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): February 2, 2016

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 February 2, 2016, UDR, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended December 31, 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 7.01 Regulation FD Disclosure.

On February 2, 2016, the Company has made available its 2-Year Strategic Outlook, which is furnished as Exhibit 99.3 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 February 2, 2016.
99.2	Supplemental Financial Information dated February 2, 2016.
99.3	2-year Strategic Outlook dated February 2, 2016.

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.
February 2, 2016	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—February 2, 2016	Contact: Shelby Noble
	Phone:   720.922.6082

UDR ANNOUNCES FOURTH QUARTER AND FULL-YEAR 2015 RESULTS

~ Provides 2016 Guidance and Updated 2-Year Strategic Outlook ~

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

• Funds from Operations (“FFO”) per share was $0.41, FFO as Adjusted per share was $0.42 (+9% year-over-year) and AFFO per share was $0.37 (+11%).

• Year-over-year same-store revenue and net operating income (“NOI”) growth for the quarter were 6.2 percent and 6.6 percent, respectively.

• Acquired $901 million of apartment communities located in Washington, D.C. in conjunction with the Home Properties privatization.

• Amended unsecured revolving credit facility and amended and consolidated term loans outstanding.

• Sold nine wholly-owned communities for $299 million at a weighted average 5.8 percent cash flow cap rate.

Full-Year 2015 Highlights:

• FFO, FFO as Adjusted and AFFO per share were $1.66 (+6% year-over-year), $1.67 (+10%) and $1.51 (+11%), respectively.

• Same-store revenue and NOI growth were 5.6 percent and 6.7 percent, respectively.

• Entered into $559 million West Coast Development JV, consisting of 5 development communities in varied stages of construction.

• Completed one development community containing 369 homes for an estimated cost of $218 million in Boston, MA.

• Completed one development community in conjunction with a participating loan investment containing 218 homes for an estimated cost of $93 million in Denver, CO.

• Commenced construction of a community located in Mountain View, CA and a community located in Huntington Beach, CA containing a combined 671 homes for an estimated aggregate pro-rata cost of $392 million.

• Issued ~$211 million of common equity, net of fees, at or above Street consensus NAV.

• Received a senior unsecured credit upgrade from S&P Rating Services to BBB+.

• Sold twelve wholly-owned communities for $409 million at a weighted average 5.8 percent cash flow cap rate.

• Sold our 20 percent interest in Texas JV, consisting of 3,359 homes in January 2015 for a total price of $400 million, of which UDR’s share of the proceeds was $44 million.

• Increased the Company’s declared dividend per share to $1.11 (+7% year-over-year).

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Summary of Earnings Metrics

	Q4 2015	Q4 2014	FY 2015	FY 2014
FFO per common share and unit, diluted	$0.41	$0.40	$1.66	$1.56
Acquisition-related costs/(fees), including joint ventures	0.005	0.001	0.013	0.002
Cost/(benefit) associated with debt extinguishment and other	—	—	—	0.001
Texas JV promote and disposition fee income	(0.001)	—	(0.036)	—
Long-term incentive plan transition costs	0.003	—	0.013	—
(Gain)/loss on sale of land	—	0.008	—	0.004
Net gain on prepayment of note receivable	—	—	—	(0.032)
Legal claims, net of tax	0.002	—	0.003	—
Tax benefit associated with the conversion of certain TRS entities into REITs	—	(0.022)	—	(0.022)
Casualty-related (recoveries)/charges, including JVs, net	0.007	0.000	0.017	0.002
FFO as Adjusted per common share and unit, diluted	$0.42	$0.39	$1.67	$1.52
Recurring capital expenditures	(0.050)	(0.052)	(0.164)	(0.165)
AFFO per common share and unit, diluted	$0.37	$0.34	$1.51	$1.35

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 fourth quarter supplemental package.

Operations

Same-store NOI increased 6.6 percent year-over-year in the fourth quarter of 2015 driven by same-store revenue growth of 6.2 percent against a 5.2 percent increase in same-store expenses. Same-store physical occupancy was 96.5 percent as compared to 96.8 percent. The annualized rate of turnover increased 40 basis points year-over-year to 44.4 percent in the quarter.

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

Region	Revenue Growth/(Decline)		Expense Growth		NOI Growth/(Decline)		% of Same- Store Portfolio(1)		Same-Store Occupancy(2)		Number of Same-Store Homes(3)
West	9.2	%	6.9	%	10.0	%	44.1	%	96.2	%	12,229
Mid-Atlantic	1.5	%	5.8	%	(0.3	)%	21.8	%	96.3	%	8,304
Southeast	6.4	%	2.5	%	8.4	%	14.0	%	97.1	%	7,683
Northeast	5.4	%	6.4	%	5.1	%	12.9	%	97.3	%	2,384
Southwest	5.3	%	1.3	%	7.8	%	7.2	%	96.7	%	3,998
Total	6.2	%	5.2	%	6.6	%	100.0	%	96.5	%	34,598

(1) Based on Q4 2015 NOI.

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

(3) During the fourth quarter, 34,598 apartment homes, or approximately 85% of 40,728 total consolidated apartment homes (versus 50,646 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.

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Sequentially, the Company’s same-store NOI increased by 1.9 percent on revenue growth of 0.6 percent and a 2.6 percent decrease in expenses during the fourth quarter of 2015.

For the twelve months ended December 31, 2015, the Company’s same-store revenue increased 5.6 percent as compared to the prior year period in 2014. Same-store expenses increased 3.0 percent year-over-year resulting in a same-store NOI increase of 6.7 percent as compared to the prior year period in 2014. Year-over-year same-store physical occupancy remained stable at 96.7 percent and annual turnover increased 20 basis points to 51.9% compared to 2014.

Summary of Same-Store Results Full-Year 2015 versus Full-Year 2014

Region	Revenue Growth		Expense Growth		NOI Growth		% of Same- Store Portfolio(1)		Same-Store Occupancy(2)		Number of Same-Store Homes(3)
West	8.1	%	0.7	%	10.9	%	40.7	%	96.5	%	10,950
Mid-Atlantic	1.7	%	4.1	%	0.7	%	23.0	%	96.6	%	8,048
Southeast	6.0	%	3.3	%	7.3	%	14.9	%	97.1	%	7,683
Northeast	5.6	%	6.6	%	5.3	%	13.8	%	97.3	%	2,384
Southwest	5.2	%	3.9	%	6.1	%	7.6	%	97.0	%	3,998
Total	5.6	%	3.0	%	6.7	%	100.0	%	96.7	%	33,063

(1) Based on YTD 2015 NOI.

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

(3) During the twelve months ended December 31, 2015, 33,063 apartment homes, or approximately 81% of 40,728 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.

Development Activity

At the end of the fourth quarter, the Company had an under-construction development pipeline for which its pro rata share totaled $670 million with 55 percent of the equity commitment funded. Of the $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 99 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 $271 million in development projects left to complete, $215 million is expected to be completed in 2016 and the balance in 2017.

Transactional Activity

During the quarter, the Company disposed of nine wholly-owned communities containing 1,923 homes in Norfolk, VA, Huntington Beach, CA, Tampa, FL and Baltimore, MD for $299 million in

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total proceeds. Combined, the nine sales were transacted at a weighted average 5.8 percent cash flow cap rate, had a weighted average monthly rent per occupied home of $1,348 and were 38 years old on average.

Capital Markets

During the fourth quarter, the Company issued $565 million common UDR DownREIT units at $35 per unit in conjunction with the Washington, D.C. acquisition.

Additionally, 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 December 31, 2015, the Company had $987 million in availability through a combination of cash and undrawn capacity on its credit facilities.

The Company’s total indebtedness at December 31, 2015 was $3.6 billion. The Company ended the quarter with fixed-rate debt representing 83% of its total debt, a total weighted effective interest rate of 3.7% and a weighted average maturity of 5.0 years. The Company’s leverage was 34.6% versus 38.6% a year ago, net debt-to-EBITDA was 5.7x versus 6.5x a year ago and fixed charge coverage was 4.1x versus 3.6x a year ago.

Other

In conjunction with this release, the Company published its updated 2-Year Strategic Outlook which outlines its 2016 and 2017 plan and expectations. The 2-Year Strategic Outlook document is available in the Investor Relations section of the Company’s website at ir.udr.com.

Dividend

As previously announced, the Company’s Board of Directors declared a regular quarterly dividend on its common stock for the fourth quarter of 2015 in the amount of $0.2775 per share. The dividend was paid in cash on February 1, 2016 to UDR common stock shareholders of record as of January 11, 2016. The fourth quarter 2015 dividend represented the 173^rd consecutive quarterly dividend paid by the Company on its common stock.

In conjunction with this release, the Company has declared a 2016 annualized dividend per share of $1.18, a 6% increase over 2015.

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Outlook

For the first quarter of 2016, the Company has established the following earnings guidance ranges:

• FFO per share:	$0.42 to $0.44
• FFO as Adjusted per share:	$0.42 to $0.44
• AFFO per share:	$0.40 to $0.42

For the full-year 2016, the Company has established the following earnings guidance ranges:

FFO per share	$1.75 to $1.81
FFO as Adjusted per share	$1.75 to $1.81
AFFO per share	$1.59 to $1.65

For the full-year 2016, the Company’s primary same-store growth assumptions are:

Revenue	5.50% to 6.00%
Expense	3.00% to 3.50%
Net operating income	6.50% to 7.00%
Physical occupancy	96.6%

Additional assumptions for the Company’s first quarter and full-year 2016 guidance can be found on Attachment 15 of the Company’s fourth quarter Supplemental Financial Information.

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Supplemental Information

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

Conference Call and Webcast Information

UDR will host a webcast and conference call at 3:00 p.m. Eastern Time on February 3, 2016 to discuss fourth quarter and full-year results as well as its updated 2-Year Strategic Outlook for the 2016 to 2017 timeframe. The webcast will be available on UDR's website at ir.udr.com. To listen to a live broadcast, access the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.

To participate in the teleconference dial 844-855-7559 for domestic and 704-859-4562 for international and provide the following conference ID number: 14882417.

A replay of the conference call will be available through March 5, 2016, by dialing 800-585-8367 for domestic and 404-537-3406 for international and entering the confirmation number, 14882417, when prompted for the pass code.

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

Mail -- For those without Internet access, the fourth 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.

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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 December 31, 2015, UDR owned or had an ownership position in 50,646 apartment homes including 3,222 homes under development. For over 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 ir.udr.com.

