EX-99.2 3 udr-20211026ex9926a1723.htm EX-99.2

Exhibit 99.2

Financial Highlights

​

UDR, Inc.

As of End of Third Quarter 2021

(Unaudited) (1)

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Actual Results | ​ | Actual Results | ​ | Guidance as of September 30, 2021
Dollars in thousands, except per share and unit | ​ | ​ | ​ | 3Q 2021 | ​ | YTD 2021 | ​ | 4Q 2021 | ​ | Full-Year 2021
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
GAAP Metrics | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income/(loss) attributable to UDR, Inc. | ​ | ​ | ​ | $17,731 | ​ | $32,555 | ​ | -- | ​ | --
Net income/(loss) attributable to common stockholders | ​ | ​ | ​ | $16,673 | ​ | $29,384 | ​ | -- | ​ | --
Income/(loss) per weighted average common share, diluted | ​ | ​ | ​ | $0.06 | ​ | $0.10 | ​ | $0.30 to $0.32 | ​ | $0.41 to $0.43
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Per Share Metrics | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
FFO per common share and unit, diluted | ​ | ​ | ​ | $0.55 | ​ | $1.39 | ​ | $0.52 to $0.54 | ​ | $1.92 to $1.94
FFO as Adjusted per common share and unit, diluted | ​ | ​ | ​ | $0.51 | ​ | $1.47 | ​ | $0.52 to $0.54 | ​ | $2.00 to $2.02
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted | ​ | ​ | ​ | $0.46 | ​ | $1.34 | ​ | $0.46 to $0.48 | ​ | $1.82 to $1.84
Dividend declared per share and unit | ​ | ​ | ​ | $0.3625 | ​ | $1.0875 | ​ | $0.3625 | ​ | $1.45 (2)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Same-Store Operating Metrics | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue growth/(decline) (Cash basis) | ​ | ​ | ​ | 5.3% | ​ | -0.9% | ​ | -- | ​ | 1.00% - 1.50%
Revenue growth/(decline) (Straight-line basis) | ​ | ​ | ​ | 1.6% | ​ | -2.4% | ​ | -- | ​ | (1.00%) - (0.50%)
Expense growth | ​ | ​ | ​ | 3.3% | ​ | 3.5% | ​ | -- | ​ | 2.75% - 3.50%
NOI growth/(decline) (Cash basis) | ​ | ​ | ​ | 6.3% | ​ | -2.9% | ​ | -- | ​ | 0.25% - 0.75%
NOI growth/(decline) (Straight-line basis) | ​ | ​ | ​ | 0.9% | ​ | -4.9% | ​ | -- | ​ | (2.25%) - (1.75%)
Physical Occupancy | ​ | ​ | ​ | 97.5% | ​ | 97.0% | ​ | -- | ​ | --
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Property Metrics | ​ | ​ | ​ | Homes | ​ | Communities | ​ | % of Total NOI | ​ | ​
Same-Store | ​ | ​ | ​ | 45,713 | ​ | 143 | ​ | 88.6% | ​ | ​
Stabilized, Non-Mature | ​ | ​ | ​ | 4,439 | ​ | 9 | ​ | 5.7% | ​ | ​
Acquired Communities | ​ | ​ | ​ | 1,654 | ​ | 5 | ​ | 1.2% | ​ | ​
Non-Residential / Other | ​ | ​ | ​ | N/A | ​ | N/A | ​ | 0.7% | ​ | ​
Joint Venture (3) | ​ | ​ | ​ | 2,837 | ​ | 13 | ​ | 3.8% | ​ | ​
Total completed homes | ​ | ​ | ​ | 54,643 | ​ | 170 | ​ | 100% | ​ | ​
Held for Disposition | ​ | ​ | ​ | 265 | ​ | 1 | ​ | - | ​ | ​
Under Development | ​ | ​ | ​ | 1,417 | ​ | 5 | ​ | - | ​ | ​
Total Quarter-end homes (3)(4) | ​ | ​ | ​ | 56,325 | ​ | 176 | ​ | 100% | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance Sheet Metrics (adjusted for non-recurring items) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | 3Q 2021 | ​ | 3Q 2020 | ​ | ​ | ​ | ​
Consolidated Interest Coverage Ratio | ​ | ​ | ​ | 5.1x | ​ | 4.8x | ​ | ​ | ​ | ​
Consolidated Fixed Charge Coverage Ratio | ​ | ​ | ​ | 4.9x | ​ | 4.7x | ​ | ​ | ​ | ​
Consolidated Debt as a percentage of Total Assets | ​ | ​ | ​ | 35.8% | ​ | 35.0% | ​ | ​ | ​ | ​
Consolidated Net Debt-to-EBITDAre | ​ | ​ | ​ | 7.1x | ​ | 6.5x | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​

(1) | See Attachment 15 for definitions, other terms and reconciliations.

(2) | Annualized for 2021.

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

(4) | Excludes 3,374 homes that are part of the Developer Capital Program as described in Attachment 11(B).

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1

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Attachment 1

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UDR, Inc.

Consolidated Statements of Operations

(Unaudited) (1)

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
In thousands, except per share amounts | ​ | 2021 | ​ | 2020 | ​ | 2021 | ​ | 2020
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
REVENUES: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Rental income (2) | ​ | $ | 328,699 | ​ | $ | 308,845 | ​ | $ | 937,641 | ​ | $ | 934,920
Joint venture management and other fees | ​ | ​ | 1,071 | ​ | ​ | 1,199 | ​ | ​ | 4,918 | ​ | ​ | 3,861
Total revenues | ​ | ​ | 329,770 | ​ | ​ | 310,044 | ​ | ​ | 942,559 | ​ | ​ | 938,781
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
OPERATING EXPENSES: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Property operating and maintenance | ​ | ​ | 57,708 | ​ | ​ | 53,385 | ​ | ​ | 160,424 | ​ | ​ | 151,585
Real estate taxes and insurance | ​ | ​ | 51,511 | ​ | ​ | 44,328 | ​ | ​ | 148,043 | ​ | ​ | 134,485
Property management | ​ | ​ | 9,861 | ​ | ​ | 8,879 | ​ | ​ | 28,129 | ​ | ​ | 26,879
Other operating expenses | ​ | ​ | 4,237 | ​ | ​ | 5,543 | ​ | ​ | 13,045 | ​ | ​ | 16,609
Real estate depreciation and amortization | ​ | ​ | 152,636 | ​ | ​ | 151,949 | ​ | ​ | 442,893 | ​ | ​ | 462,481
General and administrative | ​ | ​ | 15,810 | ​ | ​ | 11,958 | ​ | ​ | 43,673 | ​ | ​ | 37,907
Casualty-related charges/(recoveries), net | ​ | ​ | 1,568 | ​ | ​ | - | ​ | ​ | 4,682 | ​ | ​ | 1,353
Other depreciation and amortization | ​ | ​ | 3,269 | ​ | ​ | 3,887 | ​ | ​ | 8,472 | ​ | ​ | 7,939
Total operating expenses | ​ | ​ | 296,600 | ​ | ​ | 279,929 | ​ | ​ | 849,361 | ​ | ​ | 839,238
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gain/(loss) on sale of real estate owned | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 50,829 | ​ | ​ | 61,303
Operating income | ​ | ​ | 33,170 | ​ | ​ | 30,115 | ​ | ​ | 144,027 | ​ | ​ | 160,846
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income/(loss) from unconsolidated entities (2) (3) | ​ | ​ | 14,450 | ​ | ​ | 2,940 | ​ | ​ | 29,123 | ​ | ​ | 14,328
Interest expense | ​ | ​ | (35,903) | ​ | ​ | (37,728) | ​ | ​ | (107,513) | ​ | ​ | (115,642)
Debt extinguishment and other associated costs | ​ | ​ | (386) | ​ | ​ | (24,540) | ​ | ​ | (42,336) | ​ | ​ | (24,540)
Total interest expense | ​ | ​ | (36,289) | ​ | ​ | (62,268) | ​ | ​ | (149,849) | ​ | ​ | (140,182)
Interest income and other income/(expense), net (3) | ​ | ​ | 8,238 | ​ | ​ | 2,183 | ​ | ​ | 12,831 | ​ | ​ | 7,304
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income/(loss) before income taxes | ​ | ​ | 19,569 | ​ | ​ | (27,030) | ​ | ​ | 36,132 | ​ | ​ | 42,296
Tax (provision)/benefit, net | ​ | ​ | (529) | ​ | ​ | (187) | ​ | ​ | (1,283) | ​ | ​ | (1,877)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net Income/(loss) | ​ | ​ | 19,040 | ​ | ​ | (27,217) | ​ | ​ | 34,849 | ​ | ​ | 40,419
Net (income)/loss attributable to redeemable noncontrolling interests in the OP and DownREIT Partnership | ​ | ​ | (1,260) | ​ | ​ | 1,990 | ​ | ​ | (2,221) | ​ | ​ | (2,614)
Net (income)/loss attributable to noncontrolling interests | ​ | ​ | (49) | ​ | ​ | (31) | ​ | ​ | (73) | ​ | ​ | (71)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income/(loss) attributable to UDR, Inc. | ​ | ​ | 17,731 | ​ | ​ | (25,258) | ​ | ​ | 32,555 | ​ | ​ | 37,734
Distributions to preferred stockholders - Series E (Convertible) | ​ | ​ | (1,058) | ​ | ​ | (1,051) | ​ | ​ | (3,171) | ​ | ​ | (3,179)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income/(loss) attributable to common stockholders | ​ | $ | 16,673 | ​ | $ | (26,309) | ​ | $ | 29,384 | ​ | $ | 34,555
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income/(loss) per weighted average common share - basic: | ​ | ​ | $0.06 | ​ | ​ | ($0.09) | ​ | ​ | $0.10 | ​ | ​ | $0.12
Income/(loss) per weighted average common share - diluted: | ​ | ​ | $0.06 | ​ | ​ | ($0.09) | ​ | ​ | $0.10 | ​ | ​ | $0.12
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Common distributions declared per share | ​ | ​ | $0.3625 | ​ | ​ | $0.3600 | ​ | ​ | $1.0875 | ​ | ​ | $1.0800
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average number of common shares outstanding - basic | ​ | ​ | 297,828 | ​ | ​ | 294,713 | ​ | ​ | 296,998 | ​ | ​ | 294,627
Weighted average number of common shares outstanding - diluted | ​ | ​ | 301,164 | ​ | ​ | 295,003 | ​ | ​ | 298,045 | ​ | ​ | 294,938

(1) | See Attachment 15 for definitions and other terms.

(2) | During the three months ended September 30, 2021, UDR collected 95.8% of billed residential revenue and 86.1% of billed retail revenue. As a result of the reduction in its accounts receivable balances during the quarter, UDR reduced its reserves (reflected as an increase to revenues) by approximately 0.9% or $3.0 million, including $0.1 million for UDR’s share from unconsolidated joint ventures, for residential, and 19.2% or $1.2 million, including straight-line rent receivables and $0 for UDR’s share from unconsolidated joint ventures, for retail. The remaining reserves are based on probability of collection.

(3) | During the three months ended September 30, 2021, UDR recorded $14.6 million in investment income from real estate technology investments. Of the $14.6 million, $4.6 million was recorded in Interest income and other income/(expense), net and $10.0 million was recorded in Income/(loss) from unconsolidated entities.

2

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Attachment 2

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UDR, Inc.

Funds From Operations

(Unaudited) (1)

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | ​ | Nine Months Ended
​ | ​ | September 30, | ​ | ​ | September 30,
In thousands, except per share and unit amounts | ​ | 2021 | ​ | 2020 | ​ | ​ | 2021 | ​ | 2020
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income/(loss) attributable to common stockholders | ​ | $ | 16,673 | ​ | $ | (26,309) | ​ | $ | 29,384 | ​ | $ | 34,555
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Real estate depreciation and amortization | ​ | ​ | 152,636 | ​ | ​ | 151,949 | ​ | ​ | 442,893 | ​ | ​ | 462,481
Noncontrolling interests | ​ | ​ | 1,309 | ​ | ​ | (1,959) | ​ | ​ | 2,294 | ​ | ​ | 2,685
Real estate depreciation and amortization on unconsolidated joint ventures | ​ | ​ | 7,929 | ​ | ​ | 8,738 | ​ | ​ | 24,064 | ​ | ​ | 26,299
Net gain on the sale of unconsolidated depreciable property | ​ | ​ | - | ​ | ​ | - | ​ | ​ | (2,460) | ​ | ​ | -
Net gain on the sale of depreciable real estate owned, net of tax | ​ | ​ | - | ​ | ​ | - | ​ | ​ | (50,778) | ​ | ​ | (61,303)
Funds from operations ("FFO") attributable to common stockholders and unitholders, basic | ​ | $ | 178,547 | ​ | $ | 132,419 | ​ | $ | 445,397 | ​ | $ | 464,717
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Distributions to preferred stockholders - Series E (Convertible) (2) | ​ | ​ | 1,058 | ​ | ​ | 1,051 | ​ | ​ | 3,171 | ​ | ​ | 3,179
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
FFO attributable to common stockholders and unitholders, diluted | ​ | $ | 179,605 | ​ | $ | 133,470 | ​ | $ | 448,568 | ​ | $ | 467,896
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
FFO per weighted average common share and unit, basic | ​ | $ | 0.56 | ​ | $ | 0.42 | ​ | $ | 1.39 | ​ | $ | 1.47
FFO per weighted average common share and unit, diluted | ​ | $ | 0.55 | ​ | $ | 0.42 | ​ | $ | 1.39 | ​ | $ | 1.46
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average number of common shares and OP/DownREIT Units outstanding, basic | ​ | ​ | 320,357 | ​ | ​ | 317,034 | ​ | ​ | 319,491 | ​ | ​ | 316,939
Weighted average number of common shares, OP/DownREIT Units, and common stock | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
equivalents outstanding, diluted | ​ | ​ | 326,611 | ​ | ​ | 320,242 | ​ | ​ | 323,456 | ​ | ​ | 320,210
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Impact of adjustments to FFO: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Debt extinguishment and other associated costs | ​ | $ | 386 | ​ | $ | 24,540 | ​ | $ | 42,336 | ​ | $ | 24,540
Debt extinguishment and other associated costs on unconsolidated joint ventures | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 1,682 | ​ | ​ | -
Legal and other | ​ | ​ | 80 | ​ | ​ | 1,570 | ​ | ​ | 1,299 | ​ | ​ | 3,914
Realized/unrealized (gain)/loss on real estate technology investments, net of tax | ​ | ​ | (14,599) | ​ | ​ | 155 | ​ | ​ | (22,708) | ​ | ​ | (3,147)
Severance costs and other restructuring expense | ​ | ​ | 233 | ​ | ​ | 254 | ​ | ​ | 841 | ​ | ​ | 1,896
Casualty-related charges/(recoveries), net | ​ | ​ | 1,609 | ​ | ​ | 74 | ​ | ​ | 4,894 | ​ | ​ | 1,722
Casualty-related charges/(recoveries) on unconsolidated joint ventures, net | ​ | ​ | 50 | ​ | ​ | - | ​ | ​ | 50 | ​ | ​ | 31
​ | ​ | $ | (12,241) | ​ | $ | 26,593 | ​ | $ | 28,394 | ​ | $ | 28,956
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
FFO as Adjusted attributable to common stockholders and unitholders, diluted | ​ | $ | 167,364 | ​ | $ | 160,063 | ​ | $ | 476,962 | ​ | $ | 496,852
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
FFO as Adjusted per weighted average common share and unit, diluted | ​ | $ | 0.51 | ​ | $ | 0.50 | ​ | $ | 1.47 | ​ | $ | 1.55
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Recurring capital expenditures | ​ | ​ | (16,844) | ​ | ​ | (17,397) | ​ | ​ | (42,427) | ​ | ​ | (39,110)
AFFO attributable to common stockholders and unitholders, diluted | ​ | $ | 150,520 | ​ | $ | 142,666 | ​ | $ | 434,535 | ​ | $ | 457,742
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
AFFO per weighted average common share and unit, diluted | ​ | $ | 0.46 | ​ | $ | 0.45 | ​ | $ | 1.34 | ​ | $ | 1.43

(1) | See Attachment 15 for definitions and other terms.

(2) | Series E cumulative convertible preferred shares are dilutive for purposes of calculating FFO per share for the three and nine months ended September 30, 2021 and September 30, 2020. Consequently, distributions to Series E cumulative convertible preferred stockholders are added to FFO and the weighted average number of Series E cumulative convertible preferred shares are included in the denominator when calculating FFO per common share and unit, diluted.

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3

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Attachment 3

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UDR, Inc.

