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

Attached files

file	filename
EX-99.2 - EX-99.2 - PDF - UDR, Inc.	udr-20210427ex992b9e83d.pdf
EX-99.1 - EX-99.1 - PDF - UDR, Inc.	udr-20210427ex99131a7e5.pdf
EX-99.1 - EX-99.1 - UDR, Inc.	udr-20210427ex991a3ff25.htm
8-K - 8-K - UDR, Inc.	udr-20210427x8k.htm

Exhibit 99.2

Financial Highlights

UDR, Inc.

As of End of First Quarter 2021

(Unaudited) (1)


	Actual Results		Guidance as of March 31, 2021
Dollars in thousands, except per share and unit	1Q 2021		2Q 2021	Full-Year 2021

GAAP Metrics
Net income/(loss) attributable to UDR, Inc.	$3,104		--	--
Net income/(loss) attributable to common stockholders	$2,048		--	--
Income/(loss) per weighted average common share, diluted	$0.01		$0.01 to $0.03	$0.04 to $0.13

Per Share Metrics
FFO per common share and unit, diluted	$0.32		$0.47 to $0.49	$1.76 to $1.85
FFO as Adjusted per common share and unit, diluted	$0.47		$0.47 to $0.49	$1.91 to $2.00
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted	$0.44		$0.42 to $0.44	$1.73 to $1.82
Dividend declared per share and unit	$0.3625		$0.3625	$1.45 (2)

Same-Store Operating Metrics
Revenue growth/(decline) (Cash basis)	-6.4%		--	(2.00%) - 0.50%
Revenue growth/(decline) (Straight-line basis)	-6.7%		--	(4.00%) - (1.50%)
Expense growth	3.3%		--	1.00% - 3.00%
NOI growth/(decline) (Cash basis)	-10.4%		--	(3.25%) - 0.00%
NOI growth/(decline) (Straight-line basis)	-10.8%		--	(5.75%) - (2.50%)
Physical Occupancy	96.4%		--	--


Property Metrics	Homes	Communities	% of Total NOI
Same-Store	45,403	142	90.9%
Stabilized, Non-Mature	2,294	6	3.6%
Acquired Communities	300	1	0.3%
Development, completed	366	1	0.2%
Non-Residential / Other	N/A	N/A	1.0%
Joint Venture (3)	2,837	13	4.0%
Total completed homes	51,200	163	100%
Under Development	1,417	5	-
Total Quarter-end homes (3)(4)	52,617	168	100%


Balance Sheet Metrics (adjusted for non-recurring items)
	1Q 2021	1Q 2020
Consolidated Interest Coverage Ratio	4.7x	5.0x
Consolidated Fixed Charge Coverage Ratio	4.5x	4.8x
Consolidated Debt as a percentage of Total Assets	35.3%	35.0%
Consolidated Net Debt-to-EBITDAre	7.0x	6.0x

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

(2)	Annualized for 2021.

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

(4)	Excludes 3,469 homes that are part of the Developer Capital Program as described in Attachment 12(B).

Recent Operating Trends

UDR, Inc.

March 31, 2021 (1)

(Unaudited)

Green dashed lines indicate estimated results for the month of April 2021 and are as of April 25, 2021.

(1)	April 2021 results are as of and through April 25, 2021. Actual April 2021 results may vary.

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

(3)	The Company defines Billed Revenue as Same-Store revenue with concessions reflected on a cash basis less bad debt reserves and write-offs.

(4)	Cash Collections are for the Company's total residential portfolio.

Attachment 1

UDR, Inc.

Consolidated Statements of Operations

(Unaudited) (1)


	Three Months Ended
	March 31,
In thousands, except per share amounts	2021		2020

REVENUES:
Rental income (2)	$	299,826	$	320,093
Joint venture management and other fees		1,615		1,388
Total revenues		301,441		321,481

OPERATING EXPENSES:
Property operating and maintenance		51,381		49,483
Real estate taxes and insurance		47,387		45,145
Property management		8,995		9,203
Other operating expenses		4,435		4,966
Real estate depreciation and amortization		144,088		155,476
General and administrative		12,736		14,978
Casualty-related charges/(recoveries), net (3)		5,577		1,251
Other depreciation and amortization		2,601		2,025
Total operating expenses		277,200		282,527

Gain/(loss) on sale of real estate owned		50,829		-
Operating income		75,070		38,954

Income/(loss) from unconsolidated entities (2)		4,922		3,367
Interest expense		(36,206)		(39,317)
Debt extinguishment and other associated costs		(41,950)		-
Total interest expense		(78,156)		(39,317)
Interest income and other income/(expense), net		2,057		2,700

Income/(loss) before income taxes		3,893		5,704
Tax (provision)/benefit, net		(619)		(164)

Net Income/(loss)		3,274		5,540
Net (income)/loss attributable to redeemable noncontrolling interests in the OP and DownREIT Partnership		(154)		(313)
Net (income)/loss attributable to noncontrolling interests		(16)		(6)

Net income/(loss) attributable to UDR, Inc.		3,104		5,221
Distributions to preferred stockholders - Series E (Convertible)		(1,056)		(1,066)

Net income/(loss) attributable to common stockholders	$	2,048	$	4,155


Income/(loss) per weighted average common share - basic:		$0.01		$0.01
Income/(loss) per weighted average common share - diluted:		$0.01		$0.01

Common distributions declared per share		$0.3625		$0.3600

Weighted average number of common shares outstanding - basic		296,537		294,457
Weighted average number of common shares outstanding - diluted		297,026		295,160

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

(6)

During the three months ended March 31, 2021, UDR collected 95.2% of billed residential revenue and 84.4% of billed retail revenue. Of the 4.8% and 15.6% not collected, UDR reserved (reflected as a reduction to revenues) approximately 1.5% or $4.7 million for residential, including $0.3 million for UDR’s share from unconsolidated joint ventures, and 10.1% or $0.8 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.

(7)	During the three months ended March 31, 2021, various UDR communities in Texas and Washington incurred property damage in connection with Winter Storm Uri.

Attachment 2

UDR, Inc.

Funds From Operations

(Unaudited) (1)


		Three Months Ended
		March 31,
In thousands, except per share and unit amounts		2021	2020

Net income/(loss) attributable to common stockholders	$	2,048	$	4,155

Real estate depreciation and amortization		144,088		155,476
Noncontrolling interests		170		319
Real estate depreciation and amortization on unconsolidated joint ventures		8,205		8,816
Net gain on the sale of unconsolidated depreciable property		(2,460)		-
Net gain on the sale of depreciable real estate owned, net of tax		(50,778)		-
Funds from operations ("FFO") attributable to common stockholders and unitholders, basic	$	101,273	$	168,766

Distributions to preferred stockholders - Series E (Convertible) (2)		1,056		1,066

FFO attributable to common stockholders and unitholders, diluted	$	102,329	$	169,832

FFO per weighted average common share and unit, basic	$	0.32	$	0.53
FFO per weighted average common share and unit, diluted	$	0.32	$	0.53

Weighted average number of common shares and OP/DownREIT Units outstanding, basic		318,935		316,685
Weighted average number of common shares, OP/DownREIT Units, and common stock
equivalents outstanding, diluted		322,342		320,399

Impact of adjustments to FFO:
Debt extinguishment and other associated costs	$	41,950	$	-
Debt extinguishment and other associated costs on unconsolidated joint ventures		1,682		-
Legal and other costs		629		758
Realized/unrealized (gain)/loss on unconsolidated real estate technology investments, net of tax		(1,428)		32
Severance costs and other restructuring expense		468		1,642
Casualty-related charges/(recoveries), net		5,577		1,399
Casualty-related charges/(recoveries) on unconsolidated joint ventures, net		-		31
	$	48,878	$	3,862

FFO as Adjusted attributable to common stockholders and unitholders, diluted	$	151,207	$	173,694

FFO as Adjusted per weighted average common share and unit, diluted	$	0.47	$	0.54

Recurring capital expenditures		(9,754)		(9,209)
AFFO attributable to common stockholders and unitholders, diluted	$	141,453	$	164,485

AFFO per weighted average common share and unit, diluted	$	0.44	$	0.51

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

(2)

Series E cumulative convertible preferred shares are dilutive for purposes of calculating FFO per share for the three months ended March 31, 2021 and March 31, 2020. Consequently, distributions to Series E cumulative convertible preferred stockholders are added to FFO and the weighted average number of Series E cumulative convertible preferred shares are included in the denominator when calculating FFO per common share and unit, diluted.