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EX-99.2

Exhibit 99.2

Financial Highlights
UDR, Inc.
As of End of Fourth Quarter 2015 (1)
(Unaudited)
		Actual Results	Actual Results	Guidance as of December 31, 2015
Dollars in thousands, except per share		4Q 2015	Full-Year 2015	1Q 2016		Full-Year 2016
Per Share Metrics
FFO per common share and unit, diluted		$0.41	$1.66	$0.42 to $0.44		$1.75 to $1.81
FFO as Adjusted per common share and unit, diluted		$0.42	$1.67	$0.42 to $0.44		$1.75 to $1.81
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted		$0.37	$1.51	$0.40 to $0.42		$1.59 to $1.65
Dividend declared per share and unit		$0.2775	$1.11	$0.2950		$1.18 (2)
Same-Store Operating Metrics
Revenue growth		6.2%	5.6%	--		5.50% - 6.00%
Expense growth		5.2%	3.0%	--		3.00% - 3.50%
NOI growth		6.6%	6.7%	--		6.50% - 7.00%
Physical Occupancy		96.5%	96.7%	--		96.6%
Property Metrics			Homes	Communities		% of Total NOI
Same-Store			34,598	117		70.0%
Stabilized, Non-Mature			2,292	7		7.4%
Acquired Communities			3,246	6		5.9%
Redevelopment			592	3		2.7%
Non-Residential / Other			N/A	N/A		2.8%
Sold and Held for disposition			—	-		1.8%
Joint Venture (includes completed JV developments) (3)			6,696	28		9.4%
Sub-total, completed homes			47,424	161		100%
Under Development			516	1		-
Joint Venture Development			1,173	4		-
Preferred Equity Investments			1,533	5		-
Total expected homes (3)(4)			50,646	171		100%
Balance Sheet Metrics (adjusted for non-recurring items)			Market Capitalization
	4Q 2015	4Q 2014		4Q 2015		% of Total
Interest Coverage Ratio	4.23x	3.67x	Total debt	$	3,570,795	24.6%
Fixed Charge Coverage Ratio	4.13x	3.58x	Common stock equivalents (5)	10,942,077		75.4%
Leverage Ratio	34.6%	38.6%	Total market capitalization	$	14,512,872	100.0%
Net Debt-to-EBITDA	5.7x	6.5x

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

(2) Annualized for 2016.

(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 $37.57 at December 31, 2015.

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Attachment 1
UDR, Inc.
Consolidated Statements of Operations (1)
(Unaudited)
	Three Months Ended						Twelve Months Ended
	December 31						December 31
In thousands, except per share amounts	2015			2014			2015			2014
REVENUES:
Rental income	$	234,352		$	206,104		$	871,928		$	805,002
Joint venture management and other fees (2)	3,253			3,445			22,710			13,044
Total revenues	237,605			209,549			894,638			818,046
OPERATING EXPENSES:
Property operating and maintenance	41,174			36,782			155,096			149,428
Real estate taxes and insurance	26,881			25,331			102,963			99,175
Property management	6,445			5,668			23,978			22,138
Other operating expenses	3,534			2,174			9,708			8,271
Real estate depreciation and amortization	104,909			91,406			374,598			358,154
Acquisition costs	1,433			107			2,126			373
General and administrative	16,560			11,615			57,564			47,427
Casualty-related (recoveries)/charges, net	(45		)	41			2,335			541
Other depreciation and amortization	1,899			2,117			6,679			5,775
Total operating expenses	202,790			175,241			735,047			691,282
Operating income	34,815			34,308			159,591			126,764
Income/(loss) from unconsolidated entities (2)	1,052			(2,074		)	62,329			(7,006		)
Interest expense	(33,170		)	(32,792		)	(121,875		)	(130,262		)
Other debt (charges)/benefits, net	—			—			—			(192		)
Total interest expense	(33,170		)	(32,792		)	(121,875		)	(130,454		)
Interest income and other income/(expense), net	407			(44		)	1,551			11,858
Income/(loss) before income taxes, discontinued operations and gain/(loss) on sale of real estate owned	3,104			(602		)	101,596			1,162
Tax benefit/(provision), net	1,424			7,087			3,886			15,098
Income/(loss) from continuing operations	4,528			6,485			105,482			16,260
Income/(loss) from discontinued operations, net of tax	—			—			—			10
Income/(loss) before gain/(loss) on sale of real estate owned	4,528			6,485			105,482			16,270
Gain/(loss) on sale of real estate owned, net of tax	172,635			61,267			251,677			143,572
Net income/(loss)	177,163			67,752			357,159			159,842
Net (income)/loss attributable to redeemable noncontrolling interests in the OP and DownREIT Partnership (3) (4)	(14,966		)	(2,340		)	(16,773		)	(5,511		)
Net (income)/loss attributable to noncontrolling interests	3			5			(3		)	3
Net income/(loss) attributable to UDR, Inc.	162,200			65,417			340,383			154,334
Distributions to preferred stockholders - Series E (Convertible)	(930		)	(931		)	(3,722		)	(3,724		)
Net income/(loss) attributable to common stockholders	$	161,270		$	64,486		$	336,661		$	150,610
Income/(loss) per weighted average common share - basic:
Income/(loss) from continuing operations attributable to common stockholders	$	0.62		$	0.25		$	1.30		$	0.60
Income/(loss) from discontinued operations attributable to common stockholders	$	0.00		$	0.00		$	0.00		$	0.00
Net income/(loss) attributable to common stockholders	$	0.62		$	0.25		$	1.30		$	0.60
Income/(loss) per weighted average common share - diluted:
Income/(loss) from continuing operations attributable to common stockholders	$	0.61		$	0.25		$	1.29		$	0.59
Income/(loss) from discontinued operations attributable to common stockholders	$	0.00		$	0.00		$	0.00		$	0.00
Net income/(loss) attributable to common stockholders	$	0.61		$	0.25		$	1.29		$	0.59
Common distributions declared per share	$	0.2775		$	0.2600		$	1.1100		$	1.0400
Weighted average number of common shares outstanding - basic	260,830			253,983			258,669			251,528
Weighted average number of common shares outstanding - diluted	266,108			256,000			263,752			253,445
(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 $44.2 million. The Company recorded promote and disposition fee income of approximately $0.4 million and $10.0 million and a gain of approximately $0.4 million and $59.4 million in connection with the sale during the three and twelve months ended December 31, 2015.
(3) In October 2015, UDR completed the acquisition of six Washington, DC area communities from Home Properties, L.P. for a total purchase price of $901 million. Four of the six communities were acquired through UDR's 50.1% ownership in newly formed UDR Lighthouse DownREIT L.P. (the “DownREIT Partnership”). The increase in the percentage of net income attributable to noncontrolling interests during the 4th quarter relates to third parties' 49.9% interest in the DownREIT Partnership.
(4) Due to the quarterly pro-rata calculation of noncontrolling interest, the sum of the quarterly amounts will not equal the annual totals.

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Attachment 2
UDR, Inc.
Funds From Operations (1)
(Unaudited)
	Three Months Ended						Twelve Months Ended
	December 31						December 31
In thousands, except per share amounts	2015			2014			2015			2014
Net income/(loss) attributable to common stockholders	$	161,270		$	64,486		$	336,661		$	150,610
Real estate depreciation and amortization, including discontinued operations	104,909			91,406			374,598			358,154
Noncontrolling interests (2)	14,963			2,335			16,776			5,508
Real estate depreciation and amortization on unconsolidated joint ventures	9,389			12,207			38,652			42,133
Net (gain)/loss on the sale of unconsolidated depreciable property (3)	(372		)	—			(59,445		)	—
Net (gain)/loss on the sale of depreciable property, excluding TRS	(172,635		)	(63,443		)	(251,677		)	(144,703		)
Funds from operations ("FFO") attributable to common stockholders and unitholders, basic	$	117,524		$	106,991		$	455,565		$	411,702
Distributions to preferred stockholders - Series E (Convertible) (4)	930			931			3,722			3,724
FFO attributable to common stockholders and unitholders, diluted	$	118,454		$	107,922		$	459,287		$	415,426
FFO per common share and unit, basic	$	0.41		$	0.41		$	1.68		$	1.58
FFO per common share and unit, diluted	$	0.41		$	0.40		$	1.66		$	1.56
Weighted average number of common shares and OP/DownREIT Units outstanding - basic	285,144			263,149			271,616			260,775
Weighted average number of common shares, OP/DownREIT Units, and common stock
equivalents outstanding - diluted	290,422			268,201			276,699			265,728
Impact of adjustments to FFO:
Acquisition-related costs/(fees), including joint ventures (5)	$	1,433		$	264		$	3,586		$	442
Cost/(benefit) associated with debt extinguishment and other	—			—			—			192
Texas Joint Venture promote and disposition fee income (3)	(372		)	—			(10,005		)	—
Long-term incentive plan transition costs	884			—			3,537			—
(Gain)/loss on sale of land	—			2,176			—			1,056
Net gain on prepayment of note receivable	—			—			—			(8,411		)
Legal claims, net of tax	705			—			705			—
Tax benefit associated with the conversion of certain TRS entities into REITs (6)	—			(5,770		)	—			(5,770		)
Casualty-related (recoveries)/charges, including joint ventures, net (7)	2,173			41			4,809			541
	$	4,823		$	(3,289	)	$	2,632		$	(11,950	)
FFO as Adjusted attributable to common stockholders and unitholders, diluted	$	123,277		$	104,633		$	461,919		$	403,476
FFO as Adjusted per common share and unit, diluted	$	0.42		$	0.39		$	1.67		$	1.52
Recurring capital expenditures	(14,419		)	(13,944		)	(45,467		)	(43,921		)
AFFO attributable to common stockholders and unitholders	$	108,858		$	90,689		$	416,452		$	359,555
AFFO per common share and unit, diluted	$	0.37		$	0.34		$	1.51		$	1.35
(1) See Attachment 16 for definitions and other terms.
(2) See Note 3 in Attachment 1.
(3) In January 2015, the eight communities held by the Texas joint venture were sold, generating proceeds to UDR of $44.2 million. The Company recorded promote and disposition fee income of approximately $0.4 million and $10.0 million and a gain of approximately $0.4 million and $59.4 million in connection with the sale during the three and twelve months ended December 31, 2015.
(4) Series E preferred shares are dilutive for purposes of calculating 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.
(5) Twelve months ended December 31, 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.
(6) During 4Q14, the Company recognized a one-time tax benefit of $5.8 million related to the conversion of certain taxable REIT subsidiary entities into REIT's.
(7) Casualty-related charges for the three and twelve months ended December 31, 2015 include $2.2 million and $2.5 million related to UDR's share of the 717 Olympic casualty, which is included in income/(loss) from unconsolidated entities in Attachment 1.

3

Attachment 3
UDR, Inc.
Consolidated Balance Sheets
(Unaudited)
	December 31,			December 31,
In thousands, except share and per share amounts	2015			2014
ASSETS
Real estate owned:
Real estate held for investment	$	9,053,599		$	8,205,627
Less: accumulated depreciation	(2,646,044		)	(2,434,772		)
Real estate held for investment, net	6,407,555			5,770,855
Real estate under development
(net of accumulated depreciation of $0 and $0)	124,072			177,632
Real estate held for disposition
(net of accumulated depreciation of $830 and $0)	11,775			—
Total real estate owned, net of accumulated depreciation	6,543,402			5,948,487
Cash and cash equivalents	6,742			15,224
Restricted cash	20,798			22,340
Notes receivable, net	16,694			14,369
Investment in and advances to unconsolidated joint ventures, net	938,906			718,226
Other assets	137,302			110,082
Total assets	$	7,663,844		$	6,828,728
LIABILITIES AND EQUITY
Liabilities:
Secured debt (1)	$	1,376,945		$	1,354,321
Unsecured debt (1)	2,193,850			2,210,978
Real estate taxes payable	18,786			15,978
Accrued interest payable	29,162			34,215
Security deposits and prepaid rent	36,330			34,064
Distributions payable	80,368			69,460
Accounts payable, accrued expenses, and other liabilities	81,356			91,282
Total liabilities	3,816,797			3,810,298
Redeemable noncontrolling interests in the OP and DownREIT Partnership	946,436			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
16,452,496 shares of Series F outstanding (2,464,183 shares
at December 31, 2014)	1			—
Common stock, $0.01 par value; 350,000,000 shares authorized
261,844,521 shares issued and outstanding (255,114,603 shares at December 31, 2014)	2,618			2,551
Additional paid-in capital	4,447,816			4,223,747
Distributions in excess of net income	(1,584,459		)	(1,528,917		)
Accumulated other comprehensive income/(loss), net	(12,678		)	(8,855		)
Total stockholders' equity	2,899,755			2,735,097
Noncontrolling interests	856			853
Total equity	2,900,611			2,735,950
Total liabilities and equity	$	7,663,844		$	6,828,728
(1) During 4Q15, UDR retroactively adopted Accounting Standards Update ("ASU") 2015-3, Simplifying the Presentation of Debt Issuance Costs and related ASU 2015-15, which resulted in classifying approximately $17.9 million and $17.8 million of deferred financing costs as a direct reduction to debt outstanding as of December 31, 2015 and 2014, respectively.

