Exhibit 99.2

Financial Highlights

UDR, Inc.

As of End of Fourth Quarter 2021

(Unaudited) (1)


	Actual Results	Actual Results	Guidance as of December 31, 2021
Dollars in thousands, except per share and unit	4Q 2021	YTD 2021	1Q 2022	Full-Year 2022

GAAP Metrics
Net income/(loss) attributable to UDR, Inc.	$117,461	$150,016	--	--
Net income/(loss) attributable to common stockholders	$116,403	$145,787	--	--
Income/(loss) per weighted average common share, diluted	$0.37	$0.48	$0.02 to $0.04	$0.22 to $0.30

Per Share Metrics
FFO per common share and unit, diluted	$0.63	$2.02	$0.53 to $0.55	$2.22 to $2.30
FFO as Adjusted per common share and unit, diluted	$0.54	$2.01	$0.53 to $0.55	$2.22 to $2.30
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted	$0.47	$1.82	$0.50 to $0.52	$2.02 to $2.10
Dividend declared per share and unit	$0.3625	$1.4500	$0.38	$1.52 (2)

Same-Store Operating Metrics
Revenue growth/(decline) (Cash basis)	9.0%	1.5%	--	6.50% - 8.50%
Revenue growth/(decline) (Straight-line basis)	5.8%	-0.4%	--	7.50% - 9.50%
Expense growth	3.8%	3.7%	--	2.50% - 3.50%
NOI growth/(decline) (Cash basis)	11.4%	0.5%	--	8.50% - 11.50%
NOI growth/(decline) (Straight-line basis)	6.6%	-2.2%	--	9.50% - 12.50%
Physical Occupancy	97.1%	97.1%	--	--


Property Metrics	Homes	Communities	% of Total NOI
Same-Store	45,713	143	86.0%
Stabilized, Non-Mature	6,093	14	8.9%
Acquired Communities	1,423	3	1.7%
Non-Residential / Other	N/A	N/A	-0.2%
Joint Venture (3)	2,837	13	3.6%
Total completed homes	56,066	173	100%
Under Development	1,417	5	-
Total Quarter-end homes (3)(4)	57,483	178	100%


Balance Sheet Metrics (adjusted for non-recurring items)
	4Q 2021	4Q 2020
Consolidated Interest Coverage Ratio	5.4x	4.6x
Consolidated Fixed Charge Coverage Ratio	5.2x	4.5x
Consolidated Debt as a percentage of Total Assets	34.0%	34.9%
Consolidated Net Debt-to-EBITDAre	6.4x	6.8x

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

(2)	Annualized for 2022.

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

(4)	Excludes 3,733 homes that are part of the Developer Capital Program as described in Attachment 11(B).

Attachment 1

UDR, Inc.

Consolidated Statements of Operations

(Unaudited) (1)


	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
In thousands, except per share amounts	2021		2020		2021		2020

REVENUES:
Rental income (2)	$	347,024	$	301,176	$	1,284,665	$	1,236,096
Joint venture management and other fees		1,184		1,208		6,102		5,069
Total revenues		348,208		302,384		1,290,767		1,241,165

OPERATING EXPENSES:
Property operating and maintenance		57,670		50,359		218,094		201,944
Real estate taxes and insurance		51,403		45,965		199,446		180,450
Property management		10,411		8,659		38,540		35,538
Other operating expenses		8,604		6,153		21,649		22,762
Real estate depreciation and amortization		163,755		146,135		606,648		608,616
General and administrative		13,868		11,978		57,541		49,885
Casualty-related charges/(recoveries), net		(934)		778		3,748		2,131
Other depreciation and amortization		4,713		2,074		13,185		10,013
Total operating expenses		309,490		272,101		1,158,851		1,111,339

Gain/(loss) on sale of real estate owned		85,223		57,974		136,052		119,277
Operating income		123,941		88,257		267,968		249,103

Income/(loss) from unconsolidated entities (2) (3)		36,523		4,516		65,646		18,844
Interest expense		(36,418)		(37,874)		(143,931)		(153,516)
Debt extinguishment and other associated costs		-		(24,650)		(42,336)		(49,190)
Total interest expense		(36,418)		(62,524)		(186,267)		(202,706)
Interest income and other income/(expense), net (3)		2,254		(1,030)		15,085		6,274

Income/(loss) before income taxes		126,300		29,219		162,432		71,515
Tax (provision)/benefit, net		(156)		(668)		(1,439)		(2,545)

Net Income/(loss)		126,144		28,551		160,993		68,970
Net (income)/loss attributable to redeemable noncontrolling interests in the OP and DownREIT Partnership		(8,652)		(1,929)		(10,873)		(4,543)
Net (income)/loss attributable to noncontrolling interests		(31)		(90)		(104)		(161)

Net income/(loss) attributable to UDR, Inc.		117,461		26,532		150,016		64,266
Distributions to preferred stockholders - Series E (Convertible)		(1,058)		(1,051)		(4,229)		(4,230)

Net income/(loss) attributable to common stockholders	$	116,403	$	25,481	$	145,787	$	60,036


Income/(loss) per weighted average common share - basic:		$0.38		$0.09		$0.49		$0.20
Income/(loss) per weighted average common share - diluted:		$0.37		$0.09		$0.48		$0.20

Common distributions declared per share		$0.3625		$0.3600		$1.4500		$1.4400

Weighted average number of common shares outstanding - basic		310,201		294,301		300,326		294,545
Weighted average number of common shares outstanding - diluted		315,833		294,805		301,703		294,927

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

(2)

During the three months ended December 31, 2021, UDR collected 95.5% of billed residential revenue and 88.0% of billed retail revenue. As a result, UDR reduced its reserves (reflected as an increase to revenues) by approximately 0.5% or $1.7 million, including $0.3 million for UDR’s share from unconsolidated joint ventures, for residential, and increased its reserves (reflected as a reduction to revenues) by approximately 5.2% or $0.4 million, including straight-line rent receivables and $0 for UDR’s share from unconsolidated joint ventures, for retail. The remaining reserves are based on probability of collection.

(3)

During the three months ended December 31, 2021, UDR recorded $35.2 million in investment income from real estate technology investments, primarily due to SmartRent becoming a public company. Of the $35.2 million, $1.5 million was recorded in Interest income and other income/(expense), net and $33.7 million was recorded in Income/(loss) from unconsolidated entities.

Attachment 2

UDR, Inc.

Funds From Operations

(Unaudited) (1)


	Three Months Ended					Twelve Months Ended
	December 31,					December 31,
In thousands, except per share and unit amounts	2021		2020			2021	2020

Net income/(loss) attributable to common stockholders	$	116,403	$	25,481	$	145,787	$	60,036

Real estate depreciation and amortization		163,755		146,135		606,648		608,616
Noncontrolling interests		8,683		2,019		10,977		4,704
Real estate depreciation and amortization on unconsolidated joint ventures		7,903		8,724		31,967		35,023
Net gain on the sale of unconsolidated depreciable property		-		-		(2,460)		-
Net gain on the sale of depreciable real estate owned, net of tax		(85,223)		(57,549)		(136,001)		(118,852)
Funds from operations ("FFO") attributable to common stockholders and unitholders, basic	$	211,521	$	124,810	$	656,918	$	589,527

Distributions to preferred stockholders - Series E (Convertible) (2)		1,058		1,051		4,229		4,230

FFO attributable to common stockholders and unitholders, diluted	$	212,579	$	125,861	$	661,147	$	593,757

FFO per weighted average common share and unit, basic	$	0.64	$	0.39	$	2.04	$	1.86
FFO per weighted average common share and unit, diluted	$	0.63	$	0.39	$	2.02	$	1.85

Weighted average number of common shares and OP/DownREIT Units outstanding, basic		332,396		316,605		322,744		316,855
Weighted average number of common shares, OP/DownREIT Units, and common stock
equivalents outstanding, diluted		338,028		320,027		327,039		320,187

Impact of adjustments to FFO:
Debt extinguishment and other associated costs	$	-	$	24,650	$	42,336	$	49,190
Debt extinguishment and other associated costs on unconsolidated joint ventures		-		-		1,682		-
Legal and other		4,020		5,059		5,319		8,973
Realized (gain)/loss on real estate technology investments, net of tax		(1,435)		545		(1,980)		1,005
Unrealized (gain)/loss on real estate technology investments, net of tax		(33,784)		(980)		(55,947)		(4,587)
Severance costs		1,439		52		2,280		1,948
Casualty-related charges/(recoveries), net		(934)		823		3,960		2,545
Casualty-related charges/(recoveries) on unconsolidated joint ventures, net		(50)		-		-		31
	$	(30,744)	$	30,149	$	(2,350)	$	59,105

FFO as Adjusted attributable to common stockholders and unitholders, diluted	$	181,835	$	156,010	$	658,797	$	652,862

FFO as Adjusted per weighted average common share and unit, diluted	$	0.54	$	0.49	$	2.01	$	2.04

Recurring capital expenditures		(21,393)		(17,814)		(63,820)		(56,924)
AFFO attributable to common stockholders and unitholders, diluted	$	160,442	$	138,196	$	594,977	$	595,938

AFFO per weighted average common share and unit, diluted	$	0.47	$	0.43	$	1.82	$	1.86

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

(2)

Series E cumulative convertible preferred shares are dilutive for purposes of calculating FFO per share for the three and twelve months ended December 31, 2021 and December 31, 2020. Consequently, distributions to Series E cumulative convertible preferred stockholders are added to FFO and the weighted average number of Series E cumulative convertible preferred shares are included in the denominator when calculating FFO per common share and unit, diluted.

