UDR: 10-K Risk Factor Changes

When evaluating potential acquisitions, we consider a wide variety of factors, including:

● We recognized a gain of $25.3 million from the sale of an operating community located in Hillsboro, Oregon.

● We funded an additional $21.8 million to two of our Developer Capital Program preferred equity investments.

● We funded an additional $85.3 million to five of our notes receivable investments.

Balance Sheet

● We amended our Working Capital Credit Facility to extend the maturity date from January 12, 2024 to January 12, 2025, plus a one-year extension option.

● We repurchased 0.6 million shares of common stock for approximately $25.0 million.

ESG Report

We published our 2023 ESG Report on our website, which discloses our environmental and social initiatives, programs, and performance. The report’s ESG disclosures were, to the extent applicable, prepared in accordance with the Global Reporting Initiative (GRI) Standards (core), the Sustainability Accounting Standards Board (SASB) standards, and the Task Force for Climate-related Financial Disclosure (TCFD) framework.

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Refer to Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, for further information on the Company’s activities in 2023.

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