UDR, Inc. - FORM 8-K - EX-99.2 - EXHIBIT

Attached files

file	filename
8-K - 8-K - UDR, Inc.	form8-k1.htm
EX-99.1 - EXHIBIT - UDR, Inc.	exhibit9911.htm

Exhibit 99.2



Financial Highlights

UDR, Inc.
As of End of Third Quarter 2014 (1)
(Unaudited)

		Actual Results	Actual Results	Guidance as of September 30, 2014
Dollars in thousands, except per share		3Q 2014	YTD 2014	4Q 2014		Full-Year 2014
Per Share Metrics
FFO per common share, diluted		$0.41	$1.16	$0.38 to $0.40		$1.54 to $1.56
FFO as Adjusted per common share, diluted		$0.38	$1.13	$0.38 to $0.40		$1.51 to $1.53
Adjusted Funds from Operations ("AFFO") per common share, diluted		$0.34	$1.01	$0.33 to $0.35		$1.34 to $1.36
Weighted average diluted shares/units (M)		266.0	265.0	268.1		265.7
Dividend per share		$0.26	$0.78	$0.26		$1.04 (2)
Same-Store Operating Metrics
Revenue growth		4.4%	4.4%	--		4.00% to 4.50%
Expense growth		2.9%	2.4%	--		2.25% to 2.75%
NOI growth		5.1%	5.3%	--		4.75% to 5.25%
Physical Occupancy		96.8%	96.6%	--		96.5%

Property Metrics			Homes	Communities		% of Total NOI
Same-Store			36,268	131		75.0%
Stabilized, Non-Mature			2,001	4		6.9%
Acquired Communities			358	2		0.1%
Redevelopment			739	1		3.6%
Development, completed (refer to Attachment 9)			1,111	3		0.9%
Non-Residential / Other			N/A	N/A		2.0%
Joint Venture (includes completed JV developments) (3)			9,791	35		11.5%
Sub-total, completed homes			50,268	176		100%
Under Development			603	3		-
Joint Venture Development			828	2		-
Total expected homes (4)			51,699	181		100%

Balance Sheet Metrics (adjusted for non-recurring items)			Market Capitalization
	3Q 2014	3Q 2013		3Q 2014		% of Total
Interest Coverage Ratio	3.50x	3.28x	Total debt	$	3,628,192	33.2%
Fixed Charge Coverage Ratio	3.42x	3.20x	Common stock equivalents (5)	7,307,693		66.8%
Leverage Ratio	39.2%	39.0%	Total market capitalization	$	10,935,885	100.0%
Net Debt-to-EBITDA	6.7x	7.0x

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

(2) Annualized for 2014.

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

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

(5) Based on a common share price of $27.25 at September 30, 2014.






Attachment 1

UDR, Inc.
Consolidated Statements of Operations (1)
(Unaudited)
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
In thousands, except per share amounts	2014			2013			2014			2013
REVENUES:
Rental income (2)	$	203,587		$	187,917		$	598,898		$	556,163
Joint venture management and other fees	3,165			3,207			9,599			9,347
Total revenues	206,752			191,124			608,497			565,510
OPERATING EXPENSES:
Property operating and maintenance	39,086			36,686			112,646			107,660
Real estate taxes and insurance	24,697			24,079			73,844			70,287
Property management	5,598			5,168			16,470			15,295
Other operating expenses	2,009			1,775			6,097			5,211
Real estate depreciation and amortization	89,339			83,739			266,748			251,232
Acquisition costs	164			—			266			—
General and administrative	11,390			11,364			35,812			30,706
Casualty-related (recoveries)/charges, net	—			(6,460		)	500			(12,253		)
Other depreciation and amortization	1,385			1,176			3,658			3,460
Total operating expenses	173,668			157,527			516,041			471,598
Operating income	33,084			33,597			92,456			93,912
Income/(loss) from unconsolidated entities	(939		)	(3,794		)	(4,932		)	(6,081		)
Interest expense	(33,087		)	(30,939		)	(97,470		)	(92,545		)
Other debt (charges)/benefits, net (3)	—			—			(192		)	(178		)
Total Interest expense	(33,087		)	(30,939		)	(97,662		)	(92,723		)
Interest and other income/(expense), net	9,061			829			11,902			3,291
Income/(loss) before income taxes and discontinued operations	8,119			(307		)	1,764			(1,601		)
Tax benefit/(provision), net	2,492			2,658			8,011			7,314
Income/(loss) from continuing operations	10,611			2,351			9,775			5,713
Income/(loss) from discontinued operations, net of tax (4)	79			884			10			2,567
Income/(loss) before gain/(loss) on sale of real estate owned	10,690			3,235			9,785			8,280
Gain/(loss) on sale of real estate owned, net of tax (4)	31,302			—			82,305			—
Net income/(loss)	41,992			3,235			92,090			8,280
Net (income)/loss attributable to redeemable noncontrolling interests in the OP	(1,447		)	(84		)	(3,171		)	(198		)
Net (income)/loss attributable to noncontrolling interests	4			37			(2		)	30
Net income/(loss) attributable to UDR, Inc.	40,549			3,188			88,917			8,112
Distributions to preferred stockholders - Series E (Convertible)	(931		)	(931		)	(2,793		)	(2,793		)
Net income/(loss) attributable to common stockholders	$	39,618		$	2,257		$	86,124		$	5,319

Income/(loss) per weighted average common share - basic:
Income/(loss) from continuing operations attributable to common stockholders	$	0.16		$	0.01		$	0.34		$	0.01
Income/(loss) from discontinued operations attributable to common stockholders	$	0.00		$	0.00		$	0.00		$	0.01
Net income/(loss) attributable to common stockholders	$	0.16		$	0.01		$	0.34		$	0.02
Income/(loss) per weighted average common share - diluted:
Income/(loss) from continuing operations attributable to common stockholders	$	0.16		$	0.01		$	0.34		$	0.01
Income/(loss) from discontinued operations attributable to common stockholders	$	0.00		$	0.00		$	0.00		$	0.01
Net income/(loss) attributable to common stockholders	$	0.16		$	0.01		$	0.34		$	0.02
Common distributions declared per share	$	0.260		$	0.235		$	0.780		$	0.705
Weighted average number of common shares outstanding - basic	251,655			249,985			250,701			249,962
Weighted average number of common shares outstanding - diluted	253,732			251,454			252,675			251,439

(1) See Attachment 16 for definitions and other terms.
(2) Three and nine months ended September 30, 2013 are impacted by $0.9 million and $3.4 million of lost rent due to business interruption related to Hurricane Sandy, respectively.
(3) Includes prepayment penalties, write-off of deferred financing costs and unamortized discounts/premiums on early debt extinguishment.
(4) Effective January 1, 2014, UDR prospectively adopted Accounting Standards Update (“ASU”) No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, for all communities not previously sold or classified as held for sale. ASU 2014-08 incorporates into the definition of a discontinued operation a requirement that a disposition represent a strategic shift in an entity’s operations, which resulted in UDR no longer classifying the sale of communities as a discontinued operation.






Attachment 2

UDR, Inc.
Funds From Operations (1)
(Unaudited)
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
In thousands, except per share amounts	2014			2013			2014			2013
Net income/(loss) attributable to UDR, Inc.	$	40,549		$	3,188		$	88,917		$	8,112
Distributions to preferred stockholders	(931		)	(931		)	(2,793		)	(2,793		)
Real estate depreciation and amortization, including discontinued operations	89,339			84,266			266,748			252,839
Noncontrolling interests	1,443			47			3,173			168
Real estate depreciation and amortization on unconsolidated joint ventures	10,398			10,514			29,926			25,462
Net (gain)/loss on the sale of depreciable property, excluding TRS	(31,377		)	—			(81,260		)	—
Funds from operations ("FFO"), basic	$	109,421		$	97,084		$	304,711		$	283,788
Distributions to preferred stockholders - Series E (Convertible)	931			931			2,793			2,793
FFO, diluted	$	110,352		$	98,015		$	307,504		$	286,581
FFO per common share, basic	$	0.42		$	0.37		$	1.17		$	1.09
FFO per common share, diluted	$	0.41		$	0.37		$	1.16		$	1.09
Weighted average number of common shares and OP Units outstanding - basic	260,844			259,308			259,975			259,305
Weighted average number of common shares, OP Units, and common stock
equivalents outstanding - diluted	265,957			263,813			264,985			263,818
Impact of adjustments to FFO:
Acquisition-related costs (including joint ventures)	$	164		$	—		$	266		$	—
Joint venture financing and acquisition fees	(88		)	(36		)	(88		)	(254		)
Costs/(benefit) associated with debt extinguishment and tender offer	—			—			192			178
Gain on sale of land	—			—			(1,120		)	—
Net gain on prepayment of note receivable	(8,411		)	—			(8,411		)	—
Casualty-related (recoveries)/charges, net (2)	—			(4,059		)	500			(9,665		)
	$	(8,335	)	$	(4,095	)	$	(8,661	)	$	(9,741	)
FFO as Adjusted, diluted	$	102,017		$	93,920		$	298,843		$	276,840
FFO as Adjusted per common share, diluted	$	0.38		$	0.36		$	1.13		$	1.05
Recurring capital expenditures	(12,280		)	(11,989		)	(29,977		)	(30,975		)
AFFO	$	89,737		$	81,931		$	268,866		$	245,865
AFFO per common share, diluted	$	0.34		$	0.31		$	1.01		$	0.93

(1) See Attachment 16 for definitions and other terms.
(2) 2014 adjustment relates to estimated damages at our Rosebeach community in California as a result of the earthquake in March 2014. 2013 adjustment primarily represents the portion of Hurricane Sandy insurance recoveries in 2013 that relate to the $9.3 million in charges added back to FFO as Adjusted in 4Q 2012. The difference between the casualty-related recoveries reflected on the Consolidated Statements of Operations and the adjustment above represents the amount of 2013 business interruption recoveries during 2013. The business interruption insurance recoveries are offset by lost rental revenues from the business interruption in 2013.






Attachment 3

UDR, Inc.
Consolidated Balance Sheets
	September 30,			December 31,
In thousands, except share and per share amounts	2014			2013
ASSETS	(unaudited)			(audited)
Real estate owned:
Real estate held for investment	$	8,106,684		$	7,723,844
Less: accumulated depreciation	(2,378,520		)	(2,200,815		)
Real estate held for investment, net	5,728,164			5,523,029
Real estate under development
(net of accumulated depreciation of $513 and $1,411)	321,094			466,002
Real estate held for disposition
(net of accumulated depreciation of $0 and $6,568)	—			10,152
Total real estate owned, net of accumulated depreciation	6,049,258			5,999,183
Cash and cash equivalents	14,605			30,249
Restricted cash	23,969			22,796
Deferred financing costs, net	24,344			26,924
Notes receivable, net	18,318			83,033
Investment in and advances to unconsolidated joint ventures, net	650,441			507,655
Other assets	117,153			137,882
Total assets	$	6,898,088		$	6,807,722
LIABILITIES AND EQUITY
Liabilities:
Secured debt	$	1,399,372		$	1,442,077
Unsecured debt	2,228,820			2,081,626
Real estate taxes payable	29,403			13,847
Accrued interest payable	27,131			32,279
Security deposits and prepaid rent	32,710			27,203
Distributions payable	69,487			61,907
Accounts payable, accrued expenses, and other liabilities	82,233			118,682
Total liabilities	3,869,156			3,777,621
Redeemable noncontrolling interests in the OP	249,814			217,597
Equity:
Preferred stock, no par value; 50,000,000 shares authorized
2,803,812 shares of 8.00% Series E Cumulative Convertible issued
and outstanding (2,803,812 shares at December 31, 2013)	46,571			46,571
Common stock, $0.01 par value; 350,000,000 shares authorized
255,215,905 shares issued and outstanding (250,749,665 shares at December 31, 2013)	2,552			2,507
Additional paid-in capital	4,223,893			4,109,765
Distributions in excess of net income	(1,493,890		)	(1,342,070		)
Accumulated other comprehensive income/(loss), net	(866		)	(5,125		)
Total stockholders' equity	2,778,260			2,811,648
Noncontrolling interests	858			856
Total equity	2,779,118			2,812,504
Total liabilities and equity	$	6,898,088		$	6,807,722






