Exhibit 99.2

Financial Highlights

UDR, Inc.

As of End of Fourth Quarter 2020

(Unaudited) (1)

	Actual Results	Actual Results	Guidance as of December 31, 2020
Dollars in thousands, except per share and unit	4Q 2020	YTD 2020	1Q 2021	Full-Year 2021
GAAP Metrics
Net income/(loss) attributable to UDR, Inc.	$26,532	$64,266	--	--
Net income/(loss) attributable to common stockholders	$25,481	$60,036	--	--
Income/(loss) per weighted average common share, diluted	$0.09	$0.20	$0.14 to $0.16	$0.13 to $0.25
Per Share Metrics
FFO per common share and unit, diluted	$0.39	$1.85	$0.45 to $0.47	$1.87 to $1.99
FFO as Adjusted per common share and unit, diluted	$0.49	$2.04	$0.46 to $0.48	$1.88 to $2.00
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted	$0.43	$1.86	$0.43 to $0.45	$1.70 to $1.82
Dividend declared per share and unit	$0.36	$1.44	$0.3625	$1.45
Combined Same-Store Operating Metrics (2)
Combined Revenue growth/(decline) (Cash basis)	-5.9%	-2.8%	--	(2.50%) - 0.50%
Combined Revenue growth/(decline) (Straight-line basis)	-4.5%	-1.7%	--	(4.50%) - (1.50%)
Combined Expense growth	4.8%	3.7%	--	1.00% - 4.00%
Combined NOI growth/(decline) (Cash basis)	-10.1%	-5.4%	--	(4.00%) - 0.00%
Combined NOI growth/(decline) (Straight-line basis)	-8.1%	-3.9%	--	(6.50%) - (2.50%)
Combined Physical Occupancy	96.1%	96.3%	--	--
Property Metrics	Homes	Communities	% of Total NOI
Combined Same-Store (2)	45,088	141	88.8%
Acquired JV Same-Store Portfolio (2)	(3,619)	(11)	-7.2%
UDR Same-Store	41,469	130	81.6%
Stabilized, Non-Mature	1,535	5	2.6%
Acquired JV Same-Store Portfolio (2)	3,619	11	7.2%
Acquired Communities	1,072	2	0.6%
Development, completed	202	-	0.1%
Non-Residential / Other	N/A	N/A	3.8%
Joint Venture (3)	2,837	13	4.1%
Total completed homes	50,734	161	100%
Held for Disposition	679	2	-
Under Development	1,176	5	-
Total Quarter-end homes (3)(4)	52,589	168	100%
Balance Sheet Metrics (adjusted for non-recurring items)
	4Q 2020	4Q 2019
Consolidated Interest Coverage Ratio	4.6x	5.0x
Consolidated Fixed Charge Coverage Ratio	4.5x	4.9x
Consolidated Debt as a percentage of Total Assets	34.9%	34.2%
Consolidated Net Debt-to-EBITDAre	6.8x	6.1x

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

(2) Amounts include the Acquired JV Same-Store Portfolio Communities as if these communities were 100% owned by UDR during all periods presented. These communities were stabilized as of the beginning of the prior year, were not in process of any substantial redevelopment activities, and were not held for disposition. Because these communities became wholly owned by UDR in 2019 (the 11 communities and 3,619 homes were previously owned by UDR unconsolidated JVs), they are not included in the UDR Same-Store Communities. These 11 communities will be eligible to join the UDR Same-Store Communities on January 1, 2021.

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

(4) Excludes 2,644 homes that are part of the Developer Capital Program as described in Attachment 12(B).

1

Attachment 1

UDR, Inc.

Consolidated Statements of Operations

(Unaudited) (1)

	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
In thousands, except per share amounts	2020		2019		2020		2019
REVENUES:
Rental income (2)	$	301,176	$	302,745	$	1,236,096	$	1,138,138
Joint venture management and other fees		1,208		2,073		5,069		14,055
Total revenues		302,384		304,818		1,241,165		1,152,193
OPERATING EXPENSES:
Property operating and maintenance		50,359		47,245		201,944		178,947
Real estate taxes and insurance		45,965		40,264		180,450		150,888
Property management		8,659		8,703		35,538		32,721
Other operating expenses		6,153		2,800		22,762		13,932
Real estate depreciation and amortization		146,135		143,464		608,616		501,257
General and administrative		11,978		14,531		49,885		51,533
Casualty-related charges/(recoveries), net		778		1,316		2,131		474
Other depreciation and amortization		2,074		1,713		10,013		6,666
Total operating expenses		272,101		260,036		1,111,339		936,418
Gain/(loss) on sale of real estate owned		57,974		-		119,277		5,282
Operating income		88,257		44,782		249,103		221,057
Income/(loss) from unconsolidated entities (2)		4,516		118,486		18,844		137,873
Interest expense		(37,874)		(37,124)		(153,516)		(141,323)
Cost associated with debt extinguishment and other		(24,650)		(23,311)		(49,190)		(29,594)
Total interest expense		(62,524)		(60,435)		(202,706)		(170,917)
Interest income and other income/(expense), net (3)		(1,030)		2,406		6,274		15,404
Income/(loss) before income taxes		29,219		105,239		71,515		203,417
Tax (provision)/benefit, net		(668)		(2)		(2,545)		(3,838)
Net Income/(loss)		28,551		105,237		68,970		199,579
Net (income)/loss attributable to redeemable noncontrolling interests in the OP and DownREIT Partnership (4)		(1,929)		(7,235)		(4,543)		(14,426)
Net (income)/loss attributable to noncontrolling interests		(90)		(43)		(161)		(188)
Net income/(loss) attributable to UDR, Inc.		26,532		97,959		64,266		184,965
Distributions to preferred stockholders - Series E (Convertible)		(1,051)		(1,031)		(4,230)		(4,104)
Net income/(loss) attributable to common stockholders	$	25,481	$	96,928	$	60,036	$	180,861
Income/(loss) per weighted average common share - basic:		$0.09		$0.33		$0.20		$0.63
Income/(loss) per weighted average common share - diluted:		$0.09		$0.33		$0.20		$0.63
Common distributions declared per share		$0.3600		$0.3425		$1.4400		$1.3700
Weighted average number of common shares outstanding - basic		294,301		293,107		294,545		285,247
Weighted average number of common shares outstanding - diluted		294,805		294,073		294,927		286,015

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

(2) During the three months ended December 31, 2020, UDR collected 95.4% of billed residential revenue and 88.9% of billed retail revenue. Of the 4.6% and 11.1% not collected, UDR reserved (reflected as a reduction to revenues) approximately 1.3% or $4.0 million for residential, including $0.1 million for UDR’s share from unconsolidated joint ventures, and 23.8% or $1.7 million, including straight-line rent receivables and $0.1 million for UDR’s share from unconsolidated joint ventures, for retail. The reserves are based on probability of collection.

(3) During the three months ended December 31, 2020, UDR recorded an impairment charge of approximately $3.1 million on its investment in equity securities of a non-core investment. Following the impairment charge, UDR’s investment is carried at $0 on the consolidated balance sheet. UDR initially acquired the investment for $1.0 million in 2016 and recorded an unrealized gain of $2.1 million in 2018 based on the pricing of a subsequent capital raise.

(4) Due to the quarterly calculation of noncontrolling interests, the sum of the quarterly amounts will not equal the annual totals.

2

Attachment 2

UDR, Inc.

Funds From Operations

(Unaudited) (1)

	Three Months Ended					Twelve Months Ended
	December 31,					December 31,
In thousands, except per share and unit amounts	2020		2019			2020	2019
Net income/(loss) attributable to common stockholders	$	25,481	$	96,928	$	60,036	$	180,861
Real estate depreciation and amortization		146,135		143,464		608,616		501,257
Noncontrolling interests		2,019		7,278		4,704		14,614
Real estate depreciation and amortization on unconsolidated joint ventures		8,724		12,454		35,023		57,954
Net gain on the sale of unconsolidated depreciable property		-		(114,897)		-		(125,407)
Net gain on the sale of depreciable real estate owned, net of tax		(57,549)		-		(118,852)		-
Funds from operations ("FFO") attributable to common stockholders and unitholders, basic	$	124,810	$	145,227	$	589,527	$	629,279
Distributions to preferred stockholders - Series E (Convertible) (2)		1,051		1,031		4,230		4,104
FFO attributable to common stockholders and unitholders, diluted	$	125,861	$	146,258	$	593,757	$	633,383
FFO per weighted average common share and unit, basic	$	0.39	$	0.46	$	1.86	$	2.04
FFO per weighted average common share and unit, diluted	$	0.39	$	0.46	$	1.85	$	2.03
Weighted average number of common shares and OP/DownREIT Units outstanding, basic		316,605		315,004		316,855		308,020
Weighted average number of common shares, OP/DownREIT Units, and common stock
equivalents outstanding, diluted		320,027		318,981		320,187		311,799
Impact of adjustments to FFO:
Cost associated with debt extinguishment and other	$	24,650	$	23,311	$	49,190	$	29,594
Promoted interest on settlement of note receivable, net of tax		-		-		-		(6,482)
Legal and other costs		5,059		-		8,973		3,660
Net gain on the sale of non-depreciable real estate owned		-		-		-		(5,282)
Realized/unrealized (gain)/loss on unconsolidated technology investments, net of tax		(435)		73		(3,582)		(3,300)
Joint venture development success fee		-		-		-		(3,750)
Severance costs and other restructuring expense		52		116		1,948		390
Casualty-related charges/(recoveries), net		823		1,463		2,545		636
Casualty-related charges/(recoveries) on unconsolidated joint ventures, net		-		50		31		(374)
	$	30,149	$	25,013	$	59,105	$	15,092
FFO as Adjusted attributable to common stockholders and unitholders, diluted	$	156,010	$	171,271	$	652,862	$	648,475
FFO as Adjusted per weighted average common share and unit, diluted	$	0.49	$	0.54	$	2.04	$	2.08
Recurring capital expenditures		(17,814)		(18,101)		(56,924)		(51,246)
AFFO attributable to common stockholders and unitholders, diluted	$	138,196	$	153,170	$	595,938	$	597,229
AFFO per weighted average common share and unit, diluted	$	0.43	$	0.48	$	1.86	$	1.92

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

(2) Series E preferred shares are dilutive for purposes of calculating FFO per share for the three and twelve months ended December 31, 2020 and December 31, 2019. Consequently, distributions to Series E preferred stockholders 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

Attachment 3

UDR, Inc.

