Exhibit 99.2

Financial Highlights

UDR, Inc.

As of End of Fourth Quarter 2022

(Unaudited) (1)


	Actual Results	Actual Results	Guidance for
Dollars in thousands, except per share and unit	4Q 2022	YTD 2022	1Q 2023	Full-Year 2023

GAAP Metrics
Net income/(loss) attributable to UDR, Inc.	$44,530	$86,924	--	--
Net income/(loss) attributable to common stockholders	$43,425	$82,512	--	--
Income/(loss) per weighted average common share, diluted	$0.13	$0.26	$0.10 to $0.12	$0.48 to $0.56

Per Share Metrics
FFO per common share and unit, diluted	$0.56	$2.20	$0.59 to $0.61	$2.45 to $2.53
FFO as Adjusted per common share and unit, diluted	$0.61	$2.33	$0.59 to $0.61	$2.45 to $2.53
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted	$0.53	$2.11	$0.56 to $0.58	$2.22 to $2.30
Dividend declared per share and unit	$0.38	$1.52	$0.42	$1.68 (2)

Same-Store Operating Metrics
Revenue growth/(decline) (Cash basis)	10.1%	11.1%	--	5.50% to 7.50%
Revenue growth/(decline) (Straight-line basis)	12.1%	11.5%	--	5.75% to 7.75%
Expense growth	6.8%	5.7%	--	4.00% to 5.50%
NOI growth/(decline) (Cash basis)	11.5%	13.5%	--	6.00% to 8.50%
NOI growth/(decline) (Straight-line basis)	14.5%	14.2%	--	6.25% to 8.75%
Physical Occupancy	96.8%	97.0%	--	--


Property Metrics	Homes	Communities	% of Total NOI
Same-Store	51,729	156	90.6%
Stabilized, Non-Mature	1,992	5	2.8%
Development	1,278	4	0.6%
Non-Residential / Other	N/A	N/A	2.1%
Joint Venture (3)	2,837	13	3.9%
Total completed homes	57,836	178	100%
Under Development	554	3	-
Total Quarter-end homes (3)(4)	58,390	181	100%


Balance Sheet Metrics (adjusted for non-recurring items)	4Q 2022	4Q 2021
Consolidated Interest Coverage Ratio	5.3x	5.4x
Consolidated Fixed Charge Coverage Ratio	5.2x	5.2x
Consolidated Debt as a percentage of Total Assets	32.7%	34.0%
Consolidated Net Debt-to-EBITDAre	5.6x	6.4x

(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 6,981 homes that are part of the Developer Capital Program as described in Attachment 11(B).

Attachment 1

UDR, Inc.

Consolidated Statements of Operations

(Unaudited) (1)


	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
In thousands, except per share amounts	2022		2021		2022		2021

REVENUES:
Rental income (2)	$	398,412	$	347,024	$	1,512,364	$	1,284,665
Joint venture management and other fees		1,244		1,184		5,022		6,102
Total revenues		399,656		348,208		1,517,386		1,290,767

OPERATING EXPENSES:
Property operating and maintenance		64,652		57,670		250,310		218,094
Real estate taxes and insurance		56,874		51,403		221,662		199,446
Property management		12,949		10,411		49,152		38,540
Other operating expenses		4,008		8,604		17,493		21,649
Real estate depreciation and amortization		167,241		163,755		665,228		606,648
General and administrative		16,811		13,868		64,144		57,541
Casualty-related charges/(recoveries), net (3)		8,523		(934)		9,733		3,748
Other depreciation and amortization		4,823		4,713		14,344		13,185
Total operating expenses		335,881		309,490		1,292,066		1,158,851

Gain/(loss) on sale of real estate owned		25,494		85,223		25,494		136,052
Operating income		89,269		123,941		250,814		267,968

Income/(loss) from unconsolidated entities (2) (4)		761		36,523		4,947		65,646
Interest expense		(43,247)		(36,418)		(155,900)		(143,931)
Debt extinguishment and other associated costs		-		-		-		(42,336)
Total interest expense		(43,247)		(36,418)		(155,900)		(186,267)
Interest income and other income/(expense), net (4)		1		2,254		(6,933)		15,085

Income/(loss) before income taxes		46,784		126,300		92,928		162,432
Tax (provision)/benefit, net		683		(156)		(349)		(1,439)

Net Income/(loss)		47,467		126,144		92,579		160,993
Net (income)/loss attributable to redeemable noncontrolling interests in the OP and DownREIT Partnership		(2,929)		(8,652)		(5,613)		(10,873)
Net (income)/loss attributable to noncontrolling interests		(8)		(31)		(42)		(104)

Net income/(loss) attributable to UDR, Inc.		44,530		117,461		86,924		150,016
Distributions to preferred stockholders - Series E (Convertible)		(1,105)		(1,058)		(4,412)		(4,229)

Net income/(loss) attributable to common stockholders	$	43,425	$	116,403	$	82,512	$	145,787


Income/(loss) per weighted average common share - basic:		$0.13		$0.38		$0.26		$0.49
Income/(loss) per weighted average common share - diluted:		$0.13		$0.37		$0.26		$0.48

Common distributions declared per share		$0.38		$0.3625		$1.52		$1.4500

Weighted average number of common shares outstanding - basic		325,509		310,201		321,671		300,326
Weighted average number of common shares outstanding - diluted		326,093		315,833		322,700		301,703

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

(2)

During the three months ended December 31, 2022, UDR decreased its residential reserve to $8.7 million, including $0.5 million for UDR’s share from unconsolidated joint ventures, which compares to a combined quarter-end accounts receivable balance of $20.6 million. The remaining unreserved amount is based on probability of collection.

(3)	During the three months ended December 31, 2022, UDR recorded $8.5 million of casualty-related charges, net in connection with clean-up costs and property damages primarily from Winter Storm Elliott.

(4)

During the three months ended December 31, 2022, UDR recorded $7.5 million in investment loss, net from real estate technology investments. Of the $7.5 million, $0.9 million of loss (primarily due to a decrease in SmartRent's public share price) was recorded in Interest income and other income/(expense), net and $6.6 million of loss (primarily due to a decrease in SmartRent’s public share price) was recorded in Income/(loss) from unconsolidated entities.

Attachment 2

UDR, Inc.

Funds From Operations

(Unaudited) (1)


	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
In thousands, except per share and unit amounts	2022		2021			2022	2021

Net income/(loss) attributable to common stockholders	$	43,425	$	116,403	$	82,512	$	145,787

Real estate depreciation and amortization		167,241		163,755		665,228		606,648
Noncontrolling interests		2,937		8,683		5,655		10,977
Real estate depreciation and amortization on unconsolidated joint ventures		7,492		7,903		30,062		31,967
Net gain on the sale of unconsolidated depreciable property		-		-		-		(2,460)
Net gain on the sale of depreciable real estate owned, net of tax		(25,494)		(85,223)		(25,494)		(136,001)
Funds from operations ("FFO") attributable to common stockholders and unitholders, basic	$	195,601	$	211,521	$	757,963	$	656,918

Distributions to preferred stockholders - Series E (Convertible) (2)		1,105		1,058		4,412		4,229

FFO attributable to common stockholders and unitholders, diluted	$	196,706	$	212,579	$	762,375	$	661,147

FFO per weighted average common share and unit, basic	$	0.56	$	0.64	$	2.21	$	2.04
FFO per weighted average common share and unit, diluted	$	0.56	$	0.63	$	2.20	$	2.02

Weighted average number of common shares and OP/DownREIT Units outstanding, basic		346,879		332,396		343,149		322,744
Weighted average number of common shares, OP/DownREIT Units, and common stock
equivalents outstanding, diluted		350,372		338,028		347,094		327,039

Impact of adjustments to FFO:
Debt extinguishment and other associated costs	$	-	$	-	$	-	$	42,336
Debt extinguishment and other associated costs on unconsolidated joint ventures		-		-		-		1,682
Variable upside participation on DCP, net		-		-		(10,622)		-
Legal and other		-		4,020		1,493		5,319
Realized (gain)/loss on real estate technology investments, net of tax (3)		756		(1,435)		(6,992)		(1,980)
Unrealized (gain)/loss on real estate technology investments, net of tax (3)		6,767		(33,784)		52,663		(55,947)
Severance costs		441		1,439		441		2,280
Casualty-related charges/(recoveries), net		8,523		(934)		9,733		3,960
Casualty-related charges/(recoveries) on unconsolidated joint ventures, net		-		(50)		-		-
	$	16,487	$	(30,744)	$	46,716	$	(2,350)

FFO as Adjusted attributable to common stockholders and unitholders, diluted	$	213,193	$	181,835	$	809,091	$	658,797

FFO as Adjusted per weighted average common share and unit, diluted	$	0.61	$	0.54	$	2.33	$	2.01

Recurring capital expenditures		(27,111)		(21,393)		(77,710)		(63,820)
AFFO attributable to common stockholders and unitholders, diluted	$	186,082	$	160,442	$	731,381	$	594,977

AFFO per weighted average common share and unit, diluted	$	0.53	$	0.47	$	2.11	$	1.82

(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 twelve months ended December 31, 2022 and December 31, 2021. 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.

