Current Report Filing (8-k)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): July 26, 2016

UDR, Inc.

(Exact name of registrant as specified in its charter)



Maryland	1-10524	54-0857512
(State or other jurisdiction	(Commission	(I.R.S. Employer
of incorporation)	File Number)	Identification No.)

1745 Shea Center Drive, Suite 200, Highlands Ranch, Colorado		80129
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (720) 283-6120

Not Applicable

Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On July 26, 2016, UDR, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2016. This press release is furnished as Exhibit 99.1 to this Report and refers to supplemental financial information that is available on the Company’s website and furnished as Exhibit 99.2 to this Report. This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.



Ex. No.		Description
99.1		Earnings press release dated July 26, 2016.

99.2		Supplemental Financial Information dated July 26, 2016.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



	UDR, Inc.

July 26, 2016	By:	/s/ Shawn G. Johnston
		Name: Shawn G. Johnston
		Title: Chief Accounting Officer and Vice President (Principal Accounting Officer and Interim Principal Financial Officer)



				Exhibit 99.1
Press Release
DENVER, CO—July 26, 2016				Contact: Shelby Noble
				Phone: 720.922.6082

UDR ANNOUNCES SECOND QUARTER 2016 RESULTS AND UPDATES FULL-YEAR GUIDANCE

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


•	Net income per share was $0.06, Funds from Operations (“FFO”) per share was $0.44, FFO as Adjusted per share was $0.45, and Adjusted Funds from Operations (“AFFO”) per share was $0.41.


•	Net income attributable to common stockholders was $17.0 million as compared to $85.9 million in the prior year. The decrease year-over-year was primarily due to lower gains on the sale of real estate.


•	Year-over-year same-store (“SS”) revenue, expense and net operating income (“NOI”) growth for the quarter were 5.7 percent, 5.5 percent and 5.7 percent, respectively.


•	Construction was completed on three West Coast Development JV communities located in Seattle, WA and Anaheim, CA with a total going-in valuation of $315 million.


•	Commenced the construction of Crescent Heights, a 150-home development in a 50%/50% joint venture with MetLife in Los Angeles, CA, with a total estimated cost of $126 million and an expected completion of 2018.


•	Sold one wholly-owned retail property located in Bellevue, WA for approximately $45 million.


•	Updated full-year 2016 earnings growth guidance:


◦	Tightened and increased Net income per share guidance to $0.23 to $0.27 from $0.20 to $0.26;


◦	Tightened FFO per share guidance to $1.76 to $1.80 from $1.75 to $1.81; and


◦	Tightened and increased FFO as Adjusted and AFFO per share guidance to $1.77 to $1.80 from $1.75 to $1.81 and $1.61 to $1.64 from $1.59 to $1.65, respectively.



	Q2 2016	Q2 2015	YTD 2016	YTD 2015
Net income per common share, diluted	$0.06	$0.33	$0.10	$0.61
Conversion from GAAP share count	(0.003)	(0.014)	(0.010)	(0.025)
Net gain on the sale of depreciable real estate owned	(0.025)	(0.291)	(0.030)	(0.509)
Depreciation	0.399	0.369	0.794	0.733
Noncontrolling interests and preferred dividends	0.009	0.015	0.016	0.028
FFO per common share and unit, diluted	$0.44	$0.41	$0.87	$0.84
Acquisition-related costs/(fees), including joint ventures	—	0.006	—	0.006
Texas Joint Venture promote and disposition fee income	—	—	—	(0.035)
Long-term incentive plan transition costs	0.000	0.004	0.001	0.007
Net gain on the sale of non-depreciable real estate owned	—	—	(0.006)	—
Casualty-related (recoveries)/charges, including joint ventures, net	0.005	0.003	0.009	0.007
FFO as Adjusted per common share and unit, diluted	$0.45	$0.42	$0.88	$0.82
Recurring capital expenditures	(0.037)	(0.037)	(0.061)	(0.064)
AFFO per common share and unit, diluted	$0.41	$0.38	$0.81	$0.76

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

Operations

Total revenue increased by $22.9 million or 11 percent, to $238.8 million for the second quarter and $38.0 million or 9 percent, to $473.6 million year-to-date. This increase is primarily due to growth in revenue from stabilized, non-mature communities and same-store communities.

Same-store NOI increased 5.7 percent year-over-year in the second quarter of 2016 driven by same-store revenue growth of 5.7 percent coupled with a 5.5 percent increase in same-store expenses. Same-store expenses during the second quarter and year-to-date were elevated due to a $1.1 million expense resulting from a higher-than-expected initial stabilized real estate tax assessment on a 2014, San Francisco, development completion. Same-store physical occupancy was 96.6 percent as compared to 96.9 percent in the prior year period. The second quarter annualized rate of turnover was 56.8 percent representing an 80 basis point increase year-over-year.

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



Region	Revenue Growth		Expense Growth/(Decline)		NOI Growth		% of Same- Store Portfolio⁽¹⁾		Same-Store Occupancy⁽²⁾		Number of Same-Store Homes⁽³⁾
West	8.0	%	11.7	%	6.7	%	40.8	%	96.1	%	11,460
Mid-Atlantic	1.6	%	(1.4	)%	3.0	%	21.6	%	96.9	%	8,304
Northeast	5.0	%	3.3	%	5.7	%	17.5	%	96.8	%	3,124
Southeast	7.2	%	2.4	%	9.5	%	14.1	%	96.9	%	7,683
Southwest	4.6	%	10.4	%	1.3	%	6.0	%	96.4	%	3,608
Total	5.7	%	5.5	%	5.7	%	100.0	%	96.6	%	34,179


(1)	Based on Q2 2016 NOI.


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

(3)

During the second quarter, 34,179 apartment homes, or approximately 84 percent of 40,728 total consolidated apartment homes (versus 51,381 apartment homes inclusive of joint ventures, preferred equity investments and development pipeline homes upon completion), were classified as same-store. The Company defines QTD SS Communities as those communities stabilized for five full consecutive quarters. These communities were owned and had stabilized occupancy and operating expenses as of the beginning of the quarter in the prior year, were not in process of any substantial redevelopment activities, and not held for disposition.

Sequentially, same-store NOI increased by 1.4 percent on revenue growth of 1.5 percent coupled with a 1.5 percent increase in expenses in the second quarter of 2016.

Year-to-date, for the six months ended June 30, 2016, the Company’s same-store revenue increased 6.0 percent coupled with a 4.1 percent increase in same-store expenses resulting in a same-store NOI increase of 6.8 percent year-over-year. Same-store physical occupancy was 96.6% as compared to 96.8% in the prior year period.

Summary of Same-Store Results YTD 2016 versus YTD 2015



Region	Revenue Growth		Expense Growth		NOI Growth		% of Same- Store Portfolio⁽¹⁾		Same-Store Occupancy⁽²⁾		Number of Same-Store Homes⁽³⁾
West	8.6	%	8.1	%	8.8	%	40.8	%	96.1	%	11,298
Mid-Atlantic	1.8	%	0.5	%	2.4	%	21.4	%	96.8	%	8,304
Northeast	5.4	%	3.8	%	6.1	%	17.4	%	96.8	%	3,124
Southeast	7.3	%	0.9	%	10.4	%	14.2	%	96.8	%	7,683
Southwest	5.0	%	5.8	%	4.5	%	6.2	%	96.7	%	3,608
Total	6.0	%	4.1	%	6.8	%	100.0	%	96.6	%	34,017


(1)	Based on YTD 2016 NOI.


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

(3)

During the six months, 34,017 apartment homes, or approximately 84 percent of 40,728 total consolidated apartment homes (versus 51,381 apartment homes inclusive of joint ventures, preferred equity investments and development pipeline homes upon completion), were classified as same-store. The Company defines QTD SS Communities as those communities stabilized for five full consecutive quarters. These communities were owned and had stabilized occupancy and operating expenses as of the beginning of the quarter in the prior year, were not in process of any substantial redevelopment activities, and not held for disposition.

Development and Redevelopment Activity

At the end of the first quarter, the Company had a completed and under-construction development pipeline for which its pro rata share totaled $1.1 billion. The $1.1 billion consisted of a $162 million completed, non-stabilized project and $937 million of under-construction projects. The $937 million of under-construction development projects will be delivered over the next three years, with $166 million in 2017, $405 million in 2018 and the balance in early 2019. The development pipeline is currently expected to produce a weighted average spread between estimated stabilized yields and current market cap rates above the upper end of the Company’s 150 to 200 basis point targeted range.

In addition, the Company had preferred equity and participating loan investments for which its pro rata share totaled $364 million with 100 percent of the equity commitment funded. The $364 million consisted of $247 million completed, non-stabilized projects and $117 million of under-construction projects. Of the $117 million in development projects left to complete, $61 million is expected to be completed in 2016 and the balance in 2017.

The Company commenced one new development project during the second quarter. Crescent Heights, a 150-home community located in Los Angeles, CA, is being developed in a 50%/50% joint venture with MetLife for a total budgeted cost of $126 million and is included in the Company’s $1.1 billion development pipeline. The project is expected to be completed in 2018.

Transactional Activity

During the quarter, the Company increased its ownership interest in a parcel of land located in Los Angeles, CA from 50 percent to 100 percent for an incremental cost of $19 million. Subsequent to the acquisition, UDR entered into a triple-net operating ground lease, to lease the land to a third-party developer. Annual lease revenue is expected to be approximately $2.6 million. The lease term is 49 years plus two 25-year extension options, and the ground lease provides the ground lessee with options to buy the fee interest in the property.

Additionally, the Company disposed of a retail property located in Bellevue, WA for a sales price of approximately $45 million and a gain, net of tax, of $7.3 million.

Balance Sheet

At June 30, 2016, the Company had $876 million in availability through a combination of cash and undrawn capacity on its credit facilities.

The Company’s total indebtedness at June 30, 2016 was $3.5 billion. The Company ended the quarter with fixed-rate debt representing 79.3 percent of its total debt, a total blended interest rate of 3.76 percent and a weighted average maturity of 4.9 years. The Company’s leverage was 33.2 percent versus 37.5 percent a year ago, net debt-to-EBITDA was 5.3x versus 6.2x a year ago and fixed charge coverage was 4.63x versus 4.21x a year ago.

Dividend

As previously announced, the Company’s Board of Directors declared a regular quarterly dividend on its common stock for the second quarter of 2016 in the amount of $0.295 per share. The dividend will be paid in cash on August 1, 2016 to UDR common stock shareholders of record as of July 11, 2016. The second quarter 2016 dividend will represent the 175^th consecutive quarterly dividend paid by the Company on its common stock.

On an annualized declared basis, the Company’s $1.18 per share 2016 dividend represents a 6 percent increase versus 2015.

Outlook

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



	Net income per share:	$0.04 to $0.07
	FFO per share	$0.44 to $0.46
	FFO as Adjusted per share	$0.44 to $0.46
	AFFO per share	$0.39 to $0.41

For the full-year 2016, the Company has updated its previously provided earnings guidance ranges:



	Revised	Prior Guidance
Net income per share:	$0.23 to $0.27	$0.20 to $0.26
FFO per share	$1.76 to $1.80	$1.75 to $1.81
FFO as Adjusted per share	$1.77 to $1.80	$1.75 to $1.81
AFFO per share	$1.61 to $1.64	$1.59 to $1.65

For the full-year 2016, the Company has reaffirmed its previously provided same-store growth guidance ranges:



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

Additional assumptions for the Company’s third quarter and full-year 2016 guidance can be found on Attachment 15 of the Company’s second quarter Supplemental Financial Information. A reconciliation of FFO per share, FFO as Adjusted per share and AFFO per share to GAAP Net income per share can be found on Attachment 16(D) of the Company’s second quarter Supplemental Financial Information. Non-GAAP financial measures and other terms, as used in this earnings release, are defined and further explained on Attachments 16(A) through 16(D), “Definitions and Reconciliations,” of the Company’s second quarter Supplemental Financial Information.

Supplemental Information

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

Conference Call and Webcast Information

UDR will host a webcast and conference call at 1:00 p.m. Eastern Time on July 27, 2016 to discuss second quarter results. The webcast will be available on UDR's website at ir.udr.com. To listen to a live broadcast, access the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.

To participate in the teleconference dial 877-795-3647 for domestic and 719-325-4903 for international and provide the following conference ID number: 2041191.

A replay of the conference call will be available through August 27, 2016, by dialing 888-203-1112 for domestic and 719-457-0820 for international and entering the confirmation number, 2041191, when prompted for the passcode.

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

Full Text of the Earnings Report and Supplemental Data

Internet -- The full text of the earnings report and Supplemental Financial Information will be available on the Company’s website at ir.udr.com.

Mail -- For those without Internet access, the second quarter 2016 earnings report and Supplemental Financial Information will be available by mail or fax, on request. To receive a copy, please call UDR Investor Relations at 720-922-6082.