Consolidated Balance Sheets

(Unaudited) (1)

	December 31,		December 31,
In thousands, except share and per share amounts	2020		2019
ASSETS
Real estate owned:
Real estate held for investment	$	12,706,940	$	12,532,324
Less: accumulated depreciation		(4,590,577)		(4,131,330)
Real estate held for investment, net		8,116,363		8,400,994
Real estate under development
(net of accumulated depreciation of $1,010 and $23)		246,867		69,754
Real estate held for disposition
(net of accumulated depreciation of $13,779 and $0)		102,876		-
Total real estate owned, net of accumulated depreciation		8,466,106		8,470,748
Cash and cash equivalents		1,409		8,106
Restricted cash		22,762		25,185
Notes receivable, net		157,992		153,650
Investment in and advances to unconsolidated joint ventures, net		600,233		588,262
Operating lease right-of-use assets		200,913		204,225
Other assets		188,118		186,296
Total assets	$	9,637,533	$	9,636,472
LIABILITIES AND EQUITY
Liabilities:
Secured debt	$	862,147	$	1,149,441
Unsecured debt		4,114,401		3,558,083
Operating lease liabilities		195,592		198,558
Real estate taxes payable		29,946		29,445
Accrued interest payable		44,760		45,199
Security deposits and prepaid rent		49,008		48,353
Distributions payable		115,795		109,382
Accounts payable, accrued expenses, and other liabilities		110,999		90,032
Total liabilities		5,522,648		5,228,493
Redeemable noncontrolling interests in the OP and DownREIT Partnership		856,294		1,018,665
Equity:
Preferred stock, no par value; 50,000,000 shares authorized
2,695,363 shares of 8.00% Series E Cumulative Convertible issued
and outstanding (2,780,994 shares at December 31, 2019)		44,764		46,200
14,440,519 shares of Series F outstanding (14,691,274 shares
at December 31, 2019)		1		1
Common stock, $0.01 par value; 350,000,000 shares authorized
296,611,579 shares issued and outstanding (294,588,305 shares at December 31, 2019)		2,966		2,946
Additional paid-in capital		5,881,383		5,781,975
Distributions in excess of net income		(2,685,770)		(2,462,132)
Accumulated other comprehensive income/(loss), net		(9,144)		(10,448)
Total stockholders' equity		3,234,200		3,358,542
Noncontrolling interests		24,391		30,772
Total equity		3,258,591		3,389,314
Total liabilities and equity	$	9,637,533	$	9,636,472

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

4

Attachment 4(A)

UDR, Inc.

Selected Financial Information

(Unaudited) (1)

	December 31,	December 31,
Common Stock and Equivalents	2020	2019
Common shares	296,374,227	294,340,740
Restricted shares	237,352	247,565
Total common shares	296,611,579	294,588,305
Restricted unit and common stock equivalents	344,128	766,926
Operating and DownREIT Partnership units	20,530,251	20,061,283
Class A Limited Partnership units	1,751,671	1,751,671
Series E cumulative convertible preferred shares (2)	2,918,127	3,010,843
Total common shares, OP/DownREIT units, and common stock equivalents	322,155,756	320,179,028
Weighted Average Number of Shares Outstanding	4Q 2020	4Q 2019
Weighted average number of common shares and OP/DownREIT units outstanding - basic	316,604,571	315,004,063
Weighted average number of OP/DownREIT units outstanding	(22,304,319)	(21,897,139)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations	294,300,252	293,106,924
Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted	320,026,558	318,981,352
Weighted average number of OP/DownREIT units outstanding	(22,304,319)	(21,897,139)
Weighted average number of Series E cumulative convertible preferred shares outstanding (3)	(2,918,127)	(3,010,843)
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations	294,804,112	294,073,370
	Year-to-Date 2020	Year-to-Date 2019
Weighted average number of common shares and OP/DownREIT units outstanding - basic	316,854,783	308,020,556
Weighted average number of OP/DownREIT units outstanding	(22,309,907)	(22,773,160)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations	294,544,876	285,247,396
Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted	320,187,149	311,798,958
Weighted average number of OP/DownREIT units outstanding	(22,309,907)	(22,773,160)
Weighted average number of Series E cumulative convertible preferred shares outstanding (3)	(2,949,792)	(3,010,843)
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations	294,927,450	286,014,955

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

(2) At December 31, 2020 and December 31, 2019 there were 2,695,363 and 2,780,994 of Series E cumulative convertible preferred shares outstanding, which is equivalent to 2,918,127 and 3,010,843 shares of common stock if converted (after adjusting for the special dividend paid in 2008).

(3) Series E cumulative convertible preferred shares are anti-dilutive for purposes of calculating Income/(loss) per weighted average common share for the three and twelve months ended December 31, 2020 and December 31, 2019.

5

Attachment 4(B)

UDR, Inc.

Selected Financial Information

(Unaudited) (1)

										Weighted	Weighted
										Average	Average Years
Debt Structure, In thousands					Balance				% of Total	Interest Rate	to Maturity (2)
Secured		Fixed			$	824,550			16.6%	3.31%	7.2
		Floating				27,000			0.5%	0.84%	11.2
		Combined				851,550			17.1%	3.23%	7.3
Unsecured		Fixed				3,880,644	(3)		77.8%	3.14%	8.6
		Floating				253,024			5.1%	0.46%	0.5
		Combined				4,133,668			82.9%	2.98%	8.1
Total Debt		Fixed				4,705,194			94.4%	3.17%	8.3
		Floating				280,024			5.6%	0.49%	1.6
		Combined				4,985,218			100.0%	3.02%	8.0
		Total Non-Cash Adjustments (4)				(8,670)
		Total per Balance Sheet			$	4,976,548				2.91%
Debt Maturities, In thousands
					Revolving Credit
			Unsecured		Facilities & Comm.						Weighted Average
	Secured Debt (5)		Debt (5)		Paper (2) (6) (7)			Balance		% of Total	Interest Rate
2021	$	1,097	$	-	$	190,000		$	191,097	3.8%	0.29%
2022		1,140		-		28,024			29,164	0.6%	1.08%
2023		1,183		350,000		-			351,183	7.0%	2.41%
2024		95,280		15,644		-			110,924	2.2%	4.00%
2025		173,189		300,000		-			473,189	9.5%	4.22%
2026		51,070		300,000		-			351,070	7.0%	2.94%
2027		1,111		300,000		-			301,111	6.0%	3.50%
2028		122,466		300,000		-			422,466	8.5%	3.67%
2029		144,584		300,000		-			444,584	8.9%	3.89%
2030		72,500		600,000		-			672,500	13.5%	3.29%
Thereafter		187,930		1,450,000		-			1,637,930	33.0%	2.50%
		851,550		3,915,644		218,024			4,985,218	100.0%	3.02%
Total Non-Cash Adjustments (4)		10,597		(19,267)		-			(8,670)
Total per Balance Sheet	$	862,147	$	3,896,377	$	218,024		$	4,976,548		2.91%

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

(2) The 2021 maturity reflects the $190.0 million of principal outstanding at an interest rate of 0.27%, the equivalent of LIBOR plus a spread of 12 basis points, on the Company’s unsecured commercial paper program as of December 31, 2020. Under the terms of the program the Company may issue up to a maximum aggregate amount outstanding of $500.0 million. If the commercial paper was refinanced using the line of credit, the weighted average years to maturity would be 8.0 years without extensions and 8.1 years with extensions.

(3) Includes $315.0 million of floating rate debt that has been fixed using interest rate swaps at a weighted average all-in rate of 2.55% until January 2021 and 1.07% from January 2021 until July 2022.

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

(5) Includes principal amortization, as applicable.

(6) There were no borrowings outstanding on our $1.1 billion line of credit at December 31, 2020. The facility has a maturity date of January 2023, plus two six-month extension options and carries an interest rate equal to LIBOR plus a spread of 82.5 basis points.

(7) There was $28.0 million outstanding on our $75.0 million working capital credit facility at December 31, 2020. The facility has a maturity date of January 2022. The working capital credit facility carries an interest rate equal to LIBOR plus a spread of 82.5 basis points.

6

Attachment 4(C)

UDR, Inc.

Selected Financial Information

(Dollars in Thousands)

(Unaudited) (1)

							Quarter Ended
Coverage Ratios							December 31, 2020
Net income/(loss)							$	28,551
Adjustments:
Interest expense, including costs associated with debt extinguishment								62,524
Real estate depreciation and amortization								146,135
Other depreciation and amortization								2,074
Tax provision/(benefit), net								668
Net (gain)/loss on the sale of depreciable real estate owned								(57,974)
Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures								13,261
EBITDAre							$	195,239
Casualty-related charges/(recoveries), net								823
Legal and other costs								5,059
Severance costs and other restructuring expense								52
(Income)/loss from unconsolidated entities								(4,516)
Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures								(13,261)
Management fee expense on unconsolidated joint ventures								(566)
Consolidated EBITDAre - adjusted for non-recurring items							$	182,830
Annualized consolidated EBITDAre - adjusted for non-recurring items							$	731,320
Interest expense, including costs associated with debt extinguishment								62,524
Capitalized interest expense								2,108
Total interest							$	64,632
Cost associated with debt extinguishment								(24,650)
Total interest - adjusted for non-recurring items							$	39,982
Preferred dividends							$	1,051
Total debt							$	4,976,548
Cash								(1,409)
Net debt							$	4,975,139
Consolidated Interest Coverage Ratio - adjusted for non-recurring items								4.6x
Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items								4.5x
Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items								6.8x
Debt Covenant Overview
Unsecured Line of Credit Covenants (2)				Required		Actual		Compliance
Maximum Leverage Ratio				≤60.0%		37.0% (2)		Yes
Minimum Fixed Charge Coverage Ratio				≥1.5x		4.2x		Yes
Maximum Secured Debt Ratio				≤40.0%		10.2%		Yes
Minimum Unencumbered Pool Leverage Ratio				≥150.0%		309.8%		Yes
Senior Unsecured Note Covenants (3)				Required		Actual		Compliance
Debt as a percentage of Total Assets				≤65.0%		35.0% (3)		Yes
Consolidated Income Available for Debt Service to Annual Service Charge				≥1.5x		5.4x		Yes
Secured Debt as a percentage of Total Assets				≤40.0%		6.1%		Yes
Total Unencumbered Assets to Unsecured Debt				≥150.0%		298.0%		Yes
Securities Ratings				Debt		Outlook		Commercial Paper
Moody's Investors Service				Baa1		Stable		P-2
S&P Global Ratings				BBB+		Stable		A-2
						Gross		% of
	Number of	4Q 2020 NOI (1)				Carrying Value		Total Gross
Asset Summary	Homes	($000s)		% of NOI		($000s)		Carrying Value
Unencumbered assets	42,387	$	180,943	88.3%	$	11,689,785		89.4%
Encumbered assets	5,896		23,909	11.7%		1,381,687		10.6%
	48,283	$	204,852	100.0%	$	13,071,472		100.0%

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

(2) As defined in our credit agreement dated September 27, 2018.

