udr-20201029x8k.htm

Recent Operating Trends and Fourth Quarter 2020 Outlook

The table below is a summary of third quarter 2020 residential operational trends and October 2020 expectations, as of and through October 26, 2020. Importantly, the Company has seen no degradation in cash revenue collections, which continue to trend above 98 percent. October cash revenue received as a percentage of billed revenue is consistent with the months of April through September at corresponding collection times as of and through the 26^th day of each month.

Summary of Third Quarter and October 2020 Residential Operating Trends⁽¹⁾


	As of and Through October 26, 2020
Metric	Q3 2019	July 2020	Aug 2020	Sept 2020	Q3 2020	Oct 2020 Estimated Range
Residential revenue billed ($ millions)	$315.2	$105.2	$103.8	$103.5	$312.5	$102.5-$103.5
Revenue recognized / reserved⁽²⁾	N/A	N/A	N/A	N/A	98.7% / 1.3%	N/A
Cash revenue collected (% of billed)	99.6%	97.7%	96.8%	96.0%	96.8%⁽²⁾	Consistent with prior months
Leasing Traffic⁽³⁾	874	1,177	1,114	1,103	1,132	1,000 – 1,100
Visits⁽³⁾	27,066	10,445	10,739	10,567	31,751	10,000 – 11,000
Combined Same-Store Metrics
Weighted Average Physical Occupancy	96.7%	95.6%	95.5%	95.5%	95.5%	95.5%-96.0%
Effective Blended Lease Rate Growth⁽³⁾	3.5%	(0.4)%	(0.6)%	(0.7)%	(0.6)%	(0.6)% - (1.0)%

⁽¹⁾	Metrics shown here are for the Company’s total residential portfolio, unless otherwise indicated, and are as of October 26, 2020.

⁽²⁾

As of September 30, 2020, the Company had collected 96.1 percent of Q3 2020 billed residential revenue. Of the 3.9 percent, or $12.2 million, not collected, and based on probability of collection, the Company reserved (reflected as a reduction to revenue) approximately 1.3 percent, or $4.0 million, for bad debt, comprising $3.4 million from Combined Same-Store communities, $0.3 million from all other consolidated communities, and $0.3 million from the Company’s share from unconsolidated joint ventures.

⁽³⁾	For definitions, please refer to the “Definitions and Reconciliations” section of the Company’s third quarter Supplemental Financial Information.

Outlook

For the fourth quarter of 2020, the Company has established the following same-store and earnings guidance ranges⁽¹⁾:


	Q3 2020 – Actual	Q4 2020 – Outlook
Net Income / (Loss) per share	$(0.09)	$0.17 to $0.19
FFO per share	$0.42	$0.47 to $0.49
FFOA per share	$0.50	$0.48 to $0.50
AFFO per share	$0.45	$0.43 to $0.45
YOY Combined Same-Store Revenue Growth / (Decline), with concessions reported on a cash basis⁽²⁾	(5.9)%	(5.0)% to (6.0)%
YOY Combined Same-Store Revenue Growth / (Decline), with concessions reported on a straight-line basis⁽²⁾	(3.3)%	(4.0)% to (5.0)%
YOY Combined Same-Store Expense Growth	4.2%	3.25% to 4.25%
YOY Combined Same-Store NOI Growth / (Decline), with concessions reported on a cash basis⁽²⁾	(10.0)%	(8.5)% to (10.0)%
YOY Combined Same-Store NOI Growth / (Decline), with concessions reported on a straight-line basis⁽²⁾	(6.4)%	(7.5)% to (9.0)%

⁽¹⁾

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

⁽²⁾	“Cash Basis” and “Straight-Line Basis” present concessions reported on a cash or straight-line basis, respectively.

Third Quarter 2020 Operations

In the third quarter, total revenue increased by $14.7 million year-over-year, or 5.0 percent, to $310.0 million. This increase was primarily attributable to growth in revenue from acquired and stabilized, non-mature communities. The third quarter annualized rate of turnover increased by 160 basis points versus the prior year period to 65.4 percent. Please refer to the table on page 1 of this Press Release for additional details.

23.1 percent of the Company’s third quarter 2020 Combined Same-Store NOI came from communities located in the New York, San Francisco, and Boston markets. Rent growth and occupancy in the suburban areas of these markets remained stable, but third quarter operating results in the urban areas of these three markets were highly challenged due to delayed re-openings of the cities, resulting in elevated concessionary activity and vacancy. While challenged, recent trends indicate evidence of rental rates bottoming and occupancy improving in each of these urban areas.

Summary of Third Quarter YOY Combined Same-Store Growth and Occupancy Trends

	⁽¹⁾
		Revenue Growth / (Decline)		NOI Growth / (Decline)		Physical Occupancy⁽³⁾
Market	% of Combined Same-Store Portfolio⁽¹⁾	Cash Basis⁽²⁾	Straight-Line Basis⁽²⁾	Cash Basis⁽²⁾	Straight-Line Basis⁽²⁾	Q3 2020	As of October 26, 2020
New York, NY	4.0%	(22.2)%	(10.7)%	(44.9)%	(26.2)%	87.7%	92.3%
San Francisco, CA	9.5%	(19.1)%	(15.2)%	(24.7)%	(19.5)%	86.3%	88.6%
Boston, MA	9.6%	(11.4)%	(6.7)%	(15.3)%	(8.9)%	93.8%	93.7%
Subtotal / Wtd. Avg.	23.1%	(17.2)%	(11.0)%	(26.0)%	(17.2)%	89.7%	91.6%
Remaining Markets	76.9%	(1.5)%	(0.3)%	(3.8)%	(2.1)%	97.2%	96.7%
Total / Wtd. Avg.	100.0%	(5.9)%	(3.3)%	(10.0)%	(6.4)%	95.5%	95.8%

⁽¹⁾	Based on Q3 2020 Combined Same-Store NOI. Totals may not equate to the displayed subtotals or weighted averages due to rounding. For definitions of terms, please refer to the “Definitions and Reconciliations” section of the Company’s third quarter Supplemental Financial Information.

⁽²⁾	“Cash Basis” and “Straight-Line Basis” present concessions reported on a cash or straight-line basis, respectively.

⁽³⁾	Weighted average Combined Same-Store physical occupancy for the third quarter 2020 and as of October 26, 2020, respectively.

In the table below, the Company has presented sequential Combined Same-Store results by region, with concessions accounted for on cash and straight-line bases.

Summary of Combined Same-Store Results in Third Quarter 2020 versus Second Quarter 2020

				⁽¹⁾
Region	Revenue Growth / (Decline)	Expense Growth / (Decline)	NOI Growth / (Decline)	% of Combined Same-Store Portfolio⁽¹⁾	Physical Occupancy⁽²⁾	Sequential Change in Occupancy
West	(4.3)%	3.6%	(6.9)%	39.9%	94.0%	(1.5)%
Mid-Atlantic	0.0%	4.1%	(1.8)%	22.8%	96.8%	(0.1)%
Northeast	(9.2)%	14.6%	(20.5)%	13.6%	91.7%	(1.8)%
Southeast	1.6%	3.2%	0.7%	11.9%	97.3%	0.0%
Southwest	0.9%	3.8%	(1.0)%	7.1%	96.9%	0.0%
Other Markets	1.2%	8.5%	(2.0)%	4.7%	97.1%	0.7%
Total (Cash)	(2.8)%	5.9%	(6.5)%	100.0%	95.5%	(0.6)%
Total (Straight-Line)	(0.3)%	-	(2.9)%	-	-	-

⁽¹⁾	Based on Q3 2020 Combined Same-Store NOI. For definitions of terms, please refer to the “Definitions and Reconciliations” section of the Company’s third quarter Supplemental Financial Information.

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

Exhibit 99.2

Financial Highlights

UDR, Inc.

As of End of Third Quarter 2020

(Unaudited) (1)

			Guidance as of
	Actual Results	Actual Results	September 30, 2020
Dollars in thousands, except per share and unit	3Q 2020	YTD 2020	4Q 2020

GAAP Metrics
Net income/(loss) attributable to UDR, Inc.	-$25,258	$37,734	--
Net income/(loss) attributable to common stockholders	-$26,309	$34,555	--
Income/(loss) per weighted average common share, diluted	-$0.09	$0.12	$0.17 to $0.19

Per Share Metrics
FFO per common share and unit, diluted	$0.42	$1.46	$0.47 to $0.49
FFO as Adjusted per common share and unit, diluted	$0.50	$1.55	$0.48 to $0.50
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted	$0.45	$1.43	$0.43 to $0.45
Dividend declared per share and unit	$0.36	$1.08	$0.36

Combined Same-Store Operating Metrics (2)
Combined Revenue growth (Cash basis) (3)	-5.9%	-1.7%	(5.00%) to (6.00%)
Combined Revenue growth (Straight-line basis) (3)	-3.3%	-0.7%	(4.00%) to (5.00%)
Combined Expense growth	4.2%	3.1%	3.25% to 4.25%
Combined NOI growth (Cash basis) (3)	-10.0%	-3.6%	(8.50%) to (10.00%)
Combined NOI growth (Straight-line basis) (3)	-6.4%	-2.3%	(7.50%) to (9.00%)
Combined Physical Occupancy	95.5%	96.3%	--


Property Metrics	Homes	Communities	% of Total NOI
Combined Same-Store (2)	43,877	139	83.4%
Acquired JV Same-Store Portfolio (2)	(3,619)	(11)	-6.8%
UDR Same-Store	40,258	128	76.6%
Stabilized, Non-Mature	2,480	6	4.1%
Acquired JV Same-Store Portfolio (2)	3,619	11	6.8%
Redevelopment	652	2	1.0%
Development, completed	147	-	0.0%
Non-Residential / Other	N/A	N/A	7.2%
Joint Venture (4)	3,130	14	4.3%
Total completed homes	50,286	161	100.0%
Sold and Held for Disposition	332	1	-
Under Development	1,031	4	-
Total Quarter-end homes (4)(5)	51,649	166	100%


Balance Sheet Metrics (adjusted for non-recurring items)
	3Q 2020	3Q 2019
Consolidated Interest Coverage Ratio	4.8x	4.8x
Consolidated Fixed Charge Coverage Ratio	4.7x	4.7x
Consolidated Debt as a percentage of Total Assets	35.0%	31.0%
Consolidated Net Debt-to-EBITDAre	6.5x	5.5x

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

(2)

Amounts include the Acquired JV Same-Store Portfolio Communities as if these communities were 100% owned by UDR during all periods presented. These communities were stabilized as of the beginning of the prior year, were not in process of any substantial redevelopment activities, and were not held for disposition. Because these communities became wholly owned by UDR in 2019 (the 11 communities and 3,619 homes were previously owned by UDR unconsolidated JVs), they are not included in the UDR Same-Store Communities. These 11 communities will be eligible to join the UDR Same-Store Communities on January 1, 2021.

