Form 8-K

8-K — UDR, Inc.

Accession: 0000074208-26-000081

Filed: 2026-10-21

Period: 2026-10-21

CIK: 0000074208

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — udr-20261021x8k.htm (Primary)

EX-99.1 (udr-ex99d1.htm)

EX-99.2 (udr-ex99d2.htm)

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XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: udr-20261021x8k.htm · Sequence: 1

UDR, Inc._ October 21, 2026

0000074208false00000742082026-10-212026-10-21

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): October 21, 2026

UDR, Inc.

(Exact name of registrant as specified in its charter)

Maryland

1-10524

54-0857512

(State or other jurisdiction

(Commission

(I.R.S. Employer

of incorporation)

File Number)

Identification No.)

1745 Shea Center Drive, Suite 200,

Highlands Ranch, Colorado

80129

(Address of principal executive offices)

(Zip Code)

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

Not Applicable

Former name or former address, if changed since last report

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

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

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

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

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

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01

UDR

New York Stock Exchange

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

Emerging Growth Company ☐

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

Item 2.02 Results of Operations and Financial Condition.

On October 21, 2026, UDR, Inc. (the “Company”) issued a press release announcing its preliminary financial results for the quarter ended September 30, 2026. This press release is furnished as Exhibit 99.1 to this Report. This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section. Furthermore, the information contained in Exhibit 99.1 shall not be deemed to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 7.01 Regulation FD Disclosure

On October 21, 2026, the Company issued a press release announcing the formation of a long-term joint venture with Apollo involving a diversified portfolio of apartment communities. The portfolio contributed by the Company comprises 19 communities totaling 7,059 apartment homes and is valued at approximately $2.0 billion. This press release is furnished as Exhibit 99.2 to this Report. This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section. Furthermore, the information contained in Exhibit 99.2 shall not be deemed to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Ex. No.

Description

99.1

Earnings press release dated October 21, 2026.

99.2

Press Release dated October 21, 2026.

104

Cover Page Interactive Data File – The cover page XBRL tags are embedded within the Inline XBRL document

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

UDR, Inc.

October 21, 2026

By:

/s/ David D. Bragg

David D. Bragg

Senior Vice President and Chief Financial Officer

(Principal Financial Officer)

EX-99.1

Filename: udr-ex99d1.htm · Sequence: 2

Exhibit 99.1

Press Release

DENVER, CO – October 21, 2026

Contact: Trent Trujillo

Email: ttrujillo@udr.com

UDR, INC. RAISES FULL-YEAR 2026 GUIDANCE RANGES

AND PROVIDES PRELIMINARY THIRD QUARTER 2026 RESULTS

UDR, Inc. (the “Company”) (NYSE: UDR), a leading multifamily real estate investment trust, announced today that it has raised its full-year 2026 guidance ranges for Net Income and Funds From Operations as Adjusted (“FFOA”) per diluted share, and provided preliminary results for the quarter ended September 30, 2026. This update is provided in conjunction with the Company’s separate announcement of the expected formation of a $2.0 billion strategic partnership with Apollo.

Preliminary Third Quarter 2026 Results and Outlook(1)

The Company expects Net Income per diluted share for the third quarter 2026 will be $0.67, which compares to the previously provided guidance range of $0.13 to $0.15 per diluted share. Furthermore, the Company expects FFOA per diluted share for the third quarter 2026 will be $0.65, which represents the high-end of the previously provided guidance range of $0.63 to $0.65 per diluted share. As shown in the table below, the Company has established guidance ranges for the fourth quarter 2026 and has raised its previously provided full-year 2026 guidance ranges for Net Income and FFOA per diluted share.

Metric, per

diluted share

3Q 2026 Preliminary

YTD 2026 through 3Q 2026 Preliminary

4Q 2026

Outlook

Prior

Full-Year 2026 Outlook

Updated

Full-Year 2026 Outlook

Full-Year 2026 Midpoint (Change)

Net Income

$0.67

$1.45

$0.13 to $0.15

$1.03 to $1.11

$1.58 to $1.60

$1.59 (+$0.52)

FFO

$0.62

$1.85

$0.63 to $0.65

$2.47 to $2.55

$2.48 to $2.50

$2.49 (-$0.02)

FFOA

$0.65

$1.90

$0.63 to $0.65

$2.49 to $2.57

$2.54 to $2.56

$2.55 (+$0.02)