Attachment 3

UDR, Inc.

Consolidated Balance Sheets

(Unaudited) (1)


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

ASSETS

Real estate owned:
Real estate held for investment	$	14,352,234	$	12,706,940
Less: accumulated depreciation		(5,136,589)		(4,590,577)
Real estate held for investment, net		9,215,645		8,116,363
Real estate under development
(net of accumulated depreciation of $507 and $1,010)		388,062		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		9,603,707		8,466,106

Cash and cash equivalents		967		1,409
Restricted cash		27,451		22,762
Notes receivable, net		26,860		157,992
Investment in and advances to unconsolidated joint ventures, net		702,461		600,233
Operating lease right-of-use assets		197,463		200,913
Other assets		216,311		188,118
Total assets	$	10,775,220	$	9,637,533

LIABILITIES AND EQUITY

Liabilities:
Secured debt	$	1,057,380	$	862,147
Unsecured debt		4,355,407		4,114,401
Operating lease liabilities		192,488		195,592
Real estate taxes payable		33,095		29,946
Accrued interest payable		45,980		44,760
Security deposits and prepaid rent		55,441		49,008
Distributions payable		124,729		115,795
Accounts payable, accrued expenses, and other liabilities		136,954		110,999
Total liabilities		6,001,474		5,522,648

Redeemable noncontrolling interests in the OP and DownREIT Partnership		1,299,442		856,294

Equity:
Preferred stock, no par value; 50,000,000 shares authorized at December 31, 2021 and December 31, 2020
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
12,582,575 shares of Series F outstanding (14,440,519 shares
at December 31, 2020)		1		1
Common stock, $0.01 par value; 450,000,000 and 350,000,000 shares
authorized at December 31, 2021 and December 31, 2020, respectively:
318,149,635 shares issued and outstanding (296,611,579 shares at December 31, 2020)		3,181		2,966
Additional paid-in capital		6,884,269		5,881,383
Distributions in excess of net income		(3,485,080)		(2,685,770)
Accumulated other comprehensive income/(loss), net		(4,261)		(9,144)
Total stockholders' equity		3,442,874		3,234,200
Noncontrolling interests		31,430		24,391
Total equity		3,474,304		3,258,591
Total liabilities and equity	$	10,775,220	$	9,637,533

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

Attachment 4(A)

UDR, Inc.

Selected Financial Information

(Unaudited) (1)


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

Common shares	317,901,718	296,374,227
Restricted shares	247,917	237,352
Total common shares	318,149,635	296,611,579
Restricted unit and common stock equivalents	2,090,833	344,128
Operating and DownREIT Partnership units	19,909,308	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	344,819,574	322,155,756




Weighted Average Number of Shares Outstanding	4Q 2021	4Q 2020

Weighted average number of common shares and OP/DownREIT units outstanding - basic	332,395,913	316,604,571
Weighted average number of OP/DownREIT units outstanding	(22,195,077)	(22,304,319)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations	310,200,836	294,300,252

Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted	338,028,267	320,026,558
Weighted average number of OP/DownREIT units outstanding	(22,195,077)	(22,304,319)
Weighted average number of Series E cumulative convertible preferred shares outstanding (3)	-	(2,918,127)
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations	315,833,190	294,804,112


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

Weighted average number of common shares and OP/DownREIT units outstanding - basic	322,743,685	316,854,783
Weighted average number of OP/DownREIT units outstanding	(22,417,693)	(22,309,907)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations	300,325,992	294,544,876

Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted	327,039,085	320,187,149
Weighted average number of OP/DownREIT units outstanding	(22,417,693)	(22,309,907)
Weighted average number of Series E cumulative convertible preferred shares outstanding (3)	(2,918,127)	(2,949,792)
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations	301,703,265	294,927,450

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

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

(3)

Series E cumulative convertible preferred shares are dilutive for purposes of calculating Income/(loss) per weighted average common share for the three months ended December 31, 2021. For the twelve months ended December 31, 2021 and the three and twelve months ended December 31, 2020, the Series E preferred shares are anti-dilutive.

Attachment 4(B)

UDR, Inc.

Selected Financial Information

(Unaudited) (1)


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

Secured		Fixed			$	1,006,762			18.6%	3.42%	6.4
		Floating				27,000			0.5%	0.71%	10.2
		Combined				1,033,762			19.1%	3.35%	6.5

Unsecured		Fixed				4,080,644	(3)		75.6%	2.87%	8.5
		Floating				284,546			5.3%	0.47%	0.9
		Combined				4,365,190			80.9%	2.72%	8.0

Total Debt		Fixed				5,087,406			94.2%	2.98%	8.1
		Floating				311,546			5.8%	0.49%	1.7
		Combined				5,398,952			100.0%	2.84%	7.7
		Total Non-Cash Adjustments (4)				13,835
		Total per Balance Sheet			$	5,412,787				2.80%



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

2022	$	1,140	$	-	$	220,000		$	221,140	4.1%	0.35%
2023		1,242		-		-			1,242	0.0%	3.84%
2024		96,747		15,644		29,546			141,937	2.6%	3.35%
2025		174,793		-		-			174,793	3.2%	3.69%
2026		52,744		300,000		-			352,744	6.5%	2.95%
2027		2,860		650,000		-			652,860	12.1%	2.41%
2028		162,310		300,000		-			462,310	8.6%	3.72%
2029		191,986		300,000		-			491,986	9.1%	3.94%
2030		162,010		600,000		-			762,010	14.1%	3.32%
2031		160,930		600,000		-			760,930	14.1%	2.92%
Thereafter		27,000		1,350,000		-			1,377,000	25.6%	2.25%
		1,033,762		4,115,644		249,546			5,398,952	100.0%	2.84%
Total Non-Cash Adjustments (4)		23,618		(9,783)		-			13,835
Total per Balance Sheet	$	1,057,380	$	4,105,861	$	249,546		$	5,412,787		2.80%

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

(2)

The 2022 maturity reflects the $220.0 million of principal outstanding at an interest rate of 0.34%, the equivalent of LIBOR plus a spread of 23 basis points, on the Company’s unsecured commercial paper program as of December 31, 2021. Under the terms of the program the Company may issue up to a maximum aggregate amount outstanding of $700.0 million. If the commercial paper was refinanced using the line of credit, the weighted average years to maturity would be 7.9 years both with and without extensions.

(3)

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

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

(5)	Includes principal amortization, as applicable.

(6)	There were no borrowings outstanding on our $1.3 billion line of credit at December 31, 2021. The facility has a maturity date of January 2026, plus two six-month extension options and currently carries an interest rate equal to LIBOR plus a spread of 77.5 basis points.

(7)	There was $29.5 million outstanding on our $75.0 million working capital credit facility at December 31, 2021. The facility has a maturity date of January 2024. The working capital credit facility currently carries an interest rate equal to LIBOR plus a spread of 77.5 basis points.

Attachment 4(C)

UDR, Inc.

Selected Financial Information

(Dollars in Thousands)

(Unaudited) (1)

Quarter Ended

Coverage Ratios

December 31, 2021

Net income/(loss)

126,144

Adjustments:

Interest expense, including debt extinguishment and other associated costs

36,418

Real estate depreciation and amortization

163,755

Other depreciation and amortization

4,713

Tax provision/(benefit), net

156

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

(85,223)

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

11,648

EBITDAre

257,611

Casualty-related charges/(recoveries), net

(934)

Legal and other costs

4,020

Severance costs

1,439

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

(1,506)

(Income)/loss from unconsolidated entities

(36,523)

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

(11,648)

Management fee expense on unconsolidated joint ventures

(553)

Consolidated EBITDAre - adjusted for non-recurring items

211,906

Annualized consolidated EBITDAre - adjusted for non-recurring items

847,624

Interest expense, including debt extinguishment and other associated costs

36,418

Capitalized interest expense

2,922

Total interest

39,340

Preferred dividends

1,058

Total debt

5,412,787

Cash

(967)

Net debt

5,411,820

Consolidated Interest Coverage Ratio - adjusted for non-recurring items

5.4x

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

5.2x

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

6.4x

Debt Covenant Overview

Unsecured Line of Credit Covenants (2)

Required

Actual

Compliance

Maximum Leverage Ratio

≤60.0%

35.0% (2)

Yes

Minimum Fixed Charge Coverage Ratio

≥1.5x

5.0x

Yes

Maximum Secured Debt Ratio

≤40.0%

10.4%

Yes

Minimum Unencumbered Pool Leverage Ratio

≥150.0%

334.1%

Yes

Senior Unsecured Note Covenants (3)

Required

Actual

Compliance

Debt as a percentage of Total Assets

≤65.0%

34.1% (3)

Yes

Consolidated Income Available for Debt Service to Annual Service Charge

≥1.5x

5.5x

Yes

Secured Debt as a percentage of Total Assets

≤40.0%

6.7%

Yes

Total Unencumbered Assets to Unsecured Debt

≥150.0%

307.2%

Yes

Securities Ratings

Debt

Outlook

Commercial Paper

Moody's Investors Service

Baa1

Stable

P-2

S&P Global Ratings

BBB+

Stable

A-2

Gross

% of

Number of

4Q 2021 NOI (1)

Carrying Value

Total Gross

Asset Summary

Homes

($000s)

% of NOI

($000s)

Carrying Value

Unencumbered assets

45,683

210,355

88.4%

12,912,286

87.6%

Encumbered assets

7,546

27,596

11.6%

1,828,517

12.4%

53,229

237,951

100.0%

14,740,803

100.0%

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

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

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

Attachment 5

UDR, Inc.

