UDR, Inc. - FORM 8-K - EX-99.2

Attached files

file	filename
8-K - FORM 8-K - UDR, Inc.	d618794d8k.htm
EX-99.1 - EX-99.1 - UDR, Inc.	d618794dex991.htm

Exhibit 99.2

Financial Highlights

UDR, Inc.

As of End of Third Quarter 2013 ⁽¹⁾

(Unaudited)


	Actual Results			Actual Results			Guidance as of September 30, 2013
Dollars in thousands, except per share	3Q 2013			YTD 2013			4Q 2013	Full-Year 2013
Per Share Metrics
FFO per common share, diluted	$	0.37		$	1.09		$0.34 to $0.36	$1.43 to $1.45
FFO as Adjusted per common share, diluted	$	0.36		$	1.05		$0.33 to $0.35	$1.38 to $1.40
Adjusted Funds from Operations (“AFFO”) per common share, diluted	$	0.31		$	0.93		$0.29 to $0.31	$1.22 to $1.24
Weighted average diluted shares/units (M)		263.8			263.8		263.8	263.8
Dividend per share	$	0.235		$	0.705		—	0.94 ⁽²⁾
Same-Store Operating Metrics
Revenue growth		4.9	%		5.1	%	—	4.75% to 5.00%
Expense growth		2.6	%		2.6	%	—	2.75% to 3.00%
NOI growth		6.0	%		6.2	%	—	5.75% to 6.00%
Physical occupancy		96.1	%		95.9	%	—	96.0%


	Homes		Communities		% of Total NOI
Property Metrics
Same-Store		37,995		136		77.5	%
Stabilized, Non-Mature		1,091		2		4.6	%
Redevelopment		1,670		2		4.9	%
Development, completed (includes 384 homes for Bella Terra and 25 homes for Los Alisos)		664		1		1.3	%
Non-Residential / Other		N/A		N/A		1.1	%
Joint Venture ⁽³⁾⁽⁴⁾		10,168		37		10.6	%

Sub-total, completed homes		51,588		178		100	%

Under Development		1,567		6		—
Joint Venture Development		501		3		—

Total expected homes		53,656		187		100	%

Balance Sheet Metrics (adjusted for non-recurring items)


	3Q 2013			3Q 2012
Interest Coverage Ratio		3.28	x		2.99	x
Fixed Charge Coverage Ratio		3.20	x		2.92	x
Leverage Ratio		39.0	%		38.3	%
Net Debt-to-EBITDA		7.0	x		7.1	x

Market Capitalization


	3Q 2013		% of Total
Total debt	$	3,463,172		35.6	%
Common stock equivalents⁽⁵⁾		6,251,560		64.4	%

Total market capitalization	$	9,714,732		100.0	%

LOGO

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

(2)	Annualized for 2013.

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

(4)	Includes 162 homes for Domain College Park, 239 homes for Fiori and 9 homes for 13th & Market.

(5)	Based on a common share price of $23.70 at September 30, 2013.

LOGO

Attachment 1

UDR, Inc.

Consolidated Statements of Operations ⁽¹⁾

(Unaudited)


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
In thousands, except per share amounts	2013			2012			2013			2012
REVENUES:
Rental income ⁽²⁾	$	190,379		$	181,766		$	563,293		$	531,483
Joint venture management and other fees		3,207			3,320			9,347			9,026

Total revenues		193,586			185,086			572,640			540,509

OPERATING EXPENSES:
Property operating and maintenance		37,388			36,839			109,607			106,835
Real estate taxes and insurance		24,348			22,633			71,074			65,079
Property management		5,236			4,998			15,491			14,615
Other operating expenses		1,787			1,467			5,237			4,284
Real estate depreciation and amortization		84,266			88,223			252,839			260,604
Acquisition costs		—			1,312			—			1,808
General and administrative		11,364			8,710			30,706			31,331
Hurricane-related (recoveries)/charges, net		(6,460	)		—			(12,253	)		—
Other depreciation and amortization		1,176			1,078			3,460			3,013

Total operating expenses		159,105			165,260			476,161			487,569

Operating income		34,481			19,826			96,479			52,940
Income/(loss) from unconsolidated entities		(3,794	)		(719	)		(6,081	)		(5,822	)
Interest expense		(30,939	)		(31,837	)		(92,545	)		(108,409	)
Other debt (charges)/benefits, net ⁽³⁾		—			(8	)		(178	)		277

Total interest expense		(30,939	)		(31,845	)		(92,723	)		(108,132	)
Interest and other income/(expense), net		829			1,235			3,291			2,435

Income/(loss) before income taxes and discontinued operations		577			(11,503	)		966			(58,579	)
Tax benefit, net		2,658			2,960			7,314			5,778
Tax valuation allowance for RE^{3 (4)}		—			—			—			22,876

Income/(loss) from continuing operations		3,235			(8,543	)		8,280			(29,925	)
Income/(loss) from discontinued operations, net of tax		—			(1,133	)		—			263,183

Net income/(loss)		3,235			(9,676	)		8,280			233,258
Net (income)/loss attributable to redeemable noncontrolling interests in the OP		(84	)		687			(198	)		(8,644	)
Net (income)/loss attributable to noncontrolling interests		37			(42	)		30			(137	)

