The following discussion should be read in conjunction with the consolidated financial statements appearing elsewhere herein and is based primarily on the consolidated financial statements for the three and six months ended June 30, 2026 and 2025, of UDR, Inc. Unless the context otherwise requires, all references in this Quarterly Report on Form 10-Q (this “Report”) to “UDR,” the “Company,” “we,” “our” and “us” refer to UDR, Inc., together with its consolidated subsidiaries, including United Dominion Realty, L.P. (the “Operating Partnership” or the “OP”) and, prior to its liquidation in July 2026, UDR Lighthouse DownREIT L.P. (the “DownREIT Partnership”). ​ Forward-Looking Statements This Report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Such forward-looking statements include, without limitation, statements concerning property acquisitions and dispositions, development activity and capital expenditures, capital raising activities, rent growth, occupancy and rental expense growth. Words such as “expects,” “anticipates,” “intends,” “plans,” “likely,” “will,” “believes,” “seeks,” “estimates,” and variations of such words and similar expressions are intended to identify such forward-looking statements. The following factors, among others, could cause our future results to differ materially from those expressed in the forward-looking statements: ● general market and economic conditions; ● the impact of inflation/deflation, tariffs, geopolitical tensions and government shutdowns; ● unfavorable changes in apartment market and economic conditions that could adversely affect occupancy levels and rental rates; ● the failure of acquisitions, developments or redevelopments to achieve anticipated results; ● possible difficulty in selling apartment communities; ● competitive factors that may limit our ability to lease apartment homes or increase or maintain rents; ● insufficient cash flow that could affect our debt financing and create refinancing risk; ● failure to generate sufficient revenue, which could impair our debt service payments and distributions to stockholders; ● development and construction risks that may impact our profitability; ● potential damage from natural disasters, including hurricanes, fires, floods, ice storms and other weather-related events, which could result in substantial costs to us; ● risks from climate change that impacts our properties or operations; ● risks from extraordinary losses for which we may not have insurance or adequate reserves; ● risks from cybersecurity breaches of our information technology systems and the information technology systems of our third party vendors and other third parties; ● the availability of capital and the stability of the capital markets; ● changes in job growth, home affordability and the demand/supply ratio for multifamily housing; ● the failure of automation or technology to help grow net operating income; ● uninsured losses due to insurance deductibles, self-insurance retention, uninsured claims or casualties, or losses in excess of applicable coverage; ● delays in completing developments and lease-ups on schedule or at expected rent and occupancy levels; ● our failure to succeed in new markets; 42 Table of Contents ● risks that third parties who have an interest in or are otherwise involved in projects in which we have an interest, including mezzanine borrowers, joint venture partners or other investors, do not perform as expected; ● changing interest rates, which could increase interest costs and affect the market price of our securities; ● potential liability for environmental contamination, which could result in substantial costs to us; ● the imposition of federal taxes if we fail to qualify as a REIT under the Code in any taxable year; ● our internal control over financial reporting may not be considered effective which could result in a loss of investor confidence in our financial reports, and in turn have an adverse effect on our stock price; and ● changes in real estate laws, tax laws, rent control or stabilization laws or other laws affecting our business. A discussion of these and other factors affecting our business and prospects is set forth in Part II, Item 1A. Risk Factors. We encourage investors to review these risk factors. Although we believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore such statements included in this Report may not prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be achieved. Forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this Report, and we expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in our 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 by law. ​ Business Overview We are a self-administered real estate investment trust, or REIT, that owns, operates, acquires, renovates, develops, redevelops, disposes of, and manages multifamily apartment communities in targeted markets located in the United States. We were formed in 1972 as a Virginia corporation. In June 2003, we changed our state of incorporation from Virginia to Maryland. Our subsidiaries include the Operating Partnership. At June 30, 2026, our consolidated real estate portfolio included 162 communities in 12 states plus the District of Columbia totaling 54,173 apartment homes. In addition, we have an ownership interest in 8,720 completed or to-be-completed apartment homes through unconsolidated joint ventures or partnerships, including 3,319 apartment homes owned by entities in which we hold preferred equity investments. The Same-Store Community apartment home population for the three and six months ended June 30, 2026, was 52,426 and 52,341, respectively. 43 Table of Contents The following table summarizes our same-store market information by major geographic markets as of and for the three and six months ended June 30, 2026, as applicable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2026 ​ Three Months Ended June 30, 2026 ​ Six Months Ended June 30, 2026 ​ ​ ​ ​ ​ ​ Percentage ​ Total ​ Weighted ​ Monthly ​ Weighted ​ Monthly ​ ​ Number of ​ Number of ​ of Total ​ Carrying ​ Average ​ Income per ​ Average ​ Income per ​ ​ Apartment ​ Apartment ​ Carrying ​ Value (in ​ Physical ​ Occupied ​ Physical ​ Occupied Same-Store Communities ​ Communities ​ Homes ​ Value ​ thousands) ​ Occupancy ​ Home (a) ​ Occupancy ​ Home (a) West Region ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Orange County, CA 8 4,305 8.8 % $ 1,440,413 ​ 96.3 % $ 3,252 96.2 % $ 3,236 San Francisco, CA 14 3,317 7.6 % ​ 1,242,186 ​ 97.8 % ​ 3,817 97.7 % ​ 3,758 Seattle, WA 12 2,290 5.7 % 931,618 ​ 97.3 % 2,984 97.1 % 2,966 Monterey Peninsula, CA 7 1,567 1.3 % 211,001 ​ 96.2 % 2,435 96.7 % 2,421 Los Angeles, CA 4 1,225 3.0 % 497,676 ​ 95.8 % 3,289 96.0 % 3,272 Other Southern California 3 821 1.4 % 232,048 ​ 96.7 % 3,040 96.7 % 2,996 Portland, OR 1 220 0.2 % 27,589 ​ 97.4 % 2,148 97.2 % 2,158 Northeast Region ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Boston, MA 12 4,667 12.2 % 2,000,183 ​ 96.7 % 3,395 96.5 % 3,371 New York, NY 4 1,945 8.6 % 1,407,693 ​ 97.6 % 5,340 98.0 % 5,279 Philadelphia, PA ​ 4 ​ 1,172 ​ 2.7 % ​ 449,270 ​ 97.0 % ​ 2,663 ​ 96.6 % ​ 2,639 Mid-Atlantic Region ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Metropolitan D.C. 24 9,119 16.5 % 2,703,354 ​ 96.6 % 2,526 96.4 % 2,516 Baltimore, MD 6 1,721 3.0 % 489,511 ​ 96.9 % 2,142 96.7 % 2,128 Richmond, VA 2 841 0.5 % 90,109 ​ 94.6 % 1,885 94.6 % 1,871 Southeast Region ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tampa, FL 10 3,611 4.2 % 694,307 ​ 96.6 % 2,152 96.5 % 2,150 Orlando, FL 10 3,293 3.5 % 575,948 ​ 96.7 % 1,910 96.6 % 1,904 Nashville, TN 7 2,055 1.6 % 259,500 ​ 95.2 % 1,741 95.4 % 1,727 Other Florida 1 636 0.6 % 99,964 ​ 96.7 % 2,396 96.4 % 2,389 Southwest Region ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dallas, TX 20 7,449 8.5 % 1,386,135 ​ 96.6 % 1,810 96.8 % 1,775 Austin, TX 6 1,880 2.0 % 330,313 ​ 97.0 % 1,704 96.8 % 1,717 Denver, CO ​ 1 ​ 292 ​ 0.6 % ​ 103,090 ​ 96.6 % ​ 2,061 ​ 96.2 % ​ 2,063 Total/Average Same-Store Communities 156 52,426 92.5 % 15,171,908 ​ 96.6 % $ 2,642 96.6 % $ 2,623 Non-Mature, Commercial Properties & Other 5 1,512 5.8 % 942,312 ​ ​ ​ ​ ​ ​ ​ Total Real Estate Held for Investment 161 53,938 98.3 % 16,114,220 ​ ​ ​ ​ ​ ​ ​ Real Estate Under Development (b) — — 0.9 % 147,617 ​ ​ ​ ​ ​ ​ ​ Real Estate Held for Disposition (c) 1 235 0.8 % 134,048 ​ ​ ​ ​ ​ ​ ​ Total Real Estate Owned 162 54,173 100.0 % 16,395,885 ​ ​ ​ ​ ​ ​ ​ Total Accumulated Depreciation ​ ​ ​ ​ (7,518,827) ​ ​ ​ ​ ​ ​ ​ Total Real Estate Owned, Net of Accumulated Depreciation ​ ​ ​ ​ $ 8,877,058 ​ ​ ​ ​ ​ ​ ​ (a) Monthly Income per Occupied Home represents total monthly revenues divided by the average physical number of occupied apartment homes in our Same-Store portfolio. (b) As of June 30, 2026, the Company was developing two wholly-owned communities with a total of 685 apartment homes, none of which have been completed. (c) The Company had one community located in Seattle, Washington that met the criteria to be classified as held for disposition at June 30, 2026. We report in two segments: Same-Store Communities and Non-Mature Communities/Other. Our Same-Store Communities segment represents those communities acquired, developed, and stabilized prior to April 1, 2025 (for quarter-to-date comparison) and January 1, 2025 (for year-to-date comparison) and held as of June 30, 2026. These communities were owned and had stabilized occupancy and operating expenses as of the beginning of the prior period, there is no plan to conduct substantial redevelopment activities, and the communities are not classified as held for disposition within the current year. A community is considered to have stabilized occupancy once it achieves 90% occupancy for at least three consecutive months. 44 Table of Contents Our Non-Mature Communities/Other segment represents those communities that do not meet the criteria to be included in Same-Store Communities, including, but not limited to, recently acquired, developed and redeveloped communities, and the non-apartment components of mixed use properties. ​ Liquidity and Capital Resources Liquidity is the ability to meet present and future financial obligations either through operating cash flows, sales of properties, borrowings under our credit agreements, and/or the issuance of debt and/or equity securities. Our primary source of liquidity is our cash flow from operations, as determined by rental rates, occupancy levels, and operating expenses related to our portfolio of apartment homes, and borrowings under our credit agreements. We routinely use our working capital credit facility, our unsecured revolving credit facility and issuances of commercial paper to temporarily fund certain investing and financing activities prior to arranging for longer-term financing or the issuance of equity or debt securities. During the past several years, proceeds from the sale of real estate have been used for both investing and financing activities as we continue to execute on maintaining a diversified portfolio. We expect to meet our short-term liquidity requirements generally through net cash provided by property operations and borrowings under our credit agreements and our unsecured commercial paper program. We expect to meet certain long-term liquidity requirements such as scheduled debt maturities, the repayment of financing on development activities, and potential property acquisitions, through net cash provided by property operations, secured and unsecured borrowings, the issuance of debt or equity securities, and/or the disposition of properties. We believe that our net cash provided by property operations and borrowings under our credit agreements and our unsecured commercial paper program will continue to be adequate to meet both operating requirements and the payment of dividends by the Company in accordance with REIT requirements. Likewise, the budgeted expenditures for improvements and renovations of certain properties are expected to be funded from property operations, borrowings under credit agreements, the issuance of debt or equity securities, and/or dispositions of properties. We have a shelf registration statement filed with the Securities and Exchange Commission, or “SEC,” which provides for the issuance of common stock, preferred stock, depositary shares, debt securities, guarantees of debt securities, warrants, subscription rights, purchase contracts and units to facilitate future financing activities in the public capital markets. Access to capital markets is dependent on market conditions at the time of issuance. In July 2021, the Company entered into an ATM sales agreement under which the Company may offer and sell up to 20.0 million shares of its common stock, from time to time, to or through its sales agents and may enter into separate forward sales agreements to or through its forward purchasers. During the three and six months ended June 30, 2026, the Company did not sell any shares of common stock through its ATM program. As of June 30, 2026, we had 14.0 million shares of common stock available for future issuance under the ATM program. In connection with any forward sales agreement under the Company’s ATM program, the relevant forward purchasers will borrow from third parties and, through the relevant sales agent, acting in its role as forward seller, sell a number of shares of the Company’s common stock equal to the number of shares underlying the agreement. The Company does not initially receive any proceeds from any sale of borrowed shares by the forward seller. During the three months ended June 30, 2026, the Company repurchased 5.5 million shares of its common stock at an average price of $36.49 per share for total consideration of approximately $200.3 million under its share repurchase program. During the six months ended June 30, 2026, the Company repurchased 8.2 million shares of its common stock at an average price of $36.43 per share for total consideration of approximately $300.3 million under its share repurchase program. ​ The Company has a $1.3 billion unsecured revolving credit facility (the “Revolving Credit Facility”) and a $350.0 million unsecured term loan (the “Term Loan”). The credit agreement for these facilities (the “Credit Agreement”) allows the total commitments under the Revolving Credit Facility and the total borrowings under the Term Loan to be increased to an aggregate maximum amount of up to $2.5 billion, subject to certain conditions, including obtaining commitments from one or more lenders. The Revolving Credit Facility has a scheduled maturity date of August 31, 2028, with two six-month extension options, subject to certain conditions. The Term Loan has a scheduled maturity date of January 2029, with two one-year extension options, subject to certain conditions. ​ The Company has an unsecured commercial paper program. Under the terms of the program, the Company may issue unsecured commercial paper up to a maximum aggregate amount outstanding of $700.0 million. The notes are sold under 45 Table of Contents customary terms in the United States commercial paper market and rank pari passu with all of the Company’s other unsecured indebtedness. The notes are fully and unconditionally guaranteed by the Operating Partnership. As of June 30, 2026, we had issued $480.0 million of commercial paper, for one month terms, at a weighted average annualized rate of 4.01%, leaving $220.0 million of unused capacity. ​ Future Capital Needs Future development and redevelopment expenditures may be funded through unsecured or secured credit facilities, unsecured commercial paper, proceeds from the issuance of equity or debt securities, sales of properties, joint ventures, and, to a lesser extent, from cash flows provided by property operations. Acquisition activity in strategic markets may be funded through joint ventures, by the reinvestment of proceeds from the sale of properties, through the issuance of equity or debt securities, the issuance of operating partnership units and the assumption or placement of secured and/or unsecured debt. During the remainder of 2026, we