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): July 28, 2021

UDR, Inc.

(Exact name of registrant as specified in its charter)


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

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

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

Not Applicable

Former name or former address, if changed since last report

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

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

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

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

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

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

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

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

Emerging Growth Company ☐

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

Item 2.02 Results of Operations and Financial Condition.

On July 28, 2021, UDR, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2021. This press release is furnished as Exhibit 99.1 to this Report and refers to supplemental financial information that is available on the Company’s website and furnished as Exhibit 99.2 to this Report. This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.


Ex. No.		Description
99.1		Earnings press release dated July 28, 2021.
99.2		Supplemental Financial Information dated July 28, 2021.
104		Cover Page Interactive Data File – The cover page XBRL tags are embedded within the Inline XBRL document

SIGNATURES

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


	UDR, Inc.

July 28, 2021	By:	/s/ Joseph D. Fisher
		Joseph D. Fisher
		Senior Vice President and Chief Financial Officer
		(Principal Financial Officer)


				Exhibit 99.1<br><br>
Press Release
DENVER, CO – July 28, 2021				Contact: Trent Trujillo
				Phone: 720.283.6135

UDR ANNOUNCES SECOND QUARTER 2021 RESULTS

AND INCREASES FULL-YEAR 2021 GUIDANCE RANGES

UDR, Inc. (the “Company”) (NYSE: UDR), announced today its second quarter 2021 earnings results. Net Income, Funds from Operations (“FFO”), FFO as Adjusted (“FFOA”), and Adjusted FFO (“AFFO”) per diluted share for the quarter ended June 30, 2021 are detailed below.

	Quarter Ended June 30
Metric	2Q 2021 Actual	2Q 2021 Guidance	2Q 2020 Actual	$ Change vs. Prior Year Period	% Change vs. Prior Year Period
Net Income per diluted share	$0.04	$0.01 to $0.03	$0.19	$(0.15)	(78.9)%
FFO per diluted share	$0.52	$0.47 to $0.49	$0.51	$0.01	2.0%
FFOA per diluted share	$0.49	$0.47 to $0.49	$0.51	$(0.02)	(3.9)%
AFFO per diluted share	$0.44	$0.42 to $0.44	$0.47	$(0.03)	(6.4)%

●

The Company reported net income attributable to common stockholders of $10.7 million, or $0.04 per share, compared to $56.7 million, or $0.19 per share, in the prior year period. This decrease was primarily due to lower gains on sold properties and a decline in Same-Store (“SS”) net operating income (“NOI”), partially offset by lower depreciation expense, lower interest expense, and higher NOI from acquired communities.

●	SS results for the second quarter of 2021 as compared to the second quarter of 2020 and first quarter of 2021 are summarized below.
		<br><br>
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Growth / (Decline)	Year-Over-Year (“YOY”):<br><br>Q2 2021 vs. Q2 2020	Sequential:<br><br>Q2 2021 vs. Q1 2021
With concessions reflected on a cash basis:
SS Revenue	(1.0)%	1.8%
SS Expense	3.8%	(0.1)%
SS NOI	(3.1)%	2.7%
With concessions reflected on a straight-line basis:
SS Revenue	(1.8)%	1.8%
SS NOI	(4.1)%	2.7%

●	The Company’s weighted average SS physical occupancy for the second quarter of 2021 was 97.2 percent, compared to 96.1 percent for the second quarter of 2020 and 96.4 percent for the first quarter of 2021.

●	The Company continues to implement its Next Generation Operating Platform, which reduced second quarter 2021 SS controllable expenses by (1.6) percent sequentially and constrained growth to 2.0 percent YOY.

●

During the quarter, the Company deployed $405.6 million of capital comprising three community acquisitions and one land site purchase. Additionally, the Company committed an aggregate of $18.8 million to two Developer Capital Program (“DCP”) investments. Subsequent to quarter-end, the Company acquired one community for $170.0 million and entered into agreements to acquire two communities for a total of $239.5 million and sell one community for $124.0 million.

●	During the quarter, and as previously reported, the Company entered into forward equity sale agreements at a weighted average initial forward price per share of $49.17 for estimated future proceeds of approximately $425.6 million, subject to adjustment as described later in this release. No shares under these forward equity sale agreements have been settled.

“Second quarter 2021 results met the high-end of our guidance expectations. Accelerating operating trends across our portfolio, driven by the pace of the economic recovery, suggest a strong second half of the year. We have raised full-year 2021 guidance for the third time in 2021 due to strong pricing power and accretive transactions that we have completed or identified,” said Tom Toomey, UDR’s Chairman and CEO. “While emergency regulations remain in effect across numerous markets, assorted prohibitions are beginning to sunset as the health crisis abates and the economy continues its recovery.”

Outlook

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

			<br><br><br><br>	<br><br><br><br>	<br><br>
	Q3 2021 Outlook	Q2 2021 Actual	<br><br>Updated<br><br>Full-Year 2021 Outlook	<br><br>Prior<br><br>Full-Year 2021 Outlook	<br><br>Change to 2021 Guidance, at Midpoint
Net Income / (Loss) per share	$0.02 to $0.04	$0.04	$0.12 to $0.16	$0.07 to $0.13	$0.04
FFO per share	$0.49 to $0.51	$0.52	$1.85 to $1.89	$1.79 to $1.85	$0.05
FFOA per share	$0.49 to $0.51	$0.49	$1.97 to $2.01	$1.94 to $2.00	$0.02
AFFO per share	$0.44 to $0.46	$0.44	$1.79 to $1.83	$1.76 to $1.82	$0.02
YOY Growth/(Decline): concessions reflected on a cash basis:
SS Revenue	N/A	(1.0)%	(0.25)% to 0.75%	(1.25)% to 0.5%	0.625%
SS Expense	N/A	3.8%	1.0% to 3.0%	1.0% to 3.0%	-
SS NOI	N/A	(3.1)%	(1.0)% to 0.5%	(2.25)% to 0.0%	0.875%
YOY Growth/(Decline): concessions reflected on a straight-line basis:
SS Revenue	N/A	(1.8)%	(2.25)% to (1.25)%	(3.25)% to (1.5)%	0.625%
SS NOI	N/A	(4.1)%	(3.5)% to (2.0)%	(4.75)% to (2.5)%	0.875%
^(1)^	Additional assumptions for the Company’s third quarter and 2021 outlook can be found on Attachment 15 of the Company’s related quarterly Supplemental Financial Information. A reconciliation of FFO per share, FFOA per share, and AFFO per share to GAAP Net Income per share can be found on Attachment 16(D) of the Company’s related quarterly Supplemental Financial Information. Non-GAAP financial measures and other terms, as used in this earnings release, are defined and further explained on Attachments 16(A) through 16(D), “Definitions and Reconciliations,” of the Company’s related quarterly Supplemental Financial Information.
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Recent Operating Trends

“We continue to see sequential improvement in traffic, occupancy, rate growth, and collections in all of our markets,” said Mike Lacy, UDR’s Senior Vice President of Operations. “We achieved an all-time high portfolio occupancy of 97.5 percent in June, pricing power continues to improve with our loss-to-lease in the low-double digits, and we continue to capture elevated levels of demand across our markets through a variety of Next Generation Operating Platform initiatives.”

The table presented below highlights first quarter 2021, second quarter 2021, and preliminary July 2021 residential operating trends.

Summary of First Quarter 2021, Second Quarter 2021, and July 2021 Residential Operating Trends^(1)^

	As of and Through July 26, 2021
Metric	Q1 2021	Apr 2021	May 2021	Jun 2021	Q2 2021	Jul 2021 (Range)
Cash revenue collected (% of billed) during billing period	95.2%	94.0%	94.1%	94.0%	95.5%	94.0% - 94.2%
Cash revenue collected (% of billed) subsequent to billing period^(1)^	2.1%	3.0%	2.6%	1.8%	0.9%	N/A
Cash revenue collected (% of<br><br>billed) as of July 26, 2021^(1)^	97.3%	96.9%	96.6%	95.8%	96.4%^(2)^	93.4%
Revenue reserved or written-off^(2)^	2.6%	N/A	N/A	N/A	1.7%	N/A
Same-Store Metrics
Leasing Traffic (daily avg.)^(3)^	1,013	1,532	1,608	1,685	1,608	1,450 - 1,550
Weighted Average<br><br>Physical Occupancy	96.4%	96.8%	97.3%	97.5%	97.2%	97.4% - 97.6%
Effective Blended<br><br>Lease Rate Growth^(3)^	(4.9)%	(1.6)%	0.3%	3.1%	0.9%	5.0% - 6.0%
^(1)^	Metrics shown here are as of July 26, 2021, and are for the Company’s total residential portfolio, unless otherwise indicated. The summation of cash revenue collected during and subsequent to a billing period may not equate to the total cash revenue collected as of July 26, 2021 for that same billing period due to rounding. Cash revenue collected as a percentage of billed revenue for Q2 2020, Q3 2020, and Q4 2020 are 98.3 percent, 98.0 percent, and 97.6 percent, respectively, as of July 26, 2021.
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^(2)^	For Q2 2021, the Company reserved (reflected as a reduction to revenue) an incremental approximately 0.0 percent, or $0.1 million, of billed residential revenue for bad debt, including $0 for the Company’s share from unconsolidated joint ventures. This brings the Company’s total bad debt reserve to $18.1 million, including $1.1 million for the Company’s share from unconsolidated joint ventures, which compares to a quarter-end accounts receivable balance of $25.9 million.
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^(3)^	The Company defines (a) Leasing Traffic as average daily leads to lease a home for the period indicated and (b) Effective Blended Lease Rate Growth as the combined proportional growth as a result of Effective New Lease Rate Growth and Effective Renewal Lease Rate Growth. Management considers Effective Blended Lease Rate Growth a useful metric for investors as it assesses combined proportional market-level new and in-place demand trends. Please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplemental Financial Information for additional details.
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Second Quarter 2021 Operations

In the second quarter, total revenue increased by $4.1 million year-over-year, or 1.3 percent, to $311.3 million. This increase was primarily attributable to growth in revenue from acquired and stabilized, non-mature communities, partially offset by declines in revenue from same-store communities. The second quarter annualized rate of turnover decreased by 170 basis points versus the prior year period to 47.5 percent.

Summary of Same-Store Results in Second Quarter 2021 versus Second Quarter 2020

		<br><br>		^(1)^<br><br>
Region	Revenue Growth / (Decline)	Expense<br><br>Growth / (Decline)	NOI Growth / (Decline)	% of Same-Store<br><br>Portfolio^(1)^	Physical Occupancy^(2)^	YOY Change in Occupancy
West	(5.4)%	3.3%	(8.3)%	35.8%	97.0%	1.4%
Mid-Atlantic	0.9%	4.2%	(0.4)%	22.2%	97.1%	0.3%
Northeast	(3.2)%	7.8%	(8.4)%	16.7%	96.8%	2.8%
Southeast	6.2%	3.3%	7.7%	12.2%	97.7%	0.5%
Southwest	3.0%	(1.4)%	6.0%	7.1%	97.1%	0.2%
Other Markets	5.0%	2.4%	6.1%	6.0%	97.8%	1.6%
Total (Cash)	(1.0)%	3.8%	(3.1)%	100.0%	97.2%	1.1%
Total (Straight-Line)	(1.8)%	-	(4.1)%	-	-	-
^(1)^	Based on Q2 2021 Same-Store NOI. For definitions of terms, please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplemental Financial Information.
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^(2)^	Weighted average Same-Store physical occupancy for the quarter.
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The table below includes sequential Same-Store results by region, with concessions accounted for on cash and straight-line bases.