Net income/(loss) attributable to UDR, Inc.		3,188			(9,031	)		8,112			224,477
Distributions to preferred stockholders—Series E (Convertible)		(931	)		(931	)		(2,793	)		(2,793	)
Distributions to preferred stockholders—Series G		—			—			—			(2,286	)
Premium on preferred stock redemptions, net		—			—			—			(2,791	)

Net income/(loss) attributable to common stockholders	$	2,257		$	(9,962	)	$	5,319		$	216,607

Income/(loss) per weighted average common share—basic:
Income/(loss) from continuing operations attributable to common stockholders	$	0.01			($0.04	)	$	0.02			($0.16	)
Income/(loss) from discontinued operations attributable to common stockholders		—			($0.00	)		—		$	1.08
Net income/(loss) attributable to common stockholders	$	0.01			($0.04	)	$	0.02		$	0.92
Income/(loss) per weighted average common share—diluted:
Income/(loss) from continuing operations attributable to common stockholders	$	0.01			($0.04	)	$	0.02			($0.16	)
Income/(loss) from discontinued operations attributable to common stockholders		—			($0.00	)		—		$	1.08
Net income/(loss) attributable to common stockholders	$	0.01			($0.04	)	$	0.02		$	0.92
Common distributions declared per share	$	0.235		$	0.220		$	0.705		$	0.660
Weighted average number of common shares outstanding—basic		249,985			249,825			249,962			235,173
Weighted average number of common shares outstanding—diluted		251,454			249,825			251,439			235,173

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

(2)	Three and nine months ended September 30, 2013 are impacted by $0.9 million and $3.4 million of lost rent due to business interruption related to Hurricane Sandy, respectively.

(3)	Includes prepayment penalties, write-off of deferred financing costs and unamortized discounts/premiums on early debt extinguishment.

(4)	The net tax benefit from the one-time reversal of a valuation allowance from the Company’s taxable REIT subsidiary (“TRS”).

LOGO

Attachment 2

UDR, Inc.

Funds From Operations ⁽¹⁾

(Unaudited)


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
In thousands, except per share amounts	2013			2012			2013			2012
Net income/(loss) attributable to UDR, Inc.	$	3,188		$	(9,031	)	$	8,112		$	224,477
Distributions to preferred stockholders		(931	)		(931	)		(2,793	)		(5,079	)
Real estate depreciation and amortization, including discontinued operations		84,266			88,223			252,839			266,944
Noncontrolling interests		47			(645	)		168			8,781
Real estate depreciation and amortization on unconsolidated joint ventures		10,514			6,852			25,462			22,634
Net (gain)/loss on the sale of depreciable property in discontinued operations, excluding TRS		—			1,133			—			(243,649	)
Premium on preferred stock redemptions, net		—			—			—			(2,791	)

Funds from operations (“FFO”)—basic	$	97,084		$	85,601		$	283,788		$	271,317

Distributions to preferred stockholders—Series E (Convertible)		931			931			2,793			2,793

FFO, diluted ⁽²⁾	$	98,015		$	86,532		$	286,581		$	274,110

FFO per common share, basic	$	0.37		$	0.33		$	1.09		$	1.11

FFO per common share, diluted	$	0.37		$	0.33		$	1.09		$	1.10

Weighted average number of common shares and OP Units outstanding—basic		259,308			259,231			259,305			244,588

Weighted average number of common shares, OP Units, and common stock equivalents outstanding—diluted		263,813			263,631			263,818			248,984

Impact of adjustments to FFO:
Acquisition-related costs (including joint ventures)	$	—		$	1,451		$	—		$	2,230
Joint venture financing and acquisition fees		(36	)		—			(254	)		—
Costs/(benefit) associated with debt extinguishment and tender offer		—			—			178			(277	)
Redemption of preferred stock		—			—			—			2,791
Gain on sale of TRS property/marketable securities		—			—			—			(7,749	)
Severance costs and other restructuring expense		—			—			—			171
Reversal of deferred tax valuation allowance ⁽²⁾		—			—			—			(22,876	)
Hurricane-related recoveries, net ⁽³⁾		(4,059	)		—			(9,665	)		—

	$	(4,095	)	$	1,451		$	(9,741	)	$	(25,710	)

FFO as Adjusted, diluted ⁽²⁾	$	93,920		$	87,983		$	276,840		$	248,400

FFO as Adjusted per common share, diluted	$	0.36		$	0.33		$	1.05		$	1.00

Recurring capital expenditures		(11,989	)		(12,848	)		(30,975	)		(32,736	)

AFFO	$	81,931		$	75,135		$	245,865		$	215,664

AFFO per common share, diluted	$	0.31		$	0.29		$	0.93		$	0.87

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

(2)

During 2012, the tax benefit related to the reversal of a deferred tax valuation allowance was excluded from FFO and FFO as Adjusted. In order to be consistent with the FFO definition per NAREIT, we have modified our presentation to leave this benefit in 2012 FFO, and removed this benefit when computing FFO as Adjusted. As a result, 2012 YTD diluted FFO increased by $0.09 per share, and 2012 YTD FFO as Adjusted was unchanged.

