8-K - UDR - Equibles

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): October 26, 2022

UDR, Inc.

(Exact name of registrant as specified in its charter)


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

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

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

Not Applicable

Former name or former address, if changed since last report

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

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

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

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

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

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

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

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

Emerging Growth Company ☐

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

Item 2.02 Results of Operations and Financial Condition.

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

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.


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

SIGNATURES

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


	UDR, Inc.

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


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

UDR ANNOUNCES THIRD QUARTER 2022 RESULTS

AND INCREASES FULL-YEAR 2022 GUIDANCE RANGES

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

	Quarter Ended September 30
Metric	3Q 2022 Actual	3Q 2022 Guidance	3Q 2021 Actual	$ Change vs. Prior Year Period	% Change vs. Prior Year Period
Net Income per diluted share	$0.07	$0.06 to $0.08	$0.06	$0.01	17%
FFO per diluted share	$0.57	$0.58 to $0.60	$0.55	$0.02	4%
FFOA per diluted share	$0.60	$0.58 to $0.60	$0.51	$0.09	18%
AFFO per diluted share	$0.54	$0.53 to $0.55	$0.46	$0.08	17%

●	Same-Store (“SS”) results for the third quarter 2022 versus the third quarter 2021 and the second quarter 2022 are summarized below.
		<br><br><br><br>	<br><br>	<br><br><br><br>
---	---	---	---	---
	Concessions reflected on a straight-line basis :		Concessions reflected on a cash basis :
SS Growth / (Decline)	Year-Over-Year (“YOY”): 3Q 2022 vs. 3Q 2021	Sequential:<br><br>3Q 2022 vs.<br><br>2Q 2022	YOY:<br><br>3Q 2022 vs. 3Q 2021	Sequential:<br><br>3Q 2022 vs.<br><br>2Q 2022
Revenue	12.7%	4.7%	12.2%	4.1%
Expense	7.2%	8.3%	7.2%	8.3%
Net Operating Income (“NOI”)	15.5%	3.1%	14.6%	2.3%

●

During the quarter, the Company settled approximately 1.8 million shares of common stock under its previously announced forward equity sales agreements at a weighted average net price per share, after adjustments, of $57.00 for proceeds of approximately $99.8 million, leaving $181.3 million of forward equity agreements at an average price per share of approximately $57.57, before adjustments, yet to be settled.

●	During the quarter and subsequent to quarter end, the Company repurchased 1.2 million shares of common stock at a weighted average price per share of $41.14 for total consideration of approximately $49.0 million.

●	During the quarter, the Company entered into a contract to sell one community in Orange County, CA, for gross proceeds of $41.5 million. The transaction is expected to close in the fourth quarter 2022.

●	As previously announced, during the quarter, the Company fully funded a $102.0 million DCP investment in a portfolio of 14 stabilized communities.

●	Subsequent to quarter end, the Company published its fourth annual ESG report and concurrently announced that it earned a 5 Star designation from GRESB, the highest ESG rating possible, and a Public Disclosure score of “A”.

“Our third quarter FFOA per share results met the high end of our expectations provided in July, and we raised full-year 2022 guidance for the third time driven by our strong operating results and further accretion from our recent acquisitions,” said Tom Toomey, UDR’s Chairman and CEO. “Our innovative culture, operating acumen, and healthy balance sheet liquidity position UDR well for 2023.” 1

Outlook

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

			<br><br>	<br><br>
	4Q 2022 Outlook	3Q 2022 Actual	Updated<br><br>Full-Year 2022 Outlook	Prior<br><br>Full-Year 2022 Outlook	Change to 2022 Guidance, at Midpoint
Net Income/(Loss) per diluted share	$0.11 to $0.13	$0.07	$0.23 to $0.25	$0.19 to $0.23	$0.03
FFO per diluted share	$0.60 to $0.62	$0.57	$2.23 to $2.25	$2.23 to $2.27	$(0.01)
FFOA per diluted share	$0.60 to $0.62	$0.60	$2.32 to $2.34	$2.29 to $2.33	$0.02
AFFO per diluted share	$0.54 to $0.56	$0.54	$2.11 to $2.13	$2.09 to $2.13	$0.01
YOY Growth: concessions reflected on a straight-line basis:
SS Revenue	N/A	12.7%	11.25% to 11.75%	10.5% to 11.5%	0.50%
SS Expense	N/A	7.2%	5.0% to 5.5%	3.5% to 4.5%	1.25%
SS NOI	N/A	15.5%	14.00% to 14.75%	13.25% to 14.75%	0.38%
YOY Growth: concessions reflected on a cash basis:
SS Revenue	N/A	12.2%	10.75% to 11.25%	10.0% to 11.0%	0.50%
SS NOI	N/A	14.6%	13.25% to 14.00%	12.5% to 14.0%	0.38%
^(1)^	Additional assumptions for the Company’s fourth quarter and 2022 outlook can be found on Attachment 14 of the Company’s related quarterly Supplemental Financial Information (“Supplement”). A reconciliation of FFO per share, FFOA per share, and AFFO per share to GAAP Net Income per share can be found on Attachment 15(D) of the Company’s related quarterly Supplement. Non-GAAP financial measures and other terms, as used in this earnings release, are defined and further explained on Attachments 15(A) through 15(D), “Definitions and Reconciliations,” of the Company’s related quarterly Supplement.
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Third Quarter 2022 Operating Results

In the third quarter, total revenue increased by $61.5 million YOY, or 18.7 percent, to $391.3 million. This increase was primarily attributable to growth in revenue from Same-Store communities and past accretive external growth investments.

“Blended lease rate growth of 13.1 percent in the third quarter drove strong sequential same-store revenue growth of 4.7 percent on a straight-line basis and further builds our foundation of embedded growth in 2023,” said Mike Lacy, UDR’s Senior Vice President of Operations. “Focusing on rate growth and accepting a higher rate of turnover and slightly lower occupancy reflects our strategy to strengthen our rent roll. Although expenses are pressured by inflation and the typical seasonality of market rents has returned in the fourth quarter thus far, traffic remains high and the financial health of our residents remains strong. This has enabled us to keep occupancy high at 96.7 percent while capturing October blended lease rate growth in the high-single-digits, which remains materially above pre-COVID averages.”

With stronger collections in recent periods, the Company now expects current resident collections to range between 98.2 percent and 98.6 percent in 2022, compared to prior expectations of 98.0 percent to 98.5 percent. For the third quarter 2022, the Company recorded a residential bad debt reserve of $11.7 million, including $0.6 million for the Company’s share from unconsolidated joint ventures, a decrease of $1.1 million versus the Company’s bad debt reserve as of the end of the second quarter 2022. This compares to a quarter-end accounts receivable balance of $20.8 million, a decrease of $2.0 million versus the Company’s accounts receivable balance as of the end of the second quarter 2022.

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

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

		<br><br>		^(1)^<br><br>
Region	Revenue Growth	Expense<br><br>Growth	NOI Growth	% of Same-Store<br><br>Portfolio^(1)^	Physical Occupancy^(2)^	YOY Change in Occupancy
West	9.3%	5.8%	10.6%	33.7%	96.7%	(0.8)%
Mid-Atlantic	8.7%	6.3%	9.8%	20.8%	96.8%	(0.4)%
Northeast	16.5%	3.0%	25.6%	18.1%	97.1%	(0.1)%
Southeast	18.1%	10.7%	22.0%	12.9%	96.7%	(1.2)%
Southwest	14.9%	15.6%	14.5%	9.0%	96.7%	(1.2)%
Other Markets	9.4%	8.7%	9.7%	5.5%	96.8%	(1.0)%
Total (Cash)	12.2%	7.2%	14.6%	100.0%	96.8%	(0.7)%
Total (Straight-Line)	12.7%	7.2%	15.5%	-	-	-
^(1)^	Based on 3Q 2022 Same-Store NOI. For definitions of terms, please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplement.
---	---
^(2)^	Weighted average Same-Store physical occupancy for the quarter.
---	---

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

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

		<br><br>		^(1)^<br><br>
Region	Revenue Growth	Expense<br><br>Growth	NOI Growth	% of Same-Store<br><br>Portfolio^(1)^	Physical Occupancy^(2)^	Sequential Change in Occupancy
West	3.3%	8.3%	1.7%	33.7%	96.7%	(0.1)%
Mid-Atlantic	3.8%	7.3%	2.2%	20.8%	96.8%	(0.6)%
Northeast	5.0%	9.4%	2.7%	18.1%	97.1%	(0.1)%
Southeast	4.8%	7.0%	3.8%	12.9%	96.7%	(0.3)%
Southwest	5.2%	9.6%	2.5%	9.0%	96.7%	(0.4)%
Other Markets	3.0%	8.5%	0.9%	5.5%	96.8%	(0.4)%
Total (Cash)	4.1%	8.3%	2.3%	100.0%	96.8%	(0.3)%
Total (Straight-Line)	4.7%	8.3%	3.1%	-	-	-
^(1)^	Based on 3Q 2022 Same-Store NOI. For definitions of terms, please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplement.
---	---
^(2)^	Weighted average Same-Store physical occupancy for the quarter.
---	---

For the nine months ended September 30, 2022, total revenue increased by $175.2 million YOY, or 18.6 percent, to $1.1 billion. This increase was primarily attributable to growth in revenue from acquired and Same-Store communities. In the table below, the Company has presented Same-Store results by region, with concessions accounted for on cash and straight-line bases, for the nine months ended September 30, 2022.

Summary of Same-Store Results YTD 2022 versus YTD 2021

		<br><br>		^(1)^<br><br>
Region	Revenue Growth	Expense<br><br>Growth	NOI Growth	% of Same-Store<br><br>Portfolio^(1)^	Physical Occupancy^(2)^	YTD YOY Change in Occupancy
West	11.1%	3.8%	13.8%	34.6%	96.9%	0.3%
Mid-Atlantic	7.3%	5.3%	8.3%	21.0%	97.2%	0.3%
Northeast	13.1%	2.9%	19.6%	18.3%	97.3%	0.9%
Southeast	15.9%	8.6%	19.7%	13.2%	97.0%	(0.6)%
Southwest	11.9%	9.8%	13.2%	6.9%	97.2%	(0.1)%
Other Markets	11.8%	6.2%	14.2%	6.0%	97.1%	(0.3)%
Total (Cash)	11.4%	5.3%	14.3%	100.0%	97.1%	0.2%
Total (Straight-Line)	11.3%	5.3%	14.2%	-	-	-
^(1)^	Based on YTD 2022 Same-Store NOI. For definitions of terms, please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplemental Financial Information.
---	---
^(2)^	Weighted^^average Same-Store physical occupancy for YTD 2022.
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Transactional Activity

During the quarter, the Company entered into a contract to sell a 90-home community in Orange County, CA, for total gross proceeds of $41.5 million. During the quarter, the 53-year-old community had a weighted average monthly revenue per occupied home of $2,662 and physical occupancy of 95.4 percent. The sale is expected to close in the fourth quarter 2022.

Development Activity and Other Projects

During the third quarter, the Company completed construction of The George Apartments, a $68.0 million, 200-home community in King of Prussia, PA, which is adjacent to an existing UDR community.