Attachment 4(A)

UDR, Inc.
Selected Financial Information (1)
(Unaudited)
						3Q 2014 Weighted		September 30,
Common Stock and Equivalents						Average		2014
Common shares (2)						251,655,305		253,979,814
Restricted shares						1,235,961		1,236,091
Total common stock						252,891,266		255,215,905
Stock options and restricted stock equivalents						840,336		753,303
Operating partnership units						7,438,316		7,415,800
Preferred OP units						1,751,671		1,751,671
Convertible preferred Series E stock (3)						3,035,548		3,035,548
Total common stock and equivalents						265,957,137		268,172,227


Market Capitalization, In thousands						Balance		% of Total
Total debt						$	3,628,192	33.2	%
Common stock and equivalents at $27.25 at September 30, 2014						7,307,693		66.8	%
Total market capitalization						$	10,935,885	100.0	%


						Gross		% of
	Number of	3Q 2014 NOI (1)				Carrying Value		Total Gross
Asset Summary	Homes	($000s)		% of NOI		($000s)		Carrying Value
Unencumbered assets	27,051	$	96,509	69.0	%	$	6,160,651	73.1	%
Encumbered assets	13,426	43,305		31.0	%	2,267,640		26.9	%
	40,477	$	139,814	100.0	%	$	8,428,291	100.0	%

(1) See Attachment 16 for definitions and other terms.
(2) Includes the effect of the ATM issuance of 3.4 million shares at an average price of $29.95 and a net price of $29.36 during the three and nine months ended September 30, 2014.
(3) At September 30, 2014, a total of 2,803,812 shares of the Series E were outstanding, which is equivalent to 3,035,548 shares of common stock if converted (after adjusting for the special dividend paid in 2008).






Attachment 4(B)

UDR, Inc.
Selected Financial Information
(Unaudited)
												Weighted		Weighted
												Average		Average Years
Debt Structure, In thousands						Balance			% of Total			Interest Rate		to Maturity
Secured	Fixed					$	1,061,926	(1)	29.3		%	5.2	%	3.2
	Floating					337,446		(2)	9.3		%	1.4	%	6.2
	Combined					1,399,372			38.6		%	4.3	%	4.0

Unsecured	Fixed					2,033,820		(3)	56.0		%	4.1	%	5.0
	Floating					195,000			5.4		%	1.1	%	3.3
	Combined					2,228,820			61.4		%	3.8	%	4.9

Total Debt	Fixed					3,095,746			85.3		%	4.5	%	4.4
	Floating					532,446			14.7		%	1.3	%	5.1
	Combined					$	3,628,192		100.0		%	4.0	%	4.5


Debt Maturities, In thousands
				Unsecured		Revolving								Weighted Average
	Secured Debt			Debt		Credit Facility			Balance			% of Total		Interest Rate
2014	$	34,657	(4)	$	—	$	—		$	34,657		1.0	%	5.6	%
2015	191,956			325,138		—			517,094			14.2	%	5.5	%
2016	131,727		(5)	83,260		—			214,987			5.9	%	5.0	%
2017	282,477			—		160,000		(6)	442,477			12.2	%	3.0	%
2018	224,787			648,428		—			873,215			24.1	%	3.2	%
2019	320,359			—		—			320,359			8.8	%	4.4	%
2020	90,000			299,952		—			389,952			10.7	%	3.8	%
2021	—			—		—			—			—		—
2022	—			397,387		—			397,387			11.0	%	4.7	%
2023	96,409			—		—			96,409			2.7	%	2.1	%
Thereafter	27,000			314,655		—			341,655			9.4	%	3.7	%
	$	1,399,372		$	2,068,820	$	160,000		$	3,628,192		100.0	%	4.0	%


Debt Maturities With Extensions, In thousands
				Unsecured		Revolving								Weighted Average
	Secured Debt			Debt		Credit Facility			Balance			% of Total		Interest Rate
2014	$	—		$	—	$	—		$	—		—		—
2015	226,612			325,138		—			551,750			15.2	%	5.5	%
2016	61,191			83,260		—			144,451			4.0	%	4.5	%
2017	353,014			—		—			353,014			9.7	%	4.5	%
2018	224,787			648,428		160,000		(6)	1,033,215			28.5	%	2.9	%
2019	320,359			—		—			320,359			8.8	%	4.4	%
2020	90,000			299,952		—			389,952			10.7	%	3.8	%
2021	—			—		—			—			—		—
2022	—			397,387		—			397,387			11.0	%	4.7	%
2023	96,409			—		—			96,409			2.7	%	2.1	%
Thereafter	27,000			314,655		—			341,655			9.4	%	3.7	%
	$	1,399,372		$	2,068,820	$	160,000		$	3,628,192		100.0	%	4.0	%

(1) Includes $104.8 million of floating rate debt that has been fixed using interest rate swaps at a weighted average rate of 3.8%.
(2) Includes $184.7 million of debt with a weighted average interest cap of 8.2%.
(3) Includes $315.0 million of floating rate debt that has been fixed using interest rate swaps at a weighted average rate of 2.0%.
(4) Includes $34.7 million of financing with a one year extension at UDR's option.
(5) Includes $70.5 million of financing with a one year extension at UDR's option.
(6) UDR's $900 million line of credit has a maturity date of December 2017, plus a six-month extension option and contains an accordion feature that allows UDR to increase the facility up to $1.45 billion assuming lender participation. The credit facility carries an interest rate equal to LIBOR plus a spread of 100 basis points and a facility fee of 15 basis points.

Attachment 4(C)

UDR, Inc.

Selected Financial Information (1)

(Unaudited)

Quarter Ended

Coverage Ratios

September 30, 2014

Net income/(loss) attributable to UDR, Inc.

40,549

Adjustments (includes continuing and discontinued operations):

Interest expense

33,087

Real estate depreciation and amortization

89,339

Real estate depreciation and amortization on unconsolidated joint ventures

10,398

Other depreciation and amortization

1,385

Noncontrolling interests

1,443

Income tax expense/(benefit)

(2,490

)

EBITDA

173,711

Gain/(loss) on sale of real estate owned, net of tax

(31,377

)

Net gain on prepayment of note receivable

(8,411

)

EBITDA - adjusted for non-recurring items

133,923

Annualized EBITDA - adjusted for non-recurring items

535,692

Interest expense

33,087

Capitalized interest expense

5,172

Total interest

38,259

Preferred dividends

931

Total debt

3,628,192

Cash

14,605

Net debt

3,613,587

Interest Coverage Ratio

4.54

Fixed Charge Coverage Ratio

4.43

Interest Coverage Ratio - adjusted for non-recurring items

3.50

Fixed Charge Coverage Ratio - adjusted for non-recurring items

3.42

Net Debt-to-EBITDA, adjusted for non-recurring items

6.7

Debt Covenant Overview

Unsecured Line of Credit Covenants (2)

Required

Actual

Compliance

Maximum Leverage Ratio

≤60.0%

39.4%

Yes

Minimum Fixed Charge Coverage Ratio

≥1.5

2.9

Yes

Maximum Secured Debt Ratio

≤40.0%

19.2%

Yes

Minimum Unencumbered Pool Leverage Ratio

≥150.0%

312.5%

Yes

Senior Unsecured Note Covenants (3)

Required

Actual

Compliance

Debt as a percentage of Total Assets

≤60.0%

39.2%

Yes

Consolidated Income Available for Debt Service to Annual Service Charge

≥1.5

3.5

Yes

Secured Debt as a percentage of Total Assets

≤40.0%

15.1%

Yes

Total Unencumbered Assets to Unsecured Debt

≥150.0%

282.3%

Yes

Securities Ratings

Debt

Preferred

Outlook

Moody's Investors Service

Baa1

Baa2

Stable

Standard & Poor's

BBB

BB+

Positive

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

(2) As defined in our credit agreement dated October 25, 2011 as amended June 6, 2013.

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






Attachment 5

UDR, Inc.
Operating Information (1)
(Unaudited)

	Total	Quarter Ended			Quarter Ended			Quarter Ended			Quarter Ended			Quarter Ended
Dollars in thousands	Homes	September 30, 2014			June 30, 2014			March 31, 2014			December 31, 2013			September 30, 2013
Revenues
Same-Store Communities	36,268	$	170,544		$	168,234		$	165,184		$	164,053		$	163,309
Stabilized, Non-Mature Communities	2,001	14,640			12,703			10,471			8,478			6,865
Acquired Communities	358	199			—			—			—			—
Redevelopment Communities	739	9,094			8,112			8,003			8,088			7,922
Development Communities	1,111	3,791			2,614			1,803			300			6
Non-Residential / Other (2)	—	4,890			4,358			3,865			3,398			3,761
Total	40,477	$	203,158		$	196,021		$	189,326		$	184,317		$	181,863
Expenses
Same-Store Communities		$	52,252		$	49,698		$	49,941		$	48,719		$	50,760
Stabilized, Non-Mature Communities		3,796			3,598			3,497			3,109			2,520
Acquired Communities		30			—			—			—			—
Redevelopment Communities		3,479			3,389			3,322			3,311			3,153
Development Communities		2,414			1,526			1,454			594			116
Non-Residential / Other (2)		1,682			577			2,211			2,449			2,053
Total		$	63,653		$	58,788		$	60,425		$	58,182		$	58,602
Net Operating Income
Same-Store Communities		$	118,292		$	118,536		$	115,243		$	115,334		$	112,549
Stabilized, Non-Mature Communities		10,844			9,105			6,974			5,369			4,345
Acquired Communities		169			—			—			—			—
Redevelopment Communities		5,615			4,723			4,681			4,777			4,769
Development Communities		1,377			1,088			349			(294		)	(110		)
Non-Residential / Other (2)		3,208			3,781			1,654			949			1,708
Total		$	139,505		$	137,233		$	128,901		$	126,135		$	123,261
Operating Margin
Same-Store Communities		69.4		%	70.5		%	69.8		%	70.3		%	68.9		%
Average Physical Occupancy
Same-Store Communities		96.8		%	96.8		%	96.2		%	96.2		%	96.2		%
Stabilized, Non-Mature Communities		96.3		%	86.3		%	79.1		%	70.1		%	69.2		%
Acquired Communities		77.0		%	—			—			—			—
Redevelopment Communities		95.5		%	87.8		%	87.7		%	92.9		%	93.5		%
Development Communities		76.7		%	55.7		%	43.6		%	39.4		%	49.4		%
Other (3)		—			91.5		%	95.5		%	94.7		%	95.3		%
Total		96.3		%	95.2		%	94.3		%	94.1		%	94.9		%
Return on Invested Capital
Same-Store Communities		7.4		%	7.4		%	7.3		%	7.2		%	7.1		%
Sold and Held for Disposition Communities	—
Revenue		$	429		$	4,938		$	5,026		$	6,004		$	6,054
Expenses		130			1,768			1,726			1,955			2,163
Net Operating Income/(loss)		$	299		$	3,170		$	3,300		$	4,049		$	3,891
Total	40,477	$	139,804		$	140,403		$	132,201		$	130,184		$	127,152
Discontinued Operations (4)
Revenues		$	21		$	78		$	48		$	2,021		$	2,462
Expenses		11			89			125			777			971
Net Operating Income/(loss)		$	10		$	(11	)	$	(77	)	$	1,244		$	1,491

(1) See Attachment 16 for definition and other terms.
(2) Primarily non-residential revenue and expense, straight-line adjustment for concessions and the Vitruvian Park^® operations.
(3) Includes occupancy of Sold and Held for Disposition Communities and Discontinued Operations.
(4) Effective January 1, 2014, UDR prospectively adopted Accounting Standards Update (“ASU”) No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, for all communities not previously sold or classified as held for sale. ASU 2014-08 incorporates into the definition of a discontinued operation a requirement that a disposition represent a strategic shift in an entity’s operations, which resulted in UDR no longer classifying the sale of communities as a discontinued operation. 2014 activity included in discontinued operations is related to Grandview, a commercial property classified as held for sale prior to the adoption of the new accounting standard, which was sold in July 2014.






