Exhibit 99.2

Financial Highlights

UDR, Inc.

As of End of Third Quarter 2021

(Unaudited) (1)


	Actual Results	Actual Results	Guidance as of September 30, 2021
Dollars in thousands, except per share and unit	3Q 2021	YTD 2021	4Q 2021	Full-Year 2021

GAAP Metrics
Net income/(loss) attributable to UDR, Inc.	$17,731	$32,555	--	--
Net income/(loss) attributable to common stockholders	$16,673	$29,384	--	--
Income/(loss) per weighted average common share, diluted	$0.06	$0.10	$0.30 to $0.32	$0.41 to $0.43

Per Share Metrics
FFO per common share and unit, diluted	$0.55	$1.39	$0.52 to $0.54	$1.92 to $1.94
FFO as Adjusted per common share and unit, diluted	$0.51	$1.47	$0.52 to $0.54	$2.00 to $2.02
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted	$0.46	$1.34	$0.46 to $0.48	$1.82 to $1.84
Dividend declared per share and unit	$0.3625	$1.0875	$0.3625	$1.45 (2)

Same-Store Operating Metrics
Revenue growth/(decline) (Cash basis)	5.3%	-0.9%	--	1.00% - 1.50%
Revenue growth/(decline) (Straight-line basis)	1.6%	-2.4%	--	(1.00%) - (0.50%)
Expense growth	3.3%	3.5%	--	2.75% - 3.50%
NOI growth/(decline) (Cash basis)	6.3%	-2.9%	--	0.25% - 0.75%
NOI growth/(decline) (Straight-line basis)	0.9%	-4.9%	--	(2.25%) - (1.75%)
Physical Occupancy	97.5%	97.0%	--	--


Property Metrics	Homes	Communities	% of Total NOI
Same-Store	45,713	143	88.6%
Stabilized, Non-Mature	4,439	9	5.7%
Acquired Communities	1,654	5	1.2%
Non-Residential / Other	N/A	N/A	0.7%
Joint Venture (3)	2,837	13	3.8%
Total completed homes	54,643	170	100%
Held for Disposition	265	1	-
Under Development	1,417	5	-
Total Quarter-end homes (3)(4)	56,325	176	100%


Balance Sheet Metrics (adjusted for non-recurring items)
	3Q 2021	3Q 2020
Consolidated Interest Coverage Ratio	5.1x	4.8x
Consolidated Fixed Charge Coverage Ratio	4.9x	4.7x
Consolidated Debt as a percentage of Total Assets	35.8%	35.0%
Consolidated Net Debt-to-EBITDAre	7.1x	6.5x

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

(2)	Annualized for 2021.

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

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

Attachment 1

UDR, Inc.

Consolidated Statements of Operations

(Unaudited) (1)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
In thousands, except per share amounts	2021		2020		2021		2020

REVENUES:
Rental income (2)	$	328,699	$	308,845	$	937,641	$	934,920
Joint venture management and other fees		1,071		1,199		4,918		3,861
Total revenues		329,770		310,044		942,559		938,781

OPERATING EXPENSES:
Property operating and maintenance		57,708		53,385		160,424		151,585
Real estate taxes and insurance		51,511		44,328		148,043		134,485
Property management		9,861		8,879		28,129		26,879
Other operating expenses		4,237		5,543		13,045		16,609
Real estate depreciation and amortization		152,636		151,949		442,893		462,481
General and administrative		15,810		11,958		43,673		37,907
Casualty-related charges/(recoveries), net		1,568		-		4,682		1,353
Other depreciation and amortization		3,269		3,887		8,472		7,939
Total operating expenses		296,600		279,929		849,361		839,238

Gain/(loss) on sale of real estate owned		-		-		50,829		61,303
Operating income		33,170		30,115		144,027		160,846

Income/(loss) from unconsolidated entities (2) (3)		14,450		2,940		29,123		14,328
Interest expense		(35,903)		(37,728)		(107,513)		(115,642)
Debt extinguishment and other associated costs		(386)		(24,540)		(42,336)		(24,540)
Total interest expense		(36,289)		(62,268)		(149,849)		(140,182)
Interest income and other income/(expense), net (3)		8,238		2,183		12,831		7,304

Income/(loss) before income taxes		19,569		(27,030)		36,132		42,296
Tax (provision)/benefit, net		(529)		(187)		(1,283)		(1,877)

Net Income/(loss)		19,040		(27,217)		34,849		40,419
Net (income)/loss attributable to redeemable noncontrolling interests in the OP and DownREIT Partnership		(1,260)		1,990		(2,221)		(2,614)
Net (income)/loss attributable to noncontrolling interests		(49)		(31)		(73)		(71)

Net income/(loss) attributable to UDR, Inc.		17,731		(25,258)		32,555		37,734
Distributions to preferred stockholders - Series E (Convertible)		(1,058)		(1,051)		(3,171)		(3,179)

Net income/(loss) attributable to common stockholders	$	16,673	$	(26,309)	$	29,384	$	34,555


Income/(loss) per weighted average common share - basic:		$0.06		($0.09)		$0.10		$0.12
Income/(loss) per weighted average common share - diluted:		$0.06		($0.09)		$0.10		$0.12

Common distributions declared per share		$0.3625		$0.3600		$1.0875		$1.0800

Weighted average number of common shares outstanding - basic		297,828		294,713		296,998		294,627
Weighted average number of common shares outstanding - diluted		301,164		295,003		298,045		294,938

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

(2)

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

(3)

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

Attachment 2

UDR, Inc.

Funds From Operations

(Unaudited) (1)


	Three Months Ended					Nine Months Ended
	September 30,					September 30,
In thousands, except per share and unit amounts	2021		2020			2021	2020

Net income/(loss) attributable to common stockholders	$	16,673	$	(26,309)	$	29,384	$	34,555

Real estate depreciation and amortization		152,636		151,949		442,893		462,481
Noncontrolling interests		1,309		(1,959)		2,294		2,685
Real estate depreciation and amortization on unconsolidated joint ventures		7,929		8,738		24,064		26,299
Net gain on the sale of unconsolidated depreciable property		-		-		(2,460)		-
Net gain on the sale of depreciable real estate owned, net of tax		-		-		(50,778)		(61,303)
Funds from operations ("FFO") attributable to common stockholders and unitholders, basic	$	178,547	$	132,419	$	445,397	$	464,717

Distributions to preferred stockholders - Series E (Convertible) (2)		1,058		1,051		3,171		3,179

FFO attributable to common stockholders and unitholders, diluted	$	179,605	$	133,470	$	448,568	$	467,896

FFO per weighted average common share and unit, basic	$	0.56	$	0.42	$	1.39	$	1.47
FFO per weighted average common share and unit, diluted	$	0.55	$	0.42	$	1.39	$	1.46

Weighted average number of common shares and OP/DownREIT Units outstanding, basic		320,357		317,034		319,491		316,939
Weighted average number of common shares, OP/DownREIT Units, and common stock
equivalents outstanding, diluted		326,611		320,242		323,456		320,210

Impact of adjustments to FFO:
Debt extinguishment and other associated costs	$	386	$	24,540	$	42,336	$	24,540
Debt extinguishment and other associated costs on unconsolidated joint ventures		-		-		1,682		-
Legal and other		80		1,570		1,299		3,914
Realized/unrealized (gain)/loss on real estate technology investments, net of tax		(14,599)		155		(22,708)		(3,147)
Severance costs and other restructuring expense		233		254		841		1,896
Casualty-related charges/(recoveries), net		1,609		74		4,894		1,722
Casualty-related charges/(recoveries) on unconsolidated joint ventures, net		50		-		50		31
	$	(12,241)	$	26,593	$	28,394	$	28,956

FFO as Adjusted attributable to common stockholders and unitholders, diluted	$	167,364	$	160,063	$	476,962	$	496,852

FFO as Adjusted per weighted average common share and unit, diluted	$	0.51	$	0.50	$	1.47	$	1.55

Recurring capital expenditures		(16,844)		(17,397)		(42,427)		(39,110)
AFFO attributable to common stockholders and unitholders, diluted	$	150,520	$	142,666	$	434,535	$	457,742

AFFO per weighted average common share and unit, diluted	$	0.46	$	0.45	$	1.34	$	1.43

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

(2)

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

Attachment 3

UDR, Inc.

Consolidated Balance Sheets

(Unaudited) (1)


	September 30,		December 31,
In thousands, except share and per share amounts	2021		2020

ASSETS

Real estate owned:
Real estate held for investment	$	13,902,872	$	12,706,940
Less: accumulated depreciation		(4,983,109)		(4,590,577)
Real estate held for investment, net		8,919,763		8,116,363
Real estate under development
(net of accumulated depreciation of $445 and $1,010)		331,200		246,867
Real estate held for disposition
(net of accumulated depreciation of $34,387 and $13,779)		39,065		102,876
Total real estate owned, net of accumulated depreciation		9,290,028		8,466,106

Cash and cash equivalents		1,063		1,409
Restricted cash		28,170		22,762
Notes receivable, net		25,741		157,992
Investment in and advances to unconsolidated joint ventures, net		643,902		600,233
Operating lease right-of-use assets		198,339		200,913
Other assets		213,321		188,118
Total assets	$	10,400,564	$	9,637,533

LIABILITIES AND EQUITY

Liabilities:
Secured debt	$	1,058,647	$	862,147
Unsecured debt		4,463,792		4,114,401
Operating lease liabilities		193,277		195,592
Real estate taxes payable		55,849		29,946
Accrued interest payable		25,674		44,760
Security deposits and prepaid rent		51,631		49,008
Distributions payable		120,830		115,795
Accounts payable, accrued expenses, and other liabilities		114,601		110,999
Total liabilities		6,084,301		5,522,648

Redeemable noncontrolling interests in the OP and DownREIT Partnership		1,192,723		856,294

Equity:
Preferred stock, no par value; 50,000,000 shares authorized
2,695,363 shares of 8.00% Series E Cumulative Convertible issued
and outstanding (2,695,363 shares at December 31, 2020)		44,764		44,764
14,331,810 shares of Series F outstanding (14,440,519 shares
at December 31, 2020)		1		1
Common stock, $0.01 par value; 450,000,000 shares authorized
308,287,019 shares issued and outstanding (296,611,579 shares at December 31, 2020)		3,083		2,966
Additional paid-in capital		6,390,547		5,881,383
Distributions in excess of net income		(3,335,108)		(2,685,770)
Accumulated other comprehensive income/(loss), net		(6,600)		(9,144)
Total stockholders' equity		3,096,687		3,234,200
Noncontrolling interests		26,853		24,391
Total equity		3,123,540		3,258,591
Total liabilities and equity	$	10,400,564	$	9,637,533

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

Attachment 4(A)

UDR, Inc.