Consolidated Balance Sheets

(Unaudited) (1)

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​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, | ​ | December 31,
In thousands, except share and per share amounts | ​ | 2021 | ​ | 2020
​ | ​ | ​ | ​ | ​ | ​ | ​
ASSETS | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Real estate owned: | ​ | ​ | ​ | ​ | ​ | ​
Real estate held for investment | ​ | $ | 13,902,872 | ​ | $ | 12,706,940
Less: accumulated depreciation | ​ | ​ | (4,983,109) | ​ | ​ | (4,590,577)
Real estate held for investment, net | ​ | ​ | 8,919,763 | ​ | ​ | 8,116,363
Real estate under development | ​ | ​ | ​ | ​ | ​ | ​
(net of accumulated depreciation of $445 and $1,010) | ​ | ​ | 331,200 | ​ | ​ | 246,867
Real estate held for disposition | ​ | ​ | ​ | ​ | ​ | ​
(net of accumulated depreciation of $34,387 and $13,779) | ​ | ​ | 39,065 | ​ | ​ | 102,876
Total real estate owned, net of accumulated depreciation | ​ | ​ | 9,290,028 | ​ | ​ | 8,466,106
​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | ​ | 1,063 | ​ | ​ | 1,409
Restricted cash | ​ | ​ | 28,170 | ​ | ​ | 22,762
Notes receivable, net | ​ | ​ | 25,741 | ​ | ​ | 157,992
Investment in and advances to unconsolidated joint ventures, net | ​ | ​ | 643,902 | ​ | ​ | 600,233
Operating lease right-of-use assets | ​ | ​ | 198,339 | ​ | ​ | 200,913
Other assets | ​ | ​ | 213,321 | ​ | ​ | 188,118
Total assets | ​ | $ | 10,400,564 | ​ | $ | 9,637,533
​ | ​ | ​ | ​ | ​ | ​ | ​
LIABILITIES AND EQUITY | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Secured debt | ​ | $ | 1,058,647 | ​ | $ | 862,147
Unsecured debt | ​ | ​ | 4,463,792 | ​ | ​ | 4,114,401
Operating lease liabilities | ​ | ​ | 193,277 | ​ | ​ | 195,592
Real estate taxes payable | ​ | ​ | 55,849 | ​ | ​ | 29,946
Accrued interest payable | ​ | ​ | 25,674 | ​ | ​ | 44,760
Security deposits and prepaid rent | ​ | ​ | 51,631 | ​ | ​ | 49,008
Distributions payable | ​ | ​ | 120,830 | ​ | ​ | 115,795
Accounts payable, accrued expenses, and other liabilities | ​ | ​ | 114,601 | ​ | ​ | 110,999
Total liabilities | ​ | ​ | 6,084,301 | ​ | ​ | 5,522,648
​ | ​ | ​ | ​ | ​ | ​ | ​
Redeemable noncontrolling interests in the OP and DownREIT Partnership | ​ | ​ | 1,192,723 | ​ | ​ | 856,294
​ | ​ | ​ | ​ | ​ | ​ | ​
Equity: | ​ | ​ | ​ | ​ | ​ | ​
Preferred stock, no par value; 50,000,000 shares authorized | ​ | ​ | ​ | ​ | ​ | ​
2,695,363 shares of 8.00% Series E Cumulative Convertible issued | ​ | ​ | ​ | ​ | ​ | ​
and outstanding (2,695,363 shares at December 31, 2020) | ​ | ​ | 44,764 | ​ | ​ | 44,764
14,331,810 shares of Series F outstanding (14,440,519 shares | ​ | ​ | ​ | ​ | ​ | ​
at December 31, 2020) | ​ | ​ | 1 | ​ | ​ | 1
Common stock, $0.01 par value; 450,000,000 shares authorized | ​ | ​ | ​ | ​ | ​ | ​
308,287,019 shares issued and outstanding (296,611,579 shares at December 31, 2020) | ​ | ​ | 3,083 | ​ | ​ | 2,966
Additional paid-in capital | ​ | ​ | 6,390,547 | ​ | ​ | 5,881,383
Distributions in excess of net income | ​ | ​ | (3,335,108) | ​ | ​ | (2,685,770)
Accumulated other comprehensive income/(loss), net | ​ | ​ | (6,600) | ​ | ​ | (9,144)
Total stockholders' equity | ​ | ​ | 3,096,687 | ​ | ​ | 3,234,200
Noncontrolling interests | ​ | ​ | 26,853 | ​ | ​ | 24,391
Total equity | ​ | ​ | 3,123,540 | ​ | ​ | 3,258,591
Total liabilities and equity | ​ | $ | 10,400,564 | ​ | $ | 9,637,533

(1) | See Attachment 15 for definitions and other terms.

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4

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Attachment 4(A)

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UDR, Inc.

Selected Financial Information

(Unaudited) (1)

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | September 30, | ​ | December 31,
Common Stock and Equivalents | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 2021 | ​ | 2020
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Common shares | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 308,040,275 | ​ | 296,374,227
Restricted shares | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 246,744 | ​ | 237,352
Total common shares | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 308,287,019 | ​ | 296,611,579
Restricted unit and common stock equivalents | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1,205,643 | ​ | 344,128
Operating and DownREIT Partnership units | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 20,761,026 | ​ | 20,530,251
Class A Limited Partnership units | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1,751,671 | ​ | 1,751,671
Series E cumulative convertible preferred shares (2) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 2,918,127 | ​ | 2,918,127
Total common shares, OP/DownREIT units, and common stock equivalents | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 334,923,486 | ​ | 322,155,756
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted Average Number of Shares Outstanding | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 3Q 2021 | ​ | 3Q 2020
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average number of common shares and OP/DownREIT units outstanding - basic | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 320,357,128 | ​ | 317,033,933
Weighted average number of OP/DownREIT units outstanding | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (22,528,609) | ​ | (22,320,726)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 297,828,519 | ​ | 294,713,207
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 326,611,412 | ​ | 320,242,031
Weighted average number of OP/DownREIT units outstanding | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (22,528,609) | ​ | (22,320,726)
Weighted average number of Series E cumulative convertible preferred shares outstanding (3) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (2,918,127) | ​ | (2,918,127)
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 301,164,676 | ​ | 295,003,178
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Year-to-Date 2021 | ​ | Year-to-Date 2020
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average number of common shares and OP/DownREIT units outstanding - basic | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 319,490,920 | ​ | 316,938,796
Weighted average number of OP/DownREIT units outstanding | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (22,492,714) | ​ | (22,311,783)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 296,998,206 | ​ | 294,627,013
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 323,455,554 | ​ | 320,210,090
Weighted average number of OP/DownREIT units outstanding | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (22,492,714) | ​ | (22,311,783)
Weighted average number of Series E cumulative convertible preferred shares outstanding (3) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (2,918,127) | ​ | (2,960,424)
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 298,044,713 | ​ | 294,937,883
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​

(1) | See Attachment 15 for definitions and other terms.

(2) | At September 30, 2021 and December 31, 2020 there were 2,695,363 of Series E cumulative convertible preferred shares outstanding, which is equivalent to 2,918,127 shares of common stock if converted (after adjusting for the special dividend paid in 2008).

(3) | Series E cumulative convertible preferred shares are anti-dilutive for purposes of calculating Income/(loss) per weighted average common share for the three and nine months ended September 30, 2021 and September 30, 2020.

​

​

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 (2)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Secured | ​ | ​ | Fixed | ​ | ​ | ​ | ​ | $ | 1,007,041 | ​ | ​ | 18.3% | ​ | 3.42% | ​ | 6.7
​ | ​ | ​ | Floating | ​ | ​ | ​ | ​ | ​ | 27,000 | ​ | ​ | 0.5% | ​ | 0.69% | ​ | 10.5
​ | ​ | ​ | Combined | ​ | ​ | ​ | ​ | ​ | 1,034,041 | ​ | ​ | 18.8% | ​ | 3.35% | ​ | 6.8
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unsecured | ​ | ​ | Fixed | ​ | ​ | ​ | ​ | ​ | 4,080,644 | (3) | ​ | 74.1% | ​ | 2.87% | ​ | 8.8
​ | ​ | ​ | Floating | ​ | ​ | ​ | ​ | ​ | 393,086 | ​ | ​ | 7.1% | ​ | 0.36% | ​ | 0.8
​ | ​ | ​ | Combined | ​ | ​ | ​ | ​ | ​ | 4,473,730 | ​ | ​ | 81.2% | ​ | 2.65% | ​ | 8.0
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Debt | ​ | ​ | Fixed | ​ | ​ | ​ | ​ | ​ | 5,087,685 | ​ | ​ | 92.4% | ​ | 2.98% | ​ | 8.3
​ | ​ | ​ | Floating | ​ | ​ | ​ | ​ | ​ | 420,086 | ​ | ​ | 7.6% | ​ | 0.38% | ​ | 1.4
​ | ​ | ​ | Combined | ​ | ​ | ​ | ​ | ​ | 5,507,771 | ​ | ​ | 100.0% | ​ | 2.78% | ​ | 7.8
​ | ​ | ​ | Total Non-Cash Adjustments (4) | ​ | ​ | ​ | ​ | ​ | 14,668 | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Total per Balance Sheet | ​ | ​ | ​ | ​ | $ | 5,522,439 | ​ | ​ | ​ | ​ | 2.75% | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Debt Maturities, In thousands | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Revolving Credit | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Unsecured | ​ | Facilities & Comm. | ​ | ​ | ​ | ​ | ​ | ​ | Weighted Average
​ | ​ | Secured Debt (5) | ​ | Debt | ​ | Paper (2) (6) (7) | ​ | Balance | ​ | % of Total | ​ | Interest Rate
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2021 | ​ | $ | 279 | ​ | $ | - | ​ | $ | 315,000 | ​ | $ | 315,279 | ​ | 5.7% | ​ | 0.23%
2022 | ​ | ​ | 1,140 | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 1,140 | ​ | 0.0% | ​ | 3.82%
2023 | ​ | ​ | 1,242 | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 1,242 | ​ | 0.0% | ​ | 3.84%
2024 | ​ | ​ | 96,747 | ​ | ​ | 15,644 | ​ | ​ | 43,086 | ​ | ​ | 155,477 | ​ | 2.8% | ​ | 3.13%
2025 | ​ | ​ | 174,793 | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 174,793 | ​ | 3.2% | ​ | 3.69%
2026 | ​ | ​ | 52,744 | ​ | ​ | 300,000 | ​ | ​ | - | ​ | ​ | 352,744 | ​ | 6.4% | ​ | 2.95%
2027 | ​ | ​ | 2,860 | ​ | ​ | 650,000 | ​ | ​ | - | ​ | ​ | 652,860 | ​ | 11.9% | ​ | 2.41%
2028 | ​ | ​ | 162,310 | ​ | ​ | 300,000 | ​ | ​ | - | ​ | ​ | 462,310 | ​ | 8.4% | ​ | 3.72%
2029 | ​ | ​ | 191,986 | ​ | ​ | 300,000 | ​ | ​ | - | ​ | ​ | 491,986 | ​ | 8.9% | ​ | 3.94%
2030 | ​ | ​ | 162,010 | ​ | ​ | 600,000 | ​ | ​ | - | ​ | ​ | 762,010 | ​ | 13.8% | ​ | 3.32%
Thereafter | ​ | ​ | 187,930 | ​ | ​ | 1,950,000 | ​ | ​ | - | ​ | ​ | 2,137,930 | ​ | 38.9% | ​ | 2.49%
​ | ​ | ​ | 1,034,041 | ​ | ​ | 4,115,644 | ​ | ​ | 358,086 | ​ | ​ | 5,507,771 | ​ | 100.0% | ​ | 2.78%
Total Non-Cash Adjustments (4) | ​ | ​ | 24,606 | ​ | ​ | (9,938) | ​ | ​ | - | ​ | ​ | 14,668 | ​ | ​ | ​ | ​
Total per Balance Sheet | ​ | $ | 1,058,647 | ​ | $ | 4,105,706 | ​ | $ | 358,086 | ​ | $ | 5,522,439 | ​ | ​ | ​ | 2.75%

(1) | See Attachment 15 for definitions and other terms.

(2) | The 2021 maturity reflects the $315.0 million of principal outstanding at an interest rate of 0.22%, the equivalent of LIBOR plus a spread of 14 basis points, on the Company’s unsecured commercial paper program as of September 30, 2021. Under the terms of the program the Company may issue up to a maximum aggregate amount outstanding of $700.0 million. If the commercial paper was refinanced using the line of credit, the weighted average years to maturity would be 8.1 years with and without extensions.

(3) | Includes $315.0 million of floating rate debt that has been fixed using interest rate swaps at a weighted average all-in rate of 1.02% until July 2022. Commencing July 2022, $175.0 million will continue to be fixed using interest rate swaps at a weighted average all-in rate of 1.48% until July 2025.

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

(5) | Includes principal amortization, as applicable.

(6) | There were no borrowings outstanding on our $1.3 billion line of credit at September 30, 2021. The facility has a maturity date of January 2026, plus two six-month extension options and currently carries an interest rate equal to LIBOR plus a spread of 77.5 basis points.

(7) | There was $43.1 million outstanding on our $75.0 million working capital credit facility at September 30, 2021. The facility has a maturity date of January 2024. The working capital credit facility currently carries an interest rate equal to LIBOR plus a spread of 77.5 basis points.

​

6

Attachment 4(C)

​

UDR, Inc.

Selected Financial Information

(Dollars in Thousands)

(Unaudited) (1)

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Quarter Ended
Coverage Ratios | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | September 30, 2021
Net income/(loss) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 19,040
Adjustments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest expense, including debt extinguishment and other associated costs | ​ | ​ | 36,289
Real estate depreciation and amortization | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 152,636
Other depreciation and amortization | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 3,269
Tax provision/(benefit), net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 529
Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures | ​ | ​ | 11,680
EBITDAre | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 223,443
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Casualty-related charges/(recoveries), net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1,609
Casualty-related charges/(recoveries) on unconsolidated joint ventures, net | ​ | ​ | 50
Legal and other costs | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 80
Severance costs and other restructuring expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 233
Realized/unrealized (gain)/loss on real estate technology investments, net of tax | ​ | ​ | (4,583)
(Income)/loss from unconsolidated entities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (14,450)
Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures | ​ | ​ | (11,680)
Management fee expense on unconsolidated joint ventures | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (490)
Consolidated EBITDAre - adjusted for non-recurring items | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 194,212
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Annualized consolidated EBITDAre - adjusted for non-recurring items | ​ | $ | 776,848
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest expense, including debt extinguishment and other associated costs | ​ | ​ | 36,289
Capitalized interest expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 2,445
Total interest | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 38,734
Debt extinguishment and other associated costs | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (386)
Total interest - adjusted for non-recurring items | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 38,348
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Preferred dividends | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 1,058
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total debt | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 5,522,439
Cash | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (1,063)
Net debt | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 5,521,376
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Consolidated Interest Coverage Ratio - adjusted for non-recurring items | ​ | ​ | 5.1x
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items | ​ | ​ | 4.9x
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items | ​ | ​ | 7.1x
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Debt Covenant Overview
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unsecured Line of Credit Covenants (2) | ​ | ​ | ​ | ​ | ​ | ​ | Required | ​ | ​ | Actual | ​ | ​ | Compliance
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Maximum Leverage Ratio | ​ | ​ | ​ | ​ | ​ | ​ | ≤60.0% | ​ | ​ | 37.7% (2) | ​ | ​ | Yes
Minimum Fixed Charge Coverage Ratio | ​ | ​ | ​ | ​ | ​ | ​ | ≥1.5x | ​ | ​ | 4.8x | ​ | ​ | Yes
Maximum Secured Debt Ratio | ​ | ​ | ​ | ​ | ​ | ​ | ≤40.0% | ​ | ​ | 10.9% | ​ | ​ | Yes
Minimum Unencumbered Pool Leverage Ratio | ​ | ​ | ​ | ​ | ​ | ​ | ≥150.0% | ​ | ​ | 304.3% | ​ | ​ | Yes
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Senior Unsecured Note Covenants (3) | ​ | ​ | ​ | ​ | ​ | ​ | Required | ​ | ​ | Actual | ​ | ​ | Compliance
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Debt as a percentage of Total Assets | ​ | ​ | ​ | ​ | ​ | ​ | ≤65.0% | ​ | ​ | 35.9% (3) | ​ | ​ | Yes
Consolidated Income Available for Debt Service to Annual Service Charge | ​ | ​ | ​ | ​ | ​ | ​ | ≥1.5x | ​ | ​ | 5.4x | ​ | ​ | Yes
Secured Debt as a percentage of Total Assets | ​ | ​ | ​ | ​ | ​ | ​ | ≤40.0% | ​ | ​ | 6.9% | ​ | ​ | Yes
Total Unencumbered Assets to Unsecured Debt | ​ | ​ | ​ | ​ | ​ | ​ | ≥150.0% | ​ | ​ | 292.5% | ​ | ​ | Yes
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Securities Ratings | ​ | ​ | ​ | ​ | ​ | ​ | Debt | ​ | ​ | Outlook | ​ | ​ | Commercial Paper
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Moody's Investors Service | ​ | ​ | ​ | ​ | ​ | ​ | Baa1 | ​ | ​ | Stable | ​ | ​ | P-2
S&P Global Ratings | ​ | ​ | ​ | ​ | ​ | ​ | BBB+ | ​ | ​ | Stable | ​ | ​ | A-2
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Gross | ​ | ​ | % of
​ | ​ | Number of | ​ | 3Q 2021 NOI (1) | ​ | ​ | ​ | ​ | Carrying Value | ​ | ​ | Total Gross
Asset Summary | ​ | Homes | ​ | ($000s) | ​ | % of NOI | ​ | ​ | ($000s) | ​ | ​ | Carrying Value
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unencumbered assets | ​ | 44,525 | ​ | $ | 191,360 | ​ | 87.2% | ​ | $ | 12,590,793 | ​ | ​ | 88.0%
Encumbered assets | ​ | 7,546 | ​ | ​ | 28,120 | ​ | 12.8% | ​ | ​ | 1,717,176 | ​ | ​ | 12.0%
​ | ​ | 52,071 | ​ | $ | 219,480 | ​ | 100.0% | ​ | $ | 14,307,969 | ​ | ​ | 100.0%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​

(1) | See Attachment 15 for definitions and other terms.

