Form 8-K - Current report

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): October 26, 2023

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))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01	UDR	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On October 26, 2023, UDR, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended September 30, 2023. 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 October 26, 2023.
99.2		Supplemental Financial Information dated October 26, 2023.
104		Cover Page Interactive Data File – The cover page XBRL tags are embedded within the Inline XBRL document

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.

October 26, 2023	By:	/s/ Joseph D. Fisher
		Joseph D. Fisher
		President and Chief Financial Officer
		(Principal Financial Officer)


				Exhibit 99.1
Press Release
DENVER, CO – October 26, 2023				Contact: Trent Trujillo
				Email: ttrujillo@udr.com

UDR ANNOUNCES THIRD QUARTER 2023 RESULTS

AND UPDATES FULL-YEAR 2023 GUIDANCE

UDR, Inc. (the “Company”) (NYSE: UDR), announced today its third quarter 2023 results. Net Income, Funds from Operations (“FFO”), FFO as Adjusted (“FFOA”), and Adjusted FFO (“AFFO”) per diluted share for the quarter ended September 30, 2023 are detailed below.


	Quarter Ended September 30
Metric	3Q 2023 Actual	3Q 2023 Guidance	3Q 2022 Actual	$ Change vs. Prior Year Period	% Change vs. Prior Year Period
Net Income per diluted share	$0.10	$0.13 to $0.15	$0.07	$0.03	43%
FFO per diluted share	$0.61	$0.62 to $0.64	$0.57	$0.04	7%
FFOA per diluted share	$0.63	$0.62 to $0.64	$0.60	$0.03	5%
AFFO per diluted share	$0.55	$0.56 to $0.58	$0.54	$0.01	2%

●

Same-Store (“SS”) results for the third quarter 2023 versus the third quarter 2022 and the second quarter 2023 are summarized below.


	Concessions reflected on a straight-line basis:		Concessions reflected on a cash basis:
SS Growth / (Decline)	Year-Over-Year (“YOY”): 3Q 2023 vs. 3Q 2022	Sequential: 3Q 2023 vs. 2Q 2023	YOY: 3Q 2023 vs. 3Q 2022	Sequential: 3Q 2023 vs. 2Q 2023
Revenue	5.3%	2.3%	5.0%	2.0%
Expense	3.4%	3.9%	3.4%	3.9%
Net Operating Income (“NOI”)	6.1%	1.6%	5.7%	1.2%

●

During the third quarter,

o

As previously announced, the Company acquired a six community portfolio in Texas (four in Dallas and two in Austin) totaling 1,753 apartment homes and valued at approximately $402.2 million.

o

As previously announced, the Company repurchased 0.6 million shares of its common stock at a weighted average price per share of $40.13 for total consideration of approximately $25.0 million.

o

The Company achieved stabilized occupancy at 5421 at Dublin Station, a $126.9 million, 220-home apartment community developed in the Dublin submarket of the San Francisco Bay Area.

●

Subsequent to quarter end, the Company published its fifth annual ESG report and concurrently announced that it earned the Regional Sector Leader designation from GRESB.

“Our third quarter FFOA per diluted share met the guidance we provided in July, as the nation’s employment situation remained resilient and relative affordability versus other forms of housing continued to favor apartments,” said Tom Toomey, UDR’s Chairman and CEO. “Recent operating trends across the industry have been softer than typical due to all-time high levels of new supply, leading us to lower our expectation for FFOA per diluted share during the fourth quarter to a midpoint of $0.63 versus the $0.65 that was implied by our prior full-year 2023 guidance. Nevertheless, we believe UDR is well positioned due to our diversified portfolio, investment grade balance sheet, and unique operating initiatives that will differentiate our growth profile moving forward.”

Outlook⁽¹⁾

As shown in the table below, the Company has established guidance ranges for the fourth quarter 2023 and has updated its prior full-year 2023 Net Income per share, FFO per share, FFOA per share, AFFO per share, and same-store growth guidance ranges.


	4Q 2023 Outlook	3Q 2023 Actual	Prior Full-Year 2023 Outlook	Updated Full-Year 2023 Outlook	Full-Year 2023 Midpoint (change)
Net Income per diluted share	$0.08 to $0.10	$0.10	$1.35 to $1.39	$1.32 to $1.34	$1.33 (-$0.04)
FFO per diluted share	$0.62 to $0.64	$0.61	$2.48 to $2.52	$2.45 to $2.47	$2.46 (-$0.04)
FFOA per diluted share	$0.62 to $0.64	$0.63	$2.47 to $2.51	$2.46 to $2.48	$2.47 (-$0.02)
AFFO per diluted share	$0.56 to $0.58	$0.55	$2.24 to $2.28	$2.23 to $2.25	$2.24 (-$0.02)
YOY Growth: concessions reflected on a straight-line basis:
SS Revenue	N/A	5.3%	6.25% to 7.25%	5.75% to 6.25%	6.00% (-0.75%)
SS Expense	N/A	3.4%	4.0% to 5.5%	4.50% to 5.00%	4.75% (unch)
SS NOI	N/A	6.1%	6.75% to 8.25%	6.50% to 7.00%	6.75% (-0.75%)
YOY Growth: concessions reflected on a cash basis:
SS Revenue	N/A	5.0%	6.0% to 7.0%	5.40% to 5.90%	5.65% (-0.85%)
SS NOI	N/A	5.7%	6.5% to 8.0%	6.00% to 6.50%	6.25% (-1.00%)

⁽¹⁾

Additional assumptions for the Company’s fourth quarter and full-year 2023 outlook can be found on Attachment 14 of the Company’s related quarterly Supplemental Financial Information (“Supplement”). A reconciliation of FFO per share, FFOA per share, and AFFO per share to GAAP Net Income per share can be found on Attachment 15(D) of the Company’s related quarterly Supplement. Non-GAAP financial measures and other terms, as used in this earnings release, are defined and further explained on Attachments 15(A) through 15(D), “Definitions and Reconciliations,” of the Company’s related quarterly Supplement.

Third Quarter 2023 Results and Fourth Quarter 2023 Expectations

In the third quarter, total revenue increased by $18.8 million YOY, or 4.8 percent, to $410.1 million. This increase was primarily attributable to growth in revenue from Same-Store communities and past accretive external growth investments.

“Continued strength in renewal lease rate growth, occupancy, incremental income from our innovative operating initiatives, and positive rent collection trends enabled us to achieve 2.3 percent sequential same-store revenue growth on a straight-line basis in the third quarter,” said Mike Lacy, UDR’s Senior Vice President of Operations. “Resident financial health remains resilient but elevated new apartment supply is resulting in less robust pricing power than we had previously expected for the latter part of the third quarter and into the fourth quarter. As a result, we anticipate that effective lease rate growth for the fourth quarter will be below historical norms and our prior expectations, with October to-date blended lease rate growth approximating 1 percent.”

In the tables below, the Company has presented YOY, sequential, and year-to-date (“YTD”) Same-Store results by region, with concessions accounted for on both cash and straight-line bases.

Summary of Same-Store Results in Third Quarter 2023 versus Third Quarter 2022

				⁽¹⁾
Region	Revenue Growth / (Decline)	Expense Growth / (Decline)	NOI Growth / (Decline)	% of Same-Store Portfolio⁽¹⁾	Physical Occupancy⁽²⁾	YOY Change in Occupancy
West	3.9%	4.4%	3.7%	30.9%	96.7%	0.2%
Mid-Atlantic	4.8%	4.6%	4.9%	21.0%	96.9%	0.2%
Northeast	6.9%	5.1%	7.9%	18.2%	96.7%	(0.3)%
Southeast	6.0%	3.1%	7.3%	14.2%	96.4%	(0.1)%
Southwest	3.2%	(5.6)%	8.9%	9.0%	96.8%	0.1%
Other Markets	5.0%	8.0%	3.8%	6.7%	96.6%	(0.2)%
Total (Cash)	5.0%	3.4%	5.7%	100.0%	96.7%	0.0%
Total (Straight-Line)	5.3%	3.4%	6.1%	-	-	-

⁽¹⁾	Based on 3Q 2023 Same-Store NOI. For definitions of terms, please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplement.

⁽²⁾	Weighted average Same-Store physical occupancy for the quarter.

Summary of Same-Store Results in Third Quarter 2023 versus Second Quarter 2023

				⁽¹⁾
Region	Revenue Growth / (Decline)	Expense Growth / (Decline)	NOI Growth / (Decline)	% of Same-Store Portfolio⁽¹⁾	Physical Occupancy⁽²⁾	Sequential Change in Occupancy
West	2.4%	2.9%	2.2%	30.9%	96.7%	0.3%
Mid-Atlantic	2.4%	3.2%	2.1%	21.0%	96.9%	0.0%
Northeast	2.6%	7.3%	0.3%	18.2%	96.7%	(0.4)%
Southeast	0.7%	1.7%	0.2%	14.2%	96.4%	0.1%
Southwest	1.1%	0.3%	1.6%	9.0%	96.8%	0.5%
Other Markets	1.3%	11.0%	(2.3)%	6.7%	96.6%	0.0%
Total (Cash)	2.0%	3.9%	1.2%	100.0%	96.7%	0.1%
Total (Straight-Line)	2.3%	3.9%	1.6%	-	-	-

⁽¹⁾	Based on 3Q 2023 Same-Store NOI. For definitions of terms, please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplement.

⁽²⁾	Weighted average Same-Store physical occupancy for the quarter.

Summary of Same-Store Results YTD 2023 versus YTD 2022

				⁽¹⁾
Region	Revenue Growth / (Decline)	Expense Growth / (Decline)	NOI Growth / (Decline)	% of Same-Store Portfolio⁽¹⁾	Physical Occupancy⁽²⁾	YOY Change in Occupancy
West	5.0%	5.4%	4.8%	31.2%	96.5%	(0.1)%
Mid-Atlantic	5.7%	5.1%	5.9%	21.2%	96.8%	(0.2)%
Northeast	8.5%	5.8%	10.0%	17.4%	97.0%	(0.3)%
Southeast	9.5%	6.7%	10.8%	14.3%	96.2%	(0.7)%
Southwest	6.9%	2.9%	9.4%	9.0%	96.6%	(0.5)%
Other Markets	5.9%	4.7%	6.4%	6.9%	96.7%	(0.2)%
Total (Cash)	6.7%	5.2%	7.3%	100.0%	96.6%	(0.3)%
Total (Straight-Line)	7.4%	5.2%	8.4%	-	-	-

⁽¹⁾	Based on YTD 2023 Same-Store NOI. For definitions of terms, please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplement.

⁽²⁾	Weighted average Same-Store physical occupancy for the quarter.

Transactional Activity

As previously announced, during the quarter, the Company acquired a portfolio of six communities in Texas totaling 1,753 apartment homes in exchange for $172.8 million of UDR Operating Partnership Units issued at $47.50 per unit, $20.0 million in cash, and the assumption of $209.4 million of below market debt at a weighted average coupon rate of 3.8 percent with a weighted average of 6.3 years to maturity.

The transaction is expected to be cash flow neutral in year one and accretive in year two as operating initiatives are implemented. The transaction is expected to be dilutive to FFOA per share in 2023 due to negative non-cash debt mark-to-market adjustments related to the significantly below-market-rate debt being assumed.

