Exhibit 99.2

Financial Highlights

UDR, Inc.

As of End of Second Quarter 2025

(Unaudited) (1)


	Actual Results	Actual Results	Guidance for
Dollars in thousands, except per share and unit	2Q 2025	YTD 2025	3Q 2025	Full-Year 2025

GAAP Metrics
Net income/(loss) attributable to UDR, Inc.	$37,673	$114,393	--	--
Net income/(loss) attributable to common stockholders	$36,462	$111,976	--	--
Income/(loss) per weighted average common share, diluted	$0.11	$0.34	$0.11 to $0.13	$0.53 to $0.59

Per Share Metrics
FFO per common share and unit, diluted	$0.61	$1.19	$0.61 to $0.63	$2.42 to $2.48
FFO as Adjusted per common share and unit, diluted	$0.64	$1.25	$0.62 to $0.64	$2.49 to $2.55
Dividend declared per share and unit	$0.43	$0.86	$0.43	$1.72 (2)

Same-Store Operating Metrics
Revenue growth/(decline) (Straight-line basis)	2.5%	2.5%	--	1.75% to 3.25%
Expense growth	1.7%	2.4%	--	2.50% to 3.50%
NOI growth/(decline) (Straight-line basis)	2.9%	2.6%	--	1.50% to 3.00%
Physical Occupancy	96.9%	97.1%	--	--


Property Metrics	Homes	Communities	% of Total NOI
Same-Store	54,915	165	92.6%
Stabilized, Non-Mature	415	2	0.7%
Acquired Communities	478	1	0.2%
Non-Residential / Other	N/A	N/A	1.4%
Joint Venture (3)	4,427	18	5.1%
Total completed homes	60,235	186	100.0%
Under Development	300	1	-
Total Quarter-end homes (3)(4)	60,535	187	100.0%


Balance Sheet Metrics (adjusted for non-recurring items)	2Q 2025	2Q 2024
Consolidated Interest Coverage Ratio	5.2x	5.1x
Consolidated Fixed Charge Coverage Ratio	5.1x	5.0x
Consolidated Debt as a percentage of Total Assets	32.4%	32.7%
Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items	5.5x	5.7x

(1)	See Attachment 14 for definitions, other terms and reconciliations.

(2)	Annualized for 2025.

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

(4)	Excludes homes that are part of the Debt and Preferred Equity Program as described in Attachment 10.

Attachment 1

Consolidated Statements of Operations

(Unaudited) (1)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
In thousands, except per share amounts	2025		2024		2025		2024

REVENUES:
Rental income	$	423,001	$	413,328	$	842,837	$	824,997
Joint venture management and other fees		2,398		1,992		4,510		3,957
Total revenues		425,399		415,320		847,347		828,954

OPERATING EXPENSES:
Property operating and maintenance		75,613		70,443		151,603		143,921
Real estate taxes and insurance		57,008		58,884		115,753		117,679
Property management		13,747		13,433		27,392		26,812
Other operating expenses		7,753		7,593		15,812		14,421
Real estate depreciation and amortization		163,191		170,488		324,585		340,346
General and administrative		19,929		20,136		39,424		37,946
Casualty-related charges/(recoveries), net		3,382		998		6,679		7,276
Other depreciation and amortization		7,387		4,679		14,454		8,995
Total operating expenses		348,010		346,654		695,702		697,396

Gain/(loss) on sale of real estate owned		-		-		47,939		16,867
Operating income		77,389		68,666		199,584		148,425

Income/(loss) from unconsolidated entities		3,629		4,046		9,443		13,131
Interest expense		(48,665)		(47,811)		(96,366)		(95,873)
Interest income and other income/(expense), net		8,134		6,498		10,055		12,363

Income/(loss) before income taxes		40,487		31,399		122,716		78,046
Tax (provision)/benefit, net		(258)		(386)		(416)		(723)

Net Income/(loss)		40,229		31,013		122,300		77,323
Net (income)/loss attributable to redeemable noncontrolling interests in the OP and DownREIT Partnership		(2,545)		(2,013)		(7,884)		(5,162)
Net (income)/loss attributable to noncontrolling interests		(11)		(117)		(23)		(129)

Net income/(loss) attributable to UDR, Inc.		37,673		28,883		114,393		72,032
Distributions to preferred stockholders - Series E (Convertible)		(1,211)		(1,210)		(2,417)		(2,441)

Net income/(loss) attributable to common stockholders	$	36,462	$	27,673	$	111,976	$	69,591


Income/(loss) per weighted average common share - basic:		$0.11		$0.08		$0.34		$0.21
Income/(loss) per weighted average common share - diluted:		$0.11		$0.08		$0.34		$0.21

Common distributions declared per share		$0.43		$0.425		$0.86		$0.850

Weighted average number of common shares outstanding - basic		330,778		329,056		330,703		328,940
Weighted average number of common shares outstanding - diluted		331,715		329,572		331,717		329,334

(1)	See Attachment 14 for definitions and other terms.

Attachment 2

Funds From Operations

(Unaudited) (1)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
In thousands, except per share and unit amounts	2025		2024			2025	2024

Net income/(loss) attributable to common stockholders	$	36,462	$	27,673	$	111,976	$	69,591

Real estate depreciation and amortization		163,191		170,488		324,585		340,346
Noncontrolling interests		2,556		2,130		7,907		5,291
Real estate depreciation and amortization on unconsolidated joint ventures		13,458		14,228		26,224		28,382
Net (gain)/loss on consolidation		(286)		-		(286)		-
Net (gain)/loss on the sale of depreciable real estate owned, net of tax		-		-		(47,939)		(16,867)
Funds from operations ("FFO") attributable to common stockholders and unitholders, basic	$	215,381	$	214,519	$	422,467	$	426,743

Distributions to preferred stockholders - Series E (Convertible) (2)		1,211		1,210		2,417		2,441

FFO attributable to common stockholders and unitholders, diluted	$	216,592	$	215,729	$	424,884	$	429,184

FFO per weighted average common share and unit, basic	$	0.61	$	0.61	$	1.19	$	1.21
FFO per weighted average common share and unit, diluted	$	0.61	$	0.60	$	1.19	$	1.20

Weighted average number of common shares and OP/DownREIT Units outstanding, basic		353,617		353,380		353,572		353,311
Weighted average number of common shares, OP/DownREIT Units, and common stock
equivalents outstanding, diluted		357,370		356,747		357,402		356,584

Impact of adjustments to FFO:
Legal and other costs	$	3,358	$	2,914	$	7,163	$	5,444
Realized and unrealized (gain)/loss on real estate technology investments, net of tax		220		372		431		(4,616)
Severance costs		1,024		1,111		1,523		1,532
Software transition related costs		2,967		-		5,934		-
Casualty-related charges/(recoveries)		3,382		998		6,679		7,276
Total impact of adjustments to FFO	$	10,951	$	5,395	$	21,730	$	9,636

FFO as Adjusted attributable to common stockholders and unitholders, diluted	$	227,543	$	221,124	$	446,614	$	438,820

FFO as Adjusted per weighted average common share and unit, diluted	$	0.64	$	0.62	$	1.25	$	1.23

Recurring capital expenditures, inclusive of unconsolidated joint ventures		(29,201)		(26,290)		(47,606)		(43,598)
AFFO attributable to common stockholders and unitholders, diluted	$	198,342	$	194,834	$	399,008	$	395,222

AFFO per weighted average common share and unit, diluted	$	0.56	$	0.55	$	1.12	$	1.11

(1)	See Attachment 14 for definitions and other terms.