Attachment 6

UDR, Inc.
Same-Store Operating Expense Information
(Dollars in Thousands)
(Unaudited)

	% of 3Q 2014
	SS Operating
Year-Over-Year Comparison	Expenses		3Q 2014		3Q 2013		% Change
Real estate taxes	32.6	%	$	17,043	$	16,826	1.3	%
Personnel	25.4	%	13,247		12,473		6.2	%
Utilities	15.7	%	8,229		8,278		-0.6	%
Repair and maintenance	14.4	%	7,521		7,683		-2.1	%
Administrative and marketing	6.8	%	3,538		3,277		8.0	%
Insurance	5.1	%	2,674		2,223		20.3	%
Same-Store operating expenses	100.0	%	$	52,252	$	50,760	2.9	%
Same-Store Homes	36,268


	% of 3Q 2014
	SS Operating
Sequential Comparison	Expenses		3Q 2014		2Q 2014		% Change
Real estate taxes	32.6	%	$	17,043	$	17,083	-0.2	%
Personnel	25.4	%	13,247		12,379		7.0	%
Utilities	15.7	%	8,229		7,501		9.7	%
Repair and maintenance	14.4	%	7,521		7,236		3.9	%
Administrative and marketing	6.8	%	3,538		3,203		10.5	%
Insurance	5.1	%	2,674		2,296		16.5	%
Same-Store operating expenses	100.0	%	$	52,252	$	49,698	5.1	%

Same-Store Homes	36,268


	% of YTD 2014
	SS Operating
Year-to-Date Comparison	Expenses		YTD 2014		YTD 2013		% Change
Real estate taxes	34.1	%	$	49,562	$	48,515	2.2	%
Personnel	24.3	%	35,344		34,826		1.5	%
Utilities	15.8	%	22,930		22,553		1.7	%
Repair and maintenance	14.4	%	20,848		21,062		-1.0	%
Administrative and marketing	6.5	%	9,438		8,905		6.0	%
Insurance	4.9	%	7,179		6,003		19.6	%
Same-Store operating expenses	100.0	%	$	145,301	$	141,864	2.4	%
Same-Store Homes	35,177






Attachment 7(A)

UDR, Inc.
Apartment Home Breakout (1)
Portfolio Overview as of Quarter Ended
September 30, 2014
(Unaudited)

		Non-Mature Homes			Unconsolidated
	Total			Total	Joint Venture	Total
	Same-Store		Non-	Consolidated	Operating	Homes
	Homes	Stabilized (2)	Stabil. / Other (3)	Homes	Homes (4)	(incl. JV) (4)
West Region
San Francisco, CA	2,436	315	—	2,751	—	2,751
Orange County, CA	3,290	1,431	320	5,041	—	5,041
Seattle, WA	2,165	—	358	2,523	555	3,078
Los Angeles, CA	1,383	—	—	1,383	151	1,534
Monterey Peninsula, CA	1,565	—	—	1,565	—	1,565
Other Southern CA	875	—	264	1,139	307	1,446
Portland, OR	716	—	—	716	—	716
	12,430	1,746	942	15,118	1,013	16,131
Mid-Atlantic Region
Metropolitan DC	4,313	255	527	5,095	874	5,969
Baltimore, MD	2,301	—	—	2,301	379	2,680
Richmond, VA	1,358	—	—	1,358	—	1,358
Norfolk, VA	846	—	—	846	—	846
Other Mid-Atlantic	168	—	—	168	—	168
	8,986	255	527	9,768	1,253	11,021
Southeast Region
Orlando, FL	2,796	—	—	2,796	—	2,796
Tampa, FL	2,775	—	—	2,775	—	2,775
Nashville, TN	2,260	—	—	2,260	—	2,260
Other Florida	636	—	—	636	—	636
	8,467	—	—	8,467	—	8,467
Northeast Region
New York, NY	1,208	—	739	1,947	710	2,657
Boston, MA	1,179	—	—	1,179	1,302	2,481
Philadelphia, PA	—	—	—	—	290	290
	2,387	—	739	3,126	2,302	5,428
Southwest Region
Dallas, TX	2,725	—	—	2,725	3,557	6,282
Austin, TX	1,273	—	—	1,273	259	1,532
Other Southwest	—	—	—	—	1,407	1,407
	3,998	—	—	3,998	5,223	9,221
Totals	36,268	2,001	2,208	40,477	9,791	50,268
Communities	131	4	6	141	35	176
Total Homes (incl. joint ventures) (4)			50,268
Homes in Development, Excluding Completed Homes (5)
Current Pipeline Wholly-Owned			603
Current Pipeline Joint Venture (6)			828
Total expected homes (including development)			51,699

(1) See Attachment 16 for definitions and other terms.
(2) Represents homes included in Stabilized, Non-Mature category on Attachment 5.
(3) Represents homes included in Acquired, Development, Redevelopment, Non-Residential/Other, Sold, and Held for Disposition categories on Attachment 5. Excludes development communities not yet completed.
(4) Represents joint venture homes at 100 percent. See Attachment 12 for UDR's joint venture and partnership ownership interests.
(5) See Attachment 9 for detail of our development communities.
(6) Represents joint venture homes at 100 percent. See Attachment 9 for UDR's development joint venture and partnership ownership interests.

Attachment 7(B)

UDR, Inc.

Non-Mature Home Summary (1)

Portfolio Overview as of Quarter Ended

September 30, 2014

(Unaudited)

Non-Mature Home Breakout - By Region (includes development homes that have been completed)

# of

Same-Store

# of

Same-Store

Community

Category

Homes

Date (2)

Community

Category

Homes

Date (2)

West Region

Mid-Atlantic Region

Orange County, CA

Metropolitan D.C.

27 Seventy Five Mesa Verde

Stabilized, Non-Mature

964

3Q15

Capitol View on 14th

Stabilized, Non-Mature

255

1Q15

The Residences at Bella Terra

Stabilized, Non-Mature

467

1Q15

Domain College Park

Development

256

4Q15

Los Alisos

Development

320

1Q16

DelRay Tower

Development

271

4Q16

San Francisco, CA

Northeast Region

Channel @ Mission Bay

Stabilized, Non-Mature

315

3Q15

New York, NY

Redevelopment

739

4Q15

San Diego, CA

13th & Market

Development

264

4Q15

Seattle, WA

Lightbox

Acquired

162

2Q16

Waterscape

Acquired

196

1Q16

Total

4,209

Non-Mature Home Breakout - By Date (quarter indicates date of Same-Store inclusion)

# of

Date & Community

Category

Homes

Date & Community

Category

Homes

1Q15

1Q16

Capitol View on 14th

Stabilized, Non-Mature

255

Los Alisos

Development

320

The Residences at Bella Terra

Stabilized, Non-Mature

467

Waterscape

Acquired

196

3Q15

2Q16

27 Seventy Five Mesa Verde

Stabilized, Non-Mature

964

Lightbox

Acquired

162

Channel @ Mission Bay

Stabilized, Non-Mature

315

4Q16

4Q15

DelRay Tower

Development

271

Redevelopment

739

13th & Market

Development

264

Domain College Park

Development

256

Total

4,209

Summary of Non-Mature Home Activity

Stabilized, Non-Mature

Acquired

Redevelopment

Development

Total

Non-Mature Homes at June 30, 2014

1,305

—

1,703

1,155

4,163

The Westerly on Lincoln

(583

)

—

(583

)

(3)

Channel @ Mission Bay

315

—

(315

)

—

27 Seventy Five Mesa Verde

964

—

(964

)

—

DelRay Tower

—

271

(4)

Lightbox

—

162

—

162

Waterscape

—

196

—

196

Non-Mature Homes at September 30, 2014

2,001

358

739

1,111

4,209

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

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

(3) The Westerly on Lincoln was contributed to the QTD Same-Store pool during 3Q14.

(4) 271 homes were completed at DelRay Tower during 3Q14.






Attachment 7(C)

UDR, Inc.
Total Revenue Per Occupied Home Summary (1)
Portfolio Overview as of Quarter Ended
September 30, 2014
(Unaudited)

			Non-Mature Homes						Unconsolidated
	Total						Total		Joint Venture		Total
	Same-Store				Non-		Consolidated		Operating		Homes
	Homes		Stabilized (2)		Stabilized (3) (4)		Homes		Homes (5)		(incl. pro rata JV) (5)
West Region
San Francisco, CA	$	2,842	$	4,131	$	—	$	2,988	$	—	$	2,988
Orange County, CA	1,763		2,098		1,580		1,850		—		1,850
Seattle, WA	1,615		—		1,050		1,544		3,294		1,727
Los Angeles, CA	2,262		—		—		2,262		3,821		2,323
Monterey Peninsula, CA	1,230		—		—		1,230		—		1,230
Other Southern CA	1,560		—		2,128		1,669		3,245		1,864
Portland, OR	1,203		—		—		1,203		—		1,203
Mid-Atlantic Region
Metropolitan DC	1,818		3,020		1,677		1,873		2,714		1,923
Baltimore, MD	1,467		—		—		1,467		1,738		1,487
Richmond, VA	1,224		—		—		1,224		—		1,224
Norfolk, VA	1,060		—		—		1,060		—		1,060
Other Mid-Atlantic	1,029		—		—		1,029		—		1,029
Southeast Region
Orlando, FL	1,060		—		—		1,060		—		1,060
Tampa, FL	1,131		—		—		1,131		—		1,131
Nashville, TN	1,062		—		—		1,062		—		1,062
Other Florida	1,358		—		—		1,358		—		1,358
Northeast Region
New York, NY	3,672		—		4,297		3,906		4,580		4,009
Boston, MA	2,262		—		—		2,262		2,289		2,271
Philadelphia, PA	—		—		—		—		3,102		3,102
Southwest Region
Dallas, TX	1,137		—		—		1,137		1,503		1,243
Austin, TX	1,296		—		—		1,296		4,149		1,554
Other Southwest	—		—		—		—		1,604		1,604
Weighted Average	$	1,619	$	2,534	$	3,026	$	1,716	$	2,454	$	1,779

(1) See Attachment 16 for definitions and other terms.
(2) Represents homes included in Stabilized, Non-Mature category on Attachment 5.
(3) Represents homes included in Acquired, Development, Redevelopment, Non-Residential/Other and Sold and Held for Disposition communities categories on Attachment 5.
(4) Development revenue per occupied home can be affected by the timing of home deliveries during a quarter and the effects of upfront rental rate concessions on cash-based calculations.
(5) Represents joint ventures at UDR's pro-rata ownership interests. See Attachment 12 for UDR's joint venture and partnership ownership interests.

Attachment 7(D)

UDR, Inc.

Net Operating Income Breakout By Market (1)

September 30, 2014

(Dollars in Thousands)

(Unaudited)



	Three Months Ended September 30, 2014
								Pro-Rata
		Same-Store			Non Same-Store (2)			Share of JVs (3)		Total
Net Operating Income		$	118,292		$	21,213		$	18,303	$	157,808


		Three Months Ended September 30, 2014								Three Months Ended September 30, 2014
		As a % of NOI								As a % of NOI
Region		Same-Store			Total			Region		Same-Store			Total
West Region								Southeast Region
San Francisco, CA		13.0		%	11.7		%	Orlando, FL		4.8		%		3.6	%
Orange County, CA		10.2		%	12.1		%	Tampa, FL		4.7		%		3.6	%
Seattle, WA		6.0		%	6.3		%	Nashville, TN		3.9		%		2.9	%
Los Angeles, CA		5.3		%	4.3		%	Other Florida		1.3		%		1.0	%
Monterey Peninsula, CA		3.3		%	2.5		%			14.7		%		11.1	%
Other Southern CA		2.3		%	2.7		%	Northeast Region
Portland, OR		1.5		%	1.1		%	New York, NY		8.5		%		13.1	%
		41.6		%	40.7		%	Boston, MA		4.6		%		5.4	%
								Philadelphia, PA		0.0		%		0.8	%
Mid-Atlantic Region										13.1		%		19.3	%
Metropolitan DC		13.1		%	12.6		%	Southwest Region
Baltimore, MD		5.6		%	4.7		%	Dallas, TX		4.9		%		5.2	%
Richmond, VA		3.0		%	2.2		%	Austin, TX		2.3		%		2.3	%
Norfolk, VA		1.4		%	1.1		%	Other Southwest		0.0		%		0.6	%
Other Mid-Atlantic		0.3		%	0.2		%			7.2		%		8.1	%
		23.4		%	20.8		%
								Total		100.0		%		100.0	%

(1) See Attachment 16 for definitions and other terms.
(2) Excludes results from Sold, Held for Disposition Communities and Discontinued Operations.
(3) Includes UDR's pro rata share of joint venture and partnership NOI.