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

		<br><br>		^(1)^<br><br>
Region	Revenue Growth / (Decline)	Expense<br><br>Growth / (Decline)	NOI Growth / (Decline)	% of Same-Store<br><br>Portfolio^(1)^	Physical Occupancy^(2)^	Sequential Change in Occupancy
West	1.3%	0.1%	1.7%	35.8%	97.0%	1.2%
Mid-Atlantic	2.8%	2.1%	3.1%	22.2%	97.1%	0.5%
Northeast	(0.4)%	(5.4)%	2.5%	16.7%	96.8%	1.3%
Southeast	3.1%	0.9%	4.2%	12.2%	97.7%	0.5%
Southwest	2.9%	2.5%	3.1%	7.1%	97.1%	0.2%
Other Markets	3.3%	3.4%	3.2%	6.0%	97.8%	0.6%
Total (Cash)	1.8%	(0.1)%	2.7%	100.0%	97.2%	0.8%
Total (Straight-Line)	1.8%	-	2.7%	-	-	-
^(1)^	Based on Q2 2021 Same-Store NOI. For definitions of terms, please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplemental Financial Information.
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^(2)^	Weighted average Same-Store physical occupancy for the quarter.
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Year-to-date (“YTD”), for the six months ended June 30, 2021, total revenue decreased by $15.9 million year-over-year, or 2.5 percent, to $612.8 million. This decrease was primarily attributable to declines in revenue from same-store communities, partially offset by growth in revenue from acquired and stabilized, non-mature communities. The year-to-date annualized rate of turnover decreased by 30 basis points versus the prior year period to 43.5 percent.

The table below includes YTD Same-Store results by region, with concessions accounted for on cash and straight-line bases, for the six months ended June 30, 2021.

Summary of Same-Store Results YTD 2021 versus YTD 2020

		<br><br>		^(1)^<br><br>
Region	Revenue Growth / (Decline)	Expense<br><br>Growth / (Decline)	NOI Growth / (Decline)	% of Same-Store<br><br>Portfolio^(1)^	Physical Occupancy^(2)^	YTD YOY Change in Occupancy
West	(8.0)%	1.8%	(11.2)%	36.3%	96.4%	0.1%
Mid-Atlantic	(1.6)%	2.9%	(3.5)%	22.4%	96.9%	-
Northeast	(6.6)%	8.2%	(13.3)%	16.9%	96.1%	0.8%
Southeast	4.1%	6.9%	2.9%	11.7%	97.5%	0.5%
Southwest	0.5%	(0.9)%	1.4%	7.2%	97.0%	-
Other Markets	2.5%	1.3%	3.1%	5.5%	97.6%	1.4%
Total (Cash)	(3.8)%	3.6%	(6.9)%	100.0%	96.8%	0.3%
Total (Straight-Line)	(4.3)%	-	(7.6)%	-	-	-
^(1)^	Based on YTD 2021 Same-Store NOI. For definitions of terms, please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplemental Financial Information.
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^(2)^	Weighted^^average Same-Store physical occupancy for YTD 2021.
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Transactional Activity

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

		<br><br>				<br><br>
Community / Property	Location (MSA)	Purchase Price<br><br>($ millions)	Homes	Avg. Monthly Revenue per Occupied Home^(1)^	Physical Occupancy^(1)^	Debt Assumed<br><br>($ millions)
Acquisitions
The Canal	Dallas, TX	$110.2	636	$1,417	92.9%	$42.0
Cool Springs at Frisco Bridges	Dallas, TX	166.9	945	1,174	97.7%	89.5
Seneca Place	Washington, D.C.	121.9	468	1,374	98.5%	-
Meridian (land)	Tampa, FL	6.6	-	-	-	-
Alameda Point Block 11 (land)	San Francisco, CA	N/A^(2)^	-	-	-	-
Total / Weighted Avg.		$405.6	2,049	$1,294	96.4%	$131.5
^(1)^	Average Monthly Revenue per Occupied Home and Physical Occupancy are weighted averages for the quarter ended June 30, 2021.
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^(2)^	The Company previously had a secured note with an unaffiliated third party with an aggregate commitment of $20.0 million, all of which was previously funded. The note was secured by a parcel of land and related land improvements. In September 2020, the developer defaulted on the loan. As a result of the default, in April 2021, the Company took title to the property pursuant to a deed in lieu of foreclosure.
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Subsequent to quarter-end, the Company acquired one community and entered into agreements to acquire two communities and sell one wholly owned community, as summarized below.

		<br><br>				<br><br>
Community / Property	Location (MSA)	Contract Price<br><br>($ millions)	Homes	Avg. Monthly Revenue per Occupied Home^(1)^	Physical Occupancy^(1)^	Debt Assumed<br><br>($ millions)
Acquisitions Completed
**** Brio^(2)^	Seattle, WA	$170.0	259	$2,581	94.6%	-
Acquisitions Under Contract
Germantown, MD	Washington, D.C.	124.5	544	1,429	97.6%	-
King of Prussia, PA	Philadelphia, PA	115.0	320	1,913	92.8%	-
Subtotal / Weighted Avg.		$409.5	1,123	$1,826	95.5%	-
Dispositions Under Contract
1818 Platinum Triangle	Orange County, CA	$(124.0)	265	$2,449	97.3%	-
^(1)^	Average Monthly Revenue per Occupied Home and Physical Occupancy are as of June 30, 2021.
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^(2)^	In November 2019, UDR made a $115.0 million secured loan to a third-party developer to finance a 259 apartment home community that was completed in 2020. UDR also entered into a purchase option agreement at the time the loan was funded which gave UDR the option to acquire the community at a fixed price. The option was exercised in August 2020, and UDR acquired and consolidated the community on July 1, 2021 for a cash outlay of $37.0 million. In connection with the acquisition of the community, the loan and the unpaid accrued interest were paid in full. As of June 30, 2021, the loan was secured by the community and was reflected in notes receivable, net on the Consolidated Balance Sheets and interest and other income/(expense), net on the Consolidated Statements of Operations in accordance with GAAP.
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All properties acquired during the quarter, or under contract to be acquired, are located proximate to wholly owned UDR communities, which the Company expects should drive additional operating efficiencies as its Next Generation Operating Platform is deployed.

Development and Redevelopment Activity

At the end of the second quarter, the Company’s development pipeline totaled $501.5 million and was 57 percent funded. The Company’s active pipeline includes five development communities, one each in Denver, CO; Dublin, CA; King of Prussia, PA; Addison, TX; and Washington, D.C., for a combined total of 1,417 homes.

At the end of the second quarter, the Company’s redevelopment pipeline totaled $18.1 million and was 16 percent funded. With the commencement of redevelopment activity at one community in San Francisco, CA, during the quarter, the Company’s active pipeline includes two communities, one each in Newport Beach, CA, and San Francisco, CA.

Developer Capital Program (“DCP”) Activity

At the end of the second quarter, the Company’s preferred equity investments under its DCP platform, including accrued return, totaled $297.6 million with a weighted average return rate of 10.7 percent and weighted average estimated remaining term of 2.7 years. 5

During the quarter, the Company committed to invest $18.8 million in two DCP projects, as summarized below.

		<br><br>
Community / Property	Location (MSA)	Commitment<br><br>($ millions)	Homes	Return Rate	Investment Type
Infield, Phase I	Orlando, FL	$16.0	384	14.0%	Preferred Equity
Infield, Phase II	Orlando, FL	2.8	-	14.0%	Secured Loan
Total / Weighted Avg.		$18.8	384	14.0%

Capital Markets and Balance Sheet Activity

As previously announced, during the quarter the Company entered into forward equity sale agreements for approximately 8.7 million shares of common stock at a weighted average initial forward price per share of $49.17, which will be adjusted at settlement to reflect the then-current federal funds rate and the amount of dividends paid to holders of UDR common stock over the term of the forward equity sale agreements. 6.1 million shares are subject to forward equity sale agreements entered into in connection with an underwritten public offering and approximately 2.6 million shares are subject to forward equity sale agreements under the Company’s at-the-market equity program. No shares under any of these forward equity sale agreements have been settled. The final dates by which shares sold under the forward equity sale agreements must be settled range between June 1, 2022 and June 20, 2022.

Subsequent to quarter-end, the Company increased the maximum aggregate capacity under its commercial paper program to $700.0 million from $500.0 million. The program bears an interest rate of 0.25 percent, the equivalent of LIBOR plus a spread of 16 basis points.

As of June 30, 2021, the Company had $681.1 million of liquidity through a combination of cash and undrawn capacity on its credit facilities, plus estimated proceeds of approximately $830.2 million from the potential settlement of approximately 17.9 million shares subject to previously-announced forward equity sale agreements (subject to adjustment as described above), for a total of $1.51 billion in liquidity. Please see Attachment 15 of the Company’s related quarterly Supplemental Financial Information for additional details on projected capital sources and uses.

The Company’s total indebtedness as of June 30, 2021 was $5.5 billion with no remaining consolidated maturities until 2023, excluding principal amortization, amounts on the Company’s commercial paper program and amounts on the Company’s working capital credit facility. In the table below, the Company has presented select balance sheet metrics for the quarter ended June 30, 2021 and the comparable prior year period.

	Quarter Ended June 30
Balance Sheet Metric	2Q 2021	2Q 2020	Change
Fixed-Rate Debt as a percentage of Total Debt	89.7%	94.4%	(4.7)%
Weighted Average Interest Rate	2.7%	3.2%	(0.5)%
Weighted Average Years to Maturity	7.5	7.0	0.5
Consolidated Fixed Charge Coverage Ratio	4.8x	4.6x	0.2x
Consolidated Debt as a percentage of Total Assets	36.9%	34.2%	2.7%
Consolidated Net-Debt-to-EBITDAre	7.4x	6.2x	1.2x

Dividend

As previously announced, the Company’s Board of Directors declared a regular quarterly dividend on its common stock for the second quarter of 2021 in the amount of $0.3625 per share. The dividend will be paid in cash on August 2, 2021 to UDR common shareholders of record as of July 12, 2021. The second quarter 2021 dividend will represent the 195^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 July 29, 2021 to discuss second quarter results as well as high-level views for 2021.

The webcast will be available on UDR's website at ir.udr.com. To listen to a live broadcast, access the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.

To participate in the teleconference dial 877-705-6003 for domestic and 201-493-6725 for international. A passcode is not necessary.

This quarter, given the combination of a high volume of conference calls occurring during this time of year and the impact that the COVID-19 pandemic has had on staffing and capacity at the Company’s conference call provider, delays are anticipated when connecting to the live call. As a result, stakeholders and interested parties are encouraged to utilize the Company’s webcast link for its earnings results discussion.

A replay of the conference call will be available through August 29, 2021, by dialing 844-512-2921 for domestic and 412-317-6671 for international and entering the confirmation number, 13721057, when prompted for the passcode. A replay of the call will also be available for 30 days on UDR's website at ir.udr.com.

Full Text of the Earnings Report and Supplemental Data

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

Forward-Looking Statements

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

About UDR, Inc. ****

UDR, Inc. (NYSE: UDR), an S&P 500 company, is a leading multifamily real estate investment trust with a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive real estate communities in targeted U.S. markets. As of June 30, 2021, UDR owned or had an ownership position in 54,667 apartment homes including 1,417 homes under development. For over 49 years, UDR has delivered long-term value to shareholders, the best standard of service to Residents and the highest quality experience for Associates. 7

Exhibit 99.2

Financial Highlights

UDR, Inc.

