EX-99.2 3 exhibit992-03312016.htm EXHIBIT 99.2
Exhibit 99.2

Financial Highlights
UDR, Inc.
As of End of First Quarter 2016 (1)
(Unaudited)
|  |  |  | Actual Results |  |  |  | Guidance as of March 31, 2016
Dollars in thousands, except per share and unit |  | 1Q 2016 |  |  |  | 2Q 2016 |  | Full-Year 2016
Per Share Metrics |  |  |  |  |  |  |  |  |  |
FFO per common share and unit, diluted |  | $0.43 |  |  |  | $0.43 to $0.45 |  | $1.75 to $1.81
FFO as Adjusted per common share and unit, diluted |  | $0.43 |  |  |  | $0.43 to $0.45 |  | $1.75 to $1.81
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted |  | $0.41 |  |  |  | $0.39 to $0.41 |  | $1.59 to $1.65
Dividend declared per share and unit |  | $0.2950 |  |  |  | $0.2950 |  | $1.18 (2)
Same-Store Operating Metrics |  |  |  |  |  |  |  |
Revenue growth |  | 6.4% |  |  |  | -- |  | 5.50% - 6.00%
Expense growth |  | 2.7% |  |  |  | -- |  | 3.00% - 3.50%
NOI growth |  | 8.0% |  |  |  | -- |  | 6.50% - 7.00%
Physical Occupancy |  | 96.5% |  |  |  | -- |  | 96.6%
Property Metrics |  |  |  | Homes |  | Communities |  | % of Total NOI
Same-Store |  |  |  | 34,017 |  |  | 117 |  | 73.4%
Stabilized, Non-Mature |  |  |  | 4,610 |  |  | 11 |  | 11.1%
Acquired Communities |  | — |  |  | - |  | —
Redevelopment |  |  |  | 2,101 |  |  | 4 |  | 4.5%
Non-Residential / Other |  | N/A |  |  | N/A |  | 1.4%
Sold and Held for disposition |  |  |  | — |  |  | - |  | 0.1%
Joint Venture (includes completed JV developments) (3) |  | 6,947 |  |  | 28 |  | 9.5%
Sub-total, completed homes |  | 47,675 |  |  | 160 |  | 100%
Under Development |  | 1,101 |  |  | 2 |  | -
Joint Venture Development |  | 922 |  |  | 4 |  | -
Preferred Equity Investments |  | 1,533 |  |  | 5 |  | -
Total expected homes (3)(4) |  | 51,231 |  |  | 171 |  | 100%
Balance Sheet Metrics (adjusted for non-recurring items) |  |  |  | Market Capitalization
|  | 1Q 2016 |  | 1Q 2015 |  |  |  | 1Q 2016 |  | % of Total
Interest Coverage Ratio |  | 4.47x |  | 4.09x |  | Total debt |  | $ | 3,411,825 |  |  | 23.0%
Fixed Charge Coverage Ratio |  | 4.36x |  | 3.98x |  | Common stock equivalents (5) |  | 11,422,714 |  |  | 77.0%
Leverage Ratio |  | 33.0% |  | 37.5% |  | Total market capitalization |  | $ | 14,834,539 |  |  | 100.0%
Net Debt-to-EBITDA |  | 5.4x |  | 6.4x |  |  |  |  |  |

| (1) See Attachment 16 for definitions and other terms. |
| (2) Annualized for 2016. |
| (3) Joint venture NOI is based on UDR's pro rata share. Homes and communities at 100%. |
| (4) Excludes 218 homes at Steele Creek where we have a participating loan investment as described in Attachment 9(B). |
| (5) Based on a common share price of $38.53 at March 31, 2016. |

1

Attachment 1
UDR, Inc.
Consolidated Statements of Operations (1)
(Unaudited)
|  |  | Three Months Ended
|  |  | March 31,
In thousands, except per share amounts |  | 2016 |  | 2015
REVENUES: |  |  |  |  |
Rental income |  |  | $ | 231,957 |  |  | $ | 207,047 |
Joint venture management and other fees (2) |  | 2,858 |  |  | 12,706 |
Total revenues |  |  | 234,815 |  |  | 219,753 |
OPERATING EXPENSES: |  |  |  |  |
Property operating and maintenance |  | 39,446 |  |  | 37,250 |
Real estate taxes and insurance |  | 28,377 |  |  | 26,222 |
Property management |  | 6,379 |  |  | 5,694 |
Other operating expenses |  | 1,752 |  |  | 1,766 |
Real estate depreciation and amortization |  | 105,339 |  |  | 88,777 |
Acquisition costs |  | — |  |  | 199 |
General and administrative |  | 13,844 |  |  | 11,953 |
Casualty-related (recoveries)/charges, net |  | — |  |  | 996 |
Other depreciation and amortization |  | 1,553 |  |  | 1,623 |
Total operating expenses |  | 196,690 |  |  | 174,480 |
Operating income |  | 38,125 |  |  | 45,273 |
Income/(loss) from unconsolidated entities (2) |  | 679 |  |  | 59,159 |
Interest expense |  | (31,104 | ) |  | (28,800 | )
Interest income and other income/(expense), net |  | 431 |  |  | 360 |
Income/(loss) before income taxes and gain/(loss) on sale of real estate owned |  | 8,131 |  |  | 75,992 |
Tax benefit/(provision), net |  | 403 |  |  | 425 |
Income/(loss) from continuing operations |  | 8,534 |  |  | 76,417 |
Gain/(loss) on sale of real estate owned, net of tax |  | 3,070 |  |  | — |
Net income/(loss) |  | 11,604 |  |  | 76,417 |
Net (income)/loss attributable to redeemable noncontrolling interests in the OP and DownREIT Partnership |  | (905 | ) |  | (2,588 | )
Net (income)/loss attributable to noncontrolling interests |  | (306 | ) |  | (7 | )
Net income/(loss) attributable to UDR, Inc. |  | 10,393 |  |  | 73,822 |
Distributions to preferred stockholders - Series E (Convertible) |  | (929 | ) |  | (931 | )
Net income/(loss) attributable to common stockholders |  | $ | 9,464 |  |  | $ | 72,891 |
Income/(loss) per weighted average common share - basic: |  | $ | 0.04 |  |  | $ | 0.28 |
Income/(loss) per weighted average common share - diluted: |  | $ | 0.04 |  |  | $ | 0.28 |
Common distributions declared per share |  | $ | 0.2950 |  |  | $ | 0.2775 |
Weighted average number of common shares outstanding - basic |  | 262,456 |  |  | 256,834 |
Weighted average number of common shares outstanding - diluted |  | 264,285 |  |  | 258,662 |
(1) See Attachment 16 for definitions and other terms.
(2) In January 2015, the eight communities held by the Texas Joint Venture were sold, generating proceeds to UDR of $43.5 million. The Company recorded promote and disposition fee income of approximately $9.6 million and a gain of approximately $59.1 million in connection with the sale during the three months ended March 31, 2015.

2

Attachment 2
UDR, Inc.
Funds From Operations (1)
(Unaudited)
|  |  | Three Months Ended
|  |  | March 31,
In thousands, except per share and unit amounts |  | 2016 |  | 2015
Net income/(loss) attributable to common stockholders |  | $ | 9,464 |  |  | $ | 72,891 |
Real estate depreciation and amortization |  | 105,339 |  |  | 88,777 |
Noncontrolling interests |  | 1,211 |  |  | 2,595 |
Real estate depreciation and amortization on unconsolidated joint ventures |  | 10,350 |  |  | 9,850 |
Net gain on the sale of unconsolidated depreciable property (2) |  | — |  |  | (59,073 | )
Net gain on the sale of depreciable real estate owned (5) |  | (1,385 | ) |  | — |
Funds from operations ("FFO") attributable to common stockholders and unitholders, basic |  | $ | 124,979 |  |  | $ | 115,040 |
Distributions to preferred stockholders - Series E (Convertible) (3) |  | 929 |  |  | 931 |
FFO attributable to common stockholders and unitholders, diluted |  | $ | 125,908 |  |  | $ | 115,971 |
FFO per common share and unit, basic |  | $ | 0.43 |  |  | $ | 0.43 |
FFO per common share and unit, diluted |  | $ | 0.43 |  |  | $ | 0.43 |
Weighted average number of common shares and OP/DownREIT Units outstanding - basic |  | 287,647 |  |  | 265,999 |
Weighted average number of common shares, OP/DownREIT Units, and common stock |  |  |  |
equivalents outstanding - diluted |  | 292,504 |  |  | 270,863 |
Impact of adjustments to FFO: |  |  |  |
Acquisition-related costs/(fees), including joint ventures |  | $ | — |  |  | $ | 199 |
Texas Joint Venture promote and disposition fee income (2) |  | — |  |  | (9,633 | )
Long-term incentive plan transition costs |  | 323 |  |  | 854 |
Net gain on the sale of non-depreciable real estate owned (5) |  | (1,685 | ) |  | — |
Casualty-related (recoveries)/charges, including joint ventures, net (4) |  | 1,126 |  |  | 996 |
|  |  | $ | (236 | ) |  | $ | (7,584 | )
FFO as Adjusted attributable to common stockholders and unitholders, diluted |  | $ | 125,672 |  |  | $ | 108,387 |
FFO as Adjusted per common share and unit, diluted |  | $ | 0.43 |  |  | $ | 0.40 |
Recurring capital expenditures |  | (6,961 | ) |  | (7,243 | )
AFFO attributable to common stockholders and unitholders |  | $ | 118,711 |  |  | $ | 101,144 |
AFFO per common share and unit, diluted |  | $ | 0.41 |  |  | $ | 0.37 |
(1) See Attachment 16 for definitions and other terms.
(2) In January 2015, the eight communities held by the Texas Joint Venture were sold, generating proceeds to UDR of $43.5 million. The Company recorded promote and disposition fee income of approximately $9.6 million and a gain of approximately $59.1 million in connection with the sale during the three months ended March 31, 2015.
(3) Series E preferred shares are dilutive for purposes of calculating FFO per share. Consequently, distributions to Series E preferred shareholders are added to FFO and the weighted average number of shares are included in the denominator when calculating FFO per common share and unit, diluted.
(4) Casualty-related charges for the three months ended March 31, 2016 include $1.1 million related to UDR's share of the 717 Olympic casualty, which is included in income/(loss) from unconsolidated entities in Attachment 1.
(5) The GAAP gain for the three months ended March 31, 2016 is $3.1 million, of which $1.7 million is FFO gain related to the sale of two land parcels. The FFO gain is backed out for FFO as Adjusted.

3

Attachment 3
UDR, Inc.
Consolidated Balance Sheets (1)
(Unaudited)
|  |  | March 31, |  | December 31,
In thousands, except share and per share amounts |  | 2016 |  | 2015
ASSETS |  |  |  |  |
Real estate owned: |  |  |  |  |
Real estate held for investment |  | $ | 9,000,652 |  |  | $ | 9,053,599 |
Less: accumulated depreciation |  | (2,743,461 | ) |  | (2,646,044 | )
Real estate held for investment, net |  | 6,257,191 |  |  | 6,407,555 |
Real estate under development |  |  |  |
(net of accumulated depreciation of $0 and $0) |  | 196,402 |  |  | 124,072 |
Real estate held for disposition |  |  |  |
(net of accumulated depreciation of $802 and $830) |  | 31,744 |  |  | 11,775 |
Total real estate owned, net of accumulated depreciation |  | 6,485,337 |  |  | 6,543,402 |
Cash and cash equivalents |  |  | 3,668 |  |  | 6,742 |
Restricted cash |  |  | 21,030 |  |  | 20,798 |
Notes receivable, net |  |  | 16,694 |  |  | 16,694 |
Investment in and advances to unconsolidated joint ventures, net |  | 944,864 |  |  | 938,906 |
Other assets |  |  | 129,975 |  |  | 137,302 |
Total assets |  |  | $ | 7,601,568 |  |  | $ | 7,663,844 |
LIABILITIES AND EQUITY |  |  |  |  |
Liabilities: |  |  |  |  |
Secured debt |  |  | $ | 1,374,670 |  |  | $ | 1,376,945 |
Unsecured debt |  |  | 2,037,155 |  |  | 2,193,850 |
Real estate taxes payable |  |  | 16,147 |  |  | 18,786 |
Accrued interest payable |  |  | 28,589 |  |  | 29,162 |
Security deposits and prepaid rent |  | 35,995 |  |  | 36,330 |
Distributions payable |  |  | 86,963 |  |  | 80,368 |
Accounts payable, accrued expenses, and other liabilities |  | 77,676 |  |  | 81,356 |
Total liabilities |  |  | 3,657,195 |  |  | 3,816,797 |
Redeemable noncontrolling interests in the OP and DownREIT Partnership |  | 970,620 |  |  | 946,436 |
Equity: |  |  |  |  |
Preferred stock, no par value; 50,000,000 shares authorized |  |  |  |
2,796,903 shares of 8.00% Series E Cumulative Convertible issued |  |  |  |
and outstanding (2,796,903 shares at December 31, 2015) |  | 46,457 |  |  | 46,457 |
16,452,496 shares of Series F outstanding (16,452,496 shares |  |  |  |
at December 31, 2015) |  | 1 |  |  | 1 |
Common stock, $0.01 par value; 350,000,000 shares authorized |  |  |  |
267,137,288 shares issued and outstanding (261,844,521 shares at December 31, 2015) |  | 2,671 |  |  | 2,618 |
Additional paid-in capital |  | 4,620,946 |  |  | 4,447,816 |
Distributions in excess of net income |  | (1,685,173 | ) |  | (1,584,459 | )
Accumulated other comprehensive income/(loss), net |  | (12,035 | ) |  | (12,678 | )
Total stockholders' equity |  |  | 2,972,867 |  |  | 2,899,755 |
Noncontrolling interests |  |  | 886 |  |  | 856 |
Total equity |  |  | 2,973,753 |  |  | 2,900,611 |
Total liabilities and equity |  |  | $ | 7,601,568 |  |  | $ | 7,663,844 |
(1) See Attachment 16 for definitions and other terms.

4

Attachment 4(A)
UDR, Inc.
Selected Financial Information (1)
(Unaudited)
|  |  |  |  |  |  |  |  |  | March 31, |  | December 31,
Common Stock and Equivalents |  |  |  |  |  |  |  | 2016 |  | 2015
Common shares (2) |  |  |  |  |  |  |  |  |  | 266,261,919 |  |  | 261,044,151 |
Restricted shares |  |  |  |  |  |  |  |  |  | 875,369 |  |  | 800,370 |
Total common stock |  |  |  |  |  |  |  |  |  | 267,137,288 |  |  | 261,844,521 |
Stock options, LTIP Units and restricted stock equivalents |  |  |  |  |  |  |  | 1,106,237 |  |  | 1,181,193 |
Operating and DownREIT Partnership units |  |  |  |  |  |  |  | 23,439,601 |  |  | 23,439,601 |
Preferred OP units |  |  |  |  |  |  |  |  |  | 1,751,671 |  |  | 1,751,671 |
Convertible preferred Series E stock (3) |  |  |  |  |  |  |  | 3,028,068 |  |  | 3,028,068 |
Total common stock and equivalents |  |  |  |  |  |  |  | 296,462,865 |  |  | 291,245,054 |
|  |  |  |  |  |  |  |  |  | 1Q 2016 Weighted |  | 1Q 2015 Weighted
Weighted Average Number of Shares Outstanding |  |  |  |  |  |  |  | Average |  | Average
Weighted average number of common shares and OP/DownREIT units outstanding - basic |  |  |  |  |  | 287,647,509 |  |  | 265,998,711 |
Weighted average number of OP/DownREIT units outstanding |  |  |  |  |  |  |  | (25,191,272 | ) |  | (9,165,129 | )
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations |  |  |  |  |  | 262,456,237 |  |  | 256,833,582 |
Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted |  | 292,504,471 |  |  | 270,863,006 |
Weighted average number of OP/DownREIT units outstanding |  | (25,191,272 | ) |  | (9,165,129 | )
Weight average number of Series E preferred shares outstanding |  | (3,028,068 | ) |  | (3,035,548 | )
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations |  | 264,285,131 |  |  | 258,662,329 |
|  |  |  |  |  | March 31, |  |  |  | December 31, |  |
Market Capitalization, In thousands |  |  |  | 2016 |  | % of Total |  | 2015 |  | % of Total
Total debt |  |  |  | $ | 3,411,825 |  |  | 23.0 | % |  | $ | 3,570,795 |  |  | 24.6 | %
Common stock and equivalents ($38.53 at 3/31/16 and $37.57 at 12/31/15) |  |  |  | 11,422,714 |  |  | 77.0 | % |  | 10,942,077 |  |  | 75.4 | %
Total market capitalization |  |  |  | $ | 14,834,539 |  |  | 100.0 | % |  | $ | 14,512,872 |  |  | 100.0 | %
|  |  |  |  |  |  |  |  |  | Gross |  | % of
|  |  |  | Number of |  | 1Q 2016 NOI (1) |  |  |  | Carrying Value |  | Total Gross
Asset Summary |  | Homes |  | ($000s) |  | % of NOI |  | ($000s) |  | Carrying Value
Unencumbered assets |  |  |  | 27,496 |  |  | $ | 119,077 |  |  | 72.5 | % |  | $ | 6,904,910 |  |  | 74.8 | %
Encumbered assets |  |  |  | 13,232 |  |  | 45,057 |  |  | 27.5 | % |  | 2,324,690 |  |  | 25.2 | %
|  |  |  | 40,728 |  |  | $ | 164,134 |  |  | 100.0 | % |  | $ | 9,229,600 |  |  | 100.0 | %
(1) See Attachment 16 for definitions and other terms.
(2) Includes the effect of 5.0 million shares issued at a net price of $34.73 during the three months ended March 31, 2016.
(3) At March 31, 2016 and December 31, 2015, a total of 2,796,903 shares of the Series E were outstanding, which is equivalent to 3,028,068 shares of common stock if converted (after adjusting for the special dividend paid in 2008).

