation and amortization		161,394			169,858
General and administrative		19,495			17,810
Casualty-related charges/(recoveries), net		3,297			6,278
Other depreciation and amortization		7,067			4,316
Total operating expenses		347,692			350,742

Gain/(loss) on sale of real estate owned		47,939			16,867
Operating income		122,195			79,759

Income/(loss) from unconsolidated entities		5,814			9,085
Interest expense		(47,701	)		(48,062	)
Interest income and other income/(expense), net		1,921			5,865

Income/(loss) before income taxes		82,229			46,647
Tax (provision)/benefit, net		(158	)		(337	)

Net Income/(loss)		82,071			46,310
Net (income)/loss attributable to redeemable noncontrolling interests in the OP and DownREIT Partnership		(5,339	)		(3,149	)
Net (income)/loss attributable to noncontrolling interests		(12	)		(12	)

Net income/(loss) attributable to UDR, Inc.		76,720			43,149
Distributions to preferred stockholders - Series E (Convertible)		(1,206	)		(1,231	)

Net income/(loss) attributable to common stockholders	$	75,514		$	41,918


Income/(loss) per weighted average common share - basic:	$	0.23		$	0.13
Income/(loss) per weighted average common share - diluted:	$	0.23		$	0.13

Common distributions declared per share	$	0.43		$	0.425

Weighted average number of common shares outstanding - basic		330,628			328,823
Weighted average number of common shares outstanding - diluted		331,717			328,954

(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	2025			2024

Net income/(loss) attributable to common stockholders	$	75,514		$	41,918

Real estate depreciation and amortization		161,394			169,858
Noncontrolling interests		5,351			3,161
Real estate depreciation and amortization on unconsolidated joint ventures		12,766			14,154
Net (gain)/loss on the sale of depreciable real estate owned, net of tax		(47,939	)		(16,867	)
Funds from operations ("FFO") attributable to common stockholders and unitholders, basic	$	207,086		$	212,224

Distributions to preferred stockholders - Series E (Convertible)⁽²⁾		1,206			1,231

FFO attributable to common stockholders and unitholders, diluted	$	208,292		$	213,455

FFO per weighted average common share and unit, basic	$	0.59		$	0.60
FFO per weighted average common share and unit, diluted	$	0.58		$	0.60

Weighted average number of common shares and OP/DownREIT Units outstanding, basic		353,527			353,241
Weighted average number of common shares, OP/DownREIT Units, and common stock equivalents outstanding, diluted		357,432			356,280

Impact of adjustments to FFO:
Legal and othercosts	$	3,805		$	2,530
Realized and unrealized (gain)/loss on real estate technology investments, net of tax		211			(4,988	)
Severance costs		499			421
Software transition related costs		2,967			-
Casualty-related charges/(recoveries)		3,297			6,278
Total impact of adjustments to FFO	$	10,779		$	4,241

FFO as Adjusted attributable to common stockholders and unitholders, diluted	$	219,071		$	217,696

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

Recurring capital expenditures, inclusive of unconsolidated joint ventures		(18,405	)		(17,308	)
AFFO attributable to common stockholders and unitholders, diluted	$	200,666		$	200,388

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, 2025 and March 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⁾

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


ASSETS

Real estate owned:
Real estate held for investment	$	16,022,078		$	15,994,794
Less: accumulated depreciation		(6,996,685	)		(6,836,920	)
Real estate held for investment, net		9,025,393			9,157,874
Real estate under development
(net of accumulated depreciation of $0 and $0)		33,535			-
Real estate held for disposition
(net of accumulated depreciation of $0 and $64,106)		-			154,463
Total real estate owned, net of accumulated depreciation		9,058,928			9,312,337

Cash and cash equivalents		1,250			1,326
Restricted cash		32,071			34,101
Notes receivable, net		365,833			247,849
Investment in and advances to unconsolidated joint ventures, net ⁽²⁾		919,814			917,483
Operating lease right-of-use assets		186,066			186,997
Other assets⁽²⁾		181,450			197,493
Total assets	$	10,745,412		$	10,897,586

LIABILITIES AND EQUITY

Liabilities:
Secured debt	$	1,137,826		$	1,139,331
Unsecured debt		4,673,383			4,687,634
Operating lease liabilities		181,359			182,275
Real estate taxes payable		36,646			46,403
Accrued interest payable		28,055			52,631
Security deposits and prepaid rent		52,266			61,592
Distributions payable		153,756			151,720
Accounts payable, accrued expenses, and other liabilities		93,268			115,105
Total liabilities		6,356,559			6,436,691

