0000074208false00000742082021-04-272021-04-27

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): April 27, 2021

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: (720283-6120

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 April 27, 2021, UDR, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended March 31, 2021. 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 April 27, 2021.

 99.2

 Supplemental Financial Information dated April 27, 2021.

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.

 April 27, 2021

By:

 /s/ Joseph D. Fisher

 Joseph D. Fisher

 Senior Vice President and Chief Financial Officer

 (Principal Financial Officer)

Graphic

Exhibit 99.1

Press Release

DENVER, CO – April 27, 2021

Contact: Trent Trujillo

Phone:   720.283.6135

UDR ANNOUNCES FIRST QUARTER 2021 RESULTS

AND INCREASES CERTAIN FULL-YEAR 2021 GUIDANCE RANGES

UDR, Inc. (the “Company”) First Quarter 2021 Highlights:

Net income per share was $0.01, Funds from Operations (“FFO”) per share was $0.32, FFO as Adjusted (“FFOA”) per share was $0.47, and Adjusted FFO (“AFFO”) per share was $0.44.
Net income attributable to common stockholders was $2.0 million compared to net income of $4.2 million in the prior year period, primarily due to higher costs associated with debt extinguishment and a decline in Same-Store net operating income (“NOI”), partially offset by gains from the sale of communities during the quarter.
Year-over-year (“YOY”) Same-Store results during the first quarter of 2021, with concessions accounted for on cash and straight-line bases, as compared to the first quarter of 2020 were as follows:

(1)

Region

Revenue Growth / (Decline)

Expense

Growth / (Decline)

NOI Growth / (Decline)

% of Same-Store

Portfolio(1)

Physical Occupancy(2)

YOY Change in Occupancy

West

(10.6)%

0.3%

(14.1)%

36.4%

95.8%

(1.1)%

Mid-Atlantic

(4.1)%

1.6%

(6.4)%

22.4%

96.6%

(0.4)%

Northeast

(9.7)%

8.5%

(17.9)%

16.8%

95.5%

(1.0)%

Southeast

2.3%

10.5%

(1.2)%

11.7%

97.3%

0.5%

Southwest

(2.0)%

(0.4)%

(3.0)%

7.2%

96.9%

(0.2)%

Other Markets

0.1%

0.0%

0.1%

5.5%

97.2%

1.0%

Total (Cash)

(6.4)%

3.3%

(10.4)%

100.0%

96.4%

(0.4)%

Total (Straight-Line)

(6.7)%

-

(10.8)%

-

-

-

(1)

Based on Q1 2021 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 the quarter.

The Company continues to implement its Next Generation Operating Platform, which assisted in limiting first quarter 2021 Same-Store controllable expense growth to 0.7 percent sequentially and 2.0 percent YOY.
During the quarter, the Company
oEntered into forward sale agreements for approximately 9.3 million shares of common stock at a weighted average initial forward price per share of $43.60 for estimated future proceeds of approximately $404.6 million, subject to adjustment as described later in this release. No shares under the forward sale agreements have been settled.
oIssued $300.0 million of unsecured debt at an effective interest rate of 2.14 percent that matures in June 2033 and repaid $300.0 million of higher cost, 4.00 percent debt originally due in 2025.
oAcquired one multifamily community in suburban Boston (Franklin), MA, for $77.4 million.
oThrough its Developer Capital Program, committed to invest $50.1 million into two multifamily developments, one each in Herndon, VA, and Allen, TX. Each investment yields 9.0 percent on the Company’s capital outstanding and includes profit participation upon a liquidity event.
oSold one wholly owned community in Orange County (Anaheim), CA, and one joint venture community in Los Angeles, CA, for total net proceeds of $187.0 million at the Company’s ownership share.
Subsequent to quarter-end, the Company:
oAcquired one community in suburban Dallas (Farmers Branch), TX, for $110.0 million and is under contract to acquire another community in suburban Dallas (Frisco), TX, for $167.0 million, which the Company expects to close during the second quarter of 2021, subject to customary closing conditions.

1


“First quarter 2021 earnings results met our expectations, and I am encouraged by continued improvement in our operating trends, collections, and the pace of the economic recovery. As a result of these factors and the accretive transactions we have completed and identified to-date, we have raised full-year 2021 guidance expectations,” said Tom Toomey, UDR’s Chairman and CEO. “While a variety of regulatory restrictions remain in place, the transition from stabilizing business trends to growth implies the low point for our quarterly earnings is behind us. Despite the economic uncertainties that remain, we expect our innovative Next Generation Operating Platform and accretive capital deployment to drive strong growth in 2021 and beyond.”

Recent Operating Trends

The table presented below is a summary of fourth quarter 2020 and first quarter 2021 residential operating trends. Additional disclosure, including April forecasts, is provided on the “Recent Operating Trends” section of the Company’s quarterly Supplemental Financial Information.

“Billed revenue is demonstrating signs of sequential quarterly improvement, cash revenue collection rates are increasing, rising traffic volume is supportive of continued strength in occupancy, and pricing power has returned across most of our markets, as evidenced by sequential quarterly improvements in effective blended lease rate growth,” said Mike Lacy, UDR’s Senior Vice President of Operations. “Collectively, these trends have resulted in positive sequential revenue growth. Combined with the continued successful rollout of our Next Generation Operating Platform, we are well positioned as we approach the traditional leasing season.”

Summary of Fourth Quarter 2020 and First Quarter 2021 Residential Operating Trends (1)

As of and Through April 25, 2021

Metric

Q4 2020

Jan 2021

Feb 2021

Mar 2021

Q1 2021

Cash revenue collected (% of billed) during billing period

95.4%

93.3%

93.3%

93.8%

95.2%

Cash revenue collected (% of billed) subsequent to billing period(1)

1.6%

3.2%

2.8%

1.6%

0.8%

Cash revenue collected (% of

billed) as of April 25, 2021(1)

97.0%

96.5%

96.1%

95.4%

96.0% (2)

Revenue reserved or written-off(2)

2.4%

N/A

N/A

N/A

2.6%

Same-Store Leasing Traffic (daily avg.)(3)

815

930

931

1,170

1,013

Same-Store Visits (total for period)(3)

22,445

9,909

8,820

13,275

32,004

Same-Store Metrics

Weighted Average

Physical Occupancy

96.1%

96.4%

96.3%

96.5%

96.4%

Effective Blended

Lease Rate Growth(3)

(0.3)%

0.1%

0.3%

0.3%

0.3%

(1)

Metrics shown here are as of April 25, 2021, and are for the Company’s total residential portfolio, unless otherwise indicated. Cash revenue collected as a percentage of billed revenue for Q2 2020 and Q3 2020 are 98.3 percent and 97.9 percent, respectively, as of April 25, 2021.

(2)

For Q1 2021, the Company reserved (reflected as a reduction to revenue) approximately 1.5 percent, or $4.7 million, of billed residential revenue for bad debt, including $0.3 million for the Company’s share from unconsolidated joint ventures. This brings the Company’s total bad debt reserve to $18.0 million, including $1.1 million for the Company’s share from unconsolidated joint ventures, which compares to a quarter-end accounts receivable balance of $25.4 million.

(3)

The Company defines (a) Leasing Traffic as average daily leads to lease a home for the period indicated. The Company defines (b) Visits as the summation of tours taken by current and prospective residents, whether in-person (where allowed) or by virtual means, for the period indicated. The Company defines (c) 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. Please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplemental Financial Information for additional details.

2


Outlook

For the second quarter of 2021, the Company has established the following earnings guidance ranges. For the full-year 2021, the Company increased its previously provided same-store and certain earnings guidance ranges(1):

Q1 2021 (Actual)

Q2 2021 (Outlook)

Prior

Full-Year 2021 Outlook

Updated

Full-Year 2021 Outlook

Change to 2021 Guidance, at Midpoint

Net Income / (Loss) per share

$0.01

$0.01 to $0.03

$0.13 to $0.25

$0.04 to $0.13

$(0.105)

FFO per share

$0.32

$0.47 to $0.49

$1.87 to $1.99

$1.76 to $1.85

$(0.125)

FFOA per share

$0.47

$0.47 to $0.49

$1.88 to $2.00

$1.91 to $2.00

$0.015

AFFO per share

$0.44

$0.42 to $0.44

$1.70 to $1.82

$1.73 to $1.82

$0.015

YOY Same-Store Revenue Growth / (Decline), with concessions reported on a cash basis

(6.4)%

N/A

(2.5)% to 0.5%

(2.0)% to 0.5%

0.25%

YOY Same-Store Revenue Growth / (Decline), with concessions reported on a straight-line basis

(6.7)%

N/A

(4.5)% to (1.5)%

(4.0)% to (1.5)%

0.25%

YOY Same-Store Expense Growth

3.3%

N/A

1.0% to 4.0%

1.0% to 3.0%

(0.50)%

YOY Same-Store NOI Growth / (Decline), with concessions reported on a cash basis

(10.4)%

N/A

(4.0)% to 0.0%

(3.25)% to 0.0%

0.375%

YOY Same-Store NOI Growth / (Decline), with concessions reported on a straight-line basis

(10.8)%

N/A

(6.5)% to (2.5)%

(5.75)% to (2.5)%

0.375%

(1)

Additional assumptions for the Company’s second quarter and 2021 outlook can be found on Attachment 15 of the Company’s related quarterly Supplemental Financial Information. A reconciliation of FFO per share, FFOA per share, and AFFO per share to GAAP Net Income per share can be found on Attachment 16(E) of the Company’s related quarterly Supplemental Financial Information. Non-GAAP financial measures and other terms, as used in this earnings release, are defined and further explained on Attachments 16(A) through 16(E), “Definitions and Reconciliations,” of the Company’s related quarterly Supplemental Financial Information.

First Quarter 2021 Operations

In the first quarter, total revenue decreased by $(20.0) million year-over-year, or (6.2) percent, to $301.4 million. This decrease was primarily attributable to declines in revenue from mature communities. The first quarter annualized rate of turnover increased by 110 basis points versus the prior year period to 39.4 percent. Please refer to page 1 of this Press Release for additional details on first quarter Same-Store growth results.

Approximately 25 percent of the Company’s first quarter 2021 Same-Store NOI came from communities located in New York, NY, the San Francisco Bay Area, CA, and Boston, MA. As shown in the following table, sequential rent growth and occupancy improved during the first quarter as concessionary activity decreased and demand increased versus the prior quarter. These trends have continued into April 2021.

3


Summary of First Quarter 2021 versus Fourth Quarter 2020 Same-Store Growth and Occupancy Trends

(1)

Revenue Growth / (Decline)

NOI Growth / (Decline)

Physical Occupancy(3)

Market

% of Same-Store

Portfolio(1)

Cash Basis(2)

Straight-Line Basis(2)

Cash Basis(2)

Straight-Line Basis(2)

Q1 2021

As of

April 25, 2021

New York, NY

5.2%

10.9%

(3.3)%

23.7%

(6.9)%

94.6%

95.9%

San Francisco, CA

8.6%

1.4%

(3.7)%

2.4%

(5.0)%

92.8%

94.5%

Boston, MA

11.6%

0.5%

(0.8)%

(1.7)%

(3.6)%

95.9%

96.5%

Subtotal / Wtd. Avg.