Year-Over-Year Same-Store (“SS”) Growth:

Revenue

1.8%

1.6%

N/A

0.75% to 2.00%

1.4% to 1.8%

1.6% (+22.5bps)

Expense

2.2%

3.2%

N/A

2.75% to 3.75%

2.7% to 3.1%

2.9% (-35bps)

NOI

1.6%

0.8%

N/A

0.00% to 1.25%

0.8% to 1.2%

1.0% (+37.5bps)

(1)

All guidance is based on current expectations of future economic conditions and the judgment of the Company’s management team. A reconciliation of GAAP Net Income per diluted share to forecasted FFO and FFOA per diluted share for the fourth quarter and full-year 2026 can be found under “Reconciliation of Forecasted Net Income to FFO and FFO as Adjusted” in this release. Non-GAAP financial measures and other terms, as used in this release, are defined and further explained under “Definitions” in this release. Net Income, FFO and FFOA per share for all 2026 periods and guidance are unaffected by the Apollo transaction. SS growth metrics have been adjusted to exclude the 19 communities that comprise the joint venture with Apollo. Including these communities, SS Revenue, Expense, and NOI would be 1.5%, 2.7%, and 1.0% for 3Q 2026, 1.4%, 3.2%, and 0.5% for YTD 2026 through 3Q 2026, and 1.45%, 2.9%, and 0.75% for Full-Year 2026 Midpoint.

Operating Update

SS Metric(1)

3Q 2026, preliminary

YTD 2026 through

3Q 2026 preliminary

Weighted Average Physical Occupancy

96.5%

96.6%

Effective Blended Lease Rate Growth

2.0%

2.2%

(1)

SS metrics have been adjusted to exclude the 19 communities that comprise the joint venture with Apollo. Including these communities, Weighted Average Physical Occupancy and Effective Blended Lease Rate Growth would be 96.6% and 1.7% for 3Q 2026 and 96.6% and 1.8% for YTD 2026 through 3Q 2026.

Capital Allocation Activity

During the quarter the Company,

● Sold two apartment communities, one each in Seattle and Nashville, with a combined 412 apartment homes for gross proceeds of $183.0 million. The Company remains under contract to sell a 296-home apartment community in the Metropolitan Washington, D.C. area for gross proceeds totaling approximately $68.5 million.

● As part of the previously announced runoff of its Debt and Preferred Equity portfolio, acquired a 483-home apartment community in Inland Empire, CA, and, as previously reported, a 286-home in Portland, OR, both upon the liquidation of the Company’s interests in previous Debt and Preferred Equity joint ventures, for an incremental cash outlay of $235.0 million based on a combined property valuation of $354.4 million.

● Expanded its joint venture with LaSalle Investment Management to approximately $958.3 million by contributing a 360-home apartment community in Nashville, TN, to the venture. Under the terms of the transaction, the Company received approximately $103.2 million in cash proceeds.

● Received a full repayment of approximately $29.5 million on its Preferred Equity investment in a stabilized apartment community in Orlando.

Below is a summary of the Company’s preliminary results for the three and nine months ended September 30, 2026.

Reconciliation of Net Income to FFO and FFO as Adjusted

In thousands, except per share and unit amounts

Quarter Ended

September 30,

Nine Months Ended September 30,

2026

2025

2026

2025

Net income/(loss) attributable to common stockholders

$214,869

$39,198

$471,290

$151,174

Real estate depreciation and amortization

161,569

165,926

482,957

490,511

Noncontrolling interests

14,780

2,721

32,473

10,628

Real estate depreciation and amortization on unconsolidated joint ventures

15,073

12,021

41,411

38,245

Net (gain)/loss on consolidation

(3,181)

(3,456)

(286)

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

(190,069)

(383,159)

(47,939)

FFO attributable to common stockholders and unitholders, basic

$213,041

$219,866

$641,516

$642,333

Distributions to preferred stockholders – Series E (Convertible)

1,225

1,211

3,670

3,628

FFO attributable to common stockholders and unitholders, diluted

$214,266

$221,077

$645,186

$645,961

FFO per weighted average common share and unit, diluted

$0.62

$1.85

$1.81

Weighted average number of common shares, OP/DownREIT Units, and common stock equivalents outstanding, diluted

346,034

356,873

349,095

357,110

Impact of adjustments to FFO:

Legal and other costs

5,512

2,683

19,113

9,846

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

(3,736)