Attachment 8(A)

UDR, Inc.
Same-Store Operating Information By Major Market (1)
Current Quarter vs. Prior Year Quarter
September 30, 2014
(Unaudited)

		% of Same-
	Total	Store Portfolio		Same-Store
	Same-Store	Based on		Physical Occupancy						Total Revenue per Occupied Home
	Homes	3Q 2014 NOI		3Q 14		3Q 13		Change		3Q 14		3Q 13		Change
West Region
San Francisco, CA	2,436	13.0	%	97.7	%	96.6	%	1.1	%	$	2,842	$	2,654	7.1	%
Orange County, CA	3,290	10.2	%	96.0	%	95.5	%	0.5	%	1,763		1,690		4.3	%
Seattle, WA	2,165	6.0	%	96.7	%	96.7	%	0.0	%	1,615		1,519		6.3	%
Los Angeles, CA	1,383	5.3	%	96.1	%	95.4	%	0.7	%	2,262		2,184		3.6	%
Monterey Peninsula, CA	1,565	3.3	%	97.6	%	96.8	%	0.8	%	1,230		1,173		4.9	%
Other Southern CA	875	2.3	%	96.4	%	94.6	%	1.8	%	1,560		1,487		4.9	%
Portland, OR	716	1.5	%	97.8	%	97.0	%	0.8	%	1,203		1,116		7.8	%
	12,430	41.6	%	96.8	%	96.1	%	0.7	%	1,892		1,791		5.6	%
Mid-Atlantic Region
Metropolitan DC	4,313	13.1	%	97.1	%	96.7	%	0.4	%	1,818		1,825		-0.4	%
Baltimore, MD	2,301	5.6	%	96.4	%	96.0	%	0.4	%	1,467		1,451		1.1	%
Richmond, VA	1,358	3.0	%	96.7	%	95.7	%	1.0	%	1,224		1,205		1.6	%
Norfolk, VA	846	1.4	%	94.9	%	94.3	%	0.6	%	1,060		1,053		0.7	%
Other Mid-Atlantic	168	0.3	%	96.2	%	95.2	%	1.0	%	1,029		1,031		-0.2	%
	8,986	23.4	%	96.6	%	96.1	%	0.5	%	1,554		1,550		0.3	%
Southeast Region
Orlando, FL	2,796	4.8	%	96.7	%	96.0	%	0.7	%	1,060		1,007		5.3	%
Tampa, FL	2,775	4.7	%	96.6	%	95.6	%	1.0	%	1,131		1,094		3.4	%
Nashville, TN	2,260	3.9	%	97.5	%	97.2	%	0.3	%	1,062		1,011		5.0	%
Other Florida	636	1.3	%	96.5	%	95.2	%	1.3	%	1,358		1,309		3.7	%
	8,467	14.7	%	96.9	%	96.1	%	0.8	%	1,106		1,059		4.5	%
Northeast Region
New York, NY	1,208	8.5	%	97.7	%	97.3	%	0.4	%	3,672		3,526		4.1	%
Boston, MA	1,179	4.6	%	96.5	%	96.2	%	0.3	%	2,262		2,167		4.4	%
	2,387	13.1	%	97.1	%	96.8	%	0.3	%	2,979		2,858		4.2	%
Southwest Region
Dallas, TX	2,725	4.9	%	97.3	%	96.5	%	0.8	%	1,137		1,108		2.6	%
Austin, TX	1,273	2.3	%	97.2	%	96.9	%	0.3	%	1,296		1,231		5.3	%
	3,998	7.2	%	97.3	%	96.7	%	0.6	%	1,188		1,146		3.7	%

Total/Weighted Avg.	36,268	100.0	%	96.8	%	96.2	%	0.6	%	$	1,619	$	1,560	3.8	%

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






Attachment 8(B)

UDR, Inc.
Same-Store Operating Information By Major Market (1)
Current Quarter vs. Prior Year Quarter
September 30, 2014
(Unaudited)

	Total	Same-Store ($000s)

	Same-Store	Revenues						Expenses						Net Operating Income
	Homes	3Q 14		3Q 13		Change		3Q 14		3Q 13		Change		3Q 14		3Q 13		Change
West Region
San Francisco, CA	2,436	$	20,295	$	18,733	8.3	%	$	4,871	4,662		4.5	%	$	15,424	$	14,071	9.6	%
Orange County, CA	3,290	16,709		15,928		4.9	%	4,654		4,538		2.6	%	12,055		11,390		5.8	%
Seattle, WA	2,165	10,141		9,538		6.3	%	3,105		2,961		4.9	%	7,036		6,577		7.0	%
Los Angeles, CA	1,383	9,020		8,646		4.3	%	2,727		2,738		-0.4	%	6,293		5,908		6.5	%
Monterey Peninsula, CA	1,565	5,635		5,332		5.7	%	1,754		1,715		2.3	%	3,881		3,617		7.3	%
Other Southern CA	875	3,947		3,692		6.9	%	1,260		1,180		6.8	%	2,687		2,512		7.0	%
Portland, OR	716	2,528		2,326		8.7	%	794		702		13.1	%	1,734		1,624		6.8	%
	12,430	68,275		64,195		6.4	%	19,165		18,496		3.6	%	49,110		45,699		7.5	%
Mid-Atlantic Region
Metropolitan DC	4,313	22,845		22,831		0.1	%	7,362		7,313		0.7	%	15,483		15,518		-0.2	%
Baltimore, MD	2,301	9,760		9,617		1.5	%	3,086		2,872		7.5	%	6,674		6,745		-1.1	%
Richmond, VA	1,358	4,821		4,700		2.6	%	1,319		1,281		3.0	%	3,502		3,419		2.4	%
Norfolk, VA	846	2,554		2,521		1.3	%	893		892		0.1	%	1,661		1,629		2.0	%
Other Mid-Atlantic	168	499		495		0.8	%	197		177		11.3	%	302		318		-5.0	%
	8,986	40,479		40,164		0.8	%	12,857		12,535		2.6	%	27,622		27,629		0.0	%
Southeast Region
Orlando, FL	2,796	8,594		8,106		6.0	%	2,918		2,853		2.3	%	5,676		5,253		8.1	%
Tampa, FL	2,775	9,095		8,705		4.5	%	3,480		3,355		3.7	%	5,615		5,350		5.0	%
Nashville, TN	2,260	7,021		6,663		5.4	%	2,426		2,164		12.1	%	4,595		4,499		2.1	%
Other Florida	636	2,500		2,377		5.2	%	906		919		-1.4	%	1,594		1,458		9.3	%
	8,467	27,210		25,851		5.3	%	9,730		9,291		4.7	%	17,480		16,560		5.6	%
Northeast Region
New York, NY	1,208	13,002		12,433		4.6	%	2,906		2,963		-1.9	%	10,096		9,470		6.6	%
Boston, MA	1,179	7,719		7,373		4.7	%	2,244		2,165		3.6	%	5,475		5,208		5.1	%
	2,387	20,721		19,806		4.6	%	5,150		5,128		0.4	%	15,571		14,678		6.1	%
Southwest Region
Dallas, TX	2,725	9,047		8,737		3.5	%	3,274		3,399		-3.7	%	5,773		5,338		8.1	%
Austin, TX	1,273	4,812		4,556		5.6	%	2,076		1,911		8.6	%	2,736		2,645		3.4	%
	3,998	13,859		13,293		4.3	%	5,350		5,310		0.8	%	8,509		7,983		6.6	%

Totals	36,268	$	170,544	$	163,309	4.4	%	$	52,252	$	50,760	2.9	%	$	118,292	$	112,549	5.1	%

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






Attachment 8(C)

UDR, Inc.
Same-Store Operating Information By Major Market (1)
Current Quarter vs. Last Quarter
September 30, 2014
(Unaudited)

	Total	Same-Store
	Same-Store	Physical Occupancy						Total Revenue per Occupied Home
	Homes	3Q 14		2Q 14		Change		3Q 14		2Q 14		Change
West Region
San Francisco, CA	2,436	97.7	%	97.4	%	0.3	%	$	2,842	$	2,769	2.6	%
Orange County, CA	3,290	96.0	%	95.0	%	1.0	%	1,763		1,740		1.3	%
Seattle, WA	2,165	96.7	%	97.3	%	-0.6	%	1,615		1,585		1.9	%
Los Angeles, CA	1,383	96.1	%	95.5	%	0.6	%	2,262		2,245		0.8	%
Monterey Peninsula, CA	1,565	97.6	%	97.4	%	0.2	%	1,230		1,195		2.9	%
Other Southern CA	875	96.4	%	96.6	%	-0.2	%	1,560		1,544		1.0	%
Portland, OR	716	97.8	%	97.7	%	0.1	%	1,203		1,176		2.3	%
	12,430	96.8	%	96.5	%	0.3	%	1,892		1,856		1.9	%
Mid-Atlantic Region
Metropolitan DC	4,313	97.1	%	97.4	%	-0.3	%	1,818		1,826		-0.4	%
Baltimore, MD	2,301	96.4	%	97.2	%	-0.8	%	1,467		1,462		0.3	%
Richmond, VA	1,358	96.7	%	96.5	%	0.2	%	1,224		1,221		0.2	%
Norfolk, VA	846	94.9	%	95.3	%	-0.4	%	1,060		1,051		0.9	%
Other Mid-Atlantic	168	96.2	%	97.0	%	-0.8	%	1,029		1,017		1.2	%
	8,986	96.6	%	97.0	%	-0.4	%	1,554		1,555		-0.1	%
Southeast Region
Orlando, FL	2,796	96.7	%	96.9	%	-0.2	%	1,060		1,034		2.5	%
Tampa, FL	2,775	96.6	%	96.6	%	0.0	%	1,131		1,121		0.9	%
Nashville, TN	2,260	97.5	%	97.6	%	-0.1	%	1,062		1,052		1.0	%
Other Florida	636	96.5	%	96.2	%	0.3	%	1,358		1,352		0.4	%
	8,467	96.9	%	96.9	%	0.0	%	1,106		1,092		1.3	%
Northeast Region
New York, NY	1,208	97.7	%	97.1	%	0.6	%	3,672		3,624		1.3	%
Boston, MA	1,179	96.5	%	96.8	%	-0.3	%	2,262		2,203		2.7	%
	2,387	97.1	%	96.9	%	0.2	%	2,979		2,925		1.8	%
Southwest Region
Dallas, TX	2,725	97.3	%	97.6	%	-0.3	%	1,137		1,122		1.3	%
Austin, TX	1,273	97.2	%	96.7	%	0.5	%	1,296		1,264		2.5	%
	3,998	97.3	%	97.3	%	0.0	%	1,188		1,167		1.8	%

Total/Weighted Avg.	36,268	96.8	%	96.8	%	0.0	%	$	1,619	$	1,597	1.4	%

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






Attachment 8(D)

UDR, Inc.
Same-Store Operating Information By Major Market (1)
Current Quarter vs. Last Quarter
September 30, 2014
(Unaudited)

	Total	Same-Store ($000s)