Forward Looking Statements

Certain statements made in this press release may constitute “forward-looking statements.” Words such as “expects,” “intends,” “believes,” “anticipates,” “plans,” “likely,” “will,” “seeks,” “estimates” and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement, due to a number of factors, which include, but are not limited to, unfavorable changes in the apartment market, changing economic conditions, the impact of inflation/deflation on rental rates and property operating expenses, expectations concerning availability of capital and the stabilization of the capital markets, the impact of competition and competitive pricing, acquisitions, developments and redevelopments not achieving anticipated results, delays in completing developments, redevelopments and lease-ups on schedule, expectations on job growth, home affordability and demand/supply ratio for multifamily housing, expectations concerning development and redevelopment activities, expectations on occupancy levels, expectations concerning the joint ventures with third parties, expectations that automation will help grow net operating income, expectations on annualized net operating income and other risk factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time, including the Company's Annual Report on Form 10-K and the Company's Quarterly Reports on Form 10-Q. Actual results may differ materially from those described in the forward-looking statements. These forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this press release, and the Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in the Company's expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required under the U.S. securities laws.

This press release and these forward-looking statements include UDR’s analysis and conclusions and reflect UDR’s judgment as of the date of these materials. UDR assumes no obligation to revise or update to reflect future events or circumstances.

About UDR, Inc.

UDR, Inc. (NYSE:UDR), an S&P 500 company, is a leading multifamily real estate investment trust with a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive real estate properties in targeted U.S. markets. As of June 30, 2016, UDR owned or had an ownership position in 51,381 apartment homes including 3,510 homes under development or in preferred equity investments. For over 44 years, UDR has delivered long-term value to shareholders, the best standard of service to residents and the highest quality experience for associates. Additional information can be found on the Company's website at ir.udr.com.

Exhibit 99.2



Financial Highlights

UDR, Inc.
As of End of Second Quarter 2016 (1)
(Unaudited)

		Actual Results	Actual Results	Guidance as of June 30, 2016
Dollars in thousands, except per share and unit		2Q 2016	YTD 2016	3Q 2016		Full-Year 2016
GAAP Metrics
Net income/(loss) attributable to common stockholders		$17,017	$26,481	--		--
Net income/(loss) attributable to UDR, Inc.		$17,946	$28,339	--		--
Income/(loss) per weighted average common share, diluted		$0.06	$0.10	$0.04 to $0.07		$0.23 to $0.27

Per Share Metrics
FFO per common share and unit, diluted		$0.44	$0.87	$0.44 to $0.46		$1.76 to $1.80
FFO as Adjusted per common share and unit, diluted		$0.45	$0.88	$0.44 to $0.46		$1.77 to $1.80
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted		$0.41	$0.81	$0.39 to $0.41		$1.61 to $1.64
Dividend declared per share and unit		$0.2950	$0.5900	$0.2950		$1.18 (2)

Same-Store Operating Metrics
Revenue growth		5.7%	6.0%	--		5.50% - 6.00%
Expense growth		5.5%	4.1%	--		3.00% - 3.50%
NOI growth		5.7%	6.8%	--		6.50% - 7.00%
Physical Occupancy		96.6%	96.6%	--		96.6%

Property Metrics			Homes	Communities		% of Total NOI
Same-Store			34,179	118		73.1%
Stabilized, Non-Mature			4,448	10		11.1%
Acquired Communities			-	-		-
Redevelopment			2,101	4		4.3%
Non-Residential / Other			N/A	N/A		1.7%
Sold and Held for disposition			-	-		0.0%
Joint Venture (includes completed JV developments) (3)			7,143	29		9.8%
Sub-total, completed homes			47,871	161		100%
Under Development			1,101	2		-
Joint Venture Development			876	4		-
Preferred Equity Investments			1,533	5		-
Total expected homes (3)(4)			51,381	172		100%

Balance Sheet Metrics (adjusted for non-recurring items)			Market Capitalization
	2Q 2016	2Q 2015		2Q 2016		% of Total
Interest Coverage Ratio	4.76x	4.32x	Total debt	$	3,465,177	24.1%
Fixed Charge Coverage Ratio	4.63x	4.21x	Common stock equivalents (5)	10,940,803		75.9%
Leverage Ratio	33.2%	37.5%	Total market capitalization	$	14,405,980	100.0%
Net Debt-to-EBITDA	5.3x	6.2x

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

(2) Annualized for 2016.

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

(4) Excludes 218 homes at Steele Creek where we have a participating loan investment as described in Attachment 9(B).

(5) Based on a common share price of $36.92 at June 30, 2016.






Attachment 1

UDR, Inc.
Consolidated Statements of Operations (1)
(Unaudited)
	Three Months Ended						Six Months Ended
	June 30,						June 30,
In thousands, except per share amounts	2016			2015			2016			2015
REVENUES:
Rental income	$	236,168		$	212,764		$	468,125		$	419,811
Joint venture management and other fees (2)	2,618			3,098			5,476			15,804
Total revenues	238,786			215,862			473,601			435,615
OPERATING EXPENSES:
Property operating and maintenance	38,574			37,194			78,020			74,444
Real estate taxes and insurance	30,279			25,138			58,656			51,360
Property management	6,494			5,851			12,873			11,545
Other operating expenses	1,892			1,769			3,644			3,535
Real estate depreciation and amortization	105,937			90,344			211,276			179,121
Acquisition costs	—			84			—			283
General and administrative	10,835			13,637			24,679			25,590
Casualty-related (recoveries)/charges, net	1,629			843			1,629			1,839
Other depreciation and amortization	1,486			1,700			3,039			3,323
Total operating expenses	197,126			176,560			393,816			351,040
Operating income	41,660			39,302			79,785			84,575
Income/(loss) from unconsolidated entities (2)	325			(573		)	1,004			58,586
Interest expense	(30,678		)	(29,673		)	(61,782		)	(58,473		)
Interest income and other income/(expense), net	540			382			971			742
Income/(loss) before income taxes and gain/(loss) on sale of real estate owned	11,847			9,438			19,978			85,430
Tax benefit/(provision), net	402			1,404			805			1,829
Income/(loss) from continuing operations	12,249			10,842			20,783			87,259
Gain/(loss) on sale of real estate owned, net of tax	7,315			79,042			10,385			79,042
Net income/(loss)	19,564			89,884			31,168			166,301
Net (income)/loss attributable to redeemable noncontrolling interests in the OP and DownREIT Partnership	(1,610		)	(3,029		)	(2,515		)	(5,617		)
Net (income)/loss attributable to noncontrolling interests	(8		)	—			(314		)	(7		)
Net income/(loss) attributable to UDR, Inc.	17,946			86,855			28,339			160,677
Distributions to preferred stockholders - Series E (Convertible)	(929		)	(931		)	(1,858		)	(1,862		)
Net income/(loss) attributable to common stockholders	$	17,017		$	85,924		$	26,481		$	158,815


Income/(loss) per weighted average common share - basic:	$	0.06		$	0.33		$	0.10		$	0.62
Income/(loss) per weighted average common share - diluted:	$	0.06		$	0.33		$	0.10		$	0.61
Common distributions declared per share	$	0.2950		$	0.2775		$	0.5900		$	0.5550
Weighted average number of common shares outstanding - basic	266,268			257,849			264,362			257,344
Weighted average number of common shares outstanding - diluted	268,174			262,806			266,227			259,267


(1) See Attachment 16 for definitions and other terms.
(2) In January 2015, the eight communities held by the Texas Joint Venture were sold, generating proceeds to UDR of $43.5 million. The Company recorded promote and disposition fee income of approximately $9.6 million and a gain of approximately $59.1 million in connection with the sale during the six months ended June 30, 2015.






Attachment 2

UDR, Inc.
Funds From Operations (1)
(Unaudited)
	Three Months Ended						Six Months Ended
	June 30,						June 30,
In thousands, except per share and unit amounts	2016			2015			2016			2015
Net income/(loss) attributable to common stockholders	$	17,017		$	85,924		$	26,481		$	158,815
Real estate depreciation and amortization	105,937			90,344			211,276			179,121
Noncontrolling interests	1,618			3,029			2,829			5,624
Real estate depreciation and amortization on unconsolidated joint ventures	12,299			10,017			22,649			19,867
Net gain on the sale of unconsolidated depreciable property (2)	—			—			—			(59,073		)
Net gain on the sale of depreciable real estate owned (5)	(7,315		)	(79,042		)	(8,700		)	(79,042		)
Funds from operations ("FFO") attributable to common stockholders and unitholders, basic	$	129,556		$	110,272		$	254,535		$	225,312
Distributions to preferred stockholders - Series E (Convertible) (3)	929			931			1,858			1,862
FFO attributable to common stockholders and unitholders, diluted	$	130,485		$	111,203		$	256,393		$	227,174
FFO per common share and unit, basic	$	0.44		$	0.41		$	0.88		$	0.85
FFO per common share and unit, diluted	$	0.44		$	0.41		$	0.87		$	0.84
Weighted average number of common shares and OP/DownREIT Units outstanding - basic	291,458			266,974			289,553			266,489
Weighted average number of common shares, OP/DownREIT Units, and common stock
equivalents outstanding - diluted	296,392			271,931			294,446			271,448
Impact of adjustments to FFO:
Acquisition-related costs/(fees), including joint ventures	$	—		$	1,544		$	—		$	1,743
Texas Joint Venture promote and disposition fee income (2)	—			—			—			(9,633		)
Long-term incentive plan transition costs	28			1,008			351			1,862
Net gain on the sale of non-depreciable real estate owned (5)	—			—			(1,685		)	—
Casualty-related (recoveries)/charges, including joint ventures, net (4)	1,629			843			2,755			1,839
	$	1,657		$	3,395		$	1,421		$	(4,189	)
FFO as Adjusted attributable to common stockholders and unitholders, diluted	$	132,142		$	114,598		$	257,814		$	222,985
FFO as Adjusted per common share and unit, diluted	$	0.45		$	0.42		$	0.88		$	0.82
Recurring capital expenditures	(11,052		)	(10,111		)	(18,013		)	(17,354		)
AFFO attributable to common stockholders and unitholders	$	121,090		$	104,487		$	239,801		$	205,631
AFFO per common share and unit, diluted	$	0.41		$	0.38		$	0.81		$	0.76

(1) See Attachment 16 for definitions and other terms.
(2) In January 2015, the eight communities held by the Texas Joint Venture were sold, generating proceeds to UDR of $43.5 million. The Company recorded promote and disposition fee income of approximately $9.6 million and a gain of approximately $59.1 million in connection with the sale during the six months ended June 30, 2015.
(3) Series E preferred shares are dilutive for purposes of calculating FFO per share. Consequently, distributions to Series E preferred shareholders are added to FFO and the weighted average number of shares are included in the denominator when calculating FFO per common share and unit, diluted.
(4) Casualty-related charges for the six months ended June 30, 2016 include $1.1 million related to UDR's share of the 717 Olympic casualty, which is included in income/(loss) from unconsolidated entities in Attachment 1.
(5) The GAAP gain for the six months ended June 30, 2016 is $10.4 million, of which $1.7 million is FFO gain related to the sale of two land parcels. The FFO gain is backed out for FFO as Adjusted.






