EX-99.2 5 c208-20180730ex9922f656a.htm EX-99.2

Exhibit 99.2

Financial Highlights

UDR, Inc.

As of End of Second Quarter 2018

(Unaudited) (1)

|  |  |  | Actual Results |  | Actual Results |  | Guidance as of June 30, 2018
Dollars in thousands, except per share and unit |  |  |  | 2Q 2018 |  | YTD 2018 |  | 3Q 2018 |  | Full-Year 2018
GAAP Metrics |  |  |  |  |  |  |  |  |  |
Net income/(loss) attributable to UDR, Inc. |  |  |  | $20,601 |  | $102,357 |  | -- |  | --
Net income/(loss) attributable to common stockholders |  |  |  | $19,630 |  | $100,431 |  | -- |  | --
Income/(loss) per weighted average common share, diluted |  |  |  | $0.07 |  | $0.37 |  | $0.08 to $0.10 |  | $0.51 to $0.54
Per Share Metrics |  |  |  |  |  |  |  |  |  |
FFO per common share and unit, diluted |  |  |  | $0.49 |  | $0.96 |  | $0.48 to $0.50 |  | $1.92 to $1.95
FFO as Adjusted per common share and unit, diluted |  |  |  | $0.49 |  | $0.97 |  | $0.48 to $0.50 |  | $1.93 to $1.96
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted |  |  |  | $0.45 |  | $0.90 |  | $0.43 to $0.45 |  | $1.78 to $1.81
Dividend declared per share and unit |  |  |  | $0.3225 |  | $0.6450 |  | $0.3225 |  | $1.29 (2)
Same-Store Operating Metrics |  |  |  |  |  |  |  |  |  |
Revenue growth |  |  |  | 3.4% |  | 3.2% |  | -- |  | 3.00% - 3.50%
Expense growth |  |  |  | 2.9% |  | 3.3% |  | -- |  | 3.00% - 3.50%
NOI growth |  |  |  | 3.5% |  | 3.1% |  | -- |  | 3.00% - 3.50%
Physical Occupancy |  |  |  | 97.0% |  | 96.9% |  | -- |  | 96.7% - 96.9%
Property Metrics |  |  |  | Homes |  | Communities |  | % of Total NOI |  |
Same-Store |  |  |  | 38,911 |  | 124 |  | 84.4% |  |
Stabilized, Non-Mature |  |  |  | 523 |  | 2 |  | 1.2% |  |
Acquired Communities |  |  |  | - |  | - |  | - |  |
Redevelopment |  |  |  | - |  | - |  | - |  |
Development, completed |  |  |  | 746 |  | 1 |  | 0.4% |  |
Non-Residential / Other |  |  |  | N/A |  | N/A |  | 3.2% |  |
Sold and Held for Disposition |  |  |  | - |  | - |  | - |  |
Joint Venture (includes completed JV developments) (3) |  |  |  | 7,950 |  | 31 |  | 10.8% |  |
Sub-total, completed homes |  |  |  | 48,130 |  | 158 |  | 100% |  |
Under Development |  |  |  | 355 |  | 1 |  | - |  |
Joint Venture Development |  |  |  | 162 |  | 1 |  | - |  |
Developer Capital Program - West Coast Development JV |  |  |  | 817 |  | 3 |  | - |  |
Total expected homes (3)(4) |  |  |  | 49,464 |  | 163 |  | 100% |  |
Balance Sheet Metrics (adjusted for non-recurring items) |  |  |  |  |  |  |  |  |  |
|  |  |  | 2Q 2018 |  | 2Q 2017 |  |  |  |
Consolidated Interest Coverage Ratio |  |  |  | 4.7x |  | 4.6x |  |  |  |
Consolidated Fixed Charge Coverage Ratio |  |  |  | 4.6x |  | 4.5x |  |  |  |
Consolidated Debt as a percentage of Total Assets |  |  |  | 33.4% |  | 33.3% |  |  |  |
Consolidated Net Debt-to-EBITDAre |  |  |  | 5.7x |  | 5.8x |  |  |  |

| (1) |  | See Attachment 16 for definitions and other terms.

| (2) |  | Annualized for 2018.

| (3) |  | Joint venture NOI is based on UDR's share. Homes and communities at 100%.

| (4) |  | Excludes 1,042 homes that are part of the Developer Capital Program – Other as described in Attachment 12(B).

1

Attachment 1

UDR, Inc.

Consolidated Statements of Operations

(Unaudited) (1)

|  | Three Months Ended |  | Six Months Ended
|  | June 30, |  | June 30,
In thousands, except per share amounts |  | 2018 |  | 2017 |  | 2018 |  | 2017
REVENUES: |  |  |  |  |  |  |  |
Rental income |  | $ 256,634 |  | $ 244,658 |  | $ 507,117 |  | $ 485,929
Joint venture management and other fees |  | 3,109 |  | 3,321 |  | 5,931 |  | 5,891
Total revenues |  | 259,743 |  | 247,979 |  | 513,048 |  | 491,820
OPERATING EXPENSES: |  |  |  |  |  |  |  |
Property operating and maintenance |  | 41,452 |  | 40,612 |  | 82,039 |  | 80,212
Real estate taxes and insurance |  | 31,907 |  | 29,423 |  | 65,189 |  | 59,611
Property management |  | 7,057 |  | 6,728 |  | 13,945 |  | 13,363
Other operating expenses |  | 2,825 |  | 2,369 |  | 4,834 |  | 4,060
Real estate depreciation and amortization |  | 106,520 |  | 108,450 |  | 214,656 |  | 213,482
General and administrative |  | 12,373 |  | 11,434 |  | 24,132 |  | 24,509
Casualty-related charges/(recoveries), net |  | 746 |  | 1,191 |  | 1,686 |  | 1,693
Other depreciation and amortization |  | 1,684 |  | 1,567 |  | 3,375 |  | 3,175
Total operating expenses |  | 204,564 |  | 201,774 |  | 409,856 |  | 400,105
Operating income |  | 55,179 |  | 46,205 |  | 103,192 |  | 91,715
Income/(loss) from unconsolidated entities (2) |  | (2,032) |  | (1,426) |  | (3,709) |  | 9,772
Interest expense |  | (31,598) |  | (29,548) |  | (61,541) |  | (58,571)
(Cost)/benefit associated with debt extinguishment and other |  | - |  | (4,318) |  | - |  | (5,834)
Total interest expense |  | (31,598) |  | (33,866) |  | (61,541) |  | (64,405)
Interest income and other income/(expense), net |  | 1,128 |  | 515 |  | 3,887 |  | 942
Income/(loss) before income taxes and gain/(loss) on sale of real estate owned |  | 22,677 |  | 11,428 |  | 41,829 |  | 38,024
Tax (provision)/benefit, net |  | (233) |  | (366) |  | (460) |  | (698)
Income/(loss) from continuing operations |  | 22,444 |  | 11,062 |  | 41,369 |  | 37,326
Gain/(loss) on sale of real estate owned, net of tax |  | - |  | - |  | 70,300 |  | 2,132
Net income/(loss) |  | 22,444 |  | 11,062 |  | 111,669 |  | 39,458
Net (income)/loss attributable to redeemable noncontrolling interests in the OP and DownREIT Partnership |  | (1,813) |  | (854) |  | (9,203) |  | (3,192)
Net (income)/loss attributable to noncontrolling interests |  | (30) |  | (51) |  | (109) |  | (142)
Net income/(loss) attributable to UDR, Inc. |  | 20,601 |  | 10,157 |  | 102,357 |  | 36,124
Distributions to preferred stockholders - Series E (Convertible) |  | (971) |  | (929) |  | (1,926) |  | (1,858)
Net income/(loss) attributable to common stockholders |  | $ 19,630 |  | $ 9,228 |  | $ 100,431 |  | $ 34,266
Income/(loss) per weighted average common share - basic: |  | $ 0.07 |  | $ 0.03 |  | $ 0.38 |  | $ 0.13
Income/(loss) per weighted average common share - diluted: |  | $ 0.07 |  | $ 0.03 |  | $ 0.37 |  | $ 0.13
Common distributions declared per share |  | $0.3225 |  | $0.3100 |  | $0.6450 |  | $0.6200
Weighted average number of common shares outstanding - basic |  | 267,311 |  | 266,972 |  | 267,428 |  | 266,881
Weighted average number of common shares outstanding - diluted |  | 268,890 |  | 268,859 |  | 269,002 |  | 268,742

| (1) |  | See Attachment 16 for definitions and other terms.

| (2) |  | During the six months ended June 30, 2017, UDR exercised its fixed price option to acquire CityLine, a West Coast Development JV community in Seattle, WA, and recorded a $12.2 million gain on consolidation.

2

Attachment 2

UDR, Inc.

Funds From Operations

(Unaudited) (1)

|  | Three Months Ended |  |  | Six Months Ended
|  | June 30, |  |  | June 30,
In thousands, except per share and unit amounts |  | 2018 |  | 2017 |  |  | 2018 |  | 2017
Net income/(loss) attributable to common stockholders |  | $ | 19,630 |  | $ | 9,228 |  | $ | 100,431 |  | $ | 34,266
Real estate depreciation and amortization |  |  | 106,520 |  |  | 108,450 |  |  | 214,656 |  |  | 213,482
Noncontrolling interests |  |  | 1,843 |  |  | 905 |  |  | 9,312 |  |  | 3,334
Real estate depreciation and amortization on unconsolidated joint ventures |  |  | 15,512 |  |  | 14,497 |  |  | 29,852 |  |  | 28,264
Cumulative effect of change in accounting priniciple (2) |  |  | - |  |  | - |  |  | (2,100) |  |  | -
Net gain on the sale of unconsolidated depreciable property |  |  | - |  |  | - |  |  | - |  |  | (12,158)
Net gain on the sale of depreciable real estate owned |  |  | - |  |  | - |  |  | (70,300) |  |  | (552)
Funds from operations ("FFO") attributable to common stockholders and unitholders, basic |  | $ | 143,505 |  | $ | 133,080 |  | $ | 281,851 |  | $ | 266,636
Distributions to preferred stockholders - Series E (Convertible) (3) |  |  | 971 |  |  | 929 |  |  | 1,926 |  |  | 1,858
FFO attributable to common stockholders and unitholders, diluted |  | $ | 144,476 |  | $ | 134,009 |  | $ | 283,777 |  | $ | 268,494
FFO per common share and unit, basic |  | $ | 0.49 |  | $ | 0.46 |  | $ | 0.97 |  | $ | 0.91
FFO per common share and unit, diluted |  | $ | 0.49 |  | $ | 0.45 |  | $ | 0.96 |  | $ | 0.90
Weighted average number of common shares and OP/DownREIT Units outstanding - basic |  |  | 291,885 |  |  | 291,836 |  |  | 291,968 |  |  | 291,794
Weighted average number of common shares, OP/DownREIT Units, and common stock |  |  |  |  |  |  |  |  |  |  |  |
equivalents outstanding - diluted |  |  | 296,475 |  |  | 296,751 |  |  | 296,553 |  |  | 296,683
Impact of adjustments to FFO: |  |  |  |  |  |  |  |  |  |  |  |
Cost/(benefit) associated with debt extinguishment and other |  | $ | - |  | $ | 4,318 |  | $ | - |  | $ | 5,834
Net gain on the sale of non-depreciable real estate owned (4) |  |  | - |  |  | - |  |  | - |  |  | (1,580)
Legal and other costs |  |  | 625 |  |  | - |  |  | 625 |  |  | -
Casualty-related charges/(recoveries), net |  |  | 806 |  |  | 1,191 |  |  | 1,815 |  |  | 1,693
Casualty-related charges/(recoveries) on unconsolidated joint ventures, net |  |  | - |  |  | - |  |  | - |  |  | (881)
|  | $ | 1,431 |  | $ | 5,509 |  | $ | 2,440 |  | $ | 5,066
FFO as Adjusted attributable to common stockholders and unitholders, diluted |  | $ | 145,907 |  | $ | 139,518 |  | $ | 286,217 |  | $ | 273,560
FFO as Adjusted per common share and unit, diluted |  | $ | 0.49 |  | $ | 0.47 |  | $ | 0.97 |  | $ | 0.92
Recurring capital expenditures |  |  | (12,781) |  |  | (10,682) |  |  | (19,450) |  |  | (17,473)
AFFO attributable to common stockholders and unitholders, diluted |  | $ | 133,126 |  | $ | 128,836 |  | $ | 266,767 |  | $ | 256,087
AFFO per common share and unit, diluted |  | $ | 0.45 |  | $ | 0.43 |  | $ | 0.90 |  | $ | 0.86

| (1) |  | See Attachment 16 for definitions and other terms.

| (2) |  | During 1Q18, UDR adopted ASU No. 2016 01, Financial Instruments – Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities. The updated standard requires certain equity securities to be measured at fair value on the balance sheet, with changes in fair value recognized in net income. The adoption of the standard resulted in UDR recording a gain of $2.1 million in Interest income and other income/(expense), net on the Consolidated Statements of Operations. As such, the cumulative effect of the change in accounting principle is backed out for FFO.

| (3) |  | Series E preferred shares are dilutive for purposes of calculating FFO per share. Consequently, distributions to Series E preferred stockholders 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) |  | The GAAP gain for the six months ended June 30, 2017 is $2.1 million, of which $1.6 million is FFO gain related to the sale of land parcels. The FFO gain is backed out for FFO as Adjusted.

3

Attachment 3

UDR, Inc.

Consolidated Balance Sheets

(Unaudited) (1)

|  | June 30, |  | December 31,
In thousands, except share and per share amounts |  | 2018 |  | 2017
ASSETS |  |  |  |
Real estate owned: |  |  |  |
Real estate held for investment |  | $ 9,940,707 |  | $ 9,584,716
Less: accumulated depreciation |  | (3,518,824) |  | (3,326,312)
Real estate held for investment, net |  | 6,421,883 |  | 6,258,404
Real estate under development |  |  |  |
(net of accumulated depreciation of $592 and $3,854) |  | 335,665 |  | 588,636
Total real estate owned, net of accumulated depreciation |  | 6,757,548 |  | 6,847,040
Cash and cash equivalents |  | 1,055 |  | 2,038
Restricted cash |  | 29,857 |  | 19,792
Notes receivable, net |  | 40,709 |  | 19,469
Investment in and advances to unconsolidated joint ventures, net |  | 739,910 |  | 720,830
Other assets |  | 138,279 |  | 124,104
Total assets |  | $ 7,707,358 |  | $ 7,733,273
LIABILITIES AND EQUITY |  |  |  |
Liabilities: |  |  |  |
Secured debt |  | $ 799,815 |  | $ 803,269
Unsecured debt |  | 2,952,297 |  | 2,868,394
Real estate taxes payable |  | 21,972 |  | 18,349
Accrued interest payable |  | 38,201 |  | 33,432
Security deposits and prepaid rent |  | 34,519 |  | 31,916
Distributions payable |  | 95,131 |  | 91,455
Accounts payable, accrued expenses, and other liabilities |  | 74,344 |  | 102,956
Total liabilities |  | 4,016,279 |  | 3,949,771
Redeemable noncontrolling interests in the OP and DownREIT Partnership |  | 922,329 |  | 948,138
Equity: |  |  |  |
Preferred stock, no par value; 50,000,000 shares authorized |  |  |  |
2,780,994 shares of 8.00% Series E Cumulative Convertible issued |  |  |  |
and outstanding (2,780,994 shares at December 31, 2017) |  | 46,200 |  | 46,200
15,804,393 shares of Series F outstanding (15,852,721 shares |  |  |  |
at December 31, 2017) |  | 1 |  | 1
Common stock, $0.01 par value; 350,000,000 shares authorized |  |  |  |
267,667,437 shares issued and outstanding (267,822,069 shares at December 31, 2017) |  | 2,677 |  | 2,678
Additional paid-in capital |  | 4,639,147 |  | 4,651,205
Distributions in excess of net income |  | (1,929,124) |  | (1,871,603)
Accumulated other comprehensive income/(loss), net |  | (1,407) |  | (2,681)
Total stockholders' equity |  | 2,757,494 |  | 2,825,800
Noncontrolling interests |  | 11,256 |  | 9,564
Total equity |  | 2,768,750 |  | 2,835,364
Total liabilities and equity |  | $ 7,707,358 |  | $ 7,733,273

| (1) |  | See Attachment 16 for definitions and other terms.