	Same-Store	Revenues						Expenses						Net Operating Income
	Homes	3Q 14		2Q 14		Change		3Q 14		2Q 14		Change		3Q 14		2Q 14		Change
West Region
San Francisco, CA	2,436	$	20,295	$	19,712	3.0	%	$	4,871	$	4,640	5.0	%	$	15,424	$	15,072	2.3	%
Orange County, CA	3,290	16,709		16,317		2.4	%	4,654		4,474		4.0	%	12,055		11,843		1.8	%
Seattle, WA	2,165	10,141		10,019		1.2	%	3,105		2,985		4.0	%	7,036		7,034		0.0	%
Los Angeles, CA	1,383	9,020		8,896		1.4	%	2,727		2,719		0.3	%	6,293		6,177		1.9	%
Monterey Peninsula, CA	1,565	5,635		5,464		3.1	%	1,754		1,605		9.3	%	3,881		3,859		0.6	%
Other Southern CA	875	3,947		3,915		0.8	%	1,260		1,170		7.7	%	2,687		2,745		-2.1	%
Portland, OR	716	2,528		2,467		2.5	%	794		751		5.7	%	1,734		1,716		1.0	%
	12,430	68,275		66,790		2.2	%	19,165		18,344		4.5	%	49,110		48,446		1.4	%
Mid-Atlantic Region
Metropolitan DC	4,313	22,845		23,009		-0.7	%	7,362		7,272		1.2	%	15,483		15,737		-1.6	%
Baltimore, MD	2,301	9,760		9,807		-0.5	%	3,086		2,811		9.8	%	6,674		6,996		-4.6	%
Richmond, VA	1,358	4,821		4,800		0.4	%	1,319		1,162		13.5	%	3,502		3,638		-3.7	%
Norfolk, VA	846	2,554		2,543		0.4	%	893		837		6.7	%	1,661		1,706		-2.6	%
Other Mid-Atlantic	168	499		497		0.4	%	197		183		7.7	%	302		314		-3.8	%
	8,986	40,479		40,656		-0.4	%	12,857		12,265		4.8	%	27,622		28,391		-2.7	%
Southeast Region
Orlando, FL	2,796	8,594		8,408		2.2	%	2,918		2,703		8.0	%	5,676		5,705		-0.5	%
Tampa, FL	2,775	9,095		9,017		0.9	%	3,480		3,170		9.8	%	5,615		5,847		-4.0	%
Nashville, TN	2,260	7,021		6,964		0.8	%	2,426		2,144		13.2	%	4,595		4,820		-4.7	%
Other Florida	636	2,500		2,482		0.7	%	906		877		3.3	%	1,594		1,605		-0.7	%
	8,467	27,210		26,871		1.3	%	9,730		8,894		9.4	%	17,480		17,977		-2.8	%
Northeast Region
New York, NY	1,208	13,002		12,753		2.0	%	2,906		2,851		1.9	%	10,096		9,902		2.0	%
Boston, MA	1,179	7,719		7,541		2.4	%	2,244		1,984		13.1	%	5,475		5,557		-1.5	%
	2,387	20,721		20,294		2.1	%	5,150		4,835		6.5	%	15,571		15,459		0.7	%
Southwest Region
Dallas, TX	2,725	9,047		8,954		1.0	%	3,274		3,393		-3.5	%	5,773		5,561		3.8	%
Austin, TX	1,273	4,812		4,669		3.1	%	2,076		1,967		5.5	%	2,736		2,702		1.3	%
	3,998	13,859		13,623		1.7	%	5,350		5,360		-0.2	%	8,509		8,263		3.0	%

Total	36,268	$	170,544	$	168,234	1.4	%	$	52,252	$	49,698	5.1	%	$	118,292	$	118,536	-0.2	%

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






Attachment 8(E)

UDR, Inc.
Same-Store Operating Information By Major Market (1)
Current Year-to-Date vs. Prior Year-to-Date
September 30, 2014
(Unaudited)

		% of Same-
	Total	Store Portfolio		Same-Store
	Same-Store	Based on		Physical Occupancy						Total Revenue per Occupied Home
	Homes	YTD 2014 NOI		YTD 14		YTD 13		Change		YTD 14		YTD 13		Change
West Region
San Francisco, CA	2,436	13.5	%	97.2	%	96.4	%	0.8	%	$	2,776	$	2,586	7.3	%
Orange County, CA	3,290	10.7	%	95.3	%	95.0	%	0.3	%	1,745		1,676		4.1	%
Seattle, WA	2,165	6.3	%	96.9	%	96.3	%	0.6	%	1,583		1,492		6.1	%
Los Angeles, CA	800	3.2	%	95.5	%	95.1	%	0.4	%	2,259		2,184		3.4	%
Monterey Peninsula, CA	1,565	3.4	%	95.5	%	93.7	%	1.8	%	1,203		1,155		4.2	%
Other Southern CA	875	2.4	%	96.0	%	94.8	%	1.2	%	1,541		1,481		4.1	%
Portland, OR	716	1.6	%	97.7	%	96.8	%	0.9	%	1,181		1,094		8.0	%
	11,847	41.1	%	96.2	%	95.5	%	0.7	%	1,843		1,748		5.5	%
Mid-Atlantic Region
Metropolitan DC	4,313	14.0	%	97.1	%	96.9	%	0.2	%	1,821		1,810		0.6	%
Baltimore, MD	2,301	6.2	%	96.7	%	96.3	%	0.4	%	1,462		1,445		1.2	%
Richmond, VA	1,358	3.2	%	96.7	%	96.3	%	0.4	%	1,216		1,191		2.1	%
Norfolk, VA	846	1.5	%	94.8	%	94.1	%	0.7	%	1,049		1,053		-0.4	%
Other Mid-Atlantic	168	0.3	%	96.7	%	96.3	%	0.4	%	1,012		1,011		0.1	%
	8,986	25.2	%	96.7	%	96.4	%	0.3	%	1,552		1,539		0.8	%
Southeast Region
Orlando, FL	2,796	5.1	%	96.8	%	96.0	%	0.8	%	1,038		990		4.8	%
Tampa, FL	2,775	5.2	%	96.6	%	96.1	%	0.5	%	1,120		1,088		2.9	%
Nashville, TN	2,260	4.3	%	97.4	%	97.0	%	0.4	%	1,051		996		5.5	%
Other Florida	636	1.5	%	96.4	%	95.4	%	1.0	%	1,351		1,298		4.1	%
	8,467	16.1	%	96.8	%	96.2	%	0.6	%	1,092		1,047		4.3	%
Northeast Region
New York, NY	700	5.2	%	97.6	%	97.0	%	0.6	%	3,696		3,561		3.8	%
Boston, MA	1,179	4.8	%	96.4	%	96.4	%	0.0	%	2,210		2,119		4.3	%
	1,879	10.0	%	96.9	%	96.6	%	0.3	%	2,768		2,658		4.1	%
Southwest Region
Dallas, TX	2,725	5.1	%	97.1	%	96.5	%	0.6	%	1,127		1,086		3.8	%
Austin, TX	1,273	2.5	%	96.9	%	96.9	%	0.0	%	1,271		1,200		5.9	%
	3,998	7.6	%	97.1	%	96.6	%	0.5	%	1,173		1,122		4.5	%

Total/Weighted Avg.	35,177	100.0	%	96.6	%	96.1	%	0.5	%	$	1,560	$	1,502	3.8	%

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






Attachment 8(F)

UDR, Inc.
Same-Store Operating Information By Major Market (1)
Current Year-to-Date vs. Prior Year-to-Date
September 30, 2014
(Unaudited)

	Total	Same-Store ($000s)

	Same-Store	Revenues						Expenses						Net Operating Income
	Homes	YTD 14		YTD 13		Change		YTD 14		YTD 13		Change		YTD 14		YTD 13		Change
West Region
San Francisco, CA	2,436	$	59,149	$	54,669	8.2	%	$	14,301	$	13,751	4.0	%	$	44,848	$	40,918	9.6	%
Orange County, CA	3,290	49,235		47,139		4.4	%	13,582		13,155		3.2	%	35,653		33,984		4.9	%
Seattle, WA	2,165	29,896		27,994		6.8	%	9,004		8,842		1.8	%	20,892		19,152		9.1	%
Los Angeles, CA	800	15,531		14,955		3.9	%	4,892		4,766		2.6	%	10,639		10,189		4.4	%
Monterey Peninsula, CA	1,565	16,180		15,249		6.1	%	4,901		4,928		-0.5	%	11,279		10,321		9.3	%
Other Southern CA	875	11,648		11,052		5.4	%	3,580		3,431		4.3	%	8,068		7,621		5.9	%
Portland, OR	716	7,436		6,826		8.9	%	2,228		2,151		3.6	%	5,208		4,675		11.4	%
	11,847	189,075		177,884		6.3	%	52,488		51,024		2.9	%	136,587		126,860		7.7	%
Mid-Atlantic Region
Metropolitan DC	4,313	68,652		68,084		0.8	%	22,214		21,552		3.1	%	46,438		46,532		-0.2	%
Baltimore, MD	2,301	29,280		28,821		1.6	%	8,665		8,407		3.1	%	20,615		20,414		1.0	%
Richmond, VA	1,358	14,370		14,015		2.5	%	3,702		3,604		2.7	%	10,668		10,411		2.5	%
Norfolk, VA	846	7,574		7,544		0.4	%	2,637		2,575		2.4	%	4,937		4,969		-0.6	%
Other Mid-Atlantic	168	1,480		1,473		0.5	%	557		512		8.8	%	923		961		-4.0	%
	8,986	121,356		119,937		1.2	%	37,775		36,650		3.1	%	83,581		83,287		0.4	%
Southeast Region
Orlando, FL	2,796	25,296		23,911		5.8	%	8,242		8,300		-0.7	%	17,054		15,611		9.2	%
Tampa, FL	2,775	27,014		26,114		3.4	%	9,774		9,712		0.6	%	17,240		16,402		5.1	%
Nashville, TN	2,260	20,813		19,648		5.9	%	6,626		6,276		5.6	%	14,187		13,372		6.1	%
Other Florida	636	7,455		7,090		5.1	%	2,607		2,609		-0.1	%	4,848		4,481		8.2	%
	8,467	80,578		76,763		5.0	%	27,249		26,897		1.3	%	53,329		49,866		6.9	%
Northeast Region
New York, NY	700	22,728		21,765		4.4	%	5,469		5,422		0.9	%	17,259		16,343		5.6	%
Boston, MA	1,179	22,603		21,676		4.3	%	6,501		6,610		-1.6	%	16,102		15,066		6.9	%
	1,879	45,331		43,441		4.4	%	11,970		12,032		-0.5	%	33,361		31,409		6.2	%
Southwest Region
Dallas, TX	2,725	26,836		25,697		4.4	%	9,908		9,880		0.3	%	16,928		15,817		7.0	%
Austin, TX	1,273	14,113		13,315		6.0	%	5,911		5,381		9.8	%	8,202		7,934		3.4	%
	3,998	40,949		39,012		5.0	%	15,819		15,261		3.7	%	25,130		23,751		5.8	%

Totals	35,177	$	477,289	$	457,037	4.4	%	$	145,301	$	141,864	2.4	%	$	331,988	$	315,173	5.3	%

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






Attachment 8(G)

UDR, Inc.
Same-Store Operating Information By Major Market (1)
September 30, 2014
(Unaudited)