Development Activity and Other Projects

During the quarter, the Company achieved stabilized occupancy at 5421 at Dublin Station, a $126.9 million, 220-home apartment community the Company developed in the Dublin submarket of the San Francisco Bay Area.

At the end of the third quarter, the Company’s development pipeline totaled $187.5 million and was 74 percent funded, with only $48.4 million remaining to fund. The Company’s active development pipeline includes two communities, one each in the Addison submarket of Dallas, TX, and Tampa, FL, for a combined 415 apartment homes.

At the end of the third quarter, the Company’s redevelopment pipeline of 2,313 apartment homes totaled $105.0 million and was 34 percent funded.

Developer Capital Program (“DCP”) Portfolio

At the end of the third quarter, the Company’s commitments under its DCP platform totaled $520.9 million with a contractual weighted average return rate of 9.9 percent and a weighted average estimated remaining term of 2.9 years.

Capital Markets and Balance Sheet Activity

“With minimal committed forward funding obligations, strong next 3-year liquidity, and our ability to source capital through joint venture and OP unit transactions, we can utilize our investment grade balance sheet and continue to opportunistically grow the Company to enhance stakeholder returns,” said Joe Fisher, UDR’s President and Chief Financial Officer.

During the quarter, the Company repurchased 0.6 million shares of its common stock at a weighted average price per share of $40.13 for total consideration of approximately $25.0 million.

The Company’s total indebtedness as of September 30, 2023 was $5.8 billion with no remaining consolidated maturities until 3Q 2024, excluding principal amortization and amounts on the Company’s commercial paper program. As of September 30, 2023, the Company had $970.0 million of liquidity through a combination of cash and undrawn capacity on its credit facilities. Please see Attachment 14 of the Company’s related quarterly Supplement for additional details on projected capital sources and uses.

In the table below, the Company has presented select balance sheet metrics for the quarter ended September 30, 2023 and the comparable prior year period.


	Quarter Ended September 30
Balance Sheet Metric	3Q 2023	3Q 2022	Change
Weighted Average Interest Rate	3.37%	3.06%	0.31%
Weighted Average Years to Maturity⁽¹⁾	5.9	6.7	(0.8)
Consolidated Fixed Charge Coverage Ratio	5.2x	5.3x	(0.1)x
Consolidated Debt as a percentage of Total Assets	32.8%	33.7%	(0.9)%
Consolidated Net Debt-to-EBITDAre	5.7x	6.0x	(0.3)x

(1)

If the Company’s commercial paper balance was refinanced using its line of credit, the weighted average years to maturity would have been 6.0 years without extensions and 6.1 years with extensions for 3Q 2023 and 7.0 years without extensions and 7.1 years with extensions for 3Q 2022.

ESG

Subsequent to quarter end, the Company published its fifth annual ESG report, which detailed the Company’s ongoing best-in-class commitment to engaging in socially responsible ESG activities including establishing science-based emissions reduction targets that should contribute to a lower-carbon future. Concurrently, the Company announced that it earned the Regional Sector Leader designation from GRESB resulting from the Company’s 2023 GRESB survey score of 87. In addition, the Company’s GRESB Public Disclosure rating is “A”, the fifth consecutive year UDR has achieved such a distinction.

Dividend

As previously announced, the Company’s Board of Directors declared a regular quarterly dividend on its common stock for the third quarter 2023 in the amount of $0.42 per share. The dividend will be paid in cash on October 31, 2023 to UDR common shareholders of record as of October 10, 2023. The third quarter 2023 dividend will represent the 204^th consecutive quarterly dividend paid by the Company on its common stock.

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 12:00 p.m. Eastern Time on October 27, 2023, to discuss third quarter results as well as high-level views for 2023. 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 877-423-9813 for domestic and 201-689-8573 for international. A passcode is not necessary.

Given a high volume of conference calls occurring during this time of year, delays are anticipated when connecting to the live call. As a result, stakeholders and interested parties are encouraged to utilize the Company’s webcast link for its earnings results discussion.

A replay of the conference call will be available through November 27, 2023, by dialing 844-512-2921 for domestic and 412-317-6671 for international and entering the confirmation number, 13741777, when prompted for the passcode. A replay of the call will also be available on UDR's website at ir.udr.com.

Full Text of the Earnings Report and Supplemental Data

The full text of the earnings report and related quarterly Supplement will be available on the Company’s website at ir.udr.com.

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, general market and economic conditions, unfavorable changes in the apartment market and economic conditions that could adversely affect occupancy levels and rental rates, the impact of inflation/deflation on rental rates and property operating expenses, the availability of capital and the stability of the capital markets, rising interest rates, 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 or at expected rent and occupancy levels, changes in job growth, home affordability and demand/supply ratio for multifamily housing, development and construction risks that may impact profitability, risks that joint ventures with third parties and DCP investments do not perform as expected, the failure of automation or technology to help grow net operating income, and other risk factors discussed in documents filed by the Company with the SEC from time to time, including the Company's Annual Report on Form 10-K and the Company's

Quarterly Reports on Form 10-Q. Actual results may differ materially from those described in the forward-looking statements. These forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this press release, and the Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in the Company's expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required under the U.S. securities laws.

About UDR, Inc.

UDR, Inc. (NYSE: UDR), an S&P 500 company, is a leading multifamily real estate investment trust with a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive real estate communities in targeted U.S. markets. As of September 30, 2023, UDR owned or had an ownership position in 60,177 apartment homes including 415 homes under development. For over 51 years, UDR has delivered long-term value to shareholders, the best standard of service to Residents and the highest quality experience for Associates.

Exhibit 99.2

Financial Highlights

UDR, Inc.

As of End of Third Quarter 2023

(Unaudited) (1)


	Actual Results	Actual Results	Guidance for
Dollars in thousands, except per share and unit	3Q 2023	YTD 2023	4Q 2023	Full-Year 2023

GAAP Metrics
Net income/(loss) attributable to UDR, Inc.	$32,858	$411,367	--	--
Net income/(loss) attributable to common stockholders	$31,637	$407,741	--	--
Income/(loss) per weighted average common share, diluted	$0.10	$1.24	$0.08 to $0.10	$1.32 to $1.34

Per Share Metrics
FFO per common share and unit, diluted	$0.61	$1.83	$0.62 to $0.64	$2.45 to $2.47
FFO as Adjusted per common share and unit, diluted	$0.63	$1.84	$0.62 to $0.64	$2.46 to $2.48
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted	$0.55	$1.67	$0.56 to $0.58	$2.23 to $2.25
Dividend declared per share and unit	$0.42	$1.26	$0.42	$1.68 (2)

Same-Store Operating Metrics
Revenue growth/(decline) (Cash basis)	5.0%	6.7%	--	5.40% to 5.90%
Revenue growth/(decline) (Straight-line basis)	5.3%	7.4%	--	5.75% to 6.25%
Expense growth	3.4%	5.2%	--	4.50% to 5.00%
NOI growth/(decline) (Cash basis)	5.7%	7.3%	--	6.00% to 6.50%
NOI growth/(decline) (Straight-line basis)	6.1%	8.4%	--	6.50% to 7.00%
Physical Occupancy	96.7%	96.6%	--	--


Property Metrics	Homes	Communities	% of Total NOI
Same-Store	52,291	156	90.7%
Stabilized, Non-Mature	1,033	4	1.4%
Acquired Communities	1,753	6	0.8%
Development	520	2	0.4%
Non-Residential / Other	N/A	N/A	1.7%
Joint Venture (3)	4,165	17	5.0%
Total completed homes	59,762	185	100%
Under Development	415	2	-
Total Quarter-end homes (3)(4)	60,177	187	100%


Balance Sheet Metrics (adjusted for non-recurring items)	3Q 2023	3Q 2022
Consolidated Interest Coverage Ratio	5.3x	5.4x
Consolidated Fixed Charge Coverage Ratio	5.2x	5.3x
Consolidated Debt as a percentage of Total Assets	32.8%	33.7%
Consolidated Net Debt-to-EBITDAre	5.7x	6.0x

(1)	See Attachment 15 for definitions, other terms and reconciliations.

(2)	Annualized for 2023.

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

(4)	Excludes 6,988 homes that are part of the Developer Capital Program as described in Attachment 11(B).

Attachment 1

Consolidated Statements of Operations

(Unaudited) (1)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
In thousands, except per share amounts	2023		2022		2023		2022

REVENUES:
Rental income (2)	$	408,359	$	390,023	$	1,209,764	$	1,113,952
Joint venture management and other fees		1,772		1,274		4,464		3,778
Total revenues		410,131		391,297		1,214,228		1,117,730

OPERATING EXPENSES:
Property operating and maintenance		71,599		66,769		205,294		185,658
Real estate taxes and insurance		58,104		58,236		173,590		164,788
Property management		13,271		12,675		39,317		36,203
Other operating expenses		4,611		3,746		11,902		13,485
Real estate depreciation and amortization		167,551		166,781		505,776		497,987
General and administrative		15,159		15,840		49,091		47,333
Casualty-related charges/(recoveries), net		(1,928)		901		3,362		1,210
Other depreciation and amortization		3,692		3,430		11,022		9,521
Total operating expenses		332,059		328,378		999,354		956,185

Gain/(loss) on sale of real estate owned		-		-		325,885		-
Operating income		78,072		62,919		540,759		161,545

Income/(loss) from unconsolidated entities (2)		5,508		10,003		24,912		4,186
Interest expense		(44,664)		(39,905)		(133,519)		(112,653)
Interest income and other income/(expense), net		(3,069)		(7,495)		8,388		(6,934)

Income/(loss) before income taxes		35,847		25,522		440,540		46,144
Tax (provision)/benefit, net		(428)		(377)		(2,013)		(1,032)

Net Income/(loss)		35,419		25,145		438,527		45,112
Net (income)/loss attributable to redeemable noncontrolling interests in the OP and DownREIT Partnership		(2,554)		(1,533)		(27,137)		(2,684)
Net (income)/loss attributable to noncontrolling interests		(7)		(7)		(23)		(34)

Net income/(loss) attributable to UDR, Inc.		32,858		23,605		411,367		42,394
Distributions to preferred stockholders - Series E (Convertible)		(1,221)		(1,106)		(3,626)		(3,307)

Net income/(loss) attributable to common stockholders	$	31,637	$	22,499	$	407,741	$	39,087


Income/(loss) per weighted average common share - basic:		$0.10		$0.07		$1.24		$0.12
Income/(loss) per weighted average common share - diluted:		$0.10		$0.07		$1.24		$0.12

Common distributions declared per share		$0.42		$0.38		$1.26		$1.14

Weighted average number of common shares outstanding - basic		328,760		324,701		328,835		320,378
Weighted average number of common shares outstanding - diluted		329,201		325,686		329,283		321,629

(1)	See Attachment 15 for definitions and other terms.

(2)	As of September 30, 2023, UDR's residential accounts receivable balance, net of its reserve, was $9.2 million, including its share from unconsolidated joint ventures. The unreserved amount is based on probability of collection.