(3)

Adjustment primarily represents the portion of Hurricane Sandy insurance recoveries in 2013 that relate to the $9.3M in charges added back to FFO as Adjusted in 4Q 2012. The $2.4M difference between the $6.5M hurricane-related recoveries reflected on the Consolidated Statements of Operations for the three months ended September 30, 2013 and the $4.1M adjustment above represents the amount of 2013 business interruption recoveries during the quarter. The $2.6M difference between the $12.3M hurricane-related recoveries reflected on the Consolidated Statements of Operations for the nine months ended September 30, 2013 and the $9.7M adjustment above represents the amount of 2013 business interruption recoveries during 2013. The business interruption insurance recoveries for the three and nine months ended September 30, 2013 are offset by lost rental revenues from the business interruption in 2013.

LOGO

Attachment 3

UDR, Inc.

Consolidated Balance Sheets


	September 30,			December 31,
In thousands, except share and per share amounts	2013			2012
	(unaudited)			(audited)
ASSETS
Real estate owned:
Real estate held for investment	$	7,626,586		$	7,564,780
Less: accumulated depreciation		(2,153,141	)		(1,923,429	)

Real estate held for investment, net		5,473,445			5,641,351
Real estate under development (net of accumulated depreciation of $2,524 and $1,253)		486,948			489,795

Total real estate owned, net of accumulated depreciation		5,960,393			6,131,146
Cash and cash equivalents		11,149			12,115
Restricted cash		23,022			23,561
Deferred financing costs, net		27,269			24,990
Notes receivable, net		66,707			64,006
Investment in and advances to unconsolidated joint ventures, net		531,712			477,631
Other assets		135,814			125,654

Total assets	$	6,756,066		$	6,859,103

LIABILITIES AND EQUITY
Liabilities:
Secured debt	$	1,381,794		$	1,430,135
Unsecured debt		2,081,378			1,979,198
Real estate taxes payable		29,052			14,076
Accrued interest payable		26,702			30,937
Security deposits and prepaid rent		26,757			25,025
Distributions payable		61,907			57,915
Accounts payable, accrued expenses, and other liabilities		98,607			104,567

Total liabilities		3,706,197			3,641,853
Redeemable noncontrolling interests in the OP		220,964			223,418
Equity:
Preferred stock, no par value; 50,000,000 shares authorized 2,803,812 shares of 8.00% Series E Cumulative Convertible issued and outstanding (2,803,812 shares at December 31, 2012)		46,571			46,571
Common stock, $0.01 par value; 350,000,000 shares authorized 250,743,021 shares issued and outstanding (250,139,408 shares at December 31, 2012)		2,507			2,501
Additional paid-in capital		4,106,751			4,098,882
Distributions in excess of net income		(1,321,202	)		(1,143,781	)
Accumulated other comprehensive loss, net		(6,608	)		(11,257	)

Total stockholders’ equity		2,828,019			2,992,916
Noncontrolling interests		886			916

Total equity		2,828,905			2,993,832

Total liabilities and equity	$	6,756,066		$	6,859,103

LOGO

Attachment 4(A)

UDR, Inc.

Selected Financial Information ⁽¹⁾

(Unaudited)


	3Q 2013 Weighted		September 30,
Common Stock Equivalents	Average		2013
Common shares		249,985,246		249,985,246
Stock options and restricted stock		1,468,706		1,434,743
Operating partnership units		7,571,702		7,571,702
Preferred operating partnership units		1,751,671		1,751,671
Convertible preferred Series E stock		3,035,548		3,035,548

Total common stock equivalents		263,812,873		263,778,910


Market Capitalization, In thousands	Balance		% of Total
Total debt	$	3,463,172		35.6	%
Common stock equivalents at $23.70 at September 30, 2013		6,251,560		64.4	%

Total market capitalization	$	9,714,732		100.0	%


			3Q					Gross		% of
	Number of		2013 NOI ⁽¹⁾					Carrying Value		Total Gross
Asset Summary	Homes		($000s)		% of NOI			($000s)		Carrying Value
Unencumbered assets		28,250	$	88,555		68.8	%	$	5,935,169		73.1	%
Encumbered assets		13,170		40,088		31.2	%		2,180,889		26.9	%

		41,420	$	128,643		100.0	%	$	8,116,058		100.0	%

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

LOGO

Attachment 4(B)

UDR, Inc.