(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

(Unaudited) (1)

	Total	Quarter Ended		Quarter Ended		Quarter Ended		Quarter Ended		Quarter Ended
Dollars in thousands	Homes	December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020		December 31, 2019
Revenues
Combined Same-Store Communities (2)	45,088	$	274,922	$	276,402	$	283,959	$	294,910	$	292,167
Acquired JV Same-Store Portfolio Communities (2)	(3,619)		(23,243)		(23,246)		(23,421)		(24,228)		(23,656)
UDR Same-Store Communities	41,469		251,679		253,156		260,538		270,682		268,511
Stabilized, Non-Mature Communities	1,535		11,203		10,719		12,309		12,079		9,547
Acquired JV Same-Store Portfolio Communities	3,619		23,243		23,246		23,421		24,228		11,161
Acquired Communities	1,072		1,676		-		-		-		-
Development Communities	202		539		244		58		7		-
Non-Residential / Other (3)	-		10,498		17,057		4,065		5,958		6,832
Total	47,897	$	298,838	$	304,422	$	300,391	$	312,954	$	296,051
Expenses
Combined Same-Store Communities (2)		$	86,160	$	89,109	$	84,074	$	84,562	$	82,191
Acquired JV Same-Store Portfolio Communities (2)			(7,852)		(8,230)		(7,673)		(7,900)		(7,342)
UDR Same-Store Communities			78,308		80,879		76,401		76,662		74,849
Stabilized, Non-Mature Communities			5,757		5,463		4,722		4,455		3,654
Acquired JV Same-Store Portfolio Communities			7,852		8,230		7,673		7,900		3,318
Acquired Communities			500		-		-		-		-
Development Communities			215		248		123		47		6
Non-Residential / Other (3)			2,447		1,207		2,948		3,287		3,498
Total (4)		$	95,079	$	96,027	$	91,867	$	92,351	$	85,325
Net Operating Income
Combined Same-Store Communities (2)		$	188,762	$	187,293	$	199,885	$	210,348	$	209,976
Acquired JV Same-Store Portfolio Communities (2)			(15,391)		(15,016)		(15,748)		(16,328)		(16,314)
UDR Same-Store Communities			173,371		172,277		184,137		194,020		193,662
Stabilized, Non-Mature Communities			5,446		5,256		7,587		7,624		5,893
Acquired JV Same-Store Portfolio Communities			15,391		15,016		15,748		16,328		7,843
Acquired Communities			1,176		-		-		-		-
Development Communities			324		(4)		(65)		(40)		(6)
Non-Residential / Other (3)			8,051		15,850		1,117		2,671		3,334
Total		$	203,759	$	208,395	$	208,524	$	220,603	$	210,726
Operating Margin
Combined Same-Store Communities			68.7%		67.8%		70.4%		71.3%		71.9%
Weighted Average Physical Occupancy
Combined Same-Store Communities (2)			96.1%		95.5%		96.1%		96.9%		96.7%
Acquired JV Same-Store Portfolio Communities (2)			96.1%		96.3%		95.8%		96.0%		95.8%
UDR Same-Store Communities			96.1%		95.4%		96.2%		96.9%		96.8%
Stabilized, Non-Mature Communities			92.7%		89.9%		93.1%		95.3%		93.3%
Acquired JV Same-Store Portfolio Communities			96.1%		96.3%		95.8%		96.0%		95.8%
Acquired Communities			95.7%		-		-		-		-
Development Communities			81.6%		79.6%		44.5%		-		-
Other (5)			93.3%		92.9%		94.0%		96.7%		96.6%
Total			95.9%		95.3%		96.0%		96.9%		96.6%
Sold and Held for Disposition Communities
Revenues	386	$	2,338	$	4,423	$	5,591	$	7,139	$	6,694
Expenses (4)			1,245		1,686		1,862		2,277		2,184
Net Operating Income/(Loss)		$	1,093	$	2,737	$	3,729	$	4,862	$	4,510
Total	48,283	$	204,852	$	211,132	$	212,253	$	225,465	$	215,236

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

(2) Amounts include the Acquired JV Same-Store Portfolio Communities as if these communities were 100% owned by UDR during all periods presented. These communities were stabilized as of the beginning of the prior year, were not in process of any substantial redevelopment activities, and were not held for disposition. Because these communities became wholly owned by UDR in 2019 (the 11 communities and 3,619 homes were previously owned by UDR unconsolidated JVs), they are not included in the UDR Same-Store Communities. These 11 communities will be eligible to join the UDR Same-Store Communities on January 1, 2021.

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

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

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

8

Attachment 6

UDR, Inc.

Combined Same-Store Operating Expense Information (1)

(Dollars in Thousands)

(Unaudited) (2)

	% of 4Q 2020
	Combined SS
Year-Over-Year Comparison	Operating Expenses	4Q 2020		4Q 2019		% Change
Personnel	16.6%	$	14,288	$	15,921	-10.3%
Utilities	13.3%		11,469		10,692	7.3%
Repair and maintenance	16.0%		13,788		12,396	11.2%
Administrative and marketing	7.2%		6,235		6,264	-0.5%
Controllable expenses	53.1%		45,780		45,273	1.1%
Real estate taxes (3)	42.2%	$	36,347	$	33,873	7.3%
Insurance	4.7%		4,033		3,045	32.5%
Combined Same-Store operating expenses (3)	100.0%	$	86,160	$	82,191	4.8%
Combined Same-Store Homes	45,088
	% of 4Q 2020
	Combined SS
Sequential Comparison	Operating Expenses	4Q 2020		3Q 2020		% Change
Personnel	16.6%	$	14,288	$	15,423	-7.4%
Utilities	13.3%		11,469		11,820	-3.0%
Repair and maintenance	16.0%		13,788		15,121	-8.8%
Administrative and marketing	7.2%		6,235		6,153	1.3%
Controllable expenses	53.1%		45,780		48,517	-5.6%
Real estate taxes (3)	42.2%	$	36,347	$	36,694	-0.9%
Insurance	4.7%		4,033		3,898	3.5%
Combined Same-Store operating expenses (3)	100.0%	$	86,160	$	89,109	-3.3%
Combined Same-Store Homes	45,088
	% of YTD 2020
	Combined SS
Year-to-Date Comparison	Operating Expenses	YTD 2020		YTD 2019		% Change
Personnel	17.5%	$	54,658	$	59,902	-8.8%
Utilities	13.3%		41,532		39,960	3.9%
Repair and maintenance	15.5%		48,270		43,170	11.8%
Administrative and marketing	6.7%		20,891		22,043	-5.2%
Controllable expenses	53.0%		165,351		165,075	0.2%
Real estate taxes (3)	42.5%	$	132,331	$	123,265	7.4%
Insurance	4.5%		13,912		12,143	14.6%
Combined Same-Store operating expenses (3)	100.0%	$	311,594	$	300,483	3.7%
Combined Same-Store Homes	41,226

(1) 4Q19 and YTD19 operating expenses include the Acquired JV Same-Store Portfolio Communities (the 11 communities and 3,619 homes previously owned by UDR unconsolidated JVs) as if these communities were 100% owned by UDR during all periods presented.

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

(3) The year-over-year, sequential and year-to-date comparisons presented above include $347 thousand, $0 thousand and $1.3 million, respectively, of higher New York real estate taxes due to 421g exemption and abatement reductions.

9

Attachment 7(A)

UDR, Inc.

Apartment Home Breakout

Portfolio Overview as of Quarter Ended

December 31, 2020

(Unaudited) (1)

		Non-Mature Homes			Unconsolidated
				Total	Joint Venture	Total
	Total Combined		Non-	Consolidated	Operating	Homes
	Same-Store Homes	Stabilized (2)	Stabil. / Other (3)	Homes	Homes (4)	(incl. JV) (4)
West Region
Orange County, CA	4,950	-	-	4,950	381	5,331
San Francisco, CA	2,751	-	-	2,751	602	3,353
Seattle, WA	2,725	-	-	2,725	-	2,725
Monterey Peninsula, CA	1,565	-	-	1,565	-	1,565
Los Angeles, CA	1,225	-	-	1,225	340	1,565
	13,216	-	-	13,216	1,323	14,539
Mid-Atlantic Region
Metropolitan DC	8,002	-	400	8,402	-	8,402
Baltimore, MD	1,597	-	-	1,597	-	1,597
Richmond, VA	1,358	-	-	1,358	-	1,358
	10,957	-	400	11,357	-	11,357
Northeast Region
Boston, MA	4,139	159	-	4,298	250	4,548
New York, NY	1,825	493	-	2,318	710	3,028
	5,964	652	-	6,616	960	7,576
Southeast Region
Tampa, FL	2,908	294	672	3,874	-	3,874
Orlando, FL	2,500	-	-	2,500	-	2,500
Nashville, TN	2,260	-	-	2,260	-	2,260
	7,668	294	672	8,634	-	8,634
Southwest Region
Dallas, TX	3,864	-	202	4,066	-	4,066
Austin, TX	1,272	-	-	1,272	-	1,272
	5,136	-	202	5,338	-	5,338
Other Markets (5)	2,147	589	-	2,736	554	3,290
Totals	45,088	1,535	1,274	47,897	2,837	50,734
Communities (6)	141	5	2	148	13	161
			Homes	Communities
Total completed homes			50,734	161
Held for Disposition			386	1
Joint Venture Held for Disposition			293	1
Under Development (7)			1,176	5
Total Quarter-end homes and communities			52,589	168

(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 and Non-Residential/Other Communities categories on Attachment 5. Excludes development homes not yet completed and Sold and Held for Disposition Communities.

(4) Represents joint venture operating homes at 100 percent. Excludes joint venture held for disposition communities. See Attachment 12(A) for UDR's joint venture and partnership ownership interests.

(5) Other Markets include Denver (218 homes), Palm Beach (636 homes), Inland Empire (654 homes), San Diego (163 wholly owned, 264 JV homes), Portland (752 homes) and Philadelphia (313 wholly owned, 290 JV homes).

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

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

10

Attachment 7(B)

UDR, Inc.

Non-Mature Home Summary

Portfolio Overview as of Quarter Ended

December 31, 2020

(Unaudited) (1)(2)

Non-Mature Home Breakout - By Date (quarter indicates anticipated date of QTD Same-Store inclusion)
Community	Category		# of Homes		Market	Same-Store Quarter (3)
Park Square	Stabilized, Non-Mature		313		Philadelphia, PA	1Q21
The Slade at Channelside	Stabilized, Non-Mature		294		Tampa, FL	2Q21
The Arbory	Stabilized, Non-Mature		276		Portland, OR	2Q21
10 Hanover Square	Stabilized, Non-Mature		493		New York, NY	1Q22
Garrison Square	Stabilized, Non-Mature		159		Boston, MA	1Q22
Andover Place at Cross Creek	Acquired		672		Tampa, FL	2Q22
Station on Silver	Acquired		400		Metropolitan DC	2Q22
Vitruvian West Phase 2	Development		202	(4)	Dallas, TX	3Q22
Total			2,809
Summary of Non-Mature Home Activity
		Stabilized,
	Market	Non-Mature	Acquired		Redevelopment	Development	Total
Non-Mature Homes at September 30, 2020		2,480	-		652	147	3,279
Rodgers Forge	Baltimore, MD	(498)	-		-	-	(498)
The Commons at Windsor Gardens	Boston, MA	(914)	-		-	-	(914)
One William	New York, NY	(185)	-		-	-	(185)
10 Hanover Square	New York, NY	493	-		(493)	-	-
Garrison Square	Boston, MA	159			(159)		-
Andover Place at Cross Creek	Tampa, FL	-	672		-	-	672
Station on Silver	Metropolitan DC	-	400		-	-	400
Vitruvian West Phase 2	Dallas, TX	-	-		-	55	55
Non-Mature Homes at December 31, 2020		1,535	1,072		-	202	2,809
			Held for
Held for Disposition Homes at December 31, 2020			Disposition
Parallel	Orange County, CA		386

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

(2) Excludes the Acquired JV Same-Store Portfolio Communities (11 communities and 3,619 homes).

