UDRの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): July 26, 2022

UDR, Inc.

(Exact name of registrant as specified in its charter)


Maryland	1-10524	54-0857512
(State or other jurisdiction	(Commission	(I.R.S. Employer
of incorporation)	File Number)	Identification No.)

1745 Shea Center Drive, Suite 200, Highlands Ranch, Colorado		80129
(Address of principal executive offices)		(Zip Code)

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

Not Applicable

Former name or former address, if changed since last report

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

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

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

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

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

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


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01	UDR	New York Stock Exchange

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

Emerging Growth Company ☐

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

Item 2.02 Results of Operations and Financial Condition.

On July 26, 2022, UDR, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2022. This press release is furnished as Exhibit 99.1 to this Report and refers to supplemental financial information that is available on the Company’s website and furnished as Exhibit 99.2 to this Report. This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.


Ex. No.		Description
99.1		Earnings press release dated July 26, 2022.
99.2		Supplemental Financial Information dated July 26, 2022.
104		Cover Page Interactive Data File – The cover page XBRL tags are embedded within the Inline XBRL document

SIGNATURES

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


	UDR, Inc.

July 26, 2022	By:	/s/ Joseph D. Fisher
		Joseph D. Fisher
		President and Chief Financial Officer
		(Principal Financial Officer)

EX-99.1 2 udr-20220726xex99d1.htm EX-99.1


				Exhibit 99.1
Press Release
DENVER, CO – July 26, 2022				Contact: Trent Trujillo
				Email: ttrujillo@udr.com

UDR ANNOUNCES SECOND QUARTER 2022 RESULTS

AND INCREASES CERTAIN FULL-YEAR 2022 GUIDANCE RANGES

UDR, Inc. (the “Company”) (NYSE: UDR), announced today its second quarter 2022 results. Net Income, Funds from Operations (“FFO”), FFO as Adjusted (“FFOA”), and Adjusted FFO (“AFFO”) per diluted share for the quarter ended June 30, 2022 are detailed below.


	Quarter Ended June 30
Metric	2Q 2022 Actual	2Q 2022 Guidance	2Q 2021 Actual	$ Change vs. Prior Year Period	% Change vs. Prior Year Period
Net Income per diluted share	$0.01	$0.04 to $0.06	$0.04	$(0.03)	(75)%
FFO per diluted share	$0.52	$0.55 to $0.57	$0.52	$0.00	0%
FFOA per diluted share	$0.57	$0.55 to $0.57	$0.49	$0.08	16%
AFFO per diluted share	$0.52	$0.50 to $0.52	$0.44	$0.08	18%

●

Same-Store (“SS”) results for the second quarter 2022 versus the second quarter 2021 and the first quarter 2022 are summarized below.


	Concessions reflected on a cash basis:		Concessions reflected on a straight-line basis:
SS Growth / (Decline)	Year-Over-Year (“YOY”): 2Q 2022 vs. 2Q 2021	Sequential: 2Q 2022 vs. 1Q 2022	Year-Over-Year (“YOY”): 2Q 2022 vs. 2Q 2021	Sequential: 2Q 2022 vs. 1Q 2022
Revenue	11.4%	2.3%	11.2%	3.0%
Expense	4.2%	(0.1)%	4.2%	(0.1)%
Net Operating Income (“NOI”)	14.7%	3.3%	14.4%	4.4%

●

The Company’s effective blended lease rate growth for the second quarter 2022 was 17.4 percent, an acceleration of 330 basis points compared to the first quarter 2022.

●

As previously announced, during the quarter, the Company acquired one community for $207.5 million, three land sites for future development for an aggregate purchase price of $135.2 million, and committed a total of $100.3 million to three Developer Capital Program (“DCP”) investments. Subsequent to quarter-end, the Company fully funded $102.0 million to a DCP investment in a portfolio of stabilized communities.

●

During the quarter, the Company settled approximately 6.5 million shares of common stock under its previously-announced forward equity sales agreements at a weighted average net price per share, after adjustments, of $53.98 for proceeds of approximately $351.0 million, leaving $282.1 million of forward equity agreements at an average price per share of approximately $57.57 yet to be settled.

●

As previously announced, during the quarter, the Company committed to invest $10.0 million into the RET Ventures ESG Fund to identify in-home and property-wide real estate technologies that are intended to help UDR, its residents, and others address climate change by reducing our collective carbon footprint. In addition, subsequent to quarter-end, the Company appointed Patsy Doerr to Senior Vice President – Chief ESG and People Officer. These actions further support UDR’s best-in-class commitment to engaging in socially responsible ESG activities.

“Our second quarter earnings results met the high end of our expectations provided in April due to our differentiated approach to maximizing rental rate growth and continued accretion from our well-timed 2021 acquisitions and recent DCP investments,” said Tom Toomey, UDR’s Chairman and CEO. “Supported by stronger-than-anticipated pricing power and value-creating operating innovations we continue to implement, we raised full-year 2022 guidance expectations for the second time this year and currently project our 2023 same-store revenue growth earn-in to be 5 percent.”

Outlook

For the third quarter 2022, the Company has established the following earnings guidance ranges and the Company has increased its previously provided full-year 2022 Same-Store and certain earnings guidance ranges(1):


	3Q 2022 Outlook	2Q 2022 Actual	Updated Full-Year 2022 Outlook		Prior Full-Year 2022 Outlook	Change to 2022 Guidance, at Midpoint
Net Income/(Loss) per diluted share	$0.06 to $0.08	$0.01	$0.19 to $0.23	$0.24 to $0.30		$(0.06)
FFO per diluted share	$0.58 to $0.60	$0.52	$2.23 to $2.27	$2.24 to $2.30		$(0.02)
FFOA per diluted share	$0.58 to $0.60	$0.57	$2.29 to $2.33	$2.25 to $2.31		$0.03
AFFO per diluted share	$0.53 to $0.55	$0.52	$2.09 to $2.13	$2.05 to $2.11		$0.03
YOY Growth/(Decline): concessions reflected on a cash basis:
SS Revenue	N/A	11.4%	10.0% to 11.0%	8.5% to 10.0%		1.25%
SS Expense	N/A	4.2%	3.5% to 4.5%	3.0% to 4.0%		0.50%
SS NOI	N/A	14.7%	12.5% to 14.0%	10.75% to 12.75%		1.50%
YOY Growth/(Decline): concessions reflected on a straight-line basis:
SS Revenue	N/A	11.2%	10.5% to 11.5%	9.0% to 10.5%		1.25%
SS NOI	N/A	14.4%	13.25% to 14.75%	11.5% to 13.5%		1.50%

(1)

Additional assumptions for the Company’s third quarter and 2022 outlook can be found on Attachment 14 of the Company’s related quarterly Supplemental Financial Information (“Supplement”). A reconciliation of FFO per share, FFOA per share, and AFFO per share to GAAP Net Income per share can be found on Attachment 15(D) of the Company’s related quarterly Supplement. Non-GAAP financial measures and other terms, as used in this earnings release, are defined and further explained on Attachments 15(A) through 15(D), “Definitions and Reconciliations,” of the Company’s related quarterly Supplement.

Second Quarter 2022 Operating Results

In the second quarter, total revenue increased by $57.8 million YOY, or 18.6 percent, to $369.2 million. This increase was primarily attributable to growth in revenue from Same-Store communities and past accretive external growth investments. The second quarter annualized rate of resident turnover increased by 270 basis points versus the prior year period to 50.1 percent.

“Blended lease rate growth continued to accelerate to 17.4 percent in the second quarter and remains in the mid-to-high teens in July,” said Mike Lacy, UDR’s Senior Vice President of Operations. “High occupancy, low resident turnover, improving collection trends, and relative affordability compared to other forms of housing continue to support strong demand for multifamily residences and above-trend sequential same-store growth.”

Since the second quarter 2020 (or the first full quarter in which results were impacted by the COVID-19 pandemic), the Company has consistently achieved total cash revenue collections as a percentage of billed revenue in the 98.0%-98.5% range and expects collections to remain within this range throughout 2022. For the second quarter 2022, the Company recorded a residential bad debt reserve of $12.8 million, including $0.5 million for the Company’s share from unconsolidated joint ventures. This compares to a quarter-end accounts receivable balance of $22.8 million, a decrease of $1.6 million versus the Company’s quarter end accounts receivable balance as of the end of the first quarter 2022.

In the table below, the Company has presented YOY Same-Store results by region, with concessions accounted for on both cash and straight-line bases.

Summary of Same-Store Results in Second Quarter 2022 versus Second Quarter 2021

				(1)
Region	Revenue Growth / (Decline)	Expense Growth / (Decline)	NOI Growth / (Decline)	% of Same-Store Portfolio(1)	Physical Occupancy(2)	YOY Change in Occupancy
West	12.6%	1.3%	16.7%	34.7%	96.7%	(0.2)%
Mid-Atlantic	6.3%	4.1%	7.3%	20.8%	97.4%	0.3%
Northeast	11.8%	3.7%	16.6%	18.6%	97.2%	0.5%
Southeast	15.6%	8.8%	18.9%	13.2%	97.0%	(0.7)%
Southwest	11.4%	6.5%	14.5%	6.9%	97.3%	0.2%
Other Markets	12.9%	5.6%	15.9%	5.8%	97.2%	(0.6)%
Total (Cash)	11.4%	4.2%	14.7%	100%	97.1%	0.0%
Total (Straight-Line)	11.2%	4.2%	14.4%	-	-	-

(1)	Based on 2Q 2022 Same-Store NOI. For definitions of terms, please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplement.

(2)	Weighted average Same-Store physical occupancy for the quarter.

In the table below, the Company has presented sequential Same-Store results by region, with concessions accounted for on both cash and straight-line bases.

Summary of Same-Store Results in Second Quarter 2022 versus First Quarter 2022

				(1)
Region	Revenue Growth / (Decline)	Expense Growth / (Decline)	NOI Growth / (Decline)	% of Same-Store Portfolio(1)	Physical Occupancy(2)	Sequential Change in Occupancy
West	2.0%	(2.0)%	3.3%	34.7%	96.7%	(0.5)%
Mid-Atlantic	2.1%	0.6%	2.8%	20.8%	97.4%	0.1%
Northeast	1.0%	(3.4)%	3.4%	18.6%	97.2%	(0.2)%
Southeast	4.7%	3.4%	5.3%	13.2%	97.0%	(0.3)%
Southwest	3.0%	4.4%	2.2%	6.9%	97.3%	0.0%
Other Markets	2.7%	4.7%	2.0%	5.8%	97.2%	0.0%
Total (Cash)	2.3%	(0.1)%	3.3%	100%	97.1%	(0.2)%
Total (Straight-Line)	3.0%	(0.1)%	4.4%	-	-	-

(1)	Based on 2Q 2022 Same-Store NOI. For definitions of terms, please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplement.

(2)	Weighted average Same-Store physical occupancy for the quarter.