Selected Financial Information

(Unaudited) (1)


	September 30,	December 31,
Common Stock and Equivalents	2021	2020

Common shares	308,040,275	296,374,227
Restricted shares	246,744	237,352
Total common shares	308,287,019	296,611,579
Restricted unit and common stock equivalents	1,205,643	344,128
Operating and DownREIT Partnership units	20,761,026	20,530,251
Class A Limited Partnership units	1,751,671	1,751,671
Series E cumulative convertible preferred shares (2)	2,918,127	2,918,127
Total common shares, OP/DownREIT units, and common stock equivalents	334,923,486	322,155,756




Weighted Average Number of Shares Outstanding	3Q 2021	3Q 2020

Weighted average number of common shares and OP/DownREIT units outstanding - basic	320,357,128	317,033,933
Weighted average number of OP/DownREIT units outstanding	(22,528,609)	(22,320,726)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations	297,828,519	294,713,207

Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted	326,611,412	320,242,031
Weighted average number of OP/DownREIT units outstanding	(22,528,609)	(22,320,726)
Weighted average number of Series E cumulative convertible preferred shares outstanding (3)	(2,918,127)	(2,918,127)
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations	301,164,676	295,003,178


	Year-to-Date 2021	Year-to-Date 2020

Weighted average number of common shares and OP/DownREIT units outstanding - basic	319,490,920	316,938,796
Weighted average number of OP/DownREIT units outstanding	(22,492,714)	(22,311,783)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations	296,998,206	294,627,013

Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted	323,455,554	320,210,090
Weighted average number of OP/DownREIT units outstanding	(22,492,714)	(22,311,783)
Weighted average number of Series E cumulative convertible preferred shares outstanding (3)	(2,918,127)	(2,960,424)
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations	298,044,713	294,937,883

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

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

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

Attachment 4(B)

UDR, Inc.

Selected Financial Information

(Unaudited) (1)


										Weighted	Weighted
										Average	Average Years
Debt Structure, In thousands					Balance				% of Total	Interest Rate	to Maturity (2)

Secured		Fixed			$	1,007,041			18.3%	3.42%	6.7
		Floating				27,000			0.5%	0.69%	10.5
		Combined				1,034,041			18.8%	3.35%	6.8

Unsecured		Fixed				4,080,644	(3)		74.1%	2.87%	8.8
		Floating				393,086			7.1%	0.36%	0.8
		Combined				4,473,730			81.2%	2.65%	8.0

Total Debt		Fixed				5,087,685			92.4%	2.98%	8.3
		Floating				420,086			7.6%	0.38%	1.4
		Combined				5,507,771			100.0%	2.78%	7.8
		Total Non-Cash Adjustments (4)				14,668
		Total per Balance Sheet			$	5,522,439				2.75%



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

2021	$	279	$	-	$	315,000		$	315,279	5.7%	0.23%
2022		1,140		-		-			1,140	0.0%	3.82%
2023		1,242		-		-			1,242	0.0%	3.84%
2024		96,747		15,644		43,086			155,477	2.8%	3.13%
2025		174,793		-		-			174,793	3.2%	3.69%
2026		52,744		300,000		-			352,744	6.4%	2.95%
2027		2,860		650,000		-			652,860	11.9%	2.41%
2028		162,310		300,000		-			462,310	8.4%	3.72%
2029		191,986		300,000		-			491,986	8.9%	3.94%
2030		162,010		600,000		-			762,010	13.8%	3.32%
Thereafter		187,930		1,950,000		-			2,137,930	38.9%	2.49%
		1,034,041		4,115,644		358,086			5,507,771	100.0%	2.78%
Total Non-Cash Adjustments (4)		24,606		(9,938)		-			14,668
Total per Balance Sheet	$	1,058,647	$	4,105,706	$	358,086		$	5,522,439		2.75%

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

(2)

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

(3)

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

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

(5)	Includes principal amortization, as applicable.

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

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

Attachment 4(C)

UDR, Inc.

Selected Financial Information

(Dollars in Thousands)

(Unaudited) (1)

Quarter Ended

Coverage Ratios

September 30, 2021

Net income/(loss)

19,040

Adjustments:

Interest expense, including debt extinguishment and other associated costs

36,289

Real estate depreciation and amortization

152,636

Other depreciation and amortization

3,269

Tax provision/(benefit), net

529

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

11,680

EBITDAre

223,443

Casualty-related charges/(recoveries), net

1,609

Casualty-related charges/(recoveries) on unconsolidated joint ventures, net

Legal and other costs

Severance costs and other restructuring expense

233

Realized/unrealized (gain)/loss on real estate technology investments, net of tax

(4,583)

(Income)/loss from unconsolidated entities

(14,450)

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

(11,680)

Management fee expense on unconsolidated joint ventures

(490)

Consolidated EBITDAre - adjusted for non-recurring items

194,212

Annualized consolidated EBITDAre - adjusted for non-recurring items

776,848

Interest expense, including debt extinguishment and other associated costs

36,289

Capitalized interest expense

2,445

Total interest

38,734

Debt extinguishment and other associated costs

(386)

Total interest - adjusted for non-recurring items

38,348

Preferred dividends

1,058

Total debt

5,522,439

Cash

(1,063)

Net debt

5,521,376

Consolidated Interest Coverage Ratio - adjusted for non-recurring items

5.1x

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

4.9x

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

7.1x

Debt Covenant Overview

Unsecured Line of Credit Covenants (2)

Required

Actual

Compliance

Maximum Leverage Ratio

≤60.0%

37.7% (2)

Yes

Minimum Fixed Charge Coverage Ratio

≥1.5x

4.8x

Yes

Maximum Secured Debt Ratio

≤40.0%

10.9%

Yes

Minimum Unencumbered Pool Leverage Ratio

≥150.0%

304.3%

Yes

Senior Unsecured Note Covenants (3)

Required

Actual

Compliance

Debt as a percentage of Total Assets

≤65.0%

35.9% (3)

Yes

Consolidated Income Available for Debt Service to Annual Service Charge

≥1.5x

5.4x

Yes

Secured Debt as a percentage of Total Assets

≤40.0%

6.9%

Yes

Total Unencumbered Assets to Unsecured Debt

≥150.0%

292.5%

Yes

Securities Ratings

Debt

Outlook

Commercial Paper

Moody's Investors Service

Baa1

Stable

P-2

S&P Global Ratings

BBB+

Stable

A-2

Gross

% of

Number of

3Q 2021 NOI (1)

Carrying Value

Total Gross

Asset Summary

Homes

($000s)

% of NOI

($000s)

Carrying Value

Unencumbered assets

44,525

191,360

87.2%

12,590,793

88.0%

Encumbered assets

7,546

28,120

12.8%

1,717,176

12.0%

52,071

219,480

100.0%

14,307,969

100.0%

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

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

(3)	As defined in our indenture dated November 1, 1995 as amended, supplemented or modified from time to time.

Attachment 5

UDR, Inc.

Operating Information

(Unaudited) (1)


	Total	Quarter Ended		Quarter Ended		Quarter Ended		Quarter Ended		Quarter Ended
Dollars in thousands	Homes	September 30, 2021		June 30, 2021		March 31, 2021		December 31, 2020		September 30, 2020
Revenues
Same-Store Communities	45,713	$	294,422	$	284,056	$	279,133	$	278,321	$	279,579
Stabilized, Non-Mature Communities	4,439		23,108		18,238		12,824		8,201		5,955
Acquired Communities	1,654		3,890		-		-		-		-
Development Communities	-		-		-		-		-		-
Non-Residential / Other (2)	-		5,301		4,930		5,007		10,498		17,057
Total	51,806	$	326,721	$	307,224	$	296,964	$	297,020	$	302,591

Expenses
Same-Store Communities		$	93,469	$	88,697	$	88,775	$	87,580	$	90,452
Stabilized, Non-Mature Communities			10,226		8,106		6,125		4,420		3,792
Acquired Communities			1,250		-		-		-		-
Development Communities			99		71		-		9		13
Non-Residential / Other (2)			3,589		3,044		2,878		2,447		1,207
Total (3)		$	108,633	$	99,918	$	97,778	$	94,456	$	95,464

Net Operating Income
Same-Store Communities		$	200,953	$	195,359	$	190,358	$	190,741	$	189,127
Stabilized, Non-Mature Communities			12,882		10,132		6,699		3,781		2,163
Acquired Communities			2,640		-		-		-		-
Development Communities			(99)		(71)		-		(9)		(13)
Non-Residential / Other (2)			1,712		1,886		2,129		8,051		15,850
Total		$	218,088	$	207,306	$	199,186	$	202,564	$	207,127

Operating Margin
Same-Store Communities			68.3%		68.8%		68.2%		68.5%		67.6%

Weighted Average Physical Occupancy
Same-Store Communities			97.5%		97.2%		96.4%		96.1%		95.5%
Stabilized, Non-Mature Communities			97.2%		95.6%		91.7%		91.8%		81.0%
Acquired Communities			96.5%		-		-		-		-
Development Communities			-		-		-		-		-
Other (4)			98.1%		97.3%		96.5%		94.5%		93.7%
Total			97.5%		97.1%		95.6%		95.9%		95.3%

Sold and Held for Disposition Communities
Revenues	265	$	1,978	$	1,892	$	2,862	$	4,156	$	6,254
Expenses (3)			586		562		990		1,868		2,249
Net Operating Income/(Loss)		$	1,392	$	1,330	$	1,872	$	2,288	$	4,005

Total	52,071	$	219,480	$	208,636	$	201,058	$	204,852	$	211,132

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

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

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

(4)	Includes occupancy of Sold and Held for Disposition Communities.