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

(4) 202 homes of 366 total homes have been delivered as of December 31, 2020 as described on Attachment 9.

11

Attachment 7(C)

UDR, Inc.

Total Revenue Per Occupied Home Summary

Portfolio Overview as of Quarter Ended

December 31, 2020

(Unaudited) (1)

			Non-Mature Homes						Unconsolidated
	Total Combined						Total		Joint Venture		Total
	Same-Store					Non-	Consolidated		Operating		Homes
	Homes		Stabilized (2)			Stabilized (3)	Homes		Homes (4)		(incl. JV at share) (4)
West Region
Orange County, CA	$	2,460	$	-	$	-	$	2,460	$	2,454	$	2,460
San Francisco, CA		3,127		-		-		3,127		4,377		3,245
Seattle, WA		2,371		-		-		2,371		-		2,371
Monterey Peninsula, CA		1,954		-		-		1,954		-		1,954
Los Angeles, CA		2,590		-		-		2,590		4,007		2,760
Mid-Atlantic Region
Metropolitan DC		2,131		-		1,922		2,121		-		2,121
Baltimore, MD		1,632		-		-		1,632		-		1,632
Richmond, VA		1,432		-		-		1,432		-		1,432
Northeast Region
Boston, MA		2,651		4,614		-		2,718		2,174		2,702
New York, NY		3,482		3,107		-		3,407		4,557		3,557
Southeast Region
Tampa, FL		1,578		1,992		1,205		1,544		-		1,544
Orlando, FL		1,427		-		-		1,427		-		1,427
Nashville, TN		1,395		-		-		1,395		-		1,395
Southwest Region
Dallas, TX		1,479		-		1,435		1,476		-		1,476
Austin, TX		1,551		-		-		1,551		-		1,551
Other Markets		2,023		2,078		-		2,034		2,996		2,122
Weighted Average	$	2,114	$	2,624	$	1,460	$	2,114	$	3,623	$	2,156

(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 and Non-Residential/Other Communities categories on Attachment 5. Excludes development homes not yet completed and Sold and Held for Disposition Communities.

(4) Represents joint ventures at UDR's ownership interests. Excludes joint venture held for disposition communities. 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

December 31, 2020

(Dollars in Thousands)

(Unaudited) (1)

	Three Months Ended December 31, 2020
		Combined				UDR's
		Same-Store		Non Same-Store (3)		Share of JVs (3)(4)		Total
Net Operating Income		$	188,762	$	14,997	$	8,752	$	212,511
% of Net Operating Income			88.8%		7.1%		4.1%		100.0%
Three Months Ended December 31, 2020
		As a % of NOI						As a % of NOI
		Combined						Combined
Region		Same-Store		Total		Region		Same-Store		Total
West Region						Southeast Region
Orange County, CA			14.1%		13.4%	Tampa, FL			4.6%		4.9%
San Francisco, CA			8.4%		8.7%	Orlando, FL			3.8%		3.5%
Seattle, WA			7.1%		6.7%	Nashville, TN			3.4%		3.1%
Monterey Penninsula, CA			3.7%		3.3%				11.8%		11.5%
Los Angeles, CA			3.2%		3.4%
			36.5%		35.5%	Southwest Region
						Dallas, TX			5.5%		5.2%
Mid-Atlantic Region						Austin, TX			1.8%		1.6%
Metropolitan DC			18.4%		17.2%				7.3%		6.8%
Baltimore, MD			2.8%		2.6%
Richmond, VA			2.3%		2.1%	Other Markets			4.7%		6.3%
			23.5%		21.9%
Northeast Region
Boston, MA			11.9%		11.9%
New York, NY			4.3%		6.1%
			16.2%		18.0%	Total			100.0%		100.0%

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

(2) Other Markets are included in the map within their actual geography. See Attachment 7(A), footnote 5 for details regarding location of the Other Markets.

(3) Excludes results from Sold and Held for Disposition Communities.

(4) Includes UDR's share of joint venture and partnership NOI on Attachment 12(A).

13

Attachment 8(A)

UDR, Inc.

Combined Same-Store Operating Information By Major Market (1)

Current Quarter vs. Prior Year Quarter

December 31, 2020

(Unaudited) (2)

		% of Combined
	Total	Same-Store	Combined Same-Store
	Combined	Portfolio
	Same-Store	Based on	Physical Occupancy			Total Revenue per Occupied Home
	Homes	4Q 2020 NOI	4Q 20	4Q 19	Change	4Q 20		4Q 19		Change
West Region
Orange County, CA	4,950	14.1%	96.3%	96.7%	-0.4%	$	2,460	$	2,521	-2.4%
San Francisco, CA	2,751	8.4%	90.4%	96.3%	-5.9%		3,127		3,766	-17.0%
Seattle, WA	2,725	7.1%	97.0%	96.5%	0.5%		2,371		2,537	-6.5%
Monterey Peninsula, CA	1,565	3.7%	96.6%	96.5%	0.1%		1,954		1,931	1.2%
Los Angeles, CA	1,225	3.2%	94.1%	97.0%	-2.9%		2,590		2,916	-11.2%
	13,216	36.5%	95.0%	96.6%	-1.6%		2,524		2,750	-8.2%
Mid-Atlantic Region
Metropolitan DC	8,002	18.4%	96.5%	97.1%	-0.6%		2,131		2,176	-2.1%
Baltimore, MD	1,597	2.8%	98.0%	96.1%	1.9%		1,632		1,617	0.9%
Richmond, VA	1,358	2.3%	98.7%	96.9%	1.8%		1,432		1,409	1.6%
	10,957	23.5%	97.0%	96.9%	0.1%		1,969		2,000	-1.5%
Northeast Region
Boston, MA	4,139	11.9%	94.4%	95.9%	-1.5%		2,651		2,784	-4.8%
New York, NY	1,825	4.3%	93.9%	97.8%	-3.9%		3,482		4,292	-18.9%
	5,964	16.2%	94.3%	96.5%	-2.2%		2,901		3,252	-10.8%
Southeast Region
Tampa, FL	2,908	4.6%	97.2%	96.8%	0.4%		1,578		1,515	4.2%
Orlando, FL	2,500	3.8%	96.7%	96.3%	0.4%		1,427		1,416	0.8%
Nashville, TN	2,260	3.4%	97.6%	97.9%	-0.3%		1,395		1,344	3.8%
	7,668	11.8%	97.2%	97.0%	0.2%		1,475		1,432	3.0%
Southwest Region
Dallas, TX	3,864	5.5%	96.9%	96.7%	0.2%		1,479		1,488	-0.6%
Austin, TX	1,272	1.8%	97.5%	96.9%	0.6%		1,551		1,530	1.4%
	5,136	7.3%	97.1%	96.7%	0.4%		1,495		1,497	-0.2%
Other Markets	2,147	4.7%	97.4%	95.8%	1.6%		2,023		2,063	-1.9%
Total Combined/ Weighted Avg.	45,088	100.0%	96.1%	96.7%	-0.6%	$	2,114	$	2,234	-5.3%

(1) 4Q19 amounts include the Acquired JV Same-Store Portfolio Communities (the 11 communities and 3,619 homes previously owned by UDR unconsolidated JVs) as if these communities were 100% owned by UDR during all periods presented.

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

14

Attachment 8(B)

UDR, Inc.

Combined Same-Store Operating Information By Major Market(1)

Current Quarter vs. Prior Year Quarter

December 31, 2020

(Unaudited) (2)

			Combined Same-Store ($000s)
	Total
	Combined
	Same-Store	Revenues					Expenses					Net Operating Income
	Homes	4Q 20		4Q 19		Change	4Q 20		4Q 19		Change	4Q 20		4Q 19		Change
West Region
Orange County, CA	4,950	$	35,180	$	36,208	-2.8%	$	8,521	$	8,366	1.8%	$	26,659	$	27,842	-4.2%
San Francisco, CA	2,751		23,330		29,933	-22.1%		7,426		7,272	2.1%		15,904		22,661	-29.8%
Seattle, WA	2,725		18,800		20,017	-6.1%		5,408		5,025	7.6%		13,392		14,992	-10.7%
Monterey Peninsula, CA	1,565		8,861		8,750	1.3%		1,933		1,817	6.4%		6,928		6,933	-0.1%
Los Angeles, CA	1,225		8,958		10,394	-13.8%		2,865		2,615	9.6%		6,093		7,779	-21.7%
	13,216		95,129		105,302	-9.7%		26,153		25,095	4.2%		68,976		80,207	-14.0%
Mid-Atlantic Region
Metropolitan DC	8,002		49,372		50,718	-2.7%		14,654		14,681	-0.2%		34,718		36,037	-3.7%
Baltimore, MD	1,597		7,663		7,446	2.9%		2,382		2,243	6.2%		5,281		5,203	1.5%
Richmond, VA	1,358		5,758		5,562	3.5%		1,451		1,382	4.9%		4,307		4,180	3.0%
	10,957		62,793		63,726	-1.5%		18,487		18,306	1.0%		44,306		45,420	-2.5%
Northeast Region
Boston, MA	4,139		31,072		33,147	-6.3%		8,621		8,657	-0.4%		22,451		24,490	-8.3%
New York, NY	1,825		17,900		22,982	-22.1%		9,851		8,438	16.8%		8,049		14,544	-44.7%
	5,964		48,972		56,129	-12.8%		18,472		17,095	8.1%		30,500		39,034	-21.9%
Southeast Region
Tampa, FL	2,908		13,382		12,798	4.6%		4,745		4,326	9.7%		8,637		8,472	1.9%
Orlando, FL	2,500		10,349		10,225	1.2%		3,203		3,013	6.3%		7,146		7,212	-0.9%
Nashville, TN	2,260		9,229		8,919	3.5%		2,705		2,339	15.6%		6,524		6,580	-0.8%
	7,668		32,960		31,942	3.2%		10,653		9,678	10.1%		22,307		22,264	0.2%
Southwest Region
Dallas, TX	3,864		16,608		16,676	-0.4%		6,147		6,096	0.8%		10,461		10,580	-1.1%
Austin, TX	1,272		5,771		5,658	2.0%		2,411		2,127	13.4%		3,360		3,531	-4.8%
	5,136		22,379		22,334	0.2%		8,558		8,223	4.1%		13,821		14,111	-2.1%
Other Markets	2,147		12,689		12,734	-0.4%		3,837		3,794	1.1%		8,852		8,940	-1.0%
Total Combined (3)(4)	45,088	$	274,922	$	292,167	-5.9%	$	86,160	$	82,191	4.8%	$	188,762	$	209,976	-10.1%

(1) 4Q 19 amounts include the Acquired JV Same-Store Portfolio Communities (the 11 communities and 3,619 homes previously owned by UDR unconsolidated JVs) as if these communities were 100% owned by UDR during all periods presented.