For the six months ended June 30, 2022, total revenue increased by $113.6 million YOY, or 18.5 percent, to $726.4 million. This increase was primarily attributable to growth in revenue from acquired and Same-Store communities. The full-year rate of turnover decreased by 120 basis points versus the prior year period to 42.3 percent.

In the table below, the Company has presented year-to-date (“YTD”) Same-Store results by region, with concessions accounted for on cash and straight-line bases, for the six months ended June 30, 2022.

Summary of Same-Store Results YTD 2022 versus YTD 2021

				(1)
Region	Revenue Growth / (Decline)	Expense Growth / (Decline)	NOI Growth / (Decline)	% of Same-Store Portfolio(1)	Physical Occupancy(2)	YTD YOY Change in Occupancy
West	12.2%	2.5%	15.8%	34.9%	96.9%	0.5%
Mid-Atlantic	6.7%	4.7%	7.6%	21.0%	97.4%	0.7%
Northeast	11.2%	2.9%	16.3%	18.1%	97.3%	1.3%
Southeast	14.8%	7.5%	18.5%	13.1%	97.2%	(0.2)%
Southwest	11.3%	5.6%	14.9%	7.0%	97.3%	0.3%
Other Markets	13.1%	4.9%	16.6%	5.9%	97.2%	(0.2)%
Total (Cash)	11.1%	4.2%	14.4%	100%	97.2%	0.5%
Total (Straight-Line)	10.5%	4.2%	13.5%	-	-	-

(1)	Based on YTD 2022 Same-Store NOI. For definitions of terms, please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplemental Financial Information.

(2)	Weighted average Same-Store physical occupancy for YTD 2022.

Transactional Activity

The table below summarizes the Company’s transactional activity completed during the quarter.


Community / Property	Location (MSA)	Purchase Price ($ millions)	Homes	Avg. Monthly Revenue per Occupied Home(1)	Physical Occupancy(1)
Acquisitions
Bradlee Danvers	Boston, MA	$207.5	433	$2,670	98.4%

(1)	Average Monthly Revenue per Occupied Home and Physical Occupancy are weighted averages for the quarter ended June 30, 2022.

This property is located proximate to wholly owned UDR communities, which the Company expects should drive additional operating efficiencies through its Next Generation Operating Platform and other operating initiatives.

Development Activity and Other Projects

During the second quarter, the Company continued to deliver apartment homes at Cirrus (Denver, CO), The George Apartments (King of Prussia, PA), and Vitruvian West Phase 3 (Addison, TX), all of which continue their successful lease-ups.

At the end of the second quarter, the Company’s development pipeline totaled $599.5 million and was 66.9 percent funded. The Company’s active development pipeline includes six communities, one each in Dublin, CA; King of Prussia, PA; Washington, D.C.; and Tampa, FL; and two communities in Addison, TX, for a combined total of 1,540 homes.

The table below summarizes the Company’s land acquisitions for future development completed during the quarter.


Land Site	Location (MSA)	Purchase Price ($ millions)
488 Riverwalk	Fort Lauderdale, FL	$16.0
3001 Iowa Avenue(1)	Riverside, CA	$29.0
2727 Turtle Creek (includes 3 phases)	Dallas, TX	$90.2
Total		$135.2

(1)	Acquisition of 3001 Iowa Avenue included two operating retail parcels with a real estate basis of $15.5 million.

At the end of the second quarter, the Company’s pipeline of densification projects, which features the addition of 45 new apartment homes at two communities, totaled $26.0 million and was 53.1 percent funded.

DCP Activity

During the quarter, the Company committed to invest $100.3 million in three DCP projects, as summarized below.


Community / Type	Location (MSA)	Commitment ($ millions)	Homes	Return Rate	Investment Type
Heirloom / Recapitalization	Portland, OR	$16.2	286	8.25%	Preferred Equity
Menifee / New Development	Menifee, CA	$24.4	237	11.0%(1)	Secured Loan
Riverside / New Development	Riverside, CA	$59.7	482	11.0%(1)	Secured Loan
Total / Weighted Average		$100.3	1,005	10.6%

(1)	In addition to an 11.0 percent return rate, the Company received an origination fee equal to 1 percent of the loan amount. The fee was fully earned at closing, is payable upon disbursement of the loan amount, and will be recognized in earnings over the life of the investment.

Subsequent to quarter-end, the Company committed to invest, and fully funded, $102.0 million at a return rate of 8.0 percent to a DCP investment in a portfolio of 14 stabilized communities valued at approximately $900 million as part of a recapitalization.

At the end of the second quarter, the Company’s investments under its DCP platform, including accrued return, totaled $384.4 million with a weighted average return rate of 10.0 percent, and a weighted average estimated remaining term of 3.2 years.

Capital Markets and Balance Sheet Activity

“We continued to create value for shareholders through approximately $550.0 million of external growth activity, primarily funded by the settlement of attractively-priced forward equity agreements,” said Joe Fisher, UDR’s President and Chief Financial Officer. “Our balance sheet remains in a strong position due to available liquidity totaling $1.3 billion, and no meaningful debt maturities until 2024. In addition, we continue to improve our leverage metrics: second quarter net debt-to-EBITDAre of 6.2x declined more than a full turn versus a year ago, and we expect year-end net debt-to-EBITDAre and fixed charge coverage will both further improve to the mid-5x range by year-end.”

As of June 30, 2022, the Company had $1.3 billion of liquidity through a combination of cash, undrawn capacity on its credit facilities and estimated proceeds of approximately $282.1 million from the potential future settlement of approximately 4.9 million shares subject to previously-announced forward equity sale agreements (at an initial forward price per share of approximately $57.57, which is subject to adjustment at settlement to reflect the average federal funds rate and the amount of dividends paid to holders of UDR common stock over the term of the applicable forward equity sale agreements). The final date by which shares sold under these forward sale agreements must be settled is March 30, 2023. Please see Attachment 14 of the Company’s related quarterly Supplement for additional details on projected capital sources and uses.

The Company’s total indebtedness as of June 30, 2022 was $5.5 billion with no remaining consolidated maturities until 2024, excluding principal amortization and amounts on the Company’s commercial paper program. In the table below, the Company has presented select balance sheet metrics for the quarter ended June 30, 2022 and the comparable prior year period.


	Quarter Ended June 30
Balance Sheet Metric	2Q 2022	2Q 2021	Change
Weighted Average Interest Rate	2.85%	2.71%	0.14%
Weighted Average Years to Maturity(1)	7.1	7.5	(0.4)
Consolidated Fixed Charge Coverage Ratio	5.4x	4.8x	0.6x
Consolidated Debt as a percentage of Total Assets	33.6%	36.9%	(3.3)%
Consolidated Net-Debt-to-EBITDAre	6.2x	7.4x	(1.2)x

(1)	If the Company’s commercial paper balance was refinanced using its line of credit, the weighted average years to maturity would be 7.3 years without extensions and 7.4 years with extensions for 2Q 2022 and 7.7 years without extensions and 7.8 years with extensions for 2Q 2021.

ESG

As previously announced, during the quarter, the Company committed to invest $10.0 million into the RET Ventures ESG Fund, which serves to identify in-home and property-wide real estate technologies that are intended to help UDR, its residents, and others address climate change by reducing our collective carbon footprint. In addition, the Company is actively engaging with the Science Based Targets initiative to establish how it can contribute to a lower-carbon future. These actions further support UDR’s residential sector-leading GRESB score and best-in-class commitment to engaging in socially responsible ESG activities.

Senior Management

As previously announced, during the quarter and subsequent to quarter-end the Company,

●

Appointed Joe Fisher to President in addition to his responsibilities as CFO. In this role, Mr. Fisher, who has served as Senior Vice President and CFO since January 2017, has taken on additional oversight in the areas of Company-wide innovation, information technology, and human capital.

●

Appointed Patsy Doerr to Senior Vice President – Chief ESG and People Officer. Ms. Doerr is an expert and thought leader in the field of corporate social responsibility, diversity and inclusion, and sustainability and will help further accelerate the Company’s best-in-class ESG efforts.

Dividend

As previously announced, the Company’s Board of Directors declared a regular quarterly dividend on its common stock for the second quarter 2022 in the amount of $0.38 per share. The dividend will be paid in cash on August 1, 2022 to UDR common shareholders of record as of July 11, 2022. The second quarter 2022 dividend will represent the 199th consecutive quarterly dividend paid by the Company on its common stock.

Supplemental Information

The Company offers Supplemental Financial Information that provides details on the financial position and operating results of the Company which is available on the Company's website at ir.udr.com.

Conference Call and Webcast Information

UDR will host a webcast and conference call at 1:00 p.m. Eastern Time on July 27, 2022 to discuss second quarter results as well as high-level views for 2022. The webcast will be available on UDR's website at ir.udr.com. To listen to a live broadcast, access the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. To participate in the teleconference dial 877-423-9813 for domestic and 201-689-8573 for international. A passcode is not necessary.

Given a high volume of conference calls occurring during this time of year, delays are anticipated when connecting to the live call. As a result, stakeholders and interested parties are encouraged to utilize the Company’s webcast link for its earnings results discussion.

A replay of the conference call will be available through August 27, 2022, by dialing 844-512-2921 for domestic and 412-317-6671 for international and entering the confirmation number, 13731198, when prompted for the passcode. A replay of the call will also be available for 30 days on UDR's website at ir.udr.com.

Full Text of the Earnings Report and Supplemental Data

The full text of the earnings report and related quarterly Supplement will be available on the Company’s website at ir.udr.com.

Forward-Looking Statements

Certain statements made in this press release may constitute “forward-looking statements.” Words such as “expects,” “intends,” “believes,” “anticipates,” “plans,” “likely,” “will,” “seeks,” “estimates” and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement, due to a number of factors, which include, but are not limited to, the impact of the COVID-19 pandemic and measures intended to prevent its spread or address its effects, unfavorable changes in the apartment market, changing economic conditions, the impact of inflation/deflation on rental rates and property operating expenses, expectations concerning availability of capital and the stability of the capital markets, the impact of competition and competitive pricing, acquisitions, developments and redevelopments not achieving anticipated results, delays in completing developments, redevelopments and lease-ups on schedule, expectations on job growth, home affordability and demand/supply ratio for multifamily housing, expectations concerning development and redevelopment activities, expectations on occupancy levels and rental rates, expectations concerning joint ventures with third parties, expectations that technology will help grow net operating income, expectations on annualized net operating income and other risk factors discussed in documents filed by the Company with the SEC from time to time, including the Company's Annual Report on Form 10-K and the Company's Quarterly Reports on Form 10-Q. Actual results may differ materially from those described in the forward-looking statements. These forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this press release, and the Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in the Company's expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required under the U.S. securities laws.

About UDR, Inc.

UDR, Inc. (NYSE: UDR), an S&P 500 company, is a leading multifamily real estate investment trust with a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive real estate communities in targeted U.S. markets. As of June 30, 2022, UDR owned or had an ownership position in 58,328 apartment homes including 1,177 homes under development. For over 50 years, UDR has delivered long-term value to shareholders, the best standard of service to Residents and the highest quality experience for Associates.