4

Attachment 4(A)
UDR, Inc.
Selected Financial Information (1)
(Unaudited)
						December 31,			December 31,
Common Stock and Equivalents						2015			2014
Common shares (2)						261,044,151			254,114,631
Restricted shares						800,370			999,972
Total common stock						261,844,521			255,114,603
Stock options and restricted stock equivalents						1,181,193			1,052,147
Operating and DownREIT Partnership units						23,439,601			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						291,245,054			268,367,771
						4Q 2015 Weighted			4Q 2014 Weighted
Weighted Average Number of Shares Outstanding						Average			Average
Weighted average number of common shares and OP/DownREIT units outstanding - basic						285,144,377			263,148,729
Weighted average number of OP/DownREIT units outstanding						(24,314,208		)	(9,165,886	)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations						260,830,169			253,982,843
Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted						290,422,108			268,201,290
Weighted average number of OP/DownREIT units outstanding						(24,314,208		)	(9,165,886	)
Weight average number of Series E preferred shares outstanding (4)						—			(3,035,548	)
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations						266,107,900			255,999,856
						Year-to-Date			Year-to-Date
						Weighted Average			Weighted Average
Weighted average number of common shares and OP/DownREIT units outstanding - basic						271,616,214			260,775,321
Weighted average number of OP/DownREIT units outstanding						(12,947,362		)	(9,247,049	)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations						258,668,852			251,528,272
Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted						276,698,957			265,727,848
Weighted average number of OP/DownREIT units outstanding						(12,947,362		)	(9,247,049	)
Weight average number of Series E preferred shares outstanding (4)						—			(3,035,548	)
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations						263,751,595			253,445,251
		December 31,				December 31,
Market Capitalization, In thousands		2015		% of Total		2014			% of Total
Total debt		$	3,570,795	24.6	%	$	3,565,299		30.1	%
Common stock and equivalents ($37.57 at 12/31/15 and $30.82 at 12/31/14)		10,942,077		75.4	%	8,271,095			69.9	%
Total market capitalization		$	14,512,872	100.0	%	$	11,836,394		100.0	%
						Gross			% of
	Number of	4Q 2015 NOI (1)				Carrying Value			Total Gross
Asset Summary	Homes	($000s)		% of NOI		($000s)			Carrying Value
Unencumbered assets	27,496	$	121,730	73.2	%	$	6,811,344		74.1	%
Encumbered assets	13,232	44,567		26.8	%	2,378,932			25.9	%
	40,728	$	166,297	100.0	%	$	9,190,276		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 twelve months ended December 31, 2015 and 2014. December 31, 2015 includes the effect of the 2.9 million shares issued at a net price of $35.00 per share during 3Q15.
(3) At December 31, 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).
(4) Series E preferred shares are dilutive for purposes of calculating earnings per share for the three and twelve months ended December 31, 2015. For the three and twelve months ended December 31, 2014, the Series E preferred shares are anti-dilutive.

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						$	947,403			26.4		%	4.9	%	3.7
	Floating						425,415			(1)	11.9		%	1.5	%	4.5
	Combined						1,372,818				38.3		%	3.9	%	4.0
Unsecured	Fixed						2,025,697			(2)	56.5		%	3.9	%	5.8
	Floating						185,000				5.2		%	1.2	%	4.3
	Combined						2,210,697				61.7		%	3.6	%	5.7
Total Debt	Fixed						2,973,100				82.9		%	4.2	%	5.2
	Floating						610,415				17.1		%	1.4	%	4.5
	Combined						$	3,583,515			100.0		%	3.7	%	5.0
	Total Non-Cash Adjustments (5)						(12,720		)
	Total per Balance Sheet						$	3,570,795						3.7	%
Debt Maturities, In thousands
				Unsecured			Revolving									Weighted Average
	Secured Debt (6)			Debt (6)			Credit Facilities (4) (7)				Balance			% of Total		Interest Rate
2016	$	149,058	(3)	$	95,053		$	—			$	244,111		6.8	%	5.1	%
2017	275,526			—			—				275,526			7.7	%	4.1	%
2018	211,065			300,000			—				511,065			14.3	%	3.8	%
2019	315,496			—			—				315,496			8.8	%	4.4	%
2020	170,664			300,000			150,000				620,664			17.3	%	3.2	%
2021	—			350,000			—				350,000			9.8	%	1.4	%
2022	—			400,000			—				400,000			11.2	%	4.6	%
2023	96,409			—			—				96,409			2.7	%	2.1	%
2024	—			315,644			—				315,644			8.8	%	4.0	%
2025	127,600			300,000			—				427,600			11.9	%	4.3	%
Thereafter	27,000			—			—				27,000			0.7	%	0.8	%
	1,372,818			2,060,697			150,000				3,583,515			100.0	%	3.7	%
Total Non-Cash Adjustments (5)	4,127			(16,847		)	—				(12,720		)
Total per Balance Sheet	$	1,376,945		$	2,043,850		$	150,000			$	3,570,795				3.7	%
Debt Maturities With Extensions, In thousands
				Unsecured			Revolving									Weighted Average
	Secured Debt (6)			Debt (6)			Credit Facilities (4) (7)				Balance			% of Total		Interest Rate
2016	$	78,058		$	95,053		$	—			$	173,111		4.8	%	4.8	%
2017	346,526			—			—				346,526			9.7	%	4.5	%
2018	211,065			300,000			—				511,065			14.3	%	3.8	%
2019	315,496			—			—				315,496			8.8	%	4.4	%
2020	170,664			300,000			—				470,664			13.1	%	3.9	%
2021	—			350,000			150,000				500,000			14.0	%	1.4	%
2022	—			400,000			—				400,000			11.2	%	4.6	%
2023	96,409			—			—				96,409			2.7	%	2.1	%
2024	—			315,644			—				315,644			8.8	%	4.0	%
2025	127,600			300,000			—				427,600			11.9	%	4.3	%
Thereafter	27,000			—			—				27,000			0.7	%	0.8	%
	1,372,818			2,060,697			150,000				3,583,515			100.0	%	3.7	%
Total Non-Cash Adjustments (5)	4,127			(16,847		)	—				(12,720		)
Total per Balance Sheet	$	1,376,945		$	2,043,850		$	150,000			$	3,570,795				3.7	%
(1) Includes $336.3 million of debt with a weighted average interest cap of 8.0% on the underlying index.
(2) Includes $315.0 million of floating rate debt that has been fixed using interest rate swaps at a weighted average rate of 1.4%.
(3) Includes $71 million of financing with a one year extension at UDR's option.
(4) UDR's $1.1 billion line of credit has a maturity date of January 2020, plus two six-month extension options. The credit facility carries an interest rate equal to LIBOR plus a spread of 90 basis points and a facility fee of 15 basis points, which is not included in the interest rate above.
(5) Includes the unamortized balance of fair market value adjustments, premiums/discounts, deferred hedge gains, and deferred financing costs.
(6) Includes principal amortization, as applicable.
(7) In December 2015, UDR entered into a working capital credit facility, which provides for a $30 million unsecured revolving credit facility with a scheduled maturity date of January 1, 2019. Based on UDR's current credit rating, the working capital credit facility has an interest rate equal to LIBOR plus a spread of 90 basis points.

6

Attachment 4(C)
UDR, Inc.
Selected Financial Information (1)
(Unaudited)
			Quarter Ended
Coverage Ratios			December 31, 2015
Net income/(loss) attributable to UDR, Inc.			$	162,200
Adjustments (includes continuing and discontinued operations):
Interest expense			33,170
Real estate depreciation and amortization			104,909
Real estate depreciation and amortization on unconsolidated joint ventures			9,389
Other depreciation and amortization			1,899
Noncontrolling interests			14,963
Income tax expense/(benefit)			(1,424		)
EBITDA			$	325,106
(Gain)/loss on sale of real estate owned, net of tax			(172,635		)
Net (gain)/loss on the sale of unconsolidated depreciable property			(372		)
Long-term incentive plan transition costs			884
Acquisition-related costs/(fees), including joint ventures			1,433
Legal claims, net of tax			705
Texas Joint Venture promote and disposition fee income			(372		)
Casualty-related (recoveries)/charges, including joint ventures, net			2,173
EBITDA - adjusted for non-recurring items			$	156,922
Annualized EBITDA - adjusted for non-recurring items			$	627,688
Interest expense			$	33,170
Capitalized interest expense			3,918
Total interest			$	37,088
Preferred dividends			$	930
Total debt (4)			$	3,570,795
Cash			6,742
Net debt			$	3,564,053
Interest Coverage Ratio			8.77		x
Fixed Charge Coverage Ratio			8.55		x
Interest Coverage Ratio - adjusted for non-recurring items			4.23		x
Fixed Charge Coverage Ratio - adjusted for non-recurring items			4.13		x
Net Debt-to-EBITDA - adjusted for non-recurring items			5.7		x
Debt Covenant Overview
Unsecured Line of Credit Covenants (2)	Required	Actual	Compliance
Maximum Leverage Ratio	≤60.0%	34.8% (2)	Yes
Minimum Fixed Charge Coverage Ratio	≥1.5	3.4	Yes
Maximum Secured Debt Ratio	≤40.0%	17.4%	Yes
Minimum Unencumbered Pool Leverage Ratio	≥150.0%	369.3%	Yes
Senior Unsecured Note Covenants (3)	Required	Actual	Compliance
Debt as a percentage of Total Assets	≤60.0%	34.8% (3)	Yes
Consolidated Income Available for Debt Service to Annual Service Charge	≥1.5	4.4	Yes
Secured Debt as a percentage of Total Assets	≤40.0%	13.4%	Yes
Total Unencumbered Assets to Unsecured Debt	≥150.0%	317.0%	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 20, 2015.
(3) As defined in our indenture dated November 1, 1995 as amended, supplemented or modified from time to time.
(4) Total debt includes approximately $17.9 million of deferred financing costs, which are reflected as a direct reduction to debt outstanding as of December 31, 2015.