As of End of Second Quarter 2021

(Unaudited) (1)


	Actual Results	Actual Results	Guidance as of June 30, 2021
Dollars in thousands, except per share and unit	2Q 2021	YTD 2021	3Q 2021	Full-Year 2021

GAAP Metrics
Net income/(loss) attributable to UDR, Inc.	$11,720	$14,824	--	--
Net income/(loss) attributable to common stockholders	$10,663	$12,711	--	--
Income/(loss) per weighted average common share, diluted	$0.04	$0.04	$0.02 to $0.04	$0.12 to $0.16

Per Share Metrics
FFO per common share and unit, diluted	$0.52	$0.83	$0.49 to $0.51	$1.85 to $1.89
FFO as Adjusted per common share and unit, diluted	$0.49	$0.96	$0.49 to $0.51	$1.97 to $2.01
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted	$0.44	$0.88	$0.44 to $0.46	$1.79 to $1.83
Dividend declared per share and unit	$0.3625	$0.7250	$0.3625	$1.45 (2)

Same-Store Operating Metrics
Revenue growth/(decline) (Cash basis)	-1.0%	-3.8%	--	(0.25%) - 0.75%
Revenue growth/(decline) (Straight-line basis)	-1.8%	-4.3%	--	(2.25%) - (1.25%)
Expense growth	3.8%	3.6%	--	1.00% - 3.00%
NOI growth/(decline) (Cash basis)	-3.1%	-6.9%	--	(1.00%) - 0.50%
NOI growth/(decline) (Straight-line basis)	-4.1%	-7.6%	--	(3.50%) - (2.00%)
Physical Occupancy	97.2%	96.8%	--	--


Property Metrics	Homes	Communities	% of Total NOI
Same-Store	45,974	144	90.8%
Stabilized, Non-Mature	2,024	5	3.3%
Acquired Communities	2,049	3	1.1%
Development, completed	366	1	0.3%
Non-Residential / Other	N/A	N/A	0.8%
Joint Venture (3)	2,837	13	3.7%
Total completed homes	53,250	166	100%
Under Development	1,417	5	-
Total Quarter-end homes (3)(4)	54,667	171	100%


Balance Sheet Metrics (adjusted for non-recurring items)
	2Q 2021	2Q 2020
Consolidated Interest Coverage Ratio	4.9x	4.7x
Consolidated Fixed Charge Coverage Ratio	4.8x	4.6x
Consolidated Debt as a percentage of Total Assets	36.9%	34.2%
Consolidated Net Debt-to-EBITDAre	7.4x	6.2x

(1)	See Attachment 16 for definitions, other terms and reconciliations.
(2)	Annualized for 2021.
---	---
(3)	Joint venture NOI is based on UDR's share. Homes and communities at 100%.
---	---
(4)	Excludes 3,633 homes that are part of the Developer Capital Program as described in Attachment 12(B).
---	---

Attachment 1

UDR, Inc.

Consolidated Statements of Operations

(Unaudited) (1)


****	Three Months Ended				Six Months Ended
	June 30,				June 30,
In thousands, except per share amounts	2021		2020		2021		2020

REVENUES:
Rental income (2)	$	309,116	$	305,982	$	608,942	$	626,075
Joint venture management and other fees		2,232		1,274		3,847		2,662
Total revenues		311,348		307,256		612,789		628,737

OPERATING EXPENSES:
Property operating and maintenance		51,335		48,717		102,716		98,200
Real estate taxes and insurance		49,145		45,012		96,532		90,157
Property management		9,273		8,797		18,268		18,000
Other operating expenses		4,373		6,100		8,808		11,066
Real estate depreciation and amortization		146,169		155,056		290,257		310,532
General and administrative		15,127		10,971		27,863		25,949
Casualty-related charges/(recoveries), net (3)		(2,463)		102		3,114		1,353
Other depreciation and amortization		2,602		2,027		5,203		4,052
Total operating expenses		275,561		276,782		552,761		559,309

Gain/(loss) on sale of real estate owned		-		61,303		50,829		61,303
Operating income		35,787		91,777		110,857		130,731
		****				****
Income/(loss) from unconsolidated entities (2)		9,751		8,021		14,673		11,388
Interest expense		(35,404)		(38,597)		(71,610)		(77,914)
Debt extinguishment and other associated costs		-		-		(41,950)		-
Total interest expense		(35,404)		(38,597)		(113,560)		(77,914)
Interest income and other income/(expense), net		2,536		2,421		4,593		5,121

Income/(loss) before income taxes		12,670		63,622		16,563		69,326
Tax (provision)/benefit, net		(135)		(1,526)		(754)		(1,690)

Net Income/(loss)		12,535		62,096		15,809		67,636
Net (income)/loss attributable to redeemable noncontrolling interests in the OP and DownREIT Partnership		(807)		(4,291)		(961)		(4,604)
Net (income)/loss attributable to noncontrolling interests		(8)		(34)		(24)		(40)

Net income/(loss) attributable to UDR, Inc.		11,720		57,771		14,824		62,992
Distributions to preferred stockholders - Series E (Convertible)		(1,057)		(1,062)		(2,113)		(2,128)

Net income/(loss) attributable to common stockholders	$	10,663	$	56,709	$	12,711	$	60,864
		****				****
		****				****
Income/(loss) per weighted average common share - basic:		$0.04		$0.19		$0.04		$0.21
Income/(loss) per weighted average common share - diluted:		$0.04		$0.19		$0.04		$0.21

Common distributions declared per share		$0.3625		$0.3600		$0.7250		$0.7200

Weighted average number of common shares outstanding - basic		296,589		294,710		296,564		294,584
Weighted average number of common shares outstanding - diluted		297,542		295,087		297,221		295,083

(1)	See Attachment 16 for definitions and other terms.
(2)	During the three months ended June 30, 2021, UDR collected 95.5% of billed residential revenue and 79.9% of billed retail revenue. Of the 4.5% and 20.1% not collected, UDR reserved (reflected as a reduction to revenues) approximately 0.0% or $0.1 million for residential, including $0 for UDR’s share from unconsolidated joint ventures, for residential, and 10.0% or $0.7 million, including straight-line rent receivables and $0.1 million for UDR’s share from unconsolidated joint ventures, for retail. The reserves are based on probability of collection.
---	---
(3)	During the three months ended June 30, 2021, UDR recorded casualty-related recoveries based on probability of receiving insurance proceeds in connection with property damage primarily from Winter Storm Uri.
---	---

Attachment 2

UDR, Inc.

Funds From Operations

(Unaudited) (1)


****	Three Months Ended					Six Months Ended
	June 30,					June 30,
In thousands, except per share and unit amounts	2021		2020			2021	2020

Net income/(loss) attributable to common stockholders	$	10,663	$	56,709	$	12,711	$	60,864

Real estate depreciation and amortization		146,169		155,056		290,257		310,532
Noncontrolling interests		815		4,325		985		4,644
Real estate depreciation and amortization on unconsolidated joint ventures		7,930		8,745		16,135		17,561
Net gain on the sale of unconsolidated depreciable property		-		-		(2,460)		-
Net gain on the sale of depreciable real estate owned, net of tax		-		(61,303)		(50,778)		(61,303)
Funds from operations ("FFO") attributable to common stockholders and unitholders, basic	$	165,577	$	163,532	$	266,850	$	332,298

Distributions to preferred stockholders - Series E (Convertible) (2)		1,057		1,062		2,113		2,128

FFO attributable to common stockholders and unitholders, diluted	$	166,634	$	164,594	$	268,963	$	334,426

FFO per weighted average common share and unit, basic	$	0.52	$	0.52	$	0.84	$	1.05
FFO per weighted average common share and unit, diluted	$	0.52	$	0.51	$	0.83	$	1.04

Weighted average number of common shares and OP/DownREIT Units outstanding, basic		319,139		317,096		319,038		316,891
Weighted average number of common shares, OP/DownREIT Units, and common stock
equivalents outstanding, diluted		323,010		320,426		322,613		320,372

Impact of adjustments to FFO:
Debt extinguishment and other associated costs	$	-	$	-	$	41,950	$	-
Debt extinguishment and other associated costs on unconsolidated joint ventures		-		-		1,682		-
Legal and other		590		1,586		1,219		2,344
Realized/unrealized (gain)/loss on unconsolidated real estate technology investments, net of tax		(6,681)		(3,334)		(8,109)		(3,302)
Severance costs and other restructuring expense		140		-		608		1,642
Casualty-related charges/(recoveries), net		(2,292)		249		3,285		1,648
Casualty-related charges/(recoveries) on unconsolidated joint ventures, net		-		-		-		31
	$	(8,243)	$	(1,499)	$	40,635	$	2,363

FFO as Adjusted attributable to common stockholders and unitholders, diluted	$	158,391	$	163,095	$	309,598	$	336,789

FFO as Adjusted per weighted average common share and unit, diluted	$	0.49	$	0.51	$	0.96	$	1.05

Recurring capital expenditures		(15,829)		(12,504)		(25,583)		(21,713)
AFFO attributable to common stockholders and unitholders, diluted	$	142,562	$	150,591	$	284,015	$	315,076

AFFO per weighted average common share and unit, diluted	$	0.44	$	0.47	$	0.88	$	0.98

(1)	See Attachment 16 for definitions and other terms.
(2)	Series E cumulative convertible preferred shares are dilutive for purposes of calculating FFO per share for the three and six months ended June 30, 2021 and June 30, 2020. Consequently, distributions to Series E cumulative convertible preferred stockholders are added to FFO and the weighted average number of Series E cumulative convertible preferred shares are included in the denominator when calculating FFO per common share and unit, diluted.
---	---

(1)

See Attachment 16 for definitions and other terms.

(2)

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

---

Attachment 3

UDR, Inc.

Consolidated Balance Sheets

(Unaudited) (1)


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

ASSETS		****
		****
Real estate owned:
Real estate held for investment	$	13,325,599	$	12,706,940
Less: accumulated depreciation		(4,871,124)		(4,590,577)
Real estate held for investment, net		8,454,475		8,116,363
Real estate under development
(net of accumulated depreciation of $382 and $1,010)		286,543		246,867
Real estate held for disposition
(net of accumulated depreciation of $0 and $13,779)		-		102,876
Total real estate owned, net of accumulated depreciation		8,741,018		8,466,106

Cash and cash equivalents		3,370		1,409
Restricted cash		32,700		22,762
Notes receivable, net		139,047		157,992
Investment in and advances to unconsolidated joint ventures, net		619,172		600,233
Operating lease right-of-use assets		199,206		200,913
Other assets		184,758		188,118
Total assets	$	9,919,271	$	9,637,533
		****
LIABILITIES AND EQUITY		****
		****
Liabilities:
Secured debt	$	1,059,913	$	862,147
Unsecured debt		4,392,194		4,114,401
Operating lease liabilities		194,058		195,592
Real estate taxes payable		34,146		29,946
Accrued interest payable		43,536		44,760
Security deposits and prepaid rent		49,882		49,008
Distributions payable		116,688		115,795
Accounts payable, accrued expenses, and other liabilities		119,405		110,999
Total liabilities		6,009,822		5,522,648
		****
Redeemable noncontrolling interests in the OP and DownREIT Partnership		1,104,276		856,294
		****
Equity:
Preferred stock, no par value; 50,000,000 shares authorized
2,695,363 shares of 8.00% Series E Cumulative Convertible issued		****
and outstanding (2,695,363 shares at December 31, 2020)		44,764		44,764
14,357,914 shares of Series F outstanding (14,440,519 shares
at December 31, 2020)		1		1
Common stock, $0.01 par value; 350,000,000 shares authorized
296,848,024 shares issued and outstanding (296,611,579 shares at December 31, 2020)		2,968		2,966
Additional paid-in capital		5,887,838		5,881,383
Distributions in excess of net income		(3,143,000)		(2,685,770)
Accumulated other comprehensive income/(loss), net		(8,301)		(9,144)
Total stockholders' equity		2,784,270		3,234,200
Noncontrolling interests		20,903		24,391
Total equity		2,805,173		3,258,591
Total liabilities and equity	$	9,919,271	$	9,637,533

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

Attachment 4(A)

UDR, Inc.

Selected Financial Information

(Unaudited) (1)


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

Common shares	296,595,798	296,374,227
Restricted shares	252,226	237,352
Total common shares	296,848,024	296,611,579
Restricted unit and common stock equivalents	1,502,072	344,128
Operating and DownREIT Partnership units	20,793,774	20,530,251
Class A Limited Partnership units	1,751,671	1,751,671
Series E cumulative convertible preferred shares (2)	2,918,127	2,918,127
Total common shares, OP/DownREIT units, and common stock equivalents	323,813,668	322,155,756




Weighted Average Number of Shares Outstanding	2Q 2021	2Q 2020

Weighted average number of common shares and OP/DownREIT units outstanding - basic	319,139,344	317,096,319
Weighted average number of OP/DownREIT units outstanding	(22,550,050)	(22,386,642)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations	296,589,294	294,709,677

Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted	323,009,780	320,425,840
Weighted average number of OP/DownREIT units outstanding	(22,550,050)	(22,386,642)
Weighted average number of Series E cumulative convertible preferred shares outstanding (3)	(2,918,127)	(2,952,768)
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations	297,541,603	295,086,430


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

Weighted average number of common shares and OP/DownREIT units outstanding - basic	319,037,595	316,890,705
Weighted average number of OP/DownREIT units outstanding	(22,474,470)	(22,307,263)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations	296,563,125	294,583,442

Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted	322,612,952	320,371,665
Weighted average number of OP/DownREIT units outstanding	(22,474,470)	(22,307,263)
Weighted average number of Series E cumulative convertible preferred shares outstanding (3)	(2,918,127)	(2,981,806)
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations	297,220,355	295,082,596

(1)	See Attachment 16 for definitions and other terms.
(2)	At June 30, 2021 and December 31, 2020 there were 2,695,363 of Series E cumulative convertible preferred shares outstanding, which is equivalent to 2,918,127 shares of common stock if converted (after adjusting for the special dividend paid in 2008).
---	---
(3)	Series E cumulative convertible preferred shares are anti-dilutive for purposes of calculating Income/(loss) per weighted average common share for the three and six months ended June 30, 2021 and June 30, 2020.
---	---

Attachment 4(B)

UDR, Inc.