Attachment 3

UDR, Inc.
Consolidated Balance Sheets (1)
(Unaudited)
	June 30,			December 31,
In thousands, except share and per share amounts	2016			2015
ASSETS
Real estate owned:
Real estate held for investment	$	9,073,474		$	9,053,599
Less: accumulated depreciation	(2,842,273		)	(2,646,044		)
Real estate held for investment, net	6,231,201			6,407,555
Real estate under development
(net of accumulated depreciation of $0 and $0)	238,938			124,072
Real estate held for disposition
(net of accumulated depreciation of $0 and $830)	—			11,775
Total real estate owned, net of accumulated depreciation	6,470,139			6,543,402

Cash and cash equivalents	5,167			6,742
Restricted cash	20,524			20,798
Funds held in escrow from IRC Section 1031 exchanges	34,732			—
Notes receivable, net	19,694			16,694
Investment in and advances to unconsolidated joint ventures, net	933,403			938,906
Other assets	126,423			137,302
Total assets	$	7,610,082		$	7,663,844
LIABILITIES AND EQUITY
Liabilities:
Secured debt	$	1,256,119		$	1,376,945
Unsecured debt	2,209,058			2,193,850
Real estate taxes payable	23,168			18,786
Accrued interest payable	26,735			29,162
Security deposits and prepaid rent	37,916			36,330
Distributions payable	86,957			80,368
Accounts payable, accrued expenses, and other liabilities	91,275			81,356
Total liabilities	3,731,228			3,816,797
Redeemable noncontrolling interests in the OP and DownREIT Partnership	929,985			946,436
Equity:
Preferred stock, no par value; 50,000,000 shares authorized
2,796,903 shares of 8.00% Series E Cumulative Convertible issued
and outstanding (2,796,903 shares at December 31, 2015)	46,457			46,457
16,452,496 shares of Series F outstanding (16,452,496 shares
at December 31, 2015)	1			1
Common stock, $0.01 par value; 350,000,000 shares authorized
267,058,578 shares issued and outstanding (261,844,521 shares at December 31, 2015)	2,671			2,618
Additional paid-in capital	4,622,939			4,447,816
Distributions in excess of net income	(1,712,418		)	(1,584,459		)
Accumulated other comprehensive income/(loss), net	(12,974		)	(12,678		)
Total stockholders' equity	2,946,676			2,899,755
Noncontrolling interests	2,193			856
Total equity	2,948,869			2,900,611
Total liabilities and equity	$	7,610,082		$	7,663,844



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






Attachment 4(A)

UDR, Inc.
Selected Financial Information (1)
(Unaudited)
						June 30,			December 31,
Common Stock and Equivalents						2016			2015
Common shares (2)						266,279,716			261,044,151
Restricted shares						778,862			800,370
Total common stock						267,058,578			261,844,521
Stock options, LTIP Units and restricted stock equivalents						1,062,270			1,181,193
Operating and DownREIT Partnership units						23,437,521			23,439,601
Preferred OP units						1,751,671			1,751,671
Convertible preferred Series E stock (3)						3,028,068			3,028,068
Total common stock and equivalents						296,338,108			291,245,054


						2Q 2016 Weighted			2Q 2015 Weighted
Weighted Average Number of Shares Outstanding						Average			Average
Weighted average number of common shares and OP/DownREIT units outstanding - basic						291,458,215			266,973,865
Weighted average number of OP/DownREIT units outstanding						(25,190,083		)	(9,124,983	)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations						266,268,132			257,848,882

Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted						296,392,394			271,931,010
Weighted average number of OP/DownREIT units outstanding						(25,190,083		)	(9,124,983	)
Weight average number of Series E preferred shares outstanding (4)						(3,028,068		)	—
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations						268,174,243			262,806,027

						Year-to-Date			Year-to-Date
						Weighted Average			Weighted Average
Weighted average number of common shares and OP/DownREIT units outstanding - basic						289,552,862			266,488,982
Weighted average number of OP/DownREIT units outstanding						(25,190,678		)	(9,144,945	)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations						264,362,184			257,344,037

Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted						294,445,610			271,447,391
Weighted average number of OP/DownREIT units outstanding						(25,190,678		)	(9,144,945	)
Weight average number of Series E preferred shares outstanding (4)						(3,028,068		)	(3,035,548	)
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations						266,226,864			259,266,898


		June 30,				December 31,
Market Capitalization, In thousands		2016		% of Total		2015			% of Total
Total debt		$	3,465,177	24.1	%	$	3,570,795		24.6	%
Common stock and equivalents ($36.92 at 6/30/16 and $37.57 at 12/31/15)		10,940,803		75.9	%	10,942,077			75.4	%
Total market capitalization		$	14,405,980	100.0	%	$	14,512,872		100.0	%


						Gross			% of
	Number of	2Q 2016 NOI (1)				Carrying Value			Total Gross
Asset Summary	Homes	($000s)		% of NOI		($000s)			Carrying Value
Unencumbered assets	28,364	$	124,125	74.2	%	$	7,219,115		77.5	%
Encumbered assets	12,364	43,190		25.8	%	2,093,297			22.5	%
	40,728	$	167,315	100.0	%	$	9,312,412		100.0	%



(1) See Attachment 16 for definitions and other terms.
(2) Includes the effect of 5.0 million shares issued at a net price of $34.73 during the six months ended June 30, 2016.
(3) At June 30, 2016 and December 31, 2015, a total of 2,796,903 shares of the Series E were outstanding, which is equivalent to 3,028,068 shares of common stock if converted (after adjusting for the special dividend paid in 2008).
(4) Series E preferred shares are anti-dilutive for purposes of calculating earnings per share for the three and six months ended June 30, 2016 and the six months ended June 30, 2015. For the three months ended June 30, 2015, the Series E preferred shares are dilutive.






Attachment 4(B)

UDR, Inc.
Selected Financial Information (1)
(Unaudited)
													Weighted		Weighted
													Average		Average Years
Debt Structure, In thousands						Balance				% of Total			Interest Rate		to Maturity
Secured	Fixed					$	826,904			23.8		%	4.87	%	4.0
	Floating					425,415			(2)	12.2		%	1.78	%	4.0
	Combined					1,252,319				36.0		%	3.82	%	4.0

Unsecured	Fixed					1,930,644			(3)	55.5		%	3.91	%	5.6
	Floating					294,199				8.5		%	1.36	%	3.7
	Combined					2,224,843				64.0		%	3.58	%	5.4

Total Debt	Fixed					2,757,548				79.3		%	4.20	%	5.1
	Floating					719,614				20.7		%	1.61	%	3.9
	Combined					$	3,477,162			100.0		%	3.66	%	4.9
	Total Non-Cash Adjustments (5)					(11,985		)
	Total per Balance Sheet					$	3,465,177						3.76	%


Debt Maturities, In thousands
			Unsecured			Revolving Credit									Weighted Average
	Secured Debt (6)		Debt (6)			Facilities (4) (7)				Balance			% of Total		Interest Rate
2016	$	3,559	$	—		$	—			$	3,559		0.1	%	5.28	%
2017	275,526		—			—				275,526			7.9	%	4.13	%
2018	211,065		300,000			—				511,065			14.7	%	3.87	%
2019	315,496		—			4,199				319,695			9.2	%	4.44	%
2020	170,664		300,000			255,000				725,664			20.8	%	2.98	%
2021	—		350,000			—				350,000			10.1	%	2.15	%
2022	—		400,000			—				400,000			11.5	%	4.63	%
2023	96,409		—			—				96,409			2.8	%	2.37	%
2024	—		315,644			—				315,644			9.1	%	3.99	%
2025	127,600		300,000			—				427,600			12.3	%	4.26	%
Thereafter	52,000		—			—				52,000			1.5	%	2.22	%
	1,252,319		1,965,644			259,199				3,477,162			100.0	%	3.66	%
Total Non-Cash Adjustments (5)	3,800		(15,785		)	—				(11,985		)
Total per Balance Sheet	$	1,256,119	$	1,949,859		$	259,199			$	3,465,177				3.76	%


Debt Maturities With Extensions, In thousands
			Unsecured			Revolving Credit									Weighted Average
	Secured Debt (6)		Debt (6)			Facilities (4) (7)				Balance			% of Total		Interest Rate
2016	$	3,559	$	—		$	—			$	3,559		0.1	%	5.28	%
2017	275,526		—			—				275,526			7.9	%	4.13	%
2018	211,065		300,000			—				511,065			14.7	%	3.87	%
2019	315,496		—			4,199				319,695			9.2	%	4.44	%
2020	170,664		300,000			—				470,664			13.5	%	3.86	%
2021	—		350,000			255,000				605,000			17.4	%	1.81	%
2022	—		400,000			—				400,000			11.5	%	4.63	%
2023	96,409		—			—				96,409			2.8	%	2.37	%
2024	—		315,644			—				315,644			9.1	%	3.99	%
2025	127,600		300,000			—				427,600			12.3	%	4.26	%
Thereafter	52,000		—			—				52,000			1.5	%	2.22	%
	1,252,319		1,965,644			259,199				3,477,162			100.0	%	3.66	%
Total Non-Cash Adjustments (5)	3,800		(15,785		)	—				(11,985		)
Total per Balance Sheet	$	1,256,119	$	1,949,859		$	259,199			$	3,465,177				3.76	%


(1) See Attachment 16 for definitions and other terms.
(2) Includes $336.3 million of debt with a weighted average interest cap of 8.0% on the underlying index.
(3) Includes $315.0 million of floating rate debt that has been fixed using interest rate swaps at a weighted average rate of 2.23%.
(4) UDR's $1.1 billion line of credit has a maturity date of January 2020, plus two six-month extension options. The credit facility carries an interest rate equal to LIBOR plus a spread of 90 basis points and a facility fee of 15 basis points, which is not included in the interest rate above.
(5) Includes the unamortized balance of fair market value adjustments, premiums/discounts, deferred hedge gains, and deferred financing costs.
(6) Includes principal amortization, as applicable.
(7) Subsequent to quarter end, UDR amended its working capital credit facility. The amendment increases the unsecured revolving credit facility size from $30 million to $75 million. The scheduled maturity date continues to be January 1, 2019. Based on UDR's current credit rating, the working capital credit facility has an interest rate equal to LIBOR plus a spread of 90 basis points.

Attachment 4(C)

UDR, Inc.

Selected Financial Information (1)

(Unaudited)

Quarter Ended

Coverage Ratios

June 30, 2016

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

17,946

Adjustments:

Interest expense

30,678

Real estate depreciation and amortization

105,937

Real estate depreciation and amortization on unconsolidated joint ventures

12,299

Other depreciation and amortization

1,486

Noncontrolling interests

1,618

Income tax provision/(benefit)

(402

)

EBITDA

169,562

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

(7,315

)

Long-term incentive plan transition costs

Casualty-related (recoveries)/charges, including joint ventures, net

1,629

EBITDA - adjusted for non-recurring items

163,904

Annualized EBITDA - adjusted for non-recurring items

655,616

Interest expense

30,678

Capitalized interest expense

3,786

Total interest

34,464

Preferred dividends

929

Total debt

3,465,177

Cash

5,167

Net debt

3,460,010

Interest Coverage Ratio

4.92

Fixed Charge Coverage Ratio

4.79

Interest Coverage Ratio - adjusted for non-recurring items

4.76

Fixed Charge Coverage Ratio - adjusted for non-recurring items

4.63

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

5.3

Debt Covenant Overview

Unsecured Line of Credit Covenants (2)

Required

Actual

Compliance

Maximum Leverage Ratio

≤60.0%

34.1%

)

Yes

Minimum Fixed Charge Coverage Ratio

≥1.5x

3.7x

Yes

Maximum Secured Debt Ratio

≤40.0%

16.8%

Yes

Minimum Unencumbered Pool Leverage Ratio

≥150.0%

378.2%

Yes

Senior Unsecured Note Covenants (3)

Required

Actual

Compliance

Debt as a percentage of Total Assets

≤60.0%

33.3%

)

Yes

Consolidated Income Available for Debt Service to Annual Service Charge

≥1.5x

4.9x

Yes

Secured Debt as a percentage of Total Assets

≤40.0%

12.0%

Yes

Total Unencumbered Assets to Unsecured Debt

≥150.0%

333.6%

Yes

Securities Ratings

Debt

Preferred

Outlook

Moody's Investors Service

Baa1

Baa2

Stable

Standard & Poor's

BBB+

BBB-

Stable

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

(2) As defined in our credit agreement dated October 20, 2015.

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






Attachment 5

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

	Total	Quarter Ended			Quarter Ended			Quarter Ended			Quarter Ended			Quarter Ended
Dollars in thousands	Homes	June 30, 2016			March 31, 2016			December 31, 2015			September 30, 2015			June 30, 2015
Revenues
Same-Store Communities	34,179	$	190,243		$	187,511		$	184,358		$	183,511		$	180,027
Stabilized, Non-Mature Communities	4,448	28,383			27,702			25,916			8,903			6,097
Acquired Communities	—	—			—			—			—			—
Redevelopment Communities	2,101	11,277			11,471			11,756			11,773			11,562
Development Communities	—	1			1			—			—			—
Non-Residential / Other (2)	—	6,153			4,911			6,674			5,727			5,259
Total	40,728	$	236,057		$	231,596		$	228,704		$	209,914		$	202,945
Expenses
Same-Store Communities (3)		$	54,732		$	53,922		$	53,380		$	54,633		$	51,878
Stabilized, Non-Mature Communities		7,786			8,224			7,637			2,906			2,418
Acquired Communities		—			—			—			—			—
Redevelopment Communities		3,260			3,290			3,224			3,348			3,171
Development Communities		76			80			39			56			9
Non-Residential / Other (2)(3)		2,940			2,179			1,693			581			1,628
Total		$	68,794		$	67,695		$	65,973		$	61,524		$	59,104
Net Operating Income
Same-Store Communities		$	135,511		$	133,589		$	130,978		$	128,878		$	128,149
Stabilized, Non-Mature Communities		20,597			19,478			18,279			5,997			3,679
Acquired Communities		—			—			—			—			—
Redevelopment Communities		8,017			8,181			8,532			8,425			8,391
Development Communities		(75		)	(79		)	(39		)	(56		)	(9		)
Non-Residential / Other (2)		3,213			2,732			4,981			5,146			3,631
Total		$	167,263		$	163,901		$	162,731		$	148,390		$	143,841
Operating Margin
Same-Store Communities		71.2		%	71.2		%	71.0		%	70.2		%	71.2		%
Average Physical Occupancy
Same-Store Communities		96.6		%	96.5		%	96.6		%	96.7		%	96.9		%
Stabilized, Non-Mature Communities		95.6		%	94.1		%	93.4		%	87.3		%	74.1		%
Acquired Communities		—			—			—			—			—
Redevelopment Communities		91.6		%	93.3		%	95.2		%	95.9		%	95.9		%
Development Communities		—			—			—			—			—
Other (4)		—			—			—			95.7		%	96.3		%
Total		96.2		%	96.1		%	96.2		%	96.2		%	96.2		%
Return on Invested Capital
Same-Store Communities		7.5		%	7.5		%	7.3		%	7.3		%	7.2		%
Sold and Held for Disposition Communities
Revenues	—	$	111		$	361		$	5,648		$	7,851		$	9,819
Expenses		59			128			2,082			2,676			3,228
Net Operating Income/(loss)		$	52		$	233		$	3,566		$	5,175		$	6,591

Total	40,728	$	167,315		$	164,134		$	166,297		$	153,565		$	150,432

(1) See Attachment 16 for definition and other terms.
(2) Primarily non-residential revenue and expense and straight-line adjustment for concessions.
(3) Quarter ended June 30, 2016 was elevated due to a $2.2 million expense resulting from a higher-than-expected initial stabilized real estate tax assessment on a 2014, San Francisco, development completion. $1.1 million is included in Same-Store Communities expense as it related to the period of time that the community was in our Same-Store population while the remaining $1.1 million is in Non-Residential / Other expense.
(4) Includes occupancy of Sold and Held for Disposition Communities.