Attachment 6

UDR, Inc.

Same-Store Operating Expense Information

(Dollars in Thousands)

(Unaudited) (1)


	% of 3Q 2021
	SS Operating
Year-Over-Year Comparison	Expenses	3Q 2021		3Q 2020		% Change

Personnel	14.3%	$	13,392	$	15,690	-14.7%
Utilities	13.6%		12,758		11,984	6.5%
Repair and maintenance	19.0%		17,713		15,481	14.4%
Administrative and marketing	6.9%		6,439		6,276	2.6%
Controllable expenses	53.8%		50,302		49,431	1.8%

Real estate taxes	40.6%	$	37,941	$	37,047	2.4%
Insurance	5.6%		5,226		3,974	31.5%
Same-Store operating expenses	100.0%	$	93,469	$	90,452	3.3%

Same-Store Homes	45,713



	% of 3Q 2021
	SS Operating
Sequential Comparison	Expenses	3Q 2021		2Q 2021		% Change

Personnel	14.3%	$	13,392	$	13,330	0.5%
Utilities	13.6%		12,758		11,572	10.2%
Repair and maintenance	19.0%		17,713		15,460	14.6%
Administrative and marketing	6.9%		6,439		5,869	9.7%
Controllable expenses	53.8%		50,302		46,231	8.8%

Real estate taxes	40.6%	$	37,941	$	37,995	-0.1%
Insurance	5.6%		5,226		4,471	16.9%
Same-Store operating expenses	100.0%	$	93,469	$	88,697	5.4%

Same-Store Homes	45,713




	% of YTD 2021
	SS Operating
Year-to-Date Comparison	Expenses	YTD 2021		YTD 2020		% Change

Personnel	15.0%	$	40,073	$	46,160	-13.2%
Utilities	13.4%		35,888		34,536	3.9%
Repair and maintenance	17.6%		47,050		40,317	16.7%
Administrative and marketing	6.8%		18,107		17,404	4.0%
Controllable expenses	52.8%		141,118		138,417	2.0%

Real estate taxes	41.9%	$	111,898	$	108,603	3.0%
Insurance	5.3%		14,064		10,942	28.5%
Same-Store operating expenses	100.0%	$	267,080	$	257,962	3.5%

Same-Store Homes	45,143

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

Attachment 7(A)

UDR, Inc.

Apartment Home Breakout

Portfolio Overview as of Quarter Ended

September 30, 2021

(Unaudited) (1)


				Unconsolidated		Revenue Per
			Total	Joint Venture	Total	Occupied
	Same-Store	Non-Mature	Consolidated	Operating	Homes	Home
	Homes	Homes (2)	Homes	Homes (3)	(incl. JV) (3)	(Incl. JV at Share)(4)
West Region
Orange County, CA	4,685	-	4,685	381	5,066	$	2,688
San Francisco, CA	2,751	-	2,751	602	3,353		3,123
Seattle, WA	2,725	259	2,984	-	2,984		2,473
Los Angeles, CA	1,225	-	1,225	340	1,565		3,011
Monterey Peninsula, CA	1,565	-	1,565	-	1,565		2,028
	12,951	259	13,210	1,323	14,533

Mid-Atlantic Region
Metropolitan DC	8,003	1,412	9,415	-	9,415		2,082
Baltimore, MD	1,597	192	1,789	-	1,789		1,657
Richmond, VA	1,359	-	1,359	-	1,359		1,554
	10,959	1,604	12,563	-	12,563

Northeast Region
Boston, MA	4,139	459	4,598	250	4,848		2,736
New York, NY	1,825	493	2,318	710	3,028		3,433
	5,964	952	6,916	960	7,876

Southeast Region
Tampa, FL	3,205	672	3,877	-	3,877		1,676
Orlando, FL	2,500	-	2,500	-	2,500		1,474
Nashville, TN	2,260	-	2,260	-	2,260		1,443
	7,965	672	8,637	-	8,637

Southwest Region
Dallas, TX	3,866	1,947	5,813	-	5,813		1,491
Austin, TX	1,272	-	1,272	-	1,272		1,625
	5,138	1,947	7,085	-	7,085

Other Markets (5)	2,736	659	3,395	554	3,949		2,244

Totals	45,713	6,093	51,806	2,837	54,643	$	2,189

Communities (6)	143	14	157	13	170

		Homes	Communities
Total completed homes		54,643	170
Held for Disposition		265	1
Under Development (7)		1,417	5

Total Quarter-end homes and communities		56,325	176

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

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

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

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

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

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

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

Attachment 7(B)

UDR, Inc.

Non-Mature Home Summary and Net Operating Income by Market

September 30, 2021

(Unaudited) (1)


Non-Mature Home Breakout - By Date


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

10 Hanover Square	Stabilized, Non-Mature	493	New York, NY	1Q22

Garrison Square	Stabilized, Non-Mature	159	Boston, MA	1Q22

Andover Place at Cross Creek	Stabilized, Non-Mature	672	Tampa, FL	1Q22

Station on Silver	Stabilized, Non-Mature	400	Metropolitan DC	1Q22

Union Place	Stabilized, Non-Mature	300	Boston, MA	2Q22

Vitruvian West Phase 2	Stabilized, Non-Mature	366	Dallas, TX	3Q22

The Canal	Stabilized, Non-Mature	636	Dallas, TX	3Q22

Cool Springs at Frisco Bridges	Stabilized, Non-Mature	945	Dallas, TX	3Q22

Seneca Place	Stabilized, Non-Mature	468	Metropolitan DC	3Q22

Brio	Acquired	259	Seattle, WA	3Q22

Canterbury Apartments	Acquired	544	Metropolitan DC	4Q22

The Smith Valley Forge	Acquired	320	Philadelphia, PA	4Q22

1274 at Towson	Acquired	192	Baltimore, MD	4Q22

322 on North Broad	Acquired	339	Philadelphia, PA	4Q22

Total		6,093


Net Operating Income Breakout By Market

	As a % of NOI			As a % of NOI
Region	Same-Store	Total	Region	Same-Store	Total
West Region			Southeast Region
Orange County, CA	14.4%	13.2%	Tampa, FL	5.0%	5.2%
San Francisco, CA	8.3%	8.2%	Orlando, FL	3.7%	3.2%
Seattle, WA	6.9%	7.0%	Nashville, TN	3.3%	2.9%
Los Angeles, CA	3.7%	3.7%		12.0%	11.3%
Monterey Penninsula, CA	3.6%	3.1%	Southwest Region
	36.9%	35.2%	Dallas, TX	5.5%	7.0%
Mid-Atlantic Region			Austin, TX	1.8%	1.6%
Metropolitan DC	16.8%	16.5%		7.3%	8.6%
Baltimore, MD	2.7%	2.4%
Richmond, VA	2.3%	2.0%	Other Markets (3)	6.2%	6.5%
	21.8%	20.9%
Northeast Retion
Boston, MA	11.5%	11.7%
New York, NY	4.3%	5.8%
	15.8%	17.5%	Total	100.0%	100.0%

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

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

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

Attachment 8(A)

UDR, Inc.

