Enhanced Investments - Financial Portal

Published: 2023-07-26 16:19:27 ET

EX-99.2 3 udr-20230726xex99d2.htm EX-99.2

Exhibit 99.2

Financial Highlights

UDR, Inc.

As of End of Second Quarter 2023

(Unaudited) (1)


	Actual Results	Actual Results	Guidance for
Dollars in thousands, except per share and unit	2Q 2023	YTD 2023	3Q 2023	Full-Year 2023

GAAP Metrics
Net income/(loss) attributable to UDR, Inc.	$347,545	$378,509	--	--
Net income/(loss) attributable to common stockholders	$346,323	$376,104	--	--
Income/(loss) per weighted average common share, diluted	$1.05	$1.14	$0.13 to $0.15	$1.35 to $1.39

Per Share Metrics
FFO per common share and unit, diluted	$0.63	$1.22	$0.62 to $0.64	$2.48 to $2.52
FFO as Adjusted per common share and unit, diluted	$0.61	$1.21	$0.62 to $0.64	$2.47 to $2.51
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted	$0.55	$1.12	$0.56 to $0.58	$2.24 to $2.28
Dividend declared per share and unit	$0.42	$0.84	$0.42	$1.68 (2)

Same-Store Operating Metrics
Revenue growth/(decline) (Cash basis)	6.9%	7.5%	--	6.00% to 7.00%
Revenue growth/(decline) (Straight-line basis)	7.6%	8.6%	--	6.25% to 7.25%
Expense growth	7.4%	6.3%	--	4.00% to 5.50%
NOI growth/(decline) (Cash basis)	6.7%	8.1%	--	6.50% to 8.00%
NOI growth/(decline) (Straight-line basis)	7.7%	9.6%	--	6.75% to 8.25%
Physical Occupancy	96.6%	96.6%	--	--


Property Metrics	Homes	Communities	% of Total NOI
Same-Store	51,846	155	92.5%
Stabilized, Non-Mature	1,466	5	2.3%
Development	520	2	0.1%
Non-Residential / Other	N/A	N/A	1.1%
Joint Venture (3)	4,165	17	4.0%
Total completed homes	57,997	179	100%
Under Development	415	2	-
Total Quarter-end homes (3)(4)	58,412	181	100%


Balance Sheet Metrics (adjusted for non-recurring items)	2Q 2023	2Q 2022
Consolidated Interest Coverage Ratio	5.2x	5.5x
Consolidated Fixed Charge Coverage Ratio	5.0x	5.4x
Consolidated Debt as a percentage of Total Assets	31.9%	33.6%
Consolidated Net Debt-to-EBITDAre	5.5x	6.2x

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

(2)	Annualized for 2023.

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

(4)	Excludes 6,981 homes that are part of the Developer Capital Program as described in Attachment 11(B).

Attachment 1

Consolidated Statements of Operations

(Unaudited) (1)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
In thousands, except per share amounts	2023		2022		2023		2022

REVENUES:
Rental income (2)	$	403,098	$	367,748	$	801,405	$	723,929
Joint venture management and other fees		1,450		1,419		2,692		2,504
Total revenues		404,548		369,167		804,097		726,433

OPERATING EXPENSES:
Property operating and maintenance		68,861		60,405		133,695		118,889
Real estate taxes and insurance		57,516		52,788		115,486		106,552
Property management		13,101		11,952		26,046		23,528
Other operating expenses		4,259		5,027		7,291		9,739
Real estate depreciation and amortization		168,925		167,584		338,225		331,206
General and administrative		16,452		16,585		33,932		31,493
Casualty-related charges/(recoveries), net		1,134		1,074		5,290		309
Other depreciation and amortization		3,681		3,016		7,330		6,091
Total operating expenses		333,929		318,431		667,295		627,807

Gain/(loss) on sale of real estate owned		325,884		-		325,885		-
Operating income		396,503		50,736		462,687		98,626

Income/(loss) from unconsolidated entities (2)		9,697		(11,229)		19,404		(5,817)
Interest expense		(45,113)		(36,832)		(88,855)		(72,748)
Interest income and other income/(expense), net		10,447		3,001		11,457		561

Income/(loss) before income taxes		371,534		5,676		404,693		20,622
Tax (provision)/benefit, net		(1,351)		(312)		(1,585)		(655)

Net Income/(loss)		370,183		5,364		403,108		19,967
Net (income)/loss attributable to redeemable noncontrolling interests in the OP and DownREIT Partnership		(22,630)		(272)		(24,583)		(1,151)
Net (income)/loss attributable to noncontrolling interests		(8)		(8)		(16)		(27)

Net income/(loss) attributable to UDR, Inc.		347,545		5,084		378,509		18,789
Distributions to preferred stockholders - Series E (Convertible)		(1,222)		(1,109)		(2,405)		(2,201)

Net income/(loss) attributable to common stockholders	$	346,323	$	3,975	$	376,104	$	16,588


Income/(loss) per weighted average common share - basic:		$1.05		$0.01		$1.14		$0.05
Income/(loss) per weighted average common share - diluted:		$1.05		$0.01		$1.14		$0.05

Common distributions declared per share		$0.42		$0.38		$0.84		$0.76

Weighted average number of common shares outstanding - basic		328,957		318,351		328,871		318,181
Weighted average number of common shares outstanding - diluted		332,480		319,572		332,412		319,592

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

(2)	As of June 30, 2023, UDR's residential accounts receivable balance, net of its reserve, was $8.3 million, including its share from unconsolidated joint ventures. The unreserved amount is based on probability of collection.

Attachment 2

Funds From Operations

(Unaudited) (1)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
In thousands, except per share and unit amounts	2023		2022			2023	2022

Net income/(loss) attributable to common stockholders	$	346,323	$	3,975	$	376,104	$	16,588

Real estate depreciation and amortization		168,925		167,584		338,225		331,206
Noncontrolling interests		22,638		280		24,599		1,178
Real estate depreciation and amortization on unconsolidated joint ventures		8,695		7,489		16,180		15,113
Net gain on the sale of depreciable real estate owned, net of tax		(324,769)		-		(324,770)		-
Funds from operations ("FFO") attributable to common stockholders and unitholders, basic	$	221,812	$	179,328	$	430,338	$	364,085

Distributions to preferred stockholders - Series E (Convertible) (2)		1,222		1,109		2,405		2,201

FFO attributable to common stockholders and unitholders, diluted	$	223,034	$	180,437	$	432,743	$	366,286

FFO per weighted average common share and unit, basic	$	0.63	$	0.53	$	1.23	$	1.07
FFO per weighted average common share and unit, diluted	$	0.63	$	0.52	$	1.22	$	1.06

Weighted average number of common shares and OP/DownREIT Units outstanding, basic		350,207		339,885		350,157		339,715
Weighted average number of common shares, OP/DownREIT Units, and common stock
equivalents outstanding, diluted		353,730		344,024		353,698		344,044

Impact of adjustments to FFO:
Variable upside participation on DCP, net	$	(204)	$	-	$	(204)	$	(10,622)
Legal and other		-		709		(1,258)		1,483
Realized (gain)/loss on real estate technology investments, net of tax		257		(5,886)		852		(8,124)
Unrealized (gain)/loss on real estate technology investments, net of tax		(8,104)		20,676		(8,962)		36,307
Casualty-related charges/(recoveries), net		1,134		1,074		5,290		309
Total impact of adjustments to FFO	$	(6,917)	$	16,573	$	(4,282)	$	19,353

FFO as Adjusted attributable to common stockholders and unitholders, diluted	$	216,117	$	197,010	$	428,461	$	385,639

FFO as Adjusted per weighted average common share and unit, diluted	$	0.61	$	0.57	$	1.21	$	1.12

Recurring capital expenditures		(21,345)		(18,411)		(33,644)		(30,215)
AFFO attributable to common stockholders and unitholders, diluted	$	194,772	$	178,599	$	394,817	$	355,424

AFFO per weighted average common share and unit, diluted	$	0.55	$	0.52	$	1.12	$	1.03

(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 six months ended June 30, 2023 and June 30, 2022. 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

Consolidated Balance Sheets

(Unaudited) (1)


	June 30,		December 31,
In thousands, except share and per share amounts	2023		2022