25.4%

2.9%

(2.4)%

4.9%

(4.7)%

94.6%

95.8%

Remaining Markets

74.6%

(0.7)%

(1.4)%

(1.5)%

(2.6)%

96.7%

97.0%

Total / Wtd. Avg.

100.0%

0.3%

(1.7)%

(0.2)%

(3.1)%

96.4%

96.8%

(1)

Based on Q1 2021 Same-Store NOI. Totals may not equate to the displayed subtotals or weighted averages due to rounding. For definitions of terms, please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplemental Financial Information.

(2)

“Cash Basis” and “Straight-Line Basis” present concessions reported on a cash or straight-line basis, respectively.

(3)

Weighted average Same-Store physical occupancy for the first quarter 2021 and April 2021 as of and through April 25, 2021, respectively.

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

Summary of Same-Store Results in First Quarter 2021 versus Fourth Quarter 2020

(1)

Region

Revenue Growth / (Decline)

Expense

Growth / (Decline)

NOI Growth / (Decline)

% of Same-Store

Portfolio(1)

Physical Occupancy(2)

Sequential Change in Occupancy

West

(0.1)%

(0.6)%

0.2%

36.4%

95.8%

0.8%

Mid-Atlantic

(1.9)%

4.0%

(4.3)%

22.4%

96.6%

(0.4)%

Northeast

4.3%

3.2%

5.0%

16.8%

95.5%

1.2%

Southeast

0.1%

1.1%

(0.4)%

11.7%

97.3%

0.1%

Southwest

(0.4)%

1.7%

(1.8)%

7.2%

96.9%

(0.2)%

Other Markets

(0.1)%

(3.5)%

1.4%

5.5%

97.2%

(0.2)%

Total (Cash)

0.3%

1.5%

(0.2)%

100.0%

96.4%

0.3%

Total (Straight-Line)

(1.7)%

-

(3.1)%

-

-

-

(1)

Based on Q1 2021 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 the quarter.

In the table below, the Company has presented components of residential revenue contribution that drove the year-over-year decrease and sequential increase in Same-Store revenue during the first quarter, as reported on a cash basis. The changes are a result of the following:

Year-Over-Year Contribution to Growth / (Decline)(1)

Sequential Contribution to Growth / (Decline)(1)

Residential Revenue Components

Q1 2020 to Q1 2021

($ in millions)

Q1 2020 to Q1 2021

(%)

Q4 2020 to Q1 2021

($ in millions)

Q4 2020 to Q1 2021

(%)

Base Quarter Same-Store Revenue

$296.9

$277.0

Gross Rents

$(7.7)

(2.6)%

$(1.7)

(0.6)%

Concessions(2)

$(3.7)

(1.2)%

$4.0

1.4%

Economic Occupancy Loss

$(2.0)

(0.7)%

$0.6

0.2%

Bad Debt Reserve and Net Bad Debt Write-Offs

$(5.4)

(1.8)%

$(1.0)

(0.3)%

Fee and Other Income

$(0.3)

(0.1)%

$(1.1)

(0.4)%

Q1 2021 Same-Store Revenue

$277.8

(6.4)%

$277.8

0.3%

(1)

Totals may not sum to $277.8 million, (6.4) percent and 0.3 percent, respectively, due to rounding.

(2)

Concessions exclude direct leasing costs. Please see Attachment 16(C), “Definitions and Reconciliations,” of the Company’s related quarterly Supplemental Financial Information for a reconciliation of Same-Store Revenue with concessions on a cash basis to Same-Store Revenue on a straight-line basis.

4


Transactional Activity

During the quarter, the Company:

Acquired Union Place, a 300-home community located in suburban Boston (Franklin), MA, for $77.4 million, or $258,000 per home. At the time of acquisition, the 15-year-old property, which affords substantial operating and renovation upside, had average monthly revenue per occupied home of $1,707 and occupancy of 94 percent.
Sold Parallel, a 386-home community located in Orange County (Anaheim), CA, for gross proceeds of $156.0 million, or $404,000 per home. At the time of sale, the community had a weighted average monthly revenue per occupied home of $2,160 and physical occupancy of 96 percent.
Sold OLiVE DTLA, a 293-home joint venture community located in Los Angeles, CA, in which the Company had 47 percent ownership, for a gross sales price of $121.0 million, or $413,000 per home, at 100 percent. At the time of sale, the community had a weighted average monthly revenue per occupied home of $2,550 and physical occupancy of 93 percent.

Subsequent to quarter-end, the Company:

Acquired The Canal, a 636-home community located in suburban Dallas (Farmers Branch), TX, for $110.0 million, or $173,000 per home. At the time of acquisition, the community, which was constructed in two phases in 2017 and 2019, had average monthly revenue per occupied home of $1,369, occupancy of 93 percent, and was encumbered with $42.0 million of secured debt. The Canal is located proximate to four wholly owned UDR communities (2,876 homes), which the Company expects should drive additional operating efficiencies as its Next Generation Operating Platform is deployed.
Is under contract to acquire a 945-home community in suburban Dallas (Frisco), TX, for $167.0 million, or $177,000 per home, which the Company expects to close during the second quarter of 2021, subject to customary closing conditions. At the time the Company entered into a purchase agreement, the community, which was constructed in two phases in 2009 and 2012, had average monthly revenue per occupied home of $1,095, occupancy of 96 percent, and was encumbered with $89.5 million of secured debt. The community is located proximate to a wholly owned UDR community (Legacy Village Apartment Homes, 1,043 homes), which the Company expects should drive additional operating efficiencies as its Next Generation Operating Platform is deployed.

Development Activity

At the end of the first quarter, the Company’s development pipeline totaled $501.5 million and was 48 percent funded. The Company’s active pipeline includes five development communities, one each in Denver, CO; Dublin, CA; King of Prussia, PA; Addison, TX; and Washington, D.C., for a combined total of 1,417 homes. During the quarter, the Company completed construction of Vitruvian West Phase 2, a $64.0 million, 366-home community in Addison, TX, that continues its successful lease-up, and commenced construction of Vitruvian West Phase 3, a $74.0 million, 405-home community in Addison, TX.

Developer Capital Program (“DCP”) Activity

At the end of the first quarter, the Company’s DCP investments, including accrued return, totaled $447.3 million with a weighted average return rate of 8.3 percent and weighted average estimated remaining term of 2.5 years.

During the quarter, the Company committed to invest $30.2 million into Makers Rise, a 356-home multifamily development located in suburban Washington, D.C. (Herndon, VA), and $19.8 million into 121 at Watters, a 469-home multifamily development located in suburban Dallas (Allen), TX. Each investment yields 9.0 percent on the Company’s capital outstanding with five years until expected redemption and includes profit participation upon a liquidity event. Both developments are fully capitalized, inclusive of developer equity equal to approximately 15 percent of each project’s total cost, and construction for both communities is expected to commence during the second quarter of 2021.

5


Capital Markets and Balance Sheet Activity

As previously announced, during the quarter the Company:

Entered into forward sale agreements for approximately 9.3 million shares of common stock at a weighted average initial forward price per share of $43.60, which will be adjusted at settlement to reflect the then-current federal funds rate and the amount of dividends paid to holders of UDR common stock over the term of the forward sale agreements. 7.0 million shares are subject to forward sale agreements entered into in connection with an underwritten public offering and approximately 2.3 million shares are subject to forward sale agreements under the Company’s at-the-market equity program. No shares under any of the forward sale agreements have been settled. The final dates by which shares sold under the forward sale agreements must be settled range between February 23, 2022 and March 29, 2022.
Issued $300.0 million of unsecured debt at an effective interest rate of 2.14 percent that matures in June 2033 and used the proceeds to redeem all $300.0 million aggregate principal amount of its 4.00 percent medium-term notes originally due in October 2025.
In conjunction with its joint venture partner MetLife, refinanced $302.3 million of mortgage loans with a weighted average interest rate of 3.7 percent on Columbus Square (Manhattan, NY) that were scheduled to mature in 2022, with $229.6 million of fixed rate mortgage loans at a weighted average interest rate of 2.6 percent that mature in 2031.

As of March 31, 2021, the Company had $948.4 million of liquidity through a combination of cash and undrawn capacity on its credit facilities, plus estimated proceeds of approximately $404.6 million from the potential settlement of previously-announced forward equity sale agreements (subject to adjustment as described above), for a total of $1.35 billion in liquidity. Please see Attachment 15 of the Company’s related quarterly Supplemental Financial Information for additional details on projected capital sources and uses.

The Company’s total indebtedness as of March 31, 2021 was $5.0 billion with no remaining consolidated maturities until 2023, excluding principal amortization, amounts on the Company’s commercial paper program and amounts on the Company’s working capital credit facility. The Company ended the quarter with fixed-rate debt representing 94.3 percent of its total debt, a weighted average interest rate of 2.84 percent and a weighted average years to maturity of 8.2 years. The Company’s consolidated leverage was 35.3 percent versus 35.0 percent a year ago, its consolidated net-debt-to-EBITDAre was 7.0x versus 6.0x a year ago and its consolidated fixed charge coverage ratio was 4.5x versus 4.8x a year ago.

Dividend

As previously announced, the Company’s Board of Directors approved a one percent annualized common dividend increase for 2021 and declared a regular quarterly dividend on its common stock for the first quarter of 2021 in the amount of $0.3625 per share. The dividend will be paid in cash on April 30, 2021 to UDR common stock shareholders of record as of April 9, 2021. The first quarter 2021 dividend will represent the 194th 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.

6


Conference Call and Webcast Information

UDR will host a webcast and conference call at 1:00 p.m. Eastern Time on April 28, 2021 to discuss first quarter results as well as high-level views for 2021.

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 877-705-6003 for domestic and 201-493-6725 for international. A passcode is not necessary.

This quarter, given the combination of a high volume of conference calls occurring during this time of year generally and the impact that the COVID-19 pandemic has had on staffing and capacity at our conference call provider, we anticipate potential delays if you dial in to be connected to the live call. As a result, we encourage stockholders and interested parties to join us for the Company’s earnings results discussion via the webcast link. If you choose to dial in to the live call, please allow extra time to be connected to the call.

A replay of the conference call will be available through May 28, 2021, by dialing 844-512-2921 for domestic and 412-317-6671 for international and entering the confirmation number, 13718415, 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 Supplemental Financial Information 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 stabilization 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 the 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 March 31, 2021, UDR owned or had an ownership position in 52,617 apartment homes including 1,417 homes under development. For over 48 years, UDR has delivered long-term value to shareholders, the best standard of service to Residents and the highest quality experience for Associates.