5

Attachment 4(B)
UDR, Inc.
Selected Financial Information (1)
(Unaudited)
|  |  |  |  |  |  |  |  |  | Weighted |  | Weighted
|  |  |  |  |  |  |  |  |  | Average |  | Average Years
Debt Structure, In thousands |  |  |  |  |  | Balance |  | % of Total |  | Interest Rate |  | to Maturity
Secured |  | Fixed |  |  |  | $ | 945,198 |  |  | 27.6 | % |  | 4.93 | % |  | 3.5 |
|  | Floating |  |  |  | 425,415 |  | (2 | ) | 12.4 | % |  | 1.70 | % |  | 4.3 |
|  | Combined |  |  |  | 1,370,613 |  |  | 40.0 | % |  | 3.92 | % |  | 3.7 |
Unsecured |  | Fixed |  |  |  | 1,942,324 |  | (3 | ) | 56.7 | % |  | 3.93 | % |  | 5.8 |
|  | Floating |  |  |  | 111,349 |  |  | 3.3 | % |  | 1.33 | % |  | 4.1 |
|  | Combined |  |  |  | 2,053,673 |  |  | 60.0 | % |  | 3.79 | % |  | 5.7 |
Total Debt |  | Fixed |  |  |  | 2,887,522 |  |  | 84.3 | % |  | 4.25 | % |  | 5.1 |
|  | Floating |  |  |  | 536,764 |  |  | 15.7 | % |  | 1.62 | % |  | 4.2 |
|  | Combined |  |  |  | $ | 3,424,286 |  |  | 100.0 | % |  | 3.84 | % |  | 4.9 |
|  | Total Non-Cash Adjustments (6) |  |  |  | (12,461 | ) |  |  |  |  |  |
|  | Total per Balance Sheet |  |  |  | $ | 3,411,825 |  |  |  |  | 3.95 | % |  |
Debt Maturities, In thousands |  |  |  |  |  |  |  |  |  |
|  |  |  | Unsecured |  | Revolving Credit |  |  |  |  |  | Weighted Average
|  | Secured Debt (7) |  | Debt (7) |  | Facilities (5) (8) |  | Balance |  | % of Total |  | Interest Rate
2016 |  | $ | 146,853 |  | (4) | $ | 11,680 |  |  | $ | — |  |  | $ | 158,533 |  |  | 4.6 | % |  | 5.06 | %
2017 |  | 275,526 |  |  | — |  |  | — |  |  | 275,526 |  |  | 8.1 | % |  | 4.13 | %
2018 |  | 211,065 |  |  | 300,000 |  |  | — |  |  | 511,065 |  |  | 14.9 | % |  | 3.86 | %
2019 |  | 315,496 |  |  | — |  |  | 6,349 |  |  | 321,845 |  |  | 9.4 | % |  | 4.37 | %
2020 |  | 170,664 |  |  | 300,000 |  |  | 70,000 |  |  | 540,664 |  |  | 15.8 | % |  | 3.53 | %
2021 |  | — |  |  | 350,000 |  |  | — |  |  | 350,000 |  |  | 10.2 | % |  | 2.14 | %
2022 |  | — |  |  | 400,000 |  |  | — |  |  | 400,000 |  |  | 11.7 | % |  | 4.63 | %
2023 |  | 96,409 |  |  | — |  |  | — |  |  | 96,409 |  |  | 2.8 | % |  | 2.34 | %
2024 |  | — |  |  | 315,644 |  |  | — |  |  | 315,644 |  |  | 9.2 | % |  | 3.99 | %
2025 |  | 127,600 |  |  | 300,000 |  |  | — |  |  | 427,600 |  |  | 12.5 | % |  | 4.26 | %
Thereafter |  | 27,000 |  |  | — |  |  | — |  |  | 27,000 |  |  | 0.8 | % |  | 0.78 | %
|  | 1,370,613 |  |  | 1,977,324 |  |  | 76,349 |  |  | 3,424,286 |  |  | 100.0 | % |  | 3.84 | %
Total Non-Cash Adjustments (6) |  | 4,057 |  |  | (16,518 | ) |  | — |  |  | (12,461 | ) |  |  |  |
Total per Balance Sheet |  | $ | 1,374,670 |  |  | $ | 1,960,806 |  |  | $ | 76,349 |  |  | $ | 3,411,825 |  |  |  |  | 3.95 | %
Debt Maturities With Extensions, In thousands |  |  |  |  |  |  |  |
|  |  |  | Unsecured |  | Revolving Credit |  |  |  |  |  | Weighted Average
|  | Secured Debt (7) |  | Debt (7) |  | Facilities (5) (8) |  | Balance |  | % of Total |  | Interest Rate
2016 |  | $ | 75,853 |  |  | $ | 11,680 |  |  | $ | — |  |  | $ | 87,533 |  |  | 2.6 | % |  | 4.35 | %
2017 |  | 346,526 |  |  | — |  |  | — |  |  | 346,526 |  |  | 10.1 | % |  | 4.50 | %
2018 |  | 211,065 |  |  | 300,000 |  |  | — |  |  | 511,065 |  |  | 14.9 | % |  | 3.86 | %
2019 |  | 315,496 |  |  | — |  |  | 6,349 |  |  | 321,845 |  |  | 9.4 | % |  | 4.37 | %
2020 |  | 170,664 |  |  | 300,000 |  |  | — |  |  | 470,664 |  |  | 13.7 | % |  | 3.86 | %
2021 |  | — |  |  | 350,000 |  |  | 70,000 |  |  | 420,000 |  |  | 12.3 | % |  | 2.00 | %
2022 |  | — |  |  | 400,000 |  |  | — |  |  | 400,000 |  |  | 11.7 | % |  | 4.63 | %
2023 |  | 96,409 |  |  | — |  |  | — |  |  | 96,409 |  |  | 2.8 | % |  | 2.34 | %
2024 |  | — |  |  | 315,644 |  |  | — |  |  | 315,644 |  |  | 9.2 | % |  | 3.99 | %
2025 |  | 127,600 |  |  | 300,000 |  |  | — |  |  | 427,600 |  |  | 12.5 | % |  | 4.26 | %
Thereafter |  | 27,000 |  |  | — |  |  | — |  |  | 27,000 |  |  | 0.8 | % |  | 0.78 | %
|  | 1,370,613 |  |  | 1,977,324 |  |  | 76,349 |  |  | 3,424,286 |  |  | 100.0 | % |  | 3.84 | %
Total Non-Cash Adjustments (6) |  | 4,057 |  |  | (16,518 | ) |  | — |  |  | (12,461 | ) |  |  |  |
Total per Balance Sheet |  | $ | 1,374,670 |  |  | $ | 1,960,806 |  |  | $ | 76,349 |  |  | $ | 3,411,825 |  |  |  |  | 3.95 | %
(1) See Attachment 16 for definitions and other terms.
(2) Includes $336.3 million of debt with a weighted average interest cap of 8.0% on the underlying index.
(3) Includes $315.0 million of floating rate debt that has been fixed using interest rate swaps at a weighted average rate of 2.23%.
(4) Includes $71 million of financing with a one year extension at UDR's option.
(5) UDR's $1.1 billion line of credit has a maturity date of January 2020, plus two six-month extension options. The credit facility carries an interest rate equal to LIBOR plus a spread of 90 basis points and a facility fee of 15 basis points, which is not included in the interest rate above.
(6) Includes the unamortized balance of fair market value adjustments, premiums/discounts, deferred hedge gains, and deferred financing costs.
(7) Includes principal amortization, as applicable.
(8) In December 2015, UDR entered into a working capital credit facility, which provides for a $30 million unsecured revolving credit facility with a scheduled maturity date of January 1, 2019. Based on UDR's current credit rating, the working capital credit facility has an interest rate equal to LIBOR plus a spread of 90 basis points.

6

Attachment 4(C)
UDR, Inc.
Selected Financial Information (1)
(Unaudited)
|  |  |  |  |  |  |  |  |  | Quarter Ended
Coverage Ratios |  |  |  |  |  |  |  |  |  | March 31, 2016
Net income/(loss) attributable to UDR, Inc. |  |  |  |  |  |  |  | $ | 10,393 |
Adjustments (includes continuing and discontinued operations): |  |  |  |  |  |  |  |
Interest expense |  |  |  |  |  |  |  | 31,104 |
Real estate depreciation and amortization |  |  |  |  |  | 105,339 |
Real estate depreciation and amortization on unconsolidated joint ventures |  |  |  |  |  | 10,350 |
Other depreciation and amortization |  |  |  |  |  | 1,553 |
Noncontrolling interests |  |  |  |  |  | 1,211 |
Income tax expense/(benefit) |  |  |  |  |  | (403 | )
EBITDA |  |  |  |  |  |  |  |  |  | $ | 159,547 |
(Gain)/loss on sale of real estate owned, net of tax |  |  |  |  |  |  |  | (3,070 | )
Long-term incentive plan transition costs |  |  |  |  |  |  |  | 323 |
Casualty-related (recoveries)/charges, including joint ventures, net |  |  |  |  |  |  |  | 1,126 |
EBITDA - adjusted for non-recurring items |  |  |  |  |  |  |  | $ | 157,926 |
Annualized EBITDA - adjusted for non-recurring items |  |  |  |  |  | $ | 631,704 |
Interest expense |  |  |  |  |  |  |  | $ | 31,104 |
Capitalized interest expense |  |  |  |  |  |  |  | 4,203 |
Total interest |  |  |  |  |  |  |  |  |  | $ | 35,307 |
Preferred dividends |  |  |  |  |  |  |  |  |  | $ | 929 |
Total debt |  |  |  |  |  |  |  |  |  | $ | 3,411,825 |
Cash |  |  |  |  |  |  |  | 3,668 |
Net debt |  |  |  |  |  |  |  |  |  | $ | 3,408,157 |
Interest Coverage Ratio |  |  |  |  |  |  |  | 4.52 | x
Fixed Charge Coverage Ratio |  |  |  |  |  |  |  | 4.40 | x
Interest Coverage Ratio - adjusted for non-recurring items |  |  |  |  |  | 4.47 | x
Fixed Charge Coverage Ratio - adjusted for non-recurring items |  |  |  |  |  | 4.36 | x
Net Debt-to-EBITDA - adjusted for non-recurring items |  |  |  |  |  | 5.4 | x
Debt Covenant Overview
Unsecured Line of Credit Covenants (2) |  |  |  | Required |  | Actual |  | Compliance
Maximum Leverage Ratio |  |  |  |  |  | ≤60.0% |  | 33.6% | (2 | ) | Yes
Minimum Fixed Charge Coverage Ratio |  |  |  | ≥1.5 |  | 3.5 |  | Yes
Maximum Secured Debt Ratio |  |  |  | ≤40.0% |  | 17.6% |  | Yes
Minimum Unencumbered Pool Leverage Ratio |  |  |  | ≥150.0% |  | 400.7% |  | Yes
Senior Unsecured Note Covenants (3) |  |  |  | Required |  | Actual |  | Compliance
Debt as a percentage of Total Assets |  |  |  | ≤60.0% |  | 33.1% | (3 | ) | Yes
Consolidated Income Available for Debt Service to Annual Service Charge |  | ≥1.5 |  | 4.8 |  | Yes
Secured Debt as a percentage of Total Assets |  |  |  | ≤40.0% |  | 13.3% |  | Yes
Total Unencumbered Assets to Unsecured Debt |  |  |  | ≥150.0% |  | 346.3% |  | Yes
Securities Ratings |  |  |  |  |  | Debt |  | Preferred |  | Outlook
Moody's Investors Service |  |  |  |  |  | Baa1 |  | Baa2 |  | Stable
Standard & Poor's |  |  |  |  |  | BBB+ |  | BB+ |  | Stable
(1) See Attachment 16 for definitions and other terms.
(2) As defined in our credit agreement dated October 20, 2015.
(3) As defined in our indenture dated November 1, 1995 as amended, supplemented or modified from time to time.

7

Attachment 5
UDR, Inc.
Operating Information (1)
(Unaudited)
|  | Total |  | Quarter Ended |  | Quarter Ended |  | Quarter Ended |  | Quarter Ended |  | Quarter Ended
Dollars in thousands |  | Homes |  | March 31, 2016 |  | December 31, 2015 |  | September 30, 2015 |  | June 30, 2015 |  | March 31, 2015
Revenues |  |  |  |  |  |  |  |  |  |  |
Same-Store Communities | 34,017 |  |  | $ | 186,745 |  |  | $ | 183,595 |  |  | $ | 182,739 |  |  | $ | 179,235 |  |  | $ | 175,487 |
Stabilized, Non-Mature Communities | 4,610 |  |  | 28,468 |  |  | 26,679 |  |  | 9,675 |  |  | 6,889 |  |  | 5,631 |
Acquired Communities | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Redevelopment Communities | 2,101 |  |  | 11,471 |  |  | 11,756 |  |  | 11,773 |  |  | 11,562 |  |  | 11,272 |
Development Communities | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |
Non-Residential / Other (2) | — |  |  | 4,911 |  |  | 6,674 |  |  | 5,727 |  |  | 5,259 |  |  | 4,302 |
Total |  | 40,728 |  |  | $ | 231,596 |  |  | $ | 228,704 |  |  | $ | 209,914 |  |  | $ | 202,945 |  |  | $ | 196,692 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Same-Store Communities |  |  | $ | 53,781 |  |  | $ | 53,179 |  |  | $ | 54,433 |  |  | $ | 51,699 |  |  | $ | 52,361 |
Stabilized, Non-Mature Communities |  |  | 8,365 |  |  | 7,838 |  |  | 3,106 |  |  | 2,597 |  |  | 2,118 |
Acquired Communities |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Redevelopment Communities |  |  | 3,290 |  |  | 3,224 |  |  | 3,348 |  |  | 3,171 |  |  | 3,235 |
Development Communities |  |  | 80 |  |  | 39 |  |  | 56 |  |  | 9 |  |  | 10 |
Non-Residential / Other (2) |  |  | 2,179 |  |  | 1,693 |  |  | 581 |  |  | 1,628 |  |  | 2,251 |
Total |  |  |  | $ | 67,695 |  |  | $ | 65,973 |  |  | $ | 61,524 |  |  | $ | 59,104 |  |  | $ | 59,975 |
Net Operating Income |  |  |  |  |  |  |  |  |  |  |
Same-Store Communities |  |  | $ | 132,964 |  |  | $ | 130,416 |  |  | $ | 128,306 |  |  | $ | 127,536 |  |  | $ | 123,126 |
Stabilized, Non-Mature Communities |  |  | 20,103 |  |  | 18,841 |  |  | 6,569 |  |  | 4,292 |  |  | 3,513 |
Acquired Communities |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Redevelopment Communities |  |  | 8,181 |  |  | 8,532 |  |  | 8,425 |  |  | 8,391 |  |  | 8,037 |
Development Communities |  |  | (79 | ) |  | (39 | ) |  | (56 | ) |  | (9 | ) |  | (10 | )
Non-Residential / Other (2) |  |  | 2,732 |  |  | 4,981 |  |  | 5,146 |  |  | 3,631 |  |  | 2,051 |
Total |  |  |  | $ | 163,901 |  |  | $ | 162,731 |  |  | $ | 148,390 |  |  | $ | 143,841 |  |  | $ | 136,717 |
Operating Margin |  |  |  |  |  |  |  |  |  |  |  |
Same-Store Communities |  |  | 71.2 | % |  | 71.0 | % |  | 70.2 | % |  | 71.2 | % |  | 70.2 | %
Average Physical Occupancy |  |  |  |  |  |  |  |  |  |  |
Same-Store Communities |  |  | 96.5 | % |  | 96.6 | % |  | 96.7 | % |  | 96.9 | % |  | 96.7 | %
Stabilized, Non-Mature Communities |  |  | 94.1 | % |  | 93.4 | % |  | 87.3 | % |  | 74.1 | % |  | 76.1 | %
Acquired Communities |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Redevelopment Communities |  |  | 93.3 | % |  | 95.2 | % |  | 95.9 | % |  | 95.9 | % |  | 95.9 | %
Development Communities |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other (3) |  |  | — |  |  | — |  |  | 95.7 | % |  | 96.3 | % |  | 96.0 | %
Total |  |  |  | 96.1 | % |  | 96.2 | % |  | 96.2 | % |  | 96.2 | % |  | 95.6 | %
Return on Invested Capital |  |  |  |  |  |  |  |  |  |  |
Same-Store Communities |  |  | 7.5 | % |  | 7.3 | % |  | 7.3 | % |  | 7.2 | % |  | 7.1 | %
Sold and Held for Disposition Communities | — |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  |  | $ | 361 |  |  | $ | 5,648 |  |  | $ | 7,851 |  |  | $ | 9,819 |  |  | $ | 10,355 |
Expenses |  |  |  | 128 |  |  | 2,082 |  |  | 2,676 |  |  | 3,228 |  |  | 3,497 |
Net Operating Income/(loss) |  |  | $ | 233 |  |  | $ | 3,566 |  |  | $ | 5,175 |  |  | $ | 6,591 |  |  | $ | 6,858 |
Total |  | 40,728 |  |  | $ | 164,134 |  |  | $ | 166,297 |  |  | $ | 153,565 |  |  | $ | 150,432 |  |  | $ | 143,575 |
(1) See Attachment 16 for definition and other terms.
(2) Primarily non-residential revenue and expense and straight-line adjustment for concessions.
(3) Includes occupancy of Sold and Held for Disposition Communities.