ASSETS

Real estate owned:
Real estate held for investment	$	15,340,416	$	15,365,928
Less: accumulated depreciation		(5,951,557)		(5,762,205)
Real estate held for investment, net		9,388,859		9,603,723
Real estate under development
(net of accumulated depreciation of $0 and $296)		108,432		189,809
Real estate held for disposition
(net of accumulated depreciation of $0 and $0)		-		14,039
Total real estate owned, net of accumulated depreciation		9,497,291		9,807,571

Cash and cash equivalents		1,544		1,193
Restricted cash		28,837		29,001
Notes receivable, net		183,629		54,707
Investment in and advances to unconsolidated joint ventures, net		963,253		754,446
Operating lease right-of-use assets		192,369		194,081
Other assets		218,782		197,471
Total assets	$	11,085,705	$	11,038,470

LIABILITIES AND EQUITY

Liabilities:
Secured debt	$	1,049,715	$	1,052,281
Unsecured debt		4,377,497		4,435,022
Operating lease liabilities		187,556		189,238
Real estate taxes payable		38,945		37,681
Accrued interest payable		46,729		46,671
Security deposits and prepaid rent		56,690		51,999
Distributions payable		148,403		134,213
Accounts payable, accrued expenses, and other liabilities		124,454		153,220
Total liabilities		6,029,989		6,100,325

Redeemable noncontrolling interests in the OP and DownREIT Partnership		935,543		839,850

Equity:
Preferred stock, no par value; 50,000,000 shares authorized at June 30, 2023 and December 31, 2022:
2,686,308 shares of 8.00% Series E Cumulative Convertible issued
and outstanding (2,686,308 shares at December 31, 2022)		44,614		44,614
11,920,927 shares of Series F outstanding (12,100,514 shares at December 31, 2022)		1		1
Common stock, $0.01 par value; 450,000,000 shares authorized at June 30, 2023 and December 31, 2022:
329,478,476 shares issued and outstanding (328,993,088 shares at December 31, 2022)		3,295		3,290
Additional paid-in capital		7,508,616		7,493,423
Distributions in excess of net income		(3,445,679)		(3,451,587)
Accumulated other comprehensive income/(loss), net		9,116		8,344
Total stockholders' equity		4,119,963		4,098,085
Noncontrolling interests		210		210
Total equity		4,120,173		4,098,295
Total liabilities and equity	$	11,085,705	$	11,038,470

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

Attachment 4(A)

Selected Financial Information

(Unaudited) (1)


	June 30,	December 31,
Common Stock and Equivalents	2023	2022

Common shares	329,478,476	328,993,088
Restricted unit and common stock equivalents	449,551	599,681
Operating and DownREIT Partnership units	21,099,643	21,123,826
Series E cumulative convertible preferred shares (2)	2,908,323	2,908,323
Total common shares, OP/DownREIT units, and common stock equivalents	353,935,993	353,624,918




Weighted Average Number of Shares Outstanding	2Q 2023	2Q 2022

Weighted average number of common shares and OP/DownREIT units outstanding - basic	350,206,803	339,884,808
Weighted average number of OP/DownREIT units outstanding	(21,250,182)	(21,534,259)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations	328,956,621	318,350,549

Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted	353,729,594	344,024,524
Weighted average number of OP/DownREIT units outstanding	(21,250,182)	(21,534,259)
Weighted average number of Series E cumulative convertible preferred shares outstanding	-	(2,918,127)
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations	332,479,412	319,572,138


	Year-to-Date 2023	Year-to-Date 2022

Weighted average number of common shares and OP/DownREIT units outstanding - basic	350,157,304	339,714,942
Weighted average number of OP/DownREIT units outstanding	(21,286,442)	(21,534,273)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations	328,870,862	318,180,669

Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted	353,698,023	344,044,149
Weighted average number of OP/DownREIT units outstanding	(21,286,442)	(21,534,273)
Weighted average number of Series E cumulative convertible preferred shares outstanding	-	(2,918,127)
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations	332,411,581	319,591,749

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

(2)	At June 30, 2023 and December 31, 2022 there were 2,686,308 of Series E cumulative convertible preferred shares outstanding, which is equivalent to 2,908,323 shares of common stock if converted (after adjusting for the special dividend paid in 2008).

Attachment 4(B)

Selected Financial Information

June 30, 2023

(Unaudited) (1)


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

Secured		Fixed			$	1,005,037			18.6%	3.42%	4.9
		Floating				27,000			0.5%	3.92%	8.7
		Combined				1,032,037			19.1%	3.43%	5.0

Unsecured		Fixed				4,115,644	(3)		75.9%	3.06%	7.0
		Floating				269,966			5.0%	5.51%	0.1
		Combined				4,385,610			80.9%	3.21%	6.6

Total Debt		Fixed				5,120,681			94.5%	3.13%	6.6
		Floating				296,966			5.5%	5.37%	0.9
		Combined				5,417,647			100.0%	3.25%	6.3
		Total Non-Cash Adjustments (4)				9,565
		Total per Balance Sheet			$	5,427,212				3.21%



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

2023	$	657	$	-	$	250,000		$	250,657	4.6%	5.47%
2024		96,747		15,644		19,966			132,357	2.5%	4.29%
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%	3.67%
2028		162,310		300,000		-			462,310	8.5%	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	14.0%	2.92%
2032		27,000		400,000		-			427,000	7.9%	2.22%
Thereafter		-		950,000		-			950,000	17.5%	2.35%
		1,032,037		4,115,644		269,966			5,417,647	100.0%	3.25%
Total Non-Cash Adjustments (4)		17,678		(8,113)		-			9,565
Total per Balance Sheet	$	1,049,715	$	4,107,531	$	269,966		$	5,427,212		3.21%

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

(2)

The 2023 maturity reflects the $250.0 million of principal outstanding at an interest rate of 5.48%, the equivalent of SOFR plus a spread of 37 basis points, on the Company’s unsecured commercial paper program as of June 30, 2023. 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 6.4 years with and without extensions.

(3)

Includes the following amount of floating rate debt that has been fixed using interest rate swaps: $350.0 million at a weighted average all-in rate of 3.36% until January 2024, $262.5 million at a weighted average all-in rate of 2.68% from January 2024 until July 2024, and $175.0 million of floating rate debt at a weighted average all-in rate of 1.43% from July 2024 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 June 30, 2023. The facility has a maturity date of January 2026, plus two six-month extension options and currently carries an interest rate equal to adjusted SOFR plus 75.5 basis points.

(7)	There was $20.0 million outstanding on our $75.0 million working capital credit facility at June 30, 2023. The facility has a maturity date of January 2024. The working capital credit facility currently carries an interest rate equal to adjusted SOFR plus 77.5 basis points.

Attachment 4(C)

Selected Financial Information

(Dollars in Thousands)

(Unaudited) (1)

Quarter Ended

Coverage Ratios

June 30, 2023

Net income/(loss)

370,183

Adjustments:

Interest expense, including debt extinguishment and other associated costs

45,113

Real estate depreciation and amortization

168,925

Other depreciation and amortization

3,681

Tax provision/(benefit), net

1,351

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

(325,884)

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

12,813

EBITDAre

276,182

Casualty-related charges/(recoveries), net

1,134

Unrealized (gain)/loss on real estate technology investments

(8,720)

Realized (gain)/loss on real estate technology investments

(Income)/loss from unconsolidated entities

(9,697)

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

(12,813)

Management fee expense on unconsolidated joint ventures

(615)

Consolidated EBITDAre - adjusted for non-recurring items

245,528

Annualized consolidated EBITDAre - adjusted for non-recurring items

982,112

Interest expense, including debt extinguishment and other associated costs

45,113

Capitalized interest expense

2,342

Total interest

47,455

Preferred dividends

1,222

Total debt

5,427,212

Cash

(1,544)

Net debt

5,425,668

Consolidated Interest Coverage Ratio - adjusted for non-recurring items

5.2x

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

5.0x

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

5.5x

Debt Covenant Overview

Unsecured Line of Credit Covenants (2)

Required

Actual

Compliance

Maximum Leverage Ratio

≤60.0%

29.6% (2)