Selected Financial Information

(Unaudited)


Debt Structure, In thousands		Balance			% of Total			Weighted Average Interest Rate			Weighted Average Years to Maturity
Secured	Fixed	$	1,075,685	⁽¹⁾		31.1	%		5.2	%		4.2
	Floating		306,109	⁽²⁾		8.8	%		1.4	%		7.6

	Combined		1,381,794			39.9	%		4.3	%		5.0
Unsecured	Fixed		2,046,378	⁽³⁾		59.1	%		4.4	%		4.5
	Floating		35,000			1.0	%		1.4	%		4.7

	Combined		2,081,378			60.1	%		4.4	%		4.5
Total Debt	Fixed		3,122,063			90.2	%		4.7	%		4.4
	Floating		341,109			9.8	%		1.4	%		7.3

	Combined	$	3,463,172			100.0	%		4.3	%		4.7

Debt Maturities, In thousands


				Unsecured		Revolving					Percentage			Weighted Average
	Secured Debt			Debt		Credit Facility			Balance		of Total			Interest Rate
2013	$	—		$	—	$	—		$	—		—			—
2014		35,639	⁽⁴⁾		312,463		—			348,102		10.1	%		5.3	%
2015		197,832			325,009		—			522,841		15.0	%		5.5	%
2016		132,752	⁽⁵⁾		83,260		—			216,012		6.2	%		5.0	%
2017		255,546			—		—	⁽⁶⁾		255,546		7.4	%		4.4	%
2018		224,787			647,999		—			872,786		25.2	%		3.5	%
2019		321,829			—		—			321,829		9.3	%		4.4	%
2020		90,000			299,944		—			389,944		11.3	%		3.8	%
2021		—			—		—			—		—			—
2022		—			397,028		—			397,028		11.5	%		4.7	%
Thereafter		123,409			15,675		—			139,084		4.0	%		2.6	%

	$	1,381,794		$	2,081,378	$	—		$	3,463,172		100.0	%		4.3	%

Debt Maturities With Extensions, In thousands


			Unsecured		Revolving					Percentage			Weighted Average
	Secured Debt		Debt		Credit Facility			Balance		of Total			Interest Rate
2013	$	—	$	—	$	—		$	—		—			—
2014		—		312,463		—			312,463		9.0	%		5.3	%
2015		233,471		325,009		—			558,480		16.1	%		5.5	%
2016		62,494		83,260		—			145,754		4.2	%		4.5	%
2017		325,804		—		—			325,804		9.4	%		4.7	%
2018		224,787		647,999		—	⁽⁶⁾		872,786		25.2	%		3.5	%
2019		321,829		—		—			321,829		9.3	%		4.4	%
2020		90,000		299,944		—			389,944		11.3	%		3.8	%
2021		—		—		—			—		—			—
2022		—		397,028		—			397,028		11.5	%		4.7	%
Thereafter		123,409		15,675		—			139,084		4.0	%		2.6	%

	$	1,381,794	$	2,081,378	$	—		$	3,463,172		100.0	%		4.3	%

(1)	Includes $104.8 million of floating rate debt that has been fixed using interest rate swaps at a weighted average rate of 3.8%.

(2)	Includes $184.7 million of debt with a weighted average interest cap of 6.1%.

(3)	Includes $315.0 million of debt that has been fixed using interest rate swaps at a weighted average rate of 2.7%.

(4)	Includes $35.6 million of permanent financing with a one year extension at UDR’s option.

(5)	Includes $70.2 million of permanent financing with a one year extension at UDR’s option.

(6)

There are no borrowings outstanding on our $900 million line of credit at September 30, 2013. The facility has a maturity date of December 2017, plus a six-month extension option and contains an accordion feature that allows UDR to increase the facility up to $1.45 billion assuming lender participation. The credit facility carries an interest rate equal to LIBOR plus a spread of 110 basis points and a facility fee of 20 basis points.

LOGO

Attachment 4(C)

UDR, Inc.

Selected Financial Information ⁽¹⁾

(Unaudited)


	Quarter Ended
Coverage Ratios	September 30, 2013
Net income/(loss) attributable to UDR, Inc.	$	3,188
Adjustments (includes continuing and discontinued operations):
Interest expense		30,939
Real estate depreciation and amortization		84,266
Real estate depreciation and amortization on unconsolidated joint ventures		10,514
Other depreciation and amortization		1,176
Noncontrolling interests		47
Income tax expense/(benefit)		(2,658	)

EBITDA	$	127,472

Joint venture financing and acquisition fees		(36	)
Hurricane-related recoveries, net		(4,059	)

EBITDA—adjusted for non-recurring items	$	123,377

Annualized EBITDA—adjusted for non-recurring items	$	493,508

Interest expense	$	30,939
Capitalized interest expense		6,635

Total interest	$	37,574
Preferred dividends	$	931
Total debt	$	3,463,172
Cash		11,149

Net debt	$	3,452,023

Interest Coverage Ratio		3.39	x

Fixed Charge Coverage Ratio		3.31	x

Interest Coverage Ratio—adjusted for non-recurring items		3.28	x

Fixed Charge Coverage Ratio—adjusted for non-recurring items		3.20	x

Net Debt-to-EBITDA, adjusted for non-recurring items		7.0	x

Debt Covenant Overview


Unsecured Line of Credit Covenants ⁽²⁾	Required			Actual			Compliance
Maximum Leverage Ratio		£60.0	%		40.1	%		Yes
Minimum Fixed Charge Coverage Ratio		³1.5			2.7			Yes
Maximum Secured Debt Ratio		£40.0	%		20.0	%		Yes
Minimum Unencumbered Pool Leverage Ratio		³150.0	%		310.0	%		Yes


Senior Unsecured Note Covenants ⁽³⁾	Required			Actual			Compliance
Debt as a percentage of Total Assets		£60.0	%		39.0	%		Yes
Consolidated Income Available for Debt Service to Annual Service Charge		³1.5			3.1			Yes
Secured Debt as a percentage of Total Assets		£40.0	%		15.5	%		Yes
Total Unencumbered Assets to Unsecured Debt		³150.0	%		317.8	%		Yes

Securities Ratings

Debt

Preferred

Outlook

Moody’s Investors Service

Baa2

Baa3

Positive

Standard & Poor’s

BBB

BB+

Stable

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

(2)	As defined in our Credit Agreement dated October 25, 2011 as amended June 6, 2013.

