8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): October 26, 2015

UDR, Inc.

(Exact name of registrant as specified in its charter)

Maryland	1-10524	54-0857512
(State or other jurisdiction	(Commission	(I.R.S. Employer
of incorporation)	File Number)	Identification No.)
1745 Shea Center Drive, Suite 200, Highlands Ranch, Colorado		80129
(Address of principal executive offices)		(Zip Code)

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

Not Applicable

Former name or former address, if changed since last report

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

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

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

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

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

Item 2.02 Results of Operations and Financial Condition.

On October 26, 2015, UDR, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended September 30, 2015. This press release is furnished as Exhibit 99.1 to this Report and refers to supplemental financial information that is available on the Company’s website and furnished as Exhibit 99.2 to this Report. This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Ex. No.	-	Description
99.1	-	Earnings press release dated October 26, 2015.
99.2	-	Supplemental Financial Information dated October 26, 2015.

SIGNATURES

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

	UDR, Inc.
October 26, 2015	By:	/s/ Thomas M. Herzog
		Name: Thomas M. Herzog
		Title: Senior Vice President and Chief Financial Officer

EX-99.1

	Exhibit 99.1
Press Release
DENVER, CO—October 26, 2015	Contact: Shelby Noble
	Phone:   720.922.6082

UDR ANNOUNCES THIRD QUARTER 2015 RESULTS AND INCREASES FULL-YEAR 2015 EARNINGS AND SAME-STORE GUIDANCE

UDR (the “Company”) Third Quarter 2015 Highlights:

• Funds from Operations (“FFO”) per share was $0.42, FFO as Adjusted per share was $0.42 (+10% year-over-year) and AFFO per share was $0.37 (+11%).

• Year-over-year same-store (“SS”) revenue and net operating income (“NOI”) growth for the quarter were 5.9 percent and 7.3 percent, respectively.

• Issued $300 million of 4.0 percent, 10-year senior unsecured notes, with a yield-to-maturity of 4.03 percent.

• Issued ~$102 million of common stock at $35, net, per share, in-line with Street consensus NAV.

• Subsequent to quarter end, completed the acquisition of six Washington, D.C. communities for a total purchase price of $901 million from Home Properties, L.P.

• Entered into a contract to sell $287 million of apartment communities and will exit the Norfolk, VA market with the completion of the transaction.

• Increased full-year 2015 earnings and same-store growth guidance for the third time this year:

◦ FFO as Adjusted per share guidance range increased by $0.01 at the midpoint and AFFO per share guidance range increased by $0.02 at the midpoint.

◦ SS revenue growth guidance range: 5.25 to 5.50 percent (+12.5 bps at the midpoint).

◦ SS NOI growth guidance range: 6.25 to 6.75 percent (+25 bps at the midpoint).

	Q3 2015	Q3 2014	YTD 2015	YTD 2014
FFO per share	$0.42	$0.41	$1.25	$1.16
Acquisition-related costs/(fees), including joint ventures	0.002	0.000	0.008	0.001
Cost/(benefit) associated with debt extinguishment and other	—	—	—	0.001
Texas Joint Venture promote and disposition fee income	—	—	(0.035)	—
Long-term incentive plan transition costs	0.003	—	0.010	—
(Gain)/loss on sale of land	—	—	—	(0.004)
Net gain on prepayment of note receivable	—	(0.032)		(0.032)
Casualty-related (recoveries)/charges (including joint ventures), net	0.003	—	0.010	0.002
FFO as Adjusted per common share and unit, diluted	$0.42	$0.38	$1.24	$1.13
Recurring capital expenditures	(0.050)	0.046	(0.114)	(0.113)
AFFO per common share and unit, diluted	$0.37	$0.34	$1.13	$1.01

A reconciliation of FFO, FFO as Adjusted and AFFO to GAAP Net Income attributable to UDR, Inc. can be found on Attachment 2 of the Company’s third quarter supplemental package.

1

Operations

Same-store NOI increased 7.3 percent year-over-year in the third quarter of 2015 driven by same-store revenue growth of 5.9 percent against a 2.7 percent increase in same-store expenses. Same-store physical occupancy was 96.6 percent as compared to 96.9 percent in the prior year period. The annualized rate of turnover was 54.7 percent for the quarter.

Summary of Same-Store Results Third Quarter 2015 versus Third Quarter 2014

Region	Revenue Growth		Expense Growth/(Decline)		NOI Growth		% of Same- Store Portfolio(1)		Same-Store Occupancy(2)		Number of Same-Store Homes(3)
West	8.1	%	(0.6	)%	11.4	%	45.5	%	96.2	%	12,493
Mid-Atlantic	1.7	%	5.7	%	(0.1	)%	21.1	%	96.4	%	8,216
Southeast	6.5	%	(0.9	)%	10.7	%	13.7	%	97.1	%	7,683
Northeast	5.8	%	11.7	%	3.8	%	12.7	%	97.5	%	2,384
Southwest	5.3	%	5.2	%	5.4	%	7.0	%	97.2	%	3,998
Total	5.9	%	2.7	%	7.3	%	100.0	%	96.6	%	34,774

(1) Based on Q3 2015 NOI.

(2) Average same-store occupancy for the quarter.

(3) During the third quarter, 34,774 apartment homes, or approximately 88 percent of 39,405 total consolidated apartment homes (versus 49,323 apartment homes inclusive of joint ventures, preferred equity investments and development pipeline homes upon completion), were classified as same-store. The Company defines QTD SS Communities as those communities stabilized for five full consecutive quarters. These communities were owned and had stabilized occupancy and operating expenses as of the beginning of the quarter in the prior year, were not in process of any substantial redevelopment activities, and not held for disposition.

Sequentially, third quarter results followed typical seasonal trends with the Company’s same-store NOI increasing by 0.4 percent on revenue growth of 1.8 percent against a 5.5 percent increase in expenses.

For the nine months ended September 30, 2015, the Company’s same-store revenue increased 5.4 percent as compared to the prior year period in 2014. Same-store expenses increased 2.3 percent year-over-year resulting in a same-store NOI increase of 6.8 percent as compared to the prior year period in 2014. Year-over-year same-store physical occupancy increased by 20 basis points to 96.8 percent.

Summary of Same-Store Results YTD 2015 versus YTD 2014

Region	Revenue Growth	Expense Growth/ (Decline)	NOI Growth	% of Same- Store Portfolio(1)	Same-Store Occupancy(2)	Number of Same-Store Homes(3)
West	7.6%	(1.5)%	11.0%	41.6%	96.5%	11,214
Mid-Atlantic	1.8%	3.9%	0.9%	23.0%	96.7%	8,216
Southeast	5.8%	3.6%	7.0%	14.5%	97.0%	7,683
Northeast	5.6%	6.6%	5.3%	13.5%	97.4%	2,384
Southwest	5.2%	4.7%	5.5%	7.4%	97.1%	3,998
Total	5.4%	2.3%	6.8%	100.0%	96.8%	33,495

(1) Based on YTD 2015 NOI.

(2) Average same-store occupancy for YTD 2015.

(3) During the nine months ended September 30, 2015, 33,495 apartment homes, or approximately 85 percent of 39,405 total consolidated apartment homes, were classified as same-store. The Company defines YTD SS Communities as those communities stabilized for two full consecutive calendar years. These communities were owned and had stabilized occupancy and operating expenses as of the beginning of the prior year, were not in process of any substantial redevelopment activities, and not held for disposition.

2

Development and Redevelopment Activity

At the end of the third quarter, the Company had a development pipeline for which its pro rata share totaled $1 billion with 70 percent of the equity commitment funded. The $1 billion consisted of $345 million of completed, non-stabilized projects and $670 million of under construction projects. Of the remaining $670 million in development projects left to complete, $162 million is expected to be completed in 2016, $166 million in 2017 and the balance in 2018. The development pipeline is currently expected to produce a weighted average spread between estimated stabilized yields and current market cap rates at or above the upper end of the Company’s 150 to 200 basis point targeted range.

In addition, the Company had preferred equity and participating loan investments for which its pro rata share totaled $364 million with 95 percent of the equity commitment funded. The $364 million consisted of a $93 million completed, non-stabilized project and $271 million of under construction projects. Of the remaining $271 million in development projects left to complete, $215 million is expected to be completed in 2016 and the balance in 2017.

Transactional Activity

Subsequent to quarter end, the Company completed the previously announced acquisition of six Washington, D.C. communities for a total purchase price of $901 million from Home Properties, L.P. The Company purchased the communities through a combination of $565 million of newly issued UDR DownREIT Units issued at $35 per unit, the assumption of $89 million of debt, $221 million of Section 1031 exchanges under contract and $26 million in cash.

During the quarter, in conjunction with the Washington, D.C. acquisition, the Company entered into a contract to sell six communities for $221 million through Section 1031 exchanges. Additionally, during the quarter, the Company entered into a contract to sell two communities for $66 million. Combined, the eight communities had a weighted average revenue per occupied home of $1,372 and were 39 years old on average. The transactions are expected to close in December 2015. Upon completion of the dispositions, the Company will have exited the Norfolk, VA market.

Capital Markets

During the third quarter, the Company issued approximately 2.9 million shares of common stock in a public offering, at a net price of $35 per share, for a total of $102 million. The issuance was completed in-line with Street consensus NAV.

Additionally, the Company issued $300 million of 4.0 percent, 10-year senior unsecured notes, with a yield-to-maturity of 4.03 percent. The proceeds for both issuances were used primarily to pay down indebtedness outstanding on its $900 million unsecured credit facility and for general corporate purposes.

As mentioned above, subsequent to quarter end, in conjunction with the Washington, D.C. acquisition, the Company issued $565 million UDR DownREIT Units at $35 per unit.

3

Subsequent to quarter end, the Company amended its unsecured revolving credit facility. The amendment increases the facility size from $900 million to $1.1 billion and extends the maturity date from December 2017 to January 2021, inclusive of a 1 year extension exercisable at the option of the borrower. Based on the Company’s current credit rating, the credit facility carries an interest rate equal to LIBOR plus a spread of 90 basis points, a reduction of 10 basis points from its previous agreement and the facility fee remains at 15 basis points.

In addition, the Company amended and consolidated its $350 million of term loans outstanding under the same facility. The loans were repriced to LIBOR plus 95 basis points from LIBOR plus 115 basis points and the maturity date was extended to January 2021.

Balance Sheet

At September 30, 2015, the Company had $791 million in availability through a combination of cash and undrawn capacity on its credit facility.

The Company’s total indebtedness at September 30, 2015 was $3.5 billion. The Company ended the quarter with fixed-rate debt representing 85 percent of its total debt, a total blended interest rate of 3.9 percent and a weighted average maturity of 4.5 years. The Company’s leverage was 36.7 percent versus 39.2 percent a year ago, net debt-to-EBITDA was 6.0x versus 6.7x a year ago and fixed charge coverage was 4.2x versus 3.4x a year ago.

Dividend

As previously announced, the Company’s Board of Directors declared a regular quarterly dividend on its common stock for the third quarter of 2015 in the amount of $0.2775 per share. The dividend will be paid in cash on November 2, 2015 to UDR common stock shareholders of record as of October 12, 2015. The third quarter 2015 dividend will represent the 172^nd consecutive quarterly dividend paid by the Company on its common stock.

On an annualized declared basis, the Company’s $1.11 per share 2015 dividend represents a 7 percent increase versus 2014.

4

Outlook

For the fourth quarter of 2015, the Company has established the following earnings guidance ranges:

• FFO per share:	$0.40 to $0.42
• FFO as Adjusted per share:	$0.41 to $0.43
• AFFO per share:	$0.36 to $0.38

For the full-year 2015, the Company has increased its previously provided earnings guidance ranges as a result of better-than-expected operations. Below are the full-year guidance ranges:

	Revised	July 2015
FFO per share	$1.65 to $1.67	$1.64 to $1.68
FFO as Adjusted per share	$1.65 to $1.67	$1.63 to $1.67
AFFO per share	$1.49 to $1.51	$1.46 to $1.50

For the full-year 2015, the Company has increased its previously provided same-store growth guidance range as a result of stronger-than-expected new lease and renewal rate growth. Below are the full-year guidance ranges:

	Revised	July 2015
Revenue	5.25% to 5.50%	5.00% to 5.50%
Expense	2.75% to 3.00%	2.50% to 3.00%
Net operating income	6.25% to 6.75%	5.75% to 6.75%

Additional assumptions for the Company’s fourth quarter and full-year 2015 guidance can be found on Attachment 15 of the Company’s third quarter Supplemental Financial Information.

5

Supplemental Information

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

Conference Call and Webcast Information

UDR will host a webcast and conference call at 1:00 p.m. Eastern Time on October 27, 2015 to discuss third quarter results. The webcast will be available on UDR's website at www.udr.com. To listen to a live broadcast, access the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.

To participate in the teleconference dial 888-312-3046 for domestic and 719-325-2174 for international and provide the following conference ID number: 671951.

A replay of the conference call will be available through November 26, 2015, by dialing 888-203-1112 for domestic and 719-457-0820 for international and entering the confirmation number, 671951, when prompted for the pass code.

A replay of the call will be available for 30 days on UDR's website at www.udr.com.

Full Text of the Earnings Report and Supplemental Data

Internet -- The full text of the earnings report and Supplemental Financial Information will be available on the Company’s website at www.udr.com.

Mail -- For those without Internet access, the third quarter 2015 earnings report and Supplemental Financial Information will be available by mail or fax, on request. To receive a copy, please call UDR Investor Relations at 720-922-6082.

6

Forward Looking Statements

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

This press release and these forward-looking statements include UDR’s analysis and conclusions and reflect UDR’s judgment as of the date of these materials. UDR assumes no obligation to revise or update to reflect future events or circumstances.

About UDR, Inc.

UDR, Inc. (NYSE:UDR), an S&P 400 company, is a leading multifamily real estate investment trust with a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive real estate properties in targeted U.S. markets. As of September 30, 2015, UDR owned or had an ownership position in 49,323 apartment homes including 3,222 homes under development. For 43 years, UDR has delivered long-term value to shareholders, the best standard of service to residents and the highest quality experience for associates. Additional information can be found on the Company's website at www.udr.com.