(14,148)

(3,305)

Severance costs

4,438

7,214

4,970

8,737

Software transition related costs

3,329

9,263

Casualty-related charges/(recoveries)

548

1,755

9,350

8,434

Total impact of adjustments to FFO

$10,507

$11,245

$19,285

$32,975

FFO as Adjusted attributable to common stockholders and unitholders, diluted

$224,773

$232,322

$664,471

$678,936

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

$0.65

$1.90

Balance Sheet Summary

In thousands

September 30, 2026

December 31, 2025

Total assets

$10,301,216

$10,605,674

Total liabilities

$6,373,451

$6,456,911

Redeemable noncontrolling interests in the OP and DownREIT Partnership

$799,194

$859,966

Total equity

$3,128,571

$3,288,797

Reconciliation of Forecasted Net Income to FFO and FFO as Adjusted

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

Full-Year 2026

4Q 2026

Low

High

Low

High

Forecasted net income per diluted share

$1.58

$1.60

$0.13

$0.15

Conversion from GAAP share count

(0.10)

(0.01)

Net gain on the sale of depreciable real estate owned

(1.10)

Depreciation

2.00

0.50

Noncontrolling interests

0.10

0.01

Net (gain)/loss on consolidation

(0.01)

Preferred dividends

0.01

Forecasted FFO per diluted share and unit

$2.48

$2.50

$0.63

$0.65

Legal and other costs

0.06

Severance costs

0.01

Casualty-related charges/(recoveries)

0.03

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

(0.04)

Forecasted FFO as Adjusted per diluted share and unit

$2.54

$2.56

$0.63

$0.65

The Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, and the related review by its independent registered public accounting firm are not complete. The Company’s preliminary results are unaudited and do not include all the information that will be contained in the Company’s financial statements for the period, including the notes related thereto. The Company has not yet finalized its results for the quarter ended September 30, 2026; therefore, this information is subject to adjustments that could be material as the Company finalizes its results and completes its review procedures. The Company will provide additional information on the quarter ended September 30, 2026, when it reports final earnings results on November 2, 2026, and holds an affiliated webcast and conference call at 12:00 p.m. Eastern Time on November 3, 2026. The webcast will be available on the Investor Relations section of the Company’s website at ir.udr.com.

Dividend

As previously announced, the Company’s Board of Directors declared dividends on its common stock with record dates in October, November, and December 2026. These dividends amount to $0.145 per share per month and will be payable in cash on the payment dates set forth in the table below to UDR common stock shareholders of record as of the close of business on the corresponding record date in the table below.

Record Date

Payment Date

Amount

October 19, 2026

November 2, 2026

$0.145 per common share

November 16, 2026

November 30, 2026

$0.145 per common share

December 15, 2026

December 31, 2026

$0.145 per common share

Definitions

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.

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.

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.

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.

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. QTD Same-Store Communities excludes 19 communities totaling 7,059 apartment homes that were wholly owned by the Company as of September 30, 2026, and are expected to be contributed to the joint venture with Apollo announced in October 2026 (the "Pending Joint Venture Portfolio Communities"). The Pending Joint Venture Portfolio Communities are presented separately for informational purposes. A reconciliation of QTD Same-Store results excluding these communities is provided below:

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

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. YTD Same-Store Communities excludes 19 communities totaling 7,059 apartment homes that were wholly owned by the Company as of September 30, 2026, and are expected to be contributed to the joint venture with Apollo announced in October 2026 (the "Pending Joint Venture Portfolio Communities"). The Pending Joint Venture Portfolio Communities are presented separately for informational purposes.

Forward-Looking Statements

Certain statements made in this press release may constitute “forward-looking statements.” Words such as “expects,” “intends,” “believes,” “anticipates,” “plans,” “likely,” “will,” “seeks,” “outlook,” “guidance,” “estimates” and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement, due to a number of factors, which include, but are not limited to, general market and economic conditions, unfavorable changes in the apartment market and economic conditions that could adversely affect occupancy levels and rental rates, the impact of inflation/deflation on rental rates and property operating expenses, the availability of capital and the stability of the capital markets, the impact of tariffs, geopolitical tensions, conflicts and wars, government shutdowns, and changes in immigration, elevated interest rates, the impact of competition and competitive pricing, acquisitions, developments and redevelopments not achieving anticipated results, delays in completing developments, redevelopments and lease-ups on schedule or at expected rent and occupancy levels, changes in job growth, home affordability and demand/supply ratio for multifamily housing, development and construction risks that may impact profitability, risks that joint ventures with third parties and Debt and Preferred Equity Program investments do not perform as expected, the failure of automation or technology to help grow net operating income, the completion of the Company’s expected formation of a strategic partnership with Apollo, 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 September 30, 2026, UDR owned or had an ownership position in 60,617 apartment homes, including 634 apartment homes under development. For over 54 years, UDR has delivered long-term value to shareholders, the best standard of service to Residents, and the highest quality experience for Associates.