Yes

Minimum Fixed Charge Coverage Ratio

≥1.5x

5.0x

Yes

Maximum Secured Debt Ratio

≤40.0%

8.4%

Yes

Minimum Unencumbered Pool Leverage Ratio

≥150.0%

392.3%

Yes

Senior Unsecured Note Covenants (3)

Required

Actual

Compliance

Debt as a percentage of Total Assets

≤65.0%

31.9% (3)

Yes

Consolidated Income Available for Debt Service to Annual Service Charge

≥1.5x

5.9x

Yes

Secured Debt as a percentage of Total Assets

≤40.0%

6.2%

Yes

Total Unencumbered Assets to Unsecured Debt

≥150.0%

326.1%

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 2023 NOI (1)

Carrying Value

Total Gross

Asset Summary

Homes

($000s)

% of NOI

($000s)

Carrying Value

Unencumbered assets

46,310

244,619

88.4%

13,680,810

88.6%

Encumbered assets

7,522

32,102

11.6%

1,768,038

11.4%

53,832

276,721

100.0%

15,448,848

100.0%

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

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

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

Attachment 5

Operating Information

(Unaudited) (1)


	Total	Quarter Ended		Quarter Ended		Quarter Ended		Quarter Ended		Quarter Ended
Dollars in thousands	Homes	June 30, 2023		March 31, 2023		December 31, 2022		September 30, 2022		June 30, 2022
Revenues
Same-Store Communities	51,846	$	374,534	$	370,099	$	370,102	$	364,085	$	350,260
Stabilized, Non-Mature Communities	1,466		9,868		9,588		8,664		6,615		2,408
Development Communities	520		1,958		829		290		5		3
Non-Residential / Other (2)	-		7,643		8,511		9,611		9,317		5,576
Total	53,832	$	394,003	$	389,027	$	388,667	$	380,022	$	358,247

Expenses
Same-Store Communities		$	114,016	$	111,158	$	110,634	$	114,551	$	106,161
Stabilized, Non-Mature Communities			3,324		3,801		3,399		2,680		1,335
Development Communities			1,780		1,421		1,140		424		229
Non-Residential / Other (2)			4,649		3,888		3,614		4,649		2,795
Total (3)		$	123,769	$	120,268	$	118,787	$	122,304	$	110,520

Net Operating Income
Same-Store Communities		$	260,518	$	258,941	$	259,468	$	249,534	$	244,099
Stabilized, Non-Mature Communities			6,544		5,787		5,265		3,935		1,073
Development Communities			178		(592)		(850)		(419)		(226)
Non-Residential / Other (2)			2,994		4,623		5,997		4,668		2,781
Total		$	270,234	$	268,759	$	269,880	$	257,718	$	247,727

Operating Margin
Same-Store Communities			69.6%		70.0%		70.1%		68.5%		69.7%

Weighted Average Physical Occupancy
Same-Store Communities			96.6%		96.6%		96.7%		96.6%		97.0%
Stabilized, Non-Mature Communities			95.8%		93.1%		86.3%		78.1%		77.0%
Development Communities			47.8%		26.8%		18.6%		-		-
Other (4)			-		96.7%		97.3%		96.9%		97.4%
Total			96.1%		95.8%		96.1%		96.3%		96.7%

Sold and Held for Disposition Communities
Revenues	-	$	9,095	$	9,280	$	9,745	$	10,001	$	9,501
Expenses (3)			2,608		2,536		2,739		2,701		2,673
Net Operating Income/(Loss)		$	6,487	$	6,744	$	7,006	$	7,300	$	6,828

Total	53,832	$	276,721	$	275,503	$	276,886	$	265,018	$	254,555

(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

Same-Store Operating Expense Information

(Dollars in Thousands)

(Unaudited) (1)


	% of 2Q 2023
	SS Operating
Year-Over-Year Comparison	Expenses	2Q 2023		2Q 2022		% Change

Personnel	14.0%	$	15,957	$	15,171	5.2%
Utilities	14.0%		15,923		13,944	14.2%
Repair and maintenance	20.1%		22,919		20,446	12.1%
Administrative and marketing	6.6%		7,572		6,849	10.6%
Controllable expenses	54.7%		62,371		56,410	10.6%

Real estate taxes	40.0%	$	45,553	$	43,555	4.6%
Insurance	5.3%		6,092		6,196	-1.7%
Same-Store operating expenses	100.0%	$	114,016	$	106,161	7.4%

Same-Store Homes	51,846



	% of 2Q 2023
	SS Operating
Sequential Comparison	Expenses	2Q 2023		1Q 2023		% Change

Personnel (2)	14.0%	$	15,957	$	13,516	18.1%
Utilities	14.0%		15,923		16,894	-5.7%
Repair and maintenance	20.1%		22,919		21,106	8.6%
Administrative and marketing	6.6%		7,572		7,192	5.3%
Controllable expenses	54.7%		62,371		58,708	6.2%

Real estate taxes	40.0%	$	45,553	$	46,276	-1.6%
Insurance	5.3%		6,092		6,174	-1.4%
Same-Store operating expenses	100.0%	$	114,016	$	111,158	2.6%

Same-Store Homes	51,846




	% of YTD 2023
	SS Operating
Year-to-Date Comparison	Expenses	YTD 2023		YTD 2022		% Change

Personnel (2)	13.1%	$	29,473	$	30,358	-2.9%
Utilities	14.6%		32,817		28,531	15.0%
Repair and maintenance	19.6%		44,025		38,825	13.4%
Administrative and marketing	6.6%		14,764		13,605	8.5%
Controllable expenses	53.9%		121,079		111,319	8.8%

Real estate taxes	40.7%	$	91,829	$	87,743	4.7%
Insurance	5.4%		12,266		12,761	-3.9%
Same-Store operating expenses	100.0%	$	225,174	$	211,823	6.3%

Same-Store Homes	51,846

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

(2)	Personnel for 1Q 2023 includes a refundable payroll tax credit of $3.7 million related to the Employee Retention Credit program.

Attachment 7(A)

Apartment Home Breakout

Portfolio Overview as of Quarter Ended

June 30, 2023

(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	4,295	-	4,295	701	4,996	$	2,999
San Francisco, CA	2,779	356	3,135	602	3,737		3,547
Seattle, WA	2,701	-	2,701	284	2,985		2,818
Los Angeles, CA	1,225	-	1,225	340	1,565		3,237
Monterey Peninsula, CA	1,567	-	1,567	-	1,567		2,235
	12,567	356	12,923	1,927	14,850

Mid-Atlantic Region
Metropolitan DC	9,033	300	9,333	360	9,693		2,302
Baltimore, MD	2,221	-	2,221	-	2,221		1,884
Richmond, VA	1,359	-	1,359	-	1,359		1,809
	12,613	300	12,913	360	13,273

Northeast Region
Boston, MA	4,234	433	4,667	614	5,281		3,042
New York, NY	2,318	-	2,318	710	3,028		4,653
	6,552	433	6,985	1,324	8,309

Southeast Region
Tampa, FL	3,877	-	3,877	-	3,877		2,127
Orlando, FL	3,493	-	3,493	-	3,493		1,924
Nashville, TN	2,260	-	2,260	-	2,260		1,765
	9,630	-	9,630	-	9,630

Southwest Region
Dallas, TX	5,813	405	6,218	-	6,218		1,784
Austin, TX	1,272	-	1,272	-	1,272		1,932
	7,085	405	7,490	-	7,490

Other Markets (5)	3,399	492	3,891	554	4,445		2,577

Totals	51,846	1,986	53,832	4,165	57,997	$	2,532

Communities (6)	155	7	162	17	179

		Homes	Communities
Total completed homes		57,997	179
Under Development (7)		415	2

Total Quarter-end homes and communities		58,412	181

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

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

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

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

(5)	Other Markets include Denver (510 homes), Palm Beach (636 homes), Inland Empire (658 homes), San Diego (163 wholly owned, 264 JV homes), Portland (752 homes) and Philadelphia (1,172 wholly owned, 290 JV homes).