Attachment 6

UDR, Inc.
Same-Store Operating Expense Information (1)
(Dollars in Thousands)
(Unaudited)

	% of 2Q 2016
	SS Operating
Year-Over-Year Comparison	Expenses		2Q 2016			2Q 2015		% Change
Real estate taxes (2)(3)	38.4	%	$	21,031		$	18,601	13.1	%
Personnel	23.9	%	13,084			13,220		-1.0	%
Utilities	14.0	%	7,658			7,893		-3.0	%
Repair and maintenance	12.4	%	6,806			6,781		0.4	%
Administrative and marketing	6.6	%	3,612			3,222		12.1	%
Insurance	4.7	%	2,541			2,161		17.6	%
Same-Store operating expenses (3)	100.0	%	$	54,732		$	51,878	5.5	%
Same-Store Homes	34,179


	% of 2Q 2016
	SS Operating
Sequential Comparison	Expenses		2Q 2016			1Q 2016		% Change
Real estate taxes (2)	38.4	%	$	21,031		$	19,918	5.6	%
Personnel	23.9	%	13,084			13,057		0.2	%
Utilities	14.0	%	7,658			8,768		-12.7	%
Repair and maintenance	12.4	%	6,806			6,779		0.4	%
Administrative and marketing	6.6	%	3,612			3,169		14.0	%
Insurance	4.7	%	2,541			2,231		13.9	%
Same-Store operating expenses	100.0	%	$	54,732		$	53,922	1.5	%
Same-Store Homes	34,179


	% of YTD 2016
	SS Operating
Year-to-Date Comparison	Expenses		YTD 2016			YTD 2015		% Change

Real estate taxes (2)(3)	37.8	%	$	40,927		$	37,640	8.7	%
Personnel	24.0	%	25,986			25,717		1.0	%
Utilities	15.1	%	16,392			16,878		-2.9	%
Repair and maintenance	12.5	%	13,551			13,282		2.0	%
Administrative and marketing	6.2	%	6,745			6,407		5.3	%
Insurance	4.4	%	4,760			4,136		15.1	%
Same-Store operating expenses (3)	100.0	%	$	108,361		$	104,060	4.1	%
Same-Store Homes	34,017


(1) See Attachment 16 for definitions and other terms.
(2) 2Q 2016 and YTD 2016 Same Store Expense was elevated due to a $1.1 million expense resulting from a higher-than-expected initial stabilized real estate tax assessment on a 2014, San Francisco, development completion.
(3) 2Q 2016 and YTD 2016 presented above includes $70 thousand and $140 thousand of higher New York real estate taxes due to 421 exemption and abatement reductions. Had the Same Store Expense included 100% of the NY real estate taxes before 421 savings, in all periods presented, the percent change would have been as follows:

	2Q 2016 vs. 2Q 2015		YTD 2016 vs. YTD 2015
Real estate taxes	11.0	%	7.3		%
Same-Store operating expenses	5.1	%	3.8		%






Attachment 7(A)

UDR, Inc.
Apartment Home Breakout (1)
Portfolio Overview as of Quarter Ended
June 30, 2016
(Unaudited)

		Non-Mature Homes			Unconsolidated
	Total			Total	Joint Venture	Total
	Same-Store		Non-	Consolidated	Operating	Homes
	Homes	Stabilized (2)	Stabil. / Other (3)	Homes	Homes (4)	(incl. JV) (4)
West Region
Orange County, CA	3,194	173	1,447	4,814	—	4,814
San Francisco, CA	2,230	328	193	2,751	447	3,198
Seattle, WA	2,014	—	71	2,085	555	2,640
Los Angeles, CA	1,225	—	—	1,225	151	1,376
Monterey Peninsula, CA	1,565	—	—	1,565	—	1,565
Other Southern CA	756	—	—	756	571	1,327
Portland, OR	476	—	—	476	—	476
	11,460	501	1,711	13,672	1,724	15,396
Mid-Atlantic Region
Metropolitan DC	4,824	3,578	—	8,402	874	9,276
Baltimore, MD	2,122	—	—	2,122	379	2,501
Richmond, VA	1,358	—	—	1,358	—	1,358
	8,304	3,578	—	11,882	1,253	13,135
Northeast Region
New York, NY	1,945	—	—	1,945	710	2,655
Boston, MA	1,179	369	—	1,548	1,302	2,850
Philadelphia, PA	—	—	—	—	290	290
	3,124	369	—	3,493	2,302	5,795

Southeast Region
Orlando, FL	2,500	—	—	2,500	—	2,500
Tampa, FL	2,287	—	—	2,287	—	2,287
Nashville, TN	2,260	—	—	2,260	—	2,260
Other Florida	636	—	—	636	—	636
	7,683	—	—	7,683	—	7,683
Southwest Region
Dallas, TX	2,725	—	—	2,725	1,382	4,107
Austin, TX	883	—	390	1,273	259	1,532
Denver, CO	—	—	—	—	223	223
	3,608	—	390	3,998	1,864	5,862
Totals	34,179	4,448	2,101	40,728	7,143	47,871

Communities	118	10	4	132	29	161

Total Homes (incl. joint ventures) (4)			47,871
Homes in Development, Excluding Completed Homes (5)
Current Pipeline Wholly-Owned			1,101
Current Pipeline Joint Venture (6)			876
Current Pipeline Preferred Equity Investments (6)			1,533
Total expected homes (including development)			51,381

(1) See Attachment 16 for definitions and other terms.
(2) Represents homes included in Stabilized, Non-Mature Communities category on Attachment 5.
(3) Represents homes included in Acquired, Development, Redevelopment, Non-Residential/Other and Sold and Held for Disposition Communities categories on Attachment 5. Excludes development homes not yet completed.
(4) Represents joint venture homes at 100 percent. See Attachment 12 for UDR's joint venture and partnership ownership interests.
(5) See Attachments 9(A) and 9(B) for details of our development communities.
(6) Represents joint venture and preferred equity investment homes at 100 percent. Excludes 218 homes at Steele Creek where we have a participating loan investment. See Attachments 9(A) and 9(B) for UDR's developments and ownership interests.

Attachment 7(B)

UDR, Inc.

Non-Mature Home Summary (1)

Portfolio Overview as of Quarter Ended

June 30, 2016

(Unaudited)

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

# of

Same-Store

# of

Same-Store

Community

Category

Homes

Date (2)

Community

Category

Homes

Date (2)

West Region

Mid-Atlantic Region

Orange County, CA

Metropolitan D.C.

Beach & Ocean

Stabilized, Non-Mature

173

4Q16

DelRay Tower

Stabilized, Non-Mature

332

1Q17

Coronado

Redevelopment

1,447

2Q18

1200 East West

Stabilized, Non-Mature

247

1Q17

Courts at Huntington Station

Stabilized, Non-Mature

421

1Q17

San Francisco, CA

Eleven55 Ripley

Stabilized, Non-Mature

379

1Q17

2000 Post

Stabilized, Non-Mature

328

1Q17

Arbor Park of Alexandria

Stabilized, Non-Mature

851

2Q17

Edgewater

Redevelopment

193

2Q18

Courts at Dulles

Stabilized, Non-Mature

411

1Q17

Newport Village

Stabilized, Non-Mature

937

1Q17

Seattle, WA

Borgata Apartment Homes

Redevelopment

2Q18

Northeast Region

Boston, MA

100 Pier 4

Stabilized, Non-Mature

369

1Q17

Southwest Region

Austin, TX

Residences at the Domain

Redevelopment

390

2Q18

Total

6,549

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

# of

Date & Community

Category

Homes

Date & Community

Category

Homes

4Q16

2Q17

Beach & Ocean

Stabilized, Non-Mature

173

Arbor Park of Alexandria

Stabilized, Non-Mature

851

1Q17

2Q18

DelRay Tower

Stabilized, Non-Mature

332

Edgewater

Redevelopment

193

100 Pier 4

Stabilized, Non-Mature

369

Borgata Apartment Homes

Redevelopment

1200 East West

Stabilized, Non-Mature

247

Coronado

Redevelopment

1,447

Courts at Huntington Station

Stabilized, Non-Mature

421

Residences at the Domain

Redevelopment

390

Eleven55 Ripley

Stabilized, Non-Mature

379

Courts at Dulles

Stabilized, Non-Mature

411

Newport Village

Stabilized, Non-Mature

937

2000 Post

Stabilized, Non-Mature

328

Total

6,549

Summary of Non-Mature Home Activity

Stabilized,

Held for

Market

Non-Mature

Acquired

Redevelopment

Development

Disposition

Total

Non-Mature Homes at March 31, 2016

4,610

—

2,101

—

6,711

Lightbox (3)

Seattle, WA

(162

)

—

(162

)

Non-Mature Homes at June 30, 2016

4,448

—

2,101

—

6,549

(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) Contributed the community to the QTD Same-Store pool in 2Q16.






Attachment 7(C)

UDR, Inc.
Total Revenue Per Occupied Home Summary (1)
Portfolio Overview as of Quarter Ended
June 30, 2016
(Unaudited)

			Non-Mature Homes						Unconsolidated
	Total						Total		Joint Venture		Total
	Same-Store				Non-		Consolidated		Operating		Homes
	Homes		Stabilized (2)		Stabilized (3) (4)		Homes		Homes (5)		(incl. pro rata JV) (5)
West Region
Orange County, CA	$	2,227	$	2,408	$	1,804	$	2,108	$	—	$	2,108
San Francisco, CA	3,318		3,525		4,065		3,391		4,548		3,421
Seattle, WA	1,995		—		2,271		2,003		3,583		2,187
Los Angeles, CA	2,614		—		—		2,614		3,904		2,613
Monterey Peninsula, CA	1,487		—		—		1,487		—		1,487
Other Southern CA	1,723		—		—		1,723		3,010		2,076
Portland, OR	1,462		—		—		1,462		—		1,462
Mid-Atlantic Region
Metropolitan DC	1,958		1,911		—		1,938		2,776		1,968
Baltimore, MD	1,500		—		—		1,500		1,751		1,521
Richmond, VA	1,265		—		—		1,265		—		1,265
Northeast Region
New York, NY	4,253		—		—		4,253		4,723		4,324
Boston, MA	2,469		4,046		—		1,840		2,415		2,714
Philadelphia, PA	—		—		—		—		3,352		3,352
Southeast Region
Orlando, FL	1,182		—		—		1,182		—		1,182
Tampa, FL	1,284		—		—		1,284		—		1,284
Nashville, TN	1,194		—		—		1,194		—		1,194
Other Florida	1,490		—		—		1,490		—		1,490
Southwest Region
Dallas, TX	1,248		—		—		1,248		1,867		1,371
Austin, TX	1,349		—		1,440		1,375		4,216		1,641
Denver, CO	—		—		—		—		3,301		3,301
Weighted Average	$	1,921	$	2,226	$	1,953	$	1,956	$	2,916	$	2,027

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

June 30, 2016

(Dollars in Thousands)

(Unaudited)



	Three Months Ended June 30, 2016
								Pro-Rata
		Same-Store			Non Same-Store (2)			Share of JVs (3)		Total
Net Operating Income		$	135,511		$	31,752		$	18,279	$	185,542