have approximately $28.4 million of secured debt maturing, inclusive of principal amortization, and $780.0 million of unsecured debt maturing. We anticipate repaying the remaining debt with cash flow from our operations, proceeds from debt or equity offerings, proceeds from dispositions of properties, or from borrowings under our credit agreements and our unsecured commercial paper program. We do not have any off-balance sheet arrangements that have, or are reasonably likely to have, a current or future effect on our financial condition, changes in financial condition, revenue or expenses, results of operations, liquidity, capital expenditures or capital resources that are material. Guarantor Subsidiary Summarized Financial Information ​ UDR has certain outstanding debt securities that are guaranteed by the Operating Partnership. With respect to this debt, as further outlined below, the Operating Partnership fully and unconditionally guarantees payment of any principal, premium and interest in full to the holders thereof. The Operating Partnership is a subsidiary of UDR, through which UDR conducts a significant portion of its business and holds a substantial amount of its assets. UDR also conducts business through other subsidiaries, including its taxable REIT subsidiaries. In addition to its ownership interest in the Operating Partnership, UDR holds interests in subsidiaries and joint ventures, owns and operates properties, issues securities from time to time and guarantees debt of certain of its subsidiaries. UDR, as the sole general partner of the Operating Partnership, owns 100 percent of the Operating Partnership’s general partnership interests and approximately 95 percent of its limited partnership interests and, by virtue thereof, has the ability to control all of the day-to-day operations of the Operating Partnership. UDR has concluded that it is the primary beneficiary of, and therefore consolidates, the Operating Partnership. ​ The Operating Partnership is the subsidiary guarantor of certain of our registered debt securities, including the $300 million of medium-term notes due September 2026, $300 million of medium-term notes due July 2027, $300 million of medium-term notes due January 2028, $300 million of medium-term notes due January 2029, $600 million of medium-term notes due January 2030, $600 million of medium-term notes due August 2031, $400 million of medium-term notes due August 2032, $350 million of medium-term notes due March 2033, $300 million of medium-term notes due in June 2033, $300 million of medium-term notes due September 2034 and $300 million of medium-term notes due November 2034. ​ The Operating Partnership fully and unconditionally guarantees payment of any principal, premium and interest in full to the holders of the notes described above. The guarantee forms part of the indenture under which the notes were issued. If, for any reason, we do not make any required payment in respect of the notes when due, the Operating Partnership will cause the payment to be made to, or to the order of, the applicable paying agent on behalf of the trustee. Holders of the notes may enforce their rights under the guarantee directly against the Operating Partnership without first making a demand or taking action against UDR or any other person or entity. The Operating Partnership may, without the consent of the holders of the notes, assume all of our rights and obligations under the notes and, upon such assumption, we will be released from our liabilities under the indenture and the notes. ​ The notes are UDR’s unsecured general obligations and rank equally with all of UDR’s other unsecured and unsubordinated indebtedness outstanding from time to time. As a result, our payment of amounts due on the notes is subordinated to all of our existing and future secured obligations to the extent of the value of the collateral pledged toward any such secured obligation. Our payment of amounts due on the notes also is effectively subordinated to all liabilities, whether secured or unsecured, of any of our non-guarantor subsidiaries because, in the event of a bankruptcy, liquidation, dissolution, reorganization or similar proceeding with respect to such subsidiaries, we, as an equity holder of such subsidiaries, would not receive distributions from such subsidiaries until claims of any creditors of such subsidiaries are satisfied. 46 Table of Contents ​ The following tables present the summarized financial information for the Operating Partnership as of June 30, 2026 and December 31, 2025, and for the three and six months ended June 30, 2026 and 2025. The information presented below excludes eliminations necessary to arrive at the information on a consolidated basis (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 Total real estate, net $ 2,530,140 $ 2,624,249 Cash and cash equivalents ​ 2 ​ — Operating lease right-of-use assets ​ 186,280 ​ 188,343 Other assets ​ 97,309 ​ 37,548 Total assets $ 2,813,731 $ 2,850,140 ​ ​ ​ ​ ​ ​ ​ Secured debt, net ​ $ 374,672 ​ $ 375,820 Notes payable to UDR (a) ​ ​ 1,535,816 ​ ​ 1,697,552 Operating lease liabilities ​ ​ 181,695 ​ ​ 183,731 Other liabilities ​ 327,357 ​ 146,348 Total liabilities ​ 2,419,540 ​ 2,403,451 Total capital ​ $ 394,191 ​ $ 446,689 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ 2026 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 Total revenue $ 155,214 $ 152,832 ​ $ 311,224 $ 305,028 Property operating expenses ​ (61,511) ​ (58,096) ​ (125,584) ​ (124,587) Real estate depreciation and amortization ​ (47,709) ​ (46,549) ​ (96,238) ​ (92,690) Operating income/(loss) ​ 45,994 ​ 48,187 ​ 89,402 ​ 87,751 Interest expense (a) ​ (20,099) ​ (18,445) ​ (40,447) ​ (36,323) Gain/(loss) on sale of real estate ​ ​ 35,704 ​ ​ — ​ ​ 82,055 ​ ​ — Other income/(loss) ​ 2,743 ​ (5,909) ​ 1,789 ​ (3,053) Net income/(loss) $ 64,342 $ 23,833 ​ $ 132,799 $ 48,375 (a) All $1.5 billion and $1.7 billion notes payable to UDR as of June 30, 2026 and December 31, 2025, respectively, and $15.9 million and $14.1 million of interest expense on notes payable to UDR for the three months ended June 30, 2026 and 2025, respectively, and $32.0 million and $27.7 million of interest expense on notes payable to UDR for the six months ended June 30, 2026 and 2025, respectively, eliminate upon consolidation of UDR’s consolidated financial statements. ​ Critical Accounting Policies and Estimates and New Accounting Pronouncements Our critical accounting policies are those having the most impact on the reporting of our financial condition and results and those requiring significant judgments and estimates. These policies include those related to (1) capital expenditures, (2) impairment of long-lived assets, (3) real estate investment properties, and (4) revenue recognition. Our critical accounting policies are described in more detail in the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in UDR’s Annual Report on Form 10-K, filed with the SEC on February 17, 2026. There have been no significant changes in our critical accounting policies from those reported in our Form 10-K filed with the SEC on February 17, 2026. With respect to these critical accounting policies, we believe that the application of judgments and assessments is consistently applied and produces financial information that fairly depicts the results of operations for all periods presented. Statements of Cash Flows The following discussion explains the changes in Net cash provided by/(used in) operating activities, Net cash provided by/(used in) investing activities, and Net cash provided by/(used in) financing activities that are presented in our Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025. 