8

Attachment 6
UDR, Inc.
Same-Store Operating Expense Information (1)
(Dollars in Thousands)
(Unaudited)
|  |  | % of 1Q 2016 |  |  |  |  |  |
|  |  | SS Operating |  |  |  |  |  |
Year-Over-Year Comparison |  |  | Expenses |  | 1Q 2016 |  | 1Q 2015 |  | % Change
Real estate taxes (2) |  |  | 37.0 | % |  | $ | 19,917 |  |  | $ | 19,062 |  |  | 4.5 | %
Personnel |  |  | 24.2 | % |  | 12,995 |  |  | 12,570 |  |  | 3.4 | %
Utilities |  |  | 16.2 | % |  | 8,737 |  |  | 9,034 |  |  | -3.3 | %
Repair and maintenance |  |  | 12.6 | % |  | 6,757 |  |  | 6,504 |  |  | 3.9 | %
Administrative and marketing |  |  | 5.9 | % |  | 3,150 |  |  | 3,205 |  |  | -1.7 | %
Insurance |  |  | 4.1 | % |  | 2,225 |  |  | 1,986 |  |  | 12.0 | %
Same-Store operating expenses (2) |  |  | 100.0 | % |  | $ | 53,781 |  |  | $ | 52,361 |  |  | 2.7 | %
Same-Store Homes |  |  | 34,017 |  |  |  |  |  |  |
|  |  | % of 1Q 2016 |  |  |  |  |  |
|  |  | SS Operating |  |  |  |  |  |
Sequential Comparison |  |  | Expenses |  | 1Q 2016 |  | 4Q 2015 |  | % Change
Real estate taxes |  |  | 37.0 | % |  | $ | 19,917 |  |  | $ | 18,938 |  |  | 5.2 | %
Personnel |  |  | 24.2 | % |  | 12,995 |  |  | 13,329 |  |  | -2.5 | %
Utilities |  |  | 16.2 | % |  | 8,737 |  |  | 8,057 |  |  | 8.4 | %
Repair and maintenance |  |  | 12.6 | % |  | 6,757 |  |  | 6,902 |  |  | -2.1 | %
Administrative and marketing |  |  | 5.9 | % |  | 3,150 |  |  | 3,425 |  |  | -8.0 | %
Insurance |  |  | 4.1 | % |  | 2,225 |  |  | 2,528 |  |  | -12.0 | %
Same-Store operating expenses |  |  | 100.0 | % |  | $ | 53,781 |  |  | $ | 53,179 |  |  | 1.1 | %
Same-Store Homes |  |  | 34,017 |  |  |  |  |  |  |
(1) See Attachment 16 for definitions and other terms.
(2) 1Q16 presented above includes $70 thousand of higher New York real estate taxes due to 421 exemption and abatement reductions. Had the Same Store Expense included 100% of the NY real estate taxes before 421 savings, in all periods presented, the percent change would have been as follows:
|  |  | 1Q 2016 vs. 1Q 2015 |  |  |  |  |  |
Real estate taxes |  |  | 3.6 | % |  |  |  |  |  |
Same-Store operating expenses |  |  | 2.4 | % |  |  |  |  |  |

9

Attachment 7(A)
UDR, Inc.
Apartment Home Breakout (1)
Portfolio Overview as of Quarter Ended
March 31, 2016
(Unaudited)
|  |  |  | Non-Mature Homes |  |  |  | Unconsolidated |  |
|  | Total |  |  |  |  |  | Total |  | Joint Venture |  | Total
|  | Same-Store |  |  |  | Non- |  | Consolidated |  | Operating |  | Homes
|  | Homes |  | Stabilized (2) |  | Stabil. / Other (3) |  | Homes |  | Homes (4) |  | (incl. JV) (4)
West Region |  |  |  |  |  |  |  |  |  |  |  |
San Francisco, CA |  | 2,230 |  |  | 328 |  |  | 193 |  |  | 2,751 |  |  | 251 |  |  | 3,002 |
Orange County, CA |  | 3,194 |  |  | 173 |  |  | 1,447 |  |  | 4,814 |  |  | — |  |  | 4,814 |
Seattle, WA |  | 1,852 |  |  | 162 |  |  | 71 |  |  | 2,085 |  |  | 555 |  |  | 2,640 |
Los Angeles, CA |  | 1,225 |  |  | — |  |  | — |  |  | 1,225 |  |  | 151 |  |  | 1,376 |
Monterey Peninsula, CA |  | 1,565 |  |  | — |  |  | — |  |  | 1,565 |  |  | — |  |  | 1,565 |
Other Southern CA |  | 756 |  |  | — |  |  | — |  |  | 756 |  |  | 571 |  |  | 1,327 |
Portland, OR |  | 476 |  |  | — |  |  | — |  |  | 476 |  |  | — |  |  | 476 |
|  | 11,298 |  |  | 663 |  |  | 1,711 |  |  | 13,672 |  |  | 1,528 |  |  | 15,200 |
Mid-Atlantic Region |  |  |  |  |  |  |  |  |  |  |  |
Metropolitan DC |  | 4,824 |  |  | 3,578 |  |  | — |  |  | 8,402 |  |  | 874 |  |  | 9,276 |
Baltimore, MD |  | 2,122 |  |  | — |  |  | — |  |  | 2,122 |  |  | 379 |  |  | 2,501 |
Richmond, VA |  | 1,358 |  |  | — |  |  | — |  |  | 1,358 |  |  | — |  |  | 1,358 |
|  | 8,304 |  |  | 3,578 |  |  | — |  |  | 11,882 |  |  | 1,253 |  |  | 13,135 |
Northeast Region |  |  |  |  |  |  |  |  |  |  |  |
New York, NY |  | 1,945 |  |  | — |  |  | — |  |  | 1,945 |  |  | 710 |  |  | 2,655 |
Boston, MA |  | 1,179 |  |  | 369 |  |  | — |  |  | 1,548 |  |  | 1,302 |  |  | 2,850 |
Philadelphia, PA |  | — |  |  | — |  |  | — |  |  | — |  |  | 290 |  |  | 290 |
|  | 3,124 |  |  | 369 |  |  | — |  |  | 3,493 |  |  | 2,302 |  |  | 5,795 |
Southeast Region |  |  |  |  |  |  |  |  |  |  |  |
Orlando, FL |  | 2,500 |  |  | — |  |  | — |  |  | 2,500 |  |  | — |  |  | 2,500 |
Tampa, FL |  | 2,287 |  |  | — |  |  | — |  |  | 2,287 |  |  | — |  |  | 2,287 |
Nashville, TN |  | 2,260 |  |  | — |  |  | — |  |  | 2,260 |  |  | — |  |  | 2,260 |
Other Florida |  | 636 |  |  | — |  |  | — |  |  | 636 |  |  | — |  |  | 636 |
|  | 7,683 |  |  | — |  |  | — |  |  | 7,683 |  |  | — |  |  | 7,683 |
Southwest Region |  |  |  |  |  |  |  |  |  |  |  |
Dallas, TX |  | 2,725 |  |  | — |  |  | — |  |  | 2,725 |  |  | 1,382 |  |  | 4,107 |
Austin, TX |  | 883 |  |  | — |  |  | 390 |  |  | 1,273 |  |  | 259 |  |  | 1,532 |
Denver, CO |  | — |  |  | — |  |  | — |  |  | — |  |  | 223 |  |  | 223 |
|  | 3,608 |  |  | — |  |  | 390 |  |  | 3,998 |  |  | 1,864 |  |  | 5,862 |
Totals |  | 34,017 |  |  | 4,610 |  |  | 2,101 |  |  | 40,728 |  |  | 6,947 |  |  | 47,675 |
Communities |  | 117 |  |  | 11 |  |  | 4 |  |  | 132 |  |  | 28 |  |  | 160 |
Total Homes (incl. joint ventures) (4) |  |  |  | 47,675 |  |  |  |  |  |  |
Homes in Development, Excluding Completed Homes (5) |  |  |  |  |  |  |  |
Current Pipeline Wholly-Owned |  |  |  | 1,101 |  |  |  |  |  |  |
Current Pipeline Joint Venture (6) |  |  |  | 922 |  |  |  |  |  |  |
Current Pipeline Preferred Equity Investments (6) |  |  |  | 1,533 |  |  |  |  |  |  |
Total expected homes (including development) |  |  |  | 51,231 |  |  |  |  |  |  |
(1) See Attachment 16 for definitions and other terms.
(2) Represents homes included in Stabilized, Non-Mature Communities category on Attachment 5.
(3) Represents homes included in Acquired, Development, Redevelopment, Non-Residential/Other and Sold and Held for Disposition Communities categories on Attachment 5. Excludes development homes not yet completed.
(4) Represents joint venture homes at 100 percent. See Attachment 12 for UDR's joint venture and partnership ownership interests.
(5) See Attachments 9(A) and 9(B) for details of our development communities.
(6) Represents joint venture and preferred equity investment homes at 100 percent. Excludes 218 homes at Steele Creek where we have a participating loan investment. See Attachments 9(A) and 9(B) for UDR's developments and ownership interests.

10

Attachment 7(B)
UDR, Inc.
Non-Mature Home Summary (1)
Portfolio Overview as of Quarter Ended
March 31, 2016
(Unaudited)
Non-Mature Home Breakout - By Region (includes development homes that have been completed) |  |  |  |  |  |
|  |  |  |  | # of |  | Same-Store |  |  |  |  |  | # of |  | Same-Store
Community |  |  | Category |  | Homes |  | Date (2) |  | Community |  | Category |  | Homes |  | Date (2)
West Region |  |  |  |  |  |  |  |  | Mid-Atlantic Region |  |  |  |  |  |
Orange County, CA |  |  |  |  |  |  |  |  | Metropolitan D.C. |  |  |  |  |  |
Beach & Ocean |  |  | Stabilized, Non-Mature |  | 173 |  | 4Q16 |  | DelRay Tower |  | Stabilized, Non-Mature |  | 332 |  |  | 1Q17 |
Coronado |  |  | Redevelopment |  | 1,447 |  | 2Q18 |  | 1200 East West |  | Stabilized, Non-Mature |  | 247 |  |  | 1Q17 |
|  |  |  |  |  |  |  |  | Courts at Huntington Station |  | Stabilized, Non-Mature |  | 421 |  |  | 1Q17 |
San Francisco, CA |  |  |  |  |  |  |  |  | Eleven55 Ripley |  | Stabilized, Non-Mature |  | 379 |  |  | 1Q17 |
2000 Post |  |  | Stabilized, Non-Mature |  | 328 |  | 1Q17 |  | Arbor Park of Alexandria |  | Stabilized, Non-Mature |  | 851 |  |  | 2Q17 |
Edgewater |  |  | Redevelopment |  | 193 |  | 2Q18 |  | Courts at Dulles |  | Stabilized, Non-Mature |  | 411 |  |  | 1Q17 |
|  |  |  |  |  |  |  |  | Newport Village |  | Stabilized, Non-Mature |  | 937 |  |  | 1Q17 |
Seattle, WA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lightbox |  |  | Stabilized, Non-Mature |  | 162 |  | 2Q16 |  | Northeast Region |  |  |  |  |  |  |
Borgata Apartment Homes |  |  | Redevelopment |  | 71 |  | 2Q18 |  | Boston, MA |  |  |  |  |  |
|  |  |  |  |  |  |  |  | 100 Pier 4 |  | Stabilized, Non-Mature |  | 369 |  |  | 1Q17 |
|  |  |  |  |  |  |  |  | Southwest Region |  |  |  |  |  |
|  |  |  |  |  |  |  |  | Austin, TX |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  | Residences at the Domain |  | Redevelopment |  | 390 |  |  | 2Q18 |
|  |  |  |  |  |  |  |  | Total |  |  |  | 6,711 |  |  |
Non-Mature Home Breakout - By Date (quarter indicates date of Same-Store inclusion) |  |  |  |  |  |
|  |  |  |  | # of |  |  |  |  |  |  |  | # of |  |
Date & Community |  |  | Category |  | Homes |  |  |  | Date & Community |  | Category |  | Homes |  |
2Q16 |  |  |  |  |  |  |  |  | 2Q17 |  |  |  |  |  |
Lightbox |  |  | Stabilized, Non-Mature |  | 162 |  |  |  |  | Arbor Park of Alexandria |  | Stabilized, Non-Mature |  | 851 |  |  |
4Q16 |  |  |  |  |  |  |  |  | 2Q18 |  |  |  |  |  |
Beach & Ocean |  |  | Stabilized, Non-Mature |  | 173 |  |  |  |  | Edgewater |  | Redevelopment |  | 193 |  |  |
|  |  |  |  |  |  |  |  | Borgata Apartment Homes |  | Redevelopment |  | 71 |  |  |
1Q17 |  |  |  |  |  |  |  |  | Coronado |  | Redevelopment |  | 1,447 |  |  |
DelRay Tower |  |  | Stabilized, Non-Mature |  | 332 |  |  |  |  | Residences at the Domain |  | Redevelopment |  | 390 |  |  |
100 Pier 4 |  |  | Stabilized, Non-Mature |  | 369 |  |  |  |  |  |  |  |  |  |  |
1200 East West |  |  | Stabilized, Non-Mature |  | 247 |  |  |  |  |  |  |  |  |  |  |
Courts at Huntington Station |  |  | Stabilized, Non-Mature |  | 421 |  |  |  |  |  |  |  |  |  |  |
Eleven55 Ripley |  |  | Stabilized, Non-Mature |  | 379 |  |  |  |  |  |  |  |  |  |  |
Courts at Dulles |  |  | Stabilized, Non-Mature |  | 411 |  |  |  |  |  |  |  |  |  |  |
Newport Village |  |  | Stabilized, Non-Mature |  | 937 |  |  |  |  |  |  |  |  |  |  |
2000 Post |  |  | Stabilized, Non-Mature |  | 328 |  |  |  |  | Total |  |  |  | 6,711 |  |  |
Summary of Non-Mature Home Activity |  |  |  |  |  |  |  |
|  |  |  |  | Stabilized, |  |  |  |  |  |  |  | Held for |  |
|  |  | Market |  | Non-Mature |  | Acquired |  | Redevelopment |  | Development |  | Disposition |  | Total
Non-Mature Homes at December 31, 2015 |  |  |  |  | 2,292 |  |  | 3,246 |  |  | 592 |  |  | — |  |  | — |  |  | 6,130 |
Los Alisos (3) |  |  | Orange County, CA |  | (320 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (320 | )
Waterscape (3) |  |  | Seattle, WA |  | (196 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (196 | )
View 34 (3) |  |  | New York, NY |  | (740 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (740 | )
Coronado |  |  | Orange County, CA |  | — |  |  | — |  |  | 1,447 |  |  | — |  |  | — |  |  | 1,447 |
Residences at the Domain |  |  | Austin, TX |  | — |  |  | — |  |  | 390 |  |  | — |  |  | — |  |  | 390 |
2000 Post |  |  | San Francisco, CA |  | 328 |  |  | — |  |  | (328 | ) |  | — |  |  | — |  |  | — |
Q4 2015 Acquisitions |  |  | Metropolitan, D.C. |  | 3,246 |  |  | (3,246 | ) |  | — |  |  | — |  |  | — |  |  | — |
Non-Mature Homes at March 31, 2016 |  |  |  |  | 4,610 |  |  | — |  |  | 2,101 |  |  | — |  |  | — |  |  | 6,711 |
(1) See Attachment 16 for definitions and other terms.
(2) Estimated Same-Store quarter represents the quarter UDR anticipates contributing the community to the QTD Same-Store pool.
(3) Contributed the community to the QTD Same-Store pool in 1Q16.