Attachment 3

UDR, Inc.

Consolidated Balance Sheets

(Unaudited) (1)


	March 31,		December 31,
In thousands, except share and per share amounts	2021		2020

ASSETS

Real estate owned:
Real estate held for investment	$	12,852,700	$	12,706,940
Less: accumulated depreciation		(4,729,702)		(4,590,577)
Real estate held for investment, net		8,122,998		8,116,363
Real estate under development
(net of accumulated depreciation of $319 and $1,010)		242,881		246,867
Real estate held for disposition
(net of accumulated depreciation of $0 and $13,779)		-		102,876
Total real estate owned, net of accumulated depreciation		8,365,879		8,466,106

Cash and cash equivalents		1,172		1,409
Restricted cash		33,428		22,762
Notes receivable, net		155,206		157,992
Investment in and advances to unconsolidated joint ventures, net		620,111		600,233
Operating lease right-of-use assets		200,064		200,913
Other assets		190,696		188,118
Total assets	$	9,566,556	$	9,637,533

LIABILITIES AND EQUITY

Liabilities:
Secured debt	$	919,177	$	862,147
Unsecured debt		4,121,998		4,114,401
Operating lease liabilities		194,829		195,592
Real estate taxes payable		32,437		29,946
Accrued interest payable		23,149		44,760
Security deposits and prepaid rent		47,968		49,008
Distributions payable		116,693		115,795
Accounts payable, accrued expenses, and other liabilities		104,218		110,999
Total liabilities		5,560,469		5,522,648

Redeemable noncontrolling interests in the OP and DownREIT Partnership		989,686		856,294

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 (2,695,363 shares at December 31, 2020)		44,764		44,764
14,374,488 shares of Series F outstanding (14,440,519 shares
at December 31, 2020)		1		1
Common stock, $0.01 par value; 350,000,000 shares authorized
296,822,363 shares issued and outstanding (296,611,579 shares at December 31, 2020)		2,968		2,966
Additional paid-in capital		5,885,682		5,881,383
Distributions in excess of net income		(2,923,073)		(2,685,770)
Accumulated other comprehensive income/(loss), net		(8,614)		(9,144)
Total stockholders' equity		3,001,728		3,234,200
Noncontrolling interests		14,673		24,391
Total equity		3,016,401		3,258,591
Total liabilities and equity	$	9,566,556	$	9,637,533

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

Attachment 4(A)

UDR, Inc.

Selected Financial Information

(Unaudited) (1)


	March 31,	December 31,
Common Stock and Equivalents	2021	2020

Common shares	296,573,755	296,374,227
Restricted shares	248,608	237,352
Total common shares	296,822,363	296,611,579
Restricted unit and common stock equivalents	142,822	344,128
Operating and DownREIT Partnership units	20,812,982	20,530,251
Class A Limited Partnership units	1,751,671	1,751,671
Series E cumulative convertible preferred shares (2)	2,918,127	2,918,127
Total common shares, OP/DownREIT units, and common stock equivalents	322,447,965	322,155,756




Weighted Average Number of Shares Outstanding	1Q 2021	1Q 2020

Weighted average number of common shares and OP/DownREIT units outstanding - basic	318,934,716	316,685,092
Weighted average number of OP/DownREIT units outstanding	(22,398,049)	(22,227,883)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations	296,536,667	294,457,209

Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted	322,342,024	320,398,509
Weighted average number of OP/DownREIT units outstanding	(22,398,049)	(22,227,883)
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	297,025,848	295,159,783

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

(2)	At March 31, 2021 and December 31, 2020 there were 2,695,363 of Series E cumulative convertible preferred shares outstanding, which is equivalent to 2,918,127 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 months ended March 31, 2021 and March 31, 2020.

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			$	876,080			17.4%	3.37%	7.0
		Floating				27,000			0.5%	0.77%	11.0
		Combined				903,080			17.9%	3.29%	7.1

Unsecured		Fixed				3,880,644	(3)		76.9%	2.87%	8.9
		Floating				262,813			5.2%	0.41%	0.4
		Combined				4,143,457			82.1%	2.72%	8.4

Total Debt		Fixed				4,756,724			94.3%	2.96%	8.6
		Floating				289,813			5.7%	0.44%	1.4
		Combined				5,046,537			100.0%	2.82%	8.2
		Total Non-Cash Adjustments (4)				(5,362)
		Total per Balance Sheet			$	5,041,175				2.84%



Debt Maturities, In thousands
					Revolving Credit
			Unsecured		Facilities & Comm.						Weighted Average
	Secured Debt (5)		Debt		Paper (2) (6) (7)			Balance		% of Total	Interest Rate

2021	$	827	$	-	$	210,000		$	210,827	4.2%	0.27%
2022		1,140		-		17,813			18,953	0.4%	1.11%
2023		1,183		350,000		-			351,183	7.0%	1.07%
2024		96,028		15,644		-			111,672	2.2%	4.00%
2025		174,043		-		-			174,043	3.4%	3.68%
2026		51,963		300,000		-			351,963	7.0%	2.95%
2027		2,045		300,000		-			302,045	6.0%	4.03%
2028		123,435		300,000		-			423,435	8.4%	3.67%
2029		191,986		300,000		-			491,986	9.7%	3.94%
2030		72,500		600,000		-			672,500	13.3%	3.29%
Thereafter		187,930		1,750,000		-			1,937,930	38.4%	2.44%
		903,080		3,915,644		227,813			5,046,537	100.0%	2.82%
Total Non-Cash Adjustments (4)		16,097		(21,459)		-			(5,362)
Total per Balance Sheet	$	919,177	$	3,894,185	$	227,813		$	5,041,175		2.84%

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

(2)

The 2021 maturity reflects the $210.0 million of principal outstanding at an interest rate of 0.26%, the equivalent of LIBOR plus a spread of 15 basis points, on the Company’s unsecured commercial paper program as of March 31, 2021. 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 8.2 years without extensions and 8.3 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 1.07% 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 March 31, 2021. 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 $17.8 million outstanding on our $75.0 million working capital credit facility at March 31, 2021. 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.

Attachment 4(C)

UDR, Inc.