EX-99.2

Filename: udr-ex99d2.htm · Sequence: 3

Exhibit 99.2

UDR, Inc. and Apollo Form $2.0 Billion Strategic Partnership

Denver & New York, October 21, 2026 – UDR, Inc. (NYSE: UDR), a multifamily real estate investment trust, and Apollo (NYSE: APO) today announced their intention to form a new, long-term joint venture involving a diversified portfolio of apartment communities. The joint venture will own a portfolio of 19 high-quality communities totaling 7,059 apartment homes and valued at approximately $2.0 billion.

Under the terms of the transaction, UDR will continue to operate and manage the portfolio for which it will earn an asset management fee. Apollo-managed funds and affiliates (“Apollo”) will invest $1.34 billion of equity capital into a newly established joint venture, acquiring an approximate two-thirds interest. UDR will retain a one-third interest and consolidate the joint venture. The transaction, once completed, is expected to imply a capitalization rate of approximately 6.0% for a portfolio with average revenue per home of $2,058 and an age of 39 years. UDR will also retain an option to repurchase Apollo’s interest in the joint venture at an expected 7.00-7.50% fixed return for a finite period starting at the fifth anniversary of closing.

“We are delighted for the opportunity to partner with Apollo, one of the world’s leading financial institutions. We believe that our best-in-class operating platform positions UDR as a natural fit with Apollo’s scaled permanent capital base. Access to equity capital is one of UDR’s strategic priorities. With this transaction, we believe we will be positioned to take advantage of compelling opportunities in the marketplace, while improving the quality of our wholly-owned portfolio and strengthening our balance sheet, all in an accretive manner. Our shareholders will benefit not only from the flexibility to move assets in and out of our newly established joint venture, but also from the ability to realize outsized value creation over time,” said Tom Toomey, UDR’s Chairman, President, and CEO.

Apollo Partner Jamshid Ehsani said, " We are proud to serve as a capital partner to UDR. UDR is a recognized leader in the real estate industry with a track record of operational excellence and disciplined capital allocation. This transaction provides a cost-efficient capital solution tailored to UDR’s needs. Apollo’s investment further demonstrates the ability of our High Grade Capital Solutions business to partner with and support leading companies around the world."

“UDR’s partnership with Apollo provides access to a new, low-cost permanent source of equity capital. We expect the transaction to be accretive to earnings and intend to deploy the proceeds into higher-growth assets and other general corporate purposes. Proceeds will also be utilized for debt reduction, strengthening the balance sheet at an opportune moment,” said Dave Bragg, UDR’s Chief Financial Officer.

The transaction is expected to close on October 29, 2026, subject to execution of the documentation, and customary closing conditions.

Citigroup Global Markets Inc. and Wells Fargo Securities, LLC acted as structuring agents and financial advisors to UDR. Scotiabank acted as financial advisor to Apollo.

Forward-Looking Statements

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

About UDR, Inc.

UDR, Inc. (NYSE: UDR), an S&P 500 company, is a leading multifamily real estate investment trust with a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive real estate communities in targeted U.S. markets. As of September 30, 2026, UDR owned or had an ownership position in 60,617 apartment homes, including 634 apartment homes under development. For over 54 years, UDR has delivered long-term value to shareholders, the best standard of service to residents, and the highest quality experience for associates. Additional information can be found on the Company’s Investor Relations website at ir.udr.com.

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of June 30, 2026, Apollo had approximately $1.05 trillion of assets under management. To learn more, please visit www.apollo.com.

Contact: UDR, Inc.

Trent Trujillo

ttrujillo@udr.com

720-283-6135

Contact: Apollo

Noah Gunn

Global Head of Investor Relations

(212) 822-0540

IR@apollo.com

Joanna Rose

Global Head of Corporate Communications

(212) 822-0491

communications@apollo.com

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