		Three Months Ended June 30, 2016								Three Months Ended June 30, 2016
		As a % of NOI								As a % of NOI
Region		Same-Store			Total			Region		Same-Store			Total
West Region								Northeast Region
Orange County, CA		11.7		%	12.0		%	New York, NY		12.9		%		12.1	%
San Francisco, CA		11.2		%	10.6		%	Boston, MA		4.6		%		7.0	%
Seattle, WA		6.3		%	6.2		%	Philadelphia, PA		0.0		%		0.7	%
Los Angeles, CA		4.8		%	3.7		%			17.5		%		19.8	%
Monterey Peninsula, CA		3.7		%	2.7		%	Southeast Region
Other Southern CA		2.0		%	2.4		%	Orlando, FL		4.4		%		3.2	%
Portland, OR		1.1		%	0.8		%	Tampa, FL		4.2		%		3.1	%
		40.8		%	38.4		%	Nashville, TN		4.2		%		3.0	%
								Other Florida		1.3		%		1.0	%
Mid-Atlantic Region										14.1		%		10.3	%
Metropolitan DC		14.1		%	19.0		%	Southwest Region
Baltimore, MD		4.8		%	3.9		%	Dallas, TX		4.5		%		4.3	%
Richmond, VA		2.7		%	2.0		%	Austin, TX		1.5		%		2.0	%
		21.6		%	24.9		%	Denver, CO		0.0		%		0.3	%
										6.0		%		6.6	%

								Total		100.0		%		100.0	%

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






Attachment 8(A)

UDR, Inc.
Same-Store Operating Information By Major Market (1)
Current Quarter vs. Prior Year Quarter
June 30, 2016
(Unaudited)

		% of Same-
	Total	Store Portfolio		Same-Store
	Same-Store	Based on		Physical Occupancy						Total Revenue per Occupied Home
	Homes	2Q 2016 NOI		2Q 16		2Q 15		Change		2Q 16		2Q 15		Change
West Region
Orange County, CA	3,194	11.7	%	95.8	%	95.4	%	0.4	%	$	2,227	$	2,055	8.4	%
San Francisco, CA	2,230	11.2	%	96.1	%	97.0	%	-0.9	%	3,318		3,092		7.3	%
Seattle, WA	2,014	6.3	%	96.6	%	97.2	%	-0.6	%	1,995		1,828		9.1	%
Los Angeles, CA	1,225	4.8	%	94.4	%	95.6	%	-1.2	%	2,614		2,453		6.6	%
Monterey Peninsula, CA	1,565	3.7	%	97.4	%	97.5	%	-0.1	%	1,487		1,311		13.4	%
Other Southern CA	756	2.0	%	95.4	%	96.4	%	-1.0	%	1,723		1,622		6.2	%
Portland, OR	476	1.1	%	97.7	%	97.5	%	0.2	%	1,462		1,268		15.3	%
	11,460	40.8	%	96.1	%	96.5	%	-0.4	%	2,271		2,096		8.4	%
Mid-Atlantic Region
Metropolitan DC	4,824	14.1	%	96.9	%	96.9	%	0.0	%	1,958		1,924		1.8	%
Baltimore, MD	2,122	4.8	%	97.0	%	97.3	%	-0.3	%	1,500		1,483		1.1	%
Richmond, VA	1,358	2.7	%	96.8	%	96.9	%	-0.1	%	1,265		1,236		2.3	%
	8,304	21.6	%	96.9	%	97.0	%	-0.1	%	1,728		1,699		1.7	%
Northeast Region
New York, NY	1,945	12.9	%	96.9	%	97.6	%	-0.7	%	4,253		4,035		5.4	%
Boston, MA	1,179	4.6	%	96.7	%	97.1	%	-0.4	%	2,469		2,316		6.6	%
	3,124	17.5	%	96.8	%	97.4	%	-0.6	%	3,581		3,388		5.7	%
Southeast Region
Orlando, FL	2,500	4.4	%	96.5	%	97.0	%	-0.5	%	1,182		1,098		7.7	%
Tampa, FL	2,287	4.2	%	96.6	%	97.0	%	-0.4	%	1,284		1,194		7.5	%
Nashville, TN	2,260	4.2	%	97.7	%	97.3	%	0.4	%	1,194		1,103		8.3	%
Other Florida	636	1.3	%	96.0	%	96.6	%	-0.6	%	1,490		1,427		4.4	%
	7,683	14.1	%	96.9	%	97.1	%	-0.2	%	1,240		1,155		7.4	%
Southwest Region
Dallas, TX	2,725	4.5	%	96.4	%	97.0	%	-0.6	%	1,248		1,181		5.7	%
Austin, TX	883	1.5	%	96.5	%	97.6	%	-1.1	%	1,349		1,289		4.7	%
	3,608	6.0	%	96.4	%	97.1	%	-0.7	%	1,273		1,208		5.4	%

Total/Weighted Avg.	34,179	100.0	%	96.6	%	96.9	%	-0.3	%	$	1,921	$	1,812	6.0	%

(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
June 30, 2016
(Unaudited)

	Total	Same-Store ($000s)

	Same-Store	Revenues						Expenses							Net Operating Income
	Homes	2Q 16		2Q 15		Change		2Q 16		2Q 15		Change			2Q 16		2Q 15		Change
West Region
Orange County, CA	3,194	$	20,444	$	18,781	8.9	%	$	4,697	$	4,777	-1.7	%		$	15,747	$	14,004	12.4	%
San Francisco, CA	2,230	21,334		20,067		6.3	%	6,111		4,592		33.1	%	(2)	15,223		15,475		-1.6	%
Seattle, WA	2,014	11,645		10,733		8.5	%	3,165		3,016		4.9	%		8,480		7,717		9.9	%
Los Angeles, CA	1,225	9,068		8,617		5.2	%	2,564		2,267		13.1	%		6,504		6,350		2.4	%
Monterey Peninsula, CA	1,565	6,802		5,999		13.4	%	1,769		1,603		10.4	%		5,033		4,396		14.5	%
Other Southern CA	756	3,727		3,547		5.1	%	992		963		3.0	%		2,735		2,584		5.9	%
Portland, OR	476	2,040		1,766		15.5	%	497		511		-2.9	%		1,543		1,255		23.0	%
	11,460	75,060		69,510		8.0	%	19,795		17,729		11.7	%		55,265		51,781		6.7	%
Mid-Atlantic Region
Metropolitan DC	4,824	27,455		26,977		1.8	%	8,354		8,750		-4.5	%		19,101		18,227		4.8	%
Baltimore, MD	2,122	9,264		9,185		0.9	%	2,753		2,639		4.3	%		6,511		6,546		-0.5	%
Richmond, VA	1,358	4,987		4,879		2.2	%	1,298		1,196		8.5	%		3,689		3,683		0.1	%
	8,304	41,706		41,041		1.6	%	12,405		12,585		-1.4	%		29,301		28,456		3.0	%
Northeast Region
New York, NY	1,945	24,046		22,980		4.6	%	6,617		6,380		3.7	%	(3)	17,429		16,600		5.0	%	(3)
Boston, MA	1,179	8,444		7,955		6.1	%	2,196		2,147		2.3	%		6,248		5,808		7.6	%
	3,124	32,490		30,935		5.0	%	8,813		8,527		3.3	%		23,677		22,408		5.7	%
Southeast Region
Orlando, FL	2,500	8,558		7,991		7.1	%	2,615		2,484		5.3	%		5,943		5,507		7.9	%
Tampa, FL	2,287	8,508		7,945		7.1	%	2,830		2,805		0.9	%		5,678		5,140		10.5	%
Nashville, TN	2,260	7,907		7,277		8.7	%	2,245		2,175		3.3	%		5,662		5,102		11.0	%
Other Florida	636	2,729		2,631		3.7	%	931		954		-2.5	%		1,798		1,677		7.2	%
	7,683	27,702		25,844		7.2	%	8,621		8,418		2.4	%		19,081		17,426		9.5	%
Southwest Region
Dallas, TX	2,725	9,836		9,365		5.0	%	3,677		3,260		12.8	%		6,159		6,105		0.9	%
Austin, TX	883	3,449		3,332		3.5	%	1,421		1,359		4.6	%		2,028		1,973		2.8	%
	3,608	13,285		12,697		4.6	%	5,098		4,619		10.4	%		8,187		8,078		1.3	%

Totals	34,179	$	190,243	$	180,027	5.7	%	$	54,732	$	51,878	5.5	%	(3)	$	135,511	$	128,149	5.7	%	(3)

(1) See Attachment 16 for definitions and other terms.
(2) 2Q16 Same Store Expense was elevated due to a $1.1 million expense resulting from a higher-than-expected initial stabilized real estate tax assessment on a 2014, San Francisco, development completion.
(3) 2Q16 presented above includes $70 thousand of higher New York real estate taxes due to 421 exemption and abatement reductions. Had the Same Store Expense included 100% of the NY real estate taxes before 421 savings, in all periods presented, the percent change in Total Same Store expense and NOI would have been 5.1% and 5.9%, respectively; and the percent change in New York expense and NOI would have been 1.8% and 6.5%, respectively.






Attachment 8(C)

UDR, Inc.
Same-Store Operating Information By Major Market (1)
Current Quarter vs. Last Quarter
June 30, 2016
(Unaudited)

	Total	Same-Store
	Same-Store	Physical Occupancy						Total Revenue per Occupied Home
	Homes	2Q 16		1Q 16		Change		2Q 16		1Q 16		Change
West Region
Orange County, CA	3,194	95.8	%	96.1	%	-0.3	%	$	2,227	$	2,187	1.8	%
San Francisco, CA	2,230	96.1	%	96.5	%	-0.4	%	3,318		3,302		0.5	%
Seattle, WA	2,014	96.6	%	96.5	%	0.1	%	1,995		1,930		3.4	%
Los Angeles, CA	1,225	94.4	%	94.7	%	-0.3	%	2,614		2,612		0.1	%
Monterey Peninsula, CA	1,565	97.4	%	95.8	%	1.6	%	1,487		1,452		2.4	%
Other Southern CA	756	95.4	%	95.4	%	0.0	%	1,723		1,687		2.1	%
Portland, OR	476	97.7	%	97.1	%	0.6	%	1,462		1,428		2.4	%
	11,460	96.1	%	96.1	%	0.0	%	2,271		2,240		1.4	%
Mid-Atlantic Region
Metropolitan DC	4,824	96.9	%	96.6	%	0.3	%	1,958		1,936		1.1	%
Baltimore, MD	2,122	97.0	%	96.8	%	0.2	%	1,500		1,493		0.5	%
Richmond, VA	1,358	96.8	%	96.3	%	0.5	%	1,265		1,257		0.6	%
	8,304	96.9	%	96.6	%	0.3	%	1,728		1,712		0.9	%
Northeast Region
New York, NY	1,945	96.9	%	97.3	%	-0.4	%	4,253		4,201		1.2	%
Boston, MA	1,179	96.7	%	96.0	%	0.7	%	2,469		2,420		2.0	%
	3,124	96.8	%	96.8	%	0.0	%	3,581		3,534		1.3	%
Southeast Region
Orlando, FL	2,500	96.5	%	96.6	%	-0.1	%	1,182		1,158		2.1	%
Tampa, FL	2,287	96.6	%	96.7	%	-0.1	%	1,284		1,265		1.5	%
Nashville, TN	2,260	97.7	%	97.2	%	0.5	%	1,194		1,160		2.9	%
Other Florida	636	96.0	%	95.8	%	0.2	%	1,490		1,481		0.6	%
	7,683	96.9	%	96.7	%	0.2	%	1,240		1,217		1.9	%
Southwest Region
Dallas, TX	2,725	96.4	%	97.0	%	-0.6	%	1,248		1,231		1.4	%
Austin, TX	883	96.5	%	96.8	%	-0.3	%	1,349		1,319		2.3	%
	3,608	96.4	%	97.0	%	-0.6	%	1,273		1,253		1.6	%

Total/Weighted Avg.	34,179	96.6	%	96.5	%	0.1	%	$	1,921	$	1,895	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
June 30, 2016
(Unaudited)

	Total	Same-Store ($000s)