Selected Financial Information

(Dollars in Thousands)

(Unaudited) (1)

Quarter Ended

Coverage Ratios

March 31, 2021

Net income/(loss)

3,274

Adjustments:

Interest expense, including debt extinguishment and other associated costs

78,156

Real estate depreciation and amortization

144,088

Other depreciation and amortization

2,601

Tax provision/(benefit), net

619

Net (gain)/loss on the sale of depreciable real estate owned

(50,829)

Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures

11,858

EBITDAre

189,767

Casualty-related charges/(recoveries), net

5,577

Legal and other costs

629

Severance costs and other restructuring expense

468

(Income)/loss from unconsolidated entities

(4,922)

Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures

(11,858)

Management fee expense on unconsolidated joint ventures

(757)

Consolidated EBITDAre - adjusted for non-recurring items

178,904

Annualized consolidated EBITDAre - adjusted for non-recurring items

715,616

Interest expense, including debt extinguishment and other associated costs

78,156

Capitalized interest expense

2,122

Total interest

80,278

Debt extinguishment and other associated costs

(41,950)

Total interest - adjusted for non-recurring items

38,328

Preferred dividends

1,056

Total debt

5,041,175

Cash

(1,172)

Net debt

5,040,003

Consolidated Interest Coverage Ratio - adjusted for non-recurring items

4.7x

Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items

4.5x

Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items

7.0x

Debt Covenant Overview

Unsecured Line of Credit Covenants (2)

Required

Actual

Compliance

Maximum Leverage Ratio

≤60.0%

38.4% (2)

Yes

Minimum Fixed Charge Coverage Ratio

≥1.5x

4.3x

Yes

Maximum Secured Debt Ratio

≤40.0%

10.7%

Yes

Minimum Unencumbered Pool Leverage Ratio

≥150.0%

295.7%

Yes

Senior Unsecured Note Covenants (3)

Required

Actual

Compliance

Debt as a percentage of Total Assets

≤65.0%

35.3% (3)

Yes

Consolidated Income Available for Debt Service to Annual Service Charge

≥1.5x

5.5x

Yes

Secured Debt as a percentage of Total Assets

≤40.0%

6.4%

Yes

Total Unencumbered Assets to Unsecured Debt

≥150.0%

296.2%

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

1Q 2021 NOI (1)

Carrying Value

Total Gross

Asset Summary

Homes

($000s)

% of NOI

($000s)

Carrying Value

Unencumbered assets

42,165

177,898

88.5%

11,630,533

88.8%

Encumbered assets

6,198

23,160

11.5%

1,465,367

11.2%

48,363

201,058

100.0%

13,095,900

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.

Attachment 5

UDR, Inc.

Operating Information

(Unaudited) (1)


	Total	Quarter Ended		Quarter Ended		Quarter Ended		Quarter Ended		Quarter Ended
Dollars in thousands	Homes	March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020
Revenues
Same-Store Communities	45,403	$	277,820	$	276,996	$	278,398	$	285,922	$	296,882
Stabilized, Non-Mature Communities	2,294		14,123		10,805		8,723		10,346		10,107
Acquired Communities	300		1,000		-		-		-		-
Development Communities	366		847		539		244		58		7
Non-Residential / Other (2)	-		5,007		10,498		17,057		4,065		5,958
Total	48,363	$	298,797	$	298,838	$	304,422	$	300,391	$	312,954

Expenses
Same-Store Communities		$	88,079	$	86,808	$	89,809	$	84,689	$	85,231
Stabilized, Non-Mature Communities			6,594		5,609		4,763		4,107		3,786
Acquired Communities			349		-		-		-		-
Development Communities			462		215		248		123		47
Non-Residential / Other (2)			2,878		2,447		1,207		2,948		3,287
Total (3)		$	98,362	$	95,079	$	96,027	$	91,867	$	92,351

Net Operating Income
Same-Store Communities		$	189,741	$	190,188	$	188,589	$	201,233	$	211,651
Stabilized, Non-Mature Communities			7,529		5,196		3,960		6,239		6,321
Acquired Communities			651		-		-		-		-
Development Communities			385		324		(4)		(65)		(40)
Non-Residential / Other (2)			2,129		8,051		15,850		1,117		2,671
Total		$	200,435	$	203,759	$	208,395	$	208,524	$	220,603

Operating Margin
Same-Store Communities			68.3%		68.7%		67.7%		70.4%		71.3%

Weighted Average Physical Occupancy
Same-Store Communities			96.4%		96.1%		95.5%		96.1%		96.8%
Stabilized, Non-Mature Communities			94.5%		93.6%		88.3%		92.5%		95.2%
Acquired Communities			93.3%		-		-		-		-
Development Communities			75.1%		81.6%		79.6%		44.5%		-
Other (4)			96.5%		93.3%		92.9%		94.0%		96.7%
Total			96.9%		95.9%		95.3%		96.0%		96.9%

Sold and Held for Disposition Communities
Revenues	-	$	1,029	$	2,338	$	4,423	$	5,591	$	7,139
Expenses (3)			406		1,245		1,686		1,862		2,277
Net Operating Income/(Loss)		$	623	$	1,093	$	2,737	$	3,729	$	4,862

Total	48,363	$	201,058	$	204,852	$	211,132	$	212,253	$	225,465

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

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

(3)	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.

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

Attachment 6

UDR, Inc.

Same-Store Operating Expense Information

(Dollars in Thousands)

(Unaudited) (1)


	% of 1Q 2021
	SS Operating
Year-Over-Year Comparison	Expenses	1Q 2021		1Q 2020		% Change

Personnel	15.7%	$	13,817	$	15,333	-9.9%
Utilities	13.6%		11,973		11,762	1.8%
Repair and maintenance	16.5%		14,535		12,371	17.5%
Administrative and marketing	7.0%		6,154		6,105	0.8%
Controllable expenses	52.8%		46,479		45,571	2.0%

Real estate taxes (2)	42.2%	$	37,142	$	36,182	2.7%
Insurance	5.0%		4,458		3,478	28.2%
Same-Store operating expenses (2)	100.0%	$	88,079	$	85,231	3.3%

Same-Store Homes	45,403



	% of 1Q 2021
	SS Operating
Sequential Comparison	Expenses	1Q 2021		4Q 2020		% Change

Personnel	15.7%	$	13,817	$	14,435	-4.3%
Utilities	13.6%		11,973		11,542	3.7%
Repair and maintenance	16.5%		14,535		13,915	4.5%
Administrative and marketing	7.0%		6,154		6,281	-2.0%
Controllable expenses	52.8%		46,479		46,173	0.7%

Real estate taxes (2)	42.2%	$	37,142	$	36,587	1.5%
Insurance	5.0%		4,458		4,048	10.1%
Same-Store operating expenses (2)	100.0%	$	88,079	$	86,808	1.5%

Same-Store Homes	45,403

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

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

Attachment 7(A)

UDR, Inc.

Apartment Home Breakout

Portfolio Overview as of Quarter Ended

March 31, 2021

(Unaudited) (1)


		Non-Mature Homes			Unconsolidated
	Total			Total	Joint Venture	Total
	Same-Store		Non-	Consolidated	Operating	Homes
	Homes	Stabilized (2)	Stabil. / Other (3)	Homes	Homes (4)	(incl. JV) (4)
West Region
Orange County, CA	4,950	-	-	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	8,003	400	-	8,403	-	8,403
Baltimore, MD	1,597	-	-	1,597	-	1,597
Richmond, VA	1,359	-	-	1,359	-	1,359
	10,959	400	-	11,359	-	11,359

Northeast Region
Boston, MA	4,139	159	300	4,598	250	4,848
New York, NY	1,825	493	-	2,318	710	3,028
	5,964	652	300	6,916	960	7,876

Southeast Region
Tampa, FL	2,908	966	-	3,874	-	3,874
Orlando, FL	2,500	-	-	2,500	-	2,500
Nashville, TN	2,260	-	-	2,260	-	2,260
	7,668	966	-	8,634	-	8,634

Southwest Region
Dallas, TX	3,864	-	366	4,230	-	4,230
Austin, TX	1,272	-	-	1,272	-	1,272
	5,136	-	366	5,502	-	5,502

Other Markets (5)	2,460	276	-	2,736	554	3,290

Totals	45,403	2,294	666	48,363	2,837	51,200

Communities (6)	142	6	2	150	13	163

			Homes	Communities
Total completed homes			51,200	163
Under Development (7)			1,417	5

Total Quarter-end homes and communities			52,617	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.

Attachment 7(B)

UDR, Inc.