Same-Store Operating Information By Major Market

Current Quarter vs. Prior Year Quarter

September 30, 2021

(Unaudited) (1)



		% of Same-	Same-Store
	Total	Store Portfolio
	Same-Store	Based on	Physical Occupancy			Total Revenue per Occupied Home
	Homes	3Q 2021 NOI	3Q 21	3Q 20	Change	3Q 21		3Q 20		Change

West Region
Orange County, CA	4,685	14.4%	97.9%	96.3%	1.6%	$	2,694	$	2,479	8.7%
San Francisco, CA	2,751	8.3%	96.4%	86.3%	10.1%		3,054		3,453	-11.6%
Seattle, WA	2,725	6.9%	97.6%	95.6%	2.0%		2,459		2,446	0.5%
Los Angeles, CA	1,225	3.7%	97.1%	95.0%	2.1%		2,876		2,734	5.2%
Monterey Peninsula, CA	1,565	3.6%	97.4%	97.2%	0.2%		2,028		1,935	4.8%
	12,951	36.9%	97.4%	94.0%	3.4%		2,657		2,618	1.5%

Mid-Atlantic Region
Metropolitan DC	8,003	16.8%	97.0%	96.4%	0.6%		2,154		2,137	0.8%
Baltimore, MD	1,597	2.7%	97.4%	97.3%	0.1%		1,701		1,635	4.0%
Richmond, VA	1,359	2.3%	98.1%	98.1%	0.0%		1,554		1,434	8.4%
	10,959	21.8%	97.2%	96.7%	0.5%		2,013		1,975	1.9%

Northeast Region
Boston, MA	4,139	11.5%	97.2%	94.3%	2.9%		2,734		2,579	6.0%
New York, NY	1,825	4.3%	97.5%	88.5%	9.0%		3,457		3,761	-8.1%
	5,964	15.8%	97.3%	92.5%	4.8%		2,956		2,925	1.1%

Southeast Region
Tampa, FL	3,205	5.0%	97.8%	96.8%	1.0%		1,732		1,568	10.5%
Orlando, FL	2,500	3.7%	97.8%	97.2%	0.6%		1,474		1,407	4.8%
Nashville, TN	2,260	3.3%	98.2%	97.8%	0.4%		1,443		1,398	3.2%
	7,965	12.0%	97.9%	97.2%	0.7%		1,569		1,469	6.8%

Southwest Region
Dallas, TX	3,866	5.5%	98.0%	96.6%	1.4%		1,547		1,483	4.3%
Austin, TX	1,272	1.8%	98.6%	97.6%	1.0%		1,625		1,570	3.5%
	5,138	7.3%	98.1%	96.9%	1.2%		1,566		1,504	4.2%

Other Markets	2,736	6.2%	97.8%	96.9%	0.9%		2,210		2,026	9.1%

Total/Weighted Avg.	45,713	100.0%	97.5%	95.5%	2.0%	$	2,201	$	2,133	3.2%

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

Attachment 8(B)

UDR, Inc.

Same-Store Operating Information By Major Market

Current Quarter vs. Prior Year Quarter

September 30, 2021

(Unaudited) (1)


			Same-Store ($000s)

	Total
	Same-Store	Revenues					Expenses					Net Operating Income
	Homes	3Q 21		3Q 20		Change	3Q 21		3Q 20		Change	3Q 21		3Q 20		Change

West Region
Orange County, CA	4,685	$	37,070	$	33,553	10.5%	$	8,046	$	8,065	-0.2%	$	29,024	$	25,488	13.9%
San Francisco, CA	2,751		24,301		24,595	-1.2%		7,576		7,259	4.4%		16,725		17,336	-3.5%
Seattle, WA	2,725		19,617		19,114	2.6%		5,832		5,522	5.6%		13,785		13,592	1.4%
Los Angeles, CA	1,225		10,264		9,546	7.5%		2,864		2,794	2.5%		7,400		6,752	9.6%
Monterey Peninsula, CA	1,565		9,273		8,832	5.0%		2,078		1,888	10.1%		7,195		6,944	3.6%
	12,951		100,525		95,640	5.1%		26,396		25,528	3.4%		74,129		70,112	5.7%

Mid-Atlantic Region
Metropolitan DC	8,003		50,162		49,457	1.4%		16,286		15,756	3.4%		33,876		33,701	0.5%
Baltimore, MD	1,597		7,936		7,624	4.1%		2,589		2,387	8.5%		5,347		5,237	2.1%
Richmond, VA	1,359		6,216		5,733	8.4%		1,645		1,482	11.0%		4,571		4,251	7.5%
	10,959		64,314		62,814	2.4%		20,520		19,625	4.6%		43,794		43,189	1.4%

Northeast Region
Boston, MA	4,139		32,993		30,199	9.3%		9,953		9,129	9.0%		23,040		21,070	9.3%
New York, NY	1,825		18,456		18,223	1.3%		9,894		9,935	-0.4%		8,562		8,288	3.3%
	5,964		51,449		48,422	6.3%		19,847		19,064	4.1%		31,602		29,358	7.6%

Southeast Region
Tampa, FL	3,205		16,286		14,597	11.6%		6,153		5,630	9.3%		10,133		8,967	13.0%
Orlando, FL	2,500		10,809		10,260	5.4%		3,407		3,294	3.4%		7,402		6,966	6.3%
Nashville, TN	2,260		9,606		9,273	3.6%		2,885		2,709	6.5%		6,721		6,564	2.4%
	7,965		36,701		34,130	7.5%		12,445		11,633	7.0%		24,256		22,497	7.8%

Southwest Region
Dallas, TX	3,866		17,581		16,604	5.9%		6,584		6,926	-5.0%		10,997		9,678	13.6%
Austin, TX	1,272		6,114		5,849	4.5%		2,499		2,462	1.5%		3,615		3,387	6.7%
	5,138		23,695		22,453	5.5%		9,083		9,388	-3.3%		14,612		13,065	11.8%

Other Markets	2,736		17,738		16,120	10.0%		5,178		5,214	-0.7%		12,560		10,906	15.2%

Total (2)(3)	45,713	$	294,422	$	279,579	5.3%	$	93,469	$	90,452	3.3%	$	200,953	$	189,127	6.3%

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

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

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

Attachment 8(C)

UDR, Inc.

Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

September 30, 2021

(Unaudited) (1)


		Same-Store
	Total
	Same-Store	Physical Occupancy			Total Revenue per Occupied Home
	Homes	3Q 21	2Q 21	Change	3Q 21		2Q 21		Change

West Region
Orange County, CA	4,685	97.9%	97.8%	0.1%	$	2,694	$	2,536	6.2%
San Francisco, CA	2,751	96.4%	95.5%	0.9%		3,054		2,972	2.8%
Seattle, WA	2,725	97.6%	97.4%	0.2%		2,459		2,295	7.1%
Los Angeles, CA	1,225	97.1%	95.9%	1.2%		2,876		2,526	13.9%
Monterey Peninsula, CA	1,565	97.4%	97.3%	0.1%		2,028		1,957	3.6%
	12,951	97.4%	97.0%	0.4%		2,657		2,505	6.1%

Mid-Atlantic Region
Metropolitan DC	8,003	97.0%	96.7%	0.3%		2,154		2,136	0.8%
Baltimore, MD	1,597	97.4%	98.2%	-0.8%		1,701		1,634	4.1%
Richmond, VA	1,359	98.1%	98.4%	-0.3%		1,554		1,518	2.4%
	10,959	97.2%	97.1%	0.1%		2,013		1,984	1.4%

Northeast Region
Boston, MA	4,139	97.2%	96.8%	0.4%		2,734		2,626	4.1%
New York, NY	1,825	97.5%	96.7%	0.8%		3,457		3,645	-5.2%
	5,964	97.3%	96.8%	0.5%		2,956		2,938	0.6%

Southeast Region
Tampa, FL	3,205	97.8%	97.9%	-0.1%		1,732		1,665	4.0%
Orlando, FL	2,500	97.8%	97.7%	0.1%		1,474		1,465	0.6%
Nashville, TN	2,260	98.2%	97.7%	0.5%		1,443		1,421	1.5%
	7,965	97.9%	97.7%	0.2%		1,569		1,535	2.2%

Southwest Region
Dallas, TX	3,866	98.0%	96.7%	1.3%		1,547		1,509	2.5%
Austin, TX	1,272	98.6%	98.6%	0.0%		1,625		1,596	1.8%
	5,138	98.1%	97.1%	1.0%		1,566		1,532	2.3%

Other Markets	2,736	97.8%	97.8%	0.0%		2,210		2,080	6.3%

Total/Weighted Avg.	45,713	97.5%	97.2%	0.3%	$	2,201	$	2,133	3.2%

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

Attachment 8(D)

UDR, Inc.

Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

September 30, 2021

(Unaudited) (1)


			Same-Store ($000s)
	Total
	Same-Store	Revenues					Expenses					Net Operating Income
	Homes	3Q 21		2Q 21		Change	3Q 21		2Q 21		Change	3Q 21		2Q 21		Change

West Region
Orange County, CA	4,685	$	37,070	$	34,863	6.3%	$	8,046	$	7,897	1.9%	$	29,024	$	26,966	7.6%
San Francisco, CA	2,751		24,301		23,423	3.7%		7,576		7,339	3.2%		16,725		16,084	4.0%
Seattle, WA	2,725		19,617		18,276	7.3%		5,832		5,514	5.8%		13,785		12,762	8.0%
Los Angeles, CA	1,225		10,264		8,902	15.3%		2,864		2,780	3.0%		7,400		6,122	20.9%
Monterey Peninsula, CA	1,565		9,273		8,940	3.7%		2,078		1,935	7.4%		7,195		7,005	2.7%
	12,951		100,525		94,404	6.5%		26,396		25,465	3.7%		74,129		68,939	7.5%

Mid-Atlantic Region
Metropolitan DC	8,003		50,162		49,584	1.2%		16,286		15,703	3.7%		33,876		33,881	0.0%
Baltimore, MD	1,597		7,936		7,688	3.2%		2,589		2,420	7.0%		5,347		5,268	1.5%
Richmond, VA	1,359		6,216		6,090	2.1%		1,645		1,506	9.2%		4,571		4,584	-0.3%
	10,959		64,314		63,362	1.5%		20,520		19,629	4.5%		43,794		43,733	0.1%

Northeast Region
Boston, MA	4,139		32,993		31,566	4.5%		9,953		8,623	15.4%		23,040		22,943	0.4%
New York, NY	1,825		18,456		19,297	-4.4%		9,894		9,401	5.2%		8,562		9,896	-13.5%
	5,964		51,449		50,863	1.2%		19,847		18,024	10.1%		31,602		32,839	-3.8%

Southeast Region
Tampa, FL	3,205		16,286		15,659	4.0%		6,153		5,683	8.3%		10,133		9,976	1.6%
Orlando, FL	2,500		10,809		10,733	0.7%		3,407		3,172	7.4%		7,402		7,561	-2.1%
Nashville, TN	2,260		9,606		9,415	2.0%		2,885		2,884	0.0%		6,721		6,531	2.9%
	7,965		36,701		35,807	2.5%		12,445		11,739	6.0%		24,256		24,068	0.8%

Southwest Region
Dallas, TX	3,866		17,581		16,916	3.9%		6,584		6,523	0.9%		10,997		10,393	5.8%
Austin, TX	1,272		6,114		6,006	1.8%		2,499		2,403	4.0%		3,615		3,603	0.3%
	5,138		23,695		22,922	3.4%		9,083		8,926	1.8%		14,612		13,996	4.4%

Other Markets	2,736		17,738		16,698	6.2%		5,178		4,914	5.4%		12,560		11,784	6.6%

Total (2)(3)	45,713	$	294,422	$	284,056	3.6%	$	93,469	$	88,697	5.4%	$	200,953	$	195,359	2.9%

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

(2)

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

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

Attachment 8(E)

UDR, Inc.