	Same-Store	Revenues						Expenses							Net Operating Income
	Homes	2Q 16		1Q 16		Change		2Q 16		1Q 16		Change			2Q 16		1Q 16		Change
West Region
Orange County, CA	3,194	$	20,444	$	20,134	1.5	%	$	4,697	$	4,517	4.0	%		$	15,747	$	15,617	0.8	%
San Francisco, CA	2,230	21,334		21,320		0.1	%	6,111		4,922		24.2	%	(2)	15,223		16,398		-7.2	%
Seattle, WA	2,014	11,645		11,254		3.5	%	3,165		3,149		0.5	%		8,480		8,105		4.6	%
Los Angeles, CA	1,225	9,068		9,089		-0.2	%	2,564		2,553		0.4	%		6,504		6,536		-0.5	%
Monterey Peninsula, CA	1,565	6,802		6,530		4.2	%	1,769		1,731		2.2	%		5,033		4,799		4.9	%
Other Southern CA	756	3,727		3,650		2.1	%	992		1,024		-3.2	%		2,735		2,626		4.2	%
Portland, OR	476	2,040		1,980		3.0	%	497		484		2.5	%		1,543		1,496		3.2	%
	11,460	75,060		73,957		1.5	%	19,795		18,380		7.7	%		55,265		55,577		-0.6	%
Mid-Atlantic Region
Metropolitan DC	4,824	27,455		27,070		1.4	%	8,354		8,996		-7.1	%		19,101		18,074		5.7	%
Baltimore, MD	2,122	9,264		9,202		0.7	%	2,753		2,782		-1.0	%		6,511		6,420		1.4	%
Richmond, VA	1,358	4,987		4,932		1.1	%	1,298		1,371		-5.3	%		3,689		3,561		3.6	%
	8,304	41,706		41,204		1.2	%	12,405		13,149		-5.7	%		29,301		28,055		4.4	%
Northeast Region
New York, NY	1,945	24,046		23,853		0.8	%	6,617		6,880		-3.8	%		17,429		16,973		2.7	%
Boston, MA	1,179	8,444		8,217		2.8	%	2,196		2,257		-2.7	%		6,248		5,960		4.8	%
	3,124	32,490		32,070		1.3	%	8,813		9,137		-3.5	%		23,677		22,933		3.2	%
Southeast Region
Orlando, FL	2,500	8,558		8,392		2.0	%	2,615		2,484		5.2	%		5,943		5,908		0.6	%
Tampa, FL	2,287	8,508		8,393		1.4	%	2,830		2,756		2.7	%		5,678		5,637		0.7	%
Nashville, TN	2,260	7,907		7,645		3.4	%	2,245		2,172		3.4	%		5,662		5,473		3.4	%
Other Florida	636	2,729		2,707		0.8	%	931		928		0.3	%		1,798		1,779		1.1	%
	7,683	27,702		27,137		2.1	%	8,621		8,340		3.4	%		19,081		18,797		1.5	%
Southwest Region
Dallas, TX	2,725	9,836		9,762		0.8	%	3,677		3,466		6.1	%		6,159		6,296		-2.2	%
Austin, TX	883	3,449		3,381		2.0	%	1,421		1,450		-2.0	%		2,028		1,931		5.0	%
	3,608	13,285		13,143		1.1	%	5,098		4,916		3.7	%		8,187		8,227		-0.5	%

Total	34,179	$	190,243	$	187,511	1.5	%	$	54,732	$	53,922	1.5	%		$	135,511	$	133,589	1.4	%

(1) See Attachment 16 for definitions and other terms.
(2) 2Q16 Same Store Expense was elevated due to a $1.1 million expense resulting from a higher-than-expected initial stabilized real estate tax assessment on a 2014, San Francisco, development completion.






Attachment 8(E)

UDR, Inc.
Same-Store Operating Information By Major Market (1)
Current Year-to-Date vs. Prior Year-to-Date
June 30, 2016
(Unaudited)

		% of Same-
	Total	Store Portfolio		Same-Store
	Same-Store	Based on		Physical Occupancy						Total Revenue per Occupied Home
	Homes	YTD 2016 NOI		YTD 16		YTD 15		Change		YTD 16		YTD 15		Change
West Region
Orange County, CA	3,194	11.7	%	96.0	%	95.6	%	0.4	%	$	2,206	$	2,039	8.2	%
San Francisco, CA	2,230	11.7	%	96.3	%	97.1	%	-0.8	%	3,310		3,042		8.8	%
Seattle, WA	1,852	5.7	%	96.7	%	97.1	%	-0.4	%	1,983		1,818		9.1	%
Los Angeles, CA	1,225	4.9	%	94.6	%	95.3	%	-0.7	%	2,611		2,423		7.8	%
Monterey Peninsula, CA	1,565	3.7	%	96.6	%	97.3	%	-0.7	%	1,470		1,288		14.1	%
Other Southern CA	756	2.0	%	95.4	%	96.4	%	-1.0	%	1,705		1,614		5.6	%
Portland, OR	476	1.1	%	97.4	%	98.0	%	-0.6	%	1,445		1,247		15.9	%
	11,298	40.8	%	96.1	%	96.5	%	-0.4	%	2,263		2,076		9.0	%
Mid-Atlantic Region
Metropolitan DC	4,824	13.9	%	96.8	%	96.8	%	0.0	%	1,946		1,909		1.9	%
Baltimore, MD	2,122	4.8	%	96.9	%	97.2	%	-0.3	%	1,497		1,476		1.4	%
Richmond, VA	1,358	2.7	%	96.6	%	96.4	%	0.2	%	1,260		1,230		2.4	%
	8,304	21.4	%	96.8	%	96.8	%	0.0	%	1,719		1,687		1.9	%
Northeast Region
New York, NY	1,945	12.8	%	97.1	%	97.4	%	-0.3	%	4,227		4,005		5.5	%
Boston, MA	1,179	4.6	%	96.3	%	96.5	%	-0.2	%	2,446		2,301		6.3	%
	3,124	17.4	%	96.8	%	97.1	%	-0.3	%	3,558		3,366		5.7	%
Southeast Region
Orlando, FL	2,500	4.4	%	96.6	%	96.8	%	-0.2	%	1,170		1,084		7.9	%
Tampa, FL	2,287	4.2	%	96.7	%	97.0	%	-0.3	%	1,274		1,183		7.7	%
Nashville, TN	2,260	4.3	%	97.4	%	97.2	%	0.2	%	1,178		1,094		7.7	%
Other Florida	636	1.3	%	95.9	%	96.7	%	-0.8	%	1,485		1,414		5.0	%
	7,683	14.2	%	96.8	%	97.0	%	-0.2	%	1,229		1,144		7.5	%
Southwest Region
Dallas, TX	2,725	4.7	%	96.7	%	97.1	%	-0.4	%	1,240		1,171		5.9	%
Austin, TX	883	1.5	%	96.6	%	97.1	%	-0.5	%	1,335		1,279		4.4	%
	3,608	6.2	%	96.7	%	97.1	%	-0.4	%	1,263		1,197		5.5	%

Total/Weighted Avg.	34,017	100.0	%	96.6	%	96.8	%	-0.2	%	$	1,909	$	1,795	6.3	%






(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
June 30, 2016
(Unaudited)

	Total	Same-Store ($000s)

	Same-Store	Revenues						Expenses							Net Operating Income
	Homes	YTD 16		YTD 15		Change		YTD 16		YTD 15		Change			YTD 16		YTD 15		Change
West Region
Orange County, CA	3,194	$	40,578	$	37,353	8.6	%	$	9,213	$	9,486	-2.9	%		$	31,365	$	27,867	12.6	%
San Francisco, CA	2,230	42,654		39,519		7.9	%	11,033		9,190		20.1	%	(2)	31,621		30,329		4.3	%
Seattle, WA	1,852	21,305		19,616		8.6	%	6,022		5,667		6.3	%		15,283		13,949		9.6	%
Los Angeles, CA	1,225	18,156		16,971		7.0	%	5,117		4,663		9.7	%		13,039		12,308		5.9	%
Monterey Peninsula, CA	1,565	13,333		11,771		13.3	%	3,500		3,253		7.6	%		9,833		8,518		15.4	%
Other Southern CA	756	7,377		7,058		4.5	%	2,016		1,850		9.0	%		5,361		5,208		2.9	%
Portland, OR	476	4,020		3,489		15.2	%	981		950		3.2	%		3,039		2,539		19.7	%
	11,298	147,423		135,777		8.6	%	37,882		35,059		8.1	%		109,541		100,718		8.8	%
Mid-Atlantic Region
Metropolitan DC	4,824	54,525		53,491		1.9	%	17,349		17,596		-1.4	%		37,176		35,895		3.6	%
Baltimore, MD	2,122	18,466		18,265		1.1	%	5,536		5,346		3.6	%		12,930		12,919		0.1	%
Richmond, VA	1,358	9,919		9,662		2.7	%	2,668		2,487		7.3	%		7,251		7,175		1.0	%
	8,304	82,910		81,418		1.8	%	25,553		25,429		0.5	%		57,357		55,989		2.4	%
Northeast Region
New York, NY	1,945	47,899		45,521		5.2	%	13,497		12,739		5.9	%	(3)	34,402		32,782		4.9	%	(3)
Boston, MA	1,179	16,661		15,709		6.1	%	4,454		4,550		-2.1	%		12,207		11,159		9.4	%
	3,124	64,560		61,230		5.4	%	17,951		17,289		3.8	%		46,609		43,941		6.1	%
Southeast Region
Orlando, FL	2,500	16,950		15,742		7.7	%	5,099		4,919		3.7	%		11,851		10,823		9.5	%
Tampa, FL	2,287	16,901		15,744		7.3	%	5,587		5,564		0.4	%		11,314		10,180		11.1	%
Nashville, TN	2,260	15,552		14,422		7.8	%	4,417		4,491		-1.6	%		11,135		9,931		12.1	%
Other Florida	636	5,436		5,218		4.2	%	1,859		1,840		1.0	%		3,577		3,378		5.9	%
	7,683	54,839		51,126		7.3	%	16,962		16,814		0.9	%		37,877		34,312		10.4	%
Southwest Region
Dallas, TX	2,725	19,598		18,588		5.4	%	7,142		6,727		6.2	%		12,456		11,861		5.0	%
Austin, TX	883	6,830		6,583		3.8	%	2,871		2,742		4.7	%		3,959		3,841		3.1	%
	3,608	26,428		25,171		5.0	%	10,013		9,469		5.8	%		16,415		15,702		4.5	%

Totals	34,017	$	376,160	$	354,722	6.0	%	$	108,361	$	104,060	4.1	%	(3)	$	267,799	$	250,662	6.8	%	(3)


(1) See Attachment 16 for definitions and other terms.
(2) YTD16 Same Store Expense was elevated due to a $1.1 million expense resulting from a higher-than-expected initial stabilized real estate tax assessment on a 2014, San Francisco, development completion.
(3) 2016 presented above includes $140 thousand of higher New York real estate taxes due to 421 exemption and abatement reductions. Had the Same Store Expense included 100% of the NY real estate taxes before 421 savings, in all periods presented, the percent change in Total Same Store expense and NOI would have been 3.8% and 7.1%, respectively; and the percent change in New York expense and NOI would have been 3.4% and 6.5%, respectively.






Attachment 8(G)

UDR, Inc.
Same-Store Operating Information By Major Market (1)
June 30, 2016
(Unaudited)

	Effective New Lease Rate Growth		Effective Renewal Lease Rate Growth		Annualized Turnover (2)
	2Q 2016		2Q 2016		2Q 2016		2Q 2015		YTD 2016		YTD 2015
West Region
Orange County, CA	5.9	%	7.1	%	65.3	%	64.3	%	53.6	%	54.6	%
San Francisco, CA	3.5	%	7.3	%	63.5	%	61.7	%	55.5	%	51.7	%
Seattle, WA	8.9	%	8.5	%	59.5	%	57.2	%	51.8	%	49.8	%
Los Angeles, CA	-0.1	%	4.5	%	59.6	%	51.7	%	56.5	%	47.0	%
Monterey Peninsula, CA	13.5	%	10.3	%	55.6	%	60.5	%	52.9	%	48.1	%
Other Southern CA	8.0	%	6.9	%	53.1	%	64.2	%	52.5	%	56.5	%
Portland, OR	9.8	%	8.2	%	66.6	%	55.6	%	58.6	%	51.4	%

Mid-Atlantic Region
Metropolitan DC	1.7	%	4.7	%	47.1	%	48.4	%	42.6	%	42.3	%
Baltimore, MD	-0.3	%	3.6	%	58.2	%	50.5	%	50.5	%	43.4	%
Richmond, VA	3.6	%	4.1	%	56.1	%	58.8	%	49.5	%	52.6	%

Northeast Region
New York, NY	1.9	%	5.6	%	49.3	%	46.6	%	34.4	%	38.2	%
Boston, MA	5.9	%	7.3	%	50.0	%	52.7	%	43.4	%	44.1	%

Southeast Region
Orlando, FL	4.9	%	7.9	%	59.0	%	57.3	%	50.3	%	49.7	%
Tampa, FL	6.2	%	7.3	%	61.2	%	60.2	%	52.8	%	53.3	%
Nashville, TN	6.5	%	5.3	%	57.0	%	59.6	%	51.0	%	53.2	%
Other Florida	4.1	%	5.1	%	47.9	%	60.5	%	42.3	%	45.4	%

Southwest Region
Dallas, TX	6.7	%	6.9	%	59.9	%	56.7	%	52.2	%	52.0	%
Austin, TX	4.6	%	6.0	%	51.8	%	46.8	%	48.8	%	43.2	%


Total/Weighted Avg.	4.4	%	6.3	%	56.8	%	56.0	%	49.5	%	48.5	%

Percentage of Total Repriced Homes	51.8	%	48.2	%

	2Q 2016		2Q 2015
Total Combined New and Renewal Lease Rate Growth	5.3	%	7.4	%

(1) See Attachment 16 for definitions and other terms.
(2) 2Q16 same-store home count: 34,179. YTD 2016 same-store home count: 34,017.