Non-Mature Home Summary

Portfolio Overview as of Quarter Ended

March 31, 2021

(Unaudited) (1)

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

Community

Category

# of Homes

Market

Same-Store Quarter (2)

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

Stabilized, Non-Mature

672

Tampa, FL

2Q22

Station on Silver

Stabilized, Non-Mature

400

Metropolitan DC

2Q22

Union Place

Acquired

300

Boston, MA

2Q22

Vitruvian West Phase 2

Development

366

Dallas, TX

3Q22

Total

2,960

Summary of Non-Mature Home Activity

Stabilized,

Market

Non-Mature

Acquired

Redevelopment

Development

Total

Non-Mature Homes at December 31, 2020

1,535

1,072

202

2,809

Park Square

Philadelphia, PA

(313)

Andover Place at Cross Creek

Tampa, FL

672

(672)

Station on Silver

Metropolitan DC

400

(400)

Vitruvian West Phase 2

Dallas, TX

164

Union Place

Boston, MA

300

Non-Mature Homes at March 31, 2021

2,294

300

366

2,960

(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.

Attachment 7(C)

UDR, Inc.

Total Revenue Per Occupied Home Summary

Portfolio Overview as of Quarter Ended

March 31, 2021

(Unaudited) (1)


			Non-Mature Homes						Unconsolidated
	Total						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	$	2,463	$	-	$	-	$	2,463	$	2,389	$	2,460
San Francisco, CA		3,088		-		-		3,088		3,871		3,167
Seattle, WA		2,324		-		-		2,324		-		2,324
Monterey Peninsula, CA		1,928		-		-		1,928		-		1,928
Los Angeles, CA		2,547		-		-		2,547		4,105		2,733

Mid-Atlantic Region
Metropolitan DC		2,090		1,948		-		2,083		-		2,083
Baltimore, MD		1,624		-		-		1,624		-		1,624
Richmond, VA		1,452		-		-		1,452		-		1,452

Northeast Region
Boston, MA		2,623		4,233		1,706		2,618		2,127		2,573
New York, NY		3,833		3,215		-		3,703		4,208		3,769

Southeast Region
Tampa, FL		1,585		1,535		-		1,573		-		1,573
Orlando, FL		1,426		-		-		1,426		-		1,426
Nashville, TN		1,386		-		-		1,386		-		1,386

Southwest Region
Dallas, TX		1,480		-		1,554		1,471		-		1,471
Austin, TX		1,533		-		-		1,533		-		1,533

Other Markets		2,056		1,772		-		2,027		2,937		2,111

Weighted Average	$	2,116	$	2,172	$	1,640	$	2,109	$	3,433	$	2,147

(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.

Attachment 7(D)

UDR, Inc.

Net Operating Income Breakout By Market

March 31, 2021

(Dollars in Thousands)

(Unaudited) (1)


	Three Months Ended March 31, 2021

						UDR's
		Same-Store		Non Same-Store (3)		Share of JVs (3)(4)		Total

Net Operating Income		$	189,741	$	10,694	$	8,387	$	208,822

% of Net Operating Income			90.9%		5.1%		4.0%		100.0%


Three Months Ended March 31, 2021

		As a % of NOI						As a % of NOI
Region		Same-Store		Total		Region		Same-Store		Total

West Region						Southeast Region
Orange County, CA			14.4%		13.5%	Tampa, FL			4.6%		5.3%
San Francisco, CA			8.6%		8.6%	Orlando, FL			3.8%		3.4%
Seattle, WA			6.7%		6.5%	Nashville, TN			3.3%		3.0%
Monterey Penninsula, CA			3.5%		3.2%				11.7%		11.7%
Los Angeles, CA			3.2%		3.5%
			36.4%		35.3%	Southwest Region
						Dallas, TX			5.4%		5.2%
Mid-Atlantic Region						Austin, TX			1.8%		1.6%
Metropolitan DC			17.4%		16.5%				7.2%		6.8%
Baltimore, MD			2.7%		2.5%
Richmond, VA			2.3%		2.0%	Other Markets			5.5%		6.3%
			22.4%		21.0%

Northeast Region
Boston, MA			11.6%		11.8%
New York, NY			5.2%		7.1%
			16.8%		18.9%	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).

Attachment 8(A)

UDR, Inc.

Same-Store Operating Information By Major Market

Current Quarter vs. Prior Year Quarter

March 31, 2021

(Unaudited) (1)



		% of Same-	Same-Store
	Total	Store Portfolio
	Same-Store	Based on	Physical Occupancy			Total Revenue per Occupied Home
	Homes	1Q 2021 NOI	1Q 21	1Q 20	Change	1Q 21		1Q 20		Change

West Region
Orange County, CA	4,950	14.4%	97.1%	97.1%	0.0%	$	2,463	$	2,555	-3.6%
San Francisco, CA	2,751	8.6%	92.8%	96.5%	-3.7%		3,088		3,753	-17.7%
Seattle, WA	2,725	6.7%	96.3%	97.6%	-1.3%		2,324		2,547	-8.8%
Monterey Peninsula, CA	1,565	3.5%	96.4%	95.9%	0.5%		1,928		1,953	-1.3%
Los Angeles, CA	1,225	3.2%	95.0%	97.0%	-2.0%		2,547		2,939	-13.3%
	13,216	36.4%	95.8%	96.9%	-1.1%		2,504		2,767	-9.5%

Mid-Atlantic Region
Metropolitan DC	8,003	17.4%	95.9%	97.1%	-1.2%		2,090		2,194	-4.7%
Baltimore, MD	1,597	2.7%	98.4%	96.1%	2.3%		1,624		1,634	-0.6%
Richmond, VA	1,359	2.3%	98.5%	97.1%	1.4%		1,452		1,407	3.2%
	10,959	22.4%	96.6%	97.0%	-0.4%		1,940		2,015	-3.7%

Northeast Region
Boston, MA	4,139	11.6%	95.9%	95.8%	0.1%		2,623		2,809	-6.6%
New York, NY	1,825	5.2%	94.6%	98.2%	-3.6%		3,833		4,310	-11.1%
	5,964	16.8%	95.5%	96.5%	-1.0%		2,990		3,276	-8.7%

Southeast Region
Tampa, FL	2,908	4.6%	97.4%	96.8%	0.6%		1,585		1,542	2.8%
Orlando, FL	2,500	3.8%	96.8%	96.0%	0.8%		1,426		1,420	0.4%
Nashville, TN	2,260	3.3%	97.7%	97.7%	0.0%		1,386		1,359	2.0%
	7,668	11.7%	97.3%	96.8%	0.5%		1,475		1,448	1.8%

Southwest Region
Dallas, TX	3,864	5.4%	96.7%	96.9%	-0.2%		1,480		1,510	-2.0%
Austin, TX	1,272	1.8%	97.3%	97.6%	-0.3%		1,533		1,550	-1.1%
	5,136	7.2%	96.9%	97.1%	-0.2%		1,492		1,520	-1.8%

Other Markets	2,460	5.5%	97.2%	96.2%	1.0%		2,056		2,074	-0.9%

Total/Weighted Avg.	45,403	100.0%	96.4%	96.8%	-0.4%	$	2,116	$	2,251	-6.0%

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

Attachment 8(B)

UDR, Inc.