(2) | As defined in our credit agreement dated September 15, 2021.

(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 | ​ | September 30, 2021 | ​ | June 30, 2021 | ​ | March 31, 2021 | ​ | December 31, 2020 | ​ | September 30, 2020
Revenues | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Same-Store Communities | ​ | 45,713 | ​ | $ | 294,422 | ​ | $ | 284,056 | ​ | $ | 279,133 | ​ | $ | 278,321 | ​ | $ | 279,579
Stabilized, Non-Mature Communities | ​ | 4,439 | ​ | ​ | 23,108 | ​ | ​ | 18,238 | ​ | ​ | 12,824 | ​ | ​ | 8,201 | ​ | ​ | 5,955
Acquired Communities | ​ | 1,654 | ​ | ​ | 3,890 | ​ | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | -
Development Communities | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | -
Non-Residential / Other (2) | ​ | - | ​ | ​ | 5,301 | ​ | ​ | 4,930 | ​ | ​ | 5,007 | ​ | ​ | 10,498 | ​ | ​ | 17,057
Total | ​ | 51,806 | ​ | $ | 326,721 | ​ | $ | 307,224 | ​ | $ | 296,964 | ​ | $ | 297,020 | ​ | $ | 302,591
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Same-Store Communities | ​ | ​ | ​ | $ | 93,469 | ​ | $ | 88,697 | ​ | $ | 88,775 | ​ | $ | 87,580 | ​ | $ | 90,452
Stabilized, Non-Mature Communities | ​ | ​ | ​ | ​ | 10,226 | ​ | ​ | 8,106 | ​ | ​ | 6,125 | ​ | ​ | 4,420 | ​ | ​ | 3,792
Acquired Communities | ​ | ​ | ​ | ​ | 1,250 | ​ | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | -
Development Communities | ​ | ​ | ​ | ​ | 99 | ​ | ​ | 71 | ​ | ​ | - | ​ | ​ | 9 | ​ | ​ | 13
Non-Residential / Other (2) | ​ | ​ | ​ | ​ | 3,589 | ​ | ​ | 3,044 | ​ | ​ | 2,878 | ​ | ​ | 2,447 | ​ | ​ | 1,207
Total (3) | ​ | ​ | ​ | $ | 108,633 | ​ | $ | 99,918 | ​ | $ | 97,778 | ​ | $ | 94,456 | ​ | $ | 95,464
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net Operating Income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Same-Store Communities | ​ | ​ | ​ | $ | 200,953 | ​ | $ | 195,359 | ​ | $ | 190,358 | ​ | $ | 190,741 | ​ | $ | 189,127
Stabilized, Non-Mature Communities | ​ | ​ | ​ | ​ | 12,882 | ​ | ​ | 10,132 | ​ | ​ | 6,699 | ​ | ​ | 3,781 | ​ | ​ | 2,163
Acquired Communities | ​ | ​ | ​ | ​ | 2,640 | ​ | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | -
Development Communities | ​ | ​ | ​ | ​ | (99) | ​ | ​ | (71) | ​ | ​ | - | ​ | ​ | (9) | ​ | ​ | (13)
Non-Residential / Other (2) | ​ | ​ | ​ | ​ | 1,712 | ​ | ​ | 1,886 | ​ | ​ | 2,129 | ​ | ​ | 8,051 | ​ | ​ | 15,850
Total | ​ | ​ | ​ | $ | 218,088 | ​ | $ | 207,306 | ​ | $ | 199,186 | ​ | $ | 202,564 | ​ | $ | 207,127
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating Margin | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Same-Store Communities | ​ | ​ | ​ | ​ | 68.3% | ​ | ​ | 68.8% | ​ | ​ | 68.2% | ​ | ​ | 68.5% | ​ | ​ | 67.6%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted Average Physical Occupancy | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Same-Store Communities | ​ | ​ | ​ | ​ | 97.5% | ​ | ​ | 97.2% | ​ | ​ | 96.4% | ​ | ​ | 96.1% | ​ | ​ | 95.5%
Stabilized, Non-Mature Communities | ​ | ​ | ​ | ​ | 97.2% | ​ | ​ | 95.6% | ​ | ​ | 91.7% | ​ | ​ | 91.8% | ​ | ​ | 81.0%
Acquired Communities | ​ | ​ | ​ | ​ | 96.5% | ​ | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | -
Development Communities | ​ | ​ | ​ | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | -
Other (4) | ​ | ​ | ​ | ​ | 98.1% | ​ | ​ | 97.3% | ​ | ​ | 96.5% | ​ | ​ | 94.5% | ​ | ​ | 93.7%
Total | ​ | ​ | ​ | ​ | 97.5% | ​ | ​ | 97.1% | ​ | ​ | 95.6% | ​ | ​ | 95.9% | ​ | ​ | 95.3%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Sold and Held for Disposition Communities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenues | ​ | 265 | ​ | $ | 1,978 | ​ | $ | 1,892 | ​ | $ | 2,862 | ​ | $ | 4,156 | ​ | $ | 6,254
Expenses (3) | ​ | ​ | ​ | ​ | 586 | ​ | ​ | 562 | ​ | ​ | 990 | ​ | ​ | 1,868 | ​ | ​ | 2,249
Net Operating Income/(Loss) | ​ | ​ | ​ | $ | 1,392 | ​ | $ | 1,330 | ​ | $ | 1,872 | ​ | $ | 2,288 | ​ | $ | 4,005
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | 52,071 | ​ | $ | 219,480 | ​ | $ | 208,636 | ​ | $ | 201,058 | ​ | $ | 204,852 | ​ | $ | 211,132

(1) | See Attachment 15 for definitions and other terms.

(2) | Primarily non-residential revenue and expense and straight-line adjustment for concessions.

(3) | The summation of Total expenses and Sold and Held for Disposition Communities expenses above agrees to the summation of property operating and maintenance and real estate taxes and insurance expenses on Attachment 1.

(4) | 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 3Q 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | SS Operating | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year-Over-Year Comparison | ​ | Expenses | ​ | 3Q 2021 | ​ | 3Q 2020 | ​ | % Change
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Personnel | ​ | 14.3% | ​ | $ | 13,392 | ​ | $ | 15,690 | ​ | -14.7%
Utilities | ​ | 13.6% | ​ | ​ | 12,758 | ​ | ​ | 11,984 | ​ | 6.5%
Repair and maintenance | ​ | 19.0% | ​ | ​ | 17,713 | ​ | ​ | 15,481 | ​ | 14.4%
Administrative and marketing | ​ | 6.9% | ​ | ​ | 6,439 | ​ | ​ | 6,276 | ​ | 2.6%
Controllable expenses | ​ | 53.8% | ​ | ​ | 50,302 | ​ | ​ | 49,431 | ​ | 1.8%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Real estate taxes | ​ | 40.6% | ​ | $ | 37,941 | ​ | $ | 37,047 | ​ | 2.4%
Insurance | ​ | 5.6% | ​ | ​ | 5,226 | ​ | ​ | 3,974 | ​ | 31.5%
Same-Store operating expenses | ​ | 100.0% | ​ | $ | 93,469 | ​ | $ | 90,452 | ​ | 3.3%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Same-Store Homes | ​ | 45,713 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | % of 3Q 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | SS Operating | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Sequential Comparison | ​ | Expenses | ​ | 3Q 2021 | ​ | 2Q 2021 | ​ | % Change
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Personnel | ​ | 14.3% | ​ | $ | 13,392 | ​ | $ | 13,330 | ​ | 0.5%
Utilities | ​ | 13.6% | ​ | ​ | 12,758 | ​ | ​ | 11,572 | ​ | 10.2%
Repair and maintenance | ​ | 19.0% | ​ | ​ | 17,713 | ​ | ​ | 15,460 | ​ | 14.6%
Administrative and marketing | ​ | 6.9% | ​ | ​ | 6,439 | ​ | ​ | 5,869 | ​ | 9.7%
Controllable expenses | ​ | 53.8% | ​ | ​ | 50,302 | ​ | ​ | 46,231 | ​ | 8.8%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Real estate taxes | ​ | 40.6% | ​ | $ | 37,941 | ​ | $ | 37,995 | ​ | -0.1%
Insurance | ​ | 5.6% | ​ | ​ | 5,226 | ​ | ​ | 4,471 | ​ | 16.9%
Same-Store operating expenses | ​ | 100.0% | ​ | $ | 93,469 | ​ | $ | 88,697 | ​ | 5.4%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Same-Store Homes | ​ | 45,713 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | % of YTD 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | SS Operating | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year-to-Date Comparison | ​ | Expenses | ​ | YTD 2021 | ​ | YTD 2020 | ​ | % Change
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Personnel | ​ | 15.0% | ​ | $ | 40,073 | ​ | $ | 46,160 | ​ | -13.2%
Utilities | ​ | 13.4% | ​ | ​ | 35,888 | ​ | ​ | 34,536 | ​ | 3.9%
Repair and maintenance | ​ | 17.6% | ​ | ​ | 47,050 | ​ | ​ | 40,317 | ​ | 16.7%
Administrative and marketing | ​ | 6.8% | ​ | ​ | 18,107 | ​ | ​ | 17,404 | ​ | 4.0%
Controllable expenses | ​ | 52.8% | ​ | ​ | 141,118 | ​ | ​ | 138,417 | ​ | 2.0%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Real estate taxes | ​ | 41.9% | ​ | $ | 111,898 | ​ | $ | 108,603 | ​ | 3.0%
Insurance | ​ | 5.3% | ​ | ​ | 14,064 | ​ | ​ | 10,942 | ​ | 28.5%
Same-Store operating expenses | ​ | 100.0% | ​ | $ | 267,080 | ​ | $ | 257,962 | ​ | 3.5%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Same-Store Homes | ​ | 45,143 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​

​

(1) | See Attachment 15 for definitions and other terms.

​

​

9

Attachment 7(A)

​

UDR, Inc.

Apartment Home Breakout

Portfolio Overview as of Quarter Ended

September 30, 2021

(Unaudited) (1)

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Unconsolidated | ​ | ​ | Revenue Per
​ | ​ | ​ | ​ | ​ | ​ | Total | Joint Venture | Total | ​ | Occupied
​ | ​ | Same-Store | ​ | Non-Mature | ​ | Consolidated | Operating | Homes | ​ | Home
​ | ​ | Homes | ​ | Homes (2) | ​ | Homes | Homes (3) | (incl. JV) (3) | ​ | (Incl. JV at Share)(4)
West Region | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Orange County, CA | ​ | 4,685 | ​ | - | ​ | 4,685 | 381 | 5,066 | ​ | $ | 2,688
San Francisco, CA | ​ | 2,751 | ​ | - | ​ | 2,751 | 602 | 3,353 | ​ | ​ | 3,123
Seattle, WA | ​ | 2,725 | ​ | 259 | ​ | 2,984 | - | 2,984 | ​ | ​ | 2,473
Los Angeles, CA | ​ | 1,225 | ​ | - | ​ | 1,225 | 340 | 1,565 | ​ | ​ | 3,011
Monterey Peninsula, CA | ​ | 1,565 | ​ | - | ​ | 1,565 | - | 1,565 | ​ | ​ | 2,028
​ | ​ | 12,951 | ​ | 259 | ​ | 13,210 | 1,323 | 14,533 | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mid-Atlantic Region | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Metropolitan DC | ​ | 8,003 | ​ | 1,412 | ​ | 9,415 | - | 9,415 | ​ | ​ | 2,082
Baltimore, MD | ​ | 1,597 | ​ | 192 | ​ | 1,789 | - | 1,789 | ​ | ​ | 1,657
Richmond, VA | ​ | 1,359 | ​ | - | ​ | 1,359 | - | 1,359 | ​ | ​ | 1,554
​ | ​ | 10,959 | ​ | 1,604 | ​ | 12,563 | - | 12,563 | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Northeast Region | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Boston, MA | ​ | 4,139 | ​ | 459 | ​ | 4,598 | 250 | 4,848 | ​ | ​ | 2,736
New York, NY | ​ | 1,825 | ​ | 493 | ​ | 2,318 | 710 | 3,028 | ​ | ​ | 3,433
​ | ​ | 5,964 | ​ | 952 | ​ | 6,916 | 960 | 7,876 | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Southeast Region | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tampa, FL | ​ | 3,205 | ​ | 672 | ​ | 3,877 | - | 3,877 | ​ | ​ | 1,676
Orlando, FL | ​ | 2,500 | ​ | - | ​ | 2,500 | - | 2,500 | ​ | ​ | 1,474
Nashville, TN | ​ | 2,260 | ​ | - | ​ | 2,260 | - | 2,260 | ​ | ​ | 1,443
​ | ​ | 7,965 | ​ | 672 | ​ | 8,637 | - | 8,637 | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Southwest Region | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dallas, TX | ​ | 3,866 | ​ | 1,947 | ​ | 5,813 | - | 5,813 | ​ | ​ | 1,491
Austin, TX | ​ | 1,272 | ​ | - | ​ | 1,272 | - | 1,272 | ​ | ​ | 1,625
​ | ​ | 5,138 | ​ | 1,947 | ​ | 7,085 | - | 7,085 | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other Markets (5) | ​ | 2,736 | ​ | 659 | ​ | 3,395 | 554 | 3,949 | ​ | ​ | 2,244
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Totals | ​ | 45,713 | ​ | 6,093 | ​ | 51,806 | 2,837 | 54,643 | ​ | $ | 2,189
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Communities (6) | ​ | 143 | ​ | 14 | ​ | 157 | 13 | 170 | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Homes | ​ | Communities | ​ | ​ | ​ | ​ | ​
Total completed homes | ​ | ​ | ​ | 54,643 | ​ | 170 | ​ | ​ | ​ | ​ | ​
Held for Disposition | ​ | ​ | ​ | 265 | ​ | 1 | ​ | ​ | ​ | ​ | ​
Under Development (7) | ​ | ​ | ​ | 1,417 | ​ | 5 | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Quarter-end homes and communities | ​ | ​ | ​ | 56,325 | ​ | 176 | ​ | ​ | ​ | ​ | ​

(1) | See Attachment 15 for definitions and other terms.

(2) | Represents homes included in Stabilized, Non-Mature, Acquired, Development, Redevelopment and Non-Residential/Other Communities categories on Attachment 5. Excludes development homes not yet completed and Sold and Held for Disposition Communities.

(3) | Represents joint venture operating homes at 100 percent. Excludes joint venture held for disposition communities. See Attachment 11(A) for UDR's joint venture and partnership ownership interests.

(4) | Represents joint ventures at UDR's ownership interests. Excludes joint venture held for disposition communities. See Attachment 11(A) for UDR's joint venture and partnership ownership interests.

(5) | Other Markets include Denver (218 homes), Palm Beach (636 homes), Inland Empire (654 homes), San Diego (163 wholly owned, 264 JV homes), Portland (752 homes) and Philadelphia (972 wholly owned, 290 JV homes).

(6) | Represents communities where 100 percent of all development homes have been completed.

(7) | See Attachment 9 for UDR’s developments and ownership interests.

​

​

10

Attachment 7(B)

​

UDR, Inc.