Attachment 9(A)

UDR, Inc.
Development Summary (1) (2)
June 30, 2016
(Dollars in Thousands)
(Unaudited)
Wholly-Owned

															Schedule				Percentage
		# of			Compl.	Cost to		Budgeted		Est. Cost			Project				Initial
Community	Location	Homes			Homes	Date		Cost		per Home			Debt		Start		Occ.	Compl.	Leased		Occupied
Projects Under Construction
The Residences at Pacific City	Huntington Beach, CA	516			—	$	176,707	$	342,000	$	663		$	—	2Q15		2Q17	1Q18	—		—
345 Harrison Street	Boston, MA	585			—	62,231		366,500		626		(3)	—		1Q16		3Q18	1Q19	—		—
Total		1,101			—	$	238,938	$	708,500	$	644		$	—

Completed Projects, Non-Stabilized
N/A	N/A	—			—	$	—	$	—	$	—		$	—	N/A		N/A	N/A	—		—
Total - Wholly Owned		1,101			—	$	238,938	$	708,500	$	644		$	—


Net Operating Income From Wholly-Owned Projects													UDR's Capitalized Interest on Wholly-Owned Development Projects
		2Q 16													2Q 16
Projects Under Construction		$	(75	)											$	2,006
Completed, Non-Stabilized		—
Total		$	(75	)



Unconsolidated Joint Ventures and Partnerships (8)
															Schedule				Percentage
		Own.			# of	Compl.		Cost to		Budgeted			Project				Initial
Community	Location	Interest			Homes	Homes		Date (9)		Cost			Debt (10)		Start		Occ.	Compl.	Leased		Occupied
Projects Under Construction
Residences on Jamboree	Irvine, CA	50		%	381	—		$	96,954	$	125,000		$	30,386	3Q14		3Q16	1Q17	—		—
3033 Wilshire	Los Angeles, CA	50		%	190	—		95,777		107,000		(5)	33,627		4Q14		4Q16	1Q17	—		—
Verve Mountain View	Mountain View, CA	50		%	155	—		58,759		99,000		(6)	14,129		1Q15		1Q17	2Q17	—		—
Crescent Heights	Los Angeles, CA	50		%	150	—		31,941		126,000		(7)	—		2Q16		3Q18	3Q18	—		—
Total					876	—		$	283,431	$	457,000		$	78,142

Completed Projects, Non-Stabilized
399 Fremont	San Francisco, CA	51		%	447	447		$	315,149	$	317,700	(4)	$	157,859	1Q14		1Q16	2Q16	49.9	%	42.5	%
Total - Unconsolidated Joint Ventures and Partnerships					1,323	447		$	598,580	$	774,700		$	236,001


													UDR's Capitalized Interest on Unconsolidated Development Projects
															2Q 16
															$	1,080


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



(1) See Attachment 16 for definitions and other terms.
(2) The development summary above includes all communities under development that UDR wholly owns or owns an interest in through an unconsolidated joint venture.
(3) Includes 35,200 square feet of retail space.
(4) Includes 3,800 square feet of retail space.
(5) Includes 5,500 square feet of retail space.
(6) Includes 4,500 square feet of retail space.
(7) Includes 6,000 square feet of retail space.
(8) Unconsolidated developments are presented at 100%.
(9) Cost to Date includes land using the fair value established at joint venture formation versus historical cost and excludes UDR outside basis differences.
(10) Debt balances are presented net of deferred financing costs.






Attachment 9(B)

UDR, Inc.
Preferred Equity and Participating Loan Investments (1)
June 30, 2016
(Dollars in Thousands)
(Unaudited)
Preferred Equity Investments

								UDR		UDR
		Own.		# of	Compl.	Going-in		Investment		Share of		Schedule						Percentage
Community	Location	Interest		Homes	Homes	Valuation		Cost		Debt		Start		Compl.		Stabilization (2)		Leased		Occupied
Projects Under Construction

West Coast Development JV (2)
12th & Olive (3)(6)	Los Angeles, CA	47	%	293	—	$	129,360	$	33,698	$	19,055	2Q14		3Q16		4Q17		—		—
Katella Grand II	Anaheim, CA	49	%	386	—	114,660		24,176		—		4Q14		2Q17		2Q18		—		—
Total				679	—	$	244,020	$	57,874	$	19,055

Completed Projects, Non-Stabilized
West Coast Development JV (2)
8th & Republican (3)(4)	Seattle, WA	48	%	211	211	$	97,020	$	23,971	$	19,869	3Q14		2Q16		2Q17		46.9	%	37.0	%
Katella Grand I	Anaheim, CA	49	%	399	399	137,935		34,268		29,669		4Q13		2Q16		2Q17		65.2	%	58.4	%
CityLine (5)	Seattle, WA	49	%	244	244	$	80,360	20,214		18,313		3Q14		2Q16		3Q16		86.9	%	84.4	%
Total - Preferred Equity Investments				1,533	854	$	559,335	$	136,327	$	86,906



Participating Loan Investment

				# of	Compl.	Cost to		Budgeted		Loan		Loan
Community	Location			Homes	Homes	Date		Cost		Commitment (9)		Balance (9)		Leased		Occupied
Steele Creek (7)(8)	Denver, CO			218	218	$	109,930	$	109,950	$	93,458	$	93,902	95.4	%	91.3	%
Total				218	218	$	109,930	$	109,950	$	93,458	$	93,902









(1) See Attachment 16 for definitions and other terms.
(2) In May 2015, UDR agreed to pay $136 million, net of debt, to acquire a 48% weighted average ownership interest in a $559 million, West Coast Development joint venture consisting of five communities in various stages of construction. UDR receives a 6.5% preferred return on our equity investment cost until stabilization. Our partner assumes all economics until stabilization. Upon stabilization, economics will be shared between UDR and our partner. UDR has the option to purchase each property at a fixed price one year after completion at an all-in option price of $597 million. A community is considered stabilized when it reaches 80% occupancy for ninety consecutive days.
(3) A small ownership interest in 8th & Republican and 12th & Olive is held by an additional co-investor.
(4) Includes 13,600 square feet of retail space.
(5) UDR will have an option to acquire an interest in the second phase that is adjacent to the first phase.
(6) Includes 15,500 square feet of retail space.
(7) Includes 17,000 square feet of retail space. Refer to Attachment 12 for terms of our participating loan investment.
(8) UDR's participating loan is reflected as investment in and advances to unconsolidated joint ventures on the Consolidated Balance Sheets and net income/(loss) from unconsolidated entities on the Consolidated Statements of Operations in accordance with GAAP. UDR has the option to purchase the property 25 months after completion of construction, which occured in April 2015, and receive 50% of the value created from the project upon acquisition of the community or sale to a third party.
(9) Loan commitment represents loan principal and therefore excludes accrued interest. Loan balance includes interest accrued at 6.5% prior to the period end.






Attachment 10

UDR, Inc.
Redevelopment Summary (1)
June 30, 2016
(Dollars in Thousands)
(Unaudited)
Wholly-Owned
				Sched.
			# of	Redev.	Compl.	Cost to		Budgeted		Est. Cost		Schedule				Percentage
Community	Location		Homes	Homes	Homes	Date		Cost (2)		per Home		Acq.	Start	Compl.	Same-Store (3)	Leased		Occupied
Projects in Redevelopment

Edgewater (5)	San Francisco, CA		193	97	45	$	2,561	$	9,000	$	47	1Q08	4Q15	1Q17	2Q18	92.8	%	90.2	%
Borgata Apartment Homes	Bellevue, WA		71	71	62	4,085		4,400		62		2Q07	4Q15	1Q17	2Q18	95.8	%	80.3	%
Coronado (6)	Newport Beach, CA		1,447	(4)	(4)	11,790		24,000		17		(6)	1Q16	1Q17	2Q18	95.4	%	93.8	%
Residences at the Domain	Austin, TX		390	311	126	2,316		8,000		21		3Q08	1Q16	1Q17	2Q18	90.3	%	87.2	%
Total			2,101	479	233	$	20,752	$	45,400	$	22

Completed Redevelopments, Non-Stabilized

N/A	N/A		—	—	—	$	—	$	—	$	—	N/A	N/A	N/A	N/A	—		—
Total - Wholly Owned			2,101	479	233	$	20,752	$	45,400	$	22


Capitalized Interest on Redevelopment Projects
	2Q 16
	$	89

			Projected Weighted Average Return on Incremental Capital Invested:					7.0% to 9.0%


(1) See Attachment 16 for definitions and other terms.
(2) Represents UDR's incremental capital invested in the projects.
(3) Estimated Same-Store quarter represents the quarter UDR anticipates contributing the community to the QTD same-store pool.
(4) Redevelopment projects will not impact the interior of the individual homes. The projects include renovation of building exteriors, corridors, and common area amenities.
(5) Redevelopment project consists of interior home improvements and renovation of building exteriors, corridors, and common area amenities.
(6) Includes Coronado at Newport - North which was acquired in October 2004 and Coronado South which was acquired in March 2005.

Attachment 11

UDR, Inc.

Land Summary (1)

June 30, 2016

(Dollars in Thousands)

(Unaudited)

UDR Ownership

Real Estate

UDR Pro-Rata

Parcel

Location

Interest

Cost Basis

Status Update (2)

Design

Hold for Future

Entitlements

Development

Wholly-Owned

7 Harcourt (3)

Boston, MA

100%

6,763

Complete

In Process

Vitruvian Park^®

Addison, TX

100%

13,843

Complete

In Process

Total

20,606

Real Estate

UDR Pro-Rata

Cost Basis (4)

Unconsolidated Joint Ventures and Partnerships

UDR/MetLife I - 3 parcels (5)

Various

70,450

3,463

In Process

UDR/MetLife Land - 6 parcels

Addison, TX

50%

52,029

26,015

Complete

In Process

Total

122,479

29,478

Total

143,085

50,084

Capitalized Interest on Land Projects

2Q 16

611

Income from Ground Lease

Real Estate

Wholly-Owned Ground Lease

Cost Basis

2Q 2016

YTD 2016

Wilshire LaJolla (6)

Los Angeles, CA

100

31,096

(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) Cost basis includes land using the fair value established at joint venture formation versus historical cost and excludes UDR outside basis differences.

(5) Parcels are located in Bellevue, WA; Los Angeles, CA; and Dublin, CA.

(6) In June 2016, the Company increased its ownership interest in the parcel of land from 50% to 100%. Subsequent to the acquisition, UDR entered into a triple-net operating ground lease, to lease the land to a third-party developer. Annual lease revenue is expected to be approximately $2.6 million. The lease term is 49 years plus two 25-year extension options, and the ground lease provides the ground lessee with options to buy the fee interest in the property.






Attachment 12

UDR, Inc.
Unconsolidated Joint Venture Summary (1)
June 30, 2016
(Dollars in Thousands)
(Unaudited)
Portfolio Characteristics

			# of								Physical		Total Rev. per			Net Operating Income
	Property		Comm. /			# of			Own.		Occupancy		Occ. Home			UDR's Share						Total
Joint Venture and Partnerships	Type		Parcels			Homes (7)			Interest		2Q 16		2Q 16 (1)			2Q 2016			YTD 2016			YTD 2016 (2)
UDR / MetLife
Operating communities	Various		24			5,885			50	%	95.5	%	$	2,874		$	16,615		$	32,997		$	65,944
Non-Mature	High-rise		1			151			50	%	86.6	%	3,904			410			327			653
Development communities	Various		5			447			(4)		30.4	%	4,548			205			68			129
Land parcels (11)			9			—			(5)		—		—			(10		)	(17		)	(93		)
UDR / KFH	High-rise		3			660			30	%	97.0	%	2,598			1,059			2,118			7,060
Total/Weighted Average			42			7,143					91.4	%	$	2,916		$	18,279		$	35,493		$	73,693



Balance Sheet Characteristics and Returns

	Gross Book Value										Weighted
	of JV Real		Total Project			UDR's Equity					Avg. Debt		Debt			Returns (8)
Joint Venture and Partnerships	Estate Assets (6)		Debt (6)			Investment					Interest Rate		Maturities			ROIC			ROE
UDR / MetLife
Operating communities	$	2,436,275	$	1,271,642		$	470,497				4.45	%	2018-2025
Non-Mature	105,662		35,337			25,619					4.87	%	2018-2021
Development communities	614,300		236,001			176,549					2.83	%	2018
Land parcels	122,479		—			4,209					N/A		N/A
UDR / KFH	284,535		164,426			15,126					3.15	%	2016-2025
Total/Weighted Average	$	3,563,251	$	1,707,406		$	692,000				4.11	%				5.7		%	7.1		%



Same-Store Unconsolidated Joint Venture Growth

	Same-Store
	Joint Venture		2Q 2016 vs. 2Q 2015 Growth										2Q 2016 vs. 1Q 2016 Growth
Joint Venture	Communities (6)		Revenue			Expense			NOI				Revenue			Expense			NOI
UDR / MetLife	24		2.0		%	1.7		%	2.2	%			1.1		%	0.6		%	1.3		%
UDR / KFH	3		3.7		%	4.1		%	3.5	%			1.2		%	4.2		%	-0.1		%
Total/Average	27		2.2		%	1.9		%	2.3	%			1.1		%	0.9		%	1.2		%

									NOI										NOI
Same-Store JV Results at UDR's Pro-rata Ownership Interest									2.2	%									1.2		%

