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): January 30, 2017

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 January 30, 2017, UDR, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended December 31, 2016. 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 January 30, 2017, 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 January 30, 2017.
99.2	Supplemental Financial Information dated January 30, 2017.
99.3	2-year Strategic Outlook dated January 30, 2017.

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.
January 30, 2017	By:	/s/ Joseph D. Fisher
		Joseph D. Fisher
		Senior Vice President and Chief Financial Officer (Principal Financial Officer)

EX-99.1

	Exhibit 99.1
Press Release
DENVER, CO - January 30, 2017	Contact: Chris Van Ens
	Phone:   720.348.7762

UDR ANNOUNCES FOURTH QUARTER AND FULL-YEAR 2016 RESULTS

~Provides 2017 Guidance and 2017/2018 Strategic Outlook~

UDR (the “Company”) Fourth Quarter 2016 Highlights:

• Net income per share was $0.88, Funds from Operations (“FFO”) per share was $0.47, FFO as Adjusted per share was $0.46, and Adjusted Funds from Operations (“AFFO”) per share was $0.40.

• Net income attributable to common stockholders was $236.7 million as compared to $161.3 million in the prior year period. The increase was primarily due to higher gains on the sale of real estate.

• Year-over-year same-store (“SS”) revenue, expense and net operating income (“NOI”) growth for the quarter were 5.0 percent, 4.2 percent and 5.3 percent.

• The UDR/MetLife JV completed construction on 3033 Wilshire, a 190-home community in Los Angeles.

• The West Coast Development JV completed construction on OLiVE DTLA, a 293-home community in Los Angeles.

• The UDR/MetLife JV commenced construction on Vitruvian West, a 383-home community in Addison, TX.

• Acquired Milehouse, a 177-home community in Redmond, WA through a 1031 exchange.

• Subsequent to quarter end, acquired CityLine, a 244-home West Coast Development JV community in Seattle.

• Completed the acquisition of MetLife’s 50 percent interest in Ten20 and Ashton Bellevue, two adjacent communities comprising 331 homes in Bellevue, WA through 1031 exchanges.

• Completed the disposition of eight communities comprising 1,782 homes in Baltimore and Dallas.

• Subsequent to quarter end, established a $500.0 million unsecured U.S. commercial paper program.

Full-Year 2016 Highlights:

• Net income per share was $1.08, FFO per share was $1.80, FFO as Adjusted per share was $1.79, and AFFO per share was $1.63.

• Net income attributable to common stockholders was $289.0 million as compared to $336.7 million in the prior year period. The decrease was primarily due to lower gains on the sale of real estate.

• Increased the Company’s declared dividend per share to $1.18 (+6% year-over-year).

• Year-over-year SS revenue, expense and NOI growth were 5.7 percent, 3.7 percent and 6.5 percent.

• Completed construction on two UDR/MetLife JV and four West Coast Development JV projects comprising 1,784 homes in San Francisco, Los Angeles, Seattle and Anaheim, CA.

• Commenced construction on three communities, including two UDR/MetLife JV communities, comprising 1,118 homes in Boston, Los Angeles and Addison, TX.

• Acquired three communities comprising 508 homes in the Seattle MSA through 1031 exchanges.

• Sold nine communities, including one UDR/MetLife community, comprising 2,034 homes in Baltimore and Dallas.

• Issued $173.6 million of common equity in conjunction with the Company’s inclusion in the S&P 500 index.

• Issued $300.0 million of 10-year unsecured debt at 2.95 percent.

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	Q4 2016	Q4 2015	FY 2016	FY 2015
Net income per common share, diluted	$0.88	$0.61	$1.08	$1.29
Conversion from GAAP share count	(0.046)	(0.041)	(0.189)	(0.096)
Net gain on the sale of depreciable real estate owned	(0.872)	(0.650)	(0.961)	(1.180)
Depreciation and amortization	0.426	0.430	1.749	1.567
Noncontrolling interests and preferred dividends	0.085	0.060	0.117	0.078
FFO per common share and unit, diluted	$0.47	$0.41	$1.80	$1.66
Acquisition-related costs/(fees), including JVs	0.001	0.005	0.001	0.013
Cost/(benefit) associated with debt extinguishment, other	—	—	0.006	—
Texas Joint Venture promote and disposition fee income	—	(0.001)	—	(0.036)
Long-term incentive plan transition costs	0.001	0.003	0.003	0.013
Net gain on the sale of non-depreciable real estate owned	—	—	(0.006)	—
Legal claims, net of tax	—	0.002	(0.002)	0.003
Net loss on sale of unconsolidated land	—	—	0.003	—
Severance costs and other restructuring expense	0.003	—	0.003	—
Tax benefit - conversion of TRS entities into REITs	(0.008)	—	(0.008)	—
Casualty-related (recoveries)/charges, including JVs, net	(0.005)	0.007	(0.010)	0.017
FFO as Adjusted per common share and unit, diluted	$0.46	$0.42	$1.79	$1.67
Recurring capital expenditures	(0.054)	(0.050)	(0.160)	(0.164)
AFFO per common share and unit, diluted	$0.40	$0.37	$1.63	$1.51

A reconciliation of FFO, FFO as Adjusted and AFFO to GAAP Net income attributable to common stockholders can be found on Attachment 2 of the Company’s fourth quarter Supplemental Financial Information.

Operations

Total revenue increased by $5.4 million or 2 percent, to $243.0 million for the fourth quarter and $65.2 million or 7 percent, to $959.9 million for full-year 2016. This increase was primarily due to growth in revenue from same-store and stabilized, non-mature communities.

Same-store NOI increased 5.3 percent year-over-year in the fourth quarter of 2016 and was driven by same-store revenue growth of 5.0 percent against a 4.2 percent increase in same-store expenses. Same-store physical occupancy was 96.8 percent as compared to 96.5 percent in the prior year period. The fourth quarter annualized rate of turnover was 42.5 percent representing a 110 basis point decline year-over-year.

Summary of Same-Store Results Fourth Quarter 2016 versus Fourth Quarter 2015

Region	Revenue Growth		Expense Growth		NOI Growth		% of Same- Store Portfolio(1)		Same-Store Occupancy(2)		Number of Same-Store Homes(3)
West	5.2	%	3.6	%	5.8	%	43.9	%	96.2	%	11,633
Mid-Atlantic	4.2	%	2.9	%	4.7	%	19.0	%	97.2	%	6,902
Northeast	3.6	%	7.7	%	2.0	%	17.5	%	97.2	%	3,124
Southeast	6.9	%	2.0	%	9.2	%	14.7	%	97.1	%	7,683
Southwest	5.5	%	8.6	%	3.7	%	4.9	%	96.8	%	2,923
Total	5.0	%	4.2	%	5.3	%	100.0	%	96.8	%	32,265

(1) Based on Q4 2016 NOI.

(2) Weighted average same-store occupancy for the quarter.

(3) During the fourth quarter, 32,265 apartment homes, or approximately 82 percent of 39,454 total consolidated apartment homes (versus 49,907 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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Sequential same-store NOI increased by 0.3 percent in the fourth quarter of 2016 on same-store revenue growth of 0.1 percent and a 0.4 percent decrease in same-store expenses.

For the twelve months ended December 31, 2016, the Company’s same-store revenue increased 5.7 percent and same-store expenses increased 3.7 percent, resulting in a same-store NOI increase of 6.5 percent. Same-store physical occupancy was 96.7 percent, flat with the prior year period.

Summary of Same-Store Results Full-Year 2016 versus Full-Year 2015

Region	Revenue Growth		Expense Growth		NOI Growth		% of Same- Store Portfolio(1)		Same-Store Occupancy(2)		Number of Same-Store Homes(3)
West	7.1	%	5.4	%	7.7	%	43.0	%	96.2	%	11,298
Mid-Atlantic	2.6	%	0.0	%	3.8	%	19.2	%	96.9	%	6,902
Northeast	4.7	%	5.0	%	4.5	%	18.0	%	97.0	%	3,124
Southeast	7.1	%	2.5	%	9.4	%	14.8	%	97.0	%	7,683
Southwest	5.4	%	6.2	%	4.9	%	5.0	%	96.8	%	2,923
Total	5.7	%	3.7	%	6.5	%	100.0	%	96.7	%	31,930

(1) Based on YTD 2016 NOI.

(2) Average same-store occupancy for YTD 2016.

(3) During the twelve months, 31,930 apartment homes, or approximately 81 percent of 39,454 total consolidated apartment homes (versus 49,907 apartment homes inclusive of joint ventures, preferred equity investments and development pipeline homes upon completion), 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 and Redevelopment Activity

At the end of the fourth quarter, the Company’s development pipeline totaled $1.1 billion. The $1.1 billion consisted of $216.7 million completed, non-stabilized development projects and $913.2 million of under-construction development projects. The $913.2 million of under-construction development projects are scheduled to be delivered over the next three years, with $112.2 million in 2017, $434.5 million in 2018 and the balance in 2019. The development pipeline is currently expected to produce a weighted average spread between estimated stabilized development yields and current market cap rates in excess of 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 totaling $364.8 million. 100 percent of the Company’s equity commitments in these projects has been funded. The $364.8 million consisted of $201.0 million of completed, stabilized developments, $107.6 million of completed, non-stabilized developments and a $56.2 million under-construction development which is expected to be completed in late-2017.

During the quarter,

• The UDR/MetLife Joint Venture completed construction on 3033 Wilshire, a 190-home community located in Los Angeles with an estimated cost to construct of $108.0 million at 100 percent.

• The West Coast Development Joint Venture completed construction on OLiVE DTLA, a 293-home community located in Los Angeles with a going-in valuation of $129.4 million at 100 percent.

• The UDR/MetLife Joint Venture commenced construction on Vitruvian West, a 383-home community located in Addison, TX with an estimated cost to construct of $59.0 million at 100 percent and a scheduled completion date in late-2018.

Wholly-Owned Transactional Activity

As previously announced, the Company sold seven communities, comprising 1,402 homes, in Baltimore for $236.0 million or $168,000 per home. Additionally, the Company sold a 380-home community located in Dallas for $48.6 million or $128,000 per home. The eight communities had a weighted average monthly revenue per

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occupied home of $1,358, were 31 years old on average and were sold at a weighted average 6.0 percent cash flow cap rate.

During the quarter, the Company completed a 1031 acquisition of Milehouse, a 177-home community located in Redmond, WA for $70.2 million and at a cash flow cap rate of 4.4 percent. The community was recently completed, had an average monthly revenue per occupied home of $2,192, is designated LEED Silver and includes high-end amenities and home finishes.

Joint Venture Transactional Activity

As previously announced, the Company completed 1031 acquisitions of MetLife’s 50 percent interests in Ten20 and Ashton Bellevue, two adjacent communities comprising 331 homes and located in Bellevue, WA. The Company acquired MetLife’s interest for $68.4 million plus the assumption of $37.9 million of debt. These communities have a weighted average monthly revenue per occupied home of $3,322 and are 7 years old on average.

Subsequent to quarter end, the Company exercised its fixed price purchase option to acquire CityLine, a 244-home West Coast Development Joint Venture community located in suburban Seattle. The Company’s total investment in CityLine was $86.5 million. The community was acquired at a 5.3 percent cash flow cap rate, has an average monthly revenue per occupied home of $2,018 and further differentiates the Company’s Seattle area product type, locational and asset quality mixes.

Capital Markets

Subsequent to quarter end, the Company established a $500.0 million commercial paper program (the “Program”) in the United States. Under the Program, the Company may issue, from time to time, commercial paper notes up to a maximum aggregate amount outstanding of $500.0 million. Standard and Poor’s and Moody’s Investor Service has assigned ratings of A-2 and P-2, respectively. Proceeds will be used for general corporate purposes.

Balance Sheet

At December 31, 2016, the Company had $1,156 million in availability through a combination of cash and undrawn capacity on its credit facilities.

The Company’s total indebtedness at December 31, 2016 was $3.4 billion. The Company ended the quarter with fixed-rate debt representing 87.3 percent of its total debt, a total blended interest rate of 3.79 percent and a weighted average maturity of 5.3 years.

On a consolidated basis, the Company’s leverage was 32.1 percent versus 34.6 percent a year ago, net debt-to-EBITDA was 5.1x versus 5.7x a year ago and fixed charge coverage was 4.8x versus 4.1x a year ago.

Other

In conjunction with this release, the Company published its 2017/2018 Strategic Outlook which outlines the Company’s long-term strategies, how the Company has performed versus past Strategic Outlooks and expectations for 2017 and 2018. The 2017/2018 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 2016 in the amount of $0.295 per share. The dividend will be paid in cash on January 31, 2017 to UDR common stock shareholders of record as of January 10, 2017. The fourth quarter 2016 dividend will represent the 177^th consecutive quarterly dividend paid by the Company on its common stock.