At the end of the third quarter, the Company’s development pipeline totaled $531.5 million and was 69.3 percent funded. The Company’s active development pipeline includes five communities, one each in Dublin, CA; Washington, D.C.; and Tampa, FL; and two communities in Addison, TX, for a combined total of 1,340 homes.

During the third quarter, the Company commenced redevelopment projects at five communities, two in Austin, TX; two in Baltimore, MD; and one in suburban Boston, MA, encompassing a total of 1,593 homes. At the end of the third quarter, the Company’s redevelopment pipeline of 1,638 homes, which includes densification projects that feature the addition of 45 new apartment homes at two communities, totaled $90.0 million and was 27.3 percent funded.

DCP Activity

As previously announced, during the quarter, the Company fully funded a $102.0 million DCP investment in a portfolio of 14 stabilized communities as part of a recapitalization, as summarized below.

		<br><br>
Community / Type	Location (MSA)	Commitment<br><br>($ millions)	Homes	Return Rate	Investment Type
Stabilized Portfolio / Recapitalization	Various	$102.0	2,460	8.0%	Preferred Equity

During the quarter, the third-party developer affiliated with UDR’s $24.6 million preferred equity joint venture investment in 1532 Harrison, a 136-home community in San Francisco, CA, defaulted on the senior construction loan. As a result, the Company purchased the loan from the lender pursuant to a contract entered into with the lender at the time UDR made its initial investment, and initiated foreclosure proceedings. UDR expects to take title to the property in 2023. As a result of the default in September 2022, the Company began consolidating the joint venture.

At the end of the third quarter, the Company’s investments under its DCP platform, including accrued return, totaled $464.0 million with a weighted average return rate of 9.5 percent, and a weighted average estimated remaining term of 3.9 years.

Capital Markets and Balance Sheet Activity

“Our balance sheet remains in a strong position due to available liquidity totaling $1.1 billion, and only 2 percent of total debt scheduled to mature through 2024, after excluding amounts on our commercial paper program,” said Joe Fisher, UDR’s President and Chief Financial Officer. “Third quarter net debt-to-EBITDAre of 6.0x declined more than a full turn versus a year ago, and we continue to expect that year-end net debt-to-EBITDAre and fixed charge coverage should further improve to the mid-5x range.”

Additionally, during the quarter, the Company repurchased 685 thousand shares of its common stock at a weighted average price per share of $41.46 for total consideration of approximately $28.4 million. Subsequent to quarter end, the Company repurchased an additional 507 thousand shares of its common stock at a weighted average price per share of $40.70 for total consideration of approximately $20.6 million.

As of September 30, 2022, the Company had $1.1 billion of liquidity through a combination of cash, undrawn capacity on its credit facilities, and estimated proceeds of approximately $181.3 million from the potential future settlement of approximately 3.2 million shares subject to previously announced forward equity sale agreements (at an initial forward price per share of approximately $57.57, which is subject to adjustment at settlement to reflect the average federal funds rate and the amount of dividends paid to holders of UDR common stock over the term of the applicable forward equity sale agreements). The final date by which shares sold under these agreements must be settled is March 30, 2023. Please see Attachment 14 of the Company’s related quarterly Supplement for additional details on projected capital sources and uses. 4

The Company’s total indebtedness as of September 30, 2022 was $5.6 billion with no remaining consolidated maturities until 2024, excluding principal amortization and amounts on the Company’s commercial paper program. In the table below, the Company has presented select balance sheet metrics for the quarter ended September 30, 2022 and the comparable prior year period.

	Quarter Ended September 30
Balance Sheet Metric	3Q 2022	3Q 2021	Change
Weighted Average Interest Rate	3.06%	2.75%	0.31%
Weighted Average Years to Maturity^(1)^	6.7	7.8	(1.1)
Consolidated Fixed Charge Coverage Ratio	5.3x	4.9x	0.4x
Consolidated Debt as a percentage of Total Assets	33.7%	35.8%	(2.1)%
Consolidated Net-Debt-to-EBITDAre	6.0x	7.1x	(1.1)x
(1)	If the Company’s commercial paper balance was refinanced using its line of credit, the weighted average years to maturity would be 7.0 years without extensions and 7.1 years with extensions for 3Q 2022 and 8.1 years with and without extensions for 3Q 2021.
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ESG

Subsequent to quarter end, the Company published its fourth annual ESG report, which detailed the Company’s ongoing best-in-class commitment to engaging in socially responsible ESG activities including active engagement with the Science Based Targets initiative to establish how UDR can contribute to a lower-carbon future. Concurrently, the Company announced that it earned a 5 Star designation from GRESB, the highest ESG rating possible. This accomplishment resulted from UDR’s 2022 GRESB survey score of 87 (a one-point improvement versus the prior year survey) and a GRESB Public Disclosure rating of “A”, the fourth consecutive year UDR has achieved such a distinction.

Dividend

As previously announced, the Company’s Board of Directors declared a regular quarterly dividend on its common stock for the third quarter 2022 in the amount of $0.38 per share. The dividend will be paid in cash on October 31, 2022 to UDR common shareholders of record as of October 11, 2022. The third quarter 2022 dividend will represent the 200^th^ consecutive quarterly dividend paid by the Company on its common stock.

Supplemental Information

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

Conference Call and Webcast Information

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

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

A replay of the conference call will be available through November 27, 2022, by dialing 844-512-2921 for domestic and 412-317-6671 for international and entering the confirmation number, 13733468, when prompted for the passcode. A replay of the call will also be available for 30 days on UDR's website at ir.udr.com.

Full Text of the Earnings Report and Supplemental Data

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

Forward-Looking Statements

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

About UDR, Inc. ****

UDR, Inc. (NYSE: UDR), an S&P 500 company, is a leading multifamily real estate investment trust with a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive real estate communities in targeted U.S. markets. As of September 30, 2022, UDR owned or had an ownership position in 58,464 apartment homes including 899 homes under development. For over 50 years, UDR has delivered long-term value to shareholders, the best standard of service to Residents and the highest quality experience for Associates. 6

Exhibit 99.2

Financial Highlights

UDR, Inc.

As of End of Third Quarter 2022

(Unaudited) (1)


	Actual Results		Guidance as of September 30, 2022
Dollars in thousands, except per share and unit	3Q 2022		4Q 2022	Full-Year 2022

GAAP Metrics
Net income/(loss) attributable to UDR, Inc.	$23,605		--	--
Net income/(loss) attributable to common stockholders	$22,499		--	--
Income/(loss) per weighted average common share, diluted	$0.07		$0.11 to $0.13	$0.23 to $0.25

Per Share Metrics
FFO per common share and unit, diluted	$0.57		$0.60 to $0.62	$2.23 to $2.25
FFO as Adjusted per common share and unit, diluted	$0.60		$0.60 to $0.62	$2.32 to $2.34
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted	$0.54		$0.54 to $0.56	$2.11 to $2.13
Dividend declared per share and unit	$0.38		$0.38	$1.52 (2)

Same-Store Operating Metrics
Revenue growth/(decline) (Cash basis)	12.2%		--	10.75% to 11.25%
Revenue growth/(decline) (Straight-line basis)	12.7%		--	11.25% to 11.75%
Expense growth	7.2%		--	5.00% to 5.50%
NOI growth/(decline) (Cash basis)	14.6%		--	13.25% to 14.00%
NOI growth/(decline) (Straight-line basis)	15.5%		--	14.00% to 14.75%
Physical Occupancy	96.8%		--	--


Property Metrics	Homes	Communities	% of Total NOI
Same-Store	50,318	152	89.4%
Stabilized, Non-Mature	3,387	9	4.7%
Development	933	2	0.4%
Non-Residential / Other	N/A	N/A	1.7%
Joint Venture (3)	2,837	13	3.8%
Total completed homes	57,475	176	100%
Held for Disposition	90	1	-
Under Development	899	5	-
Total Quarter-end homes (3)(4)	58,464	182	100%


Balance Sheet Metrics (adjusted for non-recurring items)	3Q 2022	3Q 2021
Consolidated Interest Coverage Ratio	5.4x	5.1x
Consolidated Fixed Charge Coverage Ratio	5.3x	4.9x
Consolidated Debt as a percentage of Total Assets	33.7%	35.8%
Consolidated Net Debt-to-EBITDAre	6.0x	7.1x

(1)	See Attachment 15 for definitions, other terms and reconciliations.
(2)	Annualized for 2022.
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(3)	Joint venture NOI is based on UDR's share. Homes and communities at 100%.
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(4)	Excludes 6,981 homes that are part of the Developer Capital Program as described in Attachment 11(B).
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Attachment 1

UDR, Inc.

Consolidated Statements of Operations

(Unaudited) (1)


****	Three Months Ended						Nine Months Ended
	September 30,						September 30,
In thousands, except per share amounts	2022		****	2021		****	2022		****	2021

REVENUES:
Rental income (2)	$	390,023		$	328,699		$	1,113,952		$	937,641
Joint venture management and other fees		1,274			1,071			3,778			4,918
Total revenues		391,297			329,770			1,117,730			942,559

OPERATING EXPENSES:
Property operating and maintenance		66,769			57,708			185,658			160,424
Real estate taxes and insurance		58,236			51,511			164,788			148,043
Property management		12,675			9,861			36,203			28,129
Other operating expenses		3,746			4,237			13,485			13,045
Real estate depreciation and amortization		166,781			152,636			497,987			442,893
General and administrative		15,840			15,810			47,333			43,673
Casualty-related charges/(recoveries), net		901			1,568			1,210			4,682
Other depreciation and amortization		3,430			3,269			9,521			8,472
Total operating expenses		328,378			296,600			956,185			849,361

Gain/(loss) on sale of real estate owned		-			-			-			50,829
Operating income		62,919			33,170			161,545			144,027
		****						****
Income/(loss) from unconsolidated entities (2) (3)		10,003			14,450			4,186			29,123
Interest expense		(39,905)			(35,903)			(112,653)			(107,513)
Debt extinguishment and other associated costs		-			(386)			-			(42,336)
Total interest expense		(39,905)			(36,289)			(112,653)			(149,849)
Interest income and other income/(expense), net (3)		(7,495)			8,238			(6,934)			12,831

Income/(loss) before income taxes		25,522			19,569			46,144			36,132
Tax (provision)/benefit, net		(377)			(529)			(1,032)			(1,283)

Net Income/(loss)		25,145			19,040			45,112			34,849
Net (income)/loss attributable to redeemable noncontrolling interests in the OP and DownREIT Partnership		(1,533)			(1,260)			(2,684)			(2,221)
Net (income)/loss attributable to noncontrolling interests		(7)			(49)			(34)			(73)

Net income/(loss) attributable to UDR, Inc.		23,605			17,731			42,394			32,555
Distributions to preferred stockholders - Series E (Convertible)		(1,106)			(1,058)			(3,307)			(3,171)

Net income/(loss) attributable to common stockholders	$	22,499		$	16,673		$	39,087		$	29,384
		****						****
		****						****
Income/(loss) per weighted average common share - basic:		$0.07			$0.06			$0.12			$0.10
Income/(loss) per weighted average common share - diluted:		$0.07			$0.06			$0.12			$0.10

Common distributions declared per share		$0.38			$0.3625			$1.14			$1.0875

Weighted average number of common shares outstanding - basic		324,701			297,828			320,378			296,998
Weighted average number of common shares outstanding - diluted		325,686			301,164			321,629			298,045

(1)	See Attachment 15 for definitions and other terms.
(2)	During the three months ended September 30, 2022, UDR decreased its residential reserve to $11.7 million, including $0.6 million for UDR’s share from unconsolidated joint ventures, which compares to a combined quarter-end accounts receivable balance of $20.8 million. The remaining unreserved amount is based on probability of collection.
---	---
(3)	During the three months ended September 30, 2022, UDR recorded $10.0 million in investment loss, net from real estate technology investments. Of the $10.0 million, $8.5 million of loss (primarily due to a decrease in SmartRent's public share price) was recorded in Interest income and other income/(expense), net and $1.5 million of loss (primarily due to a decrease in SmartRent’s public share price) was recorded in Income/(loss) from unconsolidated entities.
---	---

Attachment 2

UDR, Inc.