4

Attachment 4(A)

UDR, Inc.

Selected Financial Information

(Unaudited) (1)

|  |  |  |  |  |  |  |  |  | June 30, |  | December 31,
Common Stock and Equivalents |  |  |  |  |  |  |  |  |  | 2018 |  | 2017
Common shares |  |  |  |  |  |  |  |  |  | 267,359,370 |  | 267,309,552
Restricted shares |  |  |  |  |  |  |  |  |  | 308,067 |  | 512,517
Total common stock |  |  |  |  |  |  |  |  |  | 267,667,437 |  | 267,822,069
Stock options, LTIP Units and restricted stock equivalents |  |  |  |  |  |  |  |  |  | 1,358,089 |  | 1,589,662
Operating and DownREIT Partnership units |  |  |  |  |  |  |  |  |  | 22,817,548 |  | 22,862,502
Preferred OP units |  |  |  |  |  |  |  |  |  | 1,751,671 |  | 1,751,671
Convertible preferred Series E stock (2) |  |  |  |  |  |  |  |  |  | 3,010,843 |  | 3,010,843
Total common stock and equivalents |  |  |  |  |  |  |  |  |  | 296,605,588 |  | 297,036,747
Weighted Average Number of Shares Outstanding |  |  |  |  |  |  |  |  |  | 2Q 2018 |  | 2Q 2017
Weighted average number of common shares and OP/DownREIT units outstanding - basic |  |  |  |  |  |  |  |  |  | 291,885,082 |  | 291,835,684
Weighted average number of OP/DownREIT units outstanding |  |  |  |  |  |  |  |  |  | (24,573,867) |  | (24,864,266)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations |  |  |  |  |  |  |  |  |  | 267,311,215 |  | 266,971,418
Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted |  |  |  |  |  |  |  |  |  | 296,474,487 |  | 296,751,379
Weighted average number of OP/DownREIT units outstanding |  |  |  |  |  |  |  |  |  | (24,573,867) |  | (24,864,266)
Weighted average number of Series E preferred shares outstanding (3) |  |  |  |  |  |  |  |  |  | (3,010,843) |  | (3,028,068)
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations |  |  |  |  |  |  |  |  |  | 268,889,777 |  | 268,859,045
|  |  |  |  |  |  |  |  |  | Year-to-Date 2018 |  | Year-to-Date 2017
Weighted average number of common shares and OP/DownREIT units outstanding - basic |  |  |  |  |  |  |  |  |  | 291,968,187 |  | 291,794,016
Weighted average number of OP/DownREIT units outstanding |  |  |  |  |  |  |  |  |  | (24,540,379) |  | (24,912,747)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations |  |  |  |  |  |  |  |  |  | 267,427,808 |  | 266,881,269
Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted |  |  |  |  |  |  |  |  |  | 296,553,087 |  | 296,682,656
Weighted average number of OP/DownREIT units outstanding |  |  |  |  |  |  |  |  |  | (24,540,379) |  | (24,912,747)
Weighted average number of Series E preferred shares outstanding (3) |  |  |  |  |  |  |  |  |  | (3,010,843) |  | (3,028,068)
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations |  |  |  |  |  |  |  |  |  | 269,001,865 |  | 268,741,841

| (1) |  | See Attachment 16 for definitions and other terms.

| (2) |  | At June 30, 2018 and December 31, 2017 there were 2,780,994 shares of the Series E outstanding, which is equivalent to 3,010,843 shares of common stock if converted (after adjusting for the special dividend paid in 2008).

| (3) |  | Series E preferred shares are anti-dilutive for purposes of calculating Income/(loss) per weighted average common share for the three and six months ended June 30, 2018 and June 30, 2017.

5

Attachment 4(B)

UDR, Inc.

Selected Financial Information

(Unaudited) (1)

|  |  |  |  |  |  |  |  |  |  | Weighted |  | Weighted
|  |  |  |  |  |  |  |  |  |  | Average |  | Average Years
Debt Structure, In thousands |  |  |  |  |  |  | Balance |  | % of Total |  | Interest Rate |  | to Maturity (4)
Secured |  | Fixed |  |  |  |  | $ 670,922 |  | 17.8% |  | 4.39% |  | 3.4
|  | Floating |  |  |  |  | 123,733 | (2) | 3.3% |  | 2.28% |  | 3.7
|  | Combined |  |  |  |  | 794,655 |  | 21.1% |  | 4.06% |  | 3.5
Unsecured |  | Fixed |  |  |  |  | 2,530,644 | (3) | 67.2% |  | 3.63% |  | 5.9
|  | Floating |  |  |  |  | 439,947 |  | 11.7% |  | 2.57% |  | 0.5
|  | Combined |  |  |  |  | 2,970,591 |  | 78.9% |  | 3.47% |  | 5.1
Total Debt |  | Fixed |  |  |  |  | 3,201,566 |  | 85.0% |  | 3.79% |  | 5.4
|  | Floating |  |  |  |  | 563,680 |  | 15.0% |  | 2.50% |  | 1.2
|  | Combined |  |  |  |  | $ 3,765,246 |  | 100.0% |  | 3.60% |  | 4.8
|  | Total Non-Cash Adjustments (5) |  |  |  |  | (13,134) |  |  |  |  |  |
|  | Total per Balance Sheet |  |  |  |  | $ 3,752,112 |  |  |  | 3.66% |  |
Debt Maturities, In thousands (6) |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  | Revolving Credit |  |  |  |  |  |
|  |  |  | Unsecured |  | Facilities & Comm. |  |  |  |  |  | Weighted Average
|  | Secured Debt (7) |  | Debt (7) |  | Paper (4) (8) (9) |  | Balance |  | % of Total |  | Interest Rate
2018 |  | $ 31,365 |  | $ | - |  | $ 355,000 |  | $ 386,365 |  | 10.2% |  | 2.56%
2019 |  | 317,095 |  |  | - |  | - |  | 317,095 |  | 8.4% |  | 4.63%
2020 |  | 198,076 |  |  | 300,000 |  | - |  | 498,076 |  | 13.2% |  | 3.87%
2021 |  | 1,117 |  |  | 350,000 |  | 49,947 |  | 401,064 |  | 10.7% |  | 2.19%
2022 |  | 1,157 |  |  | 400,000 |  | - |  | 401,157 |  | 10.7% |  | 4.62%
2023 |  | 41,245 |  |  | - |  | - |  | 41,245 |  | 1.1% |  | 3.47%
2024 |  | - |  |  | 315,644 |  | - |  | 315,644 |  | 8.3% |  | 3.99%
2025 |  | 127,600 |  |  | 300,000 |  | - |  | 427,600 |  | 11.4% |  | 4.26%
2026 |  | 50,000 |  |  | 300,000 |  | - |  | 350,000 |  | 9.3% |  | 2.99%
2027 |  | - |  |  | 300,000 |  | - |  | 300,000 |  | 8.0% |  | 3.50%
Thereafter |  | 27,000 |  |  | 300,000 |  | - |  | 327,000 |  | 8.7% |  | 3.37%
|  | 794,655 |  |  | 2,565,644 |  | 404,947 |  | 3,765,246 |  | 100.0% |  | 3.60%
Total Non-Cash Adjustments (5) |  | 5,160 |  |  | (18,294) |  | - |  | (13,134) |  |  |  |
Total per Balance Sheet |  | $ 799,815 |  | $ | 2,547,350 |  | $ 404,947 |  | $ 3,752,112 |  |  |  | 3.66%

| (1) |  | See Attachment 16 for definitions and other terms.

| (2) |  | Includes $114.1 million of debt with a weighted average interest cap of 6.78% on the underlying index.

| (3) |  | Includes $315.0 million of floating rate debt that has been fixed until January 2020 using interest rate swaps at a weighted average rate of 1.98%.

| (4) |  | The 2018 maturity reflects the $355.0 million of principal outstanding on the Company’s unsecured commercial paper program as of June 30, 2018. Under the terms of the program the Company may issue up to a maximum aggregate amount outstanding of $500.0 million. If the commercial paper was refinanced using the line of credit, the weighted average years to maturity would be 4.9 years without extensions and 5.0 years with extensions.

| (5) |  | Includes the unamortized balance of fair market value adjustments, premiums/discounts and deferred financing costs.

| (6) |  | As of June 30, 2018, UDR’s debt maturities with and without extensions are the same.

| (7) |  | Includes principal amortization, as applicable.

| (8) |  | There are no borrowings outstanding on our $1.1 billion line of credit at June 30, 2018. The facility 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.

| (9) |  | There is $49.9 million outstanding on our $75.0 million working capital credit facility at June 30, 2018. The facility has a maturity date of January 2021. The working capital credit facility carries an interest rate equal to LIBOR plus a spread of 90 basis points.

6

Attachment 4(C)

UDR, Inc.

Selected Financial Information

(Dollars in Thousands)

(Unaudited) (1)

|  |  |  |  |  |  |  |  |  | Quarter Ended
Coverage Ratios |  |  |  |  |  |  |  |  |  | June 30, 2018
Net income/(loss) |  |  |  |  |  |  |  |  |  | $ 22,444
Adjustments: |  |  |  |  |  |  |  |  |  |
Interest expense, including costs associated with debt extinguishment |  |  |  |  |  |  |  |  |  | 31,598
Real estate depreciation and amortization |  |  |  |  |  |  |  |  |  | 106,520
Other depreciation and amortization |  |  |  |  |  |  |  |  |  | 1,684
Income tax provision/(benefit), net |  |  |  |  |  |  |  |  |  | 233
Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures |  |  |  | 25,346
EBITDAre |  |  |  |  |  |  |  |  |  | $ 187,825
Casualty-related charges/(recoveries), net |  |  |  |  |  |  |  |  |  | 806
Legal and other costs |  |  |  |  |  |  |  |  |  | 625
(Income)/loss from unconsolidated entities |  |  |  |  |  |  |  |  |  | 2,032
Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures |  |  |  | (25,346)
Management fee expense on unconsolidated joint ventures |  |  |  |  |  |  |  |  |  | (1,215)
Consolidated EBITDAre - adjusted for non-recurring items |  |  |  |  |  |  |  |  |  | $ 164,727
Annualized consolidated EBITDAre - adjusted for non-recurring items |  |  |  |  |  |  |  |  |  | $ 658,908
Interest expense, including costs associated with debt extinguishment |  |  |  |  |  |  |  |  |  | 31,598
Capitalized interest expense |  |  |  |  |  |  |  |  |  | 3,603
Total interest |  |  |  |  |  |  |  |  |  | $ 35,201
Preferred dividends |  |  |  |  |  |  |  |  |  | $ 971
Total debt |  |  |  |  |  |  |  |  |  | $ 3,752,112
Cash |  |  |  |  |  |  |  |  |  | (1,055)
Net debt |  |  |  |  |  |  |  |  |  | $ 3,751,057
Consolidated Interest Coverage Ratio - adjusted for non-recurring items |  |  |  | 4.7x
Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items |  |  |  | 4.6x
Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items |  |  |  | 5.7x
Debt Covenant Overview
Unsecured Line of Credit Covenants (2) |  |  |  |  |  | Required |  | Actual |  | Compliance
Maximum Leverage Ratio |  |  |  |  |  | ≤60.0% |  | 34.1% (2) |  | Yes
Minimum Fixed Charge Coverage Ratio |  |  |  |  |  | ≥1.5x |  | 3.8x |  | Yes
Maximum Secured Debt Ratio |  |  |  |  |  | ≤40.0% |  | 12.9% |  | Yes
Minimum Unencumbered Pool Leverage Ratio |  |  |  |  |  | ≥150.0% |  | 352.8% |  | Yes
Senior Unsecured Note Covenants (3) |  |  |  |  |  | Required |  | Actual |  | Compliance
Debt as a percentage of Total Assets |  |  |  |  |  | ≤65.0% |  | 33.5% (3) |  | Yes
Consolidated Income Available for Debt Service to Annual Service Charge |  | ≥1.5x |  | 5.1x |  | Yes
Secured Debt as a percentage of Total Assets |  |  |  |  |  | ≤40.0% |  | 7.1% |  | Yes
Total Unencumbered Assets to Unsecured Debt |  |  |  |  |  | ≥150.0% |  | 296.0% |  | Yes
Securities Ratings |  |  |  | Debt |  | Preferred |  | Outlook |  | Commercial Paper
Moody's Investors Service |  |  |  | Baa1 |  | Baa2 |  | Stable |  | P-2
Standard & Poor's |  |  |  | BBB+ |  | BBB- |  | Stable |  | A-2
|  |  |  |  |  |  |  | Gross |  | % of
|  | Number of |  | 2Q 2018 NOI (1) |  |  |  | Carrying Value |  | Total Gross
Asset Summary |  | Homes |  | ($000s) |  | % of NOI |  | ($000s) |  | Carrying Value
Unencumbered assets |  | 32,075 |  | $ 152,386 |  | 83.1% |  | $ 8,560,221 |  | 83.3%
Encumbered assets |  | 8,105 |  | 30,889 |  | 16.9% |  | 1,716,743 |  | 16.7%
|  | 40,180 |  | $ 183,275 |  | 100.0% |  | $ 10,276,964 |  | 100.0%

| (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

(Unaudited) (1)