Same-Store Operating Information By Major Market

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

September 30, 2021

(Unaudited) (1)


		% of Same-
	Total	Store Portfolio	Same-Store
	Same-Store	Based on	Physical Occupancy			Total Revenue per Occupied Home
	Homes	YTD 2021 NOI	YTD 21	YTD 20	Change	YTD 21		YTD 20		Change

West Region
Orange County, CA	4,685	14.1%	97.6%	96.5%	1.1%	$	2,566	$	2,518	1.9%
San Francisco, CA	2,751	8.5%	94.9%	91.9%	3.0%		3,038		3,624	-16.2%
Seattle, WA	2,725	6.8%	97.1%	96.6%	0.5%		2,360		2,486	-5.1%
Los Angeles, CA	1,225	3.4%	96.0%	95.9%	0.1%		2,651		2,824	-6.1%
Monterey Peninsula, CA	1,565	3.6%	97.0%	96.6%	0.4%		1,972		1,936	1.9%
	12,951	36.4%	96.7%	95.5%	1.2%		2,557		2,695	-5.1%

Mid-Atlantic Region
Metropolitan DC	8,003	17.4%	96.5%	96.7%	-0.2%		2,128		2,158	-1.4%
Baltimore, MD	1,597	2.7%	98.0%	96.9%	1.1%		1,653		1,626	1.7%
Richmond, VA	1,359	2.3%	98.3%	97.5%	0.8%		1,509		1,419	6.3%
	10,959	22.4%	96.9%	96.8%	0.1%		1,980		1,988	-0.4%

Northeast Region
Boston, MA	4,139	11.7%	96.6%	94.8%	1.8%		2,662		2,695	-1.2%
New York, NY	1,825	4.9%	96.3%	93.3%	3.0%		3,642		4,072	-10.6%
	5,964	16.6%	96.5%	94.3%	2.2%		2,961		3,112	-4.8%

Southeast Region
Tampa, FL	2,911	4.6%	97.6%	96.7%	0.9%		1,627		1,534	6.1%
Orlando, FL	2,500	3.8%	97.4%	96.8%	0.6%		1,455		1,408	3.3%
Nashville, TN	2,260	3.4%	97.9%	97.8%	0.1%		1,416		1,373	3.1%
	7,671	11.8%	97.6%	97.1%	0.5%		1,509		1,445	4.4%

Southwest Region
Dallas, TX	3,866	5.4%	97.1%	96.7%	0.4%		1,512		1,491	1.4%
Austin, TX	1,272	1.8%	98.1%	97.7%	0.4%		1,586		1,547	2.5%
	5,138	7.2%	97.3%	96.9%	0.4%		1,530		1,505	1.7%

Other Markets	2,460	5.6%	97.7%	96.5%	1.2%		2,130		2,056	3.6%

Total/Weighted Avg.	45,143	100.0%	97.0%	96.2%	0.8%	$	2,150	$	2,190	-1.8%

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

Attachment 8(F)

UDR, Inc.

Same-Store Operating Information By Major Market

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

September 30, 2021

(Unaudited) (1)


			Same-Store ($000s)
	Total
	Same-Store	Revenues					Expenses					Net Operating Income
	Homes	YTD 21		YTD 20		Change	YTD 21		YTD 20		Change	YTD 21		YTD 20		Change

West Region
Orange County, CA	4,685	$	105,609	$	102,438	3.1%	$	23,613	$	23,770	-0.7%	$	81,996	$	78,668	4.2%
San Francisco, CA	2,751		71,376		82,449	-13.4%		22,280		21,591	3.2%		49,096		60,858	-19.3%
Seattle, WA	2,725		56,189		58,888	-4.6%		16,985		16,021	6.0%		39,204		42,867	-8.5%
Los Angeles, CA	1,225		28,058		29,857	-6.0%		8,372		8,364	0.1%		19,686		21,493	-8.4%
Monterey Peninsula, CA	1,565		26,941		26,344	2.3%		6,019		5,685	5.9%		20,922		20,659	1.3%
	12,951		288,173		299,976	-3.9%		77,269		75,431	2.4%		210,904		224,545	-6.1%

Mid-Atlantic Region
Metropolitan DC	8,003		147,878		150,266	-1.6%		47,219		46,089	2.5%		100,659		104,177	-3.4%
Baltimore, MD	1,597		23,280		22,646	2.8%		7,471		6,955	7.4%		15,809		15,691	0.8%
Richmond, VA	1,359		18,139		16,910	7.3%		4,676		4,344	7.7%		13,463		12,566	7.1%
	10,959		189,297		189,822	-0.3%		59,366		57,388	3.4%		129,931		132,434	-1.9%

Northeast Region
Boston, MA	4,139		95,793		95,157	0.7%		27,743		26,141	6.1%		68,050		69,016	-1.4%
New York, NY	1,825		57,606		62,403	-7.7%		29,188		27,205	7.3%		28,418		35,198	-19.3%
	5,964		153,399		157,560	-2.6%		56,931		53,346	6.7%		96,468		104,214	-7.4%

Southeast Region
Tampa, FL	2,911		41,612		38,863	7.1%		14,850		13,951	6.4%		26,762		24,912	7.4%
Orlando, FL	2,500		31,897		30,673	4.0%		9,752		9,277	5.1%		22,145		21,396	3.5%
Nashville, TN	2,260		28,203		27,317	3.2%		8,688		7,899	10.0%		19,515		19,418	0.5%
	7,671		101,712		96,853	5.0%		33,290		31,127	6.9%		68,422		65,726	4.1%

Southwest Region
Dallas, TX	3,866		51,091		50,137	1.9%		19,489		20,124	-3.2%		31,602		30,013	5.3%
Austin, TX	1,272		17,813		17,304	2.9%		7,227		7,057	2.4%		10,586		10,247	3.3%
	5,138		68,904		67,441	2.2%		26,716		27,181	-1.7%		42,188		40,260	4.8%

Other Markets	2,460		46,067		43,929	4.9%		13,508		13,490	0.1%		32,559		30,439	7.0%

Total (2)(3)	45,143	$	847,552	$	855,581	-0.9%	$	267,080	$	257,963	3.5%	$	580,472	$	597,618	-2.9%

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

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

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

Attachment 8(G)

UDR, Inc.

Same-Store Operating Information By Major Market

September 30, 2021

(Unaudited) (1)


	Effective Blended Lease Rate Growth	Effective New Lease Rate Growth	Effective Renewal Lease Rate Growth	Annualized Turnover
	3Q 2021	3Q 2021	3Q 2021	3Q 2021	3Q 2020	YTD 2021	YTD 2020

West Region
Orange County, CA	10.0%	13.6%	6.5%	53.5%	64.2%	46.4%	52.8%
San Francisco, CA	3.9%	1.8%	6.8%	49.3%	79.3%	44.7%	60.7%
Seattle, WA	9.9%	12.8%	6.5%	56.8%	65.5%	52.9%	54.2%
Los Angeles, CA	6.4%	8.3%	4.3%	40.2%	72.9%	39.5%	46.9%
Monterey Peninsula, CA	7.6%	19.1%	3.5%	28.1%	41.1%	29.0%	38.5%
	8.0%	10.0%	6.0%	50.6%	67.5%	45.7%	53.3%

Mid-Atlantic Region
Metropolitan DC	3.5%	2.3%	4.5%	55.6%	61.9%	46.2%	44.4%
Baltimore, MD	8.3%	14.2%	3.6%	65.1%	72.0%	50.4%	52.5%
Richmond, VA	11.8%	20.0%	6.2%	50.2%	57.8%	44.8%	49.3%
	4.8%	5.1%	4.5%	56.6%	63.1%	46.7%	46.4%

Northeast Region
Boston, MA	8.2%	10.2%	6.1%	59.3%	62.9%	47.3%	49.8%
New York, NY	8.2%	7.6%	8.8%	65.0%	93.5%	47.0%	61.3%
	8.2%	9.2%	7.3%	61.2%	75.0%	47.2%	53.9%

Southeast Region
Tampa, FL	15.4%	24.8%	7.9%	50.8%	63.0%	49.8%	56.7%
Orlando, FL	11.9%	17.3%	7.2%	52.4%	64.3%	49.2%	52.3%
Nashville, TN	8.5%	12.4%	5.1%	52.3%	59.5%	50.3%	49.3%
	12.6%	19.2%	7.0%	51.7%	62.5%	49.7%	53.4%

Southwest Region
Dallas, TX	10.5%	14.9%	6.9%	55.9%	70.3%	50.7%	52.9%
Austin, TX	11.6%	17.0%	7.2%	54.3%	58.6%	50.0%	48.6%
	10.8%	15.5%	6.9%	55.5%	67.8%	50.5%	51.9%

Other Markets	11.1%	15.6%	6.7%	53.7%	55.5%	45.3%	46.7%

Total/Weighted Avg.	8.2%	10.4%	6.1%	53.8%	65.0%	47.1%	50.9%


3Q 2021 Percentage of Total Repriced Homes		46.4%	53.6%

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

Attachment 9

UDR, Inc.