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In conjunction with this release, the Company has declared a 2017 annualized dividend per share of $1.24, a 5% increase over 2016.

Outlook

For the first quarter of 2017, the Company has established the following earnings guidance ranges:

Net income per share	$0.08 to $0.09
FFO per share	$0.44 to $0.46
FFO as Adjusted per share	$0.44 to $0.46
AFFO per share	$0.42 to $0.44

For the full-year 2017, the Company has established the following earnings guidance ranges:

Net income per share	$0.31 to $0.36
FFO per share	$1.83 to $1.87
FFO as Adjusted per share	$1.83 to $1.87
AFFO per share	$1.68 to $1.72

For the full-year 2017, the Company’s primary same-store growth assumptions are:

Revenue	3.00% to 4.00%
Expense	2.50% to 3.50%
Net operating income	3.25% to 4.25%

Additional assumptions for the Company’s first quarter and full-year 2017 guidance can be found on Attachment 15 of the Company’s fourth quarter Supplemental Financial Information. A reconciliation of FFO per share, FFO as Adjusted per share and AFFO per share to GAAP Net income per share can be found on Attachment 16(D) of the Company’s fourth quarter Supplemental Financial Information. Non-GAAP financial measures and other terms, as used in this earnings release, are defined and further explained on Attachments 16(A) through 16(D), “Definitions and Reconciliations,” of the Company’s 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 1:00 p.m. Eastern Time on January 31, 2017 to discuss fourth quarter and full-year results as well as its 2017/2018 Strategic Outlook. The webcast will be available on UDR's website at ir.udr.com. To listen to a live broadcast, access the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.

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

A replay of the conference call will be available through March 2, 2017, by dialing 844-512-2921 for domestic and 412-317-6671 for international and entering the confirmation number, 13652450, when prompted for the passcode.

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, Supplemental Financial Information and 2017/2018 Strategic Outlook will be available on the Company’s website at ir.udr.com.

Mail -- For those without Internet access, the fourth quarter 2016 earnings report, Supplemental Financial Information and 2017/2018 Strategic Outlook will be available by mail or fax, on request. To receive a copy, please call UDR Investor Relations at 720-348-7762.

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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 and rental rates, 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.

About UDR, Inc.

UDR, Inc. (NYSE:UDR), an S&P 500 company, is a leading multifamily real estate investment trust with a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive real estate properties in targeted U.S. markets. As of December 31, 2016, UDR owned or had an ownership position in 49,907 apartment homes including 3,604 homes under development or in preferred equity investments. For over 45 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 2016 (1)
(Unaudited)
		Actual Results	Actual Results	Guidance as of December 31, 2016
Dollars in thousands, except per share and unit		4Q 2016	Full-Year 2016	1Q 2017	Full-Year 2017
GAAP Metrics
Net income/(loss) attributable to common stockholders		$236,687	$289,001	--	--
Net income/(loss) attributable to UDR, Inc.		$237,617	$292,718	--	--
Income/(loss) per weighted average common share, diluted		$0.88	$1.08	$0.08 to $0.09	$0.31 to $0.36
Per Share Metrics
FFO per common share and unit, diluted		$0.47	$1.80	$0.44 to $0.46	$1.83 to $1.87
FFO as Adjusted per common share and unit, diluted		$0.46	$1.79	$0.44 to $0.46	$1.83 to $1.87
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted		$0.40	$1.63	$0.42 to $0.44	$1.68 to $1.72
Dividend declared per share and unit		$0.295	$1.18	$0.31	$1.24 (2)
Same-Store Operating Metrics
Revenue growth		5.0%	5.7%	--	3.00% - 4.00%
Expense growth		4.2%	3.7%	--	2.50% - 3.50%
NOI growth		5.3%	6.5%	--	3.25% - 4.25%
Physical Occupancy		96.8%	96.7%	--	96.7%
Property Metrics			Homes	Communities	% of Total NOI
Same-Store			32,265	110	69.9%
Stabilized, Non-Mature			5,793	11	14.0%
Acquired Communities			508	3	1.3%
Redevelopment			888	3	1.8%
Non-Residential / Other			N/A	N/A	2.5%
Sold and Held for Disposition			-	-	0.9%
Joint Venture (includes completed JV developments) (3)			6,849	27	9.6%
Sub-total, completed homes			46,303	154	100%
Under Development			1,101	2	-
Joint Venture Development			970	4	-
Preferred Equity Investments			1,533	5	-
Total expected homes (3)(4)			49,907	165	100%
Balance Sheet Metrics (adjusted for non-recurring items)
	4Q 2016	4Q 2015
Interest Coverage Ratio	4.9x	4.2x
Fixed Charge Coverage Ratio	4.8x	4.1x
Leverage Ratio	32.1%	34.6%
Net Debt-to-EBITDA	5.1x	5.7x

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

(2) Annualized for 2017.

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

(4) Excludes 218 homes at Steele Creek where we have a participating loan investment as described in Attachment 12(B).

1

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	2016			2015			2016			2015
REVENUES:
Rental income	$	240,081		$	234,352		$	948,461		$	871,928
Joint venture management and other fees (2)	2,927			3,253			11,400			22,710
Total revenues	243,008			237,605			959,861			894,638
OPERATING EXPENSES:
Property operating and maintenance	40,075			41,174			159,947			155,096
Real estate taxes and insurance	28,726			26,881			115,429			102,963
Property management	6,603			6,445			26,083			23,978
Other operating expenses	2,369			3,534			7,649			9,708
Real estate depreciation and amortization	102,537			104,909			419,615			374,598
Acquisition costs	152			1,433			213			2,126
General and administrative	13,104			16,560			49,548			57,564
Casualty-related (recoveries)/charges, net	(1,102		)	(45		)	732			2,335
Other depreciation and amortization	1,458			1,899			6,023			6,679
Total operating expenses	193,922			202,790			785,239			735,047
Operating income	49,086			34,815			174,622			159,591
Income/(loss) from unconsolidated entities (3)	35,945			1,052			52,234			62,329
Interest expense	(29,295		)	(33,170		)	(121,302		)	(121,875		)
(Cost)/benefit associated with debt extinguishment and other	—			—			(1,729		)	—
Total interest expense	(29,295		)	(33,170		)	(123,031		)	(121,875		)
Interest income and other income/(expense), net	481			407			1,930			1,551
Income/(loss) before income taxes and gain/(loss) on sale of real estate owned	56,217			3,104			105,755			101,596
Tax benefit/(provision), net	3,063			1,424			3,774			3,886
Income/(loss) from continuing operations	59,280			4,528			109,529			105,482
Gain/(loss) on sale of real estate owned, net of tax	200,466			172,635			210,851			251,677
Net income/(loss)	259,746			177,163			320,380			357,159
Net (income)/loss attributable to redeemable noncontrolling interests in the OP and DownREIT Partnership (4) (5)	(22,114		)	(14,966		)	(27,282		)	(16,773		)
Net (income)/loss attributable to noncontrolling interests	(15		)	3			(380		)	(3		)
Net income/(loss) attributable to UDR, Inc.	237,617			162,200			292,718			340,383
Distributions to preferred stockholders - Series E (Convertible)	(930		)	(930		)	(3,717		)	(3,722		)
Net income/(loss) attributable to common stockholders	$	236,687		$	161,270		$	289,001		$	336,661
Income/(loss) per weighted average common share - basic:	$	0.89		$	0.62		$	1.09		$	1.30
Income/(loss) per weighted average common share - diluted:	$	0.88		$	0.61		$	1.08		$	1.29
Common distributions declared per share	$	0.2950		$	0.2775		$	1.1800		$	1.1100
Weighted average number of common shares outstanding - basic	266,498			260,830			265,386			258,669
Weighted average number of common shares outstanding - diluted	271,551			266,108			267,311			263,752
(1) See Attachment 16 for definitions and other terms.
(2) 4Q 2015 and YTD 2015 presented above include approximately $0.4 million and $10.0 million of promote and disposition fee income in connection with the January 2015 sale of eight communities held by the Texas Joint Venture.
(3) 4Q 2016, 4Q 2015, YTD 2016, and YTD 2015 presented above include approximately $36.4 million, $0.4 million, $47.8 million, and $59.4 million, respectively, of gains on the sale of unconsolidated depreciable properties.
(4) 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.
(5) Due to the quarterly calculation of noncontrolling interest, the sum of the quarterly amounts will not equal the annual totals.

2

Attachment 2
UDR, Inc.
Funds From Operations (1)
(Unaudited)
	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
In thousands, except per share and unit amounts	2016			2015			2016			2015
Net income/(loss) attributable to common stockholders	$	236,687		$	161,270		$	289,001		$	336,661
Real estate depreciation and amortization	102,537			104,909			419,615			374,598
Noncontrolling interests	22,129			14,963			27,662			16,776
Real estate depreciation and amortization on unconsolidated joint ventures	13,055			9,389			47,832			38,652
Net gain on the sale of unconsolidated depreciable property	(36,385		)	(372		)	(47,848		)	(59,445		)
Net gain on the sale of depreciable real estate owned	(200,466		)	(172,635		)	(209,166		)	(251,677		)
Funds from operations ("FFO") attributable to common stockholders and unitholders, basic	$	137,557		$	117,524		$	527,096		$	455,565
Distributions to preferred stockholders - Series E (Convertible) (2)	930			930			3,717			3,722
FFO attributable to common stockholders and unitholders, diluted	$	138,487		$	118,454		$	530,813		$	459,287
FFO per common share and unit, basic	$	0.47		$	0.41		$	1.81		$	1.68
FFO per common share and unit, diluted	$	0.47		$	0.41		$	1.80		$	1.66
Weighted average number of common shares and OP/DownREIT Units outstanding - basic	291,471			285,144			290,516			271,616
Weighted average number of common shares, OP/DownREIT Units, and common stock
equivalents outstanding - diluted	296,524			290,422			295,469			276,699
Impact of adjustments to FFO:
Acquisition-related costs/(fees)	$	152		$	1,433		$	213		$	2,126
Acquisition-related costs/(fees) on unconsolidated joint ventures	—			—			—			1,460
Cost/(benefit) associated with debt extinguishment and other	—			—			1,729			—
Texas Joint Venture promote and disposition fee income	—			(372		)	—			(10,005		)
Long-term incentive plan transition costs	274			884			898			3,537
Net gain on the sale of non-depreciable real estate owned	—			—			(1,685		)	—
Legal claims, net of tax	—			705			(480		)	705
Net loss on sale of unconsolidated land	—			—			1,016			—
Severance costs and other restructuring expense	871			—			871			—
Tax benefit associated with the conversion of certain TRS entities into REITs (3)	(2,436		)	—			(2,436		)	—
Casualty-related (recoveries)/charges, net	(1,102		)	(45		)	732			2,335
Casualty-related (recoveries)/charges on unconsolidated joint ventures, net (4)	(251		)	2,218			(3,752		)	2,474
	$	(2,492	)	$	4,823		$	(2,894	)	$	2,632
FFO as Adjusted attributable to common stockholders and unitholders, diluted	$	135,995		$	123,277		$	527,919		$	461,919
FFO as Adjusted per common share and unit, diluted	$	0.46		$	0.42		$	1.79		$	1.67
Recurring capital expenditures	(15,974		)	(14,419		)	(47,257		)	(45,467		)
AFFO attributable to common stockholders and unitholders	$	120,021		$	108,858		$	480,662		$	416,452
AFFO per common share and unit, diluted	$	0.40		$	0.37		$	1.63		$	1.51
(1) See Attachment 16 for definitions and other terms.
(2) 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.
(3) During 4Q16, the Company recognized a one-time tax benefit of $2.4 million related to the conversion of certain taxable REIT subsidiary entities into REITs.
(4) Casualty-related (recoveries)/charges on unconsolidated joint ventures, net include casualty recoveries of $0.3 million and $3.8 million for the three and twelve months ended December 31, 2016 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 (1)
(Unaudited)
	December 31,			December 31,
In thousands, except share and per share amounts	2016			2015
ASSETS
Real estate owned:
Real estate held for investment	$	9,271,847		$	9,053,599
Less: accumulated depreciation	(2,923,072		)	(2,646,044		)
Real estate held for investment, net	6,348,775			6,407,555
Real estate under development
(net of accumulated depreciation of $0 and $0)	342,282			124,072
Real estate held for disposition
(net of accumulated depreciation of $553 and $830)	1,071			11,775
Total real estate owned, net of accumulated depreciation	6,692,128			6,543,402
Cash and cash equivalents	2,112			6,742
Restricted cash	19,994			20,798
Notes receivable, net	19,790			16,694
Investment in and advances to unconsolidated joint ventures, net	827,025			938,906
Other assets	118,535			137,302
Total assets	$	7,679,584		$	7,663,844
LIABILITIES AND EQUITY
Liabilities:
Secured debt	$	1,130,858		$	1,376,945
Unsecured debt	2,270,620			2,193,850
Real estate taxes payable	17,388			18,786
Accrued interest payable	29,257			29,162
Security deposits and prepaid rent	34,238			36,330
Distributions payable	86,936			80,368
Accounts payable, accrued expenses, and other liabilities	103,835			81,356
Total liabilities	3,673,132			3,816,797
Redeemable noncontrolling interests in the OP and DownREIT Partnership	909,482			946,436
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 (2,796,903 shares at December 31, 2015)	46,457			46,457
16,196,889 shares of Series F outstanding (16,452,496 shares
at December 31, 2015)	1			1
Common stock, $0.01 par value; 350,000,000 shares authorized
267,259,469 shares issued and outstanding (261,844,521 shares at December 31, 2015)	2,673			2,618
Additional paid-in capital	4,635,413			4,447,816
Distributions in excess of net income	(1,585,825		)	(1,584,459		)
Accumulated other comprehensive income/(loss), net	(5,609		)	(12,678		)
Total stockholders' equity	3,093,110			2,899,755
Noncontrolling interests	3,860			856
Total equity	3,096,970			2,900,611
Total liabilities and equity	$	7,679,584		$	7,663,844
(1) See Attachment 16 for definitions and other terms.