7

Attachment 5
UDR, Inc.
Operating Information (1)
(Unaudited)
	Total	Quarter Ended			Quarter Ended			Quarter Ended			Quarter Ended			Quarter Ended
Dollars in thousands	Homes	December 31, 2015			September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014
Revenues
Same-Store Communities	34,598	$	179,765		$	178,776		$	175,500		$	171,831		$	169,284
Stabilized, Non-Mature Communities	2,292	20,528			19,247			16,216			14,786			13,333
Acquired Communities	3,246	15,575			—			—			—			—
Redevelopment Communities	592	6,160			6,164			5,970			5,774			5,792
Development Communities	—	—			—			—			—			—
Non-Residential / Other (2)	—	7,062			6,131			5,612			4,639			4,634
Total	40,728	$	229,090		$	210,318		$	203,298		$	197,030		$	193,043
Expenses
Same-Store Communities		$	51,264		$	52,648		$	49,869		$	50,462		$	48,726
Stabilized, Non-Mature Communities		6,908			6,835			6,276			5,896			5,527
Acquired Communities		4,742			—			—			—			—
Redevelopment Communities		1,327			1,404			1,323			1,356			1,306
Development Communities		39			56			9			10			26
Non-Residential / Other (2)		1,862			717			1,786			2,373			2,122
Total		$	66,142		$	61,660		$	59,263		$	60,097		$	57,707
Net Operating Income
Same-Store Communities		$	128,501		$	126,128		$	125,631		$	121,369		$	120,558
Stabilized, Non-Mature Communities		13,620			12,412			9,940			8,890			7,806
Acquired Communities		10,833			—			—			—			—
Redevelopment Communities		4,833			4,760			4,647			4,418			4,486
Development Communities		(39		)	(56		)	(9		)	(10		)	(26		)
Non-Residential / Other (2)		5,200			5,414			3,826			2,266			2,512
Total		$	162,948		$	148,658		$	144,035		$	136,933		$	135,336
Operating Margin
Same-Store Communities		71.5		%	70.6		%	71.6		%	70.6		%	71.2		%
Average Physical Occupancy
Same-Store Communities		96.5		%	96.6		%	96.9		%	96.7		%	96.8		%
Stabilized, Non-Mature Communities		94.8		%	90.9		%	83.5		%	84.4		%	72.7		%
Acquired Communities		93.2		%	—			—			—			—
Redevelopment Communities		93.7		%	95.6		%	96.2		%	96.6		%	97.6		%
Development Communities		—			—			—			—			—
Other (3)		—			95.7		%	96.3		%	96.0		%	95.6		%
Total		96.1		%	96.2		%	96.2		%	96.2		%	95.6		%
Return on Invested Capital
Same-Store Communities		7.5		%	7.6		%	7.5		%	7.4		%	7.1		%
Sold and Held for Disposition Communities	—
Revenues		$	5,262		$	7,447		$	9,466		$	10,017		$	13,061
Expenses		1,913			2,540			3,069			3,375			4,406
Net Operating Income/(loss)		$	3,349		$	4,907		$	6,397		$	6,642		$	8,655
Total	40,728	$	166,297		$	153,565		$	150,432		$	143,575		$	143,991
(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.

8

Attachment 6
UDR, Inc.
Same-Store Operating Expense Information (1)
(Dollars in Thousands)
(Unaudited)
	% of 4Q 2015
	SS Operating
Year-Over-Year Comparison	Expenses		4Q 2015			4Q 2014		% Change
Real estate taxes (2)	34.4	%	$	17,616		$	16,834	4.6	%
Personnel	24.8	%	12,729			11,890		7.1	%
Utilities	15.4	%	7,922			7,466		6.1	%
Repair and maintenance	13.6	%	6,974			6,942		0.5	%
Administrative and marketing	6.7	%	3,428			3,313		3.5	%
Insurance	5.1	%	2,595			2,281		13.8	%
Same-Store operating expenses (2)	100.0	%	$	51,264		$	48,726	5.2	%
Same-Store Homes	34,598
	% of 4Q 2015
	SS Operating
Sequential Comparison	Expenses		4Q 2015			3Q 2015		% Change
Real estate taxes	34.4	%	$	17,616		$	16,973	3.8	%
Personnel	24.8	%	12,729			12,841		-0.9	%
Utilities	15.4	%	7,922			8,476		-6.5	%
Repair and maintenance	13.6	%	6,974			7,668		-9.1	%
Administrative and marketing	6.7	%	3,428			3,648		-6.0	%
Insurance	5.1	%	2,595			3,042		-14.7	%
Same-Store operating expenses	100.0	%	$	51,264		$	52,648	-2.6	%
Same-Store Homes	34,598
	% of YTD 2015
	SS Operating
Year-to-Date Comparison	Expenses		YTD 2015			YTD 2014		% Change
Real estate taxes (2)	33.5	%	$	63,864		$	62,046	2.9	%
Personnel	24.7	%	47,163			45,767		3.1	%
Utilities	16.3	%	31,179			29,721		4.9	%
Repair and maintenance	13.9	%	26,572			26,455		0.4	%
Administrative and marketing	6.6	%	12,630			12,498		1.1	%
Insurance	5.0	%	9,602			8,892		8.0	%
Same-Store operating expenses (2)	100.0	%	$	191,010		$	185,379	3.0	%
Same-Store Homes	33,063
(1) See Attachment 16 for definitions and other terms.
(2) 4Q15 and YTD 2015 presented above includes $70 thousand and $140 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:
	4Q 2015 vs. 4Q 2014		YTD 2015 vs. YTD 2014
Real estate taxes	3.6	%	2.3		%
Same-Store operating expense	4.8	%	2.8		%

9

Attachment 7(A)
UDR, Inc.
Apartment Home Breakout (1)
Portfolio Overview as of Quarter Ended
December 31, 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	—	4,814	—	4,814
San Francisco, CA	2,230	—	521	2,751	—	2,751
Seattle, WA	1,656	358	71	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	—	—	756	571	1,327
Portland, OR	476	—	—	476	—	476
	12,229	851	592	13,672	1,277	14,949
Mid-Atlantic Region
Metropolitan DC	4,824	332	3,246	8,402	874	9,276
Baltimore, MD	2,122	—	—	2,122	379	2,501
Richmond, VA	1,358	—	—	1,358	—	1,358
	8,304	332	3,246	11,882	1,253	13,135
Southeast Region
Orlando, FL	2,500	—	—	2,500	—	2,500
Nashville, TN	2,260	—	—	2,260	—	2,260
Tampa, FL	2,287	—	—	2,287	—	2,287
Other Florida	636	—	—	636	—	636
	7,683	—	—	7,683	—	7,683
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	1,109	—	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	34,598	2,292	3,838	40,728	6,696	47,424
Communities	117	7	9	133	28	161
Total Homes (incl. joint ventures) (4)			47,424
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)			50,646
(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
December 31, 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	DelRay Tower		Stabilized, Non-Mature		332		1Q17
Beach & Ocean	Stabilized, Non-Mature		173	4Q16	1200 East West		Acquisition		247		1Q17
					Courts at Huntington Station		Acquisition		421		1Q17
San Francisco, CA					Eleven55 Ripley		Acquisition		379		1Q17
2000 Post	Redevelopment		328	1Q17	Arbor Park of Alexandria		Acquisition		851		2Q17
Edgewater	Redevelopment		193	2Q18	Courts at Dulles		Acquisition		411		1Q17
					Newport Village		Acquisition		937		1Q17
Seattle, WA
Lightbox	Stabilized, Non-Mature		162	2Q16	Northeast Region
Waterscape	Stabilized, Non-Mature		196	1Q16	New York, NY
Borgata Apartment Homes	Redevelopment		71	2Q18	View 34		Stabilized, Non-Mature		740		1Q16
					Boston, MA
					100 Pier 4		Stabilized, Non-Mature		369		1Q17
					Total				6,130
Non-Mature Home Breakout - By Date (quarter indicates date of Same-Store inclusion)
			# of						# of
Date & Community	Category		Homes		Date & Community		Category		Homes
1Q16					1Q17
Los Alisos	Stabilized, Non-Mature		320		2000 Post		Redevelopment		328
Waterscape	Stabilized, Non-Mature		196		DelRay Tower		Stabilized, Non-Mature		332
View 34	Stabilized, Non-Mature		740		100 Pier 4		Stabilized, Non-Mature		369
					1200 East West		Acquisition		247
2Q16					Courts at Huntington Station		Acquisition		421
Lightbox	Stabilized, Non-Mature		162		Eleven55 Ripley		Acquisition		379
					Courts at Dulles		Acquisition		411
4Q16					Newport Village		Acquisition		937
Beach & Ocean	Stabilized, Non-Mature		173
					2Q17
					Arbor Park of Alexandria		Acquisition		851
					2Q18
					Edgewater		Redevelopment		193
					Borgata Apartment Homes		Redevelopment		71
					Total				6,130
Summary of Non-Mature Home Activity
	Stabilized, Non-Mature		Acquired	Redevelopment	Development		Held for Disposition		Total
Non-Mature Homes at September 30, 2015	1,847		—	328	701		1,755		4,631
Domain College Park	(256	)	—	—	—		—		(256	)
DelRay Tower	332		—	—	(332	)	—		—
100 Pier 4	369		—	—	(369	)	—		—
1200 East West	—		247	—	—		—		247
Courts at Huntington Station	—		421	—	—		—		421
Eleven55 Ripley	—		379	—	—		—		379
Arbor Park of Alexandria	—		851	—	—		—		851
Courts at Dulles	—		411	—	—		—		411
Newport Village	—		937	—	—		—		937
Edgewater	—		—	193	—		—		193
Borgata	—		—	71	—		—		71
Dispositions	—		—	—	—		(1,755	)	(1,755	)
Non-Mature Homes at December 31, 2015	2,292		3,246	592	—		—		6,130
(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
December 31, 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	$	2,027	$	2,089	$	—	$	2,033	$	—	$	2,033
San Francisco, CA	3,233		—		3,875		3,353		—		3,353
Seattle, WA	1,909		1,905		2,314		1,921		3,478		2,100
Los Angeles, CA	2,571		—		—		2,571		—		2,571
Monterey Peninsula, CA	1,422		—		—		1,422		—		1,422
Other Southern CA	1,674		—		—		1,674		2,970		2,026
Portland, OR	1,380		—		—		1,380		—		1,380
Mid-Atlantic Region
Metropolitan DC	1,911		1,880		1,839		1,882		2,723		1,867
Baltimore, MD	1,488		—		—		1,488		1,769		1,510
Richmond, VA	1,246		—		—		1,246		—		1,246
Southeast Region
Orlando, FL	1,126		—		—		1,126		—		1,126
Nashville, TN	1,142		—		—		1,142		—		1,142
Tampa, FL	1,220		—		—		1,220		—		1,220
Other Florida	1,430		—		—		1,430		—		1,430
Northeast Region
New York, NY	3,875		4,559		—		4,132		4,676		4,215
Boston, MA	2,370		4,026		—		2,756		2,373		2,642
Philadelphia, PA	—		—		—		—		3,252		3,252
Southwest Region
Dallas, TX	1,208		—		—		1,208		1,844		1,334
Austin, TX	1,366		—		—		1,366		4,301		1,626
Denver, CO	—		—		—		—		3,157		3,157
Weighted Average	$	1,794	$	3,151	$	2,024	$	1,860	$	2,815	$	1,956
(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)

December 31, 2015

(Dollars in Thousands)

(Unaudited)