(2)

Series E cumulative convertible preferred shares are dilutive for purposes of calculating FFO per share for the three and six months ended June 30, 2025 and June 30, 2024. Consequently, distributions to Series E cumulative convertible preferred stockholders are added to FFO and the weighted average number of Series E cumulative convertible preferred shares are included in the denominator when calculating FFO per common share and unit, diluted.

Attachment 3

Consolidated Balance Sheets

(Unaudited) (1)


	June 30,		December 31,
In thousands, except share and per share amounts	2025		2024

ASSETS

Real estate owned:
Real estate held for investment	$	16,270,190	$	15,994,794
Less: accumulated depreciation		(7,157,371)		(6,836,920)
Real estate held for investment, net		9,112,819		9,157,874
Real estate under development
(net of accumulated depreciation of $0 and $0)		41,108		-
Real estate held for disposition
(net of accumulated depreciation of $0 and $64,106)		-		154,463
Total real estate owned, net of accumulated depreciation		9,153,927		9,312,337

Cash and cash equivalents		1,532		1,326
Restricted cash		33,577		34,101
Notes receivable, net		143,492		247,849
Investment in and advances to unconsolidated joint ventures, net (2)		879,781		917,483
Operating lease right-of-use assets		185,125		186,997
Other assets (2)		249,651		197,493
Total assets	$	10,647,085	$	10,897,586

LIABILITIES AND EQUITY

Liabilities:
Secured debt	$	1,136,046	$	1,139,331
Unsecured debt		4,639,537		4,687,634
Operating lease liabilities		180,433		182,275
Real estate taxes payable		42,507		46,403
Accrued interest payable		51,718		52,631
Security deposits and prepaid rent		51,698		61,592
Distributions payable		153,662		151,720
Accounts payable, accrued expenses, and other liabilities		108,353		115,105
Total liabilities		6,363,954		6,436,691

Redeemable noncontrolling interests in the OP and DownREIT Partnership		957,980		1,017,355

Equity:
Preferred stock, no par value; 50,000,000 shares authorized at June 30, 2025 and December 31, 2024:
2,600,678 shares of 8.00% Series E Cumulative Convertible issued
and outstanding (2,600,678 shares at December 31, 2024)		43,192		43,192
10,272,196 shares of Series F outstanding (10,424,485 shares at December 31, 2024)		1		1
Common stock, $0.01 par value; 450,000,000 shares authorized at June 30, 2025 and December 31, 2024:
331,291,669 shares issued and outstanding (330,858,719 shares at December 31, 2024)		3,313		3,309
Additional paid-in capital		7,582,852		7,572,480
Distributions in excess of net income		(4,305,702)		(4,179,415)
Accumulated other comprehensive income/(loss), net		1,160		3,638
Total stockholders' equity		3,324,816		3,443,205
Noncontrolling interests		335		335
Total equity		3,325,151		3,443,540
Total liabilities and equity	$	10,647,085	$	10,897,586

(1)	See Attachment 14 for definitions and other terms.

(2)	As of June 30, 2025, UDR's residential accounts receivable balance, net of its reserve, was $5.3 million, including its share from unconsolidated joint ventures. The unreserved amount is based on probability of collection.

Attachment 4(A)

Selected Financial Information

(Unaudited) (1)


	June 30,	December 31,
Common Stock and Equivalents	2025	2024

Common shares	331,291,669	330,858,719
Restricted unit and common stock equivalents	379,044	1,043,568
Operating and DownREIT Partnership units	22,864,543	22,689,109
Series E cumulative convertible preferred shares (2)	2,815,608	2,815,608
Total common shares, OP/DownREIT units, and common stock equivalents	357,350,864	357,407,004




Weighted Average Number of Shares Outstanding	2Q 2025	2Q 2024

Weighted average number of common shares and OP/DownREIT units outstanding - basic	353,616,958	353,380,151
Weighted average number of OP/DownREIT units outstanding	(22,838,737)	(24,323,880)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations	330,778,221	329,056,271

Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted	357,369,234	356,746,794
Weighted average number of OP/DownREIT units outstanding	(22,838,737)	(24,323,880)
Weighted average number of Series E cumulative convertible preferred shares outstanding	(2,815,608)	(2,851,268)
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations	331,714,889	329,571,646


	Year-to-Date 2025	Year-to-Date 2024

Weighted average number of common shares and OP/DownREIT units outstanding - basic	353,572,418	353,310,595
Weighted average number of OP/DownREIT units outstanding	(22,868,799)	(24,370,882)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations	330,703,619	328,939,713

Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted	357,400,910	356,584,329
Weighted average number of OP/DownREIT units outstanding	(22,868,799)	(24,370,882)
Weighted average number of Series E cumulative convertible preferred shares outstanding	(2,815,608)	(2,879,795)
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations	331,716,503	329,333,652

(1)	See Attachment 14 for definitions and other terms.

(2)	At June 30, 2025 and December 31, 2024 there were 2,600,678 of Series E cumulative convertible preferred shares outstanding, which is equivalent to 2,815,608 shares of common stock if converted (after adjusting for the special dividend paid in 2008).

Attachment 4(B)

Selected Financial Information

June 30, 2025

(Unaudited) (1)


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

Secured		Fixed			$	1,112,566			19.2%	3.49%	3.5
		Floating				27,000			0.5%	3.02%	6.7
		Combined				1,139,566			19.7%	3.48%	3.6

Unsecured		Fixed				4,225,000	(3)		73.0%	3.08%	5.4
		Floating				425,215			7.3%	4.93%	0.7
		Combined				4,650,215			80.3%	3.25%	5.0

Total Debt		Fixed				5,337,566			92.2%	3.17%	5.0
		Floating				452,215			7.8%	4.81%	1.1
		Combined				5,789,781			100.0%	3.30%	4.7
		Total Non-Cash Adjustments (4)				(14,198)
		Total per Balance Sheet			$	5,775,583				3.35%



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

2025	$	175,091	$	-	$	220,000		$	395,091	6.8%	4.22%
2026		56,672		300,000		30,215			386,887	6.7%	3.18%
2027		6,939		650,000		-			656,939	11.3%	3.66%
2028		166,526		300,000		-			466,526	8.1%	3.72%
2029		315,811		300,000		-			615,811	10.6%	3.93%
2030		230,597		600,000		-			830,597	14.4%	3.34%
2031		160,930		600,000		-			760,930	13.1%	2.92%
2032		27,000		400,000		-			427,000	7.4%	2.16%
2033		-		650,000		-			650,000	11.2%	1.99%
2034		-		600,000		-			600,000	10.4%	4.04%
Thereafter		-		-		-			-	-	-
		1,139,566		4,400,000		250,215			5,789,781	100.0%	3.30%
Total Non-Cash Adjustments (4)		(3,520)		(10,678)		-			(14,198)
Total per Balance Sheet	$	1,136,046	$	4,389,322	$	250,215		$	5,775,583		3.35%

(1)	See Attachment 14 for definitions and other terms.

(2)

The 2025 maturity reflects the $220.0 million of principal outstanding at an interest rate of 4.65%, the equivalent of SOFR plus a spread of 33.0 basis points, on the Company’s unsecured commercial paper program as of June 30, 2025. Under the terms of the program the Company may issue up to a maximum aggregate amount outstanding of $700.0 million. If the commercial paper was refinanced using the line of credit, the weighted average years to maturity would be 4.9 years with extensions and 4.8 years without extensions.

(3)

Includes amounts on our $350.0 million unsecured Term Loan that have been swapped to fixed. The amounts swapped to fixed are $175.0 million at a weighted average rate of 1.43% that expired in July 2025. The amounts that have not been swapped to fixed carry an interest rate of adjusted SOFR plus 83.0 basis points. The $350.0 million Term Loan has a maturity date of January 2027 plus a one-year extension option.

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

(5)	Includes principal amortization, as applicable.