4

Attachment 4(A)
UDR, Inc.
Selected Financial Information (1)
(Unaudited)
						December 31,			December 31,
Common Stock and Equivalents						2016			2015
Common shares						266,613,508			261,044,151
Restricted shares						645,961			800,370
Total common stock						267,259,469			261,844,521
Stock options, LTIP Units and restricted stock equivalents						1,372,102			1,181,193
Operating and DownREIT Partnership units						23,179,309			23,439,601
Preferred OP units						1,751,671			1,751,671
Convertible preferred Series E stock (2)						3,028,068			3,028,068
Total common stock and equivalents						296,590,619			291,245,054
						4Q 2016 Weighted			4Q 2015 Weighted
Weighted Average Number of Shares Outstanding						Average			Average
Weighted average number of common shares and OP/DownREIT units outstanding - basic						291,470,551			285,144,377
Weighted average number of OP/DownREIT units outstanding						(24,972,205		)	(24,314,208	)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations						266,498,346			260,830,169
Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted						296,523,642			290,422,108
Weighted average number of OP/DownREIT units outstanding						(24,972,205		)	(24,314,208	)
Weight average number of Series E preferred shares outstanding (3)						—			—
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations						271,551,437			266,107,900
						Year-to-Date			Year-to-Date
						Weighted Average			Weighted Average
Weighted average number of common shares and OP/DownREIT units outstanding - basic						290,516,533			271,616,214
Weighted average number of OP/DownREIT units outstanding						(25,130,101		)	(12,947,362	)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations						265,386,432			258,668,852
Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted						295,469,117			276,698,957
Weighted average number of OP/DownREIT units outstanding						(25,130,101		)	(12,947,362	)
Weight average number of Series E preferred shares outstanding (3)						(3,028,068		)	—
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations						267,310,948			263,751,595
						Gross			% of
	Number of	4Q 2016 NOI (1)				Carrying Value			Total Gross
Asset Summary	Homes	($000s)		% of NOI		($000s)			Carrying Value
Unencumbered assets	29,085	$	132,351	77.3	%	$	7,547,590		78.5	%
Encumbered assets	10,369	38,929		22.7	%	2,068,163			21.5	%
	39,454	$	171,280	100.0	%	$	9,615,753		100.0	%
(1) See Attachment 16 for definitions and other terms.
(2) At December 31, 2016 and December 31, 2015, a total of 2,796,903 shares of the Series E were outstanding, which is equivalent to 3,028,068 shares of common stock if converted (after adjusting for the special dividend paid in 2008).
(3) Series E preferred shares are anti-dilutive for purposes of calculating earnings per share for the twelve months ended December 31, 2016. For the three months ended December 31, 2016 and three and twelve months ended December 31, 2015, the Series E preferred shares are dilutive.

5

Attachment 4(B)
UDR, Inc.
Selected Financial Information (1)
(Unaudited)
														Weighted		Weighted
														Average		Average Years
Debt Structure, In thousands							Balance				% of Total			Interest Rate		to Maturity
Secured	Fixed						$	747,660			21.9		%	4.53	%	4.7
	Floating						375,646			(2)	11.0		%	1.95	%	4.0
	Combined						1,123,306				32.9		%	3.66	%	4.4
Unsecured	Fixed						2,230,644			(3)	65.4		%	3.78	%	5.7
	Floating						56,350				1.7		%	1.60	%	3.3
	Combined						2,286,994				67.1		%	3.73	%	5.7
Total Debt	Fixed						2,978,304				87.3		%	3.97	%	5.5
	Floating						431,996				12.7		%	1.90	%	3.9
	Combined						$	3,410,300			100.0		%	3.71	%	5.3
	Total Non-Cash Adjustments (5)						(8,822		)
	Total per Balance Sheet						$	3,401,478						3.79	%
Debt Maturities, In thousands
				Unsecured			Revolving Credit									Weighted Average
	Secured Debt (6)			Debt (6)			Facilities (4) (7)				Balance			% of Total		Interest Rate
2017	$	51,001		$	—		$	—			$	51,001		1.5	%	1.48	%
2018	212,606			300,000			—				512,606			15.0	%	3.91	%
2019	317,095			—			21,350				338,445			9.9	%	4.35	%
2020	198,076			300,000			—				498,076			14.6	%	3.87	%
2021	1,117			350,000			—				351,117			10.3	%	2.17	%
2022	1,157			400,000			—				401,157			11.8	%	4.62	%
2023	137,654			—			—				137,654			4.0	%	2.81	%
2024	—			315,644			—				315,644			9.3	%	3.99	%
2025	127,600			300,000			—				427,600			12.5	%	4.26	%
2026	50,000			300,000			—				350,000			10.3	%	2.99	%
Thereafter	27,000			—			—				27,000			0.8	%	1.33	%
	1,123,306			2,265,644			21,350				3,410,300			100.0	%	3.71	%
Total Non-Cash Adjustments (5)	7,552			(16,374		)	—				(8,822		)
Total per Balance Sheet	$	1,130,858		$	2,249,270		$	21,350			$	3,401,478				3.79	%
Debt Maturities With Extensions, In thousands
				Unsecured			Revolving Credit									Weighted Average
	Secured Debt (6)			Debt (6)			Facilities (4) (7)				Balance			% of Total		Interest Rate
2017	$	51,001		$	—		$	—			$	51,001		1.5	%	1.48	%
2018	212,606			300,000			—				512,606			15.0	%	3.91	%
2019	317,095			—			21,350				338,445			9.9	%	4.35	%
2020	198,076			300,000			—				498,076			14.6	%	3.87	%
2021	1,117			350,000			—				351,117			10.3	%	2.17	%
2022	1,157			400,000			—				401,157			11.8	%	4.62	%
2023	137,654			—			—				137,654			4.0	%	2.81	%
2024	—			315,644			—				315,644			9.3	%	3.99	%
2025	127,600			300,000			—				427,600			12.5	%	4.26	%
2026	50,000			300,000			—				350,000			10.3	%	2.99	%
Thereafter	27,000			—			—				27,000			0.8	%	1.33	%
	1,123,306			2,265,644			21,350				3,410,300			100.0	%	3.71	%
Total Non-Cash Adjustments (5)	7,552			(16,374		)	—				(8,822		)
Total per Balance Sheet	$	1,130,858		$	2,249,270		$	21,350			$	3,401,478				3.79	%
(1) See Attachment 16 for definitions and other terms.
(2) Includes $336.3 million of debt with a weighted average interest cap of 8.0% on the underlying index.
(3) Includes $315.0 million of floating rate debt that has been fixed using interest rate swaps at a weighted average rate of 2.23%.
(4) There are no borrowings outstanding on our $1.1 billion line of credit at December 31, 2016. The facility 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) UDR's $75 million working capital credit facility has a maturity date of January 2019. The working capital credit facility carries 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, 2016
Net income/(loss) attributable to UDR, Inc.					$	237,617
Adjustments:
Interest expense					29,295
Real estate depreciation and amortization					102,537
Real estate depreciation and amortization on unconsolidated joint ventures					13,055
Other depreciation and amortization					1,458
Noncontrolling interests					22,129
Income tax provision/(benefit)					(3,063		)
EBITDA					$	403,028
Net gain on the sale of depreciable real estate owned					(200,466		)
Net gain on the sale of unconsolidated depreciable property					(36,385		)
Long-term incentive plan transition costs					274
Acquisition-related costs/(fees)					152
Severance costs and other restructuring expense					871
Casualty-related (recoveries)/charges, net					(1,102		)
Casualty-related (recoveries)/charges on unconsolidated joint ventures, net					(251		)
EBITDA - adjusted for non-recurring items					$	166,121
Annualized EBITDA - adjusted for non-recurring items					$	664,484
Interest expense					$	29,295
Capitalized interest expense					4,361
Total interest					$	33,656
Preferred dividends					$	930
Total debt					$	3,401,478
Cash					2,112
Net debt					$	3,399,366
Interest Coverage Ratio - adjusted for non-recurring items					4.9		x
Fixed Charge Coverage Ratio - adjusted for non-recurring items					4.8		x
Net Debt-to-EBITDA - adjusted for non-recurring items					5.1		x
Debt Covenant Overview
Unsecured Line of Credit Covenants (2)	Required	Actual			Compliance
Maximum Leverage Ratio	≤60.0%	33.3%	(2	)	Yes
Minimum Fixed Charge Coverage Ratio	≥1.5x	3.9x			Yes
Maximum Secured Debt Ratio	≤40.0%	15.9%			Yes
Minimum Unencumbered Pool Leverage Ratio	≥150.0%	394.3%			Yes
Senior Unsecured Note Covenants (3)	Required	Actual			Compliance
Debt as a percentage of Total Assets	≤60.0%	32.2%	(3	)	Yes
Consolidated Income Available for Debt Service to Annual Service Charge	≥1.5x	4.9x			Yes
Secured Debt as a percentage of Total Assets	≤40.0%	10.7%			Yes
Total Unencumbered Assets to Unsecured Debt	≥150.0%	338.6%			Yes
Securities Ratings	Debt	Preferred			Outlook
Moody's Investors Service	Baa1	Baa2			Stable
Standard & Poor's	BBB+	BBB-			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.

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, 2016			September 30, 2016			June 30, 2016			March 31, 2016			December 31, 2015
Revenues
Same-Store Communities	32,265	$	185,582		$	185,329		$	182,645		$	179,999		$	176,773
Stabilized, Non-Mature Communities	5,793	35,730			35,331			34,967			34,137			32,516
Acquired Communities	508	3,622			—			—			—			—
Redevelopment Communities	888	5,509			5,394			5,291			5,598			5,853
Development Communities	—	2			1			1			1			—
Non-Residential / Other (2)	—	6,590			7,150			6,153			4,911			6,674
Total	39,454	$	237,035		$	233,205		$	229,057		$	224,646		$	221,816
Expenses
Same-Store Communities (3)		$	53,079		$	53,281		$	52,133		$	51,319		$	50,918
Stabilized, Non-Mature Communities		9,265			10,303			9,403			9,906			9,281
Acquired Communities		1,181			—			—			—			—
Redevelopment Communities		2,131			2,281			2,028			1,992			1,938
Development Communities		172			113			76			80			39
Non-Residential / Other (2)(3)		1,913			1,537			2,940			2,179			1,693
Total		$	67,741		$	67,515		$	66,580		$	65,476		$	63,869
Net Operating Income
Same-Store Communities		$	132,503		$	132,048		$	130,512		$	128,680		$	125,855
Stabilized, Non-Mature Communities		26,465			25,028			25,564			24,231			23,235
Acquired Communities		2,441			—			—			—			—
Redevelopment Communities		3,378			3,113			3,263			3,606			3,915
Development Communities		(170		)	(112		)	(75		)	(79		)	(39		)
Non-Residential / Other (2)		4,677			5,613			3,213			2,732			4,981
Total		$	169,294		$	165,690		$	162,477		$	159,170		$	157,947
Operating Margin
Same-Store Communities		71.4		%	71.3		%	71.5		%	71.5		%	71.2		%
Average Physical Occupancy
Same-Store Communities		96.8		%	96.8		%	96.6		%	96.5		%	96.5		%
Stabilized, Non-Mature Communities		95.6		%	95.5		%	95.1		%	94.1		%	93.8		%
Acquired Communities		94.4		%	—			—			—			—
Redevelopment Communities		93.1		%	92.4		%	89.3		%	92.5		%	96.1		%
Development Communities		—			—			—			—			—
Other (4)		—			97.2		%	97.1		%	96.9		%	96.9		%
Total		96.5		%	96.6		%	96.2		%	96.1		%	96.1		%
Return on Invested Capital
Same-Store Communities		7.6		%	7.6		%	7.5		%	7.4		%	7.3		%
Sold and Held for Disposition Communities
Revenues		$	3,046		$	7,050		$	7,111		$	7,311		$	12,536
Expenses		1,060			2,384			2,273			2,347			4,186
Net Operating Income/(loss)		$	1,986		$	4,666		$	4,838		$	4,964		$	8,350
Total	39,454	$	171,280		$	170,356		$	167,315		$	164,134		$	166,297
(1) See Attachment 16 for definition and other terms.
(2) Primarily non-residential revenue and expense and straight-line adjustment for concessions.
(3) Quarter ended September 30, 2016 expenses were lowered by $1.2 million due to the reversal of a portion of the initial expected real estate tax assessment for a 2014 San Francisco development completion. A $680 thousand reduction is included in Same-Store Communities expenses as it related to the period of time that the community was in our Same-Store population while the remaining $490 thousand is in Non-Residential / Other expense.
(4) Includes occupancy of Sold and Held for Disposition Communities.