7

EX-99.2

Exhibit 99.2

Financial Highlights
UDR, Inc.
As of End of Third Quarter 2015 (1)
(Unaudited)
		Actual Results	Actual Results	Guidance as of September 30, 2015
Dollars in thousands, except per share		3Q 2015	YTD 2015	4Q 2015		Full-Year 2015
Per Share Metrics
FFO per common share and unit, diluted		$0.42	$1.25	$0.40 to $0.42		$1.65 to $1.67
FFO as Adjusted per common share and unit, diluted		$0.42	$1.24	$0.41 to $0.43		$1.65 to $1.67
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted		$0.37	$1.13	$0.36 to $0.38		$1.49 to $1.51
Dividend declared per share and unit		$0.2775	$0.8325	$0.2775		$1.11 (2)
Same-Store Operating Metrics
Revenue growth		5.9%	5.4%	--		5.25% to 5.50%
Expense growth		2.7%	2.3%	--		2.75% to 3.00%
NOI growth		7.3%	6.8%	--		6.25% to 6.75%
Physical Occupancy		96.6%	96.8%	--		96.5%
Property Metrics			Homes	Communities		% of Total NOI
Same-Store			34,774	119		74.5%
Stabilized, Non-Mature			1,847	6		6.2%
Redevelopment			328	1		1.6%
Development, completed			701	2		1.5%
Non-Residential / Other			N/A	N/A		3.1%
Held for disposition			1,755	8		2.7%
Joint Venture (includes completed JV developments) (3)			6,696	28		10.4%
Sub-total, completed homes			46,101	164		100%
Under Development			516	1		-
Joint Venture Development			1,173	4		-
Preferred Equity Investments			1,533	5		-
Total expected homes (3)(4)			49,323	174		100%
Balance Sheet Metrics (adjusted for non-recurring items)			Market Capitalization
	3Q 2015	3Q 2014		3Q 2015		% of Total
Interest Coverage Ratio	4.34x	3.50x	Total debt	$	3,513,234	27.0%
Fixed Charge Coverage Ratio	4.22x	3.42x	Common stock equivalents (5)	9,483,523		73.0%
Leverage Ratio	36.7%	39.2%	Total market capitalization	$	12,996,757	100.0%
Net Debt-to-EBITDA	6.0x	6.7x

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

(2) Annualized for 2015.

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

(4) Excludes 218 homes at Steele Creek where we have a participating loan investment as described in Attachment 9(B).

(5) Based on a common share price of $34.48 at September 30, 2015.

1

Attachment 1
UDR, Inc.
Consolidated Statements of Operations (1)
(Unaudited)
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
In thousands, except per share amounts	2015			2014			2015			2014
REVENUES:
Rental income	$	217,765		$	203,587		$	637,576		$	598,898
Joint venture management and other fees (2)	3,653			3,165			19,457			9,599
Total revenues	221,418			206,752			657,033			608,497
OPERATING EXPENSES:
Property operating and maintenance	39,478			39,086			113,922			112,646
Real estate taxes and insurance	24,722			24,697			76,082			73,844
Property management	5,988			5,598			17,533			16,470
Other operating expenses	2,639			2,009			6,174			6,097
Real estate depreciation and amortization	90,568			89,339			269,689			266,748
Acquisition costs	410			164			693			266
General and administrative	15,414			11,390			41,004			35,812
Casualty-related (recoveries)/charges, net	541			—			2,380			500
Other depreciation and amortization	1,457			1,385			4,780			3,658
Total operating expenses	181,217			173,668			532,257			516,041
Operating income	40,201			33,084			124,776			92,456
Income/(loss) from unconsolidated entities (2)	2,691			(939		)	61,277			(4,932		)
Interest expense	(30,232		)	(33,087		)	(88,705		)	(97,470		)
Other debt (charges)/benefits, net	—			—			—			(192		)
Total interest expense	(30,232		)	(33,087		)	(88,705		)	(97,662		)
Interest income and other income/(expense), net	402			9,061			1,144			11,902
Income/(loss) before income taxes, discontinued operations and gain/(loss) on sale of real estate	13,062			8,119			98,492			1,764
Tax benefit/(provision), net	633			2,492			2,462			8,011
Income/(loss) from continuing operations	13,695			10,611			100,954			9,775
Income/(loss) from discontinued operations, net of tax	—			79			—			10
Income/(loss) before gain/(loss) on sale of real estate owned	13,695			10,690			100,954			9,785
Gain/(loss) on sale of real estate owned, net of tax	—			31,302			79,042			82,305
Net income/(loss)	13,695			41,992			179,996			92,090
Net (income)/loss attributable to redeemable noncontrolling interests in the OP	(405		)	(1,447		)	(6,022		)	(3,171		)
Net (income)/loss attributable to noncontrolling interests	1			4			(6		)	(2		)
Net income/(loss) attributable to UDR, Inc.	13,291			40,549			173,968			88,917
Distributions to preferred stockholders - Series E (Convertible)	(930		)	(931		)	(2,792		)	(2,793		)
Net income/(loss) attributable to common stockholders	$	12,361		$	39,618		$	171,176		$	86,124
Income/(loss) per weighted average common share - basic:
Income/(loss) from continuing operations attributable to common stockholders	$	0.05		$	0.16		$	0.66		$	0.34
Income/(loss) from discontinued operations attributable to common stockholders	$	0.00		$	0.00		$	0.00		$	0.00
Net income/(loss) attributable to common stockholders	$	0.05		$	0.16		$	0.66		$	0.34
Income/(loss) per weighted average common share - diluted:
Income/(loss) from continuing operations attributable to common stockholders	$	0.05		$	0.16		$	0.66		$	0.34
Income/(loss) from discontinued operations attributable to common stockholders	$	0.00		$	0.00		$	0.00		$	0.00
Net income/(loss) attributable to common stockholders	$	0.05		$	0.16		$	0.66		$	0.34
Common distributions declared per share	$	0.2775		$	0.2600		$	0.8325		$	0.7800
Weighted average number of common shares outstanding - basic	259,114			251,655			257,940			250,701
Weighted average number of common shares outstanding - diluted	261,207			253,732			260,020			252,675
(1) See Attachment 16 for definitions and other terms.
(2) In January 2015, the eight communities held by the Texas joint venture were sold, generating proceeds to UDR of $43.5 million. The Company recorded promote and disposition fee income of approximately $9.6 million and a gain of approximately $59.1 million in connection with the sale.

2

Attachment 2
UDR, Inc.
Funds From Operations (1)
(Unaudited)
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
In thousands, except per share amounts	2015			2014			2015			2014
Net income/(loss) attributable to common stockholders	$	12,361		$	39,618		$	171,176		$	86,124
Real estate depreciation and amortization, including discontinued operations	90,568			89,339			269,689			266,748
Noncontrolling interests	404			1,443			6,028			3,173
Real estate depreciation and amortization on unconsolidated joint ventures	9,396			10,398			29,263			29,926
Net (gain)/loss on the sale of unconsolidated depreciable property (2)	—			—			(59,073		)	—
Net (gain)/loss on the sale of depreciable property, excluding TRS	—			(31,377		)	(79,042		)	(81,260		)
Funds from operations ("FFO") attributable to common stockholders and unitholders, basic	$	112,729		$	109,421		$	338,041		$	304,711
Distributions to preferred stockholders - Series E (Convertible) (3)	930			931			2,792			2,793
FFO attributable to common stockholders and unitholders, diluted	$	113,659		$	110,352		$	340,833		$	307,504
FFO per common share and unit, basic	$	0.42		$	0.42		$	1.27		$	1.17
FFO per common share and unit, diluted	$	0.42		$	0.41		$	1.25		$	1.16
Weighted average number of common shares and OP Units outstanding - basic	268,175			260,844			267,057			259,975
Weighted average number of common shares, OP Units, and common stock
equivalents outstanding - diluted	273,297			265,957			272,170			264,985
Impact of adjustments to FFO:
Acquisition-related costs/(fees), including joint ventures (4)	$	410		$	76		$	2,153		$	178
Cost/(benefit) associated with debt extinguishment and other	—			—			—			192
Texas Joint Venture promote and disposition fee income (2)	—			—			(9,633		)	—
Long-term incentive plan transition costs	791			—			2,653			—
(Gain)/loss on sale of land	—			—			—			(1,120		)
Net gain on prepayment of note receivable	—			(8,411		)	—			(8,411		)
Casualty-related (recoveries)/charges, including joint ventures, net (5)	797			—			2,636			500
	$	1,998		$	(8,335	)	$	(2,191	)	$	(8,661	)
FFO as Adjusted attributable to common stockholders and unitholders, diluted	$	115,657		$	102,017		$	338,642		$	298,843
FFO as Adjusted per common share and unit, diluted	$	0.42		$	0.38		$	1.24		$	1.13
Recurring capital expenditures	(13,694		)	(12,280		)	(31,048		)	(29,977		)
AFFO attributable to common stockholders and unitholders	$	101,963		$	89,737		$	307,594		$	268,866
AFFO per common share and unit, diluted	$	0.37		$	0.34		$	1.13		$	1.01
(1) See Attachment 16 for definitions and other terms.
(2) The Company recorded promote and disposition fee income of approximately $9.6 million and a gain of approximately $59.1 million in connection with the sale of eight communities held by the Texas Joint Venture in 1Q15.
(3) Series E preferred shares are dilutive for purposes of calcluating FFO per share. Consequently, distributions to Series E preferred shareholders are added to FFO and the weighted average number of shares are included in the denominator when calculating FFO per common share and unit, diluted.
(4) Nine months ended September 30, 2015 acquisition-related costs include $1.5 million related to UDR's share of the West Coast Development joint venture's transaction expenses, which are recorded as income/(loss) from unconsolidated entities in Attachment 1.
(5) 3Q15 Casualty-related charges include $256 thousand related to UDR's share of the 717 Olympic casualty, which is included in income/(loss) from unconsolidated entites in Attachment 1.

3

Attachment 3
UDR, Inc.
Consolidated Balance Sheets
	September 30,			December 31,
In thousands, except share and per share amounts	2015			2014
ASSETS	(unaudited)			(audited)
Real estate owned:
Real estate held for investment	$	8,162,463		$	8,205,627
Less: accumulated depreciation	(2,557,490		)	(2,434,772		)
Real estate held for investment, net	5,604,973			5,770,855
Real estate under development
(net of accumulated depreciation of $0 and $0)	104,080			177,632
Real estate held for disposition
(net of accumulated depreciation of $90,014 and $0)	116,420			—
Total real estate owned, net of accumulated depreciation	5,825,473			5,948,487
Cash and cash equivalents	1,321			15,224
Restricted cash	23,722			22,340
Deferred financing costs, net	20,206			22,686
Notes receivable, net	15,494			14,369
Investment in and advances to unconsolidated joint ventures, net	921,925			718,226
Other assets	114,589			105,202
Total assets	$	6,922,730		$	6,846,534
LIABILITIES AND EQUITY
Liabilities:
Secured debt	$	1,346,992		$	1,361,529
Unsecured debt	2,166,242			2,221,576
Real estate taxes payable	32,326			15,978
Accrued interest payable	23,577			34,215
Security deposits and prepaid rent	33,879			34,064
Distributions payable	75,937			69,460
Accounts payable, accrued expenses, and other liabilities	56,401			91,282
Total liabilities	3,735,354			3,828,104
Redeemable noncontrolling interests in the OP	312,158			282,480
Equity:
Preferred stock, no par value; 50,000,000 shares authorized
2,796,903 shares of 8.00% Series E Cumulative Convertible issued
and outstanding (2,803,812 shares at December 31, 2014)	46,457			46,571
Common stock, $0.01 par value; 350,000,000 shares authorized
262,015,237 shares issued and outstanding (255,114,603 shares at December 31, 2014)	2,620			2,551
Additional paid-in capital	4,449,555			4,223,747
Distributions in excess of net income	(1,610,086		)	(1,528,917		)
Accumulated other comprehensive income/(loss), net	(14,187		)	(8,855		)
Total stockholders' equity	2,874,359			2,735,097
Noncontrolling interests	859			853
Total equity	2,875,218			2,735,950
Total liabilities and equity	$	6,922,730		$	6,846,534

4

Attachment 4(A)
UDR, Inc.
Selected Financial Information (1)
(Unaudited)
						September 30,			December 31,
Common Stock and Equivalents						2015			2014
Common shares (2)						260,825,337			254,114,631
Restricted shares						1,189,900			999,972
Total common stock						262,015,237			255,114,603
Stock options and restricted stock equivalents						947,565			1,052,147
Operating partnership units						7,301,628			7,413,802
Preferred OP units						1,751,671			1,751,671
Convertible preferred Series E stock (3)						3,028,068			3,035,548
Total common stock and equivalents						275,044,169			268,367,771
						3Q 2015 Weighted			3Q 2014 Weighted
Weighted Average Number of Shares Outstanding						Average			Average
Weighted average number of common shares and OP Units outstanding - basic						268,175,324			260,845,291
Weighted average number of OP Units outstanding						(9,061,359		)	(9,189,987	)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations						259,113,965			251,655,304
Weighted average number of common shares, OP units, and common stock equivalents outstanding - diluted						273,297,571			265,957,136
Weighted average number of OP Units outstanding						(9,061,359		)	(9,189,987	)
Weight average number of Series E preferred shares outstanding						(3,029,206		)	(3,035,548	)
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations						261,207,006			253,731,601
						Year-to-Date			Year-to-Date
						Weighted Average			Weighted Average
Weighted average number of common shares and OP Units outstanding - basic						267,057,273			259,975,492
Weighted average number of OP Units outstanding						(9,116,777		)	(9,274,401	)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations						257,940,496			250,701,091
Weighted average number of common shares, OP units, and common stock equivalents outstanding - diluted						272,170,517			264,985,065
Weighted average number of OP Units outstanding						(9,116,777		)	(9,274,401	)
Weight average number of Series E preferred shares outstanding						(3,033,411		)	(3,035,548	)
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations						260,020,329			252,675,116
		September 30,				December 31,
Market Capitalization, In thousands		2015		% of Total		2014			% of Total
Total debt		$	3,513,234	27.0	%	$	3,583,105		30.2	%
Common stock and equivalents ($34.48 at 9/30/15 and $30.82 at 12/31/14)		9,483,523		73.0	%	8,271,095			69.8	%
Total market capitalization		$	12,996,757	100.0	%	$	11,854,200		100.0	%
						Gross			% of
	Number of	3Q 2015 NOI (1)				Carrying Value			Total Gross
Asset Summary	Homes	($000s)		% of NOI		($000s)			Carrying Value
Unencumbered assets	26,812	$	108,828	70.9	%	$	6,222,771		73.4	%
Encumbered assets	12,593	44,737		29.1	%	2,250,206			26.6	%
	39,405	$	153,565	100.0	%	$	8,472,977		100.0	%
(1) See Attachment 16 for definitions and other terms.
(2) Includes the effect of the ATM issuance of 3.4 million and 3.4 million shares at an average price of $32.29 and $29.95 and a net price of $31.64 and $29.36 during the nine and twelve months ended September 30, 2015 and December 31, 2014. September 30, 2015 includes the effect of the $2.9 million shares issued at a net price of $35.00 per share during 3Q15.
(3) At September 30, 2015 and December 31, 2014, a total of 2,796,903 and 2,803,812 shares of the Series E were outstanding, which is equivalent to 3,028,068 and 3,035,548 shares of common stock if converted (after adjusting for the special dividend paid in 2008).