Same-Store Operating Information By Major Market

Current Quarter vs. Prior Year Quarter

March 31, 2021

(Unaudited) (1)


			Same-Store ($000s)

	Total
	Same-Store	Revenues					Expenses					Net Operating Income
	Homes	1Q 21		1Q 20		Change	1Q 21		1Q 20		Change	1Q 21		1Q 20		Change

West Region
Orange County, CA	4,950	$	35,511	$	36,848	-3.6%	$	8,252	$	8,600	-4.0%	$	27,259	$	28,248	-3.5%
San Francisco, CA	2,751		23,652		29,892	-20.9%		7,365		7,291	1.0%		16,287		22,601	-27.9%
Seattle, WA	2,725		18,296		20,324	-10.0%		5,639		5,269	7.0%		12,657		15,055	-15.9%
Monterey Peninsula, CA	1,565		8,728		8,795	-0.8%		2,006		1,943	3.2%		6,722		6,852	-1.9%
Los Angeles, CA	1,225		8,891		10,477	-15.1%		2,729		2,814	-3.0%		6,162		7,663	-19.6%
	13,216		95,078		106,336	-10.6%		25,991		25,917	0.3%		69,087		80,419	-14.1%

Mid-Atlantic Region
Metropolitan DC	8,003		48,132		51,150	-5.9%		15,230		15,278	-0.3%		32,902		35,872	-8.3%
Baltimore, MD	1,597		7,655		7,522	1.8%		2,461		2,251	9.4%		5,194		5,271	-1.5%
Richmond, VA	1,359		5,832		5,566	4.8%		1,526		1,392	9.7%		4,306		4,174	3.2%
	10,959		61,619		64,238	-4.1%		19,217		18,921	1.6%		42,402		45,317	-6.4%

Northeast Region
Boston, MA	4,139		31,234		33,414	-6.5%		9,166		8,887	3.1%		22,068		24,527	-10.0%
New York, NY	1,825		19,853		23,172	-14.3%		9,893		8,680	14.0%		9,960		14,492	-31.3%
	5,964		51,087		56,586	-9.7%		19,059		17,567	8.5%		32,028		39,019	-17.9%

Southeast Region
Tampa, FL	2,908		13,465		13,021	3.4%		4,682		4,438	5.5%		8,783		8,583	2.3%
Orlando, FL	2,500		10,354		10,225	1.3%		3,174		2,934	8.2%		7,180		7,291	-1.5%
Nashville, TN	2,260		9,182		9,005	2.0%		2,920		2,381	22.6%		6,262		6,624	-5.5%
	7,668		33,001		32,251	2.3%		10,776		9,753	10.5%		22,225		22,498	-1.2%

Southwest Region
Dallas, TX	3,864		16,593		16,965	-2.2%		6,382		6,481	-1.5%		10,211		10,484	-2.6%
Austin, TX	1,272		5,693		5,772	-1.4%		2,325		2,264	2.7%		3,368		3,508	-4.0%
	5,136		22,286		22,737	-2.0%		8,707		8,745	-0.4%		13,579		13,992	-3.0%

Other Markets	2,460		14,749		14,734	0.1%		4,329		4,328	0.0%		10,420		10,406	0.1%

Total (2)(3)	45,403	$	277,820	$	296,882	-6.4%	$	88,079	$	85,231	3.3%	$	189,741	$	211,651	-10.4%

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

(2)	1Q 21 includes a reserve (reflected as a reduction to revenues) of approximately $4.5 million or 1.6% of billed residential revenue on our Same-Store Communities. The reserve is based on probability of collection.

(3)	With concessions reflected on a straight-line basis, Same-Store revenue and Same-Store NOI decreased year-over-year by -6.7% and -10.8%, respectively. See Attachment 16(C) for definitions and reconciliations.

Attachment 8(C)

UDR, Inc.

Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

March 31, 2021

(Unaudited) (1)


		Same-Store
	Total
	Same-Store	Physical Occupancy			Total Revenue per Occupied Home
	Homes	1Q 21	4Q 20	Change	1Q 21		4Q 20		Change

West Region
Orange County, CA	4,950	97.1%	96.3%	0.8%	$	2,463	$	2,460	0.1%
San Francisco, CA	2,751	92.8%	90.4%	2.4%		3,088		3,127	-1.2%
Seattle, WA	2,725	96.3%	97.0%	-0.7%		2,324		2,371	-2.0%
Monterey Peninsula, CA	1,565	96.4%	96.6%	-0.2%		1,928		1,954	-1.3%
Los Angeles, CA	1,225	95.0%	94.1%	0.9%		2,547		2,590	-1.7%
	13,216	95.8%	95.0%	0.8%		2,504		2,524	-0.8%

Mid-Atlantic Region
Metropolitan DC	8,003	95.9%	96.5%	-0.6%		2,090		2,131	-1.9%
Baltimore, MD	1,597	98.4%	98.0%	0.4%		1,624		1,632	-0.5%
Richmond, VA	1,359	98.5%	98.7%	-0.2%		1,452		1,432	1.4%
	10,959	96.6%	97.0%	-0.4%		1,940		1,969	-1.5%

Northeast Region
Boston, MA	4,139	95.9%	94.4%	1.5%		2,623		2,651	-1.1%
New York, NY	1,825	94.6%	93.9%	0.7%		3,833		3,482	10.1%
	5,964	95.5%	94.3%	1.2%		2,990		2,901	3.0%

Southeast Region
Tampa, FL	2,908	97.4%	97.2%	0.2%		1,585		1,578	0.4%
Orlando, FL	2,500	96.8%	96.7%	0.1%		1,426		1,427	-0.1%
Nashville, TN	2,260	97.7%	97.6%	0.1%		1,386		1,395	-0.6%
	7,668	97.3%	97.2%	0.1%		1,475		1,475	0.0%

Southwest Region
Dallas, TX	3,864	96.7%	96.9%	-0.2%		1,480		1,479	0.1%
Austin, TX	1,272	97.3%	97.5%	-0.2%		1,533		1,551	-1.2%
	5,136	96.9%	97.1%	-0.2%		1,492		1,495	-0.2%

Other Markets	2,460	97.2%	97.4%	-0.2%		2,056		2,053	0.1%

Total/Weighted Avg.	45,403	96.4%	96.1%	0.3%	$	2,116	$	2,117	-0.1%

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

Attachment 8(D)

UDR, Inc.

Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

March 31, 2021

(Unaudited) (1)


			Same-Store ($000s)
	Total
	Same-Store	Revenues					Expenses					Net Operating Income
	Homes	1Q 21		4Q 20		Change	1Q 21		4Q 20		Change	1Q 21		4Q 20		Change

West Region
Orange County, CA	4,950	$	35,511	$	35,180	0.9%	$	8,252	$	8,521	-3.1%	$	27,259	$	26,659	2.2%
San Francisco, CA	2,751		23,652		23,330	1.4%		7,365		7,426	-0.8%		16,287		15,904	2.4%
Seattle, WA	2,725		18,296		18,800	-2.7%		5,639		5,408	4.3%		12,657		13,392	-5.5%
Monterey Peninsula, CA	1,565		8,728		8,861	-1.5%		2,006		1,933	3.7%		6,722		6,928	-3.0%
Los Angeles, CA	1,225		8,891		8,958	-0.7%		2,729		2,865	-4.8%		6,162		6,093	1.1%
	13,216		95,078		95,129	-0.1%		25,991		26,153	-0.6%		69,087		68,976	0.2%

Mid-Atlantic Region
Metropolitan DC	8,003		48,132		49,372	-2.5%		15,230		14,654	3.9%		32,902		34,718	-5.2%
Baltimore, MD	1,597		7,655		7,663	-0.1%		2,461		2,382	3.3%		5,194		5,281	-1.6%
Richmond, VA	1,359		5,832		5,758	1.3%		1,526		1,451	5.2%		4,306		4,307	0.0%
	10,959		61,619		62,793	-1.9%		19,217		18,487	4.0%		42,402		44,306	-4.3%

Northeast Region
Boston, MA	4,139		31,234		31,072	0.5%		9,166		8,621	6.3%		22,068		22,451	-1.7%
New York, NY	1,825		19,853		17,900	10.9%		9,893		9,851	0.4%		9,960		8,049	23.7%
	5,964		51,087		48,972	4.3%		19,059		18,472	3.2%		32,028		30,500	5.0%

Southeast Region
Tampa, FL	2,908		13,465		13,382	0.6%		4,682		4,745	-1.3%		8,783		8,637	1.7%
Orlando, FL	2,500		10,354		10,349	0.0%		3,174		3,203	-0.9%		7,180		7,146	0.5%
Nashville, TN	2,260		9,182		9,229	-0.5%		2,920		2,705	7.9%		6,262		6,524	-4.0%
	7,668		33,001		32,960	0.1%		10,776		10,653	1.1%		22,225		22,307	-0.4%

Southwest Region
Dallas, TX	3,864		16,593		16,608	-0.1%		6,382		6,147	3.8%		10,211		10,461	-2.4%
Austin, TX	1,272		5,693		5,771	-1.4%		2,325		2,411	-3.6%		3,368		3,360	0.2%
	5,136		22,286		22,379	-0.4%		8,707		8,558	1.7%		13,579		13,821	-1.8%

Other Markets	2,460		14,749		14,763	-0.1%		4,329		4,485	-3.5%		10,420		10,278	1.4%

Total (2)(3)	45,403	$	277,820	$	276,996	0.3%	$	88,079	$	86,808	1.5%	$	189,741	$	190,188	-0.2%

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

(2)	1Q21 and 4Q20 include reserves (reflected as a reduction to revenues) of approximately $4.5 million and $3.8 million or 1.6% and 1.4%, respectively, of billed residential revenue on our Same-Store Communities. The reserve is based on probability of collection.