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

(3) 4Q 20 includes a reserve (reflected as a reduction to revenues) of approximately $3.8 million or 1.4% of billed residential revenue on our Combined Same-Store Communities.  The reserve is based on probability of collection.

(4) With concessions reflected on a straight-line basis, Combined Same-Store revenue and Combined Same-Store NOI decreased year-over-year by -4.5% and -8.1%, respectively. See Attachment 16(A) for definitions and reconciliations.

15

Attachment 8(C)

UDR, Inc.

Combined Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

December 31, 2020

(Unaudited) (1)

	Total	Combined Same-Store
	Combined
	Same-Store	Physical Occupancy			Total Revenue per Occupied Home
	Homes	4Q 20	3Q 20	Change	4Q 20		3Q 20		Change
West Region
Orange County, CA	4,950	96.3%	96.3%	0.0%	$	2,460	$	2,474	-0.6%
San Francisco, CA	2,751	90.4%	86.3%	4.1%		3,127		3,453	-9.4%
Seattle, WA	2,725	97.0%	95.6%	1.4%		2,371		2,446	-3.1%
Monterey Peninsula, CA	1,565	96.6%	97.2%	-0.6%		1,954		1,935	1.0%
Los Angeles, CA	1,225	94.1%	95.0%	-0.9%		2,590		2,734	-5.3%
	13,216	95.0%	94.1%	0.9%		2,524		2,613	-3.4%
Mid-Atlantic Region
Metropolitan DC	8,002	96.5%	96.4%	0.1%		2,131		2,137	-0.3%
Baltimore, MD	1,597	98.0%	97.3%	0.7%		1,632		1,635	-0.2%
Richmond, VA	1,358	98.7%	98.1%	0.6%		1,432		1,434	-0.1%
	10,957	97.0%	96.7%	0.3%		1,969		1,975	-0.3%
Northeast Region
Boston, MA	4,139	94.4%	94.3%	0.1%		2,651		2,579	2.8%
New York, NY	1,825	93.9%	88.5%	5.4%		3,482		3,761	-7.4%
	5,964	94.3%	92.5%	1.8%		2,901		2,925	-0.8%
Southeast Region
Tampa, FL	2,908	97.2%	96.9%	0.3%		1,578		1,540	2.5%
Orlando, FL	2,500	96.7%	97.2%	-0.5%		1,427		1,407	1.4%
Nashville, TN	2,260	97.6%	97.8%	-0.2%		1,395		1,398	-0.2%
	7,668	97.2%	97.3%	-0.1%		1,475		1,455	1.4%
Southwest Region
Dallas, TX	3,864	96.9%	96.6%	0.3%		1,479		1,483	-0.3%
Austin, TX	1,272	97.5%	97.6%	-0.1%		1,551		1,570	-1.2%
	5,136	97.1%	96.9%	0.2%		1,495		1,504	-0.6%
Other Markets	2,147	97.4%	97.1%	0.3%		2,023		2,029	-0.3%
Total Combined/ Weighted Avg.	45,088	96.1%	95.5%	0.6%	$	2,114	$	2,141	-1.3%

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

16

Attachment 8(D)

UDR, Inc.

Combined Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

December 31, 2020

(Unaudited) (1)

	Total		Combined Same-Store ($000s)
	Combined
	Same-Store	Revenues					Expenses					Net Operating Income
	Homes	4Q 20		3Q 20		Change	4Q 20		3Q 20		Change	4Q 20		3Q 20		Change
West Region
Orange County, CA	4,950	$	35,180	$	35,384	-0.6%	$	8,521	$	8,628	-1.2%	$	26,659	$	26,756	-0.4%
San Francisco, CA	2,751		23,330		24,595	-5.1%		7,426		7,259	2.3%		15,904		17,336	-8.3%
Seattle, WA	2,725		18,800		19,114	-1.6%		5,408		5,522	-2.1%		13,392		13,592	-1.5%
Monterey Peninsula, CA	1,565		8,861		8,832	0.3%		1,933		1,888	2.4%		6,928		6,944	-0.2%
Los Angeles, CA	1,225		8,958		9,546	-6.2%		2,865		2,794	2.5%		6,093		6,752	-9.8%
	13,216		95,129		97,471	-2.4%		26,153		26,091	0.2%		68,976		71,380	-3.4%
Mid-Atlantic Region
Metropolitan DC	8,002		49,372		49,457	-0.2%		14,654		15,756	-7.0%		34,718		33,701	3.0%
Baltimore, MD	1,597		7,663		7,624	0.5%		2,382		2,387	-0.2%		5,281		5,237	0.8%
Richmond, VA	1,358		5,758		5,733	0.4%		1,451		1,482	-2.1%		4,307		4,251	1.3%
	10,957		62,793		62,814	0.0%		18,487		19,625	-5.8%		44,306		43,189	2.6%
Northeast Region
Boston, MA	4,139		31,072		30,199	2.9%		8,621		9,129	-5.6%		22,451		21,070	6.6%
New York, NY	1,825		17,900		18,224	-1.8%		9,851		9,934	-0.8%		8,049		8,290	-2.9%
	5,964		48,972		48,423	1.1%		18,472		19,063	-3.1%		30,500		29,360	3.9%
Southeast Region
Tampa, FL	2,908		13,382		13,018	2.8%		4,745		4,855	-2.3%		8,637		8,163	5.8%
Orlando, FL	2,500		10,349		10,260	0.9%		3,203		3,294	-2.8%		7,146		6,966	2.6%
Nashville, TN	2,260		9,229		9,273	-0.5%		2,705		2,709	-0.2%		6,524		6,564	-0.6%
	7,668		32,960		32,551	1.3%		10,653		10,858	-1.9%		22,307		21,693	2.8%
Southwest Region
Dallas, TX	3,864		16,608		16,604	0.0%		6,147		6,926	-11.2%		10,461		9,678	8.1%
Austin, TX	1,272		5,771		5,849	-1.3%		2,411		2,462	-2.1%		3,360		3,387	-0.8%
	5,136		22,379		22,453	-0.3%		8,558		9,388	-8.8%		13,821		13,065	5.8%
Other Markets	2,147		12,689		12,690	0.0%		3,837		4,084	-6.0%		8,852		8,606	2.8%
Total Combined (2)(3)	45,088	$	274,922	$	276,402	-0.5%	$	86,160	$	89,109	-3.3%	$	188,762	$	187,293	0.8%

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

(2) 4Q20 and 3Q20 include reserves (reflected as a reduction to revenues) of approximately $3.8 million and $3.4 million or 1.4% and 1.2%, respectively, of billed residential revenue on our Combined Same-Store Communities.  The reserve is based on probability of collection.

(3) With concessions reflected on a straight-line basis, Combined Same-Store revenue and Combined Same-Store NOI decreased quarter-over-quarter by -1.8% and -1.1%, respectively. See Attachment 16(A) for definitions and reconciliations.

17

Attachment 8(E)

UDR, Inc.

Combined Same-Store Operating Information By Major Market (1)

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

December 31, 2020

(Unaudited) (2)

	Total	% of Combined
	Combined	Same-Store Portfolio	Combined Same-Store
	Same-Store	Based on	Physical Occupancy			Total Revenue per Occupied Home
	Homes	YTD 2020 NOI	YTD 20	YTD 19	Change	YTD 20		YTD 19		Change
West Region
Orange County, CA	4,434	13.0%	96.5%	96.3%	0.2%	$	2,328	$	2,354	-1.1%
San Francisco, CA	2,751	10.9%	91.5%	96.8%	-5.3%		3,502		3,749	-6.6%
Seattle, WA	2,570	7.5%	96.7%	96.6%	0.1%		2,472		2,525	-2.1%
Monterey Peninsula, CA	1,565	3.9%	96.6%	96.6%	0.0%		1,941		1,893	2.5%
Los Angeles, CA	1,225	3.9%	95.5%	96.6%	-1.1%		2,765		2,903	-4.8%
	12,545	39.2%	95.4%	96.5%	-1.1%		2,599		2,692	-3.5%
Mid-Atlantic Region
Metropolitan DC	8,002	19.6%	96.7%	97.1%	-0.4%		2,150		2,162	-0.6%
Baltimore, MD	1,099	2.2%	97.6%	96.8%	0.8%		1,731		1,732	-0.1%
Richmond, VA	1,358	2.4%	97.8%	97.4%	0.4%		1,422		1,392	2.2%
	10,459	24.2%	96.9%	97.1%	-0.2%		2,010		2,017	-0.3%
Northeast Region
Boston, MA	2,440	7.9%	95.6%	96.0%	-0.4%		2,727		2,823	-3.4%
New York, NY	1,452	4.7%	92.6%	97.9%	-5.3%		4,133		4,550	-9.2%
	3,892	12.6%	94.5%	96.7%	-2.2%		3,241		3,475	-6.7%
Southeast Region
Tampa, FL	2,287	3.7%	97.1%	96.9%	0.2%		1,483		1,453	2.1%
Orlando, FL	2,500	4.0%	96.8%	96.4%	0.4%		1,413		1,409	0.3%
Nashville, TN	2,260	3.7%	97.8%	97.5%	0.3%		1,378		1,333	3.4%
	7,047	11.4%	97.2%	96.9%	0.3%		1,424		1,399	1.8%
Southwest Region
Dallas, TX	3,864	5.7%	96.8%	96.3%	0.5%		1,487		1,475	0.8%
Austin, TX	1,272	1.9%	97.6%	97.3%	0.3%		1,549		1,524	1.6%
	5,136	7.6%	97.0%	96.5%	0.5%		1,502		1,487	1.0%
Other Markets	2,147	5.0%	96.8%	96.0%	0.8%		2,032		2,048	-0.8%
Total Combined/ Weighted Avg.	41,226	100.0%	96.3%	96.7%	-0.4%	$	2,138	$	2,189	-2.3%

(1) YTD 19 amounts include the Acquired JV Same-Store Portfolio Communities (the 11 communities and 3,619 homes previously owned by UDR unconsolidated JVs) as if these communities were 100% owned by UDR during all periods presented.

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

18

Attachment 8(F)

UDR, Inc.