Attachment 2

Funds From Operations

(Unaudited) (1)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
In thousands, except per share and unit amounts	2023		2022			2023	2022

Net income/(loss) attributable to common stockholders	$	31,637	$	22,499	$	407,741	$	39,087

Real estate depreciation and amortization		167,551		166,781		505,776		497,987
Noncontrolling interests		2,561		1,540		27,160		2,718
Real estate depreciation and amortization on unconsolidated joint ventures		13,149		7,457		29,329		22,570
Net gain on the sale of depreciable real estate owned, net of tax		-		-		(324,770)		-
Funds from operations ("FFO") attributable to common stockholders and unitholders, basic	$	214,898	$	198,277	$	645,236	$	562,362

Distributions to preferred stockholders - Series E (Convertible) (2)		1,221		1,106		3,626		3,307

FFO attributable to common stockholders and unitholders, diluted	$	216,119	$	199,383	$	648,862	$	565,669

FFO per weighted average common share and unit, basic	$	0.61	$	0.57	$	1.84	$	1.64
FFO per weighted average common share and unit, diluted	$	0.61	$	0.57	$	1.83	$	1.63

Weighted average number of common shares and OP/DownREIT Units outstanding, basic		351,271		346,175		350,534		341,892
Weighted average number of common shares, OP/DownREIT Units, and common stock
equivalents outstanding, diluted		354,620		350,078		353,890		346,061

Impact of adjustments to FFO:
Variable upside participation on DCP, net	$	-	$	-	$	(204)	$	(10,622)
Legal and other		364		10		(894)		1,493
Realized (gain)/loss on real estate technology investments, net of tax		520		376		1,372		(7,748)
Unrealized (gain)/loss on real estate technology investments, net of tax		7,411		9,589		(1,551)		45,896
Casualty-related charges/(recoveries), net		(1,928)		901		3,362		1,210
Total impact of adjustments to FFO	$	6,367	$	10,876	$	2,085	$	30,229

FFO as Adjusted attributable to common stockholders and unitholders, diluted	$	222,486	$	210,259	$	650,947	$	595,898

FFO as Adjusted per weighted average common share and unit, diluted	$	0.63	$	0.60	$	1.84	$	1.72

Recurring capital expenditures		(27,139)		(20,383)		(60,784)		(50,598)
AFFO attributable to common stockholders and unitholders, diluted	$	195,347	$	189,876	$	590,163	$	545,300

AFFO per weighted average common share and unit, diluted	$	0.55	$	0.54	$	1.67	$	1.58

(1)	See Attachment 15 for definitions and other terms.

(2)

Series E cumulative convertible preferred shares are dilutive for purposes of calculating FFO per share for the three and nine months ended September 30, 2023 and September 30, 2022. Consequently, distributions to Series E cumulative convertible preferred stockholders are added to FFO and the weighted average number of Series E cumulative convertible preferred shares are included in the denominator when calculating FFO per common share and unit, diluted.

Attachment 3

Consolidated Balance Sheets

(Unaudited) (1)


	September 30,		December 31,
In thousands, except share and per share amounts	2023		2022

ASSETS

Real estate owned:
Real estate held for investment	$	15,779,481	$	15,365,928
Less: accumulated depreciation		(6,117,312)		(5,762,205)
Real estate held for investment, net		9,662,169		9,603,723
Real estate under development
(net of accumulated depreciation of $0 and $296)		139,143		189,809
Real estate held for disposition
(net of accumulated depreciation of $0 and $0)		-		14,039
Total real estate owned, net of accumulated depreciation		9,801,312		9,807,571

Cash and cash equivalents		1,624		1,193
Restricted cash		30,831		29,001
Notes receivable, net		209,297		54,707
Investment in and advances to unconsolidated joint ventures, net		963,927		754,446
Operating lease right-of-use assets		191,499		194,081
Other assets		221,572		197,471
Total assets	$	11,420,062	$	11,038,470

LIABILITIES AND EQUITY

Liabilities:
Secured debt	$	1,238,240	$	1,052,281
Unsecured debt		4,514,582		4,435,022
Operating lease liabilities		186,701		189,238
Real estate taxes payable		68,900		37,681
Accrued interest payable		27,071		46,671
Security deposits and prepaid rent		50,571		51,999
Distributions payable		149,615		134,213
Accounts payable, accrued expenses, and other liabilities		125,979		153,220
Total liabilities		6,361,659		6,100,325

Redeemable noncontrolling interests in the OP and DownREIT Partnership		907,269		839,850

Equity:
Preferred stock, no par value; 50,000,000 shares authorized at September 30, 2023 and December 31, 2022:
2,686,308 shares of 8.00% Series E Cumulative Convertible issued
and outstanding (2,686,308 shares at December 31, 2022)		44,614		44,614
11,891,530 shares of Series F outstanding (12,100,514 shares at December 31, 2022)		1		1
Common stock, $0.01 par value; 450,000,000 shares authorized at September 30, 2023 and December 31, 2022:
328,904,161 shares issued and outstanding (328,993,088 shares at December 31, 2022)		3,289		3,290
Additional paid-in capital		7,487,515		7,493,423
Distributions in excess of net income		(3,392,855)		(3,451,587)
Accumulated other comprehensive income/(loss), net		8,360		8,344
Total stockholders' equity		4,150,924		4,098,085
Noncontrolling interests		210		210
Total equity		4,151,134		4,098,295
Total liabilities and equity	$	11,420,062	$	11,038,470

(1)	See Attachment 15 for definitions and other terms.

Attachment 4(A)

Selected Financial Information

(Unaudited) (1)


	September 30,	December 31,
Common Stock and Equivalents	2023	2022

Common shares	328,904,161	328,993,088
Restricted unit and common stock equivalents	(109,291)	599,681
Operating and DownREIT Partnership units	24,541,210	21,123,826
Series E cumulative convertible preferred shares (2)	2,908,323	2,908,323
Total common shares, OP/DownREIT units, and common stock equivalents	356,244,403	353,624,918




Weighted Average Number of Shares Outstanding	3Q 2023	3Q 2022

Weighted average number of common shares and OP/DownREIT units outstanding - basic	351,271,063	346,175,497
Weighted average number of OP/DownREIT units outstanding	(22,510,842)	(21,474,486)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations	328,760,221	324,701,011

Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted	354,619,703	350,078,343
Weighted average number of OP/DownREIT units outstanding	(22,510,842)	(21,474,486)
Weighted average number of Series E cumulative convertible preferred shares outstanding	(2,908,323)	(2,918,020)
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations	329,200,538	325,685,837


	Year-to-Date 2023	Year-to-Date 2022

Weighted average number of common shares and OP/DownREIT units outstanding - basic	350,534,474	341,892,125
Weighted average number of OP/DownREIT units outstanding	(21,699,061)	(21,514,125)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations	328,835,413	320,378,000

Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted	353,890,829	346,060,633
Weighted average number of OP/DownREIT units outstanding	(21,699,061)	(21,514,125)
Weighted average number of Series E cumulative convertible preferred shares outstanding	(2,908,323)	(2,918,091)
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations	329,283,445	321,628,417

(1)	See Attachment 15 for definitions and other terms.

(2)	At September 30, 2023 and December 31, 2022 there were 2,686,308 of Series E cumulative convertible preferred shares outstanding, which is equivalent to 2,908,323 shares of common stock if converted (after adjusting for the special dividend paid in 2008).

Attachment 4(B)

Selected Financial Information

September 30, 2023

(Unaudited) (1)


										Weighted	Weighted
										Average	Average Years
Debt Structure, In thousands					Balance				% of Total	Interest Rate	to Maturity (2)

Secured		Fixed			$	1,214,110			21.1%	3.48%	4.9
		Floating				27,000			0.5%	4.42%	8.5
		Combined				1,241,110			21.6%	3.50%	5.0

Unsecured		Fixed				4,115,644	(3)		71.4%	3.06%	6.7
		Floating				406,700			7.0%	5.63%	0.1
		Combined				4,522,344			78.4%	3.29%	6.1

Total Debt		Fixed				5,329,754			92.5%	3.15%	6.3
		Floating				433,700			7.5%	5.56%	0.6
		Combined				5,763,454			100.0%	3.33%	5.9
		Total Non-Cash Adjustments (4)				(10,632)
		Total per Balance Sheet			$	5,752,822				3.37%



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

2023	$	359	$	-	$	380,000		$	380,359	6.6%	5.59%
2024		97,578		15,644		26,700			139,922	2.4%	4.42%
2025		178,568		-		-			178,568	3.1%	3.69%
2026		56,665		300,000		-			356,665	6.2%	2.96%
2027		6,931		650,000		-			656,931	11.4%	3.67%
2028		166,518		300,000		-			466,518	8.1%	3.72%
2029		315,802		300,000		-			615,802	10.7%	3.93%
2030		230,759		600,000		-			830,759	14.4%	3.34%
2031		160,930		600,000		-			760,930	13.2%	2.92%
2032		27,000		400,000		-			427,000	7.4%	2.25%
Thereafter		-		950,000		-			950,000	16.5%	2.35%
		1,241,110		4,115,644		406,700			5,763,454	100.0%	3.33%
Total Non-Cash Adjustments (4)		(2,870)		(7,762)		-			(10,632)
Total per Balance Sheet	$	1,238,240	$	4,107,882	$	406,700		$	5,752,822		3.37%

(1)	See Attachment 15 for definitions and other terms.

(2)

The 2023 maturity reflects the $380.0 million of principal outstanding at an interest rate of 5.59%, the equivalent of SOFR plus a spread of 27 basis points, on the Company’s unsecured commercial paper program as of September 30, 2023. Under the terms of the program the Company may issue up to a maximum aggregate amount outstanding of $700.0 million. If the commercial paper was refinanced using the line of credit, the weighted average years to maturity would be 6.1 years with extensions and 6.0 years without extensions.

(3)

Includes the following amount of floating rate debt that has been fixed using interest rate swaps: $350.0 million at a weighted average all-in rate of 3.36% until January 2024, $262.5 million at a weighted average all-in rate of 2.68% from January 2024 until July 2024, and $175.0 million of floating rate debt at a weighted average all-in rate of 1.43% from July 2024 until July 2025.

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

(5)	Includes principal amortization, as applicable.

(6)	There were no borrowings outstanding on our $1.3 billion line of credit at September 30, 2023. The facility has a maturity date of January 2026, plus two six-month extension options and currently carries an interest rate equal to adjusted SOFR plus 75.5 basis points.

(7)	There was $26.7 million outstanding on our $75.0 million working capital credit facility at September 30, 2023. The facility has a maturity date of January 2024. The working capital credit facility currently carries an interest rate equal to adjusted SOFR plus 77.5 basis points.