Selected Financial Information

(Unaudited) (1)


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

Secured		Fixed			$	1,007,317			18.5%	3.42%	6.9
		Floating				27,000			0.5%	0.73%	10.7
		Combined				1,034,317			19.0%	3.35%	7.0

Unsecured		Fixed				3,880,644	(3)		71.2%	2.87%	8.7
		Floating				532,318			9.8%	0.33%	0.2
		Combined				4,412,962			81.0%	2.57%	7.6

Total Debt		Fixed				4,887,961			89.7%	2.98%	8.3
		Floating				559,318			10.3%	0.35%	0.7
		Combined				5,447,279			100.0%	2.71%	7.5
		Total Non-Cash Adjustments (4)				4,828
		Total per Balance Sheet			$	5,452,107				2.71%



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

2021	$	555	$	-	$	470,000		$	470,555	8.6%	0.25%
2022		1,140		-		27,318			28,458	0.5%	1.04%
2023		1,242		350,000		-			351,242	6.4%	1.07%
2024		96,747		15,644		-			112,391	2.1%	4.00%
2025		174,793		-		-			174,793	3.2%	3.69%
2026		52,744		300,000		-			352,744	6.5%	2.95%
2027		2,860		300,000		-			302,860	5.6%	4.03%
2028		162,310		300,000		-			462,310	8.5%	3.72%
2029		191,986		300,000		-			491,986	9.0%	3.94%
2030		162,010		600,000		-			762,010	14.0%	3.32%
Thereafter		187,930		1,750,000		-			1,937,930	35.6%	2.44%
		1,034,317		3,915,644		497,318			5,447,279	100.0%	2.71%
Total Non-Cash Adjustments (4)		25,596		(20,768)		-			4,828
Total per Balance Sheet	$	1,059,913	$	3,894,876	$	497,318		$	5,452,107		2.71%

(1)	See Attachment 16 for definitions and other terms.
(2)	The 2021 maturity reflects the $470.0 million of principal outstanding at an interest rate of 0.25%, the equivalent of LIBOR plus a spread of 16 basis points, on the Company’s unsecured commercial paper program as of June 30, 2021. Under the terms of the program the Company may issue up to a maximum aggregate amount outstanding of $500.0 million. If the commercial paper was refinanced using the line of credit, the weighted average years to maturity would be 7.7 years without extensions and 7.8 years with extensions. In July 2021, the maximum aggregate capacity was increased to $700.0 million.
---	---
(3)	Includes $315.0 million of floating rate debt that has been fixed using interest rate swaps at a weighted average all-in rate of 1.07% until July 2022.
---	---
(4)	Includes the unamortized balance of fair market value adjustments, premiums/discounts and deferred financing costs.
---	---
(5)	Includes principal amortization, as applicable.
---	---
(6)	There were no borrowings outstanding on our $1.1 billion line of credit at June 30, 2021. The facility has a maturity date of January 2023, plus two six-month extension options and carries an interest rate equal to LIBOR plus a spread of 82.5 basis points.
---	---
(7)	There was $27.3 million outstanding on our $75.0 million working capital credit facility at June 30, 2021. The facility has a maturity date of January 2022. The working capital credit facility carries an interest rate equal to LIBOR plus a spread of 82.5 basis points.
---	---

Attachment 4(C)

UDR, Inc.

Selected Financial Information

(Dollars in Thousands)

(Unaudited) (1)


						Quarter Ended
Coverage Ratios						June 30, 2021
Net income/(loss)						$	12,535
Adjustments:
Interest expense, including debt extinguishment and other associated costs							35,404
Real estate depreciation and amortization							146,169
Other depreciation and amortization							2,602
Tax provision/(benefit), net							135
Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures							11,647
EBITDAre						$	208,492

Casualty-related charges/(recoveries), net							(2,292)
Legal and other costs							590
Severance costs and other restructuring expense							140
(Income)/loss from unconsolidated entities							(9,751)
Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures							(11,647)
Management fee expense on unconsolidated joint ventures							(503)
Consolidated EBITDAre - adjusted for non-recurring items						$	185,029

Annualized consolidated EBITDAre - adjusted for non-recurring items						$	740,116

Interest expense, including debt extinguishment and other associated costs							35,404
Capitalized interest expense							2,235
Total interest						$	37,639

Preferred dividends						$	1,057

Total debt						$	5,452,107
Cash							(3,370)
Net debt						$	5,448,737

Consolidated Interest Coverage Ratio - adjusted for non-recurring items							4.9x

Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items							4.8x

Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items							7.4x


Debt Covenant Overview

Unsecured Line of Credit Covenants (2)			Required		Actual		Compliance

Maximum Leverage Ratio			≤60.0%		40.7% (2)		Yes
Minimum Fixed Charge Coverage Ratio			≥1.5x		4.5x		Yes
Maximum Secured Debt Ratio			≤40.0%		11.7%		Yes
Minimum Unencumbered Pool Leverage Ratio			≥150.0%		279.3%		Yes

Senior Unsecured Note Covenants (3)			Required		Actual		Compliance

Debt as a percentage of Total Assets			≤65.0%		36.9% (3)		Yes
Consolidated Income Available for Debt Service to Annual Service Charge			≥1.5x		5.4x		Yes
Secured Debt as a percentage of Total Assets			≤40.0%		7.2%		Yes
Total Unencumbered Assets to Unsecured Debt			≥150.0%		283.7%		Yes

Securities Ratings			Debt		Outlook		Commercial Paper

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



					Gross		% of
	Number of	2Q 2021 NOI (1)			Carrying Value		Total Gross
Asset Summary	Homes	(000s)	% of NOI		($000s)		Carrying Value

Unencumbered assets	42,868		87.3%	$	11,902,207		87.4%
Encumbered assets	7,545		12.7%		1,710,317		12.6%
	50,413		100.0%	$	13,612,524		100.0%

All values are in US Dollars.

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

Attachment 5

UDR, Inc.

Operating Information

(Unaudited) (1)


	Total	Quarter Ended		Quarter Ended		Quarter Ended		Quarter Ended		Quarter Ended
Dollars in thousands	Homes	June 30, 2021		March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020
Revenues
Same-Store Communities	45,974	$	285,948	$	280,966	$	280,139	$	281,410	$	288,981
Stabilized, Non-Mature Communities	2,024		12,963		11,977		7,662		5,711		7,287
Acquired Communities	2,049		3,971		-		-		-		-
Development Communities	366		1,304		847		539		244		58
Non-Residential / Other (2)	-		4,930		5,007		10,498		17,057		4,065
Total	50,413	$	309,116	$	298,797	$	298,838	$	304,422	$	300,391

Expenses			****
Same-Store Communities		$	89,259	$	89,359	$	88,203	$	91,013	$	85,952
Stabilized, Non-Mature Communities			5,790		5,663		4,214		3,559		2,844
Acquired Communities			1,677		-		-		-		-
Development Communities			710		462		215		248		123
Non-Residential / Other (2)			3,044		2,878		2,447		1,207		2,948
Total (3)		$	100,480	$	98,362	$	95,079	$	96,027	$	91,867

Net Operating Income			****
Same-Store Communities		$	196,689	$	191,607	$	191,936	$	190,397	$	203,029
Stabilized, Non-Mature Communities			7,173		6,314		3,448		2,152		4,443
Acquired Communities			2,294		-		-		-		-
Development Communities			594		385		324		(4)		(65)
Non-Residential / Other (2)			1,886		2,129		8,051		15,850		1,117
Total		$	208,636	$	200,435	$	203,759	$	208,395	$	208,524

Operating Margin			****
Same-Store Communities			68.8%		68.2%		68.5%		67.7%		70.3%

Weighted Average Physical Occupancy
Same-Store Communities			97.2%		96.4%		96.1%		95.5%		96.1%
Stabilized, Non-Mature Communities			96.7%		94.0%		92.9%		81.2%		89.4%
Acquired Communities			96.4%		-		-		-		-
Development Communities			85.7%		75.1%		81.6%		79.6%		44.5%
Other (4)			-		96.5%		93.3%		92.9%		94.0%
Total			97.1%		95.6%		95.9%		95.3%		96.0%

Sold and Held for Disposition Communities
Revenues	-	$	-	$	1,029	$	2,338	$	4,423	$	5,591
Expenses (3)			-		406		1,245		1,686		1,862
Net Operating Income/(Loss)		$	-	$	623	$	1,093	$	2,737	$	3,729

Total	50,413	$	208,636	$	201,058	$	204,852	$	211,132	$	212,253

(1)	See Attachment 16 for definitions and other terms.
(2)	Primarily non-residential revenue and expense and straight-line adjustment for concessions.
---	---
(3)	The summation of Total expenses and Sold and Held for Disposition Communities expenses above agrees to the summation of property operating and maintenance and real estate taxes and insurance expenses on Attachment 1.
---	---
(4)	Includes occupancy of Sold and Held for Disposition Communities.
---	---

Attachment 6

UDR, Inc.

Same-Store Operating Expense Information

(Dollars in Thousands)

(Unaudited) (1)


****	% of 2Q 2021
	SS Operating
Year-Over-Year Comparison	Expenses	2Q 2021		2Q 2020		% Change

Personnel	15.0%	$	13,415	$	15,764	-14.9%
Utilities	13.0%		11,631		11,208	3.8%
Repair and maintenance	17.4%		15,566		13,143	18.4%
Administrative and marketing	6.6%		5,901		5,494	7.4%
Controllable expenses	52.0%		46,513		45,609	2.0%

Real estate taxes (2)	43.0%	$	38,249	$	36,670	4.3%
Insurance	5.0%		4,497		3,673	22.4%
Same-Store operating expenses (2)	100.0%	$	89,259	$	85,952	3.8%

Same-Store Homes	45,974

****

	% of 2Q 2021
	SS Operating
Sequential Comparison	Expenses	2Q 2021		1Q 2021		% Change

Personnel	15.0%	$	13,415	$	13,990	-4.1%
Utilities	13.0%		11,631		12,139	-4.2%
Repair and maintenance	17.4%		15,566		14,817	5.1%
Administrative and marketing	6.6%		5,901		6,322	-6.7%
Controllable expenses	52.0%		46,513		47,268	-1.6%

Real estate taxes (2)	43.0%	$	38,249	$	37,603	1.7%
Insurance	5.0%		4,497		4,488	0.2%
Same-Store operating expenses (2)	100.0%	$	89,259	$	89,359	-0.1%

Same-Store Homes	45,974




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

Personnel	15.4%	$	27,043	$	30,887	-12.4%
Utilities	13.3%		23,451		22,823	2.8%
Repair and maintenance	16.9%		29,812		25,325	17.7%
Administrative and marketing	6.8%		11,901		11,349	4.9%
Controllable expenses	52.4%		92,207		90,384	2.0%

Real estate taxes (2)	42.5%	$	74,930	$	72,413	3.5%
Insurance	5.1%		8,924		7,124	25.3%
Same-Store operating expenses (2)	100.0%	$	176,061	$	169,921	3.6%

Same-Store Homes	45,404

(1)	See Attachment 16 for definitions and other terms.
(2)	The year-over-year, sequential and year-to-date comparisons presented above include $347 thousand, $0 and $694 thousand, respectively, of higher New York real estate taxes due to 421g exemption and abatement reductions.
---	---

Attachment 7(A)

UDR, Inc.