	Three Months Ended December 31, 2015
								Pro-Rata
		Same-Store			Non Same-Store (2)			Share of JVs (3)		Total
Net Operating Income		$	128,501		$	34,447		$	17,190	$	180,138
		Three Months Ended December 31, 2015								Three Months Ended December 31, 2015
		As a % of NOI								As a % of NOI
Region		Same-Store			Total			Region		Same-Store			Total
West Region								Southeast Region
Orange County, CA		14.8		%	12.0		%	Orlando, FL		4.4		%		3.1	%
San Francisco, CA		12.3		%	11.4		%	Nashville, TN		4.2		%		3.0	%
Seattle, WA		5.1		%	6.3		%	Tampa, FL		4.1		%		2.9	%
Los Angeles, CA		5.1		%	3.4		%	Other Florida		1.3		%		0.9	%
Monterey Peninsula, CA		3.7		%	2.6		%			14.0		%		9.9	%
Other Southern CA		2.0		%	2.4		%	Northeast Region
Portland, OR		1.1		%	0.8		%	New York, NY		8.2		%		12.1	%
		44.1		%	38.9		%	Boston, MA		4.7		%		7.0	%
								Philadelphia, PA		0.0		%		0.8	%
Mid-Atlantic Region										12.9		%		19.9	%
Metropolitan DC		14.1		%	18.1		%	Southwest Region
Baltimore, MD		5.0		%	4.0		%	Dallas, TX		4.8		%		4.6	%
Richmond, VA		2.7		%	2.0		%	Austin, TX		2.4		%		2.3	%
		21.8		%	24.1		%	Denver, CO		0.0		%		0.3	%
										7.2		%		7.2	%
								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
December 31, 2015
(Unaudited)
		% of Same-
	Total	Store Portfolio		Same-Store
	Same-Store	Based on		Physical Occupancy						Total Revenue per Occupied Home
	Homes	4Q 2015 NOI		4Q 15		4Q 14		Change		4Q 15		4Q 14		Change
West Region
Orange County, CA	4,321	14.8	%	95.7	%	96.0	%	-0.3	%	$	2,027	$	1,880	7.8	%
San Francisco, CA	2,230	12.3	%	96.3	%	96.9	%	-0.6	%	3,233		2,934		10.2	%
Seattle, WA	1,656	5.1	%	97.1	%	97.1	%	0.0	%	1,909		1,735		10.0	%
Los Angeles, CA	1,225	5.1	%	95.6	%	94.6	%	1.0	%	2,571		2,358		9.0	%
Monterey Peninsula, CA	1,565	3.7	%	96.3	%	96.8	%	-0.5	%	1,422		1,252		13.6	%
Other Southern CA	756	2.0	%	96.3	%	96.2	%	0.1	%	1,674		1,573		6.4	%
Portland, OR	476	1.1	%	96.9	%	97.1	%	-0.2	%	1,380		1,215		13.6	%
	12,229	44.1	%	96.2	%	96.3	%	-0.2	%	2,159		1,975		9.3	%
Mid-Atlantic Region
Metropolitan DC	4,824	14.1	%	96.5	%	97.1	%	-0.6	%	1,911		1,872		2.1	%
Baltimore, MD	2,122	5.0	%	96.1	%	96.5	%	-0.4	%	1,488		1,451		2.5	%
Richmond, VA	1,358	2.7	%	95.6	%	96.2	%	-0.6	%	1,246		1,227		1.5	%
	8,304	21.8	%	96.3	%	96.8	%	-0.5	%	1,695		1,660		2.0	%
Southeast Region
Orlando, FL	2,500	4.4	%	97.0	%	96.6	%	0.4	%	1,126		1,054		6.8	%
Nashville, TN	2,260	4.2	%	97.7	%	97.7	%	0.0	%	1,142		1,061		7.6	%
Tampa, FL	2,287	4.1	%	97.0	%	96.8	%	0.2	%	1,220		1,154		5.7	%
Other Florida	636	1.3	%	96.2	%	96.9	%	-0.7	%	1,430		1,394		2.6	%
	7,683	14.0	%	97.1	%	97.0	%	0.1	%	1,184		1,114		6.4	%
Northeast Region
New York, NY	1,205	8.2	%	97.8	%	98.1	%	-0.3	%	3,875		3,659		5.9	%
Boston, MA	1,179	4.7	%	96.7	%	96.1	%	0.6	%	2,370		2,267		4.5	%
	2,384	12.9	%	97.3	%	97.1	%	0.2	%	3,135		2,978		5.3	%
Southwest Region
Dallas, TX	2,725	4.8	%	96.7	%	97.5	%	-0.8	%	1,208		1,139		6.1	%
Austin, TX	1,273	2.4	%	96.8	%	97.6	%	-0.8	%	1,366		1,282		6.6	%
	3,998	7.2	%	96.7	%	97.5	%	-0.8	%	1,258		1,185		6.2	%
Total/Weighted Avg.	34,598	100.0	%	96.5	%	96.8	%	-0.3	%	$	1,794	$	1,685	6.5	%
(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
December 31, 2015
(Unaudited)
	Total	Same-Store ($000s)
	Same-Store	Revenues						Expenses							Net Operating Income
	Homes	4Q 15		4Q 14		Change		4Q 15		4Q 14		Change			4Q 15		4Q 14		Change
West Region
Orange County, CA	4,321	$	25,143	$	23,401	7.4	%	$	6,110	$	5,949	2.7	%		$	19,033	$	17,452	9.1	%
San Francisco, CA	2,230	20,831		19,023		9.5	%	5,034		4,504		11.8	%		15,797		14,519		8.8	%
Seattle, WA	1,656	9,209		8,369		10.0	%	2,593		2,283		13.6	%		6,616		6,086		8.7	%
Los Angeles, CA	1,225	9,032		8,198		10.2	%	2,469		2,398		2.9	%		6,563		5,800		13.2	%
Monterey Peninsula, CA	1,565	6,429		5,689		13.0	%	1,737		1,642		5.8	%		4,692		4,047		15.9	%
Other Southern CA	756	3,657		3,431		6.6	%	1,033		950		8.7	%		2,624		2,481		5.8	%
Portland, OR	476	1,909		1,685		13.3	%	521		518		0.7	%		1,388		1,167		18.9	%
	12,229	76,210		69,796		9.2	%	19,497		18,244		6.9	%		56,713		51,552		10.0	%
Mid-Atlantic Region
Metropolitan DC	4,824	26,693		26,309		1.5	%	8,548		8,081		5.8	%		18,145		18,228		-0.5	%
Baltimore, MD	2,122	9,105		8,916		2.1	%	2,714		2,671		1.6	%		6,391		6,245		2.3	%
Richmond, VA	1,358	4,852		4,810		0.9	%	1,353		1,169		15.7	%		3,499		3,641		-3.9	%
	8,304	40,650		40,035		1.5	%	12,615		11,921		5.8	%		28,035		28,114		-0.3	%
Southeast Region
Orlando, FL	2,500	8,191		7,639		7.2	%	2,612		2,467		5.9	%		5,579		5,172		7.9	%
Nashville, TN	2,260	7,563		7,027		7.6	%	2,157		2,292		-5.9	%		5,406		4,735		14.2	%
Tampa, FL	2,287	8,122		7,665		5.9	%	2,842		2,657		7.0	%		5,280		5,008		5.4	%
Other Florida	636	2,624		2,578		1.8	%	944		935		1.0	%		1,680		1,643		2.3	%
	7,683	26,500		24,909		6.4	%	8,555		8,351		2.5	%		17,945		16,558		8.4	%
Northeast Region
New York, NY	1,205	13,701		12,976		5.6	%	3,192		2,752		16.0	%	(2)	10,509		10,224		2.8	%	(2)
Boston, MA	1,179	8,105		7,707		5.2	%	2,070		2,192		-5.6	%		6,035		5,515		9.4	%
	2,384	21,806		20,683		5.4	%	5,262		4,944		6.4	%		16,544		15,739		5.1	%
Southwest Region
Dallas, TX	2,725	9,548		9,081		5.1	%	3,404		3,352		1.5	%		6,144		5,729		7.3	%
Austin, TX	1,273	5,051		4,780		5.7	%	1,931		1,914		0.9	%		3,120		2,866		8.9	%
	3,998	14,599		13,861		5.3	%	5,335		5,266		1.3	%		9,264		8,595		7.8	%
Totals	34,598	$	179,765	$	169,284	6.2	%	$	51,264	$	48,726	5.2	%	(2)	$	128,501	$	120,558	6.6	%	(2)
(1) See Attachment 16 for definitions and other terms.
(2) 4Q15 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 4.8% and 6.8%, respectively; and the percent change in New York expense and NOI would have been 6.5% and 4.9%, respectively.