7


Exhibit 99.2

Financial Highlights

UDR, Inc.

As of End of First Quarter 2021

(Unaudited) (1)

Actual Results

Guidance as of March 31, 2021

Dollars in thousands, except per share and unit

1Q 2021

2Q 2021

Full-Year 2021

GAAP Metrics

Net income/(loss) attributable to UDR, Inc.

$3,104

--

--

Net income/(loss) attributable to common stockholders

$2,048

--

--

Income/(loss) per weighted average common share, diluted

$0.01

$0.01 to $0.03

$0.04 to $0.13

Per Share Metrics

FFO per common share and unit, diluted

$0.32

$0.47 to $0.49

$1.76 to $1.85

FFO as Adjusted per common share and unit, diluted

$0.47

$0.47 to $0.49

$1.91 to $2.00

Adjusted Funds from Operations ("AFFO") per common share and unit, diluted

$0.44

$0.42 to $0.44

$1.73 to $1.82

Dividend declared per share and unit

$0.3625

$0.3625

$1.45 (2)

Same-Store Operating Metrics

Revenue growth/(decline) (Cash basis)

-6.4%

--

(2.00%) - 0.50%

Revenue growth/(decline) (Straight-line basis)

-6.7%

--

(4.00%) - (1.50%)

Expense growth

3.3%

--

1.00% - 3.00%

NOI growth/(decline) (Cash basis)

-10.4%

--

(3.25%) - 0.00%

NOI growth/(decline) (Straight-line basis)

-10.8%

--

(5.75%) - (2.50%)

Physical Occupancy

96.4%

--

--

Property Metrics

Homes

Communities

% of Total NOI

Same-Store

45,403

142

90.9%

Stabilized, Non-Mature

2,294

6

3.6%

Acquired Communities

300

1

0.3%

Development, completed

366

1

0.2%

Non-Residential / Other

N/A

N/A

1.0%

Joint Venture (3)

2,837

13

4.0%

Total completed homes

51,200

163

100%

Under Development

1,417

5

-

Total Quarter-end homes (3)(4)

52,617

168

100%

Balance Sheet Metrics (adjusted for non-recurring items)

1Q 2021

1Q 2020

Consolidated Interest Coverage Ratio

4.7x

5.0x

Consolidated Fixed Charge Coverage Ratio

4.5x

4.8x

Consolidated Debt as a percentage of Total Assets

35.3%

35.0%

Consolidated Net Debt-to-EBITDAre

7.0x

6.0x

Graphic


(1)See Attachment 16 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 3,469 homes that are part of the Developer Capital Program as described in Attachment 12(B).

1


Graphic

Recent Operating Trends

UDR, Inc.

March 31, 2021 (1)

(Unaudited)

Graphic

Graphic Green dashed lines indicate estimated results for the month of April 2021 and are as of April 25, 2021.

(1)April 2021 results are as of and through April 25, 2021. Actual April 2021 results may vary.
(2)The Company defines Leasing Traffic as average daily leads to lease a home for the period indicated.
(3)The Company defines Billed Revenue as Same-Store revenue with concessions reflected on a cash basis less bad debt reserves and write-offs.
(4)Cash Collections are for the Company's total residential portfolio.

2


Graphic

Attachment 1

UDR, Inc.

Consolidated Statements of Operations

(Unaudited) (1)

Three Months Ended

March 31,

In thousands, except per share amounts

2021

2020

REVENUES:

Rental income (2)

$

299,826

$

320,093

Joint venture management and other fees

1,615

1,388

Total revenues

301,441

321,481

OPERATING EXPENSES:

Property operating and maintenance

51,381

49,483

Real estate taxes and insurance

47,387

45,145

Property management

8,995

9,203

Other operating expenses

4,435

4,966

Real estate depreciation and amortization

144,088

155,476

General and administrative

12,736

14,978

Casualty-related charges/(recoveries), net (3)

5,577

1,251

Other depreciation and amortization

2,601

2,025

Total operating expenses

277,200

282,527

Gain/(loss) on sale of real estate owned

50,829

-

Operating income

75,070

38,954

Income/(loss) from unconsolidated entities (2)

4,922

3,367

Interest expense

(36,206)

(39,317)

Debt extinguishment and other associated costs

(41,950)

-

Total interest expense

(78,156)

(39,317)

Interest income and other income/(expense), net

2,057

2,700

Income/(loss) before income taxes

3,893

5,704

Tax (provision)/benefit, net

(619)

(164)

Net Income/(loss)

3,274

5,540

Net (income)/loss attributable to redeemable noncontrolling interests in the OP and DownREIT Partnership

(154)

(313)

Net (income)/loss attributable to noncontrolling interests

(16)

(6)

Net income/(loss) attributable to UDR, Inc.

3,104

5,221

Distributions to preferred stockholders - Series E (Convertible)

(1,056)

(1,066)

Net income/(loss) attributable to common stockholders

$

2,048

$

4,155

Income/(loss) per weighted average common share - basic:

$0.01

$0.01

Income/(loss) per weighted average common share - diluted:

$0.01

$0.01

Common distributions declared per share

$0.3625

$0.3600

Weighted average number of common shares outstanding - basic

296,537

294,457

Weighted average number of common shares outstanding - diluted

297,026

295,160


(5)See Attachment 16 for definitions and other terms.
(6)During the three months ended March 31, 2021, UDR collected 95.2% of billed residential revenue and 84.4% of billed retail revenue. Of the 4.8% and 15.6% not collected, UDR reserved (reflected as a reduction to revenues) approximately 1.5% or $4.7 million for residential, including $0.3 million for UDR’s share from unconsolidated joint ventures, and 10.1% or $0.8 million, including straight-line rent receivables and $0.1 million for UDR’s share from unconsolidated joint ventures, for retail. The reserves are based on probability of collection.
(7)During the three months ended March 31, 2021, various UDR communities in Texas and Washington incurred property damage in connection with Winter Storm Uri.

3


Graphic

Attachment 2

UDR, Inc.

Funds From Operations

(Unaudited) (1)

Three Months Ended

March 31,

In thousands, except per share and unit amounts

2021

2020

Net income/(loss) attributable to common stockholders

$

2,048

$

4,155

Real estate depreciation and amortization

144,088

155,476

Noncontrolling interests

170

319

Real estate depreciation and amortization on unconsolidated joint ventures

8,205

8,816

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

$

101,273

$

168,766

Distributions to preferred stockholders - Series E (Convertible) (2)

1,056

1,066

FFO attributable to common stockholders and unitholders, diluted

$

102,329

$

169,832

FFO per weighted average common share and unit, basic

$

0.32

$

0.53

FFO per weighted average common share and unit, diluted

$

0.32

$

0.53

Weighted average number of common shares and OP/DownREIT Units outstanding, basic

318,935

316,685

Weighted average number of common shares, OP/DownREIT Units, and common stock

equivalents outstanding, diluted

322,342

320,399

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

-

Legal and other costs

629

758

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

(1,428)

32

Severance costs and other restructuring expense

468

1,642

Casualty-related charges/(recoveries), net

5,577

1,399

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

-

31

$

48,878

$

3,862

FFO as Adjusted attributable to common stockholders and unitholders, diluted

$

151,207

$

173,694

FFO as Adjusted per weighted average common share and unit, diluted

$

0.47

$

0.54

Recurring capital expenditures

(9,754)

(9,209)

AFFO attributable to common stockholders and unitholders, diluted

$

141,453

$

164,485

AFFO per weighted average common share and unit, diluted

$

0.44

$

0.51


(1)See Attachment 16 for definitions and other terms.
(2)Series E cumulative convertible preferred shares are dilutive for purposes of calculating FFO per share for the three months ended March 31, 2021 and March 31, 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.

4


Graphic

Attachment 3

UDR, Inc.

Consolidated Balance Sheets

(Unaudited) (1)

March 31,

December 31,

In thousands, except share and per share amounts

2021

2020

ASSETS

Real estate owned:

Real estate held for investment

$

12,852,700

$

12,706,940

Less: accumulated depreciation

(4,729,702)

(4,590,577)

Real estate held for investment, net

8,122,998

8,116,363

Real estate under development

(net of accumulated depreciation of $319 and $1,010)

242,881

246,867

Real estate held for disposition

(net of accumulated depreciation of $0 and $13,779)

-

102,876

Total real estate owned, net of accumulated depreciation

8,365,879

8,466,106

Cash and cash equivalents

1,172

1,409

Restricted cash

33,428

22,762

Notes receivable, net

155,206

157,992

Investment in and advances to unconsolidated joint ventures, net

620,111

600,233

Operating lease right-of-use assets

200,064

200,913

Other assets

190,696

188,118

Total assets

$

9,566,556

$

9,637,533

LIABILITIES AND EQUITY

Liabilities:

Secured debt

$

919,177

$

862,147

Unsecured debt

4,121,998

4,114,401

Operating lease liabilities

194,829

195,592

Real estate taxes payable

32,437

29,946

Accrued interest payable

23,149

44,760

Security deposits and prepaid rent

47,968

49,008

Distributions payable

116,693

115,795

Accounts payable, accrued expenses, and other liabilities

104,218

110,999

Total liabilities

5,560,469

5,522,648

Redeemable noncontrolling interests in the OP and DownREIT Partnership

989,686

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

14,374,488 shares of Series F outstanding (14,440,519 shares

at December 31, 2020)

1

1

Common stock, $0.01 par value; 350,000,000 shares authorized

296,822,363 shares issued and outstanding (296,611,579 shares at December 31, 2020)

2,968

2,966

Additional paid-in capital

5,885,682

5,881,383

Distributions in excess of net income

(2,923,073)

(2,685,770)

Accumulated other comprehensive income/(loss), net

(8,614)

(9,144)

Total stockholders' equity

3,001,728

3,234,200

Noncontrolling interests

14,673

24,391

Total equity

3,016,401

3,258,591

Total liabilities and equity

$

9,566,556

$

9,637,533


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

5


Graphic

Attachment 4(A)

UDR, Inc.

Selected Financial Information

(Unaudited) (1)

March 31,

December 31,

Common Stock and Equivalents

2021

2020

Common shares

296,573,755

296,374,227

Restricted shares

248,608

237,352

Total common shares

296,822,363

296,611,579

Restricted unit and common stock equivalents

142,822

344,128

Operating and DownREIT Partnership units

20,812,982

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

322,447,965

322,155,756

Weighted Average Number of Shares Outstanding

1Q 2021

1Q 2020

Weighted average number of common shares and OP/DownREIT units outstanding - basic

318,934,716

316,685,092

Weighted average number of OP/DownREIT units outstanding

(22,398,049)

(22,227,883)

Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations

296,536,667

294,457,209

Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted

322,342,024

320,398,509

Weighted average number of OP/DownREIT units outstanding

(22,398,049)

(22,227,883)

Weighted average number of Series E cumulative convertible preferred shares outstanding (3)

(2,918,127)

(3,010,843)

Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations

297,025,848

295,159,783


(1)See Attachment 16 for definitions and other terms.
(2)At March 31, 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 months ended March 31, 2021 and March 31, 2020.