Funds From Operations

(Unaudited) (1)


****	Three Months Ended						Nine Months Ended
	September 30,						September 30,
In thousands, except per share and unit amounts	2022		****	2021		****		2022	****	2021

Net income/(loss) attributable to common stockholders	$	22,499		$	16,673		$	39,087		$	29,384

Real estate depreciation and amortization		166,781			152,636			497,987			442,893
Noncontrolling interests		1,540			1,309			2,718			2,294
Real estate depreciation and amortization on unconsolidated joint ventures		7,457			7,929			22,570			24,064
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	$	198,277		$	178,547		$	562,362		$	445,397

Distributions to preferred stockholders - Series E (Convertible) (2)		1,106			1,058			3,307			3,171

FFO attributable to common stockholders and unitholders, diluted	$	199,383		$	179,605		$	565,669		$	448,568

FFO per weighted average common share and unit, basic	$	0.57		$	0.56		$	1.64		$	1.39
FFO per weighted average common share and unit, diluted	$	0.57		$	0.55		$	1.63		$	1.39

Weighted average number of common shares and OP/DownREIT Units outstanding, basic		346,175			320,357			341,892			319,491
Weighted average number of common shares, OP/DownREIT Units, and common stock
equivalents outstanding, diluted		350,078			326,611			346,061			323,456

Impact of adjustments to FFO:
Debt extinguishment and other associated costs	$	-		$	386		$	-		$	42,336
Debt extinguishment and other associated costs on unconsolidated joint ventures		-			-			-			1,682
Variable upside participation on DCP, net		-			-			(10,622)			-
Legal and other		10			80			1,493			1,299
Realized (gain)/loss on real estate technology investments, net of tax (3)		376			(100)			(7,748)			(547)
Unrealized (gain)/loss on real estate technology investments, net of tax (3)		9,589			(14,499)			45,896			(22,161)
Severance costs		-			233			-			841
Casualty-related charges/(recoveries), net		901			1,609			1,210			4,894
Casualty-related charges/(recoveries) on unconsolidated joint ventures, net		-			50			-			50
	$	10,876		$	(12,241)		$	30,229		$	28,394

FFO as Adjusted attributable to common stockholders and unitholders, diluted	$	210,259		$	167,364		$	595,898		$	476,962

FFO as Adjusted per weighted average common share and unit, diluted	$	0.60		$	0.51		$	1.72		$	1.47

Recurring capital expenditures		(20,383)			(16,844)			(50,598)			(42,427)
AFFO attributable to common stockholders and unitholders, diluted	$	189,876		$	150,520		$	545,300		$	434,535

AFFO per weighted average common share and unit, diluted	$	0.54		$	0.46		$	1.58		$	1.34

(1)	See Attachment 15 for definitions and other terms.
(2)	Series E cumulative convertible preferred shares are dilutive for purposes of calculating FFO per share for the three and nine months ended September 30, 2022 and September 30, 2021. Consequently, distributions to Series E cumulative convertible preferred stockholders are added to FFO and the weighted average number of Series E cumulative convertible preferred shares are included in the denominator when calculating FFO per common share and unit, diluted.
---	---
(3)	See footnote 3 on Attachment 1 for details regarding the Realized and Unrealized (gain)/loss on real estate technology investments, net of tax.
---	---

Attachment 3

UDR, Inc.

Consolidated Balance Sheets

(Unaudited) (1)


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

ASSETS		****
		****
Real estate owned:
Real estate held for investment	$	15,075,552	$	14,352,234
Less: accumulated depreciation		(5,594,600)		(5,136,589)
Real estate held for investment, net		9,480,952		9,215,645
Real estate under development
(net of accumulated depreciation of $2,265 and $507)		366,200		388,062
Real estate held for disposition
(net of accumulated depreciation of $8,944 and $0)		15,019		-
Total real estate owned, net of accumulated depreciation		9,862,171		9,603,707

Cash and cash equivalents		1,532		967
Restricted cash		28,363		27,451
Notes receivable, net		40,128		26,860
Investment in and advances to unconsolidated joint ventures, net		761,117		702,461
Operating lease right-of-use assets		194,923		197,463
Other assets		209,728		216,311
Total assets	$	11,097,962	$	10,775,220
		****
LIABILITIES AND EQUITY		****
		****
Liabilities:
Secured debt	$	1,053,560	$	1,057,380
Unsecured debt		4,572,802		4,355,407
Operating lease liabilities		190,064		192,488
Real estate taxes payable		61,210		33,095
Accrued interest payable		26,109		45,980
Security deposits and prepaid rent		53,693		55,441
Distributions payable		133,341		124,729
Accounts payable, accrued expenses, and other liabilities		135,904		136,954
Total liabilities		6,226,683		6,001,474
		****
Redeemable noncontrolling interests in the OP and DownREIT Partnership		920,311		1,299,442
		****
Equity:
Preferred stock, no par value; 50,000,000 shares authorized at September 30, 2022 and December 31, 2021:
2,686,308 shares of 8.00% Series E Cumulative Convertible issued		****
and outstanding (2,695,363 shares at December 31, 2021)		44,614		44,764
12,426,563 shares of Series F outstanding (12,582,575 shares
at December 31, 2021)		1		1
Common stock, $0.01 par value; 450,000,000 shares authorized at September 30, 2022 and December 31, 2021:
326,352,154 shares issued and outstanding (318,149,635 shares at December 31, 2021)		3,264		3,181
Additional paid-in capital		7,332,127		6,884,269
Distributions in excess of net income		(3,438,027)		(3,485,080)
Accumulated other comprehensive income/(loss), net		8,779		(4,261)
Total stockholders' equity		3,950,758		3,442,874
Noncontrolling interests		210		31,430
Total equity		3,950,968		3,474,304
Total liabilities and equity	$	11,097,962	$	10,775,220

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

Attachment 4(A)

UDR, Inc.

Selected Financial Information

(Unaudited) (1)


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

Common shares	326,067,223	317,901,718
Restricted shares	284,931	247,917
Total common shares	326,352,154	318,149,635
Restricted unit and common stock equivalents	468,250	2,090,833
Operating and DownREIT Partnership units	19,698,203	19,909,308
Class A Limited Partnership units	1,751,671	1,751,671
Series E cumulative convertible preferred shares (2)	2,908,323	2,918,127
Total common shares, OP/DownREIT units, and common stock equivalents	351,178,601	344,819,574




Weighted Average Number of Shares Outstanding	3Q 2022	3Q 2021

Weighted average number of common shares and OP/DownREIT units outstanding - basic	346,175,497	320,357,128
Weighted average number of OP/DownREIT units outstanding	(21,474,486)	(22,528,609)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations	324,701,011	297,828,519

Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted	350,078,343	326,611,412
Weighted average number of OP/DownREIT units outstanding	(21,474,486)	(22,528,609)
Weighted average number of Series E cumulative convertible preferred shares outstanding (3)	(2,918,020)	(2,918,127)
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations	325,685,837	301,164,676


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

Weighted average number of common shares and OP/DownREIT units outstanding - basic	341,892,125	319,490,920
Weighted average number of OP/DownREIT units outstanding	(21,514,125)	(22,492,714)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations	320,378,000	296,998,206

Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted	346,060,633	323,455,554
Weighted average number of OP/DownREIT units outstanding	(21,514,125)	(22,492,714)
Weighted average number of Series E cumulative convertible preferred shares outstanding (3)	(2,918,091)	(2,918,127)
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations	321,628,417	298,044,713

(1)	See Attachment 15 for definitions and other terms.
(2)	At September 30, 2022 and December 31, 2021 there were 2,686,308 and 2,695,363 of Series E cumulative convertible preferred shares outstanding, which is equivalent to 2,908,323 and 2,918,127 shares of common stock if converted (after adjusting for the special dividend paid in 2008).
---	---
(3)	Series E cumulative convertible preferred shares are anti-dilutive for purposes of calculating Income/(loss) per weighted average common share for the three and nine months ended September 30, 2022 and September 30, 2021.
---	---

Attachment 4(B)

UDR, Inc.

Selected Financial Information

(Unaudited) (1)


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

Secured		Fixed			$	1,005,912			17.9%	3.42%	5.7
		Floating				27,000			0.5%	2.38%	9.5
		Combined				1,032,912			18.4%	3.39%	5.8

Unsecured		Fixed				3,940,644	(3)		70.2%	2.96%	7.9
		Floating				641,181			11.4%	3.45%	1.3
		Combined				4,581,825			81.6%	3.03%	6.9

Total Debt		Fixed				4,946,556			88.1%	3.05%	7.4
		Floating				668,181			11.9%	3.41%	1.6
		Combined				5,614,737			100.0%	3.09%	6.7
		Total Non-Cash Adjustments (4)				11,625
		Total per Balance Sheet			$	5,626,362				3.06%



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

2022	$	290	$	-	$	425,000		$	425,290	7.6%	3.44%
2023		1,242		-		-			1,242	0.0%	3.84%
2024		96,747		15,644		41,181			153,572	2.7%	3.98%
2025		174,793		-		-			174,793	3.1%	3.69%
2026		52,744		300,000		-			352,744	6.3%	2.95%
2027		2,860		650,000		-			652,860	11.6%	3.16%
2028		162,310		300,000		-			462,310	8.2%	3.72%
2029		191,986		300,000		-			491,986	8.8%	3.94%
2030		162,010		600,000		-			762,010	13.6%	3.32%
2031		160,930		600,000		-			760,930	13.6%	2.92%
Thereafter		27,000		1,350,000		-			1,377,000	24.5%	2.28%
		1,032,912		4,115,644		466,181			5,614,737	100.0%	3.09%
Total Non-Cash Adjustments (4)		20,648		(9,023)		-			11,625
Total per Balance Sheet	$	1,053,560	$	4,106,621	$	466,181		$	5,626,362		3.06%

(1)	See Attachment 15 for definitions and other terms.
(2)	The 2022 maturity reflects the $425.0 million of principal outstanding at an interest rate of 3.44%, the equivalent of SOFR plus a spread of 52 basis points, on the Company’s unsecured commercial paper program as of September 30, 2022. Under the terms of the program the Company may issue up to a maximum aggregate amount outstanding of $700.0 million. If the commercial paper was refinanced using the line of credit, the weighted average years to maturity would be 7.0 years without extensions and 7.1 years with extensions.
---	---
(3)	Includes $175.0 million of floating rate debt that has been fixed using interest rate swaps at a weighted average all-in rate of 1.43% until July 2025.
---	---
(4)	Includes the unamortized balance of fair market value adjustments, premiums/discounts and deferred financing costs.
---	---
(5)	Includes principal amortization, as applicable.
---	---
(6)	There were no borrowings outstanding on our $1.3 billion line of credit at September 30, 2022. The facility has a maturity date of January 2026, plus two six-month extension options and currently carries an interest rate equal to SOFR plus 10 basis points plus a spread of 75.5 basis points.
---	---
(7)	There was $41.2 million outstanding on our $75.0 million working capital credit facility at September 30, 2022. The facility has a maturity date of January 2024. The working capital credit facility currently carries an interest rate equal to SOFR plus 10 basis points plus a spread of 77.5 basis points.
---	---

Attachment 4(C)

UDR, Inc.