Operating Information

(Unaudited) (1)


	Total	Quarter Ended		Quarter Ended		Quarter Ended		Quarter Ended		Quarter Ended
Dollars in thousands	Homes	December 31, 2021		September 30, 2021		June 30, 2021		March 31, 2021		December 31, 2020
Revenues
Same-Store Communities	45,713	$	303,327	$	294,422	$	284,056	$	279,133	$	278,321
Stabilized, Non-Mature Communities	6,093		34,991		26,998		18,238		12,824		8,201
Acquired Communities	1,423		5,966		-		-		-		-
Development Communities	-		-		-		-		-		-
Non-Residential / Other (2)	-		2,333		5,301		4,930		5,007		10,498
Total	53,229	$	346,617	$	326,721	$	307,224	$	296,964	$	297,020

Expenses
Same-Store Communities		$	90,918	$	93,469	$	88,697	$	88,775	$	87,580
Stabilized, Non-Mature Communities			13,019		11,476		8,106		6,125		4,420
Acquired Communities			1,810		-		-		-		-
Development Communities			247		99		71		-		9
Non-Residential / Other (2)			2,946		3,589		3,044		2,878		2,447
Total (3)		$	108,940	$	108,633	$	99,918	$	97,778	$	94,456

Net Operating Income
Same-Store Communities		$	212,409	$	200,953	$	195,359	$	190,358	$	190,741
Stabilized, Non-Mature Communities			21,972		15,522		10,132		6,699		3,781
Acquired Communities			4,156		-		-		-		-
Development Communities			(247)		(99)		(71)		-		(9)
Non-Residential / Other (2)			(613)		1,712		1,886		2,129		8,051
Total		$	237,677	$	218,088	$	207,306	$	199,186	$	202,564

Operating Margin
Same-Store Communities			70.0%		68.3%		68.8%		68.2%		68.5%

Weighted Average Physical Occupancy
Same-Store Communities			97.1%		97.5%		97.2%		96.4%		96.1%
Stabilized, Non-Mature Communities			96.7%		97.0%		95.6%		91.7%		91.8%
Acquired Communities			95.8%		-		-		-		-
Development Communities			-		-		-		-		-
Other (4)			-		98.1%		97.3%		96.5%		94.5%
Total			97.1%		97.5%		97.1%		95.6%		95.9%

Sold and Held for Disposition Communities
Revenues	-	$	407	$	1,978	$	1,892	$	2,862	$	4,156
Expenses (3)			133		586		562		990		1,868
Net Operating Income/(Loss)		$	274	$	1,392	$	1,330	$	1,872	$	2,288

Total	53,229	$	237,951	$	219,480	$	208,636	$	201,058	$	204,852

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

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

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

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

Attachment 6

UDR, Inc.

Same-Store Operating Expense Information

(Dollars in Thousands)

(Unaudited) (1)


	% of 4Q 2021
	SS Operating
Year-Over-Year Comparison	Expenses	4Q 2021		4Q 2020		% Change

Personnel	14.2%	$	12,898	$	14,522	-11.2%
Utilities	13.9%		12,632		11,672	8.2%
Repair and maintenance	18.3%		16,613		14,105	17.8%
Administrative and marketing	6.5%		5,868		6,394	-8.2%
Controllable expenses	52.9%		48,011		46,693	2.8%

Real estate taxes	41.3%	$	37,608	$	36,830	2.1%
Insurance	5.8%		5,299		4,057	30.6%
Same-Store operating expenses	100.0%	$	90,918	$	87,580	3.8%

Same-Store Homes	45,713



	% of 4Q 2021
	SS Operating
Sequential Comparison	Expenses	4Q 2021		3Q 2021		% Change

Personnel	14.2%	$	12,898	$	13,392	-3.7%
Utilities	13.9%		12,632		12,758	-1.0%
Repair and maintenance	18.3%		16,613		17,713	-6.2%
Administrative and marketing	6.5%		5,868		6,439	-8.9%
Controllable expenses	52.9%		48,011		50,302	-4.6%

Real estate taxes	41.3%	$	37,608	$	37,941	-0.9%
Insurance	5.8%		5,299		5,226	1.4%
Same-Store operating expenses	100.0%	$	90,918	$	93,469	-2.7%

Same-Store Homes	45,713




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

Personnel	14.8%	$	52,802	$	60,487	-12.7%
Utilities	13.5%		48,333		46,011	5.0%
Repair and maintenance	17.8%		63,426		54,134	17.2%
Administrative and marketing	6.7%		23,826		23,641	0.8%
Controllable expenses	52.8%		188,387		184,273	2.2%

Real estate taxes	41.8%	$	149,046	$	144,940	2.8%
Insurance	5.4%		19,328		14,936	29.4%
Same-Store operating expenses	100.0%	$	356,761	$	344,149	3.7%

Same-Store Homes	45,143

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

Attachment 7(A)

UDR, Inc.

Apartment Home Breakout

Portfolio Overview as of Quarter Ended

December 31, 2021

(Unaudited) (1)


				Unconsolidated		Revenue Per
			Total	Joint Venture	Total	Occupied
	Same-Store	Non-Mature	Consolidated	Operating	Homes	Home
	Homes	Homes (2)	Homes	Homes (3)	(incl. JV) (3)	(Incl. JV at Share)(4)
West Region
Orange County, CA	4,685	-	4,685	381	5,066	$	2,734
San Francisco, CA	2,751	-	2,751	602	3,353		3,261
Seattle, WA	2,725	259	2,984	-	2,984		2,633
Monterey Peninsula, CA	1,565	-	1,565	-	1,565		2,135
Los Angeles, CA	1,225	-	1,225	340	1,565		3,154
	12,951	259	13,210	1,323	14,533

Mid-Atlantic Region
Metropolitan DC	8,003	1,412	9,415	-	9,415		2,103
Baltimore, MD	1,597	622	2,219	-	2,219		1,753
Richmond, VA	1,359	-	1,359	-	1,359		1,566
	10,959	2,034	12,993	-	12,993

Northeast Region
Boston, MA	4,139	459	4,598	250	4,848		2,766
New York, NY	1,825	493	2,318	710	3,028		3,934
	5,964	952	6,916	960	7,876

Southeast Region
Tampa, FL	3,205	672	3,877	-	3,877		1,746
Orlando, FL	2,500	993	3,493	-	3,493		1,589
Nashville, TN	2,260	-	2,260	-	2,260		1,471
	7,965	1,665	9,630	-	9,630

Southwest Region
Dallas, TX	3,866	1,947	5,813	-	5,813		1,562
Austin, TX	1,272	-	1,272	-	1,272		1,677
	5,138	1,947	7,085	-	7,085

Other Markets (5)	2,736	659	3,395	554	3,949		2,331

Totals	45,713	7,516	53,229	2,837	56,066	$	2,263

Communities (6)	143	17	160	13	173

		Homes	Communities
Total completed homes		56,066	173
Under Development (7)		1,417	5

Total Quarter-end homes and communities		57,483	178

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

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

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

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

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

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

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

Attachment 7(B)

UDR, Inc.

Non-Mature Home Summary and Net Operating Income by Market

December 31, 2021

(Unaudited) (1)


Non-Mature Home Breakout - By Date


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

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

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

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

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

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

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

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

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

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

Brio	Stabilized, Non-Mature	259	Seattle, WA	3Q22

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

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

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

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

Arbors at Maitland Summit	Acquired	663	Orlando, FL	1Q23

Essex Luxe	Acquired	330	Orlando, FL	1Q23

Quarters at Towson Town Center	Acquired	430	Baltimore, MD	1Q23

Total		7,516


Net Operating Income Breakout By Market

	As a % of NOI			As a % of NOI
Region	Same-Store	Total	Region	Same-Store	Total
West Region			Southeast Region
Orange County, CA	13.8%	12.1%	Tampa, FL	5.1%	5.1%
San Francisco, CA	8.3%	8.0%	Orlando, FL	3.9%	4.6%
Seattle, WA	7.1%	7.1%	Nashville, TN	3.3%	2.8%
Monterey Peninsula, CA	3.6%	3.0%		12.3%	12.5%
Los Angeles, CA	3.5%	3.5%	Southwest Region
	36.3%	33.7%	Dallas, TX	5.4%	6.5%
Mid-Atlantic Region			Austin, TX	1.9%	1.6%
Metropolitan DC	16.6%	16.0%		7.3%	8.1%
Baltimore, MD	2.7%	2.9%
Richmond, VA	2.2%	1.9%	Other Markets (3)	6.0%	7.1%
	21.5%	20.8%
Northeast Region
Boston, MA	11.0%	10.8%
New York, NY	5.6%	7.0%
	16.6%	17.8%	Total	100.0%	100.0%

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

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

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

Attachment 8(A)

UDR, Inc.