15

Attachment 8(C)
UDR, Inc.
Same-Store Operating Information By Major Market (1)
Current Quarter vs. Last Quarter
December 31, 2015
(Unaudited)
	Total	Same-Store
	Same-Store	Physical Occupancy						Total Revenue per Occupied Home
	Homes	4Q 15		3Q 15		Change		4Q 15		3Q 15		Change
West Region
Orange County, CA	4,321	95.7	%	95.6	%	0.1	%	$	2,027	$	1,998	1.5	%
San Francisco, CA	2,230	96.3	%	96.1	%	0.2	%	3,233		3,194		1.2	%
Seattle, WA	1,656	97.1	%	96.8	%	0.3	%	1,909		1,883		1.4	%
Los Angeles, CA	1,225	95.6	%	95.7	%	-0.1	%	2,571		2,530		1.6	%
Monterey Peninsula, CA	1,565	96.3	%	97.2	%	-0.9	%	1,422		1,377		3.3	%
Other Southern CA	756	96.3	%	95.6	%	0.7	%	1,674		1,644		1.8	%
Portland, OR	476	96.9	%	97.2	%	-0.3	%	1,380		1,337		3.2	%
	12,229	96.2	%	96.1	%	0.0	%	2,161		2,125		1.7	%
Mid-Atlantic Region
Metropolitan DC	4,824	96.5	%	96.7	%	-0.2	%	1,911		1,927		-0.8	%
Baltimore, MD	2,122	96.1	%	96.3	%	-0.2	%	1,488		1,489		-0.1	%
Richmond, VA	1,358	95.6	%	95.9	%	-0.3	%	1,246		1,261		-1.2	%
	8,304	96.3	%	96.5	%	-0.2	%	1,695		1,707		-0.7	%
Southeast Region
Orlando, FL	2,500	97.0	%	97.0	%	0.0	%	1,126		1,118		0.7	%
Nashville, TN	2,260	97.7	%	97.4	%	0.3	%	1,142		1,124		1.6	%
Tampa, FL	2,287	97.0	%	97.0	%	0.0	%	1,220		1,216		0.3	%
Other Florida	636	96.2	%	96.7	%	-0.5	%	1,430		1,432		-0.1	%
	7,683	97.1	%	97.1	%	0.0	%	1,184		1,175		0.7	%
Northeast Region
New York, NY	1,205	97.8	%	98.0	%	-0.2	%	3,875		3,883		-0.2	%
Boston, MA	1,179	96.7	%	97.0	%	-0.3	%	2,370		2,377		-0.3	%
	2,384	97.3	%	97.5	%	-0.2	%	3,135		3,142		-0.2	%
Southwest Region
Dallas, TX	2,725	96.7	%	96.9	%	-0.2	%	1,208		1,207		0.1	%
Austin, TX	1,273	96.8	%	97.7	%	-0.9	%	1,366		1,350		1.2	%
	3,998	96.7	%	97.2	%	-0.4	%	1,258		1,253		0.4	%
Total/Weighted Avg.	34,598	96.5	%	96.6	%	-0.1	%	$	1,794	$	1,782	0.7	%
(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
December 31, 2015
(Unaudited)
	Total	Same-Store ($000s)
	Same-Store	Revenues						Expenses						Net Operating Income
	Homes	4Q 15		3Q 15		Change		4Q 15		3Q 15		Change		4Q 15		3Q 15		Change
West Region
Orange County, CA	4,321	$	25,143	$	24,757	1.6	%	$	6,110	$	6,278	-2.7	%	$	19,033	$	18,479	3.0	%
San Francisco, CA	2,230	20,831		20,532		1.5	%	5,034		4,706		7.0	%	15,797		15,826		-0.2	%
Seattle, WA	1,656	9,209		9,055		1.7	%	2,593		2,568		1.0	%	6,616		6,487		2.0	%
Los Angeles, CA	1,225	9,032		8,898		1.5	%	2,469		2,107		17.2	%	6,563		6,791		-3.4	%
Monterey Peninsula, CA	1,565	6,429		6,285		2.3	%	1,737		1,765		-1.6	%	4,692		4,520		3.8	%
Other Southern CA	756	3,657		3,564		2.6	%	1,033		1,058		-2.4	%	2,624		2,506		4.7	%
Portland, OR	476	1,909		1,856		2.9	%	521		505		3.4	%	1,388		1,351		2.7	%
	12,229	76,210		74,947		1.7	%	19,497		18,987		2.7	%	56,713		55,960		1.3	%
Mid-Atlantic Region
Metropolitan DC	4,824	26,693		26,970		-1.0	%	8,548		9,194		-7.0	%	18,145		17,776		2.1	%
Baltimore, MD	2,122	9,105		9,128		-0.3	%	2,714		3,018		-10.1	%	6,391		6,110		4.6	%
Richmond, VA	1,358	4,852		4,925		-1.5	%	1,353		1,333		1.6	%	3,499		3,592		-2.6	%
	8,304	40,650		41,023		-0.9	%	12,615		13,545		-6.9	%	28,035		27,478		2.0	%
Southeast Region
Orlando, FL	2,500	8,191		8,134		0.7	%	2,612		2,615		-0.1	%	5,579		5,519		1.1	%
Nashville, TN	2,260	7,563		7,424		1.9	%	2,157		2,289		-5.7	%	5,406		5,135		5.3	%
Tampa, FL	2,287	8,122		8,093		0.4	%	2,842		2,893		-1.7	%	5,280		5,200		1.5	%
Other Florida	636	2,624		2,642		-0.7	%	944		934		1.0	%	1,680		1,708		-1.6	%
	7,683	26,500		26,293		0.8	%	8,555		8,731		-2.0	%	17,945		17,562		2.2	%
Northeast Region
New York, NY	1,205	13,701		13,758		-0.4	%	3,192		3,388		-5.8	%	10,509		10,370		1.3	%
Boston, MA	1,179	8,105		8,156		-0.6	%	2,070		2,365		-12.5	%	6,035		5,791		4.2	%
	2,384	21,806		21,914		-0.5	%	5,262		5,753		-8.5	%	16,544		16,161		2.4	%
Southwest Region
Dallas, TX	2,725	9,548		9,563		-0.2	%	3,404		3,531		-3.6	%	6,144		6,032		1.8	%
Austin, TX	1,273	5,051		5,036		0.3	%	1,931		2,101		-8.1	%	3,120		2,935		6.3	%
	3,998	14,599		14,599		0.0	%	5,335		5,632		-5.3	%	9,264		8,967		3.3	%
Total	34,598	$	179,765	$	178,776	0.6	%	$	51,264	$	52,648	-2.6	%	$	128,501	$	126,128	1.9	%
(1) See Attachment 16 for definitions and other terms.

17

Attachment 8(E)
UDR, Inc.
Same-Store Operating Information By Major Market (1)
Current Year-to-Date vs. Prior Year-to-Date
December 31, 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	12.0	%	95.9	%	95.5	%	0.4	%	$	1,919	$	1,815	5.7	%
San Francisco, CA	1,915	10.7	%	96.8	%	97.1	%	-0.3	%	2,909		2,643		10.1	%
Seattle, WA	1,656	5.4	%	97.2	%	97.1	%	0.1	%	1,843		1,708		7.9	%
Los Angeles, CA	1,225	5.5	%	95.5	%	95.2	%	0.3	%	2,486		2,329		6.7	%
Monterey Peninsula, CA	1,565	3.8	%	97.0	%	95.8	%	1.2	%	1,344		1,216		10.5	%
Other Southern CA	756	2.2	%	96.2	%	96.0	%	0.2	%	1,636		1,545		5.9	%
Portland, OR	476	1.1	%	97.5	%	97.7	%	-0.2	%	1,303		1,167		11.7	%
	10,950	40.7	%	96.5	%	96.2	%	0.3	%	2,015		1,869		7.8	%
Mid-Atlantic Region
Metropolitan DC	4,568	14.6	%	96.6	%	96.9	%	-0.3	%	1,912		1,874		2.0	%
Baltimore, MD	2,122	5.4	%	96.7	%	96.7	%	0.0	%	1,482		1,452		2.1	%
Richmond, VA	1,358	3.0	%	96.1	%	96.5	%	-0.4	%	1,241		1,220		1.7	%
	8,048	23.0	%	96.6	%	96.8	%	-0.2	%	1,684		1,653		1.8	%
Southeast Region
Orlando, FL	2,500	4.7	%	96.9	%	96.8	%	0.1	%	1,103		1,036		6.5	%
Nashville, TN	2,260	4.4	%	97.4	%	97.5	%	-0.1	%	1,113		1,053		5.7	%
Tampa, FL	2,287	4.4	%	97.0	%	96.5	%	0.5	%	1,201		1,137		5.6	%
Other Florida	636	1.4	%	96.6	%	96.5	%	0.1	%	1,422		1,362		4.4	%
	7,683	14.9	%	97.1	%	96.9	%	0.2	%	1,161		1,098		5.7	%
Northeast Region
New York, NY	1,205	8.9	%	97.9	%	97.7	%	0.2	%	3,820		3,623		5.4	%
Boston, MA	1,179	4.9	%	96.7	%	96.3	%	0.4	%	2,337		2,225		5.0	%
	2,384	13.8	%	97.3	%	97.0	%	0.3	%	3,091		2,937		5.2	%
Southwest Region
Dallas, TX	2,725	5.1	%	96.9	%	97.2	%	-0.3	%	1,190		1,130		5.3	%
Austin, TX	1,273	2.5	%	97.2	%	97.1	%	0.1	%	1,345		1,274		5.6	%
	3,998	7.6	%	97.0	%	97.2	%	-0.2	%	1,239		1,176		5.4	%
Total/Weighted Avg.	33,063	100.0	%	96.7	%	96.7	%	0.0	%	$	1,721	$	1,630	5.5	%
(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
December 31, 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	$	74,124	$	69,811	6.2	%	$	18,029	$	18,015	0.1	%		$	56,095	$	51,796	8.3	%
San Francisco, CA	1,915	64,708		58,966		9.7	%	14,676		14,270		2.8	%		50,032		44,696		11.9	%
Seattle, WA	1,656	35,595		32,963		8.0	%	10,048		9,524		5.5	%		25,547		23,439		9.0	%
Los Angeles, CA	1,225	34,901		32,599		7.1	%	9,239		9,903		-6.7	%		25,662		22,696		13.1	%
Monterey Peninsula, CA	1,565	24,485		21,869		12.0	%	6,756		6,543		3.2	%		17,729		15,326		15.7	%
Other Southern CA	756	14,279		13,456		6.1	%	3,940		3,985		-1.1	%		10,339		9,471		9.2	%
Portland, OR	476	7,254		6,511		11.4	%	1,976		1,962		0.7	%		5,278		4,549		16.0	%
	10,950	255,346		236,175		8.1	%	64,664		64,202		0.7	%		190,682		171,973		10.9	%
Mid-Atlantic Region
Metropolitan DC	4,568	101,222		99,562		1.7	%	32,584		31,436		3.7	%		68,638		68,126		0.8	%
Baltimore, MD	2,122	36,497		35,749		2.1	%	11,078		10,592		4.6	%		25,419		25,157		1.0	%
Richmond, VA	1,358	19,439		19,180		1.3	%	5,172		4,871		6.2	%		14,267		14,309		-0.3	%
	8,048	157,158		154,491		1.7	%	48,834		46,899		4.1	%		108,324		107,592		0.7	%
Southeast Region
Orlando, FL	2,500	32,066		30,073		6.6	%	10,145		9,704		4.5	%		21,921		20,369		7.6	%
Nashville, TN	2,260	29,409		27,840		5.6	%	8,937		8,918		0.2	%		20,472		18,922		8.2	%
Tampa, FL	2,287	31,960		30,115		6.1	%	11,299		10,844		4.2	%		20,661		19,271		7.2	%
Other Florida	636	10,485		10,033		4.5	%	3,719		3,542		5.0	%		6,766		6,491		4.2	%
	7,683	103,920		98,061		6.0	%	34,100		33,008		3.3	%		69,820		65,053		7.3	%
Northeast Region
New York, NY	1,205	54,078		51,190		5.6	%	12,524		11,492		9.0	%	(2)	41,554		39,698		4.7	%	(2)
Boston, MA	1,179	31,970		30,310		5.5	%	8,985		8,693		3.4	%		22,985		21,617		6.3	%
	2,384	86,048		81,500		5.6	%	21,509		20,185		6.6	%		64,539		61,315		5.3	%
Southwest Region
Dallas, TX	2,725	37,700		35,917		5.0	%	13,662		13,260		3.0	%		24,038		22,657		6.1	%
Austin, TX	1,273	19,970		18,893		5.7	%	8,241		7,825		5.3	%		11,729		11,068		6.0	%
	3,998	57,670		54,810		5.2	%	21,903		21,085		3.9	%		35,767		33,725		6.1	%
Totals	33,063	$	660,142	$	625,037	5.6	%	$	191,010	$	185,379	3.0	%	(2)	$	469,132	$	439,658	6.7	%	(2)
(1) See Attachment 16 for definitions and other terms.
(2) 2015 presented above includes $140 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 2.8% and 6.9%, respectively; and the percent change in New York expense and NOI would have been 4.2% and 6.8%, respectively.