47 Table of Contents Operating Activities For the six months ended June 30, 2026, our Net cash provided by/(used in) operating activities was $390.9 million, compared to $406.5 million for the comparable period in 2025. The decrease in cash flow from operating activities was primarily due to a decrease in operating distributions from our unconsolidated joint ventures and partnerships, partially offset by changes in operating assets and liabilities. Investing Activities For the six months ended June 30, 2026, Net cash provided by/(used in) investing activities was $225.8 million, compared to $(40.9) million for the comparable period in 2025. The increase in cash provided by investing activities was primarily due to an increase in distributions received from unconsolidated joint ventures and partnerships, a decrease in the issuance of notes receivables during the current period compared to the prior year period, a decrease in capital expenditures, and an increase in proceeds from the sales of real estate investments, partially offset by an increase in spend on acquisitions and an increase in spend for development of real estate. Acquisitions ​ In April 2026, the Company acquired a 232-home operating apartment community located in Portland, Oregon in connection with the liquidation of the Company’s interest in a joint venture. As a result, the community became wholly owned, and the Company began consolidating the community. In connection with the liquidation, the Company repaid the joint venture’s $53.4 million first mortgage loan and settled its $18.9 million preferred equity investment. No cash consideration was paid to the joint venture partner in connection with the acquisition. The Company increased its real estate assets owned by approximately $72.1 million, and recorded $1.2 million of in-place lease intangibles. Following the recognition of the acquired assets and assumed liabilities, the Company recognized a gain on consolidation of $0.3 million in Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations. (See Note 5, Joint Ventures and Partnerships for more information.) In June 2026, the Company acquired the developer’s equity interest in a 66 apartment home operating community located in Santa Monica, California. The Company previously held a secured first mortgage loan and preferred equity investment with the joint venture. In connection with the acquisition, the Company issued $2.8 million of OP Units to the developer. As a result, the joint venture became wholly owned, and the Company began consolidating the community. Concurrent with the acquisition, the Company's first mortgage loan, including accrued interest, was settled in full, and its preferred equity investment was adjusted to its liquidation value, resulting in a $3.8 million gain recognized in Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations. The Company increased its real estate assets owned by approximately $45.1 million, and recorded $1.2 million of in-place lease intangibles. Dispositions ​ In March 2026, the Company sold four operating communities located in various markets with a total of 1,159 apartment homes for gross proceeds of $362.0 million, resulting in total gains of approximately $157.4 million. ​ In June 2026, the Company sold an operating community located in Nashville, Tennessee with 206 apartment homes for gross proceeds of $41.5 million, resulting in a gain of approximately $35.7 million. As of June 30, 2026, the net proceeds of $40.8 million were held by a qualified intermediary, which was recorded in Other Assets on the Consolidated Balance Sheets. ​ Capital Expenditures We capitalize those expenditures that materially enhance the value of an existing asset or substantially extend the useful life of an existing asset. Expenditures necessary to maintain an existing property in ordinary operating condition are expensed as incurred. For the six months ended June 30, 2026, total capital expenditures of $108.4 million, or $1,991 per stabilized home, which in aggregate include recurring capital expenditures and major renovations, were spent across our portfolio, excluding development, as compared to $119.9 million, or $2,168 per stabilized home, for the comparable period in 2025. 48 Table of Contents The decrease in total capital expenditures was primarily due to: ● a decrease of 37.1%, or $14.4 million, in major renovations, which includes major structural changes and/or architectural revisions to existing buildings; and ● a decrease of 4.2%, or $1.5 million, in NOI enhancing improvements, such as kitchen and bath remodels and upgrades to common areas. This was partially offset by: ● an increase of $2.7 million in spend as compared to 2025 for our operating platform, which includes smart home technology updates at certain of our properties; and ● an increase of 3.5%, or $1.6 million, in recurring capital expenditures, which includes asset preservation expenditures and turnover-related expenditures. The following table outlines capital expenditures and repair and maintenance costs for all of our communities, excluding real estate under development, for the six months ended June 30, 2026 and 2025 (dollars in thousands except Per Home amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Per Home ​ ​ Six Months Ended June 30, ​ Six Months Ended June 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ % Change ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ % Change Turnover capital expenditures ​ $ 7,723 ​ $ 8,172 (5.5) % $ 142 ​ $ 148 (4.1) % Asset preservation expenditures ​ 38,876 ​ 36,868 5.4 % 714 ​ 666 7.2 % Total recurring capital expenditures ​ 46,599 ​ 45,040 3.5 % 856 ​ 814 5.2 % NOI enhancing improvements (a) ​ 33,713 ​ 35,203 (4.2) % 619 ​ 636 (2.7) % Major renovations (b) ​ 24,414 ​ 38,817 (37.1) % 449 ​ 702 (36.0) % Operations platform ​ ​ 3,632 ​ ​ 887 ​ 309.5 % ​ 67 ​ ​ 16 ​ 318.8 % Total capital expenditures (c) ​ $ 108,358 ​ $ 119,947 (9.7) % $ 1,991 ​ $ 2,168 (8.2) % Repair and maintenance expense ​ $ 52,996 ​ $ 51,258 3.4 % $ 974 ​ $ 927 5.1 % Average home count (d) ​ 54,433 ​ 55,324 (1.6) % ​ ​ ​ ​ ​ ​ ​ ​ (a) NOI enhancing improvements are expenditures that we believe will result in increased income generation or decreased expense growth. (b) Major renovations include major structural changes and/or architectural revisions to existing buildings. (c) Total capital expenditures includes amounts capitalized during the year. Cash paid for capital expenditures is impacted by the net change in related accruals. (d) Average number of homes is calculated based on the number of homes outstanding at the end of each month. We intend to continue to selectively add NOI enhancing improvements, which we believe will provide a return on investment in excess of our cost of capital. Our objective in redeveloping a community is twofold: we aim to meaningfully grow rental rates while also achieving cap rate compression through asset quality improvement. Consolidated Real Estate Under Development and Redevelopment At June 30, 2026, our development pipeline consisted of two wholly-owned communities totaling 685 apartment homes, none of which have been completed, with a budget of $314.9 million, in which we have a gross carrying value of $147.6 million. The homes are estimated to be completed between the first quarter of 2027 and the second quarter of 2029. In addition, the Company is incurring and capitalizing costs directly related to predevelopment activities at other development sites in preparation of future commencements. At June 30, 2026, the Company had no communities at which it was conducting substantial redevelopment activities. 