Attachment 4(C)

Selected Financial Information

(Dollars in Thousands)

(Unaudited) (1)

Quarter Ended

Coverage Ratios

September 30, 2023

Net income/(loss)

35,419

Adjustments:

Interest expense, including debt extinguishment and other associated costs

44,664

Real estate depreciation and amortization

167,551

Other depreciation and amortization

3,692

Tax provision/(benefit), net

428

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

17,327

EBITDAre

269,081

Casualty-related charges/(recoveries), net

(1,928)

Legal and other costs

364

Unrealized (gain)/loss on real estate technology investments

8,292

Realized (gain)/loss on real estate technology investments

(Income)/loss from unconsolidated entities

(5,508)

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

(17,327)

Management fee expense on unconsolidated joint ventures

(744)

Consolidated EBITDAre - adjusted for non-recurring items

252,284

Annualized consolidated EBITDAre - adjusted for non-recurring items

1,009,136

Interest expense, including debt extinguishment and other associated costs

44,664

Capitalized interest expense

2,629

Total interest

47,293

Preferred dividends

1,221

Total debt

5,752,822

Cash

(1,624)

Net debt

5,751,198

Consolidated Interest Coverage Ratio - adjusted for non-recurring items

5.3x

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

5.2x

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

5.7x

Debt Covenant Overview

Unsecured Line of Credit Covenants (2)

Required

Actual

Compliance

Maximum Leverage Ratio

≤60.0%

31.0% (2)

Yes

Minimum Fixed Charge Coverage Ratio

≥1.5x

5.1x

Yes

Maximum Secured Debt Ratio

≤40.0%

9.9%

Yes

Minimum Unencumbered Pool Leverage Ratio

≥150.0%

385.0%

Yes

Senior Unsecured Note Covenants (3)

Required

Actual

Compliance

Debt as a percentage of Total Assets

≤65.0%

32.9% (3)

Yes

Consolidated Income Available for Debt Service to Annual Service Charge

≥1.5x

5.6x

Yes

Secured Debt as a percentage of Total Assets

≤40.0%

7.1%

Yes

Total Unencumbered Assets to Unsecured Debt

≥150.0%

319.3%

Yes

Securities Ratings

Debt

Outlook

Commercial Paper

Moody's Investors Service

Baa1

Stable

P-2

S&P Global Ratings

BBB+

Stable

A-2

Gross

% of

Number of

3Q 2023 NOI (1)

Carrying Value

Total Gross

Asset Summary

Homes

($000s)

% of NOI

($000s)

Carrying Value

Unencumbered assets

46,321

243,522

87.4%

13,791,559

86.6%

Encumbered assets

9,276

35,134

12.6%

2,127,065

13.4%

55,597

278,656

100.0%

15,918,624

100.0%

(1)	See Attachment 15 for definitions and other terms.

(2)	As defined in our credit agreement dated September 15, 2021, as amended.

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

Attachment 5

Operating Information

(Unaudited) (1)


	Total	Quarter Ended		Quarter Ended		Quarter Ended		Quarter Ended		Quarter Ended
Dollars in thousands	Homes	September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022		September 30, 2022
Revenues
Same-Store Communities	52,291	$	385,551	$	377,950	$	373,561	$	373,357	$	367,346
Stabilized, Non-Mature Communities	1,033		6,690		6,452		6,126		5,409		3,354
Acquired Communities	1,753		3,752		-		-		-		-
Development Communities	520		3,198		1,958		829		290		5
Non-Residential / Other (2)	-		9,168		7,643		8,511		9,611		9,317
Total	55,597	$	408,359	$	394,003	$	389,027	$	388,667	$	380,022

Expenses
Same-Store Communities		$	119,410	$	114,907	$	112,159	$	111,606	$	115,479
Stabilized, Non-Mature Communities			2,735		2,433		2,800		2,427		1,752
Acquired Communities			1,440		-		-		-		-
Development Communities			1,971		1,780		1,421		1,140		424
Non-Residential / Other (2)			4,147		4,649		3,888		3,614		4,649
Total (3)		$	129,703	$	123,769	$	120,268	$	118,787	$	122,304

Net Operating Income
Same-Store Communities		$	266,141	$	263,043	$	261,402	$	261,751	$	251,867
Stabilized, Non-Mature Communities			3,955		4,019		3,326		2,982		1,602
Acquired Communities			2,312		-		-		-		-
Development Communities			1,227		178		(592)		(850)		(419)
Non-Residential / Other (2)			5,021		2,994		4,623		5,997		4,668
Total		$	278,656	$	270,234	$	268,759	$	269,880	$	257,718

Operating Margin
Same-Store Communities			69.0%		69.6%		70.0%		70.1%		68.6%

Weighted Average Physical Occupancy
Same-Store Communities			96.7%		96.6%		96.5%		96.7%		96.7%
Stabilized, Non-Mature Communities			95.7%		95.5%		91.4%		82.3%		60.2%
Acquired Communities			94.7%		-		-		-		-
Development Communities			76.6%		47.8%		26.8%		18.6%		-
Other (4)			-		-		96.7%		97.3%		96.9%
Total			96.4%		96.1%		95.8%		96.1%		96.3%

Sold and Held for Disposition Communities
Revenues	-	$	-	$	9,095	$	9,280	$	9,745	$	10,001
Expenses (3)			-		2,608		2,536		2,739		2,701
Net Operating Income/(Loss)		$	-	$	6,487	$	6,744	$	7,006	$	7,300

Total	55,597	$	278,656	$	276,721	$	275,503	$	276,886	$	265,018

(1)	See Attachment 15 for definitions and other terms.

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

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

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

Attachment 6

Same-Store Operating Expense Information

(Dollars in Thousands)

(Unaudited) (1)


	% of 3Q 2023
	SS Operating
Year-Over-Year Comparison	Expenses	3Q 2023		3Q 2022		% Change

Personnel	13.9%	$	16,550	$	15,520	6.6%
Utilities	14.2%		16,921		15,762	7.4%
Repair and maintenance	20.7%		24,729		22,892	8.0%
Administrative and marketing	6.8%		8,077		7,808	3.4%
Controllable expenses	55.6%		66,277		61,982	6.9%

Real estate taxes	39.1%	$	46,814	$	46,583	0.5%
Insurance	5.3%		6,319		6,914	-8.6%
Same-Store operating expenses	100.0%	$	119,410	$	115,479	3.4%

Same-Store Homes	52,291



	% of 3Q 2023
	SS Operating
Sequential Comparison	Expenses	3Q 2023		2Q 2023		% Change

Personnel	13.9%	$	16,550	$	16,120	2.7%
Utilities	14.2%		16,921		15,994	5.8%
Repair and maintenance	20.7%		24,729		23,166	6.7%
Administrative and marketing	6.8%		8,077		7,645	5.7%
Controllable expenses	55.6%		66,277		62,925	5.3%

Real estate taxes	39.1%	$	46,814	$	45,838	2.1%
Insurance	5.3%		6,319		6,144	2.9%
Same-Store operating expenses	100.0%	$	119,410	$	114,907	3.9%

Same-Store Homes	52,291




	% of YTD 2023
	SS Operating
Year-to-Date Comparison	Expenses	YTD 2023		YTD 2022		% Change

Personnel (2)	13.4%	$	45,858	$	45,718	0.3%
Utilities	14.4%		49,563		44,128	12.3%
Repair and maintenance	19.9%		68,523		61,500	11.4%
Administrative and marketing	6.6%		22,752		21,365	6.5%
Controllable expenses	54.3%		186,696		172,711	8.1%

Real estate taxes	40.3%	$	138,260	$	134,029	3.2%
Insurance	5.4%		18,539		19,634	-5.6%
Same-Store operating expenses	100.0%	$	343,495	$	326,374	5.2%

Same-Store Homes	51,858

(1)	See Attachment 15 for definitions and other terms.

(2)	Personnel for YTD 2023 includes a refundable payroll tax credit of $3.7 million related to the Employee Retention Credit program.

Attachment 7(A)

Apartment Home Breakout

Portfolio Overview as of Quarter Ended

September 30, 2023

(Unaudited) (1)


				Unconsolidated		Revenue Per
			Total	Joint Venture	Total	Occupied
	Same-Store	Non-Mature	Consolidated	Operating	Homes	Home
	Homes	Homes (2)	Homes	Homes (3)	(incl. JV) (3)	(Incl. JV at Share)(4)
West Region
Orange County, CA	4,305	-	4,305	701	5,006	$	3,065
San Francisco, CA	2,780	356	3,136	602	3,738		3,610
Seattle, WA	2,702	-	2,702	284	2,986		2,820
Monterey Peninsula, CA	1,567	-	1,567	-	1,567		2,324
Los Angeles, CA	1,225	-	1,225	340	1,565		3,316
	12,579	356	12,935	1,927	14,862

Mid-Atlantic Region
Metropolitan DC	9,033	300	9,333	360	9,693		2,351
Baltimore, MD	2,221	-	2,221	-	2,221		1,925
Richmond, VA	1,359	-	1,359	-	1,359		1,892
	12,613	300	12,913	360	13,273

Northeast Region
Boston, MA	4,667	-	4,667	614	5,281		3,107
New York, NY	2,318	-	2,318	710	3,028		4,843
	6,985	-	6,985	1,324	8,309

Southeast Region
Tampa, FL	3,877	-	3,877	-	3,877		2,134
Orlando, FL	3,493	-	3,493	-	3,493		1,942
Nashville, TN	2,260	-	2,260	-	2,260		1,781
	9,630	-	9,630	-	9,630

Southwest Region
Dallas, TX	5,813	1,550	7,363	-	7,363		1,791
Austin, TX	1,272	608	1,880	-	1,880		1,851
	7,085	2,158	9,243	-	9,243

Other Markets (5)	3,399	492	3,891	554	4,445		2,622

Totals	52,291	3,306	55,597	4,165	59,762	$	2,554

Communities (6)	156	12	168	17	185

		Homes	Communities
Total completed homes		59,762	185
Under Development (7)		415	2

Total Quarter-end homes and communities		60,177	187

(1)	See Attachment 15 for definitions and other terms.

(2)	Represents homes included in Stabilized, Non-Mature, Acquired, Development, Redevelopment and Non-Residential/Other Communities categories on Attachment 5. Excludes development homes not yet completed and Sold and Held for Disposition Communities.

(3)	Represents joint venture operating homes at 100 percent. Excludes joint venture held for disposition communities. See Attachment 11(A) for UDR's joint venture and partnership ownership interests.

(4)	Represents joint ventures at UDR's ownership interests. Excludes joint venture held for disposition communities. See Attachment 11(A) for UDR's joint venture and partnership ownership interests.

(5)	Other Markets include Denver (510 homes), Palm Beach (636 homes), Inland Empire (658 homes), San Diego (163 wholly owned, 264 JV homes), Portland (752 homes) and Philadelphia (1,172 wholly owned, 290 JV homes).

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

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

Attachment 7(B)

Non-Mature Home Summary and Net Operating Income by Market

September 30, 2023

(Unaudited) (1)


Non-Mature Home Breakout - By Date


Community	Category	# of Homes	Market	Same-Store Quarter (2)


HQ	Stabilized, Non-Mature	136	San Francisco, CA	2Q24

The George Apartments	Stabilized, Non-Mature	200	Philadelphia, PA	2Q24

Vitruvian West Phase 3	Stabilized, Non-Mature	405	Dallas, TX	2Q24

Cirrus	Stabilized, Non-Mature	292	Denver, CO	3Q24

Central Square at Frisco	Acquired	298	Dallas, TX	4Q24

Villaggio	Acquired	272	Dallas, TX	4Q24

Lofts at Palisades	Acquired	343	Dallas, TX	4Q24

Flats at Palisades	Acquired	232	Dallas, TX	4Q24

Estancia Villas	Acquired	312	Austin, TX	4Q24

Palo Verde	Acquired	296	Austin, TX	4Q24

5421 at Dublin Station	Development	220	San Francisco, CA	1Q25

The MO	Development	300	Washington, DC	2Q25

Total		3,306


Net Operating Income Breakout By Market

	As a % of NOI			As a % of NOI
Region	Same-Store	Total	Region	Same-Store	Total
West Region			Southeast Region
Orange County, CA	11.1%	11.0%	Tampa, FL	6.0%	5.5%
San Francisco, CA	7.5%	8.2%	Orlando, FL	5.0%	4.5%
Seattle, WA	6.1%	6.3%	Nashville, TN	3.2%	2.9%
Monterey Peninsula, CA	3.1%	2.8%		14.2%	12.9%
Los Angeles, CA	3.1%	3.3%	Southwest Region
	30.9%	31.6%	Dallas, TX	7.3%	7.8%
Mid-Atlantic Region			Austin, TX	1.7%	1.8%
Metropolitan DC	15.9%	15.1%		9.0%	9.6%
Baltimore, MD	3.0%	2.7%
Richmond, VA	2.1%	1.9%	Other Markets (3)	6.7%	7.6%
	21.0%	19.7%
Northeast Region
Boston, MA	11.3%	11.0%
New York, NY	6.9%	7.6%
	18.2%	18.6%	Total	100.0%	100.0%

(1)	See Attachment 15 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)	See Attachment 7(A), footnote 5 for details regarding location of the Other Markets.