(6)	There were no borrowings outstanding on our $1.3 billion line of credit at June 30, 2025. The facility has a maturity date of August 2028, plus two six-month extension options and currently carries an interest rate equal to adjusted SOFR plus 77.5 basis points.

(7)	There was $30.2 million outstanding on our $75.0 million working capital credit facility at June 30, 2025. The facility has a maturity date of January 2026. The working capital credit facility currently carries an interest rate equal to adjusted SOFR plus 77.5 basis points.

Attachment 4(C)

Selected Financial Information

(Dollars in Thousands)

(Unaudited) (1)

Quarter Ended

Coverage Ratios

June 30, 2025

Net income/(loss)

40,229

Adjustments:

Interest expense, including debt extinguishment and other associated costs

48,665

Real estate depreciation and amortization

163,191

Other depreciation and amortization

7,387

Tax provision/(benefit), net

258

Net (gain)/loss on consolidation

(286)

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

18,046

EBITDAre

277,490

Casualty-related charges/(recoveries), net

3,382

Legal and other costs

3,358

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

Severance costs

1,024

(Income)/loss from unconsolidated entities

(3,629)

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

(18,046)

Management fee expense on unconsolidated joint ventures

(880)

Consolidated EBITDAre - adjusted for non-recurring items

262,761

Annualized consolidated EBITDAre - adjusted for non-recurring items

1,051,044

Interest expense, including debt extinguishment and other associated costs

48,665

Capitalized interest expense

2,068

Total interest

50,733

Preferred dividends

1,211

Total debt

5,775,583

Cash

(1,532)

Net debt

5,774,051

Consolidated Interest Coverage Ratio - adjusted for non-recurring items

5.2x

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

5.1x

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

5.5x

Debt Covenant Overview

Unsecured Line of Credit Covenants (2)

Required

Actual

Compliance

Maximum Leverage Ratio

≤60.0%

31.0% (2)

Yes

Minimum Fixed Charge Coverage Ratio

≥1.5x

4.8x

Yes

Maximum Secured Debt Ratio

≤40.0%

9.7%

Yes

Minimum Unencumbered Pool Leverage Ratio

≥150.0%

378.8%

Yes

Senior Unsecured Note Covenants (3)

Required

Actual

Compliance

Debt as a percentage of Total Assets

≤65.0%

32.5% (3)

Yes

Consolidated Income Available for Debt Service to Annual Service Charge

≥1.5x

5.7x

Yes

Secured Debt as a percentage of Total Assets

≤40.0%

6.4%

Yes

Total Unencumbered Assets to Unsecured Debt

≥150.0%

320.0%

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

2Q 2025 NOI (1)

Carrying Value

Total Gross

Asset Summary

Homes

($000s)

% of NOI

($000s)

Carrying Value

Unencumbered assets

46,868

252,874

87.1%

14,264,633

87.5%

Encumbered assets

8,940

37,506

12.9%

2,046,665

12.5%

55,808

290,380

100.0%

16,311,298

100.0%

(1)	See Attachment 14 for definitions and other terms.

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

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

Attachment 5

Operating Information

(Unaudited) (1)


	Total	Quarter Ended		Quarter Ended		Quarter Ended		Quarter Ended		Quarter Ended
Dollars in thousands	Homes	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Revenues
Same-Store Communities	54,915	$	410,518	$	408,503	$	406,482	$	404,241	$	400,515
Stabilized, Non-Mature Communities	415		3,613		3,232		2,606		1,858		821
Acquired Communities	478		1,056		-		-		-		-
Non-Residential / Other	-		7,814		7,659		7,164		7,776		7,866
Total	55,808	$	423,001	$	419,394	$	416,252	$	413,875	$	409,202

Expenses
Same-Store Communities		$	127,163	$	129,940	$	125,879	$	127,871	$	125,043
Stabilized, Non-Mature Communities			1,423		1,529		1,114		1,083		856
Acquired Communities			511		-		-		-		-
Non-Residential / Other			3,524		3,072		1,435		3,522		2,322
Total (2)		$	132,621	$	134,541	$	128,428	$	132,476	$	128,221

Net Operating Income
Same-Store Communities		$	283,355	$	278,563	$	280,603	$	276,370	$	275,472
Stabilized, Non-Mature Communities			2,190		1,703		1,492		775		(35)
Acquired Communities			545		-		-		-		-
Non-Residential / Other			4,290		4,587		5,729		4,254		5,544
Total		$	290,380	$	284,853	$	287,824	$	281,399	$	280,981

Operating Margin
Same-Store Communities			69.0%		68.2%		69.0%		68.4%		68.8%

Weighted Average Physical Occupancy
Same-Store Communities			96.9%		97.2%		96.8%		96.3%		96.8%
Stabilized, Non-Mature Communities			94.5%		85.1%		67.1%		48.9%		26.9%
Acquired Communities			84.8%		-		-		-		-
Other (3)			-		-		97.6%		98.2%		98.4%
Total			96.7%		97.2%		96.6%		95.9%		96.4%

Sold and Held for Disposition Communities
Revenues	-	$	-	$	442	$	4,188	$	4,213	$	4,126
Expenses (2)			-		194		1,008		1,190		1,106
Net Operating Income/(Loss)		$	-	$	248	$	3,180	$	3,023	$	3,020

Total	55,808	$	290,380	$	285,101	$	291,004	$	284,422	$	284,001

(1)	See Attachment 14 for definitions and other terms.

(2)	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.

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

Attachment 6

Same-Store Operating Expense Information

(Dollars in Thousands)

(Unaudited) (1)


	% of 2Q 2025
	SS Operating
Year-Over-Year Comparison	Expenses	2Q 2025		2Q 2024		% Change

Personnel	14.9%	$	18,902	$	17,685	6.9%
Utilities	14.1%		17,867		17,024	4.9%
Repair and maintenance	20.4%		26,008		24,273	7.1%
Administrative and marketing	7.9%		10,006		8,974	11.5%
Controllable expenses	57.3%		72,783		67,956	7.1%

Real estate taxes	38.5%	$	49,071	$	50,871	-3.5%
Insurance	4.2%		5,309		6,216	-14.6%
Same-Store operating expenses	100.0%	$	127,163	$	125,043	1.7%

Same-Store Homes	54,915



	% of 2Q 2025
	SS Operating
Sequential Comparison	Expenses	2Q 2025		1Q 2025		% Change

Personnel	14.9%	$	18,902	$	19,539	-3.3%
Utilities	14.1%		17,867		19,217	-7.0%
Repair and maintenance	20.4%		26,008		24,934	4.3%
Administrative and marketing	7.9%		10,006		9,698	3.2%
Controllable expenses	57.3%		72,783		73,388	-0.8%

Real estate taxes	38.5%	$	49,071	$	51,347	-4.4%
Insurance	4.2%		5,309		5,205	2.0%
Same-Store operating expenses	100.0%	$	127,163	$	129,940	-2.1%

Same-Store Homes	54,915




	% of YTD 2025
	SS Operating
Year-to-Date Comparison	Expenses	YTD 2025		YTD 2024		% Change

Personnel	14.9%	$	37,907	$	36,066	5.1%
Utilities	14.3%		36,614		34,942	4.8%
Repair and maintenance	19.7%		50,355		48,513	3.8%
Administrative and marketing	7.6%		19,306		17,096	12.9%
Controllable expenses	56.5%		144,182		136,617	5.5%

Real estate taxes	39.3%	$	100,406	$	100,398	0.0%
Insurance	4.2%		10,610		12,217	-13.2%
Same-Store operating expenses	100.0%	$	255,198	$	249,232	2.4%

Same-Store Homes	54,442

(1)	See Attachment 14 for definitions and other terms.