6


Graphic

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

$

876,080

17.4%

3.37%

7.0

Floating

27,000

0.5%

0.77%

11.0

Combined

903,080

17.9%

3.29%

7.1

Unsecured

Fixed

3,880,644

(3)

76.9%

2.87%

8.9

Floating

262,813

5.2%

0.41%

0.4

Combined

4,143,457

82.1%

2.72%

8.4

Total Debt

Fixed

4,756,724

94.3%

2.96%

8.6

Floating

289,813

5.7%

0.44%

1.4

Combined

5,046,537

100.0%

2.82%

8.2

Total Non-Cash Adjustments (4)

(5,362)

Total per Balance Sheet

$

5,041,175

2.84%

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

$

827

$

-

$

210,000

$

210,827

4.2%

0.27%

2022

1,140

-

17,813

18,953

0.4%

1.11%

2023

1,183

350,000

-

351,183

7.0%

1.07%

2024

96,028

15,644

-

111,672

2.2%

4.00%

2025

174,043

-

-

174,043

3.4%

3.68%

2026

51,963

300,000

-

351,963

7.0%

2.95%

2027

2,045

300,000

-

302,045

6.0%

4.03%

2028

123,435

300,000

-

423,435

8.4%

3.67%

2029

191,986

300,000

-

491,986

9.7%

3.94%

2030

72,500

600,000

-

672,500

13.3%

3.29%

Thereafter

187,930

1,750,000

-

1,937,930

38.4%

2.44%

903,080

3,915,644

227,813

5,046,537

100.0%

2.82%

Total Non-Cash Adjustments (4)

16,097

(21,459)

-

(5,362)

Total per Balance Sheet

$

919,177

$

3,894,185

$

227,813

$

5,041,175

2.84%


(1)See Attachment 16 for definitions and other terms.
(2)The 2021 maturity reflects the $210.0 million of principal outstanding at an interest rate of 0.26%, the equivalent of LIBOR plus a spread of 15 basis points, on the Company’s unsecured commercial paper program as of March 31, 2021. Under the terms of the program the Company may issue up to a maximum aggregate amount outstanding of $500.0 million. If the commercial paper was refinanced using the line of credit, the weighted average years to maturity would be 8.2 years without extensions and 8.3 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 1.07% until July 2022.
(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 $1.1 billion line of credit at March 31, 2021. The facility has a maturity date of January 2023, plus two six-month extension options and carries an interest rate equal to LIBOR plus a spread of 82.5 basis points.
(7)There was $17.8 million outstanding on our $75.0 million working capital credit facility at March 31, 2021. The facility has a maturity date of January 2022. The working capital credit facility carries an interest rate equal to LIBOR plus a spread of 82.5 basis points.

7


Graphic

Attachment 4(C)

UDR, Inc.

Selected Financial Information

(Dollars in Thousands)

(Unaudited) (1)

Quarter Ended

Coverage Ratios

March 31, 2021

Net income/(loss)

$

3,274

Adjustments:

Interest expense, including debt extinguishment and other associated costs

78,156

Real estate depreciation and amortization

144,088

Other depreciation and amortization

2,601

Tax provision/(benefit), net

619

Net (gain)/loss on the sale of depreciable real estate owned

(50,829)

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

11,858

EBITDAre

$

189,767

Casualty-related charges/(recoveries), net

5,577

Legal and other costs

629

Severance costs and other restructuring expense

468

(Income)/loss from unconsolidated entities

(4,922)

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

(11,858)

Management fee expense on unconsolidated joint ventures

(757)

Consolidated EBITDAre - adjusted for non-recurring items

$

178,904

Annualized consolidated EBITDAre - adjusted for non-recurring items

$

715,616

Interest expense, including debt extinguishment and other associated costs

78,156

Capitalized interest expense

2,122

Total interest

$

80,278

Debt extinguishment and other associated costs

(41,950)

Total interest - adjusted for non-recurring items

$

38,328

Preferred dividends

$

1,056

Total debt

$

5,041,175

Cash

(1,172)

Net debt

$

5,040,003

Consolidated Interest Coverage Ratio - adjusted for non-recurring items

4.7x

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

4.5x

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

7.0x

Debt Covenant Overview

Unsecured Line of Credit Covenants (2)

Required

Actual

Compliance

Maximum Leverage Ratio

≤60.0%

38.4% (2)

Yes

Minimum Fixed Charge Coverage Ratio

≥1.5x

4.3x

Yes

Maximum Secured Debt Ratio

≤40.0%

10.7%

Yes

Minimum Unencumbered Pool Leverage Ratio

≥150.0%

295.7%

Yes

Senior Unsecured Note Covenants (3)

Required

Actual

Compliance

Debt as a percentage of Total Assets

≤65.0%

35.3% (3)

Yes

Consolidated Income Available for Debt Service to Annual Service Charge

≥1.5x

5.5x

Yes

Secured Debt as a percentage of Total Assets

≤40.0%

6.4%

Yes

Total Unencumbered Assets to Unsecured Debt

≥150.0%

296.2%

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

1Q 2021 NOI (1)

Carrying Value

Total Gross

Asset Summary

Homes

($000s)

% of NOI

($000s)

Carrying Value

Unencumbered assets

42,165

$

177,898

88.5%

$

11,630,533

88.8%

Encumbered assets

6,198

23,160

11.5%

1,465,367

11.2%

48,363

$

201,058

100.0%

$

13,095,900

100.0%


(1)See Attachment 16 for definitions and other terms.
(2)As defined in our credit agreement dated September 27, 2018.
(3)As defined in our indenture dated November 1, 1995 as amended, supplemented or modified from time to time.

8


Graphic

Attachment 5

UDR, Inc.

Operating Information

(Unaudited) (1)

Total

Quarter Ended

Quarter Ended

Quarter Ended

Quarter Ended

Quarter Ended

Dollars in thousands

Homes

March 31, 2021

December 31, 2020

September 30, 2020

June 30, 2020

March 31, 2020

Revenues

Same-Store Communities

45,403

$

277,820

$

276,996

$

278,398

$

285,922

$

296,882

Stabilized, Non-Mature Communities

2,294

14,123

10,805

8,723

10,346

10,107

Acquired Communities

300

1,000

-

-

-

-

Development Communities

366

847

539

244

58

7

Non-Residential / Other (2)

-

5,007

10,498

17,057

4,065

5,958

Total

48,363

$

298,797

$

298,838

$

304,422

$

300,391

$

312,954

Expenses

Same-Store Communities

$

88,079

$

86,808

$

89,809

$

84,689

$

85,231

Stabilized, Non-Mature Communities

6,594

5,609

4,763

4,107

3,786

Acquired Communities

349

-

-

-

-

Development Communities

462

215

248

123

47

Non-Residential / Other (2)

2,878

2,447

1,207

2,948

3,287

Total (3)

$

98,362

$

95,079

$

96,027

$

91,867

$

92,351

Net Operating Income

Same-Store Communities

$

189,741

$

190,188

$

188,589

$

201,233

$

211,651

Stabilized, Non-Mature Communities

7,529

5,196

3,960

6,239

6,321

Acquired Communities

651

-

-

-

-

Development Communities

385

324

(4)

(65)

(40)

Non-Residential / Other (2)

2,129

8,051

15,850

1,117

2,671

Total

$

200,435

$

203,759

$

208,395

$

208,524

$

220,603

Operating Margin

Same-Store Communities

68.3%

68.7%

67.7%

70.4%

71.3%

Weighted Average Physical Occupancy

Same-Store Communities

96.4%

96.1%

95.5%

96.1%

96.8%

Stabilized, Non-Mature Communities

94.5%

93.6%

88.3%

92.5%

95.2%

Acquired Communities

93.3%

-

-

-

-

Development Communities

75.1%

81.6%

79.6%

44.5%

-

Other (4)

96.5%

93.3%

92.9%

94.0%

96.7%

Total

96.9%

95.9%

95.3%

96.0%

96.9%

Sold and Held for Disposition Communities

Revenues

-

$

1,029

$

2,338

$

4,423

$

5,591

$

7,139

Expenses (3)

406

1,245

1,686

1,862

2,277

Net Operating Income/(Loss)

$

623

$

1,093

$

2,737

$

3,729

$

4,862

Total

48,363

$

201,058

$

204,852

$

211,132

$

212,253

$

225,465


(1)See Attachment 16 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.

9


Graphic

Attachment 6

UDR, Inc.

Same-Store Operating Expense Information

(Dollars in Thousands)

(Unaudited) (1)

% of 1Q 2021

SS Operating

Year-Over-Year Comparison

Expenses

1Q 2021

1Q 2020

% Change

Personnel

15.7%

$

13,817

$

15,333

-9.9%

Utilities

13.6%

11,973

11,762

1.8%

Repair and maintenance

16.5%

14,535

12,371

17.5%

Administrative and marketing

7.0%

6,154

6,105

0.8%

Controllable expenses

52.8%

46,479

45,571

2.0%

Real estate taxes (2)

42.2%

$

37,142

$

36,182

2.7%

Insurance

5.0%

4,458

3,478

28.2%

Same-Store operating expenses (2)

100.0%

$

88,079

$

85,231

3.3%

Same-Store Homes

45,403

% of 1Q 2021

SS Operating

Sequential Comparison

Expenses

1Q 2021

4Q 2020

% Change

Personnel

15.7%

$

13,817

$

14,435

-4.3%

Utilities

13.6%

11,973

11,542

3.7%

Repair and maintenance

16.5%

14,535

13,915

4.5%

Administrative and marketing

7.0%

6,154

6,281

-2.0%

Controllable expenses

52.8%

46,479

46,173

0.7%

Real estate taxes (2)

42.2%

$

37,142

$

36,587

1.5%

Insurance

5.0%

4,458

4,048

10.1%

Same-Store operating expenses (2)

100.0%

$

88,079

$

86,808

1.5%

Same-Store Homes

45,403


(1)See Attachment 16 for definitions and other terms.
(2)The year-over-year and sequential comparisons presented above include $347 thousand and $0, respectively, of higher New York real estate taxes due to 421g exemption and abatement reductions.

10


Graphic

Attachment 7(A)

UDR, Inc.