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

LOGO

Attachment 5

UDR, Inc.

Operating Information ⁽¹⁾

(Unaudited)


Dollars in thousands	Total Homes		Quarter Ended September 30, 2013			Quarter Ended June 30, 2013			Quarter Ended March 31, 2013			Quarter Ended December 31, 2012			Quarter Ended September 30, 2012
Revenues
Same-Store Communities		37,995	$	163,167		$	161,038		$	157,854		$	156,729		$	155,580
Stabilized, Non-Mature Communities		1,091		8,634			8,351			7,603			7,377			6,983
Acquired Communities		—		—			—			—			—			—
Redevelopment Communities		1,670		11,705			10,652			10,379			11,015			11,464
Development Communities		664		3,089			1,327			559			90			(8	)
Non-Residential / Other⁽²⁾⁽³⁾		—		3,784			7,245			7,906			7,234			7,747

Total		41,420	$	190,379		$	188,613		$	184,301		$	182,445		$	181,766

Expenses
Same-Store Communities			$	51,722		$	49,481		$	49,371		$	48,012		$	50,404
Stabilized, Non-Mature Communities				2,063			2,228			2,166			1,843			2,223
Acquired Communities				—			—			—			—			—
Redevelopment Communities				4,594			4,512			4,319			4,339			4,308
Development Communities				1,196			726			431			314			162
Non-Residential / Other⁽²⁾⁽³⁾				2,161			3,013			2,698			3,056			2,375

Total			$	61,736		$	59,960		$	58,985		$	57,564		$	59,472

Net Operating Income
Same-Store Communities			$	111,445		$	111,557		$	108,483		$	108,717		$	105,176
Stabilized, Non-Mature Communities				6,571			6,123			5,437			5,534			4,760
Acquired Communities				—			—			—			—			—
Redevelopment Communities				7,111			6,140			6,060			6,676			7,156
Development Communities				1,893			601			128			(224	)		(170	)
Non-Residential / Other⁽²⁾⁽³⁾				1,623			4,232			5,208			4,178			5,372

Total			$	128,643		$	128,653		$	125,316		$	124,881		$	122,294

Operating Margin
Same-Store Communities				68.3	%		69.3	%		68.7	%		69.4	%		67.6	%

Total Revenue Per Occupied Home
Same-Store Communities			$	1,490		$	1,470		$	1,449		$	1,435		$	1,424
Stabilized, Non-Mature Communities				2,739			2,660			2,506			2,469			2,435
Acquired Communities				—			—			—			—			—
Redevelopment Communities				2,965			2,584			2,505			2,596			2,562
Development Communities				2,501			2,416			2,116			2,253			—
Other ⁽²⁾				—			—			1,428			1,394			1,344

Total			$	1,582		$	1,546		$	1,514		$	1,503		$	1,490

Average Physical Occupancy
Same-Store Communities				96.1	%		96.1	%		95.6	%		95.8	%		95.9	%
Stabilized, Non-Mature Communities				96.3	%		95.9	%		92.7	%		91.3	%		87.6	%
Acquired Communities				—			—			—			—			—
Redevelopment Communities				78.8	%		82.3	%		82.7	%		84.7	%		89.3	%
Development Communities				61.9	%		46.1	%		34.4	%		28.1	%		—
Other ⁽²⁾				—			—			93.4	%		93.6	%		92.0	%

Total				94.9	%		95.0	%		94.6	%		95.1	%		95.3	%

Return on Invested Capital
Same-Store Communities				7.4	%		7.4	%		7.3	%		7.0	%		6.9	%

Sold and Held For Disposition Communities
Revenues			$	—		$	—		$	—		$	—		$	—
Expenses				—			—			—			—			—

Net Operating Income			$	—		$	—		$	—		$	—		$	—

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

(2)	Includes Vitruvian Park^® operating results. The assets were contributed to the Vitruvian Park^® partnership in June 2013.

(3)	Primarily non-residential revenue and expense, straight-line adjustment for concessions and the Vitruvian Park^® operations as noted in footnote 2 above.

LOGO

Attachment 6

UDR, Inc.