EX-99.2 3 udr-20220726xex99d2.htm EX-99.2

Exhibit 99.2

Financial Highlights

UDR, Inc.

As of End of Second Quarter 2022

(Unaudited) (1)


	Actual Results		Guidance as of June 30, 2022
Dollars in thousands, except per share and unit	2Q 2022		3Q 2022	Full-Year 2022

GAAP Metrics
Net income/(loss) attributable to UDR, Inc.	$5,084		--	--
Net income/(loss) attributable to common stockholders	$3,975		--	--
Income/(loss) per weighted average common share, diluted	$0.01		$0.06 to $0.08	$0.19 to $0.23

Per Share Metrics
FFO per common share and unit, diluted	$0.52		$0.58 to $0.60	$2.23 to $2.27
FFO as Adjusted per common share and unit, diluted	$0.57		$0.58 to $0.60	$2.29 to $2.33
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted	$0.52		$0.53 to $0.55	$2.09 to $2.13
Dividend declared per share and unit	$0.38		$0.38	$1.52 (2)

Same-Store Operating Metrics
Revenue growth/(decline) (Cash basis)	11.4%		--	10.00% - 11.00%
Revenue growth/(decline) (Straight-line basis)	11.2%		--	10.50% - 11.50%
Expense growth	4.2%		--	3.50% - 4.50%
NOI growth/(decline) (Cash basis)	14.7%		--	12.50% - 14.00%
NOI growth/(decline) (Straight-line basis)	14.4%		--	13.25% - 14.75%
Physical Occupancy	97.1%		--	--


Property Metrics	Homes	Communities	% of Total NOI
Same-Store	47,734	148	87.7%
Stabilized, Non-Mature	5,492	12	7.1%
Acquired Communities	433	1	0.3%
Development	655	1	0.0%
Non-Residential / Other	N/A	N/A	1.1%
Joint Venture (3)	2,837	13	3.8%
Total completed homes	57,151	175	100%
Under Development	1,177	6	-
Total Quarter-end homes (3)(4)	58,328	181	100%


Balance Sheet Metrics (adjusted for non-recurring items)	2Q 2022	2Q 2021
Consolidated Interest Coverage Ratio	5.5x	4.9x
Consolidated Fixed Charge Coverage Ratio	5.4x	4.8x
Consolidated Debt as a percentage of Total Assets	33.6%	36.9%
Consolidated Net Debt-to-EBITDAre	6.2x	7.4x

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

(2)	Annualized for 2022.

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

(4)	Excludes 4,657 homes that are part of the Developer Capital Program as described in Attachment 11(B).

Attachment 1

UDR, Inc.

Consolidated Statements of Operations

(Unaudited) (1)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
In thousands, except per share amounts	2022		2021		2022		2021

REVENUES:
Rental income (2)	$	367,748	$	309,116	$	723,929	$	608,942
Joint venture management and other fees		1,419		2,232		2,504		3,847
Total revenues		369,167		311,348		726,433		612,789

OPERATING EXPENSES:
Property operating and maintenance		60,405		51,335		118,889		102,716
Real estate taxes and insurance		52,788		49,145		106,552		96,532
Property management		11,952		9,273		23,528		18,268
Other operating expenses		5,027		4,373		9,739		8,808
Real estate depreciation and amortization		167,584		146,169		331,206		290,257
General and administrative		16,585		15,127		31,493		27,863
Casualty-related charges/(recoveries), net		1,074		(2,463)		309		3,114
Other depreciation and amortization		3,016		2,602		6,091		5,203
Total operating expenses		318,431		275,561		627,807		552,761

Gain/(loss) on sale of real estate owned		-		-		-		50,829
Operating income		50,736		35,787		98,626		110,857

Income/(loss) from unconsolidated entities (2) (3)		(11,229)		9,751		(5,817)		14,673
Interest expense		(36,832)		(35,404)		(72,748)		(71,610)
Debt extinguishment and other associated costs		-		-		-		(41,950)
Total interest expense		(36,832)		(35,404)		(72,748)		(113,560)
Interest income and other income/(expense), net (3)		3,001		2,536		561		4,593

Income/(loss) before income taxes		5,676		12,670		20,622		16,563
Tax (provision)/benefit, net		(312)		(135)		(655)		(754)

Net Income/(loss)		5,364		12,535		19,967		15,809
Net (income)/loss attributable to redeemable noncontrolling interests in the OP and DownREIT Partnership		(272)		(807)		(1,151)		(961)
Net (income)/loss attributable to noncontrolling interests		(8)		(8)		(27)		(24)

Net income/(loss) attributable to UDR, Inc.		5,084		11,720		18,789		14,824
Distributions to preferred stockholders - Series E (Convertible)		(1,109)		(1,057)		(2,201)		(2,113)

Net income/(loss) attributable to common stockholders	$	3,975	$	10,663	$	16,588	$	12,711


Income/(loss) per weighted average common share - basic:		$0.01		$0.04		$0.05		$0.04
Income/(loss) per weighted average common share - diluted:		$0.01		$0.04		$0.05		$0.04

Common distributions declared per share		$0.38		$0.3625		$0.76		$0.7250

Weighted average number of common shares outstanding - basic		318,351		296,589		318,181		296,564
Weighted average number of common shares outstanding - diluted		319,572		297,542		319,592		297,221

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

(2)

During the three months ended June 30, 2022, UDR increased its residential reserve to $12.8 million, including $0.5 million for UDR’s share from unconsolidated joint ventures, which compares to a combined quarter-end accounts receivable balance of $22.8 million. The remaining unreserved amount is based on probability of collection.

(3)

During the three months ended June 30, 2022, UDR recorded $14.8 million in investment loss, net from real estate technology investments. Of the $14.8 million, $2.3 million of income ($5.9 million gain on liquidation of an investment partially offset by a decrease in SmartRent’s public share price) was recorded in Interest income and other income/(expense), net and $17.1 million of loss (primarily due to a decrease in SmartRent’s public share price) was recorded in Income/(loss) from unconsolidated entities.

Attachment 2

UDR, Inc.

Funds From Operations

(Unaudited) (1)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
In thousands, except per share and unit amounts	2022		2021			2022	2021

Net income/(loss) attributable to common stockholders	$	3,975	$	10,663	$	16,588	$	12,711

Real estate depreciation and amortization		167,584		146,169		331,206		290,257
Noncontrolling interests		280		815		1,178		985
Real estate depreciation and amortization on unconsolidated joint ventures		7,489		7,930		15,113		16,135
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)
Funds from operations ("FFO") attributable to common stockholders and unitholders, basic	$	179,328	$	165,577	$	364,085	$	266,850

Distributions to preferred stockholders - Series E (Convertible) (2)		1,109		1,057		2,201		2,113

FFO attributable to common stockholders and unitholders, diluted	$	180,437	$	166,634	$	366,286	$	268,963

FFO per weighted average common share and unit, basic	$	0.53	$	0.52	$	1.07	$	0.84
FFO per weighted average common share and unit, diluted	$	0.52	$	0.52	$	1.06	$	0.83

Weighted average number of common shares and OP/DownREIT Units outstanding, basic		339,885		319,139		339,715		319,038
Weighted average number of common shares, OP/DownREIT Units, and common stock
equivalents outstanding, diluted		344,024		323,010		344,044		322,613

Impact of adjustments to FFO:
Debt extinguishment and other associated costs	$	-	$	-	$	-	$	41,950
Debt extinguishment and other associated costs on unconsolidated joint ventures		-		-		-		1,682
Variable upside participation on DCP, net		-		-		(10,622)		-
Legal and other		709		590		1,483		1,219
Realized (gain)/loss on real estate technology investments, net of tax		(5,886)		214		(8,124)		(447)
Unrealized (gain)/loss on real estate technology investments, net of tax		20,676		(6,895)		36,307		(7,662)
Severance costs		-		140		-		608
Casualty-related charges/(recoveries), net		1,074		(2,292)		309		3,285
	$	16,573	$	(8,243)	$	19,353	$	40,635

FFO as Adjusted attributable to common stockholders and unitholders, diluted	$	197,010	$	158,391	$	385,639	$	309,598

FFO as Adjusted per weighted average common share and unit, diluted	$	0.57	$	0.49	$	1.12	$	0.96

Recurring capital expenditures		(18,411)		(15,829)		(30,215)		(25,583)
AFFO attributable to common stockholders and unitholders, diluted	$	178,599	$	142,562	$	355,424	$	284,015

AFFO per weighted average common share and unit, diluted	$	0.52	$	0.44	$	1.03	$	0.88

(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 six months ended June 30, 2022 and June 30, 2021. 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.

Attachment 3

UDR, Inc.

Consolidated Balance Sheets

(Unaudited) (1)


	June 30,		December 31,
In thousands, except share and per share amounts	2022		2021

ASSETS

Real estate owned:
Real estate held for investment	$	14,872,687	$	14,352,234
Less: accumulated depreciation		(5,443,351)		(5,136,589)
Real estate held for investment, net		9,429,336		9,215,645
Real estate under development
(net of accumulated depreciation of $1,744 and $507)		399,029		388,062
Total real estate owned, net of accumulated depreciation		9,828,365		9,603,707

Cash and cash equivalents		921		967
Restricted cash		27,768		27,451
Notes receivable, net		37,548		26,860
Investment in and advances to unconsolidated joint ventures, net		691,864		702,461
Operating lease right-of-use assets		195,755		197,463
Other assets		214,765		216,311
Total assets	$	10,996,986	$	10,775,220

LIABILITIES AND EQUITY

Liabilities:
Secured debt	$	1,054,836	$	1,057,380
Unsecured debt		4,462,398		4,355,407
Operating lease liabilities		190,881		192,488
Real estate taxes payable		36,791		33,095
Accrued interest payable		45,917		45,980
Security deposits and prepaid rent		53,476		55,441
Distributions payable		132,793		124,729
Accounts payable, accrued expenses, and other liabilities		137,095		136,954
Total liabilities		6,114,187		6,001,474

Redeemable noncontrolling interests in the OP and DownREIT Partnership		1,013,165		1,299,442

Equity:
Preferred stock, no par value; 50,000,000 shares authorized at June 30, 2022 and December 31, 2021:
2,695,363 shares of 8.00% Series E Cumulative Convertible issued
and outstanding (2,695,363 shares at December 31, 2021)		44,764		44,764
12,455,650 shares of Series F outstanding (12,582,575 shares
at December 31, 2021)		1		1
Common stock, $0.01 par value; 450,000,000 shares authorized at June 30, 2022 and December 31, 2021:
324,900,864 shares issued and outstanding (318,149,635 shares at December 31, 2021)		3,249		3,181
Additional paid-in capital		7,243,825		6,884,269
Distributions in excess of net income		(3,426,760)		(3,485,080)
Accumulated other comprehensive income/(loss), net		4,345		(4,261)
Total stockholders' equity		3,869,424		3,442,874
Noncontrolling interests		210		31,430
Total equity		3,869,634		3,474,304
Total liabilities and equity	$	10,996,986	$	10,775,220

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

Attachment 4(A)

UDR, Inc.