Apartment Home Breakout

Portfolio Overview as of Quarter Ended

June 30, 2021

(Unaudited) (1)


		Non-Mature Homes			Unconsolidated
	Total			Total	Joint Venture	Total
	Same-Store		Non-	Consolidated	Operating	Homes
	Homes	Stabilized (2)	Stabil. / Other (3)	Homes	Homes (4)	(incl. JV) (4)
West Region
Orange County, CA	4,950	-	-	4,950	381	5,331
San Francisco, CA	2,751	-	-	2,751	602	3,353
Seattle, WA	2,725	-	-	2,725	-	2,725
Monterey Peninsula, CA	1,565	-	-	1,565	-	1,565
Los Angeles, CA	1,225	-	-	1,225	340	1,565
	13,216	-	-	13,216	1,323	14,539

Mid-Atlantic Region
Metropolitan DC	8,003	400	468	8,871	-	8,871
Baltimore, MD	1,597	-	-	1,597	-	1,597
Richmond, VA	1,359	-	-	1,359	-	1,359
****	10,959	400	468	11,827	-	11,827

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

Southeast Region
Tampa, FL	3,202	672	-	3,874	-	3,874
Orlando, FL	2,500	-	-	2,500	-	2,500
Nashville, TN	2,260	-	-	2,260	-	2,260
	7,962	672	-	8,634	-	8,634

Southwest Region
Dallas, TX	3,865	-	1,947	5,812	-	5,812
Austin, TX	1,272	-	-	1,272	-	1,272
****	5,137	-	1,947	7,084	-	7,084

Other Markets (5)	2,736	-	-	2,736	554	3,290

Totals	45,974	2,024	2,415	50,413	2,837	53,250

Communities (6)	144	5	4	153	13	166

			Homes	Communities
Total completed homes			53,250	166
Under Development (7)			1,417	5

Total Quarter-end homes and communities			54,667	171

(1)	See Attachment 16 for definitions and other terms.
(2)	Represents homes included in Stabilized, Non-Mature Communities category on Attachment 5.
---	---
(3)	Represents homes included in Acquired, Development, Redevelopment and Non-Residential/Other Communities categories on Attachment 5. Excludes development homes not yet completed and Sold and Held for Disposition Communities.
---	---
(4)	Represents joint venture operating homes at 100 percent. Excludes joint venture held for disposition communities. See Attachment 12(A) for UDR's joint venture and partnership ownership interests.
---	---
(5)	Other Markets include Denver (218 homes), Palm Beach (636 homes), Inland Empire (654 homes), San Diego (163 wholly owned, 264 JV homes), Portland (752 homes) and Philadelphia (313 wholly owned, 290 JV homes).
---	---
(6)	Represents communities where 100 percent of all development homes have been completed.
---	---
(7)	See Attachment 9 for UDR’s developments and ownership interests.
---	---

Attachment 7(B)

UDR, Inc.

Non-Mature Home Summary

Portfolio Overview as of Quarter Ended

June 30, 2021

(Unaudited) (1)


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


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

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

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

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

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

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

Vitruvian West Phase 2	Development		366	Dallas, TX	3Q22

The Canal	Acquired		636	Dallas, TX	3Q22

Cool Springs at Frisco Bridges	Acquired		945	Dallas, TX	3Q22

Seneca Place	Acquired		468	Metropolitan DC	3Q22

Total			4,439


Summary of Non-Mature Home Activity
		Stabilized,
	Market	Non-Mature	Acquired	Redevelopment	Development	Total
Non-Mature Homes at March 31, 2021		2,294	300	-	366	2,960
The Slade at Channelside	Tampa, FL	(294)	-	-	-	(294)
The Arbory	Portland, OR	(276)	-	-	-	(276)
Union Place	Boston, MA	300	(300)	-	-	-
The Canal	Dallas, TX	-	636	-	-	636
Cool Springs at Frisco Bridges	Dallas, TX	-	945	-	-	945
Seneca Place	Metropolitan DC	-	468	-	-	468
Non-Mature Homes at June 30, 2021		2,024	2,049	-	366	4,439

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

Attachment 7(C)

UDR, Inc.

Total Revenue Per Occupied Home Summary

Portfolio Overview as of Quarter Ended

June 30, 2021

(Unaudited) (1)


			Non-Mature Homes						Unconsolidated
	Total						Total		Joint Venture		Total
	Same-Store					Non-	Consolidated		Operating		Homes
	Homes		Stabilized (2)			Stabilized (3)	Homes		Homes (4)		(incl. JV at share) (4)

West Region
Orange County, CA	$	2,531	$	-	$	-	$	2,531	$	2,336	$	2,523
San Francisco, CA		2,972		-		-		2,972		3,678		3,043
Seattle, WA		2,295		-		-		2,295		-		2,295
Monterey Peninsula, CA		1,957		-		-		1,957		-		1,957
Los Angeles, CA		2,526		-		-		2,526		3,735		2,670

Mid-Atlantic Region
Metropolitan DC		2,136		1,901		1,374		2,085		-		2,085
Baltimore, MD		1,634		-		-		1,634		-		1,634
Richmond, VA		1,518		-		-		1,518		-		1,518

Northeast Region
Boston, MA		2,626		2,604		-		2,624		2,249		2,614
New York, NY		3,645		3,246		-		3,560		4,097		3,630

Southeast Region
Tampa, FL		1,665		1,369		-		1,614		-		1,614
Orlando, FL		1,465		-		-		1,465		-		1,465
Nashville, TN		1,421		-		-		1,421		-		1,421

Southwest Region
Dallas, TX		1,509		-		1,289		1,437		-		1,437
Austin, TX		1,596		-		-		1,596		-		1,596

Other Markets		2,080		-		-		2,080		2,995		2,164

Weighted Average	$	2,133	$	2,208	$	1,306	$	2,097	$	3,345	$	2,131

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

Attachment 7(D)

UDR, Inc.

Net Operating Income Breakout By Market

June 30, 2021

(Dollars in Thousands)

(Unaudited) (1)


	Three Months Ended June 30, 2021

						UDR's
		Same-Store		Non Same-Store (3)		Share of JVs (3)(4)		Total

Net Operating Income		$	196,689	$	11,947	$	7,936	$	216,572

% of Net Operating Income			90.8%		5.5%		3.7%		100.0%


Three Months Ended June 30, 2021

		As a % of NOI						As a % of NOI
Region		Same-Store		Total		Region		Same-Store		Total

West Region						Southeast Region
Orange County, CA			14.4%		13.4%	Tampa, FL			5.1%		5.3%
San Francisco, CA			8.2%		8.2%	Orlando, FL			3.8%		3.5%
Seattle, WA			6.5%		6.3%	Nashville, TN			3.3%		3.0%
Monterey Penninsula, CA			3.6%		3.2%				12.2%		11.8%
Los Angeles, CA			3.1%		3.2%
			35.8%		34.3%	Southwest Region
						Dallas, TX			5.3%		6.1%
Mid-Atlantic Region						Austin, TX			1.8%		1.7%
Metropolitan DC			17.2%		16.5%				7.1%		7.8%
Baltimore, MD			2.7%		2.4%
Richmond, VA			2.3%		2.1%	Other Markets (2)			6.0%		6.2%
			22.2%		21.0%

Northeast Region
Boston, MA			11.7%		12.0%
New York, NY			5.0%		6.9%
			16.7%		18.9%	Total			100.0%		100.0%

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

Attachment 8(A)

UDR, Inc.

Same-Store Operating Information By Major Market

Current Quarter vs. Prior Year Quarter

June 30, 2021

(Unaudited) (1)



****		% of Same-	Same-Store
	Total	Store Portfolio
	Same-Store	Based on	Physical Occupancy			Total Revenue per Occupied Home
	Homes	2Q 2021 NOI	2Q 21	2Q 20	Change	2Q 21		2Q 20		Change

West Region
Orange County, CA	4,950	14.4%	97.8%	96.0%	1.8%	$	2,531	$	2,513	0.7%
San Francisco, CA	2,751	8.2%	95.5%	92.9%	2.6%		2,972		3,647	-18.5%
Seattle, WA	2,725	6.5%	97.4%	96.6%	0.8%		2,295		2,463	-6.8%
Monterey Peninsula, CA	1,565	3.6%	97.3%	96.8%	0.5%		1,957		1,918	2.0%
Los Angeles, CA	1,225	3.1%	95.9%	95.8%	0.1%		2,526		2,793	-9.6%
	13,216	35.8%	97.0%	95.6%	1.4%		2,504		2,687	-6.8%

Mid-Atlantic Region
Metropolitan DC	8,003	17.2%	96.7%	96.6%	0.1%		2,136		2,141	-0.2%
Baltimore, MD	1,597	2.7%	98.2%	97.2%	1.0%		1,634		1,611	1.4%
Richmond, VA	1,359	2.3%	98.4%	97.4%	1.0%		1,518		1,414	7.4%
	10,959	22.2%	97.1%	96.8%	0.3%		1,984		1,973	0.6%

Northeast Region
Boston, MA	4,139	11.7%	96.8%	94.4%	2.4%		2,626		2,691	-2.4%
New York, NY	1,825	5.0%	96.7%	93.1%	3.6%		3,645		4,121	-11.6%
	5,964	16.7%	96.8%	94.0%	2.8%		2,938		3,124	-6.0%

Southeast Region
Tampa, FL	3,202	5.1%	97.9%	96.8%	1.1%		1,665		1,558	6.9%
Orlando, FL	2,500	3.8%	97.7%	97.2%	0.5%		1,465		1,398	4.8%
Nashville, TN	2,260	3.3%	97.7%	97.9%	-0.2%		1,421		1,362	4.3%
	7,962	12.2%	97.7%	97.2%	0.5%		1,535		1,452	5.7%

Southwest Region
Dallas, TX	3,865	5.3%	96.7%	96.6%	0.1%		1,509		1,480	2.0%
Austin, TX	1,272	1.8%	98.6%	97.8%	0.8%		1,596		1,522	4.9%
	5,137	7.1%	97.1%	96.9%	0.2%		1,532		1,490	2.8%

Other Markets	2,736	6.0%	97.8%	96.2%	1.6%		2,080		2,014	3.3%

Total/Weighted Avg.	45,974	100.0%	97.2%	96.1%	1.1%	$	2,133	$	2,180	-2.1%

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

Attachment 8(B)

UDR, Inc.

Same-Store Operating Information By Major Market

Current Quarter vs. Prior Year Quarter

June 30, 2021

(Unaudited) (1)


****			Same-Store (000s)

	Total
	Same-Store	Revenues				Expenses					Net Operating Income
	Homes	2Q 21			Change	2Q 21		2Q 20		Change	2Q 21		2Q 20		Change

West Region
Orange County, CA	4,950	$	36,755	35,826	2.6%	$	8,459	$	8,308	1.8%	$	28,296	$	27,518	2.8%
San Francisco, CA	2,751		23,423	27,962	-16.2%		7,339		7,041	4.2%		16,084		20,921	-23.1%
Seattle, WA	2,725		18,276	19,450	-6.0%		5,514		5,230	5.4%		12,762		14,220	-10.3%
Monterey Peninsula, CA	1,565		8,940	8,718	2.5%		1,935		1,854	4.4%		7,005		6,864	2.1%
Los Angeles, CA	1,225		8,902	9,833	-9.5%		2,780		2,755	0.9%		6,122		7,078	-13.5%
	13,216		96,296	101,789	-5.4%		26,027		25,188	3.3%		70,269		76,601	-8.3%

Mid-Atlantic Region
Metropolitan DC	8,003		49,584	49,659	-0.2%		15,703		15,056	4.3%		33,881		34,603	-2.1%
Baltimore, MD	1,597		7,688	7,501	2.5%		2,420		2,317	4.4%		5,268		5,184	1.6%
Richmond, VA	1,359		6,090	5,612	8.5%		1,506		1,470	2.4%		4,584		4,142	10.7%
	10,959		63,362	62,772	0.9%		19,629		18,843	4.2%		43,733		43,929	-0.4%

Northeast Region
Boston, MA	4,139		31,566	31,544	0.1%		8,623		8,124	6.1%		22,943		23,420	-2.0%
New York, NY	1,825		19,297	21,007	-8.1%		9,401		8,590	9.4%		9,896		12,417	-20.3%
	5,964		50,863	52,551	-3.2%		18,024		16,714	7.8%		32,839		35,837	-8.4%

Southeast Region
Tampa, FL	3,202		15,659	14,485	8.1%		5,683		5,502	3.3%		9,976		8,983	11.1%
Orlando, FL	2,500		10,733	10,189	5.3%		3,172		3,049	4.0%		7,561		7,140	5.9%
Nashville, TN	2,260		9,415	9,039	4.2%		2,884		2,810	2.7%		6,531		6,229	4.8%
	7,962		35,807	33,713	6.2%		11,739		11,361	3.3%		24,068		22,352	7.7%

Southwest Region
Dallas, TX	3,865		16,916	16,568	2.1%		6,523		6,716	-2.9%		10,393		9,852	5.5%
Austin, TX	1,272		6,006	5,682	5.7%		2,403		2,332	3.0%		3,603		3,350	7.6%
	5,137		22,922	22,250	3.0%		8,926		9,048	-1.4%		13,996		13,202	6.0%

Other Markets	2,736		16,698	15,906	5.0%		4,914		4,798	2.4%		11,784		11,108	6.1%

Total (2)(3)	45,974	$	285,948	288,981	-1.0%	$	89,259	$	85,952	3.8%	$	196,689	$	203,029	-3.1%

All values are in US Dollars.