Apartment Home Breakout

Portfolio Overview as of Quarter Ended

March 31, 2021

(Unaudited) (1)

Non-Mature Homes

Unconsolidated

Total

Total

Joint Venture

Total

Same-Store

Non-

Consolidated

Operating

Homes

Homes

Stabilized (2)

Stabil. / Other (3)

Homes

Homes (4)

(incl. JV) (4)

West Region

Orange County, CA

4,950

-

-

4,950

381

5,331

San Francisco, CA

2,751

-

-

2,751

602

3,353

Seattle, WA

2,725

-

-

2,725

-

2,725

Monterey Peninsula, CA

1,565

-

-

1,565

-

1,565

Los Angeles, CA

1,225

-

-

1,225

340

1,565

13,216

-

-

13,216

1,323

14,539

Mid-Atlantic Region

Metropolitan DC

8,003

400

-

8,403

-

8,403

Baltimore, MD

1,597

-

-

1,597

-

1,597

Richmond, VA

1,359

-

-

1,359

-

1,359

10,959

400

-

11,359

-

11,359

Northeast Region

Boston, MA

4,139

159

300

4,598

250

4,848

New York, NY

1,825

493

-

2,318

710

3,028

5,964

652

300

6,916

960

7,876

Southeast Region

Tampa, FL

2,908

966

-

3,874

-

3,874

Orlando, FL

2,500

-

-

2,500

-

2,500

Nashville, TN

2,260

-

-

2,260

-

2,260

7,668

966

-

8,634

-

8,634

Southwest Region

Dallas, TX

3,864

-

366

4,230

-

4,230

Austin, TX

1,272

-

-

1,272

-

1,272

5,136

-

366

5,502

-

5,502

Other Markets (5)

2,460

276

-

2,736

554

3,290

Totals

45,403

2,294

666

48,363

2,837

51,200

Communities (6)

142

6

2

150

13

163

Homes

Communities

Total completed homes

51,200

163

Under Development (7)

1,417

5

Total Quarter-end homes and communities

52,617

168


(1)See Attachment 16 for definitions and other terms.
(2)Represents homes included in Stabilized, Non-Mature Communities category on Attachment 5.
(3)Represents homes included in Acquired, Development, Redevelopment and Non-Residential/Other Communities categories on Attachment 5. Excludes development homes not yet completed and Sold and Held for Disposition Communities.
(4)Represents joint venture operating homes at 100 percent. Excludes joint venture held for disposition communities. See Attachment 12(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 (313 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.

11


Graphic

Attachment 7(B)

UDR, Inc.

Non-Mature Home Summary

Portfolio Overview as of Quarter Ended

March 31, 2021

(Unaudited) (1)

Non-Mature Home Breakout - By Date (quarter indicates anticipated date of QTD Same-Store inclusion)

Community

Category

# of Homes

Market

Same-Store Quarter (2)

The Slade at Channelside

Stabilized, Non-Mature

294

Tampa, FL

2Q21

The Arbory

Stabilized, Non-Mature

276

Portland, OR

2Q21

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

2Q22

Station on Silver

Stabilized, Non-Mature

400

Metropolitan DC

2Q22

Union Place

Acquired

300

Boston, MA

2Q22

Vitruvian West Phase 2

Development

366

Dallas, TX

3Q22

Total

2,960

Summary of Non-Mature Home Activity

Stabilized,

Market

Non-Mature

Acquired

Redevelopment

Development

Total

Non-Mature Homes at December 31, 2020

1,535

1,072

-

202

2,809

Park Square

Philadelphia, PA

(313)

-

-

-

(313)

Andover Place at Cross Creek

Tampa, FL

672

(672)

-

-

-

Station on Silver

Metropolitan DC

400

(400)

-

-

-

Vitruvian West Phase 2

Dallas, TX

-

-

-

164

164

Union Place

Boston, MA

-

300

-

-

300

Non-Mature Homes at March 31, 2021

2,294

300

-

366

2,960


(1)See Attachment 16 for definitions and other terms.
(2)Estimated Same-Store quarter represents the quarter UDR anticipates contributing the community to the QTD same-store pool.

12


Graphic

Attachment 7(C)

UDR, Inc.

Total Revenue Per Occupied Home Summary

Portfolio Overview as of Quarter Ended

March 31, 2021

(Unaudited) (1)

Non-Mature Homes

Unconsolidated

Total

Total

Joint Venture

Total

Same-Store

Non-

Consolidated

Operating

Homes

Homes

Stabilized (2)

Stabilized (3)

Homes

Homes (4)

(incl. JV at share) (4)

West Region

Orange County, CA

$

2,463

$

-

$

-

$

2,463

$

2,389

$

2,460

San Francisco, CA

3,088

-

-

3,088

3,871

3,167

Seattle, WA

2,324

-

-

2,324

-

2,324

Monterey Peninsula, CA

1,928

-

-

1,928

-

1,928

Los Angeles, CA

2,547

-

-

2,547

4,105

2,733

Mid-Atlantic Region

Metropolitan DC

2,090

1,948

-

2,083

-

2,083

Baltimore, MD

1,624

-

-

1,624

-

1,624

Richmond, VA

1,452

-

-

1,452

-

1,452

Northeast Region

Boston, MA

2,623

4,233

1,706

2,618

2,127

2,573

New York, NY

3,833

3,215

-

3,703

4,208

3,769

Southeast Region

Tampa, FL

1,585

1,535

-

1,573

-

1,573

Orlando, FL

1,426

-

-

1,426

-

1,426

Nashville, TN

1,386

-

-

1,386

-

1,386

Southwest Region

Dallas, TX

1,480

-

1,554

1,471

-

1,471

Austin, TX

1,533

-

-

1,533

-

1,533

Other Markets

2,056

1,772

-

2,027

2,937

2,111

Weighted Average

$

2,116

$

2,172

$

1,640

$

2,109

$

3,433

$

2,147


(1)See Attachment 16 for definitions and other terms.
(2)Represents homes included in Stabilized, Non-Mature Communities category on Attachment 5.
(3)Represents homes included in Acquired, Development, Redevelopment and Non-Residential/Other Communities categories on Attachment 5. Excludes development homes not yet completed and Sold and Held for Disposition Communities.
(4)Represents joint ventures at UDR's ownership interests. Excludes joint venture held for disposition communities. See Attachment 12(A) for UDR's joint venture and partnership ownership interests.

13


Graphic

Attachment 7(D)

UDR, Inc.

Net Operating Income Breakout By Market

March 31, 2021

(Dollars in Thousands)

(Unaudited) (1)

Graphic

Three Months Ended March 31, 2021

UDR's

Same-Store

Non Same-Store (3)

Share of JVs (3)(4)

Total

Net Operating Income

$

189,741

$

10,694

$

8,387

$

208,822

% of Net Operating Income

90.9%

5.1%

4.0%

100.0%

Three Months Ended March 31, 2021

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%

13.5%

Tampa, FL

4.6%

5.3%

San Francisco, CA

8.6%

8.6%

Orlando, FL

3.8%

3.4%

Seattle, WA

6.7%

6.5%

Nashville, TN

3.3%

3.0%

Monterey Penninsula, CA

3.5%

3.2%

11.7%

11.7%

Los Angeles, CA

3.2%

3.5%

36.4%

35.3%

Southwest Region

Dallas, TX

5.4%

5.2%

Mid-Atlantic Region

Austin, TX

1.8%

1.6%

Metropolitan DC

17.4%

16.5%

7.2%

6.8%

Baltimore, MD

2.7%

2.5%

Richmond, VA

2.3%

2.0%

Other Markets

5.5%

6.3%

22.4%

21.0%

Northeast Region

Boston, MA

11.6%

11.8%

New York, NY

5.2%

7.1%

16.8%

18.9%

Total

100.0%

100.0%


(1)See Attachment 16 for definitions and other terms.
(2)Other Markets are included in the map within their actual geography. See Attachment 7(A), footnote 5 for details regarding location of the Other Markets.
(3)Excludes results from Sold and Held for Disposition Communities.
(4)Includes UDR's share of joint venture and partnership NOI on Attachment 12(A).

14


Graphic

Attachment 8(A)

UDR, Inc.

Same-Store Operating Information By Major Market

Current Quarter vs. Prior Year Quarter

March 31, 2021

(Unaudited) (1)

% of Same-

Same-Store

Total

Store Portfolio

Same-Store

Based on

Physical Occupancy

Total Revenue per Occupied Home

Homes

1Q 2021 NOI

1Q 21

1Q 20

Change

1Q 21

1Q 20

Change

West Region

Orange County, CA

4,950

14.4%

97.1%

97.1%

0.0%

$

2,463

$

2,555

-3.6%

San Francisco, CA

2,751

8.6%

92.8%

96.5%

-3.7%

3,088

3,753

-17.7%

Seattle, WA

2,725

6.7%

96.3%

97.6%

-1.3%

2,324

2,547

-8.8%

Monterey Peninsula, CA

1,565

3.5%

96.4%

95.9%

0.5%

1,928

1,953

-1.3%

Los Angeles, CA

1,225

3.2%

95.0%

97.0%

-2.0%

2,547

2,939

-13.3%

13,216

36.4%

95.8%

96.9%

-1.1%

2,504

2,767

-9.5%

Mid-Atlantic Region

Metropolitan DC

8,003

17.4%

95.9%

97.1%

-1.2%

2,090

2,194

-4.7%

Baltimore, MD

1,597

2.7%

98.4%

96.1%

2.3%

1,624

1,634

-0.6%

Richmond, VA

1,359

2.3%

98.5%

97.1%

1.4%

1,452

1,407

3.2%

10,959

22.4%

96.6%

97.0%

-0.4%

1,940

2,015

-3.7%

Northeast Region

Boston, MA

4,139

11.6%

95.9%

95.8%

0.1%

2,623

2,809

-6.6%

New York, NY

1,825

5.2%

94.6%

98.2%

-3.6%

3,833

4,310

-11.1%

5,964

16.8%

95.5%

96.5%

-1.0%

2,990

3,276

-8.7%

Southeast Region

Tampa, FL

2,908

4.6%

97.4%

96.8%

0.6%

1,585

1,542

2.8%

Orlando, FL

2,500

3.8%

96.8%

96.0%

0.8%

1,426

1,420

0.4%

Nashville, TN

2,260

3.3%

97.7%

97.7%

0.0%

1,386

1,359

2.0%

7,668

11.7%

97.3%

96.8%

0.5%

1,475

1,448

1.8%

Southwest Region

Dallas, TX

3,864

5.4%

96.7%

96.9%

-0.2%

1,480

1,510

-2.0%

Austin, TX

1,272

1.8%

97.3%

97.6%

-0.3%

1,533

1,550

-1.1%

5,136

7.2%

96.9%

97.1%

-0.2%

1,492

1,520

-1.8%

Other Markets

2,460

5.5%

97.2%

96.2%

1.0%

2,056

2,074

-0.9%

Total/Weighted Avg.

45,403

100.0%

96.4%

96.8%

-0.4%

$

2,116

$

2,251

-6.0%


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

15


Graphic

Attachment 8(B)

UDR, Inc.