8

Attachment 6
UDR, Inc.
Same-Store Operating Expense Information (1)
(Dollars in Thousands)
(Unaudited)
	% of 4Q 2016
	SS Operating
Year-Over-Year Comparison	Expenses		4Q 2016		4Q 2015		% Change
Real estate taxes (3)	37.0	%	$	19,659	$	17,946	9.5	%
Personnel	24.4	%	12,925		12,870		0.4	%
Utilities	14.5	%	7,706		7,843		-1.7	%
Repair and maintenance	12.8	%	6,811		6,579		3.5	%
Administrative and marketing	6.6	%	3,489		3,347		4.2	%
Insurance	4.7	%	2,489		2,333		6.7	%
Same-Store operating expenses (3)	100.0	%	$	53,079	$	50,918	4.2	%
Same-Store Homes	32,265
	% of 4Q 2016
	SS Operating
Sequential Comparison	Expenses		4Q 2016		3Q 2016		% Change
Real estate taxes (2)	37.0	%	$	19,659	$	19,022	3.3	%
Personnel	24.4	%	12,925		13,182		-1.9	%
Utilities	14.5	%	7,706		8,067		-4.5	%
Repair and maintenance	12.8	%	6,811		7,154		-4.8	%
Administrative and marketing	6.6	%	3,489		3,663		-4.8	%
Insurance	4.7	%	2,489		2,193		13.5	%
Same-Store operating expenses	100.0	%	$	53,079	$	53,281	-0.4	%
Same-Store Homes	32,265
	% of YTD 2016
	SS Operating
Year-to-Date Comparison	Expenses		YTD 2016		YTD 2015		% Change
Real estate taxes (3)	37.1	%	$	77,001	$	70,542	9.2	%
Personnel	24.3	%	50,438		50,004		0.9	%
Utilities	15.1	%	31,481		32,261		-2.4	%
Repair and maintenance	12.8	%	26,568		26,117		1.7	%
Administrative and marketing	6.4	%	13,381		12,784		4.7	%
Insurance	4.3	%	8,988		8,765		2.5	%
Same-Store operating expenses (3)	100.0	%	$	207,857	$	200,473	3.7	%
Same-Store Homes	31,930
(1) See Attachment 16 for definitions and other terms.
(2) 3Q 2016 Same Store Expenses were lowered by $680 thousand due to the reversal of a portion of the initial expected real estate tax assessment on a 2014 San Francisco development completion.
(3) 4Q 2016, 4Q 2015, YTD 2016, and YTD 2015 presented above include $303 thousand, $70 thousand, $745 thousand, and $140 thousand, respectively, of higher New York real estate taxes due to 421 exemption and abatement reductions.

9

Attachment 7(A)
UDR, Inc.
Apartment Home Breakout (1)
Portfolio Overview as of Quarter Ended
December 31, 2016
(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	3,367	1,447	—	4,814	99	4,913
San Francisco, CA	2,230	328	193	2,751	447	3,198
Seattle, WA	2,014	71	508	2,593	224	2,817
Los Angeles, CA	1,225	—	—	1,225	341	1,566
Monterey Peninsula, CA	1,565	—	—	1,565	—	1,565
Other Southern CA	756	—	—	756	571	1,327
Portland, OR	476	—	—	476	—	476
	11,633	1,846	701	14,180	1,682	15,862
Mid-Atlantic Region
Metropolitan DC	4,824	3,578	—	8,402	874	9,276
Richmond, VA	1,358	—	—	1,358	—	1,358
Baltimore, MD	720	—	—	720	379	1,099
	6,902	3,578	—	10,480	1,253	11,733
Northeast Region
New York, NY	1,945	—	—	1,945	710	2,655
Boston, MA	1,179	369	—	1,548	1,302	2,850
Philadelphia, PA	—	—	—	—	290	290
	3,124	369	—	3,493	2,302	5,795
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
Southwest Region
Dallas, TX	2,040	—	305	2,345	1,130	3,475
Austin, TX	883	—	390	1,273	259	1,532
Denver, CO	—	—	—	—	223	223
	2,923	—	695	3,618	1,612	5,230
Totals	32,265	5,793	1,396	39,454	6,849	46,303
Communities	110	11	6	127	27	154
Total Homes (incl. joint ventures) (4)			46,303
Homes in Development, Excluding Completed Homes (5)
Current Pipeline Wholly-Owned			1,101
Current Pipeline Joint Venture (6)			970
Current Pipeline Preferred Equity Investments (6)			1,533
Total expected homes (including development)			49,907
(1) See Attachment 16 for definitions and other terms.
(2) Represents homes included in Stabilized, Non-Mature Communities category on Attachment 5.
(3) Represents homes included in Acquired, Development, Redevelopment, Non-Residential/Other and Sold and Held for Disposition Communities categories on Attachment 5. Excludes development homes not yet completed.
(4) Represents joint venture homes at 100 percent. See Attachment 12(A) for UDR's joint venture and partnership ownership interests.
(5) See Attachments 9 and 12(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 and 12(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, 2016
(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.
Eight 80 Newport Beach (3)	Stabilized, Non-Mature	1,447		1Q18	DelRay Tower		Stabilized, Non-Mature	332		1Q17
					1200 East West		Stabilized, Non-Mature	247		1Q17
San Francisco, CA					Courts at Huntington Station		Stabilized, Non-Mature	421		1Q17
2000 Post	Stabilized, Non-Mature	328		1Q17	Eleven55 Ripley		Stabilized, Non-Mature	379		1Q17
Edgewater	Redevelopment	193		2Q18	Arbor Park of Alexandria		Stabilized, Non-Mature	851		2Q17
					Courts at Dulles		Stabilized, Non-Mature	411		1Q17
Seattle, WA					Newport Village		Stabilized, Non-Mature	937		1Q17
Borgata Apartment Homes	Stabilized, Non-Mature	71		1Q18
Ashton Bellevue	Acquisition	202		1Q18	Northeast Region
Ten20	Acquisition	129		1Q18	Boston, MA
Milehouse	Acquisition	177		1Q18	100 Pier 4		Stabilized, Non-Mature	369		1Q17
					Southwest Region
					Dallas, TX
					Thirty377		Redevelopment	305		2Q19
					Austin, TX
					Residences at the Domain		Redevelopment	390		2Q18
					Total			7,189
Non-Mature Home Breakout - By Date (quarter indicates date of Same-Store inclusion)
		# of						# of
Date & Community	Category	Homes			Date & Community		Category	Homes
1Q17					1Q18
DelRay Tower	Stabilized, Non-Mature	332			Borgata Apartment Homes		Stabilized, Non-Mature	71
100 Pier 4	Stabilized, Non-Mature	369			Ashton Bellevue		Acquisition	202
1200 East West	Stabilized, Non-Mature	247			Ten20		Acquisition	129
Courts at Huntington Station	Stabilized, Non-Mature	421			Milehouse		Acquisition	177
Eleven55 Ripley	Stabilized, Non-Mature	379			Eight 80 Newport Beach (3)		Stabilized, Non-Mature	1,447
Courts at Dulles	Stabilized, Non-Mature	411
Newport Village	Stabilized, Non-Mature	937			2Q18
2000 Post	Stabilized, Non-Mature	328			Edgewater		Redevelopment	193
					Residences at the Domain		Redevelopment	390
2Q17
Arbor Park of Alexandria	Stabilized, Non-Mature	851			2Q19
					Thirty377		Redevelopment	305
					Total			7,189
Summary of Non-Mature Home Activity
		Stabilized,						Held for
	Market	Non-Mature		Acquired	Redevelopment		Development	Disposition		Total
Non-Mature Homes at September 30, 2016		4,448		—	2,406		—	1,402		8,256
Ashton Bellevue	Seattle, WA	—		202	—		—	—		202
Ten20	Seattle, WA	—		129	—		—	—		129
Milehouse	Seattle, WA	—		177	—		—	—		177
Borgata Apartment Homes	Seattle, WA	71		—	(71	)	—	—		—
Eight 80 Newport Beach (3)	Orange County, CA	1,447		—	(1,447	)	—	—		—
Beach & Ocean (4)	Orange County, CA	(173	)	—	—		—	—		(173	)
Dispositions	Baltimore, MD	—		—	—		—	(1,402	)	(1,402	)
Non-Mature Homes at December 31, 2016		5,793		508	888		—	—		7,189
(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.
(3) Eight 80 Newport Beach was formerly known as Coronado.
(4) Contributed the community to the QTD Same-Store pool in 4Q16.

11

Attachment 7(C)
UDR, Inc.
Total Revenue Per Occupied Home Summary (1)
Portfolio Overview as of Quarter Ended
December 31, 2016
(Unaudited)
			Non-Mature Homes						Unconsolidated
	Total						Total		Joint Venture		Total
	Same-Store				Non-		Consolidated		Operating		Homes
	Homes		Stabilized (2)		Stabilized (3) (4)		Homes		Homes (4) (5)		(incl. JV at share) (5)
West Region
Orange County, CA	$	2,276	$	1,853	$	—	$	2,151	$	2,275	$	2,145
San Francisco, CA	3,301		3,611		4,142		3,397		4,628		3,474
Seattle, WA	2,048		2,817		3,220		2,320		3,960		2,373
Los Angeles, CA	2,641		—		—		2,641		3,846		2,712
Monterey Peninsula, CA	1,571		—		—		1,571		—		1,571
Other Southern CA	1,771		—		—		1,771		3,081		2,130
Portland, OR	1,516		—		—		1,516		—		1,516
Mid-Atlantic Region
Metropolitan DC	1,977		1,910		—		1,948		2,773		1,977
Richmond, VA	1,273		—		—		1,273		—		1,273
Baltimore, MD	1,698		—		—		1,698		1,780		1,715
Northeast Region
New York, NY	4,236		—		—		4,236		4,754		4,316
Boston, MA	2,513		4,180		—		2,908		2,439		2,770
Philadelphia, PA	—		—		—		—		3,203		3,203
Southeast Region
Orlando, FL	1,209		—		—		1,209		—		1,209
Nashville, TN	1,226		—		—		1,226		—		1,226
Tampa, FL	1,308		—		—		1,308		—		1,308
Other Florida	1,474		—		—		1,474		—		1,474
Southwest Region
Dallas, TX	1,178		—		2,004		1,284		1,693		1,363
Austin, TX	1,357		—		1,420		1,376		4,153		1,635
Denver, CO	—		—		—		—		3,278		3,278
Weighted Average	$	1,981	$	2,150	$	2,498	$	2,021	$	2,962	$	2,090
(1) See Attachment 16 for definitions and other terms.
(2) Represents homes included in Stabilized, Non-Mature Communities category on Attachment 5.
(3) Represents homes included in Acquired, Development, Redevelopment, 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 ownership interests. See Attachment 12(A) for UDR's joint venture and partnership ownership interests.

12

Attachment 7(D)

UDR, Inc.