	Effective New Lease Rate Growth		Effective Renewal Lease Rate Growth		Annualized Turnover
	3Q 2014		3Q 2014		3Q 2014		3Q 2013		YTD 2014		YTD 2013
West Region
San Francisco, CA	10.1	%	8.6	%	63.7	%	71.7	%	56.8	%	59.3	%
Orange County, CA	4.5	%	4.5	%	70.9	%	77.4	%	63.2	%	66.5	%
Seattle, WA	8.1	%	6.3	%	63.8	%	70.4	%	55.8	%	60.5	%
Los Angeles, CA	4.7	%	4.9	%	61.7	%	81.2	%	59.3	%	64.7	%
Monterey Peninsula, CA	9.4	%	5.1	%	60.1	%	53.5	%	48.3	%	49.5	%
Other Southern CA	5.5	%	5.9	%	68.5	%	82.1	%	59.7	%	66.6	%
Portland, OR	10.9	%	6.7	%	64.8	%	70.4	%	57.7	%	58.1	%
					65.3	%	72.4	%	57.7	%	61.0	%
Mid-Atlantic Region
Metropolitan DC	-2.3	%	3.4	%	54.5	%	59.7	%	44.6	%	47.4	%
Baltimore, MD	1.8	%	4.3	%	70.0	%	65.0	%	54.7	%	54.4	%
Richmond, VA	1.5	%	3.4	%	65.7	%	71.0	%	59.2	%	59.0	%
Norfolk, VA	1.0	%	4.1	%	60.5	%	65.2	%	55.6	%	60.7	%
Other Mid-Atlantic	4.0	%	5.7	%	87.4	%	103.9	%	62.9	%	70.0	%
					61.3	%	64.1	%	50.8	%	52.6	%
Southeast Region
Orlando, FL	5.4	%	6.1	%	71.1	%	76.1	%	56.1	%	56.8	%
Tampa, FL	3.8	%	4.2	%	64.6	%	68.1	%	55.2	%	53.3	%
Nashville, TN	5.5	%	4.3	%	64.1	%	65.0	%	57.0	%	57.6	%
Other Florida	3.9	%	4.7	%	53.0	%	53.0	%	50.5	%	51.7	%
					65.7	%	68.7	%	55.6	%	55.5	%
Northeast Region
New York, NY	4.5	%	4.5	%	50.2	%	55.8	%	39.7	%	43.2	%
Boston, MA	6.9	%	6.8	%	61.2	%	58.2	%	47.5	%	46.9	%
					55.7	%	57.0	%	44.6	%	45.5	%
Southwest Region
Dallas, TX	2.2	%	5.1	%	61.7	%	69.7	%	56.0	%	58.2	%
Austin, TX	2.1	%	4.3	%	63.9	%	63.3	%	54.2	%	52.5	%
					62.4	%	67.7	%	55.4	%	56.4	%

Total/Weighted Avg.	4.5	%	5.1	%	63.5	%	68.0	%	54.5	%	56.2	%

Percentage of Total Repriced Homes	51.3	%	48.7	%

	3Q 2014		3Q 2013
Total Combined New and Renewal Lease Rate Growth	4.8	%	4.5	%

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






Attachment 9

UDR, Inc.
Development Summary (1) (2)
September 30, 2014
(Dollars in Thousands)
(Unaudited)
Wholly-Owned

															Schedule						Percentage
		# of			Compl.	Cost to		Budgeted		Est. Cost			Project				Initial
Community	Location	Homes			Homes	Date		Cost		per Home			Debt		Start		Occ.		Compl.		Leased			Occupied
Projects Under Construction
DelRay Tower (3)	Alexandria, VA	332			271	$	119,828	$	132,000	$	398		$	—	3Q 11		3Q 14		4Q 14		41.0		%	28.0	%
Beach & Ocean	Huntington Beach, CA	173			—	47,408		50,700		293			—		3Q 12		4Q 14		4Q 14		35.3		%	—
Pier 4	Boston, MA	369			—	154,371		217,700		590		(4)	—		4Q 12		1Q 15		2Q 15		—			—
Total		874			271	$	321,607	$	400,400	$	458		$	—

Completed Projects, Non-Stabilized
13th & Market (5)	San Diego, CA	264			264	$	68,810	$	72,600	$	275	(6)	$	—	2Q 11		4Q 13		4Q 13		91.7		%	90.5	%
Domain College Park (5)	College Park, MD	256			256	58,847		62,500		244		(7)	31,337		2Q 11		2Q 13		1Q 14		99.6		%	99.2	%
Los Alisos	Mission Viejo, CA	320			320	87,084		87,500		273			—		2Q 11		3Q 13		1Q 14		90.0		%	85.3	%
Total - Wholly Owned		1,714			1,111	$	536,348	$	623,000	$	363		$	31,337

Net Operating Income From Wholly-Owned Projects															Capitalized Interest for Current Development Projects
		3Q 2014													3Q 14		3Q 13		YTD 14		YTD 13
Projects Under Construction		$	(567	)											$	2,552	$	2,626	$	7,092	$	7,348
Completed, Non-Stabilized		1,944
Total		$	1,377



Unconsolidated Joint Ventures and Partnerships
															Schedule						Percentage
		Own.			# of	Compl.		Cost to		Budgeted			Project				Initial
Community	Location	Interest			Homes	Homes		Date		Cost			Debt		Start		Occ.		Compl.		Leased			Occupied
Projects Under Construction
399 Fremont	San Francisco, CA	51		%	447	—		$	113,267	$	317,700		$	—	1Q 14		1Q 16		3Q 16		—			—
Residences at 2801 Kelvin	Irvine, CA	50		%	381	—		45,719		125,000			—		3Q 14		3Q 16		1Q 17		—			—
Total					828	—		$	158,986	$	442,700		$	—

Completed Projects, Non-Stabilized
Fiori on Vitruvian Park^®	Addison, TX	50		%	391	391		$	96,079	$	98,350		$	48,342	3Q 11		2Q 13		4Q 13		95.9		%	91.1	%
Total - Unconsolidated Joint Ventures and Partnerships					1,219	391		$	255,065	$	541,050		$	48,342


Projected Weighted Average Stabilized Yield on Development Projects Over Respective Market Cap Rates:								150-200 bps


Participating Loan Investment
					# of	Compl.		Cost to		Budgeted			Loan		Loan
Community	Location				Homes	Homes		Date (9)		Cost			Commitment		Balance (9)
Steele Creek (8)	Denver, CO				218	—		$	66,395	$	108,245		$	92,009	$	43,822
Total					218	—		$	66,395	$	108,245		$	92,009	$	43,822



(1) See Attachment 16 for definitions and other terms.
(2) The development summary above includes all communities under development that UDR wholly owns, owns an interest in through an unconsolidated joint venture, or has a participating loan investment.
(3) Project encompasses the complete redevelopment of the former 187 homes combined with the development of an additional 145 homes, 10,000 square feet of retail space and underground parking.
(4) Includes 11,000 square feet of retail space.
(5) In Q4 2013, the LLC agreements were amended to provide UDR with a controlling interest and the option to purchase the remaining ownership interest in the Domain College Park and 13th & Market communities. In connection with the amendments, our unaffiliated partner received equity distributions reducing their capital account balances to zero and UDR began consolidating these communities. The unaffiliated partner retains the right to receive certain upside participation from the developments.
(6) Includes 21,000 square feet of retail space.
(7) Includes 10,000 square feet of retail space.
(8) Includes 17,000 square fee of retail space. Refer to Attachment 12 for terms of our participating loan investment.
(9) Cost to date includes accruals for costs incurred, but not yet paid as of the end of the period. Loan balance includes only amounts funded plus accrued interest prior to the period end.






Attachment 10

UDR, Inc.
Redevelopment Summary (1)
September 30, 2014
(Dollars in Thousands)
(Unaudited)
Wholly-Owned
			Sched.
		# of	Redev.	Compl.	Cost to		Budgeted		Est. Cost		Schedule								Percentage
Community	Location	Homes	Homes	Homes	Date		Cost (2)		per Home		Acq.		Start		Compl.		Same-Store (3)		Leased		Occupied
Projects in Redevelopment

View 34	New York, NY	739	708	687	$	80,619	$	98,000	$	138	3Q 11		3Q 11		4Q 14		4Q 15		98.1	%	98.0	%
Total		739	708	687	$	80,619	$	98,000	$	138

Completed Redevelopments, Non-Stabilized

N/A	N/A	—	—	—	—		—		—		—		—		—		—		—		—
Total - Wholly Owned		739	708	687	$	80,619	$	98,000	$	138


									Capitalized Interest for Current Redevelopment Projects

											3Q 14		3Q 13		YTD 14		YTD 13
Projected Weighted Average Return on Incremental Capital Invested:		7.0% to 9.0%									$	108	$	232	$	850	$	951


(1) See Attachment 16 for definitions and other terms.
(2) Represents UDR's incremental capital invested in the projects.
(3) Estimated Same-Store quarter represents the quarter UDR anticipates contributing the community to the QTD same-store pool.






Attachment 11

UDR, Inc.
Land Summary (1)
September 30, 2014
(Dollars in Thousands)
(Unaudited)

		UDR Ownership	Real Estate		UDR Pro-Rata
Parcel	Location	Interest	Cost Basis		Cost Basis		Status Update (2)

							Pursuing	Design	Hold for Future
							Entitlements	Development	Development
Wholly-Owned
3033 Wilshire	Los Angeles, CA	100%	$	23,183	$	23,183	Complete	In Process
7 Harcourt (3)	Boston, MA	100%	4,391		4,391		In Process
Vitruvian Park^®	Addison, TX	100%	13,601		13,601		Complete		In Process
Pacific City	Huntington Beach, CA	100%	82,868		82,868		Complete	In Process
Total			$	124,043	$	124,043

			Real Estate		UDR Pro-Rata
			Cost Basis		Cost Basis
Consolidated Joint Ventures
3032 Wilshire	Santa Monica, CA	95%	$	12,286	$	11,672	In Process
2919 Wilshire	Santa Monica, CA	95%	8,148		7,741		In Process
Total			$	20,434	$	19,413

			Real Estate		UDR Pro-Rata
			Cost Basis		Cost Basis
Unconsolidated Joint Ventures and Partnerships
UDR/MetLife I - 5 parcels (4)	Various	4%	$	122,064	$	4,934	(5)	In Process	In Process
UDR/MetLife Vitruvian Park^®	Addison, TX	50%	50,297		25,149		Complete	In Process	In Process
Domain Mountain View	Mountain View, CA	50%	21,537		10,790		Complete	In Process
Total			$	193,898	$	40,873

Total			$	338,375	$	184,329

(1) See Attachment 16 for definitions and other terms.
(2) Pursuing Entitlements: During this phase the Company is actively pursuing the necessary approvals for the rights to develop multifamily and/or mixed use communities.
Design Development: During this phase the Company is actively working to complete architectural and engineering documents in preparation for the commencement of
construction of multifamily and/or mixed uses communities.
Hold for Future Development: Entitled and/or unentitled land sites that the Company holds for future development.
(3) Land is adjacent to UDR's Garrison Square community.
(4) Parcels are located in Bellevue, WA; Los Angeles, CA (3 parcels) and Dublin, CA.
(5) Entitlements are completed on 2 parcels and are in process on 3 other parcels.