Non-Mature Home Summary and Net Operating Income by Market

September 30, 2021

(Unaudited) (1)

​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-Mature Home Breakout - By Date
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Community | ​ | Category | ​ | # of Homes | ​ | Market | ​ | Same-Store Quarter (2) | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
10 Hanover Square | ​ | Stabilized, Non-Mature | ​ | 493 | ​ | New York, NY | ​ | 1Q22 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Garrison Square | ​ | Stabilized, Non-Mature | ​ | 159 | ​ | Boston, MA | ​ | 1Q22 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Andover Place at Cross Creek | ​ | Stabilized, Non-Mature | ​ | 672 | ​ | Tampa, FL | ​ | 1Q22 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Station on Silver | ​ | Stabilized, Non-Mature | ​ | 400 | ​ | Metropolitan DC | ​ | 1Q22 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Union Place | ​ | Stabilized, Non-Mature | ​ | 300 | ​ | Boston, MA | ​ | 2Q22 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Vitruvian West Phase 2 | ​ | Stabilized, Non-Mature | ​ | 366 | ​ | Dallas, TX | ​ | 3Q22 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
The Canal | ​ | Stabilized, Non-Mature | ​ | 636 | ​ | Dallas, TX | ​ | 3Q22 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cool Springs at Frisco Bridges | ​ | Stabilized, Non-Mature | ​ | 945 | ​ | Dallas, TX | ​ | 3Q22 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Seneca Place | ​ | Stabilized, Non-Mature | ​ | 468 | ​ | Metropolitan DC | ​ | 3Q22 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Brio | ​ | Acquired | ​ | 259 | ​ | Seattle, WA | ​ | 3Q22 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Canterbury Apartments | ​ | Acquired | ​ | 544 | ​ | Metropolitan DC | ​ | 4Q22 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
The Smith Valley Forge | ​ | Acquired | ​ | 320 | ​ | Philadelphia, PA | ​ | 4Q22 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
1274 at Towson | ​ | Acquired | ​ | 192 | ​ | Baltimore, MD | ​ | 4Q22 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
322 on North Broad | ​ | Acquired | ​ | 339 | ​ | Philadelphia, PA | ​ | 4Q22 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | ​ | ​ | 6,093 | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net Operating Income Breakout By Market | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As a % of NOI | ​ | ​ | ​ | As a % of NOI
Region | ​ | Same-Store | ​ | Total | ​ | Region | ​ | Same-Store | ​ | Total
West Region | ​ | ​ | ​ | ​ | ​ | Southeast Region | ​ | ​ | ​ | ​
Orange County, CA | ​ | 14.4% | ​ | 13.2% | ​ | Tampa, FL | ​ | 5.0% | ​ | 5.2%
San Francisco, CA | ​ | 8.3% | ​ | 8.2% | ​ | Orlando, FL | ​ | 3.7% | ​ | 3.2%
Seattle, WA | ​ | 6.9% | ​ | 7.0% | ​ | Nashville, TN | ​ | 3.3% | ​ | 2.9%
Los Angeles, CA | ​ | 3.7% | ​ | 3.7% | ​ | ​ | ​ | 12.0% | ​ | 11.3%
Monterey Penninsula, CA | ​ | 3.6% | ​ | 3.1% | ​ | Southwest Region | ​ | ​ | ​ | ​
​ | ​ | 36.9% | ​ | 35.2% | ​ | Dallas, TX | ​ | 5.5% | ​ | 7.0%
Mid-Atlantic Region | ​ | ​ | ​ | ​ | ​ | Austin, TX | ​ | 1.8% | ​ | 1.6%
Metropolitan DC | ​ | 16.8% | ​ | 16.5% | ​ | ​ | ​ | 7.3% | ​ | 8.6%
Baltimore, MD | ​ | 2.7% | ​ | 2.4% | ​ | ​ | ​ | ​ | ​ | ​
Richmond, VA | ​ | 2.3% | ​ | 2.0% | ​ | Other Markets (3) | ​ | 6.2% | ​ | 6.5%
​ | ​ | 21.8% | ​ | 20.9% | ​ | ​ | ​ | ​ | ​ | ​
Northeast Retion | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Boston, MA | ​ | 11.5% | ​ | 11.7% | ​ | ​ | ​ | ​ | ​ | ​
New York, NY | ​ | 4.3% | ​ | 5.8% | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 15.8% | ​ | 17.5% | ​ | Total | ​ | 100.0% | ​ | 100.0%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​

(1) | See Attachment 15 for definitions and other terms.

(2) | Estimated Same-Store quarter represents the quarter UDR anticipates contributing the community to the QTD same-store pool.

(3) | See Attachment 7(A), footnote 5 for details regarding location of the Other Markets.

​

11

Attachment 8(A)

​

UDR, Inc.

Same-Store Operating Information By Major Market

Current Quarter vs. Prior Year Quarter

September 30, 2021

(Unaudited) (1)

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | % of Same- | ​ | Same-Store
​ | ​ | Total | Store Portfolio | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Same-Store | Based on | ​ | Physical Occupancy | ​ | Total Revenue per Occupied Home
​ | ​ | Homes | 3Q 2021 NOI | ​ | 3Q 21 | 3Q 20 | Change | ​ | 3Q 21 | 3Q 20 | Change
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
West Region | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Orange County, CA | ​ | 4,685 | 14.4% | ​ | 97.9% | 96.3% | 1.6% | ​ | $ | 2,694 | $ | 2,479 | 8.7%
San Francisco, CA | ​ | 2,751 | 8.3% | ​ | 96.4% | 86.3% | 10.1% | ​ | ​ | 3,054 | ​ | 3,453 | -11.6%
Seattle, WA | ​ | 2,725 | 6.9% | ​ | 97.6% | 95.6% | 2.0% | ​ | ​ | 2,459 | ​ | 2,446 | 0.5%
Los Angeles, CA | ​ | 1,225 | 3.7% | ​ | 97.1% | 95.0% | 2.1% | ​ | ​ | 2,876 | ​ | 2,734 | 5.2%
Monterey Peninsula, CA | ​ | 1,565 | 3.6% | ​ | 97.4% | 97.2% | 0.2% | ​ | ​ | 2,028 | ​ | 1,935 | 4.8%
​ | ​ | 12,951 | 36.9% | ​ | 97.4% | 94.0% | 3.4% | ​ | ​ | 2,657 | ​ | 2,618 | 1.5%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mid-Atlantic Region | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Metropolitan DC | ​ | 8,003 | 16.8% | ​ | 97.0% | 96.4% | 0.6% | ​ | ​ | 2,154 | ​ | 2,137 | 0.8%
Baltimore, MD | ​ | 1,597 | 2.7% | ​ | 97.4% | 97.3% | 0.1% | ​ | ​ | 1,701 | ​ | 1,635 | 4.0%
Richmond, VA | ​ | 1,359 | 2.3% | ​ | 98.1% | 98.1% | 0.0% | ​ | ​ | 1,554 | ​ | 1,434 | 8.4%
​ | ​ | 10,959 | 21.8% | ​ | 97.2% | 96.7% | 0.5% | ​ | ​ | 2,013 | ​ | 1,975 | 1.9%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Northeast Region | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Boston, MA | ​ | 4,139 | 11.5% | ​ | 97.2% | 94.3% | 2.9% | ​ | ​ | 2,734 | ​ | 2,579 | 6.0%
New York, NY | ​ | 1,825 | 4.3% | ​ | 97.5% | 88.5% | 9.0% | ​ | ​ | 3,457 | ​ | 3,761 | -8.1%
​ | ​ | 5,964 | 15.8% | ​ | 97.3% | 92.5% | 4.8% | ​ | ​ | 2,956 | ​ | 2,925 | 1.1%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Southeast Region | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tampa, FL | ​ | 3,205 | 5.0% | ​ | 97.8% | 96.8% | 1.0% | ​ | ​ | 1,732 | ​ | 1,568 | 10.5%
Orlando, FL | ​ | 2,500 | 3.7% | ​ | 97.8% | 97.2% | 0.6% | ​ | ​ | 1,474 | ​ | 1,407 | 4.8%
Nashville, TN | ​ | 2,260 | 3.3% | ​ | 98.2% | 97.8% | 0.4% | ​ | ​ | 1,443 | ​ | 1,398 | 3.2%
​ | ​ | 7,965 | 12.0% | ​ | 97.9% | 97.2% | 0.7% | ​ | ​ | 1,569 | ​ | 1,469 | 6.8%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Southwest Region | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dallas, TX | ​ | 3,866 | 5.5% | ​ | 98.0% | 96.6% | 1.4% | ​ | ​ | 1,547 | ​ | 1,483 | 4.3%
Austin, TX | ​ | 1,272 | 1.8% | ​ | 98.6% | 97.6% | 1.0% | ​ | ​ | 1,625 | ​ | 1,570 | 3.5%
​ | ​ | 5,138 | 7.3% | ​ | 98.1% | 96.9% | 1.2% | ​ | ​ | 1,566 | ​ | 1,504 | 4.2%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other Markets | ​ | 2,736 | 6.2% | ​ | 97.8% | 96.9% | 0.9% | ​ | ​ | 2,210 | ​ | 2,026 | 9.1%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total/Weighted Avg. | ​ | 45,713 | 100.0% | ​ | 97.5% | 95.5% | 2.0% | ​ | $ | 2,201 | $ | 2,133 | 3.2%

(1) | See Attachment 15 for definitions and other terms.

​

12

Attachment 8(B)

​

UDR, Inc.

Same-Store Operating Information By Major Market

Current Quarter vs. Prior Year Quarter

September 30, 2021

(Unaudited) (1)

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Same-Store ($000s)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Total | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Same-Store | ​ | Revenues | ​ | Expenses | ​ | Net Operating Income
​ | Homes | ​ | 3Q 21 | 3Q 20 | Change | ​ | 3Q 21 | 3Q 20 | Change | ​ | 3Q 21 | 3Q 20 | Change
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
West Region | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Orange County, CA | 4,685 | ​ | $ | 37,070 | $ | 33,553 | 10.5% | ​ | $ | 8,046 | $ | 8,065 | -0.2% | ​ | $ | 29,024 | $ | 25,488 | 13.9%
San Francisco, CA | 2,751 | ​ | ​ | 24,301 | ​ | 24,595 | -1.2% | ​ | ​ | 7,576 | ​ | 7,259 | 4.4% | ​ | ​ | 16,725 | ​ | 17,336 | -3.5%
Seattle, WA | 2,725 | ​ | ​ | 19,617 | ​ | 19,114 | 2.6% | ​ | ​ | 5,832 | ​ | 5,522 | 5.6% | ​ | ​ | 13,785 | ​ | 13,592 | 1.4%
Los Angeles, CA | 1,225 | ​ | ​ | 10,264 | ​ | 9,546 | 7.5% | ​ | ​ | 2,864 | ​ | 2,794 | 2.5% | ​ | ​ | 7,400 | ​ | 6,752 | 9.6%
Monterey Peninsula, CA | 1,565 | ​ | ​ | 9,273 | ​ | 8,832 | 5.0% | ​ | ​ | 2,078 | ​ | 1,888 | 10.1% | ​ | ​ | 7,195 | ​ | 6,944 | 3.6%
​ | 12,951 | ​ | ​ | 100,525 | ​ | 95,640 | 5.1% | ​ | ​ | 26,396 | ​ | 25,528 | 3.4% | ​ | ​ | 74,129 | ​ | 70,112 | 5.7%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mid-Atlantic Region | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Metropolitan DC | 8,003 | ​ | ​ | 50,162 | ​ | 49,457 | 1.4% | ​ | ​ | 16,286 | ​ | 15,756 | 3.4% | ​ | ​ | 33,876 | ​ | 33,701 | 0.5%
Baltimore, MD | 1,597 | ​ | ​ | 7,936 | ​ | 7,624 | 4.1% | ​ | ​ | 2,589 | ​ | 2,387 | 8.5% | ​ | ​ | 5,347 | ​ | 5,237 | 2.1%
Richmond, VA | 1,359 | ​ | ​ | 6,216 | ​ | 5,733 | 8.4% | ​ | ​ | 1,645 | ​ | 1,482 | 11.0% | ​ | ​ | 4,571 | ​ | 4,251 | 7.5%
​ | 10,959 | ​ | ​ | 64,314 | ​ | 62,814 | 2.4% | ​ | ​ | 20,520 | ​ | 19,625 | 4.6% | ​ | ​ | 43,794 | ​ | 43,189 | 1.4%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Northeast Region | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Boston, MA | 4,139 | ​ | ​ | 32,993 | ​ | 30,199 | 9.3% | ​ | ​ | 9,953 | ​ | 9,129 | 9.0% | ​ | ​ | 23,040 | ​ | 21,070 | 9.3%
New York, NY | 1,825 | ​ | ​ | 18,456 | ​ | 18,223 | 1.3% | ​ | ​ | 9,894 | ​ | 9,935 | -0.4% | ​ | ​ | 8,562 | ​ | 8,288 | 3.3%
​ | 5,964 | ​ | ​ | 51,449 | ​ | 48,422 | 6.3% | ​ | ​ | 19,847 | ​ | 19,064 | 4.1% | ​ | ​ | 31,602 | ​ | 29,358 | 7.6%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Southeast Region | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tampa, FL | 3,205 | ​ | ​ | 16,286 | ​ | 14,597 | 11.6% | ​ | ​ | 6,153 | ​ | 5,630 | 9.3% | ​ | ​ | 10,133 | ​ | 8,967 | 13.0%
Orlando, FL | 2,500 | ​ | ​ | 10,809 | ​ | 10,260 | 5.4% | ​ | ​ | 3,407 | ​ | 3,294 | 3.4% | ​ | ​ | 7,402 | ​ | 6,966 | 6.3%
Nashville, TN | 2,260 | ​ | ​ | 9,606 | ​ | 9,273 | 3.6% | ​ | ​ | 2,885 | ​ | 2,709 | 6.5% | ​ | ​ | 6,721 | ​ | 6,564 | 2.4%
​ | 7,965 | ​ | ​ | 36,701 | ​ | 34,130 | 7.5% | ​ | ​ | 12,445 | ​ | 11,633 | 7.0% | ​ | ​ | 24,256 | ​ | 22,497 | 7.8%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Southwest Region | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dallas, TX | 3,866 | ​ | ​ | 17,581 | ​ | 16,604 | 5.9% | ​ | ​ | 6,584 | ​ | 6,926 | -5.0% | ​ | ​ | 10,997 | ​ | 9,678 | 13.6%
Austin, TX | 1,272 | ​ | ​ | 6,114 | ​ | 5,849 | 4.5% | ​ | ​ | 2,499 | ​ | 2,462 | 1.5% | ​ | ​ | 3,615 | ​ | 3,387 | 6.7%
​ | 5,138 | ​ | ​ | 23,695 | ​ | 22,453 | 5.5% | ​ | ​ | 9,083 | ​ | 9,388 | -3.3% | ​ | ​ | 14,612 | ​ | 13,065 | 11.8%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other Markets | 2,736 | ​ | ​ | 17,738 | ​ | 16,120 | 10.0% | ​ | ​ | 5,178 | ​ | 5,214 | -0.7% | ​ | ​ | 12,560 | ​ | 10,906 | 15.2%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total (2)(3) | 45,713 | ​ | $ | 294,422 | $ | 279,579 | 5.3% | ​ | $ | 93,469 | $ | 90,452 | 3.3% | ​ | $ | 200,953 | $ | 189,127 | 6.3%

​

(1) | See Attachment 15 for definitions and other terms.

(2) | 3Q 21 includes a reduction in the reserve (reflected as an increase to revenues) of approximately $3.1 million or 1.0% of billed residential revenue on our Same-Store Communities. The remaining reserve is based on probability of collection.

(3) | With concessions reflected on a straight-line basis, Same-Store revenue and Same-Store NOI increased year-over-year by 1.6% and 0.9%, respectively. See Attachment 15(C) for definitions and reconciliations.

​

13

Attachment 8(C)

​

UDR, Inc.

Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

September 30, 2021

(Unaudited) (1)

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Same-Store
​ | ​ | Total | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Same-Store | ​ | Physical Occupancy | ​ | Total Revenue per Occupied Home
​ | ​ | Homes | ​ | 3Q 21 | 2Q 21 | Change | ​ | 3Q 21 | 2Q 21 | Change
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
West Region | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Orange County, CA | ​ | 4,685 | ​ | 97.9% | 97.8% | 0.1% | ​ | $ | 2,694 | $ | 2,536 | 6.2%
San Francisco, CA | ​ | 2,751 | ​ | 96.4% | 95.5% | 0.9% | ​ | ​ | 3,054 | ​ | 2,972 | 2.8%
Seattle, WA | ​ | 2,725 | ​ | 97.6% | 97.4% | 0.2% | ​ | ​ | 2,459 | ​ | 2,295 | 7.1%
Los Angeles, CA | ​ | 1,225 | ​ | 97.1% | 95.9% | 1.2% | ​ | ​ | 2,876 | ​ | 2,526 | 13.9%
Monterey Peninsula, CA | ​ | 1,565 | ​ | 97.4% | 97.3% | 0.1% | ​ | ​ | 2,028 | ​ | 1,957 | 3.6%
​ | ​ | 12,951 | ​ | 97.4% | 97.0% | 0.4% | ​ | ​ | 2,657 | ​ | 2,505 | 6.1%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mid-Atlantic Region | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Metropolitan DC | ​ | 8,003 | ​ | 97.0% | 96.7% | 0.3% | ​ | ​ | 2,154 | ​ | 2,136 | 0.8%
Baltimore, MD | ​ | 1,597 | ​ | 97.4% | 98.2% | -0.8% | ​ | ​ | 1,701 | ​ | 1,634 | 4.1%
Richmond, VA | ​ | 1,359 | ​ | 98.1% | 98.4% | -0.3% | ​ | ​ | 1,554 | ​ | 1,518 | 2.4%
​ | ​ | 10,959 | ​ | 97.2% | 97.1% | 0.1% | ​ | ​ | 2,013 | ​ | 1,984 | 1.4%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Northeast Region | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Boston, MA | ​ | 4,139 | ​ | 97.2% | 96.8% | 0.4% | ​ | ​ | 2,734 | ​ | 2,626 | 4.1%
New York, NY | ​ | 1,825 | ​ | 97.5% | 96.7% | 0.8% | ​ | ​ | 3,457 | ​ | 3,645 | -5.2%
​ | ​ | 5,964 | ​ | 97.3% | 96.8% | 0.5% | ​ | ​ | 2,956 | ​ | 2,938 | 0.6%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Southeast Region | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tampa, FL | ​ | 3,205 | ​ | 97.8% | 97.9% | -0.1% | ​ | ​ | 1,732 | ​ | 1,665 | 4.0%
Orlando, FL | ​ | 2,500 | ​ | 97.8% | 97.7% | 0.1% | ​ | ​ | 1,474 | ​ | 1,465 | 0.6%
Nashville, TN | ​ | 2,260 | ​ | 98.2% | 97.7% | 0.5% | ​ | ​ | 1,443 | ​ | 1,421 | 1.5%
​ | ​ | 7,965 | ​ | 97.9% | 97.7% | 0.2% | ​ | ​ | 1,569 | ​ | 1,535 | 2.2%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Southwest Region | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dallas, TX | ​ | 3,866 | ​ | 98.0% | 96.7% | 1.3% | ​ | ​ | 1,547 | ​ | 1,509 | 2.5%
Austin, TX | ​ | 1,272 | ​ | 98.6% | 98.6% | 0.0% | ​ | ​ | 1,625 | ​ | 1,596 | 1.8%
​ | ​ | 5,138 | ​ | 98.1% | 97.1% | 1.0% | ​ | ​ | 1,566 | ​ | 1,532 | 2.3%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other Markets | ​ | 2,736 | ​ | 97.8% | 97.8% | 0.0% | ​ | ​ | 2,210 | ​ | 2,080 | 6.3%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total/Weighted Avg. | ​ | 45,713 | ​ | 97.5% | 97.2% | 0.3% | ​ | $ | 2,201 | $ | 2,133 | 3.2%

​

(1) | See Attachment 15 for definitions and other terms.

​

14

Attachment 8(D)

​

UDR, Inc.

Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

September 30, 2021

(Unaudited) (1)

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Same-Store ($000s)
​ | Total | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Same-Store | ​ | Revenues | ​ | Expenses | ​ | Net Operating Income
​ | Homes | ​ | 3Q 21 | 2Q 21 | Change | ​ | 3Q 21 | 2Q 21 | Change | ​ | 3Q 21 | 2Q 21 | Change
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
West Region | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Orange County, CA | 4,685 | ​ | $ | 37,070 | $ | 34,863 | 6.3% | ​ | $ | 8,046 | $ | 7,897 | 1.9% | ​ | $ | 29,024 | $ | 26,966 | 7.6%
San Francisco, CA | 2,751 | ​ | ​ | 24,301 | ​ | 23,423 | 3.7% | ​ | ​ | 7,576 | ​ | 7,339 | 3.2% | ​ | ​ | 16,725 | ​ | 16,084 | 4.0%
Seattle, WA | 2,725 | ​ | ​ | 19,617 | ​ | 18,276 | 7.3% | ​ | ​ | 5,832 | ​ | 5,514 | 5.8% | ​ | ​ | 13,785 | ​ | 12,762 | 8.0%
Los Angeles, CA | 1,225 | ​ | ​ | 10,264 | ​ | 8,902 | 15.3% | ​ | ​ | 2,864 | ​ | 2,780 | 3.0% | ​ | ​ | 7,400 | ​ | 6,122 | 20.9%
Monterey Peninsula, CA | 1,565 | ​ | ​ | 9,273 | ​ | 8,940 | 3.7% | ​ | ​ | 2,078 | ​ | 1,935 | 7.4% | ​ | ​ | 7,195 | ​ | 7,005 | 2.7%
​ | 12,951 | ​ | ​ | 100,525 | ​ | 94,404 | 6.5% | ​ | ​ | 26,396 | ​ | 25,465 | 3.7% | ​ | ​ | 74,129 | ​ | 68,939 | 7.5%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mid-Atlantic Region | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Metropolitan DC | 8,003 | ​ | ​ | 50,162 | ​ | 49,584 | 1.2% | ​ | ​ | 16,286 | ​ | 15,703 | 3.7% | ​ | ​ | 33,876 | ​ | 33,881 | 0.0%
Baltimore, MD | 1,597 | ​ | ​ | 7,936 | ​ | 7,688 | 3.2% | ​ | ​ | 2,589 | ​ | 2,420 | 7.0% | ​ | ​ | 5,347 | ​ | 5,268 | 1.5%
Richmond, VA | 1,359 | ​ | ​ | 6,216 | ​ | 6,090 | 2.1% | ​ | ​ | 1,645 | ​ | 1,506 | 9.2% | ​ | ​ | 4,571 | ​ | 4,584 | -0.3%
​ | 10,959 | ​ | ​ | 64,314 | ​ | 63,362 | 1.5% | ​ | ​ | 20,520 | ​ | 19,629 | 4.5% | ​ | ​ | 43,794 | ​ | 43,733 | 0.1%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Northeast Region | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Boston, MA | 4,139 | ​ | ​ | 32,993 | ​ | 31,566 | 4.5% | ​ | ​ | 9,953 | ​ | 8,623 | 15.4% | ​ | ​ | 23,040 | ​ | 22,943 | 0.4%
New York, NY | 1,825 | ​ | ​ | 18,456 | ​ | 19,297 | -4.4% | ​ | ​ | 9,894 | ​ | 9,401 | 5.2% | ​ | ​ | 8,562 | ​ | 9,896 | -13.5%
​ | 5,964 | ​ | ​ | 51,449 | ​ | 50,863 | 1.2% | ​ | ​ | 19,847 | ​ | 18,024 | 10.1% | ​ | ​ | 31,602 | ​ | 32,839 | -3.8%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Southeast Region | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tampa, FL | 3,205 | ​ | ​ | 16,286 | ​ | 15,659 | 4.0% | ​ | ​ | 6,153 | ​ | 5,683 | 8.3% | ​ | ​ | 10,133 | ​ | 9,976 | 1.6%
Orlando, FL | 2,500 | ​ | ​ | 10,809 | ​ | 10,733 | 0.7% | ​ | ​ | 3,407 | ​ | 3,172 | 7.4% | ​ | ​ | 7,402 | ​ | 7,561 | -2.1%
Nashville, TN | 2,260 | ​ | ​ | 9,606 | ​ | 9,415 | 2.0% | ​ | ​ | 2,885 | ​ | 2,884 | 0.0% | ​ | ​ | 6,721 | ​ | 6,531 | 2.9%
​ | 7,965 | ​ | ​ | 36,701 | ​ | 35,807 | 2.5% | ​ | ​ | 12,445 | ​ | 11,739 | 6.0% | ​ | ​ | 24,256 | ​ | 24,068 | 0.8%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Southwest Region | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dallas, TX | 3,866 | ​ | ​ | 17,581 | ​ | 16,916 | 3.9% | ​ | ​ | 6,584 | ​ | 6,523 | 0.9% | ​ | ​ | 10,997 | ​ | 10,393 | 5.8%
Austin, TX | 1,272 | ​ | ​ | 6,114 | ​ | 6,006 | 1.8% | ​ | ​ | 2,499 | ​ | 2,403 | 4.0% | ​ | ​ | 3,615 | ​ | 3,603 | 0.3%
​ | 5,138 | ​ | ​ | 23,695 | ​ | 22,922 | 3.4% | ​ | ​ | 9,083 | ​ | 8,926 | 1.8% | ​ | ​ | 14,612 | ​ | 13,996 | 4.4%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other Markets | 2,736 | ​ | ​ | 17,738 | ​ | 16,698 | 6.2% | ​ | ​ | 5,178 | ​ | 4,914 | 5.4% | ​ | ​ | 12,560 | ​ | 11,784 | 6.6%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total (2)(3) | 45,713 | ​ | $ | 294,422 | $ | 284,056 | 3.6% | ​ | $ | 93,469 | $ | 88,697 | 5.4% | ​ | $ | 200,953 | $ | 195,359 | 2.9%

​

(1) | See Attachment 15 for definitions and other terms.

(2) | 3Q21 includes a reduction in the reserves (reflected as an increase to revenues) of approximately $3.1 million or 1.0% of billed residential revenue on our Same-Store Communities. 2Q21 includes an increase in the reserves (reflected as an decrease to revenues) of approximately $0.2 million or 0.1% of billed residential revenue on our Same-Store Communities. The remaining reserves are based on probability of collection.

(3) | With concessions reflected on a straight-line basis, Same-Store revenue and Same-Store NOI increased quarter-over-quarter by 3.3% and 2.4%, respectively. See Attachment 15(C) for definitions and reconciliations.

​

15

​

Attachment 8(E)

​

UDR, Inc.

Same-Store Operating Information By Major Market

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

September 30, 2021

(Unaudited) (1)

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | % of Same- | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Total | Store Portfolio | ​ | Same-Store
​ | ​ | Same-Store | Based on | ​ | Physical Occupancy | ​ | Total Revenue per Occupied Home
​ | ​ | Homes | YTD 2021 NOI | ​ | YTD 21 | YTD 20 | Change | ​ | YTD 21 | YTD 20 | Change
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
West Region | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Orange County, CA | ​ | 4,685 | 14.1% | ​ | 97.6% | 96.5% | 1.1% | ​ | $ | 2,566 | $ | 2,518 | 1.9%
San Francisco, CA | ​ | 2,751 | 8.5% | ​ | 94.9% | 91.9% | 3.0% | ​ | ​ | 3,038 | ​ | 3,624 | -16.2%
Seattle, WA | ​ | 2,725 | 6.8% | ​ | 97.1% | 96.6% | 0.5% | ​ | ​ | 2,360 | ​ | 2,486 | -5.1%
Los Angeles, CA | ​ | 1,225 | 3.4% | ​ | 96.0% | 95.9% | 0.1% | ​ | ​ | 2,651 | ​ | 2,824 | -6.1%
Monterey Peninsula, CA | ​ | 1,565 | 3.6% | ​ | 97.0% | 96.6% | 0.4% | ​ | ​ | 1,972 | ​ | 1,936 | 1.9%
​ | ​ | 12,951 | 36.4% | ​ | 96.7% | 95.5% | 1.2% | ​ | ​ | 2,557 | ​ | 2,695 | -5.1%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mid-Atlantic Region | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Metropolitan DC | ​ | 8,003 | 17.4% | ​ | 96.5% | 96.7% | -0.2% | ​ | ​ | 2,128 | ​ | 2,158 | -1.4%
Baltimore, MD | ​ | 1,597 | 2.7% | ​ | 98.0% | 96.9% | 1.1% | ​ | ​ | 1,653 | ​ | 1,626 | 1.7%
Richmond, VA | ​ | 1,359 | 2.3% | ​ | 98.3% | 97.5% | 0.8% | ​ | ​ | 1,509 | ​ | 1,419 | 6.3%
​ | ​ | 10,959 | 22.4% | ​ | 96.9% | 96.8% | 0.1% | ​ | ​ | 1,980 | ​ | 1,988 | -0.4%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Northeast Region | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Boston, MA | ​ | 4,139 | 11.7% | ​ | 96.6% | 94.8% | 1.8% | ​ | ​ | 2,662 | ​ | 2,695 | -1.2%
New York, NY | ​ | 1,825 | 4.9% | ​ | 96.3% | 93.3% | 3.0% | ​ | ​ | 3,642 | ​ | 4,072 | -10.6%
​ | ​ | 5,964 | 16.6% | ​ | 96.5% | 94.3% | 2.2% | ​ | ​ | 2,961 | ​ | 3,112 | -4.8%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Southeast Region | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tampa, FL | ​ | 2,911 | 4.6% | ​ | 97.6% | 96.7% | 0.9% | ​ | ​ | 1,627 | ​ | 1,534 | 6.1%
Orlando, FL | ​ | 2,500 | 3.8% | ​ | 97.4% | 96.8% | 0.6% | ​ | ​ | 1,455 | ​ | 1,408 | 3.3%
Nashville, TN | ​ | 2,260 | 3.4% | ​ | 97.9% | 97.8% | 0.1% | ​ | ​ | 1,416 | ​ | 1,373 | 3.1%
​ | ​ | 7,671 | 11.8% | ​ | 97.6% | 97.1% | 0.5% | ​ | ​ | 1,509 | ​ | 1,445 | 4.4%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Southwest Region | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dallas, TX | ​ | 3,866 | 5.4% | ​ | 97.1% | 96.7% | 0.4% | ​ | ​ | 1,512 | ​ | 1,491 | 1.4%
Austin, TX | ​ | 1,272 | 1.8% | ​ | 98.1% | 97.7% | 0.4% | ​ | ​ | 1,586 | ​ | 1,547 | 2.5%
​ | ​ | 5,138 | 7.2% | ​ | 97.3% | 96.9% | 0.4% | ​ | ​ | 1,530 | ​ | 1,505 | 1.7%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other Markets | ​ | 2,460 | 5.6% | ​ | 97.7% | 96.5% | 1.2% | ​ | ​ | 2,130 | ​ | 2,056 | 3.6%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total/Weighted Avg. | ​ | 45,143 | 100.0% | ​ | 97.0% | 96.2% | 0.8% | ​ | $ | 2,150 | $ | 2,190 | -1.8%

​

(1) | See Attachment 15 for definitions and other terms.

​

16

​

Attachment 8(F)

​

UDR, Inc.