Net Operating Income Breakout By Market (1)

December 31, 2016

(Dollars in Thousands)

(Unaudited)

	Three Months Ended December 31, 2016
								UDR's
		Same-Store			Non Same-Store (2)			Share of JVs (2)(3)		Total
Net Operating Income		$	132,503		$	36,791		$	18,239	$	187,533
		Three Months Ended December 31, 2016
		As a % of NOI								As a % of NOI
Region		Same-Store			Total			Region		Same-Store			Total
West Region								Northeast Region
Orange County, CA		12.8		%	12.0		%	New York, NY		12.7		%		11.6	%
San Francisco, CA		12.1		%	11.8		%	Boston, MA		4.8		%		6.9	%
Seattle, WA		6.6		%	7.1		%	Philadelphia, PA		0.0		%		0.7	%
Los Angeles, CA		5.1		%	4.1		%			17.5		%		19.2	%
Monterey Peninsula, CA		4.0		%	2.9		%	Southeast Region
Other Southern CA		2.2		%	2.4		%	Orlando, FL		4.6		%		3.3	%
Portland, OR		1.1		%	0.8		%	Nashville, TN		4.5		%		3.2	%
		43.9		%	41.1		%	Tampa, FL		4.3		%		3.1	%
								Other Florida		1.3		%		0.9	%
Mid-Atlantic Region										14.7		%		10.5	%
Metropolitan DC		14.4		%	19.3		%	Southwest Region
Richmond, VA		2.7		%	1.9		%	Dallas, TX		3.3		%		3.8	%
Baltimore, MD		1.9		%	1.8		%	Austin, TX		1.6		%		2.0	%
		19.0		%	23.0		%	Denver, CO		0.0		%		0.4	%
										4.9		%		6.2	%
								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 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, 2016
(Unaudited)
		% of Same-
	Total	Store Portfolio		Same-Store
	Same-Store	Based on		Physical Occupancy						Total Revenue per Occupied Home
	Homes	4Q 2016 NOI		4Q 16		4Q 15		Change		4Q 16		4Q 15		Change
West Region
Orange County, CA	3,367	12.8	%	95.8	%	95.6	%	0.2	%	$	2,276	$	2,155	5.6	%
San Francisco, CA	2,230	12.1	%	96.4	%	96.3	%	0.1	%	3,301		3,233		2.1	%
Seattle, WA	2,014	6.6	%	96.8	%	96.7	%	0.1	%	2,048		1,907		7.4	%
Los Angeles, CA	1,225	5.1	%	95.7	%	95.6	%	0.1	%	2,641		2,571		2.7	%
Monterey Peninsula, CA	1,565	4.0	%	96.4	%	96.3	%	0.1	%	1,571		1,422		10.5	%
Other Southern CA	756	2.2	%	96.3	%	96.3	%	0.0	%	1,771		1,674		5.8	%
Portland, OR	476	1.1	%	96.5	%	96.9	%	-0.4	%	1,516		1,380		9.9	%
	11,633	43.9	%	96.2	%	96.1	%	0.1	%	2,312		2,200		5.1	%
Mid-Atlantic Region
Metropolitan DC	4,824	14.4	%	97.4	%	96.5	%	0.9	%	1,977		1,911		3.5	%
Richmond, VA	1,358	2.7	%	96.5	%	95.6	%	0.9	%	1,273		1,246		2.2	%
Baltimore, MD	720	1.9	%	97.4	%	95.3	%	2.1	%	1,698		1,668		1.8	%
	6,902	19.0	%	97.2	%	96.2	%	1.0	%	1,810		1,756		3.1	%
Northeast Region
New York, NY	1,945	12.7	%	97.5	%	97.3	%	0.2	%	4,236		4,133		2.5	%
Boston, MA	1,179	4.8	%	96.9	%	96.7	%	0.2	%	2,513		2,370		6.0	%
	3,124	17.5	%	97.2	%	97.1	%	0.1	%	3,592		3,470		3.5	%
Southeast Region
Orlando, FL	2,500	4.6	%	97.1	%	97.0	%	0.1	%	1,209		1,126		7.4	%
Nashville, TN	2,260	4.5	%	97.7	%	97.7	%	0.0	%	1,226		1,142		7.4	%
Tampa, FL	2,287	4.3	%	96.6	%	97.0	%	-0.4	%	1,308		1,220		7.2	%
Other Florida	636	1.3	%	97.3	%	96.2	%	1.1	%	1,474		1,430		3.1	%
	7,683	14.7	%	97.1	%	97.1	%	0.0	%	1,265		1,184		6.9	%
Southwest Region
Dallas, TX	2,040	3.3	%	96.9	%	96.5	%	0.4	%	1,178		1,110		6.1	%
Austin, TX	883	1.6	%	96.5	%	97.3	%	-0.8	%	1,357		1,302		4.2	%
	2,923	4.9	%	96.8	%	96.7	%	0.1	%	1,232		1,168		5.4	%
Total/Weighted Avg.	32,265	100.0	%	96.8	%	96.5	%	0.3	%	$	1,981	$	1,892	4.7	%
(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, 2016
(Unaudited)
	Total	Same-Store ($000s)
	Same-Store	Revenues						Expenses						Net Operating Income
	Homes	4Q 16		4Q 15		Change		4Q 16		4Q 15		Change		4Q 16		4Q 15		Change
West Region
Orange County, CA	3,367	$	22,021	$	20,810	5.8	%	$	5,121	$	4,956	3.3	%	$	16,900	$	15,854	6.6	%
San Francisco, CA	2,230	21,287		20,831		2.2	%	5,317		5,034		5.6	%	15,970		15,797		1.1	%
Seattle, WA	2,014	11,979		11,144		7.5	%	3,253		3,189		2.0	%	8,726		7,955		9.7	%
Los Angeles, CA	1,225	9,287		9,032		2.8	%	2,573		2,469		4.2	%	6,714		6,563		2.3	%
Monterey Peninsula, CA	1,565	7,111		6,429		10.6	%	1,763		1,737		1.5	%	5,348		4,692		14.0	%
Other Southern CA	756	3,869		3,657		5.8	%	1,019		1,033		-1.3	%	2,850		2,624		8.6	%
Portland, OR	476	2,089		1,909		9.4	%	569		521		9.1	%	1,520		1,388		9.6	%
	11,633	77,643		73,812		5.2	%	19,615		18,939		3.6	%	58,028		54,873		5.8	%
Mid-Atlantic Region
Metropolitan DC	4,824	27,866		26,693		4.4	%	8,818		8,548		3.2	%	19,048		18,145		5.0	%
Richmond, VA	1,358	5,003		4,852		3.1	%	1,395		1,353		3.1	%	3,608		3,499		3.1	%
Baltimore, MD	720	3,572		3,434		4.0	%	1,011		1,005		0.6	%	2,561		2,429		5.5	%
	6,902	36,441		34,979		4.2	%	11,224		10,906		2.9	%	25,217		24,073		4.7	%
Northeast Region
New York, NY	1,945	24,098		23,464		2.7	%	7,312		6,811		7.4	%	16,786		16,653		0.8	%
Boston, MA	1,179	8,613		8,105		6.3	%	2,250		2,070		8.7	%	6,363		6,035		5.4	%
	3,124	32,711		31,569		3.6	%	9,562		8,881		7.7	%	23,149		22,688		2.0	%
Southeast Region
Orlando, FL	2,500	8,804		8,191		7.5	%	2,649		2,612		1.4	%	6,155		5,579		10.3	%
Nashville, TN	2,260	8,119		7,563		7.3	%	2,151		2,157		-0.3	%	5,968		5,406		10.4	%
Tampa, FL	2,287	8,671		8,122		6.8	%	2,922		2,842		2.8	%	5,749		5,280		8.9	%
Other Florida	636	2,736		2,624		4.2	%	1,007		944		6.7	%	1,729		1,680		2.8	%
	7,683	28,330		26,500		6.9	%	8,729		8,555		2.0	%	19,601		17,945		9.2	%
Southwest Region
Dallas, TX	2,040	6,988		6,558		6.5	%	2,550		2,340		9.0	%	4,438		4,218		5.2	%
Austin, TX	883	3,469		3,355		3.4	%	1,399		1,297		7.8	%	2,070		2,058		0.7	%
	2,923	10,457		9,913		5.5	%	3,949		3,637		8.6	%	6,508		6,276		3.7	%
Totals	32,265	$	185,582	$	176,773	5.0	%	$	53,079	$	50,918	4.2	%	$	132,503	$	125,855	5.3	%
(1) See Attachment 16 for definitions and other terms.

15

Attachment 8(C)
UDR, Inc.
Same-Store Operating Information By Major Market (1)
Current Quarter vs. Last Quarter
December 31, 2016
(Unaudited)
	Total	Same-Store
	Same-Store	Physical Occupancy						Total Revenue per Occupied Home
	Homes	4Q 16		3Q 16		Change		4Q 16		3Q 16		Change
West Region
Orange County, CA	3,367	95.8	%	96.2	%	-0.4	%	$	2,276	$	2,260	0.7	%
San Francisco, CA	2,230	96.4	%	96.2	%	0.2	%	3,301		3,329		-0.8	%
Seattle, WA	2,014	96.8	%	96.5	%	0.3	%	2,048		2,032		0.8	%
Los Angeles, CA	1,225	95.7	%	96.3	%	-0.6	%	2,641		2,652		-0.4	%
Monterey Peninsula, CA	1,565	96.4	%	97.3	%	-0.9	%	1,571		1,534		2.4	%
Other Southern CA	756	96.3	%	96.3	%	0.0	%	1,771		1,762		0.5	%
Portland, OR	476	96.5	%	97.1	%	-0.6	%	1,516		1,500		1.1	%
	11,633	96.2	%	96.4	%	-0.2	%	2,312		2,304		0.4	%
Mid-Atlantic Region
Metropolitan DC	4,824	97.4	%	96.9	%	0.5	%	1,977		1,964		0.7	%
Richmond, VA	1,358	96.5	%	96.8	%	-0.3	%	1,273		1,285		-0.9	%
Baltimore, MD	720	97.4	%	96.4	%	1.0	%	1,698		1,702		-0.2	%
	6,902	97.2	%	96.8	%	0.4	%	1,810		1,803		0.4	%
Northeast Region
New York, NY	1,945	97.5	%	97.3	%	0.2	%	4,236		4,314		-1.8	%
Boston, MA	1,179	96.9	%	96.5	%	0.4	%	2,513		2,497		0.6	%
	3,124	97.2	%	97.0	%	0.2	%	3,592		3,632		-1.1	%
Southeast Region
Orlando, FL	2,500	97.1	%	97.1	%	0.0	%	1,209		1,201		0.7	%
Nashville, TN	2,260	97.7	%	97.8	%	-0.1	%	1,226		1,208		1.5	%
Tampa, FL	2,287	96.6	%	96.9	%	-0.3	%	1,308		1,301		0.5	%
Other Florida	636	97.3	%	96.6	%	0.7	%	1,474		1,488		-0.9	%
	7,683	97.1	%	97.2	%	-0.1	%	1,265		1,256		0.7	%
Southwest Region
Dallas, TX	2,040	96.9	%	96.9	%	0.0	%	1,178		1,170		0.7	%
Austin, TX	883	96.5	%	97.3	%	-0.8	%	1,357		1,363		-0.4	%
	2,923	96.8	%	97.0	%	-0.2	%	1,232		1,228		0.3	%
Total/Weighted Avg.	32,265	96.8	%	96.8	%	0.0	%	$	1,981	$	1,978	0.2	%
(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, 2016
(Unaudited)
	Total	Same-Store ($000s)
	Same-Store	Revenues						Expenses							Net Operating Income
	Homes	4Q 16		3Q 16		Change		4Q 16		3Q 16		Change			4Q 16		3Q 16		Change
West Region
Orange County, CA	3,367	$	22,021	$	21,960	0.3	%	$	5,121	$	4,962	3.2	%		$	16,900	$	16,998	-0.6	%
San Francisco, CA	2,230	21,287		21,424		-0.6	%	5,317		4,683		13.5	%	(2)	15,970		16,741		-4.6	%
Seattle, WA	2,014	11,979		11,850		1.1	%	3,253		3,249		0.2	%		8,726		8,601		1.4	%
Los Angeles, CA	1,225	9,287		9,387		-1.1	%	2,573		2,600		-1.1	%		6,714		6,787		-1.1	%
Monterey Peninsula, CA	1,565	7,111		7,006		1.5	%	1,763		1,781		-1.1	%		5,348		5,225		2.4	%
Other Southern CA	756	3,869		3,848		0.6	%	1,019		1,041		-2.1	%		2,850		2,807		1.5	%
Portland, OR	476	2,089		2,080		0.5	%	569		528		7.8	%		1,520		1,552		-2.0	%
	11,633	77,643		77,555		0.1	%	19,615		18,844		4.1	%		58,028		58,711		-1.2	%
Mid-Atlantic Region
Metropolitan DC	4,824	27,866		27,545		1.2	%	8,818		9,133		-3.5	%		19,048		18,412		3.5	%
Richmond, VA	1,358	5,003		5,067		-1.3	%	1,395		1,285		8.7	%		3,608		3,782		-4.7	%
Baltimore, MD	720	3,572		3,545		0.8	%	1,011		1,025		-1.4	%		2,561		2,520		1.7	%
	6,902	36,441		36,157		0.8	%	11,224		11,443		-1.9	%		25,217		24,714		2.0	%
Northeast Region
New York, NY	1,945	24,098		24,490		-1.6	%	7,312		7,500		-2.5	%		16,786		16,990		-1.2	%
Boston, MA	1,179	8,613		8,524		1.0	%	2,250		2,188		2.8	%		6,363		6,336		0.4	%
	3,124	32,711		33,014		-0.9	%	9,562		9,688		-1.3	%		23,149		23,326		-0.8	%
Southeast Region
Orlando, FL	2,500	8,804		8,743		0.7	%	2,649		2,750		-3.7	%		6,155		5,993		2.7	%
Nashville, TN	2,260	8,119		8,013		1.3	%	2,151		2,404		-10.5	%		5,968		5,609		6.4	%
Tampa, FL	2,287	8,671		8,651		0.2	%	2,922		3,115		-6.2	%		5,749		5,536		3.9	%
Other Florida	636	2,736		2,743		-0.3	%	1,007		999		0.8	%		1,729		1,744		-0.9	%
	7,683	28,330		28,150		0.6	%	8,729		9,268		-5.8	%		19,601		18,882		3.8	%
Southwest Region
Dallas, TX	2,040	6,988		6,940		0.7	%	2,550		2,573		-0.9	%		4,438		4,367		1.6	%
Austin, TX	883	3,469		3,513		-1.3	%	1,399		1,465		-4.5	%		2,070		2,048		1.1	%
	2,923	10,457		10,453		0.0	%	3,949		4,038		-2.2	%		6,508		6,415		1.4	%
Total	32,265	$	185,582	$	185,329	0.1	%	$	53,079	$	53,281	-0.4	%		$	132,503	$	132,048	0.3	%
(1) See Attachment 16 for definitions and other terms.
(2) 3Q16 Same Store Expenses were lowered by $680 thousand due to the reversal of a portion of the initial expected real estate tax assessment on a 2014 San Francisco development completion.