Attachment 12

UDR, Inc.
Unconsolidated Joint Venture Summary (1)
September 30, 2014
(Dollars in Thousands)
(Unaudited)
Portfolio Characteristics

			# of								Physical		Total Revenue per			Net Operating Income
	Property		Comm. /			# of			Own.		Occupancy		Occupied Home			UDR's Share						Total
Joint Venture and Partnerships	Type		Parcels			Homes (8)			Interest		3Q 14		3Q 14 (1)			3Q 2014			YTD 2014			YTD 2014 (2)
UDR / MetLife
Operating communities	Various		23			5,381			50	%	95.7	%	$	2,828		$	15,339		$	42,267		$	91,469
Development communities	Various		3			391			(3)		91.1	%	1,915			350			668			1,335
Land parcels			12			TBD			(4)		—		—			295			257			851

UDR / KFH	High-rise		3			660			30	%	96.6	%	2,586			1,078			3,225			10,749

Texas	Garden		8			3,359			20	%	97.3	%	1,080			1,241			3,597			17,983
Total/Weighted Average			49			9,791					95.8	%	$	2,454		$	18,303		$	50,014		$	122,387



Balance Sheet Characteristics and Returns

	Gross Book Value
	of JV Real		Total			UDR's Equity					Weighted Avg.		Debt			Returns (7)
Joint Venture and Partnerships	Estate Assets (5)		Project Debt (5)			Investment (6)					Interest Rate		Maturity			ROIC			ROE
UDR / MetLife
Operating communities	$	2,340,754	$	1,226,178		$	455,816				4.4	%	Various
Development communities	255,065		48,342			99,738					1.9	%	Various
Land parcels	193,898		—			54,208					NA		NA

UDR / KFH	283,307		165,209			22,891					3.4	%	Various

Texas	329,419		219,588			(1,408		)			5.3	%	Various (10)
Total/Weighted Average	$	3,402,443	$	1,659,317		$	631,245				4.3	%				6.3		%	8.7		%



Same-Store Unconsolidated Joint Venture Growth

	Same-Store
	Joint Venture		3Q 2014 vs. 3Q 2013 Growth										3Q 2014 vs. 2Q 2014 Growth
Joint Venture	Communities (5)		Revenue			Expense			NOI				Revenue			Expense			NOI
UDR / MetLife	23		3.3		%	2.3		%	3.8	%			1.0		%	3.6		%	-0.2		%
UDR / KFH	3		0.8		%	5.1		%	-0.7	%			0.1		%	4.0		%	-1.3		%
Texas	8		6.6		%	5.1		%	7.7	%			2.5		%	0.4		%	4.0		%
Total/Average	34		3.7		%	3.1		%	4.0	%			1.2		%	2.9		%	0.4		%

									NOI										NOI
Same-Store JV Results at UDR's Pro-rata Ownership Interest									3.3	%									0.4		%

	Same-Store
	Joint Venture		YTD 2014 vs. YTD 2013 Growth
Joint Venture	Communities (5)		Revenue			Expense			NOI
UDR / MetLife	21		4.3		%	4.6		%	4.1	%
UDR / KFH	3		2.9		%	8.2		%	1.1	%
Texas	8		6.2		%	7.2		%	5.4	%
Total/Average	32		4.5		%	5.5		%	4.0	%

									NOI
Same-Store JV Results at UDR's Pro-rata Ownership Interest									4.2	%


Participating Loan Investment													Income from
													Participating
			Interest			Years to							Loan Investment						Upside
	UDR's Investment		Rate			Maturity							3Q 2014			YTD 2014			Participation
Steele Creek (9)	$	43,822	6.5		%	3.1							$	642		$	1,419		50		%


(1) See Attachment 16 for definitions and other terms.
(2) Represents NOI at 100 percent for the period ended September 30, 2014.
(3) Includes 399 Fremont of which UDR owns 51.0%, Fiori on Vitruvian Park ^® of which UDR owns 50.0% and Residences at 2801 Kelvin of which UDR owns 50.1%.
(4) Includes 5 land parcels of which UDR owns an average of 4.0%, 6 Vitruvian Park ^® land parcels of which UDR owns 50.0% and Domain Mountain View of which UDR owns 50.1%.
(5) Joint ventures and partnerships represented at 100 percent.
(6) Excludes deferred gains of $24.6M, which is netted in "Investments in and advances to unconsolidated joint ventures, net" on Attachment 3.
(7) Excludes non-stabilized developments.
(8) Includes homes completed for the period ended September 30, 2014.
(9) UDR's participating loan is reflected as investment in and advances to unconsolidated joint ventures on the Consolidated Balance Sheets and net income/(loss) from unconsolidated entities on the Consolidated Statements of Operations in accordance with GAAP. UDR has the option to purchase the property upon completion of construction and we receive 50% of the value created from the project upon acquisition of the community or sale to a third party.
(10) The underlying debt will automatically extend for a one year period (ending in 2015), without fees, and can be repaid without penalty at any time.






Attachment 13

UDR, Inc.
Acquisitions and Dispositions Summary
September 30, 2014
(Dollars in Thousands)
(Unaudited)

				Post
			Prior	Transaction
			Ownership	Ownership					# of	Price per
Date of Purchase	Community	Location	Interest	Interest	Price (1)		Debt (1)		Homes	Home

Acquisitions - Wholly-Owned

Aug-14	Lightbox (1031 exchange)	Seattle, WA	0%	100%	$	45,500	$	—	162	$	281
Sep-14	Waterscape (1031 exchange) (3)	Kirkland, WA	0%	100%	75,200		—		196	384
					$	120,700	$	—	358	$	337

Acquisitions - Wholly-Owned Land

Jan-14	Pacific City	Huntington Beach, CA	0%	100%	$	77,750	$	—	—	$	—

Acquisitions - Joint Ventures - UDR/MetLife II JV

Apr-14	6 operating communities	Various	12%	50%	$	505,000	$	284,164	1,523	$	332

Acquisitions - Joint Ventures - Land

Jul-14	Domain Mountain View	Mountain View, CA	3%	50%	$	8,288	$	—	—	$	—
Jul-14	Residences at 2801 Kelvin	Irvine, CA	3%	50%	11,508		—		—	—
					$	19,796	$	—	—	$	—


				Post
			Prior	Transaction
			Ownership	Ownership					# of	Price per
Date of Sale	Community	Location	Interest	Interest	Price (1)		Debt (1)		Homes	Home

Dispositions - Wholly-Owned

Jan-14	Presidio at Rancho Del Oro	Oceanside, CA	100%	0%	$	45,100	$	—	264	$	171
Jun-14	Gallery at Bayport II	Tampa, FL	100%	0%	30,700		—		277	111
Jun-14	Island Walk	Tampa, FL	100%	0%	50,000		—		400	125
Jul-14	The Place on Millenia Boulevard	Orlando, FL	100%	0%	50,085		—		371	135
Jul-14	Grandview	Glendale, CA	100%	0%	11,000		—		—	—
Jul-14	Forest Lakes at Oyster Point	Newport News, VA	100%	0%	26,000		—		296	88
Jul-14	Woodscape	Newport News, VA	100%	0%	21,175		—		296	72
					$	234,060	$	—	1,904	$	117

Dispositions - Joint Ventures

Mar-14	Ashton Westwood (2)	Los Angeles, CA	9%	0%	$	52,571	$	25,804	58	$	906
Mar-14	Viridian (2)	Los Angeles, CA	16%	0%	31,856		27,849		60	531
					$	84,427	$	53,653	118	$	715

Dispositions - Wholly-Owned Land

Jan-14	Presidio at Rancho Del Oro	Oceanside, CA	100%	0%	$	3,600	$	—	—	$	—

Dispositions - Joint Ventures Land

None




(1) Price represents 100% of the value of assets. Debt represents 100% of the asset's indebtedness.
(2) Properties sold to MetLife from UDR/MetLife I JV.
(3) Includes 6,600 square feet of retail space.






Attachment 14

UDR, Inc.
Capital Expenditure and Repair and Maintenance Summary (1)
September 30, 2014
(Dollars in Thousands)
(Unaudited)

		Three Months				Nine Months
	Weighted Avg.	Ended		Cost		Ended		Cost
Category (Capitalized)	Useful Life (yrs) (2)	September 30, 2014		per Home		September 30, 2014		per Home
Capital Expenditures for Consolidated Homes (3)
Average number of homes (4)		39,008				39,805
Recurring Cap Ex
Asset preservation
Building interiors	5 - 20	$	4,327	$	111	$	10,003	$	251
Building exteriors	5 - 20	2,840		73		7,534		189
Landscaping and grounds	10	1,407		36		3,269		82
Total asset preservation		8,574		220		20,806		522
Turnover related	5	3,706		95		9,171		230
Total Recurring Cap Ex		12,280		315		29,977		752
Revenue Enhancing Cap Ex (5)	5 - 20	3,109		80		7,932		199
Total		$	15,389	$	395	$	37,909	$	951


		Three Months				Nine Months
		Ended		Cost		Ended		Cost
Category (Expensed)		September 30, 2014		per Home		September 30, 2014		per Home
Repair and Maintenance for Consolidated Homes
Average number of homes (4)		39,008				39,805
Contract services		$	4,539	$	116	$	13,309	$	334
Turnover related expenses		1,210		31		3,147		79
Other Repair and Maintenance
Building interiors		1,818		47		5,161		130
Building exteriors		367		9		1,084		27
Landscaping and grounds		184		5		841		21
Total		$	8,118	$	208	$	23,542	$	591

(1) See Attachment 16 for definitions and other terms.
(2) Weighted average useful life of capitalized expenses for the nine months ended September 30, 2014.
(3) Excludes redevelopment capital.
(4) Average number of homes is calculated based on the number of homes outstanding at the end of each month.
(5) Revenue enhancing capital expenditures were incurred at specific apartment communities in conjunction with UDR's overall capital expenditure plan.






Attachment 15

UDR, Inc.
Full-Year 2014 Guidance (1)
September 30, 2014
(Unaudited)

FFO and AFFO per Share Guidance
	4Q 2014	Full Year 2014
FFO per common share, diluted	$0.38 to $0.40	$1.54 to $1.56
FFO As Adjusted per common share, diluted	$0.38 to $0.40	$1.51 to $1.53
Adjusted Funds from Operations ("AFFO") per common share, diluted	$0.33 to $0.35	$1.34 to $1.36
Weighted average diluted shares/units (M)	268.1	265.7
Annualized dividend per share		$1.04


Same-Store Guidance		Full Year 2014
Revenue growth		4.00% to 4.50%
Expense growth		2.25% to 2.75%
NOI growth		4.75% to 5.25%
Physical occupancy		96.5%
Same-Store homes		35,177


Transactional Activity ($ in millions)		Full Year 2014
Acquisitions (2)		$120
Dispositions		$350 to $400
Weighted average cap rate spread		75 bps to 100 bps
Development and redevelopment spending (3)		$425 to $475


Capital Markets Activity ($ in millions)		Full Year 2014
Debt maturities		$348
New debt issuance		$300
Equity issuances		$100


Other Additions/(Deductions) ($ in millions except per home amounts)		Full Year 2014
Interest		($131) to ($133)
General and administrative, gross (4)		($46) to ($48)
Tax benefit for RE³		$8 to $10
Joint venture fee income		$11 to $13
Total joint venture FFO, excluding fee income		$33 to $37
Non-recurring items:
RE³ gains from asset sales		$1
Acquisition-related costs		$.25 to $.50
Average stabilized homes		40,000
Recurring capital expenditures per home		$1,100

(1) See Attachment 16 for definitions and other terms.
(2) In 1Q 2014, the Company designated its $78 million Pacific City land purchase in Huntington Beach, CA as a reverse 1031 transaction, effectively
reducing the need for $75-$80 million in additional acquisition activity in 2014.
(3) Includes the $78 million purchase of the Pacific City land site in Huntington Beach, CA by the Company in 1Q 2014.
(4) Includes an estimated $10 million of Long Term Incentive Plan compensation expense.







Attachment 16(A)

UDR, Inc.
Definitions and Reconciliations
September 30, 2014
(Unaudited)

Acquired Communities: The Company defines Acquired Communities as those communities acquired by the Company, other than development and redevelopment activity, that did not achieve stabilization as of the most recent quarter.

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

Management considers AFFO a useful supplemental performance metric for investors as it is more indicative of the Company's operational performance than FFO or FFO as Adjusted. AFFO is not intended to represent cash flow or liquidity for the period, and is only intended to provide an additional measure of our operating performance. The Company believes that net income attributable to UDR, Inc. is the most directly comparable GAAP financial measure to AFFO. Management believes that AFFO is a widely recognized measure of the operations of REITs, and presenting AFFO will enable investors to assess our performance in comparison to other REITs. However, other REITs may use different methodologies for calculating AFFO and, accordingly, our AFFO may not always be comparable to AFFO calculated by other REITs. AFFO should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of financial performance, or as an alternative to cash flows from operating activities (determined in accordance with GAAP) as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to make distributions. A reconciliation from net income attributable to UDR, Inc. to AFFO is provided on Attachment 2.