Same-Store Operating Expense Information

(Dollars in Thousands)

(Unaudited)


Year-Over-Year Comparison	% of 3Q 2013 SS Operating Expenses			3Q 2013		3Q 2012		% Change
Real estate taxes		33.1	%	$	17,121	$	15,753		8.7	%
Personnel		24.1	%		12,482		12,262		1.8	%
Utilities		16.2	%		8,412		8,406		0.1	%
Repair and maintenance		15.5	%		7,992		8,427		-5.2	%
Administrative and marketing		6.5	%		3,341		3,512		-4.9	%
Insurance		4.6	%		2,374		2,044		16.2	%

Same-Store operating expenses		100.0	%	$	51,722	$	50,404		2.6	%

Same-Store Homes		37,995


Sequential Comparison	% of 3Q 2013 SS Operating Expenses			3Q 2013		2Q 2013		% Change
Real estate taxes		33.1	%	$	17,121	$	16,911		1.2	%
Personnel		24.1	%		12,482		12,240		2.0	%
Utilities		16.2	%		8,412		7,712		9.1	%
Repair and maintenance		15.5	%		7,992		7,498		6.6	%
Administrative and marketing		6.5	%		3,341		3,056		9.3	%
Insurance		4.6	%		2,374		2,064		15.0	%

Same-Store operating expenses		100.0	%	$	51,722	$	49,481		4.5	%

Same-Store Homes		37,995


Year-to-Date Comparison	% of YTD 2013 SS Operating Expenses			YTD 2013		YTD 2012		% Change
Real estate taxes		33.6	%	$	48,674	$	44,622		9.1	%
Personnel		24.5	%		35,540		34,029		4.4	%
Utilities		16.1	%		23,432		23,147		1.2	%
Repair and maintenance		15.1	%		21,876		23,487		-6.9	%
Administrative and marketing		6.3	%		9,101		9,571		-4.9	%
Insurance		4.4	%		6,394		6,445		-0.8	%

Same-Store operating expenses		100.0	%	$	145,017	$	141,301		2.6	%

Same-Store Homes		36,704

LOGO

Attachment 7(A)

UDR, Inc.

Apartment Home Breakout ⁽¹⁾

Portfolio Overview as of Quarter Ended

September 30, 2013

(Unaudited)


	Total		Non-Mature Homes				Total		Unconsolidated Joint Venture		Total
	Same-Store Homes		Stabilized ⁽²⁾		Non- Stabil. / Other ⁽³⁾		Consolidated Homes		Operating Homes ⁽⁴⁾		Homes (incl. JV) ⁽⁴⁾
West Region
San Francisco, CA		2,436		—		—		2,436		—		2,436
Orange County, CA		3,290		—		1,373		4,663		—		4,663
Seattle, WA		2,165		—		—		2,165		555		2,720
Los Angeles, CA		919		583		—		1,502		269		1,771
Monterey Peninsula, CA		1,565		—		—		1,565		—		1,565
Inland Empire, CA		654		—		—		654		—		654
Portland, OR		716		—		—		716		—		716
Sacramento, CA		914		—		—		914		—		914
San Diego, CA		366		—		—		366		316		682
		13,025		583		1,373		14,981		1,140		16,121
Mid-Atlantic Region
Metropolitan DC		4,313		—		255		4,568		1,036		5,604
Baltimore, MD		2,301		—		—		2,301		379		2,680
Richmond, VA		1,358		—		—		1,358		—		1,358
Norfolk, VA		1,438		—				1,438		—		1,438
Other Mid-Atlantic		168		—		—		168		—		168
		9,578		—		255		9,833		1,415		11,248
Southeast Region
Tampa, FL		3,452		—		—		3,452		—		3,452
Orlando, FL		3,167		—		—		3,167		—		3,167
Nashville, TN		2,260		—		—		2,260		—		2,260
Other Florida		636		—		—		636		—		636
		9,515		—		—		9,515		—		9,515
Northeast Region
New York, NY		700		508		706		1,914		710		2,624
Boston, MA		1,179		—		—		1,179		1,542		2,721
Philadelphia, PA		—		—		—		—		290		290
		1,879		508		706		3,093		2,542		5,635
Southwest Region
Dallas, TX		2,725		—		—		2,725		3,405		6,130
Austin, TX		1,273		—		—		1,273		259		1,532
Other Southwest		—		—		—		—		1,407		1,407
		3,998		—		—		3,998		5,071		9,069

Totals		37,995		1,091		2,334		41,420		10,168		51,588

Communities ⁽⁵⁾		136		2		3		141		37		178

Total Homes (incl. joint ventures) ⁽⁴⁾						51,588
Homes in Development, Excluding Completed Homes ⁽⁶⁾
Current Pipeline Wholly-Owned						1,567
Current Pipeline Joint Venture ⁽⁷⁾						501

Total expected homes (including development)						53,656

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

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

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

(4)	Represents joint venture homes at 100 percent. See Attachment 12 for UDR’s joint venture and partnership ownership interests.

(5)	27 Seventy Five Mesa Verde was formerly known as Pine Brook Village I & II and Villa Venetia. Communities were combined in 1Q 2013.

(6)	See Attachment 9 for detail of our development communities.

(7)	Represents joint venture homes at 100 percent. See Attachment 9 for UDR’s development joint venture and partnership ownership interests.

LOGO

Attachment 7(B)

UDR, Inc.