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, 2016
(Unaudited)
		% of Same-
	Total	Store Portfolio		Same-Store
	Same-Store	Based on		Physical Occupancy						Total Revenue per Occupied Home
	Homes	YTD 2016 NOI		YTD 16		YTD 15		Change		YTD 16		YTD 15		Change
West Region
Orange County, CA	3,194	12.3	%	96.0	%	95.6	%	0.4	%	$	2,231	$	2,089	6.8	%
San Francisco, CA	2,230	12.4	%	96.3	%	96.6	%	-0.3	%	3,313		3,129		5.9	%
Seattle, WA	1,852	6.0	%	96.7	%	96.9	%	-0.2	%	2,023		1,870		8.2	%
Los Angeles, CA	1,225	5.1	%	95.3	%	95.5	%	-0.2	%	2,629		2,486		5.8	%
Monterey Peninsula, CA	1,565	3.9	%	96.7	%	97.0	%	-0.3	%	1,512		1,344		12.5	%
Other Southern CA	756	2.1	%	95.8	%	96.2	%	-0.4	%	1,737		1,636		6.2	%
Portland, OR	476	1.2	%	97.1	%	97.5	%	-0.4	%	1,476		1,303		13.3	%
	11,298	43.0	%	96.2	%	96.3	%	-0.1	%	2,287		2,134		7.2	%
Mid-Atlantic Region
Metropolitan DC	4,824	14.4	%	97.0	%	96.7	%	0.3	%	1,958		1,914		2.3	%
Richmond, VA	1,358	2.8	%	96.6	%	96.1	%	0.5	%	1,270		1,241		2.3	%
Baltimore, MD	720	2.0	%	96.9	%	96.4	%	0.5	%	1,690		1,660		1.8	%
	6,902	19.2	%	96.9	%	96.5	%	0.4	%	1,795		1,758		2.1	%
Northeast Region
New York, NY	1,945	13.2	%	97.3	%	97.4	%	-0.1	%	4,249		4,069		4.4	%
Boston, MA	1,179	4.8	%	96.5	%	96.7	%	-0.2	%	2,476		2,337		5.9	%
	3,124	18.0	%	97.0	%	97.1	%	-0.1	%	3,583		3,418		4.8	%
Southeast Region
Orlando, FL	2,500	4.6	%	96.8	%	96.9	%	-0.1	%	1,188		1,103		7.7	%
Nashville, TN	2,260	4.4	%	97.6	%	97.4	%	0.2	%	1,197		1,113		7.5	%
Tampa, FL	2,287	4.4	%	96.7	%	97.0	%	-0.3	%	1,290		1,201		7.4	%
Other Florida	636	1.4	%	96.4	%	96.6	%	-0.2	%	1,483		1,422		4.3	%
	7,683	14.8	%	97.0	%	97.1	%	-0.1	%	1,245		1,161		7.2	%
Southwest Region
Dallas, TX	2,040	3.4	%	96.9	%	96.8	%	0.1	%	1,158		1,093		5.9	%
Austin, TX	883	1.6	%	96.8	%	97.4	%	-0.6	%	1,347		1,285		4.8	%
	2,923	5.0	%	96.8	%	97.0	%	-0.2	%	1,216		1,151		5.5	%
Total/Weighted Avg.	31,930	100.0	%	96.7	%	96.7	%	0.0	%	$	1,958	$	1,854	5.6	%
(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, 2016
(Unaudited)
	Total	Same-Store ($000s)
	Same-Store	Revenues						Expenses						Net Operating Income
	Homes	YTD 16		YTD 15		Change		YTD 16		YTD 15		Change		YTD 16		YTD 15		Change
West Region
Orange County, CA	3,194	$	82,071	$	76,538	7.2	%	$	18,586	$	19,010	-2.2	%	$	63,485	$	57,528	10.4	%
San Francisco, CA	2,230	85,365		80,882		5.5	%	21,034		18,931		11.1	%	64,331		61,951		3.8	%
Seattle, WA	1,852	43,469		40,263		8.0	%	12,221		11,613		5.2	%	31,248		28,650		9.1	%
Los Angeles, CA	1,225	36,831		34,901		5.5	%	10,290		9,239		11.4	%	26,541		25,662		3.4	%
Monterey Peninsula, CA	1,565	27,450		24,485		12.1	%	7,045		6,756		4.3	%	20,405		17,729		15.1	%
Other Southern CA	756	15,094		14,279		5.7	%	4,076		3,940		3.5	%	11,018		10,339		6.6	%
Portland, OR	476	8,189		7,254		12.9	%	2,077		1,976		5.1	%	6,112		5,278		15.8	%
	11,298	298,469		278,602		7.1	%	75,329		71,465		5.4	%	223,140		207,137		7.7	%
Mid-Atlantic Region
Metropolitan DC	4,824	109,936		107,154		2.6	%	35,301		35,338		-0.1	%	74,635		71,816		3.9	%
Richmond, VA	1,358	19,988		19,439		2.8	%	5,348		5,172		3.4	%	14,640		14,267		2.6	%
Baltimore, MD	720	14,145		13,830		2.3	%	4,045		4,200		-3.7	%	10,100		9,630		4.9	%
	6,902	144,069		140,423		2.6	%	44,694		44,710		0.0	%	99,375		95,713		3.8	%
Northeast Region
New York, NY	1,945	96,487		92,508		4.3	%	28,310		26,454		7.0	%	68,177		66,054		3.2	%
Boston, MA	1,179	33,798		31,970		5.7	%	8,892		8,985		-1.0	%	24,906		22,985		8.4	%
	3,124	130,285		124,478		4.7	%	37,202		35,439		5.0	%	93,083		89,039		4.5	%
Southeast Region
Orlando, FL	2,500	34,497		32,066		7.6	%	10,498		10,145		3.5	%	23,999		21,921		9.5	%
Nashville, TN	2,260	31,684		29,409		7.7	%	8,972		8,937		0.4	%	22,712		20,472		10.9	%
Tampa, FL	2,287	34,223		31,960		7.1	%	11,624		11,299		2.9	%	22,599		20,661		9.4	%
Other Florida	636	10,914		10,485		4.1	%	3,865		3,719		3.9	%	7,049		6,766		4.2	%
	7,683	111,318		103,920		7.1	%	34,959		34,100		2.5	%	76,359		69,820		9.4	%
Southwest Region
Dallas, TX	2,040	27,460		25,900		6.0	%	9,938		9,341		6.4	%	17,522		16,559		5.8	%
Austin, TX	883	13,813		13,266		4.1	%	5,735		5,418		5.9	%	8,078		7,848		2.9	%
	2,923	41,273		39,166		5.4	%	15,673		14,759		6.2	%	25,600		24,407		4.9	%
Totals	31,930	$	725,414	$	686,589	5.7	%	$	207,857	$	200,473	3.7	%	$	517,557	$	486,116	6.5	%
(1) See Attachment 16 for definitions and other terms.

19

Attachment 8(G)
UDR, Inc.
Same-Store Operating Information By Major Market (1)
December 31, 2016
(Unaudited)
	Effective Blended Lease Rate Growth		Effective New Lease Rate Growth		Effective Renewal Lease Rate Growth		Annualized Turnover (2)
	4Q 2016		4Q 2016		4Q 2016		4Q 2016		4Q 2015		YTD 2016		YTD 2015
West Region
Orange County, CA	4.3	%	3.2	%	5.9	%	46.7	%	47.6	%	55.2	%	55.6	%
San Francisco, CA	-1.4	%	-5.8	%	3.6	%	48.4	%	45.2	%	57.6	%	55.4	%
Seattle, WA	4.2	%	1.8	%	7.1	%	45.5	%	45.3	%	53.6	%	54.0	%
Los Angeles, CA	2.2	%	1.4	%	3.2	%	35.9	%	47.0	%	51.7	%	52.1	%
Monterey Peninsula, CA	6.2	%	3.5	%	9.1	%	53.0	%	61.3	%	55.1	%	56.6	%
Other Southern CA	4.0	%	2.9	%	5.6	%	52.5	%	49.9	%	57.0	%	60.2	%
Portland, OR	4.3	%	1.6	%	8.0	%	43.3	%	46.7	%	57.4	%	53.8	%
Mid-Atlantic Region
Metropolitan DC	1.8	%	-0.1	%	3.9	%	35.0	%	36.7	%	46.0	%	45.0	%
Richmond, VA	-0.2	%	-4.6	%	5.0	%	50.2	%	50.8	%	53.8	%	56.3	%
Baltimore, MD	0.0	%	-4.5	%	4.5	%	38.6	%	50.1	%	54.7	%	51.9	%
Northeast Region
New York, NY	0.6	%	-2.7	%	3.6	%	23.7	%	22.2	%	37.9	%	37.9	%
Boston, MA	3.4	%	-0.1	%	6.2	%	36.0	%	35.7	%	47.2	%	45.2	%
Southeast Region
Orlando, FL	4.2	%	1.5	%	7.4	%	46.8	%	44.6	%	53.5	%	51.3	%
Nashville, TN	5.0	%	4.1	%	5.9	%	41.8	%	43.2	%	51.5	%	53.5	%
Tampa, FL	3.2	%	1.0	%	5.6	%	45.3	%	43.2	%	55.3	%	53.4	%
Other Florida	2.1	%	-0.3	%	3.8	%	39.9	%	46.8	%	43.9	%	46.4	%
Southwest Region
Dallas, TX	4.1	%	1.8	%	6.6	%	45.5	%	48.0	%	54.6	%	56.7	%
Austin, TX	-0.1	%	-4.3	%	5.0	%	47.6	%	43.6	%	52.0	%	46.2	%
Total/Weighted Avg.	2.4	%	0.0	%	5.1	%	42.5	%	43.6	%	51.7	%	51.4	%
Percentage of Total Repriced Homes			52.8	%	47.2	%
(1) See Attachment 16 for definitions and other terms.
(2) 4Q16 same-store home count: 32,265. YTD 2016 same-store home count: 31,930.