Attachment 8(A)

Same-Store Operating Information By Major Market

Current Quarter vs. Prior Year Quarter

September 30, 2023

(Unaudited) (1)



		% of Same-	Same-Store
	Total	Store Portfolio
	Same-Store	Based on	Physical Occupancy			Total Revenue per Occupied Home
	Homes	3Q 2023 NOI	3Q 23	3Q 22	Change	3Q 23		3Q 22		Change

West Region
Orange County, CA	4,305	11.1%	96.8%	96.1%	0.7%	$	3,065	$	2,900	5.7%
San Francisco, CA	2,780	7.5%	96.3%	96.5%	-0.2%		3,557		3,437	3.5%
Seattle, WA	2,702	6.1%	97.3%	96.9%	0.4%		2,823		2,858	-1.2%
Monterey Peninsula, CA	1,567	3.1%	96.4%	96.3%	0.1%		2,324		2,183	6.5%
Los Angeles, CA	1,225	3.1%	95.9%	96.7%	-0.8%		3,159		3,048	3.6%
	12,579	30.9%	96.7%	96.5%	0.2%		3,038		2,931	3.7%

Mid-Atlantic Region
Metropolitan DC	9,033	15.9%	97.2%	96.8%	0.4%		2,360		2,262	4.3%
Baltimore, MD	2,221	3.0%	95.6%	95.7%	-0.1%		1,925		1,830	5.2%
Richmond, VA	1,359	2.1%	97.0%	97.2%	-0.2%		1,892		1,806	4.8%
	12,613	21.0%	96.9%	96.7%	0.2%		2,234		2,137	4.5%

Northeast Region
Boston, MA	4,667	11.3%	96.3%	96.6%	-0.3%		3,143		2,990	5.1%
New York, NY	2,318	6.9%	97.6%	97.7%	-0.1%		4,780		4,349	9.9%
	6,985	18.2%	96.7%	97.0%	-0.3%		3,691		3,444	7.2%

Southeast Region
Tampa, FL	3,877	6.0%	96.6%	96.7%	-0.1%		2,134		2,032	5.0%
Orlando, FL	3,493	5.0%	96.0%	95.9%	0.1%		1,942		1,806	7.5%
Nashville, TN	2,260	3.2%	96.5%	97.0%	-0.5%		1,781		1,684	5.8%
	9,630	14.2%	96.4%	96.5%	-0.1%		1,982		1,868	6.1%

Southwest Region
Dallas, TX	5,813	7.3%	96.9%	96.6%	0.3%		1,792		1,736	3.2%
Austin, TX	1,272	1.7%	96.1%	97.3%	-1.2%		1,942		1,886	3.0%
	7,085	9.0%	96.8%	96.7%	0.1%		1,819		1,763	3.2%

Other Markets	3,399	6.7%	96.6%	96.8%	-0.2%		2,584		2,456	5.2%

Total/Weighted Avg.	52,291	100.0%	96.7%	96.7%	0.0%	$	2,542	$	2,422	5.0%

(1)	See Attachment 15 for definitions and other terms.

Attachment 8(B)

Same-Store Operating Information By Major Market

Current Quarter vs. Prior Year Quarter

September 30, 2023

(Unaudited) (1)


			Same-Store ($000s)

	Total
	Same-Store	Revenues					Expenses					Net Operating Income
	Homes	3Q 23		3Q 22		Change	3Q 23		3Q 22		Change	3Q 23		3Q 22		Change

West Region
Orange County, CA	4,305	$	38,321	$	35,990	6.5%	$	8,675	$	8,274	4.8%	$	29,646	$	27,716	7.0%
San Francisco, CA	2,780		28,554		27,506	3.8%		8,469		7,881	7.5%		20,085		19,625	2.3%
Seattle, WA	2,702		22,266		22,446	-0.8%		6,081		6,111	-0.5%		16,185		16,335	-0.9%
Monterey Peninsula, CA	1,567		10,534		9,881	6.6%		2,349		2,255	4.2%		8,185		7,626	7.3%
Los Angeles, CA	1,225		11,135		10,831	2.8%		3,012		2,867	5.1%		8,123		7,964	2.0%
	12,579		110,810		106,654	3.9%		28,586		27,388	4.4%		82,224		79,266	3.7%

Mid-Atlantic Region
Metropolitan DC	9,033		62,152		59,320	4.8%		19,863		18,963	4.7%		42,289		40,357	4.8%
Baltimore, MD	2,221		12,265		11,671	5.1%		4,278		4,026	6.3%		7,987		7,645	4.5%
Richmond, VA	1,359		7,481		7,157	4.5%		1,836		1,842	-0.3%		5,645		5,315	6.2%
	12,613		81,898		78,148	4.8%		25,977		24,831	4.6%		55,921		53,317	4.9%

Northeast Region
Boston, MA	4,667		42,371		40,441	4.8%		12,279		11,981	2.5%		30,092		28,460	5.7%
New York, NY	2,318		32,442		29,545	9.8%		14,038		13,054	7.5%		18,404		16,491	11.6%
	6,985		74,813		69,986	6.9%		26,317		25,035	5.1%		48,496		44,951	7.9%

Southeast Region
Tampa, FL	3,877		23,975		22,849	4.9%		8,061		7,990	0.9%		15,914		14,859	7.1%
Orlando, FL	3,493		19,540		18,145	7.7%		6,244		5,712	9.3%		13,296		12,433	7.0%
Nashville, TN	2,260		11,651		11,072	5.2%		3,187		3,260	-2.2%		8,464		7,812	8.3%
	9,630		55,166		52,066	6.0%		17,492		16,962	3.1%		37,674		35,104	7.3%

Southwest Region
Dallas, TX	5,813		30,284		29,242	3.6%		10,777		11,021	-2.2%		19,507		18,221	7.1%
Austin, TX	1,272		7,122		7,001	1.7%		2,637		3,182	-17.1%		4,485		3,819	17.4%
	7,085		37,406		36,243	3.2%		13,414		14,203	-5.6%		23,992		22,040	8.9%

Other Markets	3,399		25,458		24,249	5.0%		7,624		7,060	8.0%		17,834		17,189	3.8%

Total (2)	52,291	$	385,551	$	367,346	5.0%	$	119,410	$	115,479	3.4%	$	266,141	$	251,867	5.7%

(1)	See Attachment 15 for definitions and other terms.

(2)	With concessions reflected on a straight-line basis, Same-Store Revenue and Same-Store NOI increased year-over-year by 5.3% and 6.1%, respectively. See Attachment 15(C) for definitions and reconciliations.

Attachment 8(C)

Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

September 30, 2023

(Unaudited) (1)


		Same-Store
	Total
	Same-Store	Physical Occupancy			Total Revenue per Occupied Home
	Homes	3Q 23	2Q 23	Change	3Q 23		2Q 23		Change

West Region
Orange County, CA	4,305	96.8%	96.3%	0.5%	$	3,065	$	2,998	2.2%
San Francisco, CA	2,780	96.3%	96.4%	-0.1%		3,557		3,470	2.5%
Seattle, WA	2,702	97.3%	97.1%	0.2%		2,823		2,823	0.0%
Monterey Peninsula, CA	1,567	96.4%	95.7%	0.7%		2,324		2,235	4.0%
Los Angeles, CA	1,225	95.9%	96.3%	-0.4%		3,159		3,072	2.8%
	12,579	96.7%	96.4%	0.3%		3,038		2,977	2.0%

Mid-Atlantic Region
Metropolitan DC	9,033	97.2%	97.2%	0.0%		2,360		2,309	2.2%
Baltimore, MD	2,221	95.6%	95.6%	0.0%		1,925		1,884	2.2%
Richmond, VA	1,359	97.0%	96.7%	0.3%		1,892		1,809	4.6%
	12,613	96.9%	96.9%	0.0%		2,234		2,181	2.4%

Northeast Region
Boston, MA	4,667	96.3%	96.7%	-0.4%		3,143		3,077	2.1%
New York, NY	2,318	97.6%	98.0%	-0.4%		4,780		4,582	4.3%
	6,985	96.7%	97.1%	-0.4%		3,691		3,581	3.1%

Southeast Region
Tampa, FL	3,877	96.6%	96.6%	0.0%		2,134		2,127	0.3%
Orlando, FL	3,493	96.0%	96.3%	-0.3%		1,942		1,924	0.9%
Nashville, TN	2,260	96.5%	95.8%	0.7%		1,781		1,765	0.9%
	9,630	96.4%	96.3%	0.1%		1,982		1,969	0.6%

Southwest Region
Dallas, TX	5,813	96.9%	96.3%	0.6%		1,792		1,780	0.7%
Austin, TX	1,272	96.1%	96.1%	0.0%		1,942		1,932	0.5%
	7,085	96.8%	96.3%	0.5%		1,819		1,807	0.6%

Other Markets	3,399	96.6%	96.6%	0.0%		2,584		2,551	1.3%

Total/Weighted Avg.	52,291	96.7%	96.6%	0.1%	$	2,542	$	2,495	1.9%

(1)	See Attachment 15 for definitions and other terms.