Attachment 7(A)

Apartment Home Breakout

Portfolio Overview as of Quarter Ended

June 30, 2025

(Unaudited) (1)


				Unconsolidated		Revenue Per
			Total	Joint Venture	Total	Occupied
	Same-Store	Non-Mature	Consolidated	Operating	Homes	Home
	Homes	Homes (2)	Homes	Homes (3)	(incl. JV) (3)	(Incl. JV at Share)(4)
West Region
Orange County, CA	4,305	-	4,305	701	5,006	$	3,161
San Francisco, CA	3,317	-	3,317	602	3,919		3,647
Seattle, WA	2,702	-	2,702	284	2,986		2,947
Monterey Peninsula, CA	1,567	-	1,567	-	1,567		2,377
Los Angeles, CA	1,225	-	1,225	340	1,565		3,424
	13,116	-	13,116	1,927	15,043

Mid-Atlantic Region
Metropolitan DC	9,119	-	9,119	360	9,479		2,474
Baltimore, MD	2,219	-	2,219	-	2,219		2,010
Richmond, VA	1,359	-	1,359	-	1,359		1,939
	12,697	-	12,697	360	13,057

Northeast Region
Boston, MA	4,667	-	4,667	876	5,543		3,281
New York, NY	1,945	-	1,945	710	2,655		5,184
Philadelphia, PA	1,172	478	1,650	290	1,940		2,455
	7,784	478	8,262	1,876	10,138

Southeast Region
Tampa, FL	3,877	330	4,207	-	4,207		2,227
Orlando, FL	3,493	-	3,493	-	3,493		1,922
Nashville, TN	2,261	-	2,261	-	2,261		1,740
	9,631	330	9,961	-	9,961

Southwest Region
Dallas, TX	7,364	85	7,449	-	7,449		1,798
Austin, TX	1,880	-	1,880	-	1,880		1,805
	9,244	85	9,329	-	9,329

Other Markets (5)	2,443	-	2,443	264	2,707		2,636

Totals	54,915	893	55,808	4,427	60,235	$	2,614

Communities (6)	165	3	168	18	186

		Homes	Communities
Total completed homes		60,235	186
Under Development (7)		300	1

Total Quarter-end homes and communities		60,535	187

(1)	See Attachment 14 for definitions and other terms.

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

(3)	Represents joint venture operating homes at 100 percent. Excludes joint venture held for disposition communities. See Attachment 10 for UDR's joint venture and partnership ownership interests.

(4)	Represents joint ventures at UDR's ownership interests. Excludes joint venture held for disposition communities. See Attachment 10 for UDR's joint venture and partnership ownership interests.

(5)	Other Markets include Denver (510 homes), Palm Beach (636 homes), Inland Empire (658 homes), San Diego (163 wholly owned, 264 JV homes) and Portland (476 homes).

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

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

Attachment 7(B)

Non-Mature Home Summary and Net Operating Income by Market

June 30, 2025

(Unaudited) (1)


Non-Mature Home Breakout - By Date


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

Villas at Fiori	Stabilized, Non-Mature	85	Dallas, TX	2Q26

101 N. Meridian	Stabilized, Non-Mature	330	Tampa, FL	3Q26

Broadridge	Acquired	478	Philadelphia, PA	4Q27

Total		893


Net Operating Income Breakout By Market

	As a % of NOI			As a % of NOI
Region	Same-Store	Total	Region	Same-Store	Total
West Region			Southeast Region
Orange County, CA	10.8%	11.0%	Tampa, FL	5.7%	5.8%
San Francisco, CA	8.9%	9.1%	Orlando, FL	4.7%	4.3%
Seattle, WA	6.1%	6.3%	Nashville, TN	2.8%	2.6%
Monterey Peninsula, CA	2.8%	2.6%		13.2%	12.7%
Los Angeles, CA	2.8%	3.0%	Southwest Region
	31.4%	32.0%	Dallas, TX	8.6%	8.2%
Mid-Atlantic Region			Austin, TX	2.0%	1.9%
Metropolitan DC	15.9%	15.2%		10.6%	10.1%
Baltimore, MD	3.0%	2.8%
Richmond, VA	2.1%	1.9%	Other Markets (3)	4.7%	4.7%
	21.0%	19.9%
Northeast Region
Boston, MA	11.3%	11.4%
New York, NY	5.7%	6.6%
Philadelphia, PA	2.1%	2.6%
	19.1%	20.6%	Total	100.0%	100.0%

(1)	See Attachment 14 for definitions and other terms.

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

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

Attachment 8(A)

Same-Store Operating Information By Major Market

Current Quarter vs. Prior Year Quarter

June 30, 2025

(Unaudited) (1)



		% of Same-	Same-Store
	Total	Store Portfolio
	Same-Store	Based on	Physical Occupancy			Total Revenue per Occupied Home
	Homes	2Q 2025 NOI	2Q 25	2Q 24	Change	2Q 25		2Q 24		Change

West Region
Orange County, CA	4,305	10.8%	97.0%	96.8%	0.2%	$	3,166	$	3,081	2.8%
San Francisco, CA	3,317	8.9%	97.5%	96.2%	1.3%		3,545		3,449	2.8%
Seattle, WA	2,702	6.1%	96.8%	97.0%	-0.2%		2,956		2,853	3.6%
Monterey Peninsula, CA	1,567	2.8%	96.3%	95.4%	0.9%		2,377		2,393	-0.7%
Los Angeles, CA	1,225	2.8%	96.0%	96.2%	-0.2%		3,250		3,150	3.2%
	13,116	31.4%	96.9%	96.5%	0.4%		3,133		3,052	2.7%

Mid-Atlantic Region
Metropolitan DC	9,119	15.9%	97.0%	97.3%	-0.3%		2,482		2,359	5.2%
Baltimore, MD	2,219	3.0%	96.7%	96.4%	0.3%		2,010		1,944	3.4%
Richmond, VA	1,359	2.1%	96.9%	96.6%	0.3%		1,939		1,870	3.7%
	12,697	21.0%	97.0%	97.1%	-0.1%		2,339		2,235	4.7%

Northeast Region
Boston, MA	4,667	11.3%	96.9%	97.0%	-0.1%		3,321		3,195	3.9%
New York, NY	1,945	5.7%	97.9%	97.5%	0.4%		5,116		4,921	4.0%
Philadelphia, PA	1,172	2.1%	97.0%	96.7%	0.3%		2,551		2,562	-0.4%
	7,784	19.1%	97.2%	97.0%	0.2%		3,657		3,537	3.4%

Southeast Region
Tampa, FL	3,877	5.7%	96.6%	96.6%	0.0%		2,165		2,150	0.7%
Orlando, FL	3,493	4.7%	96.3%	96.7%	-0.4%		1,922		1,930	-0.4%
Nashville, TN	2,261	2.8%	96.2%	96.6%	-0.4%		1,740		1,762	-1.2%
	9,631	13.2%	96.4%	96.6%	-0.2%		1,977		1,979	-0.1%

Southwest Region
Dallas, TX	7,364	8.6%	97.0%	96.7%	0.3%		1,779		1,791	-0.7%
Austin, TX	1,880	2.0%	97.2%	96.7%	0.5%		1,805		1,856	-2.7%
	9,244	10.6%	97.0%	96.7%	0.3%		1,784		1,804	-1.1%

Other Markets	2,443	4.7%	96.4%	96.7%	-0.3%		2,621		2,579	1.6%

Total/Weighted Avg.	54,915	100.0%	96.9%	96.8%	0.1%	$	2,572	$	2,512	2.4%

(1)	See Attachment 14 for definitions and other terms.