(1)	See Attachment 16 for definitions and other terms.
(2)	2Q 21 includes an incremental reserve (reflected as a reduction to revenues) of approximately $0.2 million or 0.1% of billed residential revenue on our Same-Store Communities. The reserve is based on probability of collection.
---	---
(3)	With concessions reflected on a straight-line basis, Same-Store revenue and Same-Store NOI decreased year-over-year by 1.8% and 4.1%, respectively. See Attachment 16(C) for definitions and reconciliations.
---	---

Attachment 8(C)

UDR, Inc.

Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

June 30, 2021

(Unaudited) (1)


****		Same-Store
	Total
	Same-Store	Physical Occupancy			Total Revenue per Occupied Home
	Homes	2Q 21	1Q 21	Change	2Q 21		1Q 21		Change

West Region
Orange County, CA	4,950	97.8%	97.1%	0.7%	$	2,531	$	2,463	2.8%
San Francisco, CA	2,751	95.5%	92.8%	2.7%		2,972		3,088	-3.8%
Seattle, WA	2,725	97.4%	96.3%	1.1%		2,295		2,324	-1.2%
Monterey Peninsula, CA	1,565	97.3%	96.4%	0.9%		1,957		1,928	1.5%
Los Angeles, CA	1,225	95.9%	95.0%	0.9%		2,526		2,547	-0.8%
	13,216	97.0%	95.8%	1.2%		2,504		2,504	0.0%

Mid-Atlantic Region
Metropolitan DC	8,003	96.7%	95.9%	0.8%		2,136		2,090	2.2%
Baltimore, MD	1,597	98.2%	98.4%	-0.2%		1,634		1,624	0.6%
Richmond, VA	1,359	98.4%	98.5%	-0.1%		1,518		1,452	4.5%
	10,959	97.1%	96.6%	0.5%		1,984		1,940	2.3%

Northeast Region
Boston, MA	4,139	96.8%	95.9%	0.9%		2,626		2,623	0.1%
New York, NY	1,825	96.7%	94.6%	2.1%		3,645		3,833	-4.9%
	5,964	96.8%	95.5%	1.3%		2,938		2,990	-1.7%

Southeast Region
Tampa, FL	3,202	97.9%	97.1%	0.8%		1,665		1,629	2.2%
Orlando, FL	2,500	97.7%	96.8%	0.9%		1,465		1,426	2.7%
Nashville, TN	2,260	97.7%	97.7%	0.0%		1,421		1,386	2.5%
	7,962	97.7%	97.2%	0.5%		1,535		1,496	2.6%

Southwest Region
Dallas, TX	3,865	96.7%	96.7%	0.0%		1,509		1,480	2.0%
Austin, TX	1,272	98.6%	97.3%	1.3%		1,596		1,533	4.1%
	5,137	97.1%	96.9%	0.2%		1,532		1,492	2.7%

Other Markets	2,736	97.8%	97.2%	0.6%		2,080		2,026	2.7%

Total/Weighted Avg.	45,974	97.2%	96.4%	0.8%	$	2,133	$	2,113	0.9%

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

Attachment 8(D)

UDR, Inc.

Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

June 30, 2021

(Unaudited) (1)


****			Same-Store (000s)
	Total
	Same-Store	Revenues				Expenses					Net Operating Income
	Homes	2Q 21			Change	2Q 21		1Q 21		Change	2Q 21		1Q 21		Change

West Region
Orange County, CA	4,950	$	36,755	35,511	3.5%	$	8,459	$	8,252	2.5%	$	28,296	$	27,259	3.8%
San Francisco, CA	2,751		23,423	23,652	-1.0%		7,339		7,365	-0.4%		16,084		16,287	-1.2%
Seattle, WA	2,725		18,276	18,296	-0.1%		5,514		5,639	-2.2%		12,762		12,657	0.8%
Monterey Peninsula, CA	1,565		8,940	8,728	2.4%		1,935		2,006	-3.5%		7,005		6,722	4.2%
Los Angeles, CA	1,225		8,902	8,891	0.1%		2,780		2,729	1.9%		6,122		6,162	-0.7%
	13,216		96,296	95,078	1.3%		26,027		25,991	0.1%		70,269		69,087	1.7%

Mid-Atlantic Region
Metropolitan DC	8,003		49,584	48,132	3.0%		15,703		15,230	3.1%		33,881		32,902	3.0%
Baltimore, MD	1,597		7,688	7,655	0.4%		2,420		2,461	-1.7%		5,268		5,194	1.4%
Richmond, VA	1,359		6,090	5,832	4.4%		1,506		1,526	-1.3%		4,584		4,306	6.5%
	10,959		63,362	61,619	2.8%		19,629		19,217	2.1%		43,733		42,402	3.1%

Northeast Region
Boston, MA	4,139		31,566	31,234	1.1%		8,623		9,166	-5.9%		22,943		22,068	4.0%
New York, NY	1,825		19,297	19,853	-2.8%		9,401		9,893	-5.0%		9,896		9,960	-0.6%
	5,964		50,863	51,087	-0.4%		18,024		19,059	-5.4%		32,839		32,028	2.5%

Southeast Region
Tampa, FL	3,202		15,659	15,190	3.1%		5,683		5,538	2.6%		9,976		9,652	3.4%
Orlando, FL	2,500		10,733	10,354	3.7%		3,172		3,174	-0.1%		7,561		7,180	5.3%
Nashville, TN	2,260		9,415	9,182	2.5%		2,884		2,920	-1.2%		6,531		6,262	4.3%
	7,962		35,807	34,726	3.1%		11,739		11,632	0.9%		24,068		23,094	4.2%

Southwest Region
Dallas, TX	3,865		16,916	16,593	1.9%		6,523		6,382	2.2%		10,393		10,211	1.8%
Austin, TX	1,272		6,006	5,693	5.5%		2,403		2,325	3.3%		3,603		3,368	7.0%
	5,137		22,922	22,286	2.9%		8,926		8,707	2.5%		13,996		13,579	3.1%

Other Markets	2,736		16,698	16,170	3.3%		4,914		4,753	3.4%		11,784		11,417	3.2%

Total (2)(3)	45,974	$	285,948	280,966	1.8%	$	89,259	$	89,359	-0.1%	$	196,689	$	191,607	2.7%

All values are in US Dollars.

(1)	See Attachment 16 for definitions and other terms.
(2)	2Q21 and 1Q21 include incremental reserves (reflected as a reduction to revenues) of approximately $0.2 million and $4.5 million or 0.1% and 1.6%, respectively, of billed residential revenue on our Same-Store Communities. The reserves are based on probability of collection.
---	---
(3)	With concessions reflected on a straight-line basis, Same-Store revenue and Same-Store NOI increased quarter-over-quarter by 1.8% and 2.7%, respectively. See Attachment 16(C) for definitions and reconciliations.
---	---

Attachment 8(E)

UDR, Inc.

Same-Store Operating Information By Major Market

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

June 30, 2021

(Unaudited) (1)


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

West Region
Orange County, CA	4,950	14.5%	97.5%	96.6%	0.9%	$	2,496	$	2,533	-1.5%
San Francisco, CA	2,751	8.4%	94.2%	94.7%	-0.5%		3,028		3,701	-18.2%
Seattle, WA	2,725	6.6%	96.9%	97.1%	-0.2%		2,308		2,505	-7.9%
Monterey Peninsula, CA	1,565	3.6%	96.8%	96.3%	0.5%		1,944		1,937	0.4%
Los Angeles, CA	1,225	3.2%	95.5%	96.4%	-0.9%		2,535		2,867	-11.6%
	13,216	36.3%	96.4%	96.3%	0.1%		2,503		2,727	-8.2%

Mid-Atlantic Region
Metropolitan DC	8,003	17.4%	96.3%	96.9%	-0.6%		2,113		2,167	-2.5%
Baltimore, MD	1,597	2.7%	98.3%	96.6%	1.7%		1,629		1,623	0.4%
Richmond, VA	1,359	2.3%	98.4%	97.3%	1.1%		1,486		1,410	5.4%
	10,959	22.4%	96.9%	96.9%	0.0%		1,962		1,994	-1.6%

Northeast Region
Boston, MA	4,139	11.7%	96.3%	95.1%	1.2%		2,626		2,750	-4.5%
New York, NY	1,825	5.2%	95.6%	95.6%	0.0%		3,740		4,220	-11.4%
	5,964	16.9%	96.1%	95.3%	0.8%		2,965		3,201	-7.4%

Southeast Region
Tampa, FL	2,908	4.6%	97.7%	96.8%	0.9%		1,601		1,530	4.6%
Orlando, FL	2,500	3.8%	97.2%	96.6%	0.6%		1,446		1,409	2.6%
Nashville, TN	2,260	3.3%	97.7%	97.8%	-0.1%		1,404		1,361	3.2%
	7,668	11.7%	97.5%	97.0%	0.5%		1,492		1,441	3.6%

Southwest Region
Dallas, TX	3,865	5.4%	96.7%	96.8%	-0.1%		1,494		1,494	0.0%
Austin, TX	1,272	1.8%	97.9%	97.7%	0.2%		1,566		1,536	2.0%
	5,137	7.2%	97.0%	97.0%	0.0%		1,512		1,504	0.5%

Other Markets	2,460	5.5%	97.6%	96.2%	1.4%		2,082		2,059	1.1%

Total/Weighted Avg.	45,404	100.0%	96.8%	96.5%	0.3%	$	2,125	$	2,217	-4.1%

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

Attachment 8(F)

UDR, Inc.

Same-Store Operating Information By Major Market

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

June 30, 2021

(Unaudited) (1)


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

West Region
Orange County, CA	4,950	$	72,266	72,675	-0.6%	$	16,711	$	16,908	-1.2%	$	55,555	$	55,767	-0.4%
San Francisco, CA	2,751		47,075	57,853	-18.6%		14,704		14,332	2.6%		32,371		43,521	-25.6%
Seattle, WA	2,725		36,572	39,774	-8.1%		11,153		10,499	6.2%		25,419		29,275	-13.2%
Monterey Peninsula, CA	1,565		17,668	17,513	0.9%		3,941		3,797	3.8%		13,727		13,716	0.1%
Los Angeles, CA	1,225		17,793	20,311	-12.4%		5,509		5,569	-1.1%		12,284		14,742	-16.7%
	13,216		191,374	208,126	-8.0%		52,018		51,105	1.8%		139,356		157,021	-11.2%

Mid-Atlantic Region
Metropolitan DC	8,003		97,716	100,809	-3.1%		30,933		30,334	2.0%		66,783		70,475	-5.2%
Baltimore, MD	1,597		15,343	15,022	2.1%		4,881		4,568	6.9%		10,462		10,454	0.1%
Richmond, VA	1,359		11,922	11,178	6.7%		3,032		2,862	5.9%		8,890		8,316	6.9%
	10,959		124,981	127,009	-1.6%		38,846		37,764	2.9%		86,135		89,245	-3.5%

Northeast Region
Boston, MA	4,139		62,800	64,958	-3.3%		17,789		17,012	4.6%		45,011		47,946	-6.1%
New York, NY	1,825		39,150	44,180	-11.4%		19,294		17,271	11.7%		19,856		26,909	-26.2%
	5,964		101,950	109,138	-6.6%		37,083		34,283	8.2%		64,867		74,855	-13.3%

Southeast Region
Tampa, FL	2,908		27,285	25,845	5.6%		9,514		9,096	4.6%		17,771		16,749	6.1%
Orlando, FL	2,500		21,087	20,413	3.3%		6,346		5,984	6.0%		14,741		14,429	2.2%
Nashville, TN	2,260		18,597	18,045	3.1%		5,804		5,190	11.8%		12,793		12,855	-0.5%
	7,668		66,969	64,303	4.1%		21,664		20,270	6.9%		45,305		44,033	2.9%

Southwest Region
Dallas, TX	3,865		33,509	33,533	-0.1%		12,905		13,197	-2.2%		20,604		20,336	1.3%
Austin, TX	1,272		11,699	11,454	2.1%		4,728		4,596	2.9%		6,971		6,858	1.6%
	5,137		45,208	44,987	0.5%		17,633		17,793	-0.9%		27,575		27,194	1.4%

Other Markets	2,460		29,987	29,242	2.5%		8,817		8,706	1.3%		21,170		20,536	3.1%

Total (2)(3)	45,404	$	560,469	582,805	-3.8%	$	176,061	$	169,921	3.6%	$	384,408	$	412,884	-6.9%

All values are in US Dollars.