(3)	See footnote 4 on Attachment 1 for details regarding the Realized and Unrealized (gain)/loss on real estate technology investments, net of tax.

Attachment 3

UDR, Inc.

Consolidated Balance Sheets

(Unaudited) (1)


	December 31,		December 31,
In thousands, except share and per share amounts	2022		2021

ASSETS

Real estate owned:
Real estate held for investment	$	15,365,928	$	14,352,234
Less: accumulated depreciation		(5,762,205)		(5,136,589)
Real estate held for investment, net		9,603,723		9,215,645
Real estate under development
(net of accumulated depreciation of $296 and $507)		189,809		388,062
Real estate held for disposition
(net of accumulated depreciation of $0 and $0)		14,039		-
Total real estate owned, net of accumulated depreciation		9,807,571		9,603,707

Cash and cash equivalents		1,193		967
Restricted cash		29,001		27,451
Notes receivable, net		54,707		26,860
Investment in and advances to unconsolidated joint ventures, net		754,446		702,461
Operating lease right-of-use assets		194,081		197,463
Other assets		197,471		216,311
Total assets	$	11,038,470	$	10,775,220

LIABILITIES AND EQUITY

Liabilities:
Secured debt	$	1,052,281	$	1,057,380
Unsecured debt		4,435,022		4,355,407
Operating lease liabilities		189,238		192,488
Real estate taxes payable		37,681		33,095
Accrued interest payable		46,671		45,980
Security deposits and prepaid rent		51,999		55,441
Distributions payable		134,213		124,729
Accounts payable, accrued expenses, and other liabilities		153,220		136,954
Total liabilities		6,100,325		6,001,474

Redeemable noncontrolling interests in the OP and DownREIT Partnership		839,850		1,299,442

Equity:
Preferred stock, no par value; 50,000,000 shares authorized at December 31, 2022 and December 31, 2021:
2,686,308 shares of 8.00% Series E Cumulative Convertible issued
and outstanding (2,695,363 shares at December 31, 2021)		44,614		44,764
12,100,514 shares of Series F outstanding (12,582,575 shares at December 31, 2021)		1		1
Common stock, $0.01 par value; 450,000,000 shares authorized at December 31, 2022 and December 31, 2021:
328,993,088 shares issued and outstanding (318,149,635 shares at December 31, 2021)		3,290		3,181
Additional paid-in capital		7,493,423		6,884,269
Distributions in excess of net income		(3,451,587)		(3,485,080)
Accumulated other comprehensive income/(loss), net		8,344		(4,261)
Total stockholders' equity		4,098,085		3,442,874
Noncontrolling interests		210		31,430
Total equity		4,098,295		3,474,304
Total liabilities and equity	$	11,038,470	$	10,775,220

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

Attachment 4(A)

UDR, Inc.

Selected Financial Information

(Unaudited) (1)


	December 31,	December 31,
Common Stock and Equivalents	2022	2021

Common shares	328,993,088	318,149,635
Restricted unit and common stock equivalents	599,681	2,090,833
Operating and DownREIT Partnership units	21,123,826	21,660,979
Series E cumulative convertible preferred shares (2)	2,908,323	2,918,127
Total common shares, OP/DownREIT units, and common stock equivalents	353,624,918	344,819,574




Weighted Average Number of Shares Outstanding	4Q 2022	4Q 2021

Weighted average number of common shares and OP/DownREIT units outstanding - basic	346,878,938	332,395,913
Weighted average number of OP/DownREIT units outstanding	(21,370,161)	(22,195,077)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations	325,508,777	310,200,836

Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted	350,371,769	338,028,267
Weighted average number of OP/DownREIT units outstanding	(21,370,161)	(22,195,077)
Weighted average number of Series E cumulative convertible preferred shares outstanding	(2,908,323)	-
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations	326,093,285	315,833,190


	Year-to-Date 2022	Year-to-Date 2021

Weighted average number of common shares and OP/DownREIT units outstanding - basic	343,149,109	322,743,685
Weighted average number of OP/DownREIT units outstanding	(21,477,838)	(22,417,693)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations	321,671,271	300,325,992

Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted	347,093,624	327,039,085
Weighted average number of OP/DownREIT units outstanding	(21,477,838)	(22,417,693)
Weighted average number of Series E cumulative convertible preferred shares outstanding	(2,915,629)	(2,918,127)
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations	322,700,157	301,703,265

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

(2)	At December 31, 2022 and December 31, 2021 there were 2,686,308 and 2,695,363 of Series E cumulative convertible preferred shares outstanding, which is equivalent to 2,908,323 and 2,918,127 shares of common stock if converted (after adjusting for the special dividend paid in 2008).

Attachment 4(B)

UDR, Inc.

Selected Financial Information

(Unaudited) (1)


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

Secured		Fixed			$	1,005,622			18.4%	3.42%	5.4
		Floating				27,000			0.5%	2.76%	9.2
		Combined				1,032,622			18.9%	3.40%	5.5

Unsecured		Fixed				3,940,644	(3)		72.0%	2.96%	7.6
		Floating				503,015			9.1%	4.79%	1.5
		Combined				4,443,659			81.1%	3.17%	6.8

Total Debt		Fixed				4,946,266			90.4%	3.05%	7.2
		Floating				530,015			9.6%	4.69%	1.9
		Combined				5,476,281			100.0%	3.21%	6.7
		Total Non-Cash Adjustments (4)				11,022
		Total per Balance Sheet			$	5,487,303				3.17%



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	$	1,242	$	-	$	300,000		$	301,242	5.5%	4.69%
2024		96,747		15,644		28,015			140,406	2.6%	4.23%
2025		174,793		-		-			174,793	3.2%	3.69%
2026		52,744		300,000		-			352,744	6.4%	2.95%
2027		2,860		650,000		-			652,860	11.9%	3.57%
2028		162,310		300,000		-			462,310	8.4%	3.72%
2029		191,986		300,000		-			491,986	9.0%	3.94%
2030		162,010		600,000		-			762,010	13.9%	3.32%
2031		160,930		600,000		-			760,930	13.9%	2.92%
2032		27,000		400,000		-			427,000	7.8%	2.14%
Thereafter		-		950,000		-			950,000	17.4%	2.35%
		1,032,622		4,115,644		328,015			5,476,281	100.0%	3.21%
Total Non-Cash Adjustments (4)		19,659		(8,637)		-			11,022
Total per Balance Sheet	$	1,052,281	$	4,107,007	$	328,015		$	5,487,303		3.17%

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

(2)

The 2023 maturity reflects the $300.0 million of principal outstanding at an interest rate of 4.7%, the equivalent of SOFR plus a spread of 45 basis points, on the Company’s unsecured commercial paper program as of December 31, 2022. 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 6.8 years without extensions and 6.9 years with extensions.

(3)	Includes $175.0 million of floating rate debt that has been fixed using interest rate swaps at a weighted average all-in rate of 1.43% 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 December 31, 2022. 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 $28.0 million outstanding on our $75.0 million working capital credit facility at December 31, 2022. 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)

UDR, Inc.