5

Attachment 4(B)
UDR, Inc.
Selected Financial Information
(Unaudited)
												Weighted		Weighted
												Average		Average Years
Debt Structure, In thousands						Balance			% of Total			Interest Rate		to Maturity
Secured	Fixed					$	971,577	(1)	27.7		%	5.3	%	2.3
	Floating					375,415		(2)	10.7		%	1.5	%	5.0
	Combined					1,346,992			38.4		%	4.2	%	3.0
Unsecured	Fixed					2,021,242		(3)	57.5		%	3.9	%	5.7
	Floating					145,000			4.1		%	1.2	%	2.3
	Combined					2,166,242			61.6		%	3.7	%	5.5
Total Debt	Fixed					2,992,819			85.2		%	4.4	%	4.6
	Floating					520,415			14.8		%	1.4	%	4.3
	Combined					$	3,513,234		100.0		%	3.9	%	4.5
Debt Maturities, In thousands
				Unsecured		Revolving								Weighted Average
	Secured Debt			Debt		Credit Facility			Balance			% of Total		Interest Rate
2015	$	185,926		$	—	$	—		$	185,926		5.3	%	5.9	%
2016	142,627		(4)	95,611		—			238,238			6.8	%	5.1	%
2017	278,218			—		110,000		(5) (6)	388,218			11.0	%	3.3	%
2018	207,969			648,856		—			856,825			24.4	%	3.0	%
2019	318,843			—		—			318,843			9.1	%	4.4	%
2020	90,000			299,960		—			389,960			11.1	%	3.8	%
2021	—			—		—			—			—		—
2022	—			397,746		—			397,746			11.3	%	4.7	%
2023	96,409			—		—			96,409			2.7	%	2.1	%
2024	—			314,732		—			314,732			9.0	%	4.0	%
Thereafter	27,000			299,337		—			326,337			9.3	%	4.2	%
	$	1,346,992		$	2,056,242	$	110,000		$	3,513,234		100.0	%	3.9	%
Debt Maturities With Extensions, In thousands
				Unsecured		Revolving								Weighted Average
	Secured Debt			Debt		Credit Facility			Balance			% of Total		Interest Rate
2015	$	185,926		$	—	$	—		$	185,926		5.3	%	5.9	%
2016	71,812			95,611		—			167,423			4.8	%	4.8	%
2017	349,033			—		—			349,033			9.9	%	4.5	%
2018	207,969			648,856		110,000		(5) (6)	966,825			27.5	%	2.8	%
2019	318,843			—		—			318,843			9.1	%	4.4	%
2020	90,000			299,960		—			389,960			11.1	%	3.8	%
2021	—			—		—			—			—		—
2022	—			397,746		—			397,746			11.3	%	4.7	%
2023	96,409			—		—			96,409			2.7	%	2.1	%
2024	—			314,732		—			314,732			9.0	%	4.0	%
Thereafter	27,000			299,337		—			326,337			9.3	%	4.2	%
	$	1,346,992		$	2,056,242	$	110,000		$	3,513,234		100.0	%	3.9	%
(1) Includes $50.0 million of floating rate debt that has been fixed using interest rate swaps at a weighted average rate of 4.0%.
(2) Includes $286.3 million of debt with a weighted average interest cap of 8.1% on the underlying index.
(3) Includes $315.0 million of floating rate debt that has been fixed using interest rate swaps at a weighted average rate of 1.6%.
(4) Includes $70.8 million of financing with a one year extension at UDR's option.
(5) UDR's $900 million line of credit has a maturity date of December 2017, plus a six-month extension option and contains an accordion feature that allows UDR to increase the facility up to $1.45 billion assuming lender participation. The credit facility carries an interest rate equal to LIBOR plus a spread of 100 basis points and a facility fee of 15 basis points.
(6) Subsequent to quarter end, the Company amended its unsecured revolving credit facility. The amendment increases the facility size from $900 million to $1.1 billion and extends the maturity date from December 2017 to January 2021, inclusive of a 1 year extension. Based on the Company’s current credit rating, the credit facility carries an interest rate equal to LIBOR plus a spread of 90 basis points and the facility fee remains at 15 basis points. In addition, the Company amended and consolidated its $350 million of term loans outstanding under the same facility. The loans were repriced to LIBOR plus 95 basis points and the maturity date was extended to January 2021 from June 2018.

6

Attachment 4(C)
UDR, Inc.
Selected Financial Information (1)
(Unaudited)
			Quarter Ended
Coverage Ratios			September 30, 2015
Net income/(loss) attributable to UDR, Inc.			$	13,291
Adjustments (includes continuing and discontinued operations):
Interest expense			30,232
Real estate depreciation and amortization			90,568
Real estate depreciation and amortization on unconsolidated joint ventures			9,396
Other depreciation and amortization			1,457
Noncontrolling interests			404
Income tax expense/(benefit)			(633		)
EBITDA			$	144,715
Long-term incentive plan transition costs			791
Acquisition-related costs/(fees), including joint ventures			410
Casualty-related (recoveries)/charges, including joint ventures, net			797
EBITDA - adjusted for non-recurring items			$	146,713
Annualized EBITDA - adjusted for non-recurring items			$	586,852
Interest expense			$	30,232
Capitalized interest expense			3,572
Total interest			$	33,804
Preferred dividends			$	930
Total debt			$	3,513,234
Cash			1,321
Net debt			$	3,511,913
Interest Coverage Ratio			4.28		x
Fixed Charge Coverage Ratio			4.17		x
Interest Coverage Ratio - adjusted for non-recurring items			4.34		x
Fixed Charge Coverage Ratio - adjusted for non-recurring items			4.22		x
Net Debt-to-EBITDA - adjusted for non-recurring items			6.0		x
Debt Covenant Overview
Unsecured Line of Credit Covenants (2)	Required	Actual	Compliance
Maximum Leverage Ratio	≤60.0%	36.3%	Yes
Minimum Fixed Charge Coverage Ratio	≥1.5	3.4	Yes
Maximum Secured Debt Ratio	≤40.0%	18.1%	Yes
Minimum Unencumbered Pool Leverage Ratio	≥150.0%	345.3%	Yes
Senior Unsecured Note Covenants (3)	Required	Actual	Compliance
Debt as a percentage of Total Assets	≤60.0%	36.8%	Yes
Consolidated Income Available for Debt Service to Annual Service Charge	≥1.5	3.9	Yes
Secured Debt as a percentage of Total Assets	≤40.0%	14.1%	Yes
Total Unencumbered Assets to Unsecured Debt	≥150.0%	292.6%	Yes
Securities Ratings	Debt	Preferred	Outlook
Moody's Investors Service	Baa1	Baa2	Stable
Standard & Poor's	BBB+	BB+	Stable
(1) See Attachment 16 for definitions and other terms.
(2) As defined in our credit agreement dated October 25, 2011 as amended June 6, 2013.
(3) As defined in our indenture dated November 1, 1995 as amended, supplemented or modified from time to time.

7

Attachment 5
UDR, Inc.
Operating Information (1)
(Unaudited)
	Total	Quarter Ended			Quarter Ended			Quarter Ended			Quarter Ended			Quarter Ended
Dollars in thousands	Homes	September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014
Revenues
Same-Store Communities	34,774	$	180,672		$	177,392		$	173,583		$	171,005		$	170,627
Stabilized, Non-Mature Communities	1,847	16,239			15,692			15,119			14,259			11,789
Acquired Communities	—	—			—			—			—			—
Redevelopment Communities	328	3,274			3,125			3,073			3,106			3,025
Development Communities	701	4,508			1,978			1,097			522			19
Non-Residential / Other (2)	—	6,149			5,632			4,656			4,634			4,776
Total	37,650	$	210,842		$	203,819		$	197,528		$	193,526		$	190,236
Expenses
Same-Store Communities		$	52,916		$	50,155		$	50,740		$	49,063		$	51,535
Stabilized, Non-Mature Communities		5,595			5,474			5,635			5,371			4,869
Acquired Communities		—			—			—			—			—
Redevelopment Communities		625			575			578			570			564
Development Communities		2,014			1,470			962			747			434
Non-Residential / Other (2)		752			1,813			2,405			2,122			1,661
Total		$	61,902		$	59,487		$	60,320		$	57,873		$	59,063
Net Operating Income
Same-Store Communities		$	127,756		$	127,237		$	122,843		$	121,942		$	119,092
Stabilized, Non-Mature Communities		10,644			10,218			9,484			8,888			6,920
Acquired Communities		—			—			—			—			—
Redevelopment Communities		2,649			2,550			2,495			2,536			2,461
Development Communities		2,494			508			135			(225		)	(415		)
Non-Residential / Other (2)		5,397			3,819			2,251			2,512			3,115
Total		$	148,940		$	144,332		$	137,208		$	135,653		$	131,173
Operating Margin
Same-Store Communities		70.7		%	71.7		%	70.8		%	71.3		%	69.8		%
Average Physical Occupancy
Same-Store Communities		96.6		%	96.9		%	96.7		%	96.7		%	96.9		%
Stabilized, Non-Mature Communities		95.8		%	95.9		%	92.7		%	90.2		%	89.9		%
Acquired Communities		—			—			—			—			—
Redevelopment Communities		94.5		%	95.0		%	97.1		%	98.0		%	98.3		%
Development Communities		80.5		%	53.5		%	51.4		%	41.2		%	20.7		%
Other (3)		95.6		%	96.3		%	96.1		%	95.9		%	94.6		%
Total		96.2		%	96.2		%	96.2		%	95.6		%	96.3		%
Return on Invested Capital
Same-Store Communities		7.5		%	7.5		%	7.4		%	7.1		%	7.0		%
Sold and Held for Disposition Communities	1,755
Revenues		$	6,923		$	8,945		$	9,519		$	12,578		$	13,351
Expenses		2,298			2,845			3,152			4,240			4,720
Net Operating Income/(loss)		$	4,625		$	6,100		$	6,367		$	8,338		$	8,631
Total	39,405	$	153,565		$	150,432		$	143,575		$	143,991		$	139,804
Discontinued Operations (4)
Revenues		$	—		$	—		$	—		$	—		$	21
Expenses		—			—			—			—			11
Net Operating Income/(loss)		$	—		$	—		$	—		$	—		$	10
(1) See Attachment 16 for definition and other terms.
(2) Primarily non-residential revenue and expense and straight-line adjustment for concessions.
(3) Includes occupancy of Sold and Held for Disposition Communities and Discontinued Operations.
(4) Effective January 1, 2014, UDR prospectively adopted Accounting Standards Update (“ASU”) No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, for all communities not previously sold or classified as held for sale. ASU 2014-08 incorporates into the definition of a discontinued operation a requirement that a disposition represent a strategic shift in an entity’s operations, which resulted in UDR no longer classifying the sale of communities as a discontinued operation. 2014 activity included in discontinued operations is related to Grandview, a commercial property classified as held for sale prior to the adoption of the new accounting standard, which was sold in July 2014.

8

Attachment 6
UDR, Inc.
Same-Store Operating Expense Information (1)
(Dollars in Thousands)
(Unaudited)
	% of 3Q 2015
	SS Operating
Year-Over-Year Comparison	Expenses		3Q 2015			3Q 2014			% Change
Real estate taxes (2)	32.3	%	$	17,092		$	16,889		1.2	%
Personnel	24.4	%	12,898			13,042			-1.1	%
Utilities	16.1	%	8,533			8,033			6.2	%
Repair and maintenance	14.5	%	7,666			7,375			3.9	%
Administrative and marketing	6.9	%	3,638			3,629			0.2	%
Insurance	5.8	%	3,089			2,567			20.4	%
Same-Store operating expenses (2)	100.0	%	$	52,916		$	51,535		2.7	%
Same-Store Homes	34,774
	% of 3Q 2015
	SS Operating
Sequential Comparison	Expenses		3Q 2015			2Q 2015			% Change
Real estate taxes (2)	32.3	%	$	17,092		$	17,596		-2.9	%
Personnel	24.4	%	12,898			12,540			2.9	%
Utilities	16.1	%	8,533			7,731			10.4	%
Repair and maintenance	14.5	%	7,666			6,906			11.0	%
Administrative and marketing	6.9	%	3,638			3,174			14.6	%
Insurance	5.8	%	3,089			2,208			39.9	%
Same-Store operating expenses (2)	100.0	%	$	52,916		$	50,155		5.5	%
Same-Store Homes	34,774
	% of YTD 2015
	SS Operating
Year-to-Date Comparison	Expenses		YTD 2015			YTD 2014			% Change
Real estate taxes (2)	33.8	%	$	49,300		$	48,229		2.2	%
Personnel	24.5	%	35,750			35,105			1.8	%
Utilities	16.4	%	23,932			22,989			4.1	%
Repair and maintenance	13.9	%	20,270			20,108			0.8	%
Administrative and marketing	6.5	%	9,520			9,471			0.5	%
Insurance	4.9	%	7,193			6,764			6.3	%
Same-Store operating expenses (2)	100.0	%	$	145,965		$	142,666		2.3	%
Same-Store Homes	33,495
(1) See Attachment 16 for definitions and other terms.
(2) 3Q15 and YTD 2015 presented above includes $70 thousand of higher New York real estate taxes due to 421 exemption and abatement reductions. Had the Same Store Expense included 100% of the NY real estate taxes before 421 savings, in all periods presented, the percent change would have been as follows:
	3Q 2015 vs. 3Q 2014		3Q 2015 vs. 2Q 2015			YTD 2015 vs. YTD 2014
Real estate taxes	0.7	%	-2.8		%	1.8		%
Same-Store operating expense	2.4	%	5.1		%	2.1		%