Attachment 8(B)

Same-Store Operating Information By Major Market

Current Quarter vs. Prior Year Quarter

June 30, 2025

(Unaudited) (1)


			Same-Store ($000s)

	Total
	Same-Store	Revenues					Expenses					Net Operating Income
	Homes	2Q 25		2Q 24		Change	2Q 25		2Q 24		Change	2Q 25		2Q 24		Change

West Region
Orange County, CA	4,305	$	39,659	$	38,513	3.0%	$	8,743	$	8,158	7.2%	$	30,916	$	30,355	1.9%
San Francisco, CA	3,317		34,392		33,020	4.2%		9,268		10,498	-11.7%		25,124		22,522	11.6%
Seattle, WA	2,702		23,198		22,433	3.4%		5,987		6,215	-3.7%		17,211		16,218	6.1%
Monterey Peninsula, CA	1,567		10,761		10,730	0.3%		2,815		2,437	15.5%		7,946		8,293	-4.2%
Los Angeles, CA	1,225		11,465		11,138	2.9%		3,607		3,051	18.2%		7,858		8,087	-2.8%
	13,116		119,475		115,834	3.1%		30,420		30,359	0.2%		89,055		85,475	4.2%

Mid-Atlantic Region
Metropolitan DC	9,119		65,861		62,803	4.9%		20,700		20,129	2.8%		45,161		42,674	5.8%
Baltimore, MD	2,219		12,939		12,495	3.6%		4,451		4,272	4.2%		8,488		8,223	3.2%
Richmond, VA	1,359		7,661		7,364	4.0%		1,769		1,829	-3.3%		5,892		5,535	6.4%
	12,697		86,461		82,662	4.6%		26,920		26,230	2.6%		59,541		56,432	5.5%

Northeast Region
Boston, MA	4,667		45,050		43,394	3.8%		13,092		12,206	7.3%		31,958		31,188	2.5%
New York, NY	1,945		29,226		27,999	4.4%		13,103		12,454	5.2%		16,123		15,545	3.7%
Philadelphia, PA	1,172		8,699		8,710	-0.1%		2,847		2,860	-0.4%		5,852		5,850	0.0%
	7,784		82,975		80,103	3.6%		29,042		27,520	5.5%		53,933		52,583	2.6%

Southeast Region
Tampa, FL	3,877		24,328		24,154	0.7%		8,234		8,079	1.9%		16,094		16,075	0.1%
Orlando, FL	3,493		19,397		19,552	-0.8%		6,170		6,217	-0.8%		13,227		13,335	-0.8%
Nashville, TN	2,261		11,352		11,544	-1.7%		3,235		3,201	1.1%		8,117		8,343	-2.7%
	9,631		55,077		55,250	-0.3%		17,639		17,497	0.8%		37,438		37,753	-0.8%

Southwest Region
Dallas, TX	7,364		38,114		38,268	-0.4%		13,758		14,048	-2.1%		24,356		24,220	0.6%
Austin, TX	1,880		9,895		10,121	-2.2%		4,171		4,256	-2.0%		5,724		5,865	-2.4%
	9,244		48,009		48,389	-0.8%		17,929		18,304	-2.1%		30,080		30,085	0.0%

Other Markets	2,443		18,521		18,277	1.3%		5,213		5,133	1.6%		13,308		13,144	1.2%

Total	54,915	$	410,518	$	400,515	2.5%	$	127,163	$	125,043	1.7%	$	283,355	$	275,472	2.9%

(1)	See Attachment 14 for definitions and other terms.

Attachment 8(C)

Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

June 30, 2025

(Unaudited) (1)


		Same-Store
	Total
	Same-Store	Physical Occupancy			Total Revenue per Occupied Home
	Homes	2Q 25	1Q 25	Change	2Q 25		1Q 25		Change

West Region
Orange County, CA	4,305	97.0%	97.3%	-0.3%	$	3,166	$	3,127	1.2%
San Francisco, CA	3,317	97.5%	97.2%	0.3%		3,545		3,499	1.3%
Seattle, WA	2,702	96.8%	97.7%	-0.9%		2,956		2,923	1.1%
Monterey Peninsula, CA	1,567	96.3%	96.0%	0.3%		2,377		2,365	0.5%
Los Angeles, CA	1,225	96.0%	97.3%	-1.3%		3,250		3,268	-0.6%
	13,116	96.9%	97.2%	-0.3%		3,133		3,102	1.0%

Mid-Atlantic Region
Metropolitan DC	9,119	97.0%	97.7%	-0.7%		2,482		2,459	0.9%
Baltimore, MD	2,219	96.7%	97.3%	-0.6%		2,010		1,997	0.7%
Richmond, VA	1,359	96.9%	96.8%	0.1%		1,939		1,919	1.0%
	12,697	97.0%	97.5%	-0.5%		2,339		2,321	0.9%

Northeast Region
Boston, MA	4,667	96.9%	97.2%	-0.3%		3,321		3,296	0.8%
New York, NY	1,945	97.9%	98.0%	-0.1%		5,116		5,036	1.6%
Philadelphia, PA	1,172	97.0%	97.0%	0.0%		2,551		2,522	1.1%
	7,784	97.2%	97.3%	-0.1%		3,657		3,621	1.0%

Southeast Region
Tampa, FL	3,877	96.6%	97.3%	-0.7%		2,165		2,143	1.0%
Orlando, FL	3,493	96.3%	97.0%	-0.7%		1,922		1,911	0.6%
Nashville, TN	2,261	96.2%	96.6%	-0.4%		1,740		1,747	-0.4%
	9,631	96.4%	97.0%	-0.6%		1,977		1,966	0.6%

Southwest Region
Dallas, TX	7,364	97.0%	97.3%	-0.3%		1,779		1,769	0.6%
Austin, TX	1,880	97.2%	97.5%	-0.3%		1,805		1,807	-0.1%
	9,244	97.0%	97.3%	-0.3%		1,784		1,777	0.4%

Other Markets	2,443	96.4%	96.1%	0.3%		2,621		2,600	0.8%

Total/Weighted Avg.	54,915	96.9%	97.2%	-0.3%	$	2,572	$	2,550	0.9%

(1)	See Attachment 14 for definitions and other terms.

Attachment 8(D)

Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

June 30, 2025

(Unaudited) (1)


			Same-Store ($000s)
	Total
	Same-Store	Revenues					Expenses					Net Operating Income
	Homes	2Q 25		1Q 25		Change	2Q 25		1Q 25		Change	2Q 25		1Q 25		Change

West Region
Orange County, CA	4,305	$	39,659	$	39,291	0.9%	$	8,743	$	9,195	-4.9%	$	30,916	$	30,096	2.7%
San Francisco, CA	3,317		34,392		33,836	1.6%		9,268		10,648	-13.0%		25,124		23,188	8.3%
Seattle, WA	2,702		23,198		23,152	0.2%		5,987		5,882	1.8%		17,211		17,270	-0.3%
Monterey Peninsula, CA	1,567		10,761		10,674	0.8%		2,815		2,662	5.7%		7,946		8,012	-0.8%
Los Angeles, CA	1,225		11,465		11,685	-1.9%		3,607		3,409	5.8%		7,858		8,276	-5.0%
	13,116		119,475		118,638	0.7%		30,420		31,796	-4.3%		89,055		86,842	2.5%

Mid-Atlantic Region
Metropolitan DC	9,119		65,861		65,718	0.2%		20,700		20,915	-1.0%		45,161		44,803	0.8%
Baltimore, MD	2,219		12,939		12,932	0.1%		4,451		4,330	2.8%		8,488		8,602	-1.3%
Richmond, VA	1,359		7,661		7,572	1.2%		1,769		1,962	-9.9%		5,892		5,610	5.0%
	12,697		86,461		86,222	0.3%		26,920		27,207	-1.1%		59,541		59,015	0.9%