Selected Financial Information

(Dollars in Thousands)

(Unaudited) (1)

Quarter Ended

Coverage Ratios

December 31, 2022

Net income/(loss)

47,467

Adjustments:

Interest expense, including debt extinguishment and other associated costs

43,247

Real estate depreciation and amortization

167,241

Other depreciation and amortization

4,823

Tax provision/(benefit), net

(683)

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

(25,494)

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

11,536

EBITDAre

248,137

Casualty-related charges/(recoveries), net

8,523

Severance costs

441

Unrealized (gain)/loss on real estate technology investments

537

Realized (gain)/loss on real estate technology investments

355

(Income)/loss from unconsolidated entities

(761)

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

(11,536)

Management fee expense on unconsolidated joint ventures

(605)

Consolidated EBITDAre - adjusted for non-recurring items

245,091

Annualized consolidated EBITDAre - adjusted for non-recurring items

980,364

Interest expense, including debt extinguishment and other associated costs

43,247

Capitalized interest expense

2,939

Total interest

46,186

Preferred dividends

1,105

Total debt

5,487,303

Cash

(1,193)

Net debt

5,486,110

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

5.6x

Debt Covenant Overview

Unsecured Line of Credit Covenants (2)

Required

Actual

Compliance

Maximum Leverage Ratio

≤60.0%

30.7% (2)

Yes

Minimum Fixed Charge Coverage Ratio

≥1.5x

5.3x

Yes

Maximum Secured Debt Ratio

≤40.0%

9.3%

Yes

Minimum Unencumbered Pool Leverage Ratio

≥150.0%

382.4%

Yes

Senior Unsecured Note Covenants (3)

Required

Actual

Compliance

Debt as a percentage of Total Assets

≤65.0%

32.7% (3)

Yes

Consolidated Income Available for Debt Service to Annual Service Charge

≥1.5x

5.7x

Yes

Secured Debt as a percentage of Total Assets

≤40.0%

6.3%

Yes

Total Unencumbered Assets to Unsecured Debt

≥150.0%

322.4%

Yes

Securities Ratings

Debt

Outlook

Commercial Paper

Moody's Investors Service

Baa1

Stable

P-2

S&P Global Ratings

BBB+

Stable

A-2

Gross

% of

Number of

4Q 2022 NOI (1)

Carrying Value

Total Gross

Asset Summary

Homes

($000s)

% of NOI

($000s)

Carrying Value

Unencumbered assets

47,477

244,199

88.2%

13,823,005

88.8%

Encumbered assets

7,522

32,687

11.8%

1,747,067

11.2%

54,999

276,886

100.0%

15,570,072

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

UDR, Inc.

Operating Information

(Unaudited) (1)


	Total	Quarter Ended		Quarter Ended		Quarter Ended		Quarter Ended		Quarter Ended
Dollars in thousands	Homes	December 31, 2022		September 30, 2022		June 30, 2022		March 31, 2022		December 31, 2021
Revenues
Same-Store Communities	51,729	$	371,449	$	365,718	$	351,675	$	343,601	$	337,481
Stabilized, Non-Mature Communities	1,992		12,379		11,265		8,509		7,168		5,966
Development Communities	1,278		4,643		3,037		1,273		240		-
Non-Residential / Other (2)	-		9,611		9,317		5,576		4,506		2,453
Total	54,999	$	398,082	$	389,337	$	367,033	$	355,515	$	345,900

Expenses
Same-Store Communities		$	110,683	$	114,277	$	105,855	$	105,619	$	103,647
Stabilized, Non-Mature Communities			4,172		3,917		3,010		2,611		1,809
Development Communities			2,906		1,973		1,328		680		247
Non-Residential / Other (2)			3,614		4,649		2,795		3,151		3,041
Total (3)		$	121,375	$	124,816	$	112,988	$	112,061	$	108,744

Net Operating Income
Same-Store Communities		$	260,766	$	251,441	$	245,820	$	237,982	$	233,834
Stabilized, Non-Mature Communities			8,207		7,348		5,499		4,557		4,157
Development Communities			1,737		1,064		(55)		(440)		(247)
Non-Residential / Other (2)			5,997		4,668		2,781		1,355		(588)
Total		$	276,707	$	264,521	$	254,045	$	243,454	$	237,156

Operating Margin
Same-Store Communities			70.2%		68.8%		69.9%		69.3%		69.3%

Weighted Average Physical Occupancy
Same-Store Communities			96.8%		96.8%		97.0%		97.2%		97.0%
Stabilized, Non-Mature Communities			94.7%		94.6%		96.4%		95.9%		95.8%
Development Communities			66.0%		68.4%		56.5%		27.6%		-
Other (4)			-		95.4%		97.0%		96.3%		97.3%
Total			96.1%		96.3%		96.7%		96.9%		97.1%

Sold and Held for Disposition Communities
Revenues	-	$	330	$	686	$	715	$	666	$	1,124
Expenses (3)			151		189		205		187		329
Net Operating Income/(Loss)		$	179	$	497	$	510	$	479	$	795

Total	54,999	$	276,886	$	265,018	$	254,555	$	243,933	$	237,951

(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

UDR, Inc.

Same-Store Operating Expense Information

(Dollars in Thousands)

(Unaudited) (1)


	% of 4Q 2022
	SS Operating
Year-Over-Year Comparison	Expenses	4Q 2022		4Q 2021		% Change

Personnel	14.1%	$	15,613	$	14,853	5.1%
Utilities	14.0%		15,483		14,215	8.9%
Repair and maintenance	18.0%		19,921		19,033	4.7%
Administrative and marketing	6.8%		7,508		6,818	10.1%
Controllable expenses	52.9%		58,525		54,919	6.6%

Real estate taxes	40.7%	$	45,128	$	43,018	4.9%
Insurance	6.4%		7,030		5,710	23.1%
Same-Store operating expenses	100.0%	$	110,683	$	103,647	6.8%

Same-Store Homes	51,729



	% of 4Q 2022
	SS Operating
Sequential Comparison	Expenses	4Q 2022		3Q 2022		% Change

Personnel	14.1%	$	15,613	$	15,275	2.2%
Utilities	14.0%		15,483		15,766	-1.8%
Repair and maintenance	18.0%		19,921		22,602	-11.9%
Administrative and marketing	6.8%		7,508		7,802	-3.8%
Controllable expenses	52.9%		58,525		61,445	-4.8%

Real estate taxes	40.7%	$	45,128	$	45,976	-1.8%
Insurance	6.4%		7,030		6,856	2.5%
Same-Store operating expenses	100.0%	$	110,683	$	114,277	-3.1%

Same-Store Homes	51,729




	% of YTD 2022
	SS Operating
Year-to-Date Comparison	Expenses	YTD 2022		YTD 2021		% Change

Personnel	14.1%	$	56,796	$	56,566	0.4%
Utilities	13.6%		55,110		51,078	7.9%
Repair and maintenance	18.3%		74,082		66,744	11.0%
Administrative and marketing	6.7%		26,926		26,090	3.2%
Controllable expenses	52.7%		212,914		200,478	6.2%

Real estate taxes	41.1%	$	166,288	$	161,866	2.7%
Insurance	6.2%		24,948		19,882	25.5%
Same-Store operating expenses	100.0%	$	404,150	$	382,226	5.7%

Same-Store Homes	47,360

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

Attachment 7(A)

UDR, Inc.

Apartment Home Breakout

Portfolio Overview as of Quarter Ended

December 31, 2022

(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	4,595	-	4,595	381	4,976	$	2,932
San Francisco, CA	2,779	356	3,135	602	3,737		3,528
Seattle, WA	2,985	-	2,985	-	2,985		2,825
Monterey Peninsula, CA	1,567	-	1,567	-	1,567		2,307
Los Angeles, CA	1,225	-	1,225	340	1,565		3,296
	13,151	356	13,507	1,323	14,830

Mid-Atlantic Region
Metropolitan DC	9,393	161	9,554	-	9,554		2,237
Baltimore, MD	1,789	430	2,219	-	2,219		1,891
Richmond, VA	1,359	-	1,359	-	1,359		1,775
	12,541	591	13,132	-	13,132

Northeast Region
Boston, MA	4,598	433	5,031	250	5,281		3,001
New York, NY	2,318	-	2,318	710	3,028		4,524
	6,916	433	7,349	960	8,309

Southeast Region
Tampa, FL	3,877	-	3,877	-	3,877		2,090
Orlando, FL	2,500	993	3,493	-	3,493		1,874
Nashville, TN	2,260	-	2,260	-	2,260		1,746
	8,637	993	9,630	-	9,630

Southwest Region
Dallas, TX	5,813	405	6,218	-	6,218		1,775
Austin, TX	1,272	-	1,272	-	1,272		1,916
	7,085	405	7,490	-	7,490

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

Totals	51,729	3,270	54,999	2,837	57,836	$	2,499

Communities (6)	156	9	165	13	178

		Homes	Communities
Total completed homes		57,836	178
Under Development (7)		554	3

Total Quarter-end homes and communities		58,390	181

(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)

UDR, Inc.