Selected Financial Information

(Dollars in Thousands)

(Unaudited) (1)


						Quarter Ended
Coverage Ratios						September 30, 2022
Net income/(loss)						$	25,145
Adjustments:
Interest expense, including debt extinguishment and other associated costs							39,905
Real estate depreciation and amortization							166,781
Other depreciation and amortization							3,430
Tax provision/(benefit), net							377
Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures							11,378
EBITDAre						$	247,016

Casualty-related charges/(recoveries), net							901
Legal and other costs							10
Unrealized (gain)/loss on real estate technology investments							8,509
Realized (gain)/loss on real estate technology investments							11
(Income)/loss from unconsolidated entities							(10,003)
Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures							(11,378)
Management fee expense on unconsolidated joint ventures							(627)
Consolidated EBITDAre - adjusted for non-recurring items						$	234,439

Annualized consolidated EBITDAre - adjusted for non-recurring items						$	937,756

Interest expense, including debt extinguishment and other associated costs							39,905
Capitalized interest expense							3,574
Total interest						$	43,479

Preferred dividends						$	1,106

Total debt						$	5,626,362
Cash							(1,532)
Net debt						$	5,624,830

Consolidated Interest Coverage Ratio - adjusted for non-recurring items							5.4x

Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items							5.3x

Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items							6.0x


Debt Covenant Overview

Unsecured Line of Credit Covenants (2)			Required		Actual		Compliance

Maximum Leverage Ratio			≤60.0%		32.2% (2)		Yes
Minimum Fixed Charge Coverage Ratio			≥1.5x		5.2x		Yes
Maximum Secured Debt Ratio			≤40.0%		9.1%		Yes
Minimum Unencumbered Pool Leverage Ratio			≥150.0%		358.6%		Yes

Senior Unsecured Note Covenants (3)			Required		Actual		Compliance

Debt as a percentage of Total Assets			≤65.0%		33.7% (3)		Yes
Consolidated Income Available for Debt Service to Annual Service Charge			≥1.5x		5.4x		Yes
Secured Debt as a percentage of Total Assets			≤40.0%		6.3%		Yes
Total Unencumbered Assets to Unsecured Debt			≥150.0%		310.8%		Yes

Securities Ratings			Debt		Outlook		Commercial Paper

Moody's Investors Service			Baa1		Stable		P-2
S&P Global Ratings			BBB+		Stable		A-2



					Gross		% of
	Number of	3Q 2022 NOI (1)			Carrying Value		Total Gross
Asset Summary	Homes	(000s)	% of NOI		($000s)		Carrying Value

Unencumbered assets	47,206		88.3%	$	13,736,258		88.8%
Encumbered assets	7,522		11.7%		1,731,722		11.2%
	54,728		100.0%	$	15,467,980		100.0%

All values are in US Dollars.

(1)	See Attachment 15 for definitions and other terms.
(2)	As defined in our credit agreement dated September 15, 2021, as amended.
---	---
(3)	As defined in our indenture dated November 1, 1995 as amended, supplemented or modified from time to time.
---	---

Attachment 5

UDR, Inc.

Operating Information

(Unaudited) (1)

<br><br>
	Total	Quarter Ended		Quarter Ended		Quarter Ended		Quarter Ended		Quarter Ended
Dollars in thousands	Homes	September 30, 2022		June 30, 2022		March 31, 2022		December 31, 2021		September 30, 2021
Revenues
Same-Store Communities	50,318	$	357,398	$	343,363	$	335,411	$	329,667	$	318,654
Stabilized, Non-Mature Communities	3,387		19,585		16,821		15,358		13,780		1,918
Development Communities	933		3,037		1,273		240		-		-
Non-Residential / Other (2)	-		9,317		5,576		4,506		2,453		5,480
Total	54,638	$	389,337	$	367,033	$	355,515	$	345,900	$	326,052

Expenses			****
Same-Store Communities		$	111,704	$	103,130	$	103,125	$	101,199	$	104,194
Stabilized, Non-Mature Communities			6,490		5,735		5,105		4,257		464
Development Communities			1,973		1,328		680		247		99
Non-Residential / Other (2)			4,649		2,795		3,151		3,041		3,687
Total (3)		$	124,816	$	112,988	$	112,061	$	108,744	$	108,444

Net Operating Income			****
Same-Store Communities		$	245,694	$	240,233	$	232,286	$	228,468	$	214,460
Stabilized, Non-Mature Communities			13,095		11,086		10,253		9,523		1,454
Development Communities			1,064		(55)		(440)		(247)		(99)
Non-Residential / Other (2)			4,668		2,781		1,355		(588)		1,793
Total		$	264,521	$	254,045	$	243,454	$	237,156	$	217,608

Operating Margin			****
Same-Store Communities			68.7%		70.0%		69.3%		69.3%		67.3%

Weighted Average Physical Occupancy
Same-Store Communities			96.8%		97.1%		97.2%		97.1%		97.5%
Stabilized, Non-Mature Communities			95.5%		96.5%		96.1%		96.0%		96.4%
Development Communities			68.4%		56.5%		27.6%		-		-
Other (4)			95.4%		97.0%		96.3%		97.3%		98.1%
Total			96.3%		96.7%		96.9%		97.1%		97.5%

Sold and Held for Disposition Communities
Revenues	90	$	686	$	715	$	666	$	1,124	$	2,647
Expenses (3)			189		205		187		329		775
Net Operating Income/(Loss)		$	497	$	510	$	479	$	795	$	1,872

Total	54,728	$	265,018	$	254,555	$	243,933	$	237,951	$	219,480

(1)	See Attachment 15 for definitions and other terms.
(2)	Primarily non-residential revenue and expense and straight-line adjustment for concessions.
---	---
(3)	The summation of Total expenses and Sold and Held for Disposition Communities expenses above agrees to the summation of property operating and maintenance and real estate taxes and insurance expenses on Attachment 1.
---	---
(4)	Includes occupancy of Sold and Held for Disposition Communities.
---	---

Attachment 6

UDR, Inc.

Same-Store Operating Expense Information

(Dollars in Thousands)

(Unaudited) (1)


****	% of 3Q 2022
	SS Operating
Year-Over-Year Comparison	Expenses	3Q 2022		3Q 2021		% Change

Personnel	13.3%	$	14,880	$	14,896	-0.1%
Utilities	13.8%		15,366		13,994	9.8%
Repair and maintenance	19.6%		21,866		19,499	12.1%
Administrative and marketing	6.8%		7,576		7,147	6.0%
Controllable expenses	53.5%		59,688		55,536	7.5%

Real estate taxes	40.5%	$	45,313	$	43,080	5.2%
Insurance	6.0%		6,703		5,578	20.2%
Same-Store operating expenses	100.0%	$	111,704	$	104,194	7.2%

Same-Store Homes	50,318

****

	% of 3Q 2022
	SS Operating
Sequential Comparison	Expenses	3Q 2022		2Q 2022		% Change

Personnel	13.3%	$	14,880	$	14,634	1.7%
Utilities	13.8%		15,366		13,660	12.5%
Repair and maintenance	19.6%		21,866		19,531	12.0%
Administrative and marketing	6.8%		7,576		6,658	13.8%
Controllable expenses	53.5%		59,688		54,483	9.6%

Real estate taxes	40.5%	$	45,313	$	42,547	6.5%
Insurance	6.0%		6,703		6,100	9.9%
Same-Store operating expenses	100.0%	$	111,704	$	103,130	8.3%

Same-Store Homes	50,318




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

Personnel	14.0%	$	42,202	$	42,911	-1.7%
Utilities	13.6%		40,989		37,924	8.1%
Repair and maintenance	18.5%		55,765		49,578	12.5%
Administrative and marketing	6.6%		19,933		19,870	0.3%
Controllable expenses	52.7%		158,889		150,283	5.7%

Real estate taxes	41.2%	$	124,080	$	121,644	2.0%
Insurance	6.1%		18,460		14,458	27.7%
Same-Store operating expenses	100.0%	$	301,429	$	286,385	5.3%

Same-Store Homes	47,344

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

Attachment 7(A)

UDR, Inc.

Apartment Home Breakout

Portfolio Overview as of Quarter Ended

September 30, 2022

(Unaudited) (1)


				Unconsolidated		Revenue Per
			Total	Joint Venture	Total	Occupied
	Same-Store	Non-Mature	Consolidated	Operating	Homes	Home
	Homes	Homes (2)	Homes	Homes (3)	(incl. JV) (3)	(Incl. JV at Share)(4)
West Region
Orange County, CA	4,595	-	4,595	381	4,976	$	2,892
San Francisco, CA	2,764	221	2,985	602	3,587		3,554
Seattle, WA	2,985	-	2,985	-	2,985		2,831
Los Angeles, CA	1,225	-	1,225	340	1,565		3,228
Monterey Peninsula, CA	1,567	-	1,567	-	1,567		2,183
	13,136	221	13,357	1,323	14,680

Mid-Atlantic Region
Metropolitan DC	8,848	544	9,392	-	9,392		2,254
Baltimore, MD	1,597	622	2,219	-	2,219		1,831
Richmond, VA	1,359	-	1,359	-	1,359		1,806
****	11,804	1,166	12,970	-	12,970

Northeast Region
Boston, MA	4,598	433	5,031	250	5,281		2,930
New York, NY	2,318	-	2,318	710	3,028		4,415
	6,916	433	7,349	960	8,309

Southeast Region
Tampa, FL	3,877	-	3,877	-	3,877		2,032
Orlando, FL	2,500	993	3,493	-	3,493		1,806
Nashville, TN	2,260	-	2,260	-	2,260		1,684
	8,637	993	9,630	-	9,630

Southwest Region
Dallas, TX	5,813	356	6,169	-	6,169		1,733
Austin, TX	1,272	-	1,272	-	1,272		1,886
****	7,085	356	7,441	-	7,441

Other Markets (5)	2,740	1,151	3,891	554	4,445		2,482

Totals	50,318	4,320	54,638	2,837	57,475	$	2,460

Communities (6)	152	11	163	13	176

		Homes	Communities
Total completed homes		57,475	176
Held for Disposition		90	1
Under Development (7)		899	5

Total Quarter-end homes and communities		58,464	182

(1)	See Attachment 15 for definitions and other terms.
(2)	Represents homes included in Stabilized, Non-Mature, Acquired, Development, Redevelopment and Non-Residential/Other Communities categories on Attachment 5. Excludes development homes not yet completed and Sold and Held for Disposition Communities.
---	---
(3)	Represents joint venture operating homes at 100 percent. Excludes joint venture held for disposition communities. See Attachment 11(A) for UDR's joint venture and partnership ownership interests.
---	---
(4)	Represents joint ventures at UDR's ownership interests. Excludes joint venture held for disposition communities. See Attachment 11(A) for UDR's joint venture and partnership ownership interests.
---	---
(5)	Other Markets include Denver (510 homes), Palm Beach (636 homes), Inland Empire (658 homes), San Diego (163 wholly owned, 264 JV homes), Portland (752 homes) and Philadelphia (1,172 wholly owned, 290 JV homes).
---	---
(6)	Represents communities where 100 percent of all development homes have been completed.
---	---
(7)	See Attachment 9 for UDR’s developments and ownership interests.
---	---

Attachment 7(B)

UDR, Inc.