|  | Total |  | Quarter Ended |  | Quarter Ended |  | Quarter Ended |  | Quarter Ended |  | Quarter Ended
Dollars in thousands |  | Homes |  | June 30, 2018 |  | March 31, 2018 |  | December 31, 2017 |  | September 30, 2017 |  | June 30, 2017
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |
Same-Store Communities |  | 38,911 |  | $ | 241,315 |  | $ 238,085 |  | $ 235,760 |  | $ 235,404 |  | $ 233,462
Stabilized, Non-Mature Communities |  | 523 |  |  | 3,748 |  | 3,745 |  | 3,587 |  | 1,684 |  | 1,708
Acquired Communities |  | - |  |  | - |  | - |  | - |  | - |  | -
Redevelopment Communities |  | - |  |  | - |  | - |  | - |  | - |  | -
Development Communities |  | 746 |  |  | 3,225 |  | 2,074 |  | 1,381 |  | 864 |  | 192
Non-Residential / Other (2) |  | - |  |  | 8,346 |  | 5,811 |  | 6,728 |  | 7,481 |  | 6,526
Total |  | 40,180 |  | $ | 256,634 |  | $ 249,715 |  | $ 247,456 |  | $ 245,433 |  | $ 241,888
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Same-Store Communities |  |  |  | $ | 67,881 |  | $ 68,233 |  | $ 66,638 |  | $ 68,736 |  | $ 65,941
Stabilized, Non-Mature Communities |  |  |  |  | 1,372 |  | 1,417 |  | 1,379 |  | 739 |  | 725
Acquired Communities |  |  |  |  | - |  | - |  | - |  | - |  | -
Redevelopment Communities |  |  |  |  | - |  | - |  | - |  | - |  | -
Development Communities |  |  |  |  | 2,362 |  | 1,611 |  | 1,235 |  | 870 |  | 473
Non-Residential / Other (2) |  |  |  |  | 1,744 |  | 2,359 |  | 2,489 |  | 2,528 |  | 2,217
Total |  |  |  | $ | 73,359 |  | $ 73,620 |  | $ 71,741 |  | $ 72,873 |  | $ 69,356
Net Operating Income |  |  |  |  |  |  |  |  |  |  |  |  |
Same-Store Communities |  |  |  | $ | 173,434 |  | $ 169,852 |  | $ 169,122 |  | $ 166,668 |  | $ 167,521
Stabilized, Non-Mature Communities |  |  |  |  | 2,376 |  | 2,328 |  | 2,208 |  | 945 |  | 983
Acquired Communities |  |  |  |  | - |  | - |  | - |  | - |  | -
Redevelopment Communities |  |  |  |  | - |  | - |  | - |  | - |  | -
Development Communities |  |  |  |  | 863 |  | 463 |  | 146 |  | (6) |  | (281)
Non-Residential / Other (2) |  |  |  |  | 6,602 |  | 3,452 |  | 4,239 |  | 4,953 |  | 4,309
Total |  |  |  | $ | 183,275 |  | $ 176,095 |  | $ 175,715 |  | $ 172,560 |  | $ 172,532
Operating Margin |  |  |  |  |  |  |  |  |  |  |  |  |
Same-Store Communities |  |  |  |  | 71.9% |  | 71.3% |  | 71.7% |  | 70.8% |  | 71.8%
Weighted Average Physical Occupancy |  |  |  |  |  |  |  |  |  |  |  |  |
Same-Store Communities |  |  |  |  | 97.0% |  | 96.9% |  | 96.7% |  | 96.6% |  | 96.7%
Stabilized, Non-Mature Communities |  |  |  |  | 93.7% |  | 94.7% |  | 92.8% |  | 92.3% |  | 92.9%
Acquired Communities |  |  |  |  | - |  | - |  | - |  | - |  | -
Redevelopment Communities |  |  |  |  | - |  | - |  | - |  | - |  | -
Development Communities |  |  |  |  | 60.1% |  | 54.6% |  | 53.4% |  | 51.5% |  | 47.6%
Other (3) |  |  |  |  | - |  | - |  | 96.1% |  | 96.5% |  | 96.2%
Total |  |  |  |  | 96.4% |  | 96.5% |  | 96.3% |  | 96.4% |  | 96.6%
Sold and Held for Disposition Communities |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  |  | $ | - |  | $ 768 |  | $ 2,660 |  | $ 2,831 |  | $ 2,770
Expenses |  |  |  |  | - |  | 249 |  | 699 |  | 670 |  | 679
Net Operating Income/(Loss) |  |  |  | $ | - |  | $ 519 |  | $ 1,961 |  | $ 2,161 |  | $ 2,091
Total |  | 40,180 |  | $ | 183,275 |  | $ 176,614 |  | $ 177,676 |  | $ 174,721 |  | $ 174,623

| (1) |  | See Attachment 16 for definitions 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

(Dollars in Thousands)

(Unaudited) (1)

|  | % of 2Q 2018 |  |  |  |  |  |
|  | SS Operating |  |  |  |  |  |
Year-Over-Year Comparison |  | Expenses |  | 2Q 2018 |  | 2Q 2017 |  | % Change
Real estate taxes (2) |  | 40.2% |  | $ 27,289 |  | $ 25,530 |  | 6.9%
Personnel |  | 23.0% |  | 15,635 |  | 15,809 |  | -1.1%
Utilities |  | 13.9% |  | 9,456 |  | 9,348 |  | 1.1%
Repair and maintenance |  | 12.6% |  | 8,518 |  | 8,309 |  | 2.5%
Administrative and marketing |  | 6.6% |  | 4,442 |  | 4,648 |  | -4.4%
Insurance |  | 3.7% |  | 2,541 |  | 2,297 |  | 10.6%
Same-Store operating expenses (2) |  | 100.0% |  | $ 67,881 |  | $ 65,941 |  | 2.9%
Same-Store Homes |  | 38,911 |  |  |  |  |  |
|  | % of 2Q 2018 |  |  |  |  |  |
|  | SS Operating |  |  |  |  |  |
Sequential Comparison |  | Expenses |  | 2Q 2018 |  | 1Q 2018 |  | % Change
Real estate taxes (2) |  | 40.2% |  | $ 27,289 |  | $ 28,182 |  | -3.2%
Personnel |  | 23.0% |  | 15,635 |  | 15,132 |  | 3.3%
Utilities |  | 13.9% |  | 9,456 |  | 10,217 |  | -7.5%
Repair and maintenance |  | 12.6% |  | 8,518 |  | 7,884 |  | 8.0%
Administrative and marketing |  | 6.6% |  | 4,442 |  | 4,317 |  | 2.9%
Insurance |  | 3.7% |  | 2,541 |  | 2,501 |  | 1.6%
Same-Store operating expenses (2) |  | 100.0% |  | $ 67,881 |  | $ 68,233 |  | -0.5%
Same-Store Homes |  | 38,911 |  |  |  |  |  |
|  | % of YTD 2018 |  |  |  |  |  |
|  | SS Operating |  |  |  |  |  |
Year-to-Date Comparison |  | Expenses |  | YTD 2018 |  | YTD 2017 |  | % Change
Real estate taxes (2) |  | 40.8% |  | $ 54,535 |  | $ 50,496 |  | 8.0%
Personnel |  | 22.6% |  | 30,298 |  | 30,898 |  | -1.9%
Utilities |  | 14.4% |  | 19,299 |  | 19,214 |  | 0.4%
Repair and maintenance |  | 12.1% |  | 16,211 |  | 15,761 |  | 2.9%
Administrative and marketing |  | 6.4% |  | 8,574 |  | 8,760 |  | -2.1%
Insurance |  | 3.7% |  | 4,956 |  | 4,470 |  | 10.9%
Same-Store operating expenses (2) |  | 100.0% |  | $ 133,873 |  | $ 129,599 |  | 3.3%
Same-Store Homes |  | 38,277 |  |  |  |  |  |

| (1) |  | See Attachment 16 for definitions and other terms.

| (2) |  | The year-over-year, sequential and year-to-date comparisons presented above include $366 thousand, $0 and $732 thousand, respectively, of higher New York real estate taxes due to 421 exemption and abatement reductions.

9

Attachment 7(A)

UDR, Inc.

Apartment Home Breakout

Portfolio Overview as of Quarter Ended

June 30, 2018

(Unaudited) (1)

|  |  |  | 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 |  |  |  |  |  |  |  |  |  |  |  |
Orange County, CA |  | 4,434 |  | - |  | 516 |  | 4,950 |  | 381 |  | 5,331
San Francisco, CA |  | 2,751 |  | - |  | - |  | 2,751 |  | 602 |  | 3,353
Seattle, WA |  | 2,837 |  | - |  | - |  | 2,837 |  | 224 |  | 3,061
Los Angeles, CA |  | 1,225 |  | - |  | - |  | 1,225 |  | 784 |  | 2,009
Monterey Peninsula, CA |  | 1,565 |  | - |  | - |  | 1,565 |  | - |  | 1,565
Other Southern CA |  | 654 |  | - |  | - |  | 654 |  | 571 |  | 1,225
Portland, OR |  | 476 |  | - |  | - |  | 476 |  | - |  | 476
|  | 13,942 |  | - |  | 516 |  | 14,458 |  | 2,562 |  | 17,020
Mid-Atlantic Region |  |  |  |  |  |  |  |  |  |  |  |
Metropolitan DC |  | 8,402 |  | - |  | - |  | 8,402 |  | 874 |  | 9,276
Richmond, VA |  | 1,358 |  | - |  | - |  | 1,358 |  | - |  | 1,358
Baltimore, MD |  | 720 |  | - |  | - |  | 720 |  | 379 |  | 1,099
|  | 10,480 |  | - |  | - |  | 10,480 |  | 1,253 |  | 11,733
Northeast Region |  |  |  |  |  |  |  |  |  |  |  |
New York, NY |  | 1,945 |  | - |  | - |  | 1,945 |  | 710 |  | 2,655
Boston, MA |  | 1,548 |  | - |  | 230 |  | 1,778 |  | 1,302 |  | 3,080
Philadelphia, PA |  | - |  | - |  | - |  | - |  | 290 |  | 290
|  | 3,493 |  | - |  | 230 |  | 3,723 |  | 2,302 |  | 6,025
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 |  | 2,040 |  | 305 |  | - |  | 2,345 |  | 1,351 |  | 3,696
Austin, TX |  | 1,273 |  | - |  | - |  | 1,273 |  | 259 |  | 1,532
Denver, CO |  | - |  | 218 |  | - |  | 218 |  | 223 |  | 441
|  | 3,313 |  | 523 |  | - |  | 3,836 |  | 1,833 |  | 5,669
Totals |  | 38,911 |  | 523 |  | 746 |  | 40,180 |  | 7,950 |  | 48,130
Communities |  | 124 |  | 2 |  | 1 |  | 127 |  | 31 |  | 158
Total Homes (incl. joint ventures) (4) |  |  |  |  |  | 48,130 |  |  |  |  |  |
Homes in Development, Excluding Completed Homes (5) |  |  |  |  |  |  |  |
Current Pipeline Wholly-Owned |  |  |  |  |  | 355 |  |  |  |  |  |
Current Pipeline Joint Venture (6) |  |  |  |  |  | 162 |  |  |  |  |  |
Homes in Developer Capital Program - West Coast Development JV (5) |  |  |  |  |  |  |  |
Current Pipeline Developer Capital Program - West Coast Development JV (6) |  | 817 |  |  |  |  |  |
Total expected homes (including development) |  |  |  |  |  | 49,464 |  |  |  |  |  |

| (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 operating homes at 100 percent. See Attachment 12(A) for UDR's joint venture and partnership ownership interests.

| (5) |  | See Attachments 9, 12(A) and 12(B) for details of our development communities.

| (6) |  | Represents joint venture and Developer Capital Program – West Coast Development JV homes at 100 percent. Excludes 1,042 homes that are part of the Developer Capital Program - Other. See Attachments 9, 12(A) and 12(B) for UDR's developments and ownership interests.

10

Attachment 7(B)

UDR, Inc.

Non-Mature Home Summary

Portfolio Overview as of Quarter Ended

June 30, 2018

(Unaudited) (1)

Non-Mature Home Breakout - By Date (quarter indicates date of QTD Same-Store inclusion)
Community |  |  | Category |  | # of Homes |  | Region |  | Same-Store Date |  |  |  |
Thirty377 |  |  | Stabilized, Non-Mature |  | 305 |  | Southwest |  | 1Q19 |  |  |  |
Steele Creek |  |  | Stabilized, Non-Mature |  | 218 |  | Southwest |  | 2Q19 |  |  |  |
The Residences at Pacific City |  |  | Development |  | 516 |  | West |  | 1Q20 |  |  |  |
345 Harrison Street |  |  | Development |  | 230 | (2) | Northeast |  | 2Q20 |  |  |  |
Total |  |  |  |  |  |  | 1,269 |  |  |  |  |  |  |  |
Summary of Non-Mature Home Activity
|  |  |  |  | Stabilized, |  |  |  |  |  |  |  | Held for |  |
|  |  | Market |  | Non-Mature |  | Acquired |  | Redevelopment |  | Development |  | Disposition |  | Total
Non-Mature Homes at March 31, 2018 |  | 1,157 |  | - |  | - |  | 400 |  | - |  | 1,557
The Residences at Pacific City |  |  | Orange County, CA |  | - |  | - |  | - |  | 116 |  | - |  | 116
345 Harrison Street |  |  | Boston, MA |  | - |  | - |  | - |  | 230 |  | - |  | 230
CityLine (3) |  |  | Seattle, WA |  | (244) |  | - |  | - |  | - |  | - |  | (244)
Residences at the Domain (3) |  |  | Austin, TX |  | (390) |  | - |  | - |  | - |  | - |  | (390)
Non-Mature Homes at June 30, 2018 |  | 523 |  | - |  | - |  | 746 |  | - |  | 1,269

| (1) |  | See Attachment 16 for definitions and other terms.

| (2) |  | 230 homes of 585 total homes have been delivered as of June 30, 2018 as described in Attachment 9.

| (3) |  | Contributed the community to the QTD Same-Store pool in 2Q18.

11

Attachment 7(C)

UDR, Inc.

Total Revenue Per Occupied Home Summary

Portfolio Overview as of Quarter Ended

June 30, 2018

(Unaudited) (1)

|  |  |  | Non-Mature Homes |  |  |  | Unconsolidated |  |
|  | Total |  |  |  |  |  |  | Total |  | Joint Venture |  | Total
|  | Same-Store |  |  |  |  | Non- |  | Consolidated |  | Operating |  | Homes
|  | Homes |  | Stabilized (2) |  | Stabilized (3) (4) |  | Homes |  | Homes (4) (5) |  | (incl. JV at share) (5)
West Region |  |  |  |  |  |  |  |  |  |  |  |  |
Orange County, CA |  | $ 2,296 |  | $ | - |  | $ 3,654 |  | $ 2,375 |  | $ 2,467 |  | $ 2,379
San Francisco, CA |  | 3,560 |  |  | - |  | - |  | 3,560 |  | 4,962 |  | 3,700
Seattle, WA |  | 2,404 |  |  | - |  | - |  | 2,404 |  | 4,129 |  | 2,469
Los Angeles, CA |  | 2,815 |  |  | - |  | - |  | 2,815 |  | 3,220 |  | 2,897
Monterey Peninsula, CA |  | 1,757 |  |  | - |  | - |  | 1,757 |  | - |  | 1,757
Other Southern CA |  | 1,880 |  |  | - |  | - |  | 1,880 |  | 3,150 |  | 2,262
Portland, OR |  | 1,577 |  |  | - |  | - |  | 1,577 |  | - |  | 1,577
Mid-Atlantic Region |  |  |  |  |  |  |  |  |  |  |  |  |
Metropolitan DC |  | 2,027 |  |  | - |  | - |  | 2,027 |  | 2,825 |  | 2,055
Richmond, VA |  | 1,332 |  |  | - |  | - |  | 1,332 |  | - |  | 1,332
Baltimore, MD |  | 1,698 |  |  | - |  | - |  | 1,698 |  | 1,737 |  | 1,707
Northeast Region |  |  |  |  |  |  |  |  |  |  |  |  |
New York, NY |  | 4,315 |  |  | - |  | - |  | 4,315 |  | 4,654 |  | 4,365
Boston, MA |  | 3,032 |  |  | - |  | 3,290 |  | 3,042 |  | 2,524 |  | 2,893
Philadelphia, PA |  | - |  |  | - |  | - |  | - |  | 3,325 |  | 3,325
Southeast Region |  |  |  |  |  |  |  |  |  |  |  |  |
Orlando, FL |  | 1,335 |  |  | - |  | - |  | 1,335 |  | - |  | 1,335
Tampa, FL |  | 1,406 |  |  | - |  | - |  | 1,406 |  | - |  | 1,406
Nashville, TN |  | 1,282 |  |  | - |  | - |  | 1,282 |  | - |  | 1,282
Other Florida |  | 1,586 |  |  | - |  | - |  | 1,586 |  | - |  | 1,586
Southwest Region |  |  |  |  |  |  |  |  |  |  |  |  |
Dallas, TX |  | 1,256 |  |  | 1,984 |  | - |  | 1,349 |  | 1,700 |  | 1,422
Austin, TX |  | 1,446 |  |  | - |  | - |  | 1,446 |  | 4,241 |  | 1,702
Denver, CO |  | - |  |  | 3,357 |  | - |  | 3,357 |  | 3,274 |  | 3,329
Weighted Average |  | $ 2,132 |  | $ | 2,551 |  | $ 3,398 |  | $ 2,149 |  | $ 3,042 |  | $ 2,225

| (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) |  | Development revenue per occupied home can be affected by the timing and mix 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 ownership interests. See Attachment 12(A) for UDR's joint venture and partnership ownership interests.