Non-Mature Home Summary and Net Operating Income by Market

December 31, 2022

(Unaudited) (1)


Non-Mature Home Breakout - By Date


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


Arbors at Maitland Summit	Stabilized, Non-Mature	663	Orlando, FL	1Q23

Essex Luxe	Stabilized, Non-Mature	330	Orlando, FL	1Q23

Quarters at Towson Town Center	Stabilized, Non-Mature	430	Baltimore, MD	1Q23

Bradlee Danvers	Stabilized, Non-Mature	433	Boston, MA	3Q23

1532 Harrison	Stabilized, Non-Mature	136	San Francisco, CA	4Q23

The George Apartments	Development	200	Philadelphia, PA	2Q24

Vitruvian West Phase 3	Development	405	Dallas, TX	2Q24

Cirrus	Development	292	Denver, CO	3Q24

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

The MO	Development	161	Washington, DC	2Q25

Total		3,270


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	11.6%	11.1%	Tampa, FL	5.9%	5.4%
San Francisco, CA	7.5%	7.8%	Orlando, FL	3.6%	4.6%
Seattle, WA	6.9%	6.7%	Nashville, TN	3.3%	3.0%
Monterey Peninsula, CA	3.1%	2.8%		12.8%	13.0%
Los Angeles, CA	3.0%	3.2%	Southwest Region
	32.1%	31.6%	Dallas, TX	7.4%	7.2%
Mid-Atlantic Region			Austin, TX	1.7%	1.6%
Metropolitan DC	16.2%	14.9%		9.1%	8.8%
Baltimore, MD	2.6%	2.9%
Richmond, VA	2.0%	1.9%	Other Markets (3)	6.9%	7.6%
	20.8%	19.7%
Northeast Region
Boston, MA	11.5%	11.7%
New York, NY	6.8%	7.6%
	18.3%	19.3%	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)

UDR, Inc.

Same-Store Operating Information By Major Market

Current Quarter vs. Prior Year Quarter

December 31, 2022

(Unaudited) (1)



		% of Same-	Same-Store
	Total	Store Portfolio
	Same-Store	Based on	Physical Occupancy			Total Revenue per Occupied Home
	Homes	4Q 2022 NOI	4Q 22	4Q 21	Change	4Q 22		4Q 21		Change

West Region
Orange County, CA	4,595	11.6%	96.9%	97.2%	-0.3%	$	2,931	$	2,737	7.1%
San Francisco, CA	2,779	7.5%	95.9%	95.5%	0.4%		3,445		3,179	8.4%
Seattle, WA	2,985	6.9%	97.1%	97.2%	-0.1%		2,825		2,633	7.3%
Monterey Peninsula, CA	1,567	3.1%	95.3%	96.9%	-1.6%		2,307		2,135	8.1%
Los Angeles, CA	1,225	3.0%	96.7%	96.1%	0.6%		3,055		2,959	3.2%
	13,151	32.1%	96.5%	96.7%	-0.2%		2,953		2,754	7.2%

Mid-Atlantic Region
Metropolitan DC	9,393	16.2%	97.0%	97.1%	-0.1%		2,238		2,104	6.4%
Baltimore, MD	1,789	2.6%	96.3%	96.2%	0.1%		1,891		1,763	7.3%
Richmond, VA	1,359	2.0%	97.5%	97.7%	-0.2%		1,775		1,566	13.3%
	12,541	20.8%	97.0%	97.0%	0.0%		2,138		1,997	7.1%

Northeast Region
Boston, MA	4,598	11.5%	96.7%	96.4%	0.3%		3,052		2,781	9.7%
New York, NY	2,318	6.8%	97.8%	97.7%	0.1%		4,446		3,896	14.1%
	6,916	18.3%	97.1%	96.9%	0.2%		3,523		3,155	11.7%

Southeast Region
Tampa, FL	3,877	5.9%	96.7%	97.3%	-0.6%		2,090		1,747	19.6%
Orlando, FL	2,500	3.6%	96.6%	97.3%	-0.7%		1,807		1,536	17.6%
Nashville, TN	2,260	3.3%	97.1%	98.1%	-1.0%		1,746		1,471	18.7%
	8,637	12.8%	96.8%	97.5%	-0.7%		1,918		1,613	18.9%

Southwest Region
Dallas, TX	5,813	7.4%	96.6%	97.1%	-0.5%		1,775		1,562	13.6%
Austin, TX	1,272	1.7%	97.5%	98.1%	-0.6%		1,916		1,677	14.3%
	7,085	9.1%	96.8%	97.3%	-0.5%		1,801		1,583	13.8%

Other Markets	3,399	6.9%	96.6%	97.0%	-0.4%		2,530		2,280	11.0%

Total/Weighted Avg.	51,729	100.0%	96.8%	97.0%	-0.2%	$	2,473	$	2,241	10.4%

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

Attachment 8(B)

UDR, Inc.

Same-Store Operating Information By Major Market

Current Quarter vs. Prior Year Quarter

December 31, 2022

(Unaudited) (1)


			Same-Store ($000s)

	Total
	Same-Store	Revenues					Expenses					Net Operating Income
	Homes	4Q 22		4Q 21		Change	4Q 22		4Q 21		Change	4Q 22		4Q 21		Change

West Region
Orange County, CA	4,595	$	39,149	$	36,671	6.8%	$	8,828	$	7,929	11.3%	$	30,321	$	28,742	5.5%
San Francisco, CA	2,779		27,543		25,319	8.8%		7,959		7,646	4.1%		19,584		17,673	10.8%
Seattle, WA	2,985		24,567		22,916	7.2%		6,523		6,178	5.6%		18,044		16,738	7.8%
Monterey Peninsula, CA	1,567		10,336		9,714	6.4%		2,425		2,080	16.6%		7,911		7,634	3.6%
Los Angeles, CA	1,225		10,857		10,451	3.9%		3,065		3,020	1.5%		7,792		7,431	4.9%
	13,151		112,452		105,071	7.0%		28,800		26,853	7.2%		83,652		78,218	6.9%

Mid-Atlantic Region
Metropolitan DC	9,393		61,171		57,573	6.2%		18,833		17,823	5.7%		42,338		39,750	6.5%
Baltimore, MD	1,789		9,773		9,101	7.4%		3,156		2,736	15.4%		6,617		6,365	4.0%
Richmond, VA	1,359		7,057		6,238	13.1%		1,771		1,608	10.1%		5,286		4,630	14.2%
	12,541		78,001		72,912	7.0%		23,760		22,167	7.2%		54,241		50,745	6.9%

Northeast Region
Boston, MA	4,598		40,704		36,978	10.1%		10,815		10,949	-1.2%		29,889		26,029	14.8%
New York, NY	2,318		30,239		26,468	14.2%		12,511		12,083	3.5%		17,728		14,385	23.2%
	6,916		70,943		63,446	11.8%		23,326		23,032	1.3%		47,617		40,414	17.8%

Southeast Region
Tampa, FL	3,877		23,505		19,766	18.9%		8,015		6,969	15.0%		15,490		12,797	21.0%
Orlando, FL	2,500		13,095		11,206	16.9%		3,802		3,018	26.0%		9,293		8,188	13.5%
Nashville, TN	2,260		11,495		9,785	17.5%		2,824		2,827	-0.1%		8,671		6,958	24.6%
	8,637		48,095		40,757	18.0%		14,641		12,814	14.3%		33,454		27,943	19.7%

Southwest Region
Dallas, TX	5,813		29,905		26,457	13.0%		10,502		10,038	4.6%		19,403		16,419	18.2%
Austin, TX	1,272		7,129		6,279	13.5%		2,616		2,235	17.0%		4,513		4,044	11.6%
	7,085		37,034		32,736	13.1%		13,118		12,273	6.9%		23,916		20,463	16.9%

Other Markets	3,399		24,924		22,559	10.5%		7,038		6,508	8.1%		17,886		16,051	11.4%

Total (2)	51,729	$	371,449	$	337,481	10.1%	$	110,683	$	103,647	6.8%	$	260,766	$	233,834	11.5%

(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 12.1% and 14.5%, respectively. See Attachment 15(C) for definitions and reconciliations.