9

Attachment 7(A)
UDR, Inc.
Apartment Home Breakout (1)
Portfolio Overview as of Quarter Ended
September 30, 2015
(Unaudited)
		Non-Mature Homes			Unconsolidated
	Total			Total	Joint Venture	Total
	Same-Store		Non-	Consolidated	Operating	Homes
	Homes	Stabilized (2)	Stabil. / Other (3)	Homes	Homes (4)	(incl. JV) (4)
West Region
Orange County, CA	4,321	493	400	5,214	—	5,214
San Francisco, CA	2,423	—	328	2,751	—	2,751
Seattle, WA	1,727	358	—	2,085	555	2,640
Los Angeles, CA	1,225	—	—	1,225	151	1,376
Monterey Peninsula, CA	1,565	—	—	1,565	—	1,565
Other Southern CA	756	—	119	875	571	1,446
Portland, OR	476	—	—	476	—	476
	12,493	851	847	14,191	1,277	15,468
Mid-Atlantic Region
Metropolitan DC	4,568	256	332	5,156	874	6,030
Baltimore, MD	2,122	—	178	2,300	379	2,679
Richmond, VA	1,358	—	—	1,358	—	1,358
Norfolk, VA	—	—	846	846	—	846
Other Mid-Atlantic	168	—	—	168	—	168
	8,216	256	1,356	9,828	1,253	11,081
Southeast Region
Orlando, FL	2,500	—	—	2,500	—	2,500
Tampa, FL	2,287	—	212	2,499	—	2,499
Nashville, TN	2,260	—	—	2,260	—	2,260
Other Florida	636	—	—	636	—	636
	7,683	—	212	7,895	—	7,895
Northeast Region
New York, NY	1,205	740	—	1,945	710	2,655
Boston, MA	1,179	—	369	1,548	1,302	2,850
Philadelphia, PA	—	—	—	—	290	290
	2,384	740	369	3,493	2,302	5,795
Southwest Region
Dallas, TX	2,725	—	—	2,725	1,382	4,107
Austin, TX	1,273	—	—	1,273	259	1,532
Denver, CO	—	—	—	—	223	223
	3,998	—	—	3,998	1,864	5,862
Totals	34,774	1,847	2,784	39,405	6,696	46,101
Communities	119	6	11	136	28	164
Total Homes (incl. joint ventures) (4)			46,101
Homes in Development, Excluding Completed Homes (5)
Current Pipeline Wholly-Owned			516
Current Pipeline Joint Venture (6)			1,173
Current Pipeline Preferred Equity Investments (6)			1,533
Total expected homes (including development)			49,323
(1) See Attachment 16 for definitions and other terms.
(2) Represents homes included in Stabilized, Non-Mature category on Attachment 5.
(3) Represents homes included in Acquired, Development, Redevelopment, Non-Residential/Other, Sold, and Held for Disposition categories on Attachment 5. Excludes development homes not yet completed.
(4) Represents joint venture homes at 100 percent. See Attachment 12 for UDR's joint venture and partnership ownership interests.
(5) See Attachments 9(A) and 9(B) for details of our development communities.
(6) Represents joint venture and preferred equity investment homes at 100 percent. Excludes 218 homes at Steele Creek where we have a participating loan investment. See Attachments 9(A) and 9(B) for UDR's developments and ownership interests.

10

Attachment 7(B)
UDR, Inc.
Non-Mature Home Summary (1)
Portfolio Overview as of Quarter Ended
September 30, 2015
(Unaudited)
Non-Mature Home Breakout - By Region (includes development homes that have been completed)
			# of	Same-Store				# of		Same-Store
Community	Category		Homes	Date (2)	Community		Category	Homes		Date (2)
West Region					Mid-Atlantic Region
Orange County, CA					Metropolitan D.C.
Los Alisos	Stabilized, Non-Mature		320	1Q16	Domain College Park		Stabilized, Non-Mature	256		4Q15
Beach & Ocean	Stabilized, Non-Mature		173	4Q16	DelRay Tower		Development	332		1Q17
San Francisco, CA					Northeast Region
2000 Post	Redevelopment		328	1Q17	New York, NY
					View 34		Stabilized, Non-Mature	740		1Q16
Seattle, WA
Lightbox	Stabilized, Non-Mature		162	2Q16	Boston, MA
Waterscape	Stabilized, Non-Mature		196	1Q16	100 Pier 4		Development	369		1Q17
					Total			2,876
Non-Mature Home Breakout - By Date (quarter indicates date of Same-Store inclusion)
			# of					# of
Date & Community	Category		Homes		Date & Community		Category	Homes
4Q15					4Q16
Domain College Park	Stabilized, Non-Mature		256		Beach & Ocean		Stabilized, Non-Mature	173
1Q16					1Q17
Los Alisos	Stabilized, Non-Mature		320		2000 Post		Redevelopment	328
Waterscape	Stabilized, Non-Mature		196		DelRay Tower		Development	332
View 34	Stabilized, Non-Mature		740		100 Pier 4		Development	369
2Q16
Lightbox	Stabilized, Non-Mature		162
					Total			2,876
Summary of Non-Mature Home Activity
	Stabilized, Non-Mature		Acquired	Redevelopment	Development		Held for Disposition	Total
Non-Mature Homes at June 30, 2015	2,952		—	328	874		—	4,154
27 Seventy Five Mesa Verde	(964	)	—	—	—		—	(964	)
Channel @ Mission Bay	(315	)	—	—	—		—	(315	)
Beach & Ocean	173		—	—	(173	)	—	—
View 34	1		—	—	—		—	1
Tamar Meadow	—		—	—	—		178	178
Sugar Mill Creek	—		—	—	—		212	212
Huntington Villas	—		—	—	—		400	400
Ocean Villas	—		—	—	—		119	119
Eastwind	—		—	—	—		200	200
Dominion Waterside At Lynnhaven	—		—	—	—		192	192
Heather Lake	—		—	—	—		252	252
Dominion Yorkshire Downs	—		—	—	—		202	202
Non-Mature Homes at September 30, 2015	1,847		—	328	701		1,755	4,631
(1) See Attachment 16 for definitions and other terms.
(2) Estimated Same-Store quarter represents the quarter UDR anticipates contributing the community to the QTD Same-Store pool.

11

Attachment 7(C)
UDR, Inc.
Total Revenue Per Occupied Home Summary (1)
Portfolio Overview as of Quarter Ended
September 30, 2015
(Unaudited)
			Non-Mature Homes						Unconsolidated
	Total						Total		Joint Venture		Total
	Same-Store				Non-		Consolidated		Operating		Homes
	Homes		Stabilized (2)		Stabilized (3) (4)		Homes		Homes (5)		(incl. pro rata JV) (5)
West Region
Orange County, CA	$	1,998	$	2,132	$	1,963	$	2,007	$	—	$	2,007
San Francisco, CA	3,282		—		3,522		3,309		—		3,309
Seattle, WA	1,902		1,962		—		1,913		3,494		2,098
Los Angeles, CA	2,530		—		—		2,530		3,567		2,589
Monterey Peninsula, CA	1,377		—		—		1,377		—		1,377
Other Southern CA	1,644		—		1,727		1,656		2,950		1,975
Portland, OR	1,337		—		—		1,337		—		1,337
Mid-Atlantic Region
Metropolitan DC	1,924		1,999		1,962		1,929		2,730		1,974
Baltimore, MD	1,489		—		1,584		1,496		1,775		1,518
Richmond, VA	1,261		—		—		1,261		—		1,261
Norfolk, VA	—		—		1,058		1,058		—		1,058
Other Mid-Atlantic	1,034		—		—		1,034		—		1,034
Southeast Region
Orlando, FL	1,118		—		—		1,118		—		1,118
Tampa, FL	1,216		—		1,134		1,209		—		1,209
Nashville, TN	1,124		—		—		1,124		—		1,124
Other Florida	1,432		—		—		1,432		—		1,432
Northeast Region
New York, NY	3,883		4,560		—		4,138		4,706		4,224
Boston, MA	2,377		—		3,390		2,574		2,378		2,514
Philadelphia, PA	—		—		—		—		3,259		3,259
Southwest Region
Dallas, TX	1,207		—		—		1,207		1,842		1,334
Austin, TX	1,350		—		—		1,350		4,331		1,618
Denver, CO	—		—		—		—		3,147		3,147
Weighted Average	$	1,792	$	3,062	$	1,921	$	1,860	$	2,838	$	1,933
(1) See Attachment 16 for definitions and other terms.
(2) Represents homes included in Stabilized, Non-Mature category on Attachment 5.
(3) Represents homes included in Acquired, Development, Redevelopment, Non-Residential/Other and Sold and Held for Disposition communities categories on Attachment 5.
(4) Development revenue per occupied home can be affected by the timing of home deliveries during a quarter and the effects of upfront rental rate concessions on cash-based calculations.
(5) Represents joint ventures at UDR's pro-rata ownership interests. See Attachment 12 for UDR's joint venture and partnership ownership interests.

12

Attachment 7(D)

UDR, Inc.

Net Operating Income Breakout By Market (1)

September 30, 2015

(Dollars in Thousands)

(Unaudited)

	Three Months Ended September 30, 2015
								Pro-Rata
		Same-Store			Non Same-Store (2)			Share of JVs (3)		Total
Net Operating Income		$	127,756		$	21,184		$	17,890	$	166,830
		Three Months Ended September 30, 2015								Three Months Ended September 30, 2015
		As a % of NOI								As a % of NOI
Region		Same-Store			Total			Region		Same-Store			Total
West Region								Southeast Region
Orange County, CA		14.5		%	12.8		%	Orlando, FL		4.3		%		3.3	%
San Francisco, CA		13.7		%	12.2		%	Tampa, FL		4.1		%		3.1	%
Seattle, WA		5.4		%	6.8		%	Nashville, TN		4.0		%		3.1	%
Los Angeles, CA		5.3		%	4.3		%	Other Florida		1.3		%		1.0	%
Monterey Peninsula, CA		3.5		%	2.7		%			13.7		%		10.5	%
Other Southern CA		2.0		%	2.5		%	Northeast Region
Portland, OR		1.1		%	0.8		%	New York, NY		8.2		%		13.1	%
		45.5		%	42.1		%	Boston, MA		4.5		%		6.6	%
								Philadelphia, PA		0.0		%		0.8	%
Mid-Atlantic Region										12.7		%		20.5	%
Metropolitan DC		13.3		%	12.7		%	Southwest Region
Baltimore, MD		4.8		%	4.1		%	Dallas, TX		4.7		%		5.0	%
Richmond, VA		2.8		%	2.2		%	Austin, TX		2.3		%		2.3	%
Other Mid-Atlantic		0.2		%	0.2		%	Denver, CO		0.0		%		0.4	%
		21.1		%	19.2		%			7.0		%		7.7	%
								Total		100.0		%		100.0	%
(1) See Attachment 16 for definitions and other terms.
(2) Excludes results from Sold and Held for Disposition Communities.
(3) Includes UDR's pro rata share of joint venture and partnership NOI.

13

Attachment 8(A)
UDR, Inc.
Same-Store Operating Information By Major Market (1)
Current Quarter vs. Prior Year Quarter
September 30, 2015
(Unaudited)
		% of Same-
	Total	Store Portfolio		Same-Store
	Same-Store	Based on		Physical Occupancy						Total Revenue per Occupied Home
	Homes	3Q 2015 NOI		3Q 15		3Q 14		Change		3Q 15		3Q 14		Change
West Region
Orange County, CA	4,321	14.5	%	95.6	%	96.1	%	-0.5	%	$	1,998	$	1,867	7.0	%
San Francisco, CA	2,423	13.7	%	96.1	%	97.3	%	-1.2	%	3,282		2,970		10.5	%
Seattle, WA	1,727	5.4	%	96.9	%	96.9	%	0.0	%	1,902		1,757		8.3	%
Los Angeles, CA	1,225	5.3	%	95.7	%	95.8	%	-0.1	%	2,530		2,335		8.4	%
Monterey Peninsula, CA	1,565	3.5	%	97.2	%	97.6	%	-0.4	%	1,377		1,230		12.0	%
Other Southern CA	756	2.0	%	95.6	%	96.4	%	-0.8	%	1,644		1,566		5.0	%
Portland, OR	476	1.1	%	97.2	%	98.0	%	-0.8	%	1,337		1,178		13.5	%
	12,493	45.5	%	96.2	%	96.7	%	-0.5	%	2,158		1,987		8.6	%
Mid-Atlantic Region
Metropolitan DC	4,568	13.3	%	96.6	%	97.1	%	-0.5	%	1,924		1,885		2.1	%
Baltimore, MD	2,122	4.8	%	96.3	%	96.4	%	-0.1	%	1,489		1,459		2.1	%
Richmond, VA	1,358	2.8	%	95.9	%	96.7	%	-0.8	%	1,261		1,224		3.0	%
Other Mid-Atlantic	168	0.2	%	97.1	%	96.2	%	0.9	%	1,034		1,029		0.5	%
	8,216	21.1	%	96.4	%	96.8	%	-0.4	%	1,684		1,649		2.2	%
Southeast Region
Orlando, FL	2,500	4.3	%	97.0	%	96.7	%	0.3	%	1,118		1,051		6.4	%
Tampa, FL	2,287	4.1	%	97.0	%	96.5	%	0.5	%	1,216		1,138		6.9	%
Nashville, TN	2,260	4.0	%	97.4	%	97.5	%	-0.1	%	1,124		1,062		5.8	%
Other Florida	636	1.3	%	96.7	%	96.5	%	0.2	%	1,432		1,358		5.4	%
	7,683	13.7	%	97.1	%	96.8	%	0.3	%	1,175		1,107		6.1	%
Northeast Region
New York, NY	1,205	8.2	%	98.0	%	98.0	%	0.0	%	3,883		3,672		5.7	%
Boston, MA	1,179	4.5	%	97.0	%	96.5	%	0.5	%	2,377		2,262		5.1	%
	2,384	12.7	%	97.5	%	97.2	%	0.3	%	3,142		2,982		5.4	%
Southwest Region
Dallas, TX	2,725	4.7	%	96.9	%	97.3	%	-0.4	%	1,207		1,137		6.2	%
Austin, TX	1,273	2.3	%	97.7	%	97.2	%	0.5	%	1,350		1,296		4.2	%
	3,998	7.0	%	97.2	%	97.3	%	-0.1	%	1,253		1,188		5.5	%
Total/Weighted Avg.	34,774	100.0	%	96.6	%	96.9	%	-0.3	%	$	1,792	$	1,687	6.2	%
(1) See Attachment 16 for definitions and other terms.