Selected Financial Information

(Unaudited) (1)


	June 30,	December 31,
Common Stock and Equivalents	2022	2021

Common shares	324,638,583	317,901,718
Restricted shares	262,281	247,917
Total common shares	324,900,864	318,149,635
Restricted unit and common stock equivalents	683,686	2,090,833
Operating and DownREIT Partnership units	19,732,039	19,909,308
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	349,986,387	344,819,574




Weighted Average Number of Shares Outstanding	2Q 2022	2Q 2021

Weighted average number of common shares and OP/DownREIT units outstanding - basic	339,884,808	319,139,344
Weighted average number of OP/DownREIT units outstanding	(21,534,259)	(22,550,050)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations	318,350,549	296,589,294

Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted	344,024,524	323,009,780
Weighted average number of OP/DownREIT units outstanding	(21,534,259)	(22,550,050)
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	319,572,138	297,541,603


	Year-to-Date 2022	Year-to-Date 2021

Weighted average number of common shares and OP/DownREIT units outstanding - basic	339,714,942	319,037,595
Weighted average number of OP/DownREIT units outstanding	(21,534,273)	(22,474,470)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations	318,180,669	296,563,125

Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted	344,044,149	322,612,952
Weighted average number of OP/DownREIT units outstanding	(21,534,273)	(22,474,470)
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	319,591,749	297,220,355

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

(2)	At June 30, 2022 and December 31, 2021 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 six months ended June 30, 2022 and June 30, 2021.

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			$	1,006,199			18.3%	3.42%	5.9
		Floating				27,000			0.5%	1.51%	9.7
		Combined				1,033,199			18.8%	3.37%	6.0

Unsecured		Fixed				4,080,644	(3)		74.1%	2.87%	8.0
		Floating				390,927			7.1%	1.79%	0.6
		Combined				4,471,571			81.2%	2.78%	7.3

Total Debt		Fixed				5,086,843			92.4%	2.98%	7.6
		Floating				417,927			7.6%	1.77%	1.2
		Combined				5,504,770			100.0%	2.89%	7.1
		Total Non-Cash Adjustments (4)				12,464
		Total per Balance Sheet			$	5,517,234				2.85%



Debt Maturities, In thousands
					Revolving Credit						Weighted
			Unsecured		Facilities & Comm.						Average
	Secured Debt (5)		Debt		Paper (2) (6) (7)			Balance		% of Total	Interest Rate

2022	$	577	$	-	$	325,000		$	325,577	5.9%	1.71%
2023		1,242		-		-			1,242	0.0%	3.84%
2024		96,747		15,644		30,927			143,318	2.6%	3.69%
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%	2.46%
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%
2031		160,930		600,000		-			760,930	13.8%	2.92%
Thereafter		27,000		1,350,000		-			1,377,000	25.1%	2.26%
		1,033,199		4,115,644		355,927			5,504,770	100.0%	2.89%
Total Non-Cash Adjustments (4)		21,637		(9,173)		-			12,464
Total per Balance Sheet	$	1,054,836	$	4,106,471	$	355,927		$	5,517,234		2.85%

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

(2)

The 2022 maturity reflects the $325.0 million of principal outstanding at an interest rate of 1.71%, the equivalent of LIBOR plus a spread of 38 basis points, on the Company’s unsecured commercial paper program as of June 30, 2022. 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 7.3 years without extensions and 7.4 years with 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 June 30, 2022. 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 $30.9 million outstanding on our $75.0 million working capital credit facility at June 30, 2022. 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.

Attachment 4(C)

UDR, Inc.

Selected Financial Information

(Dollars in Thousands)

(Unaudited) (1)

Quarter Ended

Coverage Ratios

June 30, 2022

Net income/(loss)

5,364

Adjustments:

Interest expense, including debt extinguishment and other associated costs

36,832

Real estate depreciation and amortization

167,584

Other depreciation and amortization

3,016

Tax provision/(benefit), net

312

Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures

11,250

EBITDAre

224,358

Casualty-related charges/(recoveries), net

1,074

Legal and other costs

709

Unrealized (gain)/loss on real estate technology investments

3,437

Realized (gain)/loss on real estate technology investments

(5,776)

(Income)/loss from unconsolidated entities

11,229

Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures

(11,250)

Management fee expense on unconsolidated joint ventures

(528)

Consolidated EBITDAre - adjusted for non-recurring items

223,253

Annualized consolidated EBITDAre - adjusted for non-recurring items

893,012

Interest expense, including debt extinguishment and other associated costs

36,832

Capitalized interest expense

3,633

Total interest

40,465

Preferred dividends

1,109

Total debt

5,517,234

Cash

(921)

Net debt

5,516,313

Consolidated Interest Coverage Ratio - adjusted for non-recurring items

5.5x

Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items

5.4x

Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items

6.2x

Debt Covenant Overview

Unsecured Line of Credit Covenants (2)

Required

Actual

Compliance

Maximum Leverage Ratio

≤60.0%

32.8% (2)

Yes

Minimum Fixed Charge Coverage Ratio

≥1.5x

5.1x

Yes

Maximum Secured Debt Ratio

≤40.0%

9.6%

Yes

Minimum Unencumbered Pool Leverage Ratio

≥150.0%

356.0%

Yes

Senior Unsecured Note Covenants (3)

Required

Actual

Compliance

Debt as a percentage of Total Assets

≤65.0%

33.6% (3)

Yes

Consolidated Income Available for Debt Service to Annual Service Charge

≥1.5x

5.7x

Yes

Secured Debt as a percentage of Total Assets

≤40.0%

6.4%

Yes

Total Unencumbered Assets to Unsecured Debt

≥150.0%

314.3%

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

2Q 2022 NOI (1)

Carrying Value

Total Gross

Asset Summary

Homes

($000s)

% of NOI

($000s)

Carrying Value

Unencumbered assets

46,792

224,363

88.1%

13,551,566

88.7%

Encumbered assets

7,522

30,192

11.9%

1,721,894

11.3%

54,314

254,555

100.0%

15,273,460

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.

Attachment 5

UDR, Inc.

Operating Information

(Unaudited) (1)


	Total	Quarter Ended		Quarter Ended		Quarter Ended		Quarter Ended		Quarter Ended
Dollars in thousands	Homes	June 30, 2022		March 31, 2022		December 31, 2021		September 30, 2021		June 30, 2021
Revenues
Same-Store Communities	47,734	$	330,542	$	323,160	$	317,503	$	307,312	$	296,847
Stabilized, Non-Mature Communities	5,492		29,219		28,275		26,661		13,929		5,274
Acquired Communities	433		1,138		-		-		-		-
Development Communities	655		1,273		240		-		-		-
Non-Residential / Other (2)	-		5,576		4,506		2,453		5,480		5,103
Total	54,314	$	367,748	$	356,181	$	346,617	$	326,721	$	307,224

Expenses
Same-Store Communities		$	98,365	$	98,487	$	96,545	$	99,573	$	94,393
Stabilized, Non-Mature Communities			10,469		9,930		9,107		5,274		2,316
Acquired Communities			236		-		-		-		-
Development Communities			1,328		680		247		99		71
Non-Residential / Other (2)			2,795		3,151		3,041		3,687		3,138
Total (3)		$	113,193	$	112,248	$	108,940	$	108,633	$	99,918

Net Operating Income
Same-Store Communities		$	232,177	$	224,673	$	220,958	$	207,739	$	202,454
Stabilized, Non-Mature Communities			18,750		18,345		17,554		8,655		2,958
Acquired Communities			902		-		-		-		-
Development Communities			(55)		(440)		(247)		(99)		(71)
Non-Residential / Other (2)			2,781		1,355		(588)		1,793		1,965
Total		$	254,555	$	243,933	$	237,677	$	218,088	$	207,306

Operating Margin
Same-Store Communities			70.2%		69.5%		69.6%		67.6%		68.2%

Weighted Average Physical Occupancy
Same-Store Communities			97.1%		97.3%		97.1%		97.5%		97.1%
Stabilized, Non-Mature Communities			96.6%		96.2%		96.4%		97.1%		85.6%
Acquired Communities			98.4%		-		-		-		-
Development Communities			56.5%		27.6%		-		-		-
Other (4)			-		89.4%		98.2%		98.0%		97.3%
Total			96.7%		96.9%		97.1%		97.5%		97.1%

Sold and Held for Disposition Communities
Revenues	-	$	-	$	-	$	407	$	1,978	$	1,892
Expenses (3)			-		-		133		586		562
Net Operating Income/(Loss)		$	-	$	-	$	274	$	1,392	$	1,330

Total	54,314	$	254,555	$	243,933	$	237,951	$	219,480	$	208,636

(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.

Attachment 6

UDR, Inc.

Same-Store Operating Expense Information

(Dollars in Thousands)

(Unaudited) (1)


	% of 2Q 2022
	SS Operating
Year-Over-Year Comparison	Expenses	2Q 2022		2Q 2021		% Change

Personnel	14.3%	$	14,030	$	14,231	-1.4%
Utilities	13.2%		13,011		12,063	7.9%
Repair and maintenance	18.9%		18,564		16,205	14.6%
Administrative and marketing	6.5%		6,422		6,322	1.6%
Controllable expenses	52.9%		52,027		48,821	6.6%

Real estate taxes	41.2%	$	40,498	$	40,961	-1.1%
Insurance	5.9%		5,840		4,611	26.6%
Same-Store operating expenses	100.0%	$	98,365	$	94,393	4.2%

Same-Store Homes	47,734



	% of 2Q 2022
	SS Operating
Sequential Comparison	Expenses	2Q 2022		1Q 2022		% Change

Personnel	14.3%	$	14,030	$	14,190	-1.1%
Utilities	13.2%		13,011		13,645	-4.6%
Repair and maintenance	18.9%		18,564		16,834	10.3%
Administrative and marketing	6.5%		6,422		6,364	0.9%
Controllable expenses	52.9%		52,027		51,033	1.9%

Real estate taxes	41.2%	$	40,498	$	41,135	-1.5%
Insurance	5.9%		5,840		6,319	-7.6%
Same-Store operating expenses	100.0%	$	98,365	$	98,487	-0.1%

Same-Store Homes	47,734




	% of YTD 2022
	SS Operating
Year-to-Date Comparison	Expenses	YTD 2022		YTD 2021		% Change

Personnel	14.3%	$	28,029	$	28,804	-2.7%
Utilities	13.5%		26,501		24,571	7.9%
Repair and maintenance	18.0%		35,144		31,376	12.0%
Administrative and marketing	6.5%		12,698		13,022	-2.5%
Controllable expenses	52.3%		102,372		97,773	4.7%

Real estate taxes	41.5%	$	81,290	$	80,987	0.4%
Insurance	6.2%		12,091		9,165	31.9%
Same-Store operating expenses	100.0%	$	195,753	$	187,925	4.2%

Same-Store Homes	47,434

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

Attachment 7(A)

UDR, Inc.