Attachment 8(D)

Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

September 30, 2023

(Unaudited) (1)


			Same-Store ($000s)
	Total
	Same-Store	Revenues					Expenses					Net Operating Income
	Homes	3Q 23		2Q 23		Change	3Q 23		2Q 23		Change	3Q 23		2Q 23		Change

West Region
Orange County, CA	4,305	$	38,321	$	37,201	3.0%	$	8,675	$	8,292	4.6%	$	29,646	$	28,909	2.6%
San Francisco, CA	2,780		28,554		27,889	2.4%		8,469		8,268	2.4%		20,085		19,621	2.4%
Seattle, WA	2,702		22,266		22,208	0.3%		6,081		5,876	3.5%		16,185		16,332	-0.9%
Monterey Peninsula, CA	1,567		10,534		10,057	4.7%		2,349		2,327	0.9%		8,185		7,730	5.9%
Los Angeles, CA	1,225		11,135		10,871	2.4%		3,012		3,012	0.0%		8,123		7,859	3.3%
	12,579		110,810		108,226	2.4%		28,586		27,775	2.9%		82,224		80,451	2.2%

Mid-Atlantic Region
Metropolitan DC	9,033		62,152		60,821	2.2%		19,863		19,251	3.2%		42,289		41,570	1.7%
Baltimore, MD	2,221		12,265		11,999	2.2%		4,278		4,034	6.1%		7,987		7,965	0.3%
Richmond, VA	1,359		7,481		7,130	4.9%		1,836		1,888	-2.8%		5,645		5,242	7.7%
	12,613		81,898		79,950	2.4%		25,977		25,173	3.2%		55,921		54,777	2.1%

Northeast Region
Boston, MA	4,667		42,371		41,664	1.7%		12,279		11,614	5.7%		30,092		30,050	0.1%
New York, NY	2,318		32,442		31,224	3.9%		14,038		12,910	8.7%		18,404		18,314	0.5%
	6,985		74,813		72,888	2.6%		26,317		24,524	7.3%		48,496		48,364	0.3%

Southeast Region
Tampa, FL	3,877		23,975		23,899	0.3%		8,061		8,113	-0.6%		15,914		15,786	0.8%
Orlando, FL	3,493		19,540		19,412	0.7%		6,244		5,923	5.4%		13,296		13,489	-1.4%
Nashville, TN	2,260		11,651		11,466	1.6%		3,187		3,157	1.0%		8,464		8,309	1.9%
	9,630		55,166		54,777	0.7%		17,492		17,193	1.7%		37,674		37,584	0.2%

Southwest Region
Dallas, TX	5,813		30,284		29,897	1.3%		10,777		10,734	0.4%		19,507		19,163	1.8%
Austin, TX	1,272		7,122		7,084	0.5%		2,637		2,642	-0.2%		4,485		4,442	1.0%
	7,085		37,406		36,981	1.1%		13,414		13,376	0.3%		23,992		23,605	1.6%

Other Markets	3,399		25,458		25,128	1.3%		7,624		6,866	11.0%		17,834		18,262	-2.3%

Total (2)	52,291	$	385,551	$	377,950	2.0%	$	119,410	$	114,907	3.9%	$	266,141	$	263,043	1.2%

(1)	See Attachment 15 for definitions and other terms.

(2)	With concessions reflected on a straight-line basis, Same-Store Revenue and Same-Store NOI increased quarter-over-quarter by 2.3% and 1.6%, respectively. See Attachment 15(C) for definitions and reconciliations.

Attachment 8(E)

Same-Store Operating Information By Major Market

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

September 30, 2023

(Unaudited) (1)


		% of Same-
	Total	Store Portfolio	Same-Store
	Same-Store	Based on	Physical Occupancy			Total Revenue per Occupied Home
	Homes	YTD 2023 NOI	YTD 23	YTD 22	Change	YTD 23		YTD 22		Change

West Region
Orange County, CA	4,305	11.2%	96.3%	96.2%	0.1%	$	3,005	$	2,833	6.1%
San Francisco, CA	2,780	7.6%	96.5%	96.6%	-0.1%		3,493		3,310	5.5%
Seattle, WA	2,702	6.3%	97.1%	97.3%	-0.2%		2,815		2,732	3.0%
Monterey Peninsula, CA	1,567	3.0%	95.8%	96.5%	-0.7%		2,266		2,164	4.7%
Los Angeles, CA	1,225	3.1%	96.3%	96.6%	-0.3%		3,147		3,022	4.1%
	12,579	31.2%	96.5%	96.6%	-0.1%		2,993		2,852	5.0%

Mid-Atlantic Region
Metropolitan DC	9,033	16.1%	97.1%	97.1%	0.0%		2,314		2,191	5.6%
Baltimore, MD	2,221	3.1%	95.5%	96.3%	-0.8%		1,897		1,791	5.9%
Richmond, VA	1,359	2.0%	96.8%	97.5%	-0.7%		1,821		1,687	7.9%
	12,613	21.2%	96.8%	97.0%	-0.2%		2,188		2,066	5.9%

Northeast Region
Boston, MA	4,234	10.4%	96.6%	96.8%	-0.2%		3,127		2,927	6.8%
New York, NY	2,318	7.0%	97.8%	98.1%	-0.3%		4,627		4,158	11.3%
	6,552	17.4%	97.0%	97.3%	-0.3%		3,662		3,366	8.8%

Southeast Region
Tampa, FL	3,877	6.0%	96.5%	96.9%	-0.4%		2,119		1,935	9.5%
Orlando, FL	3,493	5.1%	96.1%	96.5%	-0.4%		1,916		1,725	11.1%
Nashville, TN	2,260	3.2%	96.0%	97.5%	-1.5%		1,763		1,599	10.3%
	9,630	14.3%	96.2%	96.9%	-0.7%		1,962		1,780	10.2%

Southwest Region
Dallas, TX	5,813	7.3%	96.6%	96.8%	-0.2%		1,778		1,657	7.3%
Austin, TX	1,272	1.7%	96.4%	97.7%	-1.3%		1,929		1,794	7.5%
	7,085	9.0%	96.6%	97.1%	-0.5%		1,805		1,680	7.5%

Other Markets	3,399	6.9%	96.7%	96.9%	-0.2%		2,542		2,394	6.2%

Total/Weighted Avg.	51,858	100.0%	96.6%	96.9%	-0.3%	$	2,499	$	2,336	7.0%

(1)	See Attachment 15 for definitions and other terms.

Attachment 8(F)

Same-Store Operating Information By Major Market

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

September 30, 2023

(Unaudited) (1)


			Same-Store ($000s)
	Total
	Same-Store	Revenues					Expenses					Net Operating Income
	Homes	YTD 23		YTD 22		Change	YTD 23		YTD 22		Change	YTD 23		YTD 22		Change

West Region
Orange County, CA	4,305	$	112,079	$	105,609	6.1%	$	24,957	$	22,981	8.6%	$	87,122	$	82,628	5.4%
San Francisco, CA	2,780		84,326		79,552	6.0%		24,545		22,888	7.2%		59,781		56,664	5.5%
Seattle, WA	2,702		66,461		64,648	2.8%		17,377		17,658	-1.6%		49,084		46,990	4.5%
Monterey Peninsula, CA	1,567		30,613		29,449	4.0%		6,931		6,506	6.5%		23,682		22,943	3.2%
Los Angeles, CA	1,225		33,394		32,181	3.8%		8,968		8,535	5.1%		24,426		23,646	3.3%
	12,579		326,873		311,439	5.0%		82,778		78,568	5.4%		244,095		232,871	4.8%

Mid-Atlantic Region
Metropolitan DC	9,033		182,677		172,990	5.6%		57,295		54,794	4.6%		125,382		118,196	6.1%
Baltimore, MD	2,221		36,210		34,473	5.0%		12,050		11,433	5.4%		24,160		23,040	4.9%
Richmond, VA	1,359		21,561		20,114	7.2%		5,551		5,064	9.6%		16,010		15,050	6.4%
	12,613		240,448		227,577	5.7%		74,896		71,291	5.1%		165,552		156,286	5.9%

Northeast Region
Boston, MA	4,234		115,099		107,985	6.6%		32,557		31,409	3.7%		82,542		76,576	7.8%
New York, NY	2,318		94,402		85,097	10.9%		39,899		37,094	7.6%		54,503		48,003	13.5%
	6,552		209,501		193,082	8.5%		72,456		68,503	5.8%		137,045		124,579	10.0%

Southeast Region
Tampa, FL	3,877		71,344		65,421	9.1%		24,335		22,526	8.0%		47,009		42,895	9.6%
Orlando, FL	3,493		57,890		52,324	10.6%		17,924		16,381	9.4%		39,966		35,943	11.2%
Nashville, TN	2,260		34,418		31,707	8.6%		9,386		9,476	-0.9%		25,032		22,231	12.6%
	9,630		163,652		149,452	9.5%		51,645		48,383	6.7%		112,007		101,069	10.8%

Southwest Region
Dallas, TX	5,813		89,877		83,893	7.1%		32,711		31,397	4.2%		57,166		52,496	8.9%
Austin, TX	1,272		21,292		20,070	6.1%		7,944		8,114	-2.1%		13,348		11,956	11.6%
	7,085		111,169		103,963	6.9%		40,655		39,511	2.9%		70,514		64,452	9.4%

Other Markets	3,399		75,191		70,973	5.9%		21,065		20,118	4.7%		54,126		50,855	6.4%

Total (2)	51,858	$	1,126,834	$	1,056,486	6.7%	$	343,495	$	326,374	5.2%	$	783,339	$	730,112	7.3%

(1)	See Attachment 15 for definitions and other terms.

(2)	With concessions reflected on a straight-line basis, Same-Store revenue and Same-Store NOI increased year-over-year by 7.4% and 8.4%, respectively. See Attachment 15(C) for definitions and reconciliations.

Attachment 8(G)

Same-Store Operating Information By Major Market

September 30, 2023

(Unaudited) (1)


	Effective Blended Lease Rate Growth	Effective New Lease Rate Growth	Effective Renewal Lease Rate Growth	Annualized Turnover
	3Q 2023	3Q 2023	3Q 2023	3Q 2023	3Q 2022	YTD 2023	YTD 2022

West Region
Orange County, CA	2.9%	0.4%	5.0%	54.0%	53.7%	47.0%	43.2%
San Francisco, CA	0.1%	-2.6%	3.2%	52.1%	49.0%	46.0%	39.8%
Seattle, WA	-0.3%	-3.1%	3.0%	49.2%	60.6%	49.2%	52.3%
Monterey Peninsula, CA	5.0%	5.0%	4.9%	37.7%	36.5%	35.7%	30.5%
Los Angeles, CA	2.2%	-0.5%	4.5%	54.1%	38.9%	40.4%	33.2%
	1.7%	-0.9%	4.2%	51.1%	51.8%	45.6%	43.0%

Mid-Atlantic Region
Metropolitan DC	2.2%	-1.6%	5.2%	53.5%	57.4%	42.6%	44.0%
Baltimore, MD	0.9%	-2.4%	4.6%	63.8%	71.3%	58.3%	58.6%
Richmond, VA	1.1%	-2.9%	4.8%	55.5%	62.2%	50.0%	50.1%
	1.9%	-1.8%	5.1%	55.8%	60.8%	47.0%	47.9%

Northeast Region
Boston, MA	3.5%	2.1%	5.0%	57.2%	59.8%	46.4%	47.3%
New York, NY	4.0%	2.8%	4.9%	61.6%	66.1%	44.6%	45.5%
	3.7%	2.4%	5.0%	58.7%	62.0%	45.8%	46.6%

Southeast Region
Tampa, FL	0.3%	-3.5%	4.4%	61.3%	61.3%	57.1%	57.5%
Orlando, FL	-0.3%	-4.0%	4.2%	60.9%	63.5%	55.0%	52.0%
Nashville, TN	-0.2%	-4.6%	4.4%	59.3%	59.5%	52.9%	52.0%
	0.0%	-3.9%	4.3%	60.7%	61.7%	55.4%	54.4%

Southwest Region
Dallas, TX	-0.3%	-4.4%	4.2%	60.1%	63.4%	53.6%	53.4%
Austin, TX	-1.2%	-6.3%	5.1%	58.3%	63.6%	50.7%	53.3%
	-0.5%	-4.8%	4.3%	59.8%	63.4%	53.1%	53.3%

Other Markets	0.5%	-4.2%	5.3%	58.2%	62.3%	46.8%	50.1%

Total/Weighted Avg.	1.6%	-1.5%	4.7%	56.4%	59.0%	48.6%	48.2%


Allocation of Total Homes Repriced during the Quarter		49.1%	50.9%

(1)	See Attachment 15 for definitions and other terms.