19

Attachment 8(G)
UDR, Inc.
Same-Store Operating Information By Major Market (1)
December 31, 2015
(Unaudited)
	Effective New Lease Rate Growth		Effective Renewal Lease Rate Growth		Annualized Turnover (2)
	4Q 2015		4Q 2015		4Q 2015		4Q 2014		YTD 2015		YTD 2014
West Region
Orange County, CA	3.9	%	6.2	%	48.9	%	45.4	%	57.4	%	58.4	%
San Francisco, CA	5.2	%	9.3	%	45.2	%	39.3	%	55.4	%	53.7	%
Seattle, WA	6.0	%	9.4	%	43.6	%	46.0	%	52.3	%	52.0	%
Los Angeles, CA	8.6	%	9.0	%	46.3	%	50.8	%	52.1	%	52.7	%
Monterey Peninsula, CA	9.9	%	14.5	%	61.3	%	51.7	%	56.7	%	49.1	%
Other Southern CA	3.4	%	5.8	%	49.9	%	49.9	%	60.3	%	58.3	%
Portland, OR	11.8	%	13.7	%	46.7	%	50.0	%	54.0	%	52.9	%
Mid-Atlantic Region
Metropolitan DC	-2.1	%	3.7	%	36.7	%	38.5	%	44.8	%	43.8	%
Baltimore, MD	-2.5	%	5.1	%	46.6	%	42.6	%	51.1	%	51.9	%
Richmond, VA	-3.2	%	5.6	%	50.8	%	46.5	%	56.4	%	56.0	%
Southeast Region
Orlando, FL	7.4	%	7.1	%	44.6	%	44.3	%	51.5	%	53.3	%
Nashville, TN	7.0	%	7.6	%	43.2	%	46.5	%	53.7	%	54.3	%
Tampa, FL	8.0	%	7.7	%	43.0	%	47.4	%	53.5	%	54.3	%
Other Florida	8.0	%	5.6	%	46.8	%	43.7	%	46.5	%	48.7	%
Northeast Region
New York, NY	2.7	%	7.0	%	23.0	%	27.7	%	38.1	%	41.3	%
Boston, MA	3.8	%	6.9	%	35.7	%	46.8	%	45.3	%	47.3	%
Southwest Region
Dallas, TX	2.8	%	6.6	%	45.6	%	45.7	%	55.4	%	53.4	%
Austin, TX	3.3	%	6.5	%	48.9	%	42.1	%	50.0	%	51.1	%
Total/Weighted Avg.	3.8	%	7.0	%	44.4	%	44.0	%	51.9	%	51.7	%
Percentage of Total Repriced Homes	52.5	%	47.5	%
	4Q 2015		4Q 2014
Total Combined New and Renewal Lease Rate Growth	5.3	%	3.6	%
(1) See Attachment 16 for definitions and other terms.
(2) 4Q15 same-store home count: 34,598. YTD 2015 same-store home count: 33,063.

20

Attachment 9(A)
UDR, Inc.
Development Summary (1) (2)
December 31, 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			—	$	124,072	$	342,000	$	663		$	—	2Q15		2Q17	1Q18	—		—
Total		516			—	$	124,072	$	342,000	$	663		$	—
Completed Projects, Non-Stabilized
N/A	N/A	—			—	$	—	$	—	$	—		$	—	N/A		N/A	N/A	—		—
Total - Wholly Owned		516			—	$	124,072	$	342,000	$	663		$	—
Net Operating Income From Wholly-Owned Projects													UDR's Capitalized Interest on Wholly-Owned Development Projects
		4Q 15													4Q 15
Projects Under Construction		$	(39	)											$	1,085
Completed, Non-Stabilized		—
Total		$	(39	)
Unconsolidated Joint Ventures and Partnerships (7)
															Schedule				Percentage
		Own.			# of	Compl.		Cost to		Budgeted			Project				Initial
Community	Location	Interest			Homes	Homes		Date (3)		Cost			Debt (8)		Start		Occ.	Compl.	Leased		Occupied
Projects Under Construction
399 Fremont	San Francisco, CA	51		%	447	—		$	297,064	$	317,700	(4)	$	119,202	1Q14		1Q16	3Q16	2.2	%	—
Residences on Jamboree	Irvine, CA	50		%	381	—		78,545		125,000			12,160		3Q14		3Q16	1Q17	—		—
3033 Wilshire	Los Angeles, CA	50		%	190	—		67,555		107,000		(5)	2,126		4Q14		4Q16	1Q17	—		—
Domain Mountain View	Mountain View, CA	50		%	155	—		41,988		99,000		(6)	—		1Q15		1Q17	2Q17	—		—
Total					1,173	—		$	485,152	$	648,700		$	133,488
Completed Projects, Non-Stabilized
N/A	N/A	—			—	—		$	—	$	—		$	—	N/A		N/A	N/A	—		—
Total - Unconsolidated Joint Ventures and Partnerships					1,173	—		$	485,152	$	648,700		$	133,488
													UDR's Capitalized Interest on Unconsolidated Development Projects
															4Q 15
															$	1,637
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) Cost to Date includes land using the fair value established at joint venture formation versus historical cost and excludes UDR outside basis differences.
(4) Includes 3,800 square feet of retail space.
(5) Includes 5,500 square feet of retail space.
(6) Includes 4,500 square feet of retail space.
(7) Unconsolidated developments are presented at 100%.
(8) Debt balances are presented net of deferred financing costs.

21

Attachment 9(B)
UDR, Inc.
Preferred Equity and Participating Loan Investments (1)
December 31, 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	$	14,557	3Q14		1Q16		1Q17		—		—
Katella Grand I	Anaheim, CA	49	%	399	83	137,935		34,268		23,995		4Q13		1Q16		1Q17		21.8	%	15.8	%
CityLine (5)	Seattle, WA	49	%	244	58	80,360		20,214		13,755		3Q14		2Q16		3Q16		14.3	%	9.0	%
12th & Olive (3)(6)	Los Angeles, CA	47	%	293	—	129,360		33,698		11,932		2Q14		3Q16		4Q17		—		—
Katella Grand II	Anaheim, CA	49	%	386	—	114,660		24,176		—		4Q14		2Q17		2Q18		—		—
Total				1,533	141	$	559,335	$	136,327	$	64,239
Completed Projects, Non-Stabilized
N/A	N/A	—		—	—	$	—	$	—	$	—	N/A		N/A		N/A		—		—
Total - Preferred Equity Investments				1,533	141	$	559,335	$	136,327	$	64,239
Participating Loan Investment
				# of	Compl.	Cost to		Budgeted		Loan		Loan
Community	Location			Homes	Homes	Date (9)		Cost		Commitment		Balance (9)		Leased		Occupied
Steele Creek (7)(8)	Denver, CO			218	218	$	108,835	$	109,950	$	93,458	$	90,747	92.7	%	86.7	%
Total				218	218	$	108,835	$	109,950	$	93,458	$	90,747
(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) Includes 17,000 square feet of retail space. Refer to Attachment 12 for terms of our participating loan investment.
(8) 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.
(9) 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)
December 31, 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)	$	9,848	$	15,000	(4)		4Q98	1Q15	1Q16	1Q17	93.3	%	92.7	%
Edgewater	San Francisco, CA		193	193	—	245		9,000		47		1Q08	4Q15	1Q17	2Q18	94.3	%	93.8	%
Borgata Apartment Homes	Bellevue, WA		71	71	11	1,209		4,000		56		2Q07	4Q15	1Q17	2Q18	87.3	%	77.5	%
Total			592	264	11	$	11,302	$	28,000	$	49
Completed Redevelopments, Non-Stabilized
N/A	N/A		—	—	—	$	—	$	—	$	—	N/A	N/A	N/A	N/A	—		—
Total - Wholly Owned			592	264	11	$	11,302	$	28,000	$	49
Capitalized Interest on Redevelopment Projects
	4Q 15
	$	96
			Projected Weighted Average Return on Incremental Capital Invested:					7.0% to 9.0%
(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)
December 31, 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%	$	6,538	$	6,538	Complete	In Process
Vitruvian Park®	Addison, TX		100%	13,835		13,835		Complete		In Process
345 Harrison Street	Boston, MA		100%	40,375		40,375		Complete	In Process
Total				$	60,748	$	60,748
				Real Estate		UDR Pro-Rata
				Cost Basis		Cost Basis
Consolidated Joint Ventures
3032 Wilshire (4)	Santa Monica, CA		95%	$	12,605	$	11,975
2919 Wilshire (5)	Santa Monica, CA		95%	8,336		7,919
Total				$	20,941	$	19,894
				Real Estate		UDR Pro-Rata
				Cost Basis (6)		Cost Basis (6)
Unconsolidated Joint Ventures and Partnerships
UDR/MetLife I - 3 parcels (7)	Various		5%	$	70,441	$	3,463	In Process		In Process
UDR/MetLife Land - 8 parcels (8)	Various		50%	91,149		45,594		Complete	In Process	In Process
Total				$	161,590	$	49,057
Total				$	243,279	$	129,699
Capitalized Interest on Land Projects
	4Q 15
	$	1,100
(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) As of December 31, 2015 this property is under contract and held for disposition.
(5) On January 11, 2016, UDR entered into a purchase and sale agreement to dispose of this property.
(6) Cost basis includes land using the fair value established at joint venture formation versus historical cost and excludes UDR outside basis differences.
(7) Parcels are located in Bellevue, WA; Los Angeles, CA; and Dublin, CA.
(8) Includes 6 parcels in Addison, TX and 2 parcels in Los Angeles, CA.

24

Attachment 12
UDR, Inc.
Unconsolidated Joint Venture Summary (1)
December 31, 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		4Q 15		4Q 15 (1)			4Q 2015			YTD 2015			YTD 2015 (2)
UDR / MetLife
Operating communities	Various		22			5,230			50	%	95.4	%	$	2,908		$	15,328		$	60,930		$	121,860
Non-Mature	Various		3			806			(3)		93.6	%	2,233			948			5,922			11,744
Development communities	Various		4			—			(4)		—		—			(76		)	(101		)	(198		)
Land parcels			11			—			(5)		—		—			(42		)	(125		)	(383		)
UDR / KFH	High-rise		3			660			30	%	95.6	%	2,538			1,032			4,125			13,749
Total/Weighted Average			43			6,696					95.2	%	$	2,815		$	17,190		$	70,751		$	146,772
Balance Sheet Characteristics and Returns
	Gross Book Value										Weighted
	of JV Real		Total Project			UDR's Equity					Avg. Debt		Debt			Returns (8)
Joint Venture and Partnerships	Estate Assets (6)		Debt (6)(12)			Investment					Interest Rate		Maturities			ROIC			ROE
UDR / MetLife
Operating communities	$	2,249,305	$	1,160,737		$	413,994				4.5	%	2018-2023
Non-Mature	282,429		156,364			48,923					4.0	%	2018-2025
Development communities	497,350		133,488			155,061					2.8	%	2018
Land parcels	181,193		—			68,274					N/A		N/A
UDR / KFH	284,179		164,299			17,211					3.1	%	2016-2025
Total/Weighted Average	$	3,494,456	$	1,614,888		$	703,463				4.2	%				5.8		%	7.3		%
Same-Store Unconsolidated Joint Venture Growth
	Same-Store
	Joint Venture		4Q 2015 vs. 4Q 2014 Growth										4Q 2015 vs. 3Q 2015 Growth
Joint Venture	Communities (6)		Revenue			Expense			NOI				Revenue			Expense			NOI
UDR / MetLife	22		1.7		%	7.2		%	-0.6	%			-1.1		%	-2.7		%	-0.3		%
UDR / KFH	3		-3.2		%	1.0		%	-4.8	%			-1.5		%	-5.1		%	-0.1		%
Total/Average	25		1.2		%	6.6		%	-1.0	%			-1.1		%	-2.9		%	-0.3		%
									NOI										NOI
Same-Store JV Results at UDR's Pro-rata Ownership Interest									-0.9	%									-0.3		%
	Same-Store
	Joint Venture		YTD 2015 vs. YTD 2014 Growth
Joint Venture	Communities (6)		Revenue			Expense			NOI
UDR / MetLife	22		3.9		%	6.4		%	2.8	%
UDR / KFH	3		-2.0		%	4.2		%	-4.3	%
Total/Average	25		3.3		%	6.2		%	2.0	%
									NOI
Same-Store JV Results at UDR's Pro-rata Ownership Interest									2.3	%
Participating Loan Investment													Income from Participating
			Interest			Years to							Loan Investment						Upside
	UDR's Investment		Rate			Maturity							4Q 2015			YTD 2015			Participation
Steele Creek (9)	$	90,747	6.5		%	1.6							$	1,489		$	5,453		50		%
Preferred Equity Investment													Income from Preferred
	UDR's Equity		Preferred										Equity Investment
	Investment (10)		Return										4Q 2015			YTD 2015 (11)
West Coast Development JV (9)	$	144,696	6.5		%								$	2,114		$	5,152
(1) See Attachment 16 for definitions and other terms.
(2) Represents NOI at 100 percent for the period ended December 31, 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 50.1%. 717 Olympic is excluded from Occupancy and Revenue per occupied home calculations.
(4) Includes 399 Fremont of which UDR owns 51.0%, Residences on Jamboree 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 December 31, 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 $144.7 million is inclusive of outside basis and our accrued preferred return, which differs from our upfront investment cost of $136.3 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.
(12) Debt balances are presented net of deferred financing costs.