(1)	See Attachment 16 for definitions and other terms.
(2)	YTD 21 includes an incremental reserve (reflected as a reduction to revenues) of approximately $4.6 million or 0.8%, of billed residential revenue on our Same-Store Communities. The reserve is based on probability of collection.
---	---
(3)	With concessions reflected on a straight-line basis, Same-Store revenue and Same-Store NOI decreased year-over-year by 4.3% and 7.6%, respectively. See Attachment 16(C) for definitions and reconciliations.
---	---

Attachment 8(G)

UDR, Inc.

Same-Store Operating Information By Major Market

June 30, 2021

(Unaudited) (1)


	Effective Blended Lease Rate Growth	Effective New Lease Rate Growth	Effective Renewal Lease Rate Growth	Annualized Turnover
	2Q 2021	2Q 2021	2Q 2021	2Q 2021	2Q 2020	YTD 2021	YTD 2020

West Region
Orange County, CA	3.4%	2.7%	4.2%	43.3%	51.0%	42.7%	46.6%
San Francisco, CA	-10.8%	-15.2%	-2.7%	42.9%	59.6%	42.1%	50.9%
Seattle, WA	1.3%	1.0%	1.7%	50.6%	49.3%	50.8%	48.5%
Monterey Peninsula, CA	6.3%	10.8%	3.5%	28.7%	34.6%	29.5%	36.9%
Los Angeles, CA	-7.6%	-11.0%	2.1%	36.0%	35.4%	38.8%	33.6%
	-1.5%	-4.0%	1.8%	43.3%	50.4%	43.2%	46.2%

Mid-Atlantic Region
Metropolitan DC	-1.7%	-6.5%	3.7%	47.8%	42.9%	41.5%	35.7%
Baltimore, MD	5.8%	7.8%	3.9%	52.5%	48.5%	42.7%	42.6%
Richmond, VA	9.0%	12.4%	6.4%	53.1%	46.1%	41.8%	45.0%
	0.3%	-3.2%	4.0%	49.3%	44.2%	41.7%	38.2%

Northeast Region
Boston, MA	1.1%	-0.8%	3.0%	51.7%	55.0%	41.2%	43.2%
New York, NY	-8.5%	-14.5%	-0.5%	46.6%	68.4%	37.7%	45.0%
	-2.4%	-6.1%	1.8%	50.3%	59.8%	40.2%	43.8%

Southeast Region
Tampa, FL	11.3%	13.9%	8.7%	50.4%	58.5%	49.1%	53.6%
Orlando, FL	5.9%	6.5%	5.1%	52.0%	47.8%	47.5%	46.0%
Nashville, TN	4.3%	3.4%	5.2%	57.1%	45.6%	49.3%	44.3%
	7.8%	8.8%	6.8%	52.9%	52.1%	48.6%	48.9%

Southwest Region
Dallas, TX	4.2%	2.8%	6.1%	47.4%	47.2%	47.9%	44.0%
Austin, TX	6.3%	6.4%	6.2%	51.1%	44.1%	47.7%	43.5%
	4.8%	3.7%	6.2%	48.4%	46.5%	47.9%	43.9%

Other Markets	6.9%	8.2%	5.5%	43.0%	45.3%	40.9%	42.2%

Total/Weighted Avg.	0.9%	-1.4%	3.5%	47.5%	49.2%	43.5%	43.8%


2Q 2021 Percentage of Total Repriced Homes		52.1%	47.9%

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

Attachment 9

UDR, Inc.

Development Summary

June 30, 2021

(Dollars in Thousands)

(Unaudited) (1)


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

Projects Under Construction

Cirrus	Denver, CO		292	-	$	83,154	$	97,500	$	334		3Q19	4Q21	1Q22	-	-
5421 at Dublin Station	Dublin, CA		220	-		78,515		117,000		532		4Q19	4Q21	2Q22	-	-
The George Apartments (2)	King of Prussia, PA		200	-		32,837		68,000		340		4Q20	2Q22	3Q22	-	-
Vitruvian West Phase 3	Addison, TX		405	-		28,065		74,000		183		1Q21	2Q22	1Q23	-	-
The MO (3)	Washington, DC		300	-		64,354		145,000		483		3Q20	1Q23	2Q23	-	-

Total Under Construction			1,417	-	$	286,925	$	501,500	$	354

Completed Projects, Non-Stabilized

Vitruvian West Phase 2	Addison, TX		366	366	$	60,657	$	64,000	$	175		1Q19	2Q20	1Q21	99.2%	97.0%

Total Completed, Non-Stabilized			366	366	$	60,657	$	64,000	$	175

Total - Wholly Owned			1,783	366	$	347,582	$	565,500	$	317


NOI From Wholly-Owned Projects
		2Q 21

Projects Under Construction		$	(71)
Completed, Non-Stabilized			665
Total		$	594

(1)	See Attachment 16 for definitions and other terms.
(2)	Formerly known as Village at Valley Forge.
---	---
(3)	Formerly known as 440 Penn Street.
---	---

Attachment 10

UDR, Inc.

Redevelopment Summary

June 30, 2021

(Dollars in Thousands)

(Unaudited) (1)


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

Projects in Redevelopment

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






			Sched.								Schedule
		# of	Home	Compl.	Cost to		Budgeted		Est. Cost
Community	Location	Homes	Additions	Homes	Date		Cost (2)		per Home		Start	Compl.

Other Projects

Eight80 Newport Beach (3)	Newport Beach, CA	30	30	-	$	1,365	$	12,100	$	403	1Q21	2Q22
388 Beale (3)	San Francisco, CA	13	13	-		1,542		6,000		462	2Q21	1Q22
Total		43	43	-	$	2,907	$	18,100	$	421

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

Attachment 11

UDR, Inc.

Land Summary

June 30, 2021

(Dollars in Thousands)

(Unaudited) (1)


		UDR Ownership	Real Estate
Parcel	Location	Interest	Cost Basis

Vitruvian Park®	Addison, TX	100%	$	44,638
Alameda Point Block 11	Alameda, CA	100%		26,476
Meridian	Tampa, FL	100%		6,705
Total			$	77,819

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

Attachment 12(A)

UDR, Inc.

Unconsolidated Summary

June 30, 2021

(Dollars in Thousands)

(Unaudited) (1)



****								Physical		Total Rev. per		Net Operating Income
	Own.		# of			# of		Occupancy		Occ. Home		UDR's Share				Total
Portfolio Characteristics	Interest		Comm.			Homes		2Q 21		2Q 21		2Q 21		YTD 21		YTD 21 (2)

UDR / MetLife Operating communities		50%		13		2,837		95.7%		$	3,345	$	7,936	$	16,323	$	32,488




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

UDR / MetLife Operating communities	$	1,701,130	$	862,102	$	289,110		3.37%		2024-2031




	Joint Venture
	Same-Store		2Q 21 vs. 2Q 20 Growth						****	2Q 21 vs. 1Q 21 Growth
Joint Venture Same-Store Growth	Communities (4)		Revenue		Expense			NOI		Revenue		Expense		NOI
UDR / MetLife	13		-12.1%		12.8%			-24.7%		-0.9%		6.1%		-5.6%




	Joint Venture
	Same-Store		YTD 21 vs. YTD 20 Growth
Joint Venture Same-Store Growth	Communities (4)		Revenue		Expense			NOI

UDR / MetLife	13		-15.2%		6.4%			-25.9%





							Income/(Loss)
	UDR Investment (6)						from Investments
Other Unconsolidated Investments (5)	Commitment		Funded		Balance		2Q 21 (7)

RETV I	$	18,000	$	12,780	$	28,696	$	6,055
RETV II		18,000		3,600		3,471		163
Total	$	36,000	$	16,380	$	32,167	$	6,218

(1)	See Attachment 16 for definitions and other terms.
(2)	Represents NOI at 100% for the period ended June 30, 2021.
---	---
(3)	Joint ventures and partnerships represented at 100%. Debt balances are presented net of deferred financing costs.
---	---
(4)	Joint Venture Same-Store growth is presented at UDR's ownership interest.
---	---
(5)	Other unconsolidated investments represent UDR's investment in real estate technology funds.
---	---
(6)	Investment commitment represents maximum equity and therefore excludes realized/unrealized gain/(loss). Investment funded represents cash funded towards the investment commitment. Investment balance includes amount funded plus realized/unrealized gain/(loss), less distributions received prior to the period end.
---	---
(7)	Income/(loss) from investments is added back/deducted from FFOA.
---	---

Attachment 12(B)

UDR, Inc.

Developer Capital Program

June 30, 2021

(Dollars in Thousands)

(Unaudited) (1)


Developer Capital Program (2)

									Income from
		# of	UDR Investment				Return	Years to	Investment		Upside
Community	Location	Homes	Commitment (3)		Balance (3)		Rate	Maturity	2Q 2021		Participation

Preferred Equity

1532 Harrison	San Francisco, CA	136	$	24,645	$	36,040	11.0%	1.0	$	963	-
Junction	Santa Monica, CA	66		8,800		12,413	12.0%	1.1		364	-
1200 Broadway	Nashville, TN	313		55,558		59,354	12.25%	1.2		1,727	Variable
1300 Fairmount	Philadelphia, PA	471		51,393		62,075	8.5%	2.1		1,275	Variable
Essex	Orlando, FL	330		12,886		17,085	12.5%	2.1		543	-
Modera Lake Merritt	Oakland, CA	173		27,250		32,334	9.0%	2.8		714	Variable
Thousand Oaks	Thousand Oaks, CA	142		20,059		21,759	9.0%	3.6		481	Variable
Vernon Boulevard	Queens, NY	534		40,000		45,169	13.0%	4.0		1,431	Variable
Makers Rise	Herndon, VA	356		30,208		9,176	9.0%	4.5		171	Variable
121 at Watters (4)	Allen, TX	469		19,846		2,179	9.0%	4.7		226	Variable
Infield Phase I	Kissimmee, FL	384		16,044		-	14.0%	2.9		-	-

Total - Preferred Equity		3,374	$	306,689	$	297,584	10.7%	2.7	$	7,895

Secured Loans

Brio (5)	Bellevue, WA	259	$	115,000	$	124,111	4.8%	1.3	$	1,347	Purchase Option
Infield Phase II (6)	Kissimmee, FL	-		2,760		2,804	14.0%	0.9		30	-
Total - Secured Loans		259	$	117,760	$	126,915	5.0%	1.3	$	1,377

Total - Developer Capital Program		3,633	$	424,449	$	424,499	9.0%	2.3	$	9,272

(1)	See Attachment 16 for definitions and other terms.
(2)	UDR's investments are reflected as investment in and advances to unconsolidated joint ventures or notes receivable, net on the Consolidated Balance Sheets and income/(loss) from unconsolidated entities or interest and other income/(expense), net on the Consolidated Statements of Operations in accordance with GAAP.
---	---
(3)	Investment commitment represents maximum loan principal or equity and therefore excludes accrued return. Investment balance includes amount funded plus accrued return prior to the period end.
---	---
(4)	At June 30, 2021, a portion of UDR's initial investment balance of $8.0 million is reflected as restricted cash on the Consolidated Balance Sheets.
---	---
(5)	In November 2019, UDR made a $115.0 million secured loan to a third-party developer to finance a 259 apartment home community that was completed in 2020. UDR also entered into a purchase option agreement at the time the loan was funded which gave UDR the option to acquire the community at a fixed price. The option was exercised in August 2020, and UDR acquired and consolidated the community on July 1, 2021. In connection with the acquisition of the community, the loan and the unpaid accrued interest were paid in full. As of June 30, 2021, the loan is secured by the community and is reflected in notes receivable, net on the Consolidated Balance Sheets and interest and other income/(expense), net on the Consolidated Statements of Operations in accordance with GAAP.
---	---
(6)	In May 2021, UDR made a $2.8 million secured loan to a third-party developer to acquire a parcel of land upon which the developer plans to construct an apartment community. The loan is secured by the land parcel and related assets, and, as of the end of the quarter, was reflected in notes receivable, net on the Consolidated Balance Sheets and interest and other income/(expense), net on the Consolidated Statements of Operations in accordance with GAAP.
---	---

Attachment 13

UDR, Inc.