Attachment 9

Development and Land Summary

September 30, 2023

(Dollars in Thousands)

(Unaudited) (1)


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

Projects Under Construction

Villas at Fiori	Addison, TX		85	-	$	43,306	$	53,500	$	629		1Q22	4Q23	2Q24	2.4%	-
Meridian	Tampa, FL		330	-		95,837		134,000		406		1Q22	2Q24	2Q24	2.1%	-

Total Under Construction			415	-	$	139,143	$	187,500	$	452

Completed Projects, Non-Stabilized

5421 at Dublin Station	Dublin, CA		220	220	$	126,816	$	126,900	$	577		4Q19	3Q22	4Q22	97.7%	96.4%
The MO	Washington, DC		300	300		140,715		145,000		483		3Q20	4Q22	1Q23	86.7%	81.3%

Total Completed, Non-Stabilized			520	520	$	267,531	$	271,900	$	523

Total - Wholly Owned			935	520	$	406,674	$	459,400	$	491



NOI From Wholly-Owned Projects		3Q 23

Projects Under Construction		$	(82)
Completed, Non-Stabilized			1,309
Total		$	1,227


Land Summary
Parcel	Location	UDR Ownership Interest			Real Estate Cost Basis

Vitruvian Park®	Addison, TX	100%			$	36,308
Alameda Point Block 11	Alameda, CA	100%				31,623
Newport Village II	Alexandria, VA	100%				18,890
2727 Turtle Creek (includes 3 phases)	Dallas, TX	100%				97,760
488 Riverwalk	Fort Lauderdale, FL	100%				21,955
3001 Iowa Avenue	Riverside, CA	100%				19,681

Total					$	226,217

(1)	See Attachment 15 for definitions and other terms.

Attachment 10

Redevelopment Summary

September 30, 2023

(Dollars in Thousands)

(Unaudited) (1)


			Sched.								Schedule		Percentage
		# of	Redev.	Compl.	Cost to		Budgeted		Est. Cost
Community	Location	Homes	Homes	Homes	Date		Cost (2)		per Home		Start	Compl.	Leased	Occupied

Projects in Redevelopment with Stabilized Operations

Lakeline Villas (3)	Cedar Park, TX	309	288	104	$	6,084	$	10,500	$	36	3Q22	1Q25	98.4%	96.8%
Red Stone Ranch (3)	Cedar Park, TX	324	324	117		5,673		12,000		37	3Q22	2Q25	98.1%	96.0%
Towson Promenade (3)	Towson, MD	379	379	71		4,150		17,000		45	3Q22	1Q26	97.6%	96.8%
20 Lambourne (3)	Towson, MD	264	264	97		4,422		9,000		34	3Q22	2Q25	96.6%	95.8%
Lenox Farms (3)	Braintree, MA	338	338	56		5,793		15,500		46	3Q22	3Q24	98.5%	96.7%
Jefferson at Marina del Rey (4)	Marina del Rey, CA	298	-	-		4,421		7,000		-	1Q23	4Q23	96.6%	96.0%
Carrington Hills (3)	Franklin, TN	360	360	11		2,836		18,000		50	2Q23	2Q25	97.5%	96.9%
Preserve at Brentwood (3)	Nashville, TN	360	360	16		1,874		16,000		44	2Q23	2Q25	96.9%	95.8%

Total		2,632	2,313	472	$	35,253	$	105,000	$	42			97.5%	96.4%

(1)	See Attachment 15 for definitions and other terms.

(2)	Represents UDR's incremental capital invested in the Projects.

(3)	Projects consist of unit renovations and renovation of related common area amenities. These communities remain in Same-Store.

(4)	Project consists of renovation of common area amenities. This community remains in Same-Store.

Attachment 11(A)

Unconsolidated Summary

September 30, 2023

(Dollars in Thousands)

(Unaudited) (1)



								Physical	Total Rev. per		Net Operating Income
	Own.		# of			# of		Occupancy	Occ. Home		UDR's Share				Total
Portfolio Characteristics	Interest		Comm.			Homes		3Q 23	3Q 23		3Q 23		YTD 23 (2)		YTD 23 (2)

UDR / MetLife	50%			13		2,837		96.0%	$	4,193	$	10,852	$	32,968	$	65,568
UDR / LaSalle	51%			4		1,328		97.2%		2,587		3,777		3,861		7,570

Total				17		4,165		96.4%	$	3,671	$	14,629	$	36,829	$	73,138




	Gross Book Value							Weighted
	of JV Real		Total Project		UDR's Equity			Avg. Debt	Debt
Balance Sheet Characteristics	Estate Assets (3)		Debt (3)		Investment			Interest Rate	Maturities

UDR / MetLife	$	1,724,812	$	855,770	$	239,951		3.79%	2024-2031
UDR / LaSalle		496,583		-		255,181		N/A	N/A

Total	$	2,221,395	$	855,770	$	495,132





			3Q 23 vs. 3Q 22 Growth						3Q 23 vs. 2Q 23 Growth
Joint Venture Same-Store Growth (4)	Communities		Revenue		Expense			NOI	Revenue		Expense		NOI

Combined JV Portfolio	17		5.0%		3.5%			5.9%	2.8%		8.4%		-0.1%





			YTD 23 vs. YTD 22 Growth
Joint Venture Same-Store Growth (4)	Communities		Revenue		Expense			NOI

Combined JV Portfolio	17		8.4%		5.2%			10.1%





							Income/(Loss)
	UDR Investment (6)						from Investments
Other Unconsolidated Investments (5)	Commitment		Funded		Balance		3Q 23 (7)

RETV Funds	$	51,000	$	29,760	$	26,005	$	554
RET Strategic Fund		25,000		10,625		11,040		(87)
RET ESG Fund		10,000		3,000		2,719		(52)
Climate Technology Funds		10,000		7,546		7,301		(34)
Total	$	96,000	$	50,931	$	47,065	$	381

(1)	See Attachment 15 for definitions and other terms.

(2)	Represents NOI at 100% for the period ended September 30, 2023.

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

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

(5)	Other unconsolidated investments represent UDR’s investments in real estate technology and climate technology funds.

(6)

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

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

Attachment 11(B)

Developer Capital Program

September 30, 2023

(Dollars in Thousands)

(Unaudited) (1)


Developer Capital Program (2)


			# of	UDR Investment				Return	Years to	Upside
Community	Location		Homes	Commitment (3)		Balance (3)		Rate	Maturity (4)	Participation

Preferred Equity

Junction	Santa Monica, CA		66	$	12,858	$	18,295	12.5%	0.1	-
Modera Lake Merritt	Oakland, CA		173		44,424		49,896	9.0%	0.7	Variable
Infield Phase I	Kissimmee, FL		384		16,044		19,770	14.0%	1.2	-
Thousand Oaks	Thousand Oaks, CA		142		20,059		26,623	9.0%	1.3	Variable
Vernon Boulevard	Queens, NY		534		40,000		60,449	13.0%	1.7	Variable
121 at Watters	Allen, TX		469		19,843		24,069	9.0%	1.9	Variable
Makers Rise	Herndon, VA		356		30,208		36,417	9.0%	2.2	Variable
Meetinghouse	Portland, OR		232		11,600		12,514	8.25%	3.4	-
Heirloom	Portland, OR		286		16,185		17,237	8.25%	3.7	-
Upton Place	Washington, DC		689		52,163		61,090	9.7%	4.1	-
Portfolio Recapitalization (5)	Various		2,460		102,000		102,671	8.0%	5.7	-

Total - Preferred Equity			5,791	$	365,384	$	429,031	9.5%	3.1

Loans

1300 Fairmount	Philadelphia, PA		478	$	71,393	$	95,734	10.5%	1.0	-
Menifee	Menifee, CA		237		24,447		24,276	11.0%	3.2	-
Riverside	Riverside, CA		482		59,676		51,309	11.0%	3.2	-
Total - Loans			1,197	$	155,516	$	171,319	10.8%	2.2

Total - Developer Capital Program			6,988	$	520,900	$	600,350	9.9%	2.9



		3Q 23

Income/(loss) from investments		$	12,040

(1)	See Attachment 15 for definitions and other terms.

(2)

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

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

(4)

As of September 30, 2023, our preferred equity investment and loan portfolio had a weighted average term to maturity of 2.9 years, excluding extension options. In many cases, the maturity dates of our investments can be extended by up to three years, typically through multiple one year extensions, subject to certain conditions being satisfied. In addition, the maturity dates of our investments may differ from the maturity dates of the senior loans held by the ventures.

(5)	A joint venture with 14 stabilized communities located in various markets.

Attachment 12

Acquisitions, Dispositions and Developer Capital Program Investments Summary

September 30, 2023

(Dollars in Thousands)

(Unaudited) (1)

Post

Prior

Transaction

Date of

Ownership

# of

Price per

Purchase

Community

Location

Interest

Price (2)

Debt (2)

Homes

Home

Acquisitions - Wholly-Owned

Aug-23

Texas Portfolio Acquisition

Various

100%

402,247

209,370

1,753

229

402,247

209,370

1,753

229

Post

Prior

Transaction

Ownership

# of

Price per

Date of Sale

Community

Location

Interest

Price (2)

Debt (2)

Homes

Home

Dispositions - Wholly-Owned

Jun-23

UDR / LaSalle Joint Venture (3)

Various

100%

51%

507,161

1,328

382

507,161

1,328

382

(1)	See Attachment 15 for definitions and other terms.

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

(3)	UDR recorded a gain on sale of approximately $325.9 million during the nine months ended September 30, 2023, which is included in gain/(loss) on sale of real estate owned.

Attachment 13

Capital Expenditure and Repair and Maintenance Summary

September 30, 2023

(In thousands, except Cost per Home)

(Unaudited) (1)


		Three Months				Capex	Nine Months				Capex
	Estimated	Ended		Cost		as a %	Ended			Cost	as a %
Capital Expenditures for Consolidated Homes (2)	Useful Life (yrs.)	September 30, 2023		per Home		of NOI	September 30, 2023			per Home	of NOI

Average number of homes (3)			54,489					54,394

Recurring Cap Ex
Asset preservation
Building interiors	5 - 20	$	11,313	$	208		$	27,298	$	502
Building exteriors	5 - 20		7,012		129			12,370		227
Landscaping and grounds	10		1,763		32			4,352		80
Total asset preservation			20,088		369			44,020		809

Turnover related	5		5,355		98			13,186		242

Total Recurring Cap Ex			25,443		467	9%		57,206		1,052	7%

NOI Enhancing Cap Ex	5 - 20		24,574		451			62,071		1,141

Total Recurring and NOI Enhancing Cap Ex		$	50,017	$	918		$	119,277	$	2,193


		Three Months					Nine Months
		Ended			Cost		Ended			Cost
Repair and Maintenance for Consolidated Homes (Expensed)		September 30, 2023			per Home		September 30, 2023			per Home

Average number of homes (3)			54,489					54,394

Contract services		$	10,817	$	199		$	31,421	$	578

Turnover related expenses			7,588		139			20,842		383

Other Repair and Maintenance
Building interiors			5,185		95			13,978		257
Building exteriors			1,611		30			4,314		79
Landscaping and grounds			264		5			1,484		27
Total Repair and Maintenance		$	25,465	$	467		$	72,039	$	1,324

(1)	See Attachment 15 for definitions and other terms.