Same-Store Operating Information By Major Market

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

September 30, 2021

(Unaudited) (1)

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Same-Store ($000s)
​ | Total | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Same-Store | ​ | Revenues | ​ | Expenses | ​ | Net Operating Income
​ | Homes | ​ | YTD 21 | YTD 20 | Change | ​ | YTD 21 | YTD 20 | Change | ​ | YTD 21 | YTD 20 | Change
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
West Region | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Orange County, CA | 4,685 | ​ | $ | 105,609 | $ | 102,438 | 3.1% | ​ | $ | 23,613 | $ | 23,770 | -0.7% | ​ | $ | 81,996 | $ | 78,668 | 4.2%
San Francisco, CA | 2,751 | ​ | ​ | 71,376 | ​ | 82,449 | -13.4% | ​ | ​ | 22,280 | ​ | 21,591 | 3.2% | ​ | ​ | 49,096 | ​ | 60,858 | -19.3%
Seattle, WA | 2,725 | ​ | ​ | 56,189 | ​ | 58,888 | -4.6% | ​ | ​ | 16,985 | ​ | 16,021 | 6.0% | ​ | ​ | 39,204 | ​ | 42,867 | -8.5%
Los Angeles, CA | 1,225 | ​ | ​ | 28,058 | ​ | 29,857 | -6.0% | ​ | ​ | 8,372 | ​ | 8,364 | 0.1% | ​ | ​ | 19,686 | ​ | 21,493 | -8.4%
Monterey Peninsula, CA | 1,565 | ​ | ​ | 26,941 | ​ | 26,344 | 2.3% | ​ | ​ | 6,019 | ​ | 5,685 | 5.9% | ​ | ​ | 20,922 | ​ | 20,659 | 1.3%
​ | 12,951 | ​ | ​ | 288,173 | ​ | 299,976 | -3.9% | ​ | ​ | 77,269 | ​ | 75,431 | 2.4% | ​ | ​ | 210,904 | ​ | 224,545 | -6.1%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mid-Atlantic Region | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Metropolitan DC | 8,003 | ​ | ​ | 147,878 | ​ | 150,266 | -1.6% | ​ | ​ | 47,219 | ​ | 46,089 | 2.5% | ​ | ​ | 100,659 | ​ | 104,177 | -3.4%
Baltimore, MD | 1,597 | ​ | ​ | 23,280 | ​ | 22,646 | 2.8% | ​ | ​ | 7,471 | ​ | 6,955 | 7.4% | ​ | ​ | 15,809 | ​ | 15,691 | 0.8%
Richmond, VA | 1,359 | ​ | ​ | 18,139 | ​ | 16,910 | 7.3% | ​ | ​ | 4,676 | ​ | 4,344 | 7.7% | ​ | ​ | 13,463 | ​ | 12,566 | 7.1%
​ | 10,959 | ​ | ​ | 189,297 | ​ | 189,822 | -0.3% | ​ | ​ | 59,366 | ​ | 57,388 | 3.4% | ​ | ​ | 129,931 | ​ | 132,434 | -1.9%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Northeast Region | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Boston, MA | 4,139 | ​ | ​ | 95,793 | ​ | 95,157 | 0.7% | ​ | ​ | 27,743 | ​ | 26,141 | 6.1% | ​ | ​ | 68,050 | ​ | 69,016 | -1.4%
New York, NY | 1,825 | ​ | ​ | 57,606 | ​ | 62,403 | -7.7% | ​ | ​ | 29,188 | ​ | 27,205 | 7.3% | ​ | ​ | 28,418 | ​ | 35,198 | -19.3%
​ | 5,964 | ​ | ​ | 153,399 | ​ | 157,560 | -2.6% | ​ | ​ | 56,931 | ​ | 53,346 | 6.7% | ​ | ​ | 96,468 | ​ | 104,214 | -7.4%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Southeast Region | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tampa, FL | 2,911 | ​ | ​ | 41,612 | ​ | 38,863 | 7.1% | ​ | ​ | 14,850 | ​ | 13,951 | 6.4% | ​ | ​ | 26,762 | ​ | 24,912 | 7.4%
Orlando, FL | 2,500 | ​ | ​ | 31,897 | ​ | 30,673 | 4.0% | ​ | ​ | 9,752 | ​ | 9,277 | 5.1% | ​ | ​ | 22,145 | ​ | 21,396 | 3.5%
Nashville, TN | 2,260 | ​ | ​ | 28,203 | ​ | 27,317 | 3.2% | ​ | ​ | 8,688 | ​ | 7,899 | 10.0% | ​ | ​ | 19,515 | ​ | 19,418 | 0.5%
​ | 7,671 | ​ | ​ | 101,712 | ​ | 96,853 | 5.0% | ​ | ​ | 33,290 | ​ | 31,127 | 6.9% | ​ | ​ | 68,422 | ​ | 65,726 | 4.1%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Southwest Region | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dallas, TX | 3,866 | ​ | ​ | 51,091 | ​ | 50,137 | 1.9% | ​ | ​ | 19,489 | ​ | 20,124 | -3.2% | ​ | ​ | 31,602 | ​ | 30,013 | 5.3%
Austin, TX | 1,272 | ​ | ​ | 17,813 | ​ | 17,304 | 2.9% | ​ | ​ | 7,227 | ​ | 7,057 | 2.4% | ​ | ​ | 10,586 | ​ | 10,247 | 3.3%
​ | 5,138 | ​ | ​ | 68,904 | ​ | 67,441 | 2.2% | ​ | ​ | 26,716 | ​ | 27,181 | -1.7% | ​ | ​ | 42,188 | ​ | 40,260 | 4.8%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other Markets | 2,460 | ​ | ​ | 46,067 | ​ | 43,929 | 4.9% | ​ | ​ | 13,508 | ​ | 13,490 | 0.1% | ​ | ​ | 32,559 | ​ | 30,439 | 7.0%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total (2)(3) | 45,143 | ​ | $ | 847,552 | $ | 855,581 | -0.9% | ​ | $ | 267,080 | $ | 257,963 | 3.5% | ​ | $ | 580,472 | $ | 597,618 | -2.9%

​

(1) | See Attachment 15 for definitions and other terms.

(2) | YTD 21 includes an increase in the reserve (reflected as a decrease to revenues) of approximately $1.4 million or 0.2% of billed residential revenue on our Same-Store Communities. The remaining reserve is based on probability of collection.

(3) | With concessions reflected on a straight-line basis, Same-Store revenue and Same-Store NOI decreased year-over-year by 2.4% and 4.9%, respectively. See Attachment 15(C) for definitions and reconciliations.

​

17

​

Attachment 8(G)

​

UDR, Inc.

Same-Store Operating Information By Major Market

September 30, 2021

(Unaudited) (1)

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Effective Blended Lease Rate Growth | ​ | Effective New Lease Rate Growth | ​ | Effective Renewal Lease Rate Growth | ​ | Annualized Turnover
​ | ​ | 3Q 2021 | ​ | 3Q 2021 | ​ | 3Q 2021 | ​ | 3Q 2021 | 3Q 2020 | YTD 2021 | YTD 2020
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
West Region | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Orange County, CA | ​ | 10.0% | ​ | 13.6% | ​ | 6.5% | ​ | 53.5% | 64.2% | 46.4% | 52.8%
San Francisco, CA | ​ | 3.9% | ​ | 1.8% | ​ | 6.8% | ​ | 49.3% | 79.3% | 44.7% | 60.7%
Seattle, WA | ​ | 9.9% | ​ | 12.8% | ​ | 6.5% | ​ | 56.8% | 65.5% | 52.9% | 54.2%
Los Angeles, CA | ​ | 6.4% | ​ | 8.3% | ​ | 4.3% | ​ | 40.2% | 72.9% | 39.5% | 46.9%
Monterey Peninsula, CA | ​ | 7.6% | ​ | 19.1% | ​ | 3.5% | ​ | 28.1% | 41.1% | 29.0% | 38.5%
​ | ​ | 8.0% | ​ | 10.0% | ​ | 6.0% | ​ | 50.6% | 67.5% | 45.7% | 53.3%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mid-Atlantic Region | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Metropolitan DC | ​ | 3.5% | ​ | 2.3% | ​ | 4.5% | ​ | 55.6% | 61.9% | 46.2% | 44.4%
Baltimore, MD | ​ | 8.3% | ​ | 14.2% | ​ | 3.6% | ​ | 65.1% | 72.0% | 50.4% | 52.5%
Richmond, VA | ​ | 11.8% | ​ | 20.0% | ​ | 6.2% | ​ | 50.2% | 57.8% | 44.8% | 49.3%
​ | ​ | 4.8% | ​ | 5.1% | ​ | 4.5% | ​ | 56.6% | 63.1% | 46.7% | 46.4%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Northeast Region | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Boston, MA | ​ | 8.2% | ​ | 10.2% | ​ | 6.1% | ​ | 59.3% | 62.9% | 47.3% | 49.8%
New York, NY | ​ | 8.2% | ​ | 7.6% | ​ | 8.8% | ​ | 65.0% | 93.5% | 47.0% | 61.3%
​ | ​ | 8.2% | ​ | 9.2% | ​ | 7.3% | ​ | 61.2% | 75.0% | 47.2% | 53.9%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Southeast Region | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tampa, FL | ​ | 15.4% | ​ | 24.8% | ​ | 7.9% | ​ | 50.8% | 63.0% | 49.8% | 56.7%
Orlando, FL | ​ | 11.9% | ​ | 17.3% | ​ | 7.2% | ​ | 52.4% | 64.3% | 49.2% | 52.3%
Nashville, TN | ​ | 8.5% | ​ | 12.4% | ​ | 5.1% | ​ | 52.3% | 59.5% | 50.3% | 49.3%
​ | ​ | 12.6% | ​ | 19.2% | ​ | 7.0% | ​ | 51.7% | 62.5% | 49.7% | 53.4%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Southwest Region | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dallas, TX | ​ | 10.5% | ​ | 14.9% | ​ | 6.9% | ​ | 55.9% | 70.3% | 50.7% | 52.9%
Austin, TX | ​ | 11.6% | ​ | 17.0% | ​ | 7.2% | ​ | 54.3% | 58.6% | 50.0% | 48.6%
​ | ​ | 10.8% | ​ | 15.5% | ​ | 6.9% | ​ | 55.5% | 67.8% | 50.5% | 51.9%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other Markets | ​ | 11.1% | ​ | 15.6% | ​ | 6.7% | ​ | 53.7% | 55.5% | 45.3% | 46.7%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total/Weighted Avg. | ​ | 8.2% | ​ | 10.4% | ​ | 6.1% | ​ | 53.8% | 65.0% | 47.1% | 50.9%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
3Q 2021 Percentage of Total Repriced Homes | ​ | ​ | ​ | 46.4% | ​ | 53.6% | ​ | ​ | ​ | ​ | ​

​

(1) | See Attachment 15 for definitions and other terms.

​

18

​

​

​

​

Attachment 9

​

UDR, Inc.

Development and Land Summary

September 30, 2021

(Dollars in Thousands)

(Unaudited) (1)

​

​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Wholly-Owned | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Schedule | ​ | ​ | Percentage
​ | ​ | # of | Compl. | Cost to | Budgeted | Est. Cost | ​ | ​ | Initial | ​ | ​ | ​ | ​ | ​
Community | Location | Homes | Homes | Date | Cost | per Home | Start | Occ. | Compl. | ​ | Leased | ​ | Occupied
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Projects Under Construction | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cirrus | Denver, CO | ​ | 292 | - | $ | 81,013 | $ | 97,500 | $ | 334 | ​ | 3Q19 | 4Q21 | 1Q22 | ​ | - | ​ | -
5421 at Dublin Station | Dublin, CA | ​ | 220 | - | ​ | 92,825 | ​ | 117,000 | ​ | 532 | ​ | 4Q19 | 1Q22 | 2Q22 | ​ | - | ​ | -
The George Apartments | King of Prussia, PA | ​ | 200 | - | ​ | 42,109 | ​ | 68,000 | ​ | 340 | ​ | 4Q20 | 2Q22 | 3Q22 | ​ | - | ​ | -
Vitruvian West Phase 3 | Addison, TX | ​ | 405 | - | ​ | 36,940 | ​ | 74,000 | ​ | 183 | ​ | 1Q21 | 2Q22 | 1Q23 | ​ | - | ​ | -
The MO | Washington, DC | ​ | 300 | - | ​ | 78,758 | ​ | 145,000 | ​ | 483 | ​ | 3Q20 | 1Q23 | 2Q23 | ​ | - | ​ | -
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Under Construction | ​ | ​ | 1,417 | - | $ | 331,645 | $ | 501,500 | $ | 354 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Completed Projects, Non-Stabilized | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
N/A | N/A | ​ | - | - | $ | - | $ | - | $ | - | ​ | N/A | N/A | N/A | ​ | N/A | ​ | N/A
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Completed, Non-Stabilized | ​ | ​ | - | - | $ | - | $ | - | $ | - | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total - Wholly Owned | ​ | ​ | 1,417 | - | $ | 331,645 | $ | 501,500 | $ | 354 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
NOI From Wholly-Owned Projects | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 3Q 21 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Projects Under Construction | ​ | $ | (99) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Completed, Non-Stabilized | ​ | ​ | - | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | $ | (99) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Land Summary | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Parcel | Location | UDR Ownership Interest | Real Estate Cost Basis | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Vitruvian Park® | Addison, TX | 100% | $ | 45,370 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Alameda Point Block 11 | Alameda, CA | 100% | ​ | 27,408 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Meridian | Tampa, FL | 100% | ​ | 7,526 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | ​ | ​ | ​ | $ | 80,304 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​

(1) | See Attachment 15 for definitions and other terms.

​

​

​

​

19

Attachment 10

​

UDR, Inc.

Redevelopment Summary

September 30, 2021

(Dollars in Thousands)

(Unaudited) (1)

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Sched. | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Schedule | ​ | Percentage
​ | ​ | ​ | # of | Redev. | Compl. | Cost to | Budgeted | Est. Cost | ​ | ​ | ​ | Same-Store | ​ | ​
Community | Location | Homes | Homes | Homes | Date | Cost | per Home | ​ | Start | Compl. | Quarter | ​ | Leased | Occupied
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Projects in Redevelopment (2) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
N/A | N/A | - | - | - | $ | - | $ | - | $ | - | ​ | N/A | N/A | N/A | ​ | - | -
Total | ​ | - | - | - | $ | - | $ | - | $ | - | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Sched. | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Schedule | ​ | ​ | ​ | ​
​ | ​ | ​ | # of | Home | Compl. | Cost to | Budgeted | Est. Cost | ​ | ​ | ​ | ​ | ​ | ​ | ​
Community | Location | Homes | Additions | Homes | Date | Cost (3) | per Home | ​ | Start | Compl. | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other Projects (4) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Eight80 Newport Beach | Newport Beach, CA | 30 | 30 | - | $ | 2,905 | $ | 12,100 | $ | 403 | ​ | 1Q21 | 2Q22 | ​ | ​ | ​ | ​
388 Beale | San Francisco, CA | 13 | 13 | - | ​ | 2,539 | ​ | 6,000 | ​ | 462 | ​ | 2Q21 | 1Q22 | ​ | ​ | ​ | ​
Total | ​ | 43 | 43 | - | $ | 5,444 | $ | 18,100 | $ | 421 | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​

(1) | See Attachment 15 for definitions and other terms.

(2) | Existing homes for Projects in Redevelopment are removed from Same-Store.

(3) | Represents UDR’s incremental capital invested in the Projects.

(4) | Projects consist of unit additions and renovation of related common area amenities. Existing homes for these Projects remain in Same-Store.

​

​

​

20

Attachment 11(A)

​

UDR, Inc.

Unconsolidated Summary

September 30, 2021

(Dollars in Thousands)

(Unaudited) (1)

​

​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Physical | ​ | Total Rev. per | Net Operating Income | ​ | ​ | ​
​ | Own. | # of | ​ | # of | ​ | Occupancy | ​ | Occ. Home | UDR's Share | ​ | Total
Portfolio Characteristics | Interest | Comm. | ​ | Homes | ​ | 3Q 21 | ​ | 3Q 21 | 3Q 21 | YTD 21 | ​ | YTD 21 (2)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
UDR / MetLife Operating communities | ​ | 50% | ​ | 13 | ​ | 2,837 | ​ | 96.4% | ​ | $ | 3,408 | $ | 8,577 | $ | 24,900 | ​ | $ | 49,549
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | 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 | $ | 1,703,006 | $ | 861,415 | $ | 283,560 | ​ | 3.37% | ​ | 2024-2031 | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Joint Venture | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Same-Store | 3Q 21 vs. 3Q 20 Growth | ​ | 3Q 21 vs. 2Q 21 Growth | ​ | ​ | ​
Joint Venture Same-Store Growth | Communities (4) | Revenue | Expense | ​ | NOI | ​ | Revenue | Expense | NOI | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
UDR / MetLife | 13 | -3.6% | 0.3% | ​ | -6.1% | ​ | 2.7% | -2.1% | 6.3% | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Joint Venture | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Same-Store | YTD 21 vs. YTD 20 Growth | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Joint Venture Same-Store Growth | Communities (4) | Revenue | Expense | ​ | NOI | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
UDR / MetLife | 13 | -11.6% | 4.3% | ​ | -20.1% | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Income/(Loss) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | UDR Investment (6) | from Investments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other Unconsolidated Investments (5) | Commitment | Funded | Balance | 3Q 21 (7) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
RETV I | $ | 18,000 | $ | 12,780 | $ | 38,628 | $ | 9,869 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
RETV II | ​ | 18,000 | ​ | 5,400 | ​ | 5,438 | ​ | 147 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | $ | 36,000 | $ | 18,180 | $ | 44,066 | $ | 10,016 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​

(1) | See Attachment 15 for definitions and other terms.

(2) | Represents NOI at 100% for the period ended September 30, 2021.

(3) | Joint ventures and partnerships represented at 100%. Debt balances are presented net of deferred financing costs.

(4) | Joint Venture Same-Store growth is presented at UDR's ownership interest.

(5) | Other unconsolidated investments represent UDR's investment in real estate technology funds.

(6) | Investment commitment represents maximum equity and therefore excludes realized/unrealized gain/(loss). Investment funded represents cash funded towards the investment commitment. Investment balance includes amount funded plus realized/unrealized gain/(loss), less distributions received prior to the period end.

(7) | Income/(loss) from investments is added back/deducted from FFOA.

​

21

Attachment 11(B)

​

UDR, Inc.