11

Attachment 7(C)
UDR, Inc.
Total Revenue Per Occupied Home Summary (1)
Portfolio Overview as of Quarter Ended
March 31, 2016
(Unaudited)
|  |  |  | Non-Mature Homes |  |  |  | Unconsolidated |  |
|  | Total |  |  |  |  |  | Total |  | Joint Venture |  | Total
|  | Same-Store |  |  |  | Non- |  | Consolidated |  | Operating |  | Homes
|  | Homes |  | Stabilized (2) |  | Stabilized (3) (4) |  | Homes |  | Homes (5) |  | (incl. pro rata JV) (5)
West Region |  |  |  |  |  |  |  |  |  |  |  |
San Francisco, CA |  | $ | 3,302 |  |  | $ | 3,563 |  |  | $ | 4,277 |  |  | $ | 3,397 |  |  | $ | — |  |  | $ | 3,397 |
Orange County, CA |  | 2,187 |  |  | 2,431 |  |  | 1,768 |  |  | 2,070 |  |  | — |  |  | 2,070 |
Seattle, WA |  | 1,952 |  |  | 1,671 |  |  | 2,171 |  |  | 1,937 |  |  | 3,517 |  |  | 2,121 |
Los Angeles, CA |  | 2,612 |  |  | — |  |  | — |  |  | 2,612 |  |  | — |  |  | 2,612 |
Monterey Peninsula, CA |  | 1,452 |  |  | — |  |  | — |  |  | 1,452 |  |  | — |  |  | 1,452 |
Other Southern CA |  | 1,687 |  |  | — |  |  | — |  |  | 1,687 |  |  | 2,983 |  |  | 2,041 |
Portland, OR |  | 1,428 |  |  | — |  |  | — |  |  | 1,428 |  |  | — |  |  | 1,428 |
Mid-Atlantic Region |  |  |  |  |  |  |  |  |  |  |  |
Metropolitan DC |  | 1,936 |  |  | 1,870 |  |  | — |  |  | 1,908 |  |  | 2,733 |  |  | 1,937 |
Baltimore, MD |  | 1,493 |  |  | — |  |  | — |  |  | 1,493 |  |  | 1,741 |  |  | 1,513 |
Richmond, VA |  | 1,257 |  |  | — |  |  | — |  |  | 1,257 |  |  | — |  |  | 1,257 |
Northeast Region |  |  |  |  |  |  |  |  |  |  |  |
New York, NY |  | 4,201 |  |  | — |  |  | — |  |  | 4,201 |  |  | 4,670 |  |  | 4,272 |
Boston, MA |  | 2,420 |  |  | 4,108 |  |  | — |  |  | 2,825 |  |  | 2,384 |  |  | 2,694 |
Philadelphia, PA |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,262 |  |  | 3,262 |
Southeast Region |  |  |  |  |  |  |  |  |  |  |  |
Orlando, FL |  | 1,158 |  |  | — |  |  | — |  |  | 1,158 |  |  | — |  |  | 1,158 |
Tampa, FL |  | 1,265 |  |  | — |  |  | — |  |  | 1,265 |  |  | — |  |  | 1,265 |
Nashville, TN |  | 1,160 |  |  | — |  |  | — |  |  | 1,160 |  |  | — |  |  | 1,160 |
Other Florida |  | 1,481 |  |  | — |  |  | — |  |  | 1,481 |  |  | — |  |  | 1,481 |
Southwest Region |  |  |  |  |  |  |  |  |  |  |  |
Dallas, TX |  | 1,231 |  |  | — |  |  | — |  |  | 1,231 |  |  | 1,859 |  |  | 1,355 |
Austin, TX |  | 1,319 |  |  | — |  |  | 1,490 |  |  | 1,369 |  |  | 4,262 |  |  | 1,635 |
Denver, CO |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,262 |  |  | 3,262 |
Weighted Average |  | $ | 1,897 |  |  | $ | 2,187 |  |  | $ | 1,951 |  |  | $ | 1,931 |  |  | $ | 2,830 |  |  | $ | 1,995 |
(1) See Attachment 16 for definitions and other terms.
(2) Represents homes included in Stabilized, Non-Mature Communities category on Attachment 5.
(3) Represents homes included in Acquired, Development, Redevelopment, Non-Residential/Other and Sold and Held for Disposition Communities categories on Attachment 5.
(4) Development revenue per occupied home can be affected by the timing of home deliveries during a quarter and the effects of upfront rental rate concessions on cash-based calculations.
(5) Represents joint ventures at UDR's pro-rata ownership interests. See Attachment 12 for UDR's joint venture and partnership ownership interests.

12

Attachment 7(D)
UDR, Inc.
Net Operating Income Breakout By Market (1)
March 31, 2016
(Dollars in Thousands)
(Unaudited)

| Three Months Ended March 31, 2016 |  |  |
|  |  |  |  |  | Pro-Rata |  |  |  |  |
|  | Same-Store |  | Non Same-Store (2) |  | Share of JVs (3) |  | Total |  |  |
Net Operating Income |  | $ | 132,964 |  |  | $ | 30,937 |  |  | $ | 17,207 |  |  | $ | 181,108 |  |  |  |
|  | Three Months Ended March 31, 2016 |  |  |  | Three Months Ended March 31, 2016
|  | As a % of NOI |  |  |  | As a % of NOI
Region |  | Same-Store |  | Total |  | Region |  | Same-Store |  | Total
West Region |  |  |  |  |  | Northeast Region |  |  |  |  |
San Francisco, CA |  | 12.3 | % |  | 11.4 | % |  | New York, NY |  | 12.8 | % |  |  | 12.1 | %
Orange County, CA |  | 11.8 | % |  | 12.2 | % |  | Boston, MA |  | 4.5 | % |  |  | 6.9 | %
Seattle, WA |  | 5.6 | % |  | 6.1 | % |  | Philadelphia, PA |  | 0.0 | % |  |  | 0.7 | %
Los Angeles, CA |  | 4.9 | % |  | 3.5 | % |  |  |  | 17.3 | % |  |  | 19.7 | %
Monterey Peninsula, CA |  | 3.6 | % |  | 2.6 | % |  | Southeast Region |  |  |  |  |
Other Southern CA |  | 2.0 | % |  | 2.3 | % |  | Orlando, FL |  | 4.4 | % |  |  | 3.2 | %
Portland, OR |  | 1.1 | % |  | 0.8 | % |  | Tampa, FL |  | 4.2 | % |  |  | 3.1 | %
|  | 41.3 | % |  | 38.9 | % |  | Nashville, TN |  | 4.1 | % |  |  | 3.0 | %
|  |  |  |  |  | Other Florida |  | 1.4 | % |  |  | 1.0 | %
Mid-Atlantic Region |  |  |  |  |  |  |  | 14.1 | % |  |  | 10.3 | %
Metropolitan DC |  | 13.6 | % |  | 18.2 | % |  | Southwest Region |  |  |  |  |
Baltimore, MD |  | 4.8 | % |  | 3.9 | % |  | Dallas, TX |  | 4.7 | % |  |  | 4.6 | %
Richmond, VA |  | 2.7 | % |  | 2.0 | % |  | Austin, TX |  | 1.5 | % |  |  | 2.0 | %
|  | 21.1 | % |  | 24.1 | % |  | Denver, CO |  | 0.0 | % |  |  | 0.4 | %
|  |  |  |  |  |  |  | 6.2 | % |  |  | 7.0 | %
|  |  |  |  |  | Total |  | 100.0 | % |  |  | 100.0 | %
(1) See Attachment 16 for definitions and other terms.
(2) Excludes results from Sold and Held for Disposition Communities.
(3) Includes UDR's pro rata share of joint venture and partnership NOI.

13

Attachment 8(A)
UDR, Inc.
Same-Store Operating Information By Major Market (1)
Current Quarter vs. Prior Year Quarter
March 31, 2016
(Unaudited)
|  |  | % of Same- |  |  |  |  |  |  |  |
|  | Total | Store Portfolio |  | Same-Store
|  | Same-Store | Based on |  | Physical Occupancy |  | Total Revenue per Occupied Home
|  | Homes | 1Q 2016 NOI |  | 1Q 16 | 1Q 15 | Change |  | 1Q 16 | 1Q 15 | Change
West Region |  |  |  |  |  |  |  |  |  |  |
San Francisco, CA |  | 2,230 |  | 12.3 | % |  | 96.5 | % | 97.1 | % | -0.6 | % |  | $ | 3,302 |  | $ | 2,994 |  | 10.3 | %
Orange County, CA |  | 3,194 |  | 11.8 | % |  | 96.1 | % | 95.7 | % | 0.4 | % |  | 2,187 |  | 2,025 |  | 8.0 | %
Seattle, WA |  | 1,852 |  | 5.6 | % |  | 96.7 | % | 96.9 | % | -0.2 | % |  | 1,952 |  | 1,797 |  | 8.6 | %
Los Angeles, CA |  | 1,225 |  | 4.9 | % |  | 94.7 | % | 95.0 | % | -0.3 | % |  | 2,612 |  | 2,393 |  | 9.2 | %
Monterey Peninsula, CA |  | 1,565 |  | 3.6 | % |  | 95.8 | % | 97.1 | % | -1.3 | % |  | 1,452 |  | 1,266 |  | 14.7 | %
Other Southern CA |  | 756 |  | 2.0 | % |  | 95.4 | % | 96.4 | % | -1.0 | % |  | 1,687 |  | 1,606 |  | 5.0 | %
Portland, OR |  | 476 |  | 1.1 | % |  | 97.1 | % | 98.4 | % | -1.3 | % |  | 1,428 |  | 1,226 |  | 16.5 | %
|  | 11,298 |  | 41.3 | % |  | 96.1 | % | 96.5 | % | -0.4 | % |  | 2,248 |  | 2,051 |  | 9.6 | %
Mid-Atlantic Region |  |  |  |  |  |  |  |  |  |  |
Metropolitan DC |  | 4,824 |  | 13.6 | % |  | 96.6 | % | 96.7 | % | -0.1 | % |  | 1,936 |  | 1,895 |  | 2.2 | %
Baltimore, MD |  | 2,122 |  | 4.8 | % |  | 96.8 | % | 97.1 | % | -0.3 | % |  | 1,493 |  | 1,469 |  | 1.6 | %
Richmond, VA |  | 1,358 |  | 2.7 | % |  | 96.3 | % | 95.9 | % | 0.4 | % |  | 1,257 |  | 1,224 |  | 2.7 | %
|  | 8,304 |  | 21.1 | % |  | 96.6 | % | 96.7 | % | -0.1 | % |  | 1,712 |  | 1,677 |  | 2.1 | %
Northeast Region |  |  |  |  |  |  |  |  |  |  |
New York, NY |  | 1,945 |  | 12.8 | % |  | 97.3 | % | 97.3 | % | 0.0 | % |  | 4,201 |  | 3,970 |  | 5.8 | %
Boston, MA |  | 1,179 |  | 4.5 | % |  | 96.0 | % | 95.9 | % | 0.1 | % |  | 2,420 |  | 2,286 |  | 5.9 | %
|  | 3,124 |  | 17.3 | % |  | 96.8 | % | 96.8 | % | 0.0 | % |  | 3,534 |  | 3,340 |  | 5.8 | %
Southeast Region |  |  |  |  |  |  |  |  |  |  |
Orlando, FL |  | 2,500 |  | 4.4 | % |  | 96.6 | % | 96.6 | % | 0.0 | % |  | 1,158 |  | 1,070 |  | 8.2 | %
Tampa, FL |  | 2,287 |  | 4.2 | % |  | 96.7 | % | 97.0 | % | -0.3 | % |  | 1,265 |  | 1,172 |  | 7.9 | %
Nashville, TN |  | 2,260 |  | 4.1 | % |  | 97.2 | % | 97.1 | % | 0.1 | % |  | 1,160 |  | 1,085 |  | 6.9 | %
Other Florida |  | 636 |  | 1.4 | % |  | 95.8 | % | 96.8 | % | -1.0 | % |  | 1,481 |  | 1,401 |  | 5.7 | %
|  | 7,683 |  | 14.1 | % |  | 96.7 | % | 96.9 | % | -0.2 | % |  | 1,217 |  | 1,132 |  | 7.5 | %
Southwest Region |  |  |  |  |  |  |  |  |  |  |
Dallas, TX |  | 2,725 |  | 4.7 | % |  | 97.0 | % | 97.1 | % | -0.1 | % |  | 1,231 |  | 1,162 |  | 5.9 | %
Austin, TX |  | 883 |  | 1.5 | % |  | 96.8 | % | 96.7 | % | 0.1 | % |  | 1,319 |  | 1,269 |  | 3.9 | %
|  | 3,608 |  | 6.2 | % |  | 97.0 | % | 97.0 | % | 0.0 | % |  | 1,253 |  | 1,188 |  | 5.4 | %
Total/Weighted Avg. |  | 34,017 |  | 100.0 | % |  | 96.5 | % | 96.7 | % | -0.2 | % |  | $ | 1,897 |  | $ | 1,778 |  | 6.7 | %
(1) See Attachment 16 for definitions and other terms.