Non-Mature Home Summary ⁽¹⁾

Portfolio Overview as of Quarter Ended

September 30, 2013

(Unaudited)

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


		# of		Same-Store
Community	Category	Homes		Date ⁽⁶⁾
West Region
Orange County, CA
27 Seventy Five Mesa Verde ⁽²⁾	Redevelopment		964		3Q15
The Residences at Bella Terra⁽³⁾	Development		384		TBD
Los Alisos⁽⁴⁾	Development		25		TBD
Los Angeles, CA
The Westerly on Lincoln	Stabilized, Non-Mature		583		3Q14
Mid-Atlantic Region
Metropolitan D.C.
Capitol View on 14th	Development		255		TBD
Northeast Region
New York, NY
95 Wall ⁽⁵⁾	Stabilized, Non-Mature		508		2Q14
Rivergate	Redevelopment		706		4Q15

Total			3,425

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


		# of
Date & Community	Category	Homes
2Q14
95 Wall ⁽⁵⁾	Stabilized, Non-Mature		508
3Q14
The Westerly on Lincoln	Stabilized, Non-Mature		583
3Q15
27 Seventy Five Mesa Verde ⁽²⁾	Redevelopment		964
4Q15
Rivergate	Redevelopment		706
Non-Stabilized Developments
Capitol View on 14th			255
The Residences at Bella Terra⁽³⁾			384
Los Alisos⁽⁴⁾			25

Total			3,425

Non-Mature Home Sequential Change For the Most Recent Quarter


	Category		# of Homes
Community	From	To	in 3Q 2013
CitySouth	Stabilized, Non-Mature	3Q Mature		(288	)
Lakeline Villas	Stabilized, Non-Mature	3Q Mature		(309	)
Red Stone Ranch	Stabilized, Non-Mature	3Q Mature		(324	)
The Residences at Bella Terra⁽³⁾	Development	Development		242
Los Alisos⁽⁴⁾	Development	Development		25

Net Change				(654	)

Number of Non-Mature Homes


	9/30/13		6/30/13		Change
Stabilized, Non-Mature		1,091		1,429		(338	)
Redevelopment		1,670		2,253		(583	)
Development		664		397		267

Total Non-Mature		3,425		4,079		(654	)

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

(2)	27 Seventy Five Mesa Verde was formerly known as Pine Brook Village I & II and Villa Venetia. Communities were combined in 1Q 2013.

(3)	Community completed development of 242 homes in Q3 2013.

(4)	Community completed development of 25 homes in Q3 2013.

(5)	Property results were affected by Hurricane Sandy, therefore the Same-Store date was adjusted.

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

LOGO

Attachment 7(C)

UDR, Inc.

Total Revenue Per Occupied Home Summary ⁽¹⁾

Portfolio Overview as of Quarter Ended

September 30, 2013

(Unaudited)


	Total		Non-Mature Homes				Total		Unconsolidated Joint Venture		Total
	Same-Store Homes		Stabilized ⁽²⁾		Non- Stabilized ⁽³⁾		Consolidated Homes		Operating Homes ⁽⁴⁾		Homes (incl. pro rata JV) ⁽⁴⁾
West Region
San Francisco, CA	$	2,654	$	—	$	—	$	2,654	$	—	$	2,654
Orange County, CA		1,690		—		1,992		1,754		—		1,754
Seattle, WA		1,519		—		—		1,519		3,168		1,703
Los Angeles, CA		2,126		2,150		—		2,135		3,891		2,182
Monterey Peninsula, CA		1,173		—		—		1,173		—		1,173
Inland Empire, CA		1,451		—		—		1,451		—		1,451
Portland, OR		1,116		—		—		1,116		—		1,116
Sacramento, CA		930		—		—		930		—		930
San Diego, CA		1,549		—		—		1,549		3,101		1,868
Mid-Atlantic Region
Metropolitan DC		1,825		—		2,705		1,870		2,425		1,902
Baltimore, MD		1,451		—		—		1,451		1,752		1,455
Richmond, VA		1,205		—		—		1,205		—		1,205
Norfolk, VA		1,013		—		—		1,013		—		1,013
Other Mid-Atlantic		1,031		—		—		1,031		—		1,031
Southeast Region
Tampa, FL		1,093		—		—		1,093		—		1,093
Orlando, FL		1,020		—		—		1,020		—		1,020
Nashville, TN		1,011		—		—		1,011		—		1,011
Other Florida		1,309		—		—		1,309		—		1,309
Northeast Region
New York, NY		3,609		3,408		4,001		3,696		4,408		3,807
Boston, MA		2,167		—		—		2,167		2,125		2,151
Philadelphia, PA		—		—		—		—		2,980		2,980
Southwest Region
Dallas, TX		1,108		—		—		1,108		1,331		1,162
Austin, TX		1,231		—		—		1,231		4,018		1,485
Other Southwest		—		—		—		—		1,513		1,513

Weighted Average	$	1,490	$	2,739	$	2,854	$	1,582	$	2,358	$	1,640

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

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

(3)	Represents homes included in Acquired, Development, Redevelopment and Non-Residential/Other categories on Attachment 5.

(4)	Represents joint ventures at UDR’s pro-rata ownership interests. See Attachment 12 for UDR’s joint venture and partnership ownership interests.

LOGO

Attachment 7(D)

UDR, Inc.