14

Attachment 8(B)
UDR, Inc.
Same-Store Operating Information By Major Market (1)
Current Quarter vs. Prior Year Quarter
September 30, 2015
(Unaudited)
	Total	Same-Store ($000s)
	Same-Store	Revenues						Expenses							Net Operating Income
	Homes	3Q 15		3Q 14		Change		3Q 15		3Q 14		Change			3Q 15		3Q 14		Change
West Region
Orange County, CA	4,321	$	24,757	$	23,264	6.4	%	$	6,278	$	6,148	2.1	%		$	18,479	$	17,116	8.0	%
San Francisco, CA	2,423	22,927		21,004		9.2	%	5,386		5,323		1.2	%		17,541		15,681		11.9	%
Seattle, WA	1,727	9,550		8,819		8.3	%	2,667		2,634		1.2	%		6,883		6,185		11.3	%
Los Angeles, CA	1,225	8,898		8,221		8.2	%	2,107		2,448		-13.9	%		6,791		5,773		17.6	%
Monterey Peninsula, CA	1,565	6,285		5,635		11.5	%	1,765		1,754		0.6	%		4,520		3,881		16.5	%
Other Southern CA	756	3,564		3,423		4.1	%	1,058		1,065		-0.7	%		2,506		2,358		6.3	%
Portland, OR	476	1,856		1,648		12.7	%	505		514		-1.9	%		1,351		1,134		19.2	%
	12,493	77,837		72,014		8.1	%	19,766		19,886		-0.6	%		58,071		52,128		11.4	%
Mid-Atlantic Region
Metropolitan DC	4,568	25,470		25,077		1.6	%	8,475		7,990		6.1	%		16,995		17,087		-0.5	%
Baltimore, MD	2,122	9,128		8,954		1.9	%	3,018		2,830		6.6	%		6,110		6,124		-0.2	%
Richmond, VA	1,358	4,925		4,821		2.1	%	1,333		1,319		1.0	%		3,592		3,502		2.6	%
Other Mid-Atlantic	168	506		499		1.4	%	208		197		5.7	%		298		302		-1.4	%
	8,216	40,029		39,351		1.7	%	13,034		12,336		5.7	%		26,995		27,015		-0.1	%
Southeast Region
Orlando, FL	2,500	8,134		7,625		6.7	%	2,615		2,558		2.2	%		5,519		5,067		8.9	%
Tampa, FL	2,287	8,093		7,536		7.4	%	2,893		2,923		-1.0	%		5,200		4,613		12.7	%
Nashville, TN	2,260	7,424		7,021		5.7	%	2,289		2,426		-5.7	%		5,135		4,595		11.8	%
Other Florida	636	2,642		2,500		5.7	%	934		906		3.2	%		1,708		1,594		7.1	%
	7,683	26,293		24,682		6.5	%	8,731		8,813		-0.9	%		17,562		15,869		10.7	%
Northeast Region
New York, NY	1,205	13,758		13,002		5.8	%	3,388		2,906		16.6	%	(2)	10,370		10,096		2.7	%	(2)
Boston, MA	1,179	8,156		7,719		5.7	%	2,365		2,244		5.4	%		5,791		5,475		5.8	%
	2,384	21,914		20,721		5.8	%	5,753		5,150		11.7	%		16,161		15,571		3.8	%
Southwest Region
Dallas, TX	2,725	9,563		9,047		5.7	%	3,531		3,274		7.8	%		6,032		5,773		4.5	%
Austin, TX	1,273	5,036		4,812		4.7	%	2,101		2,076		1.1	%		2,935		2,736		7.3	%
	3,998	14,599		13,859		5.3	%	5,632		5,350		5.2	%		8,967		8,509		5.4	%
Totals	34,774	$	180,672	$	170,627	5.9	%	$	52,916	$	51,535	2.7	%	(2)	$	127,756	$	119,092	7.3	%	(2)
(1) See Attachment 16 for definitions and other terms.
(2) 3Q15 presented above includes $70 thousand of higher New York real estate taxes due to 421 exemption and abatement reductions. Had the Same Store Expense included 100% of the NY real estate taxes before 421 savings, in all periods presented, the percent change in Total Same Store expense and NOI would have been 2.4% and 7.5%, respectively; and the percent change in New York expense and NOI would have been 7.0% and 4.8%, respectively.

15

Attachment 8(C)
UDR, Inc.
Same-Store Operating Information By Major Market (1)
Current Quarter vs. Last Quarter
September 30, 2015
(Unaudited)
	Total	Same-Store
	Same-Store	Physical Occupancy						Total Revenue per Occupied Home
	Homes	3Q 15		2Q 15		Change		3Q 15		2Q 15		Change
West Region
Orange County, CA	4,321	95.6	%	95.5	%	0.1	%	$	1,998	$	1,944	2.8	%
San Francisco, CA	2,423	96.1	%	97.1	%	-1.0	%	3,282		3,176		3.3	%
Seattle, WA	1,727	96.9	%	97.3	%	-0.4	%	1,902		1,836		3.6	%
Los Angeles, CA	1,225	95.7	%	95.6	%	0.1	%	2,530		2,453		3.1	%
Monterey Peninsula, CA	1,565	97.2	%	97.5	%	-0.3	%	1,377		1,311		5.0	%
Other Southern CA	756	95.6	%	96.4	%	-0.8	%	1,644		1,622		1.4	%
Portland, OR	476	97.2	%	97.5	%	-0.3	%	1,337		1,268		5.4	%
	12,493	96.2	%	96.4	%	-0.2	%	2,160		2,093		3.2	%
Mid-Atlantic Region
Metropolitan DC	4,568	96.6	%	96.8	%	-0.2	%	1,924		1,924		0.0	%
Baltimore, MD	2,122	96.3	%	97.3	%	-1.0	%	1,489		1,483		0.4	%
Richmond, VA	1,358	95.9	%	96.9	%	-1.0	%	1,261		1,236		2.0	%
Other Mid-Atlantic	168	97.1	%	95.9	%	1.2	%	1,034		1,037		-0.3	%
	8,216	96.4	%	96.9	%	-0.5	%	1,684		1,678		0.4	%
Southeast Region
Orlando, FL	2,500	97.0	%	97.0	%	0.0	%	1,118		1,098		1.8	%
Tampa, FL	2,287	97.0	%	97.0	%	0.0	%	1,216		1,194		1.8	%
Nashville, TN	2,260	97.4	%	97.3	%	0.1	%	1,124		1,103		1.9	%
Other Florida	636	96.7	%	96.6	%	0.1	%	1,432		1,427		0.4	%
	7,683	97.1	%	97.1	%	0.0	%	1,175		1,155		1.7	%
Northeast Region
New York, NY	1,205	98.0	%	98.0	%	0.0	%	3,883		3,805		2.0	%
Boston, MA	1,179	97.0	%	97.1	%	-0.1	%	2,377		2,316		2.6	%
	2,384	97.5	%	97.6	%	0.0	%	3,142		3,072		2.3	%
Southwest Region
Dallas, TX	2,725	96.9	%	97.0	%	-0.1	%	1,207		1,181		2.2	%
Austin, TX	1,273	97.7	%	97.3	%	0.4	%	1,350		1,345		0.4	%
	3,998	97.2	%	97.1	%	0.1	%	1,253		1,233		1.6	%
Total/Weighted Avg.	34,774	96.6	%	96.9	%	-0.3	%	$	1,792	$	1,755	2.1	%
(1) See Attachment 16 for definitions and other terms.

16

Attachment 8(D)
UDR, Inc.
Same-Store Operating Information By Major Market (1)
Current Quarter vs. Last Quarter
September 30, 2015
(Unaudited)
	Total	Same-Store ($000s)
	Same-Store	Revenues						Expenses							Net Operating Income
	Homes	3Q 15		2Q 15		Change		3Q 15		2Q 15		Change			3Q 15		2Q 15		Change
West Region
Orange County, CA	4,321	$	24,757	$	24,060	2.9	%	$	6,278	$	5,926	5.9	%		$	18,479	$	18,134	1.9	%
San Francisco, CA	2,423	22,927		22,420		2.3	%	5,386		5,200		3.6	%		17,541		17,220		1.9	%
Seattle, WA	1,727	9,550		9,253		3.2	%	2,667		2,613		2.1	%		6,883		6,640		3.7	%
Los Angeles, CA	1,225	8,898		8,617		3.3	%	2,107		2,267		-7.1	%		6,791		6,350		6.9	%
Monterey Peninsula, CA	1,565	6,285		5,999		4.8	%	1,765		1,603		10.1	%		4,520		4,396		2.8	%
Other Southern CA	756	3,564		3,547		0.5	%	1,058		963		9.9	%		2,506		2,584		-3.0	%
Portland, OR	476	1,856		1,766		5.1	%	505		511		-1.3	%		1,351		1,255		7.7	%
	12,493	77,837		75,662		2.9	%	19,766		19,083		3.6	%		58,071		56,579		2.6	%
Mid-Atlantic Region
Metropolitan DC	4,568	25,470		25,523		-0.2	%	8,475		8,091		4.7	%		16,995		17,432		-2.5	%
Baltimore, MD	2,122	9,128		9,185		-0.6	%	3,018		2,639		14.4	%		6,110		6,546		-6.7	%
Richmond, VA	1,358	4,925		4,879		0.9	%	1,333		1,196		11.4	%		3,592		3,683		-2.5	%
Other Mid-Atlantic	168	506		501		1.0	%	208		196		6.2	%		298		305		-2.3	%
	8,216	40,029		40,088		-0.2	%	13,034		12,122		7.5	%		26,995		27,966		-3.5	%
Southeast Region
Orlando, FL	2,500	8,134		7,991		1.8	%	2,615		2,484		5.3	%		5,519		5,507		0.2	%
Tampa, FL	2,287	8,093		7,945		1.9	%	2,893		2,805		3.1	%		5,200		5,140		1.2	%
Nashville, TN	2,260	7,424		7,277		2.0	%	2,289		2,175		5.2	%		5,135		5,102		0.7	%
Other Florida	636	2,642		2,631		0.4	%	934		954		-2.1	%		1,708		1,677		1.8	%
	7,683	26,293		25,844		1.7	%	8,731		8,418		3.7	%		17,562		17,426		0.8	%
Northeast Region
New York, NY	1,205	13,758		13,481		2.1	%	3,388		3,020		12.2	%	(2)	10,370		10,461		-0.9	%	(2)
Boston, MA	1,179	8,156		7,955		2.5	%	2,365		2,147		10.1	%		5,791		5,808		-0.3	%
	2,384	21,914		21,436		2.2	%	5,753		5,167		11.3	%		16,161		16,269		-0.7	%
Southwest Region
Dallas, TX	2,725	9,563		9,365		2.1	%	3,531		3,260		8.3	%		6,032		6,105		-1.2	%
Austin, TX	1,273	5,036		4,997		0.8	%	2,101		2,105		-0.2	%		2,935		2,892		1.5	%
	3,998	14,599		14,362		1.7	%	5,632		5,365		5.0	%		8,967		8,997		-0.3	%
Total	34,774	$	180,672	$	177,392	1.8	%	$	52,916	$	50,155	5.5	%	(2)	$	127,756	$	127,237	0.4	%	(2)
(1) See Attachment 16 for definitions and other terms.
(2) 3Q15 presented above includes $70 thousand of higher New York real estate taxes due to 421 exemption and abatement reductions. Had the Same Store Expense included 100% of the NY real estate taxes before 421 savings, in all periods presented, the percent change in Total Same Store expense and NOI would have been 5.1% and 0.5%, respectively; and the percent change in New York expense and NOI would have been 5.0% and -0.3%, respectively.

17

Attachment 8(E)
UDR, Inc.
Same-Store Operating Information By Major Market (1)
Current Year-to-Date vs. Prior Year-to-Date
September 30, 2015
(Unaudited)
		% of Same-
	Total	Store Portfolio		Same-Store
	Same-Store	Based on		Physical Occupancy						Total Revenue per Occupied Home
	Homes	YTD 2015 NOI		YTD 15		YTD 14		Change		YTD 15		YTD 14		Change
West Region
Orange County, CA	3,357	11.7	%	95.9	%	95.2	%	0.7	%	$	1,903	$	1,809	5.2	%
San Francisco, CA	2,108	11.9	%	96.9	%	97.2	%	-0.3	%	2,990		2,732		9.4	%
Seattle, WA	1,727	5.6	%	97.2	%	97.2	%	0.0	%	1,842		1,723		6.9	%
Los Angeles, CA	1,225	5.4	%	95.4	%	95.5	%	-0.1	%	2,460		2,317		6.2	%
Monterey Peninsula, CA	1,565	3.7	%	97.3	%	95.5	%	1.8	%	1,318		1,203		9.6	%
Other Southern CA	756	2.2	%	96.1	%	95.9	%	0.2	%	1,624		1,537		5.7	%
Portland, OR	476	1.1	%	97.7	%	97.8	%	-0.1	%	1,277		1,152		10.9	%
	11,214	41.6	%	96.5	%	96.1	%	0.4	%	2,031		1,896		7.1	%
Mid-Atlantic Region
Metropolitan DC	4,568	14.4	%	96.7	%	96.9	%	-0.2	%	1,914		1,875		2.1	%
Baltimore, MD	2,122	5.3	%	96.9	%	96.7	%	0.2	%	1,480		1,453		1.9	%
Richmond, VA	1,358	3.0	%	96.2	%	96.7	%	-0.5	%	1,241		1,216		2.1	%
Other Mid-Atlantic	168	0.3	%	95.9	%	96.7	%	-0.8	%	1,027		1,012		1.5	%
	8,216	23.0	%	96.7	%	96.8	%	-0.1	%	1,673		1,640		2.0	%
Southeast Region
Orlando, FL	2,500	4.6	%	96.9	%	96.8	%	0.1	%	1,095		1,030		6.3	%
Tampa, FL	2,287	4.3	%	97.0	%	96.4	%	0.6	%	1,194		1,131		5.6	%
Nashville, TN	2,260	4.2	%	97.3	%	97.4	%	-0.1	%	1,104		1,051		5.0	%
Other Florida	636	1.4	%	96.7	%	96.4	%	0.3	%	1,420		1,351		5.1	%
	7,683	14.5	%	97.0	%	96.8	%	0.2	%	1,154		1,093		5.6	%
Northeast Region
New York, NY	1,205	8.7	%	98.0	%	97.6	%	0.4	%	3,799		3,610		5.2	%
Boston, MA	1,179	4.8	%	96.7	%	96.4	%	0.3	%	2,326		2,210		5.2	%
	2,384	13.5	%	97.4	%	97.0	%	0.4	%	3,075		2,922		5.3	%
Southwest Region
Dallas, TX	2,725	5.0	%	97.0	%	97.1	%	-0.1	%	1,183		1,127		5.0	%
Austin, TX	1,273	2.4	%	97.3	%	96.9	%	0.4	%	1,338		1,271		5.3	%
	3,998	7.4	%	97.1	%	97.1	%	0.0	%	1,233		1,172		5.2	%
Total/Weighted Avg.	33,495	100.0	%	96.8	%	96.6	%	0.2	%	$	1,721	$	1,635	5.3	%
(1) See Attachment 16 for definitions and other terms.