Apartment Home Breakout

Portfolio Overview as of Quarter Ended

June 30, 2022

(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	$	2,824
San Francisco, CA	2,764	-	2,764	602	3,366		3,402
Seattle, WA	2,726	259	2,985	-	2,985		2,686
Los Angeles, CA	1,225	-	1,225	340	1,565		3,248
Monterey Peninsula, CA	1,567	-	1,567	-	1,567		2,111
	12,967	259	13,226	1,323	14,549

Mid-Atlantic Region
Metropolitan DC	8,380	1,012	9,392	-	9,392		2,165
Baltimore, MD	1,597	622	2,219	-	2,219		1,771
Richmond, VA	1,359	-	1,359	-	1,359		1,658
	11,336	1,634	12,970	-	12,970

Northeast Region
Boston, MA	4,598	433	5,031	250	5,281		2,816
New York, NY	2,318	-	2,318	710	3,028		4,147
	6,916	433	7,349	960	8,309

Southeast Region
Tampa, FL	3,877	-	3,877	-	3,877		1,935
Orlando, FL	2,500	993	3,493	-	3,493		1,724
Nashville, TN	2,260	-	2,260	-	2,260		1,594
	8,637	993	9,630	-	9,630

Southwest Region
Dallas, TX	3,866	2,166	6,032	-	6,032		1,652
Austin, TX	1,272	-	1,272	-	1,272		1,778
	5,138	2,166	7,304	-	7,304

Other Markets (5)	2,740	1,095	3,835	554	4,389		2,532

Totals	47,734	6,580	54,314	2,837	57,151	$	2,368

Communities (6)	148	14	162	13	175

		Homes	Communities
Total completed homes		57,151	175
Under Development (7)		1,177	6

Total Quarter-end homes and communities		58,328	181

(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 (510 homes), Palm Beach (636 homes), Inland Empire (658 homes), San Diego (163 wholly owned, 264 JV homes), Portland (752 homes) and Philadelphia (1,116 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.

Attachment 7(B)

UDR, Inc.

Non-Mature Home Summary and Net Operating Income by Market

June 30, 2022

(Unaudited) (1)


Non-Mature Home Breakout - By Date


Community	Category	# of Homes	Market	Same-Store Quarter (2)

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	Stabilized, Non-Mature	259	Seattle, WA	3Q22

Canterbury Apartments	Stabilized, Non-Mature	544	Metropolitan DC	4Q22

The Smith Valley Forge	Stabilized, Non-Mature	320	Philadelphia, PA	4Q22

1274 at Towson	Stabilized, Non-Mature	192	Baltimore, MD	4Q22

322 on North Broad	Stabilized, Non-Mature	339	Philadelphia, PA	4Q22

Arbors at Maitland Summit	Stabilized, Non-Mature	663	Orlando, FL	1Q23

Essex Luxe	Stabilized, Non-Mature	330	Orlando, FL	1Q23

Quarters at Towson Town Center	Stabilized, Non-Mature	430	Baltimore, MD	1Q23

Cirrus	Development	292	Denver, CO	2Q24

The George Apartments	Development	144	Philadelphia, PA	2Q24

Vitruvian West Phase 3	Development	219	Dallas, TX	2Q24

Bradlee Danvers	Acquisition	433	Boston, MA	3Q24

Total		6,580


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	13.1%	11.9%	Tampa, FL	6.2%	5.4%
San Francisco, CA	8.2%	8.0%	Orlando, FL	3.8%	4.5%
Seattle, WA	6.8%	6.9%	Nashville, TN	3.2%	2.8%
Los Angeles, CA	3.4%	3.6%		13.2%	12.7%
Monterey Peninsula, CA	3.2%	2.8%	Southwest Region
	34.7%	33.2%	Dallas, TX	5.1%	6.7%
Mid-Atlantic Region			Austin, TX	1.8%	1.5%
Metropolitan DC	16.2%	15.6%		6.9%	8.2%
Baltimore, MD	2.4%	2.9%
Richmond, VA	2.2%	1.9%	Other Markets (3)	5.8%	7.1%
	20.8%	20.4%
Northeast Region
Boston, MA	11.7%	11.0%
New York, NY	6.9%	7.4%
	18.6%	18.4%	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.

Attachment 8(A)

UDR, Inc.

Same-Store Operating Information By Major Market

Current Quarter vs. Prior Year Quarter

June 30, 2022

(Unaudited) (1)



		% of Same-	Same-Store
	Total	Store Portfolio
	Same-Store	Based on	Physical Occupancy			Total Revenue per Occupied Home
	Homes	2Q 2022 NOI	2Q 22	2Q 21	Change	2Q 22		2Q 21		Change

West Region
Orange County, CA	4,685	13.1%	96.6%	97.8%	-1.2%	$	2,823	$	2,536	11.3%
San Francisco, CA	2,764	8.2%	96.3%	95.0%	1.3%		3,297		2,972	10.9%
Seattle, WA	2,726	6.8%	97.6%	97.4%	0.2%		2,663		2,295	16.0%
Los Angeles, CA	1,225	3.4%	96.5%	95.9%	0.6%		3,044		2,526	20.5%
Monterey Peninsula, CA	1,567	3.2%	96.5%	97.3%	-0.8%		2,111		1,957	7.9%
	12,967	34.7%	96.7%	96.9%	-0.2%		2,825		2,505	12.8%

Mid-Atlantic Region
Metropolitan DC	8,380	16.2%	97.4%	96.7%	0.7%		2,229		2,123	5.0%
Baltimore, MD	1,597	2.4%	97.1%	98.2%	-1.1%		1,793		1,634	9.7%
Richmond, VA	1,359	2.2%	97.6%	98.4%	-0.8%		1,658		1,518	9.2%
	11,336	20.8%	97.4%	97.1%	0.3%		2,099		1,980	6.0%

Northeast Region
Boston, MA	4,598	11.7%	96.7%	96.7%	0.0%		2,843		2,625	8.3%
New York, NY	2,318	6.9%	98.2%	96.6%	1.6%		4,093		3,562	14.9%
	6,916	18.6%	97.2%	96.7%	0.5%		3,266		2,939	11.1%

Southeast Region
Tampa, FL	3,877	6.2%	96.8%	97.7%	-0.9%		1,935		1,615	19.8%
Orlando, FL	2,500	3.8%	97.0%	97.7%	-0.7%		1,672		1,465	14.1%
Nashville, TN	2,260	3.2%	97.5%	97.7%	-0.2%		1,594		1,421	12.2%
	8,637	13.2%	97.0%	97.7%	-0.7%		1,769		1,521	16.3%

Southwest Region
Dallas, TX	3,866	5.1%	97.0%	96.7%	0.3%		1,678		1,509	11.2%
Austin, TX	1,272	1.8%	98.1%	98.6%	-0.5%		1,778		1,596	11.4%
	5,138	6.9%	97.3%	97.1%	0.2%		1,703		1,532	11.2%

Other Markets	2,740	5.8%	97.2%	97.8%	-0.6%		2,359		2,080	13.4%

Total/Weighted Avg.	47,734	100.0%	97.1%	97.1%	0.0%	$	2,377	$	2,134	11.4%

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

Attachment 8(B)

UDR, Inc.

Same-Store Operating Information By Major Market

Current Quarter vs. Prior Year Quarter

June 30, 2022

(Unaudited) (1)


			Same-Store ($000s)

	Total
	Same-Store	Revenues					Expenses					Net Operating Income
	Homes	2Q 22		2Q 21		Change	2Q 22		2Q 21		Change	2Q 22		2Q 21		Change

West Region
Orange County, CA	4,685	$	38,328	$	34,863	9.9%	$	8,001	$	7,899	1.3%	$	30,327	$	26,964	12.5%
San Francisco, CA	2,764		26,330		23,423	12.4%		7,323		7,339	-0.2%		19,007		16,084	18.2%
Seattle, WA	2,726		21,259		18,276	16.3%		5,523		5,514	0.1%		15,736		12,762	23.3%
Los Angeles, CA	1,225		10,796		8,902	21.3%		2,830		2,780	1.8%		7,966		6,122	30.1%
Monterey Peninsula, CA	1,567		9,575		8,940	7.1%		2,133		1,935	10.2%		7,442		7,005	6.2%
	12,967		106,288		94,404	12.6%		25,810		25,467	1.3%		80,478		68,937	16.7%

Mid-Atlantic Region
Metropolitan DC	8,380		54,568		51,608	5.7%		16,885		16,463	2.6%		37,683		35,145	7.2%
Baltimore, MD	1,597		8,341		7,688	8.5%		2,758		2,420	14.0%		5,583		5,268	6.0%
Richmond, VA	1,359		6,597		6,090	8.3%		1,580		1,506	4.9%		5,017		4,584	9.4%
	11,336		69,506		65,386	6.3%		21,223		20,389	4.1%		48,283		44,997	7.3%

Northeast Region
Boston, MA	4,598		37,928		35,011	8.3%		10,712		9,785	9.5%		27,216		25,226	7.9%
New York, NY	2,318		27,952		23,926	16.8%		11,961		12,082	-1.0%		15,991		11,844	35.1%
	6,916		65,880		58,937	11.8%		22,673		21,867	3.7%		43,207		37,070	16.6%

Southeast Region
Tampa, FL	3,877		21,789		18,352	18.7%		7,373		6,774	8.8%		14,416		11,578	24.5%
Orlando, FL	2,500		12,165		10,733	13.3%		3,448		3,172	8.7%		8,717		7,561	15.3%
Nashville, TN	2,260		10,536		9,415	11.9%		3,143		2,884	9.0%		7,393		6,531	13.2%
	8,637		44,490		38,500	15.6%		13,964		12,830	8.8%		30,526		25,670	18.9%

Southwest Region
Dallas, TX	3,866		18,875		16,916	11.6%		6,952		6,523	6.6%		11,923		10,393	14.7%
Austin, TX	1,272		6,657		6,006	10.8%		2,557		2,403	6.4%		4,100		3,603	13.8%
	5,138		25,532		22,922	11.4%		9,509		8,926	6.5%		16,023		13,996	14.5%

Other Markets	2,740		18,846		16,698	12.9%		5,186		4,914	5.6%		13,660		11,784	15.9%

Total (2)	47,734	$	330,542	$	296,847	11.4%	$	98,365	$	94,393	4.2%	$	232,177	$	202,454	14.7%

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

(2)	With concessions reflected on a straight-line basis, Same-Store Revenue and Same-Store NOI increased year-over-year by 11.2% and 14.4%, respectively. See Attachment 15(C) for definitions and reconciliations.

Attachment 8(C)

UDR, Inc.

Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

June 30, 2022

(Unaudited) (1)


		Same-Store
	Total
	Same-Store	Physical Occupancy			Total Revenue per Occupied Home
	Homes	2Q 22	1Q 22	Change	2Q 22		1Q 22		Change

West Region
Orange County, CA	4,685	96.6%	97.2%	-0.6%	$	2,823	$	2,734	3.3%
San Francisco, CA	2,764	96.3%	97.4%	-1.1%		3,297		3,199	3.1%
Seattle, WA	2,726	97.6%	97.7%	-0.1%		2,663		2,581	3.2%
Los Angeles, CA	1,225	96.5%	96.6%	-0.1%		3,044		2,973	2.4%
Monterey Peninsula, CA	1,567	96.5%	96.7%	-0.2%		2,111		2,201	-4.1%
	12,967	96.7%	97.2%	-0.5%		2,825		2,759	2.4%

Mid-Atlantic Region
Metropolitan DC	8,380	97.4%	97.3%	0.1%		2,229		2,185	2.0%
Baltimore, MD	1,597	97.1%	97.0%	0.1%		1,793		1,775	1.0%
Richmond, VA	1,359	97.6%	97.7%	-0.1%		1,658		1,597	3.8%
	11,336	97.4%	97.3%	0.1%		2,099		2,057	2.1%

Northeast Region
Boston, MA	4,598	96.7%	97.0%	-0.3%		2,843		2,814	1.0%
New York, NY	2,318	98.2%	98.3%	-0.1%		4,093		4,037	1.4%
	6,916	97.2%	97.4%	-0.2%		3,266		3,228	1.2%

Southeast Region
Tampa, FL	3,877	96.8%	97.0%	-0.2%		1,935		1,842	5.0%
Orlando, FL	2,500	97.0%	97.0%	0.0%		1,672		1,595	4.8%
Nashville, TN	2,260	97.5%	98.2%	-0.7%		1,594		1,517	5.1%
	8,637	97.0%	97.3%	-0.3%		1,769		1,685	5.0%

Southwest Region
Dallas, TX	3,866	97.0%	97.2%	-0.2%		1,678		1,629	3.0%
Austin, TX	1,272	98.1%	97.8%	0.3%		1,778		1,718	3.5%
	5,138	97.3%	97.3%	0.0%		1,703		1,651	3.1%

Other Markets	2,740	97.2%	97.2%	0.0%		2,359		2,296	2.7%

Total/Weighted Avg.	47,734	97.1%	97.3%	-0.2%	$	2,377	$	2,319	2.5%

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

Attachment 8(D)

UDR, Inc.

Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

June 30, 2022

(Unaudited) (1)


			Same-Store ($000s)
	Total
	Same-Store	Revenues					Expenses					Net Operating Income
	Homes	2Q 22		1Q 22		Change	2Q 22		1Q 22		Change	2Q 22		1Q 22		Change

West Region
Orange County, CA	4,685	$	38,328	$	37,352	2.6%	$	8,001	$	8,123	-1.5%	$	30,327	$	29,229	3.8%
San Francisco, CA	2,764		26,330		25,716	2.4%		7,323		7,683	-4.7%		19,007		18,033	5.4%
Seattle, WA	2,726		21,259		20,625	3.1%		5,523		5,584	-1.1%		15,736		15,041	4.6%
Los Angeles, CA	1,225		10,796		10,553	2.3%		2,830		2,838	-0.3%		7,966		7,715	3.3%
Monterey Peninsula, CA	1,567		9,575		9,993	-4.2%		2,133		2,117	0.7%		7,442		7,876	-5.5%
	12,967		106,288		104,239	2.0%		25,810		26,345	-2.0%		80,478		77,894	3.3%

Mid-Atlantic Region
Metropolitan DC	8,380		54,568		53,448	2.1%		16,885		16,759	0.8%		37,683		36,689	2.7%
Baltimore, MD	1,597		8,341		8,247	1.1%		2,758		2,693	2.4%		5,583		5,554	0.5%
Richmond, VA	1,359		6,597		6,360	3.7%		1,580		1,642	-3.8%		5,017		4,718	6.3%
	11,336		69,506		68,055	2.1%		21,223		21,094	0.6%		48,283		46,961	2.8%

Northeast Region
Boston, MA	4,598		37,928		37,657	0.7%		10,712		11,403	-6.1%		27,216		26,254	3.7%
New York, NY	2,318		27,952		27,599	1.3%		11,961		12,080	-1.0%		15,991		15,519	3.1%
	6,916		65,880		65,256	1.0%		22,673		23,483	-3.4%		43,207		41,773	3.4%

Southeast Region
Tampa, FL	3,877		21,789		20,784	4.8%		7,373		7,163	2.9%		14,416		13,621	5.8%
Orlando, FL	2,500		12,165		11,606	4.8%		3,448		3,268	5.5%		8,717		8,338	4.5%
Nashville, TN	2,260		10,536		10,098	4.3%		3,143		3,074	2.2%		7,393		7,024	5.2%
	8,637		44,490		42,488	4.7%		13,964		13,505	3.4%		30,526		28,983	5.3%

Southwest Region
Dallas, TX	3,866		18,875		18,367	2.8%		6,952		6,730	3.3%		11,923		11,637	2.5%
Austin, TX	1,272		6,657		6,412	3.8%		2,557		2,375	7.6%		4,100		4,037	1.6%
	5,138		25,532		24,779	3.0%		9,509		9,105	4.4%		16,023		15,674	2.2%

Other Markets	2,740		18,846		18,343	2.7%		5,186		4,955	4.7%		13,660		13,388	2.0%

Total (2)	47,734	$	330,542	$	323,160	2.3%	$	98,365	$	98,487	-0.1%	$	232,177	$	224,673	3.3%

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

(2)	With concessions reflected on a straight-line basis, Same-Store Revenue and Same-Store NOI increased quarter-over-quarter by 3.0% and 4.4%, respectively. See Attachment 15(C) for definitions and reconciliations.

Attachment 8(E)

UDR, Inc.

Same-Store Operating Information By Major Market

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

June 30, 2022

(Unaudited) (1)


		% of Same-
	Total	Store Portfolio	Same-Store
	Same-Store	Based on	Physical Occupancy			Total Revenue per Occupied Home
	Homes	YTD 2022 NOI	YTD 22	YTD 21	Change	YTD 22		YTD 21		Change

West Region
Orange County, CA	4,685	13.1%	96.9%	97.5%	-0.6%	$	2,778	$	2,501	11.1%
San Francisco, CA	2,764	8.1%	96.6%	94.2%	2.4%		3,249		3,028	7.3%
Seattle, WA	2,726	6.8%	97.6%	96.9%	0.7%		2,624		2,308	13.7%
Los Angeles, CA	1,225	3.5%	96.5%	95.5%	1.0%		3,010		2,535	18.7%
Monterey Peninsula, CA	1,567	3.4%	96.6%	96.8%	-0.2%		2,155		1,944	10.9%
	12,967	34.9%	96.9%	96.4%	0.5%		2,792		2,506	11.4%

Mid-Atlantic Region
Metropolitan DC	8,380	16.4%	97.4%	96.2%	1.2%		2,206		2,103	4.9%
Baltimore, MD	1,597	2.5%	97.1%	98.3%	-1.2%		1,783		1,629	9.5%
Richmond, VA	1,359	2.1%	97.7%	98.4%	-0.7%		1,626		1,486	9.4%
	11,336	21.0%	97.4%	96.7%	0.7%		2,077		1,960	6.0%

Northeast Region
Boston, MA	4,298	11.2%	96.9%	96.2%	0.7%		2,883		2,680	7.6%
New York, NY	2,318	6.9%	98.2%	95.5%	2.7%		4,067		3,631	12.0%
	6,616	18.1%	97.3%	96.0%	1.3%		3,301		3,012	9.6%

Southeast Region
Tampa, FL	3,877	6.2%	96.9%	97.4%	-0.5%		1,889		1,594	18.5%
Orlando, FL	2,500	3.7%	97.0%	97.2%	-0.2%		1,634		1,446	13.0%
Nashville, TN	2,260	3.2%	97.8%	97.7%	0.1%		1,556		1,404	10.8%
	8,637	13.1%	97.2%	97.4%	-0.2%		1,728		1,501	15.1%

Southwest Region
Dallas, TX	3,866	5.2%	97.1%	96.7%	0.4%		1,653		1,494	10.6%
Austin, TX	1,272	1.8%	97.9%	97.9%	0.0%		1,749		1,566	11.7%
	5,138	7.0%	97.3%	97.0%	0.3%		1,676		1,512	10.8%

Other Markets	2,740	5.9%	97.2%	97.4%	-0.2%		2,327		2,053	13.3%

Total/Weighted Avg.	47,434	100.0%	97.2%	96.7%	0.5%	$	2,350	$	2,126	10.6%

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

Attachment 8(F)

UDR, Inc.

Same-Store Operating Information By Major Market

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

June 30, 2022

(Unaudited) (1)


			Same-Store ($000s)
	Total
	Same-Store	Revenues					Expenses					Net Operating Income
	Homes	YTD 22		YTD 21		Change	YTD 22		YTD 21		Change	YTD 22		YTD 21		Change

West Region
Orange County, CA	4,685	$	75,680	$	68,538	10.4%	$	16,124	$	15,567	3.6%	$	59,556	$	52,971	12.4%
San Francisco, CA	2,764		52,046		47,075	10.6%		15,007		14,704	2.1%		37,039		32,371	14.4%
Seattle, WA	2,726		41,884		36,572	14.5%		11,107		11,153	-0.4%		30,777		25,419	21.1%
Los Angeles, CA	1,225		21,349		17,793	20.0%		5,668		5,509	2.9%		15,681		12,284	27.6%
Monterey Peninsula, CA	1,567		19,568		17,668	10.8%		4,250		3,941	7.9%		15,318		13,727	11.6%
	12,967		210,527		187,646	12.2%		52,156		50,874	2.5%		158,371		136,772	15.8%

Mid-Atlantic Region
Metropolitan DC	8,380		108,016		101,709	6.2%		33,644		32,521	3.5%		74,372		69,188	7.5%
Baltimore, MD	1,597		16,588		15,343	8.1%		5,451		4,881	11.7%		11,137		10,462	6.4%
Richmond, VA	1,359		12,957		11,922	8.7%		3,222		3,032	6.3%		9,735		8,890	9.5%
	11,336		137,561		128,974	6.7%		42,317		40,434	4.7%		95,244		88,540	7.6%

Northeast Region
Boston, MA	4,298		72,054		66,494	8.4%		21,016		19,161	9.7%		51,038		47,333	7.8%
New York, NY	2,318		55,551		48,240	15.2%		24,041		24,612	-2.3%		31,510		23,628	33.4%
	6,616		127,605		114,734	11.2%		45,057		43,773	2.9%		82,548		70,961	16.3%

Southeast Region
Tampa, FL	3,877		42,572		36,089	18.0%		14,536		13,398	8.5%		28,036		22,691	23.6%
Orlando, FL	2,500		23,771		21,087	12.7%		6,716		6,346	5.8%		17,055		14,741	15.7%
Nashville, TN	2,260		20,634		18,597	11.0%		6,216		5,804	7.1%		14,418		12,793	12.7%
	8,637		86,977		75,773	14.8%		27,468		25,548	7.5%		59,509		50,225	18.5%

Southwest Region
Dallas, TX	3,866		37,242		33,509	11.1%		13,682		12,905	6.0%		23,560		20,604	14.3%
Austin, TX	1,272		13,069		11,699	11.7%		4,932		4,728	4.3%		8,137		6,971	16.7%
	5,138		50,311		45,208	11.3%		18,614		17,633	5.6%		31,697		27,575	14.9%

Other Markets	2,740		37,189		32,868	13.1%		10,141		9,663	4.9%		27,048		23,205	16.6%

Total (2)	47,434	$	650,170	$	585,203	11.1%	$	195,753	$	187,925	4.2%	$	454,417	$	397,278	14.4%

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

(2)	With concessions reflected on a straight-line basis, Same-Store revenue and Same-Store NOI increased year-over-year by 10.5% and 13.5%, respectively. See Attachment 15(C) for definitions and reconciliations.