(3)	With concessions reflected on a straight-line basis, Same-Store revenue and Same-Store NOI decreased quarter-over-quarter by -1.7% and -3.1%, respectively. See Attachment 16(C) for definitions and reconciliations.

Attachment 8(E)

UDR, Inc.

Same-Store Operating Information By Major Market

March 31, 2021

(Unaudited) (1)


	Effective Blended Lease Rate Growth	Effective New Lease Rate Growth	Effective Renewal Lease Rate Growth	Annualized Turnover (2)(3)
	1Q 2021	1Q 2021	1Q 2021	1Q 2021	1Q 2020

West Region
Orange County, CA	0.9%	-1.0%	3.9%	42.0%	42.2%
San Francisco, CA	-6.4%	-11.5%	-1.7%	41.4%	42.3%
Seattle, WA	-2.8%	-5.2%	-0.7%	51.0%	48.2%
Monterey Peninsula, CA	4.9%	7.3%	3.4%	30.1%	39.2%
Los Angeles, CA	-5.4%	-8.2%	0.6%	41.7%	31.8%
	-1.3%	-3.6%	1.3%	43.1%	42.6%

Mid-Atlantic Region
Metropolitan DC	-1.2%	-5.7%	2.6%	35.1%	28.5%
Baltimore, MD	3.4%	3.2%	3.5%	32.5%	36.6%
Richmond, VA	6.4%	8.4%	5.5%	30.1%	44.0%
	0.4%	-3.1%	3.2%	34.2%	32.5%

Northeast Region
Boston, MA	-0.7%	-3.4%	1.4%	30.5%	31.3%
New York, NY	-5.4%	-8.3%	-2.7%	28.7%	21.3%
	-2.0%	-4.7%	0.3%	29.9%	29.0%

Southeast Region
Tampa, FL	5.3%	4.1%	6.5%	48.1%	50.2%
Orlando, FL	1.4%	-1.3%	3.7%	43.0%	43.8%
Nashville, TN	2.0%	-1.4%	5.2%	41.3%	42.6%
	3.3%	1.0%	5.3%	44.6%	46.1%

Southwest Region
Dallas, TX	0.8%	-2.4%	3.9%	48.1%	40.8%
Austin, TX	2.6%	0.4%	4.7%	44.0%	43.2%
	1.3%	-1.6%	4.1%	47.1%	41.4%

Other Markets	4.3%	2.4%	5.9%	37.9%	38.4%

Total/Weighted Avg.	0.3%	-2.4%	2.7%	39.4%	38.3%


1Q 2020 Weighted Avg. Lease Rate Growth (3)	2.8%	0.2%	5.3%


1Q 2021 Percentage of Total Repriced Homes		48.2%	51.8%

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

(2)	1Q21 same-store home count: 45,403.

(3)	1Q20 same-store home count: 41,529.

Attachment 9

UDR, Inc.

Development Summary

March 31, 2021

(Dollars in Thousands)

(Unaudited) (1)


Wholly-Owned
													Schedule		Percentage
		# of		Compl.	Cost to		Budgeted		Est. Cost				Initial
Community	Location	Homes		Homes	Date		Cost		per Home		Start		Occ.	Compl.	Leased	Occupied

Projects Under Construction
Cirrus	Denver, CO		292	-	$	76,370	$	97,500	$	334		3Q19	4Q21	1Q22	-	-
5421 at Dublin Station	Dublin, CA		220	-		66,756		117,000		532		4Q19	4Q21	2Q22	-	-
Village at Valley Forge	King of Prussia, PA		200	-		25,208		68,000		340		4Q20	2Q22	3Q22	-	-
Vitruvian West Phase 3	Addison, TX		405	-		21,908		74,000		183		1Q21	2Q22	1Q23	-	-
440 Penn Street	Washington, DC		300	-		52,958		145,000		483		3Q20	1Q23	2Q23	-	-

Total Under Construction			1,417	-	$	243,200	$	501,500	$	354

Completed Projects, Non-Stabilized
Vitruvian West Phase 2	Addison, TX		366	366	$	59,280	$	64,000	$	175		1Q19	2Q20	1Q21	75.1%	72.1%

Total Completed, Non-Stabilized			366	366	$	59,280	$	64,000	$	175

Total - Wholly Owned			1,783	366	$	302,480	$	565,500	$	317


NOI From Wholly-Owned Projects										UDR’s Capitalized Interest
		1Q 21									1Q 21

Projects Under Construction		$	-								$	1,666
Completed, Non-Stabilized			385
Total		$	385

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

Attachment 10

UDR, Inc.

Redevelopment Summary

March 31, 2021

(Dollars in Thousands)

(Unaudited) (1)

Sched.

Schedule

Percentage

# of

Redev.

Compl.

Cost to

Budgeted

Est. Cost

Same-Store

Community

Location

Homes

Date

Cost

per Home

Start

Compl.

Quarter

Leased

Occupied

Projects in Redevelopment

N/A

Total

Sched.

Schedule

# of

Home

Compl.

Cost to

Budgeted

Est. Cost

Community

Location

Homes

Additions

Homes

Date

Cost (2)

per Home

Start

Compl.

Other Projects

Eight80 Newport Beach (3)

Newport Beach, CA

257

12,100

403

1Q21

1Q22

Total

257

12,100

403

UDR's Capitalized Interest

1Q 21

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

(2)	Represents UDR’s incremental capital invested in the projects.

(3)	Project consists of unit additions and renovation of related common area amenities. Existing units for this project remain in Same-Store.

Attachment 11

UDR, Inc.

Land Summary

March 31, 2021

(Dollars in Thousands)

(Unaudited) (1)

						Status Update (2)
			UDR Ownership	Real Estate		Pursuing	Design	Hold for Future
Parcel		Location	Interest	Cost Basis		Entitlements	Development	Development

Vitruvian Park^®		Addison, TX	100%	$	44,331	Complete	In Process	In Process
Total				$	44,331



UDR's Capitalized Interest

1Q 21
$	448

(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.

Attachment 12(A)

UDR, Inc.

Unconsolidated Summary

March 31, 2021

(Dollars in Thousands)

(Unaudited) (1)

Physical

Total Rev. per

Net Operating Income

Own.

# of

Occupancy

Occ. Home

UDR's Share

Total

Portfolio Characteristics

Interest

Comm.

Homes

1Q 21

1Q 21 (2)

UDR / MetLife Operating communities

50%

2,837

94.1%

3,433

8,387

16,693

Total

2,837

94.1%

3,433

8,387

16,693

Gross Book Value

Weighted

of JV Real

Total Project

UDR's Equity

Avg. Debt

Debt

Balance Sheet Characteristics

Estate Assets (3)

Debt (3)

Investment

Interest Rate

Maturities

UDR / MetLife Operating communities

1,699,568

862,785

295,341

3.37%

2024-2031

UDR / West Coast Development JV

311

N/A

Total

1,699,568

862,785

295,652

3.37%

Joint Venture

Same-Store

1Q 21 vs. 1Q 20 Growth

1Q 21 vs. 4Q 20 Growth

Joint Venture Same-Store Growth

Communities (4)

Revenue

Expense

NOI

Revenue

Expense

NOI

UDR / MetLife

-18.0%

0.4%

-27.0%

-3.1%

-0.5%

-4.8%

Total

-18.0%

0.4%

-27.0%

-3.1%

-0.5%

-4.8%

Income/(Loss)

UDR Investment (6)

from Investments

Other Unconsolidated Investments (5)

Commitment

Funded

Balance

1Q 21 (7)

RETV I

18,000

12,780

22,641

2,051

RETV II

16,500

2,475

2,184

(101)

Total

34,500

15,255

24,825

1,950

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

(2)	Represents NOI at 100% for the period ended March 31, 2021.