18

Attachment 8(F)
UDR, Inc.
Same-Store Operating Information By Major Market (1)
Current Year-to-Date vs. Prior Year-to-Date
September 30, 2015
(Unaudited)
	Total	Same-Store ($000s)
	Same-Store	Revenues						Expenses							Net Operating Income
	Homes	YTD 15		YTD 14		Change		YTD 15		YTD 14		Change			YTD 15		YTD 14		Change
West Region
Orange County, CA	3,357	$	55,136	$	52,042	5.9	%	$	13,463	$	13,664	-1.5	%		$	41,673	$	38,378	8.6	%
San Francisco, CA	2,108	54,972		50,385		9.1	%	12,658		12,665		-0.1	%		42,314		37,720		12.2	%
Seattle, WA	1,727	27,831		26,028		6.9	%	7,834		7,637		2.6	%		19,997		18,391		8.7	%
Los Angeles, CA	1,225	25,869		24,400		6.0	%	6,770		7,504		-9.8	%		19,099		16,896		13.0	%
Monterey Peninsula, CA	1,565	18,056		16,180		11.6	%	5,018		4,901		2.4	%		13,038		11,279		15.6	%
Other Southern CA	756	10,622		10,026		5.9	%	2,908		3,035		-4.2	%		7,714		6,991		10.4	%
Portland, OR	476	5,345		4,826		10.8	%	1,455		1,444		0.8	%		3,890		3,382		15.0	%
	11,214	197,831		183,887		7.6	%	50,106		50,850		-1.5	%		147,725		133,037		11.0	%
Mid-Atlantic Region
Metropolitan DC	4,568	76,078		74,701		1.8	%	24,722		23,920		3.4	%		51,356		50,781		1.1	%
Baltimore, MD	2,122	27,392		26,833		2.1	%	8,364		7,920		5.6	%		19,028		18,913		0.6	%
Richmond, VA	1,358	14,587		14,370		1.5	%	3,820		3,702		3.1	%		10,767		10,668		0.9	%
Other Mid-Atlantic	168	1,489		1,480		0.6	%	594		557		6.8	%		895		923		-3.1	%
	8,216	119,546		117,384		1.8	%	37,500		36,099		3.9	%		82,046		81,285		0.9	%
Southeast Region
Orlando, FL	2,500	23,876		22,434		6.4	%	7,534		7,237		4.1	%		16,342		15,197		7.5	%
Tampa, FL	2,287	23,838		22,449		6.2	%	8,457		8,187		3.3	%		15,381		14,262		7.9	%
Nashville, TN	2,260	21,846		20,813		5.0	%	6,780		6,626		2.3	%		15,066		14,187		6.2	%
Other Florida	636	7,860		7,455		5.4	%	2,774		2,607		6.5	%		5,086		4,848		4.9	%
	7,683	77,420		73,151		5.8	%	25,545		24,657		3.6	%		51,875		48,494		7.0	%
Northeast Region
New York, NY	1,205	40,377		38,214		5.7	%	9,332		8,740		6.8	%	(2)	31,045		29,474		5.3	%	(2)
Boston, MA	1,179	23,865		22,603		5.6	%	6,914		6,501		6.4	%		16,951		16,102		5.3	%
	2,384	64,242		60,817		5.6	%	16,246		15,241		6.6	%		47,996		45,576		5.3	%
Southwest Region
Dallas, TX	2,725	28,151		26,836		4.9	%	10,258		9,908		3.5	%		17,893		16,928		5.7	%
Austin, TX	1,273	14,917		14,113		5.7	%	6,310		5,911		6.7	%		8,607		8,202		5.0	%
	3,998	43,068		40,949		5.2	%	16,568		15,819		4.7	%		26,500		25,130		5.5	%
Totals	33,495	$	502,107	$	476,188	5.4	%	$	145,965	$	142,666	2.3	%	(2)	$	356,142	$	333,522	6.8	%	(2)
(1) See Attachment 16 for definitions and other terms.
(2) 2015 presented above includes $70 thousand of higher New York real estate taxes due to 421 exemption and abatement reductions. Had the Same Store Expense included 100% of the NY real estate taxes before 421 savings, in all periods presented, the percent change in Total Same Store expense and NOI would have been 2.1% and 7.0%, respectively; and the percent change in New York expense and NOI would have been 3.0% and 7.8%, respectively.

19

Attachment 8(G)
UDR, Inc.
Same-Store Operating Information By Major Market (1)
September 30, 2015
(Unaudited)
	Effective New Lease Rate Growth		Effective Renewal Lease Rate Growth		Annualized Turnover
	3Q 2015		3Q 2015		3Q 2015		3Q 2014		YTD 2015		YTD 2014
West Region
Orange County, CA	8.0	%	7.6	%	71.5	%	66.9	%	61.4	%	60.0	%
San Francisco, CA	11.3	%	10.1	%	71.6	%	59.3	%	58.2	%	50.7	%
Seattle, WA	13.1	%	10.0	%	65.2	%	63.6	%	54.9	%	53.3	%
Los Angeles, CA	10.4	%	10.1	%	67.4	%	61.5	%	54.0	%	53.3	%
Monterey Peninsula, CA	18.1	%	14.0	%	68.7	%	60.1	%	55.2	%	48.3	%
Other Southern CA	3.5	%	5.6	%	77.7	%	67.7	%	63.8	%	61.2	%
Portland, OR	20.5	%	12.8	%	65.9	%	61.7	%	56.5	%	53.9	%
Mid-Atlantic Region
Metropolitan DC	0.8	%	4.1	%	57.8	%	55.0	%	47.2	%	45.2	%
Baltimore, MD	-0.6	%	5.3	%	70.5	%	69.6	%	52.7	%	55.0	%
Richmond, VA	1.4	%	5.8	%	69.0	%	65.7	%	58.3	%	59.2	%
Other Mid-Atlantic	1.4	%	5.0	%	44.9	%	87.4	%	52.5	%	62.9	%
Southeast Region
Tampa, FL	8.2	%	7.6	%	63.8	%	66.1	%	57.1	%	56.6	%
Orlando, FL	11.5	%	7.2	%	61.3	%	72.2	%	53.8	%	56.4	%
Nashville, TN	9.3	%	6.3	%	64.6	%	64.1	%	57.2	%	57.0	%
Other Florida	4.1	%	5.6	%	48.0	%	53.0	%	46.5	%	50.5	%
Northeast Region
New York, NY	9.0	%	6.3	%	51.4	%	50.4	%	43.2	%	45.9	%
Boston, MA	6.1	%	6.6	%	56.9	%	61.2	%	48.5	%	47.5	%
Southwest Region
Dallas, TX	6.7	%	6.9	%	71.3	%	61.7	%	58.7	%	56.0	%
Austin, TX	6.3	%	6.1	%	58.9	%	63.9	%	50.3	%	54.2	%
Total/Weighted Avg.	7.6	%	7.3	%	65.1	%	62.9	%	54.7	%	53.6	%
Percentage of Total Repriced Homes	53.3	%	46.7	%
	3Q 2015		3Q 2014
Total Combined New and Renewal Lease Rate Growth	7.5	%	4.8	%
(1) See Attachment 16 for definitions and other terms.

20

Attachment 9(A)
UDR, Inc.
Development Summary (1) (2)
September 30, 2015
(Dollars in Thousands)
(Unaudited)
Wholly-Owned
															Schedule						Percentage
		# of			Compl.	Cost to		Budgeted		Est. Cost			Project				Initial
Community	Location	Homes			Homes	Date		Cost		per Home			Debt		Start		Occ.		Compl.		Leased			Occupied
Projects Under Construction
Pacific City	Huntington Beach, CA	516			—	$	104,080	$	342,000	$	663		$	—	2Q15		2Q17		1Q18		—			—
Total		516			—	$	104,080	$	342,000	$	663		$	—
Completed Projects, Non-Stabilized
100 Pier 4 (3)	Boston, MA	369			369	$	213,235	$	217,700	$	590	(4)	$	—	4Q12		1Q15		2Q15		92.4		%	90.0	%
DelRay Tower (5)	Alexandria, VA	332			332	126,109		127,000		383			—		3Q11		3Q14		4Q14		93.1		%	91.6	%
Total - Wholly Owned		1,217			701	$	443,424	$	686,700	$	564		$	—
Net Operating Income From Wholly-Owned Projects															Capitalized Interest for Current Development Projects
		3Q 2015													3Q 15		3Q 14		YTD 15		YTD 14
Projects Under Construction		$	(56	)											$	949	$	2,999	$	4,712	$	8,159
Completed, Non-Stabilized		2,550
Total		$	2,494
Unconsolidated Joint Ventures and Partnerships (10)
															Schedule						Percentage
		Own.			# of	Compl.		Cost to		Budgeted			Project				Initial
Community	Location	Interest			Homes	Homes		Date (6)		Cost			Debt		Start		Occ.		Compl.		Leased			Occupied
Projects Under Construction
399 Fremont	San Francisco, CA	51		%	447	—		$	265,472	$	317,700	(7)	$	85,833	1Q14		1Q16		3Q16		—			—
Residences at 2801 Kelvin	Irvine, CA	50		%	381	—		68,075		125,000			6,538		3Q14		3Q16		1Q17		—			—
3033 Wilshire	Los Angeles, CA	50		%	190	—		47,559		107,000		(8)	—		4Q14		4Q16		1Q17		—			—
Domain Mountain View	Mountain View, CA	50		%	155	—		34,245		99,000		(9)	—		1Q15		1Q17		2Q17		—			—
Total					1,173	—		$	415,351	$	648,700		$	92,371
Completed Projects, Non-Stabilized
N/A	N/A	—			—	—		$	—	$	—		$	—	N/A		N/A		N/A		—			—
Total - Unconsolidated Joint Ventures and Partnerships					1,173	—		$	415,351	$	648,700		$	92,371
Projected Weighted Average Stabilized Yield on Development Projects Over Respective Market Cap Rates:								150-200 bps
(1) See Attachment 16 for definitions and other terms.
(2) The development summary above includes all communities under development that UDR wholly owns or owns an interest in through an unconsolidated joint venture.
(3) The developer will have the opportunity to earn an additional contingent developer fee, which will be determined by meeting a specific revenue hurdle during the 24 months after final completion.
(4) Includes 11,000 square feet of retail space.
(5) Project encompasses the complete redevelopment of the former 187 homes combined with the development of an additional 145 homes and 10,000 square feet of retail space.
(6) Cost to Date includes land using the fair value established at joint venture formation versus historical cost and excludes UDR outside basis differences.
(7) Includes 3,800 square feet of retail space.
(8) Includes 5,500 square feet of retail space.
(9) Includes 4,500 square feet of retail space.
(10) Unconsolidated developments are presented at 100%.

21

Attachment 9(B)
UDR, Inc.
Preferred Equity and Participating Loan Investments (1)
September 30, 2015
(Dollars in Thousands)
(Unaudited)
Preferred Equity Investments
								UDR			UDR
		Own.		# of	Compl.	Going-in		Investment			Share of		Schedule						Percentage
Community	Location	Interest		Homes	Homes	Valuation		Cost			Debt		Start		Compl.		Stabilization		Leased		Occupied
Projects Under Construction
West Coast Development JV (2)
8th & Republican (3)(4)	Seattle, WA	48	%	211	—	$	97,020	$	23,971		$	10,499	3Q14		1Q16		1Q17		—		—
Katella Grand I	Anaheim, CA	49	%	399	—	137,935		34,268			19,565		4Q13		1Q16		1Q17		10.5	%	—
CityLine (5)	Seattle, WA	49	%	244	—	80,360		20,214			10,074		3Q14		2Q16		3Q16		3.3	%	—
12th & Olive (3)(6)	Los Angeles, CA	47	%	293	—	129,360		33,698			8,033		2Q14		3Q16		4Q17		—		—
Katella Grand II	Anaheim, CA	49	%	386	—	114,660		17,441		(7)	4,409		4Q14		2Q17		2Q18		—		—
Total				1,533	—	$	559,335	$	129,592		$	52,580
Completed Projects, Non-Stabilized
N/A	N/A	—		—	—	$	—	$	—		$	—	N/A		N/A		N/A		—		—
Total - Preferred Equity Investments				1,533	—	$	559,335	$	129,592		$	52,580
Participating Loan Investment
				# of	Compl.	Cost to		Budgeted			Loan		Loan
Community	Location			Homes	Homes	Date (10)		Cost			Commitment		Balance (10)		Leased		Occupied
Steele Creek (8)(9)	Denver, CO			218	218	$	105,940	$	109,950		$	93,458	$	89,498	79.8	%	70.2	%
Total				218	218	$	105,940	$	109,950		$	93,458	$	89,498
(1) See Attachment 16 for definitions and other terms.
(2) In May 2015, UDR agreed to pay $136 million, net of debt, to acquire a 48% weighted average ownership interest in a $559 million, West Coast Development joint venture consisting of five communities in various stages of construction. UDR receives a 6.5% preferred return on our equity investment cost until stabilization. Our partner assumes all economics until stabilization. Upon stabilization, economics will be shared between UDR and our partner. UDR has the option to purchase each property at a fixed price one year after completion at an all-in option price of $597 million. A community is considered stabilized when it reaches 80% occupancy for ninety consecutive days.
(3) A small ownership interest in 8th & Republican and 12th & Olive is held by an additional co-investor.
(4) Includes 13,600 square feet of retail space.
(5) UDR will have an option to acquire an interest in the second phase that is adjacent to the first phase.
(6) Includes 15,500 square feet of retail space.
(7) Excludes $6.7 million expected to be funded in 4Q15.
(8) Includes 17,000 square feet of retail space. Refer to Attachment 12 for terms of our participating loan investment.
(9) UDR's participating loan is reflected as investment in and advances to unconsolidated joint ventures on the Consolidated Balance Sheets and net income/(loss) from unconsolidated entities on the Consolidated Statements of Operations in accordance with GAAP. UDR has the option to purchase the property 25 months after completion of construction and we receive 50% of the value created from the project upon acquisition of the community or sale to a third party.
(10) Cost to date includes accruals for costs incurred, but not yet paid as of the end of the period. Loan balance includes only amounts funded plus interest accrued at 6.5% prior to the period end.