Same-Store Operating Information By Major Market

Current Quarter vs. Prior Year Quarter

December 31, 2021

(Unaudited) (1)



		% of Same-	Same-Store
	Total	Store Portfolio
	Same-Store	Based on	Physical Occupancy			Total Revenue per Occupied Home
	Homes	4Q 2021 NOI	4Q 21	4Q 20	Change	4Q 21		4Q 20		Change

West Region
Orange County, CA	4,685	13.8%	97.2%	96.3%	0.9%	$	2,737	$	2,465	11.0%
San Francisco, CA	2,751	8.3%	96.5%	90.4%	6.1%		3,179		3,127	1.7%
Seattle, WA	2,725	7.1%	97.3%	97.0%	0.3%		2,590		2,371	9.2%
Monterey Peninsula, CA	1,565	3.6%	96.9%	96.6%	0.3%		2,135		1,954	9.3%
Los Angeles, CA	1,225	3.5%	96.1%	94.1%	2.0%		2,959		2,590	14.2%
	12,951	36.3%	96.9%	95.0%	1.9%		2,748		2,528	8.7%

Mid-Atlantic Region
Metropolitan DC	8,003	16.6%	97.2%	96.5%	0.7%		2,173		2,131	2.0%
Baltimore, MD	1,597	2.7%	96.3%	98.0%	-1.7%		1,761		1,632	7.9%
Richmond, VA	1,359	2.2%	97.7%	98.7%	-1.0%		1,566		1,432	9.4%
	10,959	21.5%	97.1%	97.0%	0.1%		2,038		1,969	3.5%

Northeast Region
Boston, MA	4,139	11.0%	96.3%	94.4%	1.9%		2,771		2,651	4.5%
New York, NY	1,825	5.6%	97.8%	93.9%	3.9%		3,992		3,482	14.6%
	5,964	16.6%	96.8%	94.3%	2.5%		3,149		2,901	8.5%

Southeast Region
Tampa, FL	3,205	5.1%	97.4%	97.0%	0.4%		1,797		1,615	11.3%
Orlando, FL	2,500	3.9%	97.3%	96.7%	0.6%		1,536		1,427	7.6%
Nashville, TN	2,260	3.3%	98.1%	97.6%	0.5%		1,471		1,395	5.4%
	7,965	12.3%	97.6%	97.1%	0.5%		1,622		1,493	8.6%

Southwest Region
Dallas, TX	3,866	5.4%	97.2%	96.9%	0.3%		1,607		1,479	8.7%
Austin, TX	1,272	1.9%	98.1%	97.5%	0.6%		1,677		1,551	8.1%
	5,138	7.3%	97.5%	97.1%	0.4%		1,623		1,495	8.6%

Other Markets	2,736	6.0%	97.5%	97.2%	0.3%		2,256		2,033	11.0%

Total/Weighted Avg.	45,713	100.0%	97.1%	96.1%	1.0%	$	2,276	$	2,111	7.8%

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

Attachment 8(B)

UDR, Inc.

Same-Store Operating Information By Major Market

Current Quarter vs. Prior Year Quarter

December 31, 2021

(Unaudited) (1)


			Same-Store ($000s)

	Total
	Same-Store	Revenues					Expenses					Net Operating Income
	Homes	4Q 21		4Q 20		Change	4Q 21		4Q 20		Change	4Q 21		4Q 20		Change

West Region
Orange County, CA	4,685	$	37,389	$	33,362	12.1%	$	8,124	$	7,897	2.9%	$	29,265	$	25,465	14.9%
San Francisco, CA	2,751		25,319		23,330	8.5%		7,646		7,426	3.0%		17,673		15,904	11.1%
Seattle, WA	2,725		20,601		18,800	9.6%		5,515		5,408	2.0%		15,086		13,392	12.6%
Monterey Peninsula, CA	1,565		9,714		8,861	9.6%		2,080		1,933	7.6%		7,634		6,928	10.2%
Los Angeles, CA	1,225		10,451		8,958	16.7%		3,020		2,865	5.4%		7,431		6,093	22.0%
	12,951		103,474		93,311	10.9%		26,385		25,529	3.3%		77,089		67,782	13.7%

Mid-Atlantic Region
Metropolitan DC	8,003		50,707		49,372	2.7%		15,464		14,654	5.5%		35,243		34,718	1.5%
Baltimore, MD	1,597		8,127		7,663	6.1%		2,488		2,382	4.4%		5,639		5,281	6.8%
Richmond, VA	1,359		6,238		5,758	8.3%		1,608		1,451	10.9%		4,630		4,307	7.5%
	10,959		65,072		62,793	3.6%		19,560		18,487	5.8%		45,512		44,306	2.7%

Northeast Region
Boston, MA	4,139		33,136		31,072	6.6%		9,703		8,621	12.6%		23,433		22,451	4.4%
New York, NY	1,825		21,374		17,900	19.4%		9,554		9,851	-3.0%		11,820		8,049	46.9%
	5,964		54,510		48,972	11.3%		19,257		18,472	4.2%		35,253		30,500	15.6%

Southeast Region
Tampa, FL	3,205		16,825		15,066	11.7%		5,914		5,718	3.4%		10,911		9,348	16.7%
Orlando, FL	2,500		11,206		10,349	8.3%		3,018		3,203	-5.8%		8,188		7,146	14.6%
Nashville, TN	2,260		9,785		9,229	6.0%		2,827		2,705	4.5%		6,958		6,524	6.6%
	7,965		37,816		34,644	9.2%		11,759		11,626	1.2%		26,057		23,018	13.2%

Southwest Region
Dallas, TX	3,866		18,120		16,608	9.1%		6,571		6,147	6.9%		11,549		10,461	10.4%
Austin, TX	1,272		6,279		5,771	8.8%		2,235		2,411	-7.3%		4,044		3,360	20.3%
	5,138		24,399		22,379	9.0%		8,806		8,558	2.9%		15,593		13,821	12.8%

Other Markets	2,736		18,056		16,222	11.3%		5,151		4,908	5.0%		12,905		11,314	14.1%

Total (2)(3)	45,713	$	303,327	$	278,321	9.0%	$	90,918	$	87,580	3.8%	$	212,409	$	190,741	11.4%

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

(2)	4Q 21 includes a reduction in the reserve (reflected as an increase to revenues) of approximately $1.6 million or 0.5% of billed residential revenue on our Same-Store Communities. The remaining reserve is based on probability of collection.

(3)	With concessions reflected on a straight-line basis, Same-Store revenue and Same-Store NOI increased year-over-year by 5.8% and 6.6%, respectively. See Attachment 15(C) for definitions and reconciliations.

Attachment 8(C)

UDR, Inc.

Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

December 31, 2021

(Unaudited) (1)


		Same-Store
	Total
	Same-Store	Physical Occupancy			Total Revenue per Occupied Home
	Homes	4Q 21	3Q 21	Change	4Q 21		3Q 21		Change

West Region
Orange County, CA	4,685	97.2%	97.9%	-0.7%	$	2,737	$	2,694	1.6%
San Francisco, CA	2,751	96.5%	96.4%	0.1%		3,179		3,054	4.1%
Seattle, WA	2,725	97.3%	97.6%	-0.3%		2,590		2,459	5.3%
Monterey Peninsula, CA	1,565	96.9%	97.4%	-0.5%		2,135		2,028	5.3%
Los Angeles, CA	1,225	96.1%	97.1%	-1.0%		2,959		2,876	2.9%
	12,951	96.9%	97.4%	-0.5%		2,748		2,657	3.4%

Mid-Atlantic Region
Metropolitan DC	8,003	97.2%	97.0%	0.2%		2,173		2,154	0.9%
Baltimore, MD	1,597	96.3%	97.4%	-1.1%		1,761		1,701	3.5%
Richmond, VA	1,359	97.7%	98.1%	-0.4%		1,566		1,554	0.8%
	10,959	97.1%	97.2%	-0.1%		2,038		2,013	1.2%

Northeast Region
Boston, MA	4,139	96.3%	97.2%	-0.9%		2,771		2,734	1.4%
New York, NY	1,825	97.8%	97.5%	0.3%		3,992		3,457	15.5%
	5,964	96.8%	97.3%	-0.5%		3,149		2,956	6.5%

Southeast Region
Tampa, FL	3,205	97.4%	97.8%	-0.4%		1,797		1,732	3.8%
Orlando, FL	2,500	97.3%	97.8%	-0.5%		1,536		1,474	4.2%
Nashville, TN	2,260	98.1%	98.2%	-0.1%		1,471		1,443	1.9%
	7,965	97.6%	97.9%	-0.3%		1,622		1,569	3.4%

Southwest Region
Dallas, TX	3,866	97.2%	98.0%	-0.8%		1,607		1,547	3.9%
Austin, TX	1,272	98.1%	98.6%	-0.5%		1,677		1,625	3.2%
	5,138	97.5%	98.1%	-0.6%		1,623		1,566	3.6%

Other Markets	2,736	97.5%	97.8%	-0.3%		2,256		2,210	2.1%

Total/Weighted Avg.	45,713	97.1%	97.5%	-0.4%	$	2,276	$	2,201	3.4%

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

Attachment 8(D)

UDR, Inc.

Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

December 31, 2021

(Unaudited) (1)


			Same-Store ($000s)
	Total
	Same-Store	Revenues					Expenses					Net Operating Income
	Homes	4Q 21		3Q 21		Change	4Q 21		3Q 21		Change	4Q 21		3Q 21		Change

West Region
Orange County, CA	4,685	$	37,389	$	37,070	0.9%	$	8,124	$	8,046	1.0%	$	29,265	$	29,024	0.8%
San Francisco, CA	2,751		25,319		24,301	4.2%		7,646		7,576	0.9%		17,673		16,725	5.7%
Seattle, WA	2,725		20,601		19,617	5.0%		5,515		5,832	-5.4%		15,086		13,785	9.4%
Monterey Peninsula, CA	1,565		9,714		9,273	4.8%		2,080		2,078	0.1%		7,634		7,195	6.1%
Los Angeles, CA	1,225		10,451		10,264	1.8%		3,020		2,864	5.5%		7,431		7,400	0.4%
	12,951		103,474		100,525	2.9%		26,385		26,396	0.0%		77,089		74,129	4.0%

Mid-Atlantic Region
Metropolitan DC	8,003		50,707		50,162	1.1%		15,464		16,286	-5.1%		35,243		33,876	4.0%
Baltimore, MD	1,597		8,127		7,936	2.4%		2,488		2,589	-3.9%		5,639		5,347	5.5%
Richmond, VA	1,359		6,238		6,216	0.3%		1,608		1,645	-2.2%		4,630		4,571	1.3%
	10,959		65,072		64,314	1.2%		19,560		20,520	-4.7%		45,512		43,794	3.9%

Northeast Region
Boston, MA	4,139		33,136		32,993	0.4%		9,703		9,953	-2.5%		23,433		23,040	1.7%
New York, NY	1,825		21,374		18,456	15.8%		9,554		9,894	-3.4%		11,820		8,562	38.0%
	5,964		54,510		51,449	6.0%		19,257		19,847	-3.0%		35,253		31,602	11.6%

Southeast Region
Tampa, FL	3,205		16,825		16,286	3.3%		5,914		6,153	-3.9%		10,911		10,133	7.7%
Orlando, FL	2,500		11,206		10,809	3.7%		3,018		3,407	-11.4%		8,188		7,402	10.6%
Nashville, TN	2,260		9,785		9,606	1.9%		2,827		2,885	-2.0%		6,958		6,721	3.5%
	7,965		37,816		36,701	3.0%		11,759		12,445	-5.5%		26,057		24,256	7.4%

Southwest Region
Dallas, TX	3,866		18,120		17,581	3.1%		6,571		6,584	-0.2%		11,549		10,997	5.0%
Austin, TX	1,272		6,279		6,114	2.7%		2,235		2,499	-10.6%		4,044		3,615	11.9%
	5,138		24,399		23,695	3.0%		8,806		9,083	-3.0%		15,593		14,612	6.7%

Other Markets	2,736		18,056		17,738	1.8%		5,151		5,178	-0.5%		12,905		12,560	2.7%

Total (2)(3)	45,713	$	303,327	$	294,422	3.0%	$	90,918	$	93,469	-2.7%	$	212,409	$	200,953	5.7%

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

(2)	4Q 21 includes a reduction in the reserve (reflected as an increase to revenues) of approximately $1.6 million or 0.5% of billed residential revenue on our Same-Store Communities. The remaining reserve is based on probability of collection.

(3)	With concessions reflected on a straight-line basis, Same-Store revenue and Same-Store NOI increased quarter-over-quarter by 2.3% and 4.7%, respectively. See Attachment 15(C) for definitions and reconciliations.

Attachment 8(E)

UDR, Inc.

Same-Store Operating Information By Major Market

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

December 31, 2021

(Unaudited) (1)


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

West Region
Orange County, CA	4,685	14.1%	97.5%	96.4%	1.1%	$	2,609	$	2,506	4.1%
San Francisco, CA	2,751	8.4%	95.3%	91.5%	3.8%		3,074		3,502	-12.2%
Seattle, WA	2,725	6.9%	97.2%	96.7%	0.5%		2,416		2,457	-1.7%
Monterey Peninsula, CA	1,565	3.6%	97.0%	96.6%	0.4%		2,012		1,941	3.7%
Los Angeles, CA	1,225	3.4%	96.0%	95.5%	0.5%		2,729		2,765	-1.3%
	12,951	36.4%	96.8%	95.4%	1.4%		2,604		2,654	-1.9%

Mid-Atlantic Region
Metropolitan DC	8,003	17.2%	96.7%	96.7%	0.0%		2,138		2,150	-0.6%
Baltimore, MD	1,597	2.7%	97.6%	97.1%	0.5%		1,679		1,629	3.1%
Richmond, VA	1,359	2.3%	98.2%	97.8%	0.4%		1,522		1,422	7.0%
	10,959	22.2%	97.0%	96.9%	0.1%		1,993		1,983	0.5%

Northeast Region
Boston, MA	4,139	11.6%	96.5%	94.7%	1.8%		2,690		2,684	0.2%
New York, NY	1,825	5.1%	96.7%	93.4%	3.3%		3,729		3,926	-5.0%
	5,964	16.7%	96.6%	94.3%	2.3%		3,008		3,060	-1.7%

Southeast Region
Tampa, FL	2,911	4.6%	97.6%	96.8%	0.8%		1,655		1,545	7.1%
Orlando, FL	2,500	3.8%	97.4%	96.8%	0.6%		1,475		1,413	4.4%
Nashville, TN	2,260	3.3%	97.9%	97.8%	0.1%		1,431		1,378	3.8%
	7,671	11.7%	97.6%	97.1%	0.5%		1,530		1,453	5.4%

Southwest Region
Dallas, TX	3,866	5.5%	97.1%	96.8%	0.3%		1,536		1,487	3.3%
Austin, TX	1,272	1.9%	98.1%	97.6%	0.5%		1,609		1,549	3.9%
	5,138	7.4%	97.4%	97.0%	0.4%		1,553		1,502	3.4%

Other Markets	2,460	5.6%	97.7%	96.7%	1.0%		2,167		2,056	5.4%

Total/Weighted Avg.	45,143	100.0%	97.1%	96.1%	1.0%	$	2,182	$	2,173	0.4%

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

Attachment 8(F)

UDR, Inc.

Same-Store Operating Information By Major Market

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

December 31, 2021

(Unaudited) (1)


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

West Region
Orange County, CA	4,685	$	142,998	$	135,800	5.3%	$	31,737	$	31,667	0.2%	$	111,261	$	104,133	6.8%
San Francisco, CA	2,751		96,695		105,778	-8.6%		29,926		29,018	3.1%		66,769		76,760	-13.0%
Seattle, WA	2,725		76,790		77,688	-1.2%		22,500		21,429	5.0%		54,290		56,259	-3.5%
Monterey Peninsula, CA	1,565		36,655		35,205	4.1%		8,099		7,618	6.3%		28,556		27,587	3.5%
Los Angeles, CA	1,225		38,509		38,814	-0.8%		11,393		11,229	1.5%		27,116		27,585	-1.7%
	12,951		391,647		393,285	-0.4%		103,655		100,961	2.7%		287,992		292,324	-1.5%

Mid-Atlantic Region
Metropolitan DC	8,003		198,586		199,638	-0.5%		62,681		60,743	3.2%		135,905		138,895	-2.2%
Baltimore, MD	1,597		31,407		30,309	3.6%		9,959		9,337	6.7%		21,448		20,972	2.3%
Richmond, VA	1,359		24,377		22,668	7.5%		6,285		5,794	8.5%		18,092		16,874	7.2%
	10,959		254,370		252,615	0.7%		78,925		75,874	4.0%		175,445		176,741	-0.7%

Northeast Region
Boston, MA	4,139		128,929		126,230	2.1%		37,446		34,761	7.7%		91,483		91,469	0.0%
New York, NY	1,825		78,980		80,303	-1.6%		38,742		37,057	4.5%		40,238		43,246	-7.0%
	5,964		207,909		206,533	0.7%		76,188		71,818	6.1%		131,721		134,715	-2.2%

Southeast Region
Tampa, FL	2,911		56,436		52,244	8.0%		19,998		18,696	7.0%		36,438		33,548	8.6%
Orlando, FL	2,500		43,102		41,022	5.1%		12,770		12,481	2.3%		30,332		28,541	6.3%
Nashville, TN	2,260		37,988		36,547	3.9%		11,516		10,604	8.6%		26,472		25,943	2.0%
	7,671		137,526		129,813	5.9%		44,284		41,781	6.0%		93,242		88,032	5.9%

Southwest Region
Dallas, TX	3,866		69,210		66,746	3.7%		26,060		26,271	-0.8%		43,150		40,475	6.6%
Austin, TX	1,272		24,091		23,075	4.4%		9,462		9,468	-0.1%		14,629		13,607	7.5%
	5,138		93,301		89,821	3.9%		35,522		35,739	-0.6%		57,779		54,082	6.8%

Other Markets	2,460		62,506		58,693	6.5%		18,187		17,976	1.2%		44,319		40,717	8.8%

Total (2)(3)	45,143	$	1,147,259	$	1,130,760	1.5%	$	356,761	$	344,149	3.7%	$	790,498	$	786,611	0.5%

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

(2)	YTD 21 includes a decrease in the reserve (reflected as an increase to revenues) of approximately $0.1 million or 0.0% of billed residential revenue on our Same-Store Communities. The remaining reserve is based on probability of collection.