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

Discontinued Operations: Effective January 1, 2014, UDR prospectively adopted Accounting Standards Update (“ASU”) No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, for all communities not previously sold or classified as held for sale. ASU 2014-08 incorporates into the definition of a discontinued operation a requirement that a disposition represent a strategic shift in an entity’s operations, which resulted in UDR no longer classifying the sale of communities as a discontinued operation. Communities that meet the criteria to be classified as held for disposition subsequent to the adoption of ASU 2014-08 are presented as held for disposition in the Consolidated Balance Sheet for the current period, but do not meet the criteria to be classified as discontinued operations in accordance with ASU 2014-08. Prior to the prospective adoption of ASU 2014-08, FASB ASC Subtopic 205.20, required, among other things, that the primary assets and liabilities and the results of operations of UDR’s real properties that have been sold or are held for disposition, be classified as discontinued operations and segregated in UDR’s Consolidated Statements of Operations and Consolidated Balance Sheets. Consequently, the primary assets and liabilities and the net operating results of those properties sold or classified as held for disposition prior to January 1, 2014 are accounted for as discontinued operations for all periods presented. This presentation does not have an impact on net income available to common stockholders, it only results in the reclassification of the operating results within the Consolidated Statements of Operations for the periods ended June 30, 2014 and 2013, and the reclassification of the assets and liabilities within the Consolidated Balance Sheets as of June 30, 2014 and December 31, 2013. During the twelve months ended December 31, 2013, UDR sold 2 communities with a total of 914 homes. During the three and nine months ended September 30, 2014, UDR sold one commercial property that was classified as real estate held for disposition prior to the adoption of ASU 2014-08 and is therefore presented as a discontinued operation. The results of operations for these properties are classified on the Consolidated Statements of Operations on Attachment 1 of the Company's quarterly supplemental disclosure in the line item entitled “Income from discontinued operations, net of tax”.

In thousands	3Q 2014			3Q 2013		YTD 2014			YTD 2013
Rental income	$	21		$	2,462	$	147		$	7,130
Rental expenses	11			971		225			2,734
Property management	1			68		4			196
Real estate depreciation	—			527		—			1,607
Other operating expenses	3			12		21			26
Total expenses	15			1,578		250			4,563
Income before net impairment of real estate held for disposition and net gain on the sale of depreciable property	6			884		(103		)	2,567
Income tax benefit/(expense)	(2		)	—		38			—
Income/(loss) from discontinued operations, net of tax	$	79		$	884	$	10		$	2,567


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

Management considers effective new lease rate growth a useful metric for investors as it assesses market-level new demand trends.

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

Management considers effective renewal lease rate growth a useful metric for investors as it assesses market-level, in-place demand trends.

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

Fixed Charge Coverage Ratio: The Company defines Fixed Charge Coverage Ratio as net income, excluding the impact of interest expense, real estate depreciation and amortization of wholly owned and other joint venture communities, other depreciation and amortization, noncontrolling interests, net gain on the sale of depreciable property, RE3 income tax, divided by total interest plus preferred dividends.

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

Funds From Operations as Adjusted: The Company defines FFO as Adjusted as FFO excluding the impact of acquisition-related costs and other non-comparable items including, but not limited to, prepayment costs/benefits associated with early debt retirement, gains on sales of marketable securities and TRS property, deferred tax valuation allowance increases and decreases, storm-related expenses and recoveries, severance costs and legal costs.

Management believes that FFO as Adjusted is useful supplemental information regarding our operating performance as it provides a consistent comparison of our operating performance across time periods and allows investors to more easily compare our operating results with other REITs. FFO as Adjusted is not intended to represent cash flow or liquidity for the period, and is only intended to provide an additional measure of our operating performance. The Company believes that net income attributable to UDR, Inc. is the most directly comparable GAAP financial measure to FFO as Adjusted. However, other REITs may use different methodologies for calculating FFO as Adjusted or similar FFO measures and, accordingly, our FFO as Adjusted may not always be comparable to FFO as Adjusted or similar FFO measures calculated by other REITs. FFO as Adjusted should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of financial performance, or as an alternative to cash flows from operating activities (determined in accordance with GAAP) as a measure of our liquidity. A reconciliation from net income attributable to UDR, Inc. to FFO as Adjusted is provided on Attachment 2.






Attachment 16(B)

UDR, Inc.
Definitions and Reconciliations
September 30, 2014
(Unaudited)

Funds From Operations ("FFO"): The Company defines FFO as net income (computed in accordance with GAAP), excluding impairment write-downs of depreciable real estate or of investments in non-consolidated investees that are driven by measurable decreases in the fair value of depreciable real estate held by the investee, gains (or losses) from sales of depreciable property, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. This definition conforms with the National Association of Real Estate Investment Trust's definition issued in April 2002 and is comparable to FFO, diluted in Attachment 2. In the computation of diluted FFO, OP units, unvested restricted stock, stock options, and the shares of Series E Cumulative Convertible Preferred Stock are dilutive; therefore, they are included in the diluted share count.

Activities of our taxable REIT subsidiary (TRS), RE³, include development and land entitlement. From time to time, we develop and subsequently sell a TRS property which results in a short-term use of funds that produces a profit that differs from the traditional long-term investment in real estate for REITs. We believe that the inclusion of these TRS gains in FFO is consistent with the standards established by NAREIT as the short-term investment is incidental to our main business. TRS gains on sales, net of taxes, are defined as net sales proceeds less a tax provision and the gross investment basis of the asset before accumulated depreciation.

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

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

Interest Coverage Ratio: The Company defines Interest Coverage Ratio as net income, excluding the impact of interest expense, real estate depreciation and amortization of wholly owned and joint venture communities, other depreciation and amortization, noncontrolling interests, net gain on the sale of depreciable property, RE³ income tax, divided by total interest.

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

Joint Venture Reconciliation at UDR's Weighted Average Pro-Rata Ownership Interest

In thousands				Q3 2014			YTD 2014
Income/(loss) from unconsolidated entities				$	(939	)	$	(4,932	)
Management fee				1,054			2,888
Interest expense				8,248			23,051
Depreciation				10,398			29,926
General and administrative				105			391
Other income/expense				(563		)	(1,310		)
Total Joint Venture NOI at UDR's Pro-Rata Ownership Interest				$	18,303		$	50,014

JV Return on Equity ("ROE"): The Company defines JV ROE as the pro rata share of property NOI plus property and asset management fee revenue less interest expense, divided by the average of beginning and ending equity capital for the quarter.

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

JV Return on Invested Capital ("ROIC"): The Company defines JV ROIC as the pro rata share of property NOI plus property and asset management fee revenue divided by the average of beginning and ending invested capital for the quarter.

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

Net Debt to EBITDA: The Company defines net debt to EBITDA as total debt net of cash and cash equivalents divided by EBITDA. EBITDA is defined as net income, excluding the impact of interest expense, real estate depreciation and amortization of wholly owned and other joint venture communities, other depreciation and amortization, noncontrolling interests, net gain on the sale of depreciable property, and RE³ income tax.

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

Net Operating Income (“NOI”): The Company defines NOI as rental income less direct property rental expenses. Rental income represents gross market rent less adjustments for concessions, vacancy loss and bad debt. Rental expenses include real estate taxes, insurance, personnel, utilities, repairs and maintenance, administrative and marketing. Excluded from NOI is property management expense which is calculated as 2.75% of property revenue to cover the regional supervision and accounting costs related to consolidated property operations, and land rent.

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

In thousands	Q3 2014			Q2 2014			Q1 2014			4Q 2013			3Q 2013
Net income/(loss) attributable to UDR, Inc.	$	40,549		$	30,007		$	18,361		$	36,700		$	3,188
Property management	5,598			5,527			5,345			5,233			5,168
Other operating expenses	2,009			2,162			1,926			1,925			1,775
Real estate depreciation and amortization	89,339			88,876			88,533			88,301			83,739
Interest expense	33,087			31,691			32,884			33,360			30,939
Casualty-related (recoveries)/charges, net	—			—			500			—			(6,460		)
General and administrative	11,554			12,530			11,994			11,532			11,364
Tax provision/(benefit), net (includes valuation adjustment)	(2,492		)	(2,190		)	(3,329		)	15			(2,658		)
Income/(loss) from unconsolidated entities	939			428			3,565			(5,666		)	3,794
Interest and other income, net	(9,061		)	(1,426		)	(1,415		)	(1,328		)	(829		)
Joint venture management and other fees	(3,165		)	(2,747		)	(3,687		)	(3,095		)	(3,207		)
Other depreciation and amortization	1,385			1,193			1,080			3,281			1,176
(Income)/loss from discontinued operations, net of tax	(79		)	(18		)	(24,294		)	—			(884		)
(Gain)/loss on sale of real estate owned, net of tax	(31,302		)	(26,709		)	87			(41,376		)	—
Net income/(loss) attributable to noncontrolling interests	1,443			1,079			651			1,302			47
Total consolidated NOI	$	139,804		$	140,403		$	132,201		$	130,184		$	127,152







Attachment 16(C)

UDR, Inc.
Definitions and Reconciliations
September 30, 2014
(Unaudited)


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

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

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

QTD Same-Store ("SS") Communities: The Company defines QTD SS Communities as those communities stabilized for five full consecutive quarters. These communities were owned and had stabilized occupancy and operating expenses as of the beginning of the quarter in the prior year, there is no plan to conduct substantial redevelopment activities, and the community is not held for disposition within the current year.

RE³: RE³ is the Company's taxable REIT subsidiary ("TRS") that focuses on development, land entitlement and short-term hold investments. TRS gains on sales, net of taxes, is defined as net sales proceeds less a tax provision and the gross investment basis of the asset before accumulated depreciation.

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 greater than 10% of the available apartment homes are off-line for major renovation and those that did not achieve stabilization as of the most recent quarter.

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

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

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

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

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

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

Management considers revenue enhancing capital expenditures a useful metric for investors as it quantifies the amount of capital expenditures that are expected to grow, not just maintain, revenues.

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

Stabilization for Same Store Classification: The Company generally defines stabilization as when a community’s occupancy reaches 90% or above for at least three consecutive months.

Stabilized, Non-Mature Communities: The Company defines Stabilized, Non-Mature Communities as those communities that are stabilized but not yet in the Company's Same-Store portfolio.

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

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

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

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

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

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

YTD Same-Store ("SS") Communities: The Company defines YTD SS Communities as those communities stabilized for two full consecutive calendar years. These communities were owned and had stabilized occupancy and operating expenses as of the beginning of the prior year, there is no plan to conduct substantial redevelopment activities, and the community is not held for disposition within the current year.






Attachment 16(D)

UDR, Inc.
Definitions and Reconciliations
September 30, 2014
(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 2014 and fourth quarter of 2014 to forecasted FFO, FFO as Adjusted and AFFO per share:


	Full Year 2014
	Low			High
Forecasted earnings per diluted share	$	0.40		$	0.42
Conversion from GAAP share count	(0.09		)	(0.09		)
Net (gain)/loss on the sale of depreciable property, excluding TRS	(0.30		)	(0.30		)
Depreciation	1.51			1.51
Noncontrolling Interests	0.01			0.01
Preferred Dividends	0.01			0.01
Forecasted FFO per diluted share	$	1.54		$	1.56
TRS gains from asset sales	(0.01		)	(0.01		)
Net gain on prepayment of note receivable	(0.03		)	(0.03		)
Acquisition, debt extinguishment, casualty and other costs	0.01			0.01
Forecasted FFO as Adjusted per diluted share	$	1.51		$	1.53
Recurring capital expenditures	(0.17		)	(0.17		)
Forecasted AFFO per diluted share	$	1.34		$	1.36

	4Q 2014
	Low			High
Forecasted earnings per diluted share	$	0.03		$	0.05
Conversion from GAAP share count	(0.02		)	(0.02		)
Net (gain)/loss on the sale of depreciable property, excluding TRS	—			—
Depreciation	0.38			0.38
Noncontrolling Interests	—			—
Preferred Dividends	—			—
Forecasted FFO per diluted share	$	0.38		$	0.40
TRS gains from asset sales	—			—
Net gain on prepayment of note receivable	—			—
Acquisition, debt extinguishment, casualty and other costs	—			—
Forecasted FFO as Adjusted per diluted share	$	0.38		$	0.40
Recurring capital expenditures	(0.05		)	(0.05		)
Forecasted AFFO per diluted share	$	0.33		$	0.35

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