22

Attachment 10
UDR, Inc.
Redevelopment Summary (1)
September 30, 2015
(Dollars in Thousands)
(Unaudited)
Wholly-Owned
			Sched.
		# of	Redev.	Compl.	Cost to		Budgeted		Est. Cost		Schedule								Percentage
Community	Location	Homes	Homes	Homes	Date		Cost (2)		per Home		Acq.		Start		Compl.		Same-Store (3)		Leased		Occupied
Projects in Redevelopment
2000 Post	San Francisco, CA	328	(4)	(4)	$	7,383	$	15,000	(4)		4Q98		1Q15		1Q16		1Q17		96.0	%	95.4	%
Total		328	—	—	$	7,383	$	15,000	$	—
Completed Redevelopments, Non-Stabilized
N/A	N/A	—	—	—	$	—	$	—	$	—	N/A		N/A		N/A		N/A		—		—
Total - Wholly Owned		328	—	—	$	7,383	$	15,000	$	—
									Capitalized Interest for Current Redevelopment Projects
											3Q 15		3Q 14		YTD 15		YTD 14
Projected Weighted Average Return on Incremental Capital Invested:		7.0% to 9.0%									$	49	$	—	$	88	$	—
(1) See Attachment 16 for definitions and other terms.
(2) Represents UDR's incremental capital invested in the projects.
(3) Estimated Same-Store quarter represents the quarter UDR anticipates contributing the community to the QTD same-store pool.
(4) 2000 Post redevelopment project will not impact the individual homes. The project includes renovation of building exteriors, corridors, and common area amenities.

23

Attachment 11
UDR, Inc.
Land Summary (1)
September 30, 2015
(Dollars in Thousands)
(Unaudited)
		UDR Ownership	Real Estate		UDR Pro-Rata
Parcel	Location	Interest	Cost Basis		Cost Basis		Status Update (2)
								Design	Hold for Future
							Entitlements	Development	Development
Wholly-Owned
7 Harcourt (3)	Boston, MA	100%	$	6,348	$	6,348	Complete	In Process
Vitruvian Park®	Addison, TX	100%	13,818		13,818		Complete		In Process
345 Harrison Street	Boston, MA	100%	37,859		37,859		Complete	In Process
Total			$	58,025	$	58,025
			Real Estate		UDR Pro-Rata
			Cost Basis		Cost Basis
Consolidated Joint Ventures
3032 Wilshire	Santa Monica, CA	95%	$	12,599	$	11,969	In Process
2919 Wilshire	Santa Monica, CA	95%	8,306		7,891		In Process
Total			$	20,905	$	19,860
			Real Estate		UDR Pro-Rata
			Cost Basis (4)		Cost Basis (4)
Unconsolidated Joint Ventures and Partnerships
UDR/MetLife I - 3 parcels (5)	Various	5%	$	70,441	$	3,463	In Process		In Process
UDR/MetLife Land - 8 parcels (6)	Various	50%	89,228		44,632		Complete	In Process	In Process
Total			$	159,669	$	48,095
Total			$	238,599	$	125,980
(1) See Attachment 16 for definitions and other terms.
(2) Pursuing Entitlements: During this phase the Company is actively pursuing the necessary approvals for the rights to develop multifamily and/or mixed use communities.
Design Development: During this phase the Company is actively working to complete architectural and engineering documents in preparation for the commencement of construction of multifamily and/or mixed uses communities.
Hold for Future Development: Entitled and/or unentitled land sites that the Company holds for future development.
(3) Land is adjacent to UDR's Garrison Square community.
(4) Cost basis includes land using the fair value established at joint venture formation versus historical cost and excludes UDR outside basis differences.
(5) Parcels are located in Bellevue, WA; Los Angeles, CA; and Dublin, CA.
(6) Includes 6 parcels in Addison, TX and 2 parcels in Los Angeles, CA.

24

Attachment 12
UDR, Inc.
Unconsolidated Joint Venture Summary (1)
September 30, 2015
(Dollars in Thousands)
(Unaudited)
Portfolio Characteristics
			# of								Physical		Total Rev. per			Net Operating Income
	Property		Comm. /			# of			Own.		Occupancy		Occ. Home			UDR's Share						Total
Joint Venture and Partnerships	Type		Parcels			Homes (7)			Interest		3Q 15		3Q 15 (1)			3Q 2015			YTD 2015			YTD 2015 (2)
UDR / MetLife
Operating communities	Various		22			5,230			50	%	96.1	%	$	2,918		$	15,347		$	45,602		$	91,204
Stabilized, Non-Mature	Various		3			806			(3)		95.0	%	2,457			1,555			4,974			9,872
Development communities	Various		4			—			(4)		—		—			(12		)	(25		)	(49		)
Land parcels			11			—			(5)		—		—			(32		)	(83		)	(315		)
UDR / KFH	High-rise		3			660			30	%	96.7	%	2,546			1,032			3,093			10,310
Total/Weighted Average			43			6,696					96.0	%	$	2,838		$	17,890		$	53,561		$	111,022
Balance Sheet Characteristics and Returns
	Gross Book Value										Weighted
	of JV Real		Total			UDR's Equity					Avg. Debt		Debt			Returns (8)
Joint Venture and Partnerships	Estate Assets (6)		Project Debt (6)			Investment					Interest Rate		Maturities			ROIC			ROE
UDR / MetLife
Operating communities	$	2,244,475	$	1,171,792		$	415,871				4.4	%	2018-2023
Stabilized, Non-Mature	279,249		157,389			49,375					4.0	%	2018-2025
Development communities	427,545		92,371			147,446					2.1	%	2018
Land parcels	179,272		—			65,654					N/A		N/A
UDR / KFH	284,079		164,829			18,308					3.0	%	2016-2025
Total/Weighted Average	$	3,414,620	$	1,586,381		$	696,654				4.1	%				5.9		%	7.6		%
Same-Store Unconsolidated Joint Venture Growth
	Same-Store
	Joint Venture		3Q 2015 vs. 3Q 2014 Growth										3Q 2015 vs. 2Q 2015 Growth
Joint Venture	Communities (6)		Revenue			Expense			NOI				Revenue			Expense			NOI
UDR / MetLife	22		4.6		%	6.9		%	3.6	%			0.8		%	0.2		%	1.1		%
UDR / KFH	3		-1.4		%	5.8		%	-4.1	%			1.3		%	2.2		%	0.9		%
Total/Average	25		4.0		%	6.8		%	2.8	%			0.8		%	0.4		%	1.1		%
									NOI										NOI
Same-Store JV Results at UDR's Pro-rata Ownership Interest									3.1	%									1.1		%
	Same-Store
	Joint Venture		YTD 2015 vs. YTD 2014 Growth
Joint Venture	Communities (6)		Revenue			Expense			NOI
UDR / MetLife	22		4.6		%	6.2		%	3.9	%
UDR / KFH	3		-1.5		%	5.3		%	-4.1	%
Total/Average	25		4.0		%	6.1		%	3.1	%
									NOI
Same-Store JV Results at UDR's Pro-rata Ownership Interest									3.4	%
Participating Loan Investment													Income from Participating
			Interest			Years to							Loan Investment						Upside
	UDR's Investment		Rate			Maturity							3Q 2015			YTD 2015			Participation
Steele Creek (9)	$	89,498	6.5		%	1.8							$	1,458		$	3,964		50		%
Preferred Equity Investment													Income from Preferred
	UDR's Equity		Preferred										Equity Investment
	Investment (10)		Return										3Q 2015			YTD 2015 (11)
West Coast Development JV (9)	$	135,773	6.5		%								$	2,086		$	3,038
(1) See Attachment 16 for definitions and other terms.
(2) Represents NOI at 100 percent for the period ended September 30, 2015.
(3) Includes Fiori on Vitruvian Park® of which UDR owns 50.0%, 13th & Market of which UDR owns 51.0% and 717 Olympic of which UDR owns 50.0%.
(4) Includes 399 Fremont of which UDR owns 51.0%, Residences at 2801 Kelvin of which UDR owns 50.1%, 3033 Wilshire of which UDR owns 50.0% and Domain Mountain View of which UDR owns 50.1%.
(5) See summary of unconsolidated land parcels on Attachment 11.
(6) Joint ventures and partnerships represented at 100 percent.
(7) Includes homes completed for the period ended September 30, 2015.
(8) Excludes non-stabilized developments.
(9) See Attachment 9(B) for additional details of our participating loan and preferred equity investments.
(10) UDR's equity investment of $135.8 million is inclusive of outside basis and our accrued preferred return, which differs from our upfront investment cost of $129.6 million in Attachment 9(B).
(11) Excludes $1.5 million of acquisition-related costs related to UDR's share of the West Coast Development joint venture's transaction expenses.

25

Attachment 13
UDR, Inc.
Acquisitions and Dispositions Summary
September 30, 2015
(Dollars in Thousands)
(Unaudited)
				Post
			Prior	Transaction
			Ownership	Ownership							# of	Price per
Date of Purchase	Community	Location	Interest	Interest	Price (1)		Debt (1)				Homes	Home
Acquisitions - Wholly-Owned
Feb-15	1745 Shea Center I (2)	Highlands Ranch, CO	0%	100%	$	24,059	$	24,059			—	$	—
					$	24,059	$	24,059			—	$	—
Acquisitions - Wholly-Owned Land
None
Acquisitions - Joint Ventures
May-15	West Coast Development JV	Various	0%	48%	$	559,335	$	277,476	(3	)	1,533	$	365
					$	559,335	$	277,476			1,533	$	365
Acquisitions - Joint Ventures - Land
None
				Post
			Prior	Transaction
			Ownership	Ownership							# of	Price per
Date of Sale	Community	Location	Interest	Interest	Price (1)		Debt (1)				Homes	Home
Dispositions - Wholly-Owned
May-15	Bay Meadows	Clearwater, FL	100%	0%	$	34,150	$	—			276	$	124
Jun-15	The Canopy Apartment Villas	Orlando, FL	100%	0%	30,540		—				296	103
Jun-15	Andover Park	Beaverton, OR	100%	0%	45,250		16,818				240	189
					$	109,940	$	16,818			812	$	135
Dispositions - Joint Ventures
Jan-15	Texas JV - 8 operating communities	Various	20%	0%	$	400,300	$	219,588			3,359	$	119
					$	400,300	$	219,588			3,359	$	119
Dispositions - Wholly-Owned Land
None
Dispositions - Joint Ventures Land
None
(1) Price represents 100% of the value of assets. Debt represents 100% of the asset's indebtedness.
(2) Includes approximately 120,000 square feet of office space, which is 40% occupied by UDR's corporate headquarters.
(3) Debt represents maximum debt of the joint venture at 100% upon completion of construction. See Attachment 9(B) for additional details.

26

Attachment 14
UDR, Inc.
Capital Expenditure and Repair and Maintenance Summary (1)
September 30, 2015
(Dollars in Thousands)
(Unaudited)
		Three Months				Nine Months
	Weighted Avg.	Ended		Cost		Ended		Cost
Category (Capitalized)	Useful Life (yrs) (2)	September 30, 2015		per Home		September 30, 2015		per Home
Capital Expenditures for Consolidated Homes (3)
Average number of homes (4)		38,703				39,009
Recurring Cap Ex
Asset preservation
Building interiors	5 - 20	$	4,272	$	110	$	10,679	$	274
Building exteriors	5 - 20	3,743		97		8,062		207
Landscaping and grounds	10	1,713		44		3,259		84
Total asset preservation		9,728		251		22,000		564
Turnover related	5	3,966		102		9,048		232
Total Recurring Cap Ex		13,694		353		31,048		796
Revenue Enhancing Cap Ex (5)
Kitchen & Bath		4,169		108		8,914		229
Revenue Enhancing		5,502		142		18,064		463
Total Revenue Enhancing Cap Ex	5 - 20	9,671		250		26,978		692
Total Recurring and Revenue Enhancing Cap Ex		$	23,365	$	603	$	58,026	$	1,488
One-Time Infrastructure Cap Ex	5 - 35	$	762	$	—	$	2,553	$	—
		Three Months				Nine Months
		Ended		Cost		Ended		Cost
Category (Expensed)		September 30, 2015		per Home		September 30, 2015		per Home
Repair and Maintenance for Consolidated Homes
Average number of homes (4)		38,703				39,009
Contract services		$	4,621	$	119	$	13,270	$	340
Turnover related expenses		1,162		30		3,007		77
Other Repair and Maintenance
Building interiors		1,955		51		5,022		129
Building exteriors		485		13		1,183		30
Landscaping and grounds		199		5		858		22
Total		$	8,422	$	218	$	23,340	$	598
(1) See Attachment 16 for definitions and other terms.
(2) Weighted average useful life of capitalized expenses for the nine months ended September 30, 2015.
(3) Excludes redevelopment capital.
(4) Average number of homes is calculated based on the number of homes outstanding at the end of each month.
(5) Revenue enhancing capital expenditures were incurred at specific apartment communities in conjunction with UDR's overall capital expenditure plan.