Attachment 8(C)

UDR, Inc.

Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

December 31, 2022

(Unaudited) (1)


		Same-Store
	Total
	Same-Store	Physical Occupancy			Total Revenue per Occupied Home
	Homes	4Q 22	3Q 22	Change	4Q 22		3Q 22		Change

West Region
Orange County, CA	4,595	96.9%	96.8%	0.1%	$	2,931	$	2,886	1.6%
San Francisco, CA	2,779	95.9%	96.5%	-0.6%		3,445		3,437	0.2%
Seattle, WA	2,985	97.1%	97.0%	0.1%		2,825		2,831	-0.2%
Monterey Peninsula, CA	1,567	95.3%	96.3%	-1.0%		2,307		2,183	5.7%
Los Angeles, CA	1,225	96.7%	96.7%	0.0%		3,055		3,048	0.2%
	13,151	96.5%	96.7%	-0.2%		2,953		2,921	1.1%

Mid-Atlantic Region
Metropolitan DC	9,393	97.0%	96.8%	0.2%		2,238		2,254	-0.7%
Baltimore, MD	1,789	96.3%	96.1%	0.2%		1,891		1,828	3.4%
Richmond, VA	1,359	97.5%	97.2%	0.3%		1,775		1,806	-1.7%
	12,541	97.0%	96.8%	0.2%		2,138		2,143	-0.2%

Northeast Region
Boston, MA	4,598	96.7%	96.7%	0.0%		3,052		2,972	2.7%
New York, NY	2,318	97.8%	97.7%	0.1%		4,446		4,349	2.2%
	6,916	97.1%	97.1%	0.0%		3,523		3,437	2.5%

Southeast Region
Tampa, FL	3,877	96.7%	96.7%	0.0%		2,090		2,032	2.9%
Orlando, FL	2,500	96.6%	96.5%	0.1%		1,807		1,755	3.0%
Nashville, TN	2,260	97.1%	97.0%	0.1%		1,746		1,684	3.7%
	8,637	96.8%	96.7%	0.1%		1,918		1,861	3.1%

Southwest Region
Dallas, TX	5,813	96.6%	96.6%	0.0%		1,775		1,736	2.2%
Austin, TX	1,272	97.5%	97.3%	0.2%		1,916		1,886	1.6%
	7,085	96.8%	96.7%	0.1%		1,801		1,763	2.1%

Other Markets	3,399	96.6%	96.8%	-0.2%		2,530		2,460	2.8%

Total/Weighted Avg.	51,729	96.8%	96.8%	0.0%	$	2,473	$	2,435	1.6%

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

Attachment 8(D)

UDR, Inc.

Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

December 31, 2022

(Unaudited) (1)


			Same-Store ($000s)
	Total
	Same-Store	Revenues					Expenses					Net Operating Income
	Homes	4Q 22		3Q 22		Change	4Q 22		3Q 22		Change	4Q 22		3Q 22		Change

West Region
Orange County, CA	4,595	$	39,149	$	38,515	1.6%	$	8,828	$	8,863	-0.4%	$	30,321	$	29,652	2.3%
San Francisco, CA	2,779		27,543		27,506	0.1%		7,959		7,881	1.0%		19,584		19,625	-0.2%
Seattle, WA	2,985		24,567		24,593	-0.1%		6,523		6,702	-2.7%		18,044		17,891	0.9%
Monterey Peninsula, CA	1,567		10,336		9,881	4.6%		2,425		2,255	7.5%		7,911		7,626	3.8%
Los Angeles, CA	1,225		10,857		10,831	0.2%		3,065		2,867	6.9%		7,792		7,964	-2.2%
	13,151		112,452		111,326	1.0%		28,800		28,568	0.8%		83,652		82,758	1.1%

Mid-Atlantic Region
Metropolitan DC	9,393		61,171		61,496	-0.5%		18,833		19,593	-3.9%		42,338		41,903	1.0%
Baltimore, MD	1,789		9,773		9,430	3.6%		3,156		3,262	-3.2%		6,617		6,168	7.3%
Richmond, VA	1,359		7,057		7,157	-1.4%		1,771		1,842	-3.9%		5,286		5,315	-0.5%
	12,541		78,001		78,083	-0.1%		23,760		24,697	-3.8%		54,241		53,386	1.6%

Northeast Region
Boston, MA	4,598		40,704		39,648	2.7%		10,815		11,753	-8.0%		29,889		27,895	7.2%
New York, NY	2,318		30,239		29,545	2.3%		12,511		13,054	-4.2%		17,728		16,491	7.5%
	6,916		70,943		69,193	2.5%		23,326		24,807	-6.0%		47,617		44,386	7.3%

Southeast Region
Tampa, FL	3,877		23,505		22,849	2.9%		8,015		7,990	0.3%		15,490		14,859	4.2%
Orlando, FL	2,500		13,095		12,703	3.1%		3,802		3,692	3.0%		9,293		9,011	3.1%
Nashville, TN	2,260		11,495		11,072	3.8%		2,824		3,260	-13.4%		8,671		7,812	11.0%
	8,637		48,095		46,624	3.2%		14,641		14,942	-2.0%		33,454		31,682	5.6%

Southwest Region
Dallas, TX	5,813		29,905		29,242	2.3%		10,502		11,021	-4.7%		19,403		18,221	6.5%
Austin, TX	1,272		7,129		7,001	1.8%		2,616		3,182	-17.8%		4,513		3,819	18.2%
	7,085		37,034		36,243	2.2%		13,118		14,203	-7.6%		23,916		22,040	8.5%

Other Markets	3,399		24,924		24,249	2.8%		7,038		7,060	-0.3%		17,886		17,189	4.1%

Total (2)	51,729	$	371,449	$	365,718	1.6%	$	110,683	$	114,277	-3.1%	$	260,766	$	251,441	3.7%

(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 quarter-over-quarter by 2.0% and 4.3%, respectively. See Attachment 15(C) for definitions and reconciliations.

Attachment 8(E)

UDR, Inc.

Same-Store Operating Information By Major Market

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

December 31, 2022

(Unaudited) (1)


		% of Same-
	Total	Store Portfolio	Same-Store
	Same-Store	Based on	Physical Occupancy			Total Revenue per Occupied Home
	Homes	YTD 2022 NOI	YTD 22	YTD 21	Change	YTD 22		YTD 21		Change

West Region
Orange County, CA	4,595	12.7%	96.9%	97.5%	-0.6%	$	2,844	$	2,610	9.0%
San Francisco, CA	2,779	8.2%	96.0%	95.3%	0.7%		3,345		3,074	8.8%
Seattle, WA	2,726	6.8%	97.5%	97.2%	0.3%		2,709		2,416	12.1%
Monterey Peninsula, CA	1,567	3.3%	96.2%	97.0%	-0.8%		2,199		2,012	9.3%
Los Angeles, CA	1,225	3.4%	96.6%	96.0%	0.6%		3,031		2,729	11.1%
	12,892	34.4%	96.7%	96.8%	-0.1%		2,862		2,606	9.8%

Mid-Atlantic Region
Metropolitan DC	8,381	16.3%	97.2%	96.6%	0.6%		2,260		2,131	6.1%
Baltimore, MD	1,597	2.4%	96.6%	97.6%	-1.0%		1,824		1,679	8.6%
Richmond, VA	1,359	2.2%	97.5%	98.2%	-0.7%		1,709		1,522	12.3%
	11,337	20.9%	97.2%	96.9%	0.3%		2,133		1,993	7.0%