25

Attachment 13
UDR, Inc.
Acquisitions and Dispositions Summary
December 31, 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			—	$	—
Oct-15	Arbor Park of Alexandria	Alexandria, VA	0%	100%	209,981		89,303				851	247
Oct-15	The Courts at Dulles	Herndon, VA	0%	100%	100,336		—				411	244
Oct-15	Eleven 55 Ripley	Silver Spring, MD	0%	100%	126,195		—				379	333
Oct-15	Newport Village	Alexandria, VA	0%	100%	243,081		—				937	259
Oct-15	1200 East West	Silver Spring, MD	0%	100%	79,000		—				247	320
Oct-15	The Courts at Huntington Station	Alexandria, VA	0%	100%	142,000		—				421	337
					$	924,652	$	113,362			3,246	277
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
Dec-15	8 operating communities (4)	Various	100%	0%	284,000		—				1,755	162
Dec-15	Greens at Schumaker Pond	Salisbury, MD	100%	0%	14,800		—				168	88
					$	408,740	$	16,818			2,735	$	149
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 approximately 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.
(4) The dispositions were executed in a series of three transactions, of which two transactions (six communities) were reverse 1031 exchanges. The sold communities were located in Virginia, California, Maryland and Florida.

26

Attachment 14
UDR, Inc.
Capital Expenditure and Repair and Maintenance Summary (1)
December 31, 2015
(Dollars in Thousands)
(Unaudited)
		Three Months				Twelve Months
	Weighted Avg.	Ended		Cost		Ended		Cost
Category (Capitalized)	Useful Life (yrs) (2)	December 31, 2015		per Home		December 31, 2015		per Home
Capital Expenditures for Consolidated Homes (3)
Average number of homes (4)		40,975				39,501
Recurring Cap Ex
Asset preservation
Building interiors	5 - 20	$	4,921	$	120	$	15,600	$	395
Building exteriors	5 - 20	4,590		112		12,652		320
Landscaping and grounds	10	1,848		45		5,107		129
Total asset preservation		11,359		277		33,359		845
Turnover related	5	3,060		75		12,108		307
Total Recurring Cap Ex		14,419		352		45,467		1,151
Revenue Enhancing Cap Ex (5)
Kitchen & Bath		1,274		31		10,188		258
Revenue Enhancing		4,727		115		22,791		577
Total Revenue Enhancing Cap Ex	5 - 20	6,001		146		32,979		835
Total Recurring and Revenue Enhancing Cap Ex		$	20,420	$	498	$	78,446	$	1,986
One-Time Infrastructure Cap Ex	5 - 35	$	1,855	$	—	$	4,408	$	—
		Three Months				Twelve Months
		Ended		Cost		Ended		Cost
Category (Expensed)		December 31, 2015		per Home		December 31, 2015		per Home
Repair and Maintenance for Consolidated Homes
Average number of homes (4)		40,975				39,501
Contract services		$	4,587	$	112	$	17,857	$	452
Turnover related expenses		1,226		30		4,233		107
Other Repair and Maintenance
Building interiors		1,760		43		6,782		172
Building exteriors		502		12		1,685		43
Landscaping and grounds		221		5		1,079		27
Total		$	8,296	$	202	$	31,636	$	801
(1) See Attachment 16 for definitions and other terms.
(2) Weighted average useful life of capitalized expenses for the nine months ended December 31, 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 2016 Guidance (1)
December 31, 2015
(Unaudited)
FFO and AFFO per Share Guidance
	1Q 2016	Full Year 2016
FFO per common share and unit, diluted	$0.42 to $0.44	$1.75 to $1.81
FFO As Adjusted per common share and unit, diluted	$0.42 to $0.44	$1.75 to $1.81
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted	$0.40 to $0.42	$1.59 to $1.65
Annualized dividend per share		$1.18
Same-Store Guidance		Full Year 2016
Revenue growth		5.50% - 6.00%
Expense growth		3.00% - 3.50%
NOI growth		6.50% - 7.00%
Physical occupancy		96.6%
Same-Store homes		34,017
Sources of Funds ($ in millions)		Full Year 2016
Sales Proceeds and Debt and Equity Issuances		$550 to $700
Construction Loan Proceeds		$100 to $125
Uses of Funds ($ in millions)		Full Year 2016
Debt maturities inclusive of principal amortization (weighted average interest rate of 5.1%)		$244
Development and redevelopment spending and land acquisitions		$450 to $550
Acquisitions		$0 to $100
Other Additions/Deductions ($ in millions except per home amounts)		Full Year 2016
Consolidated interest expense, net of capitalized interest		$128 to $132
Capitalized interest (2)		$15 to $19
General and administrative (3)		$50 to $54
Tax benefit for TRS		$1 to $2
Total joint venture FFO, including fee income (net of adjustments for FFO as Adjusted)		$60 to $65
Non-recurring items:
Disposition related gains and non-recurring fees included in FFO		$1 to $2
Long-term incentive plan transition costs		$1 to $2
Average stabilized homes		40,700
Recurring capital expenditures per home		$1,150
Revenue enhancing capital expenditures		$21 to $23
Kitchen & Bath capital expenditures		$13 to $17
One-time infrastructure capital expenditures		$2 to $3
(1) See Attachment 16 for definitions and other terms.
(2) Excludes capitalized interest on joint venture and partnership level debt, which is included in the guidance for "Total joint venture FFO, including fee income" above.
(3) Includes an estimated $12 million to $14 million of long-term incentive plan compensation expense, including $1.5 million related to program transition expense.

28

Attachment 16(A)
UDR, Inc.
Definitions and Reconciliations
December 31, 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 December 31, 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	4Q 2015		4Q 2014		YTD 2015		YTD 2014
Rental income	$	—	$	—	$	—	$	147
Rental expenses	—		—		—		225
Property management	—		—		—		4
Real estate depreciation	—		—		—		—
Other operating expenses	—		—		—		21
Non-property (income)/expense	—		—		—		—
Total expenses	—		—		—		250
Income before net impairment of real estate held for disposition and net gain on the sale of depreciable property	—		—		—		(103		)
Net gain on the sale of depreciable property, net of tax	—		—		—		75
Income tax benefit/(expense)	—		—		—		38
Income/(loss) from discontinued operations, net of tax	$	—	$	—	$	—	$	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
December 31, 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				4Q 2015			YTD 2015
Income/(loss) from unconsolidated entities				$	1,052		$	62,329
Management fee				1,103			4,099
Interest expense				7,925			31,589
Depreciation				9,389			38,652
General and administrative				123			820
Other income/expense (includes 717 Olympic casualty expense)				(2,030		)	(7,293		)
Gain on sale				(372		)	(59,445		)
Total Joint Venture NOI at UDR's Pro-Rata Ownership Interest				$	17,190		$	70,751
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	4Q 2015			3Q 2015			2Q 2015			1Q 2015			4Q 2014
Net income/(loss) attributable to UDR, Inc.	$	162,200		$	13,291		$	86,855		$	73,822		$	65,417
Property management	6,445			5,988			5,851			5,694			5,668
Other operating expenses	3,534			2,639			1,769			1,766			2,174
Real estate depreciation and amortization	104,909			90,568			90,344			88,777			91,406
Interest expense	33,170			30,232			29,673			28,800			32,792
Casualty-related (recoveries)/charges, net	(45		)	541			843			996			41
General and administrative	17,993			15,824			13,721			12,152			11,722
Tax provision/(benefit), net (includes valuation adjustment)	(1,424		)	(633		)	(1,404		)	(425		)	(7,087		)
Income/(loss) from unconsolidated entities	(1,052		)	(2,691		)	573			(59,159		)	2,074
Interest and other income, net	(407		)	(402		)	(382		)	(360		)	44
Joint venture management and other fees	(3,253		)	(3,653		)	(3,098		)	(12,706		)	(3,445		)
Other depreciation and amortization	1,899			1,457			1,700			1,623			2,117
(Income)/loss from discontinued operations, net of tax	—			—			—			—			—
(Gain)/loss on sale of real estate owned, net of tax	(172,635		)	—			(79,042		)	—			(61,267		)
Net income/(loss) attributable to noncontrolling interests	14,963			404			3,029			2,595			2,335
Total consolidated NOI	$	166,297		$	153,565		$	150,432		$	143,575		$	143,991

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 Attachment 16(C)

UDR, Inc.

Definitions and Reconciliations

December 31, 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
December 31, 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 2016 and first quarter of 2016 to forecasted FFO, FFO as Adjusted and AFFO per share and unit:
	Full Year 2016
	Low			High
Forecasted earnings per diluted share	$	0.37		$	0.44
Conversion from GAAP share count	(0.16		)	(0.17		)
Depreciation	1.54			1.54
Noncontrolling interests	(0.01		)	(0.01		)
Preferred dividends	0.01			0.01
Forecasted FFO per diluted share and unit	$	1.75		$	1.81
Disposition-related FFO	(0.01		)	(0.01		)
Long-term incentive plan transition costs	0.01			0.01
Forecasted FFO as Adjusted per diluted share and unit	$	1.75		$	1.81
Recurring capital expenditures	(0.16		)	(0.16		)
Forecasted AFFO per diluted share and unit	$	1.59		$	1.65
	1Q 2016
	Low			High
Forecasted earnings per diluted share	$	0.07		$	0.09
Conversion from GAAP share count	(0.04		)	(0.04		)
Depreciation	0.39			0.39
Noncontrolling interests	—			—
Preferred dividends	—			—
Forecasted FFO per diluted share and unit	$	0.42		$	0.44
Disposition-related FFO	—			—
Long-term incentive plan transition costs	—			—
Forecasted FFO as Adjusted per diluted share and unit	$	0.42		$	0.44
Recurring capital expenditures	(0.02		)	(0.02		)
Forecasted AFFO per diluted share and unit	$	0.40		$	0.42

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