14

Attachment 8(B)
UDR, Inc.
Same-Store Operating Information By Major Market (1)
Current Quarter vs. Prior Year Quarter
March 31, 2016
(Unaudited)
| Total |  | Same-Store ($000s) |
| Same-Store |  | Revenues |  | Expenses |  | Net Operating Income |
| Homes |  | 1Q 16 | 1Q 15 | Change |  | 1Q 16 | 1Q 15 | Change |  | 1Q 16 | 1Q 15 | Change |
West Region |  |  |  |  |  |  |  |  |  |  |  |  |  |
San Francisco, CA | 2,230 |  |  | $ | 21,320 |  | $ | 19,452 |  | 9.6 | % |  | $ | 4,922 |  | $ | 4,598 |  | 7.0 | % |  | $ | 16,398 |  | $ | 14,854 |  | 10.4 | % |
Orange County, CA | 3,194 |  |  | 20,134 |  | 18,572 |  | 8.4 | % |  | 4,517 |  | 4,710 |  | -4.1 | % |  | 15,617 |  | 13,862 |  | 12.7 | % |
Seattle, WA | 1,852 |  |  | 10,488 |  | 9,675 |  | 8.4 | % |  | 3,008 |  | 2,830 |  | 6.3 | % |  | 7,480 |  | 6,845 |  | 9.3 | % |
Los Angeles, CA | 1,225 |  |  | 9,089 |  | 8,354 |  | 8.8 | % |  | 2,553 |  | 2,396 |  | 6.6 | % |  | 6,536 |  | 5,958 |  | 9.7 | % |
Monterey Peninsula, CA | 1,565 |  |  | 6,530 |  | 5,772 |  | 13.1 | % |  | 1,731 |  | 1,650 |  | 4.9 | % |  | 4,799 |  | 4,122 |  | 16.5 | % |
Other Southern CA | 756 |  |  | 3,650 |  | 3,511 |  | 4.0 | % |  | 1,024 |  | 887 |  | 15.4 | % |  | 2,626 |  | 2,624 |  | 0.1 | % |
Portland, OR | 476 |  |  | 1,980 |  | 1,723 |  | 14.9 | % |  | 484 |  | 439 |  | 10.3 | % |  | 1,496 |  | 1,284 |  | 16.5 | % |
| 11,298 |  |  | 73,191 |  | 67,059 |  | 9.1 | % |  | 18,239 |  | 17,510 |  | 4.2 | % |  | 54,952 |  | 49,549 |  | 10.9 | % |
Mid-Atlantic Region |  |  |  |  |  |  |  |  |  |  |  |  |  |
Metropolitan DC | 4,824 |  |  | 27,070 |  | 26,515 |  | 2.1 | % |  | 8,996 |  | 8,847 |  | 1.7 | % |  | 18,074 |  | 17,668 |  | 2.3 | % |
Baltimore, MD | 2,122 |  |  | 9,202 |  | 9,080 |  | 1.3 | % |  | 2,782 |  | 2,707 |  | 2.8 | % |  | 6,420 |  | 6,373 |  | 0.7 | % |
Richmond, VA | 1,358 |  |  | 4,932 |  | 4,783 |  | 3.1 | % |  | 1,371 |  | 1,291 |  | 6.2 | % |  | 3,561 |  | 3,492 |  | 2.0 | % |
| 8,304 |  |  | 41,204 |  | 40,378 |  | 2.0 | % |  | 13,149 |  | 12,845 |  | 2.4 | % |  | 28,055 |  | 27,533 |  | 1.9 | % |
Northeast Region |  |  |  |  |  |  |  |  |  |  |  |  |  |
New York, NY | 1,945 |  |  | 23,853 |  | 22,541 |  | 5.8 | % |  | 6,880 |  | 6,359 |  | 8.2 | % | (2) | 16,973 |  | 16,182 |  | 4.9 | % | (2)
Boston, MA | 1,179 |  |  | 8,217 |  | 7,754 |  | 6.0 | % |  | 2,257 |  | 2,402 |  | -6.0 | % |  | 5,960 |  | 5,352 |  | 11.4 | % |
| 3,124 |  |  | 32,070 |  | 30,295 |  | 5.9 | % |  | 9,137 |  | 8,761 |  | 4.3 | % |  | 22,933 |  | 21,534 |  | 6.5 | % |
Southeast Region |  |  |  |  |  |  |  |  |  |  |  |  |  |
Orlando, FL | 2,500 |  |  | 8,392 |  | 7,750 |  | 8.3 | % |  | 2,484 |  | 2,435 |  | 2.1 | % |  | 5,908 |  | 5,315 |  | 11.1 | % |
Tampa, FL | 2,287 |  |  | 8,393 |  | 7,800 |  | 7.6 | % |  | 2,756 |  | 2,758 |  | -0.1 | % |  | 5,637 |  | 5,042 |  | 11.8 | % |
Nashville, TN | 2,260 |  |  | 7,645 |  | 7,145 |  | 7.0 | % |  | 2,172 |  | 2,316 |  | -6.1 | % |  | 5,473 |  | 4,829 |  | 13.3 | % |
Other Florida | 636 |  |  | 2,707 |  | 2,587 |  | 4.6 | % |  | 928 |  | 886 |  | 4.7 | % |  | 1,779 |  | 1,701 |  | 4.6 | % |
| 7,683 |  |  | 27,137 |  | 25,282 |  | 7.3 | % |  | 8,340 |  | 8,395 |  | -0.6 | % |  | 18,797 |  | 16,887 |  | 11.3 | % |
Southwest Region |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dallas, TX | 2,725 |  |  | 9,762 |  | 9,223 |  | 5.8 | % |  | 3,466 |  | 3,467 |  | 0.0 | % |  | 6,296 |  | 5,756 |  | 9.4 | % |
Austin, TX | 883 |  |  | 3,381 |  | 3,250 |  | 4.0 | % |  | 1,450 |  | 1,383 |  | 4.9 | % |  | 1,931 |  | 1,867 |  | 3.4 | % |
| 3,608 |  |  | 13,143 |  | 12,473 |  | 5.4 | % |  | 4,916 |  | 4,850 |  | 1.4 | % |  | 8,227 |  | 7,623 |  | 7.9 | % |
Totals | 34,017 |  |  | $ | 186,745 |  | $ | 175,487 |  | 6.4 | % |  | $ | 53,781 |  | $ | 52,361 |  | 2.7 | % | (2) | $ | 132,964 |  | $ | 123,126 |  | 8.0 | % | (2)
(1) See Attachment 16 for definitions and other terms. |
(2) 1Q16 presented above includes $70 thousand of higher New York real estate taxes due to 421 exemption and abatement reductions. Had the Same Store Expense included 100% of the NY real estate taxes before 421 savings, in all periods presented, the percent change in Total Same Store expense and NOI would have been 2.4% and 8.2%, respectively; and the percent change in New York expense and NOI would have been 4.9% and 6.4%, respectively. |

15

Attachment 8(C)
UDR, Inc.
Same-Store Operating Information By Major Market (1)
Current Quarter vs. Last Quarter
March 31, 2016
(Unaudited)
|  | Total |  | Same-Store
|  | Same-Store |  | Physical Occupancy |  | Total Revenue per Occupied Home
|  | Homes |  | 1Q 16 | 4Q 15 | Change |  | 1Q 16 | 4Q 15 | Change
West Region |  |  |  |  |  |  |  |  |  |
San Francisco, CA |  | 2,230 |  |  | 96.5 | % | 96.3 | % | 0.2 | % |  | $ | 3,302 |  | $ | 3,233 |  | 2.1 | %
Orange County, CA |  | 3,194 |  |  | 96.1 | % | 95.6 | % | 0.5 | % |  | 2,187 |  | 2,154 |  | 1.5 | %
Seattle, WA |  | 1,852 |  |  | 96.7 | % | 96.9 | % | -0.2 | % |  | 1,952 |  | 1,928 |  | 1.2 | %
Los Angeles, CA |  | 1,225 |  |  | 94.7 | % | 95.6 | % | -0.9 | % |  | 2,612 |  | 2,571 |  | 1.6 | %
Monterey Peninsula, CA |  | 1,565 |  |  | 95.8 | % | 96.3 | % | -0.5 | % |  | 1,452 |  | 1,422 |  | 2.1 | %
Other Southern CA |  | 756 |  |  | 95.4 | % | 96.3 | % | -0.9 | % |  | 1,687 |  | 1,674 |  | 0.8 | %
Portland, OR |  | 476 |  |  | 97.1 | % | 96.9 | % | 0.2 | % |  | 1,428 |  | 1,380 |  | 3.5 | %
|  | 11,298 |  |  | 96.1 | % | 96.2 | % | -0.1 | % |  | 2,248 |  | 2,208 |  | 1.8 | %
Mid-Atlantic Region |  |  |  |  |  |  |  |  |  |
Metropolitan DC |  | 4,824 |  |  | 96.6 | % | 96.5 | % | 0.1 | % |  | 1,936 |  | 1,911 |  | 1.3 | %
Baltimore, MD |  | 2,122 |  |  | 96.8 | % | 96.1 | % | 0.7 | % |  | 1,493 |  | 1,488 |  | 0.3 | %
Richmond, VA |  | 1,358 |  |  | 96.3 | % | 95.6 | % | 0.7 | % |  | 1,257 |  | 1,246 |  | 0.9 | %
|  | 8,304 |  |  | 96.6 | % | 96.3 | % | 0.3 | % |  | 1,712 |  | 1,695 |  | 1.0 | %
Northeast Region |  |  |  |  |  |  |  |  |  |
New York, NY |  | 1,945 |  |  | 97.3 | % | 97.3 | % | 0.0 | % |  | 4,201 |  | 4,133 |  | 1.6 | %
Boston, MA |  | 1,179 |  |  | 96.0 | % | 96.7 | % | -0.7 | % |  | 2,420 |  | 2,370 |  | 2.1 | %
|  | 3,124 |  |  | 96.8 | % | 97.1 | % | -0.3 | % |  | 3,538 |  | 3,470 |  | 2.0 | %
Southeast Region |  |  |  |  |  |  |  |  |  |
Orlando, FL |  | 2,500 |  |  | 96.6 | % | 97.0 | % | -0.4 | % |  | 1,158 |  | 1,126 |  | 2.8 | %
Tampa, FL |  | 2,287 |  |  | 96.7 | % | 97.0 | % | -0.3 | % |  | 1,265 |  | 1,220 |  | 3.7 | %
Nashville, TN |  | 2,260 |  |  | 97.2 | % | 97.7 | % | -0.5 | % |  | 1,160 |  | 1,142 |  | 1.6 | %
Other Florida |  | 636 |  |  | 95.8 | % | 96.2 | % | -0.4 | % |  | 1,481 |  | 1,430 |  | 3.6 | %
|  | 7,683 |  |  | 96.7 | % | 97.1 | % | -0.4 | % |  | 1,217 |  | 1,184 |  | 2.8 | %
Southwest Region |  |  |  |  |  |  |  |  |  |
Dallas, TX |  | 2,725 |  |  | 97.0 | % | 96.7 | % | 0.3 | % |  | 1,231 |  | 1,208 |  | 1.9 | %
Austin, TX |  | 883 |  |  | 96.8 | % | 97.3 | % | -0.5 | % |  | 1,319 |  | 1,301 |  | 1.4 | %
|  | 3,608 |  |  | 97.0 | % | 96.9 | % | 0.1 | % |  | 1,253 |  | 1,231 |  | 1.8 | %
Total/Weighted Avg. |  | 34,017 |  |  | 96.5 | % | 96.6 | % | -0.1 | % |  | $ | 1,897 |  | $ | 1,862 |  | 1.9 | %
(1) See Attachment 16 for definitions and other terms.

16

Attachment 8(D)
UDR, Inc.
Same-Store Operating Information By Major Market (1)
Current Quarter vs. Last Quarter
March 31, 2016
(Unaudited)
| Total |  | Same-Store ($000s) |
| Same-Store |  | Revenues |  | Expenses |  | Net Operating Income |
| Homes |  | 1Q 16 | 4Q 15 | Change |  | 1Q 16 | 4Q 15 | Change |  | 1Q 16 | 4Q 15 | Change |
West Region |  |  |  |  |  |  |  |  |  |  |  |  |  |
San Francisco, CA | 2,230 |  |  | $ | 21,320 |  | $ | 20,831 |  | 2.3 | % |  | $ | 4,922 |  | $ | 5,034 |  | -2.2 | % |  | $ | 16,398 |  | $ | 15,797 |  | 3.8 | % |
Orange County, CA | 3,194 |  |  | 20,134 |  | 19,734 |  | 2.0 | % |  | 4,517 |  | 4,645 |  | -2.8 | % |  | 15,617 |  | 15,089 |  | 3.5 | % |
Seattle, WA | 1,852 |  |  | 10,488 |  | 10,381 |  | 1.0 | % |  | 3,008 |  | 2,988 |  | 0.7 | % |  | 7,480 |  | 7,393 |  | 1.2 | % |
Los Angeles, CA | 1,225 |  |  | 9,089 |  | 9,032 |  | 0.6 | % |  | 2,553 |  | 2,469 |  | 3.4 | % |  | 6,536 |  | 6,563 |  | -0.4 | % |
Monterey Peninsula, CA | 1,565 |  |  | 6,530 |  | 6,429 |  | 1.6 | % |  | 1,731 |  | 1,737 |  | -0.4 | % |  | 4,799 |  | 4,692 |  | 2.3 | % |
Other Southern CA | 756 |  |  | 3,650 |  | 3,657 |  | -0.2 | % |  | 1,024 |  | 1,033 |  | -0.8 | % |  | 2,626 |  | 2,624 |  | 0.1 | % |
Portland, OR | 476 |  |  | 1,980 |  | 1,909 |  | 3.7 | % |  | 484 |  | 521 |  | -6.9 | % |  | 1,496 |  | 1,388 |  | 7.7 | % |
| 11,298 |  |  | 73,191 |  | 71,973 |  | 1.7 | % |  | 18,239 |  | 18,427 |  | -1.0 | % |  | 54,952 |  | 53,546 |  | 2.6 | % |
Mid-Atlantic Region |  |  |  |  |  |  |  |  |  |  |  |  |  |
Metropolitan DC | 4,824 |  |  | 27,070 |  | 26,693 |  | 1.4 | % |  | 8,996 |  | 8,548 |  | 5.2 | % |  | 18,074 |  | 18,145 |  | -0.4 | % |
Baltimore, MD | 2,122 |  |  | 9,202 |  | 9,105 |  | 1.1 | % |  | 2,782 |  | 2,714 |  | 2.5 | % |  | 6,420 |  | 6,391 |  | 0.4 | % |
Richmond, VA | 1,358 |  |  | 4,932 |  | 4,852 |  | 1.7 | % |  | 1,371 |  | 1,353 |  | 1.3 | % |  | 3,561 |  | 3,499 |  | 1.8 | % |
| 8,304 |  |  | 41,204 |  | 40,650 |  | 1.4 | % |  | 13,149 |  | 12,615 |  | 4.2 | % |  | 28,055 |  | 28,035 |  | 0.1 | % |
Northeast Region |  |  |  |  |  |  |  |  |  |  |  |  |  |
New York, NY | 1,945 |  |  | 23,853 |  | 23,465 |  | 1.7 | % |  | 6,880 |  | 6,811 |  | 1.0 | % |  | 16,973 |  | 16,654 |  | 1.9 | % |
Boston, MA | 1,179 |  |  | 8,217 |  | 8,105 |  | 1.4 | % |  | 2,257 |  | 2,070 |  | 9.0 | % |  | 5,960 |  | 6,035 |  | -1.2 | % |
| 3,124 |  |  | 32,070 |  | 31,570 |  | 1.6 | % |  | 9,137 |  | 8,881 |  | 2.9 | % |  | 22,933 |  | 22,689 |  | 1.1 | % |
Southeast Region |  |  |  |  |  |  |  |  |  |  |  |  |  |
Orlando, FL | 2,500 |  |  | 8,392 |  | 8,191 |  | 2.5 | % |  | 2,484 |  | 2,612 |  | -4.9 | % |  | 5,908 |  | 5,579 |  | 5.9 | % |
Tampa, FL | 2,287 |  |  | 8,393 |  | 8,122 |  | 3.3 | % |  | 2,756 |  | 2,842 |  | -3.0 | % |  | 5,637 |  | 5,280 |  | 6.8 | % |
Nashville, TN | 2,260 |  |  | 7,645 |  | 7,563 |  | 1.1 | % |  | 2,172 |  | 2,157 |  | 0.7 | % |  | 5,473 |  | 5,406 |  | 1.2 | % |
Other Florida | 636 |  |  | 2,707 |  | 2,624 |  | 3.1 | % |  | 928 |  | 944 |  | -1.7 | % |  | 1,779 |  | 1,680 |  | 5.9 | % |
| 7,683 |  |  | 27,137 |  | 26,500 |  | 2.4 | % |  | 8,340 |  | 8,555 |  | -2.5 | % |  | 18,797 |  | 17,945 |  | 4.7 | % |
Southwest Region |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dallas, TX | 2,725 |  |  | 9,762 |  | 9,548 |  | 2.2 | % |  | 3,466 |  | 3,404 |  | 1.8 | % |  | 6,296 |  | 6,144 |  | 2.5 | % |
Austin, TX | 883 |  |  | 3,381 |  | 3,354 |  | 0.8 | % |  | 1,450 |  | 1,297 |  | 11.8 | % |  | 1,931 |  | 2,057 |  | -6.1 | % |
| 3,608 |  |  | 13,143 |  | 12,902 |  | 1.9 | % |  | 4,916 |  | 4,701 |  | 4.6 | % |  | 8,227 |  | 8,201 |  | 0.3 | % |
Total | 34,017 |  |  | $ | 186,745 |  | $ | 183,595 |  | 1.7 | % |  | $ | 53,781 |  | $ | 53,179 |  | 1.1 | % |  | $ | 132,964 |  | $ | 130,416 |  | 2.0 | % |
(1) See Attachment 16 for definitions and other terms. |