(3)	See Attachment 16(A) for definitions and reconciliations.

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

(5)	Excludes 3,017 homes that are part of the Developer Capital Program as described in Attachment 12(B).

Attachment 1

UDR, Inc.

Consolidated Statements of Operations

(Unaudited) (1)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
In thousands, except per share amounts	2020		2019		2020		2019

REVENUES:
Rental income (2)	$	308,845	$	289,008	$	934,920	$	835,393
Joint venture management and other fees		1,199		6,386		3,861		11,982
Total revenues		310,044		295,394		938,781		847,375

OPERATING EXPENSES:
Property operating and maintenance		53,385		46,869		151,585		131,702
Real estate taxes and insurance		44,328		38,490		134,485		110,624
Property management		8,879		8,309		26,879		24,018
Other operating expenses		5,543		2,751		16,609		11,132
Real estate depreciation and amortization		151,949		127,391		462,481		357,793
General and administrative		11,958		12,197		37,907		37,002
Casualty-related charges/(recoveries), net		-		(1,088)		1,353		(842)
Other depreciation and amortization		3,887		1,619		7,939		4,953
Total operating expenses		279,929		236,538		839,238		676,382

Gain/(loss) on sale of real estate owned		-		-		61,303		5,282
Operating income		30,115		58,856		160,846		176,275

Income/(loss) from unconsolidated entities (2)		2,940		12,713		14,328		19,387
Interest expense		(37,728)		(36,240)		(115,642)		(104,199)
Cost associated with debt extinguishment and other		(24,540)		(6,283)		(24,540)		(6,283)
Total interest expense		(62,268)		(42,523)		(140,182)		(110,482)
Interest income and other income/(expense), net		2,183		1,875		7,304		12,998

Income/(loss) before income taxes		(27,030)		30,921		42,296		98,178
Tax (provision)/benefit, net		(187)		(1,499)		(1,877)		(3,836)

Net Income/(loss)		(27,217)		29,422		40,419		94,342
Net (income)/loss attributable to redeemable noncontrolling interests in the OP and DownREIT Partnership		1,990		(2,162)		(2,614)		(6,871)
Net (income)/loss attributable to noncontrolling interests		(31)		(56)		(71)		(145)

Net income/(loss) attributable to UDR, Inc.		(25,258)		27,204		37,734		87,326
Distributions to preferred stockholders - Series E (Convertible)		(1,051)		(1,031)		(3,179)		(3,073)

Net income/(loss) attributable to common stockholders	$	(26,309)	$	26,173	$	34,555	$	84,253


Income/(loss) per weighted average common share - basic:		($0.09)		$0.09		$0.12		$0.30
Income/(loss) per weighted average common share - diluted:		($0.09)		$0.09		$0.12		$0.30

Common distributions declared per share		$0.3600		$0.3425		$1.0800		$1.0275

Weighted average number of common shares outstanding - basic		294,713		288,706		294,627		282,598
Weighted average number of common shares outstanding - diluted		295,003		289,529		294,938		283,292

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

(2)

During the three months ended September 30, 2020, UDR collected 96.1% of billed residential revenue and 89.4% of billed retail revenue. Of the 3.9% and 10.6% not collected, UDR reserved (reflected as a reduction to revenues) approximately 1.3% or $4.0 million for residential, including $0.3 million for UDR’s share from unconsolidated joint ventures, and 9.1% or $0.8 million, including straight-line rent receivables and $0.1 million for UDR’s share from unconsolidated joint ventures, for retail. The reserves are based on probability of collection.

Attachment 2

UDR, Inc.

Funds From Operations

(Unaudited) (1)


	Three Months Ended					Nine Months Ended
	September 30,					September 30,
In thousands, except per share and unit amounts	2020		2019			2020	2019

Net income/(loss) attributable to common stockholders	$	(26,309)	$	26,173	$	34,555	$	84,253

Real estate depreciation and amortization		151,949		127,391		462,481		357,793
Noncontrolling interests		(1,959)		2,218		2,685		7,016
Real estate depreciation and amortization on unconsolidated joint ventures		8,738		14,615		26,299		45,500
Net gain on the sale of unconsolidated depreciable property		-		(5,259)		-		(10,510)
Net gain on the sale of depreciable real estate owned		-		-		(61,303)		-
Funds from operations ("FFO") attributable to common stockholders and unitholders, basic	$	132,419	$	165,138	$	464,717	$	484,052

Distributions to preferred stockholders - Series E (Convertible) (2)		1,051		1,031		3,179		3,073

FFO attributable to common stockholders and unitholders, diluted	$	133,470	$	166,169	$	467,896	$	487,125

FFO per weighted average common share and unit, basic	$	0.42	$	0.53	$	1.47	$	1.58
FFO per weighted average common share and unit, diluted	$	0.42	$	0.53	$	1.46	$	1.57

Weighted average number of common shares and OP/DownREIT Units outstanding - basic		317,034		310,917		316,939		305,666
Weighted average number of common shares, OP/DownREIT Units, and common stock
equivalents outstanding - diluted		320,242		314,751		320,210		309,371

Impact of adjustments to FFO:
Cost associated with debt extinguishment and other	$	24,540	$	6,283	$	24,540	$	6,283
Promoted interest on settlement of note receivable, net of tax		-		-		-		(6,482)
Legal and other costs		1,570		-		3,914		3,660
Net gain on the sale of non-depreciable real estate owned		-		-		-		(5,282)
Unrealized (gain)/loss on unconsolidated technology investments, net of tax		155		(3,144)		(3,147)		(3,373)
Joint venture development success fee		-		(3,750)		-		(3,750)
Severance costs and other restructuring expense		254		274		1,896		274
Casualty-related charges/(recoveries), net		74		(1,088)		1,722		(827)
Casualty-related charges/(recoveries) on unconsolidated joint ventures, net		-		(651)		31		(424)
	$	26,593	$	(2,076)	$	28,956	$	(9,921)

FFO as Adjusted attributable to common stockholders and unitholders, diluted	$	160,063	$	164,093	$	496,852	$	477,204

FFO as Adjusted per weighted average common share and unit, diluted	$	0.50	$	0.52	$	1.55	$	1.54

Recurring capital expenditures		(17,397)		(13,177)		(39,110)		(33,145)
AFFO attributable to common stockholders and unitholders, diluted	$	142,666	$	150,916	$	457,742	$	444,059

AFFO per weighted average common share and unit, diluted	$	0.45	$	0.48	$	1.43	$	1.44

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

(2)

Series E preferred shares are dilutive for purposes of calculating FFO per share for the three and nine months ended September 30, 2020 and September 30, 2019. Consequently, distributions to Series E preferred stockholders are added to FFO and the weighted average number of shares are included in the denominator when calculating FFO per common share and unit, diluted.

Attachment 3

UDR, Inc.

Consolidated Balance Sheets

(Unaudited) (1)


	September 30,		December 31,
In thousands, except share and per share amounts	2020		2019

ASSETS

Real estate owned:
Real estate held for investment	$	12,533,801	$	12,532,324
Less: accumulated depreciation		(4,467,108)		(4,131,330)
Real estate held for investment, net		8,066,693		8,400,994
Real estate under development
(net of accumulated depreciation of $510 and $23)		197,313		69,754
Real estate held for disposition
(net of accumulated depreciation of $45,153 and $0)		84,243		-
Total real estate owned, net of accumulated depreciation		8,348,249		8,470,748

Cash and cash equivalents		927		8,106
Restricted cash		23,273		25,185
Notes receivable, net		156,996		153,650
Investment in and advances to unconsolidated joint ventures, net		646,355		588,262
Operating lease right-of-use assets		201,754		204,225
Other assets		173,834		186,296
Total assets	$	9,551,388	$	9,636,472

LIABILITIES AND EQUITY

Liabilities:
Secured debt	$	933,087	$	1,149,441
Unsecured debt		3,984,559		3,558,083
Operating lease liabilities		196,346		198,558
Real estate taxes payable		49,239		29,445
Accrued interest payable		30,606		45,199
Security deposits and prepaid rent		46,861		48,353
Distributions payable		115,055		109,382
Accounts payable, accrued expenses, and other liabilities		102,197		90,032
Total liabilities		5,457,950		5,228,493

Redeemable noncontrolling interests in the OP and DownREIT Partnership		759,986		1,018,665

Equity:
Preferred stock, no par value; 50,000,000 shares authorized
2,695,363 shares of 8.00% Series E Cumulative Convertible issued
and outstanding (2,780,994 shares at December 31, 2019)		44,764		46,200
14,442,737 shares of Series F outstanding (14,691,274 shares
at December 31, 2019)		1		1
Common stock, $0.01 par value; 350,000,000 shares authorized
294,479,942 shares issued and outstanding (294,588,305 shares at December 31, 2019)		2,945		2,946
Additional paid-in capital		5,776,267		5,781,975
Distributions in excess of net income		(2,500,827)		(2,462,132)
Accumulated other comprehensive income/(loss), net		(10,494)		(10,448)
Total stockholders' equity		3,312,656		3,358,542
Noncontrolling interests		20,796		30,772
Total equity		3,333,452		3,389,314
Total liabilities and equity	$	9,551,388	$	9,636,472

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

Attachment 4(A)

UDR, Inc.

Selected Financial Information

(Unaudited) (1)


	September 30,	December 31,
Common Stock and Equivalents	2020	2019

Common shares	294,221,525	294,340,740
Restricted shares	258,417	247,565
Total common shares	294,479,942	294,588,305
Restricted unit and common stock equivalents	77,790	766,926
Operating and DownREIT Partnership units	20,562,221	20,061,283
Class A Limited Partnership units	1,751,671	1,751,671
Series E cumulative convertible preferred shares (2)	2,918,127	3,010,843
Total common shares, OP/DownREIT units, and common stock equivalents	319,789,751	320,179,028




Weighted Average Number of Shares Outstanding	3Q 2020	3Q 2019

Weighted average number of common shares and OP/DownREIT units outstanding - basic	317,033,933	310,917,284
Weighted average number of OP/DownREIT units outstanding	(22,320,726)	(22,210,886)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations	294,713,207	288,706,398

Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted	320,242,031	314,750,616
Weighted average number of OP/DownREIT units outstanding	(22,320,726)	(22,210,886)
Weighted average number of Series E cumulative convertible preferred shares outstanding (3)	(2,918,127)	(3,010,843)
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations	295,003,178	289,528,887


	Year-to-Date 2020	Year-to-Date 2019

Weighted average number of common shares and OP/DownREIT units outstanding - basic	316,938,796	305,667,140
Weighted average number of OP/DownREIT units outstanding	(22,311,783)	(23,068,376)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations	294,627,013	282,598,764

Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted	320,210,090	309,371,460
Weighted average number of OP/DownREIT units outstanding	(22,311,783)	(23,068,376)
Weighted average number of Series E cumulative convertible preferred shares outstanding (3)	(2,960,424)	(3,010,843)
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations	294,937,883	283,292,241

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

(2)	At September 30, 2020 and December 31, 2019 there were 2,695,363 and 2,780,994 of Series E cumulative convertible preferred shares outstanding, which is equivalent to 2,918,127 and 3,010,843 shares of common stock if converted (after adjusting for the special dividend paid in 2008).