Same-Store Operating Information By Major Market

Current Quarter vs. Prior Year Quarter

March 31, 2021

(Unaudited) (1)

Same-Store ($000s)

Total

Same-Store

Revenues

Expenses

Net Operating Income

Homes

1Q 21

1Q 20

Change

1Q 21

1Q 20

Change

1Q 21

1Q 20

Change

West Region

Orange County, CA

4,950

$

35,511

$

36,848

-3.6%

$

8,252

$

8,600

-4.0%

$

27,259

$

28,248

-3.5%

San Francisco, CA

2,751

23,652

29,892

-20.9%

7,365

7,291

1.0%

16,287

22,601

-27.9%

Seattle, WA

2,725

18,296

20,324

-10.0%

5,639

5,269

7.0%

12,657

15,055

-15.9%

Monterey Peninsula, CA

1,565

8,728

8,795

-0.8%

2,006

1,943

3.2%

6,722

6,852

-1.9%

Los Angeles, CA

1,225

8,891

10,477

-15.1%

2,729

2,814

-3.0%

6,162

7,663

-19.6%

13,216

95,078

106,336

-10.6%

25,991

25,917

0.3%

69,087

80,419

-14.1%

Mid-Atlantic Region

Metropolitan DC

8,003

48,132

51,150

-5.9%

15,230

15,278

-0.3%

32,902

35,872

-8.3%

Baltimore, MD

1,597

7,655

7,522

1.8%

2,461

2,251

9.4%

5,194

5,271

-1.5%

Richmond, VA

1,359

5,832

5,566

4.8%

1,526

1,392

9.7%

4,306

4,174

3.2%

10,959

61,619

64,238

-4.1%

19,217

18,921

1.6%

42,402

45,317

-6.4%

Northeast Region

Boston, MA

4,139

31,234

33,414

-6.5%

9,166

8,887

3.1%

22,068

24,527

-10.0%

New York, NY

1,825

19,853

23,172

-14.3%

9,893

8,680

14.0%

9,960

14,492

-31.3%

5,964

51,087

56,586

-9.7%

19,059

17,567

8.5%

32,028

39,019

-17.9%

Southeast Region

Tampa, FL

2,908

13,465

13,021

3.4%

4,682

4,438

5.5%

8,783

8,583

2.3%

Orlando, FL

2,500

10,354

10,225

1.3%

3,174

2,934

8.2%

7,180

7,291

-1.5%

Nashville, TN

2,260

9,182

9,005

2.0%

2,920

2,381

22.6%

6,262

6,624

-5.5%

7,668

33,001

32,251

2.3%

10,776

9,753

10.5%

22,225

22,498

-1.2%

Southwest Region

Dallas, TX

3,864

16,593

16,965

-2.2%

6,382

6,481

-1.5%

10,211

10,484

-2.6%

Austin, TX

1,272

5,693

5,772

-1.4%

2,325

2,264

2.7%

3,368

3,508

-4.0%

5,136

22,286

22,737

-2.0%

8,707

8,745

-0.4%

13,579

13,992

-3.0%

Other Markets

2,460

14,749

14,734

0.1%

4,329

4,328

0.0%

10,420

10,406

0.1%

Total (2)(3)

45,403

$

277,820

$

296,882

-6.4%

$

88,079

$

85,231

3.3%

$

189,741

$

211,651

-10.4%


(1)See Attachment 16 for definitions and other terms.
(2)1Q 21 includes a reserve (reflected as a reduction to revenues) of approximately $4.5 million or 1.6% of billed residential revenue on our Same-Store Communities.  The 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 -6.7% and -10.8%, respectively. See Attachment 16(C) for definitions and reconciliations.

16


Graphic

Attachment 8(C)

UDR, Inc.

Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

March 31, 2021

(Unaudited) (1)

Same-Store

Total

Same-Store

Physical Occupancy

Total Revenue per Occupied Home

Homes

1Q 21

4Q 20

Change

1Q 21

4Q 20

Change

West Region

Orange County, CA

4,950

97.1%

96.3%

0.8%

$

2,463

$

2,460

0.1%

San Francisco, CA

2,751

92.8%

90.4%

2.4%

3,088

3,127

-1.2%

Seattle, WA

2,725

96.3%

97.0%

-0.7%

2,324

2,371

-2.0%

Monterey Peninsula, CA

1,565

96.4%

96.6%

-0.2%

1,928

1,954

-1.3%

Los Angeles, CA

1,225

95.0%

94.1%

0.9%

2,547

2,590

-1.7%

13,216

95.8%

95.0%

0.8%

2,504

2,524

-0.8%

Mid-Atlantic Region

Metropolitan DC

8,003

95.9%

96.5%

-0.6%

2,090

2,131

-1.9%

Baltimore, MD

1,597

98.4%

98.0%

0.4%

1,624

1,632

-0.5%

Richmond, VA

1,359

98.5%

98.7%

-0.2%

1,452

1,432

1.4%

10,959

96.6%

97.0%

-0.4%

1,940

1,969

-1.5%

Northeast Region

Boston, MA

4,139

95.9%

94.4%

1.5%

2,623

2,651

-1.1%

New York, NY

1,825

94.6%

93.9%

0.7%

3,833

3,482

10.1%

5,964

95.5%

94.3%

1.2%

2,990

2,901

3.0%

Southeast Region

Tampa, FL

2,908

97.4%

97.2%

0.2%

1,585

1,578

0.4%

Orlando, FL

2,500

96.8%

96.7%

0.1%

1,426

1,427

-0.1%

Nashville, TN

2,260

97.7%

97.6%

0.1%

1,386

1,395

-0.6%

7,668

97.3%

97.2%

0.1%

1,475

1,475

0.0%

Southwest Region

Dallas, TX

3,864

96.7%

96.9%

-0.2%

1,480

1,479

0.1%

Austin, TX

1,272

97.3%

97.5%

-0.2%

1,533

1,551

-1.2%

5,136

96.9%

97.1%

-0.2%

1,492

1,495

-0.2%

Other Markets

2,460

97.2%

97.4%

-0.2%

2,056

2,053

0.1%

Total/Weighted Avg.

45,403

96.4%

96.1%

0.3%

$

2,116

$

2,117

-0.1%


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

17


Graphic

Attachment 8(D)

UDR, Inc.

Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

March 31, 2021

(Unaudited) (1)

Same-Store ($000s)

Total

Same-Store

Revenues

Expenses

Net Operating Income

Homes

1Q 21

4Q 20

Change

1Q 21

4Q 20

Change

1Q 21

4Q 20

Change

West Region

Orange County, CA

4,950

$

35,511

$

35,180

0.9%

$

8,252

$

8,521

-3.1%

$

27,259

$

26,659

2.2%

San Francisco, CA

2,751

23,652

23,330

1.4%

7,365

7,426

-0.8%

16,287

15,904

2.4%

Seattle, WA

2,725

18,296

18,800

-2.7%

5,639

5,408

4.3%

12,657

13,392

-5.5%

Monterey Peninsula, CA

1,565

8,728

8,861

-1.5%

2,006

1,933

3.7%

6,722

6,928

-3.0%

Los Angeles, CA

1,225

8,891

8,958

-0.7%

2,729

2,865

-4.8%

6,162

6,093

1.1%

13,216

95,078

95,129

-0.1%

25,991

26,153

-0.6%

69,087

68,976

0.2%

Mid-Atlantic Region

Metropolitan DC

8,003

48,132

49,372

-2.5%

15,230

14,654

3.9%

32,902

34,718

-5.2%

Baltimore, MD

1,597

7,655

7,663

-0.1%

2,461

2,382

3.3%

5,194

5,281

-1.6%

Richmond, VA

1,359

5,832

5,758

1.3%

1,526

1,451

5.2%

4,306

4,307

0.0%

10,959

61,619

62,793

-1.9%

19,217

18,487

4.0%

42,402

44,306

-4.3%

Northeast Region

Boston, MA

4,139

31,234

31,072

0.5%

9,166

8,621

6.3%

22,068

22,451

-1.7%

New York, NY

1,825

19,853

17,900

10.9%

9,893

9,851

0.4%

9,960

8,049

23.7%

5,964

51,087

48,972

4.3%

19,059

18,472

3.2%

32,028

30,500

5.0%

Southeast Region

Tampa, FL

2,908

13,465

13,382

0.6%

4,682

4,745

-1.3%

8,783

8,637

1.7%

Orlando, FL

2,500

10,354

10,349

0.0%

3,174

3,203

-0.9%

7,180

7,146

0.5%

Nashville, TN

2,260

9,182

9,229

-0.5%

2,920

2,705

7.9%

6,262

6,524

-4.0%

7,668

33,001

32,960

0.1%

10,776

10,653

1.1%

22,225

22,307

-0.4%

Southwest Region

Dallas, TX

3,864

16,593

16,608

-0.1%

6,382

6,147

3.8%

10,211

10,461

-2.4%

Austin, TX

1,272

5,693

5,771

-1.4%

2,325

2,411

-3.6%

3,368

3,360

0.2%

5,136

22,286

22,379

-0.4%

8,707

8,558

1.7%

13,579

13,821

-1.8%

Other Markets

2,460

14,749

14,763

-0.1%

4,329

4,485

-3.5%

10,420

10,278

1.4%

Total (2)(3)

45,403

$

277,820

$

276,996

0.3%

$

88,079

$

86,808

1.5%

$

189,741

$

190,188

-0.2%


(1)See Attachment 16 for definitions and other terms.
(2)1Q21 and 4Q20 include reserves (reflected as a reduction to revenues) of approximately $4.5 million and $3.8 million or 1.6% and 1.4%, respectively, of billed residential revenue on our Same-Store Communities.  The reserve is based on probability of collection.
(3)With concessions reflected on a straight-line basis, Same-Store revenue and Same-Store NOI decreased quarter-over-quarter by -1.7% and -3.1%, respectively. See Attachment 16(C) for definitions and reconciliations.

18


Graphic

Attachment 8(E)

UDR, Inc.