17

Attachment 8(E)
UDR, Inc.
Same-Store Operating Information By Major Market (1)
March 31, 2016
(Unaudited)
|  | Effective New Lease Rate Growth |  | Effective Renewal Lease Rate Growth |  | Annualized Turnover (2)
|  | 1Q 2016 |  | 1Q 2016 |  | 1Q 2016 | 1Q 2015
West Region |  |  |  |  |  |  |
San Francisco, CA |  | 4.6 | % |  | 7.9 | % |  | 47.5 | % | 41.7 | %
Orange County, CA |  | 5.0 | % |  | 6.5 | % |  | 41.8 | % | 44.8 | %
Seattle, WA |  | 5.4 | % |  | 8.5 | % |  | 45.3 | % | 44.2 | %
Los Angeles, CA |  | 5.2 | % |  | 7.9 | % |  | 53.4 | % | 42.2 | %
Monterey Peninsula, CA |  | 7.6 | % |  | 12.0 | % |  | 50.2 | % | 35.6 | %
Other Southern CA |  | 4.0 | % |  | 5.6 | % |  | 52.0 | % | 48.8 | %
Portland, OR |  | 5.0 | % |  | 11.5 | % |  | 50.6 | % | 47.2 | %
Mid-Atlantic Region |  |  |  |  |  |  |
Metropolitan DC |  | 1.0 | % |  | 4.5 | % |  | 38.0 | % | 36.2 | %
Baltimore, MD |  | -4.3 | % |  | 4.0 | % |  | 42.7 | % | 36.3 | %
Richmond, VA |  | -3.1 | % |  | 4.1 | % |  | 42.8 | % | 46.4 | %
Northeast Region |  |  |  |  |  |  |
New York, NY |  | 2.8 | % |  | 6.2 | % |  | 19.6 | % | 29.7 | %
Boston, MA |  | 3.4 | % |  | 8.1 | % |  | 36.7 | % | 35.4 | %
Southeast Region |  |  |  |  |  |  |
Orlando, FL |  | 5.4 | % |  | 9.2 | % |  | 41.6 | % | 42.2 | %
Tampa, FL |  | 7.5 | % |  | 8.3 | % |  | 44.4 | % | 46.5 | %
Nashville, TN |  | 6.7 | % |  | 6.9 | % |  | 45.1 | % | 46.7 | %
Other Florida |  | 3.3 | % |  | 6.2 | % |  | 36.6 | % | 30.3 | %
Southwest Region |  |  |  |  |  |  |
Dallas, TX |  | 5.7 | % |  | 6.8 | % |  | 44.3 | % | 47.2 | %
Austin, TX |  | 0.7 | % |  | 6.7 | % |  | 45.9 | % | 39.5 | %
Total/Weighted Avg. |  | 3.7 | % |  | 6.9 | % |  | 42.2 | % | 41.1 | %
Percentage of Total Repriced Homes | 50.9 | % |  | 49.1 | % |  |  |
|  | 1Q 2016 |  | 1Q 2015 |  |  |
Total Combined New and Renewal Lease Rate Growth | 5.3 | % |  | 4.9 | % |  |  |
(1) See Attachment 16 for definitions and other terms.
(2) 1Q16 same-store home count: 34,017.

18

Attachment 9(A)
UDR, Inc.
Development Summary (1) (2)
March 31, 2016
(Dollars in Thousands)
(Unaudited)
Wholly-Owned |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  | Schedule |  | Percentage
|  | # of | Compl. | Cost to | Budgeted | Est. Cost |  | Project |  | Initial |  |  |  |  |
Community | Location | Homes | Homes | Date | Cost | per Home |  | Debt | Start | Occ. | Compl. |  | Leased |  | Occupied
Projects Under Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pacific City | Huntington Beach, CA | 516 |  | — |  | $ | 151,951 |  | $ | 342,000 |  | $ | 663 |  |  | $ | — |  | 2Q15 |  | 2Q17 | 1Q18 |  | — |  |  | — |
345 Harrison Street | Boston, MA | 585 |  | — |  | 44,451 |  | 366,500 |  | 626 |  | (3) | — |  | 1Q16 |  | 3Q18 | 1Q19 |  | — |  |  | — |
Total |  | 1,101 |  | — |  | $ | 196,402 |  | $ | 708,500 |  | $ | 644 |  |  | $ | — |  |  |  |  |  |  |  |
Completed Projects, Non-Stabilized |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
N/A | N/A | — |  | — |  | $ | — |  | $ | — |  | $ | — |  |  | $ | — |  | N/A |  | N/A | N/A |  | — |  |  | — |
Total - Wholly Owned |  | 1,101 |  | — |  | $ | 196,402 |  | $ | 708,500 |  | $ | 644 |  |  | $ | — |  |  |  |  |  |  |  |
Net Operating Income From Wholly-Owned Projects |  |  |  |  |  |  | UDR's Capitalized Interest on Wholly-Owned Development Projects |  |
|  | 1Q 16 |  |  |  |  |  |  | 1Q 16 |  |  |  |  |  |
Projects Under Construction |  | $ | (79 | ) |  |  |  |  |  |  | $ | 1,699 |  |  |  |  |  |  |
Completed, Non-Stabilized |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total |  | $ | (79 | ) |  |  |  |  |  |  |  |  |  |  |  |  |
Unconsolidated Joint Ventures and Partnerships (7) |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  | Schedule |  | Percentage
|  | Own. | # of | Compl. | Cost to | Budgeted |  | Project |  | Initial |  |  |  |  |
Community | Location | Interest | Homes | Homes | Date (8) | Cost |  | Debt (9) | Start | Occ. | Compl. |  | Leased |  | Occupied
Projects Under Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |
399 Fremont | San Francisco, CA | 51 | % | 447 |  | 251 |  | $ | 311,744 |  | $ | 317,700 |  | (4) | $ | 147,622 |  | 1Q14 |  | 1Q16 | 2Q16 |  | 25.5 | % |  | 15.2 | %
Residences on Jamboree | Irvine, CA | 50 | % | 381 |  | — |  | 88,049 |  | 125,000 |  |  | 24,545 |  | 3Q14 |  | 3Q16 | 1Q17 |  | — |  |  | — |
3033 Wilshire | Los Angeles, CA | 50 | % | 190 |  | — |  | 81,703 |  | 107,000 |  | (5) | 23,509 |  | 4Q14 |  | 4Q16 | 1Q17 |  | — |  |  | — |
Domain Mountain View | Mountain View, CA | 50 | % | 155 |  | — |  | 50,178 |  | 99,000 |  | (6) | 6,092 |  | 1Q15 |  | 1Q17 | 2Q17 |  | — |  |  | — |
Total |  |  | 1,173 |  | 251 |  | $ | 531,674 |  | $ | 648,700 |  |  | $ | 201,768 |  |  |  |  |  |  |  |
Completed Projects, Non-Stabilized |  |  |  |  |  |  |  |  |  |  |  |  |  |
N/A | N/A | — |  | — |  | — |  | $ | — |  | $ | — |  |  | $ | — |  | N/A |  | N/A | N/A |  | — |  |  | — |
Total - Unconsolidated Joint Ventures and Partnerships | 1,173 |  | 251 |  | $ | 531,674 |  | $ | 648,700 |  |  | $ | 201,768 |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | UDR's Capitalized Interest on Unconsolidated Development Projects |  |
|  |  |  |  |  |  |  |  | 1Q 16 |  |  |  |  |  |
|  |  |  |  |  |  |  |  | $ | 1,606 |  |  |  |  |  |  |
Projected Weighted Average Stabilized Yield on Development Projects Over Respective Market Cap Rates: | 150-200 bps |  |  |  |  |
(1) See Attachment 16 for definitions and other terms.
(2) The development summary above includes all communities under development that UDR wholly owns or owns an interest in through an unconsolidated joint venture.
(3) Includes 35,200 square feet of retail space.
(4) Includes 3,800 square feet of retail space.
(5) Includes 5,500 square feet of retail space.
(6) Includes 4,500 square feet of retail space.
(7) Unconsolidated developments are presented at 100%.
(8) Cost to Date includes land using the fair value established at joint venture formation versus historical cost and excludes UDR outside basis differences.
(9) Debt balances are presented net of deferred financing costs.

19

Attachment 9(B)
UDR, Inc.
Preferred Equity and Participating Loan Investments (1)
March 31, 2016
(Dollars in Thousands)
(Unaudited)
Preferred Equity Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | UDR | UDR |  |  |  |
| Own. | # of | Compl. | Going-in | Investment | Share of | Schedule |  | Percentage
Community | Location | Interest | Homes | Homes | Valuation | Cost | Debt | Start | Compl. | Stabilization |  | Leased |  | Occupied
Projects Under Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |
West Coast Development JV (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
8th & Republican (3)(4) | Seattle, WA | 48 | % | 211 |  | — |  | $ | 97,020 |  | $ | 23,971 |  |  | $ | 18,431 |  | 3Q14 |  | 2Q16 |  | 2Q17 |  |  | 7.6 | % |  | — |
Katella Grand I | Anaheim, CA | 49 | % | 399 |  | 236 |  | 137,935 |  | 34,268 |  |  | 26,226 |  | 4Q13 |  | 2Q16 |  | 2Q17 |  |  | 36.8 | % |  | 29.1 | %
CityLine (5) | Seattle, WA | 49 | % | 244 |  | 112 |  | 80,360 |  | 20,214 |  |  | 16,952 |  | 3Q14 |  | 2Q16 |  | 3Q16 |  |  | 47.1 | % |  | 34.0 | %
12th & Olive (3)(6) | Los Angeles, CA | 47 | % | 293 |  | — |  | 129,360 |  | 33,698 |  |  | 13,959 |  | 2Q14 |  | 3Q16 |  | 4Q17 |  |  | — |  |  | — |
Katella Grand II | Anaheim, CA | 49 | % | 386 |  | — |  | 114,660 |  | 24,176 |  |  | — |  | 4Q14 |  | 2Q17 |  | 2Q18 |  |  | — |  |  | — |
Total |  |  | 1,533 |  | 348 |  | $ | 559,335 |  | $ | 136,327 |  |  | $ | 75,568 |  |  |  |  |  |  |  |
Completed Projects, Non-Stabilized |  |  |  |  |  |  |  |  |  |  |  |  |  |
N/A | N/A | — |  | — |  | — |  | $ | — |  | $ | — |  |  | $ | — |  | N/A | N/A | N/A |  | — |  |  | — |
Total - Preferred Equity Investments |  | 1,533 |  | 348 |  | $ | 559,335 |  | $ | 136,327 |  |  | $ | 75,568 |  |  |  |  |  |  |  |
Participating Loan Investment |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | # of | Compl. | Cost to | Budgeted |  | Loan | Loan |  |  |  |
Community | Location |  | Homes | Homes | Date | Cost |  | Commitment (9) | Balance (9) | Leased | Occupied |  |  |  |
Steele Creek (7)(8) | Denver, CO |  | 218 |  | 218 |  | $ | 109,536 |  | $ | 109,950 |  |  | $ | 93,458 |  | $ | 93,463 |  | 97.7 | % | 95.0 | % |  |  |  |
Total |  |  | 218 |  | 218 |  | $ | 109,536 |  | $ | 109,950 |  |  | $ | 93,458 |  | $ | 93,463 |  |  |  |  |  |  |
(1) See Attachment 16 for definitions and other terms.
(2) In May 2015, UDR agreed to pay $136 million, net of debt, to acquire a 48% weighted average ownership interest in a $559 million, West Coast Development joint venture consisting of five communities in various stages of construction. UDR receives a 6.5% preferred return on our equity investment cost until stabilization. Our partner assumes all economics until stabilization. Upon stabilization, economics will be shared between UDR and our partner. UDR has the option to purchase each property at a fixed price one year after completion at an all-in option price of $597 million. A community is considered stabilized when it reaches 80% occupancy for ninety consecutive days.
(3) A small ownership interest in 8th & Republican and 12th & Olive is held by an additional co-investor.
(4) Includes 13,600 square feet of retail space.
(5) UDR will have an option to acquire an interest in the second phase that is adjacent to the first phase.
(6) Includes 15,500 square feet of retail space.
(7) Includes 17,000 square feet of retail space. Refer to Attachment 12 for terms of our participating loan investment.
(8) UDR's participating loan is reflected as investment in and advances to unconsolidated joint ventures on the Consolidated Balance Sheets and net income/(loss) from unconsolidated entities on the Consolidated Statements of Operations in accordance with GAAP. UDR has the option to purchase the property 25 months after completion of construction and receive 50% of the value created from the project upon acquisition of the community or sale to a third party.
(9) Loan commitment represents loan principal and therefore excludes accrued interest. Loan balance includes interest accrued at 6.5% prior to the period end.

20

Attachment 10
UDR, Inc.
Redevelopment Summary (1)
March 31, 2016
(Dollars in Thousands)
(Unaudited)
Wholly-Owned |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Sched. |  |  |  |  |  |  |  |  |  |  |  |
|  | # of | Redev. | Compl. | Cost to | Budgeted | Est. Cost |  | Schedule |  | Percentage
Community | Location | Homes | Homes | Homes | Date | Cost (2) | per Home |  | Acq. | Start | Compl. | Same-Store (3) |  | Leased | Occupied
Projects in Redevelopment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Edgewater (5) | San Francisco, CA | 193 |  | 97 |  | 13 |  | $ | 1,151 |  | $ | 9,000 |  | $ | 47 |  |  | 1Q08 | 4Q15 | 1Q17 | 2Q18 |  | 91.2 | % | 87.0 | %
Borgata Apartment Homes | Bellevue, WA | 71 |  | 71 |  | 40 |  | 2,639 |  | 4,000 |  | 56 |  |  | 2Q07 | 4Q15 | 1Q17 | 2Q18 |  | 88.7 | % | 76.1 | %
Coronado (6) | Newport Beach, CA | 1,447 |  | (4) |  | (4) |  | 6,764 |  | 24,000 |  | 17 |  |  | (6) | 1Q16 | 1Q17 | 2Q18 |  | 95.6 | % | 94.2 | %
Residences at the Domain | Austin, TX | 390 |  | 311 |  | 34 |  | 700 |  | 8,000 |  | 21 |  |  | 3Q08 | 1Q16 | 1Q17 | 2Q18 |  | 88.0 | % | 86.2 | %
Total |  | 2,101 |  | 479 |  | 87 |  | $ | 11,254 |  | $ | 45,000 |  | $ | 21 |  |  |  |  |  |  |  |  |
Completed Redevelopments, Non-Stabilized |  |  |  |  |  |  |  |  |  |  |  |  |  |
N/A | N/A | — |  | — |  | — |  | $ | — |  | $ | — |  | $ | — |  |  | N/A | N/A | N/A | N/A |  | — |  | — |
Total - Wholly Owned |  | 2,101 |  | 479 |  | 87 |  | $ | 11,254 |  | $ | 45,000 |  | $ | 21 |  |  |  |  |  |  |  |  |
Capitalized Interest on Redevelopment Projects |  |  |  |  |  |  |
| 1Q 16 |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | 74 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Projected Weighted Average Return on Incremental Capital Invested: | 7.0% to 9.0% |  |  |  |  |  |  |  |  |
(1) See Attachment 16 for definitions and other terms.
(2) Represents UDR's incremental capital invested in the projects.
(3) Estimated Same-Store quarter represents the quarter UDR anticipates contributing the community to the QTD same-store pool.
(4) Redevelopment projects will not impact the interior of the individual homes. The projects include renovation of building exteriors, corridors, and common area amenities.
(5) Redevelopment project consists of interior home improvements and renovation of building exteriors, corridors, and common area amenities.
(6) Includes Coronado at Newport - North which was acquired in October 2004 and Coronado South which was acquired in March 2005.