Developer Capital Program

September 30, 2021

(Dollars in Thousands)

(Unaudited) (1)

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Developer Capital Program (2) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Income from | ​ | ​
​ | ​ | # of | UDR Investment | Return | Years to | ​ | Investment | Upside
Community | Location | Homes | Commitment (3) | Balance (3) | Rate | Maturity | ​ | 3Q 2021 | Participation
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Preferred Equity | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
1532 Harrison | San Francisco, CA | 136 | $ | 24,645 | $ | 36,088 | 11.0% | 0.7 | ​ | $ | 1,003 | -
Junction | Santa Monica, CA | 66 | ​ | 8,800 | ​ | 12,792 | 12.0% | 0.8 | ​ | ​ | 379 | -
1200 Broadway | Nashville, TN | 313 | ​ | 55,558 | ​ | 60,594 | 12.25% | 1.0 | ​ | ​ | 1,837 | Variable
1300 Fairmount | Philadelphia, PA | 471 | ​ | 51,393 | ​ | 63,413 | 8.5% | 1.9 | ​ | ​ | 1,338 | Variable
Essex (4) | Orlando, FL | 330 | ​ | 12,886 | ​ | 17,629 | 12.5% | 1.9 | ​ | ​ | 544 | -
Modera Lake Merritt | Oakland, CA | 173 | ​ | 27,250 | ​ | 33,072 | 9.0% | 2.5 | ​ | ​ | 739 | Variable
Thousand Oaks | Thousand Oaks, CA | 142 | ​ | 20,059 | ​ | 22,256 | 9.0% | 3.3 | ​ | ​ | 497 | Variable
Vernon Boulevard | Queens, NY | 534 | ​ | 40,000 | ​ | 46,665 | 13.0% | 3.8 | ​ | ​ | 1,496 | Variable
Makers Rise | Herndon, VA | 356 | ​ | 30,208 | ​ | 14,799 | 9.0% | 4.2 | ​ | ​ | 251 | Variable
121 at Watters | Allen, TX | 469 | ​ | 19,846 | ​ | 8,968 | 9.0% | 4.4 | ​ | ​ | 234 | Variable
Infield Phase I | Kissimmee, FL | 384 | ​ | 16,044 | ​ | - | 14.0% | 2.6 | ​ | ​ | - | -
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total - Preferred Equity | ​ | 3,374 | $ | 306,689 | $ | 316,276 | 10.7% | 2.4 | ​ | $ | 8,318 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Secured Loans | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Infield Phase II | Kissimmee, FL | - | $ | 2,760 | $ | 2,906 | 14.0% | 0.6 | ​ | $ | 102 | -
Total - Secured Loans | ​ | - | $ | 2,760 | $ | 2,906 | 14.0% | 0.6 | ​ | $ | 102 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total - Developer Capital Program | ​ | 3,374 | $ | 309,449 | $ | 319,182 | 10.7% | 2.4 | ​ | $ | 8,420 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​

(1) | See Attachment 15 for definitions and other terms.

(2) | UDR's investments 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) | 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.

(4) | Essex was acquired 100% by UDR in October 2021.

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22

Attachment 12

​

UDR, Inc.

Acquisitions, Dispositions and Developer Capital Program Investments Summary

September 30, 2021

(Dollars in Thousands)

(Unaudited) (1)

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Post | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Prior | Transaction | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Date of | ​ | ​ | ​ | ​ | Ownership | Ownership | ​ | UDR Investment | Return | ​ | # of | ​
Investment | ​ | Community | ​ | Location | Interest | Interest | ​ | Commitment | Rate | ​ | Homes | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Developer Capital Program - Investment | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Jan-21 | ​ | Makers Rise | ​ | Herndon, VA | N/A | N/A | ​ | $ | 30,208 | ​ | 9.0% | ​ | 356 | ​ | ​
Mar-21 | ​ | 121 at Watters | ​ | Allen, TX | N/A | N/A | ​ | ​ | 19,846 | ​ | 9.0% | ​ | 469 | ​ | ​
May-21 | ​ | Infield Phase I | ​ | Kissimmee, FL | N/A | N/A | ​ | ​ | 16,044 | ​ | 14.0% | ​ | 384 | ​ | ​
May-21 | ​ | Infield Phase II | ​ | Kissimmee, FL | N/A | N/A | ​ | ​ | 2,760 | ​ | 14.0% | ​ | - | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 68,858 | ​ | 10.4% | ​ | 1,209 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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​ | ​ | ​ | ​ | ​ | ​ | Post | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Prior | Transaction | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Date of | ​ | ​ | ​ | ​ | Ownership | Ownership | ​ | ​ | ​ | ​ | # of | Price per
Purchase | ​ | Community | ​ | Location | Interest | Interest | ​ | Price (2) | Debt (2) | ​ | Homes | Home
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Acquisitions - Wholly-Owned | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Jan-21 | ​ | Union Place | ​ | Franklin, MA | 0% | 100% | ​ | $ | 77,400 | $ | 51,800 | ​ | 300 | $ | 258
Apr-21 | ​ | The Canal | ​ | Farmers Branch, TX | 0% | 100% | ​ | ​ | 110,200 | ​ | 42,000 | ​ | 636 | ​ | 173
May-21 | ​ | Cool Springs at Frisco Bridges | ​ | Frisco, TX | 0% | 100% | ​ | ​ | 166,900 | ​ | 89,510 | ​ | 945 | ​ | 177
Jun-21 | ​ | Seneca Place | ​ | Germantown, MD | 0% | 100% | ​ | ​ | 121,900 | ​ | - | ​ | 468 | ​ | 260
Jul-21 | ​ | Brio | ​ | Bellevue, WA | 0% | 100% | ​ | ​ | 171,900 | ​ | - | ​ | 259 | ​ | 664
Aug-21 | ​ | Canterbury Apartments | ​ | Germantown, MD | 0% | 100% | ​ | ​ | 127,200 | ​ | - | ​ | 544 | ​ | 234
Sep-21 | ​ | The Smith Valley Forge | ​ | King of Prussia, PA | 0% | 100% | ​ | ​ | 116,200 | ​ | - | ​ | 320 | ​ | 363
Sep-21 | ​ | 1274 at Towson | ​ | Towson, MD | 0% | 100% | ​ | ​ | 57,600 | ​ | - | ​ | 192 | ​ | 300
Sep-21 | ​ | 322 on North Broad | ​ | Philadelphia, PA | 0% | 100% | ​ | ​ | 147,000 | ​ | - | ​ | 339 | ​ | 434
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 1,096,300 | $ | 183,310 | ​ | 4,003 | $ | 274
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Acquisitions - Wholly-Owned Land | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Apr-21 | ​ | Alameda Point Block 11 | ​ | Alameda, CA | 0% | 100% | ​ | $ | 25,000 | $ | - | ​ | - | $ | -
May-21 | ​ | Meridian | ​ | Tampa, FL | 0% | 100% | ​ | ​ | 6,600 | ​ | - | ​ | - | ​ | -
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 31,600 | $ | - | ​ | - | $ | -
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | 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-21 | ​ | Parallel (3) | ​ | Anaheim, CA | 100% | 0% | ​ | $ | 156,000 | $ | - | ​ | 386 | $ | 404
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 156,000 | $ | - | ​ | 386 | $ | 404
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dispositions - Joint Venture | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Jan-21 | ​ | OLiVE DTLA (4) | ​ | Los Angeles, CA | 47% | 0% | ​ | $ | 121,000 | $ | 53,666 | ​ | 293 | $ | 413
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 121,000 | $ | 53,666 | ​ | 293 | $ | 413

(1) | See Attachment 15 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 $50.8 million during the nine months ended September 30, 2021, which is included in gain/(loss) on sale of real estate owned.

(4) | UDR recorded a gain on sale of approximately $2.5 million during the nine months ended September 30, 2021, which is included in income/(loss) from unconsolidated entites.

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23

​

Attachment 13

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UDR, Inc.

Capital Expenditure and Repair and Maintenance Summary

September 30, 2021

(In thousands, except Cost per Home)

(Unaudited) (1)

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Three Months | ​ | Capex | ​ | Nine Months | ​ | ​ | Capex
​ | ​ | Estimated | ​ | Ended | Cost | as a % | ​ | Ended | ​ | Cost | as a %
Capital Expenditures for Consolidated Homes (2) | ​ | Useful Life (yrs.) | ​ | September 30, 2021 | per Home | of NOI | ​ | September 30, 2021 | ​ | per Home | of NOI
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Average number of homes (3) | ​ | ​ | ​ | ​ | 51,322 | ​ | ​ | ​ | ​ | ​ | 49,622 | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Recurring Cap Ex | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asset preservation | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Building interiors | ​ | 5 - 20 | ​ | $ | 6,471 | $ | 126 | ​ | ​ | $ | 17,620 | $ | 355 | ​
Building exteriors | ​ | 5 - 20 | ​ | ​ | 3,993 | ​ | 78 | ​ | ​ | ​ | 9,924 | ​ | 200 | ​
Landscaping and grounds | ​ | 10 | ​ | ​ | 1,824 | ​ | 36 | ​ | ​ | ​ | 3,838 | ​ | 77 | ​
Total asset preservation | ​ | ​ | ​ | ​ | 12,288 | ​ | 239 | ​ | ​ | ​ | 31,382 | ​ | 632 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Turnover related | ​ | 5 | ​ | ​ | 4,556 | ​ | 89 | ​ | ​ | ​ | 11,045 | ​ | 223 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Recurring Cap Ex | ​ | ​ | ​ | ​ | 16,844 | ​ | 328 | 8% | ​ | ​ | 42,427 | ​ | 855 | 7%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
NOI Enhancing Cap Ex | ​ | 5 - 20 | ​ | ​ | 11,050 | ​ | 215 | ​ | ​ | ​ | 31,509 | ​ | 635 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Recurring and NOI Enhancing Cap Ex | ​ | ​ | ​ | $ | 27,894 | $ | 544 | ​ | ​ | $ | 73,936 | $ | 1,490 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Three Months | ​ | ​ | ​ | ​ | Nine Months | ​ | ​ | ​
​ | ​ | ​ | ​ | Ended | ​ | Cost | ​ | ​ | Ended | ​ | Cost | ​
Repair and Maintenance for Consolidated Homes (Expensed) | ​ | September 30, 2021 | ​ | per Home | ​ | ​ | September 30, 2021 | ​ | per Home | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Average number of homes (3) | ​ | ​ | ​ | ​ | 51,322 | ​ | ​ | ​ | ​ | ​ | 49,622 | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Contract services | ​ | ​ | ​ | $ | 8,861 | $ | 173 | ​ | ​ | $ | 24,614 | $ | 496 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Turnover related expenses | ​ | ​ | ​ | ​ | 6,174 | ​ | 120 | ​ | ​ | ​ | 15,260 | ​ | 308 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other Repair and Maintenance | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Building interiors | ​ | ​ | ​ | ​ | 3,517 | ​ | 69 | ​ | ​ | ​ | 8,191 | ​ | 165 | ​
Building exteriors | ​ | ​ | ​ | ​ | 960 | ​ | 19 | ​ | ​ | ​ | 2,242 | ​ | 45 | ​
Landscaping and grounds | ​ | ​ | ​ | ​ | 184 | ​ | 4 | ​ | ​ | ​ | 1,459 | ​ | 29 | ​
Total Repair and Maintenance | ​ | ​ | ​ | $ | 19,696 | $ | 384 | ​ | ​ | $ | 51,766 | $ | 1,043 | ​

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(1) | See Attachment 15 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 owned at the end of each month.

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24

Attachment 14

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UDR, Inc.

4Q 2021 and Full-Year 2021 Guidance

September 30, 2021

(Unaudited) (1)

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Full-Year 2021 Guidance
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Change from
Net Income, FFO, FFO as Adjusted and AFFO per Share and Unit Guidance | ​ | 4Q 2021 | ​ | Full-Year 2021 | ​ | Prior Guidance | ​ | Prior Midpoint
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income/(loss) per weighted average common share, diluted | ​ | $0.30 to $0.32 | ​ | $0.41 to $0.43 | ​ | $0.12 to $0.16 | ​ | $0.28
FFO per common share and unit, diluted | ​ | $0.52 to $0.54 | ​ | $1.92 to $1.94 | ​ | $1.85 to $1.89 | ​ | $0.06
FFO as Adjusted per common share and unit, diluted | ​ | $0.52 to $0.54 | ​ | $2.00 to $2.02 | ​ | $1.97 to $2.01 | ​ | $0.02
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted | ​ | $0.46 to $0.48 | ​ | $1.82 to $1.84 | ​ | $1.79 to $1.83 | ​ | $0.02
Annualized dividend per share and unit | ​ | ​ | ​ | $1.45 | ​ | $1.45 | ​ | -
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Change from
Same-Store Guidance | ​ | ​ | ​ | Full-Year 2021 | ​ | Prior Guidance | ​ | Prior Midpoint
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue growth / (decline) (Cash basis) | ​ | ​ | ​ | 1.00% - 1.50% | ​ | (0.25%) - 0.75% | ​ | 1.00%
Revenue growth / (decline) (Straight-line basis) | ​ | ​ | ​ | (1.00%) - (0.50%) | ​ | (2.25%) - (1.25%) | ​ | 1.00%
Expense growth | ​ | ​ | ​ | 2.75% - 3.50% | ​ | 1.00% - 3.00% | ​ | 1.13%
NOI growth / (decline) (Cash basis) | ​ | ​ | ​ | 0.25% - 0.75% | ​ | (1.00%) - 0.50% | ​ | 0.75%
NOI growth / (decline) (Straight-line basis) | ​ | ​ | ​ | (2.25%) - (1.75%) | ​ | (3.50%) - (2.00%) | ​ | 0.75%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Change from
Sources of Funds ($ in millions) | ​ | ​ | ​ | Full-Year 2021 | ​ | Prior Guidance | ​ | Prior Midpoint
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
AFFO less Dividends | ​ | ​ | ​ | $108 to $126 | ​ | $99 to $123 | ​ | $6
Debt Issuances/Assumptions and LOC Draw/Paydown | ​ | ​ | ​ | $300 to $625 | ​ | $200 to $675 | ​ | $25
Dispositions | ​ | ​ | ​ | $312 | ​ | $310 | ​ | $2
Common Share (forward settlement) and OP Unit Issuance | ​ | ​ | ​ | $1,175 | ​ | $830 | ​ | $345
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Change from
Uses of Funds ($ in millions) | ​ | ​ | ​ | Full-Year 2021 | ​ | Prior Guidance | ​ | Prior Midpoint
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Debt maturities inclusive of principal amortization (2) | ​ | ​ | ​ | $380 | ​ | $380 | ​ | -
Development spending and land acquisitions | ​ | ​ | ​ | $175 to $200 | ​ | $150 to $225 | ​ | -
Redevelopment and other non-recurring | ​ | ​ | ​ | $50 to $60 | ​ | $40 to $60 | ​ | $5
Developer Capital Program, net | ​ | ​ | ​ | $25 to $35 | ​ | $45 to $55 | ​ | ($20)
Acquisitions | ​ | ​ | ​ | $1,220 to $1,450 | ​ | $755 to $1,150 | ​ | $383
NOI enhancing capital expenditures inclusive of Kitchen and Bath | ​ | ​ | ​ | $45 to $50 | ​ | $45 to $50 | ​ | -
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Change from
Other Additions/(Deductions) ($ in millions except per home amounts) | ​ | ​ | ​ | Full-Year 2021 | ​ | Prior Guidance | ​ | Prior Midpoint
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Consolidated interest expense, net of capitalized interest and adjustments for FFO as Adjusted | ​ | ​ | ​ | $140 to $144 | ​ | $140 to $144 | ​ | -
Capitalized interest (3) | ​ | ​ | ​ | $8 to $10 | ​ | $8 to $10 | ​ | -
General and administrative | ​ | ​ | ​ | $54 to $58 | ​ | $52 to $56 | ​ | $2
Recurring capital expenditures per home | ​ | ​ | ​ | $1,200 | ​ | $1,200 | ​ | -
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​

(1) | See Attachment 15 for definitions and other terms.

(2) | Excludes short-term maturities related to the Company's unsecured commercial paper program. Includes the prepayment costs and net proceeds associated with the Columbus Square refinance which occurred in January 2021 and the make-whole premium associated with the early retirement of the $300 million MTNs set to mature in 2025 which occurred in March of 2021.

(3) | Excludes capitalized interest on joint venture and partnership level debt.

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25

Attachment 15(A)

UDR, Inc.

Definitions and Reconciliations

September 30, 2021

(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 enables investors to assess our performance in comparison to other REITs. However, other REITs may use different methodologies for calculating AFFO and, accordingly, our AFFO may not always be comparable to AFFO calculated by other REITs. AFFO should not be considered as an alternative to net income/(loss) (determined in accordance with GAAP) as an indication of financial performance, or as an alternative to cash 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.

Controllable Expenses: The Company refers to property operating and maintenance expenses as Controllable Expenses.