(3)	Series E cumulative convertible preferred shares are anti-dilutive for purposes of calculating Income/(loss) per weighted average common share for the three and nine months ended September 30, 2020 and September 30, 2019.

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			$	892,291			18.2%	3.36%	7.1
		Floating				27,000			0.5%	0.77%	11.5
		Combined				919,291			18.7%	3.28%	7.2

Unsecured		Fixed				3,713,750	(3)		75.5%	3.29%	8.2
		Floating				287,086			5.8%	0.44%	0.5
		Combined				4,000,836			81.3%	3.08%	7.7

Total Debt		Fixed				4,606,041			93.7%	3.30%	8.0
		Floating				314,086			6.3%	0.47%	1.5
		Combined				4,920,127			100.0%	3.12%	7.6
		Total Non-Cash Adjustments (4)				(2,481)
		Total per Balance Sheet			$	4,917,646				3.01%



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

2020	$	655	$	-	$	230,000		$	230,655	4.7%	0.31%
2021		2,680		-		-			2,680	0.1%	3.93%
2022		2,788		-		22,086			24,874	0.5%	1.30%
2023		65,038		350,000		-			415,038	8.4%	2.65%
2024		95,280		198,750		-			294,030	6.0%	3.81%
2025		173,189		300,000		-			473,189	9.6%	4.22%
2026		51,070		300,000		-			351,070	7.1%	3.00%
2027		1,111		300,000		-			301,111	6.1%	3.50%
2028		122,466		300,000		-			422,466	8.6%	3.67%
2029		144,584		300,000		-			444,584	9.0%	3.89%
Thereafter		260,430		1,700,000		-			1,960,430	39.9%	2.88%
		919,291		3,748,750		252,086			4,920,127	100.0%	3.12%
Total Non-Cash Adjustments (4)		13,796		(16,277)		-			(2,481)
Total per Balance Sheet	$	933,087	$	3,732,473	$	252,086		$	4,917,646		3.01%

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

(2)

The 2020 maturity reflects the $230.0 million of principal outstanding at an interest rate of 0.30%, an equivalent of LIBOR plus a spread of 15 basis points, on the Company’s unsecured commercial paper program as of September 30, 2020. Under the terms of the program the Company may issue up to a maximum aggregate amount outstanding of $500.0 million. If the commercial paper was refinanced using the line of credit, the weighted average years to maturity would be 7.7 years with and without extensions.

(3)	Includes $315.0 million of floating rate debt that has been fixed using interest rate swaps at a weighted average all-in rate of 2.55% until January 2021.

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

(5)	Includes principal amortization, as applicable.

(6)	There were no borrowings outstanding on our $1.1 billion line of credit at September 30, 2020. The facility has a maturity date of January 2023, plus two six-month extension options and carries an interest rate equal to LIBOR plus a spread of 82.5 basis points.

(7)	There was $22.1 million outstanding on our $75.0 million working capital credit facility at September 30, 2020. The facility has a maturity date of January 2022. The working capital credit facility carries an interest rate equal to LIBOR plus a spread of 82.5 basis points.

Attachment 4(C)

UDR, Inc.

Selected Financial Information

(Dollars in Thousands)

(Unaudited) (1)

Quarter Ended

Coverage Ratios

September 30, 2020

Net income/(loss)

(27,217)

Adjustments:

Interest expense, including costs associated with debt extinguishment

62,268

Real estate depreciation and amortization

151,949

Other depreciation and amortization

3,887

Tax provision/(benefit), net

187

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

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

13,313

EBITDAre

204,387

Casualty-related charges/(recoveries), net

Legal and other costs

1,570

Severance costs and other restructuring expense

254

(Income)/loss from unconsolidated entities

(2,940)

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

(13,313)

Management fee expense on unconsolidated joint ventures

(546)

Consolidated EBITDAre - adjusted for non-recurring items

189,486

Annualized consolidated EBITDAre - adjusted for non-recurring items

757,944

Interest expense, including costs associated with debt extinguishment

62,268

Capitalized interest expense

1,834

Total interest

64,102

Preferred dividends

1,051

Total debt

4,917,646

Cash

(927)

Net debt

4,916,719

Consolidated Interest Coverage Ratio - adjusted for non-recurring items

4.8x

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

4.7x

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

6.5x

Debt Covenant Overview

Unsecured Line of Credit Covenants (2)

Required

Actual

Compliance

Maximum Leverage Ratio

≤60.0%

36.2% (2)

Yes

Minimum Fixed Charge Coverage Ratio

≥1.5x

4.1x

Yes

Maximum Secured Debt Ratio

≤40.0%

10.6%

Yes

Minimum Unencumbered Pool Leverage Ratio

≥150.0%

318.3%

Yes

Senior Unsecured Note Covenants (3)

Required

Actual

Compliance

Debt as a percentage of Total Assets

≤65.0%

35.0% (3)

Yes

Consolidated Income Available for Debt Service to Annual Service Charge

≥1.5x

5.3x

Yes

Secured Debt as a percentage of Total Assets

≤40.0%

6.6%

Yes

Total Unencumbered Assets to Unsecured Debt

≥150.0%

299.1%

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 2020 NOI (1)

Carrying Value

Total Gross

Asset Summary

Homes

($000s)

% of NOI

($000s)

Carrying Value

Unencumbered assets

40,847

186,351

88.3%

11,362,739

88.4%

Encumbered assets

6,641

24,781

11.7%

1,498,281

11.6%

47,488

211,132

100.0%

12,861,020

100.0%

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

(2)	As defined in our credit agreement dated September 27, 2018.

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

Attachment 5

UDR, Inc.

Operating Information

(Unaudited) (1)


	Total	Quarter Ended		Quarter Ended		Quarter Ended		Quarter Ended		Quarter Ended
Dollars in thousands	Homes	September 30, 2020		June 30, 2020		March 31, 2020		December 31, 2019		September 30, 2019
Revenues
Combined Same-Store Communities (5)	43,877	$	270,093	$	277,938	$	288,867	$	286,074	$	286,929
Acquired JV Same-Store Portfolio Communities (5)	(3,619)		(23,246)		(23,421)		(24,228)		(23,656)		(23,919)
UDR Same-Store Communities	40,258		246,847		254,517		264,639		262,418		263,010
Stabilized, Non-Mature Communities	2,480		13,660		13,526		12,718		10,373		6,158
Acquired JV Same-Store Portfolio Communities	3,619		23,246		23,421		24,228		11,161		1,022
Redevelopment Communities	652		5,710		7,287		7,928		7,703		6,979
Development Communities	147		244		58		7		-		-
Non-Residential / Other (2)	-		17,057		4,065		5,958		6,832		7,332
Total	47,156	$	306,764	$	302,874	$	315,478	$	298,487	$	284,501

Expenses
Combined Same-Store Communities (5)		$	87,267	$	82,422	$	82,799	$	80,368	$	83,755
Acquired JV Same-Store Portfolio Communities (5)			(8,230)		(7,673)		(7,900)		(7,342)		(7,831)
UDR Same-Store Communities			79,037		74,749		74,899		73,026		75,924
Stabilized, Non-Mature Communities			4,592		4,343		4,048		3,183		2,051
Acquired JV Same-Store Portfolio Communities			8,230		7,673		7,900		3,318		260
Redevelopment Communities			3,558		2,843		3,002		3,085		3,170
Development Communities			248		123		47		6		2
Non-Residential / Other (2)			1,207		2,948		3,287		3,498		2,536
Total (3)		$	96,872	$	92,679	$	93,183	$	86,116	$	83,943

Net Operating Income
Combined Same-Store Communities (5)		$	182,826	$	195,516	$	206,068	$	205,706	$	203,174
Acquired JV Same-Store Portfolio Communities (5)			(15,016)		(15,748)		(16,328)		(16,314)		(16,088)
UDR Same-Store Communities			167,810		179,768		189,740		189,392		187,086
Stabilized, Non-Mature Communities			9,068		9,183		8,670		7,190		4,107
Acquired JV Same-Store Portfolio Communities			15,016		15,748		16,328		7,843		762
Redevelopment Communities			2,152		4,444		4,926		4,618		3,809
Development Communities			(4)		(65)		(40)		(6)		(2)
Non-Residential / Other (2)			15,850		1,117		2,671		3,334		4,796
Total		$	209,892	$	210,195	$	222,295	$	212,371	$	200,558

Operating Margin
Combined Same-Store Communities			67.7%		70.3%		71.3%		71.9%		70.8%

Weighted Average Physical Occupancy
Combined Same-Store Communities (5)			95.5%		96.1%		96.9%		96.7%		96.7%
Acquired JV Same-Store Portfolio Communities (5)			96.3%		95.8%		96.0%		95.8%		95.7%
UDR Same-Store Communities			95.4%		96.2%		97.0%		96.8%		96.8%
Stabilized, Non-Mature Communities			96.3%		95.8%		95.6%		94.8%		92.1%
Acquired JV Same-Store Portfolio Communities			96.3%		95.8%		96.0%		95.8%		96.8%
Redevelopment Communities			81.2%		89.4%		94.6%		93.4%		90.0%
Development Communities			79.6%		44.5%		-		-		-
Other (4)			91.8%		92.9%		96.5%		96.4%		96.1%
Total			95.3%		96.0%		96.9%		96.6%		96.5%

Sold and Held for Disposition Communities
Revenues	332	$	2,081	$	3,108	$	4,615	$	4,259	$	4,507
Expenses (3)			841		1,050		1,445		1,394		1,416
Net Operating Income/(Loss)		$	1,240	$	2,058	$	3,170	$	2,865	$	3,091

Total	47,488	$	211,132	$	212,253	$	225,465	$	215,236	$	203,649

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

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

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

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

(5)

Attachment 6

UDR, Inc.