Combined Same-Store Operating Information By Major Market (1)

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

December 31, 2020

(Unaudited) (2)

	Total		Combined Same-Store ($000s)
	Combined
	Same-Store	Revenues					Expenses					Net Operating Income
	Homes	YTD 20		YTD 19		Change	YTD 20		YTD 19		Change	YTD 20		YTD 19		Change
West Region
Orange County, CA	4,434	$	119,550	$	120,627	-0.9%	$	27,846	$	26,968	3.3%	$	91,704	$	93,659	-2.1%
San Francisco, CA	2,751		105,778		119,806	-11.7%		29,018		28,496	1.8%		76,760		91,310	-15.9%
Seattle, WA	2,570		73,707		75,217	-2.0%		20,697		19,700	5.1%		53,010		55,517	-4.5%
Monterey Peninsula, CA	1,565		35,205		34,343	2.5%		7,618		7,405	2.9%		27,587		26,938	2.4%
Los Angeles, CA	1,225		38,814		41,228	-5.9%		11,229		10,795	4.0%		27,585		30,433	-9.4%
	12,545		373,054		391,221	-4.6%		96,408		93,364	3.3%		276,646		297,857	-7.1%
Mid-Atlantic Region
Metropolitan DC	8,002		199,638		201,552	-0.9%		60,743		60,115	1.0%		138,895		141,437	-1.8%
Baltimore, MD	1,099		22,284		22,106	0.8%		6,974		6,548	6.5%		15,310		15,558	-1.6%
Richmond, VA	1,358		22,668		22,095	2.6%		5,794		5,524	4.9%		16,874		16,571	1.8%
	10,459		244,590		245,753	-0.5%		73,511		72,187	1.8%		171,079		173,566	-1.4%
Northeast Region
Boston, MA	2,440		76,338		79,356	-3.8%		20,418		20,850	-2.1%		55,920		58,506	-4.4%
New York, NY	1,452		66,691		77,622	-14.1%		33,510		29,187	14.8%		33,181		48,435	-31.5%
	3,892		143,029		156,978	-8.9%		53,928		50,037	7.8%		89,101		106,941	-16.7%
Southeast Region
Tampa, FL	2,287		39,527		38,635	2.3%		13,578		12,618	7.6%		25,949		26,017	-0.3%
Orlando, FL	2,500		41,022		40,735	0.7%		12,481		11,969	4.3%		28,541		28,766	-0.8%
Nashville, TN	2,260		36,547		35,244	3.7%		10,604		9,537	11.2%		25,943		25,707	0.9%
	7,047		117,096		114,614	2.2%		36,663		34,124	7.4%		80,433		80,490	-0.1%
Southwest Region
Dallas, TX	3,864		66,746		65,852	1.4%		26,271		26,349	-0.3%		40,475		39,503	2.5%
Austin, TX	1,272		23,075		22,634	1.9%		9,468		9,306	1.7%		13,607		13,328	2.1%
	5,136		89,821		88,486	1.5%		35,739		35,655	0.2%		54,082		52,831	2.4%
Other Markets	2,147		50,686		50,652	0.1%		15,345		15,116	1.5%		35,341		35,536	-0.5%
Total Combined (3)(4)	41,226	$	1,018,276	$	1,047,704	-2.8%	$	311,594	$	300,483	3.7%	$	706,682	$	747,221	-5.4%

(1) YTD 19 amounts include the Acquired JV Same-Store Portfolio Communities (the 11 communities and 3,619 homes previously owned by UDR unconsolidated JVs) as if these communities were 100% owned by UDR during all periods presented.

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

(3) YTD 20 includes a reserve (reflected as a reduction to revenues) of approximately $11.0 million or 1.1% of billed residential revenue on our Combined Same-Store Communities.  The reserve is based on probability of collection.

(4) With concessions reflected on a straight-line basis, Combined Same-Store revenue and Combined Same-Store NOI decreased year-over-year by -1.7% and -3.9%, respectively. See Attachment 16(A) for definitions and reconciliations.

19

Attachment 8(G)

UDR, Inc.

Combined Same-Store Operating Information By Major Market (1)

December 31, 2020

(Unaudited) (2)

	Combined Effective Blended Lease Rate Growth	Combined Effective New Lease Rate Growth	Combined Effective Renewal Lease Rate Growth	Combined Annualized Turnover (3)(4)
	4Q 2020	4Q 2020	4Q 2020	4Q 2020	4Q 2019	YTD 2020	YTD 2019
West Region
Orange County, CA	-0.3%	-2.3%	3.1%	43.4%	53.0%	50.1%	58.7%
San Francisco, CA	-1.9%	-3.1%	-1.5%	58.0%	45.3%	60.4%	56.0%
Seattle, WA	-3.3%	-7.2%	-0.5%	48.2%	47.8%	52.7%	53.4%
Monterey Peninsula, CA	3.9%	5.8%	2.3%	36.0%	41.1%	37.8%	42.6%
Los Angeles, CA	-2.2%	-5.4%	1.6%	42.4%	35.9%	45.8%	46.6%
	-0.8%	-2.6%	1.2%	47.5%	47.9%	51.7%	54.5%
Mid-Atlantic Region
Metropolitan DC	-1.6%	-5.2%	2.2%	33.7%	30.0%	41.7%	42.4%
Baltimore, MD	2.1%	0.5%	4.0%	37.8%	37.0%	48.6%	49.4%
Richmond, VA	6.2%	7.0%	5.6%	28.6%	35.9%	44.1%	46.5%
	-0.3%	-3.2%	2.8%	33.8%	32.0%	43.2%	44.1%
Northeast Region
Boston, MA	0.5%	-2.0%	2.4%	38.0%	34.9%	46.7%	38.9%
New York, NY	-6.7%	-11.6%	-4.9%	31.7%	21.7%	53.7%	33.0%
	-1.2%	-3.5%	0.3%	36.3%	32.1%	49.1%	37.3%
Southeast Region
Tampa, FL	3.4%	2.2%	4.8%	44.9%	41.5%	53.9%	51.2%
Orlando, FL	-0.4%	-3.9%	3.4%	44.8%	44.6%	50.4%	51.0%
Nashville, TN	-0.8%	-4.6%	3.4%	40.4%	37.9%	47.0%	47.7%
	1.0%	-1.7%	4.0%	43.6%	41.6%	50.9%	50.1%
Southwest Region
Dallas, TX	-0.9%	-4.9%	3.6%	47.1%	44.9%	51.4%	51.3%
Austin, TX	-1.2%	-4.9%	3.8%	45.5%	39.6%	47.9%	50.6%
	-0.9%	-4.9%	3.7%	46.7%	43.7%	50.6%	51.1%
Other Markets	3.5%	2.2%	4.8%	40.7%	48.5%	45.6%	50.7%
Total Combined/Weighted Avg.	-0.3%	-2.7%	2.2%	41.1%	39.9%	48.4%	48.1%
4Q 2019 Combined Weighted Avg. Lease Rate Growth (4)	2.3%	-0.5%	5.2%
4Q 2020 Combined Percentage of Total Repriced Homes		50.6%	49.4%

(1) 4Q19 and YTD19 amounts include the Acquired JV Same-Store Portfolio Communities (the 11 communities and 3,619 homes previously owned by UDR unconsolidated JVs) as if these communities were 100% owned by UDR during all periods presented.

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

(3) 4Q20 Combined same-store home count: 45,088. YTD 2020 Combined same-store home count: 41,226.

(4) 4Q19 Combined same-store home count: 41,796. YTD 2019 Combined same-store home count: 41,578.

20

Attachment 9

UDR, Inc.

Development Summary

December 31, 2020

(Dollars in Thousands)

(Unaudited) (1)

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
Vitruvian West Phase 2	Addison, TX		366	202	$	57,024	$	64,000	$	175	$	-		1Q19	2Q20	1Q21	50.8%	46.2%
Cirrus	Denver, CO		292	-		67,125		97,500		334		-		3Q19	4Q21	1Q22	-	-
5421 at Dublin Station	Dublin, CA		220	-		57,799		117,000		532		-		4Q19	4Q21	2Q22	-	-
Village at Valley Forge	King of Prussia, PA		200	-		20,010		68,000		340		-		4Q20	2Q22	3Q22	-	-
440 Penn Street	Washington, DC		300	-		45,919		145,000		483		-		3Q20	1Q23	2Q23	-	-
Total Under Construction			1,378	202	$	247,877	$	491,500	$	357	$	-
Completed Projects, Non-Stabilized
N/A	N/A		-	-	$	-	$	-	$	-	$	-		N/A	N/A	N/A	-	-
Total Completed, Non-Stabilized			-	-	$	-	$	-	$	-	$	-
Total - Wholly Owned			1,378	202	$	247,877	$	491,500	$	357	$	-
NOI From Wholly-Owned Projects												UDR's Capitalized Interest
		4Q 20											4Q 20
Projects Under Construction		$	324										$	1,544
Completed, Non-Stabilized			-
Total		$	324
Projected Stabilized Yield on Development Projects Over Respective Market Cap Rates:														150-200 bps

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

21

Attachment 10

UDR, Inc.

Redevelopment Summary

December 31, 2020

(Dollars in Thousands)

(Unaudited) (1)

				Sched.								Schedule			Percentage
			# of	Redev.	Compl.	Cost to		Budgeted		Est. Cost				Same- Store Quarter
Community		Location	Homes	Homes	Homes	Date		Cost		per Home		Start	Compl.		Leased	Occupied
Projects in Redevelopment
N/A		N/A	-	-	-	$	-	$	-	$	-	N/A	N/A	N/A	-	-
Total			-	-	-	$	-	$	-	$	-
UDR's Capitalized Interest
4Q 20
$	16

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

22

Attachment 11

UDR, Inc.

Land Summary

December 31, 2020

(Dollars in Thousands)

(Unaudited) (1)

			UDR Ownership	Real Estate
Parcel		Location	Interest	Cost Basis		Status Update (2)
						Pursuing	Design	Hold for Future
						Entitlements	Development	Development
Wholly-Owned
Vitruvian Park®		Addison, TX	100%	$	61,682	Complete	In Process	In Process
Total				$	61,682
UDR's Capitalized Interest
4Q 20
$	548

(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.

23

Attachment 12(A)

UDR, Inc.