21

Attachment 11
UDR, Inc.
Land Summary (1)
March 31, 2016
(Dollars in Thousands)
(Unaudited)
|  | UDR Ownership | Real Estate | UDR Pro-Rata |  |  |
Parcel | Location | Interest | Cost Basis | Cost Basis | Status Update (2)
|  |  |  |  |  | Design | Hold for Future
|  |  |  |  | Entitlements | Development | Development
Wholly-Owned |  |  |  |  |  |  |
7 Harcourt (3) | Boston, MA | 100% | $ | 6,677 |  | $ | 6,677 |  | Complete | In Process |
Vitruvian Park® | Addison, TX | 100% | 13,835 |  | 13,835 |  | Complete |  | In Process
Total |  |  | $ | 20,512 |  | $ | 20,512 |  |  |  |
|  |  | Real Estate | UDR Pro-Rata |  |  |
|  |  | Cost Basis (4) | Cost Basis (4) |  |  |
Unconsolidated Joint Ventures and Partnerships |  |  |  |  |  |  |
UDR/MetLife I - 3 parcels (5) | Various | 5% | $ | 70,441 |  | $ | 3,463 |  | In Process |  | In Process
UDR/MetLife Land - 8 parcels (6) | Various | 50% | 95,517 |  | 47,778 |  | Complete | In Process | In Process
Total |  |  | $ | 165,958 |  | $ | 51,241 |  |  |  |
Total |  |  | $ | 186,470 |  | $ | 71,753 |  |  |  |
Capitalized Interest on Land Projects |  |  |  |  |  |  |
| 1Q 16 |  |  |  |  |  |
| $ | 824 |  |  |  |  |  |  |
(1) See Attachment 16 for definitions and other terms.
(2) Pursuing Entitlements: During this phase the Company is actively pursuing the necessary approvals for the rights to develop multifamily and/or mixed use communities.
Design Development: During this phase the Company is actively working to complete architectural and engineering documents in preparation for the commencement of construction of multifamily and/or mixed uses communities.
Hold for Future Development: Entitled and/or unentitled land sites that the Company holds for future development.
(3) Land is adjacent to UDR's Garrison Square community.
(4) Cost basis includes land using the fair value established at joint venture formation versus historical cost and excludes UDR outside basis differences.
(5) Parcels are located in Bellevue, WA; Los Angeles, CA; and Dublin, CA.
(6) Includes 6 parcels in Addison, TX and 2 parcels in Los Angeles, CA.

22

Attachment 12
UDR, Inc.
Unconsolidated Joint Venture Summary (1)
March 31, 2016
(Dollars in Thousands)
(Unaudited)
Portfolio Characteristics
|  | # of |  |  | Physical | Total Rev. per | Net Operating Income
| Property | Comm. / | # of | Own. | Occupancy | Occ. Home | UDR's Share | Total
Joint Venture and Partnerships | Type | Parcels | Homes (7) | Interest | 1Q 16 | 1Q 16 (1) | 1Q 2016 | 1Q 2016 (2)
UDR / MetLife |  |  |  |  |  |  |  |
Operating communities | Various | 24 |  | 5,885 |  | 50 | % | 95.4 | % | $ | 2,848 |  | $ | 16,382 |  | $ | 32,740 |
Non-Mature (11) | Various | 1 |  | 151 |  | 50 | % | — |  | — |  | (83 | ) | (165 | )
Development communities | Various | 4 |  | 251 |  | (4) |  | — |  | — |  | (126 | ) | (247 | )
Land parcels |  | 11 |  | — |  | (5) |  | — |  | — |  | (25 | ) | (101 | )
UDR / KFH | High-rise | 3 |  | 660 |  | 30 | % | 97.2 | % | 2,563 |  | 1,059 |  | 3,531 |
Total/Weighted Average |  | 43 |  | 6,947 |  |  | 95.6 | % | $ | 2,830 |  | $ | 17,207 |  | $ | 35,758 |
Balance Sheet Characteristics and Returns |  |  |  |  |  |  |
| Gross Book Value |  |  |  | Weighted |  |  |
| of JV Real | Total Project | UDR's Equity |  | Avg. Debt | Debt | Returns (8)
Joint Venture and Partnerships | Estate Assets (6) | Debt (6) | Investment |  | Interest Rate | Maturities | ROIC | ROE
UDR / MetLife |  |  |  |  |  |  |  |
Operating communities | $ | 2,433,594 |  | $ | 1,276,540 |  | $ | 473,991 |  |  | 4.45 | % | 2018-2023 |  |
Non-Mature | 105,673 |  | 35,474 |  | 25,723 |  |  | 4.87 | % | 2018-2021 |  |
Development communities | 543,598 |  | 201,769 |  | 160,860 |  |  | 2.88 | % | 2018 |  |
Land parcels | 186,331 |  | — |  | 28,471 |  |  | N/A |  | N/A |  |
UDR / KFH | 284,267 |  | 164,363 |  | 16,147 |  |  | 3.15 | % | 2016-2025 |  |
Total/Weighted Average | $ | 3,553,463 |  | $ | 1,678,146 |  | $ | 705,192 |  |  | 4.14 | % |  | 5.8 | % | 7.3 | %
Same-Store Unconsolidated Joint Venture Growth |  |  |  |  |  |  |
| Same-Store |  |  |  |  |  |  |
| Joint Venture | 1Q 2016 vs. 1Q 2015 Growth |  | 1Q 2016 vs. 4Q 2015 Growth
Joint Venture | Communities (6) | Revenue | Expense | NOI |  | Revenue | Expense | NOI
UDR / MetLife | 24 |  | 3.0 | % | 6.9 | % | 1.1 | % |  | 0.7 | % | 5.5 | % | -1.5 | %
UDR / KFH | 3 |  | 1.8 | % | 1.2 | % | 2.1 | % |  | 2.8 | % | 3.1 | % | 2.7 | %
Total/Average | 27 |  | 2.9 | % | 6.4 | % | 1.2 | % |  | 0.9 | % | 5.3 | % | -1.1 | %
|  |  |  | NOI |  |  |  | NOI
Same-Store JV Results at UDR's Pro-rata Ownership Interest |  |  |  | 1.2 | % |  |  |  | -1.2 | %
Participating Loan Investment |  |  |  | Income from |  |
|  |  |  |  |  | Participating |  |
|  | Interest | Years to |  |  | Loan Investment | Upside |
| UDR's Investment | Rate | Maturity |  |  | 1Q 2016 | Participation |
Steele Creek (9) | $ | 93,463 |  | 6.5 | % | 1.3 |  |  |  | $ | 1,519 |  | 50 | % |
Preferred Equity Investment |  |  |  |  |  | Income from |  |
|  |  |  |  |  | Preferred Equity |  |
| UDR's Equity | Preferred |  |  |  | Investment |  |
| Investment (10) | Return |  |  |  | 1Q 2016 (3) |  |
West Coast Development JV (9) | $ | 146,209 |  | 6.5 | % |  |  |  | $ | 2,097 |  |  |
(1) See Attachment 16 for definitions and other terms.
(2) Represents NOI at 100 percent for the period ended March 31, 2016.
(3) Excludes depreciation expense.
(4) Includes 399 Fremont of which UDR owns 51.0%, Residences on Jamboree of which UDR owns 50.1%, 3033 Wilshire of which UDR owns 50.0% and Domain Mountain View of which UDR owns 50.1%.
(5) See summary of unconsolidated land parcels on Attachment 11.
(6) Joint ventures and partnerships represented at 100%.
(7) Includes homes completed for the period ended March 31, 2016.
(8) Excludes non-stabilized developments.
(9) See Attachment 9(B) for additional details of our participating loan and preferred equity investments.
(10) UDR's equity investment of $146.2 million is inclusive of outside basis and our accrued preferred return, which differs from our upfront investment cost of $136.3 million in Attachment 9(B).
(11) 13th & Market and Fiori moved into Operating communities in 1Q16. 717 Olympic remains in Non-Mature.

23

Attachment 13
UDR, Inc.
Acquisitions and Dispositions Summary (1)
March 31, 2016
(Dollars in Thousands)
(Unaudited)
|  |  |  |  |  |  | Post |  |  |  |  |  |
|  |  |  |  |  | Prior | Transaction |  |  |  |  |  |
|  |  |  |  |  | Ownership | Ownership |  |  |  | FFO | # of | Price per
Date of Purchase |  | Community |  | Location |  | Interest | Interest |  | Price (2) | Debt (2) | Gain | Homes | Home
Acquisitions |  |  |  |  |  |  |  |  |  |  |
None |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  | Post |  |  |  |  |  |
|  |  |  |  |  | Prior | Transaction |  |  |  |  |  |
|  |  |  |  |  | Ownership | Ownership |  |  |  | FFO | # of | Price per
Date of Sale |  | Community |  | Location |  | Interest | Interest |  | Price (2) | Debt (2) | Gain | Homes | Home
Dispositions - Consolidated Joint Ventures Land |  |  |  |  |  |  |  |  |  |  |
Feb-16 |  | 2919 Wilshire |  | Santa Monica, CA |  | 95% | 0% |  | $ | 10,500 |  | $ | — |  | $ | 1,474 |  | — |  | $ | — |
Mar-16 |  | 3032 Wilshire |  | Santa Monica, CA |  | 95% | 0% |  | 13,500 |  | — |  | 211 |  | — |  | — |
|  |  |  |  |  |  |  |  | $ | 24,000 |  | $ | — |  | $ | 1,685 |  | — |  | $ | — |
(1) See Attachment 16 for definitions and other terms.
(2) Price represents 100% of the value of assets. Debt represents 100% of the asset's indebtedness.

24

Attachment 14
UDR, Inc.
Capital Expenditure and Repair and Maintenance Summary (1)
March 31, 2016
(Dollars in Thousands)
(Unaudited)
|  |  |  |  | Three Months |  |
|  |  | Weighted Avg. |  | Ended |  | Cost
Category (Capitalized) |  |  | Useful Life (yrs) (2) |  | March 31, 2016 |  | per Home
Capital Expenditures for Consolidated Homes (3) |  |  |  |  |  |
Average number of homes (4) |  |  |  |  | 40,728 |  |  |
Recurring Cap Ex |  |  |  |  |  |  |
Asset preservation |  |  |  |  |  |  |
Building interiors |  |  | 5 - 20 |  |  | $ | 2,909 |  |  | $ | 71 |
Building exteriors |  |  | 5 - 20 |  |  | 1,078 |  |  | 26 |
Landscaping and grounds |  |  | 10 |  |  | 512 |  |  | 13 |
Total asset preservation |  |  |  |  | 4,499 |  |  | 110 |
Turnover related |  |  | 5 |  |  | 2,462 |  |  | 60 |
Total Recurring Cap Ex |  |  |  | 6,961 |  |  | 171 |
Revenue Enhancing Cap Ex (5) |  |  |  |  |  |
Kitchen & Bath |  |  |  |  | 1,710 |  |  | 42 |
Revenue Enhancing |  |  |  |  | 5,461 |  |  | 134 |
Total Revenue Enhancing Cap Ex |  |  | 5 - 20 |  |  | 7,171 |  |  | 176 |
Total Recurring and Revenue Enhancing Cap Ex |  |  |  |  | $ | 14,132 |  |  | $ | 347 |
One-Time Infrastructure Cap Ex |  |  | 5 - 35 |  |  | $ | 637 |  |  | $ | — |
|  |  |  |  | Three Months |  |
|  |  |  |  | Ended |  | Cost
Category (Expensed) |  |  |  | March 31, 2016 |  | per Home
Repair and Maintenance for Consolidated Homes |  |  |  |  |  |
Average number of homes (4) |  |  |  |  | 40,728 |  |  |
Contract services |  |  |  |  | $ | 4,562 |  |  | $ | 112 |
Turnover related expenses |  |  |  |  | 869 |  |  | 21 |
Other Repair and Maintenance |  |  |  |  |  |
Building interiors |  |  |  |  | 1,571 |  |  | 39 |
Building exteriors |  |  |  |  | 357 |  |  | 9 |
Landscaping and grounds |  |  |  |  | 762 |  |  | 19 |
Total |  |  |  |  | $ | 8,121 |  |  | $ | 199 |
(1) See Attachment 16 for definitions and other terms.
(2) Weighted average useful life of capitalized expenses for the three months ended March 31, 2016.
(3) Excludes redevelopment capital.
(4) Average number of homes is calculated based on the number of homes outstanding at the end of each month.
(5) Revenue enhancing capital expenditures were incurred at specific apartment communities in conjunction with UDR's overall capital expenditure plan.

25

Attachment 15
UDR, Inc.
Full-Year 2016 Guidance (1)
March 31, 2016
(Unaudited)
FFO and AFFO per Share and Unit Guidance |  |  |  |
|  |  | 2Q 2016 |  | Full Year 2016
FFO per common share and unit, diluted |  | $0.43 to $0.45 |  | $1.75 to $1.81
FFO As Adjusted per common share and unit, diluted |  | $0.43 to $0.45 |  | $1.75 to $1.81
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted |  | $0.39 to $0.41 |  | $1.59 to $1.65
Annualized dividend per share and unit |  |  |  | $1.18
Same-Store Guidance |  |  |  |  | Full Year 2016
Revenue growth |  |  |  | 5.50% - 6.00%
Expense growth |  |  |  | 3.00% - 3.50%
NOI growth |  |  |  | 6.50% - 7.00%
Physical occupancy |  |  |  | 96.6%
Same-Store homes |  |  |  | 34,017
Sources of Funds ($ in millions) |  |  |  | Full Year 2016
Sales Proceeds and Debt and Equity Issuances |  |  |  | $550 to $700
Construction Loan Proceeds |  |  |  | $100 to $125
Uses of Funds ($ in millions) |  |  |  | Full Year 2016
Debt maturities inclusive of principal amortization (weighted average interest rate of 5.1%) |  |  |  | $266
Development and redevelopment spending and land acquisitions |  |  |  | $450 to $550
Acquisitions |  |  |  | $0 to $100
Other Additions/(Deductions) ($ in millions except per home amounts) |  |  |  | Full Year 2016
Consolidated interest expense, net of capitalized interest |  |  |  | ($121) to ($125)
Capitalized interest (2) |  |  |  | $14 to $18
General and administrative (3) |  |  |  | ($50) to ($54)
Tax benefit for TRS |  |  |  | $1 to $2
Total joint venture FFO, including fee income (net of adjustments for FFO as Adjusted) |  |  |  | $60 to $65
Non-recurring items: |  |  |  |
Disposition related gains and non-recurring fees included in FFO |  |  |  | $1.7 to $2.5
Long-term incentive plan transition costs |  |  |  | $1 to $2
Average stabilized homes |  |  |  |  | 40,700
Recurring capital expenditures per home |  |  |  | $1,150
Revenue enhancing capital expenditures |  |  |  | $21 to $23
Kitchen & Bath capital expenditures |  |  |  | $13 to $17
One-time infrastructure capital expenditures |  |  |  | $2 to $3
(1) See Attachment 16 for definitions and other terms.
(2) Excludes capitalized interest on joint venture and partnership level debt, which is included in the guidance for "Total joint venture FFO, including fee income" above.
(3) Includes an estimated $12 million to $14 million of long-term incentive plan compensation expense, including $1.5 million related to program transition expense.