Combined Same-Store Operating Expense Information (1)

(Dollars in Thousands)

(Unaudited) (2)


	% of 3Q 2020
	Combined SS
Year-Over-Year Comparison	Operating Expenses	3Q 2020		3Q 2019		% Change

Personnel	17.2%	$	15,032	$	16,231	-7.4%
Utilities	13.0%		11,378		11,018	3.3%
Repair and maintenance	16.9%		14,716		12,589	16.9%
Administrative and marketing	6.9%		6,020		6,809	-11.6%
Controllable expenses	54.0%		47,146		46,647	1.1%

Real estate taxes (3)	41.7%	$	36,342	$	33,923	7.1%
Insurance	4.3%		3,779		3,185	18.7%
Combined Same-Store operating expenses (3)	100.0%	$	87,267	$	83,755	4.2%

Combined Same-Store Homes	43,877



	% of 3Q 2020
	Combined SS
Sequential Comparison	Operating Expenses	3Q 2020		2Q 2020		% Change

Personnel	17.2%	$	15,032	$	15,037	0.0%
Utilities	13.0%		11,378		10,673	6.6%
Repair and maintenance	16.9%		14,716		12,457	18.1%
Administrative and marketing	6.9%		6,020		5,106	17.9%
Controllable expenses	54.0%		47,146		43,273	8.9%

Real estate taxes (3)	41.7%	$	36,342	$	35,635	2.0%
Insurance	4.3%		3,779		3,514	7.5%
Combined Same-Store operating expenses (3)	100.0%	$	87,267	$	82,422	5.9%

Combined Same-Store Homes	43,877




	% of YTD 2020
	Combined SS
Year-to-Date Comparison	Operating Expenses	YTD 2020		YTD 2019		% Change

Personnel	17.9%	$	41,682	$	45,518	-8.4%
Utilities	13.3%		31,122		30,311	2.7%
Repair and maintenance	15.4%		35,979		32,189	11.8%
Administrative and marketing	6.6%		15,341		16,635	-7.8%
Controllable expenses	53.2%		124,124		124,653	-0.4%

Real estate taxes (3)	42.4%	$	99,007	$	92,405	7.1%
Insurance	4.4%		10,154		9,312	9.1%
Combined Same-Store operating expenses (3)	100.0%	$	233,285	$	226,370	3.1%

Combined Same-Store Homes	41,226

(1)	3Q19 and YTD19 operating expenses include the Acquired JV Same-Store Portfolio Communities (the 11 communities and 3,619 homes previously owned by UDR unconsolidated JVs) as if these communities were 100% owned by UDR during all periods presented.

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

(3)	The year-over-year, sequential and year-to-date comparisons presented above include $347 thousand, $347 thousand and $907 thousand, respectively, of higher New York real estate taxes due to 421g exemption and abatement reductions.

Attachment 7(A)

UDR, Inc.

Apartment Home Breakout

Portfolio Overview as of Quarter Ended

September 30, 2020

(Unaudited) (1)


		Non-Mature Homes			Unconsolidated
				Total	Joint Venture	Total
	Total Combined		Non-	Consolidated	Operating	Homes
	Same-Store Homes	Stabilized (2)	Stabil. / Other (3)	Homes	Homes (4)	(incl. JV) (4)
West Region
Orange County, CA	5,336	-	-	5,336	381	5,717
San Francisco, CA	2,751	-	-	2,751	602	3,353
Seattle, WA	2,725	-	-	2,725	-	2,725
Monterey Peninsula, CA	1,565	-	-	1,565	-	1,565
Los Angeles, CA	1,225	-	-	1,225	633	1,858
	13,602	-	-	13,602	1,616	15,218

Mid-Atlantic Region
Metropolitan DC	8,002	-	-	8,002	-	8,002
Richmond, VA	1,358	-	-	1,358	-	1,358
Baltimore, MD	1,099	498	-	1,597	-	1,597
	10,459	498	-	10,957	-	10,957

Northeast Region
Boston, MA	3,225	914	159	4,298	250	4,548
New York, NY	1,640	185	493	2,318	710	3,028
	4,865	1,099	652	6,616	960	7,576

Southeast Region
Tampa, FL	2,908	294	-	3,202	-	3,202
Orlando, FL	2,500	-	-	2,500	-	2,500
Nashville, TN	2,260	-	-	2,260	-	2,260
	7,668	294	-	7,962	-	7,962

Southwest Region
Dallas, TX	3,864	-	147	4,011	-	4,011
Austin, TX	1,272	-	-	1,272	-	1,272
	5,136	-	147	5,283	-	5,283

Other Markets (5)	2,147	589	-	2,736	554	3,290

Totals	43,877	2,480	799	47,156	3,130	50,286

Communities (6)	139	6	2	147	14	161

			Homes	Communities
Total completed homes			50,286	161
Held for Disposition			332	1
Under Development (7)			1,031	4

Total Quarter-end homes and communities			51,649	166

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

(2)	Represents homes included in Stabilized, Non-Mature Communities category on Attachment 5.

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

(4)	Represents joint venture operating homes at 100 percent. Excludes joint venture held for disposition communities. See Attachment 12(A) for UDR's joint venture and partnership ownership interests.

(5)	Other Markets include Denver (218 homes), Palm Beach (636 homes), Inland Empire (654 homes), San Diego (163 wholly owned, 264 JV homes), Portland (752 homes) and Philadelphia (313 wholly owned, 290 JV homes).

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

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

Attachment 7(B)

UDR, Inc.

Non-Mature Home Summary

Portfolio Overview as of Quarter Ended

September 30, 2020

(Unaudited) (1)(2)

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

Community

Category

# of Homes

Market

Same-Store Quarter (3)

Rodgers Forge

Stabilized, Non-Mature

498

Baltimore, MD

4Q20

The Commons at Windsor Gardens

Stabilized, Non-Mature

914

Boston, MA

4Q20

One William

Stabilized, Non-Mature

185

New York, NY

4Q20

Park Square

Stabilized, Non-Mature

313

Philadelphia, PA

1Q21

The Slade at Channelside

Stabilized, Non-Mature

294

Tampa, FL

2Q21

The Arbory

Stabilized, Non-Mature

276

Portland, OR

2Q21

10 Hanover Square

Redevelopment

493

New York, NY

2Q22

Vitruvian West Phase 2

Development

147

(4)

Dallas, TX

2Q22

Garrison Square

Redevelopment

159

Boston, MA

3Q22

Total

3,279

Summary of Non-Mature Home Activity

Stabilized,

Market

Non-Mature

Acquired

Redevelopment

Development

Total

Non-Mature Homes at June 30, 2020

4,021

652

4,732

The Residences at Pacific City

Orange County, CA

(516)

345 Harrison Street

Boston, MA

(585)

The Preserve at Gateway

Tampa, FL

(240)

Currents on the Charles

Boston, MA

(200)

Vitruvian West Phase 2

Dallas, TX

Non-Mature Homes at September 30, 2020

2,480

652

147

3,279

Held for

Held for Disposition Homes at September 30, 2020

Disposition

DelRay Tower

Metropolitan DC

332

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

(2)	Excludes the Acquired JV Same-Store Portfolio Communities (11 communities and 3,619 homes).

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

(4)	147 homes of 366 total homes have been delivered as of September 30, 2020 as described on Attachment 9.

Attachment 7(C)

UDR, Inc.

Total Revenue Per Occupied Home Summary

Portfolio Overview as of Quarter Ended

September 30, 2020

(Unaudited) (1)


			Non-Mature Homes						Unconsolidated
	Total Combined						Total		Joint Venture		Total
	Same-Store					Non-	Consolidated		Operating		Homes
	Homes		Stabilized (2)			Stabilized (3)	Homes		Homes (4)		(incl. JV at share) (4)

West Region
Orange County, CA	$	2,452	$	-	$	-	$	2,452	$	2,562	$	2,456
San Francisco, CA		3,453		-		-		3,453		5,053		3,602
Seattle, WA		2,446		-		-		2,446		-		2,446
Monterey Peninsula, CA		1,935		-		-		1,935		-		1,935
Los Angeles, CA		2,734		-		-		2,734		3,284		2,842

Mid-Atlantic Region
Metropolitan DC		2,137		-		-		2,137		-		2,137
Richmond, VA		1,434		-		-		1,434		-		1,434
Baltimore, MD		1,740		1,401		-		1,636		-		1,636

Northeast Region
Boston, MA		2,756		1,965		4,513		2,644		2,140		2,629
New York, NY		3,889		2,701		3,280		3,665		4,744		3,810

Southeast Region
Tampa, FL		1,540		1,853		-		1,568		-		1,568
Orlando, FL		1,407		-		-		1,407		-		1,407
Nashville, TN		1,398		-		-		1,398		-		1,398

Southwest Region
Dallas, TX		1,483		-		1,452		1,482		-		1,482
Austin, TX		1,570		-		-		1,570		-		1,570

Other Markets		2,029		2,020		-		2,028		3,081		2,124

Weighted Average	$	2,149	$	1,906	$	3,308	$	2,152	$	3,682	$	2,199

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

(2)	Represents homes included in Stabilized, Non-Mature Communities category on Attachment 5.

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

(4)	Represents joint ventures at UDR's ownership interests. Excludes joint venture held for disposition communities. See Attachment 12(A) for UDR's joint venture and partnership ownership interests.

Attachment 7(D)

UDR, Inc.

Net Operating Income Breakout By Market

September 30, 2020

(Dollars in Thousands)

(Unaudited) (1)


	Three Months Ended September 30, 2020

		Combined				UDR's
		Same-Store		Non Same-Store (2)		Share of JVs (2)(3)		Total

Net Operating Income		$	182,826	$	27,066	$	9,479	$	219,371

% of Net Operating Income			83.4%		12.3%		4.3%		100.0%


Three Months Ended September 30, 2020

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

West Region						Southeast Region
Orange County, CA			15.5%		14.1%	Tampa, FL			4.5%		4.3%
San Francisco, CA			9.5%		9.4%	Orlando, FL			3.8%		3.4%
Seattle, WA			7.4%		6.9%	Nashville, TN			3.6%		3.1%
Monterey Peninsula, CA			3.8%		3.3%				11.9%		10.8%
Los Angeles, CA			3.7%		3.9%
			39.9%		37.6%	Southwest Region
						Dallas, TX			5.3%		4.8%
Mid-Atlantic Region						Austin, TX			1.8%		1.6%
Metropolitan DC			18.4%		16.5%				7.1%		6.4%
Richmond, VA			2.3%		2.1%
Baltimore, MD			2.1%		2.5%	Other Markets			4.7%		6.8%
			22.8%		21.1%

Northeast Region
Boston, MA			9.6%		11.2%
New York, NY			4.0%		6.1%
			13.6%		17.3%	Total			100.0%		100.0%

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

(2)	Excludes results from Sold and Held for Disposition Communities.

(3)	Includes UDR's share of joint venture and partnership NOI on Attachment 12(A).

Attachment 8(A)

UDR, Inc.