Redeemable noncontrolling interests in the OP and DownREIT Partnership		1,057,474			1,017,355

Equity:
Preferred stock, no par value; 50,000,000 shares authorized at March 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
10,374,696 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 March 31, 2025 and December 31, 2024:
331,174,564 shares issued and outstanding (330,858,719 shares at December 31, 2024)		3,312			3,309
Additional paid-in capital		7,575,098			7,572,480
Distributions in excess of net income		(4,293,032	)		(4,179,415	)
Accumulated other comprehensive income/(loss), net		2,473			3,638
Total stockholders' equity		3,331,044			3,443,205
Noncontrolling interests		335			335
Total equity		3,331,379			3,443,540
Total liabilities and equity	$	10,745,412		$	10,897,586

(1)		See Attachment 14 for definitions and other terms.
(2)		As of March 31, 2025, UDR's residential accounts receivable balance, net of its reserve, was $5.6 million, including its share from unconsolidated joint ventures. The unreserved amount is based on probability of collection.

Attachment 4(C)

Selected Financial Information

(Dollars in Thousands)

(Unaudited) ⁽¹⁾

Quarter Ended

Coverage Ratios

March 31, 2025

Net income/(loss)

82,071

Adjustments:

Interest expense, including debt extinguishment and other associated costs

47,701

Real estate depreciation and amortization

161,394

Other depreciation and amortization

7,067

Tax provision/(benefit), net

158

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

(47,939

)

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

17,308

EBITDAre

267,760

Casualty-related charges/(recoveries), net

3,297

Legal and other costs

3,805

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

1,880

Severance costs

499

(Income)/loss from unconsolidated entities

(5,814

)

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

(17,308

)

Management fee expense on unconsolidated joint ventures

(863

)

Consolidated EBITDAre - adjusted for non-recurring items

253,256

Annualized consolidated EBITDAre - adjusted for non-recurring items

1,013,024

Interest expense, including debt extinguishment and other associated costs

47,701

Capitalized interest expense

2,000

Total interest

49,701

Preferred dividends

1,206

Total debt

5,811,209

Cash

(1,250

)

Net debt

5,809,959

Consolidated Interest Coverage Ratio - adjusted for non-recurring items

5.1x

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

5.0x

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

5.7x

Debt Covenant Overview

Unsecured Line of Credit Covenants ⁽²⁾

Required

Actual

Compliance

Maximum Leverage Ratio

≤60.0%

31.3%⁽²⁾

Yes

Minimum Fixed Charge Coverage Ratio

≥1.5x

4.8x

Yes

Maximum Secured Debt Ratio

≤40.0%

9.9%

Yes

Minimum Unencumbered Pool Leverage Ratio

≥150.0%

376.9%

Yes

Senior Unsecured Note Covenants ⁽³⁾

Required

Actual

Compliance

Debt as a percentage of Total Assets

≤65.0%

32.8%⁽³⁾

Yes

Consolidated Income Available for Debt Service to Annual Service Charge

≥1.5x

5.6x

Yes

Secured Debt as a percentage of Total Assets

≤40.0%

6.4%

Yes

Total Unencumbered Assets to Unsecured Debt

≥150.0%

315.6%

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 2025 NOI ⁽¹⁾

Carrying Value

Total Gross

Asset Summary

Homes

($000s)

% of NOI

($000s)

Carrying Value

Unencumbered assets

46,383

248,300

87.1

14,016,314

87.3

Encumbered assets

8,940

36,801

12.9

2,039,299

12.7

55,323

285,101

100.0

16,055,613

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 14(D)

Definitions and Reconciliations

March 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 2025 and second quarter of 2025 to forecasted FFO and FFO as Adjusted per share and unit:

	Full-Year 2025
	Low			High

Forecasted net income per diluted share	$	0.56		$	0.66
Conversion from GAAP share count		(0.02	)		(0.02	)
Net gain on the sale of depreciable real estate owned		(0.13	)		(0.13	)
Depreciation		2.00			2.00
Noncontrolling interests		0.03			0.03
Preferred dividends		0.01			0.01
Forecasted FFO per diluted share and unit	$	2.45		$	2.55
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	$	2.45		$	2.55



	2Q 2025
	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

View source version on businesswire.com: https://www.businesswire.com/news/home/20250429003094/en/

Trent Trujillo

Email: ttrujillo@udr.com

UDR Announces First Quarter 2025 Results and Reaffirms Full-Year 2025 Guidance Ranges