Unconsolidated Joint Venture Summary

December 31, 2020

(Dollars in Thousands)

(Unaudited) (1)

								Physical	Total Rev. per		Net Operating Income
	Property		Own.		# of		# of	Occupancy	Occ. Home		UDR's Share				Total
Portfolio Characteristics	Type		Interest		Comm.		Homes	4Q 20	4Q 20		4Q 20		YTD 20		YTD 20 (2)
UDR / MetLife
Operating communities	Various			50%		13	2,837	92.0%	$	3,623	$	8,752	$	39,632		$	78,848
UDR / West Coast Development JV
Held for Disposition (3)	Mid-rise			47%		1	293	89.0%		2,505		500		2,094			4,445
Total						14	3,130	91.7%	$	3,528	$	9,252	$	41,726	$		83,293
	Gross Book Value							Weighted
	of JV Real		Total Project		UDR's Equity			Avg. Debt	Debt
Balance Sheet Characteristics	Estate Assets (4)		Debt (4)		Investment			Interest Rate	Maturities
UDR / MetLife
Operating communities	$	1,698,884	$	941,463	$	264,599		3.65%	2022-2028
UDR / West Coast Development JV
Held for Disposition		129,360		54,394		30,080		1.67%	2021
Total	$	1,828,244	$	995,857	$	294,679		3.54%
	Joint Venture
	Same-Store		4Q 20 vs. 4Q 19 Growth						4Q 20 vs. 3Q 20 Growth
Joint Venture Same-Store Growth	Communities (5)		Revenue		Expense		NOI		Revenue		Expense		NOI
UDR / MetLife	13		-14.0%		5.9%		-23.2%		-2.2%		-3.0%		-1.8%
Total	13		-14.0%		5.9%		-23.2%		-2.2%		-3.0%		-1.8%
	Joint Venture
	Same-Store		YTD 20 vs. YTD 19 Growth
Joint Venture Same-Store Growth	Communities (5)		Revenue		Expense		NOI
UDR / MetLife	12		-6.7%		3.4%		-11.3%
Total	12		-6.7%		3.4%		-11.3%

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

(2) Represents NOI at 100% for the period ended December 31, 2020.

(3) Subsequent to quarter-end, the community was sold to an unaffiliated third-party.

(4) Joint ventures and partnerships represented at 100%. Debt balances are presented net of deferred financing costs. The gross book value of real estate assets for the UDR / West Coast Development JV represents the going-in valuation.

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

24

Attachment 12(B)

UDR, Inc.

Developer Capital Program (2)

December 31, 2020

(Dollars in Thousands)

(Unaudited) (1)

Developer Capital Program
									Income from
		# of	UDR Investment				Return	Years to	Investment		Upside	Investment
Community	Location	Homes	Commitment (3)		Balance (3)		Rate	Maturity	4Q 2020		Participation	Type
Preferred Equity and Mezzanine Loans
The Portals (4)	Washington, DC	-	$	-	$	-	11.0%	-	$	1,573	-	Mezzanine Loan
1532 Harrison	San Francisco, CA	136		24,645		34,135	11.0%	1.5		962	-	Preferred Equity
Junction	Santa Monica, CA	66		8,800		11,699	12.0%	1.6		347	-	Preferred Equity
1200 Broadway	Nashville, TN	313		55,558		69,330	8.0%	1.7		1,375	Variable	Preferred Equity
1300 Fairmount	Philadelphia, PA	471		51,393		59,544	8.5%	2.6		1,256	Variable	Preferred Equity
Essex	Orlando, FL	330		12,886		16,770	12.5%	2.6		517	-	Preferred Equity
Modera Lake Merritt	Oakland, CA	173		27,250		30,928	9.0%	3.2		691	Variable	Preferred Equity
Thousand Oaks	Thousand Oaks, CA	142		20,059		17,919	9.0%	4.1		346	Variable	Preferred Equity
Vernon Boulevard	Queens, NY	534		40,000		42,360	13.0%	4.5		1,358	Variable	Preferred Equity
Total – Preferred Equity and Mezzanine Loans		2,165	$	240,591	$	282,685	9.8%	2.8	$	8,425
Secured Loans
Alameda Point Block 11 (5)	Alameda, CA	220	$	20,000	$	25,004	8.0%	1.4	$	-	-	Secured Loan
Brio (6)	Bellevue, WA	259		115,000		121,337	4.8%	1.8		1,437	Purchase Option	Secured Loan
Total - Secured Loans		479	$	135,000	$	146,341	5.3%	1.7	$	1,437
Total - Developer Capital Program		2,644	$	375,591	$	429,026	8.3%	2.4	$	9,862

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

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

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

(4) On December 23, 2020, UDR's investment balance and accrued return totaling approximately $53.7 million were paid in full.

(5) In March 2018, UDR made a $20.0 million secured loan to a third-party developer to acquire a parcel of land upon which the developer planned to construct a 220 apartment home community. The loan is secured by the land parcel and related assets, and, as of the end of the quarter, was reflected in notes receivable, net on the Consolidated Balance Sheets and interest and other income/(expense), net on the Consolidated Statements of Operations in accordance with GAAP. The developer defaulted on the loan in September 2020. As a result of the default, UDR expects to take title to the property pursuant to a deed in lieu of foreclosure.

(6) In November 2019, UDR made a $115.0 million secured loan to a third-party developer to finance a 259 apartment home community that was completed in 2020. UDR also entered into a purchase option agreement at the time the loan was funded which gave UDR the option to acquire the community at a fixed price, which is currently projected to occur in 2021. The option was exercised in August 2020. The loan is secured by the community and is reflected in notes receivable, net on the Consolidated Balance Sheets and interest and other income/(expense), net on the Consolidated Statements of Operations in accordance with GAAP.

25

Attachment 13

UDR, Inc.

Acquisitions, Dispositions and Developer Capital Program Investments Summary

December 31, 2020

(Dollars in Thousands)

(Unaudited) (1)

				Post
			Prior	Transaction
			Ownership	Ownership	UDR Investment		Return		# of
Date of Investment	Community	Location	Interest	Interest	Commitment		Rate		Homes
Developer Capital Program - Investment
Feb-20	Thousand Oaks	Thousand Oaks, CA	N/A	N/A	$	20,059		9.0%	142
Jul-20	Vernon Boulevard	Queens, NY	N/A	N/A		40,000		13.0%	534
					$	60,059		11.7%	676
					UDR Payment			Return	# of
Developer Capital Program - Redemption					Received			Rate	Homes
Dec-20	The Portals	Washington, DC	N/A	N/A	$	53,735		11.0%	373
					$	53,735		11.0%	373
				Post
			Prior	Transaction
			Ownership	Ownership					# of	Price per
Date of Purchase	Community	Location	Interest	Interest	Price (2)		Debt (2)		Homes	Home
Acquisitions - Wholly-Owned
Jan-20	The Slade at Channelside	Tampa, FL	0%	100%	$	85,200	$	-	294	$	290
Jan-20	The Arbory	Hillsboro, OR	49%	100%		53,900		-	276		195
Nov-20	Andover Place at Cross Creek	Tampa, FL	0%	100%		122,500		-	672		182
Dec-20	Station on Silver	Herndon, VA	0%	100%		128,600		-	400		322
					$	390,200	$	-	1,642	$	238
Acquisitions - Wholly-Owned Land
Aug-20	Village at Valley Forge	King of Prussia, PA	0%	100%	$	16,188	$	-	-	$	-
					$	16,188	$	-	-	$	-
				Post
			Prior	Transaction
			Ownership	Ownership					# of	Price per
Date of Sale	Community	Location	Interest	Interest	Price (2)		Debt (2)		Homes	Home
Dispositions - Wholly-Owned
May-20	Waterscape (3)	Kirkland, WA	100%	0%	$	92,900	$	-	196	$	474
May-20	Borgata Apartment Homes (4)	Bellevue, WA	100%	0%		49,700		-	71		700
Oct-20	DelRay Tower (5)	Alexandria, VA	100%	0%		145,000		-	332		437
					$	287,600	$	-	599	$	480

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

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

(3) UDR recorded a gain on sale of approximately $31.7 million during the twelve months ended December 31, 2020, which is included in gain/(loss) on sale of real estate owned.

(4) UDR recorded a gain on sale of approximately $29.6 million during the twelve months ended December 31, 2020, which is included in gain/(loss) on sale of real estate owned.

(5) UDR recorded a gain on sale of approximately $58.0 million during the three and twelve months ended December 31, 2020, which is included in gain/(loss) on sale of real estate owned.

26

Attachment 14

UDR, Inc.

Capital Expenditure and Repair and Maintenance Summary

December 31, 2020

(In thousands, except Cost per Home)

(Unaudited) (1)

		Three Months				Capex	Twelve Months				Capex
	Estimated	Ended		Cost		as a %	Ended			Cost	as a %
Capital Expenditures for Consolidated Homes (2)	Useful Life (yrs.)	December 31, 2020		per Home		of NOI	December 31, 2020			per Home	of NOI
Average number of homes (3)			47,590					47,475
Recurring Cap Ex
Asset preservation
Building interiors	5 - 20	$	6,823	$	143		$	22,061	$	465
Building exteriors	5 - 20		6,016		126			16,900		356
Landscaping and grounds	10		1,629		34			4,985		105
Total asset preservation			14,468		304			43,946		926
Turnover related	5		3,346		70			12,978		273
Total Recurring Cap Ex			17,814		374	9%		56,924		1,199	7%
NOI Enhancing Cap Ex	5 - 20		23,647		497			48,752		1,027
Total Recurring and NOI Enhancing Cap Ex		$	41,461	$	871		$	105,676	$	2,226
		Three Months					Twelve Months
		Ended			Cost		Ended			Cost
Repair and Maintenance for Consolidated Homes (Expensed)		December 31, 2020			per Home		December 31, 2020			per Home
Average number of homes (3)			47,590					47,475
Contract services		$	6,904	$	145		$	28,170	$	593
Turnover related expenses			4,008		84			15,402		324
Other Repair and Maintenance
Building interiors			2,391		50			9,603		202
Building exteriors			617		13			2,178		46
Landscaping and grounds			399		8			1,441		30
Total Repair and Maintenance		$	14,319	$	301		$	56,794	$	1,196

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

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

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

27

Attachment 15

UDR, Inc.

1Q 2021 and Full-Year 2021 Guidance

December 31, 2020

(Unaudited) (1)

Net Income, FFO, FFO as Adjusted and AFFO per Share and Unit Guidance	1Q 2021	Full-Year 2021
Income/(loss) per weighted average common share, diluted	$0.14 to $0.16	$0.13 to $0.25
FFO per common share and unit, diluted	$0.45 to $0.47	$1.87 to $1.99
FFO as Adjusted per common share and unit, diluted	$0.46 to $0.48	$1.88 to $2.00
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted	$0.43 to $0.45	$1.70 to $1.82
Annualized dividend per share and unit		$1.45
Same-Store Guidance		Full-Year 2021
Revenue growth / (decline) (Cash basis)		(2.50%) - 0.50%
Revenue growth / (decline) (Straight-line basis)		(4.50%) - (1.50%)
Expense growth		1.00% - 4.00%
NOI growth / (decline) (Cash basis)		(4.00%) - 0.00%
NOI growth / (decline) (Straight-line basis)		(6.50%) - (2.50%)
Sources of Funds ($ in millions)		Full-Year 2021
AFFO less Dividends		$80 to $120
Debt Issuances, Sales Proceeds, and LOC Draw/Paydown		$250 to $350
Uses of Funds ($ in millions)		Full-Year 2021
Debt maturities inclusive of principal amortization (2)		$40
Development spending and land acquisitions		$150 to $250
Redevelopment and other non-recurring		$20 to $40
Developer Capital Program, net		$25 to $35
Acquisitions		$30 to $65
NOI enhancing capital expenditures inclusive of Kitchen and Bath		$40 to $45
Other Additions/(Deductions) ($ in millions except per home amounts)		Full-Year 2021
Consolidated interest expense, net of capitalized interest and adjustments for FFO as Adjusted		($140) to ($150)
Capitalized interest expense (3)		$8 to $12
General and administrative expense		($45) to ($55)
Recurring capital expenditures per home		$1,200

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

(2) Excludes short-term maturities related to the Company's unsecured commercial paper program. Includes the prepayment costs and net proceed associated with the Columbus Square refinance which occurred in January 2021.