Combined Same-Store Operating Information By Major Market (1)

Current Quarter vs. Prior Year Quarter

September 30, 2020

(Unaudited) (2)


		% of Combined
	Total	Same-Store	Combined Same-Store
	Combined	Portfolio
	Same-Store	Based on	Physical Occupancy			Total Revenue per Occupied Home
	Homes	3Q 2020 NOI	3Q 20	3Q 19	Change	3Q 20		3Q 19		Change

West Region
Orange County, CA	5,336	15.5%	96.1%	96.2%	-0.1%	$	2,452	$	2,508	-2.2%
San Francisco, CA	2,751	9.5%	86.3%	96.6%	-10.3%		3,453		3,814	-9.5%
Seattle, WA	2,725	7.4%	95.6%	96.6%	-1.0%		2,446		2,557	-4.3%
Monterey Peninsula, CA	1,565	3.8%	97.2%	96.7%	0.5%		1,935		1,914	1.1%
Los Angeles, CA	1,225	3.7%	95.0%	96.6%	-1.6%		2,734		2,928	-6.6%
	13,602	39.9%	94.0%	96.5%	-2.5%		2,601		2,751	-5.5%

Mid-Atlantic Region
Metropolitan DC	8,002	18.4%	96.4%	97.0%	-0.6%		2,137		2,179	-1.9%
Richmond, VA	1,358	2.3%	98.1%	97.3%	0.8%		1,434		1,406	2.0%
Baltimore, MD	1,099	2.1%	97.7%	96.7%	1.0%		1,740		1,743	-0.2%
	10,459	22.8%	96.8%	97.0%	-0.2%		2,002		2,033	-1.5%

Northeast Region
Boston, MA	3,225	9.6%	93.8%	96.2%	-2.4%		2,756		3,031	-9.1%
New York, NY	1,640	4.0%	87.7%	97.7%	-10.0%		3,889		4,488	-13.3%
	4,865	13.6%	91.7%	96.7%	-5.0%		3,123		3,528	-11.5%

Southeast Region
Tampa, FL	2,908	4.5%	96.9%	96.7%	0.2%		1,540		1,515	1.7%
Orlando, FL	2,500	3.8%	97.2%	96.6%	0.6%		1,407		1,414	-0.5%
Nashville, TN	2,260	3.6%	97.8%	97.8%	0.0%		1,398		1,354	3.2%
	7,668	11.9%	97.3%	97.0%	0.3%		1,455		1,434	1.4%

Southwest Region
Dallas, TX	3,864	5.3%	96.6%	96.1%	0.5%		1,483		1,476	0.5%
Austin, TX	1,272	1.8%	97.6%	97.6%	0.0%		1,570		1,547	1.5%
	5,136	7.1%	96.9%	96.5%	0.4%		1,504		1,494	0.7%

Other Markets	2,147	4.7%	97.1%	96.1%	1.0%		2,029		2,061	-1.6%

Total Combined/ Weighted Avg.	43,877	100.0%	95.5%	96.7%	-1.2%	$	2,149	$	2,254	-4.7%

(1)	3Q19 amounts include the Acquired JV Same-Store Portfolio Communities (the 11 communities and 3,619 homes previously owned by UDR unconsolidated JVs) as if these communities were 100% owned by UDR during all periods presented.

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

Attachment 8(B)

UDR, Inc.

Combined Same-Store Operating Information By Major Market(1)

Current Quarter vs. Prior Year Quarter

September 30, 2020

(Unaudited) (2)


			Combined Same-Store ($000s)
	Total
	Combined
	Same-Store	Revenues					Expenses					Net Operating Income
	Homes	3Q 20		3Q 19		Change	3Q 20		3Q 19		Change	3Q 20		3Q 19		Change

West Region
Orange County, CA	5,336	$	37,724	$	38,624	-2.3%	$	9,472	$	9,469	0.0%	$	28,252	$	29,155	-3.1%
San Francisco, CA	2,751		24,595		30,409	-19.1%		7,259		7,389	-1.8%		17,336		23,020	-24.7%
Seattle, WA	2,725		19,114		20,189	-5.3%		5,522		5,189	6.4%		13,592		15,000	-9.4%
Monterey Peninsula, CA	1,565		8,832		8,691	1.6%		1,888		1,882	0.3%		6,944		6,809	2.0%
Los Angeles, CA	1,225		9,546		10,393	-8.2%		2,794		2,725	2.5%		6,752		7,668	-11.9%
	13,602		99,811		108,306	-7.8%		26,935		26,654	1.1%		72,876		81,652	-10.7%

Mid-Atlantic Region
Metropolitan DC	8,002		49,457		50,728	-2.5%		15,756		15,338	2.7%		33,701		35,390	-4.8%
Richmond, VA	1,358		5,733		5,573	2.9%		1,482		1,408	5.2%		4,251		4,165	2.1%
Baltimore, MD	1,099		5,605		5,557	0.9%		1,771		1,781	-0.5%		3,834		3,776	1.5%
	10,459		60,795		61,858	-1.7%		19,009		18,527	2.6%		41,786		43,331	-3.6%

Northeast Region
Boston, MA	3,225		25,012		28,215	-11.4%		7,531		7,572	-0.5%		17,481		20,643	-15.3%
New York, NY	1,640		16,781		21,573	-22.2%		9,462		8,293	14.1%		7,319		13,280	-44.9%
	4,865		41,793		49,788	-16.1%		16,993		15,865	7.1%		24,800		33,923	-26.9%

Southeast Region
Tampa, FL	2,908		13,018		12,783	1.8%		4,855		4,415	10.0%		8,163		8,368	-2.4%
Orlando, FL	2,500		10,260		10,244	0.2%		3,294		3,100	6.2%		6,966		7,144	-2.5%
Nashville, TN	2,260		9,273		8,978	3.3%		2,709		2,456	10.3%		6,564		6,522	0.6%
	7,668		32,551		32,005	1.7%		10,858		9,971	8.9%		21,693		22,034	-1.5%

Southwest Region
Dallas, TX	3,864		16,604		16,446	1.0%		6,926		6,485	6.8%		9,678		9,961	-2.9%
Austin, TX	1,272		5,849		5,760	1.6%		2,462		2,421	1.7%		3,387		3,339	1.5%
	5,136		22,453		22,206	1.1%		9,388		8,906	5.4%		13,065		13,300	-1.8%

Other Markets	2,147		12,690		12,766	-0.6%		4,084		3,832	6.6%		8,606		8,934	-3.7%

Total Combined (3)(4)	43,877	$	270,093	$	286,929	-5.9%	$	87,267	$	83,755	4.2%	$	182,826	$	203,174	-10.0%

(1)	3Q19 amounts include the Acquired JV Same-Store Portfolio Communities (the 11 communities and 3,619 homes previously owned by UDR unconsolidated JVs) as if these communities were 100% owned by UDR during all periods presented.

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

(3)	3Q20 includes a reserve (reflected as a reduction to revenues) of approximately $3.4 million or 1.3% of billed residential revenue on our Combined Same-Store Communities. The reserve is based on probability of collection.

(4)	With concessions reflected on a straight-line basis, Combined Same-Store revenue and Combined Same-Store NOI decreased year-over-year by -3.3% and -6.4%, respectively. See Attachment 16(A) for definitions and reconciliations.

Attachment 8(C)

UDR, Inc.

Combined Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

September 30, 2020

(Unaudited) (1)


	Total	Combined Same-Store
	Combined
	Same-Store	Physical Occupancy			Total Revenue per Occupied Home
	Homes	3Q 20	2Q 20	Change	3Q 20		2Q 20		Change

West Region
Orange County, CA	5,336	96.1%	95.9%	0.2%	$	2,452	$	2,495	-1.7%
San Francisco, CA	2,751	86.3%	92.9%	-6.6%		3,453		3,647	-5.3%
Seattle, WA	2,725	95.6%	96.6%	-1.0%		2,446		2,463	-0.7%
Monterey Peninsula, CA	1,565	97.2%	96.8%	0.4%		1,935		1,918	0.9%
Los Angeles, CA	1,225	95.0%	95.8%	-0.8%		2,734		2,793	-2.1%
	13,602	94.0%	95.5%	-1.5%		2,601		2,675	-2.8%

Mid-Atlantic Region
Metropolitan DC	8,002	96.4%	96.6%	-0.2%		2,137		2,142	-0.2%
Richmond, VA	1,358	98.1%	97.4%	0.7%		1,434		1,414	1.4%
Baltimore, MD	1,099	97.7%	98.0%	-0.3%		1,740		1,711	1.7%
	10,459	96.8%	96.9%	-0.1%		2,002		2,001	0.1%

Northeast Region
Boston, MA	3,225	93.8%	94.0%	-0.2%		2,756		2,911	-5.3%
New York, NY	1,640	87.7%	92.6%	-4.9%		3,889		4,291	-9.4%
	4,865	91.7%	93.5%	-1.8%		3,123		3,372	-7.4%

Southeast Region
Tampa, FL	2,908	96.9%	96.9%	0.0%		1,540		1,517	1.5%
Orlando, FL	2,500	97.2%	97.2%	0.0%		1,407		1,398	0.6%
Nashville, TN	2,260	97.8%	97.9%	-0.1%		1,398		1,362	2.6%
	7,668	97.3%	97.3%	0.0%		1,455		1,432	1.6%

Southwest Region
Dallas, TX	3,864	96.6%	96.6%	0.0%		1,483		1,480	0.2%
Austin, TX	1,272	97.6%	97.8%	-0.2%		1,570		1,522	3.2%
	5,136	96.9%	96.9%	0.0%		1,504		1,490	1.0%

Other Markets	2,147	97.1%	96.4%	0.7%		2,029		2,020	0.4%

Total Combined/ Weighted Avg.	43,877	95.5%	96.1%	-0.6%	$	2,149	$	2,196	-2.2%

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

Attachment 8(D)

UDR, Inc.

Combined Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

September 30, 2020

(Unaudited) (1)


	Total		Combined Same-Store ($000s)
	Combined
	Same-Store	Revenues					Expenses					Net Operating Income
	Homes	3Q 20		2Q 20		Change	3Q 20		2Q 20		Change	3Q 20		2Q 20		Change

West Region
Orange County, CA	5,336	$	37,724	$	38,310	-1.5%	$	9,472	$	9,120	3.9%	$	28,252	$	29,190	-3.2%
San Francisco, CA	2,751		24,595		27,962	-12.0%		7,259		7,041	3.1%		17,336		20,921	-17.1%
Seattle, WA	2,725		19,114		19,450	-1.7%		5,522		5,230	5.6%		13,592		14,220	-4.4%
Monterey Peninsula, CA	1,565		8,832		8,718	1.3%		1,888		1,854	1.8%		6,944		6,864	1.2%
Los Angeles, CA	1,225		9,546		9,833	-2.9%		2,794		2,755	1.4%		6,752		7,078	-4.6%
	13,602		99,811		104,273	-4.3%		26,935		26,000	3.6%		72,876		78,273	-6.9%

Mid-Atlantic Region
Metropolitan DC	8,002		49,457		49,658	-0.4%		15,756		15,056	4.6%		33,701		34,602	-2.6%
Richmond, VA	1,358		5,733		5,612	2.2%		1,482		1,470	0.8%		4,251		4,142	2.6%
Baltimore, MD	1,099		5,605		5,527	1.4%		1,771		1,734	2.2%		3,834		3,793	1.1%
	10,459		60,795		60,797	0.0%		19,009		18,260	4.1%		41,786		42,537	-1.8%