49 Table of Contents Unconsolidated Joint Ventures and Partnerships The Company recognizes income or losses from our investments in unconsolidated joint ventures and partnerships consisting of our proportionate share of the net income or losses of the joint ventures and partnerships. In addition, we may earn fees for providing management services to the communities held by the unconsolidated joint ventures and partnerships. The Company’s Investment in and advances to unconsolidated joint ventures and partnerships, net, are accounted for under the equity method of accounting. For the six months ended June 30, 2026: ● we made investments totaling $2.8 million in our unconsolidated joint ventures and partnerships; ● our proportionate share of the net income/(loss) of the joint ventures and partnerships was $23.0 million; and ● we received distributions of $157.0 million, of which $14.3 million were operating cash flows and $142.7 million were investing cash flows. We evaluate our investments in unconsolidated joint ventures and partnerships when events or changes in circumstances indicate that there may be an other-than-temporary decline in value. We consider various factors to determine if a decrease in the value of the investment is other-than-temporary. The Company did not incur any other-than-temporary impairments in the value of its investments in unconsolidated joint ventures during the six months ended June 30, 2026 and 2025. Financing Activities For the six months ended June 30, 2026, our Net cash provided by/(used in) financing activities was $(617.5) million, compared to $(365.9) million for the comparable period of 2025. The following significant financing activities occurred during the six months ended June 30, 2026: ● repaid $28.3 million of secured debt; ● received net proceeds of $35.0 million, net on our unsecured commercial paper program; ● repaid $15.4 million on our revolving bank debt; ● repurchased 8.2 million common shares for approximately $300.3 million, ● paid $19.8 million of distributions to redeemable noncontrolling interests; and ● paid $282.9 million of distributions to our common stockholders. ​ Credit Facilities and Commercial Paper Program The Company has a $1.3 billion unsecured revolving credit facility (the “Revolving Credit Facility”) and a $350.0 million unsecured term loan (the “Term Loan”). The credit agreement for these facilities (the “Credit Agreement”) allows the total commitments under the Revolving Credit Facility and the total borrowings under the Term Loan to be increased to an aggregate maximum amount of up to $2.5 billion, subject to certain conditions, including obtaining commitments from one or more lenders. The Revolving Credit Facility has a scheduled maturity date of August 31, 2028, with two six-month extension options, subject to certain conditions. The Term Loan has a scheduled maturity date of January 2029, with two one-year extension options, subject to certain conditions. Based on the Company’s current credit rating, the Revolving Credit Facility has an interest rate equal to SOFR plus a margin of 77.5 basis points and a facility fee of 15 basis points, and the Term Loan has an interest rate equal to SOFR plus a margin of 85.0 basis points. Depending on the Company’s credit rating, the margin under the Revolving Credit Facility ranges from 70 to 140 basis points, the facility fee ranges from 10 to 30 basis points, and the margin under the Term Loan ranges from 75 to 160 basis points. In addition, the Credit Agreement allows for the Company in consultation with the sustainability structuring agent to propose key performance indicators with respect to certain environmental, social, and governance goals of the Company, and thresholds or targets with respect thereto, and a related amendment to the Credit Agreement, that if entered into may allow a change in the applicable margin for the Term Loan of up to five basis points. 50 Table of Contents As of June 30, 2026, we had no outstanding borrowings under the Revolving Credit Facility, leaving $1.3 billion of unused capacity (excluding $4.3 million of letters of credit at June 30, 2026), and $350.0 million of outstanding borrowings under the Term Loan. The Company has a working capital credit facility, which provides for a $75.0 million unsecured revolving credit facility (the “Working Capital Credit Facility”) with a scheduled maturity date of January 12, 2027, with two one-year extension options. Based on the Company’s current credit rating, the Working Capital Credit Facility has an interest rate equal to SOFR plus a margin of 77.5 basis points. Depending on the Company’s credit rating, the margin ranges from 70 to 140 basis points. As of June 30, 2026, we had $11.0 million of outstanding borrowings under the Working Capital Credit Facility, leaving $64.0 million of unused capacity. The bank revolving credit facilities and the term loan are subject to customary financial covenants and limitations, all of which we were in compliance with at June 30, 2026. The Company has an unsecured commercial paper program. Under the terms of the program, the Company may issue unsecured commercial paper up to a maximum aggregate amount outstanding of $700.0 million. The notes are sold under customary terms in the United States commercial paper market and rank pari passu with all of the Company’s other unsecured indebtedness. The notes are fully and unconditionally guaranteed by the Operating Partnership. As of June 30, 2026, we had issued $480.0 million of commercial paper, for one month terms, at a weighted average annualized rate of 4.01%, leaving $220.0 million of unused capacity. Interest Rate Risk We are exposed to interest rate risk associated with variable rate notes payable and maturing debt that has to be refinanced. We do not hold financial instruments for trading or other speculative purposes, but rather issue these financial instruments to finance our portfolio of real estate assets and operations. Interest rate sensitivity is the relationship between changes in market interest rates and the fair value of market rate sensitive assets and liabilities. Our earnings are affected as changes in short-term interest rates impact our cost of variable rate debt and maturing fixed rate debt. We had $693.0 million in variable rate debt that is not subject to interest rate swap contracts as of June 30, 2026. If market interest rates for variable rate debt increased by 100 basis points, our interest expense for the six months ended June 30, 2026 would increase by $3.3 million based on the average balance outstanding during the period. These amounts are determined by considering the impact of hypothetical interest rates on our borrowing cost. This analysis does not consider the effects of the adjusted level of overall economic activity that could exist in such an environment or actions we may take to further mitigate our exposure to the change. However, due to the uncertainty of the specific actions that would be taken and their possible effects, the sensitivity analysis assumes no change in our financial structure. The Company also utilizes derivative financial instruments to manage interest rate risk and generally designates these financial instruments as cash flow hedges. See Note 11, Derivatives and Hedging Activities, in the Notes to the UDR Consolidated Financial Statements included in this Report for additional discussion of derivative instruments. A presentation of cash flow metrics based on GAAP is as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2026 ​ ​ ​ 2025 Net cash provided by/(used in) operating activities ​ ​ ​ $ 390,918 ​ ​ ​ $ 406,545 Net cash provided by/(used in) investing activities ​ 225,799 (40,938) Net cash provided by/(used in) financing activities ​ (617,520) (365,925) ​ ​ Results of Operations The following discussion explains the changes in results of operations that are presented in our Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025. 