12

Attachment 7(D)

UDR, Inc.

Net Operating Income Breakout By Market

June 30, 2018

(Dollars in Thousands)

(Unaudited) (1)

| Three Months Ended June 30, 2018 |  |  |  |  |
|  |  |  |  |  | UDR's |  |  |  |  |  |  |
|  | Same-Store |  | Non Same-Store (2) |  | Share of JVs (2)(3) |  | Total |  |  |  |  |
Net Operating Income |  | $ 173,434 |  | $ 9,841 |  | $ 22,104 |  | $ 205,379 |  |  |  |  |
% of Net Operating Income |  | 84.4% |  | 4.8% |  | 10.8% |  | 100.0% |  |  |  |  |
Three Months Ended June 30, 2018
|  | As a % of NOI |  |  |  | As a % of NOI
Region |  | Same-Store |  | Total |  | Region |  | Same-Store |  |  | Total
West Region |  |  |  |  |  | Northeast Region |  |  |  |  |  |  |
Orange County, CA |  | 13.2% |  | 12.8% |  | New York, NY |  | 9.4% |  |  |  |  | 10.3%
San Francisco, CA |  | 12.6% |  | 12.4% |  | Boston, MA |  | 5.9% |  |  |  |  | 6.6%
Seattle, WA |  | 8.2% |  | 7.9% |  | Philadelphia, PA |  | 0.0% |  |  |  |  | 0.6%
Los Angeles, CA |  | 4.2% |  | 4.6% |  |  |  | 15.3% |  |  |  |  | 17.5%
Monterey Peninsula, CA |  | 3.6% |  | 3.0% |  | Southeast Region |  |  |  |  |  |  |
Other Southern CA |  | 1.6% |  | 2.2% |  | Orlando, FL |  | 4.0% |  |  |  |  | 3.4%
Portland, OR |  | 0.9% |  | 0.8% |  | Tampa, FL |  | 3.7% |  |  |  |  | 3.1%
|  | 44.3% |  | 43.7% |  | Nashville, TN |  | 3.4% |  |  |  |  | 2.9%
|  |  |  |  |  | Other Florida |  | 1.1% |  |  |  |  | 0.9%
Mid-Atlantic Region |  |  |  |  |  |  |  | 12.2% |  |  |  |  | 10.3%
Metropolitan DC |  | 20.0% |  | 18.3% |  | Southwest Region |  |  |  |  |  |  |
Richmond, VA |  | 2.3% |  | 2.0% |  | Dallas, TX |  | 2.7% |  |  |  |  | 3.6%
Baltimore, MD |  | 1.4% |  | 1.5% |  | Austin, TX |  | 1.8% |  |  |  |  | 2.0%
|  | 23.7% |  | 21.8% |  | Denver, CO |  | 0.0% |  |  |  |  | 1.1%
|  |  |  |  |  |  |  | 4.5% |  |  |  |  | 6.7%
|  |  |  |  |  | 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 share of joint venture and partnership NOI on Attachment 12(A) but excludes UDR’s share of Developer Capital Program NOI on Attachment 12(B).

13

Attachment 8(A)

UDR, Inc.

Same-Store Operating Information By Major Market

Current Quarter vs. Prior Year Quarter

June 30, 2018

(Unaudited) (1)

|  |  | % of Same- |  |  |  |  |  |  |  |
|  | Total | Store Portfolio |  | Same-Store
|  | Same-Store | Based on |  | Physical Occupancy |  | Total Revenue per Occupied Home
|  | Homes | 2Q 2018 NOI |  | 2Q 18 | 2Q 17 | Change |  | 2Q 18 | 2Q 17 | Change
West Region |  |  |  |  |  |  |  |  |  |  |
Orange County, CA |  | 4,434 | 13.2% |  | 96.0% | 95.4% | 0.6% |  | $ 2,296 | $ 2,230 | 3.0%
San Francisco, CA |  | 2,751 | 12.6% |  | 97.0% | 96.7% | 0.3% |  | 3,560 | 3,441 | 3.5%
Seattle, WA |  | 2,837 | 8.2% |  | 96.7% | 96.4% | 0.3% |  | 2,404 | 2,288 | 5.1%
Los Angeles, CA |  | 1,225 | 4.2% |  | 95.5% | 95.1% | 0.4% |  | 2,815 | 2,716 | 3.6%
Monterey Peninsula, CA |  | 1,565 | 3.6% |  | 97.4% | 97.6% | -0.2% |  | 1,757 | 1,613 | 8.9%
Other Southern CA |  | 654 | 1.6% |  | 96.8% | 96.5% | 0.3% |  | 1,880 | 1,789 | 5.1%
Portland, OR |  | 476 | 0.9% |  | 96.7% | 97.7% | -1.0% |  | 1,577 | 1,529 | 3.1%
|  | 13,942 | 44.3% |  | 96.5% | 96.2% | 0.3% |  | 2,509 | 2,409 | 4.1%
Mid-Atlantic Region |  |  |  |  |  |  |  |  |  |  |
Metropolitan DC |  | 8,402 | 20.0% |  | 97.5% | 97.0% | 0.5% |  | 2,027 | 1,986 | 2.1%
Richmond, VA |  | 1,358 | 2.3% |  | 98.2% | 97.9% | 0.3% |  | 1,332 | 1,284 | 3.7%
Baltimore, MD |  | 720 | 1.4% |  | 96.5% | 97.3% | -0.8% |  | 1,698 | 1,679 | 1.1%
|  | 10,480 | 23.7% |  | 97.5% | 97.1% | 0.4% |  | 1,914 | 1,873 | 2.2%
Northeast Region |  |  |  |  |  |  |  |  |  |  |
New York, NY |  | 1,945 | 9.4% |  | 97.1% | 97.3% | -0.2% |  | 4,315 | 4,328 | -0.3%
Boston, MA |  | 1,548 | 5.9% |  | 96.9% | 96.4% | 0.5% |  | 3,032 | 2,939 | 3.2%
|  | 3,493 | 15.3% |  | 97.0% | 96.9% | 0.1% |  | 3,747 | 3,716 | 0.8%
Southeast Region |  |  |  |  |  |  |  |  |  |  |
Orlando, FL |  | 2,500 | 4.0% |  | 96.9% | 96.9% | 0.0% |  | 1,335 | 1,254 | 6.5%
Tampa, FL |  | 2,287 | 3.7% |  | 97.5% | 97.1% | 0.4% |  | 1,406 | 1,349 | 4.2%
Nashville, TN |  | 2,260 | 3.4% |  | 96.8% | 96.9% | -0.1% |  | 1,282 | 1,254 | 2.2%
Other Florida |  | 636 | 1.1% |  | 97.0% | 96.8% | 0.2% |  | 1,586 | 1,521 | 4.3%
|  | 7,683 | 12.2% |  | 97.1% | 97.0% | 0.1% |  | 1,361 | 1,304 | 4.4%
Southwest Region |  |  |  |  |  |  |  |  |  |  |
Dallas, TX |  | 2,040 | 2.7% |  | 97.0% | 96.5% | 0.5% |  | 1,256 | 1,215 | 3.4%
Austin, TX |  | 1,273 | 1.8% |  | 96.9% | 96.3% | 0.6% |  | 1,446 | 1,434 | 0.8%
|  | 3,313 | 4.5% |  | 97.0% | 96.4% | 0.6% |  | 1,329 | 1,299 | 2.3%
Total/Weighted Avg. |  | 38,911 | 100.0% |  | 97.0% | 96.7% | 0.3% |  | $ 2,132 | $ 2,069 | 3.0%

| (1) |  | See Attachment 16 for definitions and other terms.

14

Attachment 8(B)

UDR, Inc.

Same-Store Operating Information By Major Market

Current Quarter vs. Prior Year Quarter

June 30, 2018

(Unaudited) (1)

|  |  | Same-Store ($000s)
| Total |  |  |  |  |  |  |  |  |  |  |  |
| Same-Store |  | Revenues |  | Expenses |  | Net Operating Income
| Homes |  | 2Q 18 | 2Q 17 | Change |  | 2Q 18 | 2Q 17 | Change |  | 2Q 18 | 2Q 17 | Change
West Region |  |  |  |  |  |  |  |  |  |  |  |  |
Orange County, CA | 4,434 |  | $ 29,320 | $ 28,298 | 3.6% |  | $ 6,413 | $ 6,794 | -5.6% |  | $ 22,907 | $ 21,504 | 6.5%
San Francisco, CA | 2,751 |  | 28,500 | 27,462 | 3.8% |  | 6,668 | 6,655 | 0.2% |  | 21,832 | 20,807 | 4.9%
Seattle, WA | 2,837 |  | 19,787 | 18,770 | 5.4% |  | 5,557 | 5,167 | 7.6% |  | 14,230 | 13,603 | 4.6%
Los Angeles, CA | 1,225 |  | 9,881 | 9,491 | 4.1% |  | 2,596 | 2,526 | 2.8% |  | 7,285 | 6,965 | 4.6%
Monterey Peninsula, CA | 1,565 |  | 8,036 | 7,389 | 8.8% |  | 1,808 | 1,778 | 1.7% |  | 6,228 | 5,611 | 11.0%
Other Southern CA | 654 |  | 3,570 | 3,388 | 5.4% |  | 861 | 845 | 1.8% |  | 2,709 | 2,543 | 6.5%
Portland, OR | 476 |  | 2,177 | 2,133 | 2.1% |  | 539 | 528 | 2.2% |  | 1,638 | 1,605 | 2.0%
| 13,942 |  | 101,271 | 96,931 | 4.5% |  | 24,442 | 24,293 | 0.6% |  | 76,829 | 72,638 | 5.8%
Mid-Atlantic Region |  |  |  |  |  |  |  |  |  |  |  |  |
Metropolitan DC | 8,402 |  | 49,825 | 48,551 | 2.6% |  | 15,186 | 14,785 | 2.7% |  | 34,639 | 33,766 | 2.6%
Richmond, VA | 1,358 |  | 5,330 | 5,120 | 4.1% |  | 1,253 | 1,228 | 2.1% |  | 4,077 | 3,892 | 4.7%
Baltimore, MD | 720 |  | 3,540 | 3,528 | 0.3% |  | 1,104 | 1,080 | 2.2% |  | 2,436 | 2,448 | -0.5%
| 10,480 |  | 58,695 | 57,199 | 2.6% |  | 17,543 | 17,093 | 2.6% |  | 41,152 | 40,106 | 2.6%
Northeast Region |  |  |  |  |  |  |  |  |  |  |  |  |
New York, NY | 1,945 |  | 24,446 | 24,574 | -0.5% |  | 8,069 | 7,238 | 11.5% |  | 16,377 | 17,336 | -5.5%
Boston, MA | 1,548 |  | 13,643 | 13,158 | 3.7% |  | 3,415 | 3,343 | 2.2% |  | 10,228 | 9,815 | 4.2%
| 3,493 |  | 38,089 | 37,732 | 0.9% |  | 11,484 | 10,581 | 8.5% |  | 26,605 | 27,151 | -2.0%
Southeast Region |  |  |  |  |  |  |  |  |  |  |  |  |
Orlando, FL | 2,500 |  | 9,701 | 9,115 | 6.4% |  | 2,806 | 2,634 | 6.5% |  | 6,895 | 6,481 | 6.4%
Tampa, FL | 2,287 |  | 9,403 | 8,989 | 4.6% |  | 3,042 | 2,989 | 1.8% |  | 6,361 | 6,000 | 6.0%
Nashville, TN | 2,260 |  | 8,411 | 8,236 | 2.1% |  | 2,407 | 2,476 | -2.8% |  | 6,004 | 5,760 | 4.2%
Other Florida | 636 |  | 2,936 | 2,809 | 4.5% |  | 1,036 | 991 | 4.5% |  | 1,900 | 1,818 | 4.6%
| 7,683 |  | 30,451 | 29,149 | 4.5% |  | 9,291 | 9,090 | 2.2% |  | 21,160 | 20,059 | 5.5%
Southwest Region |  |  |  |  |  |  |  |  |  |  |  |  |
Dallas, TX | 2,040 |  | 7,457 | 7,176 | 3.9% |  | 2,840 | 2,518 | 12.8% |  | 4,617 | 4,658 | -0.9%
Austin, TX | 1,273 |  | 5,352 | 5,275 | 1.5% |  | 2,281 | 2,366 | -3.6% |  | 3,071 | 2,909 | 5.6%
| 3,313 |  | 12,809 | 12,451 | 2.9% |  | 5,121 | 4,884 | 4.9% |  | 7,688 | 7,567 | 1.6%
Total | 38,911 |  | $ 241,315 | $ 233,462 | 3.4% |  | $ 67,881 | $ 65,941 | 2.9% |  | $ 173,434 | $ 167,521 | 3.5%

| (1) |  | See Attachment 16 for definitions and other terms.

15

Attachment 8(C)

UDR, Inc.

Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

June 30, 2018

(Unaudited) (1)

|  | Total |  | Same-Store
|  | Same-Store |  | Physical Occupancy |  | Total Revenue per Occupied Home
|  | Homes |  | 2Q 18 | 1Q 18 | Change |  | 2Q 18 | 1Q 18 | Change
West Region |  |  |  |  |  |  |  |  |  |
Orange County, CA |  | 4,434 |  | 96.0% | 96.2% | -0.2% |  | $ 2,296 | $ 2,269 | 1.2%
San Francisco, CA |  | 2,751 |  | 97.0% | 96.7% | 0.3% |  | 3,560 | 3,486 | 2.1%
Seattle, WA |  | 2,837 |  | 96.7% | 96.6% | 0.1% |  | 2,404 | 2,356 | 2.0%
Los Angeles, CA |  | 1,225 |  | 95.5% | 96.1% | -0.6% |  | 2,815 | 2,760 | 2.0%
Monterey Peninsula, CA |  | 1,565 |  | 97.4% | 96.9% | 0.5% |  | 1,757 | 1,706 | 3.0%
Other Southern CA |  | 654 |  | 96.8% | 96.3% | 0.5% |  | 1,880 | 1,864 | 0.9%
Portland, OR |  | 476 |  | 96.7% | 96.6% | 0.1% |  | 1,577 | 1,552 | 1.6%
|  | 13,942 |  | 96.5% | 96.5% | 0.0% |  | 2,509 | 2,463 | 1.8%
Mid-Atlantic Region |  |  |  |  |  |  |  |  |  |
Metropolitan DC |  | 8,402 |  | 97.5% | 97.4% | 0.1% |  | 2,027 | 2,005 | 1.1%
Richmond, VA |  | 1,358 |  | 98.2% | 97.9% | 0.3% |  | 1,332 | 1,312 | 1.5%
Baltimore, MD |  | 720 |  | 96.5% | 96.6% | -0.1% |  | 1,698 | 1,692 | 0.4%
|  | 10,480 |  | 97.5% | 97.4% | 0.1% |  | 1,914 | 1,893 | 1.1%
Northeast Region |  |  |  |  |  |  |  |  |  |
New York, NY |  | 1,945 |  | 97.1% | 98.0% | -0.9% |  | 4,315 | 4,322 | -0.2%
Boston, MA |  | 1,548 |  | 96.9% | 96.6% | 0.3% |  | 3,032 | 2,976 | 1.9%
|  | 3,493 |  | 97.0% | 97.4% | -0.4% |  | 3,747 | 3,730 | 0.5%
Southeast Region |  |  |  |  |  |  |  |  |  |
Orlando, FL |  | 2,500 |  | 96.9% | 96.9% | 0.0% |  | 1,335 | 1,317 | 1.4%
Tampa, FL |  | 2,287 |  | 97.5% | 97.4% | 0.1% |  | 1,406 | 1,383 | 1.7%
Nashville, TN |  | 2,260 |  | 96.8% | 96.4% | 0.4% |  | 1,282 | 1,277 | 0.4%
Other Florida |  | 636 |  | 97.0% | 96.2% | 0.8% |  | 1,586 | 1,568 | 1.1%
|  | 7,683 |  | 97.1% | 96.8% | 0.3% |  | 1,361 | 1,346 | 1.2%
Southwest Region |  |  |  |  |  |  |  |  |  |
Dallas, TX |  | 2,040 |  | 97.0% | 96.2% | 0.8% |  | 1,256 | 1,242 | 1.1%
Austin, TX |  | 1,273 |  | 96.9% | 96.1% | 0.8% |  | 1,446 | 1,441 | 0.3%
|  | 3,313 |  | 97.0% | 96.2% | 0.8% |  | 1,329 | 1,318 | 0.8%
Total/Weighted Avg. |  | 38,911 |  | 97.0% | 96.9% | 0.1% |  | $ 2,132 | $ 2,106 | 1.2%

| (1) |  | See Attachment 16 for definitions and other terms.