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

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

Attachment 7(B)

Non-Mature Home Summary and Net Operating Income by Market

June 30, 2023

(Unaudited) (1)


Non-Mature Home Breakout - By Date


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


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

HQ	Stabilized, Non-Mature	136	San Francisco, CA	2Q24

The George Apartments	Stabilized, Non-Mature	200	Philadelphia, PA	2Q24

Vitruvian West Phase 3	Stabilized, Non-Mature	405	Dallas, TX	2Q24

Cirrus	Stabilized, Non-Mature	292	Denver, CO	3Q24

5421 at Dublin Station	Development	220	San Francisco, CA	1Q25

The MO	Development	300	Washington, DC	2Q25

Total		1,986


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	11.1%	10.7%	Tampa, FL	6.1%	5.5%
San Francisco, CA	7.5%	8.3%	Orlando, FL	5.1%	4.7%
Seattle, WA	6.3%	6.3%	Nashville, TN	3.2%	2.9%
Los Angeles, CA	3.0%	3.4%		14.4%	13.1%
Monterey Peninsula, CA	3.0%	2.8%	Southwest Region
	30.9%	31.5%	Dallas, TX	7.3%	7.3%
Mid-Atlantic Region			Austin, TX	1.7%	1.6%
Metropolitan DC	16.0%	15.0%		9.0%	8.9%
Baltimore, MD	3.1%	2.9%
Richmond, VA	2.0%	1.8%	Other Markets (3)	7.0%	8.0%
	21.1%	19.7%
Northeast Region
Boston, MA	10.6%	11.0%
New York, NY	7.0%	7.8%
	17.6%	18.8%	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)

Same-Store Operating Information By Major Market

Current Quarter vs. Prior Year Quarter

June 30, 2023

(Unaudited) (1)



		% of Same-	Same-Store
	Total	Store Portfolio
	Same-Store	Based on	Physical Occupancy			Total Revenue per Occupied Home
	Homes	2Q 2023 NOI	2Q 23	2Q 22	Change	2Q 23		2Q 22		Change

West Region
Orange County, CA	4,295	11.1%	96.3%	96.1%	0.2%	$	2,998	$	2,844	5.4%
San Francisco, CA	2,779	7.5%	96.4%	96.3%	0.1%		3,470		3,297	5.2%
Seattle, WA	2,701	6.3%	97.1%	97.6%	-0.5%		2,823		2,706	4.3%
Los Angeles, CA	1,225	3.0%	96.3%	96.5%	-0.2%		3,072		3,044	0.9%
Monterey Peninsula, CA	1,567	3.0%	95.7%	96.5%	-0.8%		2,235		2,111	5.9%
	12,567	30.9%	96.4%	96.7%	-0.3%		2,977		2,842	4.8%

Mid-Atlantic Region
Metropolitan DC	9,033	16.0%	97.2%	97.4%	-0.2%		2,309		2,179	6.0%
Baltimore, MD	2,221	3.1%	95.6%	96.7%	-1.1%		1,884		1,772	6.3%
Richmond, VA	1,359	2.0%	96.7%	97.6%	-0.9%		1,809		1,658	9.1%
	12,613	21.1%	96.9%	97.3%	-0.4%		2,181		2,051	6.3%

Northeast Region
Boston, MA	4,234	10.6%	96.7%	96.6%	0.1%		3,114		2,897	7.5%
New York, NY	2,318	7.0%	98.0%	98.2%	-0.2%		4,582		4,093	11.9%
	6,552	17.6%	97.2%	97.2%	0.0%		3,638		3,325	9.4%

Southeast Region
Tampa, FL	3,877	6.1%	96.6%	96.8%	-0.2%		2,127		1,935	9.9%
Orlando, FL	3,493	5.1%	96.3%	96.6%	-0.3%		1,924		1,725	11.5%
Nashville, TN	2,260	3.2%	95.8%	97.5%	-1.7%		1,765		1,594	10.7%
	9,630	14.4%	96.3%	96.9%	-0.6%		1,969		1,779	10.7%

Southwest Region
Dallas, TX	5,813	7.3%	96.3%	96.9%	-0.6%		1,780		1,645	8.2%
Austin, TX	1,272	1.7%	96.1%	98.1%	-2.0%		1,932		1,778	8.7%
	7,085	9.0%	96.3%	97.1%	-0.8%		1,807		1,669	8.3%

Other Markets	3,399	7.0%	96.6%	97.0%	-0.4%		2,551		2,392	6.6%

Total/Weighted Avg.	51,846	100.0%	96.6%	97.0%	-0.4%	$	2,493	$	2,323	7.3%

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

Attachment 8(B)

Same-Store Operating Information By Major Market

Current Quarter vs. Prior Year Quarter

June 30, 2023

(Unaudited) (1)


			Same-Store ($000s)

	Total
	Same-Store	Revenues					Expenses					Net Operating Income
	Homes	2Q 23		2Q 22		Change	2Q 23		2Q 22		Change	2Q 23		2Q 22		Change

West Region
Orange County, CA	4,295	$	37,201	$	35,219	5.6%	$	8,292	$	7,265	14.1%	$	28,909	$	27,954	3.4%
San Francisco, CA	2,779		27,889		26,330	5.9%		8,268		7,323	12.9%		19,621		19,007	3.2%
Seattle, WA	2,701		22,208		21,400	3.8%		5,876		5,769	1.9%		16,332		15,631	4.5%
Los Angeles, CA	1,225		10,871		10,796	0.7%		3,012		2,830	6.4%		7,859		7,966	-1.3%
Monterey Peninsula, CA	1,567		10,057		9,575	5.0%		2,327		2,133	9.1%		7,730		7,442	3.9%
	12,567		108,226		103,320	4.7%		27,775		25,320	9.7%		80,451		78,000	3.1%

Mid-Atlantic Region
Metropolitan DC	9,033		60,821		57,514	5.7%		19,251		18,031	6.8%		41,570		39,483	5.3%
Baltimore, MD	2,221		11,999		11,414	5.1%		4,034		3,789	6.5%		7,965		7,625	4.5%
Richmond, VA	1,359		7,130		6,597	8.1%		1,888		1,580	19.5%		5,242		5,017	4.5%
	12,613		79,950		75,525	5.9%		25,173		23,400	7.6%		54,777		52,125	5.1%

Northeast Region
Boston, MA	4,234		38,248		35,550	7.6%		10,723		9,878	8.6%		27,525		25,672	7.2%
New York, NY	2,318		31,224		27,952	11.7%		12,910		11,961	7.9%		18,314		15,991	14.5%
	6,552		69,472		63,502	9.4%		23,633		21,839	8.2%		45,839		41,663	10.0%

Southeast Region
Tampa, FL	3,877		23,899		21,789	9.7%		8,113		7,373	10.0%		15,786		14,416	9.5%
Orlando, FL	3,493		19,412		17,462	11.2%		5,923		5,455	8.6%		13,489		12,007	12.3%
Nashville, TN	2,260		11,466		10,536	8.8%		3,157		3,143	0.5%		8,309		7,393	12.4%
	9,630		54,777		49,787	10.0%		17,193		15,971	7.6%		37,584		33,816	11.1%

Southwest Region
Dallas, TX	5,813		29,897		27,798	7.5%		10,734		10,402	3.2%		19,163		17,396	10.2%
Austin, TX	1,272		7,084		6,657	6.4%		2,642		2,557	3.3%		4,442		4,100	8.3%
	7,085		36,981		34,455	7.3%		13,376		12,959	3.2%		23,605		21,496	9.8%

Other Markets	3,399		25,128		23,671	6.2%		6,866		6,672	2.9%		18,262		16,999	7.4%

Total (2)	51,846	$	374,534	$	350,260	6.9%	$	114,016	$	106,161	7.4%	$	260,518	$	244,099	6.7%

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

(2)	With concessions reflected on a straight-line basis, Same-Store Revenue and Same-Store NOI increased year-over-year by 7.6% and 7.7%, respectively. See Attachment 15(C) for definitions and reconciliations.