Northeast Region
Boston, MA	4,298	11.4%	96.8%	96.5%	0.3%		2,978		2,750	8.3%
New York, NY	2,318	7.0%	98.0%	96.6%	1.4%		4,231		3,621	16.8%
	6,616	18.4%	97.2%	96.5%	0.7%		3,421		3,055	12.0%

Southeast Region
Tampa, FL	3,877	6.3%	96.8%	97.4%	-0.6%		1,975		1,653	19.5%
Orlando, FL	2,500	3.8%	96.8%	97.4%	-0.6%		1,707		1,475	15.7%
Nashville, TN	2,260	3.3%	97.4%	97.9%	-0.5%		1,636		1,431	14.3%
	8,637	13.4%	97.0%	97.5%	-0.5%		1,808		1,543	17.2%

Southwest Region
Dallas, TX	3,866	5.2%	97.0%	97.1%	-0.1%		1,715		1,536	11.7%
Austin, TX	1,272	1.8%	97.7%	98.1%	-0.4%		1,824		1,609	13.4%
	5,138	7.0%	97.2%	97.4%	-0.2%		1,742		1,553	12.2%

Other Markets	2,740	5.9%	97.1%	97.4%	-0.3%		2,406		2,144	12.2%

Total/Weighted Avg.	47,360	100.0%	97.0%	97.0%	0.0%	$	2,425	$	2,183	11.1%

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

Attachment 8(F)

UDR, Inc.

Same-Store Operating Information By Major Market

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

December 31, 2022

(Unaudited) (1)


			Same-Store ($000s)
	Total
	Same-Store	Revenues					Expenses					Net Operating Income
	Homes	YTD 22		YTD 21		Change	YTD 22		YTD 21		Change	YTD 22		YTD 21		Change

West Region
Orange County, CA	4,595	$	151,962	$	140,340	8.3%	$	33,423	$	30,976	7.9%	$	118,539	$	109,364	8.4%
San Francisco, CA	2,779		107,096		96,695	10.8%		30,847		29,926	3.1%		76,249		66,769	14.2%
Seattle, WA	2,726		86,416		76,790	12.5%		22,878		22,500	1.7%		63,538		54,290	17.0%
Monterey Peninsula, CA	1,567		39,786		36,655	8.5%		8,930		8,099	10.3%		30,856		28,556	8.1%
Los Angeles, CA	1,225		43,037		38,509	11.8%		11,600		11,393	1.8%		31,437		27,116	15.9%
	12,892		428,297		388,989	10.1%		107,678		102,894	4.6%		320,619		286,095	12.1%

Mid-Atlantic Region
Metropolitan DC	8,381		220,905		207,034	6.7%		68,766		65,881	4.4%		152,139		141,153	7.8%
Baltimore, MD	1,597		33,764		31,407	7.5%		11,313		9,959	13.6%		22,451		21,448	4.7%
Richmond, VA	1,359		27,171		24,377	11.5%		6,835		6,285	8.7%		20,336		18,092	12.4%
	11,337		281,840		262,818	7.2%		86,914		82,125	5.8%		194,926		180,693	7.9%

Northeast Region
Boston, MA	4,298		148,662		136,850	8.6%		42,527		40,281	5.6%		106,135		96,569	9.9%
New York, NY	2,318		115,336		97,298	18.5%		49,605		49,547	0.1%		65,731		47,751	37.7%
	6,616		263,998		234,148	12.7%		92,132		89,828	2.6%		171,866		144,320	19.1%

Southeast Region
Tampa, FL	3,877		88,926		74,913	18.7%		30,542		27,575	10.8%		58,384		47,338	23.3%
Orlando, FL	2,500		49,570		43,102	15.0%		14,210		12,770	11.3%		35,360		30,332	16.6%
Nashville, TN	2,260		43,202		37,988	13.7%		12,299		11,516	6.8%		30,903		26,472	16.7%
	8,637		181,698		156,003	16.5%		57,051		51,861	10.0%		124,647		104,142	19.7%

Southwest Region
Dallas, TX	3,866		77,168		69,210	11.5%		28,419		26,060	9.1%		48,749		43,150	13.0%
Austin, TX	1,272		27,199		24,091	12.9%		10,730		9,462	13.4%		16,469		14,629	12.6%
	5,138		104,367		93,301	11.9%		39,149		35,522	10.2%		65,218		57,779	12.9%

Other Markets	2,740		76,803		68,662	11.9%		21,226		19,996	6.2%		55,577		48,666	14.2%

Total (2)	47,360	$	1,337,003	$	1,203,921	11.1%	$	404,150	$	382,226	5.7%	$	932,853	$	821,695	13.5%

(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 11.5% and 14.2%, respectively. See Attachment 15(C) for definitions and reconciliations.

Attachment 8(G)

UDR, Inc.

Same-Store Operating Information By Major Market

December 31, 2022

(Unaudited) (1)


	Effective Blended Lease Rate Growth	Effective New Lease Rate Growth	Effective Renewal Lease Rate Growth	Annualized Turnover
	4Q 2022	4Q 2022	4Q 2022	4Q 2022	4Q 2021	YTD 2022	YTD 2021

West Region
Orange County, CA	6.4%	5.3%	7.9%	41.4%	35.7%	43.1%	43.8%
San Francisco, CA	3.9%	0.9%	7.7%	41.8%	35.3%	40.3%	42.0%
Seattle, WA	-0.2%	-7.4%	6.9%	42.0%	44.3%	48.3%	50.7%
Monterey Peninsula, CA	3.4%	1.3%	5.7%	38.0%	24.1%	32.4%	27.9%
Los Angeles, CA	9.3%	11.2%	7.5%	31.1%	28.2%	32.7%	36.7%
	4.1%	1.4%	7.3%	40.5%	36.5%	42.0%	43.3%

Mid-Atlantic Region
Metropolitan DC	3.7%	-1.1%	8.7%	31.0%	29.6%	41.9%	42.2%
Baltimore, MD	0.6%	-3.8%	7.1%	38.6%	35.3%	53.9%	46.5%
Richmond, VA	4.9%	1.1%	9.0%	36.2%	33.3%	46.6%	41.9%
	3.4%	-1.3%	8.6%	32.9%	30.9%	44.5%	42.8%

Northeast Region
Boston, MA	5.6%	2.3%	9.3%	33.7%	35.0%	44.0%	45.1%
New York, NY	15.1%	16.3%	14.1%	24.0%	25.5%	40.0%	41.7%
	9.3%	7.2%	11.3%	31.1%	32.5%	42.7%	44.0%

Southeast Region
Tampa, FL	6.4%	1.9%	12.5%	46.9%	35.6%	54.9%	45.0%
Orlando, FL	7.7%	4.3%	11.8%	46.8%	40.8%	50.2%	47.2%
Nashville, TN	8.6%	5.6%	12.0%	38.1%	36.0%	48.5%	46.7%
	7.3%	3.3%	12.2%	44.9%	37.3%	52.0%	46.1%

Southwest Region
Dallas, TX	5.1%	2.1%	8.8%	43.2%	44.7%	50.3%	49.1%
Austin, TX	4.6%	1.5%	8.2%	37.1%	42.4%	49.2%	48.2%
	5.0%	2.0%	8.7%	42.2%	44.3%	50.0%	48.9%

Other Markets	4.3%	-0.7%	10.3%	42.8%	34.1%	37.6%	34.0%

Total/Weighted Avg.	5.4%	2.0%	9.3%	38.2%	35.2%	45.3%	44.0%


Allocation of Total Homes Repriced during the Quarter		52.9%	47.1%

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

Attachment 9

UDR, Inc.