(3)	Joint ventures and partnerships represented at 100%. Debt balances are presented net of deferred financing costs.

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

(5)	Other unconsolidated investments represent UDR's investment in real estate technology funds.

(6)

Investment commitment represents maximum equity and therefore excludes realized/unrealized gain/(loss). Investment funded represents cash funded towards the investment commitment. Investment balance includes amount funded plus realized/unrealized gain/(loss), less distributions received prior to the period end.

(7)	Income/(loss) from investments is added back/deducted from FFOA.

Attachment 12(B)

UDR, Inc.

Developer Capital Program

March 31, 2021

(Dollars in Thousands)

(Unaudited) (1)


Developer Capital Program (2)

									Income from
		# of	UDR Investment				Return	Years to	Investment		Upside
Community	Location	Homes	Commitment (3)		Balance (3)		Rate	Maturity	1Q 2021		Participation

Preferred Equity

1532 Harrison	San Francisco, CA	136	$	24,645	$	35,069	11.0%	1.2	$	929	-
Junction	Santa Monica, CA	66		8,800		12,049	12.0%	1.3		350	-
1200 Broadway (4)	Nashville, TN	313		55,558		70,709	8.0%	1.5		1,372	Variable
1300 Fairmount	Philadelphia, PA	471		51,393		60,799	8.5%	2.4		1,255	Variable
Essex	Orlando, FL	330		12,886		17,292	12.5%	2.4		522	-
Modera Lake Merritt	Oakland, CA	173		27,250		31,619	9.0%	3.0		691	Variable
Thousand Oaks	Thousand Oaks, CA	142		20,059		21,278	9.0%	3.8		438	Variable
Vernon Boulevard	Queens, NY	534		40,000		43,737	13.0%	4.3		1,372	Variable
Makers Rise	Herndon, VA	356		30,208		7,070	9.0%	4.7		96	Variable
121 at Watters (5)	Allen, TX	469		19,846		12	9.0%	5.0		2	Variable
Total - Preferred Equity		2,990	$	290,645	$	299,634	9.8%	2.9	$	7,027

Secured Loans

Alameda Point Block 11 (6)	Alameda, CA	220	$	20,000	$	24,869	8.0%	1.2	$	-	-
Brio (7)	Bellevue, WA	259		115,000		122,764	4.8%	1.6		1,427	Purchase Option
Total - Secured Loans		479	$	135,000	$	147,633	5.3%	1.5	$	1,427

Total - Developer Capital Program		3,469	$	425,645	$	447,267	8.3%	2.5	$	8,454

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

(2)

UDR's investments 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)	In April 2021, the balance was paid down by $12.5 million and the annual return rate increased to 12.25%. The annual return rate will revert to 8.0% in February 2022 if no prior capital event occurs.

(5)	At March 31, 2021, UDR's initial investment balance of $10.0 million is reflected as restricted cash on the Consolidated Balance Sheets.

(6)

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, in April 2021, UDR took title to the property pursuant to a deed in lieu of foreclosure.

(7)

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.

Attachment 13

UDR, Inc.

Acquisitions, Dispositions and Developer Capital Program Investments Summary

March 31, 2021

(Dollars in Thousands)

(Unaudited) (1)

Post

Prior

Transaction

Date of

Ownership

UDR Investment

Return

# of

Investment

Community

Location

Interest

Commitment

Rate

Homes

Developer Capital Program - Investment

Jan-21

Makers Rise

Herndon, VA

N/A

30,208

9.0%

356

Mar-21

121 at Watters

Allen, TX

N/A

19,846

9.0%

469

50,054

9.0%

825

Post

Prior

Transaction

Ownership

# of

Price per

Date of Purchase

Community

Location

Interest

Price (2)

Debt (2)

Homes

Home

Acquisitions - Wholly-Owned

Jan-21

Union Place

Franklin, MA

100%

77,400

51,800

300

258

77,400

51,800

300

258

Post

Prior

Transaction

Ownership

# of

Price per

Date of Sale

Community

Location

Interest

Price (2)

Debt (2)

Homes

Home

Dispositions - Wholly-Owned

Feb-21

Parallel (3)

Anaheim, CA

100%

156,000

386

404

156,000

386

404

Dispositions - Joint Ventures

Jan-21

OLiVE DTLA (4)

Los Angeles, CA

47%

121,000

53,666

293

413

121,000

53,666

293

413

(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 $50.8 million during the three months ended March 31, 2021, which is included in gain/(loss) on sale of real estate owned.

(4)	UDR recorded a gain on sale of approximately $2.5 million during the three months ended March 31, 2021, which is included in income/(loss) from unconsolidated entites.

Attachment 14

UDR, Inc.

Capital Expenditure and Repair and Maintenance Summary

March 31, 2021

(In thousands, except Cost per Home)

(Unaudited) (1)


		Three Months				Capex
	Estimated	Ended		Cost		as a %
Capital Expenditures for Consolidated Homes (2)	Useful Life (yrs.)	March 31, 2021		per Home		of NOI

Average number of homes (3)			48,124

Recurring Cap Ex
Asset preservation
Building interiors	5 - 20	$	4,529	$	94
Building exteriors	5 - 20		1,639		34
Landscaping and grounds	10		653		14
Total asset preservation			6,821		142

Turnover related	5		2,933		61

Total Recurring Cap Ex			9,754		203	5%

NOI Enhancing Cap Ex	5 - 20		9,093		189

Total Recurring and NOI Enhancing Cap Ex		$	18,847	$	392


		Three Months
		Ended			Cost
Repair and Maintenance for Consolidated Homes (Expensed)		March 31, 2021			per Home

Average number of homes (3)			48,124

Contract services		$	7,425	$	154

Turnover related expenses			4,363		91

Other Repair and Maintenance
Building interiors			2,028		42
Building exteriors			618		13
Landscaping and grounds			1,087		23
Total Repair and Maintenance		$	15,521	$	323

(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 owned at the end of each month.

Attachment 15

UDR, Inc.

2Q 2021 and Full-Year 2021 Guidance

March 31, 2021

(Unaudited) (1)


		Full-Year 2021 Guidance
				Change from
Net Income, FFO, FFO as Adjusted and AFFO per Share and Unit Guidance	2Q 2021	Full-Year 2021	Prior Guidance	Prior Midpoint

Income/(loss) per weighted average common share, diluted	$0.01 to $0.03	$0.04 to $0.13	$0.13 to $0.25	($0.105)
FFO per common share and unit, diluted	$0.47 to $0.49	$1.76 to $1.85	$1.87 to $1.99	($0.125)
FFO as Adjusted per common share and unit, diluted	$0.47 to $0.49	$1.91 to $2.00	$1.88 to $2.00	$0.015
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted	$0.42 to $0.44	$1.73 to $1.82	$1.70 to $1.82	$0.015
Annualized dividend per share and unit		$1.45	$1.45	-


				Change from
Same-Store Guidance		Full-Year 2021	Prior Guidance	Prior Midpoint

Revenue growth / (decline) (Cash basis)		(2.00%) - 0.50%	(2.50%) - 0.50%	0.25%
Revenue growth / (decline) (Straight-line basis)		(4.00%) - (1.50%)	(4.50%) - (1.50%)	0.25%
Expense growth		1.00% - 3.00%	1.00% - 4.00%	(0.50%)
NOI growth / (decline) (Cash basis)		(3.25%) - 0.00%	(4.00%) - 0.00%	0.375%
NOI growth / (decline) (Straight-line basis)		(5.75%) - (2.50%)	(6.50%) - (2.50%)	0.375%