Attachment 8(C)

Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

June 30, 2023

(Unaudited) (1)


		Same-Store
	Total
	Same-Store	Physical Occupancy			Total Revenue per Occupied Home
	Homes	2Q 23	1Q 23	Change	2Q 23		1Q 23		Change

West Region
Orange County, CA	4,295	96.3%	96.1%	0.2%	$	2,998	$	2,952	1.6%
San Francisco, CA	2,779	96.4%	96.9%	-0.5%		3,470		3,451	0.6%
Seattle, WA	2,701	97.1%	97.0%	0.1%		2,823		2,799	0.9%
Los Angeles, CA	1,225	96.3%	96.6%	-0.3%		3,072		3,208	-4.2%
Monterey Peninsula, CA	1,567	95.7%	95.3%	0.4%		2,235		2,237	-0.1%
	12,567	96.4%	96.4%	0.0%		2,977		2,967	0.4%

Mid-Atlantic Region
Metropolitan DC	9,033	97.2%	96.9%	0.3%		2,309		2,274	1.5%
Baltimore, MD	2,221	95.6%	95.3%	0.3%		1,884		1,882	0.1%
Richmond, VA	1,359	96.7%	96.6%	0.1%		1,809		1,765	2.5%
	12,613	96.9%	96.6%	0.3%		2,181		2,151	1.4%

Northeast Region
Boston, MA	4,234	96.7%	96.7%	0.0%		3,114		3,080	1.1%
New York, NY	2,318	98.0%	97.9%	0.1%		4,582		4,515	1.5%
	6,552	97.2%	97.2%	0.0%		3,638		3,588	1.4%

Southeast Region
Tampa, FL	3,877	96.6%	96.4%	0.2%		2,127		2,093	1.6%
Orlando, FL	3,493	96.3%	95.8%	0.5%		1,924		1,886	2.0%
Nashville, TN	2,260	95.8%	95.9%	-0.1%		1,765		1,738	1.6%
	9,630	96.3%	96.1%	0.2%		1,969		1,935	1.8%

Southwest Region
Dallas, TX	5,813	96.3%	96.5%	-0.2%		1,780		1,765	0.8%
Austin, TX	1,272	96.1%	96.9%	-0.8%		1,932		1,916	0.8%
	7,085	96.3%	96.6%	-0.3%		1,807		1,792	0.8%

Other Markets	3,399	96.6%	97.0%	-0.4%		2,551		2,488	2.5%

Total/Weighted Avg.	51,846	96.6%	96.6%	0.0%	$	2,493	$	2,465	1.2%

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

Attachment 8(D)

Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

June 30, 2023

(Unaudited) (1)


			Same-Store ($000s)
	Total
	Same-Store	Revenues					Expenses					Net Operating Income
	Homes	2Q 23		1Q 23		Change	2Q 23		1Q 23		Change	2Q 23		1Q 23		Change

West Region
Orange County, CA	4,295	$	37,201	$	36,555	1.8%	$	8,292	$	7,989	3.8%	$	28,909	$	28,566	1.2%
San Francisco, CA	2,779		27,889		27,882	0.0%		8,268		7,809	5.9%		19,621		20,073	-2.2%
Seattle, WA	2,701		22,208		21,988	1.0%		5,876		5,421	8.4%		16,332		16,567	-1.4%
Los Angeles, CA	1,225		10,871		11,388	-4.5%		3,012		2,944	2.3%		7,859		8,444	-6.9%
Monterey Peninsula, CA	1,567		10,057		10,022	0.3%		2,327		2,254	3.3%		7,730		7,768	-0.5%
	12,567		108,226		107,835	0.4%		27,775		26,417	5.1%		80,451		81,418	-1.2%

Mid-Atlantic Region
Metropolitan DC	9,033		60,821		59,705	1.9%		19,251		18,181	5.9%		41,570		41,524	0.1%
Baltimore, MD	2,221		11,999		11,946	0.4%		4,034		3,737	8.0%		7,965		8,209	-3.0%
Richmond, VA	1,359		7,130		6,950	2.6%		1,888		1,827	3.3%		5,242		5,123	2.3%
	12,613		79,950		78,601	1.7%		25,173		23,745	6.0%		54,777		54,856	-0.1%

Northeast Region
Boston, MA	4,234		38,248		37,829	1.1%		10,723		10,647	0.7%		27,525		27,182	1.3%
New York, NY	2,318		31,224		30,737	1.6%		12,910		12,951	-0.3%		18,314		17,786	3.0%
	6,552		69,472		68,566	1.3%		23,633		23,598	0.1%		45,839		44,968	1.9%

Southeast Region
Tampa, FL	3,877		23,899		23,470	1.8%		8,113		8,161	-0.6%		15,786		15,309	3.1%
Orlando, FL	3,493		19,412		18,938	2.5%		5,923		5,756	2.9%		13,489		13,182	2.3%
Nashville, TN	2,260		11,466		11,301	1.5%		3,157		3,042	3.8%		8,309		8,259	0.6%
	9,630		54,777		53,709	2.0%		17,193		16,959	1.4%		37,584		36,750	2.3%

Southwest Region
Dallas, TX	5,813		29,897		29,697	0.7%		10,734		11,200	-4.2%		19,163		18,497	3.6%
Austin, TX	1,272		7,084		7,086	0.0%		2,642		2,664	-0.8%		4,442		4,422	0.4%
	7,085		36,981		36,783	0.5%		13,376		13,864	-3.5%		23,605		22,919	3.0%

Other Markets	3,399		25,128		24,605	2.1%		6,866		6,575	4.4%		18,262		18,030	1.3%

Total (2)	51,846	$	374,534	$	370,099	1.2%	$	114,016	$	111,158	2.6%	$	260,518	$	258,941	0.6%

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

(2)	With concessions reflected on a straight-line basis, Same-Store Revenue and Same-Store NOI increased quarter-over-quarter by 1.1% and 0.5%, respectively. See Attachment 15(C) for definitions and reconciliations.

Attachment 8(E)

Same-Store Operating Information By Major Market

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

June 30, 2023

(Unaudited) (1)


		% of Same-
	Total	Store Portfolio	Same-Store
	Same-Store	Based on	Physical Occupancy			Total Revenue per Occupied Home
	Homes	YTD 2023 NOI	YTD 23	YTD 22	Change	YTD 23		YTD 22		Change

West Region
Orange County, CA	4,295	11.1%	96.2%	96.5%	-0.3%	$	2,976	$	2,801	6.2%
San Francisco, CA	2,779	7.6%	96.6%	96.6%	0.0%		3,462		3,249	6.6%
Seattle, WA	2,701	6.4%	97.0%	97.6%	-0.6%		2,811		2,669	5.3%
Los Angeles, CA	1,225	3.1%	96.4%	96.5%	-0.1%		3,141		3,010	4.4%
Monterey Peninsula, CA	1,567	3.0%	95.5%	96.6%	-1.1%		2,236		2,155	3.8%
	12,567	31.2%	96.4%	96.7%	-0.3%		2,973		2,811	5.7%

Mid-Atlantic Region
Metropolitan DC	9,033	16.0%	97.1%	97.3%	-0.2%		2,291		2,155	6.3%
Baltimore, MD	2,221	3.1%	95.4%	96.6%	-1.2%		1,883		1,772	6.3%
Richmond, VA	1,359	2.0%	96.7%	97.7%	-1.0%		1,786		1,626	9.8%
	12,613	21.1%	96.7%	97.2%	-0.5%		2,166		2,031	6.6%

Northeast Region
Boston, MA	4,234	10.5%	96.7%	96.8%	-0.1%		3,096		2,879	7.5%
New York, NY	2,318	6.9%	97.9%	98.2%	-0.3%		4,548		4,067	11.8%
	6,552	17.4%	97.2%	97.3%	-0.1%		3,614		3,303	9.4%

Southeast Region
Tampa, FL	3,877	6.0%	96.5%	96.9%	-0.4%		2,110		1,889	11.7%
Orlando, FL	3,493	5.1%	96.1%	96.8%	-0.7%		1,904		1,686	12.9%
Nashville, TN	2,260	3.2%	95.8%	97.8%	-2.0%		1,752		1,556	12.6%
	9,630	14.3%	96.2%	97.1%	-0.9%		1,952		1,737	12.4%

Southwest Region
Dallas, TX	5,813	7.2%	96.4%	96.9%	-0.5%		1,772		1,617	9.6%
Austin, TX	1,272	1.7%	96.5%	97.9%	-1.4%		1,924		1,749	10.0%
	7,085	8.9%	96.4%	97.2%	-0.8%		1,799		1,641	9.7%

Other Markets	3,399	7.1%	96.8%	97.0%	-0.2%		2,519		2,362	6.6%

Total/Weighted Avg.	51,846	100.0%	96.6%	97.1%	-0.5%	$	2,479	$	2,293	8.1%

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

Attachment 8(F)