(3)	With concessions reflected on a straight-line basis, Same-Store revenue and Same-Store NOI decreased year-over-year by 0.4% and 2.2%, respectively. See Attachment 15(C) for definitions and reconciliations.

Attachment 8(G)

UDR, Inc.

Same-Store Operating Information By Major Market

December 31, 2021

(Unaudited) (1)


	Effective Blended Lease Rate Growth	Effective New Lease Rate Growth	Effective Renewal Lease Rate Growth	Annualized Turnover
	4Q 2021	4Q 2021	4Q 2021	4Q 2021	4Q 2020	YTD 2021	YTD 2020

West Region
Orange County, CA	12.0%	15.0%	8.1%	35.3%	43.6%	43.6%	50.5%
San Francisco, CA	6.9%	3.4%	10.4%	35.5%	58.0%	42.3%	60.4%
Seattle, WA	10.0%	8.1%	11.9%	43.5%	48.2%	50.6%	52.7%
Monterey Peninsula, CA	8.4%	10.7%	6.9%	24.1%	36.0%	27.9%	37.8%
Los Angeles, CA	10.6%	12.1%	8.9%	28.2%	42.4%	36.7%	45.8%
	9.7%	9.8%	9.6%	36.0%	47.6%	43.3%	51.9%

Mid-Atlantic Region
Metropolitan DC	4.9%	3.9%	6.0%	28.1%	33.7%	41.6%	41.7%
Baltimore, MD	9.3%	12.7%	6.2%	33.8%	37.8%	46.3%	48.8%
Richmond, VA	14.2%	15.9%	12.4%	33.3%	28.6%	41.9%	44.1%
	6.5%	6.4%	6.7%	29.7%	33.8%	42.4%	43.2%

Northeast Region
Boston, MA	7.9%	6.8%	9.1%	36.1%	38.1%	44.6%	46.9%
New York, NY	19.6%	27.1%	14.6%	21.7%	31.7%	40.7%	53.9%
	11.8%	12.4%	11.3%	33.1%	36.4%	43.5%	49.2%

Southeast Region
Tampa, FL	22.9%	29.5%	17.5%	36.1%	44.8%	46.4%	53.7%
Orlando, FL	19.6%	22.4%	17.3%	40.8%	44.9%	47.2%	50.4%
Nashville, TN	15.2%	19.1%	11.3%	36.0%	40.4%	46.7%	47.0%
	19.9%	24.5%	15.9%	37.7%	43.7%	46.7%	50.9%

Southwest Region
Dallas, TX	16.1%	16.2%	15.8%	44.2%	47.1%	49.1%	51.4%
Austin, TX	17.4%	18.7%	15.8%	42.4%	45.5%	48.2%	47.9%
	16.4%	16.8%	15.8%	43.8%	46.7%	48.9%	50.6%

Other Markets	14.1%	16.9%	11.5%	33.5%	40.0%	42.3%	45.0%

Total/Weighted Avg.	11.7%	12.6%	10.9%	34.6%	41.2%	44.0%	48.4%


4Q 2021 Percentage of Total Repriced Homes		49.0%	51.0%

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

Attachment 9

UDR, Inc.

Development and Land Summary

December 31, 2021

(Dollars in Thousands)

(Unaudited) (1)


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

Projects Under Construction

Cirrus	Denver, CO		292	-	$	88,319	$	97,500	$	334		3Q19	1Q22	2Q22	0.3%	-
5421 at Dublin Station	Dublin, CA		220	-		102,597		117,000		532		4Q19	1Q22	2Q22	-	-
The George Apartments	King of Prussia, PA		200	-		52,378		68,000		340		4Q20	1Q22	3Q22	6.5%	-
Vitruvian West Phase 3	Addison, TX		405	-		50,524		74,000		183		1Q21	1Q22	1Q23	4.7%	-
The MO	Washington, DC		300	-		94,751		145,000		483		3Q20	1Q23	2Q23	-	-

Total Under Construction			1,417	-	$	388,569	$	501,500	$	354

Completed Projects, Non-Stabilized

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

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

Total - Wholly Owned			1,417	-	$	388,569	$	501,500	$	354



NOI From Wholly-Owned Projects		4Q 21

Projects Under Construction		$	(247)
Completed, Non-Stabilized			-
Total		$	(247)


Land Summary
Parcel	Location	UDR Ownership Interest			Real Estate Cost Basis

Vitruvian Park^®	Addison, TX	100%			$	45,871
Alameda Point Block 11	Alameda, CA	100%				27,963
Meridian	Tampa, FL	100%				8,383

Total					$	82,217

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

Attachment 10

UDR, Inc.

Redevelopment Summary

December 31, 2021

(Dollars in Thousands)

(Unaudited) (1)


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

Projects in Redevelopment (2)

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






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

Other Projects (4)

Eight80 Newport Beach	Newport Beach, CA	30	30	-	$	4,726	$	13,000	$	433	1Q21	2Q22
388 Beale	San Francisco, CA	13	13	-		3,641		6,000		462	2Q21	1Q22
Total		43	43	-	$	8,367	$	19,000	$	442

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

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

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

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

Attachment 11(A)

UDR, Inc.

Unconsolidated Summary

December 31, 2021

(Dollars in Thousands)

(Unaudited) (1)

Physical

Total Rev. per

Net Operating Income

Own.

# of

Occupancy

Occ. Home

UDR's Share

Total

Portfolio Characteristics

Interest

Comm.

Homes

4Q 21

YTD 21

YTD 21 (2)

UDR / MetLife

50%

2,837

96.8%

3,567

9,119

34,019

67,689

Gross Book Value

Weighted

of JV Real

Total Project

UDR's Equity

Avg. Debt

Debt

Balance Sheet Characteristics

Estate Assets (3)

Debt (3)

Investment

Interest Rate

Maturities

UDR / MetLife

1,706,439

860,718

277,000

3.37%

2024-2031

Joint Venture

Same-Store

4Q 21 vs. 4Q 20 Growth

4Q 21 vs. 3Q 21 Growth

Joint Venture Same-Store Growth

Communities (4)

Revenue

Expense

NOI

Revenue

Expense

NOI

UDR / MetLife

3.5%

4.0%

3.2%

5.0%

0.7%

8.0%

Joint Venture

Same-Store

YTD 21 vs. YTD 20 Growth

Joint Venture Same-Store Growth

Communities (4)

Revenue

Expense

NOI

UDR / MetLife

-8.1%

4.2%

-15.0%

Income/(Loss)

UDR Investment (6)

from Investments

Other Unconsolidated Investments (5)

Commitment

Funded

Balance

4Q 21 (7)

RETV I

18,000

12,780

71,464

32,820

RETV II

18,000

7,200

8,130

892

Total

36,000

19,980

79,594

33,712

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

(2)	Represents NOI at 100% for the period ended December 31, 2021.

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

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

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

(6)

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

(7)	Income/(loss) from investments is added back/deducted from FFOA and is primarily due to SmartRent becoming a public company.

Attachment 11(B)

UDR, Inc.

Developer Capital Program

December 31, 2021

(Dollars in Thousands)

(Unaudited) (1)


Developer Capital Program (2)

									Income/(loss)
		# of	UDR Investment				Return	Years to	from Investment		Upside
Community	Location	Homes	Commitment (3)		Balance (3)		Rate	Maturity	4Q 2021		Participation

Preferred Equity

1532 Harrison (4)	San Francisco, CA	136	$	24,645	$	35,248	11.0%	0.5	$	(542)	-
Junction	Santa Monica, CA	66		8,800		13,183	12.0%	0.6		391	-
1200 Broadway (5)	Nashville, TN	313		55,558		61,326	12.25%	0.7		1,107	Variable
1300 Fairmount	Philadelphia, PA	471		51,393		64,780	8.5%	1.6		1,368	Variable
Essex (6)	Orlando, FL	-		-		-	-	-		18	-
Modera Lake Merritt	Oakland, CA	173		27,250		33,828	9.0%	2.3		755	Variable
Thousand Oaks	Thousand Oaks, CA	142		20,059		22,764	9.0%	3.1		509	Variable
Vernon Boulevard	Queens, NY	534		40,000		48,210	13.0%	3.5		1,545	Variable
Makers Rise	Herndon, VA	356		30,208		22,828	9.0%	4.0		407	Variable
121 at Watters	Allen, TX	469		19,846		14,134	9.0%	4.2		286	Variable
Infield Phase I	Kissimmee, FL	384		16,044		-	14.0%	2.4		-	-
Upton Place	Washington, DC	689		52,163		29,566	9.7%	5.9		92	-

Total - Preferred Equity		3,733	$	345,966	$	345,867	10.4%	2.8	$	5,936

Secured Loans

Infield Phase II	Kissimmee, FL	-	$	2,760	$	3,011	14.0%	0.4	$	105	-
Total - Secured Loans		-	$	2,760	$	3,011	14.0%	0.4	$	105

Total - Developer Capital Program		3,733	$	348,726	$	348,878	10.4%	2.7	$	6,041

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

(2)

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

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

(4)

1532 Harrison’s loss from investment in 4Q 2021 is a result of the developer’s remaining equity at GAAP book value. GAAP book value and the resulting loss from investment in 4Q 2021 are not indicative of a cash loss, and UDR anticipates fully recovering its investment balance and all accrued return.