Controllable Operating Margin: The Company defines Controllable Operating Margin as (i) rental income less Controllable Expenses (ii) divided by rental income. Management considers Controllable Operating Margin a useful metric as it provides investors with an indicator of the Company’s ability to limit the growth of expenses that are within the control of the Company.

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 enables 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 Blended Lease Rate Growth: The Company defines Effective Blended Lease Rate Growth as the combined proportional growth as a result of Effective New Lease Rate Growth and Effective Renewal Lease Rate Growth. Management considers Effective Blended Lease Rate Growth a useful metric for investors as it assesses combined proportional market-level, new and in-place demand trends.

Effective New Lease Rate Growth: The Company defines Effective New Lease Rate Growth as the increase 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.

​

26

​

Attachment 15(B)

UDR, Inc.

Definitions and Reconciliations

September 30, 2021

(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 other non-comparable items including, but not limited to, acquisition-related costs, prepayment costs/benefits associated with early debt retirement, impairment write-downs or gains and losses on sales of real estate or other assets incidental to the main business of the Company and income taxes directly associated with those gains and losses, casualty-related expenses and recoveries, severance costs and legal and other costs.

Management believes that FFO as Adjusted is useful supplemental information regarding our operating performance as it provides a consistent comparison of our operating performance across time periods and allows investors to more easily compare our operating results with other REITs. FFO as Adjusted is not intended to represent cash flow or liquidity for the period, and is only intended to provide an additional measure of our operating performance. The Company believes that net income/(loss) attributable to common stockholders is the most directly comparable GAAP financial measure to FFO as Adjusted. However, other REITs may use different methodologies for calculating FFO as Adjusted or similar FFO measures and, accordingly, our FFO as Adjusted may not always be comparable to FFO as Adjusted or similar FFO measures calculated by other REITs. FFO as Adjusted should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of financial performance, or as an alternative to cash 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 related to the main business of the Company or of investments in non-consolidated investees that are directly attributable to decreases in the fair value of depreciable real estate held by the investee, gains and losses from sales of depreciable real estate related to the main business of the Company and income taxes directly associated with those gains and losses, plus real estate depreciation and amortization, and after adjustments for noncontrolling interests, and the Company’s share of unconsolidated partnerships and joint ventures. This definition conforms with the National Association of Real Estate Investment Trust's definition issued in April 2002 and restated in November 2018. In the computation of diluted FFO, if OP Units, DownREIT Units, unvested restricted stock, unvested LTIP Units, stock options, and the shares of Series E Cumulative Convertible Preferred Stock are dilutive, they are included in the diluted share count.

Management considers FFO a useful metric for investors as the Company uses FFO in evaluating property acquisitions and its operating performance and believes that FFO should be considered along with, but not as an alternative to, net income and cash flow as a measure of the Company's activities in accordance with GAAP. FFO does not represent cash generated from operating activities in accordance with GAAP and is not necessarily indicative of funds available to fund our cash needs. 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 | ​ | ​ | ​ | ​ | 3Q 2021 | ​ | YTD 2021 | ​ | ​ | ​
Income/(loss) from unconsolidated entities | ​ | ​ | ​ | ​ | $ | 14,450 | ​ | $ | 29,123 | ​ | ​ | ​
Management fee | ​ | ​ | ​ | ​ | ​ | 490 | ​ | ​ | 1,463 | ​ | ​ | ​
Financing fee | ​ | ​ | ​ | ​ | ​ | - | ​ | ​ | 287 | ​ | ​ | ​
Interest expense | ​ | ​ | ​ | ​ | ​ | 3,751 | ​ | ​ | 11,899 | ​ | ​ | ​
Debt extinguishment and other associated costs | ​ | ​ | ​ | ​ | ​ | - | ​ | ​ | 1,395 | ​ | ​ | ​
Depreciation | ​ | ​ | ​ | ​ | ​ | 7,929 | ​ | ​ | 24,064 | ​ | ​ | ​
General and administrative | ​ | ​ | ​ | ​ | ​ | 64 | ​ | ​ | 193 | ​ | ​ | ​
Developer Capital Program (excludes Alameda Point Block 11, Brio and Infield Phase II) | ​ | ​ | ​ | ​ | ​ | (8,318) | ​ | ​ | (23,240) | ​ | ​ | ​
Other (income)/expense | ​ | ​ | ​ | ​ | ​ | 119 | ​ | ​ | 334 | ​ | ​ | ​
Realized/unrealized (gain)/loss on unconsolidated real estate technology investments | ​ | ​ | ​ | ​ | ​ | (10,016) | ​ | ​ | (18,184) | ​ | ​ | ​
NOI related to sold properties | ​ | ​ | ​ | ​ | ​ | 108 | ​ | ​ | 26 | ​ | ​ | ​
(Gain)/loss on sales | ​ | ​ | ​ | ​ | ​ | - | ​ | ​ | (2,460) | ​ | ​ | ​
Total Joint Venture NOI at UDR's Ownership Interest | ​ | ​ | $ | 8,577 | ​ | $ | 24,900 | ​ | ​ | ​

Net Operating Income (“NOI”): The Company defines NOI as rental income less direct property rental expenses. Rental income represents gross market rent and other revenues less adjustments for concessions, vacancy loss and bad debt. Rental expenses include real estate taxes, insurance, personnel, utilities, repairs and maintenance, administrative and marketing. Excluded from NOI is property management expense, which is calculated as 3.0% of property revenue, and land rent. Property management expense covers costs directly related to consolidated property operations, inclusive of corporate management, regional supervision, accounting and other costs.

Management considers NOI a useful metric for investors as it is a more meaningful representation of a community’s continuing operating performance than net income as it is prior to corporate-level expense allocations, general and administrative costs, capital structure and depreciation and amortization and is a widely used input, along with capitalization rates, in the determination of real estate valuations. A reconciliation from net income/(loss) attributable to UDR, Inc. to NOI is provided below.

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
In thousands | 3Q 2021 | 2Q 2021 | 1Q 2021 | ​ | 4Q 2020 | 3Q 2020 | ​
Net income/(loss) attributable to UDR, Inc. | $ | 17,731 | $ | 11,720 | $ | 3,104 | ​ | $ | 26,532 | $ | (25,258) | ​
Property management | ​ | 9,861 | ​ | 9,273 | ​ | 8,995 | ​ | ​ | 8,659 | ​ | 8,879 | ​
Other operating expenses | ​ | 4,237 | ​ | 4,373 | ​ | 4,435 | ​ | ​ | 6,153 | ​ | 5,543 | ​
Real estate depreciation and amortization | ​ | 152,636 | ​ | 146,169 | ​ | 144,088 | ​ | ​ | 146,135 | ​ | 151,949 | ​
Interest expense | ​ | 36,289 | ​ | 35,404 | ​ | 78,156 | ​ | ​ | 62,524 | ​ | 62,268 | ​
Casualty-related charges/(recoveries), net | ​ | 1,568 | ​ | (2,463) | ​ | 5,577 | ​ | ​ | 778 | ​ | - | ​
General and administrative | ​ | 15,810 | ​ | 15,127 | ​ | 12,736 | ​ | ​ | 11,978 | ​ | 11,958 | ​
Tax provision/(benefit), net | ​ | 529 | ​ | 135 | ​ | 619 | ​ | ​ | 668 | ​ | 187 | ​
(Income)/loss from unconsolidated entities | ​ | (14,450) | ​ | (9,751) | ​ | (4,922) | ​ | ​ | (4,516) | ​ | (2,940) | ​
Interest income and other (income)/expense, net | ​ | (8,238) | ​ | (2,536) | ​ | (2,057) | ​ | ​ | 1,030 | ​ | (2,183) | ​
Joint venture management and other fees | ​ | (1,071) | ​ | (2,232) | ​ | (1,615) | ​ | ​ | (1,208) | ​ | (1,199) | ​
Other depreciation and amortization | ​ | 3,269 | ​ | 2,602 | ​ | 2,601 | ​ | ​ | 2,074 | ​ | 3,887 | ​
(Gain)/loss on sale of real estate owned | ​ | - | ​ | - | ​ | (50,829) | ​ | ​ | (57,974) | ​ | - | ​
Net income/(loss) attributable to noncontrolling interests | ​ | 1,309 | ​ | 815 | ​ | 170 | ​ | ​ | 2,019 | ​ | (1,959) | ​
Total consolidated NOI | $ | 219,480 | $ | 208,636 | $ | 201,058 | ​ | $ | 204,852 | $ | 211,132 | ​

​

​

​

​

27

Attachment 15(C)

UDR, Inc.

Definitions and Reconciliations

September 30, 2021

(Unaudited)

​

NOI Enhancing Capital Expenditures ("Cap Ex"): The Company defines NOI Enhancing Capital Expenditures as expenditures that result in increased income generation or decreased expense growth over time.

Management considers NOI 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 or to decrease expenses.

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.

Other Markets: The Company defines Other Markets as the accumulation of individual markets where it operates less than 1,000 Same-Store homes. Management considers Other Markets a useful metric as the operating results for the individual markets are not representative of the fundamentals for those markets as a whole.

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

QTD Same-Store Communities: The Company defines QTD Same-Store Communities as those communities Stabilized for five full consecutive quarters. These communities were owned and had stabilized operating expenses as of the beginning of the quarter in the prior year, were not in process of any substantial redevelopment activities, and were not held for disposition.

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.

Same-Store Revenue with Concessions on a Cash Basis: Same-Store Revenue with Concessions on a Cash Basis is considered by the Company to be a supplemental measure to rental income on a straight-line basis which allows investors to evaluate the impact of both current and historical concessions and to more readily enable comparisons to revenue as reported by its peer REITs. In addition, Same-Store Revenue with Concessions on a Cash Basis allows an investor to understand the historical trends in cash concessions.

A reconciliation between Same-Store Revenue with Concessions on a Cash Basis to Same-Store Revenue on a straight-line basis (inclusive of the impact to Same-Store NOI) is provided below:

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | 3Q 21 | ​ | 3Q 20 | ​ | 3Q 21 | ​ | 2Q 21 | ​ | YTD 21 | ​ | YTD 20 | ​
Revenue (Cash basis) | $ | 294,422 | ​ | $ | 279,579 | ​ | $ | 294,422 | ​ | $ | 284,056 | ​ | $ | 847,552 | ​ | $ | 855,581 | ​
Concessions granted/(amortized), net | ​ | (2,302) | ​ | ​ | 7,840 | ​ | ​ | (2,302) | ​ | ​ | (1,315) | ​ | ​ | (4,910) | ​ | ​ | 7,821 | ​
Revenue (Straight-line basis) | $ | 292,120 | ​ | $ | 287,419 | ​ | $ | 292,120 | ​ | $ | 282,741 | ​ | $ | 842,642 | ​ | $ | 863,402 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
% change - Same-Store Revenue with Concessions on a Cash basis: | ​ | 5.3% | ​ | ​ | ​ | ​ | ​ | 3.6% | ​ | ​ | ​ | ​ | ​ | -0.9% | ​ | ​ | ​ | ​
% change - Same-Store Revenue with Concessions on a Straight-line basis: | ​ | 1.6% | ​ | ​ | ​ | ​ | ​ | 3.3% | ​ | ​ | ​ | ​ | ​ | -2.4% | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
% change - Same-Store NOI with Concessions on a Cash basis: | ​ | 6.3% | ​ | ​ | ​ | ​ | ​ | 2.9% | ​ | ​ | ​ | ​ | ​ | -2.9% | ​ | ​ | ​ | ​
% change - Same-Store NOI with Concessions on a Straight-line basis: | ​ | 0.9% | ​ | ​ | ​ | ​ | ​ | 2.4% | ​ | ​ | ​ | ​ | ​ | -4.9% | ​ | ​ | ​ | ​

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.

Total Revenue per Occupied Home: The Company defines Total Revenue per Occupied Home as rental and other revenues with concessions reported on a Cash Basis, divided by the product of occupancy and the number of apartment homes. A reconciliation between Same-Store Revenue with Concessions on a Cash Basis to Same-Store Revenue on a straight-line basis is provided above of the Company’s quarterly supplemental disclosure.

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 making investments and providing services that are otherwise not allowed to be made or provided by a REIT.

YTD Same-Store Communities: The Company defines YTD Same-Store Communities as those communities Stabilized for two full consecutive calendar years. These communities were owned and had stabilized operating expenses as of the beginning of the prior year, were not in process of any substantial redevelopment activities, and were not held for disposition.

​

28

​

Attachment 15(D)

UDR, Inc.

Definitions and Reconciliations

September 30, 2021

(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 2021 and fourth quarter of 2021 to forecasted FFO, FFO as Adjusted and AFFO per share and unit:

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Full-Year 2021 | ​ | ​
​ | ​ | ​ | ​ | ​ | Low | ​ | High | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Forecasted net income per diluted share | ​ | ​ | ​ | ​ | $ | 0.41 | ​ | $ | 0.43 | ​ | ​
Conversion from GAAP share count | ​ | ​ | ​ | ​ | ​ | (0.02) | ​ | ​ | (0.02) | ​ | ​
Net gain on the sale of depreciable real estate owned | ​ | ​ | ​ | ​ | ​ | (0.43) | ​ | ​ | (0.43) | ​ | ​
Depreciation | ​ | ​ | ​ | ​ | ​ | 1.92 | ​ | ​ | 1.92 | ​ | ​
Noncontrolling interests | ​ | ​ | ​ | ​ | ​ | 0.03 | ​ | ​ | 0.03 | ​ | ​
Preferred dividends | ​ | ​ | ​ | ​ | ​ | 0.01 | ​ | ​ | 0.01 | ​ | ​
Forecasted FFO per diluted share and unit | ​ | ​ | ​ | ​ | $ | 1.92 | ​ | $ | 1.94 | ​ | ​
Legal and other costs | ​ | ​ | ​ | ​ | ​ | - | ​ | ​ | - | ​ | ​
Debt extinguishment and other associated costs | ​ | ​ | ​ | ​ | ​ | 0.14 | ​ | ​ | 0.14 | ​ | ​
Casualty-related charges/(recoveries) | ​ | ​ | ​ | ​ | ​ | 0.02 | ​ | ​ | 0.02 | ​ | ​
Realized/unrealized gain on real estate technology investments, net of tax | ​ | ​ | ​ | ​ | ​ | (0.08) | ​ | ​ | (0.08) | ​ | ​
Forecasted FFO as Adjusted per diluted share and unit | ​ | ​ | ​ | ​ | $ | 2.00 | ​ | $ | 2.02 | ​ | ​
Recurring capital expenditures | ​ | ​ | ​ | ​ | ​ | (0.18) | ​ | ​ | (0.18) | ​ | ​
Forecasted AFFO per diluted share and unit | ​ | ​ | ​ | ​ | $ | 1.82 | ​ | $ | 1.84 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | 4Q 2021 | ​ | ​
​ | ​ | ​ | ​ | ​ | Low | ​ | High | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Forecasted net income per diluted share | ​ | ​ | ​ | ​ | $ | 0.30 | ​ | $ | 0.32 | ​ | ​
Conversion from GAAP share count | ​ | ​ | ​ | ​ | ​ | (0.01) | ​ | ​ | (0.01) | ​ | ​
Net gain on the sale of depreciable real estate owned | ​ | ​ | ​ | ​ | ​ | (0.27) | ​ | ​ | (0.27) | ​ | ​
Depreciation | ​ | ​ | ​ | ​ | ​ | 0.48 | ​ | ​ | 0.48 | ​ | ​
Noncontrolling interests | ​ | ​ | ​ | ​ | ​ | 0.02 | ​ | ​ | 0.02 | ​ | ​
Preferred dividends | ​ | ​ | ​ | ​ | ​ | - | ​ | ​ | - | ​ | ​
Forecasted FFO per diluted share and unit | ​ | ​ | ​ | ​ | $ | 0.52 | ​ | $ | 0.54 | ​ | ​
Legal and other costs | ​ | ​ | ​ | ​ | ​ | - | ​ | ​ | - | ​ | ​
Debt extinguishment and other associated costs | ​ | ​ | ​ | ​ | ​ | - | ​ | ​ | - | ​ | ​
Casualty-related charges/(recoveries) | ​ | ​ | ​ | ​ | ​ | - | ​ | ​ | - | ​ | ​
Realized/unrealized gain on real estate technology investments, net of tax | ​ | ​ | ​ | ​ | ​ | - | ​ | ​ | - | ​ | ​
Forecasted FFO as Adjusted per diluted share and unit | ​ | ​ | ​ | ​ | $ | 0.52 | ​ | $ | 0.54 | ​ | ​
Recurring capital expenditures | ​ | ​ | ​ | ​ | ​ | (0.06) | ​ | ​ | (0.06) | ​ | ​
Forecasted AFFO per diluted share and unit | ​ | ​ | ​ | ​ | $ | 0.46 | ​ | $ | 0.48 | ​ | ​

​

29