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

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

Attachment 14

4Q 2023 and Full-Year 2023 Guidance

September 30, 2023

(Unaudited) (1)


		Full-Year 2023 Guidance
				Change from
Net Income, FFO, FFO as Adjusted and AFFO per Share and Unit Guidance	4Q 2023	Full-Year 2023	Prior Guidance	Prior Midpoint

Income/(loss) per weighted average common share, diluted	$0.08 to $0.10	$1.32 to $1.34	$1.35 to $1.39	($0.04)
FFO per common share and unit, diluted	$0.62 to $0.64	$2.45 to $2.47	$2.48 to $2.52	($0.04)
FFO as Adjusted per common share and unit, diluted	$0.62 to $0.64	$2.46 to $2.48	$2.47 to $2.51	($0.02)
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted	$0.56 to $0.58	$2.23 to $2.25	$2.24 to $2.28	($0.02)
Annualized dividend per share and unit		$1.68	$1.68	-

				Change from
Same-Store Guidance		Full-Year 2023	Prior Guidance	Prior Midpoint

Revenue growth / (decline) (Cash basis)		5.40% to 5.90%	6.00% to 7.00%	(0.85%)
Revenue growth / (decline) (Straight-line basis)		5.75% to 6.25%	6.25% to 7.25%	(0.75%)
Expense growth		4.50% to 5.00%	4.00% to 5.50%	-
NOI growth / (decline) (Cash basis)		6.00% to 6.50%	6.50% to 8.00%	(1.00%)
NOI growth / (decline) (Straight-line basis)		6.50% to 7.00%	6.75% to 8.25%	(0.75%)

				Change from
Sources of Funds ($ in millions)		Full-Year 2023	Prior Guidance	Prior Midpoint

AFFO less Dividends		$194 to $204	$197 to $213	($6)
Debt Issuances/Assumptions and LOC Draw/(Paydown)		$175 to $220	$100 to $200	$47.5
Dispositions and Developer Capital Program maturities		$245	$245	-
Common Share (forward settlement) and OP Unit Issuance		$173	$173	-

				Change from
Uses of Funds ($ in millions)		Full-Year 2023	Prior Guidance	Prior Midpoint

Debt maturities inclusive of principal amortization (2)		$5	$5	-
Development spending and land acquisitions		$130 to $150	$100 to $150	$15
Redevelopment and other non-recurring		$75 to $95	$75 to $125	($15)
Developer Capital Program funding		$75 to $80	$70 to $80	$2.5
Acquisitions		$402	$402	-
NOI enhancing capital expenditures inclusive of Kitchen and Bath		$75 to $85	$75 to $85	-
Common Share Buybacks		$25	N/A	$25

				Change from
Other Additions/(Deductions) ($ in millions except per home amounts)		Full-Year 2023	Prior Guidance	Prior Midpoint

Consolidated interest expense, net of capitalized interest and adjustments for FFO as Adjusted		$180 to $182	$178 to $184	-
Consolidated capitalized interest		$9 to $11	$9 to $13	($1)
General and administrative		$64 to $66	$64 to $70	($2)
Recurring capital expenditures per home		$1,425	$1,425	-

(1)	See Attachment 15 for definitions and other terms.

(2)	Excludes short-term maturities related to the Company's unsecured commercial paper program.

Attachment 15(A)

Definitions and Reconciliations

September 30, 2023

(Unaudited)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Attachment 15(B)

Definitions and Reconciliations

September 30, 2023

(Unaudited)

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

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

Funds from Operations ("FFO") attributable to common stockholders and unitholders: The Company defines FFO attributable to common stockholders and unitholders as net income/(loss) attributable to common stockholders (computed in accordance with GAAP), excluding impairment write-downs of depreciable real estate related to the main business of the Company or of investments in non-consolidated investees that are directly attributable to decreases in the fair value of depreciable real estate held by the investee, gains and losses from sales of depreciable real estate related to the main business of the Company and income taxes directly associated with those gains and losses, plus real estate depreciation and amortization, and after adjustments for noncontrolling interests, and the Company’s share of unconsolidated partnerships and joint ventures. This definition conforms with the National Association of Real Estate Investment Trust's definition issued in April 2002 and restated in November 2018. In the computation of diluted FFO, if OP Units, DownREIT Units, unvested restricted stock, unvested LTIP Units, stock options, and the shares of Series E Cumulative Convertible Preferred Stock are dilutive, they are included in the diluted share count.

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

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

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

In thousands

3Q 2023

YTD 2023

Income/(loss) from unconsolidated entities

5,508

24,912

Management fee

744

1,969

Interest expense

4,178

12,327

Depreciation

12,606

27,671

General and administrative

236

357

Developer Capital Program (excludes loans)

(8,193)

(29,996)

Other (income)/expense

(35)

123

Realized (gain)/loss on real estate technology investments, net of tax

466

1,186

Unrealized (gain)/loss on real estate technology investments, net of tax

(881)

(1,720)

Total Joint Venture NOI at UDR's Ownership Interest

14,629

36,829

Net Operating Income (“NOI”): The Company defines NOI as rental income less direct property rental expenses. Rental income represents gross market rent and other revenues less adjustments for concessions, vacancy loss and bad debt. Rental expenses include real estate taxes, insurance, personnel, utilities, repairs and maintenance, administrative and marketing. Excluded from NOI is property management expense, which is calculated as 3.25% of property revenue, and land rent. Property management expense covers costs directly related to consolidated property operations, inclusive of corporate management, regional supervision, accounting and other costs.

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


In thousands	3Q 2023		2Q 2023		1Q 2023		4Q 2022		3Q 2022
Net income/(loss) attributable to UDR, Inc.	$	32,858	$	347,545	$	30,964	$	44,530	$	23,605
Property management		13,271		13,101		12,945		12,949		12,675
Other operating expenses		4,611		4,259		3,032		4,008		3,746
Real estate depreciation and amortization		167,551		168,925		169,300		167,241		166,781
Interest expense		44,664		45,113		43,742		43,247		39,905
Casualty-related charges/(recoveries), net		(1,928)		1,134		4,156		8,523		901
General and administrative		15,159		16,452		17,480		16,811		15,840
Tax provision/(benefit), net		428		1,351		234		(683)		377
(Income)/loss from unconsolidated entities		(5,508)		(9,697)		(9,707)		(761)		(10,003)
Interest income and other (income)/expense, net		3,069		(10,447)		(1,010)		(1)		7,495
Joint venture management and other fees		(1,772)		(1,450)		(1,242)		(1,244)		(1,274)
Other depreciation and amortization		3,692		3,681		3,649		4,823		3,430
(Gain)/loss on sale of real estate owned		-		(325,884)		(1)		(25,494)		-
Net income/(loss) attributable to noncontrolling interests		2,561		22,638		1,961		2,937		1,540
Total consolidated NOI	$	278,656	$	276,721	$	275,503	$	276,886	$	265,018

Attachment 15(C)

Definitions and Reconciliations

September 30, 2023

(Unaudited)

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

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

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

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

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

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

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

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

Redevelopment Communities: The Company generally defines Redevelopment Communities as those communities where substantial redevelopment is in progress. Based upon the level of material impact the redevelopment has on the community (operations, occupancy levels, and future rental rates), the community may or may not maintain Stabilization. As such, for each redevelopment, the Company assesses whether the community remains in Same-Store.

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

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

3Q 23

3Q 22

3Q 23

2Q 23

YTD 23

YTD 22

Revenue (Cash basis)

385,551

367,346

385,551

377,950

1,126,834

1,056,486

Concessions granted/(amortized), net

776

(351)

776

(209)

609

(7,207)

Revenue (Straight-line basis)

386,327

366,995

386,327

377,741

1,127,443

1,049,279

% change - Same-Store Revenue with Concessions on a Cash basis:

5.0%

2.0%

6.7%

% change - Same-Store Revenue with Concessions on a Straight-line basis:

5.3%

2.3%

7.4%

% change - Same-Store NOI with Concessions on a Cash basis:

5.7%

1.2%

7.3%

% change - Same-Store NOI with Concessions on a Straight-line basis:

6.1%

1.6%

8.4%

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

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

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

Total Revenue per Occupied Home: The Company defines Total Revenue per Occupied Home as rental and other revenues with concessions reported on a Cash Basis, divided by the product of occupancy and the number of apartment homes. A reconciliation between Same-Store Revenue with Concessions on a Cash Basis to Same-Store Revenue on a straight-line basis is provided above.

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 subsidiaries (“TRS”) focus on making investments and providing services that are otherwise not allowed to be made or provided by a REIT.

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

Attachment 15(D)

Definitions and Reconciliations

September 30, 2023

(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 2023 and fourth quarter of 2023 to forecasted FFO, FFO as Adjusted and AFFO per share and unit:


	Full-Year 2023
	Low		High

Forecasted net income per diluted share	$	1.32	$	1.34
Conversion from GAAP share count		(0.02)		(0.02)
Net gain on the sale of depreciable real estate owned		(0.93)		(0.93)
Depreciation		2.00		2.00
Noncontrolling interests		0.07		0.07
Preferred dividends		0.01		0.01
Forecasted FFO per diluted share and unit	$	2.45	$	2.47
Legal and other costs		-		-
Casualty-related charges/(recoveries)		0.01		0.01
Realized/unrealized (gain)/loss on real estate technology investments		-		-
Forecasted FFO as Adjusted per diluted share and unit	$	2.46	$	2.48
Recurring capital expenditures		(0.23)		(0.23)
Forecasted AFFO per diluted share and unit	$	2.23	$	2.25


	4Q 2023
	Low		High

Forecasted net income per diluted share	$	0.08	$	0.10
Conversion from GAAP share count		(0.01)		(0.01)
Depreciation		0.55		0.55
Noncontrolling interests		-		-
Preferred dividends		-		-
Forecasted FFO per diluted share and unit	$	0.62	$	0.64
Legal and other costs		-		-
Casualty-related charges/(recoveries)		-		-
Realized/unrealized (gain)/loss on real estate technology investments		-		-
Forecasted FFO as Adjusted per diluted share and unit	$	0.62	$	0.64
Recurring capital expenditures		(0.06)		(0.06)
Forecasted AFFO per diluted share and unit	$	0.56	$	0.58

Document and Entity Information	Jul. 26, 2023
Document and Entity Information [Abstract]
Document Type	8-K
Document Period End Date	Oct. 26, 2023
Entity Registrant Name	UDR, Inc.
Entity Incorporation, State or Country Code	MD
Entity File Number	1-10524
Entity Tax Identification Number	54-0857512
Entity Address, Address Line One	1745 Shea Center Drive, Suite 200
Entity Address, City or Town	Highlands Ranch
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80129
City Area Code	720
Local Phone Number	283-6120
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock
Trading Symbol	UDR
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0000074208
Amendment Flag	false