Development and Land Summary

September 30, 2021

(Dollars in Thousands)

(Unaudited) (1)


Wholly-Owned
													Schedule		Percentage
		# of		Compl.	Cost to		Budgeted		Est. Cost				Initial
Community	Location	Homes		Homes	Date		Cost		per Home		Start		Occ.	Compl.	Leased	Occupied

Projects Under Construction

Cirrus	Denver, CO		292	-	$	81,013	$	97,500	$	334		3Q19	4Q21	1Q22	-	-
5421 at Dublin Station	Dublin, CA		220	-		92,825		117,000		532		4Q19	1Q22	2Q22	-	-
The George Apartments	King of Prussia, PA		200	-		42,109		68,000		340		4Q20	2Q22	3Q22	-	-
Vitruvian West Phase 3	Addison, TX		405	-		36,940		74,000		183		1Q21	2Q22	1Q23	-	-
The MO	Washington, DC		300	-		78,758		145,000		483		3Q20	1Q23	2Q23	-	-

Total Under Construction			1,417	-	$	331,645	$	501,500	$	354

Completed Projects, Non-Stabilized

N/A	N/A		-	-	$	-	$	-	$	-		N/A	N/A	N/A	N/A	N/A

Total Completed, Non-Stabilized			-	-	$	-	$	-	$	-

Total - Wholly Owned			1,417	-	$	331,645	$	501,500	$	354


NOI From Wholly-Owned Projects
		3Q 21

Projects Under Construction		$	(99)
Completed, Non-Stabilized			-
Total		$	(99)


Land Summary
Parcel	Location	UDR Ownership Interest			Real Estate Cost Basis

Vitruvian Park^®	Addison, TX	100%			$	45,370
Alameda Point Block 11	Alameda, CA	100%				27,408
Meridian	Tampa, FL	100%				7,526

Total					$	80,304

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

Attachment 10

UDR, Inc.

Redevelopment Summary

September 30, 2021

(Dollars in Thousands)

(Unaudited) (1)


			Sched.								Schedule			Percentage
		# of	Redev.	Compl.	Cost to		Budgeted		Est. Cost				Same-Store
Community	Location	Homes	Homes	Homes	Date		Cost		per Home		Start	Compl.	Quarter	Leased		Occupied

Projects in Redevelopment (2)

N/A	N/A	-	-	-	$	-	$	-	$	-	N/A	N/A	N/A	-	-
Total		-	-	-	$	-	$	-	$	-






			Sched.								Schedule
		# of	Home	Compl.	Cost to		Budgeted		Est. Cost
Community	Location	Homes	Additions	Homes	Date		Cost (3)		per Home		Start	Compl.

Other Projects (4)

Eight80 Newport Beach	Newport Beach, CA	30	30	-	$	2,905	$	12,100	$	403	1Q21	2Q22
388 Beale	San Francisco, CA	13	13	-		2,539		6,000		462	2Q21	1Q22
Total		43	43	-	$	5,444	$	18,100	$	421

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

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

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

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

Attachment 11(A)

UDR, Inc.

Unconsolidated Summary

September 30, 2021

(Dollars in Thousands)

(Unaudited) (1)

Physical

Total Rev. per

Net Operating Income

Own.

# of

Occupancy

Occ. Home

UDR's Share

Total

Portfolio Characteristics

Interest

Comm.

Homes

3Q 21

YTD 21

YTD 21 (2)

UDR / MetLife Operating communities

50%

2,837

96.4%

3,408

8,577

24,900

49,549

Gross Book Value

Weighted

of JV Real

Total Project

UDR's Equity

Avg. Debt

Debt

Balance Sheet Characteristics

Estate Assets (3)

Debt (3)

Investment

Interest Rate

Maturities

UDR / MetLife Operating communities

1,703,006

861,415

283,560

3.37%

2024-2031

Joint Venture

Same-Store

3Q 21 vs. 3Q 20 Growth

3Q 21 vs. 2Q 21 Growth

Joint Venture Same-Store Growth

Communities (4)

Revenue

Expense

NOI

Revenue

Expense

NOI

UDR / MetLife

-3.6%

0.3%

-6.1%

2.7%

-2.1%

6.3%

Joint Venture

Same-Store

YTD 21 vs. YTD 20 Growth

Joint Venture Same-Store Growth

Communities (4)

Revenue

Expense

NOI

UDR / MetLife

-11.6%

4.3%

-20.1%

Income/(Loss)

UDR Investment (6)

from Investments

Other Unconsolidated Investments (5)

Commitment

Funded

Balance

3Q 21 (7)

RETV I

18,000

12,780

38,628

9,869

RETV II

18,000

5,400

5,438

147

Total

36,000

18,180

44,066

10,016

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

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

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

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

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

(6)

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

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

Attachment 11(B)

UDR, Inc.

Developer Capital Program

September 30, 2021

(Dollars in Thousands)

(Unaudited) (1)


Developer Capital Program (2)

									Income from
		# of	UDR Investment				Return	Years to	Investment		Upside
Community	Location	Homes	Commitment (3)		Balance (3)		Rate	Maturity	3Q 2021		Participation

Preferred Equity

1532 Harrison	San Francisco, CA	136	$	24,645	$	36,088	11.0%	0.7	$	1,003	-
Junction	Santa Monica, CA	66		8,800		12,792	12.0%	0.8		379	-
1200 Broadway	Nashville, TN	313		55,558		60,594	12.25%	1.0		1,837	Variable
1300 Fairmount	Philadelphia, PA	471		51,393		63,413	8.5%	1.9		1,338	Variable
Essex (4)	Orlando, FL	330		12,886		17,629	12.5%	1.9		544	-
Modera Lake Merritt	Oakland, CA	173		27,250		33,072	9.0%	2.5		739	Variable
Thousand Oaks	Thousand Oaks, CA	142		20,059		22,256	9.0%	3.3		497	Variable
Vernon Boulevard	Queens, NY	534		40,000		46,665	13.0%	3.8		1,496	Variable
Makers Rise	Herndon, VA	356		30,208		14,799	9.0%	4.2		251	Variable
121 at Watters	Allen, TX	469		19,846		8,968	9.0%	4.4		234	Variable
Infield Phase I	Kissimmee, FL	384		16,044		-	14.0%	2.6		-	-

Total - Preferred Equity		3,374	$	306,689	$	316,276	10.7%	2.4	$	8,318

Secured Loans

Infield Phase II	Kissimmee, FL	-	$	2,760	$	2,906	14.0%	0.6	$	102	-
Total - Secured Loans		-	$	2,760	$	2,906	14.0%	0.6	$	102

Total - Developer Capital Program		3,374	$	309,449	$	319,182	10.7%	2.4	$	8,420

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

(2)

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

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

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

Attachment 12

UDR, Inc.

Acquisitions, Dispositions and Developer Capital Program Investments Summary

September 30, 2021

(Dollars in Thousands)

(Unaudited) (1)


				Post
			Prior	Transaction
Date of			Ownership	Ownership	UDR Investment		Return		# of
Investment	Community	Location	Interest	Interest	Commitment		Rate		Homes

Developer Capital Program - Investment

Jan-21	Makers Rise	Herndon, VA	N/A	N/A	$	30,208		9.0%	356
Mar-21	121 at Watters	Allen, TX	N/A	N/A		19,846		9.0%	469
May-21	Infield Phase I	Kissimmee, FL	N/A	N/A		16,044		14.0%	384
May-21	Infield Phase II	Kissimmee, FL	N/A	N/A		2,760		14.0%	-
					$	68,858		10.4%	1,209




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

Acquisitions - Wholly-Owned

Jan-21	Union Place	Franklin, MA	0%	100%	$	77,400	$	51,800	300	$	258
Apr-21	The Canal	Farmers Branch, TX	0%	100%		110,200		42,000	636		173
May-21	Cool Springs at Frisco Bridges	Frisco, TX	0%	100%		166,900		89,510	945		177
Jun-21	Seneca Place	Germantown, MD	0%	100%		121,900		-	468		260
Jul-21	Brio	Bellevue, WA	0%	100%		171,900		-	259		664
Aug-21	Canterbury Apartments	Germantown, MD	0%	100%		127,200		-	544		234
Sep-21	The Smith Valley Forge	King of Prussia, PA	0%	100%		116,200		-	320		363
Sep-21	1274 at Towson	Towson, MD	0%	100%		57,600		-	192		300
Sep-21	322 on North Broad	Philadelphia, PA	0%	100%		147,000		-	339		434
					$	1,096,300	$	183,310	4,003	$	274

Acquisitions - Wholly-Owned Land

Apr-21	Alameda Point Block 11	Alameda, CA	0%	100%	$	25,000	$	-	-	$	-
May-21	Meridian	Tampa, FL	0%	100%		6,600		-	-		-
					$	31,600	$	-	-	$	-




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

Dispositions - Wholly-Owned

Feb-21	Parallel (3)	Anaheim, CA	100%	0%	$	156,000	$	-	386	$	404
					$	156,000	$	-	386	$	404


Dispositions - Joint Venture

Jan-21	OLiVE DTLA (4)	Los Angeles, CA	47%	0%	$	121,000	$	53,666	293	$	413
					$	121,000	$	53,666	293	$	413

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

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

(3)	UDR recorded a gain on sale of approximately $50.8 million during the nine months ended September 30, 2021, which is included in gain/(loss) on sale of real estate owned.