51 Table of Contents Net Income/(Loss) Attributable to Common Stockholders Net income/(loss) attributable to common stockholders was $67.8 million ($0.21 per diluted share) for the three months ended June 30, 2026, as compared to $36.5 million ($0.11 per diluted share) for the comparable period in the prior year. The increase resulted primarily from the following items, all of which are discussed in further detail elsewhere within this Report: ● a gain on the sale of real estate of $35.7 million from the sale of an operating community located in Nashville, Tennessee during the three months ended June 30, 2026, as compared to no gain on the sale of real estate during the three months ended June 30, 2025; and ● a decrease in other depreciation and amortization of $3.9 million primarily due to $3.0 million of software transition related costs incurred during the three months ended June 30, 2025, as compared to none during the three months ended June 30, 2026. This was partially offset by: ​ ● a decrease in interest income and other income/(expense), net of $5.5 million primarily due to a $5.2 million decrease in interest income from our notes receivables primarily due to lower average notes receivable balances during the three months ended June 30, 2026, as compared to the same period in 2025; and ● an increase in other operating expenses of $5.2 million primarily due to an increase in legal fees incurred during the three months ended June 30, 2026 primarily related to the cases in which we have been named that allege antitrust violations by RealPage, Inc., as compared to the same period in 2025. Net income/(loss) attributable to common stockholders was $256.4 million ($0.79 per diluted share) for the six months ended June 30, 2026, as compared to $112.0 million ($0.34 per diluted share) for the comparable period in the prior year. The increase resulted primarily from the following items, all of which are discussed in further detail elsewhere within this Report: ● gains on the sale of real estate of $193.1 million from the sale of five operating communities located in various markets during the six months ended June 30, 2026, as compared to gains on the sale of real estate of $47.9 million from the sale of two operating communities located in various markets during the six months ended June 30, 2025; ● an increase in income/(loss) from unconsolidated entities of $13.5 million primarily due to an increase of $14.7 million from realized and unrealized gains on real estate technology investments; and ● a decrease in other depreciation and amortization of $7.7 million primarily due to $5.9 million of software transition related costs incurred during the six months ended June 30, 2025, as compared to none during the six months ended June 30, 2026. This was partially offset by: ​ ● an increase in net income attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership of $9.8 million primarily attributed to the noncontrolling interests’ share of the gain from the sale of five operating communities located in various markets during the six months ended June 30, 2026, as compared to the noncontrolling interests’ share of the gain from the sale of two operating communities located in various markets in the same period of 2025; ● an increase in other operating expenses of $6.6 million primarily due to an increase in legal fees incurred during the six months ended June 30, 2026 primarily related to the cases in which we have been named that allege antitrust violations by RealPage, Inc., as compared to the same period in 2025; and ● a decrease in interest income and other income/(expense), net of $5.0 million primarily due to a $4.9 million decrease in interest income from our notes receivables primarily due to lower average notes receivable balances during the six months ended June 30, 2026, as compared to the same period in 2025. 52 Table of Contents Apartment Community Operations Our net income results are primarily from NOI generated from the operation of our apartment communities. The Company defines NOI, which is a non-GAAP financial measure, as rental income less direct property rental expenses. Rental income represents gross market rent 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. Although the Company considers NOI a useful measure of operating performance, NOI should not be considered an alternative to net income or net cash flow from operating activities as determined in accordance with GAAP. NOI excludes several income and expense categories as detailed in the reconciliation of NOI to Net income/(loss) attributable to UDR, Inc. below. The following table summarizes the operating performance of our total property NOI for each of the periods presented (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ Six Months Ended ​ ​ ​ ​ ​ June 30, (a) ​ ​ ​ ​ June 30, (b) ​ ​ ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ % Change ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ % Change ​ Same-Store Communities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store rental income ​ $ 401,686 ​ $ 394,711 ​ 1.8 % ​ $ 796,118 ​ $ 785,850 ​ 1.3 % Same-Store operating expense (c) ​ (126,073) ​ (122,843) ​ 2.6 % ​ (256,466) ​ (247,794) ​ 3.5 % Same-Store NOI ​ 275,613 ​ 271,868 ​ 1.4 % ​ 539,652 ​ 538,056 ​ 0.3 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-Mature Communities/Other NOI: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stabilized, non-mature communities NOI (d) ​ ​ 5,398 ​ 2,242 ​ NM * ​ ​ 12,021 ​ ​ 4,439 ​ NM * Acquired communities NOI ​ 919 ​ — ​ N/A ​ ​ 919 ​ — ​ N/A ​ Development communities NOI (e) ​ (35) ​ — ​ NM * ​ (35) ​ — ​ NM * Non-residential/other NOI (f) ​ ​ 4,900 ​ 3,655 ​ 34.1 % ​ ​ 9,096 ​ ​ 7,409 ​ 22.8 % Sold and held for disposition communities NOI ​ ​ 2,961 ​ 12,615 ​ (76.5) % ​ ​ 10,833 ​ ​ 25,577 ​ (57.6) % Total Non-Mature Communities/Other NOI ​ 14,143 ​ 18,512 ​ (23.6) % ​ 32,834 ​ 37,425 ​ (12.3) % Total property NOI ​ $ 289,756 ​ $ 290,380 ​ (0.2) % ​ $ 572,486 ​ $ 575,481 ​ (0.5) % * Not meaningful (a) Same-Store consists of 52,426 apartment homes. (b) Same-Store consists of 52,341 apartment homes. (c) Excludes depreciation, amortization, and property management expenses. (d) Represents non-mature communities that have achieved 90% occupancy for three consecutive months but do not meet the criteria to be included in Same-Store Communities. (e) Represents communities recently developed or under development that have not achieved 90% occupancy for three consecutive months and therefore do not meet the criteria to be included in Stabilized, non-mature communities. (f) Primarily non-residential retail revenue and expense. ​ 53 Table of Contents The following table is our reconciliation of Net income/(loss) attributable to UDR, Inc. to total property NOI for each of the periods presented (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 ​ Net income/(loss) attributable to UDR, Inc. ​ $ 69,035 ​ $ 37,673 ​ $ 258,866 ​ $ 114,393 ​ Joint venture management and other fees ​ (2,466) ​ (2,398) ​ (4,994) ​ (4,510) ​ Property management ​ 13,745 ​ 13,747 ​ 27,503 ​ 27,392 ​ Other operating expenses ​ 12,966 ​ 7,753 ​ 22,381 ​ 15,812 ​ Real estate depreciation and amortization ​ 160,120 ​ 163,191 ​ 321,388 ​ 324,585 ​ General and administrative ​ 18,714 ​ 19,929 ​ 38,078 ​ 39,424 ​ Casualty-related charges/(recoveries), net ​ 3,073 ​ 3,382 ​ 8,802 ​ 6,679 ​ Other depreciation and amortization ​ 3,451 ​ 7,387 ​ 6,786 ​ 14,454 ​ (Gain)/loss on sale of real estate owned ​ ​ (35,704) ​ ​ — ​ ​ (193,120) ​ ​ (47,939) ​ (Income)/loss from unconsolidated entities ​ (3,271) ​ (3,629) ​ (22,967) ​ (9,443) ​ Interest expense ​ 47,640 ​ 48,665 ​ 96,216 ​ 96,366 ​ Interest income and other (income)/expense, net ​ (2,596) ​ (8,134) ​ (5,030) ​ (10,055) ​ Tax provision/(benefit), net ​ 429 ​ 258 ​ 884 ​ 416 ​ Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ 4,609 ​ 2,545 ​ 17,670 ​ 7,884 ​ Net income/(loss) attributable to noncontrolling interests ​ 11 ​ 11 ​ 23 ​ 23 ​ Total property NOI ​ $ 289,756 ​ $ 290,380 ​ $ 572,486 ​ $ 575,481 ​ ​ Same-Store Communities Our Same-Store Community properties, those acquired, developed, and stabilized prior to April 1, 2025 (for quarter-to-date comparison) and January 1, 2025 (for year-to-date comparison) and held on June 30, 2026 consisted of 52,426 and 52,341 apartment homes, respectively, and provided 95.1% and 94.3% of our total NOI for the three and six months ended June 30, 2026. Three Months Ended June 30, 2026 vs. Three Months Ended June 30, 2025 NOI for our Same-Store Community properties increased 1.4%, or $3.7 million, for the three months ended June 30, 2026 compared to the same period in 2025. The increase in property NOI was attributable to a 1.8%, or $7.0 million, increase in property rental income, partially offset by a 2.6%, or $3.2 million, increase in operating expenses. The increase in property rental income was primarily driven by a 0.7%, or $2.4 million, increase in rental rates, a 5.8%, or $2.8 million, increase in reimbursement and other income and a $2.3 million decrease in bad debt expense primarily due to a reduction in delinquent homes resulting in higher collections. Weighted average physical occupancy decreased by 0.2% to 96.6% and total monthly income per occupied home increased by 2.0% to $2,642. The increase in operating expenses was primarily driven by a 2.8%, or a $1.3 million, increase in real estate taxes due to higher assessed valuations, a 5.2%, or $0.9 million, increase in utilities primarily due to an increase in commodity prices, and a 3.4% or $0.6 million, increase in personnel costs primarily due to annual merit increases and severance costs. The operating margin (property net operating income divided by property rental income) was 68.6% and 68.9% for the three months ended June 30, 2026 and 2025, respectively. 