Northeast Region
Boston, MA	3,225		25,012		26,473	-5.5%		7,531		6,739	11.8%		17,481		19,734	-11.4%
New York, NY	1,640		16,781		19,548	-14.2%		9,462		8,095	16.9%		7,319		11,453	-36.1%
	4,865		41,793		46,021	-9.2%		16,993		14,834	14.6%		24,800		31,187	-20.5%

Southeast Region
Tampa, FL	2,908		13,018		12,824	1.5%		4,855		4,657	4.2%		8,163		8,167	0.0%
Orlando, FL	2,500		10,260		10,189	0.7%		3,294		3,049	8.0%		6,966		7,140	-2.4%
Nashville, TN	2,260		9,273		9,039	2.6%		2,709		2,810	-3.6%		6,564		6,229	5.4%
	7,668		32,551		32,052	1.6%		10,858		10,516	3.2%		21,693		21,536	0.7%

Southwest Region
Dallas, TX	3,864		16,604		16,568	0.2%		6,926		6,716	3.1%		9,678		9,852	-1.8%
Austin, TX	1,272		5,849		5,682	2.9%		2,462		2,332	5.6%		3,387		3,350	1.1%
	5,136		22,453		22,250	0.9%		9,388		9,048	3.8%		13,065		13,202	-1.0%

Other Markets	2,147		12,690		12,545	1.2%		4,084		3,764	8.5%		8,606		8,781	-2.0%

Total Combined (2)(3)	43,877	$	270,093	$	277,938	-2.8%	$	87,267	$	82,422	5.9%	$	182,826	$	195,516	-6.5%

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

(2)	3Q20 and 2Q20 include reserves (reflected as a reduction to revenues) of approximately $3.4 million and $4.7 million or 1.3% and 1.7%, respectively, of billed residential revenue on our Combined Same-Store Communities. The reserve is based on probability of collection.

(3)	With concessions reflected on a straight-line basis, Combined Same-Store revenue and Combined Same-Store NOI decreased quarter-over-quarter by -0.3% and -2.9%, respectively. See Attachment 16(A) for definitions and reconciliations.

Attachment 8(E)

UDR, Inc.

Combined Same-Store Operating Information By Major Market (1)

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

September 30, 2020

(Unaudited) (2)


	Total	% of Combined
	Combined	Same-Store Portfolio	Combined Same-Store
	Same-Store	Based on	Physical Occupancy			Total Revenue per Occupied Home
	Homes	YTD 2020 NOI	YTD 20	YTD 19	Change	YTD 20		YTD 19		Change

West Region
Orange County, CA	4,434	13.0%	96.5%	96.2%	0.3%	$	2,340	$	2,351	-0.5%
San Francisco, CA	2,751	11.3%	91.9%	96.9%	-5.0%		3,624		3,746	-3.3%
Seattle, WA	2,570	7.5%	96.6%	96.6%	0.0%		2,501		2,516	-0.6%
Monterey Peninsula, CA	1,565	3.8%	96.6%	96.6%	0.0%		1,936		1,881	2.9%
Los Angeles, CA	1,225	4.0%	95.9%	96.5%	-0.6%		2,824		2,898	-2.6%
	12,545	39.6%	95.5%	96.5%	-1.0%		2,641		2,687	-1.7%

Mid-Atlantic Region
Metropolitan DC	8,002	19.5%	96.7%	97.1%	-0.4%		2,158		2,157	0.0%
Richmond, VA	1,358	2.3%	97.5%	97.6%	-0.1%		1,419		1,386	2.4%
Baltimore, MD	1,099	2.1%	97.4%	96.8%	0.6%		1,733		1,731	0.1%
	10,459	23.9%	96.9%	97.1%	-0.2%		2,017		2,012	0.2%

Northeast Region
Boston, MA	2,440	7.8%	95.7%	96.1%	-0.4%		2,731		2,819	-3.1%
New York, NY	1,452	5.1%	92.4%	97.8%	-5.4%		4,319		4,547	-5.0%
	3,892	12.9%	94.5%	96.7%	-2.2%		3,310		3,471	-4.6%

Southeast Region
Tampa, FL	2,287	3.6%	96.9%	97.0%	-0.1%		1,473		1,453	1.4%
Orlando, FL	2,500	4.0%	96.8%	96.5%	0.3%		1,408		1,405	0.2%
Nashville, TN	2,260	3.6%	97.8%	97.4%	0.4%		1,373		1,329	3.3%
	7,047	11.2%	97.2%	97.0%	0.2%		1,418		1,396	1.6%

Southwest Region
Dallas, TX	3,864	5.6%	96.7%	96.1%	0.6%		1,491		1,471	1.4%
Austin, TX	1,272	1.9%	97.7%	97.5%	0.2%		1,547		1,521	1.7%
	5,136	7.5%	96.9%	96.4%	0.5%		1,505		1,484	1.4%

Other Markets	2,147	4.9%	96.6%	96.0%	0.6%		2,036		2,044	-0.4%

Total Combined/ Weighted Avg.	41,226	100.0%	96.3%	96.7%	-0.4%	$	2,158	$	2,185	-1.2%

(1)	YTD19 amounts include the Acquired JV Same-Store Portfolio Communities (the 11 communities and 3,619 homes previously owned by UDR unconsolidated JVs) as if these communities were 100% owned by UDR during all periods presented.

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

Attachment 8(F)

UDR, Inc.

Combined Same-Store Operating Information By Major Market (1)

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

September 30, 2020

(Unaudited) (2)


	Total		Combined Same-Store ($000s)
	Combined
	Same-Store	Revenues					Expenses					Net Operating Income
	Homes	YTD 20		YTD 19		Change	YTD 20		YTD 19		Change	YTD 20		YTD 19		Change

West Region
Orange County, CA	4,434	$	90,128	$	90,240	-0.1%	$	20,763	$	20,305	2.3%	$	69,365	$	69,935	-0.8%
San Francisco, CA	2,751		82,449		89,873	-8.3%		21,591		21,224	1.7%		60,858		68,649	-11.4%
Seattle, WA	2,570		55,876		56,218	-0.6%		15,474		14,870	4.1%		40,402		41,348	-2.3%
Monterey Peninsula, CA	1,565		26,344		25,593	2.9%		5,685		5,588	1.7%		20,659		20,005	3.3%
Los Angeles, CA	1,225		29,857		30,833	-3.2%		8,364		8,180	2.2%		21,493		22,653	-5.1%
	12,545		284,654		292,757	-2.8%		71,877		70,167	2.4%		212,777		222,590	-4.4%

Mid-Atlantic Region
Metropolitan DC	8,002		150,266		150,833	-0.4%		46,089		45,433	1.4%		104,177		105,400	-1.2%
Richmond, VA	1,358		16,911		16,533	2.3%		4,344		4,142	4.9%		12,567		12,391	1.4%
Baltimore, MD	1,099		16,700		16,574	0.8%		5,155		4,922	4.7%		11,545		11,652	-0.9%
	10,459		183,877		183,940	0.0%		55,588		54,497	2.0%		128,289		129,443	-0.9%

Northeast Region
Boston, MA	2,440		57,396		59,496	-3.5%		15,255		15,746	-3.1%		42,141		43,750	-3.7%
New York, NY	1,452		52,156		58,108	-10.2%		24,555		21,641	13.5%		27,601		36,467	-24.3%
	3,892		109,552		117,604	-6.8%		39,810		37,387	6.5%		69,742		80,217	-13.1%

Southeast Region
Tampa, FL	2,287		29,386		29,019	1.3%		10,145		9,411	7.8%		19,241		19,608	-1.9%
Orlando, FL	2,500		30,673		30,510	0.5%		9,277		8,956	3.6%		21,396		21,554	-0.7%
Nashville, TN	2,260		27,317		26,326	3.8%		7,899		7,198	9.7%		19,418		19,128	1.5%
	7,047		87,376		85,855	1.8%		27,321		25,565	6.9%		60,055		60,290	-0.4%

Southwest Region
Dallas, TX	3,864		50,137		49,176	2.0%		20,124		20,253	-0.6%		30,013		28,923	3.8%
Austin, TX	1,272		17,304		16,976	1.9%		7,057		7,179	-1.7%		10,247		9,797	4.6%
	5,136		67,441		66,152	1.9%		27,181		27,432	-0.9%		40,260		38,720	4.0%

Other Markets	2,147		37,997		37,918	0.2%		11,508		11,322	1.6%		26,489		26,596	-0.4%

Total Combined (3)(4)	41,226	$	770,897	$	784,226	-1.7%	$	233,285	$	226,370	3.1%	$	537,612	$	557,856	-3.6%

(1)	YTD19 amounts include the Acquired JV Same-Store Portfolio Communities (the 11 communities and 3,619 homes previously owned by UDR unconsolidated JVs) as if these communities were 100% owned by UDR during all periods presented.

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

(3)	YTD20 includes a reserve (reflected as a reduction to revenues) of approximately $7.5 million or 1.0% of billed residential revenue on our Combined Same-Store Communities. The reserve is based on probability of collection.

(4)	With concessions reflected on a straight-line basis, Combined Same-Store revenue and Combined Same-Store NOI decreased year-over-year by -0.7% and -2.3%, respectively. See Attachment 16(A) for definitions and reconciliations.

Attachment 8(G)

UDR, Inc.

Combined Same-Store Operating Information By Major Market (1)

September 30, 2020

(Unaudited) (2)


	Combined Effective Blended Lease Rate Growth	Combined Effective New Lease Rate Growth	Combined Effective Renewal Lease Rate Growth	Combined Annualized Turnover (3)(4)
	3Q 2020	3Q 2020	3Q 2020	3Q 2020	3Q 2019	YTD 2020	YTD 2019

West Region
Orange County, CA	0.8%	-1.4%	3.7%	64.6%	73.5%	52.7%	59.7%
San Francisco, CA	-2.5%	-7.3%	1.0%	79.3%	74.6%	60.7%	59.5%
Seattle, WA	-2.8%	-6.2%	0.2%	65.5%	68.6%	54.2%	55.3%
Monterey Peninsula, CA	3.1%	1.6%	4.1%	41.1%	51.5%	38.5%	43.1%
Los Angeles, CA	-1.9%	-4.6%	2.6%	72.9%	61.5%	46.9%	50.2%
	-0.6%	-3.3%	2.3%	67.5%	69.9%	53.2%	56.5%

Mid-Atlantic Region
Metropolitan DC	-1.7%	-6.4%	2.5%	61.9%	59.1%	44.4%	46.6%
Richmond, VA	2.2%	0.8%	3.6%	57.8%	59.9%	49.3%	50.1%
Baltimore, MD	1.4%	-0.1%	3.3%	74.7%	73.3%	53.5%	56.7%
	-1.1%	-5.1%	2.6%	63.0%	61.0%	46.2%	48.3%

Northeast Region
Boston, MA	-0.1%	-2.8%	1.8%	66.8%	65.6%	53.9%	48.8%
New York, NY	-4.4%	-9.3%	-2.3%	96.5%	59.8%	63.8%	39.6%
	-2.0%	-5.3%	-0.1%	79.4%	63.7%	57.6%	46.1%

Southeast Region
Tampa, FL	2.5%	0.7%	4.6%	62.2%	62.8%	56.8%	54.4%
Orlando, FL	0.3%	-1.9%	2.8%	64.3%	62.1%	52.3%	53.2%
Nashville, TN	0.1%	-3.2%	3.0%	59.5%	57.6%	49.3%	50.8%
	1.2%	-1.1%	3.6%	62.1%	61.1%	53.3%	53.0%

Southwest Region
Dallas, TX	-0.4%	-4.8%	3.8%	70.3%	65.6%	52.9%	53.4%
Austin, TX	0.9%	-1.3%	2.7%	58.6%	58.0%	48.6%	54.3%
	-0.1%	-3.9%	3.5%	67.8%	63.9%	51.9%	53.6%

Other Markets	2.2%	0.8%	3.7%	58.4%	58.2%	47.8%	51.8%

Total Combined/Weighted Avg.	-0.6%	-3.5%	2.3%	65.4%	63.8%	51.2%	51.9%


3Q 2019 Combined Weighted Avg. Lease Rate Growth (4)	3.5%	1.8%	5.3%


3Q 2020 Combined Percentage of Total Repriced Homes		48.6%	51.4%

(1)	3Q19 and YTD19 amounts include the Acquired JV Same-Store Portfolio Communities (the 11 communities and 3,619 homes previously owned by UDR unconsolidated JVs) as if these communities were 100% owned by UDR during all periods presented.