Same-Store Operating Information By Major Market

March 31, 2021

(Unaudited) (1)

Effective Blended Lease Rate Growth

Effective New Lease Rate Growth

Effective Renewal Lease Rate Growth

Annualized Turnover (2)(3)

1Q 2021

1Q 2021

1Q 2021

1Q 2021

1Q 2020

West Region

Orange County, CA

0.9%

-1.0%

3.9%

42.0%

42.2%

San Francisco, CA

-6.4%

-11.5%

-1.7%

41.4%

42.3%

Seattle, WA

-2.8%

-5.2%

-0.7%

51.0%

48.2%

Monterey Peninsula, CA

4.9%

7.3%

3.4%

30.1%

39.2%

Los Angeles, CA

-5.4%

-8.2%

0.6%

41.7%

31.8%

-1.3%

-3.6%

1.3%

43.1%

42.6%

Mid-Atlantic Region

Metropolitan DC

-1.2%

-5.7%

2.6%

35.1%

28.5%

Baltimore, MD

3.4%

3.2%

3.5%

32.5%

36.6%

Richmond, VA

6.4%

8.4%

5.5%

30.1%

44.0%

0.4%

-3.1%

3.2%

34.2%

32.5%

Northeast Region

Boston, MA

-0.7%

-3.4%

1.4%

30.5%

31.3%

New York, NY

-5.4%

-8.3%

-2.7%

28.7%

21.3%

-2.0%

-4.7%

0.3%

29.9%

29.0%

Southeast Region

Tampa, FL

5.3%

4.1%

6.5%

48.1%

50.2%

Orlando, FL

1.4%

-1.3%

3.7%

43.0%

43.8%

Nashville, TN

2.0%

-1.4%

5.2%

41.3%

42.6%

3.3%

1.0%

5.3%

44.6%

46.1%

Southwest Region

Dallas, TX

0.8%

-2.4%

3.9%

48.1%

40.8%

Austin, TX

2.6%

0.4%

4.7%

44.0%

43.2%

1.3%

-1.6%

4.1%

47.1%

41.4%

Other Markets

4.3%

2.4%

5.9%

37.9%

38.4%

Total/Weighted Avg.

0.3%

-2.4%

2.7%

39.4%

38.3%

1Q 2020 Weighted Avg. Lease Rate Growth (3)

2.8%

0.2%

5.3%

1Q 2021 Percentage of Total Repriced Homes

48.2%

51.8%


(1)See Attachment 16 for definitions and other terms.
(2)1Q21 same-store home count: 45,403.
(3)1Q20 same-store home count: 41,529.

19


Graphic

Attachment 9

UDR, Inc.

Development Summary

March 31, 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

-

$

76,370

$

97,500

$

334

3Q19

4Q21

1Q22

-

-

5421 at Dublin Station

Dublin, CA

220

-

66,756

117,000

532

4Q19

4Q21

2Q22

-

-

Village at Valley Forge

King of Prussia, PA

200

-

25,208

68,000

340

4Q20

2Q22

3Q22

-

-

Vitruvian West Phase 3

Addison, TX

405

-

21,908

74,000

183

1Q21

2Q22

1Q23

-

-

440 Penn Street

Washington, DC

300

-

52,958

145,000

483

3Q20

1Q23

2Q23

-

-

Total Under Construction

1,417

-

$

243,200

$

501,500

$

354

Completed Projects, Non-Stabilized

Vitruvian West Phase 2

Addison, TX

366

366

$

59,280

$

64,000

$

175

1Q19

2Q20

1Q21

75.1%

72.1%

Total Completed, Non-Stabilized

366

366

$

59,280

$

64,000

$

175

Total - Wholly Owned

1,783

366

$

302,480

$

565,500

$

317

NOI From Wholly-Owned Projects

UDR’s Capitalized Interest

1Q 21

1Q 21

Projects Under Construction

$

-

$

1,666

Completed, Non-Stabilized

385

Total

$

385


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

20


Graphic

Attachment 10

UDR, Inc.

Redevelopment Summary

March 31, 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

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 (2)

per Home

Start

Compl.

Other Projects

Eight80 Newport Beach (3)

Newport Beach, CA

30

30

-

$

257

$

12,100

$

403

1Q21

1Q22

Total

30

30

-

$

257

$

12,100

$

403

UDR's Capitalized Interest

1Q 21

$

8


(1)See Attachment 16 for definitions and other terms.
(2)Represents UDR’s incremental capital invested in the projects.
(3)Project consists of unit additions and renovation of related common area amenities. Existing units for this project remain in Same-Store.

21


Graphic

Attachment 11

UDR, Inc.

Land Summary

March 31, 2021

(Dollars in Thousands)

(Unaudited) (1)

Status Update (2)

UDR Ownership

Real Estate

Pursuing

Design

Hold for Future

Parcel

Location

Interest

Cost Basis

Entitlements

Development

Development

Vitruvian Park®

Addison, TX

100%

$

44,331

Complete

In Process

In Process

Total

$

44,331

UDR's Capitalized Interest

1Q 21

$

448


(1)See Attachment 16 for definitions and other terms.
(2)Pursuing Entitlements: During this phase the Company is actively pursuing the necessary approvals for the rights to develop multifamily and/or mixed use communities.

Design Development: During this phase the Company is actively working to complete architectural and engineering documents in preparation for the commencement of construction of multifamily and/or mixed uses communities.

Hold for Future Development: Entitled and/or unentitled land sites that the Company holds for future development.

22


Graphic

Attachment 12(A)

UDR, Inc.

Unconsolidated Summary

March 31, 2021

(Dollars in Thousands)

(Unaudited) (1)

Physical

Total Rev. per

Net Operating Income

Own.

# of

# of

Occupancy

Occ. Home

UDR's Share

Total

Portfolio Characteristics

Interest

Comm.

Homes

1Q 21

1Q 21

1Q 21

1Q 21 (2)

UDR / MetLife Operating communities

50%

13

2,837

94.1%

$

3,433

$

8,387

$

16,693

Total

13

2,837

94.1%

$

3,433

$

8,387

$

16,693

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

$

1,699,568

$

862,785

$

295,341

3.37%

2024-2031

UDR / West Coast Development JV

-

-

311

N/A

N/A

Total

$

1,699,568

$

862,785

$

295,652

3.37%

Joint Venture

Same-Store

1Q 21 vs. 1Q 20 Growth

1Q 21 vs. 4Q 20 Growth

Joint Venture Same-Store Growth

Communities (4)

Revenue

Expense

NOI

Revenue

Expense

NOI

UDR / MetLife

13

-18.0%

0.4%

-27.0%

-3.1%

-0.5%

-4.8%

Total

13

-18.0%

0.4%

-27.0%

-3.1%

-0.5%

-4.8%

Income/(Loss)

UDR Investment (6)

from Investments

Other Unconsolidated Investments (5)

Commitment

Funded

Balance

1Q 21 (7)

RETV I

$

18,000

$

12,780

$

22,641

$

2,051

RETV II

16,500

2,475

2,184

(101)

Total

$

34,500

$

15,255

$

24,825

$

1,950


(1)See Attachment 16 for definitions and other terms.
(2)Represents NOI at 100% for the period ended March 31, 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.

23


Graphic

Attachment 12(B)

UDR, Inc.

Developer Capital Program

March 31, 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

1Q 2021

Participation

Preferred Equity

1532 Harrison

San Francisco, CA

136

$

24,645

$

35,069

11.0%

1.2

$

929

-

Junction

Santa Monica, CA

66

8,800

12,049

12.0%

1.3

350

-

1200 Broadway (4)

Nashville, TN

313

55,558

70,709

8.0%

1.5

1,372

Variable

1300 Fairmount

Philadelphia, PA

471

51,393

60,799

8.5%

2.4

1,255

Variable

Essex

Orlando, FL

330

12,886

17,292

12.5%

2.4

522

-

Modera Lake Merritt

Oakland, CA

173

27,250

31,619

9.0%

3.0

691

Variable

Thousand Oaks

Thousand Oaks, CA

142

20,059

21,278

9.0%

3.8

438

Variable

Vernon Boulevard

Queens, NY

534

40,000

43,737

13.0%

4.3

1,372

Variable

Makers Rise

Herndon, VA

356

30,208

7,070

9.0%

4.7

96

Variable

121 at Watters (5)

Allen, TX

469

19,846

12

9.0%

5.0

2

Variable

Total - Preferred Equity

2,990

$

290,645

$

299,634

9.8%

2.9

$

7,027

Secured Loans

Alameda Point Block 11 (6)

Alameda, CA

220

$

20,000

$

24,869

8.0%

1.2

$

-

-

Brio (7)

Bellevue, WA

259

115,000

122,764

4.8%

1.6

1,427

Purchase Option

Total - Secured Loans

479

$

135,000

$

147,633

5.3%

1.5

$

1,427

Total - Developer Capital Program

3,469

$

425,645

$

447,267

8.3%

2.5

$

8,454


(1)See Attachment 16 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)In April 2021, the balance was paid down by $12.5 million and the annual return rate increased to 12.25%. The annual return rate will revert to 8.0% in February 2022 if no prior capital event occurs.
(5)At March 31, 2021, UDR's initial investment balance of $10.0 million is reflected as restricted cash on the Consolidated Balance Sheets.
(6)In March 2018, UDR made a $20.0 million secured loan to a third-party developer to acquire a parcel of land upon which the developer planned to construct a 220 apartment home community. The loan is secured by the land parcel and related assets, and, as of the end of the quarter, was reflected in notes receivable, net on the Consolidated Balance Sheets and interest and other income/(expense), net on the Consolidated Statements of Operations in accordance with GAAP. The developer defaulted on the loan in September 2020. As a result of the default, in April 2021, UDR took title to the property pursuant to a deed in lieu of foreclosure.
(7)In November 2019, UDR made a $115.0 million secured loan to a third-party developer to finance a 259 apartment home community that was completed in 2020. UDR also entered into a purchase option agreement at the time the loan was funded which gave UDR the option to acquire the community at a fixed price, which is currently projected to occur in 2021. The option was exercised in August 2020. The loan is secured by the community and is reflected in notes receivable, net on the Consolidated Balance Sheets and interest and other income/(expense), net on the Consolidated Statements of Operations in accordance with GAAP.

24


Graphic

Attachment 13

UDR, Inc.

Acquisitions, Dispositions and Developer Capital Program Investments Summary

March 31, 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

$

50,054

9.0%

825

Post

Prior

Transaction

Ownership

Ownership

# of

Price per

Date of 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

$

77,400

$

51,800

300

$

258

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 Ventures

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 16 for definitions and other terms.
(2)Price represents 100% of assets. Debt represents 100% of the asset's indebtedness.
(3)UDR recorded a gain on sale of approximately $50.8 million during the three months ended March 31, 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 three months ended March 31, 2021, which is included in income/(loss) from unconsolidated entites.

25


Graphic

Attachment 14

UDR, Inc.

Capital Expenditure and Repair and Maintenance Summary

March 31, 2021

(In thousands, except Cost per Home)

(Unaudited) (1)

Three Months

Capex

Estimated

Ended

Cost

as a %

Capital Expenditures for Consolidated Homes (2)

Useful Life (yrs.)

March 31, 2021

per Home

of NOI

Average number of homes (3)

48,124

Recurring Cap Ex

Asset preservation

Building interiors

5 - 20

$

4,529

$

94

Building exteriors

5 - 20

1,639

34

Landscaping and grounds

10

653

14

Total asset preservation

6,821

142

Turnover related

5

2,933

61

Total Recurring Cap Ex

9,754

203

5%

NOI Enhancing Cap Ex

5 - 20

9,093

189

Total Recurring and NOI Enhancing Cap Ex

$

18,847

$

392

Three Months

Ended

Cost

Repair and Maintenance for Consolidated Homes (Expensed)

March 31, 2021

per Home

Average number of homes (3)

48,124

Contract services

$

7,425

$

154

Turnover related expenses

4,363

91

Other Repair and Maintenance

Building interiors

2,028

42

Building exteriors

618

13

Landscaping and grounds

1,087

23

Total Repair and Maintenance

$

15,521

$

323


(1)See Attachment 16 for definitions and other terms.
(2)Excludes redevelopment capital and initial capital expenditures on acquisitions.
(3)Average number of homes is calculated based on the number of homes owned at the end of each month.