20

Attachment 9
UDR, Inc.
Development Summary (1) (2)
December 31, 2016
(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
The Residences at Pacific City	Huntington Beach, CA	516			—	$	234,275	$	342,000	$	663		$	—	2Q15		2Q17	1Q18	5.8	%	—
345 Harrison Street	Boston, MA	585			—	108,007		366,500		626		(3)	—		1Q16		3Q18	1Q19	—		—
Total		1,101			—	$	342,282	$	708,500	$	644		$	—
Completed Projects, Non-Stabilized
N/A	N/A	—			—	$	—	$	—	$	—		$	—	N/A		N/A	N/A	—		—
Total - Wholly Owned		1,101			—	$	342,282	$	708,500	$	644		$	—
Net Operating Income From Wholly-Owned Projects													UDR's Capitalized Interest on Wholly-Owned Development Projects
		4Q 16													4Q 16
Projects Under Construction		$	(170	)											$	2,821
Completed, Non-Stabilized		—
Total		$	(170	)
Unconsolidated Joint Ventures and Partnerships (8)
															Schedule				Percentage
		Own.			# of	Compl.		Cost to		Budgeted			Project				Initial
Community	Location	Interest			Homes	Homes		Date (9)		Cost			Debt (10)		Start		Occ.	Compl.	Leased		Occupied
Projects Under Construction
Residences on Jamboree	Irvine, CA	50		%	381	99		$	116,266	$	125,000		$	50,880	3Q14		4Q16	1Q17	29.1	%	13.4	%
Verve Mountain View	Mountain View, CA	50		%	155	—		81,319		99,000		(6)	33,974		1Q15		1Q17	2Q17	4.5	%	—
Crescent Heights	Los Angeles, CA	50		%	150	—		47,198		126,000		(7)	—		2Q16		3Q18	3Q18	—		—
Vitruvian West	Addison, TX	50		%	383	—		9,321		59,000			—		4Q16		2Q18	4Q18	—		—
Total					1,069	99		$	254,104	$	409,000		$	84,854
Completed Projects, Non-Stabilized
399 Fremont	San Francisco, CA	51		%	447	447		$	317,955	$	319,000	(4)	$	171,012	1Q14		1Q16	2Q16	85.5	%	83.0	%
3033 Wilshire	Los Angeles, CA	50		%	190	190		107,171		108,000		(5)	51,630		4Q14		4Q16	4Q16	26.8	%	20.5	%
Total - Unconsolidated Joint Ventures and Partnerships					1,706	736		$	679,230	$	836,000		$	307,496
													UDR's Capitalized Interest on Unconsolidated Development Projects
															4Q 16
															$	987
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) Includes 35,200 square feet of retail space.
(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) Includes 6,000 square feet of retail space.
(8) Unconsolidated developments are presented at 100%.
(9) Cost to Date includes land using the fair value established at joint venture formation versus historical cost and excludes UDR outside basis differences.
(10) Debt balances are presented net of deferred financing costs.

21

Attachment 10
UDR, Inc.
Redevelopment Summary (1)
December 31, 2016
(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
Edgewater (4)	San Francisco, CA		193	58	58	$	6,289	$	7,000	$	36	1Q08	4Q15	1Q17	2Q18	92.8	%	91.2	%
Residences at the Domain	Austin, TX		390	311	274	6,159		8,500		22		3Q08	1Q16	1Q17	2Q18	95.9	%	93.3	%
Thirty377 (4)	Dallas, TX		305	56	19	2,211		9,500		31		3Q06	3Q16	1Q18	2Q19	94.4	%	93.8	%
Total			888	425	351	$	14,659	$	25,000	$	28
Completed Redevelopments, Non-Stabilized
N/A	N/A		—	—	—	$	—	$	—	$	—	N/A	N/A	N/A	N/A	—		—
Total - Wholly Owned			888	425	351	$	14,659	$	25,000	$	28
Capitalized Interest on Redevelopment Projects
	4Q 16
	$	30
			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) Redevelopment projects consists of interior home improvements and renovation of building exteriors, corridors, and common area amenities.

22

Attachment 11
UDR, Inc.
Land Summary (1)
December 31, 2016
(Dollars in Thousands)
(Unaudited)
			UDR Ownership	Real Estate		UDR's Share
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%	$	7,023	$	7,023	Complete		In Process
Vitruvian Park®	Addison, TX		100%	13,533		13,533		Complete			In Process
Dublin Land	Dublin, CA		100%	9,181		9,181		In Process		In Process
Total				$	29,737	$	29,737
				Real Estate		UDR's Share
				Cost Basis		Cost Basis
Unconsolidated Joint Ventures and Partnerships
UDR/MetLife Land - 5 parcels	Addison, TX		50%	$	43,760	$	21,880	Complete		In Process	In Process
Total				$	43,760	$	21,880
Total				$	73,497	$	51,617
Capitalized Interest on Land Projects
	4Q 16
	$	523
						Income from Ground Lease
				Real Estate
Wholly-Owned Ground Lease				Cost Basis		4Q 2016		YTD 2016
Wilshire at LaJolla (4)	Los Angeles, CA		100%	$	31,217	$	662	$	1,355
(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) In June 2016, the Company increased its ownership interest in the parcel of land from 50% to 100%. Subsequent to the acquisition, UDR entered into a triple-net operating ground lease, to lease the land to a third-party developer. Annual lease revenue is expected to be approximately $2.6 million. The lease term is 49 years plus two 25-year extension options, and the ground lease provides the ground lessee with options to buy the fee interest in the property.

23

Attachment 12(A)
UDR, Inc.
Unconsolidated Joint Venture Summary (1)
December 31, 2016
(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 (5)			Interest		4Q 16		4Q 16 (1)			4Q 2016			YTD 2016			YTD 2016 (2)
UDR / MetLife
Operating communities	Various		21			5,302			50	%	96.3	%	$	2,855		$	15,261		$	60,479		$	120,859
Non-Mature (8)	High-rise		1			151			50	%	96.7	%	3,846			551			1,468			2,929
Development communities (7)	Various		6			736			(3)		64.9	%	3,727			1,335			1,650			3,207
Land parcels (7)			5			—			50	%	—		—			(4		)	(21		)	(45		)
UDR / KFH	High-rise		3			660			30	%	97.7	%	2,611			1,096			4,291			14,304
Total/Weighted Average			36			6,849					92.1	%	$	2,962		$	18,239		$	67,867		$	141,254
Balance Sheet Characteristics and Returns
	Gross Book Value										Weighted
	of JV Real		Total Project			UDR's Equity					Avg. Debt		Debt			Returns (6)
Joint Venture and Partnerships	Estate Assets (4)		Debt (4)			Investment					Interest Rate		Maturities			ROIC			ROE
UDR / MetLife
Operating communities	$	2,150,986	$	1,270,935		$	321,363				4.43	%	2018-2025
Non-Mature	112,501		50,734			20,146					4.53	%	2018-2021
Development communities	697,484		307,496			191,770					2.89	%	2018
Land parcels	43,760		—			36,605					N/A		N/A
UDR / KFH	285,023		165,687			12,835					2.70	%	2025-2026
Total/Weighted Average	$	3,289,754	$	1,794,852		$	582,719				4.01	%				5.9		%	7.6		%
Same-Store Unconsolidated Joint Venture Growth
	Same-Store
	Joint Venture		4Q 2016 vs. 4Q 2015 Growth										4Q 2016 vs. 3Q 2016 Growth
Joint Venture	Communities (4)		Revenue			Expense			NOI				Revenue			Expense			NOI
UDR / MetLife	21		2.6		%	5.2		%	1.3	%			-0.8		%	-3.1		%	0.2		%
UDR / KFH	3		5.2		%	2.5		%	6.3	%			0.6		%	-2.2		%	1.7		%
Total/Average	24		2.8		%	5.0		%	1.9	%			-0.7		%	-3.0		%	0.4		%
									NOI										NOI
Same-Store JV Results at UDR's Ownership Interest									1.7	%									0.3		%
	Same-Store
	Joint Venture		YTD 2016 vs. YTD 2015 Growth
Joint Venture	Communities (4)		Revenue			Expense			NOI
UDR / MetLife	21		2.4		%	3.8		%	1.7	%
UDR / KFH	3		3.4		%	1.9		%	4.0	%
Total/Average	24		2.5		%	3.7		%	1.9	%
									NOI
Same-Store JV Results at UDR's Ownership Interest									1.8	%
(1) See Attachment 16 for definitions and other terms.
(2) Represents NOI at 100 percent for the period ended December 31, 2016.
(3) 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%, Verve Mountain View of which UDR owns 50.1%, Crescent Heights of which UDR owns 50.0% and Vitruvian West of which UDR owns 50.0%.
(4) Joint ventures and partnerships represented at 100%.
(5) Includes homes completed for the period ended December 31, 2016.
(6) Excludes non-stabilized developments.
(7) Commenced construction on Vitruvian West as noted on Attachment 9.
(8) On October 3, 2016, two communities in Seattle, WA were acquired 100% by UDR as noted on Attachment 13.
24

24

Attachment 12(B)
UDR, Inc.
Preferred Equity and Participating Loan Investments (1)
December 31, 2016
(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 (2)			Leased		Occupied
Projects Under Construction
West Coast Development JV (2)
Katella Grand II	Anaheim, CA		49	%	386		—		$	114,660	$	26,529	$	3,960	4Q14		4Q17			3Q18			—		—
Total					386		—		$	114,660	$	26,529	$	3,960
Completed Projects, Non-Stabilized
West Coast Development JV (2)
8th & Republican (3)(5)	Seattle, WA		48	%	211		211		$	97,020	$	23,971	$	21,568	3Q14		2Q16			1Q17			87.2	%	82.9	%
OLiVE DTLA (3)(4)	Los Angeles, CA		47	%	293		293		129,360		33,698		24,160		2Q14		4Q16			4Q17			15.0	%	10.9	%
Total					504		504		$	226,380	$	57,669	$	45,728
Completed Projects, Stabilized
West Coast Development JV (2)
CityLine (6)	Seattle, WA		49	%	244		244		$	80,360	$	20,214	$	18,621	3Q14		2Q16			3Q16			95.5	%	95.5	%
Katella Grand I	Anaheim, CA		49	%	399		399		137,935		34,268		31,531		4Q13		2Q16			4Q16			93.7	%	91.5	%
Total					643		643		$	218,295	$	54,482	$	50,152
Total - Preferred Equity Investments					1,533		1,147		$	559,335	$	138,680	$	99,840
Economics For Projects Under Construction and Completed Projects, Non-Stabilized
							Income from Preferred
	UDR's Equity				Preferred		Equity Investment (7)
	Investment (9)				Return		4Q 2016		YTD 2016
West Coast Development JV (2)	$	93,323			6.5	%	$	1,322	$	5,211
Economics For Completed Projects, Stabilized
							Income from Preferred						Total Rev. per		Net Operating Income
	UDR's Equity						Equity Investment (7)						Occ. Home		UDR's Share					Total
	Investment (9)						4Q 2016		YTD 2016				4Q 16 (1)		4Q 2016		YTD 2016			YTD 2016 (8)
West Coast Development JV (2)	$	56,980					$	547	$	3,201			$	2,118	$	550	$	667		$	1,361
Participating Loan Investment
					# of		Compl.		Cost to		Budgeted		Loan		Loan
Community	Location				Homes		Homes		Date		Cost		Commitment (12)		Balance (12)		Leased			Occupied
Steele Creek (10)(11)	Denver, CO				218		218		$	110,055	$	110,055	$	93,458	$	94,003	86.7		%	85.8		%
Total					218		218		$	110,055	$	110,055	$	93,458	$	94,003
											Income from Participating
					Interest		Years to				Loan Investment						Upside
	UDR's Investment				Rate		Maturity				4Q 2016		YTD 2016				Participation
Steele Creek (12)	$	94,003			6.5	%	0.6				$	1,567	$	6,213			50%
(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 OLiVE DTLA is held by an additional co-investor.
(4) Includes 15,500 square feet of retail space.
(5) Includes 13,600 square feet of retail space.
(6) On January 25, 2017, CityLine was acquired 100% by UDR.
(7) Excludes depreciation expense.
(8) Represents NOI at 100 percent for the period ended December 31, 2016.
(9) UDR's equity investment of $150.3 million is inclusive of outside basis and our accrued preferred return, which differs from our investment cost of $138.7 million. For 4Q 2016 and YTD 2016, UDR received distributions of $1.1 million and $1.8 million, respectively, related to payment of our accrued preferred return.
(10) Includes 17,000 square feet of retail space.
(11) 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, which occurred in April 2015, and receive 50% of the value created from the project upon acquisition of the community or sale to a third party.
(12) Loan commitment represents loan principal and therefore excludes accrued interest. Loan balance includes interest accrued at 6.5% prior to the period end.