Attachment 8(G)

UDR, Inc.

Same-Store Operating Information By Major Market

June 30, 2022

(Unaudited) (1)


	Effective Blended Lease Rate Growth	Effective New Lease Rate Growth	Effective Renewal Lease Rate Growth	Annualized Turnover
	2Q 2022	2Q 2022	2Q 2022	2Q 2022	2Q 2021	YTD 2022	YTD 2021

West Region
Orange County, CA	14.2%	17.4%	10.8%	44.3%	43.5%	37.8%	42.8%
San Francisco, CA	17.5%	19.0%	16.3%	42.4%	42.9%	35.4%	42.1%
Seattle, WA	17.4%	22.4%	13.6%	52.8%	50.6%	47.1%	50.8%
Los Angeles, CA	18.4%	21.4%	15.6%	34.1%	36.0%	30.3%	38.8%
Monterey Peninsula, CA	10.2%	14.6%	7.4%	28.2%	28.7%	27.3%	29.5%
	15.9%	19.0%	13.1%	44.0%	43.3%	38.3%	43.2%

Mid-Atlantic Region
Metropolitan DC	12.3%	13.2%	11.5%	48.5%	47.8%	38.3%	41.8%
Baltimore, MD	11.6%	9.5%	13.9%	66.1%	52.5%	52.7%	42.7%
Richmond, VA	19.1%	18.1%	20.0%	54.9%	53.1%	43.9%	41.8%
	12.9%	13.2%	12.6%	52.5%	49.2%	41.6%	41.9%

Northeast Region
Boston, MA	16.3%	18.0%	14.7%	51.2%	50.6%	40.3%	40.8%
New York, NY	28.3%	37.4%	21.5%	49.1%	48.6%	35.0%	38.2%
	20.9%	25.1%	17.5%	50.5%	50.0%	38.7%	40.0%

Southeast Region
Tampa, FL	22.6%	22.3%	23.0%	59.2%	48.2%	55.2%	47.9%
Orlando, FL	24.5%	24.6%	24.4%	52.6%	52.0%	45.3%	47.5%
Nashville, TN	22.8%	22.1%	23.6%	60.9%	57.1%	48.2%	49.3%
	23.1%	22.8%	23.5%	57.9%	51.9%	50.9%	48.1%

Southwest Region
Dallas, TX	16.0%	14.9%	17.3%	54.2%	47.4%	49.1%	47.9%
Austin, TX	14.4%	13.0%	15.8%	49.8%	51.1%	48.0%	47.7%
	15.6%	14.4%	16.9%	53.2%	48.4%	48.8%	47.9%

Other Markets	19.0%	21.6%	16.1%	48.3%	43.0%	42.2%	40.9%

Total/Weighted Avg.	17.4%	19.3%	15.7%	50.1%	47.4%	42.3%	43.5%


Allocation of Total Homes Repriced during the Quarter		48.2%	51.8%

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

Attachment 9

UDR, Inc.

Development and Land Summary

June 30, 2022

(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

5421 at Dublin Station	Dublin, CA		220	-	$	118,497	$	125,000	$	568		4Q19	3Q22	3Q22	9.1%	-
The George Apartments	King of Prussia, PA		200	144		63,641		68,000		340		4Q20	1Q22	3Q22	74.0%	59.5%
Vitruvian West Phase 3	Addison, TX		405	219		67,921		74,000		183		1Q21	1Q22	1Q23	53.1%	44.2%
The MO	Washington, DC		300	-		121,972		145,000		483		3Q20	1Q23	2Q23	-	-
Villas at Fiori	Addison, TX		85	-		11,980		53,500		629		1Q22	1Q24	2Q24	-	-
Meridian	Tampa, FL		330	-		16,762		134,000		406		1Q22	2Q24	2Q24	-	-

Total Under Construction			1,540	363	$	400,773	$	599,500	$	389

Completed Projects, Non-Stabilized

Cirrus	Denver, CO		292	292	$	99,889	$	101,000	$	346		3Q19	1Q22	2Q22	39.7%	33.6%

Total Completed, Non-Stabilized			292	292	$	99,889	$	101,000	$	346

Total - Wholly Owned			1,832	655	$	500,662	$	700,500	$	382



NOI From Wholly-Owned Projects		2Q 22

Projects Under Construction		$	63
Completed, Non-Stabilized			(118)
Total		$	(55)


Land Summary
Parcel	Location	UDR Ownership Interest			Real Estate Cost Basis

Vitruvian Park®	Addison, TX	100%			$	34,251
Alameda Point Block 11	Alameda, CA	100%				29,561
Newport Village II	Alexandria, VA	100%				13,636
2727 Turtle Creek (includes 3 phases)	Dallas, TX	100%				90,424
488 Riverwalk	Fort Lauderdale, FL	100%				16,349
3001 Iowa Avenue	Riverside, CA	100%				13,462

Total					$	197,683

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

Attachment 10

UDR, Inc.

Redevelopment Summary

June 30, 2022

(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	-	$	9,706	$	18,000	$	600	1Q21	4Q22
2000 Post	San Francisco, CA	15	15	-		4,108		8,000		533	1Q22	4Q22
Total		45	45	-	$	13,814	$	26,000	$	578

(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.

Attachment 11(A)

UDR, Inc.

Unconsolidated Summary

June 30, 2022

(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		2Q 22	2Q 22		2Q 22		YTD 22		YTD 22 (2)

UDR / MetLife	50%			13		2,837		96.6%	$	3,807	$	10,146	$	19,434	$	38,653




	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	$	1,709,938	$	859,317	$	266,046		3.45%	2024-2031




	Joint Venture
	Same-Store		2Q 22 vs. 2Q 21 Growth						2Q 22 vs. 1Q 22 Growth
Joint Venture Same-Store Growth	Communities (4)		Revenue		Expense			NOI	Revenue		Expense		NOI

UDR / MetLife	13		14.9%		-2.8%			28.2%	5.3%		-1.5%		9.6%




	Joint Venture
	Same-Store		YTD 22 vs. YTD 21 Growth
Joint Venture Same-Store Growth	Communities (4)		Revenue		Expense			NOI

UDR / MetLife	13		11.5%		0.8%			19.1%





							Income/(Loss)
	UDR Investment (6)						from Investments
Other Unconsolidated Investments (5)	Commitment		Funded		Balance		2Q 22 (7)

RETV I	$	18,000	$	12,780	$	29,192	$	(16,440)
RETV II		18,000		9,000		8,729		(612)
RET Strategic Fund		25,000		7,500		7,462		(77)
RET ESG Fund		10,000		4,000		4,012		-
Climate Technology Funds		10,000		4,339		4,324		(55)
Total	$	81,000	$	37,619	$	53,719	$	(17,184)

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

(2)	Represents NOI at 100% for the period ended June 30, 2022.

(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 investments in real estate technology and climate technology funds. The RET ESG Fund was entered into during the three months ended June 30, 2022.

(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 and is primarily due to a decrease in SmartRent's public share price.

Attachment 11(B)

UDR, Inc.

Developer Capital Program

June 30, 2022

(Dollars in Thousands)

(Unaudited) (1)


Developer Capital Program (2)


			# of	UDR Investment				Return	Years to	Upside
Community	Location		Homes	Commitment (3)		Balance (3)		Rate	Maturity	Participation

Preferred Equity

Junction	Santa Monica, CA		66	$	8,800	$	13,987	12.0%	0.1	-
1532 Harrison	San Francisco, CA		136		24,645		34,645	11.0%	0.3	-
1300 Fairmount	Philadelphia, PA		471		51,393		67,557	8.5%	1.1	Variable
Modera Lake Merritt	Oakland, CA		173		27,250		35,357	9.0%	1.8	Variable
Thousand Oaks	Thousand Oaks, CA		142		20,059		23,798	9.0%	2.6	Variable
Vernon Boulevard	Queens, NY		534		40,000		51,406	13.0%	3.0	Variable
Makers Rise	Herndon, VA		356		30,208		32,557	9.0%	3.5	Variable
121 at Watters	Allen, TX		469		19,843		21,519	9.0%	3.7	Variable
Infield Phase I	Kissimmee, FL		384		16,044		15,740	14.0%	1.9	-
Upton Place	Washington, DC		689		52,163		51,814	9.7%	5.4	-
Meetinghouse	Portland, OR		232		11,600		11,843	8.25%	4.7	-
Heirloom	Portland, OR		286		16,185		16,200	8.25%	4.9	-

Total - Preferred Equity			3,938	$	318,190	$	376,423	10.0%	2.9

Secured Loans

Menifee	Menifee, CA		237	$	24,447	$	-	11.0%	4.4	-
Riverside	Riverside, CA		482		59,676		7,938	11.0%	4.4	-
Total - Secured Loans			719	$	84,123	$	7,938	11.0%	4.4

Total - Developer Capital Program			4,657	$	402,313	$	384,361	10.0%	3.2



		2Q 22

Income/(loss) from investments		$	7,665

(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.

Attachment 12

UDR, Inc.

Acquisitions, Dispositions and Developer Capital Program Investments Summary

June 30, 2022

(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

Mar-22	Meetinghouse	Portland, OR		N/A		N/A	$	11,600		8.25%	232
Jun-22	Heirloom	Portland, OR		N/A		N/A		16,185		8.25%	286
Jun-22	Menifee	Menifee, CA		N/A		N/A		24,447		11.0%	237
Jun-22	Riverside	Riverside, CA		N/A		N/A		59,676		11.0%	482
							$	111,908		10.3%	1,237


			Proceeds		Proceeds
			Received		Received at		UDR			Return	# of
Developer Capital Program - Redemption			Life to Date		Redemption		Investment			Rate	Homes

Jan-22	1200 Broadway	Nashville, TN	$	88,095	$	74,037	$	55,558		12.25%	330
Mar-22	Infield Phase II	Kissimmee, FL		3,098		3,098		2,760		14.0%	-
			$	91,193	$	77,135	$	58,318		12.3%	330



						Post
				Prior		Transaction
Date of				Ownership		Ownership					# of	Price per
Purchase	Community	Location		Interest		Interest	Price (2)		Debt (2)		Homes	Home

Acquisitions - Wholly-Owned

Jun-22	Bradlee Danvers	Danvers, MA		0%		100%	$	207,500	$	-	433	$	479
							$	207,500	$	-	433	$	479

Acquisitions - Wholly-Owned Land

Apr-22	488 Riverwalk	Fort Lauderdale, FL		0%		100%	$	16,000	$	-	-	$	-
Jun-22	3001 Iowa Avenue(3)	Riverside, CA		0%		100%		29,000		-	-		-
Jun-22	2727 Turtle Creek (includes 3 phases)	Dallas, TX		0%		100%		90,200		-	-		-
							$	135,200	$	-	-	$	-

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

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

(3)	Acquisition of 3001 Iowa Avenue included 2 operating retail parcels.