54 Table of Contents Six Months Ended June 30, 2026 vs. Six Months Ended June 30, 2025 NOI for our Same-Store Community properties increased 0.3%, or $1.6 million, for the six months ended June 30, 2026 compared to the same period in 2025. The increase in property NOI was attributable to a 1.3%, or $10.3 million, increase in property rental income, partially offset by a 3.5%, or $8.7 million, increase in operating expenses. The increase in property rental income was primarily driven by a 0.7%, or $5.0 million, increase in rental rates, a 5.5%, or $5.2 million, increase in reimbursement and other income and a $2.4 million decrease in bad debt expense primarily due to a reduction in delinquent homes resulting in higher collections, partially offset by a 14.9%, or $3.1 million, increase in vacancy loss. Weighted average physical occupancy decreased by 0.5% to 96.6% and total monthly income per occupied home increased by 1.8% to $2,623. The increase in operating expenses was primarily driven by a 6.8%, or $2.4 million, increase in utilities primarily due to an increase in commodity prices, a 2.3%, or $2.3 million, increase in real estate taxes due to higher assessed valuations, a 3.6%, or $1.8 million, increase in repair and maintenance expense due to increases in third party vendor costs and weather related events, and a 3.8%, or $1.4 million, increase in personnel costs primarily due to annual merit increases and severance costs. The operating margin (property net operating income divided by property rental income) was 67.8% and 68.5% for the six months ended June 30, 2026 and 2025, respectively. Non-Mature Communities/Other UDR’s Non-Mature Communities/Other represent those communities that do not meet the criteria to be included in Same-Store Communities, which include communities recently developed or acquired, redevelopment properties, sold or held for disposition properties, and non-apartment components of mixed use properties. Three Months Ended June 30, 2026 vs. Three Months Ended June 30, 2025 The remaining 4.9%, or $14.1 million, of our total NOI during the three months ended June 30, 2026 was generated from our Non-Mature Communities/Other. NOI from Non-Mature Communities/Other decreased by 23.6%, or $4.4 million, for the three months ended June 30, 2026 as compared to the same period in 2025. The decrease was primarily attributable to a $9.7 million decrease in sold and held for disposition communities NOI due to the sale of five operating communities during 2026, partially offset by a $3.2 million increase in NOI from stabilized, non-mature communities, primarily due to completed development communities becoming stabilized and communities acquired in 2025 becoming stabilized. Six Months Ended June 30, 2026 vs. Six Months Ended June 30, 2025 The remaining 5.7%, or $32.8 million, of our total NOI during the six months ended June 30, 2026 was generated from our Non-Mature Communities/Other. NOI from Non-Mature Communities/Other decreased by 12.3%, or $4.6 million, for the six months ended June 30, 2026 as compared to the same period in 2025. The decrease was primarily attributable to a $14.7 million decrease in sold and held for disposition communities NOI due to the sale of five operating communities during 2026, partially offset by a $7.6 million increase in NOI from stabilized, non-mature communities, primarily due to completed development communities becoming stabilized and communities acquired in 2025 becoming stabilized. Gain/(loss) on sale of real estate owned For the three months ended June 30, 2026, the Company recognized gain/(loss) on sale of real estate owned of $35.7 million as compared to none for the three months ended June 30, 2025. The increase in 2026 as compared to 2025 was attributable to the sale of an operating community located in Nashville, Tennessee during the three months ended June 30, 2026, as compared to no sales of real estate during the three months ended June 30, 2025. For the six months ended June 30, 2026, the Company recognized gain/(loss) on sale of real estate owned of $193.1 million as compared to $47.9 million on sale of real estate owned for the six months ended June 30, 2025. The increase in 2026 as compared to 2025 was attributable to the sale of five operating communities located in various markets during the six months ended June 30, 2026, as compared to the sale of two operating communities located in various markets during the six months ended June 30, 2025. 55 Table of Contents Income/(loss) from unconsolidated entities For the six months ended June 30, 2026 and 2025, the Company recognized income/(loss) from unconsolidated entities of $23.0 million and $9.4 million, respectively. The increase in 2026 as compared to 2025 was primarily due to an increase of $14.7 million from realized and unrealized gains on real estate technology investments. Other operating expenses For the three months ended June 30, 2026 and 2025, the Company recognized other operating expenses of $13.0 million and $7.8 million, respectively. The increase in 2026 as compared to 2025 was primarily due to an increase in legal fees incurred during the three months ended June 30, 2026 primarily related to the cases in which we have been named that allege antitrust violations by RealPage, Inc., as compared to the same period in 2025. For the six months ended June 30, 2026 and 2025, the Company recognized other operating expenses of $22.4 million and $15.8 million, respectively. The increase in 2026 as compared to 2025 was primarily due to an increase in legal fees incurred during the six months ended June 30, 2026 primarily related to the cases in which we have been named that allege antitrust violations by RealPage, Inc., as compared to the same period in 2025. Interest income and other income/(expense), net For the three months ended June 30, 2026 and 2025, the Company recognized interest income and other income/(expense), net of $2.6 million and $8.1 million, respectively. The decrease in 2026 as compared to 2025 was primarily due to a $5.2 million decrease in interest income from our notes receivables primarily due to lower notes receivable balances during the three months ended June 30, 2026, as compared to the same period in 2025. For the six months ended June 30, 2026 and 2025, the Company recognized interest income and other income/(expense), net of $5.0 million and $10.1 million, respectively. The decrease in 2026 as compared to 2025 was primarily due to a $4.9 million decrease in interest income from our notes receivables primarily due to lower notes receivable balances during the six months ended June 30, 2026, as compared to the same period in 2025. Other depreciation and amortization For the three months ended June 30, 2026 and 2025, the Company recognized other depreciation and amortization of $3.5 million and $7.4 million, respectively. The decrease in 2026 as compared to 2025 was primarily due to $3.0 million of software transition related costs incurred during the three months ended June 30, 2025, as compared to none during the three months ended June 30, 2026. For the six months ended