Northeast Region
Boston, MA	4,667		45,050		44,855	0.4%		13,092		13,537	-3.3%		31,958		31,318	2.0%
New York, NY	1,945		29,226		28,796	1.5%		13,103		13,285	-1.4%		16,123		15,511	3.9%
Philadelphia, PA	1,172		8,699		8,602	1.1%		2,847		2,974	-4.3%		5,852		5,628	4.0%
	7,784		82,975		82,253	0.9%		29,042		29,796	-2.5%		53,933		52,457	2.8%

Southeast Region
Tampa, FL	3,877		24,328		24,249	0.3%		8,234		8,200	0.4%		16,094		16,049	0.3%
Orlando, FL	3,493		19,397		19,423	-0.1%		6,170		6,061	1.8%		13,227		13,362	-1.0%
Nashville, TN	2,261		11,352		11,444	-0.8%		3,235		3,337	-3.0%		8,117		8,107	0.1%
	9,631		55,077		55,116	-0.1%		17,639		17,598	0.2%		37,438		37,518	-0.2%

Southwest Region
Dallas, TX	7,364		38,114		38,025	0.2%		13,758		14,128	-2.6%		24,356		23,897	1.9%
Austin, TX	1,880		9,895		9,937	-0.4%		4,171		4,218	-1.1%		5,724		5,719	0.1%
	9,244		48,009		47,962	0.1%		17,929		18,346	-2.3%		30,080		29,616	1.6%

Other Markets	2,443		18,521		18,312	1.1%		5,213		5,197	0.3%		13,308		13,115	1.5%

Total	54,915	$	410,518	$	408,503	0.5%	$	127,163	$	129,940	-2.1%	$	283,355	$	278,563	1.7%

(1)	See Attachment 14 for definitions and other terms.

Attachment 8(E)

Same-Store Operating Information By Major Market

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

June 30, 2025

(Unaudited) (1)


		% of Same-
	Total	Store Portfolio	Same-Store
	Same-Store	Based on	Physical Occupancy			Total Revenue per Occupied Home
	Homes	YTD 2025 NOI	YTD 25	YTD 24	Change	YTD 25		YTD 24		Change

West Region
Orange County, CA	4,305	11.0%	97.1%	96.8%	0.3%	$	3,147	$	3,071	2.5%
San Francisco, CA	3,144	8.3%	97.4%	96.7%	0.7%		3,591		3,475	3.3%
Seattle, WA	2,702	6.2%	97.2%	97.4%	-0.2%		2,940		2,837	3.6%
Monterey Peninsula, CA	1,567	2.8%	96.2%	95.8%	0.4%		2,371		2,378	-0.3%
Los Angeles, CA	1,225	2.9%	96.7%	96.5%	0.2%		3,258		3,176	2.6%
	12,943	31.2%	97.0%	96.8%	0.2%		3,129		3,047	2.7%

Mid-Atlantic Region
Metropolitan DC	8,819	15.6%	97.4%	97.5%	-0.1%		2,461		2,348	4.8%
Baltimore, MD	2,219	3.1%	97.0%	96.2%	0.8%		2,004		1,927	4.0%
Richmond, VA	1,359	2.1%	96.8%	96.8%	0.0%		1,929		1,860	3.7%
	12,397	20.8%	97.3%	97.2%	0.1%		2,321		2,220	4.6%

Northeast Region
Boston, MA	4,667	11.3%	97.0%	97.0%	0.0%		3,309		3,177	4.2%
New York, NY	1,945	5.7%	97.9%	97.8%	0.1%		5,077		4,895	3.7%
Philadelphia, PA	1,172	2.1%	97.0%	96.7%	0.3%		2,536		2,553	-0.7%
	7,784	19.1%	97.3%	97.2%	0.1%		3,638		3,516	3.5%

Southeast Region
Tampa, FL	3,877	5.8%	96.9%	96.7%	0.2%		2,155		2,140	0.7%
Orlando, FL	3,493	4.8%	96.6%	96.8%	-0.2%		1,917		1,922	-0.3%
Nashville, TN	2,261	2.9%	96.4%	96.6%	-0.2%		1,744		1,753	-0.5%
	9,631	13.5%	96.7%	96.7%	0.0%		1,973		1,970	0.1%

Southwest Region
Dallas, TX	7,364	8.7%	97.1%	96.6%	0.5%		1,774		1,787	-0.7%
Austin, TX	1,880	2.0%	97.4%	96.7%	0.7%		1,806		1,847	-2.2%
	9,244	10.7%	97.2%	96.6%	0.6%		1,781		1,799	-1.0%

Other Markets	2,443	4.7%	96.3%	97.0%	-0.7%		2,610		2,561	1.9%

Total/Weighted Avg.	54,442	100.0%	97.1%	96.9%	0.2%	$	2,561	$	2,502	2.4%

(1)	See Attachment 14 for definitions and other terms.

Attachment 8(F)

Same-Store Operating Information By Major Market

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

June 30, 2025

(Unaudited) (1)


			Same-Store ($000s)
	Total
	Same-Store	Revenues					Expenses					Net Operating Income
	Homes	YTD 25		YTD 24		Change	YTD 25		YTD 24		Change	YTD 25		YTD 24		Change

West Region
Orange County, CA	4,305	$	78,951	$	76,789	2.8%	$	17,938	$	16,670	7.6%	$	61,013	$	60,119	1.5%
San Francisco, CA	3,144		65,951		63,380	4.1%		19,694		19,518	0.9%		46,257		43,862	5.5%
Seattle, WA	2,702		46,350		44,801	3.5%		11,869		12,431	-4.5%		34,481		32,370	6.5%
Monterey Peninsula, CA	1,567		21,435		21,422	0.1%		5,477		4,920	11.3%		15,958		16,502	-3.3%
Los Angeles, CA	1,225		23,149		22,530	2.8%		7,016		6,259	12.1%		16,133		16,271	-0.8%
	12,943		235,836		228,922	3.0%		61,994		59,798	3.7%		173,842		169,124	2.8%

Mid-Atlantic Region
Metropolitan DC	8,819		126,881		121,139	4.7%		39,930		38,533	3.6%		86,951		82,606	5.3%
Baltimore, MD	2,219		25,871		24,717	4.7%		8,782		8,301	5.8%		17,089		16,416	4.1%
Richmond, VA	1,359		15,233		14,683	3.7%		3,731		3,778	-1.3%		11,502		10,905	5.5%
	12,397		167,985		160,539	4.6%		52,443		50,612	3.6%		115,542		109,927	5.1%

Northeast Region
Boston, MA	4,667		89,905		86,292	4.2%		26,629		25,365	5.0%		63,276		60,927	3.9%
New York, NY	1,945		58,022		55,869	3.9%		26,388		25,402	3.9%		31,634		30,467	3.8%
Philadelphia, PA	1,172		17,301		17,362	-0.3%		5,822		5,699	2.2%		11,479		11,663	-1.6%
	7,784		165,228		159,523	3.6%		58,839		56,466	4.2%		106,389		103,057	3.2%

Southeast Region
Tampa, FL	3,877		48,577		48,135	0.9%		16,434		16,203	1.4%		32,143		31,932	0.7%
Orlando, FL	3,493		38,821		38,999	-0.5%		12,231		12,410	-1.4%		26,590		26,589	0.0%
Nashville, TN	2,261		22,796		22,967	-0.7%		6,573		6,495	1.2%		16,223		16,472	-1.5%
	9,631		110,194		110,101	0.1%		35,238		35,108	0.4%		74,956		74,993	0.0%

Southwest Region
Dallas, TX	7,364		76,139		76,278	-0.2%		27,886		28,646	-2.7%		48,253		47,632	1.3%
Austin, TX	1,880		19,832		20,149	-1.6%		8,389		8,211	2.2%		11,443		11,938	-4.1%
	9,244		95,971		96,427	-0.5%		36,275		36,857	-1.6%		59,696		59,570	0.2%

Other Markets	2,443		36,833		36,396	1.2%		10,409		10,391	0.2%		26,424		26,005	1.6%

Total	54,442	$	812,047	$	791,908	2.5%	$	255,198	$	249,232	2.4%	$	556,849	$	542,676	2.6%

(1)	See Attachment 14 for definitions and other terms.