16

Attachment 8(D)

UDR, Inc.

Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

June 30, 2018

(Unaudited) (1)

|  |  | Same-Store ($000s)
| Total |  |  |  |  |  |  |  |  |  |  |  |
| Same-Store |  | Revenues |  | Expenses |  | Net Operating Income
| Homes |  | 2Q 18 | 1Q 18 | Change |  | 2Q 18 | 1Q 18 | Change |  | 2Q 18 | 1Q 18 | Change
West Region |  |  |  |  |  |  |  |  |  |  |  |  |
Orange County, CA | 4,434 |  | $ 29,320 | $ 29,038 | 1.0% |  | $ 6,413 | $ 6,418 | -0.1% |  | $ 22,907 | $ 22,620 | 1.3%
San Francisco, CA | 2,751 |  | 28,500 | 27,819 | 2.4% |  | 6,668 | 6,712 | -0.7% |  | 21,832 | 21,107 | 3.4%
Seattle, WA | 2,837 |  | 19,787 | 19,373 | 2.1% |  | 5,557 | 5,468 | 1.6% |  | 14,230 | 13,905 | 2.3%
Los Angeles, CA | 1,225 |  | 9,881 | 9,748 | 1.4% |  | 2,596 | 2,591 | 0.2% |  | 7,285 | 7,157 | 1.8%
Monterey Peninsula, CA | 1,565 |  | 8,036 | 7,762 | 3.5% |  | 1,808 | 1,821 | -0.7% |  | 6,228 | 5,941 | 4.8%
Other Southern CA | 654 |  | 3,570 | 3,521 | 1.4% |  | 861 | 895 | -3.8% |  | 2,709 | 2,626 | 3.2%
Portland, OR | 476 |  | 2,177 | 2,141 | 1.7% |  | 539 | 519 | 3.9% |  | 1,638 | 1,622 | 1.0%
| 13,942 |  | 101,271 | 99,402 | 1.9% |  | 24,442 | 24,424 | 0.1% |  | 76,829 | 74,978 | 2.5%
Mid-Atlantic Region |  |  |  |  |  |  |  |  |  |  |  |  |
Metropolitan DC | 8,402 |  | 49,825 | 49,218 | 1.2% |  | 15,186 | 15,833 | -4.1% |  | 34,639 | 33,385 | 3.8%
Richmond, VA | 1,358 |  | 5,330 | 5,234 | 1.8% |  | 1,253 | 1,307 | -4.1% |  | 4,077 | 3,927 | 3.8%
Baltimore, MD | 720 |  | 3,540 | 3,530 | 0.3% |  | 1,104 | 1,023 | 7.9% |  | 2,436 | 2,507 | -2.8%
| 10,480 |  | 58,695 | 57,982 | 1.2% |  | 17,543 | 18,163 | -3.4% |  | 41,152 | 39,819 | 3.3%
Northeast Region |  |  |  |  |  |  |  |  |  |  |  |  |
New York, NY | 1,945 |  | 24,446 | 24,715 | -1.1% |  | 8,069 | 8,144 | -0.9% |  | 16,377 | 16,571 | -1.2%
Boston, MA | 1,548 |  | 13,643 | 13,349 | 2.2% |  | 3,415 | 3,343 | 2.2% |  | 10,228 | 10,006 | 2.2%
| 3,493 |  | 38,089 | 38,064 | 0.1% |  | 11,484 | 11,487 | 0.0% |  | 26,605 | 26,577 | 0.1%
Southeast Region |  |  |  |  |  |  |  |  |  |  |  |  |
Orlando, FL | 2,500 |  | 9,701 | 9,570 | 1.4% |  | 2,806 | 2,750 | 2.0% |  | 6,895 | 6,820 | 1.1%
Tampa, FL | 2,287 |  | 9,403 | 9,240 | 1.8% |  | 3,042 | 2,927 | 3.9% |  | 6,361 | 6,313 | 0.8%
Nashville, TN | 2,260 |  | 8,411 | 8,348 | 0.8% |  | 2,407 | 2,314 | 4.0% |  | 6,004 | 6,034 | -0.5%
Other Florida | 636 |  | 2,936 | 2,878 | 2.0% |  | 1,036 | 998 | 3.8% |  | 1,900 | 1,880 | 1.1%
| 7,683 |  | 30,451 | 30,036 | 1.4% |  | 9,291 | 8,989 | 3.4% |  | 21,160 | 21,047 | 0.5%
Southwest Region |  |  |  |  |  |  |  |  |  |  |  |  |
Dallas, TX | 2,040 |  | 7,457 | 7,311 | 2.0% |  | 2,840 | 2,830 | 0.4% |  | 4,617 | 4,481 | 3.0%
Austin, TX | 1,273 |  | 5,352 | 5,290 | 1.2% |  | 2,281 | 2,340 | -2.5% |  | 3,071 | 2,950 | 4.1%
| 3,313 |  | 12,809 | 12,601 | 1.7% |  | 5,121 | 5,170 | -1.0% |  | 7,688 | 7,431 | 3.5%
Total | 38,911 |  | $ 241,315 | $ 238,085 | 1.4% |  | $ 67,881 | $ 68,233 | -0.5% |  | $ 173,434 | $ 169,852 | 2.1%

| (1) |  | See Attachment 16 for definitions and other terms.

17

Attachment 8(E)

UDR, Inc.

Same-Store Operating Information By Major Market

Current Year-to-Date vs. Prior Year-to-Date

June 30, 2018

(Unaudited) (1)

|  |  | % of Same- |  |  |  |  |  |  |  |
|  | Total | Store Portfolio |  | Same-Store
|  | Same-Store | Based on |  | Physical Occupancy |  | Total Revenue per Occupied Home
|  | Homes | YTD 2018 NOI |  | YTD 18 | YTD 17 | Change |  | YTD 18 | YTD 17 | Change
West Region |  |  |  |  |  |  |  |  |  |  |
Orange County, CA |  | 4,434 | 13.4% |  | 96.1% | 95.2% | 0.9% |  | $ 2,283 | $ 2,218 | 2.9%
San Francisco, CA |  | 2,751 | 12.7% |  | 96.8% | 96.7% | 0.1% |  | 3,525 | 3,428 | 2.8%
Seattle, WA |  | 2,593 | 7.5% |  | 96.7% | 96.4% | 0.3% |  | 2,388 | 2,273 | 5.1%
Los Angeles, CA |  | 1,225 | 4.2% |  | 95.8% | 95.4% | 0.4% |  | 2,788 | 2,694 | 3.5%
Monterey Peninsula, CA |  | 1,565 | 3.6% |  | 97.2% | 97.1% | 0.1% |  | 1,731 | 1,595 | 8.5%
Other Southern CA |  | 654 | 1.6% |  | 96.6% | 95.9% | 0.7% |  | 1,870 | 1,769 | 5.7%
Portland, OR |  | 476 | 1.0% |  | 96.6% | 97.2% | -0.6% |  | 1,565 | 1,529 | 2.4%
|  | 13,698 | 44.0% |  | 96.5% | 96.1% | 0.4% |  | 2,490 | 2,398 | 3.8%
Mid-Atlantic Region |  |  |  |  |  |  |  |  |  |  |
Metropolitan DC |  | 8,402 | 20.1% |  | 97.5% | 96.9% | 0.6% |  | 2,015 | 1,979 | 1.8%
Richmond, VA |  | 1,358 | 2.4% |  | 98.0% | 97.7% | 0.3% |  | 1,323 | 1,279 | 3.4%
Baltimore, MD |  | 720 | 1.5% |  | 96.5% | 96.6% | -0.1% |  | 1,696 | 1,688 | 0.5%
|  | 10,480 | 24.0% |  | 97.5% | 97.0% | 0.5% |  | 1,903 | 1,868 | 1.9%
Northeast Region |  |  |  |  |  |  |  |  |  |  |
New York, NY |  | 1,945 | 9.7% |  | 97.6% | 97.6% | 0.0% |  | 4,316 | 4,335 | -0.4%
Boston, MA |  | 1,548 | 6.0% |  | 96.8% | 96.2% | 0.6% |  | 3,002 | 2,941 | 2.1%
|  | 3,493 | 15.7% |  | 97.2% | 97.0% | 0.2% |  | 3,736 | 3,722 | 0.4%
Southeast Region |  |  |  |  |  |  |  |  |  |  |
Orlando, FL |  | 2,500 | 4.0% |  | 96.9% | 96.8% | 0.1% |  | 1,326 | 1,243 | 6.7%
Tampa, FL |  | 2,287 | 3.7% |  | 97.4% | 96.9% | 0.5% |  | 1,395 | 1,338 | 4.3%
Nashville, TN |  | 2,260 | 3.6% |  | 96.6% | 97.0% | -0.4% |  | 1,279 | 1,247 | 2.6%
Other Florida |  | 636 | 1.1% |  | 96.6% | 96.7% | -0.1% |  | 1,577 | 1,507 | 4.6%
|  | 7,683 | 12.4% |  | 97.0% | 96.9% | 0.1% |  | 1,353 | 1,294 | 4.5%
Southwest Region |  |  |  |  |  |  |  |  |  |  |
Dallas, TX |  | 2,040 | 2.7% |  | 96.6% | 96.9% | -0.3% |  | 1,249 | 1,209 | 3.3%
Austin, TX |  | 883 | 1.2% |  | 97.1% | 97.2% | -0.1% |  | 1,355 | 1,364 | -0.7%
|  | 2,923 | 3.9% |  | 96.8% | 97.0% | -0.2% |  | 1,281 | 1,256 | 2.0%
Total/Weighted Avg. |  | 38,277 | 100.0% |  | 96.9% | 96.6% | 0.3% |  | $ 2,124 | $ 2,064 | 2.9%

| (1) |  | See Attachment 16 for definitions and other terms.

18

Attachment 8(F)

UDR, Inc.

Same-Store Operating Information By Major Market

Current Year-to-Date vs. Prior Year-to-Date

June 30, 2018

(Unaudited) (1)

|  |  | Same-Store ($000s)
| Total |  |  |  |  |  |  |  |  |  |  |  |
| Same-Store |  | Revenues |  | Expenses |  | Net Operating Income
| Homes |  | YTD 18 | YTD 17 | Change |  | YTD 18 | YTD 17 | Change |  | YTD 18 | YTD 17 | Change
West Region |  |  |  |  |  |  |  |  |  |  |  |  |
Orange County, CA | 4,434 |  | $ 58,359 | $ 56,184 | 3.9% |  | $ 12,830 | $ 13,459 | -4.7% |  | $ 45,529 | $ 42,725 | 6.6%
San Francisco, CA | 2,751 |  | 56,320 | 54,722 | 2.9% |  | 13,380 | 13,179 | 1.5% |  | 42,940 | 41,543 | 3.4%
Seattle, WA | 2,593 |  | 35,925 | 34,092 | 5.4% |  | 10,419 | 9,661 | 7.8% |  | 25,506 | 24,431 | 4.4%
Los Angeles, CA | 1,225 |  | 19,629 | 18,892 | 3.9% |  | 5,187 | 5,079 | 2.1% |  | 14,442 | 13,813 | 4.6%
Monterey Peninsula, CA | 1,565 |  | 15,798 | 14,546 | 8.6% |  | 3,630 | 3,565 | 1.8% |  | 12,168 | 10,981 | 10.8%
Other Southern CA | 654 |  | 7,090 | 6,657 | 6.5% |  | 1,756 | 1,692 | 3.8% |  | 5,334 | 4,965 | 7.4%
Portland, OR | 476 |  | 4,318 | 4,245 | 1.7% |  | 1,058 | 1,044 | 1.3% |  | 3,260 | 3,201 | 1.9%
| 13,698 |  | 197,439 | 189,338 | 4.3% |  | 48,260 | 47,679 | 1.2% |  | 149,179 | 141,659 | 5.3%
Mid-Atlantic Region |  |  |  |  |  |  |  |  |  |  |  |  |
Metropolitan DC | 8,402 |  | 99,043 | 96,657 | 2.5% |  | 31,019 | 29,592 | 4.8% |  | 68,024 | 67,065 | 1.4%
Richmond, VA | 1,358 |  | 10,564 | 10,184 | 3.7% |  | 2,560 | 2,459 | 4.1% |  | 8,004 | 7,725 | 3.6%
Baltimore, MD | 720 |  | 7,070 | 7,045 | 0.4% |  | 2,128 | 2,110 | 0.8% |  | 4,942 | 4,935 | 0.1%
| 10,480 |  | 116,677 | 113,886 | 2.5% |  | 35,707 | 34,161 | 4.5% |  | 80,970 | 79,725 | 1.6%
Northeast Region |  |  |  |  |  |  |  |  |  |  |  |  |
New York, NY | 1,945 |  | 49,161 | 49,377 | -0.4% |  | 16,212 | 14,874 | 9.0% |  | 32,949 | 34,503 | -4.5%
Boston, MA | 1,548 |  | 26,991 | 26,276 | 2.7% |  | 6,758 | 6,727 | 0.5% |  | 20,233 | 19,549 | 3.5%
| 3,493 |  | 76,152 | 75,653 | 0.7% |  | 22,970 | 21,601 | 6.3% |  | 53,182 | 54,052 | -1.6%
Southeast Region |  |  |  |  |  |  |  |  |  |  |  |  |
Orlando, FL | 2,500 |  | 19,271 | 18,051 | 6.8% |  | 5,555 | 5,289 | 5.0% |  | 13,716 | 12,762 | 7.5%
Tampa, FL | 2,287 |  | 18,643 | 17,788 | 4.8% |  | 5,969 | 5,842 | 2.2% |  | 12,674 | 11,946 | 6.1%
Nashville, TN | 2,260 |  | 16,759 | 16,406 | 2.2% |  | 4,722 | 5,019 | -5.9% |  | 12,037 | 11,387 | 5.7%
Other Florida | 636 |  | 5,815 | 5,561 | 4.6% |  | 2,034 | 1,936 | 5.0% |  | 3,781 | 3,625 | 4.3%
| 7,683 |  | 60,488 | 57,806 | 4.6% |  | 18,280 | 18,086 | 1.1% |  | 42,208 | 39,720 | 6.3%
Southwest Region |  |  |  |  |  |  |  |  |  |  |  |  |
Dallas, TX | 2,040 |  | 14,768 | 14,343 | 3.0% |  | 5,670 | 5,021 | 12.9% |  | 9,098 | 9,322 | -2.4%
Austin, TX | 883 |  | 6,971 | 7,022 | -0.7% |  | 2,986 | 3,051 | -2.1% |  | 3,985 | 3,971 | 0.4%
| 2,923 |  | 21,739 | 21,365 | 1.8% |  | 8,656 | 8,072 | 7.2% |  | 13,083 | 13,293 | -1.6%
Total | 38,277 |  | $ 472,495 | $ 458,048 | 3.2% |  | $ 133,873 | $ 129,599 | 3.3% |  | $ 338,622 | $ 328,449 | 3.1%

| (1) |  | See Attachment 16 for definitions and other terms.