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

Attachment 13

UDR, Inc.

Capital Expenditure and Repair and Maintenance Summary

September 30, 2021

(In thousands, except Cost per Home)

(Unaudited) (1)


		Three Months				Capex	Nine Months				Capex
	Estimated	Ended		Cost		as a %	Ended			Cost	as a %
Capital Expenditures for Consolidated Homes (2)	Useful Life (yrs.)	September 30, 2021		per Home		of NOI	September 30, 2021			per Home	of NOI

Average number of homes (3)			51,322					49,622

Recurring Cap Ex
Asset preservation
Building interiors	5 - 20	$	6,471	$	126		$	17,620	$	355
Building exteriors	5 - 20		3,993		78			9,924		200
Landscaping and grounds	10		1,824		36			3,838		77
Total asset preservation			12,288		239			31,382		632

Turnover related	5		4,556		89			11,045		223

Total Recurring Cap Ex			16,844		328	8%		42,427		855	7%

NOI Enhancing Cap Ex	5 - 20		11,050		215			31,509		635

Total Recurring and NOI Enhancing Cap Ex		$	27,894	$	544		$	73,936	$	1,490


		Three Months					Nine Months
		Ended			Cost		Ended			Cost
Repair and Maintenance for Consolidated Homes (Expensed)		September 30, 2021			per Home		September 30, 2021			per Home

Average number of homes (3)			51,322					49,622

Contract services		$	8,861	$	173		$	24,614	$	496

Turnover related expenses			6,174		120			15,260		308

Other Repair and Maintenance
Building interiors			3,517		69			8,191		165
Building exteriors			960		19			2,242		45
Landscaping and grounds			184		4			1,459		29
Total Repair and Maintenance		$	19,696	$	384		$	51,766	$	1,043

(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.

4Q 2021 and Full-Year 2021 Guidance

September 30, 2021

(Unaudited) (1)


		Full-Year 2021 Guidance
				Change from
Net Income, FFO, FFO as Adjusted and AFFO per Share and Unit Guidance	4Q 2021	Full-Year 2021	Prior Guidance	Prior Midpoint

Income/(loss) per weighted average common share, diluted	$0.30 to $0.32	$0.41 to $0.43	$0.12 to $0.16	$0.28
FFO per common share and unit, diluted	$0.52 to $0.54	$1.92 to $1.94	$1.85 to $1.89	$0.06
FFO as Adjusted per common share and unit, diluted	$0.52 to $0.54	$2.00 to $2.02	$1.97 to $2.01	$0.02
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted	$0.46 to $0.48	$1.82 to $1.84	$1.79 to $1.83	$0.02
Annualized dividend per share and unit		$1.45	$1.45	-

				Change from
Same-Store Guidance		Full-Year 2021	Prior Guidance	Prior Midpoint

Revenue growth / (decline) (Cash basis)		1.00% - 1.50%	(0.25%) - 0.75%	1.00%
Revenue growth / (decline) (Straight-line basis)		(1.00%) - (0.50%)	(2.25%) - (1.25%)	1.00%
Expense growth		2.75% - 3.50%	1.00% - 3.00%	1.13%
NOI growth / (decline) (Cash basis)		0.25% - 0.75%	(1.00%) - 0.50%	0.75%
NOI growth / (decline) (Straight-line basis)		(2.25%) - (1.75%)	(3.50%) - (2.00%)	0.75%

				Change from
Sources of Funds ($ in millions)		Full-Year 2021	Prior Guidance	Prior Midpoint

AFFO less Dividends		$108 to $126	$99 to $123	$6
Debt Issuances/Assumptions and LOC Draw/Paydown		$300 to $625	$200 to $675	$25
Dispositions		$312	$310	$2
Common Share (forward settlement) and OP Unit Issuance		$1,175	$830	$345

				Change from
Uses of Funds ($ in millions)		Full-Year 2021	Prior Guidance	Prior Midpoint

Debt maturities inclusive of principal amortization (2)		$380	$380	-
Development spending and land acquisitions		$175 to $200	$150 to $225	-
Redevelopment and other non-recurring		$50 to $60	$40 to $60	$5
Developer Capital Program, net		$25 to $35	$45 to $55	($20)
Acquisitions		$1,220 to $1,450	$755 to $1,150	$383
NOI enhancing capital expenditures inclusive of Kitchen and Bath		$45 to $50	$45 to $50	-

				Change from
Other Additions/(Deductions) ($ in millions except per home amounts)		Full-Year 2021	Prior Guidance	Prior Midpoint

Consolidated interest expense, net of capitalized interest and adjustments for FFO as Adjusted		$140 to $144	$140 to $144	-
Capitalized interest (3)		$8 to $10	$8 to $10	-
General and administrative		$54 to $58	$52 to $56	$2
Recurring capital expenditures per home		$1,200	$1,200	-

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

(2)

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

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

Attachment 15(A)

UDR, Inc.

Definitions and Reconciliations

September 30, 2021

(Unaudited)

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

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

Management considers AFFO a useful supplemental performance metric for investors as it is more indicative of the Company's operational performance than FFO or FFO as Adjusted. AFFO is not intended to represent cash flow or liquidity for the period, and is only intended to provide an additional measure of our operating performance. The Company believes that net income/(loss) attributable to common stockholders is the most directly comparable GAAP financial measure to AFFO. Management believes that AFFO is a widely recognized measure of the operations of REITs, and presenting AFFO enables investors to assess our performance in comparison to other REITs. However, other REITs may use different methodologies for calculating AFFO and, accordingly, our AFFO may not always be comparable to AFFO calculated by other REITs. AFFO should not be considered as an alternative to net income/(loss) (determined in accordance with GAAP) as an indication of financial performance, or as an alternative to cash flows from operating activities (determined in accordance with GAAP) as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to make distributions. A reconciliation from net income/(loss) attributable to common stockholders to AFFO is provided on Attachment 2.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Attachment 15(B)

UDR, Inc.

Definitions and Reconciliations

September 30, 2021

(Unaudited)

Funds from Operations as Adjusted ("FFO as Adjusted") attributable to common stockholders and unitholders: The Company defines FFO as Adjusted attributable to common stockholders and unitholders as FFO excluding the impact of other non-comparable items including, but not limited to, acquisition-related costs, prepayment costs/benefits associated with early debt retirement, impairment write-downs or gains and losses on sales of real estate or other assets incidental to the main business of the Company and income taxes directly associated with those gains and losses, casualty-related expenses and recoveries, severance costs and legal and other costs.

Management believes that FFO as Adjusted is useful supplemental information regarding our operating performance as it provides a consistent comparison of our operating performance across time periods and allows investors to more easily compare our operating results with other REITs. FFO as Adjusted is not intended to represent cash flow or liquidity for the period, and is only intended to provide an additional measure of our operating performance. The Company believes that net income/(loss) attributable to common stockholders is the most directly comparable GAAP financial measure to FFO as Adjusted. However, other REITs may use different methodologies for calculating FFO as Adjusted or similar FFO measures and, accordingly, our FFO as Adjusted may not always be comparable to FFO as Adjusted or similar FFO measures calculated by other REITs. FFO as Adjusted should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of financial performance, or as an alternative to cash flows from operating activities (determined in accordance with GAAP) as a measure of our liquidity. A reconciliation from net income attributable to common stockholders to FFO as Adjusted is provided on Attachment 2.

Funds from Operations ("FFO") attributable to common stockholders and unitholders: The Company defines FFO attributable to common stockholders and unitholders as net income/(loss) attributable to common stockholders (computed in accordance with GAAP), excluding impairment write-downs of depreciable real estate related to the main business of the Company or of investments in non-consolidated investees that are directly attributable to decreases in the fair value of depreciable real estate held by the investee, gains and losses from sales of depreciable real estate related to the main business of the Company and income taxes directly associated with those gains and losses, plus real estate depreciation and amortization, and after adjustments for noncontrolling interests, and the Company’s share of unconsolidated partnerships and joint ventures. This definition conforms with the National Association of Real Estate Investment Trust's definition issued in April 2002 and restated in November 2018. In the computation of diluted FFO, if OP Units, DownREIT Units, unvested restricted stock, unvested LTIP Units, stock options, and the shares of Series E Cumulative Convertible Preferred Stock are dilutive, they are included in the diluted share count.

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

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

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

In thousands

3Q 2021

YTD 2021

Income/(loss) from unconsolidated entities

14,450

29,123

Management fee

490

1,463

Financing fee

287

Interest expense

3,751

11,899

Debt extinguishment and other associated costs

1,395

Depreciation

7,929

24,064

General and administrative

193

Developer Capital Program (excludes Alameda Point Block 11, Brio and Infield Phase II)

(8,318)

(23,240)

Other (income)/expense

119

334

Realized/unrealized (gain)/loss on unconsolidated real estate technology investments

(10,016)

(18,184)

NOI related to sold properties

108

(Gain)/loss on sales

(2,460)

Total Joint Venture NOI at UDR's Ownership Interest

8,577

24,900

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

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


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

Attachment 15(C)

UDR, Inc.

Definitions and Reconciliations

September 30, 2021

(Unaudited)

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

Management considers NOI Enhancing Capital Expenditures a useful metric for investors as it quantifies the amount of capital expenditures that are expected to grow, not just maintain, revenues or to decrease expenses.

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

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

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

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

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

Recurring Capital Expenditures: The Company defines Recurring Capital Expenditures as expenditures that are necessary to help preserve the value of and maintain functionality at its communities.