Attachment 8(G)

Same-Store Operating Information By Major Market

June 30, 2025

(Unaudited) (1)


	Effective Blended Lease Rate Growth	Effective New Lease Rate Growth	Effective Renewal Lease Rate Growth	Annualized Turnover
	2Q 2025	2Q 2025	2Q 2025	2Q 2025	2Q 2024	YTD 2025	YTD 2024

West Region	4.2%	4.4%	4.0%	39.1%	44.2%	35.0%	39.2%

Mid-Atlantic Region	3.6%	0.2%	6.6%	40.9%	43.9%	35.3%	37.8%

Northeast Region	4.3%	2.3%	5.7%	44.1%	45.2%	35.0%	36.4%

Southeast Region	0.0%	-4.1%	4.5%	46.8%	51.1%	41.7%	46.4%

Southwest Region	-0.5%	-5.3%	4.4%	38.7%	45.8%	37.5%	42.9%

Other Markets	-1.1%	-5.1%	3.1%	45.2%	43.1%	39.8%	40.1%

Total/Weighted Avg.	2.8%	0.3%	5.0%	41.2%	45.4%	36.6%	40.1%

(1)	See Attachment 14 for definitions and other terms.

Attachment 9

Development and Land Summary

June 30, 2025

(Dollars in Thousands)

(Unaudited) (1)

Wholly-Owned

Schedule

Percentage

# of

Compl.

Cost to

Budgeted

Est. Cost

Initial

Community

Location

Homes

Date

Cost

per Home

Start

Occ.

Compl.

Leased

Occupied

Projects Under Construction

3099 Iowa

Riverside, CA

300

41,108

133,600

445

1Q25

1Q27

2Q27

N/A

Total Under Construction

300

41,108

133,600

445

Total - Wholly Owned

300

41,108

133,600

445

NOI From Wholly-Owned Projects

2Q 25

Projects Under Construction

Total

Land Summary

Location

UDR Ownership Interest

Real Estate Cost Basis

Total Land (7 parcels)

Various

100%

230,690

(1)	See Attachment 14 for definitions and other terms.

Attachment 10

Unconsolidated and Debt and Preferred Equity Program Summary

June 30, 2025

(Dollars in Thousands)

(Unaudited) (1)


Unconsolidated Joint Ventures and Partnerships

								Physical	Total Rev. per		Net Operating Income
	Own.		# of			# of		Occupancy	Occ. Home		UDR's Share
Portfolio Characteristics	Interest		Comm.			Homes		2Q 25	2Q 25		2Q 25		YTD 25

UDR / MetLife	50%			13		2,837		96.8%	$	4,281	$	11,002	$	21,962
UDR / LaSalle	51%			5		1,590		96.7%		2,742		4,631		9,057

Total				18		4,427		96.7%	$	3,723	$	15,633	$	31,019




	Gross Book Value							Weighted
	of JV Real		Total Project		UDR's Equity			Avg. Debt	Debt
Balance Sheet Characteristics	Estate Assets (2)		Debt (2)		Investment			Interest Rate	Maturities

UDR / MetLife	$	1,745,370	$	845,320	$	204,812		3.93%	2027-2031
UDR / LaSalle		622,458		45,306		262,912		5.86%	2028

Total	$	2,367,828	$	890,626	$	467,724		4.03%




Debt and Preferred Equity Program (3)(4)

							Contractual		Weighted Avg.
			UDR Investment				Return		Years to
Investment Classifications		# of Commitments	Commitment		Balance		Rate		Maturity

Non-Stabilized Communities - Preferred Equity		4	$	96,547	$	115,092		10.1%	1.0
Non-Stabilized Communities - Loans (5)		2		84,123		105,908		11.0%	1.5
Stabilized Communities - Preferred Equity (6)		7		250,099		262,600		9.2%	3.0

Total Debt and Preferred Equity Program		13	$	430,769	$	483,600		9.7%	2.3


	2Q 25

Income/(loss) from investments (5)(7)	$	13,393


									Income/(Loss)
			UDR Investment (9)						from Investments
Other Unconsolidated Investments (8)			Commitment		Funded		Balance		2Q 25 (10)

Total Real Estate Technology and Sustainability Investments			$	169,000	$	128,404	$	133,021	$	(59)

(1)	See Attachment 14 for definitions and other terms.

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

(3)

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

(4)	Investment commitment represents maximum loan principal or equity investment and therefore excludes accrued return. Investment balance includes amounts funded plus accrued and unpaid return prior to the period end as well as any non-cash impairment losses or loan reserves.

(5)

In May 2025, UDR acquired the developer’s equity interest in its joint venture that owns an apartment community located in Philadelphia, PA. In connection with the acquisition, the developer paid UDR $6.7 million, which consisted primarily of unpaid interest on its loan investment and reimbursement for certain costs previously advanced by UDR. As a result, the joint venture became wholly owned, and UDR began consolidating the community. The consolidation of the community resulted in UDR recording $3.9 million in previously unaccrued interest and a $0.3 million gain on consolidation.

(6)	During the quarter, UDR received full repayment of its approximately $54.8 million preferred equity investment, inclusive of accrued return, in a stabilized community located in New York, NY, upon the recapitalization of the joint venture.

(7)	When excluding UDR's share of recorded real estate depreciation and amortization on debt and preferred equity investments for the three months ended June 30, 2025, the amount is approximately $14.9 million.

(8)

Other unconsolidated investments represent UDR’s investments in nine real estate technology and climate technology funds. During the quarter, a previously held note receivable, including accrued interest, totaling $42.8 million was fully settled through the receipt of shares in a real estate technology company. In connection with this transaction, we also purchased an additional $15.2 million of the company’s shares. UDR’s investment is recorded in Other Assets on the Consolidated Balance Sheet.

(9)

Investment commitment represents maximum equity contractually required to be funded, and therefore excludes realized/unrealized gain/(loss). Investment funded represents cash funded towards the investment commitment. Investment balance includes amounts funded plus undistributed realized/unrealized gain/(loss), less $31.0 million of cash and stock distributed prior to the period end.

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

Attachment 11

Acquisitions, Dispositions, and Debt and Preferred Equity Program Summary

June 30, 2025

(Dollars in Thousands)

(Unaudited) (1)

Dispositions - Wholly-Owned

Post

Prior

Transaction

Ownership

# of

Price per

Date of Sale

Community

Location

Interest

Price (2)

Debt (2)

Homes

Home

Jan-25

One William (3)

Englewood, NJ

100%

84,000

185

454

Jan-25

Leonard Pointe (4)

Brooklyn, NY

100%

127,500

188

678

211,500

373

567

Acquisitions - Wholly-Owned

May-25

Broadridge (5)

Philadelphia, PA

N/A

100%

182,500

478

382

182,500

478

382

Investments - Debt and Preferred Equity Program

Post

Prior

Transaction

UDR

Contractual

Ownership

Investment

Return

Date of Investment

Investment Classification

Market

Interest

Commitment

Rate

Apr-25

Stabilized Community

San Francisco, CA

N/A

13,000

12.0%

13,000

12.0%

Redemptions - Debt and Preferred Equity Program

UDR

Proceeds

Contractual

Investment

Received at

Received

Return

Date of Redemption

Investment Classification

Market

Commitment

Redemption

Life to Date

Rate

Jun-25

Stabilized Community

New York, NY

40,000

54,760

72,257

11.0%

40,000

54,760

72,257

11.0%

(1)	See Attachment 14 for definitions and other terms.