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

(3)	3Q20 Combined same-store home count: 43,877. YTD 2020 Combined same-store home count: 41,226.

(4)	3Q19 Combined same-store home count: 41,796. YTD 2019 Combined same-store home count: 41,578.

Attachment 9

UDR, Inc.

Development Summary

September 30, 2020

(Dollars in Thousands)

(Unaudited) (1)


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

Projects Under Construction
Vitruvian West Phase 2	Addison, TX		366	147	$	52,856	$	64,000	$	175	$	-		1Q19	2Q20	1Q21	35.8%	29.8%
Cirrus	Denver, CO		292	-		57,441		97,500		334		-		3Q19	4Q21	1Q22	-	-
5421 at Dublin Station	Dublin, CA		220	-		46,999		117,000		532				4Q19	4Q21	2Q22	-	-
440 Penn Street	Washington, DC		300	-		40,527		145,000		483		-		3Q20	1Q23	2Q23	-	-
Total Under Construction			1,178	147	$	197,823	$	423,500	$	360	$	-

Completed Projects, Non-Stabilized
N/A	N/A		-	-	$	-	$	-	$	-	$	-		N/A	N/A	N/A	-	-
Total Completed, Non-Stabilized			-	-	$	-	$	-	$	-	$	-

Total - Wholly Owned			1,178	147	$	197,823	$	423,500	$	360	$	-


NOI From Wholly-Owned Projects												UDR's Capitalized Interest
		3Q 20											3Q 20

Projects Under Construction		$	(4)										$	1,301
Completed, Non-Stabilized			-
Total		$	(4)


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

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

Attachment 10

UDR, Inc.

Redevelopment Summary

September 30, 2020

(Dollars in Thousands)

(Unaudited) (1)

Sched.

Schedule

Percentage

# of

Redev.

Compl.

Cost to

Budgeted

Est. Cost

Same-

Community

Location

Homes

Date

Cost (2)

per Home

Start

Compl.

Store Quarter

Leased

Occupied

Projects in Redevelopment

10 Hanover Square

New York, NY

493

256

250

11,747

15,000

1Q19

1Q21

2Q22

84.6%

78.7%

Garrison Square

Boston, MA

159

9,078

14,250

1Q19

2Q21

3Q22

84.9%

Total

652

415

323

20,825

29,250

UDR's Capitalized Interest

3Q 20

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

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

Attachment 12(A)

UDR, Inc.

Unconsolidated Joint Venture Summary

September 30, 2020

(Dollars in Thousands)

(Unaudited) (1)



								Physical	Total Rev. per		Net Operating Income
	Property		Own.		# of		# of	Occupancy	Occ. Home		UDR's Share				Total
Portfolio Characteristics	Type		Interest		Comm.		Homes	3Q 20	3Q 20		3Q 20		YTD 20		YTD 20 (2)
UDR / MetLife
Operating communities	Various			50%		13	2,837	89.5%	$	3,810	$	8,980	$	30,880		$	61,428

UDR / West Coast Development JV
Operating communities	Mid-rise			47%		1	293	94.3%		2,416		499		1,594			3,384
Total						14	3,130	90.0%	$	3,682	$	9,479	$	32,474	$		64,812



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

UDR / MetLife
Operating communities	$	1,695,365	$	944,099	$	266,588		3.65%	2022-2028

UDR / West Coast Development JV
Operating communities		129,360		54,583		34,283		1.67%	2021
Total	$	1,824,725	$	998,682	$	300,871		3.54%



	Joint Venture
	Same-Store		3Q 20 vs. 3Q 19 Growth						3Q 20 vs. 2Q 20 Growth
Joint Venture Same-Store Growth	Communities (4)		Revenue		Expense		NOI		Revenue		Expense		NOI
UDR / MetLife	13		-11.8%		6.5%		-20.6%		-6.4%		10.2%		-14.7%
Total	13		-11.8%		6.5%		-20.6%		-6.4%		10.2%		-14.7%




	Joint Venture
	Same-Store		YTD 20 vs. YTD 19 Growth
Joint Venture Same-Store Growth	Communities (4)		Revenue		Expense		NOI

UDR / MetLife	12		-4.3%		3.1%		-7.7%
Total	12		-4.3%		3.1%		-7.7%

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

(2)	Represents NOI at 100% for the period ended September 30, 2020.

(3)	Joint ventures and partnerships represented at 100%. Debt balances are presented net of deferred financing costs. The gross book value of real estate assets for the UDR / West Coast Development JV represents the going-in valuation.

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

Attachment 12(B)

UDR, Inc.

Developer Capital Program (2)

September 30, 2020

(Dollars in Thousands)

(Unaudited) (1)


Developer Capital Program

									Income from
		# of	UDR Investment				Return	Years to	Investment		Upside		Investment
Community	Location	Homes	Commitment (3)		Balance (3)		Rate	Maturity	3Q 2020		Participation		Type

Preferred Equity and Mezzanine Loans

The Portals	Washington, DC	373	$	38,559	$	52,355	11.0%	0.7	$	1,448	-		Mezzanine Loan
1532 Harrison	San Francisco, CA	136		24,645		33,162	11.0%	1.7		875	-		Preferred Equity
Junction	Santa Monica, CA	66		8,800		11,353	12.0%	1.8		337	-		Preferred Equity
1200 Broadway	Nashville, TN	313		55,558		67,940	8.0%	2.0		1,347	Variable		Preferred Equity
1300 Fairmount	Philadelphia, PA	471		51,393		58,286	8.5%	2.8		1,230	Variable		Preferred Equity
Essex	Orlando, FL	330		12,886		16,253	12.5%	2.9		501	-		Preferred Equity
Modera Lake Merritt	Oakland, CA	173		27,250		30,238	9.0%	3.5		675	Variable		Preferred Equity
Thousand Oaks	Thousand Oaks, CA	142		20,059		13,693	9.0%	4.3		240	Variable		Preferred Equity
Vernon Boulevard	Queens, NY	534		40,000		41,002	13.0%	4.8		990	Variable		Preferred Equity
Total – Preferred Equity and Mezzanine Loans		2,538	$	279,150	$	324,282	10.0%	2.7	$	7,643

Secured Loans

Alameda Point Block 11 (4)	Alameda, CA	220	$	20,000	$	24,869	8.0%	1.6	$	171	-		Secured Loan
Brio (5)	Bellevue, WA	259		115,000		119,900	4.8%	2.1		1,420	Purchase Option		Secured Loan
Total - Secured Loans		479	$	135,000	$	144,769	5.3%	2.0	$	1,591

Total - Developer Capital Program		3,017	$	414,150	$	469,051	8.6%	2.5	$	$ 9,234



Total Developer Capital Program - UDR Initial Investment Cost/Investment Balance, Including Accrued Return as of quarter-end											$	473,172

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

(2)

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

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

(4)

In March 2018, UDR made a $20.0 million secured loan to a third-party developer to acquire a parcel of land upon which the developer planned to construct a 220 apartment home community. The loan is secured by the land parcel and related assets, and, as of the end of the quarter, was reflected in notes receivable, net on the Consolidated Balance Sheets and interest and other income/(expense), net on the Consolidated Statements of Operations in accordance with GAAP. The developer defaulted on the loan in September 2020. As a result of the default, UDR expects to take title to the property pursuant to a deed in lieu of foreclosure.

(5)

In November 2019, UDR made a $115.0 million secured loan to a third-party developer to finance a 259 apartment home community that was completed in 2020. UDR also entered into a purchase option agreement at the time the loan was funded which gave UDR the option to acquire the community at a fixed price, which is currently projected to occur in 2021. The option was exercised in August 2020. The loan is secured by the community and is reflected in notes receivable, net on the Consolidated Balance Sheets and interest and other income/(expense), net on the Consolidated Statements of Operations in accordance with GAAP.

Attachment 13

UDR, Inc.

Acquisitions, Dispositions and Developer Capital Program Investments Summary

September 30, 2020

(Dollars in Thousands)

(Unaudited) (1)


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

Developer Capital Program

Feb-20	Thousand Oaks	Thousand Oaks, CA	N/A	N/A	$	20,059		9.0%	142
Jul-20	Vernon Boulevard	Queens, NY	N/A	N/A		40,000		13.0%	534
					$	60,059		11.7%	676




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

Acquisitions - Wholly-Owned

Jan-20	The Slade at Channelside	Tampa, FL	0%	100%	$	85,200	$	-	294	$	290
Jan-20	The Arbory	Hillsboro, OR	49%	100%		53,900		-	276		195
					$	139,100	$	-	570	$	244

Acquisitions - Wholly-Owned Land

Aug-20	Village at Valley Forge	King of Prussia, PA	0%	100%	$	16,188	$	-	-	$	-
					$	16,188	$	-	-	$	-



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

Dispositions - Wholly-Owned

May-20	Waterscape (3)	Kirkland, WA	100%	0%	$	92,900	$	-	196	$	474
May-20	Borgata Apartment Homes (4)	Bellevue, WA	100%	0%		49,700		-	71		700
					$	142,600	$	-	267	$	534

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

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

(3)	UDR recorded a gain on sale of approximately $31.7 million during the nine months ended September 30, 2020, which is included in gain/(loss) on sale of real estate owned.

(4)	UDR recorded a gain on sale of approximately $29.6 million during the nine months ended September 30, 2020, which is included in gain/(loss) on sale of real estate owned.