Same-Store Operating Information By Major Market

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

June 30, 2023

(Unaudited) (1)


			Same-Store ($000s)
	Total
	Same-Store	Revenues					Expenses					Net Operating Income
	Homes	YTD 23		YTD 22		Change	YTD 23		YTD 22		Change	YTD 23		YTD 22		Change

West Region
Orange County, CA	4,295	$	73,756	$	69,619	5.9%	$	16,281	$	14,707	10.7%	$	57,475	$	54,912	4.7%
San Francisco, CA	2,779		55,771		52,046	7.2%		16,077		15,007	7.1%		39,694		37,039	7.2%
Seattle, WA	2,701		44,196		42,202	4.7%		11,297		11,547	-2.2%		32,899		30,655	7.3%
Los Angeles, CA	1,225		22,259		21,349	4.3%		5,956		5,668	5.1%		16,303		15,681	4.0%
Monterey Peninsula, CA	1,567		20,079		19,568	2.6%		4,581		4,250	7.8%		15,498		15,318	1.2%
	12,567		216,061		204,784	5.5%		54,192		51,179	5.9%		161,869		153,605	5.4%

Mid-Atlantic Region
Metropolitan DC	9,033		120,526		113,670	6.0%		37,432		35,831	4.5%		83,094		77,839	6.8%
Baltimore, MD	2,221		23,945		22,802	5.0%		7,771		7,407	4.9%		16,174		15,395	5.1%
Richmond, VA	1,359		14,080		12,957	8.7%		3,715		3,222	15.3%		10,365		9,735	6.5%
	12,613		158,551		149,429	6.1%		48,918		46,460	5.3%		109,633		102,969	6.5%

Northeast Region
Boston, MA	4,234		76,077		70,805	7.4%		21,370		20,356	5.0%		54,707		50,449	8.4%
New York, NY	2,318		61,961		55,551	11.5%		25,861		24,041	7.6%		36,100		31,510	14.6%
	6,552		138,038		126,356	9.2%		47,231		44,397	6.4%		90,807		81,959	10.8%

Southeast Region
Tampa, FL	3,877		47,369		42,572	11.3%		16,274		14,536	12.0%		31,095		28,036	10.9%
Orlando, FL	3,493		38,350		34,179	12.2%		11,679		10,669	9.5%		26,671		23,510	13.4%
Nashville, TN	2,260		22,767		20,634	10.3%		6,199		6,216	-0.3%		16,568		14,418	14.9%
	9,630		108,486		97,385	11.4%		34,152		31,421	8.7%		74,334		65,964	12.7%

Southwest Region
Dallas, TX	5,813		59,594		54,651	9.0%		21,934		20,376	7.6%		37,660		34,275	9.9%
Austin, TX	1,272		14,170		13,069	8.4%		5,306		4,932	7.6%		8,864		8,137	8.9%
	7,085		73,764		67,720	8.9%		27,240		25,308	7.6%		46,524		42,412	9.7%

Other Markets	3,399		49,733		46,725	6.4%		13,441		13,058	2.9%		36,292		33,667	7.8%

Total (2)	51,846	$	744,633	$	692,399	7.5%	$	225,174	$	211,823	6.3%	$	519,459	$	480,576	8.1%

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

(2)	With concessions reflected on a straight-line basis, Same-Store revenue and Same-Store NOI increased year-over-year by 8.6% and 9.6%, respectively. See Attachment 15(C) for definitions and reconciliations.

Attachment 8(G)

Same-Store Operating Information By Major Market

June 30, 2023

(Unaudited) (1)


	Effective Blended Lease Rate Growth	Effective New Lease Rate Growth	Effective Renewal Lease Rate Growth	Annualized Turnover
	2Q 2023	2Q 2023	2Q 2023	2Q 2023	2Q 2022	YTD 2023	YTD 2022

West Region
Orange County, CA	2.8%	0.6%	5.3%	43.8%	43.5%	43.5%	38.0%
San Francisco, CA	3.8%	2.9%	4.7%	49.1%	42.1%	42.8%	35.2%
Seattle, WA	1.5%	-1.4%	4.1%	53.9%	53.9%	49.1%	48.0%
Los Angeles, CA	4.6%	3.5%	5.7%	38.6%	34.1%	33.4%	30.3%
Monterey Peninsula, CA	3.8%	2.2%	5.4%	30.7%	28.2%	34.6%	27.3%
	3.0%	1.1%	4.9%	46.1%	44.0%	43.1%	38.6%

Mid-Atlantic Region
Metropolitan DC	4.1%	1.7%	6.1%	42.3%	45.8%	37.0%	37.3%
Baltimore, MD	2.8%	1.5%	4.4%	63.0%	64.7%	55.4%	52.2%
Richmond, VA	3.9%	2.9%	4.7%	49.3%	54.9%	47.2%	43.9%
	3.8%	1.8%	5.7%	48.0%	51.1%	42.6%	41.4%

Northeast Region
Boston, MA	4.5%	3.2%	5.7%	52.2%	51.6%	41.3%	40.1%
New York, NY	5.4%	5.6%	5.3%	46.4%	49.1%	35.8%	35.0%
	4.9%	4.2%	5.5%	50.3%	50.8%	39.5%	38.4%

Southeast Region
Tampa, FL	0.6%	-2.6%	4.3%	60.2%	59.2%	54.5%	55.2%
Orlando, FL	2.2%	-0.3%	5.2%	55.5%	51.2%	51.8%	46.1%
Nashville, TN	0.2%	-3.5%	4.8%	57.0%	60.9%	49.7%	48.2%
	1.0%	-2.0%	4.7%	57.8%	57.0%	52.5%	50.6%

Southwest Region
Dallas, TX	0.7%	-2.1%	4.6%	54.6%	53.1%	50.3%	48.3%
Austin, TX	0.6%	-2.9%	5.2%	53.6%	49.8%	46.8%	48.0%
	0.7%	-2.2%	4.7%	54.4%	52.5%	49.7%	48.2%

Other Markets	3.6%	0.5%	6.5%	49.1%	51.0%	40.9%	43.8%

Total/Weighted Avg.	3.1%	0.9%	5.3%	50.0%	50.0%	44.5%	42.6%


Allocation of Total Homes Repriced during the Quarter		50.5%	49.5%

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

Attachment 9

Development and Land Summary

June 30, 2023

(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

Villas at Fiori	Addison, TX		85	-	$	33,528	$	53,500	$	629		1Q22	1Q24	2Q24	1.2%	-
Meridian	Tampa, FL		330	-		74,904		134,000		406		1Q22	2Q24	2Q24	-	-

Total Under Construction			415	-	$	108,432	$	187,500	$	452

Completed Projects, Non-Stabilized

5421 at Dublin Station	Dublin, CA		220	220	$	126,690	$	126,900	$	577		4Q19	3Q22	4Q22	82.7%	72.3%
The MO	Washington, DC		300	300		140,075		145,000		483		3Q20	4Q22	1Q23	60.7%	54.0%

Total Completed, Non-Stabilized			520	520	$	266,765	$	271,900	$	523

Total - Wholly Owned			935	520	$	375,197	$	459,400	$	491



NOI From Wholly-Owned Projects		2Q 23

Projects Under Construction		$	(41)
Completed, Non-Stabilized			219
Total		$	178


Land Summary
Parcel	Location	UDR Ownership Interest			Real Estate Cost Basis

Vitruvian Park®	Addison, TX	100%			$	35,611
Alameda Point Block 11	Alameda, CA	100%				31,325
Newport Village II	Alexandria, VA	100%				17,647
2727 Turtle Creek (includes 3 phases)	Dallas, TX	100%				96,148
488 Riverwalk	Fort Lauderdale, FL	100%				21,295
3001 Iowa Avenue	Riverside, CA	100%				17,524

Total					$	219,550

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

Attachment 10

Redevelopment Summary

June 30, 2023

(Dollars in Thousands)

(Unaudited) (1)