(2)	Price represents 100% of the asset. Debt represents 100% of the asset's indebtedness, and excludes deferred financing costs.

(3)	UDR recorded a gain on sale of approximately $24.4 million during the six months ended June 30, 2025, which is included in gain/(loss) on sale of real estate owned.

(4)	UDR recorded a gain on sale of approximately $23.5 million during the six months ended June 30, 2025, which is included in gain/(loss) on sale of real estate owned.

(5)	See Attachment 10, footnote 5 for further details.

Attachment 12

Capital Expenditure and Repair and Maintenance Summary

June 30, 2025

(In thousands, except Cost per Home)

(Unaudited) (1)


	Three Months				Six Months
	Ended		Cost		Ended			Cost
Capital Expenditures for Consolidated Homes (2)	June 30, 2025		per Home		June 30, 2025			per Home

Average number of homes (3)		55,325				55,324

Total Recurring Cap Ex	$	27,757	$	502	$	45,040	$	814

NOI Enhancing Cap Ex		21,148		382		35,203		636

Total Recurring and NOI Enhancing Cap Ex	$	48,905	$	884	$	80,243	$	1,450


	Three Months				Six Months
	Ended			Cost	Ended			Cost
Repair and Maintenance for Consolidated Homes (Expensed)	June 30, 2025			per Home	June 30, 2025			per Home

Average number of homes (3)		55,325				55,324

Total Repair and Maintenance	$	26,254	$	475	$	51,258	$	927

(1)	See Attachment 14 for definitions and other terms.

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

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

Attachment 13

3Q 2025 and Full-Year 2025 Guidance

June 30, 2025

(Unaudited) (1)


				Full-Year 2025 Guidance
				Change from
Net Income, FFO and FFO as Adjusted per Share and Unit Guidance	3Q 2025	Full-Year 2025	Prior Guidance	Prior Midpoint

Income/(loss) per weighted average common share, diluted	$0.11 to $0.13	$0.53 to $0.59	$0.56 to $0.66	($0.05)
FFO per common share and unit, diluted	$0.61 to $0.63	$2.42 to $2.48	$2.45 to $2.55	($0.05)
FFO as Adjusted per common share and unit, diluted	$0.62 to $0.64	$2.49 to $2.55	$2.45 to $2.55	$0.02
Weighted average number of common shares, OP/DownREIT Units, and common stock equivalents outstanding, diluted (in millions)	357.6	358.0	358.0	-
Annualized dividend per share and unit		$1.72	$1.72	-

				Change from
Same-Store Guidance (Straight-line basis)		Full-Year 2025	Prior Guidance	Prior Midpoint

Revenue growth / (decline)		1.75% to 3.25%	1.25% to 3.25%	0.25%
Expense growth		2.50% to 3.50%	2.75% to 4.25%	(0.50%)
NOI growth / (decline)		1.50% to 3.00%	0.50% to 3.00%	0.50%

				Change from
Investment Guidance ($ in millions)		Full-Year 2025	Prior Guidance	Prior Midpoint

Dispositions - Consolidated and Joint Venture (at share)		$215 to $415	$215 to $415	-
Acquisitions - Consolidated and Joint Venture (at share)		$0 to $200	$0 to $200	-
Capital Expenditures - Recurring, NOI Enhancing, and Redevelopment		$220 to $260	$220 to $260	-

				Change from
Corporate Expense Guidance ($ in millions)		Full-Year 2025	Prior Guidance	Prior Midpoint

Consolidated interest expense, net of capitalized interest and adjustments for FFO as Adjusted		$190 to $195	$185 to $195	$2.5
General and administrative		$72 to $80	$70 to $80	$1

(1)	See Attachment 14 for definitions and other terms.

Attachment 14(B)

Definitions and Reconciliations

June 30, 2025

(Unaudited)

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

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

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

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

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

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

In thousands

2Q 2025

YTD 2025

Income/(loss) from unconsolidated entities

3,629

9,443

Management fee

880

1,743

Interest expense

4,588

9,130

Depreciation

11,970

23,905

General and administrative

131

256

Preferred Equity Program (excludes loans)

(5,849)

(12,070)

Other (income)/expense

126

123

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

158

(1,511)

Total Joint Venture NOI at UDR's Ownership Interest

15,633

31,019

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

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


In thousands	2Q 2025		1Q 2025		4Q 2024		3Q 2024		2Q 2024
Net income/(loss) attributable to UDR, Inc.	$	37,673	$	76,720	$	(5,044)	$	22,597	$	28,883
Property management		13,747		13,645		13,665		13,588		13,433
Other operating expenses		7,753		8,059		9,613		6,382		7,593
Real estate depreciation and amortization		163,191		161,394		165,446		170,276		170,488
Interest expense		48,665		47,701		49,625		50,214		47,811
Casualty-related charges/(recoveries), net		3,382		3,297		6,430		1,473		998
General and administrative		19,929		19,495		25,469		20,890		20,136
Tax provision/(benefit), net		258		158		312		(156)		386
(Income)/loss from unconsolidated entities		(3,629)		(5,814)		(8,984)		1,880		(4,046)
Interest income and other (income)/expense, net		(8,134)		(1,921)		30,858		(6,159)		(6,498)
Joint venture management and other fees		(2,398)		(2,112)		(2,288)		(2,072)		(1,992)
Other depreciation and amortization		7,387		7,067		6,381		4,029		4,679
(Gain)/loss on sale of real estate owned		-		(47,939)		-		-		-
Net income/(loss) attributable to noncontrolling interests		2,556		5,351		(479)		1,480		2,130
Total consolidated NOI	$	290,380	$	285,101	$	291,004	$	284,422	$	284,001

Attachment 14(D)

Definitions and Reconciliations

June 30, 2025

(Unaudited)

All guidance is based on current expectations of future economic conditions and the judgment of the Company's management team. The following reconciles from GAAP Net income/(loss) per share for full-year 2025 and third quarter of 2025 to forecasted FFO and FFO as Adjusted per share and unit:


	Full-Year 2025
	Low		High

Forecasted net income per diluted share	$	0.53	$	0.59
Conversion from GAAP share count		(0.02)		(0.02)
Net gain on the sale of depreciable real estate owned		(0.13)		(0.13)
Depreciation		2.00		2.00
Noncontrolling interests		0.03		0.03
Preferred dividends		0.01		0.01
Forecasted FFO per diluted share and unit	$	2.42	$	2.48
Legal and other costs		0.02		0.02
Software transition related costs		0.03		0.03
Casualty-related charges/(recoveries)		0.02		0.02
Realized/unrealized (gain)/loss on real estate technology investments		-		-
Forecasted FFO as Adjusted per diluted share and unit	$	2.49	$	2.55


	3Q 2025
	Low		High

Forecasted net income per diluted share	$	0.11	$	0.13
Conversion from GAAP share count		(0.01)		(0.01)
Depreciation		0.50		0.50
Noncontrolling interests		0.01		0.01
Preferred dividends		-		-
Forecasted FFO per diluted share and unit	$	0.61	$	0.63
Legal and other costs		-		-
Software transition related costs		0.01		0.01
Casualty-related charges/(recoveries)		-		-
Realized/unrealized (gain)/loss on real estate technology investments		-		-
Forecasted FFO as Adjusted per diluted share and unit	$	0.62	$	0.64