26

Attachment 16(A)
UDR, Inc.
Definitions and Reconciliations
March 31, 2016
(Unaudited)
Acquired Communities: The Company defines Acquired Communities as those communities acquired by the Company, other than development and redevelopment activity, that did not achieve stabilization as of the most recent quarter.
Adjusted Funds From Operations ("AFFO") attributable to common stockholders and unitholders: The Company defines AFFO as FFO as Adjusted attributable to common stockholders and unitholders less recurring capital expenditures that are necessary to help preserve the value of and maintain functionality at our communities.
Management considers AFFO a useful supplemental performance metric for investors as it is more indicative of the Company's operational performance than FFO or FFO as Adjusted. AFFO is not intended to represent cash flow or liquidity for the period, and is only intended to provide an additional measure of our operating performance. The Company believes that net income 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 will enable 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 (determined in accordance with GAAP) as an indication of financial performance, or as an alternative to cash flows from operating activities (determined in accordance with GAAP) as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to make distributions. A reconciliation from net income attributable to common stockholders to AFFO is provided on Attachment 2.
Development Communities: The Company defines Development Communities as those communities recently developed or under development by the Company, that are currently majority owned by the Company and have not achieved stabilization as of the most recent quarter.
Effective New Lease Rate Growth: The Company defines effective new lease rate growth as the increase in gross potential rent realized less all concessions for the new lease term (current effective rent) versus prior resident effective rent for the prior lease term on all 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 in gross potential rent realized less all concessions for the new lease term (current effective rent) versus prior effective rent for the prior lease term on all renewed leases commenced during the current quarter.
Management considers effective renewal lease rate growth a useful metric for investors as it assesses market-level, in-place demand trends.
Estimated Quarter of Completion: The Company defines estimated quarter of completion of a development or redevelopment project as the date on which construction is expected to be completed, but does not represent the date of stabilization.
Fixed Charge Coverage Ratio: The Company defines Fixed Charge Coverage Ratio as net income, excluding the impact of interest expense, real estate depreciation and amortization of wholly owned and other joint venture communities, other depreciation and amortization, noncontrolling interests, net gain/(loss) on the sale of real estate owned, TRS income tax, divided by total interest plus preferred dividends.
Management considers fixed charge coverage a useful metric for investors as it provides ratings agencies, investors and lending partners with a widely-used measure of the Company’s ability to service its debt obligations as well as compare leverage against that of its peer REITs. A reconciliation of the components that comprise fixed charge coverage is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure.
Funds From Operations as Adjusted attributable to common stockholders and unitholders: The Company defines FFO attributable to common stockholders and unitholders as Adjusted as FFO excluding the impact of acquisition-related costs and other non-comparable items including, but not limited to, prepayment costs/benefits associated with early debt retirement, gains on sales of marketable securities and TRS property, deferred tax valuation allowance increases and decreases, casualty-related expenses and recoveries, severance costs and legal 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 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 flows from operating activities (determined in accordance with GAAP) as a measure of our liquidity. A reconciliation from net income attributable to common stockholders to FFO as Adjusted is provided on Attachment 2.
Funds From Operations ("FFO") attributable to common stockholders and unitholders: The Company defines FFO as net income attributable to common stockholders and unitholders, excluding impairment write-downs of depreciable real estate or of investments in non-consolidated investees that are driven by measurable decreases in the fair value of depreciable real estate held by the investee, gains (or losses) from sales of depreciable property, plus real estate depreciation and amortization, and after adjustments for noncontrolling interests, unconsolidated partnerships and joint ventures. This definition conforms with the National Association of Real Estate Investment Trust's definition issued in April 2002. In the computation of diluted FFO, unvested restricted stock, unvested LTIP units, stock options, and the shares of Series E Cumulative Convertible Preferred Stock are dilutive; therefore, they are included in the diluted share count.
Activities of our taxable REIT subsidiary (TRS), include development and land entitlement. From time to time, we develop and subsequently sell a TRS property which results in a short-term use of funds that produces a profit that differs from the traditional long-term investment in real estate for REITs. We believe that the inclusion of these TRS gains in FFO is consistent with the standards established by NAREIT as the short-term investment is incidental to our main business. TRS gains on sales, net of taxes, are defined as net sales proceeds less a tax provision and the gross investment basis of the asset before accumulated depreciation.
Management considers FFO a useful metric for investors as the Company uses FFO in evaluating property acquisitions and its operating performance and believes that FFO should be considered along with, but not as an alternative to, net income and cash flow as a measure of the Company's activities in accordance with GAAP. FFO does not represent cash generated from operating activities in accordance with GAAP and is not necessarily indicative of funds available to fund our cash needs. A reconciliation from net income attributable to common stockholders to FFO is provided on Attachment 2.
Held For Disposition Communities: The Company defines Held for Disposition Communities as those communities that were held for sale as of the end of the most recent quarter.
Interest Coverage Ratio: The Company defines Interest Coverage Ratio as net income, excluding the impact of interest expense, real estate depreciation and amortization of wholly owned and joint venture communities, other depreciation and amortization, noncontrolling interests, net gain/(loss) on the sale of real estate owned, TRS income tax, divided by total interest.
Management considers interest coverage ratio a useful metric for investors as it provides ratings agencies, investors and lending partners with a widely-used measure of the Company’s ability to service its debt obligations as well as compare leverage against that of its peer REITs. A reconciliation of the components that comprise interest coverage ratio is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure.

27

Attachment 16(B)
UDR, Inc.
Definitions and Reconciliations
March 31, 2016
(Unaudited)
Joint Venture Reconciliation at UDR's Weighted Average Pro-Rata Ownership Interest
In thousands |  |  |  | 1Q 2016 |  |  |  |  |
Income/(loss) from unconsolidated entities |  |  | $ | 679 |  |  |  |  |  |
Management fee |  |  | 1,105 |  |  |  |  |  |
Interest expense |  |  | 7,882 |  |  |  |  |  |
Depreciation |  |  | 10,350 |  |  |  |  |  |
General and administrative |  |  | 160 |  |  |  |  |  |
West Coast Development JV |  |  | (1,427 | ) |  |  |  |  |
Steele Creek |  |  | (1,519 | ) |  |  |  |  |
Other income/expense (includes 717 Olympic casualty expense) |  | (23 | ) |  |  |  |  |
Total Joint Venture NOI at UDR's Pro-Rata Ownership Interest |  | $ | 17,207 |  |  |  |  |  |
JV Return on Equity ("ROE"): The Company defines JV ROE as the pro rata share of property NOI plus property and asset management fee revenue less interest expense, divided by the average of beginning and ending equity capital for the quarter.
Management considers ROE a useful metric for investors as it provides a widely used measure of how well the Company is investing its capital on a leveraged basis.
JV Return on Invested Capital ("ROIC"): The Company defines JV ROIC as the pro rata share of property NOI plus property and asset management fee revenue divided by the average of beginning and ending invested capital for the quarter.
Management considers ROIC a useful metric for investors as it provides a widely used measure of how well the Company is investing its capital on an unleveraged basis.
Net Debt to EBITDA: The Company defines net debt to EBITDA as total debt net of cash and cash equivalents divided by EBITDA. EBITDA is defined as net income, excluding the impact of interest expense, real estate depreciation and amortization of wholly owned and other joint venture communities, other depreciation and amortization, noncontrolling interests, net gain/(loss) on the sale of real estate owned, and TRS income tax.
Management considers net debt to EBITDA a useful metric for investors as it provides ratings agencies, investors and lending partners with a widely-used measure of the Company’s ability to service its debt obligations as well as compare leverage against that of its peer REITs. A reconciliation between net income and EBITDA is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure.
Net Operating Income (“NOI”): The Company defines NOI 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 2.75% of property revenue to cover the regional supervision and accounting costs related to consolidated property operations, and land rent.
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 attributable to UDR, Inc. to NOI is provided below.
In thousands |  |  | 1Q 2016 | 4Q 2015 |  | 3Q 2015 | 2Q 2015 | 1Q 2015 |
Net income/(loss) attributable to UDR, Inc. |  | $ | 10,393 |  | $ | 162,200 |  |  | $ | 13,291 |  | $ | 86,855 |  | $ | 73,822 |  |
Property management |  | 6,379 |  | 6,445 |  |  | 5,988 |  | 5,851 |  | 5,694 |  |
Other operating expenses |  | 1,752 |  | 3,534 |  |  | 2,639 |  | 1,769 |  | 1,766 |  |
Real estate depreciation and amortization |  | 105,339 |  | 104,909 |  |  | 90,568 |  | 90,344 |  | 88,777 |  |
Interest expense |  | 31,104 |  | 33,170 |  |  | 30,232 |  | 29,673 |  | 28,800 |  |
Casualty-related (recoveries)/charges, net |  | — |  | (45 | ) |  | 541 |  | 843 |  | 996 |  |
General and administrative |  | 13,844 |  | 17,993 |  |  | 15,824 |  | 13,721 |  | 12,152 |  |
Tax (benefit)/provision, net | (403 | ) | (1,424 | ) |  | (633 | ) | (1,404 | ) | (425 | ) |
(Income)/loss from unconsolidated entities | (679 | ) | (1,052 | ) |  | (2,691 | ) | 573 |  | (59,159 | ) |
Interest income and other (income)/expense, net |  | (431 | ) | (407 | ) |  | (402 | ) | (382 | ) | (360 | ) |
Joint venture management and other fees | (2,858 | ) | (3,253 | ) |  | (3,653 | ) | (3,098 | ) | (12,706 | ) |
Other depreciation and amortization |  | 1,553 |  | 1,899 |  |  | 1,457 |  | 1,700 |  | 1,623 |  |
(Gain)/loss on sale of real estate owned, net of tax | (3,070 | ) | (172,635 | ) |  | — |  | (79,042 | ) | — |  |
Net income/(loss) attributable to noncontrolling interests | 1,211 |  | 14,963 |  |  | 404 |  | 3,029 |  | 2,595 |  |
Total consolidated NOI |  | $ | 164,134 |  | $ | 166,297 |  |  | $ | 153,565 |  | $ | 150,432 |  | $ | 143,575 |  |
Non-Mature: The Company defines Non-Mature Communities as those communities that have not met the criteria to be included in Same-Store Communities.
Non-Residential / Other: The Company defines Non-Residential / Other as non-apartment components of mixed-use properties, land held, properties being prepared for redevelopment and properties where a material change in home count has occurred.
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 ("SS") Communities: The Company defines QTD SS Communities as those communities stabilized for five full consecutive quarters. These communities were owned and had stabilized occupancy and operating expenses as of the beginning of the quarter in the prior year, were not in process of any substantial redevelopment activities, and not held for disposition.
Recurring Capital Expenditures: The Company defines recurring capital expenditures as expenditures that are necessary to help preserve the value of and maintain functionality at its communities.
Redevelopment Communities: The Company generally defines Redevelopment Communities as those communities where substantial redevelopment is in progress that is expected to have a material impact on the community's operations, including occupancy levels and future rental rates.
Redevelopment Projected Weighted Average Return on Incremental Capital Invested: The projected weighted average return on incremental capital invested for redevelopment projects is NOI as set forth in the Stabilization Period for Redevelopment Yield definition, less Recurring Capital Expenditures, minus the project’s annualized operating NOI prior to commencing the redevelopment, less Recurring Capital Expenditures, divided by total cost of the project.

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Attachment 16(C)
UDR, Inc.
Definitions and Reconciliations
March 31, 2016
(Unaudited)
Return on Equity ("ROE"): The Company defines ROE as a referenced quarter's NOI less interest expense, annualized, divided by the average of beginning and ending equity capital for the quarter.
Management considers ROE a useful metric for investors as it provides a widely used measure of how well the Company is investing its capital on a leveraged basis.
Return on Invested Capital ("ROIC"): The Company defines ROIC as a referenced quarter's NOI, annualized, divided by the average of beginning and ending invested capital for the quarter.
Management considers ROIC a useful metric for investors as it provides a widely used measure of how well the Company is investing its capital on an unleveraged basis.
Revenue Enhancing Capital Expenditures: The Company defines revenue-enhancing capital expenditures as expenditures that result in increased income generation over time.
Management considers revenue enhancing capital expenditures a useful metric for investors as it quantifies the amount of capital expenditures that are expected to grow, not just maintain, revenues.
Sold Communities: The Company defines Sold Communities as those communities that were disposed of prior to the end of the most recent quarter.
Stabilization for Same Store Classification: The Company generally defines stabilization as when a community’s occupancy reaches 90% or above for at least three consecutive months.
Stabilized, Non-Mature Communities: The Company defines Stabilized, Non-Mature Communities as those communities that are stabilized but not yet in the Company's Same-Store portfolio.
Stabilization Period for Development Yield: The Company defines the stabilization period for development property yield as the forward twelve month NOI, excluding any remaining lease-up concessions outstanding, commencing one year following the delivery of the final home of the project.
Stabilization Period for Redevelopment Yield: The Company defines the stabilization period for a redevelopment property yield for purposes of computing the Projected Weighted Average Return on Incremental Capital Invested, as the forward twelve month NOI, excluding any remaining lease-up concessions outstanding, commencing one year following the delivery of the final home of a project.
Stabilized Yield on Developments: Expected stabilized yields on development are calculated as follows, projected stabilized NOI less management fees divided by budgeted construction cost on a project-specific basis. Projected stabilized NOI for development projects, calculated in accordance with the NOI reconciliation provided on Attachment 16(B), is set forth in the definition of Stabilization Period for Development Yield. Given the differing completion dates and years for which NOI is being projected for these communities as well as the complexities associated with estimating other expenses upon completion such as corporate overhead allocation, general and administrative costs and capital structure, a reconciliation to GAAP measures is not meaningful. Projected NOI for these projects is neither provided, nor is representative of Management’s expectations for the Company’s overall financial performance or cash flow growth and there can be no assurances that forecast NOI growth implied in the estimated construction yield of any project will be achieved.
Management considers estimated stabilized yield on development as a useful metric for investors as it helps provide context to the expected effects that development projects will have on the Company’s future performance once stabilized.
Total Revenue per Occupied Home: The Company defines total revenue per occupied home as rental and other revenues, calculated in accordance with GAAP, divided by the product of occupancy and the number of apartment homes.
Management considers total revenue per occupied home a useful metric for investors as it serves as a proxy for portfolio quality, both geographic and physical.
TRS: The Company's taxable REIT subsidiary ("TRS") focuses on development, land entitlement and short-term hold investments. TRS gains on sales, net of taxes, is defined as net sales proceeds less a tax provision and the gross investment basis of the asset before accumulated depreciation.
YTD Same-Store ("SS") Communities: The Company defines YTD SS Communities as those communities stabilized for two full consecutive calendar years. These communities were owned and had stabilized occupancy and operating expenses as of the beginning of the prior year, were not in process of any substantial redevelopment activities, and not held for disposition.

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Attachment 16(D)
UDR, Inc.
Definitions and Reconciliations
March 31, 2016
(Unaudited)
All guidance is based on current expectations of future economic conditions and the judgment of the Company's management team. The following reconciles from GAAP net income/(loss) per share for full year 2016 and second quarter of 2016 to forecasted FFO, FFO as Adjusted and AFFO per share and unit:
|  |  |  |  |  | Full Year 2016 |  |
|  |  |  |  |  | Low |  | High |  |
Forecasted earnings per diluted share |  |  |  |  | $ | 0.35 |  |  | $ | 0.42 |  |  |
Conversion from GAAP share count |  |  |  |  | (0.16 | ) |  | (0.17 | ) |  |
Depreciation |  |  |  |  | 1.56 |  |  | 1.56 |  |  |
Noncontrolling interests |  |  |  |  | (0.01 | ) |  | (0.01 | ) |  |
Preferred dividends |  |  |  |  | 0.01 |  |  | 0.01 |  |  |
Forecasted FFO per diluted share and unit |  |  |  |  | $ | 1.75 |  |  | $ | 1.81 |  |  |
Disposition-related FFO |  |  |  |  | (0.01 | ) |  | (0.01 | ) |  |
Long-term incentive plan transition costs |  |  |  |  | 0.01 |  |  | 0.01 |  |  |
Forecasted FFO as Adjusted per diluted share and unit |  |  | $ | 1.75 |  |  | $ | 1.81 |  |  |
Recurring capital expenditures |  |  | (0.16 | ) |  | (0.16 | ) |  |
Forecasted AFFO per diluted share and unit |  |  | $ | 1.59 |  |  | $ | 1.65 |  |  |
|  |  |  |  |  | 2Q 2016 |  |
|  |  |  |  |  | Low |  | High |  |
Forecasted earnings per diluted share |  |  |  |  | $ | 0.08 |  |  | $ | 0.10 |  |  |
Conversion from GAAP share count |  |  |  | (0.04 | ) |  | (0.04 | ) |  |
Depreciation |  |  | 0.39 |  |  | 0.39 |  |  |
Noncontrolling interests |  |  |  |  | — |  |  | — |  |  |
Preferred dividends |  |  |  |  | — |  |  | — |  |  |
Forecasted FFO per diluted share and unit |  |  | $ | 0.43 |  |  | $ | 0.45 |  |  |
Disposition-related FFO |  |  |  | — |  |  | — |  |  |
Long-term incentive plan transition costs |  |  |  | — |  |  | — |  |  |
Forecasted FFO as Adjusted per diluted share and unit |  |  | $ | 0.43 |  |  | $ | 0.45 |  |  |
Recurring capital expenditures |  |  |  |  | (0.04 | ) |  | (0.04 | ) |  |
Forecasted AFFO per diluted share and unit |  |  | $ | 0.39 |  |  | $ | 0.41 |  |  |

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