Non-Mature Home Summary and Net Operating Income by Market

September 30, 2022

(Unaudited) (1)


Non-Mature Home Breakout - By Date


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


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

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

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

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

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

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

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

Bradlee Danvers	Stabilized, Non-Mature	433	Boston, MA	3Q23

1532 Harrison	Stabilized, Non-Mature	136	San Francisco, CA	4Q23

Cirrus	Development	292	Denver, CO	2Q24

The George Apartments	Development	200	Philadelphia, PA	2Q24

Vitruvian West Phase 3	Development	356	Dallas, TX	2Q24

5421 at Dublin Station	Development	85	San Francisco, CA	1Q25

Total		4,320


Net Operating Income Breakout By Market

	As a % of NOI			As a % of NOI
Region	Same-Store	Total	Region	Same-Store	Total
West Region			Southeast Region
Orange County, CA	12.1%	11.3%	Tampa, FL	6.0%	5.4%
San Francisco, CA	8.0%	8.0%	Orlando, FL	3.7%	4.5%
Seattle, WA	7.3%	6.9%	Nashville, TN	3.2%	2.8%
Los Angeles, CA	3.2%	3.4%		12.9%	12.7%
Monterey Peninsula, CA	3.1%	2.8%	Southwest Region
	33.7%	32.4%	Dallas, TX	7.4%	7.0%
Mid-Atlantic Region			Austin, TX	1.6%	1.4%
Metropolitan DC	16.4%	15.4%		9.0%	8.4%
Baltimore, MD	2.2%	2.8%
Richmond, VA	2.2%	1.9%	Other Markets (3)	5.5%	7.5%
	20.8%	20.1%
Northeast Region
Boston, MA	11.4%	11.5%
New York, NY	6.7%	7.4%
	18.1%	18.9%	Total	100.0%	100.0%

(1)	See Attachment 15 for definitions and other terms.
(2)	Estimated Same-Store quarter represents the quarter UDR anticipates contributing the community to the QTD same-store pool.
---	---
(3)	See Attachment 7(A), footnote 5 for details regarding location of the Other Markets.
---	---

Attachment 8(A)

UDR, Inc.

Same-Store Operating Information By Major Market

Current Quarter vs. Prior Year Quarter

September 30, 2022

(Unaudited) (1)



****		% of Same-	Same-Store
	Total	Store Portfolio
	Same-Store	Based on	Physical Occupancy			Total Revenue per Occupied Home
	Homes	3Q 2022 NOI	3Q 22	3Q 21	Change	3Q 22		3Q 21		Change

West Region
Orange County, CA	4,595	12.1%	96.8%	97.9%	-1.1%	$	2,886	$	2,697	7.0%
San Francisco, CA	2,764	8.0%	96.5%	96.4%	0.1%		3,437		3,054	12.5%
Seattle, WA	2,985	7.3%	97.0%	97.5%	-0.5%		2,831		2,473	14.5%
Los Angeles, CA	1,225	3.2%	96.7%	97.1%	-0.4%		3,048		2,876	6.0%
Monterey Peninsula, CA	1,567	3.1%	96.3%	97.4%	-1.1%		2,183		2,028	7.6%
	13,136	33.7%	96.7%	97.5%	-0.8%		2,921		2,657	9.9%

Mid-Atlantic Region
Metropolitan DC	8,848	16.4%	96.9%	97.0%	-0.1%		2,294		2,117	8.4%
Baltimore, MD	1,597	2.2%	96.0%	97.4%	-1.4%		1,838		1,701	8.1%
Richmond, VA	1,359	2.2%	97.2%	98.1%	-0.9%		1,806		1,554	16.2%
	11,804	20.8%	96.8%	97.2%	-0.4%		2,176		1,995	9.1%

Northeast Region
Boston, MA	4,598	11.4%	96.7%	97.1%	-0.4%		2,972		2,749	8.1%
New York, NY	2,318	6.7%	97.7%	97.5%	0.2%		4,349		3,332	30.5%
	6,916	18.1%	97.1%	97.2%	-0.1%		3,437		2,945	16.7%

Southeast Region
Tampa, FL	3,877	6.0%	96.7%	97.7%	-1.0%		2,032		1,677	21.2%
Orlando, FL	2,500	3.7%	96.5%	97.8%	-1.3%		1,755		1,474	19.1%
Nashville, TN	2,260	3.2%	97.0%	98.2%	-1.2%		1,684		1,443	16.7%
	8,637	12.9%	96.7%	97.9%	-1.2%		1,861		1,557	19.5%

Southwest Region
Dallas, TX	5,813	7.4%	96.6%	97.8%	-1.2%		1,736		1,491	16.4%
Austin, TX	1,272	1.6%	97.3%	98.6%	-1.3%		1,886		1,625	16.1%
	7,085	9.0%	96.7%	97.9%	-1.2%		1,763		1,515	16.4%

Other Markets	2,740	5.5%	96.8%	97.8%	-1.0%		2,439		2,210	10.4%

Total/Weighted Avg.	50,318	100.0%	96.8%	97.5%	-0.7%	$	2,446	$	2,164	13.0%

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

Attachment 8(B)

UDR, Inc.

Same-Store Operating Information By Major Market

Current Quarter vs. Prior Year Quarter

September 30, 2022

(Unaudited) (1)


****			Same-Store (000s)

	Total
	Same-Store	Revenues				Expenses					Net Operating Income
	Homes	3Q 22			Change	3Q 22		3Q 21		Change	3Q 22		3Q 21		Change

West Region
Orange County, CA	4,595	$	38,515	36,402	5.8%	$	8,863	$	7,857	12.8%	$	29,652	$	28,545	3.9%
San Francisco, CA	2,764		27,506	24,301	13.2%		7,881		7,576	4.0%		19,625		16,725	17.3%
Seattle, WA	2,985		24,593	21,590	13.9%		6,702		6,618	1.3%		17,891		14,972	19.5%
Los Angeles, CA	1,225		10,831	10,264	5.5%		2,867		2,864	0.1%		7,964		7,400	7.6%
Monterey Peninsula, CA	1,567		9,881	9,273	6.6%		2,255		2,078	8.5%		7,626		7,195	6.0%
	13,136		111,326	101,830	9.3%		28,568		26,993	5.8%		82,758		74,837	10.6%

Mid-Atlantic Region
Metropolitan DC	8,848		58,998	54,512	8.2%		18,740		17,926	4.5%		40,258		36,586	10.0%
Baltimore, MD	1,597		8,453	7,936	6.5%		2,975		2,589	14.9%		5,478		5,347	2.4%
Richmond, VA	1,359		7,157	6,216	15.1%		1,842		1,645	12.0%		5,315		4,571	16.3%
	11,804		74,608	68,664	8.7%		23,557		22,160	6.3%		51,051		46,504	9.8%

Northeast Region
Boston, MA	4,598		39,648	36,821	7.7%		11,753		11,229	4.7%		27,895		25,592	9.0%
New York, NY	2,318		29,545	22,590	30.8%		13,054		12,852	1.6%		16,491		9,738	69.4%
	6,916		69,193	59,411	16.5%		24,807		24,081	3.0%		44,386		35,330	25.6%

Southeast Region
Tampa, FL	3,877		22,849	19,057	19.9%		7,990		7,208	10.9%		14,859		11,849	25.4%
Orlando, FL	2,500		12,703	10,809	17.5%		3,692		3,407	8.4%		9,011		7,402	21.7%
Nashville, TN	2,260		11,072	9,606	15.3%		3,260		2,885	13.0%		7,812		6,721	16.2%
	8,637		46,624	39,472	18.1%		14,942		13,500	10.7%		31,682		25,972	22.0%

Southwest Region
Dallas, TX	5,813		29,242	25,425	15.0%		11,021		9,783	12.6%		18,221		15,642	16.5%
Austin, TX	1,272		7,001	6,114	14.5%		3,182		2,499	27.3%		3,819		3,615	5.6%
	7,085		36,243	31,539	14.9%		14,203		12,282	15.6%		22,040		19,257	14.5%

Other Markets	2,740		19,404	17,738	9.4%		5,627		5,178	8.7%		13,777		12,560	9.7%

Total (2)	50,318	$	357,398	318,654	12.2%	$	111,704	$	104,194	7.2%	$	245,694	$	214,460	14.6%

All values are in US Dollars.

(1)	See Attachment 15 for definitions and other terms.
(2)	With concessions reflected on a straight-line basis, Same-Store Revenue and Same-Store NOI increased year-over-year by 12.7% and 15.5%, respectively. See Attachment 15(C) for definitions and reconciliations.
---	---

Attachment 8(C)

UDR, Inc.

Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

September 30, 2022

(Unaudited) (1)


****		Same-Store
	Total
	Same-Store	Physical Occupancy			Total Revenue per Occupied Home
	Homes	3Q 22	2Q 22	Change	3Q 22		2Q 22		Change

West Region
Orange County, CA	4,595	96.8%	96.6%	0.2%	$	2,886	$	2,825	2.2%
San Francisco, CA	2,764	96.5%	96.3%	0.2%		3,437		3,297	4.2%
Seattle, WA	2,985	97.0%	97.6%	-0.6%		2,831		2,687	5.4%
Los Angeles, CA	1,225	96.7%	96.5%	0.2%		3,048		3,044	0.1%
Monterey Peninsula, CA	1,567	96.3%	96.5%	-0.2%		2,183		2,111	3.4%
	13,136	96.7%	96.8%	-0.1%		2,921		2,825	3.4%

Mid-Atlantic Region
Metropolitan DC	8,848	96.9%	97.5%	-0.6%		2,294		2,201	4.2%
Baltimore, MD	1,597	96.0%	97.1%	-1.1%		1,838		1,793	2.5%
Richmond, VA	1,359	97.2%	97.6%	-0.4%		1,806		1,658	8.9%
	11,804	96.8%	97.4%	-0.6%		2,176		2,086	4.4%

Northeast Region
Boston, MA	4,598	96.7%	96.7%	0.0%		2,972		2,843	4.5%
New York, NY	2,318	97.7%	98.2%	-0.5%		4,349		4,093	6.3%
	6,916	97.1%	97.2%	-0.1%		3,437		3,266	5.2%

Southeast Region
Tampa, FL	3,877	96.7%	96.8%	-0.1%		2,032		1,935	5.0%
Orlando, FL	2,500	96.5%	97.0%	-0.5%		1,755		1,672	5.0%
Nashville, TN	2,260	97.0%	97.5%	-0.5%		1,684		1,594	5.6%
	8,637	96.7%	97.0%	-0.3%		1,861		1,769	5.2%

Southwest Region
Dallas, TX	5,813	96.6%	96.9%	-0.3%		1,736		1,645	5.5%
Austin, TX	1,272	97.3%	98.1%	-0.8%		1,886		1,778	6.1%
	7,085	96.7%	97.1%	-0.4%		1,763		1,669	5.6%

Other Markets	2,740	96.8%	97.2%	-0.4%		2,439		2,359	3.4%

Total/Weighted Avg.	50,318	96.8%	97.1%	-0.3%	$	2,446	$	2,342	4.4%

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

Attachment 8(D)

UDR, Inc.

Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

September 30, 2022

(Unaudited) (1)


****			Same-Store (000s)
	Total
	Same-Store	Revenues				Expenses					Net Operating Income
	Homes	3Q 22			Change	3Q 22		2Q 22		Change	3Q 22		2Q 22		Change

West Region
Orange County, CA	4,595	$	38,515	37,613	2.4%	$	8,863	$	7,795	13.7%	$	29,652	$	29,818	-0.6%
San Francisco, CA	2,764		27,506	26,330	4.5%		7,881		7,323	7.6%		19,625		19,007	3.3%
Seattle, WA	2,985		24,593	23,480	4.7%		6,702		6,304	6.3%		17,891		17,176	4.2%
Los Angeles, CA	1,225		10,831	10,796	0.3%		2,867		2,830	1.3%		7,964		7,966	0.0%
Monterey Peninsula, CA	1,567		9,881	9,575	3.2%		2,255		2,133	5.7%		7,626		7,442	2.5%
	13,136		111,326	107,794	3.3%		28,568		26,385	8.3%		82,758		81,409	1.7%

Mid-Atlantic Region
Metropolitan DC	8,848		58,998	56,959	3.6%		18,740		17,625	6.3%		40,258		39,334	2.4%
Baltimore, MD	1,597		8,453	8,341	1.3%		2,975		2,758	7.9%		5,478		5,583	-1.9%
Richmond, VA	1,359		7,157	6,597	8.5%		1,842		1,580	16.6%		5,315		5,017	5.9%
	11,804		74,608	71,897	3.8%		23,557		21,963	7.3%		51,051		49,934	2.2%

Northeast Region
Boston, MA	4,598		39,648	37,928	4.5%		11,753		10,712	9.7%		27,895		27,216	2.5%
New York, NY	2,318		29,545	27,952	5.7%		13,054		11,961	9.1%		16,491		15,991	3.1%
	6,916		69,193	65,880	5.0%		24,807		22,673	9.4%		44,386		43,207	2.7%

Southeast Region
Tampa, FL	3,877		22,849	21,789	4.9%		7,990		7,373	8.4%		14,859		14,416	3.1%
Orlando, FL	2,500		12,703	12,165	4.4%		3,692		3,448	7.1%		9,011		8,717	3.4%
Nashville, TN	2,260		11,072	10,536	5.1%		3,260		3,143	3.7%		7,812		7,393	5.7%
	8,637		46,624	44,490	4.8%		14,942		13,964	7.0%		31,682		30,526	3.8%

Southwest Region
Dallas, TX	5,813		29,242	27,799	5.2%		11,021		10,402	5.9%		18,221		17,397	4.7%
Austin, TX	1,272		7,001	6,657	5.2%		3,182		2,557	24.5%		3,819		4,100	-6.9%
	7,085		36,243	34,456	5.2%		14,203		12,959	9.6%		22,040		21,497	2.5%

Other Markets	2,740		19,404	18,846	3.0%		5,627		5,186	8.5%		13,777		13,660	0.9%

Total (2)	50,318	$	357,398	343,363	4.1%	$	111,704	$	103,130	8.3%	$	245,694	$	240,233	2.3%

All values are in US Dollars.

(1)	See Attachment 15 for definitions and other terms.
(2)	With concessions reflected on a straight-line basis, Same-Store Revenue and Same-Store NOI increased quarter-over-quarter by 4.7% and 3.1%, respectively. See Attachment 15(C) for definitions and reconciliations.
---	---

Attachment 8(E)

UDR, Inc.

Same-Store Operating Information By Major Market

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

September 30, 2022

(Unaudited) (1)


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

West Region
Orange County, CA	4,595	12.8%	96.9%	97.6%	-0.7%	$	2,815	$	2,568	9.6%
San Francisco, CA	2,764	8.2%	96.6%	94.5%	2.1%		3,310		3,038	9.0%
Seattle, WA	2,726	6.9%	97.5%	97.1%	0.4%		2,679		2,360	13.5%
Los Angeles, CA	1,225	3.4%	96.6%	96.0%	0.6%		3,022		2,651	14.0%
Monterey Peninsula, CA	1,567	3.3%	96.5%	97.0%	-0.5%		2,164		1,972	9.7%
	12,877	34.6%	96.9%	96.6%	0.3%		2,833		2,557	10.8%

Mid-Atlantic Region
Metropolitan DC	8,380	16.4%	97.2%	96.4%	0.8%		2,246		2,119	6.0%
Baltimore, MD	1,597	2.4%	96.7%	98.0%	-1.3%		1,802		1,653	9.0%
Richmond, VA	1,359	2.2%	97.5%	98.3%	-0.8%		1,687		1,509	11.8%
	11,336	21.0%	97.2%	96.9%	0.3%		2,117		1,978	7.0%

Northeast Region
Boston, MA	4,298	11.3%	96.8%	96.5%	0.3%		2,934		2,721	7.8%
New York, NY	2,318	7.0%	98.1%	96.2%	1.9%		4,158		3,529	17.8%
	6,616	18.3%	97.3%	96.4%	0.9%		3,367		3,004	12.1%

Southeast Region
Tampa, FL	3,877	6.2%	96.9%	97.5%	-0.6%		1,935		1,621	19.4%
Orlando, FL	2,500	3.8%	96.8%	97.4%	-0.6%		1,675		1,455	15.1%
Nashville, TN	2,260	3.2%	97.5%	97.9%	-0.4%		1,599		1,416	12.9%
	8,637	13.2%	97.0%	97.6%	-0.6%		1,772		1,519	16.6%

Southwest Region
Dallas, TX	3,866	5.2%	97.1%	97.1%	0.0%		1,688		1,512	11.6%
Austin, TX	1,272	1.7%	97.7%	98.1%	-0.4%		1,794		1,586	13.1%
	5,138	6.9%	97.2%	97.3%	-0.1%		1,714		1,530	12.0%

Other Markets	2,740	6.0%	97.1%	97.4%	-0.3%		2,363		2,107	12.1%

Total/Weighted Avg.	47,344	100.0%	97.1%	96.9%	0.2%	$	2,394	$	2,152	11.2%

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

Attachment 8(F)

UDR, Inc.

Same-Store Operating Information By Major Market

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

September 30, 2022

(Unaudited) (1)


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

West Region
Orange County, CA	4,595	$	112,813	103,668	8.8%	$	24,595	$	23,047	6.7%	$	88,218	$	80,621	9.4%
San Francisco, CA	2,764		79,552	71,376	11.5%		22,888		22,280	2.7%		56,664		49,096	15.4%
Seattle, WA	2,726		64,085	56,189	14.1%		17,074		16,985	0.5%		47,011		39,204	19.9%
Los Angeles, CA	1,225		32,181	28,058	14.7%		8,535		8,372	1.9%		23,646		19,686	20.1%
Monterey Peninsula, CA	1,567		29,449	26,941	9.3%		6,506		6,019	8.1%		22,943		20,922	9.7%
	12,877		318,080	286,232	11.1%		79,598		76,703	3.8%		238,482		209,529	13.8%

Mid-Atlantic Region
Metropolitan DC	8,380		164,640	154,026	6.9%		51,556		49,622	3.9%		113,084		104,404	8.3%
Baltimore, MD	1,597		25,041	23,280	7.6%		8,426		7,471	12.8%		16,615		15,809	5.1%
Richmond, VA	1,359		20,114	18,139	10.9%		5,064		4,676	8.3%		15,050		13,463	11.8%
	11,336		209,795	195,445	7.3%		65,046		61,769	5.3%		144,749		133,676	8.3%

Northeast Region
Boston, MA	4,298		109,865	101,567	8.2%		32,168		29,842	7.8%		77,697		71,725	8.3%
New York, NY	2,318		85,097	70,831	20.1%		37,094		37,464	-1.0%		48,003		33,367	43.9%
	6,616		194,962	172,398	13.1%		69,262		67,306	2.9%		125,700		105,092	19.6%

Southeast Region
Tampa, FL	3,877		65,421	55,147	18.6%		22,526		20,606	9.3%		42,895		34,541	24.2%
Orlando, FL	2,500		36,474	31,897	14.4%		10,408		9,752	6.7%		26,066		22,145	17.7%
Nashville, TN	2,260		31,707	28,203	12.4%		9,476		8,688	9.1%		22,231		19,515	13.9%
	8,637		133,602	115,247	15.9%		42,410		39,046	8.6%		91,192		76,201	19.7%

Southwest Region
Dallas, TX	3,866		57,024	51,091	11.6%		21,231		19,489	8.9%		35,793		31,602	13.3%
Austin, TX	1,272		20,070	17,813	12.7%		8,114		7,227	12.3%		11,956		10,586	12.9%
	5,138		77,094	68,904	11.9%		29,345		26,716	9.8%		47,749		42,188	13.2%

Other Markets	2,740		56,593	50,606	11.8%		15,768		14,845	6.2%		40,825		35,761	14.2%

Total (2)	47,344	$	990,126	888,832	11.4%	$	301,429	$	286,385	5.3%	$	688,697	$	602,447	14.3%

All values are in US Dollars.

(1)	See Attachment 15 for definitions and other terms.
(2)	With concessions reflected on a straight-line basis, Same-Store revenue and Same-Store NOI increased year-over-year by 11.3% and 14.2%, respectively. See Attachment 15(C) for definitions and reconciliations.
---	---

Attachment 8(G)

UDR, Inc.