(5)	In January 2022, UDR's investment balance and accrued return totaling approximately $62.4 million were paid in full upon 1200 Broadway being sold to a third party. Additionally, UDR received $11.7 million of variable upside participation.

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

Attachment 12

UDR, Inc.

Acquisitions, Dispositions and Developer Capital Program Investments Summary

December 31, 2021

(Dollars in Thousands)

(Unaudited) (1)


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

Developer Capital Program - Investment

Jan-21	Makers Rise	Herndon, VA	N/A	N/A	$	30,208		9.0%	356
Mar-21	121 at Watters	Allen, TX	N/A	N/A		19,846		9.0%	469
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%	-
Dec-21	Upton Place	Washington, DC	N/A	N/A		52,163		9.7%	689
					$	121,021		10.1%	1,898

					UDR Payment			Return	# of
Developer Capital Program - Redemption					Received			Rate	Homes

Oct-21	Essex	Orlando, FL	N/A	100%	$	17,629		12.5%	330
					$	17,629		12.5%	330



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

Acquisitions - Wholly-Owned

Jan-21	Union Place	Franklin, MA	0%	100%	$	77,400	$	51,800	300	$	258
Apr-21	The Canal	Farmers Branch, TX	0%	100%		110,200		42,000	636		173
May-21	Cool Springs at Frisco Bridges	Frisco, TX	0%	100%		166,900		89,510	945		177
Jun-21	Seneca Place	Germantown, MD	0%	100%		121,900		-	468		260
Jul-21	Brio	Bellevue, WA	0%	100%		171,900		-	259		664
Aug-21	Canterbury Apartments	Germantown, MD	0%	100%		127,200		-	544		234
Sep-21	The Smith Valley Forge	King of Prussia, PA	0%	100%		116,200		-	320		363
Sep-21	1274 at Towson	Towson, MD	0%	100%		57,600		-	192		300
Sep-21	322 on North Broad	Philadelphia, PA	0%	100%		147,000		-	339		434
Oct-21	Arbors at Maitland Summit	Orlando, FL	0%	100%		177,800		-	663		268
Oct-21	Essex Luxe	Orlando, FL	0%	100%		106,000		-	330		321
Nov-21	Quarters at Towson Town Center	Towson, MD	0%	100%		125,300		-	430		291
					$	1,505,400	$	183,310	5,426	$	277

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
Oct-21	1818 Platinum Triangle (4)	Anaheim, CA	100%	0%		126,000		-	265		475
					$	282,000	$	-	651	$	433


Dispositions - Joint Venture

Jan-21	OLiVE DTLA (5)	Los Angeles, CA	47%	0%	$	121,000	$	53,666	293	$	413
					$	121,000	$	53,666	293	$	413

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

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

(3)	UDR recorded a gain on sale of approximately $50.8 million during the twelve months ended December 31, 2021, which is included in gain/(loss) on sale of real estate owned.

(4)	UDR recorded a gain on sale of approximately $85.2 million during the three and twelve months ended December 31, 2021, which is included in gain/(loss) on sale of real estate owned.

(5)	UDR recorded a gain on sale of approximately $2.5 million during the twelve months ended December 31, 2021, which is included in income/(loss) from unconsolidated entites.

Attachment 13

UDR, Inc.

Capital Expenditure and Repair and Maintenance Summary

December 31, 2021

(In thousands, except Cost per Home)

(Unaudited) (1)


		Three Months				Capex	Twelve Months				Capex
	Estimated	Ended		Cost		as a %	Ended			Cost	as a %
Capital Expenditures for Consolidated Homes (2)	Useful Life (yrs.)	December 31, 2021		per Home		of NOI	December 31, 2021			per Home	of NOI

Average number of homes (3)			53,086					50,488

Recurring Cap Ex
Asset preservation
Building interiors	5 - 20	$	7,389	$	139		$	25,009	$	495
Building exteriors	5 - 20		7,626		144			17,550		348
Landscaping and grounds	10		2,016		38			5,854		116
Total asset preservation			17,031		321			48,413		959

Turnover related	5		4,362		82			15,407		305

Total Recurring Cap Ex			21,393		403	9%		63,820		1,264	7%

NOI Enhancing Cap Ex	5 - 20		13,218		249			44,727		886

Total Recurring and NOI Enhancing Cap Ex		$	34,611	$	652		$	108,547	$	2,150


		Three Months					Twelve Months
		Ended			Cost		Ended			Cost
Repair and Maintenance for Consolidated Homes (Expensed)		December 31, 2021			per Home		December 31, 2021			per Home

Average number of homes (3)			53,086					50,488

Contract services		$	8,900	$	168		$	33,514	$	664

Turnover related expenses			5,555		105			20,815		412

Other Repair and Maintenance
Building interiors			3,283		62			11,474		227
Building exteriors			1,061		20			3,303		65
Landscaping and grounds			582		11			2,041		40
Total Repair and Maintenance		$	19,381	$	365		$	71,147	$	1,409

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

(2)	Excludes redevelopment capital and initial capital expenditures on acquisitions.

(3)	Average number of homes is calculated based on the number of homes owned at the end of each month.

Attachment 14

UDR, Inc.

1Q 2022 and Full-Year 2022 Guidance

December 31, 2021

(Unaudited) (1)


		Guidance

Net Income, FFO, FFO as Adjusted and AFFO per Share and Unit Guidance	1Q 2022	Full-Year 2022

Income/(loss) per weighted average common share, diluted	$0.02 to $0.04	$0.22 to $0.30
FFO per common share and unit, diluted	$0.53 to $0.55	$2.22 to $2.30
FFO as Adjusted per common share and unit, diluted	$0.53 to $0.55	$2.22 to $2.30
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted	$0.50 to $0.52	$2.02 to $2.10
Annualized dividend per share and unit		$1.52


Same-Store Guidance		Full-Year 2022

Revenue growth / (decline) (Cash basis)		6.50% - 8.50%
Revenue growth / (decline) (Straight-line basis)		7.50% - 9.50%
Expense growth		2.50% - 3.50%
NOI growth / (decline) (Cash basis)		8.50% - 11.50%
NOI growth / (decline) (Straight-line basis)		9.50% - 12.50%


Sources of Funds ($ in millions)		Full-Year 2022

AFFO less Dividends		$174 to $202
Debt Issuances/Assumptions and LOC Draw/Paydown		$0 to $150
Dispositions		$0
Common Share (forward settlement) and OP Unit Issuance		$235


Uses of Funds ($ in millions)		Full-Year 2022

Debt maturities inclusive of principal amortization (2)		$5
Development spending and land acquisitions		$200 to $250
Redevelopment and other non-recurring		$60 to $100
Developer Capital Program, net		-$75 to -$50
Acquisitions		$175 to $225
NOI enhancing capital expenditures inclusive of Kitchen and Bath		$45 to $55


Other Additions/(Deductions) ($ in millions except per home amounts)		Full-Year 2022

Consolidated interest expense, net of capitalized interest and adjustments for FFO as Adjusted		$147 to $153
Capitalized interest (3)		$8 to $12
General and administrative		$55 to $65
Recurring capital expenditures per home		$1,250

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

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

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

Attachment 15(A)

UDR, Inc.

Definitions and Reconciliations

December 31, 2021

(Unaudited)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Attachment 15(B)

UDR, Inc.

Definitions and Reconciliations

December 31, 2021

(Unaudited)

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

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

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

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

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

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

In thousands

4Q 2021

YTD 2021

Income/(loss) from unconsolidated entities

36,523

65,646

Management fee

553

2,016

Financing fee

287

Interest expense

3,745

15,644

Debt extinguishment and other associated costs

1,395

Depreciation

7,903

31,967

General and administrative

228

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

(5,936)

(29,176)

Other (income)/expense

342

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

(1,435)

(1,980)

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

(32,277)

(49,916)

NOI related to sold properties

(Gain)/loss on sales

(2,460)

Total Joint Venture NOI at UDR's Ownership Interest

9,119

34,019

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	4Q 2021		3Q 2021		2Q 2021		1Q 2021		4Q 2020
Net income/(loss) attributable to UDR, Inc.	$	117,461	$	17,731	$	11,720	$	3,104	$	26,532
Property management		10,411		9,861		9,273		8,995		8,659
Other operating expenses		8,604		4,237		4,373		4,435		6,153
Real estate depreciation and amortization		163,755		152,636		146,169		144,088		146,135
Interest expense		36,418		36,289		35,404		78,156		62,524
Casualty-related charges/(recoveries), net		(934)		1,568		(2,463)		5,577		778
General and administrative		13,868		15,810		15,127		12,736		11,978
Tax provision/(benefit), net		156		529		135		619		668
(Income)/loss from unconsolidated entities		(36,523)		(14,450)		(9,751)		(4,922)		(4,516)
Interest income and other (income)/expense, net		(2,254)		(8,238)		(2,536)		(2,057)		1,030
Joint venture management and other fees		(1,184)		(1,071)		(2,232)		(1,615)		(1,208)
Other depreciation and amortization		4,713		3,269		2,602		2,601		2,074
(Gain)/loss on sale of real estate owned		(85,223)		-		-		(50,829)		(57,974)
Net income/(loss) attributable to noncontrolling interests		8,683		1,309		815		170		2,019
Total consolidated NOI	$	237,951	$	219,480	$	208,636	$	201,058	$	204,852

Attachment 15(C)

UDR, Inc.