27

Attachment 15
UDR, Inc.
Full-Year 2015 Guidance (1)
September 30, 2015
(Unaudited)
FFO and AFFO per Share Guidance
	4Q 2015	Full Year 2015
FFO per common share and unit, diluted	$0.40 to $0.42	$1.65 to $1.67
FFO As Adjusted per common share and unit, diluted	$0.41 to $0.43	$1.65 to $1.67
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted	$0.36 to $0.38	$1.49 to $1.51
Annualized dividend per share		$1.11
Same-Store Guidance		Full Year 2015
Revenue growth		5.25% to 5.50%
Expense growth		2.75% to 3.00%
NOI growth		6.25% to 6.75%
Physical occupancy		96.5%
Same-Store homes		33,495
Sources of Funds ($ in millions)		Full Year 2015
Sales Proceeds and Debt and Equity Issuances		$1,750 to $1,850
Construction Loan Proceeds		$80 to $100
Uses of Funds ($ in millions)		Full Year 2015
Debt maturities (weighted average interest rate of 5.5%)		$516
Development and redevelopment spending		$300 to $350
Acquisitions		$1,080 to $1,100
Other Additions/(Deductions) ($ in millions except per home amounts)		Full Year 2015
Interest		($120) to ($125)
General and administrative, gross (2)		($54) to ($56)
Tax benefit for TRS		$3
Total joint venture FFO, Including fee income		$56 to $60
Non-recurring items:
Disposition-related FFO		$10
Acquisition-related costs		$2.5 to $3
Long-term incentive plan transition costs		$3 to $4
Average stabilized homes		40,000
Recurring capital expenditures per home		$1,150
Revenue enhancing capital expenditures		$20 to $25
Kitchen & Bath capital expenditures		$5 to $10
One-time infrastructure capital expenditures		$3 to $5
(1) See Attachment 16 for definitions and other terms.
(2) Includes an estimated $15 million of long-term incentive plan compensation expense, including $3.5 million related to program transition expense.

28

Attachment 16(A)
UDR, Inc.
Definitions and Reconciliations
September 30, 2015
(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 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 attributable to UDR, Inc. is the most directly comparable GAAP financial measure to AFFO. Management believes that AFFO is a widely recognized measure of the operations of REITs, and presenting AFFO will enable investors to assess our performance in comparison to other REITs. However, other REITs may use different methodologies for calculating AFFO and, accordingly, our AFFO may not always be comparable to AFFO calculated by other REITs. AFFO should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of financial performance, or as an alternative to cash flows from operating activities (determined in accordance with GAAP) as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to make distributions. A reconciliation from net income attributable to UDR, Inc. to AFFO is provided on Attachment 2.
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.
Discontinued Operations:  Effective January 1, 2014, UDR prospectively adopted Accounting Standards Update (“ASU”) No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, for all communities not previously sold or classified as held for sale. ASU 2014-08 incorporates into the definition of a discontinued operation a requirement that a disposition represent a strategic shift in an entity’s operations, which resulted in UDR no longer classifying the sale of communities as a discontinued operation. Communities that meet the criteria to be classified as held for disposition subsequent to the adoption of ASU 2014-08 are presented as held for disposition in the Consolidated Balance Sheet for the current period, but do not meet the criteria to be classified as discontinued operations in accordance with ASU 2014-08. Prior to the prospective adoption of ASU 2014-08, FASB ASC Subtopic 205.20, required, among other things, that the primary assets and liabilities and the results of operations of UDR’s real properties that have been sold or are held for disposition, be classified as discontinued operations and segregated in UDR’s Consolidated Statements of Operations and Consolidated Balance Sheets. Consequently, the primary assets and liabilities and the net operating results of those properties sold or classified as held for disposition prior to January 1, 2014 are accounted for as discontinued operations for all periods presented.  This presentation does not have an impact on net income available to common stockholders, it only results in the reclassification of the operating results within the Consolidated Statements of Operations for the period ended September 30, 2014, and the reclassification of the assets and liabilities within the Consolidated Balance Sheet as of December 31, 2014. During the twelve months ended December 31, 2014, UDR sold one commercial property that was classified as real estate held for disposition prior to the adoption of ASU 2014-08 and is therefore presented as a discontinued operation. The results of operations for these properties are classified on the Consolidated Statements of Operations on Attachment 1 of the Company's quarterly supplemental disclosure in the line item entitled “Income from discontinued operations, net of tax”.
In thousands	3Q 2015		3Q 2014			YTD 2015		YTD 2014
Rental income	$	—	$	21		$	—	$	147
Rental expenses	—		11			—		225
Property management	—		1			—		4
Real estate depreciation	—		—			—		—
Other operating expenses	—		3			—		21
Non-property (income)/expense	—		—			—		—
Total expenses	—		15			—		250
Income before net impairment of real estate held for disposition and net gain on the sale of depreciable property	—		6			—		(103		)
Net gain on the sale of depreciable property, net of tax	—		75			—		75
Income tax benefit/(expense)	—		(2		)	—		38
Income/(loss) from discontinued operations, net of tax	$	—	$	79		$	—	$	10
Effective New Lease Rate Growth:  The Company defines effective new lease rate growth as the increase in gross potential rent realized less all concessions for the new lease term (current effective rent) versus prior resident effective rent for the prior lease term on all 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 all concessions for the new lease term (current effective rent) versus prior effective rent for the prior lease term on all 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 does not represent the date of stabilization.
Fixed Charge Coverage Ratio:  The Company defines Fixed Charge Coverage Ratio as net income, excluding the impact of interest expense, real estate depreciation and amortization of wholly owned and other joint venture communities, other depreciation and amortization, noncontrolling interests, net gain on the sale of depreciable property, TRS income tax, divided by total interest plus preferred dividends.
Management considers fixed charge coverage 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 debt obligations as well as compare leverage against that of its peer REITs. A reconciliation of the components that comprise fixed charge coverage is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure.
Funds From Operations as Adjusted attributable to common stockholders and unitholders:  The Company defines FFO attributable to common stockholders and unitholders as Adjusted as FFO excluding the impact of acquisition-related costs and other non-comparable items including, but not limited to, prepayment costs/benefits associated with early debt retirement, gains on sales of marketable securities and TRS property, deferred tax valuation allowance increases and decreases, casualty-related expenses and recoveries, severance costs and legal 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 attributable to UDR, Inc. is the most directly comparable GAAP financial measure to FFO as Adjusted. However, other REITs may use different methodologies for calculating FFO as Adjusted or similar FFO measures and, accordingly, our FFO as Adjusted may not always be comparable to FFO as Adjusted or similar FFO measures calculated by other REITs. FFO as Adjusted should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of financial performance, or as an alternative to cash flows from operating activities (determined in accordance with GAAP) as a measure of our liquidity. A reconciliation from net income attributable to UDR, Inc. to FFO as Adjusted is provided on Attachment 2.

29

Attachment 16(B)
UDR, Inc.
Definitions and Reconciliations
September 30, 2015
(Unaudited)
Funds From Operations ("FFO") attributable to common stockholders and unitholders:  The Company defines FFO as net income attributable to common stockholders and unitholders, excluding impairment write-downs of depreciable real estate or of investments in non-consolidated investees that are driven by measurable decreases in the fair value of depreciable real estate held by the investee, gains (or losses) from sales of depreciable property, plus real estate depreciation and amortization, and after adjustments for noncontrolling interests, unconsolidated partnerships and joint ventures. This definition conforms with the National Association of Real Estate Investment Trust's definition issued in April 2002. In the computation of diluted FFO, unvested restricted stock, stock options, and the shares of Series E Cumulative Convertible Preferred Stock are dilutive; therefore, they are included in the diluted share count.
Activities of our taxable REIT subsidiary (TRS), include development and land entitlement. From time to time, we develop and subsequently sell a TRS property which results in a short-term use of funds that produces a profit that differs from the traditional long-term investment in real estate for REITs. We believe that the inclusion of these TRS gains in FFO is consistent with the standards established by NAREIT as the short-term investment is incidental to our main business. TRS gains on sales, net of taxes, are defined as net sales proceeds less a tax provision and the gross investment basis of the asset before accumulated depreciation.
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 attributable to UDR, Inc. 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.
Interest Coverage Ratio:  The Company defines Interest Coverage Ratio as net income, excluding the impact of interest expense, real estate depreciation and amortization of wholly owned and joint venture communities, other depreciation and amortization, noncontrolling interests, net gain on the sale of depreciable property, TRS income tax, divided by total interest.
Management considers interest coverage ratio 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 debt obligations as well as compare leverage against that of its peer REITs. A reconciliation of the components that comprise interest coverage ratio is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure.
Joint Venture Reconciliation at UDR's Weighted Average Pro-Rata Ownership Interest
In thousands				3Q 2015			YTD 2015
Income/(loss) from unconsolidated entities				$	2,691		$	61,277
Management fee				1,012			2,996
Interest expense				8,039			23,664
Depreciation				9,396			29,263
General and administrative				377			910
Other income/expense				(3,625		)	(5,476		)
Gain on sale				—			(59,073		)
Total Joint Venture NOI at UDR's Pro-Rata Ownership Interest				$	17,890		$	53,561
JV Return on Equity ("ROE"):  The Company defines JV ROE as the pro rata share of property NOI plus property and asset management fee revenue less interest expense, divided by the average of beginning and ending equity capital for the quarter.
Management considers ROE a useful metric for investors as it provides a widely used measure of how well the Company is investing its capital on a leveraged basis.
JV Return on Invested Capital ("ROIC"):  The Company defines JV ROIC as the pro rata share of property NOI plus property and asset management fee revenue divided by the average of beginning and ending invested capital for the quarter.
Management considers ROIC a useful metric for investors as it provides a widely used measure of how well the Company is investing its capital on an unleveraged basis.
Net Debt to EBITDA:  The Company defines net debt to EBITDA as total debt net of cash and cash equivalents divided by EBITDA. EBITDA is defined as net income, excluding the impact of interest expense, real estate depreciation and amortization of wholly owned and other joint venture communities, other depreciation and amortization, noncontrolling interests, net gain on the sale of depreciable property, and TRS income tax.
Management considers net debt to EBITDA 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 debt obligations as well as compare leverage against that of its peer REITs. A reconciliation between net income and EBITDA is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure.
Net Operating Income (“NOI”):  The Company defines NOI as rental income less direct property rental expenses. Rental income represents gross market rent 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 2.75% of property revenue to cover the regional supervision and accounting costs related to consolidated property operations, and land rent.
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 attributable to UDR, Inc. to NOI is provided below.
In thousands	3Q 2015			2Q 2015			1Q 2015			4Q 2014			3Q 2014
Net income/(loss) attributable to UDR, Inc.	$	13,291		$	86,855		$	73,822		$	65,417		$	40,549
Property management	5,988			5,851			5,694			5,668			5,598
Other operating expenses	2,639			1,769			1,766			2,174			2,009
Real estate depreciation and amortization	90,568			90,344			88,777			91,406			89,339
Interest expense	30,232			29,673			28,800			32,792			33,087
Casualty-related (recoveries)/charges, net	541			843			996			41			—
General and administrative	15,824			13,721			12,152			11,722			11,554
Tax provision/(benefit), net (includes valuation adjustment)	(633		)	(1,404		)	(425		)	(7,087		)	(2,492		)
Income/(loss) from unconsolidated entities	(2,691		)	573			(59,159		)	2,074			939
Interest and other income, net	(402		)	(382		)	(360		)	44			(9,061		)
Joint venture management and other fees	(3,653		)	(3,098		)	(12,706		)	(3,445		)	(3,165		)
Other depreciation and amortization	1,457			1,700			1,623			2,117			1,385
(Income)/loss from discontinued operations, net of tax	—			—			—			—			(79		)
(Gain)/loss on sale of real estate owned, net of tax	—			(79,042		)	—			(61,267		)	(31,302		)
Net income/(loss) attributable to noncontrolling interests	404			3,029			2,595			2,335			1,443
Total consolidated NOI	$	153,565		$	150,432		$	143,575		$	143,991		$	139,804

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 Attachment 16(C)

UDR, Inc.

Definitions and Reconciliations

September 30, 2015

(Unaudited)

Non-Mature:  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.

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

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

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

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

Return on Equity ("ROE"):  The Company defines ROE as a referenced quarter's NOI less interest expense, annualized, divided by the average of beginning and ending equity capital for the quarter.

Management considers ROE a useful metric for investors as it provides a widely used measure of how well the Company is investing its capital on a leveraged basis.

Return on Invested Capital ("ROIC"):  The Company defines ROIC as a referenced quarter's NOI, annualized, divided by the average of beginning and ending invested capital for the quarter.

Management considers ROIC a useful metric for investors as it provides a widely used measure of how well the Company is investing its capital on an unleveraged basis.

Revenue Enhancing Capital Expenditures:  The Company defines revenue-enhancing capital expenditures as expenditures that result in increased income generation over time.

Management considers revenue 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.

Sold Communities:  The Company defines Sold Communities as those communities that previously met the criteria for discontinued operations and were disposed of prior to the end of the most recent quarter.

Stabilization for Same Store Classification: The Company generally defines stabilization 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 are stabilized but not yet in the Company's Same-Store portfolio.

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

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

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

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

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

Management considers total revenue per occupied home a useful metric for investors as it serves as a proxy for portfolio quality, both geographic and physical.

TRS:  The Company's taxable REIT subsidiary ("TRS") focuses on development, land entitlement and short-term hold investments. TRS gains on sales, net of taxes, is defined as net sales proceeds less a tax provision and the gross investment basis of the asset before accumulated depreciation.

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

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Attachment 16(D)
UDR, Inc.
Definitions and Reconciliations
September 30, 2015
(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 2015 and fourth quarter of 2015 to forecasted FFO, FFO as Adjusted and AFFO per share and unit:
	Full Year 2015
	Low			High
Forecasted earnings per diluted share	$	0.79		$	0.81
Conversion from GAAP share count	(0.08		)	(0.08		)
Net (gain)/loss on the sale of depreciable property, excluding TRS	(0.50		)	(0.50		)
Depreciation	1.45			1.45
Noncontrolling Interests	(0.02		)	(0.02		)
Preferred Dividends	0.01			0.01
Forecasted FFO per diluted share and unit	$	1.65		$	1.67
Disposition-related FFO	(0.03		)	(0.03		)
Long-term incentive plan transition costs	0.01			0.01
Acquisition-related and other costs	0.01			0.01
Casualty-related (recoveries)/charges	0.01			0.01
Forecasted FFO as Adjusted per diluted share and unit	$	1.65		$	1.67
Recurring capital expenditures	(0.16		)	(0.16		)
Forecasted AFFO per diluted share and unit	$	1.49		$	1.51
	4Q 2015
	Low			High
Forecasted earnings per diluted share	$	0.06		$	0.08
Conversion from GAAP share count	(0.02		)	(0.02		)
Depreciation	0.36			0.36
Forecasted FFO per diluted share and unit	$	0.40		$	0.42
Disposition-related FFO	—			—
Long-term incentive plan transition costs	—			—
Acquisition-related and other costs	—			—
Casualty-related (recoveries)/charges	0.01			0.01
Forecasted FFO as Adjusted per diluted share and unit	$	0.41		$	0.43
Recurring capital expenditures	(0.05		)	(0.05		)
Forecasted AFFO per diluted share and unit	$	0.36		$	0.38

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