Attachment 14

UDR, Inc.

Capital Expenditure and Repair and Maintenance Summary

September 30, 2020

(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, 2020		per Home		of NOI	September 30, 2020			per Home	of NOI

Average number of homes (3)			47,331					47,437

Recurring Cap Ex
Asset preservation
Building interiors	5 - 20	$	7,101	$	150		$	15,238	$	321
Building exteriors	5 - 20		4,294		91			10,884		229
Landscaping and grounds	10		1,700		36			3,356		71
Total asset preservation			13,095		277			29,478		621

Turnover related	5		4,302		91			9,632		203

Total Recurring Cap Ex			17,397		368	9%		39,110		824	6%

NOI Enhancing Cap Ex	5 - 20		8,803		186			25,105		529

Total Recurring and NOI Enhancing Cap Ex		$	26,200	$	554		$	64,215	$	1,354


		Three Months					Nine Months
		Ended			Cost		Ended			Cost
Repair and Maintenance for Consolidated Homes (Expensed)		September 30, 2020			per Home		September 30, 2020			per Home

Average number of homes (3)			47,331					47,437

Contract services		$	7,371	$	156		$	21,266	$	448

Turnover related expenses			4,648		98			11,394		240

Other Repair and Maintenance
Building interiors			3,211		68			7,212		152
Building exteriors			588		12			1,561		33
Landscaping and grounds			182		4			1,042		22
Total Repair and Maintenance		$	16,000	$	338		$	42,475	$	895

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

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

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

Attachment 15

UDR, Inc.

4Q 2020 Guidance and Full-Year 2020 Projected Sources and Uses

September 30, 2020

(Unaudited) (1)




Net Income, FFO, FFO as Adjusted and AFFO per Share and Unit Guidance			4Q 2020

Income/(loss) per weighted average common share, diluted			$0.17 to $0.19
FFO per common share and unit, diluted			$0.47 to $0.49
FFO as Adjusted per common share and unit, diluted			$0.48 to $0.50
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted			$0.43 to $0.45



Combined Same-Store Guidance			4Q 2020

Combined Revenue growth (Cash basis)			(5.00%) to (6.00%)
Combined Revenue growth (Straight-line basis)			(4.00%) to (5.00%)
Combined Expense growth			3.25% to 4.25%
Combined NOI growth (Cash basis)			(8.50%) to (10.00%)
Combined NOI growth (Straight-line basis)			(7.50%) to (9.00%)


Sources of Funds ($ in millions)	YTD 2020	Remaining 2020	Full-Year 2020

AFFO less Dividends	$116	$22 to $28	$138 to $144
Debt Issuances	$760	$0	$760
Sales Proceeds	$143	$145	$288
Equity Issuance (Forward ATM settlement) (2)	$0	$102	$102


Uses of Funds ($ in millions)	YTD 2020	Remaining 2020	Full-Year 2020

Debt maturities, principal amortization, and prepayment costs (3)	$516	$2	$518
Development spending and land acquisitions	$121	$29 to $59	$150 to $180
Redevelopment and other non-recurring	$27	$18 to $28	$45 to $55
Operations Platform	$17	$3 to $13	$20 to $30
Developer Capital Program, net	$59	$1 to $6	$60 to $65
Acquisitions	$139	$111 to $161	$250 to $300
Equity Buybacks	$20	$0	$20
NOI enhancing capital expenditures inclusive of Kitchen and Bath	$25	$10 to $15	$35 to $40


Dividends	YTD 2020	Remaining 2020	Full-Year 2020

Dividends declared per share and unit	$1.08	$0.36	$1.44 (4)

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

(2)

The Company entered into forward sales agreements under its ATM program for a total of 2.1 million shares of common stock at a weighted average initial forward price per share of $49.56. The initial forward price per share to be received by the Company upon settlement will be determined on the applicable settlement date based on adjustments made to the initial forward price to reflect the then-current federal funds rate and the amount of dividends paid to holders of UDR common stock over the term of the forward sales agreements. The final dates by which shares sold under the forward sales agreements must be settled range between February 12, 2021 and March 3, 2021.

(3)	Excludes short-term maturities related to the Company's unsecured commercial paper program. Includes the prepayment of secured debt due in 2023, the tender and purchase of unsecured debt due in 2024 and the corresponding make-whole / prepayment costs.

(4)	Annualized for 2020.

Attachment 16(A)

UDR, Inc.

Definitions and Reconciliations

September 30, 2020

(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.

Acquired JV Same-Store Portfolio Communities: Represents the Acquired JV Same-Store Portfolio Communities as if these communities were 100% owned by UDR since January 1, 2019. These communities were Stabilized for five full consecutive quarters 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. Because these communities became wholly owned by UDR in 2019 (the 11 communities and 3,619 homes were previously owned by UDR unconsolidated JVs), they are not included in the UDR Same-Store Communities. See UDR Same-Store Communities for more information regarding inclusion. These communities have been identified in certain tables to provide Combined Same-Store results as if these communities were 100% owned by UDR in prior periods. These 11 communities will be eligible to join the UDR Same-Store Communities on January 1, 2021.

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

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

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

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

3Q 20

3Q 19

3Q 20

2Q 20

YTD 20

YTD 19

Revenue (Cash basis)

270,093

286,929

270,093

277,938

770,897

784,226

Concessions granted/amortized, net

7,746

339

7,746

670

7,203

(348)

Revenue (Straight-line basis)

277,839

287,268

277,839

278,608

778,100

783,878

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

-5.9%

-2.8%

-1.7%

% change - Combined Same-Store Revenue on a straight-line basis:

-3.3%

-0.3%

-0.7%

% change - Combined Same-Store NOI with Combined Same-Store Revenue with Concessions on a Cash Basis:

-10.0%

-6.5%

-3.6%

% change - Combined Same-Store NOI with Combined Same-Store Revenue on a straight-line basis:

-6.4%

-2.9%

-2.3%

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.

Attachment 16(B)

UDR, Inc.

Definitions and Reconciliations

September 30, 2020

(Unaudited)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

In thousands

3Q 2020

YTD 2020

Income/(loss) from unconsolidated entities

2,940

14,328

Management fee

546

1,730

Interest expense

4,575

14,192

Depreciation

8,738

26,299

General and administrative

187

West Coast Development JV Preferred Return

(58)

(201)

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

(7,643)

(19,980)

Other (income)/expense

110

255

Unrealized (gain)/loss on unconsolidated technology investments

213

(4,336)

Total Joint Venture NOI at UDR's Ownership Interest

9,479

32,474

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

Attachment 16(C)

UDR, Inc.

Definitions and Reconciliations

September 30, 2020

(Unaudited)

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 2.875% 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 2020		2Q 2020		1Q 2020		4Q 2019		3Q 2019
Net income/(loss) attributable to UDR, Inc.	$	(25,258)	$	57,771	$	5,221	$	97,959	$	27,204
Property management		8,879		8,797		9,203		8,703		8,309
Other operating expenses		5,543		6,100		4,966		2,800		2,751
Real estate depreciation and amortization		151,949		155,056		155,476		143,464		127,391
Interest expense		62,268		38,597		39,317		60,435		42,523
Casualty-related charges/(recoveries), net		-		102		1,251		1,316		(1,088)
General and administrative		11,958		10,971		14,978		14,531		12,197
Tax provision/(benefit), net		187		1,526		164		2		1,499
(Income)/loss from unconsolidated entities		(2,940)		(8,021)		(3,367)		(118,486)		(12,713)
Interest income and other (income)/expense, net		(2,183)		(2,421)		(2,700)		(2,406)		(1,875)
Joint venture management and other fees		(1,199)		(1,274)		(1,388)		(2,073)		(6,386)
Other depreciation and amortization		3,887		2,027		2,025		1,713		1,619
(Gain)/loss on sale of real estate owned		-		(61,303)		-		-		-
Net income/(loss) attributable to noncontrolling interests		(1,959)		4,325		319		7,278		2,218
Total consolidated NOI	$	211,132	$	212,253	$	225,465	$	215,236	$	203,649

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 Combined 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 Combined Same-Store Communities: QTD Combined Same-Store Communities represent the QTD UDR Same-Store Communities and the Acquired JV Same-Store Portfolio Communities as a single portfolio, as if the Acquired JV Same-Store Portfolio Communities were 100% owned by UDR during all periods presented.

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

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

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

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

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

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

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

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

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

Attachment 16(E)

UDR, Inc.

Definitions and Reconciliations

September 30, 2020

(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 fourth quarter of 2020 to forecasted FFO, FFO as Adjusted and AFFO per share and unit:


		4Q 2020
	Low		High

Forecasted net income per diluted share	$	0.17	$	0.19
Conversion from GAAP share count		(0.01)		(0.01)
Net gain on the sale of depreciable real estate owned		(0.18)		(0.18)
Depreciation		0.48		0.48
Noncontrolling interests		0.01		0.01
Preferred dividends		-		-
Forecasted FFO per diluted share and unit	$	0.47	$	0.49
Legal and other costs		0.01		0.01
Severance costs and other restructuring expense		-		-
Casualty-related charges/(recoveries)		-		-
Forecasted FFO as Adjusted per diluted share and unit	$	0.48	$	0.50
Recurring capital expenditures		(0.05)		(0.05)
Forecasted AFFO per diluted share and unit	$	0.43	$	0.45


				Exhibit 99.1
Press Release
DENVER, CO – October 29, 2020				Contact: Trent Trujillo
				Phone: 720.283.6135


	Year-Over-Year Contribution to Growth / (Decline)⁽¹⁾		Sequential Contribution to Growth / (Decline)⁽¹⁾
Residential Revenue Components	Q3 2019 to Q3 2020 ($ in millions)	Q3 2019 to Q3 2020 (%)	Q2 2020 to Q3 2020 ($ in millions)	Q2 2020 to Q3 2020 (%)
Base Quarter Combined Same-Store Revenue	$286.9		$277.9
Gross Rents	$0.0	0.0%	$(1.9)	(0.7)%
Concessions⁽²⁾	$(7.7)	(2.7)%	$(6.5)	(2.4)%
Economic Occupancy Loss	$(5.6)	(1.9)%	$(2.3)	(0.8)%
Net Bad Debt Write-Offs	$(0.5)	(0.2)%	$(0.5)	(0.2)%
Bad Debt Reserve	$(3.4)	(1.2)%	$1.3	0.5%
Fee and Other Income	$0.4	0.1%	$2.1	0.8%
Q3 2020 Combined Same-Store Revenue	$270.1	(5.9)%	$270.1	(2.8)%


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

						Pursuing	Design	Hold for Future
						Entitlements	Development	Development
Wholly-Owned

Vitruvian Park®		Addison, TX	100%	$	59,530	Complete	In Process	In Process
Village at Valley Forge		King of Prussia, PA	100%		17,499	Complete	In Process
Total				$	77,029



UDR's Capitalized Interest

3Q 20
$	502