Development and Land Summary

December 31, 2022

(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

The MO	Washington, DC		300	161	$	135,463	$	145,000	$	483		3Q20	4Q22	1Q23	14.0%	9.3%
Villas at Fiori	Addison, TX		85	-		17,732		53,500		629		1Q22	1Q24	2Q24	-	-
Meridian	Tampa, FL		330	-		36,910		134,000		406		1Q22	2Q24	2Q24	-	-

Total Under Construction			715	161	$	190,105	$	332,500	$	465

Completed Projects, Non-Stabilized

Cirrus	Denver, CO		292	292	$	101,444	$	101,850	$	349		3Q19	1Q22	2Q22	79.5%	76.0%
The George Apartments	King of Prussia, PA		200	200		66,261		68,000		340		4Q20	1Q22	3Q22	97.0%	97.0%
5421 at Dublin Station	Dublin, CA		220	220		124,596		125,000		568		4Q19	3Q22	4Q22	31.8%	24.6%
Vitruvian West Phase 3	Addison, TX		405	405		73,126		74,000		183		1Q21	1Q22	4Q22	91.9%	90.9%

Total Completed, Non-Stabilized			1,117	1,117	$	365,427	$	368,850	$	330

Total - Wholly Owned			1,832	1,278	$	555,532	$	701,350	$	383



NOI From Wholly-Owned Projects		4Q 22

Projects Under Construction		$	(446)
Completed, Non-Stabilized			2,183
Total		$	1,737


Land Summary
Parcel	Location	UDR Ownership Interest			Real Estate Cost Basis

Vitruvian Park®	Addison, TX	100%			$	34,951
Alameda Point Block 11	Alameda, CA	100%				30,615
Newport Village II	Alexandria, VA	100%				15,524
2727 Turtle Creek (includes 3 phases)	Dallas, TX	100%				92,507
488 Riverwalk	Fort Lauderdale, FL	100%				17,870
3001 Iowa Avenue	Riverside, CA	100%				14,551

Total					$	206,018

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

Attachment 10

UDR, Inc.

Redevelopment Summary

December 31, 2022

(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

Eight80 Newport Beach (3)	Newport Beach, CA	1,447	30	-	$	14,874	$	18,000	$	600	1Q21	1Q23	95.3%	94.2%
Lakeline Villas (4)	Cedar Park, TX	309	288	35		2,581		10,500		36	3Q22	2Q24	98.4%	98.1%
Red Stone Ranch (4)	Cedar Park, TX	324	324	47		2,525		12,000		37	3Q22	2Q24	98.5%	97.8%
Towson Promenade (4)	Towson, MD	379	379	1		463		17,000		45	3Q22	2Q24	95.3%	95.3%
20 Lambourne (4)	Towson, MD	264	264	25		1,408		9,000		34	3Q22	2Q24	95.8%	95.1%
Lenox Farms (4)	Braintree, MA	338	338	17		2,306		15,500		46	3Q22	3Q24	97.0%	97.0%
Total		3,061	1,623	125	$	24,157	$	82,000	$	51

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

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

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

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

Attachment 11(A)

UDR, Inc.

Unconsolidated Summary

December 31, 2022

(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		4Q 22	4Q 22		4Q 22		YTD 22		YTD 22 (2)

UDR / MetLife	50%			13		2,837		97.0%	$	4,131	$	11,242	$	41,048	$	81,644




	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	$	1,716,256	$	857,909	$	254,612		3.70%	2024-2031




	Joint Venture
	Same-Store		4Q 22 vs. 4Q 21 Growth						4Q 22 vs. 3Q 22 Growth
Joint Venture Same-Store Growth	Communities (4)		Revenue		Expense			NOI	Revenue		Expense		NOI

UDR / MetLife	13		16.2%		4.5%			23.7%	3.9%		-4.6%		9.2%




	Joint Venture
	Same-Store		YTD 22 vs. YTD 21 Growth
Joint Venture Same-Store Growth	Communities (4)		Revenue		Expense			NOI

UDR / MetLife	13		14.2%		4.2%			21.1%





							Income/(Loss)
	UDR Investment (6)						from Investments
Other Unconsolidated Investments (5)	Commitment		Funded		Balance		4Q 22 (7)

RETV Funds	$	51,000	$	25,380	$	28,271	$	(7,159)
RET Strategic Fund		25,000		7,500		8,078		610
RET ESG Fund		10,000		3,000		2,898		(81)
Climate Technology Funds		10,000		5,921		5,741		(108)
Total	$	96,000	$	41,801	$	44,988	$	(6,738)

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

(2)	Represents NOI at 100% for the period ended December 31, 2022.

(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. The RETV III investment was entered into during the three months ended December 31, 2022.

(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 and is primarily due to a decrease in SmartRent's public share price.

Attachment 11(B)

UDR, Inc.

Developer Capital Program

December 31, 2022

(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	Participation

Preferred Equity

Junction	Santa Monica, CA		66	$	8,800	$	14,865	12.5%	0.8	-
1300 Fairmount	Philadelphia, PA		471		51,393		70,501	8.5%	0.8	Variable
Modera Lake Merritt	Oakland, CA		173		27,250		32,672	9.0%	1.4	Variable
Thousand Oaks	Thousand Oaks, CA		142		20,059		24,898	9.0%	2.1	Variable
Vernon Boulevard	Queens, NY		534		40,000		54,880	13.0%	2.5	Variable
Makers Rise	Herndon, VA		356		30,208		34,059	9.0%	3.0	Variable
121 at Watters	Allen, TX		469		19,843		22,511	9.0%	3.2	Variable
Infield Phase I	Kissimmee, FL		384		16,044		17,816	14.0%	1.4	-
Upton Place	Washington, DC		689		52,163		56,832	9.7%	4.9	-
Meetinghouse	Portland, OR		232		11,600		12,134	8.25%	4.2	-
Heirloom	Portland, OR		286		16,185		16,714	8.25%	4.4	-
Portfolio Recapitalization (4)	Various		2,460		102,000		102,705	8.0%	6.5	-

Total - Preferred Equity			6,262	$	395,545	$	460,587	9.4%	3.6

Secured Loans

Menifee	Menifee, CA		237	$	24,447	$	5,813	11.0%	3.9	-
Riverside	Riverside, CA		482		59,676		17,292	11.0%	3.9	-
Total - Secured Loans			719	$	84,123	$	23,105	11.0%	3.9

Total - Developer Capital Program			6,981	$	479,668	$	483,692	9.7%	3.7



		4Q 22

Income/(loss) from investments		$	9,109

(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 and therefore excludes accrued return. Investment balance includes amount funded plus accrued return prior to the period end.

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

Attachment 12

UDR, Inc.

Acquisitions, Dispositions and Developer Capital Program Investments Summary

December 31, 2022

(Dollars in Thousands)

(Unaudited) (1)


					Post
			Prior		Transaction
Date of			Ownership		Ownership		UDR Investment		Return		# of
Investment	Community	Location	Interest		Interest		Commitment		Rate		Homes

Developer Capital Program - Investment

Mar-22	Meetinghouse	Portland, OR		N/A		N/A	$	11,600		8.25%	232
Jun-22	Heirloom	Portland, OR		N/A		N/A		16,185		8.25%	286
Jun-22	Menifee	Menifee, CA		N/A		N/A		24,447		11.0%	237
Jun-22	Riverside	Riverside, CA		N/A		N/A		59,676		11.0%	482
Jul-22	Portfolio Recapitalization	Various		N/A		N/A		102,000		8.0%	2,460
							$	213,908		9.2%	3,697


					Proceeds
			Proceeds		Received at
			Received		Redemption/		UDR			Return	# of
Developer Capital Program - Redemption/Repayment			Life to Date		Repayment		Investment			Rate	Homes

Jan-22	1200 Broadway	Nashville, TN	$	88,095	$	74,037	$	55,558		12.25%	330
Mar-22	Infield Phase II	Kissimmee, FL		3,098		3,098		2,760		14.0%	-
			$	91,193	$	77,135	$	58,318		12.3%	330



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

Acquisitions - Wholly-Owned

Jun-22	Bradlee Danvers	Danvers, MA		0%		100%	$	207,500	$	-	433	$	479
							$	207,500	$	-	433	$	479

Acquisitions - Wholly-Owned Land

Apr-22	488 Riverwalk	Fort Lauderdale, FL		0%		100%	$	16,000	$	-	-	$	-
Jun-22	3001 Iowa Avenue(3)	Riverside, CA		0%		100%		29,000		-	-		-
Jun-22	2727 Turtle Creek (includes 3 phases)	Dallas, TX		0%		100%		90,200		-	-		-
							$	135,200	$	-	-	$	-




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

Dispositions - Wholly-Owned

Nov-22	Foxborough (4)	Orange County, CA		100%		0%	$	41,500	$	-	90	$	461
							$	41,500	$	-	90	$	461

(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)	Acquisition of 3001 Iowa Avenue included 2 operating retail parcels.