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

Projects in Redevelopment with Stabilized Operations

Eight80 Newport Beach (3)	Newport Beach, CA	1,447	30	20	$	17,871	$	19,700	$	657	1Q21	3Q23	97.2%	95.8%
Lakeline Villas (4)	Cedar Park, TX	309	288	73		5,086		10,500		36	3Q22	2Q24	98.4%	96.1%
Red Stone Ranch (4)	Cedar Park, TX	324	324	85		4,611		12,000		37	3Q22	2Q24	95.7%	93.5%
Towson Promenade (4)	Towson, MD	379	379	40		2,839		17,000		45	3Q22	2Q24	97.4%	94.2%
20 Lambourne (4)	Towson, MD	264	264	66		3,052		9,000		34	3Q22	2Q24	95.5%	90.9%
Lenox Farms (4)	Braintree, MA	338	338	28		4,208		15,500		46	3Q22	3Q24	94.7%	93.8%
Jefferson at Marina del Rey (5)	Marina del Rey, CA	298	-	-		2,570		7,000		-	1Q23	3Q23	99.0%	97.7%
Carrington Hills (4)	Franklin, TN	360	360	-		1,642		18,000		50	2Q23	2Q25	98.9%	97.5%
Preserve at Brentwood (4)	Nashville, TN	360	360	-		605		16,000		44	2Q23	2Q25	97.8%	96.9%

Total		4,079	2,343	312	$	42,484	$	124,700	$	50			97.2%	95.4%

(1)	See Attachment 15 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 homes for this Project remain in Same-Store.

(4)	Projects consist of unit renovations and renovation of related common area amenities. These communities remain in Same-Store.

(5)	Project consists of renovation of common area amenities. This community remains in Same-Store.

Attachment 11(A)

Unconsolidated Summary

June 30, 2023

(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 23	2Q 23		2Q 23		YTD 23 (2)		YTD 23 (2)

UDR / MetLife	50%			13		2,837		96.7%	$	4,107	$	11,192	$	22,116	$	43,978
UDR / LaSalle	51%			4		1,328		97.5%		2,540		84		84		164

Total				17		4,165		97.0%	$	3,599	$	11,276	$	22,200	$	44,142




	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	$	1,721,002	$	856,482	$	244,691		3.78%	2024-2031
UDR / LaSalle		495,740		-		258,198		N/A	N/A

Total	$	2,216,742	$	856,482	$	502,889





			2Q 23 vs. 2Q 22 Growth						2Q 23 vs. 1Q 23 Growth
Joint Venture Same-Store Growth (4)	Communities		Revenue		Expense			NOI	Revenue		Expense		NOI

Combined JV Portfolio	17		7.5%		4.5%			9.1%	-0.6%		-4.9%		1.7%





			YTD 23 vs. YTD 22 Growth
Joint Venture Same-Store Growth (4)	Communities		Revenue		Expense			NOI

Combined JV Portfolio	17		10.2%		6.1%			12.4%





							Income/(Loss)
	UDR Investment (6)						from Investments
Other Unconsolidated Investments (5)	Commitment		Funded		Balance		2Q 23 (7)

RETV Funds	$	51,000	$	29,760	$	25,340	$	(837)
RET Strategic Fund		25,000		8,750		9,242		76
RET ESG Fund		10,000		3,000		2,769		(55)
Climate Technology Funds		10,000		7,826		7,585		(57)
Total	$	96,000	$	49,336	$	44,936	$	(873)

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

(2)	Represents NOI at 100% for the period ended June 30, 2023.

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

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

(5)	Other unconsolidated investments represent UDR’s investments in real estate technology and climate technology funds.

(6)

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

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

Attachment 11(B)

Developer Capital Program

June 30, 2023

(Dollars in Thousands)

(Unaudited) (1)


Developer Capital Program (2)


			# of	UDR Investment				Return	Years to	Upside
Community	Location		Homes	Commitment (3)		Balance (3)		Rate	Maturity (4)	Participation

Preferred Equity

Junction (5)	Santa Monica, CA		66	$	12,858	$	17,563	12.5%	0.3	-
Modera Lake Merritt (6)	Oakland, CA		173		44,424		50,949	9.0%	0.9	Variable
Infield Phase I	Kissimmee, FL		384		16,044		19,089	14.0%	1.4	-
Thousand Oaks	Thousand Oaks, CA		142		20,059		26,029	9.0%	1.6	Variable
Vernon Boulevard	Queens, NY		534		40,000		58,512	13.0%	2.0	Variable
Makers Rise	Herndon, VA		356		30,208		35,605	9.0%	2.5	Variable
121 at Watters	Allen, TX		469		19,843		23,532	9.0%	2.7	Variable
Meetinghouse	Portland, OR		232		11,600		12,384	8.25%	3.7	-
Heirloom	Portland, OR		286		16,185		17,058	8.25%	3.9	-
Upton Place	Washington, DC		689		52,163		59,621	9.7%	4.4	-
Portfolio Recapitalization (7)	Various		2,460		102,000		102,671	8.0%	6.0	-

Total - Preferred Equity			5,791	$	365,384	$	423,013	9.5%	3.4

Loans

1300 Fairmount (8)	Philadelphia, PA		471	$	71,393	$	93,478	9.5%	0.2	-
Menifee	Menifee, CA		237		24,447		12,607	11.0%	3.5	-
Riverside	Riverside, CA		482		59,676		41,195	11.0%	3.5	-
Total - Loans			1,190	$	155,516	$	147,280	10.3%	2.0

Total - Developer Capital Program			6,981	$	520,900	$	570,293	9.8%	3.0



		2Q 23

Income/(loss) from investments		$	12,447

(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 investment and therefore excludes accrued return. Investment balance includes amount funded plus accrued return prior to the period end.

(4)

As of June 30, 2023, our preferred equity investment and loan portfolio had a weighted average term to maturity of 3.0 years, excluding extension options. In many cases, the maturity dates of our investments can be extended by up to three years, typically through multiple one year extensions, subject to certain conditions being satisfied. In addition, the maturity dates of our investments may differ from the maturity dates of the senior loans held by the ventures.

(5)	During the quarter, UDR amended the joint venture agreement and funded an incremental $1.8 million to the joint venture which was used to pay down the senior construction loan in connection with an extension of the maturity date of the senior construction loan to June 2025.

(6)	During the quarter, UDR amended the joint venture agreement and funded an incremental $17.0 million to the joint venture which was used to pay down the senior construction loan in connection with an extension of the maturity date of the senior construction loan to April 2025.

(7)	A joint venture with 14 stabilized communities located in various markets.

(8)

During the quarter, UDR amended the joint venture agreement, which amendment resulted in UDR's investment, including its accrued return, being classified as a note receivable on the Consolidated Balance Sheets as of June 30, 2023. In addition during the quarter, UDR funded an incremental $20.0 million to the joint venture, also classified as a note receivable (collectively the "Notes"), which was used to pay down the senior construction loan in connection with an extension of the maturity date of the senior construction loan to January 2024. Furthermore, the contractual return rate on the Notes increased to 9.5% (8.5% prior) in exchange for eliminating UDR's upside participation in the joint venture. The contractual return rate on the Notes could increase to 10.5% if the developer exercises its option to extend the maturity date of the Notes.

Attachment 12

Acquisitions, Dispositions and Developer Capital Program Investments Summary

June 30, 2023

(Dollars in Thousands)

(Unaudited) (1)

Post

Prior

Transaction

Ownership

# of

Price per

Date of Sale

Community

Location

Interest

Price (2)

Debt (2)

Homes

Home

Dispositions - Wholly-Owned

Jun-23

UDR / LaSalle Joint Venture (3)

Various

100%

51%

507,161

1,328

382

507,161

1,328

382

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

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

(3)	UDR recorded a gain on sale of approximately $325.9 million during the three and six months ended June 30, 2023, which is included in gain/(loss) on sale of real estate owned.