	Same-Store
	Joint Venture		YTD 2016 vs. YTD 2015 Growth
Joint Venture	Communities (6)		Revenue			Expense			NOI
UDR / MetLife	24		2.5		%	4.2		%	1.7	%
UDR / KFH	3		2.8		%	2.7		%	2.8	%
Total/Average	27		2.5		%	4.1		%	1.8	%

									NOI
Same-Store JV Results at UDR's Pro-rata Ownership Interest									1.7	%


Participating Loan Investment
													Income from Participating
			Interest			Years to							Loan Investment						Upside
	UDR's Investment		Rate			Maturity							2Q 2016			YTD 2016			Participation
Steele Creek (9)	$	93,902	6.5		%	1.1							$	1,560		$	3,079		50		%


Preferred Equity Investment
													Income from Preferred
	UDR's Equity		Preferred										Equity Investment (3)
	Investment (10)		Return										2Q 2016			YTD 2016
West Coast Development JV (9)	$	147,501	6.5		%								$	2,230		$	4,327

(1) See Attachment 16 for definitions and other terms.
(2) Represents NOI at 100 percent for the period ended June 30, 2016.
(3) Excludes depreciation expense.
(4) Includes 399 Fremont of which UDR owns 51.0%, Residences on Jamboree of which UDR owns 50.1%, 3033 Wilshire of which UDR owns 50.0%, Verve Mountain View of which UDR owns 50.1% and Crescent Heights of which UDR owns 50.0%.
(5) See summary of unconsolidated land parcels on Attachment 11.
(6) Joint ventures and partnerships represented at 100%.
(7) Includes homes completed for the period ended June 30, 2016.
(8) Excludes non-stabilized developments.
(9) See Attachment 9(B) for additional details of our participating loan and preferred equity investments.
(10) UDR's equity investment of $147.5 million is inclusive of outside basis and our accrued preferred return, which differs from our upfront investment cost of $136.3 million in Attachment 9(B).
(11) Crescent Heights moved into Development communities and Wilshire at LaJolla was acquired 100% by UDR as noted on Attachments 11 and 13.






Attachment 13

UDR, Inc.
Acquisitions and Dispositions Summary (1)
June 30, 2016
(Dollars in Thousands)
(Unaudited)

				Post
			Prior	Transaction
			Ownership	Ownership					# of	Price per
Date of Purchase	Community	Location	Interest	Interest	Price (2)		Debt (2)		Homes	Home

Acquisitions - Wholly-Owned Land

Jun-16	Wilshire at LaJolla (3)	Los Angeles, CA	50%	100%	$	38,000	$	—	—	$	—
					$	38,000	$	—	—	$	—










				Post
			Prior	Transaction
			Ownership	Ownership					# of	Price per
Date of Sale	Community	Location	Interest	Interest	Price (2)		Debt (2)		Homes	Home

Dispositions - Consolidated Joint Ventures Land

Feb-16	2919 Wilshire	Santa Monica, CA	95%	0%	$	10,500	$	—	—	$	—
Mar-16	3032 Wilshire	Santa Monica, CA	95%	0%	13,500		—		—	—
					$	24,000	$	—	—	$	—


Dispositions - Wholly-Owned

May-16	Bellevue Plaza (4)	Bellevue, WA	100%	0%	$	45,350	$	—	—	$	—
					$	45,350	$	—	—	$	—












(1) See Attachment 16 for definitions and other terms.
(2) Price represents 100% of the value of assets. Debt represents 100% of the asset's indebtedness.
(3) Subsequent to the acquisition, UDR entered into a triple-net operating ground lease, to lease the land to a third-party developer. Annual lease revenue is expected to be approximately $2.6 million. The lease term is 49 years plus two 25-year extension options, and the ground lease provides the ground lessee with options to buy the fee interest in the property.
(4) Consists of 60,000 square feet of retail space.






Attachment 14

UDR, Inc.
Capital Expenditure and Repair and Maintenance Summary (1)
June 30, 2016
(Dollars in Thousands)
(Unaudited)

		Three Months				Six Months
	Weighted Avg.	Ended		Cost		Ended		Cost
Category (Capitalized)	Useful Life (yrs) (2)	June 30, 2016		per Home		June 30, 2016		per Home
Capital Expenditures for Consolidated Homes (3)
Average number of homes (4)		40,728				40,728
Recurring Cap Ex
Asset preservation
Building interiors	5 - 20	$	4,054	$	100	$	6,963	$	171
Building exteriors	5 - 20	2,557		63		3,635		89
Landscaping and grounds	10	1,370		34		1,882		46
Total asset preservation		7,981		196		12,480		306
Turnover related	5	3,071		75		5,533		136
Total Recurring Cap Ex		11,052		271		18,013		442
Revenue Enhancing Cap Ex (5)
Kitchen & Bath		4,470		110		6,180		152
Revenue Enhancing		9,468		232		14,929		367
Total Revenue Enhancing Cap Ex	5 - 20	13,938		342		21,109		518

Total Recurring and Revenue Enhancing Cap Ex		$	24,990	$	614	$	39,122	$	961

One-Time Infrastructure Cap Ex	5 - 35	$	559	$	—	$	1,196	$	—


		Three Months				Six Months
		Ended		Cost		Ended		Cost
Category (Expensed)		June 30, 2016		per Home		June 30, 2016		per Home
Repair and Maintenance for Consolidated Homes
Average number of homes (4)		40,728				40,728
Contract services		$	4,975	$	122	$	9,537	$	234
Turnover related expenses		905		22		1,774		44
Other Repair and Maintenance
Building interiors		1,646		40		3,217		79
Building exteriors		416		10		773		19
Landscaping and grounds		176		4		938		23
Total		$	8,118	$	199	$	16,239	$	399

(1) See Attachment 16 for definitions and other terms.
(2) Weighted average useful life of capitalized expenses for the three months ended June 30, 2016.
(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 2016 Guidance (1)
June 30, 2016
(Unaudited)

Net Income, FFO and AFFO per Share and Unit Guidance
	3Q 2016	Full-Year 2016	Prior Guidance
Income/(loss) per weighted average common share, diluted	$0.04 to $0.07	$0.23 to $0.27	$0.20 to $0.26
FFO per common share and unit, diluted	$0.44 to $0.46	$1.76 to $1.80	$1.75 to $1.81
FFO as Adjusted per common share and unit, diluted	$0.44 to $0.46	$1.77 to $1.80	$1.75 to $1.81
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted	$0.39 to $0.41	$1.61 to $1.64	$1.59 to $1.65
Annualized dividend per share and unit		$1.18	$1.18


Same-Store Guidance		Full-Year 2016	Prior Guidance
Revenue growth		5.50% - 6.00%	5.50% - 6.00%
Expense growth		3.00% - 3.50%	3.00% - 3.50%
NOI growth		6.50% - 7.00%	6.50% - 7.00%
Physical occupancy		96.6%	96.6%
Same-Store homes		34,017	34,017


Sources of Funds ($ in millions)		Full-Year 2016	Prior Guidance
Sales Proceeds and Debt and Equity Issuances		$650 to $750	$550 to $700
Construction Loan Proceeds		$100 to $125	$100 to $125


Uses of Funds ($ in millions)		Full-Year 2016	Prior Guidance
Debt maturities inclusive of principal amortization (weighted average interest rate of 4.6%)		$326	$266
Development and redevelopment spending and land acquisitions		$400 to $500	$450 to $550
Acquisitions		$100 to $200	$0 to $100


Other Additions/(Deductions) ($ in millions except per home amounts)		Full-Year 2016	Prior Guidance
Consolidated interest expense, net of capitalized interest		($121) to ($125)	($121) to ($125)
Capitalized interest (2)		$14 to $18	$14 to $18
General and administrative (3)		($48) to ($52)	($50) to ($54)
Tax benefit for TRS		$1 to $2	$1 to $2
Total joint venture FFO, including fee income (net of adjustments for FFO as Adjusted)		$60 to $65	$60 to $65
Non-recurring items:
Disposition related gains and non-recurring fees included in FFO		$1.7 to $2.5	$1.7 to $2.5
Long-term incentive plan transition costs		$1	$1 to $2
Average stabilized homes		40,700	40,700
Recurring capital expenditures per home		$1,150	$1,150
Revenue enhancing capital expenditures		$21 to $23	$21 to $23
Kitchen & Bath capital expenditures		$13 to $17	$13 to $17
One-time infrastructure capital expenditures		$2 to $3	$2 to $3


(1) See Attachment 16 for definitions and other terms.
(2) Excludes capitalized interest on joint venture and partnership level debt, which is included in the guidance for "Total joint venture FFO, including fee income" above.
(3) Includes an estimated $10 million to $12 million of long-term incentive plan compensation expense, including $1 million related to program transition expense.







Attachment 16(A)

UDR, Inc.
Definitions and Reconciliations
June 30, 2016
(Unaudited)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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






Attachment 16(B)

UDR, Inc.
Definitions and Reconciliations
June 30, 2016
(Unaudited)

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

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

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

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

In thousands				2Q 2016			YTD 2016
Income/(loss) from unconsolidated entities				$	325		$	1,004
Management fee				1,132			2,237
Interest expense				8,310			16,192
Depreciation				12,299			22,649
General and administrative				239			399
West Coast Development JV				(2,230		)	(4,327		)
Steele Creek				(1,560		)	(3,079		)
Other income/expense (includes 717 Olympic casualty expense)				(236		)	418
Total Joint Venture NOI at UDR's Pro-Rata Ownership Interest				$	18,279		$	35,493

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/(loss) on the sale of real estate owned, and TRS income tax.

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

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

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

In thousands	2Q 2016			1Q 2016			4Q 2015			3Q 2015			2Q 2015
Net income/(loss) attributable to UDR, Inc.	$	17,946		$	10,393		$	162,200		$	13,291		$	86,855
Property management	6,494			6,379			6,445			5,988			5,851
Other operating expenses	1,892			1,752			3,534			2,639			1,769
Real estate depreciation and amortization	105,937			105,339			104,909			90,568			90,344
Interest expense	30,678			31,104			33,170			30,232			29,673
Casualty-related (recoveries)/charges, net	1,629			—			(45		)	541			843
General and administrative	10,835			13,844			17,993			15,824			13,721
Tax (benefit)/provision, net	(402		)	(403		)	(1,424		)	(633		)	(1,404		)
(Income)/loss from unconsolidated entities	(325		)	(679		)	(1,052		)	(2,691		)	573
Interest income and other (income)/expense, net	(540		)	(431		)	(407		)	(402		)	(382		)
Joint venture management and other fees	(2,618		)	(2,858		)	(3,253		)	(3,653		)	(3,098		)
Other depreciation and amortization	1,486			1,553			1,899			1,457			1,700
(Gain)/loss on sale of real estate owned, net of tax	(7,315		)	(3,070		)	(172,635		)	—			(79,042		)
Net income/(loss) attributable to noncontrolling interests	1,618			1,211			14,963			404			3,029
Total consolidated NOI	$	167,315		$	164,134		$	166,297		$	153,565		$	150,432







Attachment 16(C)

UDR, Inc.
Definitions and Reconciliations
June 30, 2016
(Unaudited)


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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






Attachment 16(D)

UDR, Inc.
Definitions and Reconciliations
June 30, 2016
(Unaudited)

All guidance is based on current expectations of future economic conditions and the judgment of the Company's management team. The following reconciles from GAAP Net income/(loss) per share for full year 2016 and third quarter of 2016 to forecasted FFO, FFO as Adjusted and AFFO per share and unit:


	Full-Year 2016
	Low			High
Forecasted net income per diluted share	$	0.23		$	0.27
Conversion from GAAP share count	(0.02		)	(0.02		)
Net gain on the sale of depreciable real estate owned	(0.03		)	(0.03		)
Depreciation	1.58			1.58
Noncontrolling interests	(0.01		)	(0.01		)
Preferred dividends	0.01			0.01
Forecasted FFO per diluted share and unit	$	1.76		$	1.80
Disposition-related FFO	(0.01		)	(0.01		)
Long-term incentive plan transition costs	—			—
Casualty-related (recoveries)/charges	0.01			0.01
Forecasted FFO as Adjusted per diluted share and unit	$	1.77		$	1.80
Recurring capital expenditures	(0.16		)	(0.16		)
Forecasted AFFO per diluted share and unit	$	1.61		$	1.64

	3Q 2016
	Low			High
Forecasted net income per diluted share	$	0.04		$	0.07
Conversion from GAAP share count	—			(0.01		)
Depreciation	0.40			0.40
Noncontrolling interests	—			—
Preferred dividends	—			—
Forecasted FFO per diluted share and unit	$	0.44		$	0.46
Disposition-related FFO	—			—
Long-term incentive plan transition costs	—			—
Casualty-related (recoveries)/charges	—			—
Forecasted FFO as Adjusted per diluted share and unit	$	0.44		$	0.46
Recurring capital expenditures	(0.05		)	(0.05		)
Forecasted AFFO per diluted share and unit	$	0.39		$	0.41