Redevelopment Communities: The Company generally defines Redevelopment Communities as those communities where substantial redevelopment is in progress that is expected to have a material impact on the community's operations, including occupancy levels and future rental rates.

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

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

3Q 21

3Q 20

3Q 21

2Q 21

YTD 21

YTD 20

Revenue (Cash basis)

294,422

279,579

294,422

284,056

847,552

855,581

Concessions granted/(amortized), net

(2,302)

7,840

(2,302)

(1,315)

(4,910)

7,821

Revenue (Straight-line basis)

292,120

287,419

292,120

282,741

842,642

863,402

% change - Same-Store Revenue with Concessions on a Cash basis:

5.3%

3.6%

-0.9%

% change - Same-Store Revenue with Concessions on a Straight-line basis:

1.6%

3.3%

-2.4%

% change - Same-Store NOI with Concessions on a Cash basis:

6.3%

2.9%

-2.9%

% change - Same-Store NOI with Concessions on a Straight-line basis:

0.9%

2.4%

-4.9%

Sold Communities: The Company defines Sold Communities as those communities that were disposed of prior to the end of the most recent quarter.

Stabilization/Stabilized: The Company defines Stabilization/Stabilized as when a community’s occupancy reaches 90% or above for at least three consecutive months.

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

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

Management considers Total Revenue per Occupied Home a useful metric for investors as it serves as a proxy for portfolio quality, both geographic and physical.

TRS: The Company’s taxable REIT subsidiary (“TRS”) focuses on making investments and providing services that are otherwise not allowed to be made or provided by a REIT.

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

Attachment 15(D)

UDR, Inc.

Definitions and Reconciliations

September 30, 2021

(Unaudited)

All guidance is based on current expectations of future economic conditions and the judgment of the Company's management team. The following reconciles from GAAP Net income/(loss) per share for full-year 2021 and fourth quarter of 2021 to forecasted FFO, FFO as Adjusted and AFFO per share and unit:


	Full-Year 2021
	Low		High

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


	4Q 2021
	Low		High

Forecasted net income per diluted share	$	0.30	$	0.32
Conversion from GAAP share count		(0.01)		(0.01)
Net gain on the sale of depreciable real estate owned		(0.27)		(0.27)
Depreciation		0.48		0.48
Noncontrolling interests		0.02		0.02
Preferred dividends		-		-
Forecasted FFO per diluted share and unit	$	0.52	$	0.54
Legal and other costs		-		-
Debt extinguishment and other associated costs		-		-
Casualty-related charges/(recoveries)		-		-
Realized/unrealized gain on real estate technology investments, net of tax		-		-
Forecasted FFO as Adjusted per diluted share and unit	$	0.52	$	0.54
Recurring capital expenditures		(0.06)		(0.06)
Forecasted AFFO per diluted share and unit	$	0.46	$	0.48


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)


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


Ex. No.		Description
99.1		Earnings press release dated October 26, 2021.
99.2		Supplemental Financial Information dated October 26, 2021.
104		Cover Page Interactive Data File – The cover page XBRL tags are embedded within the Inline XBRL document


	UDR, Inc.

October 26, 2021	By:	/s/ Joseph D. Fisher
		Joseph D. Fisher
		Senior Vice President and Chief Financial Officer
		(Principal Financial Officer)


				Exhibit 99.1
Press Release
DENVER, CO – October 26, 2021				Contact: Trent Trujillo
				Email: [email protected]


	Quarter Ended September 30
Metric	3Q 2021 Actual	3Q 2021 Guidance	3Q 2020 Actual	$ Change vs. Prior Year Period	% Change vs. Prior Year Period
Net Income per diluted share	$0.06	$0.02 to $0.04	$(0.09)	$0.15	167%
FFO per diluted share	$0.55	$0.49 to $0.51	$0.42	$0.13	31%
FFOA per diluted share	$0.51	$0.49 to $0.51	$0.50	$0.01	2%
AFFO per diluted share	$0.46	$0.44 to $0.46	$0.45	$0.01	2%


Growth / (Decline)	Year-Over-Year (“YOY”): Q3 2021 vs. Q3 2020	Sequential: Q3 2021 vs. Q2 2021
With concessions reflected on a cash basis:
SS Revenue	5.3%	3.6%
SS Expense	3.3%	5.4%
SS NOI	6.3%	2.9%
With concessions reflected on a straight-line basis:
SS Revenue	1.6%	3.3%
SS NOI	0.9%	2.4%


	Q4 2021 Outlook	Q3 2021 Actual	Updated Full-Year 2021 Outlook	Prior Full-Year 2021 Outlook	Change to 2021 Guidance, at Midpoint
Net Income / (Loss) per share	$0.30 to $0.32	$0.06	$0.41 to $0.43	$0.12 to $0.16	$0.28
FFO per share	$0.52 to $0.54	$0.55	$1.92 to $1.94	$1.85 to $1.89	$0.06
FFOA per share	$0.52 to $0.54	$0.51	$2.00 to $2.02	$1.97 to $2.01	$0.02
AFFO per share	$0.46 to $0.48	$0.46	$1.82 to $1.84	$1.79 to $1.83	$0.02
YOY Growth/(Decline): concessions reflected on a cash basis:
SS Revenue	N/A	5.3%	1.00% to 1.50%	(0.25)% to 0.75%	1.00%
SS Expense	N/A	3.3%	2.75% to 3.50%	1.00% to 3.00%	1.13%
SS NOI	N/A	6.3%	0.25% to 0.75%	(1.00)% to 0.50%	0.75%
YOY Growth/(Decline): concessions reflected on a straight-line basis:
SS Revenue	N/A	1.6%	(1.00)% to (0.50)%	(2.25)% to (1.25)%	1.00%
SS NOI	N/A	0.9%	(2.25)% to (1.75)%	(3.50)% to (2.00)%	0.75%


	As of and Through October 25, 2021
Metric	Q2 2021	Jul 2021	Aug 2021	Sept 2021	Q3 2021	Oct 2021 (Range)
Cash revenue collected (% of billed) during billing period	95.5%	94.4%	94.1%	94.2%	95.8%	94.2% - 94.4%
Cash revenue collected (% of billed) subsequent to billing period⁽¹⁾	2.3%	2.9%	2.8%	1.8%	0.9%	N/A
Cash revenue collected (% of billed) as of October 25, 2021⁽¹⁾	97.8%	97.3%	96.9%	96.0%	96.7%	92.7%
Revenue reserved or written-off	1.7%	N/A	N/A	N/A	0.7%⁽²⁾	N/A
Same-Store Metrics
Weighted Average Physical Occupancy	97.2%	97.5%	97.6%	97.5%	97.5%	97.0% - 97.2%
Effective Blended Lease Rate Growth⁽³⁾	0.9%	5.8%	8.7%	10.9%	8.2%	11.0% - 12.0%

				⁽¹⁾
Region	Revenue Growth / (Decline)	Expense Growth / (Decline)	NOI Growth / (Decline)	% of Same-Store Portfolio⁽¹⁾	Physical Occupancy⁽²⁾	YOY Change in Occupancy
West	5.1%	3.4%	5.7%	36.9%	97.4%	3.4%
Mid-Atlantic	2.4%	4.6%	1.4%	21.8%	97.2%	0.5%
Northeast	6.3%	4.1%	7.6%	15.8%	97.3%	4.8%
Southeast	7.5%	7.0%	7.8%	12.0%	97.9%	0.7%
Southwest	5.5%	(3.3)%	11.8%	7.3%	98.1%	1.2%
Other Markets	10.0%	(0.7)%	15.2%	6.2%	97.8%	0.9%
Total (Cash)	5.3%	3.3%	6.3%	100.0%	97.5%	2.0%
Total (Straight-Line)	1.6%	-	0.9%	-	-	-


Community / Property	Location (MSA)	Purchase Price ($ millions)	Homes	Avg. Monthly Revenue per Occupied Home⁽¹⁾	Physical Occupancy⁽¹⁾
Acquisitions
Brio	Seattle, WA	$171.9	259	$2,616	97.1%
Canterbury Apartments	Washington, D.C.	127.2	544	1,493	97.6%
The Smith Valley Forge	Philadelphia, PA	116.2	320	2,138	94.7%
1274 at Towson	Baltimore, MD	57.6	192	1,697	96.5%
322 on North Broad	Philadelphia, PA	147.0	339	2,350	96.2%
Total / Weighted Avg.		$619.9	1,654	$1,991	96.5%


Community / Property	Location (MSA)	Purchase / (Sale) Price ($ millions)	Homes	Avg. Monthly Revenue per Occupied Home⁽¹⁾	Physical Occupancy⁽¹⁾
Acquisitions Completed
Essex Luxe⁽²⁾	Orlando, FL	$105.0	330	$1,905	96.0%
Arbors at Maitland Summit	Orlando, FL	177.5	663	1,575	96.0%
Subtotal / Weighted Avg.		$282.5	993	$1,685	96.0%
Dispositions
1818 Platinum Triangle	Orange County, CA	$(126.0)	265	$2,535	98.1%


	Quarter Ended September 30
Balance Sheet Metric	Q3 2021	Q3 2020	Change
Weighted Average Interest Rate	2.75%	3.01%	(0.26)%
Weighted Average Years to Maturity	7.8	7.6	0.2
Consolidated Fixed Charge Coverage Ratio	4.9x	4.7x	0.2x
Consolidated Debt as a percentage of Total Assets	35.8%	35.0%	0.8%
Consolidated Net-Debt-to-EBITDAre	7.1x	6.5x	0.6x