June 30, 2026 and 2025, the Company recognized other depreciation and amortization of $6.8 million and $14.5 million, respectively. The decrease in 2026 as compared to 2025 was primarily due to $5.9 million of software transition related costs incurred during the six months ended June 30, 2025, as compared to none during the six months ended June 30, 2026. Noncontrolling Interest For the six months ended June 30, 2026 and 2025, the Company recognized net income attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership of $17.7 million and $7.9 million, respectively. The increase in 2026 as compared to 2025 primarily attributed to the noncontrolling interests’ share of the gains from the sale of five operating communities located in various markets during the three months ended June 30, 2026, as compared to the noncontrolling interests’ share of the gains from the sale of two operating communities located in various markets in the same period of 2025. Inflation Inflation primarily impacts our results of operations as a result of wage pressures and increases in utilities and repair and maintenance costs. In addition, inflation could also impact our general and administrative expenses, the interest on our debt if variable or refinanced in a high-inflationary environment, our cost of capital, and our cost of development, redevelopment, maintenance or other operating activities. However, the majority of our apartment leases have initial terms of 12 months or 56 Table of Contents less, which in an inflationary environment, and absent other factors such as increased supply, generally enables us to compensate for inflationary effects by increasing rents on our apartment homes. Although an extreme or sustained escalation in costs could have a negative impact on our residents and their ability to absorb rent increases, we do not believe this had a material impact on our results for the three and six months ended June 30, 2026. Funds from Operations, Funds from Operations as Adjusted, and Adjusted Funds from Operations Funds from Operations Funds from operations (“FFO”) attributable to common stockholders and unitholders is defined 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 (“Nareit”) definition issued in April 2002 and restated in November 2018. Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, many industry investors and analysts have considered the presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. Thus, Nareit created FFO as a supplemental measure of a REIT’s operating performance. 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. Funds from Operations as Adjusted FFO as Adjusted (“FFOA”) attributable to common stockholders and unitholders is defined as FFO excluding the impact of 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 FFOA is useful supplemental information regarding our operating performance as it provides a consistent comparison of our operating performance across time periods and enables investors to more easily compare our operating results with other REITs. FFOA 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. We believe that Net income/(loss) attributable to common stockholders is the most directly comparable GAAP financial measure to FFOA. However, other REITs may use different methodologies for calculating FFOA or similar FFO measures and, accordingly, our FFOA may not always be comparable to FFOA or similar FFO measures calculated by other REITs. FFOA 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. Adjusted Funds from Operations Adjusted FFO (“AFFO”) attributable to common stockholders and unitholders is defined as FFOA 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. Therefore, management considers AFFO a useful supplemental performance metric for investors as it is more indicative of the Company’s operational performance than FFO or FFOA. 57 Table of Contents 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. We believe 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. The following table outlines our reconciliation of Net income/(loss) attributable to common stockholders to FFO, FFOA, and AFFO for the three and six months ended June 30, 2026 and 2025 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 ​ Net income/(loss) attributable to common stockholders ​ $ 67,810 ​ $ 36,462 ​ $ 256,421 ​ $ 111,976 ​ Real estate depreciation and amortization ​ 160,120 ​ 163,191 ​ 321,388 ​ 324,585 ​ Noncontrolling interests ​ 4,620 ​ 2,556 ​ 17,693 ​ 7,907 ​ Real estate depreciation and amortization on unconsolidated joint ventures ​ 10,857 ​ 13,458 ​ 26,338 ​ 26,224 ​ Net (gain)/loss on consolidation ​ ​ (275) ​ ​ (286) ​ ​ (275) ​ ​ (286) ​ Net gain on the sale of depreciable real estate owned, net of tax ​ (35,674) ​ — ​ (193,090) ​ (47,939) ​ FFO attributable to common stockholders and unitholders, basic ​ $ 207,458 ​ $ 215,381 ​ $ 428,475 ​ $ 422,467 ​ Distributions to preferred stockholders — Series E (Convertible) ​ 1,225 ​ 1,211 ​ 2,445 ​ 2,417 ​ FFO attributable to common stockholders and unitholders, diluted ​ $ 208,683 ​ $ 216,592 ​ $ 430,920 ​ $ 424,884 ​ Income/(loss) per weighted average common share, diluted ​ $ 0.21 ​ $ 0.11 ​ $ 0.79 ​ $ 0.34 ​ FFO per weighted average common share and unit, basic ​ $ 0.60 ​ $ 0.61 ​ $ 1.23 ​ $ 1.19 ​ FFO per weighted average common share and unit, diluted ​ $ 0.60 ​ $ 0.61 ​ $ 1.23 ​ $ 1.19 ​ Weighted average number of common shares and OP/DownREIT Units outstanding — basic ​ 345,147 ​ 353,617 ​ 347,566 ​ 353,572 ​ Weighted average number of common shares, OP/DownREIT Units, and common stock equivalents outstanding — diluted ​ 348,292 ​ 357,370 ​ 350,652 ​ 357,402 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impact of adjustments to FFO: ​ ​ ​ ​ ​ ​ ​ ​ ​ Legal and other costs ​ $ 8,418 ​ $ 3,358 ​ $ 13,601 ​ $ 7,163 ​ Realized and unrealized (gain)/loss on real estate technology investments, net of tax ​ ​ 1,277 ​ ​ 220 ​ ​ (14,157) ​ ​ 431 ​ Severance costs ​ 532 ​ 1,024 ​ 532 ​ 1,523 ​ Software transition related costs ​ ​ — ​ ​ 2,967 ​ ​ — ​ ​ 5,934 ​ Casualty-related charges/(recoveries) ​ 3,073 ​ 3,382 ​ 8,802 ​ 6,679 ​ Total impact of adjustments to FFO ​ $ 13,300 ​ $ 10,951 ​ $ 8,778 ​ $ 21,730 ​ FFOA attributable to common stockholders and unitholders, diluted ​ $ 221,983 ​ $ 227,543 ​ $ 439,698 ​ $ 446,614 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ FFOA per weighted average common share and unit, diluted ​ $ 0.64 ​ $ 0.64 ​ $ 1.25 ​ $ 1.25 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recurring capital expenditures, inclusive of unconsolidated joint ventures ​ (28,465) ​ (29,201) ​ (49,165) ​ (47,606) ​ AFFO attributable to common stockholders and unitholders, diluted ​ $ 193,518 ​ $ 198,342 ​ $ 390,533 ​ $ 399,008 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AFFO per weighted average common share and unit, diluted ​ $ 0.56 ​ $ 0.56 ​ $ 1.11 ​ $ 1.12 ​ ​ 58 Table of Contents The following table is our reconciliation of FFO share information to weighted average common shares outstanding, basic and diluted, reflected on the UDR Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025 (shares in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 Weighted average number of common shares and OP/DownREIT Units outstanding — basic 345,147 353,617 347,566 353,572 Weighted average number of OP/DownREIT Units outstanding (22,189) (22,839) (22,449) (22,869) Weighted average number of common shares outstanding — basic per the Consolidated Statements of Operations 322,958 330,778 325,117 330,703 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares, OP/DownREIT Units, and common stock equivalents outstanding — diluted 348,292 357,370 350,652 357,402 Weighted average number of OP/DownREIT Units outstanding (22,189) (22,839) (22,449) (22,869) Weighted average number of Series E Cumulative Convertible Preferred shares outstanding (2,816) (2,816) (2,816) (2,816) Weighted average number of common shares outstanding — diluted per the Consolidated Statements of Operations 323,287 331,715 325,387 331,717 ​ ​ ​