Definitions and Reconciliations

December 31, 2021

(Unaudited)

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

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

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

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

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

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

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

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

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

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:

4Q 21

4Q 20

4Q 21

3Q 21

YTD 21

YTD 20

Revenue (Cash basis)

303,327

278,321

303,327

294,422

1,147,259

1,130,760

Concessions granted/(amortized), net

(4,516)

4,207

(4,516)

(2,302)

(9,396)

11,995

Revenue (Straight-line basis)

298,811

282,528

298,811

292,120

1,137,863

1,142,755

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

9.0%

3.0%

1.5%

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

5.8%

2.3%

-0.4%

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

11.4%

5.7%

0.5%

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

6.6%

4.7%

-2.2%

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

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

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

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

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

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

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

Attachment 15(D)

UDR, Inc.

Definitions and Reconciliations

December 31, 2021

(Unaudited)

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


	Full-Year 2022
	Low		High

Forecasted net income per diluted share	$	0.22	$	0.30
Conversion from GAAP share count		(0.02)		(0.02)
Net gain on the sale of depreciable real estate owned		-		-
Depreciation		2.00		2.00
Noncontrolling interests		0.01		0.01
Preferred dividends		0.01		0.01
Forecasted FFO per diluted share and unit	$	2.22	$	2.30
Legal and other costs		-		-
Debt extinguishment and other associated costs		-		-
Casualty-related charges/(recoveries)		-		-
Realized/unrealized gain on real estate technology investments, net of tax		-		-
Forecasted FFO as Adjusted per diluted share and unit	$	2.22	$	2.30
Recurring capital expenditures		(0.20)		(0.20)
Forecasted AFFO per diluted share and unit	$	2.02	$	2.10


	1Q 2022
	Low		High

Forecasted net income per diluted share	$	0.02	$	0.04
Conversion from GAAP share count		(0.01)		(0.01)
Net gain on the sale of depreciable real estate owned		-		-
Depreciation		0.52		0.52
Noncontrolling interests		-		-
Preferred dividends		-		-
Forecasted FFO per diluted share and unit	$	0.53	$	0.55
Legal and other costs		-		-
Debt extinguishment and other associated costs		-		-
Casualty-related charges/(recoveries)		-		-
Realized/unrealized gain on real estate technology investments, net of tax		-		-
Forecasted FFO as Adjusted per diluted share and unit	$	0.53	$	0.55
Recurring capital expenditures		(0.03)		(0.03)
Forecasted AFFO per diluted share and unit	$	0.50	$	0.52


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

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


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


Ex. No.		Description
99.1		Earnings press release dated February 8, 2022.
99.2		Supplemental Financial Information dated February 8, 2022.
104		Cover Page Interactive Data File – The cover page XBRL tags are embedded within the Inline XBRL document


	UDR, Inc.

February 8, 2022	By:	/s/ Joseph D. Fisher
		Joseph D. Fisher
		Senior Vice President and Chief Financial Officer
		(Principal Financial Officer)


				Exhibit 99.1
Press Release
DENVER, CO – February 8, 2022				Contact: Trent Trujillo
				Email: [email protected]


	Quarter Ended December 31
Metric	4Q 2021 Actual	4Q 2021 Guidance	4Q 2020 Actual	$ Change vs. Prior Year Period	% Change vs. Prior Year Period
Net Income per diluted share	$0.37	$0.30 to $0.32	$0.09	$0.28	311%
FFO per diluted share	$0.63	$0.52 to $0.54	$0.39	$0.24	62%
FFOA per diluted share	$0.54	$0.52 to $0.54	$0.49	$0.05	10%
AFFO per diluted share	$0.47	$0.46 to $0.48	$0.43	$0.04	9%


Same-Store Growth / (Decline)	Year-Over-Year (“YOY”): Q4 2021 vs. Q4 2020	Sequential: Q4 2021 vs. Q3 2021
With concessions reflected on a cash basis:
Revenue	9.0%	3.0%
Expense	3.8%	(2.7)%
NOI	11.4%	5.7%
With concessions reflected on a straight-line basis:
Revenue	5.8%	2.3%
NOI	6.6%	4.7%


	Q1 2022 Outlook	Q4 2021 Actual	Full-Year 2022 Outlook	Full-Year 2021 Actual
Net Income / (Loss) per share	$0.02 to $0.04	$0.37	$0.22 to $0.30	$0.48
FFO per share	$0.53 to $0.55	$0.63	$2.22 to $2.30	$2.02
FFOA per share	$0.53 to $0.55	$0.54	$2.22 to $2.30	$2.01
AFFO per share	$0.50 to $0.52	$0.47	$2.02 to $2.10	$1.82
Dividend declared per share	$0.38	$0.3625	$1.52	$1.45
YOY Growth/(Decline): concessions reflected on a cash basis:
SS Revenue	N/A	9.0%	6.5% to 8.5%	1.5%
SS Expense	N/A	3.8%	2.5% to 3.5%	3.7%
SS NOI	N/A	11.4%	8.5% to 11.5%	0.5%
YOY Growth/(Decline): concessions reflected on a straight-line basis:
SS Revenue	N/A	5.8%	7.5% to 9.5%	(0.4)%
SS NOI	N/A	6.6%	9.5% to 12.5%	(2.2)%


	As of and Through January 31, 2022
Metric	Q3 2021	Oct 2021	Nov 2021	Dec 2021	Q4 2021	Jan 2022
Cash revenue collected (% of billed) during billing period	95.8%	94.0%	94.1%	93.8%	95.5%	93.6%
Cash revenue collected (% of billed) subsequent to billing period⁽¹⁾	2.2%	3.3%	2.6%	1.9%	1.0%	N/A
Cash revenue collected (% of billed) as of January 31, 2022⁽¹⁾	98.0%	97.3%	96.7%	95.7%	96.5%	93.6%
Revenue reserved or written-off	0.7%	N/A	N/A	N/A	0.8%⁽²⁾	N/A
Same-Store Metrics
Weighted Average Physical Occupancy	97.5%	97.1%	97.1%	97.3%	97.1%	97.4%
Effective Blended Lease Rate Growth⁽³⁾	8.2%	11.8%	11.4%	12.0%	11.7%	13.1%

				⁽¹⁾
Region	Revenue Growth / (Decline)	Expense Growth / (Decline)	NOI Growth / (Decline)	% of Same-Store Portfolio⁽¹⁾	Physical Occupancy⁽²⁾	YOY Change in Occupancy
West	10.9%	3.3%	13.7%	36.3%	96.9%	1.9%
Mid-Atlantic	3.6%	5.8%	2.7%	21.5%	97.1%	0.1%
Northeast	11.3%	4.2%	15.6%	16.6%	96.8%	2.5%
Southeast	9.2%	1.2%	13.2%	12.3%	97.6%	0.5%
Southwest	9.0%	2.9%	12.8%	7.3%	97.5%	0.4%
Other Markets	11.3%	5.0%	14.1%	6.0%	97.5%	0.3%
Total (Cash)	9.0%	3.8%	11.4%	100.0%	97.1%	1.0%
Total (Straight-Line)	5.8%	-	6.6%	-	-	-


Community / Property	Location (MSA)	Purchase / (Sale) Price ($ millions)	Homes	Avg. Monthly Revenue per Occupied Home⁽¹⁾	Physical Occupancy⁽¹⁾
Acquisitions
Arbors at Maitland Summit	Orlando, FL	$177.8	663	$1,609	95.7%
Essex Luxe⁽²⁾	Orlando, FL	106.0	330	1,967	96.1%
Quarters at Towson Town Center	Baltimore, MD	125.3	430	1,712	95.7%
Total / Weighted Avg.		$409.1	1,423	$1,723	95.8%
Dispositions
1818 Platinum Triangle	Orange County, CA	$(126.0)	265	$2,526	98.8%


	Quarter Ended December 31
Balance Sheet Metric	Q4 2021	Q4 2020	Change
Weighted Average Interest Rate	2.80%	2.91%	(0.11)%
Weighted Average Years to Maturity⁽¹⁾	7.7	8.0	(0.3)
Consolidated Fixed Charge Coverage Ratio	5.2x	4.5x	0.7x
Consolidated Debt as a percentage of Total Assets	34.0%	34.9%	(0.9)%
Consolidated Net-Debt-to-EBITDAre	6.4x	6.8x	(0.4)x