Attachment 13

Capital Expenditure and Repair and Maintenance Summary

June 30, 2023

(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, 2023		per Home		of NOI	June 30, 2023			per Home	of NOI

Average number of homes (3)			54,347					54,347

Recurring Cap Ex
Asset preservation
Building interiors	5 - 20	$	9,513	$	175		$	15,985	$	294
Building exteriors	5 - 20		4,320		79			5,358		99
Landscaping and grounds	10		2,224		41			2,589		48
Total asset preservation			16,057		295			23,932		440

Turnover related	5		4,085		75			7,831		144

Total Recurring Cap Ex			20,142		371	7%		31,763		584	6%

NOI Enhancing Cap Ex	5 - 20		22,734		418			37,497		690

Total Recurring and NOI Enhancing Cap Ex		$	42,876	$	789		$	69,260	$	1,274


		Three Months					Six Months
		Ended			Cost		Ended			Cost
Repair and Maintenance for Consolidated Homes (Expensed)		June 30, 2023			per Home		June 30, 2023			per Home

Average number of homes (3)			54,347					54,347

Contract services		$	10,862	$	200		$	20,604	$	379

Turnover related expenses			7,015		129			13,254		244

Other Repair and Maintenance
Building interiors			4,658		86			8,793		162
Building exteriors			1,464		27			2,703		50
Landscaping and grounds			250		5			1,220		22
Total Repair and Maintenance		$	24,249	$	446		$	46,574	$	857

(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

3Q 2023 and Full-Year 2023 Guidance

June 30, 2023

(Unaudited) (1)


		Full-Year 2023 Guidance
				Change from
Net Income, FFO, FFO as Adjusted and AFFO per Share and Unit Guidance	3Q 2023	Full-Year 2023	Prior Guidance	Prior Midpoint

Income/(loss) per weighted average common share, diluted	$0.13 to $0.15	$1.35 to $1.39	$0.47 to $0.55	$0.86
FFO per common share and unit, diluted	$0.62 to $0.64	$2.48 to $2.52	$2.44 to $2.52	$0.02
FFO as Adjusted per common share and unit, diluted	$0.62 to $0.64	$2.47 to $2.51	$2.45 to $2.53	-
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted	$0.56 to $0.58	$2.24 to $2.28	$2.22 to $2.30	-
Annualized dividend per share and unit		$1.68	$1.68	-

				Change from
Same-Store Guidance		Full-Year 2023	Prior Guidance	Prior Midpoint

Revenue growth / (decline) (Cash basis)		6.00% to 7.00%	5.50% to 7.50%	-
Revenue growth / (decline) (Straight-line basis)		6.25% to 7.25%	5.75% to 7.75%	-
Expense growth		4.00% to 5.50%	4.00% to 5.50%	-
NOI growth / (decline) (Cash basis)		6.50% to 8.00%	6.00% to 8.50%	-
NOI growth / (decline) (Straight-line basis)		6.75% to 8.25%	6.25% to 8.75%	-

				Change from
Sources of Funds ($ in millions)		Full-Year 2023	Prior Guidance	Prior Midpoint

AFFO less Dividends		$197 to $213	$191 to $219	-
Debt Issuances/Assumptions and LOC Draw/(Paydown)		$100 to $200	$0 to $100	$100
Dispositions and Developer Capital Program maturities		$245	$75 to $125	$145
Common Share (forward settlement) and OP Unit Issuance		$173	$0	$173

				Change from
Uses of Funds ($ in millions)		Full-Year 2023	Prior Guidance	Prior Midpoint

Debt maturities inclusive of principal amortization (2)		$5	$5	-
Development spending and land acquisitions		$100 to $150	$75 to $175	-
Redevelopment and other non-recurring		$75 to $125	$75 to $125	-
Developer Capital Program funding		$70 to $80	$25 to $50	$37.5
Acquisitions		$402	$0	$402
NOI enhancing capital expenditures inclusive of Kitchen and Bath		$75 to $85	$75 to $85	-

				Change from
Other Additions/(Deductions) ($ in millions except per home amounts)		Full-Year 2023	Prior Guidance	Prior Midpoint

Consolidated interest expense, net of capitalized interest and adjustments for FFO as Adjusted		$178 to $184	$172 to $178	$6
Consolidated capitalized interest		$9 to $13	$9 to $13	-
General and administrative		$64 to $70	$64 to $70	-
Recurring capital expenditures per home		$1,425	$1,425	-

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

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

Attachment 15(A)

Definitions and Reconciliations

June 30, 2023

(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 lenders 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 lenders 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 lenders 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 with 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)

Definitions and Reconciliations

June 30, 2023

(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

2Q 2023

YTD 2023

Income/(loss) from unconsolidated entities

9,697

19,404

Management fee

615

1,225

Interest expense

4,118

8,149

Depreciation

7,580

15,065

General and administrative

121

Developer Capital Program (excludes loans)

(11,681)

(21,803)

Other (income)/expense

158

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

200

720

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

616

(839)

Total Joint Venture NOI at UDR's Ownership Interest

11,276

22,200

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

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


In thousands	2Q 2023		1Q 2023		4Q 2022		3Q 2022		2Q 2022
Net income/(loss) attributable to UDR, Inc.	$	347,545	$	30,964	$	44,530	$	23,605	$	5,084
Property management		13,101		12,945		12,949		12,675		11,952
Other operating expenses		4,259		3,032		4,008		3,746		5,027
Real estate depreciation and amortization		168,925		169,300		167,241		166,781		167,584
Interest expense		45,113		43,742		43,247		39,905		36,832
Casualty-related charges/(recoveries), net		1,134		4,156		8,523		901		1,074
General and administrative		16,452		17,480		16,811		15,840		16,585
Tax provision/(benefit), net		1,351		234		(683)		377		312
(Income)/loss from unconsolidated entities		(9,697)		(9,707)		(761)		(10,003)		11,229
Interest income and other (income)/expense, net		(10,447)		(1,010)		(1)		7,495		(3,001)
Joint venture management and other fees		(1,450)		(1,242)		(1,244)		(1,274)		(1,419)
Other depreciation and amortization		3,681		3,649		4,823		3,430		3,016
(Gain)/loss on sale of real estate owned		(325,884)		(1)		(25,494)		-		-
Net income/(loss) attributable to noncontrolling interests		22,638		1,961		2,937		1,540		280
Total consolidated NOI	$	276,721	$	275,503	$	276,886	$	265,018	$	254,555

Attachment 15(C)

Definitions and Reconciliations

June 30, 2023

(Unaudited)

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

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

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

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

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

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

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

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

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

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

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

2Q 23

2Q 22

2Q 23

1Q 23

YTD 23

YTD 22

Revenue (Cash basis)

374,534

350,260

374,534

370,099

744,633

692,399

Concessions granted/(amortized), net

(201)

(2,338)

(201)

(142)

(6,853)

Revenue (Straight-line basis)

374,333

347,922

374,333

370,159

744,491

685,546

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

6.9%

1.2%

7.5%

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

7.6%

1.1%

8.6%

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

6.7%

0.6%

8.1%

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

7.7%

0.5%

9.6%

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.

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 subsidiaries (“TRS”) focus 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)

Definitions and Reconciliations

June 30, 2023

(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 2023 and third quarter of 2023 to forecasted FFO, FFO as Adjusted and AFFO per share and unit:


	Full-Year 2023
	Low		High

Forecasted net income per diluted share	$	1.35	$	1.39
Conversion from GAAP share count		(0.02)		(0.02)
Net gain on the sale of depreciable real estate owned		(0.93)		(0.93)
Depreciation		2.00		2.00
Noncontrolling interests		0.07		0.07
Preferred dividends		0.01		0.01
Forecasted FFO per diluted share and unit	$	2.48	$	2.52
Legal and other costs		-		-
Casualty-related charges/(recoveries)		0.02		0.02
Realized/unrealized (gain)/loss on real estate technology investments		(0.03)		(0.03)
Forecasted FFO as Adjusted per diluted share and unit	$	2.47	$	2.51
Recurring capital expenditures		(0.23)		(0.23)
Forecasted AFFO per diluted share and unit	$	2.24	$	2.28


	3Q 2023
	Low		High

Forecasted net income per diluted share	$	0.13	$	0.15
Conversion from GAAP share count		(0.01)		(0.01)
Depreciation		0.50		0.50
Noncontrolling interests		-		-
Preferred dividends		-		-
Forecasted FFO per diluted share and unit	$	0.62	$	0.64
Legal and other costs		-		-
Casualty-related charges/(recoveries)		-		-
Realized/unrealized (gain)/loss on real estate technology investments		-		-
Forecasted FFO as Adjusted per diluted share and unit	$	0.62	$	0.64
Recurring capital expenditures		(0.06)		(0.06)
Forecasted AFFO per diluted share and unit	$	0.56	$	0.58