Same-Store Operating Information By Major Market

September 30, 2022

(Unaudited) (1)


	Effective Blended Lease Rate Growth	Effective New Lease Rate Growth	Effective Renewal Lease Rate Growth	Annualized Turnover
	3Q 2022	3Q 2022	3Q 2022	3Q 2022	3Q 2021	YTD 2022	YTD 2021

West Region
Orange County, CA	12.2%	13.3%	10.9%	54.7%	53.5%	43.7%	46.6%
San Francisco, CA	14.9%	18.8%	11.2%	49.2%	49.3%	40.1%	44.7%
Seattle, WA	7.2%	3.7%	13.2%	60.2%	56.9%	51.0%	53.0%
Los Angeles, CA	16.0%	20.0%	11.6%	38.9%	40.2%	33.2%	39.5%
Monterey Peninsula, CA	9.1%	12.0%	7.9%	36.5%	28.1%	30.5%	29.0%
	11.8%	12.4%	11.0%	52.4%	50.8%	42.8%	45.8%

Mid-Atlantic Region
Metropolitan DC	8.2%	6.9%	9.3%	58.6%	54.7%	45.5%	46.6%
Baltimore, MD	8.2%	5.6%	11.3%	71.1%	65.1%	58.9%	50.4%
Richmond, VA	13.0%	10.6%	15.3%	62.2%	50.2%	50.1%	44.8%
	8.6%	7.1%	10.0%	61.0%	55.9%	48.4%	46.9%

Northeast Region
Boston, MA	11.2%	10.3%	12.1%	60.0%	60.1%	47.0%	48.2%
New York, NY	20.2%	26.7%	15.0%	66.1%	64.7%	45.5%	47.1%
	15.1%	16.9%	13.5%	62.1%	61.7%	46.5%	47.9%

Southeast Region
Tampa, FL	18.0%	16.9%	19.3%	61.3%	48.7%	57.5%	48.1%
Orlando, FL	20.9%	20.5%	21.4%	62.7%	52.4%	51.3%	49.2%
Nashville, TN	17.2%	16.8%	17.6%	59.5%	52.3%	52.0%	50.3%
	18.6%	17.9%	19.4%	61.3%	50.8%	54.4%	49.0%

Southwest Region
Dallas, TX	14.6%	14.2%	14.9%	63.3%	55.4%	53.1%	50.7%
Austin, TX	15.9%	13.7%	18.3%	63.6%	54.3%	53.3%	50.0%
	14.8%	14.1%	15.5%	63.4%	55.2%	53.1%	50.5%

Other Markets	12.8%	11.6%	14.3%	60.4%	53.7%	48.4%	45.2%

Total/Weighted Avg.	13.1%	13.1%	13.0%	58.8%	53.7%	47.8%	47.1%


Allocation of Total Homes Repriced during the Quarter		49.1%	50.9%

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

Attachment 9

UDR, Inc.

Development and Land Summary

September 30, 2022

(Dollars in Thousands)

(Unaudited) (1)


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

Projects Under Construction

5421 at Dublin Station	Dublin, CA		220	85	$	123,297	$	125,000	$	568		4Q19	3Q22	4Q22	11.4%	1.4%
Vitruvian West Phase 3	Addison, TX		405	356		71,687		74,000		183		1Q21	1Q22	1Q23	75.1%	72.6%
The MO	Washington, DC		300	-		130,954		145,000		483		3Q20	4Q22	2Q23	3.3%	-
Villas at Fiori	Addison, TX		85	-		14,771		53,500		629		1Q22	1Q24	2Q24	-	-
Meridian	Tampa, FL		330	-		27,756		134,000		406		1Q22	2Q24	2Q24	-	-

Total Under Construction			1,340	441	$	368,465	$	531,500	$	397

Completed Projects, Non-Stabilized

Cirrus	Denver, CO		292	292	$	101,060	$	101,850	$	349		3Q19	1Q22	2Q22	67.1%	62.0%
The George Apartments	King of Prussia, PA		200	200		65,932		68,000		340		4Q20	1Q22	3Q22	94.5%	85.5%

Total Completed, Non-Stabilized			492	492	$	166,992	$	169,850	$	345

Total - Wholly Owned			1,832	933	$	535,457	$	701,350	$	383



NOI From Wholly-Owned Projects		3Q 22

Projects Under Construction		$	208
Completed, Non-Stabilized			856
Total		$	1,064


Land Summary
Parcel	Location	UDR Ownership Interest			Real Estate Cost Basis

Vitruvian Park®	Addison, TX	100%			$	34,655
Alameda Point Block 11	Alameda, CA	100%				30,013
Newport Village II	Alexandria, VA	100%				14,448
2727 Turtle Creek (includes 3 phases)	Dallas, TX	100%				91,210
488 Riverwalk	Fort Lauderdale, FL	100%				16,923
3001 Iowa Avenue	Riverside, CA	100%				13,870

Total					$	201,119

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

Attachment 10

UDR, Inc.

Redevelopment Summary

September 30, 2022

(Dollars in Thousands)

(Unaudited) (1)


			Sched.								Schedule		****	Percentage
		# of	Redev.	Compl.	Cost to		Budgeted		Est. Cost				****
Community	Location	Homes	Homes	Homes	Date		Cost (2)		per Home		Start	Compl.	****	Leased	Occupied

Projects in Redevelopment with Stabilized Operations

Eight80 Newport Beach (3)	Newport Beach, CA	1,447	30	-	$	12,378	$	18,000	$	600	1Q21	4Q22	****	97.4%	96.0%
2000 Post (3)	San Francisco, CA	328	15	-		6,571		8,000		533	1Q22	4Q22		96.6%	95.4%
Lakeline Villas (4)	Cedar Park, TX	309	288	23		1,185		10,500		36	3Q22	2Q24		99.0%	97.1%
Red Stone Ranch (4)	Cedar Park, TX	324	324	28		1,558		12,000		37	3Q22	2Q24		97.2%	96.0%
Towson Promenade (4)	Towson, MD	379	379	-		295		17,000		45	3Q22	2Q24		99.5%	98.9%
20 Lambourne (4)	Towson, MD	264	264	19		1,167		9,000		34	3Q22	2Q24		93.2%	90.9%
Lenox Farms (4)	Braintree, MA	338	338	9		1,411		15,500		46	3Q22	3Q24		96.8%	95.3%
Total		3,389	1,638	79	$	24,565	$	90,000	$	55

(1)	See Attachment 15 for definitions and other terms.
(2)	Represents UDR's incremental capital invested in the Projects.
---	---
(3)	Projects consist of unit additions and renovation of related common area amenities. Existing homes for these Projects remain in Same-Store.
---	---
(4)	Projects consist of unit renovations and renovation of related common area amenities. These communities remain in Same-Store.
---	---

Attachment 11(A)

UDR, Inc.

Unconsolidated Summary

September 30, 2022

(Dollars in Thousands)

(Unaudited) (1)



****								Physical		Total Rev. per		Net Operating Income
	Own.		# of			# of		Occupancy		Occ. Home		UDR's Share					Total
Portfolio Characteristics	Interest		Comm.			Homes		3Q 22	****	3Q 22		3Q 22		YTD 22		****	YTD 22 (2)

UDR / MetLife	50%			13		2,837		96.6%		$	3,995	$	10,372	$	29,806		$	59,283




****	Gross Book Value							Weighted
	of JV Real		Total Project		UDR's Equity			Avg. Debt		Debt
Balance Sheet Characteristics	Estate Assets (3)		Debt (3)		Investment			Interest Rate		Maturities

UDR / MetLife	$	1,712,560	$	858,617	$	260,336		3.57%		2024-2031




	Joint Venture
	Same-Store		3Q 22 vs. 3Q 21 Growth							3Q 22 vs. 2Q 22 Growth
Joint Venture Same-Store Growth	Communities (4)		Revenue		Expense			NOI		Revenue		Expense		NOI

UDR / MetLife	13		17.4%		10.3%			22.2%		4.9%		11.1%		1.4%




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

UDR / MetLife	13		13.5%		4.0%			20.2%





							Income/(Loss)
	UDR Investment (6)						from Investments
Other Unconsolidated Investments (5)	Commitment		Funded		Balance		3Q 22 (7)

RETV I	$	18,000	$	13,680	$	25,639	$	(1,458)
RETV II		18,000		9,900		9,607		122
RET Strategic Fund		25,000		7,500		7,435		(37)
RET ESG Fund		10,000		4,000		3,959		(72)
Climate Technology Funds		10,000		5,344		5,262		(27)
Total	$	81,000	$	40,424	$	51,902	$	(1,472)

(1)	See Attachment 15 for definitions and other terms.
(2)	Represents NOI at 100% for the period ended September 30, 2022.
---	---
(3)	Joint ventures and partnerships represented at 100%. Debt balances are presented net of deferred financing costs.
---	---
(4)	Joint Venture Same-Store growth is presented at UDR's ownership interest.
---	---
(5)	Other unconsolidated investments represent UDR’s investments in real estate technology and climate technology funds.
---	---
(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 deducted/added back to FFOA and is primarily due to a decrease in SmartRent's public share price.
---	---

Attachment 11(B)

UDR, Inc.

Developer Capital Program

September 30, 2022

(Dollars in Thousands)

(Unaudited) (1)


Developer Capital Program (2)(3)


			# of	UDR Investment				Return	Years to	Upside
Community	Location		Homes	Commitment (4)		Balance (4)		Rate	Maturity	Participation

Preferred Equity

Junction	Santa Monica, CA		66	$	8,800	$	14,415	12.0%	0.2	-
1300 Fairmount	Philadelphia, PA		471		51,393		69,013	8.5%	1.0	Variable
Modera Lake Merritt	Oakland, CA		173		27,250		34,073	9.0%	1.6	Variable
Thousand Oaks	Thousand Oaks, CA		142		20,059		24,342	9.0%	2.4	Variable
Vernon Boulevard	Queens, NY		534		40,000		53,104	13.0%	2.8	Variable
Makers Rise	Herndon, VA		356		30,208		33,299	9.0%	3.3	Variable
121 at Watters	Allen, TX		469		19,843		22,009	9.0%	3.5	Variable
Infield Phase I	Kissimmee, FL		384		16,044		17,201	14.0%	1.6	-
Upton Place	Washington, DC		689		52,163		55,465	9.7%	5.2	-
Meetinghouse	Portland, OR		232		11,600		12,007	8.25%	4.4	-
Heirloom	Portland, OR		286		16,185		16,539	8.25%	4.7	-
Portfolio Recapitalization (5)	Various		2,460		102,000		102,674	8.0%	6.7	-

Total - Preferred Equity			6,262	$	395,545	$	454,141	9.5%	3.9

Secured Loans

Menifee	Menifee, CA		237	$	24,447	$	-	11.0%	4.2	-
Riverside	Riverside, CA		482		59,676		9,812	11.0%	4.2	-
Total - Secured Loans			719	$	84,123	$	9,812	11.0%	4.2

Total - Developer Capital Program			6,981	$	479,668	$	463,953	9.5%	3.9



		3Q 22

Income/(loss) from investments		$	13,502

(1)	See Attachment 15 for definitions and other terms.
(2)	UDR's investments are reflected as investment in and advances to unconsolidated joint ventures or notes receivable, net on the Consolidated Balance Sheets and income/(loss) from unconsolidated entities or interest and other income/(expense), net on the Consolidated Statements of Operations in accordance with GAAP.
---	---
(3)	In June 2017, UDR entered into a joint venture agreement (1532 Harrison) with an unaffiliated developer resulting in UDR funding $24.6 million of preferred equity. The developer constructed a 136 apartment home community. During the third quarter of 2022, the developer defaulted on the senior construction loan. As a result, UDR purchased the loan from the lender pursuant to a contract entered into with the lender at the time UDR made its initial investment, and initiated foreclosure proceedings. UDR expects to take title to the property in 2023. As a result of the default in September 2022, UDR began consolidating the joint venture.
---	---
(4)	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.
---	---
(5)	In July 2022, UDR entered into a joint venture agreement with an unaffiliated partner on 14 stabilized communities located in various markets.
---	---

Attachment 12

UDR, Inc.