Acquisitions, Dispositions and Developer Capital Program Investments Summary

June 30, 2021

(Dollars in Thousands)

(Unaudited) (1)


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

Developer Capital Program - Investment

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




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

Acquisitions - Wholly-Owned

Jan-21	Union Place	Franklin, MA	0%	100%	$	77,400	$	51,800	300	$	258
Apr-21	The Canal	Farmers Branch, TX	0%	100%		110,200		42,000	636		173
May-21	Cool Springs at Frisco Bridges	Frisco, TX	0%	100%		166,900		89,510	945		177
Jun-21	Seneca Place	Germantown, MD	0%	100%		121,900		-	468		260
					$	476,400	$	183,310	2,349	$	203

Acquisitions - Wholly-Owned Land

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




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

Dispositions - Wholly-Owned

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


Dispositions - Joint Venture

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

(1)	See Attachment 16 for definitions and other terms.
(2)	Price represents 100% of assets. Debt represents 100% of the asset's indebtedness.
---	---
(3)	UDR recorded a gain on sale of approximately $50.8 million during the six months ended June 30, 2021, which is included in gain/(loss) on sale of real estate owned.
---	---
(4)	UDR recorded a gain on sale of approximately $2.5 million during the six months ended June 30, 2021, which is included in income/(loss) from unconsolidated entites.
---	---

Attachment 14

UDR, Inc.

Capital Expenditure and Repair and Maintenance Summary

June 30, 2021

(In thousands, except Cost per Home)

(Unaudited) (1)


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

Average number of homes (3)			49,420					48,772

Recurring Cap Ex
Asset preservation
Building interiors	5 - 20	$	6,620	$	134		$	11,149	$	229
Building exteriors	5 - 20		4,292		87			5,931		122
Landscaping and grounds	10		1,361		28			2,014		41
Total asset preservation			12,273		248			19,094		391

Turnover related	5		3,556		72			6,489		133

Total Recurring Cap Ex			15,829		320	8%		25,583		525	6%

NOI Enhancing Cap Ex	5 - 20		11,366		230			20,459		419

Total Recurring and NOI Enhancing Cap Ex		$	27,195	$	550		$	46,042	$	944


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

Average number of homes (3)			49,420					48,772

Contract services		$	8,328	$	169		$	15,753	$	323

Turnover related expenses			4,723		96			9,086		186

Other Repair and Maintenance
Building interiors			2,646		54			4,674		96
Building exteriors			664		13			1,282		26
Landscaping and grounds			188		4			1,275		26
Total Repair and Maintenance		$	16,549	$	335		$	32,070	$	658

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

Attachment 15

UDR, Inc.

3Q 2021 and Full-Year 2021 Guidance

June 30, 2021

(Unaudited) (1)


		Full-Year 2021 Guidance
				Change from
Net Income, FFO, FFO as Adjusted and AFFO per Share and Unit Guidance	3Q 2021	Full-Year 2021	Prior Guidance	Prior Midpoint

Income/(loss) per weighted average common share, diluted	$0.02 to $0.04	$0.12 to $0.16	$0.07 to $0.13	$0.04
FFO per common share and unit, diluted	$0.49 to $0.51	$1.85 to $1.89	$1.79 to $1.85	$0.05
FFO as Adjusted per common share and unit, diluted	$0.49 to $0.51	$1.97 to $2.01	$1.94 to $2.00	$0.02
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted	$0.44 to $0.46	$1.79 to $1.83	$1.76 to $1.82	$0.02
Annualized dividend per share and unit		$1.45	$1.45	$0.00

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

Revenue growth / (decline) (Cash basis)		(0.25%) - 0.75%	(1.25%) - 0.50%	0.625%
Revenue growth / (decline) (Straight-line basis)		(2.25%) - (1.25%)	(3.25%) - (1.50%)	0.625%
Expense growth		1.00% - 3.00%	1.00% - 3.00%	-
NOI growth / (decline) (Cash basis)		(1.00%) - 0.50%	(2.25%) - 0.00%	0.875%
NOI growth / (decline) (Straight-line basis)		(3.50%) - (2.00%)	(4.75%) - (2.50%)	0.875%

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

AFFO less Dividends		$99 to $123	$90 to $120	$6
Debt Issuances/Assumptions and LOC Draw/Paydown		$200 to $675	$350 to $550	($13)
Dispositions		$310	$187	$123
Equity Issuance (Forward settlement)		$830	$405	$425

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

Debt maturities inclusive of principal amortization (2)		$380	$380	-
Development spending and land acquisitions		$150 to $225	$150 to $225	-
Redevelopment and other non-recurring		$40 to $60	$30 to $50	$10
Developer Capital Program, net		$45 to $55	$45 to $55	-
Acquisitions		$755 to $1,150	$360 to $500	$522.5
NOI enhancing capital expenditures inclusive of Kitchen and Bath		$45 to $50	$40 to $45	$5

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

Consolidated interest expense, net of capitalized interest and adjustments for FFO as Adjusted		$140 to $144	($140) to ($146)	($1)
Capitalized interest (3)		$8 to $10	$8 to $10	-
General and administrative		$52 to $56	($48) to ($55)	$2.5
Recurring capital expenditures per home		$1,200	$1,200	-

(1)	See Attachment 16 for definitions and other terms.
(2)	Excludes short-term maturities related to the Company's unsecured commercial paper program. Includes the prepayment costs and net proceeds associated with the Columbus Square refinance which occurred in January 2021 and the make-whole premium associated with the early retirement of the $300M MTNs set to mature in 2025 which occurred in March of 2021.
---	---
(3)	Excludes capitalized interest on joint venture and partnership level debt.
---	---

Attachment 16(A)

UDR, Inc.

Definitions and Reconciliations

June 30, 2021

(Unaudited)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Attachment 16(B)

UDR, Inc.

Definitions and Reconciliations

June 30, 2021

(Unaudited)

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

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

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

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

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

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


In thousands	2Q 2021		YTD 2021
Income/(loss) from unconsolidated entities	$	9,751	$	14,673
Management fee		503		973
Financing fee		-		287
Interest expense		3,717		8,148
Debt extinguishment and other associated costs		-		1,395
Depreciation		7,930		16,135
General and administrative		65		129
Developer Capital Program (excludes Alameda Point Block 11, Brio and Infield Phase II)		(7,895)		(14,922)
Other (income)/expense		78		215
Realized/unrealized (gain)/loss on unconsolidated real estate technology investments		(6,218)		(8,168)
NOI related to sold properties		5		(82)
(Gain)/loss on sales		-		(2,460)
Total Joint Venture NOI at UDR's Ownership Interest	$	7,936	$	16,323

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

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


In thousands	2Q 2021		1Q 2021		4Q 2020		3Q 2020		2Q 2020
Net income/(loss) attributable to UDR, Inc.	$	11,720	$	3,104	$	26,532	$	(25,258)	$	57,771
Property management		9,273		8,995		8,659		8,879		8,797
Other operating expenses		4,373		4,435		6,153		5,543		6,100
Real estate depreciation and amortization		146,169		144,088		146,135		151,949		155,056
Interest expense		35,404		78,156		62,524		62,268		38,597
Casualty-related charges/(recoveries), net		(2,463)		5,577		778		-		102
General and administrative		15,127		12,736		11,978		11,958		10,971
Tax provision/(benefit), net		135		619		668		187		1,526
(Income)/loss from unconsolidated entities		(9,751)		(4,922)		(4,516)		(2,940)		(8,021)
Interest income and other (income)/expense, net		(2,536)		(2,057)		1,030		(2,183)		(2,421)
Joint venture management and other fees		(2,232)		(1,615)		(1,208)		(1,199)		(1,274)
Other depreciation and amortization		2,602		2,601		2,074		3,887		2,027
(Gain)/loss on sale of real estate owned		-		(50,829)		(57,974)		-		(61,303)
Net income/(loss) attributable to noncontrolling interests		815		170		2,019		(1,959)		4,325
Total consolidated NOI	$	208,636	$	201,058	$	204,852	$	211,132	$	212,253

Attachment 16(C)

UDR, Inc.

Definitions and Reconciliations

June 30, 2021

(Unaudited)

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

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

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

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

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

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

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

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

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

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

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


	2Q 21		2Q 20		2Q 21		1Q 21		YTD 21		YTD 20
Revenue (Cash basis)	$	285,948	$	288,981	$	285,948	$	280,966	$	560,469	$	582,805
Concessions granted/(amortized), net		(1,331)		726		(1,331)		(1,444)		(2,680)		121
Revenue (Straight-line basis)	$	284,617	$	289,707	$	284,617	$	279,522	$	557,789	$	582,926

% change - Same-Store Revenue with Concessions on a Cash basis:		-1.0%				1.8%				-3.8%
% change - Same-Store Revenue with Concessions on a Straight-line basis:		-1.8%				1.8%				-4.3%

% change - Same-Store NOI with Concessions on a Cash basis:		-3.1%				2.7%				-6.9%
% change - Same-Store NOI with Concessions on a Straight-line basis:		-4.1%				2.7%				-7.6%

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

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

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

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

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

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

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

Attachment 16(D)

UDR, Inc.

Definitions and Reconciliations

June 30, 2021

(Unaudited)

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


	Full-Year 2021
	Low		High

Forecasted net income per diluted share	$	0.12	$	0.16
Conversion from GAAP share count		(0.02)		(0.02)
Net gain on the sale of depreciable real estate owned		(0.16)		(0.16)
Depreciation		1.89		1.89
Noncontrolling interests		0.01		0.01
Preferred dividends		0.01		0.01
Forecasted FFO per diluted share and unit	$	1.85	$	1.89
Legal and other costs		-		-
Debt extinguishment and other associated costs		0.14		0.14
Casualty-related charges/(recoveries)		0.01		0.01
Realized/unrealized gain on unconsolidated real estate technology investments, net of tax		(0.03)		(0.03)
Forecasted FFO as Adjusted per diluted share and unit	$	1.97	$	2.01
Recurring capital expenditures		(0.18)		(0.18)
Forecasted AFFO per diluted share and unit	$	1.79	$	1.83


	3Q 2021
	Low		High

Forecasted net income per diluted share	$	0.02	$	0.04
Conversion from GAAP share count		(0.01)		(0.01)
Depreciation		0.48		0.48
Noncontrolling interests		-		-
Preferred dividends		-		-
Forecasted FFO per diluted share and unit	$	0.49	$	0.51
Legal and other costs		-		-
Debt extinguishment and other associated costs		-		-
Casualty-related charges/(recoveries)		-		-
Realized/unrealized gain on unconsolidated real estate technology investments, net of tax		-		-
Forecasted FFO as Adjusted per diluted share and unit	$	0.49	$	0.51
Recurring capital expenditures		(0.05)		(0.05)
Forecasted AFFO per diluted share and unit	$	0.44	$	0.46