26


Graphic

Attachment 15

UDR, Inc.

2Q 2021 and Full-Year 2021 Guidance

March 31, 2021

(Unaudited) (1)

Full-Year 2021 Guidance

Change from

Net Income, FFO, FFO as Adjusted and AFFO per Share and Unit Guidance

2Q 2021

Full-Year 2021

Prior Guidance

Prior Midpoint

Income/(loss) per weighted average common share, diluted

$0.01 to $0.03

$0.04 to $0.13

$0.13 to $0.25

($0.105)

FFO per common share and unit, diluted

$0.47 to $0.49

$1.76 to $1.85

$1.87 to $1.99

($0.125)

FFO as Adjusted per common share and unit, diluted

$0.47 to $0.49

$1.91 to $2.00

$1.88 to $2.00

$0.015

Adjusted Funds from Operations ("AFFO") per common share and unit, diluted

$0.42 to $0.44

$1.73 to $1.82

$1.70 to $1.82

$0.015

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)

(2.00%) - 0.50%

(2.50%) - 0.50%

0.25%

Revenue growth / (decline) (Straight-line basis)

(4.00%) - (1.50%)

(4.50%) - (1.50%)

0.25%

Expense growth

1.00% - 3.00%

1.00% - 4.00%

(0.50%)

NOI growth / (decline) (Cash basis)

(3.25%) - 0.00%

(4.00%) - 0.00%

0.375%

NOI growth / (decline) (Straight-line basis)

(5.75%) - (2.50%)

(6.50%) - (2.50%)

0.375%

Change from

Sources of Funds ($ in millions)

Full-Year 2021

Prior Guidance

Prior Midpoint

AFFO less Dividends

$90 to $120

$80 to $120

$5

Debt Issuances/Assumptions and LOC Draw/Paydown (2)

$350 to $550

$63 to $163

$337

Dispositions (2)

$187

$187

-

Equity Issuance (Forward ATM settlement)

$405

N/A

$405

Change from

Uses of Funds ($ in millions)

Full-Year 2021

Prior Guidance

Prior Midpoint

Debt maturities inclusive of principal amortization (3)

$380

$40

$340

Development spending and land acquisitions

$150 to $225

$150 to $250

($12.5)

Redevelopment and other non-recurring

$30 to $50

$20 to $40

$10

Developer Capital Program, net

$45 to $55

$25 to $35

$20

Acquisitions

$360 to $500

$30 to $65

$382.5

NOI enhancing capital expenditures inclusive of Kitchen and Bath

$40 to $45

$40 to $45

-

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 ($146)

($140) to ($150)

($2)

Capitalized interest expense (4)

$8 to $10

$8 to $12

($1)

General and administrative expense

($48) to ($55)

($45) to ($55)

$1.5

Recurring capital expenditures per home

$1,200

$1,200

-


(1)See Attachment 16 for definitions and other terms.
(2)Prior Guidance has been adjusted to reflect the breakout of funds from "Dispositions" of $187 million which had previously been included in the "Debt Issuances, Sales Proceeds, and LOC Draw/Paydown" guidance line in the prior quarter.
(3)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 $300M MTNs set to mature in 2025 which occurred in March of 2021.
(4)Excludes capitalized interest on joint venture and partnership level debt.

27


Graphic

Attachment 16(A)

UDR, Inc.

Definitions and Reconciliations

March 31, 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 will enable investors to assess our performance in comparison to other REITs. However, other REITs may use different methodologies for calculating AFFO and, accordingly, our AFFO may not always be comparable to AFFO calculated by other REITs. AFFO should not be considered as an alternative to net income/(loss) (determined in accordance with GAAP) as an indication of financial performance, or as an alternative to cash flows from operating activities (determined in accordance with GAAP) as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to make distributions. A reconciliation from net income/(loss) attributable to common stockholders to AFFO is provided on Attachment 2.

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

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

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

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

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

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

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

Effective 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.

28


Graphic

Attachment 16(B)

UDR, Inc.

Definitions and Reconciliations

March 31, 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

1Q 2021

Income/(loss) from unconsolidated entities

$

4,922

Management fee

470

Financing fee

287

Interest expense

4,431

Debt extinguishment and other associated costs

1,395

Depreciation

8,205

General and administrative

64

Developer Capital Program (excludes Alameda Point Block 11 and Brio)

(7,027)

Other (income)/expense

137

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

(1,950)

NOI related to sold properties

(87)

(Gain)/loss on sales

(2,460)

Total Joint Venture NOI at UDR's Ownership Interest

$

8,387

Leasing Traffic: The Company defines Leasing Traffic as average daily leads to lease a home for the period indicated.

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

1Q 2021

4Q 2020

3Q 2020

2Q 2020

1Q 2020

Net income/(loss) attributable to UDR, Inc.

$

3,104

$

26,532

$

(25,258)

$

57,771

$

5,221

Property management

8,995

8,659

8,879

8,797

9,203

Other operating expenses

4,435

6,153

5,543

6,100

4,966

Real estate depreciation and amortization

144,088

146,135

151,949

155,056

155,476

Interest expense

78,156

62,524

62,268

38,597

39,317

Casualty-related charges/(recoveries), net

5,577

778

-

102

1,251

General and administrative

12,736

11,978

11,958

10,971

14,978

Tax provision/(benefit), net

619

668

187

1,526

164

(Income)/loss from unconsolidated entities

(4,922)

(4,516)

(2,940)

(8,021)

(3,367)

Interest income and other (income)/expense, net

(2,057)

1,030

(2,183)

(2,421)

(2,700)

Joint venture management and other fees

(1,615)

(1,208)

(1,199)

(1,274)

(1,388)

Other depreciation and amortization

2,601

2,074

3,887

2,027

2,025

(Gain)/loss on sale of real estate owned

(50,829)

(57,974)

-

(61,303)

-

Net income/(loss) attributable to noncontrolling interests

170

2,019

(1,959)

4,325

319

Total consolidated NOI

$

201,058

$

204,852

$

211,132

$

212,253

$

225,465

29


Graphic

Attachment 16(C)

UDR, Inc.

Definitions and Reconciliations

March 31, 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.

Redevelopment Projected Weighted Average Return on Incremental Capital Invested:  The projected weighted average return on incremental capital invested for redevelopment projects is NOI as set forth in the definition of Stabilization Period for Redevelopment Yield, less Recurring Capital Expenditures, minus the project’s annualized NOI prior to commencing the redevelopment, less Recurring Capital Expenditures, divided by the total cost of the project.

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:

1Q 21

1Q 20

1Q 21

4Q 20

Revenue (Cash basis)

$

277,820

$

296,882

$

277,820

$

276,996

Concessions granted/amortized, net

(1,407)

(568)

(1,407)

4,196

Revenue (Straight-line basis)

$

276,413

$

296,314

$

276,413

$

281,192

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

-6.4%

0.3%

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

-6.7%

-1.7%

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

-10.4%

-0.2%

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

-10.8%

-3.1%

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

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

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

Stabilization Period for Development Yield: The Company defines the Stabilization Period for Development Yield as the forward twelve month NOI, excluding any remaining lease-up concessions outstanding, commencing one year following the delivery of the final home of the project.

Stabilization Period for Redevelopment Yield: The Company defines the stabilization period for a redevelopment property yield for purposes of computing the Redevelopment Projected Weighted Average Return on Incremental Capital Invested, as the forward twelve month NOI, excluding any remaining lease-up concessions outstanding, commencing one year following the delivery of the final home of a project.

Stabilized Yield on Developments:  The Company calculates expected stabilized yields on development as follows: projected stabilized NOI less management fees divided by budgeted construction costs on a project-specific basis.  Projected stabilized NOI for development projects, calculated in accordance with the NOI reconciliation provided on Attachment 16(B), is set forth in the definition of Stabilization Period for Development Yield. Given the differing completion dates and years for which NOI is being projected for these communities as well as the complexities associated with estimating other expenses upon completion such as corporate overhead allocation, general and administrative costs and capital structure, a reconciliation to GAAP measures is not meaningful. Projected NOI for these projects is neither provided, nor is representative of Management’s expectations for the Company’s overall financial performance or cash flow growth and there can be no assurances that forecast NOI growth implied in the estimated construction yield of any project will be achieved.

Management considers estimated Stabilized Yield on Developments as a useful metric for investors as it helps provide context to the expected effects that development projects will have on the Company’s future performance once stabilized.

30


Graphic

Attachment 16(D)

UDR, Inc.

Definitions and Reconciliations

March 31, 2021

(Unaudited)

Total Revenue per Occupied Home: The Company defines Total Revenue per Occupied Home as rental and other revenues, calculated in accordance with GAAP, divided by the product of occupancy and the number of apartment homes.

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

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

Visits: The Company defines Visits as the summation of tours taken by current and prospective residents, whether in-person (where allowed) or by virtual means, for the period indicated.

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.

31


Graphic

Attachment 16(E)

UDR, Inc.

Definitions and Reconciliations

March 31, 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 second 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

$

0.04

$

0.13

Conversion from GAAP share count

(0.02)

(0.02)

Net gain on the sale of depreciable real estate owned

(0.16)

(0.16)

Depreciation

1.88

1.88

Noncontrolling interests

0.01

0.01

Preferred dividends

0.01

0.01

Forecasted FFO per diluted share and unit

$

1.76

$

1.85

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 unconsolidated real estate technology investments, net of tax

(0.01)

(0.01)

Forecasted FFO as Adjusted per diluted share and unit

$

1.91

$

2.00

Recurring capital expenditures

(0.18)

(0.18)

Forecasted AFFO per diluted share and unit

$

1.73

$

1.82

2Q 2021

Low

High

Forecasted net income per diluted share

$

0.01

$

0.03

Conversion from GAAP share count

(0.01)

(0.01)

Depreciation

0.47

0.47

Noncontrolling interests

-

-

Preferred dividends

-

-

Forecasted FFO per diluted share and unit

$

0.47

$

0.49

Legal and other costs

-

-

Debt extinguishment and other associated costs

-

-

Casualty-related charges/(recoveries)

-

-

Realized/unrealized gain on unconsolidated real estate technology investments, net of tax

-

-

Forecasted FFO as Adjusted per diluted share and unit

$

0.47

$

0.49

Recurring capital expenditures

(0.05)

(0.05)

Forecasted AFFO per diluted share and unit

$

0.42

$

0.44

32