25

Attachment 13
UDR, Inc.
Acquisitions and Dispositions Summary (1)
December 31, 2016
(Dollars in Thousands)
(Unaudited)
				Post
			Prior	Transaction
			Ownership	Ownership					# of	Price per
Date of Purchase	Community	Location	Interest	Interest	Price (2)		Debt (2)		Homes	Home
Acquisitions - Wholly-Owned Land
Jun-16	Wilshire at LaJolla (3)	Los Angeles, CA	50%	100%	$	38,000	$	—	—	$	—
Aug-16	Dublin Land	Dublin, CA	5%	100%	9,000		—		—	—
					$	47,000	$	—	—	$	—
Acquisitions - Wholly-Owned
Oct-16	Ashton Bellevue	Bellevue, WA	50%	100%	$	132,230	$	47,771	202	$	655
Oct-16	Ten20	Bellevue, WA	50%	100%	80,370		28,025		129	623
Nov-16	Milehouse (1031 exchange)	Redmond, WA	0%	100%	70,201		—		177	397
					$	282,801	$	75,796	508	$	557
				Post
			Prior	Transaction
			Ownership	Ownership					# of	Price per
Date of Sale	Community	Location	Interest	Interest	Price (2)		Debt (2)		Homes	Home
Dispositions - Joint Ventures
Sep-16	Cirque	Dallas, TX	50%	0%	$	74,711	$	18,974	252	$	296
					$	74,711	$	18,974	252	$	296
Dispositions - Joint Ventures Land
Feb-16	2919 Wilshire	Santa Monica, CA	95%	0%	$	10,500	$	—	—	$	—
Mar-16	3032 Wilshire	Santa Monica, CA	95%	0%	13,500		—		—	—
Aug-16	Los Angeles Land	Los Angeles, CA	3%	0%	18,000		—		—	—
Aug-16	Bellevue Land	Bellevue, WA	6%	0%	41,000		—		—	—
					$	83,000	$	—	—	$	—
Dispositions - Wholly-Owned
May-16	Bellevue Plaza (4)	Bellevue, WA	100%	0%	$	45,350	$	—	—	$	—
Nov-16	7 operating communities (5)	Baltimore, MD	100%	0%	236,000		—		1,402	168
Nov-16	Highlands of Preston (1031 exchange)	Dallas, TX	100%	0%	48,600		—		380	128
					$	329,950	$	—	1,782	$	160
(1) See Attachment 16 for definitions and other terms.
(2) Price represents 100% of the value of assets. Debt represents 100% of the asset's indebtedness.
(3) Subsequent to the acquisition, UDR entered into a triple-net operating ground lease, to lease the land to a third-party developer. Annual lease revenue is expected to be approximately $2.6 million. The lease term is 49 years plus two 25-year extension options, and the ground lease provides the ground lessee with options to buy the fee interest in the property.
(4) Consists of 60,000 square feet of retail space.
(5) The dispositions were executed in a series of two transactions, of which one transaction (two communities) was a reverse 1031 exchange.

26

Attachment 14
UDR, Inc.
Capital Expenditure and Repair and Maintenance Summary (1)
December 31, 2016
(Dollars in Thousands)
(Unaudited)
		Three Months				Capex		Twelve Months				Capex
	Weighted Avg.	Ended		Cost		as a %		Ended		Cost		as a %
Category (Capitalized)	Useful Life (yrs.) (2)	December 31, 2016		per Home		of NOI		December 31, 2016		per Home		of NOI
Capital Expenditures for Consolidated Homes (3)
Average number of homes (4)		39,989						40,543
Recurring Cap Ex
Asset preservation
Building interiors	5 - 20	$	5,450	$	136			$	17,625	$	435
Building exteriors	5 - 20	5,026		126				11,498		284
Landscaping and grounds	10	2,498		62				5,602		138
Total asset preservation		12,974		324				34,725		856
Turnover related	5	3,000		75				12,532		309
Total Recurring Cap Ex		15,974		399		10	%	47,257		1,166		7	%
Revenue Enhancing Cap Ex (5)
Kitchen & Bath		2,699		67				14,716		363
Revenue Enhancing		7,801		195				29,698		733
Total Revenue Enhancing Cap Ex	5 - 20	10,500		263				44,414		1,095
Total Recurring and Revenue Enhancing Cap Ex		$	26,474	$	662			$	91,671	$	2,261
One-Time Infrastructure Cap Ex	5 - 35	$	581	$	—			$	2,136	$	—
		Three Months						Twelve Months
		Ended		Cost				Ended		Cost
Category (Expensed)		December 31, 2016		per Home				December 31, 2016		per Home
Repair and Maintenance for Consolidated Homes
Average number of homes (4)		39,989						40,543
Contract services		$	4,780	$	120			$	19,453	$	480
Turnover related expenses		1,114		28				4,054		100
Other Repair and Maintenance
Building interiors		1,965		49				7,252		179
Building exteriors		454		11				1,740		43
Landscaping and grounds		230		6				1,360		34
Total		$	8,543	$	214			$	33,859	$	835
(1) See Attachment 16 for definitions and other terms.
(2) Weighted average useful life of capitalized expenses for the three months ended December 31, 2016.
(3) Excludes redevelopment capital and initial capital expenditures.
(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 2017 Guidance (1)
December 31, 2016
(Unaudited)
Net Income, FFO, FFO as Adjusted and AFFO per Share and Unit Guidance
	1Q 2017	Full-Year 2017
Income/(loss) per weighted average common share, diluted	$0.08 to $0.09	$0.31 to $0.36
FFO per common share and unit, diluted	$0.44 to $0.46	$1.83 to $1.87
FFO as Adjusted per common share and unit, diluted	$0.44 to $0.46	$1.83 to $1.87
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted	$0.42 to $0.44	$1.68 to $1.72
Annualized dividend per share and unit		$1.24
Same-Store Guidance		Full-Year 2017
Revenue growth		3.00% - 4.00%
Expense growth		2.50% - 3.50%
NOI growth		3.25% - 4.25%
Physical occupancy		96.7%
Same-Store homes		35,689
Sources of Funds ($ in millions)		Full-Year 2017
AFFO in Excess of Dividends		$136 to $148
Sales Proceeds and Debt and Equity Issuances		$300 to $500
Construction Loan Proceeds		$50 to $75
Uses of Funds ($ in millions)		Full-Year 2017
Debt maturities inclusive of principal amortization (weighted average interest rate of 1.5%)		$51
Development and redevelopment spending and land acquisitions		$350 to $450
Acquisitions		$66 to $200
Revenue enhancing capital expenditures inclusive of Kitchen and Bath		$40 to $50
Other Additions/(Deductions) ($ in millions except per home amounts)		Full-Year 2017
Consolidated interest expense, net of capitalized interest and adjustments for FFO as Adjusted		($120) to ($124)
Capitalized interest (2)		$16 to $20
General and administrative		($46) to ($49)
Tax benefit/(provision) for TRS		($1) to ($2)
Total joint venture FFO including fee income, net of adjustments for FFO as Adjusted		$53 to $60
Non-recurring items:
Disposition related gains/(losses) and non-recurring fees included in FFO		$1 to $2
Average stabilized homes		39,500
Recurring capital expenditures per home		$1,150
(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, net of adjustments for FFO as Adjusted" above.

28

Attachment 16(A)

UDR, Inc.

Definitions and Reconciliations

December 31, 2016

(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 common stockholders is the most directly comparable GAAP financial measure to AFFO. Management believes that AFFO is a widely recognized measure of the operations of REITs, and presenting AFFO 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 common stockholders 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.

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/(loss) on the sale of real estate owned, 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 common stockholders is the most directly comparable GAAP financial measure to FFO as Adjusted. However, other REITs may use different methodologies for calculating FFO as Adjusted or similar FFO measures and, accordingly, our FFO as Adjusted may not always be comparable to FFO as Adjusted or similar FFO measures calculated by other REITs. FFO as Adjusted should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of financial performance, or as an alternative to cash flows from operating activities (determined in accordance with GAAP) as a measure of our liquidity. A reconciliation from net income attributable to common stockholders to FFO as Adjusted is provided on Attachment 2.

Funds From Operations ("FFO") attributable to common stockholders and unitholders:  The Company defines FFO 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, unvested LTIP units, 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 common stockholders to FFO is provided on Attachment 2.

29

Attachment 16(B)
UDR, Inc.
Definitions and Reconciliations
December 31, 2016
(Unaudited)
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/(loss) on the sale of real estate owned, 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 Ownership Interest
In thousands				4Q 2016			YTD 2016
Income/(loss) from unconsolidated entities				$	35,945		$	52,234
Management fee				1,138			4,711
Interest expense				8,596			33,233
Depreciation				13,055			47,832
General and administrative				124			536
West Coast Development JV				(1,869		)	(8,412		)
Steele Creek				(1,567		)	(6,213		)
Other (income)/expense (includes 717 Olympic casualty (gain)/expense)				(168		)	(4,059		)
NOI related to sold properties				(80		)	(4,496		)
Gain on sales				(36,385		)	(46,832		)
Total Joint Venture NOI at UDR's Ownership Interest				$	18,789		$	68,534
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 its 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/(loss) on the sale of real estate owned, 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 2016			3Q 2016			2Q 2016			1Q 2016			4Q 2015
Net income/(loss) attributable to UDR, Inc.	$	237,617		$	26,956		$	17,946		$	10,393		$	162,200
Property management	6,603			6,607			6,494			6,379			6,445
Other operating expenses	2,369			1,636			1,892			1,752			3,534
Real estate depreciation and amortization	102,537			105,802			105,937			105,339			104,909
Interest expense	29,295			31,954			30,678			31,104			33,170
Casualty-related (recoveries)/charges, net	(1,102		)	205			1,629			—			(45		)
General and administrative	13,256			11,826			10,835			13,844			17,993
Tax (benefit)/provision, net	(3,063		)	94			(402		)	(403		)	(1,424		)
(Income)/loss from unconsolidated entities	(35,945		)	(15,285		)	(325		)	(679		)	(1,052		)
Interest income and other (income)/expense, net	(481		)	(478		)	(540		)	(431		)	(407		)
Joint venture management and other fees	(2,927		)	(2,997		)	(2,618		)	(2,858		)	(3,253		)
Other depreciation and amortization	1,458			1,526			1,486			1,553			1,899
(Gain)/loss on sale of real estate owned, net of tax	(200,466		)	—			(7,315		)	(3,070		)	(172,635		)
Net income/(loss) attributable to noncontrolling interests	22,129			2,510			1,618			1,211			14,963
Total consolidated NOI	$	171,280		$	170,356		$	167,315		$	164,134		$	166,297

30

 Attachment 16(C)

UDR, Inc.

Definitions and Reconciliations

December 31, 2016

(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 ("Cap Ex"):  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 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.

31

Attachment 16(D)
UDR, Inc.
Definitions and Reconciliations
December 31, 2016
(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 2017 and first quarter of 2017 to forecasted FFO, FFO as Adjusted and AFFO per share and unit:
	Full-Year 2017
	Low			High
Forecasted net income per diluted share	$	0.31		$	0.36
Conversion from GAAP share count	(0.17		)	(0.18		)
Depreciation	1.69			1.69
Noncontrolling interests	(0.01		)	(0.01		)
Preferred dividends	0.01			0.01
Forecasted FFO per diluted share and unit	$	1.83		$	1.87
Disposition-related FFO	—			—
Acquisition-related and other costs	—			—
Cost associated with debt extinguishment	—			—
Casualty-related (recoveries)/charges	—			—
Forecasted FFO as Adjusted per diluted share and unit	$	1.83		$	1.87
Recurring capital expenditures	(0.15		)	(0.15		)
Forecasted AFFO per diluted share and unit	$	1.68		$	1.72
	1Q 2017
	Low			High
Forecasted net income per diluted share	$	0.08		$	0.09
Conversion from GAAP share count	(0.06		)	(0.05		)
Depreciation	0.42			0.42
Noncontrolling interests	—			—
Preferred dividends	—			—
Forecasted FFO per diluted share and unit	$	0.44		$	0.46
Disposition-related FFO	—			—
Acquisition-related and other costs	—			—
Cost associated with debt extinguishment	—			—
Casualty-related (recoveries)/charges	—			—
Forecasted FFO as Adjusted per diluted share and unit	$	0.44		$	0.46
Recurring capital expenditures	(0.02		)	(0.02		)
Forecasted AFFO per diluted share and unit	$	0.42		$	0.44

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EX-99.3

Exhibit 99.3