19

Attachment 8(G)

UDR, Inc.

Same-Store Operating Information By Major Market

June 30, 2018

(Unaudited) (1)

|  | Effective Blended Lease Rate Growth |  | Effective New Lease Rate Growth |  | Effective Renewal Lease Rate Growth |  | Annualized Turnover (2)(3)
|  | 2Q 2018 |  | 2Q 2018 |  | 2Q 2018 |  | 2Q 2018 | 2Q 2017 | YTD 2018 | YTD 2017
West Region |  |  |  |  |  |  |  |  |  |  |
Orange County, CA |  | 2.5% |  | 0.8% |  | 4.7% |  | 56.2% | 64.9% | 52.8% | 56.1%
San Francisco, CA |  | 5.5% |  | 5.4% |  | 5.6% |  | 55.0% | 61.7% | 49.6% | 54.0%
Seattle, WA |  | 5.3% |  | 5.2% |  | 5.3% |  | 54.0% | 59.5% | 48.5% | 53.0%
Los Angeles, CA |  | 2.9% |  | 1.7% |  | 4.1% |  | 54.4% | 50.8% | 49.4% | 46.3%
Monterey Peninsula, CA |  | 7.7% |  | 8.1% |  | 7.3% |  | 42.8% | 51.5% | 41.1% | 46.3%
Other Southern CA |  | 4.8% |  | 4.2% |  | 5.5% |  | 52.1% | 53.4% | 51.2% | 51.8%
Portland, OR |  | 1.6% |  | -0.2% |  | 3.9% |  | 59.8% | 53.1% | 54.2% | 50.4%
|  | 4.4% |  | 3.6% |  | 5.3% |  | 54.1% | 59.9% | 49.9% | 52.9%
Mid-Atlantic Region |  |  |  |  |  |  |  |  |  |  |
Metropolitan DC |  | 3.7% |  | 2.5% |  | 4.8% |  | 49.2% | 51.4% | 39.6% | 42.6%
Richmond, VA |  | 3.3% |  | 1.4% |  | 4.9% |  | 48.7% | 56.4% | 44.1% | 49.0%
Baltimore, MD |  | 1.5% |  | -1.1% |  | 4.7% |  | 66.3% | 61.3% | 53.5% | 58.3%
|  | 3.5% |  | 2.2% |  | 4.8% |  | 50.7% | 52.9% | 41.5% | 44.9%
Northeast Region |  |  |  |  |  |  |  |  |  |  |
New York, NY |  | 0.5% |  | -1.9% |  | 2.3% |  | 61.9% | 43.9% | 41.2% | 31.7%
Boston, MA |  | 6.2% |  | 6.2% |  | 6.3% |  | 57.3% | 59.6% | 47.2% | 47.0%
|  | 2.5% |  | 1.2% |  | 3.7% |  | 59.9% | 52.1% | 44.0% | 40.0%
Southeast Region |  |  |  |  |  |  |  |  |  |  |
Orlando, FL |  | 6.5% |  | 6.2% |  | 6.8% |  | 53.7% | 51.5% | 49.1% | 48.2%
Tampa, FL |  | 5.9% |  | 5.3% |  | 6.6% |  | 57.7% | 58.2% | 51.5% | 53.2%
Nashville, TN |  | 2.8% |  | 1.3% |  | 4.3% |  | 51.5% | 59.8% | 46.7% | 53.3%
Other Florida |  | 3.9% |  | 2.6% |  | 4.9% |  | 46.0% | 39.1% | 44.7% | 35.2%
|  | 5.0% |  | 4.3% |  | 5.7% |  | 53.8% | 55.6% | 48.8% | 50.6%
Southwest Region |  |  |  |  |  |  |  |  |  |  |
Dallas, TX |  | 2.3% |  | -0.1% |  | 5.1% |  | 55.1% | 55.1% | 52.1% | 50.6%
Austin, TX |  | 2.1% |  | -0.1% |  | 5.0% |  | 60.2% | 56.1% | 53.3% | 50.1%
|  | 2.2% |  | -0.1% |  | 5.0% |  | 57.2% | 55.5% | 52.6% | 50.4%
Total/Weighted Avg. |  | 3.8% |  | 2.7% |  | 4.9% |  | 53.6% | 55.6% | 46.9% | 48.5%
2Q 2017 Weighted Avg. Lease Rate Growth (3) |  | 3.6% |  | 2.2% |  | 5.0% |  |  |  |  |
2Q 2018 Percentage of Total Repriced Homes |  |  |  | 51.1% |  | 48.9% |  |  |  |  |

| (1) |  | See Attachment 16 for definitions and other terms.

| (2) |  | 2Q18 same-store home count: 38,911. YTD 2018 same-store count: 38,277.

| (3) |  | 2Q17 same-store home count: 36,540. YTD 2017 same-store count: 35,689.

20

Attachment 9

UDR, Inc.

Development Summary

June 30, 2018

(Dollars in Thousands)

(Unaudited) (1) (2)

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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
345 Harrison Street | Boston, MA |  | 585 | 230 | $ | 336,257 | $ | 366,500 | $ | 626 | (3) | $ | - | 1Q16 | 2Q18 | 4Q18 |  | 59.3% |  | 31.1%
Total Under Construction |  |  | 585 | 230 | $ | 336,257 | $ | 366,500 | $ | 626 |  | $ | - |  |  |  |  |  |  |
Completed Projects, Non-Stabilized |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
The Residences at Pacific City | Huntington Beach, CA |  | 516 | 516 | $ | 349,157 | $ | 350,000 | $ | 678 |  | $ | - | 2Q15 | 2Q17 | 2Q18 |  | 67.8% |  | 61.4%
Total Completed, Non-Stabilized |  | 516 | 516 | $ | 349,157 | $ | 350,000 | $ | 678 |  | $ | - |  |  |  |  |  |  |
Total - Wholly Owned |  |  | 1,101 | 746 | $ | 685,414 | $ | 716,500 | $ | 651 |  | $ | - |  |  |  |  |  |  |
NOI From Wholly-Owned Projects |  |  |  |  |  |  |  |  |  | UDR's Capitalized Interest |  |  |  |  |
|  | 2Q 18 |  |  |  |  |  |  |  |  |  |  | 2Q 18 |  |  |  |  |  |
Projects Under Construction |  | $ | (305) |  |  |  |  |  |  |  |  |  |  | $ 2,667 |  |  |  |  |  |
Completed, Non-Stabilized |  |  | 1,168 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total |  | $ | 863 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unconsolidated Joint Ventures (4) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | Schedule |  |  | Percentage
|  | Own. | # of | Compl. | Cost to | Budgeted |  | Project |  | Initial |  |  |  |  |
Community | Location | Interest | Homes | Homes | Date (5) | Cost |  | Debt (6) | Start | Occ. | Compl. |  | Leased |  | Occupied
Projects Under Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vitruvian West | Addison, TX |  | 50% | 383 |  | 221 | $ | 55,498 | $ | 59,000 |  | $ | 22,615 | 4Q16 | 1Q18 | 3Q18 |  | 79.4% |  | 54.6%
Total Under Construction |  |  |  | 383 |  | 221 | $ | 55,498 | $ | 59,000 |  | $ | 22,615 |  |  |  |  |  |  |
Completed Projects, Non-Stabilized |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vision on Wilshire | Los Angeles, CA |  | 50% | 150 |  | 150 | $ | 122,989 | $ | 129,000 | (7) | $ | 54,431 | 2Q16 | 2Q18 | 2Q18 |  | 28.7% |  | 14.7%
Total Completed, Non-Stabilized |  |  | 150 |  | 150 | $ | 122,989 | $ | 129,000 |  | $ | 54,431 |  |  |  |  |  |  |
Total - Unconsolidated Joint Ventures |  |  | 533 |  | 371 | $ | 178,487 | $ | 188,000 |  | $ | 77,046 |  |  |  |  |  |  |
UDR's Share of NOI From Unconsolidated Joint Venture Projects |  |  |  |  |  |  | UDR's Capitalized Interest |  |  |  |  |
|  | 2Q 18 |  |  |  |  |  |  |  |  |  |  | 2Q 18 |  |  |  |  |  |
Projects Under Construction |  | $ | 127 |  |  |  |  |  |  |  |  |  |  | $ 366 |  |  |  |  |  |
Completed, Non-Stabilized |  |  | (192) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total |  | $ | (65) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Projected 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) |  | Unconsolidated developments are presented at 100%.

| (5) |  | Cost to Date includes land using the fair value established at joint venture formation versus historical cost and excludes UDR outside basis differences.

| (6) |  | Debt balances are presented net of deferred financing costs.

| (7) |  | Includes 6,000 square feet of retail space.

21

Attachment 10

UDR, Inc.

Redevelopment Summary

June 30, 2018

(Dollars in Thousands)

(Unaudited) (1)

|  |  |  | Sched. |  |  |  |  |  |  |  |  | Schedule |  | Percentage
|  |  | # of | Redev. | Compl. | Cost to | Budgeted | Est. Cost |  |  |  |  | Same- |  |
Community | Location | Homes | Homes | Homes | Date | Cost (2) | per Home |  | Acq. | Start | Compl. | Store (3) |  | Leased | Occupied
Projects in Redevelopment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
N/A | N/A | - | - | - | $ | - | $ | - | $ | - |  | N/A | N/A | N/A | N/A |  | - | -
Total |  | - | - | - | $ | - | $ | - | $ | - |  |  |  |  |  |  |  |
UDR's Capitalized Interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2Q 18 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$ | - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Projected Weighted Average Return on |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Incremental Capital Invested: | N/A |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

| (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.

22

Attachment 11

UDR, Inc.

Land Summary

June 30, 2018

(Dollars in Thousands)

(Unaudited) (1)

|  | UDR Ownership | Real Estate | UDR's Share |  |  |
Parcel | Location | Interest | Cost Basis | Cost Basis | Status Update (2)
|  |  |  |  | Pursuing | Design | Hold for Future
|  |  |  |  | Entitlements | Development | Development
Wholly-Owned |  |  |  |  |  |  |
7 Harcourt (3) | Boston, MA | 100% | $ 7,351 | $ 7,351 | Complete | In Process |
Vitruvian Park® | Addison, TX | 100% | 13,630 | 13,630 | Complete |  | In Process
Dublin Land | Dublin, CA | 100% | 13,319 | 13,319 | In Process | In Process |
Total |  |  | $ 34,300 | $ 34,300 |  |  |
|  |  | Real Estate | UDR's Share |  |  |
Unconsolidated Joint Ventures |  | Cost Basis | Cost Basis |  |  |
UDR/MetLife Land - 5 parcels | Addison, TX | 50% | $ 49,348 | $ 24,674 | Complete | In Process | In Process
Total |  |  | $ 49,348 | $ 24,674 |  |  |
Total |  |  | $ 83,648 | $ 58,974 |  |  |
UDR's Capitalized Interest |  |  |  |  |  |  |
2Q 18 |  |  |  |  |  |  |
$ 570 |  |  |  |  |  |  |

| (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.

23

Attachment 12(A)

UDR, Inc.

Unconsolidated Joint Venture Summary

June 30, 2018

(Dollars in Thousands)

(Unaudited) (1)

|  | # of |  |  | Physical |  | Total Rev. per | Net Operating Income
| Property | Comm. / | # of | Own. | Occupancy |  | Occ. Home | UDR's Share |  | Total
Portfolio Characteristics | Type | Parcels | Homes (4) | Interest | 2Q 18 |  | 2Q 18 (1) | 2Q 18 | YTD 18 |  | YTD 18 (2)
UDR / MetLife |  |  |  |  |  |  |  |  |  |  |
Operating communities | Various | 22 | 5,453 | 50% | 95.6% |  | $ 2,940 | $ 15,763 | $ 31,219 |  | $ 62,375
Non-Mature | Various | 4 | 1,173 | 50% | 96.1% |  | 3,942 | 4,834 | 9,027 |  | 17,864
Development communities | Various | 2 | 371 | 50% | 38.9% |  | 1,715 | (65) | (111) |  | (222)
Land parcels |  | 5 | - | 50% | - |  | - | (10) | (17) |  | (34)
UDR / KFH |  |  |  |  |  |  |  |  |  |  |
Operating communities | High-rise | 3 | 660 | 30% | 97.6% |  | 2,669 | 1,080 | 2,157 |  | 7,189
UDR / West Coast Development JV |  |  |  |  |  |  |  |  |  |  |
Non-Mature | Mid-rise | 1 | 293 | 47% | 94.1% |  | 2,432 | 502 | 1,097 |  | 2,328
Total/Weighted Average |  | 37 | 7,950 |  | 93.1% |  | $ 3,042 | $ 22,104 | $ 43,372 |  | $ 89,500
| Gross Book Value |  |  |  | Weighted |  |  |  |  |  |
| of JV Real | Total Project | UDR's Equity |  | Avg. Debt |  | Debt |  |  |  |
Balance Sheet Characteristics | Estate Assets (3) | Debt (3) | Investment |  | Interest Rate |  | Maturities |  |  |
UDR / MetLife |  |  |  |  |  |  |  |  |  |  |
Operating communities | $ 2,284,646 | $ 1,289,330 | $ 319,999 |  | 4.35% |  | 2019-2025 |  |  |  |
Non-Mature | 659,355 | 386,326 | 124,556 |  | 3.88% |  | 2027-2028 |  |  |  |
Development communities | 182,029 | 77,046 | 54,981 |  | 4.72% |  | 2019-2020 |  |  |  |
Land parcels | 49,348 | - | 40,512 |  | N/A |  | N/A |  |  |  |
UDR / KFH |  |  |  |  |  |  |  |  |  |  |
Operating communities | 287,815 | 165,857 | 7,325 |  | 4.03% |  | 2025-2026 |  |  |  |
UDR / West Coast Development JV |  |  |  |  |  |  |  |  |  |  |
Non-Mature | 129,360 | 56,454 | 37,314 |  | 4.11% |  | 2019 |  |  |  |
Total/Weighted Average | $ 3,592,553 | $ 1,975,013 | $ 584,687 |  | 4.24% |  |  |  |  |  |
| Joint Venture |  |  |  |  |  |  |  |  |  |
| Same-Store | 2Q 18 vs. 2Q 17 Growth |  |  | 2Q 18 vs. 1Q 18 Growth |  |
Joint Venture Same-Store Growth | Communities (3) | Revenue | Expense | NOI |  |  | Revenue | Expense | NOI |  |
UDR / MetLife | 22 | 0.4% | 11.0% | -4.3% |  |  | 0.4% | -0.1% | 0.6% |  |
UDR / KFH | 3 | 1.9% | 8.2% | -0.6% |  |  | 1.0% | 3.0% | 0.2% |  |
Total/Average | 25 | 0.5% | 10.8% | -3.9% |  |  | 0.4% | 0.2% | 0.6% |  |
|  |  |  | NOI |  |  |  |  | NOI |  |
JV Same-Store Results at UDR's Ownership Interest | -4.1% |  |  |  |  | 0.6% |  |
| Joint Venture |  |  |  |  |  |  |  |
| Same-Store | YTD 18 vs. YTD 17 Growth |  |  |  |  |  |  |
Joint Venture Same-Store Growth | Communities (3) | Revenue | Expense | NOI |  |  |  |  |  |  |
UDR / MetLife | 22 | 0.5% | 6.2% | -2.2% |  |  |  |  |  |  |
UDR / KFH | 3 | 1.4% | 6.6% | -0.7% |  |  |  |  |  |  |
Total/Average | 25 | 0.6% | 6.2% | -2.0% |  |  |  |  |  |  |
|  |  |  | NOI |  |  |  |  |  |  |
JV Same-Store Results at UDR's Ownership Interest | -2.1% |  |  |  |  |  |  |

| (1) |  | See Attachment 16 for definitions and other terms.

| (2) |  | Represents NOI at 100% for the period ended June 30, 2018.

| (3) |  | Joint ventures and partnerships represented at 100%. Debt balances are presented net of deferred financing costs. The gross book value of real estate assets for UDR / West Coast Development JV represents the going-in valuation.

| (4) |  | Includes homes completed for the period ended June 30, 2018.