				Change from
Sources of Funds ($ in millions)		Full-Year 2021	Prior Guidance	Prior Midpoint

AFFO less Dividends		$90 to $120	$80 to $120	$5
Debt Issuances/Assumptions and LOC Draw/Paydown (2)		$350 to $550	$63 to $163	$337
Dispositions (2)		$187	$187	-
Equity Issuance (Forward ATM settlement)		$405	N/A	$405

				Change from
Uses of Funds ($ in millions)		Full-Year 2021	Prior Guidance	Prior Midpoint

Debt maturities inclusive of principal amortization (3)		$380	$40	$340
Development spending and land acquisitions		$150 to $225	$150 to $250	($12.5)
Redevelopment and other non-recurring		$30 to $50	$20 to $40	$10
Developer Capital Program, net		$45 to $55	$25 to $35	$20
Acquisitions		$360 to $500	$30 to $65	$382.5
NOI enhancing capital expenditures inclusive of Kitchen and Bath		$40 to $45	$40 to $45	-


				Change from
Other Additions/(Deductions) ($ in millions except per home amounts)		Full-Year 2021	Prior Guidance	Prior Midpoint

Consolidated interest expense, net of capitalized interest and adjustments for FFO as Adjusted		($140) to ($146)	($140) to ($150)	($2)
Capitalized interest expense (4)		$8 to $10	$8 to $12	($1)
General and administrative expense		($48) to ($55)	($45) to ($55)	$1.5
Recurring capital expenditures per home		$1,200	$1,200	-

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

(2)	Prior Guidance has been adjusted to reflect the breakout of funds from "Dispositions" of $187 million which had previously been included in the "Debt Issuances, Sales Proceeds, and LOC Draw/Paydown" guidance line in the prior quarter.

(3)

Excludes short-term maturities related to the Company's unsecured commercial paper program. Includes the prepayment costs and net proceeds associated with the Columbus Square refinance which occurred in January 2021 and the make-whole premium associated with the early retirement of the $300M MTNs set to mature in 2025 which occurred in March of 2021.

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

Attachment 16(A)

UDR, Inc.

Definitions and Reconciliations

March 31, 2021

(Unaudited)

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

Adjusted Funds from Operations ("AFFO") attributable to common stockholders and unitholders: The Company defines AFFO as FFO as Adjusted attributable to common stockholders and unitholders less recurring capital expenditures 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.

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.

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.

Attachment 16(B)

UDR, Inc.

Definitions and Reconciliations

March 31, 2021

(Unaudited)

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

1Q 2021

Income/(loss) from unconsolidated entities

4,922

Management fee

470

Financing fee

287

Interest expense

4,431

Debt extinguishment and other associated costs

1,395

Depreciation

8,205

General and administrative

Developer Capital Program (excludes Alameda Point Block 11 and Brio)

(7,027)

Other (income)/expense

137

Realized/unrealized (gain)/loss on unconsolidated real estate technology investments

(1,950)

NOI related to sold properties

(87)

(Gain)/loss on sales

(2,460)

Total Joint Venture NOI at UDR's Ownership Interest

8,387

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

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 3.0% 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	1Q 2021		4Q 2020		3Q 2020		2Q 2020		1Q 2020
Net income/(loss) attributable to UDR, Inc.	$	3,104	$	26,532	$	(25,258)	$	57,771	$	5,221
Property management		8,995		8,659		8,879		8,797		9,203
Other operating expenses		4,435		6,153		5,543		6,100		4,966
Real estate depreciation and amortization		144,088		146,135		151,949		155,056		155,476
Interest expense		78,156		62,524		62,268		38,597		39,317
Casualty-related charges/(recoveries), net		5,577		778		-		102		1,251
General and administrative		12,736		11,978		11,958		10,971		14,978
Tax provision/(benefit), net		619		668		187		1,526		164
(Income)/loss from unconsolidated entities		(4,922)		(4,516)		(2,940)		(8,021)		(3,367)
Interest income and other (income)/expense, net		(2,057)		1,030		(2,183)		(2,421)		(2,700)
Joint venture management and other fees		(1,615)		(1,208)		(1,199)		(1,274)		(1,388)
Other depreciation and amortization		2,601		2,074		3,887		2,027		2,025
(Gain)/loss on sale of real estate owned		(50,829)		(57,974)		-		(61,303)		-
Net income/(loss) attributable to noncontrolling interests		170		2,019		(1,959)		4,325		319
Total consolidated NOI	$	201,058	$	204,852	$	211,132	$	212,253	$	225,465

Attachment 16(C)

UDR, Inc.

Definitions and Reconciliations

March 31, 2021

(Unaudited)

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 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 Same-Store Communities: The Company defines QTD 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.

Same-Store Revenue with Concessions on a Cash Basis: 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, Same-Store Revenue with Concessions on a Cash Basis allows an investor to understand the historical trends in cash concessions.

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


	1Q 21		1Q 20		1Q 21		4Q 20
Revenue (Cash basis)	$	277,820	$	296,882	$	277,820	$	276,996
Concessions granted/amortized, net		(1,407)		(568)		(1,407)		4,196
Revenue (Straight-line basis)	$	276,413	$	296,314	$	276,413	$	281,192

% change - Same-Store Revenue with Concessions on a Cash basis:		-6.4%				0.3%
% change - Same-Store Revenue on a Straight-line basis:		-6.7%				-1.7%

% change - Same-Store NOI with Same-Store Revenue with Concessions on a Cash basis:		-10.4%				-0.2%
% change - Same-Store NOI with Same-Store Revenue on a Straight-line basis:		-10.8%				-3.1%

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.

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.

Attachment 16(D)

UDR, Inc.

Definitions and Reconciliations

March 31, 2021

(Unaudited)

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 Same-Store Communities: The Company defines YTD 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.

Attachment 16(E)

UDR, Inc.

Definitions and Reconciliations

March 31, 2021

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


	Full-Year 2021
	Low		High

Forecasted net income per diluted share	$	0.04	$	0.13
Conversion from GAAP share count		(0.02)		(0.02)
Net gain on the sale of depreciable real estate owned		(0.16)		(0.16)
Depreciation		1.88		1.88
Noncontrolling interests		0.01		0.01
Preferred dividends		0.01		0.01
Forecasted FFO per diluted share and unit	$	1.76	$	1.85
Legal and other costs		-		-
Debt extinguishment and other associated costs		0.14		0.14
Casualty-related charges/(recoveries)		0.02		0.02
Realized/unrealized gain on unconsolidated real estate technology investments, net of tax		(0.01)		(0.01)
Forecasted FFO as Adjusted per diluted share and unit	$	1.91	$	2.00
Recurring capital expenditures		(0.18)		(0.18)
Forecasted AFFO per diluted share and unit	$	1.73	$	1.82


	2Q 2021
	Low		High

Forecasted net income per diluted share	$	0.01	$	0.03
Conversion from GAAP share count		(0.01)		(0.01)
Depreciation		0.47		0.47
Noncontrolling interests		-		-
Preferred dividends		-		-
Forecasted FFO per diluted share and unit	$	0.47	$	0.49
Legal and other costs		-		-
Debt extinguishment and other associated costs		-		-
Casualty-related charges/(recoveries)		-		-
Realized/unrealized gain on unconsolidated real estate technology investments, net of tax		-		-
Forecasted FFO as Adjusted per diluted share and unit	$	0.47	$	0.49
Recurring capital expenditures		(0.05)		(0.05)
Forecasted AFFO per diluted share and unit	$	0.42	$	0.44

UDR, Inc. - FORM 8-K - EX-99.2 - April 27, 2021

Attached files

UDR, Inc. Reports