Acquisitions, Dispositions and Developer Capital Program Investments Summary

September 30, 2022

(Dollars in Thousands)

(Unaudited) (1)


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

Developer Capital Program - Investment

Mar-22	Meetinghouse	Portland, OR		N/A		N/A		$	11,600		8.25%	232
Jun-22	Heirloom	Portland, OR		N/A		N/A			16,185		8.25%	286
Jun-22	Menifee	Menifee, CA		N/A		N/A			24,447		11.0%	237
Jun-22	Riverside	Riverside, CA		N/A		N/A			59,676		11.0%	482
Jul-22	Portfolio Recapitalization	Various		N/A		N/A			102,000		8.0%	2,460
								$	213,908		9.2%	3,697


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

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



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

Acquisitions - Wholly-Owned

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

Acquisitions - Wholly-Owned Land

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

(1)	See Attachment 15 for definitions and other terms.
(2)	Price represents 100% of the asset. Debt represents 100% of the asset's indebtedness.
---	---
(3)	Acquisition of 3001 Iowa Avenue included 2 operating retail parcels.
---	---

Attachment 13

UDR, Inc.

Capital Expenditure and Repair and Maintenance Summary

September 30, 2022

(In thousands, except Cost per Home)

(Unaudited) (1)


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

Average number of homes (3)			53,704					53,439

Recurring Cap Ex
Asset preservation
Building interiors	5 - 20	$	9,099	$	169		$	21,571	$	404
Building exteriors	5 - 20		4,083		76			10,586		198
Landscaping and grounds	10		1,206		22			3,976		74
Total asset preservation			14,388		268			36,133		676

Turnover related	5		4,932		92			12,214		229

Total Recurring Cap Ex			19,320		360	7%		48,347		905	6%

NOI Enhancing Cap Ex	5 - 20		22,620		421			48,092		900

Total Recurring and NOI Enhancing Cap Ex		$	41,940	$	781		$	96,439	$	1,805


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

Average number of homes (3)			53,704					53,439

Contract services		$	10,192	$	190		$	29,517	$	552

Turnover related expenses			7,556		141			18,758		351

Other Repair and Maintenance
Building interiors			3,957		74			10,350		194
Building exteriors			1,703		32			3,531		66
Landscaping and grounds			252		5			1,477		28
Total Repair and Maintenance		$	23,660	$	441		$	63,633	$	1,191

(1)	See Attachment 15 for definitions and other terms.
(2)	Excludes redevelopment capital and initial capital expenditures on acquisitions.
---	---
(3)	Average number of homes is calculated based on the number of homes owned at the end of each month.
---	---

Attachment 14

UDR, Inc.

4Q 2022 and Full-Year 2022 Guidance

September 30, 2022

(Unaudited) (1)


		Full-Year 2022 Guidance
				Change from
Net Income, FFO, FFO as Adjusted and AFFO per Share and Unit Guidance	4Q 2022	Full-Year 2022	Prior Guidance	Prior Midpoint

Income/(loss) per weighted average common share, diluted	$0.11 to $0.13	$0.23 to $0.25	$0.19 to $0.23	$0.03
FFO per common share and unit, diluted	$0.60 to $0.62	$2.23 to $2.25	$2.23 to $2.27	($0.01)
FFO as Adjusted per common share and unit, diluted	$0.60 to $0.62	$2.32 to $2.34	$2.29 to $2.33	$0.02
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted	$0.54 to $0.56	$2.11 to $2.13	$2.09 to $2.13	$0.01
Annualized dividend per share and unit		$1.52	$1.52	-

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

Revenue growth / (decline) (Cash basis)		10.75% to 11.25%	10.00% - 11.00%	0.50%
Revenue growth / (decline) (Straight-line basis)		11.25% to 11.75%	10.50% - 11.50%	0.50%
Expense growth		5.00% to 5.50%	3.50% - 4.50%	1.25%
NOI growth / (decline) (Cash basis)		13.25% to 14.00%	12.50% - 14.00%	0.375%
NOI growth / (decline) (Straight-line basis)		14.00% to 14.75%	13.25% - 14.75%	0.375%

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

AFFO less Dividends		$203 to $216	$199 to $212	$4
Debt Issuances/Assumptions and LOC Draw/(Paydown)		-$25 to -$50	$75 to -$175	$12.5
Dispositions		$41	$0 to $150	($34)
Common Share (forward settlement) and OP Unit Issuance		$600 to $650	$450 to $635	$82.5

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

Debt maturities inclusive of principal amortization (2)		$5	$5	-
Development spending and land acquisitions		$300 to $315	$300 to $325	($5)
Redevelopment and other non-recurring		$80 to $90	$90 to $100	($10)
Developer Capital Program, net		$120 to $130	$75 to $125	$25
Acquisitions		$208	$208	-
NOI enhancing capital expenditures inclusive of Kitchen and Bath		$60 to $65	$55 to $65	$2.5
Common Share Buybacks		$49	-	$49

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

Consolidated interest expense, net of capitalized interest and adjustments for FFO as Adjusted		$155 to $157	$152 to $156	$2
Consolidated capitalized interest		$12 to $14	$11 to $13	$1
General and administrative		$62 to $64	$62 to $66	($1)
Recurring capital expenditures per home		$1,300	$1,250	$50

(1)	See Attachment 15 for definitions and other terms.
(2)	Excludes short-term maturities related to the Company's unsecured commercial paper program.
---	---

Attachment 15(A)

UDR, Inc.

Definitions and Reconciliations

September 30, 2022

(Unaudited)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Attachment 15(B)

UDR, Inc.

Definitions and Reconciliations

September 30, 2022

(Unaudited)

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

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

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

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

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

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


In thousands	3Q 2022		YTD 2022
Income/(loss) from unconsolidated entities	$	10,003	$	4,186
Management fee		627		1,680
Interest expense		3,921		11,351
Depreciation		7,457		22,570
General and administrative		57		168
Variable upside participation on DCP, net		-		(10,622)
Developer Capital Program (excludes Menifee and Riverside)		(13,274)		(28,627)
Other (income)/expense		136		301
Realized (gain)/loss on real estate technology investments, net of tax		365		(1,987)
Unrealized (gain)/loss on real estate technology investments, net of tax		1,080		30,786
Total Joint Venture NOI at UDR's Ownership Interest	$	10,372	$	29,806

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

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


In thousands	3Q 2022		2Q 2022		1Q 2022		4Q 2021		3Q 2021
Net income/(loss) attributable to UDR, Inc.	$	23,605	$	5,084	$	13,705	$	117,461	$	17,731
Property management		12,675		11,952		11,576		10,411		9,861
Other operating expenses		3,746		5,027		4,712		8,604		4,237
Real estate depreciation and amortization		166,781		167,584		163,622		163,755		152,636
Interest expense		39,905		36,832		35,916		36,418		36,289
Casualty-related charges/(recoveries), net		901		1,074		(765)		(934)		1,568
General and administrative		15,840		16,585		14,908		13,868		15,810
Tax provision/(benefit), net		377		312		343		156		529
(Income)/loss from unconsolidated entities		(10,003)		11,229		(5,412)		(36,523)		(14,450)
Interest income and other (income)/expense, net		7,495		(3,001)		2,440		(2,254)		(8,238)
Joint venture management and other fees		(1,274)		(1,419)		(1,085)		(1,184)		(1,071)
Other depreciation and amortization		3,430		3,016		3,075		4,713		3,269
(Gain)/loss on sale of real estate owned		-		-		-		(85,223)		-
Net income/(loss) attributable to noncontrolling interests		1,540		280		898		8,683		1,309
Total consolidated NOI	$	265,018	$	254,555	$	243,933	$	237,951	$	219,480

Attachment 15(C)

UDR, Inc.

Definitions and Reconciliations

September 30, 2022

(Unaudited)

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

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

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

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

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

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

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

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

Redevelopment Communities: The Company generally defines Redevelopment Communities as those communities where substantial redevelopment is in progress. Based upon the level of material impact the redevelopment has on the community (operations, occupancy levels, and future rental rates), the community may or may not maintain Stabilization. As such, for each redevelopment, the Company assesses whether the community remains in Same-Store.

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

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


	3Q 22		3Q 21		3Q 22		2Q 22		YTD 22		YTD 21
Revenue (Cash basis)	$	357,398	$	318,654	$	357,398	$	343,363	$	990,126	$	888,832
Concessions granted/(amortized), net		(362)		(1,963)		(362)		(2,331)		(6,913)		(5,187)
Revenue (Straight-line basis)	$	357,036	$	316,691	$	357,036	$	341,032	$	983,213	$	883,645

% change - Same-Store Revenue with Concessions on a Cash basis:		12.2%				4.1%				11.4%
% change - Same-Store Revenue with Concessions on a Straight-line basis:		12.7%				4.7%				11.3%

% change - Same-Store NOI with Concessions on a Cash basis:		14.6%				2.3%				14.3%
% change - Same-Store NOI with Concessions on a Straight-line basis:		15.5%				3.1%				14.2%

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

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

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

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

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

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

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

Attachment 15(D)

UDR, Inc.

Definitions and Reconciliations

September 30, 2022

(Unaudited)

All guidance is based on current expectations of future economic conditions and the judgment of the Company's management team. The following reconciles from GAAP Net income/(loss) per share for full-year 2022 and fourth quarter of 2022 to forecasted FFO, FFO as Adjusted and AFFO per share and unit:


	Full-Year 2022
	Low		High

Forecasted net income per diluted share	$	0.23	$	0.25
Conversion from GAAP share count		(0.02)		(0.02)
Depreciation		2.00		2.00
Noncontrolling interests		0.01		0.01
Preferred dividends		0.01		0.01
Forecasted FFO per diluted share and unit	$	2.23	$	2.25
Legal and other costs		0.01		0.01
Casualty-related charges/(recoveries)		-		-
Variable upside participation on DCP, net		(0.03)		(0.03)
Realized/unrealized (gain)/loss on real estate technology investments		0.11		0.11
Forecasted FFO as Adjusted per diluted share and unit	$	2.32	$	2.34
Recurring capital expenditures		(0.21)		(0.21)
Forecasted AFFO per diluted share and unit	$	2.11	$	2.13


	4Q 2022
	Low		High

Forecasted net income per diluted share	$	0.11	$	0.13
Conversion from GAAP share count		(0.01)		(0.01)
Depreciation		0.50		0.50
Noncontrolling interests		-		-
Preferred dividends		-		-
Forecasted FFO per diluted share and unit	$	0.60	$	0.62
Legal and other costs		-		-
Casualty-related charges/(recoveries)		-		-
Realized/unrealized (gain)/loss on real estate technology investments		-		-
Forecasted FFO as Adjusted per diluted share and unit	$	0.60	$	0.62
Recurring capital expenditures		(0.06)		(0.06)
Forecasted AFFO per diluted share and unit	$	0.54	$	0.56