(4)	UDR recorded a gain on sale of approximately $25.5 million during the three and twelve months ended December 31, 2022, which is included in gain/(loss) on sale of real estate owned.

Attachment 13

UDR, Inc.

Capital Expenditure and Repair and Maintenance Summary

December 31, 2022

(In thousands, except Cost per Home)

(Unaudited) (1)


		Three Months				Capex	Twelve Months				Capex
	Estimated	Ended		Cost		as a %	Ended			Cost	as a %
Capital Expenditures for Consolidated Homes (2)	Useful Life (yrs.)	December 31, 2022		per Home		of NOI	December 31, 2022			per Home	of NOI

Average number of homes (3)			53,740					53,514

Recurring Cap Ex
Asset preservation
Building interiors	5 - 20	$	10,028	$	187		$	31,599	$	590
Building exteriors	5 - 20		8,610		160			19,196		359
Landscaping and grounds	10		1,942		36			5,918		111
Total asset preservation			20,580		383			56,713		1,060

Turnover related	5		4,934		92			17,148		320

Total Recurring Cap Ex			25,514		475	9%		73,861		1,380	7%

NOI Enhancing Cap Ex	5 - 20		24,073		448			72,165		1,349

Total Recurring and NOI Enhancing Cap Ex		$	49,587	$	923		$	146,026	$	2,729


		Three Months					Twelve Months
		Ended			Cost		Ended			Cost
Repair and Maintenance for Consolidated Homes (Expensed)		December 31, 2022			per Home		December 31, 2022			per Home

Average number of homes (3)			53,740					53,514

Contract services		$	9,422	$	175		$	38,939	$	728

Turnover related expenses			6,032		112			24,790		463

Other Repair and Maintenance
Building interiors			3,771		70			14,121		264
Building exteriors			1,177		22			4,708		88
Landscaping and grounds			628		12			2,105		39
Total Repair and Maintenance		$	21,030	$	391		$	84,663	$	1,582

(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

UDR, Inc.

1Q 2023 and Full-Year 2023 Guidance

December 31, 2022

(Unaudited) (1)


		Guidance

Net Income, FFO, FFO as Adjusted and AFFO per Share and Unit Guidance	1Q 2023	Full-Year 2023

Income/(loss) per weighted average common share, diluted	$0.10 to $0.12	$0.48 to $0.56
FFO per common share and unit, diluted	$0.59 to $0.61	$2.45 to $2.53
FFO as Adjusted per common share and unit, diluted	$0.59 to $0.61	$2.45 to $2.53
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted	$0.56 to $0.58	$2.22 to $2.30
Annualized dividend per share and unit		$1.68


Same-Store Guidance		Full-Year 2023

Revenue growth / (decline) (Cash basis)		5.50% to 7.50%
Revenue growth / (decline) (Straight-line basis)		5.75% to 7.75%
Expense growth		4.00% to 5.50%
NOI growth / (decline) (Cash basis)		6.00% to 8.50%
NOI growth / (decline) (Straight-line basis)		6.25% to 8.75%


Sources of Funds ($ in millions)		Full-Year 2023

AFFO less Dividends		$191 to $219
Debt Issuances/Assumptions and LOC Draw/(Paydown)		$0 to $100
Dispositions and Developer Capital Program maturities		$75 to $125


Uses of Funds ($ in millions)		Full-Year 2023

Debt maturities inclusive of principal amortization (2)		$5
Development spending and land acquisitions		$75 to $175
Redevelopment and other non-recurring		$75 to $125
Developer Capital Program funding		$25 to $50
Acquisitions		$0
NOI enhancing capital expenditures inclusive of Kitchen and Bath		$75 to $85


Other Additions/(Deductions) ($ in millions except per home amounts)		Full-Year 2023

Consolidated interest expense, net of capitalized interest and adjustments for FFO as Adjusted		$172 to $178
Consolidated capitalized interest		$9 to $13
General and administrative		$64 to $70
Recurring capital expenditures per home		$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)

UDR, Inc.

Definitions and Reconciliations

December 31, 2022

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

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

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

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

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

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

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

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

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre): The Company defines EBITDAre as net income/(loss) (computed in accordance 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)

UDR, Inc.

Definitions and Reconciliations

December 31, 2022

(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

4Q 2022

YTD 2022

Income/(loss) from unconsolidated entities

761

4,947

Management fee

605

2,285

Interest expense

4,044

15,395

Depreciation

7,492

30,062

General and administrative

227

Variable upside participation on DCP, net

(10,622)

Developer Capital Program (excludes Menifee and Riverside)

(8,731)

(37,358)

Other (income)/expense

382

683

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

400

(1,587)

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

6,230

37,016

Total Joint Venture NOI at UDR's Ownership Interest

11,242

41,048

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	4Q 2022		3Q 2022		2Q 2022		1Q 2022		4Q 2021
Net income/(loss) attributable to UDR, Inc.	$	44,530	$	23,605	$	5,084	$	13,705	$	117,461
Property management		12,949		12,675		11,952		11,576		10,411
Other operating expenses		4,008		3,746		5,027		4,712		8,604
Real estate depreciation and amortization		167,241		166,781		167,584		163,622		163,755
Interest expense		43,247		39,905		36,832		35,916		36,418
Casualty-related charges/(recoveries), net		8,523		901		1,074		(765)		(934)
General and administrative		16,811		15,840		16,585		14,908		13,868
Tax provision/(benefit), net		(683)		377		312		343		156
(Income)/loss from unconsolidated entities		(761)		(10,003)		11,229		(5,412)		(36,523)
Interest income and other (income)/expense, net		(1)		7,495		(3,001)		2,440		(2,254)
Joint venture management and other fees		(1,244)		(1,274)		(1,419)		(1,085)		(1,184)
Other depreciation and amortization		4,823		3,430		3,016		3,075		4,713
(Gain)/loss on sale of real estate owned		(25,494)		-		-		-		(85,223)
Net income/(loss) attributable to noncontrolling interests		2,937		1,540		280		898		8,683
Total consolidated NOI	$	276,886	$	265,018	$	254,555	$	243,933	$	237,951

Attachment 15(C)

UDR, Inc.

Definitions and Reconciliations

December 31, 2022

(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:

4Q 22

4Q 21

4Q 22

3Q 22

YTD 22

YTD 21

Revenue (Cash basis)

371,449

337,481

371,449

365,718

1,337,003

1,203,921

Concessions granted/(amortized), net

1,087

(5,218)

1,087

(348)

(6,022)

(10,381)

Revenue (Straight-line basis)

372,536

332,263

372,536

365,370

1,330,981

1,193,540

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

10.1%

1.6%

11.1%

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

12.1%

2.0%

11.5%

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

11.5%

3.7%

13.5%

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

14.5%

4.3%

14.2%

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)

UDR, Inc.

Definitions and Reconciliations

December 31, 2022

(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 first 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	$	0.48	$	0.56
Conversion from GAAP share count		(0.02)		(0.02)
Depreciation		1.97		1.97
Noncontrolling interests		0.01		0.01
Preferred dividends		0.01		0.01
Forecasted FFO per diluted share and unit	$	2.45	$	2.53
Legal and other costs		-		-
Casualty-related charges/(recoveries)		-		-
Variable upside participation on DCP, net		-		-
Realized/unrealized (gain)/loss on real estate technology investments		-		-
Forecasted FFO as Adjusted per diluted share and unit	$	2.45	$	2.53
Recurring capital expenditures		(0.23)		(0.23)
Forecasted AFFO per diluted share and unit	$	2.22	$	2.30


	1Q 2023
	Low		High

Forecasted net income per diluted share	$	0.10	$	0.12
Conversion from GAAP share count		(0.01)		(0.01)
Depreciation		0.50		0.50
Noncontrolling interests		-		-
Preferred dividends		-		-
Forecasted FFO per diluted share and unit	$	0.59	$	0.61
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	$	0.59	$	0.61
Recurring capital expenditures		(0.03)		(0.03)
Forecasted AFFO per diluted share and unit	$	0.56	$	0.58