Attachment 13

UDR, Inc.

Capital Expenditure and Repair and Maintenance Summary

June 30, 2022

(In thousands, except Cost per Home)

(Unaudited) (1)


		Three Months				Capex	Six Months				Capex
	Estimated	Ended		Cost		as a %	Ended			Cost	as a %
Capital Expenditures for Consolidated Homes (2)	Useful Life (yrs.)	June 30, 2022		per Home		of NOI	June 30, 2022			per Home	of NOI

Average number of homes (3)			53,380					53,306

Recurring Cap Ex
Asset preservation
Building interiors	5 - 20	$	6,883	$	129		$	12,472	$	234
Building exteriors	5 - 20		4,879		91			6,503		122
Landscaping and grounds	10		1,925		36			2,770		52
Total asset preservation			13,687		256			21,745		408

Turnover related	5		3,961		74			7,282		137

Total Recurring Cap Ex			17,648		331	7%		29,027		545	6%

NOI Enhancing Cap Ex	5 - 20		17,118		321			25,472		478

Total Recurring and NOI Enhancing Cap Ex		$	34,766	$	651		$	54,499	$	1,022


		Three Months					Six Months
		Ended			Cost		Ended			Cost
Repair and Maintenance for Consolidated Homes (Expensed)		June 30, 2022			per Home		June 30, 2022			per Home

Average number of homes (3)			53,380					53,306

Contract services		$	10,168	$	190		$	19,325	$	363

Turnover related expenses			6,064		114			11,202		210

Other Repair and Maintenance
Building interiors			3,710		70			6,393		120
Building exteriors			931		17			1,828		34
Landscaping and grounds			187		4			1,225		23
Total Repair and Maintenance		$	21,060	$	395		$	39,973	$	750

(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.

Attachment 14

UDR, Inc.

3Q 2022 and Full-Year 2022 Guidance

June 30, 2022

(Unaudited) (1)


		Full-Year 2022 Guidance
				Change from
Net Income, FFO, FFO as Adjusted and AFFO per Share and Unit Guidance	3Q 2022	Full-Year 2022	Prior Guidance	Prior Midpoint

Income/(loss) per weighted average common share, diluted	$0.06 to $0.08	$0.19 to $0.23	$0.24 to $0.30	($0.06)
FFO per common share and unit, diluted	$0.58 to $0.60	$2.23 to $2.27	$2.24 to $2.30	($0.02)
FFO as Adjusted per common share and unit, diluted	$0.58 to $0.60	$2.29 to $2.33	$2.25 to $2.31	$0.03
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted	$0.53 to $0.55	$2.09 to $2.13	$2.05 to $2.11	$0.03
Annualized dividend per share and unit		$1.52	$1.52	-

				Change from
Same-Store Guidance		Full-Year 2022	Prior Guidance	Prior Midpoint

Revenue growth / (decline) (Cash basis)		10.00% - 11.00%	8.50% - 10.00%	1.25%
Revenue growth / (decline) (Straight-line basis)		10.50% - 11.50%	9.00% - 10.50%	1.25%
Expense growth		3.50% - 4.50%	3.00% - 4.00%	0.50%
NOI growth / (decline) (Cash basis)		12.50% - 14.00%	10.75% - 12.75%	1.50%
NOI growth / (decline) (Straight-line basis)		13.25% - 14.75%	11.50% - 13.50%	1.50%

				Change from
Sources of Funds ($ in millions)		Full-Year 2022	Prior Guidance	Prior Midpoint

AFFO less Dividends		$199 to $212	$185 to $205	$10.5
Debt Issuances/Assumptions and LOC Draw/(Paydown)		$75 to -$175	$0 to $250	($175)
Dispositions		$0 to $150	$0 to $100	$25
Common Share (forward settlement) and OP Unit Issuance		$450 to $635	$635	($92.5)

				Change from
Uses of Funds ($ in millions)		Full-Year 2022	Prior Guidance	Prior Midpoint

Debt maturities inclusive of principal amortization (2)		$5	$5	-
Development spending and land acquisitions		$300 to $325	$250 to $325	$25
Redevelopment and other non-recurring		$90 to $100	$80 to $100	$5
Developer Capital Program, net		$75 to $125	-$50 to $0	$125
Acquisitions		$208	$500 to $700	($392)
NOI enhancing capital expenditures inclusive of Kitchen and Bath		$55 to $65	$55 to $65	-

				Change from
Other Additions/(Deductions) ($ in millions except per home amounts)		Full-Year 2022	Prior Guidance	Prior Midpoint

Consolidated interest expense, net of capitalized interest and adjustments for FFO as Adjusted		$152 to $156	$150 to $155	$1.5
Consolidated capitalized interest		$11 to $13	$8 to $12	$2
General and administrative		$62 to $66	$60 to $65	$1.5
Recurring capital expenditures per home		$1,250	$1,250	-

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

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

Attachment 15(A)

UDR, Inc.

Definitions and Reconciliations

June 30, 2022

(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 flow 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.

Attachment 15(B)

UDR, Inc.

Definitions and Reconciliations

June 30, 2022

(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 flow 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	2Q 2022		YTD 2022
Income/(loss) from unconsolidated entities	$	(11,229)	$	(5,817)
Management fee		528		1,053
Interest expense		3,761		7,430
Depreciation		7,489		15,113
General and administrative		54		111
Variable upside participation on DCP, net		-		(10,622)
Developer Capital Program (excludes Menifee and Riverside)		(7,700)		(15,353)
Other (income)/expense		114		165
Realized (gain)/loss on real estate technology investments, net of tax		(110)		(2,352)
Unrealized (gain)/loss on real estate technology investments, net of tax		17,239		29,706
Total Joint Venture NOI at UDR's Ownership Interest	$	10,146	$	19,434

Net Operating Income (“NOI”): The Company defines NOI as rental income less direct property rental expenses. Rental income represents gross market rent and other revenues less adjustments for concessions, vacancy loss and bad debt. Rental expenses include real estate taxes, insurance, personnel, utilities, repairs and maintenance, administrative and marketing. Excluded from NOI is property management expense, which is calculated as 3.25% of property revenue, and land rent. Property management expense covers costs directly related to consolidated property operations, inclusive of corporate management, regional supervision, accounting and other costs.

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


In thousands	2Q 2022		1Q 2022		4Q 2021		3Q 2021		2Q 2021
Net income/(loss) attributable to UDR, Inc.	$	5,084	$	13,705	$	117,461	$	17,731	$	11,720
Property management		11,952		11,576		10,411		9,861		9,273
Other operating expenses		5,027		4,712		8,604		4,237		4,373
Real estate depreciation and amortization		167,584		163,622		163,755		152,636		146,169
Interest expense		36,832		35,916		36,418		36,289		35,404
Casualty-related charges/(recoveries), net		1,074		(765)		(934)		1,568		(2,463)
General and administrative		16,585		14,908		13,868		15,810		15,127
Tax provision/(benefit), net		312		343		156		529		135
(Income)/loss from unconsolidated entities		11,229		(5,412)		(36,523)		(14,450)		(9,751)
Interest income and other (income)/expense, net		(3,001)		2,440		(2,254)		(8,238)		(2,536)
Joint venture management and other fees		(1,419)		(1,085)		(1,184)		(1,071)		(2,232)
Other depreciation and amortization		3,016		3,075		4,713		3,269		2,602
(Gain)/loss on sale of real estate owned		-		-		(85,223)		-		-
Net income/(loss) attributable to noncontrolling interests		280		898		8,683		1,309		815
Total consolidated NOI	$	254,555	$	243,933	$	237,951	$	219,480	$	208,636

Attachment 15(C)

UDR, Inc.

Definitions and Reconciliations

June 30, 2022

(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:


	2Q 22		2Q 21		2Q 22		1Q 22		YTD 22		YTD 21
Revenue (Cash basis)	$	330,542	$	296,847	$	330,542	$	323,160	$	650,170	$	585,203
Concessions granted/(amortized), net		(2,221)		(1,476)		(2,221)		(4,397)		(6,614)		(2,902)
Revenue (Straight-line basis)	$	328,321	$	295,371	$	328,321	$	318,763	$	643,556	$	582,301

% change - Same-Store Revenue with Concessions on a Cash basis:		11.4%				2.3%				11.1%
% change - Same-Store Revenue with Concessions on a Straight-line basis:		11.2%				3.0%				10.5%

% change - Same-Store NOI with Concessions on a Cash basis:		14.7%				3.3%				14.4%
% change - Same-Store NOI with Concessions on a Straight-line basis:		14.4%				4.4%				13.5%

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.

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.

Attachment 15(D)

UDR, Inc.

Definitions and Reconciliations

June 30, 2022

(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 2022 and third quarter of 2022 to forecasted FFO, FFO as Adjusted and AFFO per share and unit:


	Full-Year 2022
	Low		High

Forecasted net income per diluted share	$	0.19	$	0.23
Conversion from GAAP share count		(0.02)		(0.02)
Depreciation		2.04		2.04
Noncontrolling interests		0.01		0.01
Preferred dividends		0.01		0.01
Forecasted FFO per diluted share and unit	$	2.23	$	2.27
Legal and other costs		-		-
Casualty-related charges/(recoveries)		-		-
Variable upside participation on DCP, net		(0.03)		(0.03)
Realized/unrealized (gain)/loss on real estate technology investments		0.09		0.09
Forecasted FFO as Adjusted per diluted share and unit	$	2.29	$	2.33
Recurring capital expenditures		(0.20)		(0.20)
Forecasted AFFO per diluted share and unit	$	2.09	$	2.13


	3Q 2022
	Low		High

Forecasted net income per diluted share	$	0.06	$	0.08
Conversion from GAAP share count		(0.01)		(0.01)
Depreciation		0.53		0.53
Noncontrolling interests		-		-
Preferred dividends		-		-
Forecasted FFO per diluted share and unit	$	0.58	$	0.60
Legal and other costs		-		-
Casualty-related charges/(recoveries)		-		-
Realized/unrealized (gain)/loss on real estate technology investments		-		-
Forecasted FFO as Adjusted per diluted share and unit	$	0.58	$	0.60
Recurring capital expenditures		(0.05)		(0.05)
Forecasted AFFO per diluted share and unit	$	0.53	$	0.55