24

Attachment 12(B)

UDR, Inc.

Developer Capital Program (2)

June 30, 2018

(Dollars in Thousands)

(Unaudited) (1)

West Coast Development JV (3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | UDR Initial |  |  | UDR |  |  |  |  |  |  |  |  |
|  |  |  | Own. | # of |  | Compl. | Going-in | Investment |  |  | Share of | Schedule |  | Percentage
Community |  | Location |  | Interest | Homes |  | Homes | Valuation | Cost |  |  | Debt (4) | Start | Compl. | Stabilization |  | Leased |  | Occupied
Projects Under Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
The Arbory |  | Hillsboro, OR |  | 49% | 276 |  | 91 | $ | 68,400 | $ | 16,121 |  | $ | 13,455 |  | 4Q16 | 3Q18 | 1Q19 |  |  | 30.8% |  | 23.2%
Total |  |  |  |  | 276 |  | 91 | $ | 68,400 | $ | 16,121 |  | $ | 13,455 |  |  |  |  |  |  |  |  |
Completed Projects, Non-Stabilized |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Parallel |  | Anaheim, CA |  | 49% | 386 |  | 386 | $ | 114,660 | $ | 26,529 |  | $ | 28,311 |  | 4Q14 | 2Q18 | 4Q18 |  |  | 67.6% |  | 59.3%
CityLine II |  | Seattle, WA |  | 49% | 155 |  | 155 |  | 58,250 |  | 15,484 |  |  | 12,525 |  | 3Q16 | 2Q18 | 1Q19 |  |  | 56.8% |  | 51.6%
Total |  |  |  |  | 541 |  | 541 | $ | 172,910 | $ | 42,013 |  | $ | 40,836 |  |  |  |  |  |  |  |  |
Completed Projects, Stabilized |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
N/A |  | N/A |  |  | - |  | - | $ | - | $ | - |  | $ | - |  | N/A | N/A | N/A |  |  | - |  | -
Total |  |  |  |  | - |  | - | $ | - | $ | - |  | $ | - |  |  |  |  |  |  |  |  |
Total - West Coast Development JV |  |  | 817 |  | 632 | $ | 241,310 | $ | 58,134 |  | $ | 54,291 |  |  |  |  |  |  |  |  |
Economics For Projects Under Construction and Completed Projects, Non-Stabilized |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  | 2Q 2018 at UDR's Share
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Income from
| UDR's Equity | Preferred |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Preferred Equity
| Investment (5) | Return |  | Preferred Return | Net Operating Income | Interest and Other Expense |  | Investment (6)
West Coast Development JV | $ | 65,408 |  | 6.5% |  | $ | 1,041 | $ | - | $ | (59) |  | $ | 982
Economics For Completed Projects, Stabilized |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | 2Q 2018 at UDR's Share (3)
|  |  | Total Rev. per |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Income from
| UDR's Equity | Occ. Home |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Preferred Equity
| Investment (5) | 2Q 2018 (1) |  | Preferred Return | Net Operating Income | Interest and Other Expense |  | Investment (6)
West Coast Development JV | $ | - | $ | - |  | $ | - | $ | - | $ | - |  | $ | -
Total - West Coast Development JV |  |  |  | $ | 1,041 | $ | - | $ | (59) |  | $ | 982
Developer Capital Program - Other |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Income from |  |  |  |  |  |  |
|  |  |  | # of | UDR Investment | Return |  | Years to |  |  | Investment | Upside | Investment |  |
Community |  | Location |  | Homes | Commitment (7) |  | Balance (7) | Rate |  | Maturity |  |  | 2Q 2018 | Participation | Type |  |
The Portals |  | Washington, DC |  | 373 | $ 38,559 |  | $ 35,188 | 11.0% |  | 2.9 |  | $ | 829 | - | Mezzanine Loan |  |
1532 Harrison |  | San Francisco, CA |  | 136 | 24,645 |  | 16,814 | 11.0% |  | 4.0 |  |  | 430 | - | Preferred Equity |  |
1200 Broadway |  | Nashville, TN |  | 313 | 55,558 |  | 35,732 | 8.0% |  | 4.3 |  |  | 603 | Variable | Preferred Equity |  |
Alameda Point Block 11 (8) |  | Alameda, CA |  | 220 | 20,000 |  | 20,730 | 12.0% |  | 0.7 |  |  | 616 | - | Secured Loan |  |
Total - Developer Capital Program - Other |  | 1,042 | $ 138,762 |  | $ 108,464 | 9.9% |  | 3.3 |  | $ | 2,478 |  |  |  |  |  |  |
Total Developer Capital Program - UDR Initial Investment Cost/Investment Balance, Including Accrued Return |  | $ | 179,225 |  |  |  |  |  |  |  |  |

| (1) |  | See Attachment 16 for definitions and other terms.

| (2) |  | UDR's investments noted above are reflected as investment in and advances to unconsolidated joint ventures or notes receivable, net on the Consolidated Balance Sheets and income/(loss) from unconsolidated entities or interest and other income/(expense), net on the Consolidated Statements of Operations in accordance with GAAP.

| (3) |  | On the West Coast Development JV communities, 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. A community is considered stabilized when it reaches 80% occupancy for ninety consecutive days. UDR has the option to purchase each community at a fixed price one year after completion.

| (4) |  | Debt balances are presented net of deferred financing costs.

| (5) |  | UDR's equity investment of $65.4 million is inclusive of outside basis, depreciation expense and our accrued preferred return, which differs from our investment cost of $58.1 million.

| (6) |  | Excludes depreciation expense.

| (7) |  | Investment commitment represents maximum loan principal or equity and therefore excludes accrued return. Investment balance includes amount funded plus accrued return prior to the period end.

| (8) |  | In March 2018, UDR made a $20.0 million secured loan to a third-party developer to acquire a parcel of land upon which the developer will construct a 220 apartment home community. The loan is secured by the land parcel and is reflected in notes receivable, net on the Consolidated Balance Sheets and interest and other income/(expense), net on the Consolidated Statements of Operations in accordance with GAAP.

25

Attachment 13

UDR, Inc.

Acquisitions, Dispositions and Developer Capital Program Investments Summary

June 30, 2018

(Dollars in Thousands)

(Unaudited) (1)

|  |  |  |  |  | Post |  |  |  |  |  |  |  |
|  |  |  |  | Prior | Transaction |  |  |  |  |  |  |  |
|  |  |  |  | Ownership | Ownership |  | UDR Investment | Return |  | # of | Years to
Date of Investment |  | Community |  | Location | Interest | Interest |  | Commitment | Rate |  | Homes | Maturity
Developer Capital Program - Other |  |  |  |  |  |  |  |  |  |
Mar-18 |  | Alameda Point Block 11 |  | Alameda, CA | N/A | N/A |  | $ 20,000 |  | 12.0% |  | 220 |  | 1.0
|  |  |  |  |  |  |  | $ 20,000 |  | 12.0% |  | 220 |  | 1.0
|  |  |  |  |  | Post |  |  |  |  |  |  |  |
|  |  |  |  | Prior | Transaction |  |  |  |  |  |  |  |
|  |  |  |  | Ownership | Ownership |  |  |  | # of | Price per
Date of Sale |  | Community |  | Location | Interest | Interest |  | Price (2) | Debt (2) |  | Homes | Home
Dispositions - Wholly-Owned |  |  |  |  |  |  |  |  |  |  |  |
Feb-18 |  | Pacific Shores (3) |  | Huntington Beach, CA | 100% | 0% |  | $ 90,500 | $ | - |  | 264 | $ | 343
|  |  |  |  |  |  |  | $ 90,500 | $ | - |  | 264 | $ | 343

| (1) |  | See Attachment 16 for definitions and other terms.

| (2) |  | Price represents 100% of assets. Debt represents 100% of the asset's indebtedness.

| (3) |  | UDR recorded a gain on sale of approximately $70.3 million during the six months ended June 30, 2018, which is included in gain/(loss) on sale of real estate owned, net of tax in Attachment 1.

26

Attachment 14

UDR, Inc.

Capital Expenditure and Repair and Maintenance Summary

June 30, 2018

(In thousands, except Cost per Home)

(Unaudited) (1)

|  |  |  | Three Months |  |  | Capex |  | Six Months |  |  | Capex
|  | Estimated |  | Ended |  | Cost | as a % |  | Ended |  | Cost | as a %
Capital Expenditures for Consolidated Homes (2) |  | Useful Life (yrs.) |  | June 30, 2018 |  | per Home | of NOI |  | June 30, 2018 |  | per Home | of NOI
Average number of homes (3) |  |  |  | 39,434 |  |  |  |  | 39,478 |  |  |
Recurring Cap Ex |  |  |  |  |  |  |  |  |  |  |  |
Asset preservation |  |  |  |  |  |  |  |  |  |  |  |
Building interiors |  | 5 - 20 |  | $ 4,814 | $ | 122 |  |  | $ 8,304 | $ | 210 |
Building exteriors |  | 5 - 20 |  | 3,862 |  | 98 |  |  | 4,504 |  | 114 |
Landscaping and grounds |  | 10 |  | 1,287 |  | 33 |  |  | 1,762 |  | 45 |
Total asset preservation |  |  |  | 9,963 |  | 253 |  |  | 14,570 |  | 369 |
Turnover related |  | 5 |  | 2,818 |  | 71 |  |  | 4,880 |  | 124 |
Total Recurring Cap Ex |  |  |  | 12,781 |  | 324 | 7% |  | 19,450 |  | 493 | 6%
Revenue Enhancing Cap Ex (4) |  |  |  |  |  |  |  |  |  |  |  |
Kitchen & Bath |  |  |  | 2,795 |  | 71 |  |  | 4,351 |  | 110 |
Revenue Enhancing |  |  |  | 7,469 |  | 189 |  |  | 12,134 |  | 307 |
Total Revenue Enhancing Cap Ex |  | 5 - 20 |  | 10,264 |  | 260 |  |  | 16,485 |  | 418 |
Total Recurring and Revenue Enhancing Cap Ex |  |  |  | $ 23,045 | $ | 584 |  |  | $ 35,935 | $ | 910 |
One-Time Infrastructure Cap Ex |  | 5 - 35 |  | $ 589 | $ | - |  |  | $ 819 | $ | - |
|  |  |  | Three Months |  |  |  |  | Six Months |  |  |
|  |  |  | Ended |  | Cost |  |  | Ended |  | Cost |
Repair and Maintenance for Consolidated Homes (Expensed) |  | June 30, 2018 |  | per Home |  |  | June 30, 2018 |  | per Home |
Average number of homes (3) |  |  |  | 39,434 |  |  |  |  | 39,478 |  |  |
Contract services |  |  |  | $ 5,032 | $ | 128 |  |  | $ 9,559 | $ | 242 |
Turnover related expenses |  |  |  | 1,222 |  | 31 |  |  | 2,309 |  | 58 |
Other Repair and Maintenance |  |  |  |  |  |  |  |  |  |  |  |
Building interiors |  |  |  | 1,838 |  | 47 |  |  | 3,564 |  | 90 |
Building exteriors |  |  |  | 495 |  | 13 |  |  | 922 |  | 23 |
Landscaping and grounds |  |  |  | 164 |  | 4 |  |  | 485 |  | 12 |
Total Repair and Maintenance |  |  |  | $ 8,751 | $ | 222 |  |  | $ 16,839 | $ | 427 |

| (1) |  | See Attachment 16 for definitions and other terms.

| (2) |  | Excludes redevelopment capital and initial capital expenditures on acquisitions.

| (3) |  | Average number of homes is calculated based on the number of homes outstanding at the end of each month.

| (4) |  | Revenue enhancing capital expenditures were incurred at specific apartment communities in conjunction with UDR's overall capital expenditure plan.

27

Attachment 15

UDR, Inc.

Full-Year 2018 Guidance

June 30, 2018

(Unaudited) (1)

Net Income, FFO, FFO as Adjusted and AFFO per Share and Unit Guidance |  | 3Q 2018 |  | Full-Year 2018 |  | Prior Guidance
Income/(loss) per weighted average common share, diluted |  | $0.08 to $0.10 |  | $0.51 to $0.54 |  | $0.50 to $0.54
FFO per common share and unit, diluted |  | $0.48 to $0.50 |  | $1.92 to $1.95 |  | $1.91 to $1.95
FFO as Adjusted per common share and unit, diluted |  | $0.48 to $0.50 |  | $1.93 to $1.96 |  | $1.91 to $1.95
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted |  | $0.43 to $0.45 |  | $1.78 to $1.81 |  | $1.76 to $1.80
Annualized dividend per share and unit |  |  |  | $1.29 |  | $1.29
Same-Store Guidance |  |  |  | Full-Year 2018 |  | Full-Year 2018
Revenue growth |  |  |  | 3.00% - 3.50% |  | 2.50% - 3.50%
Expense growth |  |  |  | 3.00% - 3.50% |  | 2.50% - 3.50%
NOI growth |  |  |  | 3.00% - 3.50% |  | 2.50% - 3.50%
Physical occupancy |  |  |  | 96.7% - 96.9% |  | 96.7% - 96.9%
Same-Store homes |  |  |  | 38,277 |  | 38,277
Sources of Funds ($ in millions) |  |  |  | Full-Year 2018 |  | Full-Year 2018
AFFO in Excess of Dividends |  |  |  | $149 to $158 |  | $145 to $155
Debt / Equity Issuances, LOC Draw / (Paydown) and Sales Proceeds |  |  |  | $170 to $370 |  | $170 to $370
Construction Loan Proceeds |  |  |  | $25 to $35 |  | $25 to $35
Uses of Funds ($ in millions) |  |  |  | Full-Year 2018 |  | Full-Year 2018
Debt maturities inclusive of principal amortization (weighted average interest rate of 4.44%)(2) |  |  |  | $35 |  | $35
Development and redevelopment spending and land acquisitions |  |  |  | $175 to $250 |  | $175 to $275
Developer Capital Program |  |  |  | $90 to $110 |  | $80 to $90
Equity Buybacks |  |  |  | $20 |  | $20
Acquisitions |  |  |  | $0 to $100 |  | $0 to $100
Revenue enhancing capital expenditures inclusive of Kitchen and Bath |  |  |  | $40 to $45 |  | $40 to $45
Other Additions/(Deductions) ($ in millions except per home amounts) |  |  |  | Full-Year 2018 |  | Full-Year 2018
Consolidated interest expense, net of capitalized interest and adjustments for FFO as Adjusted |  |  |  | ($131) to ($136) |  | ($132) to ($137)
Capitalized interest (3) |  |  |  | $9 to $13 |  | $9 to $13
General and administrative |  |  |  | ($46) to ($50) |  | ($46) to ($50)
Tax (provision)/benefit for TRS |  |  |  | ($1) to ($2) |  | ($1) to ($2)
Total joint venture FFO including fee income, net of adjustments for FFO as Adjusted |  |  |  | $64 to $71 |  | $61 to $71
Non-recurring items: |  |  |  |  |  |
Disposition related gains/(losses) and non-recurring fees included in FFO |  |  |  | N/A |  | N/A
Average stabilized homes |  |  |  | 39,500 |  | 39,500
Recurring capital expenditures per home |  |  |  | $1,175 |  | $1,175

| (1) |  | See Attachment 16 for definitions and other terms.

| (2) |  | Excludes short-term maturities related to the Company's unsecured commercial paper program.

| (3) |  | Excludes capitalized interest on joint venture and partnership level debt, which is included in the guidance for "Total joint venture FFO including fee income, net of adjustments for FFO as Adjusted" above.