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

28

Attachment 16(A)

UDR, Inc.

Definitions and Reconciliations

December 31, 2020

(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.

Acquired JV Same-Store Portfolio Communities: Represents the Acquired JV Same-Store Portfolio Communities as if these communities were 100% owned by UDR since January 1, 2019. These communities were Stabilized for five full consecutive quarters and had stabilized operating expenses as of the beginning of the quarter in the prior year, were not in process of any substantial redevelopment activities, and were not held for disposition. Because these communities became wholly owned by UDR in 2019 (the 11 communities and 3,619 homes were previously owned by UDR unconsolidated JVs), they are not included in the UDR Same-Store Communities. See UDR Same-Store Communities for more information regarding inclusion. These communities have been identified in certain tables to provide Combined Same-Store results as if these communities were 100% owned by UDR in prior periods. These 11 communities will be eligible to join the UDR Same-Store Communities on January 1, 2021.

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

Management considers AFFO a useful supplemental performance metric for investors as it is more indicative of the Company's operational performance than FFO or FFO as Adjusted. AFFO is not intended to represent cash flow or liquidity for the period, and is only intended to provide an additional measure of our operating performance. The Company believes that net income/(loss) attributable to common stockholders is the most directly comparable GAAP financial measure to AFFO. Management believes that AFFO is a widely recognized measure of the operations of REITs, and presenting AFFO 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/(loss) (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/(loss) attributable to common stockholders to AFFO is provided on Attachment 2.

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

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

	4Q 20		4Q 19		4Q 20		3Q 20		YTD 20		YTD 19
Revenue (Cash basis)	$	274,922	$	292,167	$	274,922	$	276,402	$	1,018,276	$	1,047,704
Concessions granted/amortized, net		4,177		60		4,177		7,747		11,073		(409)
Revenue (Straight-line basis)	$	279,099	$	292,227	$	279,099	$	284,149	$	1,029,349	$	1,047,295
% change - Combined Same-Store Revenue with Concessions on a Cash Basis:		-5.9%				-0.5%				-2.8%
% change - Combined Same-Store Revenue on a straight-line basis:		-4.5%				-1.8%				-1.7%
% change - Combined Same-Store NOI with Combined Same-Store Revenue with Concessions on a Cash Basis:		-10.1%				0.8%				-5.4%
% change - Combined Same-Store NOI with Combined Same-Store Revenue on a straight-line basis:		-8.1%				-1.1%				-3.9%

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

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

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

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

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

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

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

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

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

29

Attachment 16(B)

UDR, Inc.

Definitions and Reconciliations

December 31, 2020

(Unaudited)

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

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

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

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

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

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

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

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

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

Management believes that FFO as Adjusted is useful supplemental information regarding our operating performance as it provides a consistent comparison of our operating performance across time periods and allows investors to more easily compare our operating results with other REITs. FFO as Adjusted is not intended to represent cash flow or liquidity for the period, and is only intended to provide an additional measure of our operating performance. The Company believes that net income/(loss) attributable to common stockholders is the most directly comparable GAAP financial measure to FFO as Adjusted. However, other REITs may use different methodologies for calculating FFO as Adjusted or similar FFO measures and, accordingly, our FFO as Adjusted may not always be comparable to FFO as Adjusted or similar FFO measures calculated by other REITs. FFO as Adjusted should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of financial performance, or as an alternative to cash 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 attributable to common stockholders and unitholders as net income/(loss) attributable to common stockholders (computed in accordance with GAAP), excluding impairment write-downs of depreciable real estate related to the main business of the Company or of investments in non-consolidated investees that are directly attributable to decreases in the fair value of depreciable real estate held by the investee, gains and losses from sales of depreciable real estate related to the main business of the Company and income taxes directly associated with those gains and losses, plus real estate depreciation and amortization, and after adjustments for noncontrolling interests, and the Company’s share of unconsolidated partnerships and joint ventures. This definition conforms with the National Association of Real Estate Investment Trust's definition issued in April 2002 and restated in November 2018. In the computation of diluted FFO, if OP Units, DownREIT Units, unvested restricted stock, unvested LTIP Units, stock options, and the shares of Series E Cumulative Convertible Preferred Stock are dilutive, they are included in the diluted share count.

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

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

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

In thousands	4Q 2020		YTD 2020
Income/(loss) from unconsolidated entities	$	4,516	$	18,844
Management fee		566		2,296
Interest expense		4,537		18,729
Depreciation		8,724		35,023
General and administrative		62		249
West Coast Development JV Preferred Return		(50)		(251)
Developer Capital Program (excludes Alameda Point Block 11 and Brio)		(8,425)		(28,405)
Other (income)/expense		(79)		176
Realized/unrealized (gain)/loss on unconsolidated technology investments		(599)		(4,935)
Total Joint Venture NOI at UDR's Ownership Interest	$	9,252	$	41,726

Leasing Traffic: The Company defines Leasing Traffic as average daily leads to lease a home for the period indicated.

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Attachment 16(C)

UDR, Inc.

Definitions and Reconciliations

December 31, 2020

(Unaudited)

Net Operating Income (“NOI”): The Company defines NOI as rental income less direct property rental expenses. Rental income represents gross market rent and other revenues less adjustments for concessions, vacancy loss and bad debt. Rental expenses include real estate taxes, insurance, personnel, utilities, repairs and maintenance, administrative and marketing. Excluded from NOI is property management expense, which is calculated as 2.875% of property revenue, and land rent. Property management expense covers costs directly related to consolidated property operations, inclusive of corporate management, regional supervision, accounting and other costs.

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

In thousands	4Q 2020		3Q 2020		2Q 2020		1Q 2020		4Q 2019
Net income/(loss) attributable to UDR, Inc.	$	26,532	$	(25,258)	$	57,771	$	5,221	$	97,959
Property management		8,659		8,879		8,797		9,203		8,703
Other operating expenses		6,153		5,543		6,100		4,966		2,800
Real estate depreciation and amortization		146,135		151,949		155,056		155,476		143,464
Interest expense		62,524		62,268		38,597		39,317		60,435
Casualty-related charges/(recoveries), net		778		-		102		1,251		1,316
General and administrative		11,978		11,958		10,971		14,978		14,531
Tax provision/(benefit), net		668		187		1,526		164		2
(Income)/loss from unconsolidated entities		(4,516)		(2,940)		(8,021)		(3,367)		(118,486)
Interest income and other (income)/expense, net		1,030		(2,183)		(2,421)		(2,700)		(2,406)
Joint venture management and other fees		(1,208)		(1,199)		(1,274)		(1,388)		(2,073)
Other depreciation and amortization		2,074		3,887		2,027		2,025		1,713
(Gain)/loss on sale of real estate owned		(57,974)		-		(61,303)		-		-
Net income/(loss) attributable to noncontrolling interests		2,019		(1,959)		4,325		319		7,278
Total consolidated NOI	$	204,852	$	211,132	$	212,253	$	225,465	$	215,236

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

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

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

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

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

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

QTD Combined Same-Store Communities: QTD Combined Same-Store Communities represent the QTD UDR Same-Store Communities and the Acquired JV Same-Store Portfolio Communities as a single portfolio, as if the Acquired JV Same-Store Portfolio Communities were 100% owned by UDR during all periods presented.

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

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

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

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 definition of Stabilization Period for Redevelopment Yield, less Recurring Capital Expenditures, minus the project’s annualized NOI prior to commencing the redevelopment, less Recurring Capital Expenditures, divided by the total cost of the project.

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

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

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

Stabilization Period for Development Yield: The Company defines the Stabilization Period for Development 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 Redevelopment 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.

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Attachment 16(D)

UDR, Inc.

Definitions and Reconciliations

December 31, 2020

(Unaudited)

Stabilized Yield on Developments:  The Company calculates expected stabilized yields on development as follows: projected stabilized NOI less management fees divided by budgeted construction costs 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 Developments 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 making investments and providing services that are otherwise not allowed to be made or provided by a REIT.

Visits: The Company defines Visits as the summation of tours taken by current and prospective residents, whether in-person (where allowed) or by virtual means, for the period indicated.

YTD Combined Same-Store Communities: YTD Combined Same-Store Communities represent the YTD UDR Same-Store Communities and the Acquired JV Same-Store Portfolio Communities as a single portfolio, as if the Acquired JV Same-Store Portfolio Communities were 100% owned by UDR during all periods presented.

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

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Attachment 16(E)

UDR, Inc.

Definitions and Reconciliations

December 31, 2020

(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 2021 and first quarter 2021 to forecasted FFO, FFO as Adjusted and AFFO per share and unit:

	Full-Year 2021
	Low		High
Forecasted net income per diluted share	$	0.13	$	0.25
Conversion from GAAP share count		(0.02)		(0.02)
Net gain on the sale of depreciable real estate owned		(0.16)		(0.16)
Depreciation		1.89		1.89
Noncontrolling interests		0.02		0.02
Preferred dividends		0.01		0.01
Forecasted FFO per diluted share and unit	$	1.87	$	1.99
Legal and other costs		-		-
Cost associated with debt extinguishment		0.01		0.01
Casualty-related charges/(recoveries)		-		-
Realized/unrealized gain on unconsolidated investments, net of tax		-		-
Forecasted FFO as Adjusted per diluted share and unit	$	1.88	$	2.00
Recurring capital expenditures		(0.18)		(0.18)
Forecasted AFFO per diluted share and unit	$	1.70	$	1.82
	1Q 2021
	Low		High
Forecasted net income per diluted share	$	0.14	$	0.16
Conversion from GAAP share count		(0.01)		(0.01)
Net gain on the sale of depreciable real estate owned		(0.16)		(0.16)
Depreciation		0.47		0.47
Noncontrolling interests		0.01		0.01
Preferred dividends		-		-
Forecasted FFO per diluted share and unit	$	0.45	$	0.47
Legal and other costs		-		-
Cost associated with debt extinguishment		0.01		0.01
Casualty-related charges/(recoveries)		-		-
Realized/unrealized gain on unconsolidated investments, net of tax		-		-
Forecasted FFO as Adjusted per diluted share and unit	$	0.46	$	0.48
Recurring capital expenditures		(0.03)		(0.03)
Forecasted AFFO per diluted share and unit	$	0.43	$	0.45

33