28

Attachment 16(A)

UDR, Inc.

Definitions and Reconciliations

June 30, 2018

(Unaudited)

Acquired Communities: The Company defines Acquired Communities as those communities acquired by the Company, other than development and redevelopment activity, that did not achieve stabilization as of the most recent quarter.

Adjusted Funds from Operations ("AFFO") attributable to common stockholders and unitholders: The Company defines AFFO as FFO as Adjusted attributable to common stockholders and unitholders less recurring capital expenditures on consolidated communities that are necessary to help preserve the value of and maintain functionality at our communities.

Management considers AFFO a useful supplemental performance metric for investors as it is more indicative of the Company's operational performance than FFO or FFO as Adjusted. AFFO is not intended to represent cash flow or liquidity for the period, and is only intended to provide an additional measure of our operating performance. The Company believes that net income/(loss) attributable to common stockholders is the most directly comparable GAAP financial measure to AFFO. Management believes that AFFO is a widely recognized measure of the operations of REITs, and presenting AFFO 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/(loss) (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/(loss) attributable to common stockholders to AFFO is provided on Attachment 2.

Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items: The Company defines Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items as Consolidated Interest Coverage Ratio - adjusted for non-recurring items divided by total consolidated interest, excluding the impact of costs associated with debt extinguishment, plus preferred dividends.

Management considers Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items a useful metric for investors as it provides ratings agencies, investors and lending partners with a widely-used measure of the Company’s ability to service its consolidated debt obligations as well as compare leverage against that of its peer REITs. A reconciliation of the components that comprise Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure.

Consolidated Interest Coverage Ratio - adjusted for non-recurring items: The Company defines Consolidated Interest Coverage Ratio - adjusted for non-recurring items as Consolidated EBITDAre – adjusted for non-recurring items divided by total consolidated interest, excluding the impact of costs associated with debt extinguishment.

Management considers Consolidated Interest Coverage Ratio - adjusted for non-recurring items a useful metric for investors as it provides ratings agencies, investors and lending partners with a widely-used measure of the Company’s ability to service its consolidated debt obligations as well as compare leverage against that of its peer REITs. A reconciliation of the components that comprise Consolidated Interest Coverage Ratio - adjusted for non-recurring items is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure.

Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items: The Company defines Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items as total consolidated debt net of cash and cash equivalents divided by annualized Consolidated EBITDAre - adjusted for non-recurring items. Consolidated EBITDAre - adjusted for non-recurring items is defined as EBITDAre excluding the impact of income/(loss) from unconsolidated entities, adjustments to reflect the Company’s share of EBITDAre of unconsolidated joint ventures and other non-recurring items including, but not limited to casualty-related charges/(recoveries), net of wholly owned communities.

Management considers Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items a useful metric for investors as it provides ratings agencies, investors and lending partners with a widely-used measure of the Company’s ability to service its consolidated debt obligations as well as compare leverage against that of its peer REITs. A reconciliation between net income/(loss) and Consolidated EBITDAre - adjusted for non-recurring items is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure.

Development Communities: The Company defines Development Communities as those communities recently developed or under development by the Company, that are currently majority owned by the Company and have not achieved stabilization as of the most recent quarter.

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre): The Company defines EBITDAre as net income/(loss) (computed in accordance GAAP), plus interest expense, including costs associated with debt extinguishment, plus real estate depreciation and amortization, plus other depreciation and amortization, plus (minus) income tax provision/(benefit), net, (minus) plus net gain/(loss) on the sale of depreciable real estate owned, plus impairment write-downs of depreciable real estate, plus the adjustments to reflect the Company’s share of EBITDAre of unconsolidated joint ventures. The Company computes EBITDAre in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than the Company does. The White Paper on EBITDAre was approved by the Board of Governors of NAREIT in September 2017.

Management considers EBITDAre a useful metric for investors as it provides an additional indicator of the Company’s ability to incur and service debt, and will enable investors to assess our performance against that of its peer REITs. EBITDAre should be considered along with, but not as an alternative to, net income and cash flow as a measure of the Company’s activities in accordance with GAAP. EBITDAre does not represent cash generated from operating activities in accordance with GAAP and is not necessarily indicative of funds available to fund our cash needs. A reconciliation between net income/(loss) and EBITDAre is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure.

Effective New Lease Rate Growth: The Company defines Effective New Lease Rate Growth as the increase in gross potential rent realized less concessions for the new lease term (current effective rent) versus prior resident effective rent for the prior lease term on new leases commenced during the current quarter.

Management considers Effective New Lease Rate Growth a useful metric for investors as it assesses market-level new demand trends.

Effective Renewal Lease Rate Growth: The Company defines Effective Renewal Lease Rate Growth as the increase in gross potential rent realized less concessions for the new lease term (current effective rent) versus prior effective rent for the prior lease term on renewed leases commenced during the current quarter.

Management considers Effective Renewal Lease Rate Growth a useful metric for investors as it assesses market-level, in-place demand trends.

Estimated Quarter of Completion: The Company defines Estimated Quarter of Completion of a development or redevelopment project as the date on which construction is expected to be completed, but it does not represent the date of stabilization.

29

Attachment 16(B)

UDR, Inc.

Definitions and Reconciliations

June 30, 2018

(Unaudited)

Funds from Operations as Adjusted ("FFO as Adjusted") attributable to common stockholders and unitholders: The Company defines FFO as Adjusted attributable to common stockholders and unitholders as FFO excluding the impact of acquisition-related costs and other non-comparable items including, but not limited to, prepayment costs/benefits associated with early debt retirement, gains or losses on sales of non-depreciable property and marketable securities, 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/(loss) attributable to common stockholders is the most directly comparable GAAP financial measure to FFO as Adjusted. However, other REITs may use different methodologies for calculating FFO as Adjusted or similar FFO measures and, accordingly, our FFO as Adjusted may not always be comparable to FFO as Adjusted or similar FFO measures calculated by other REITs. FFO as Adjusted should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of financial performance, or as an alternative to cash 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 attributable to common stockholders and unitholders as net income/(loss) attributable to common stockholders (computed in accordance with GAAP), excluding impairment write-downs of depreciable real estate 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, if OP Units, DownREIT Units, unvested restricted stock, unvested LTIP units, stock options, and the shares of Series E Cumulative Convertible Preferred Stock are dilutive, they are included in the diluted share count.

Management considers FFO a useful metric for investors as the Company uses FFO in evaluating property acquisitions and its operating performance and believes that FFO should be considered along with, but not as an alternative to, net income and cash flow as a measure of the Company's activities in accordance with GAAP. FFO does not represent cash generated from operating activities in accordance with GAAP and is not necessarily indicative of funds available to fund our cash needs. A reconciliation from net income/(loss) attributable to common stockholders to FFO is provided on Attachment 2.

Held For Disposition Communities: The Company defines Held for Disposition Communities as those communities that were held for sale as of the end of the most recent quarter.

Joint Venture Reconciliation at UDR's weighted average ownership interest:

In thousands |  |  | 2Q 2018 |  | YTD 2018 |  |
Income/(loss) from unconsolidated entities |  |  | $ | (2,032) |  | $ | (3,709) |  |
Management fee |  |  |  | 1,215 |  |  | 2,420 |  |
Interest expense |  |  |  | 9,834 |  |  | 19,392 |  |
Depreciation |  |  |  | 15,512 |  |  | 29,852 |  |
General and administrative |  |  |  | 147 |  |  | 272 |  |
West Coast Development JV Preferred Return - Attachment 12(B) |  |  |  | (1,041) |  |  | (2,063) |  |
Developer Capital Program - Other (excludes Alameda Point Block 11) |  |  |  | (1,862) |  |  | (3,290) |  |
Other (income)/expense |  |  |  | 331 |  |  | 498 |  |
Total Joint Venture NOI at UDR's Ownership Interest |  | $ | 22,104 |  | $ | 43,372 |  |

Net Operating Income (“NOI”): The Company defines NOI as rental income less direct property rental expenses. Rental income represents gross market rent and other revenues less adjustments for concessions, vacancy loss and bad debt. Rental expenses include real estate taxes, insurance, personnel, utilities, repairs and maintenance, administrative and marketing. Excluded from NOI is property management expense which is calculated as 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 | 2Q 2018 | 1Q 2018 | 4Q 2017 |  | 3Q 2017 | 2Q 2017 |
Net income/(loss) attributable to UDR, Inc. | $ 20,601 | $ 81,756 | $ | 69,280 |  | $ | 16,190 | $ 10,157 |
Property management | 7,057 | 6,888 |  | 6,878 |  |  | 6,827 | 6,728 |
Other operating expenses | 2,825 | 2,009 |  | 3,050 |  |  | 1,950 | 2,369 |
Real estate depreciation and amortization | 106,520 | 108,136 |  | 109,401 |  |  | 107,171 | 108,450 |
Interest expense | 31,598 | 29,943 |  | 34,211 |  |  | 30,095 | 33,866 |
Casualty-related charges/(recoveries), net | 746 | 940 |  | 586 |  |  | 2,056 | 1,191 |
General and administrative | 12,373 | 11,759 |  | 11,590 |  |  | 12,467 | 11,434 |
Tax provision/(benefit), net | 233 | 227 |  | (1,065) |  |  | 127 | 366 |
(Income)/loss from unconsolidated entities | 2,032 | 1,677 |  | (19,666) |  |  | (1,819) | 1,426 |
Interest income and other (income)/expense, net | (1,128) | (2,759) |  | (548) |  |  | (481) | (515) |
Joint venture management and other fees | (3,109) | (2,822) |  | (2,764) |  |  | (2,827) | (3,321) |
Other depreciation and amortization | 1,684 | 1,691 |  | 1,648 |  |  | 1,585 | 1,567 |
(Gain)/loss on sale of real estate owned, net of tax | - | (70,300) |  | (41,272) |  |  | - | - |
Net income/(loss) attributable to noncontrolling interests | 1,843 | 7,469 |  | 6,347 |  |  | 1,380 | 905 |
Total consolidated NOI | $ 183,275 | $ 176,614 | $ | 177,676 |  | $ | 174,721 | $ 174,623 |

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Attachment 16(C)

UDR, Inc.

Definitions and Reconciliations

June 30, 2018

(Unaudited)

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

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

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

QTD Same-Store Communities: The Company defines QTD Same-Store Communities as those communities Stabilized for five full consecutive quarters. These communities were owned and had stabilized operating expenses as of the beginning of the quarter in the prior year, were not in process of any substantial redevelopment activities, and 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 definition of Stabilization Period for Redevelopment Yield, less Recurring Capital Expenditures, minus the project’s annualized NOI prior to commencing the redevelopment, less Recurring Capital Expenditures, divided by the total cost of the project.

Revenue Enhancing Capital Expenditures ("Cap Ex"): 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/Stabilized: The Company defines Stabilization/Stabilized as when a community’s occupancy reaches 90% or above for at least three consecutive months.

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

Stabilization Period for Development Yield: The Company defines the Stabilization Period for Development 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 Redevelopment 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: The Company calculates expected stabilized yields on development 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 Developments 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 Communities: The Company defines YTD Same-Store Communities as those communities Stabilized for two full consecutive calendar years. These communities were owned and had stabilized operating expenses as of the beginning of the prior year, were not in process of any substantial redevelopment activities, and not held for disposition.

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Attachment 16(D)

UDR, Inc.

Definitions and Reconciliations

June 30, 2018

(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 2018 and third quarter of 2018 to forecasted FFO, FFO as Adjusted and AFFO per share and unit:

|  |  |  |  | Full-Year 2018 |  |
|  |  |  |  | Low |  | High |  |
Forecasted net income per diluted share |  |  |  |  | $ 0.51 |  | $ 0.54 |  |
Conversion from GAAP share count |  |  |  |  | (0.04) |  | (0.04) |  |
Net gain on the sale of depreciable real estate owned |  |  |  |  | (0.24) |  | (0.24) |  |
Depreciation |  |  |  |  | 1.65 |  | 1.65 |  |
Cumulative effect of change in accounting principle |  |  |  |  | (0.01) |  | (0.01) |  |
Noncontrolling interests |  |  |  |  | 0.04 |  | 0.04 |  |
Preferred dividends |  |  |  |  | 0.01 |  | 0.01 |  |
Forecasted FFO per diluted share and unit |  |  |  |  | $ 1.92 |  | $ 1.95 |  |
Disposition-related FFO |  |  |  |  | - |  | - |  |
Cost associated with debt extinguishment |  |  |  |  | - |  | - |  |
Casualty-related charges/(recoveries) |  |  |  |  | 0.01 |  | 0.01 |  |
Forecasted FFO as Adjusted per diluted share and unit |  |  |  |  | $ 1.93 |  | $ 1.96 |  |
Recurring capital expenditures |  |  |  |  | (0.15) |  | (0.15) |  |
Forecasted AFFO per diluted share and unit |  |  |  |  | $ 1.78 |  | $ 1.81 |  |
|  |  |  |  | 3Q 2018 |  |
|  |  |  |  | Low |  | High |  |
Forecasted net income per diluted share |  |  |  |  | $ 0.08 |  | $ 0.10 |  |
Conversion from GAAP share count |  |  |  |  | (0.01) |  | (0.01) |  |
Depreciation |  |  |  |  | 0.41 |  | 0.41 |  |
Noncontrolling interests |  |  |  |  | - |  | - |  |
Preferred dividends |  |  |  |  | - |  | - |  |
Forecasted FFO per diluted share and unit |  |  |  |  | $ 0.48 |  | $ 0.50 |  |
Disposition-related FFO |  |  |  |  | - |  | - |  |
Cost associated with debt extinguishment |  |  |  |  | - |  | - |  |
Casualty-related charges/(recoveries) |  |  |  |  | - |  | - |  |
Forecasted FFO as Adjusted per diluted share and unit |  |  |  |  | $ 0.48 |  | $ 0.50 |  |
Recurring capital expenditures |  |  |  |  | (0.05) |  | (0.05) |  |
Forecasted AFFO per diluted share and unit |  |  |  |  | $ 0.43 |  | $ 0.45 |  |

32