Net Operating Income Breakout By Market ⁽¹⁾

September 30, 2013

(Dollars in Thousands)

(Unaudited)

LOGO


	Three Months Ended September 30, 2013
	Same-Store		Non Same-Store ⁽²⁾		Pro-Rata Share of JVs ⁽³⁾		Total
Net Operating Income	$	111,445	$	17,198	$	15,229	$	143,872


	Three Months Ended September 30, 2013
	As a % of NOI
	Same- Store			Total
West Region
San Francisco, CA		12.6	%		9.8	%
Orange County, CA		10.2	%		10.0	%
Seattle, WA		5.9	%		6.5	%
Los Angeles, CA		3.3	%		4.4	%
Monterey Peninsula, CA		3.2	%		2.5	%
Inland Empire, CA		1.7	%		1.3	%
Portland, OR		1.5	%		1.1	%
Sacramento, CA		1.4	%		1.1	%
San Diego, CA		1.0	%		1.0	%

		40.8	%		37.7	%
Mid-Atlantic Region
Metropolitan DC		13.9	%		12.9	%
Baltimore, MD		6.1	%		4.7	%
Richmond, VA		3.1	%		2.4	%
Norfolk, VA		2.4	%		1.8	%
Other Mid-Atlantic		0.3	%		0.2	%

		25.8	%		22.0	%


	Three Months Ended September 30, 2013
	As a % of NOI
Region	Same- Store			Total
Southeast Region
Tampa, FL		6.0	%		4.6	%
Orlando, FL		5.3	%		4.1	%
Nashville, TN		4.0	%		3.1	%
Other Florida		1.3	%		1.0	%

		16.6	%		12.8	%
Northeast Region
New York, NY		4.9	%		13.1	%
Boston, MA		4.7	%		5.8	%
Philadelphia, PA		0.0	%		0.7	%

		9.6	%		19.6	%
Southwest Region
Dallas, TX		4.8	%		4.9	%
Austin, TX		2.4	%		2.4	%
Other Southwest		0.0	%		0.6	%

		7.2	%		7.9	%

Total		100.0	%		100.0	%

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

(2)	Excludes results from Held for Disposition Communities.

(3)	Includes UDR’s pro rata share of joint venture and partnership net operating income.

LOGO

Attachment 8(A)

UDR, Inc.

Same-Store Operating Information By Major Market ⁽¹⁾

Current Quarter vs. Prior Year Quarter

September 30, 2013

(Unaudited)


			% of Same-
	Total		Store Portfolio			Same-Store
	Same-Store		Based on			Physical Occupancy									Total Revenue per Occupied Home
	Homes		3Q 2013 NOI			3Q 13			3Q 12			Change			3Q 13		3Q 12		Change
West Region
San Francisco, CA		2,436		12.6	%		96.6	%		96.5	%		0.1	%	$	2,654	$	2,479		7.1	%
Orange County, CA		3,290		10.2	%		95.5	%		94.8	%		0.7	%		1,690		1,622		4.2	%
Seattle, WA		2,165		5.9	%		96.7	%		95.6	%		1.1	%		1,519		1,430		6.2	%
Los Angeles, CA		919		3.3	%		94.9	%		94.7	%		0.2	%		2,126		2,031		4.7	%
Monterey Peninsula, CA		1,565		3.2	%		96.8	%		94.7	%		2.1	%		1,173		1,133		3.5	%
Inland Empire, CA		654		1.7	%		95.3	%		93.9	%		1.4	%		1,451		1,436		1.0	%
Portland, OR		716		1.5	%		97.0	%		95.4	%		1.6	%		1,116		1,044		6.9	%
Sacramento, CA		914		1.4	%		95.6	%		93.2	%		2.4	%		930		885		5.1	%
San Diego, CA		366		1.0	%		94.7	%		95.3	%		-0.6	%		1,549		1,428		8.5	%

		13,025		40.8	%		96.1	%		95.1	%		1.0	%		1,709		1,627		5.1	%
Mid-Atlantic Region
Metropolitan DC		4,313		13.9	%		96.7	%		97.1	%		-0.4	%		1,825		1,760		3.7	%
Baltimore, MD		2,301		6.1	%		96.0	%		96.7	%		-0.7	%		1,451		1,442		0.6	%
Richmond, VA		1,358		3.1	%		95.7	%		95.5	%		0.2	%		1,205		1,193		1.0	%
Norfolk, VA		1,438		2.4	%		94.0	%		94.2	%		-0.2	%		1,013		989		2.4	%
Other Mid-Atlantic		168		0.3	%		95.2	%		95.7	%		-0.5	%		1,031		977		5.5	%

		9,578		25.8	%		96.0	%		96.3	%		-0.3	%		1,513		1,477		2.4	%
Southeast Region
Tampa, FL		3,452		6.0	%		95.6	%		96.2	%		-0.6	%		1,093		1,057		3.4	%
Orlando, FL		3,167		5.3	%		96.0	%		95.9	%		0.1	%		1,020		974		4.7	%
Nashville, TN		2,260		4.0	%		97.2	%		96.7	%		0.5	%		1,011		966		4.7	%
Other Florida		636		1.3	%		95.2	%		94.6	%		0.6	%		1,309		1,243		5.3	%

		9,515		16.6	%		96.1	%		96.1	%		0.0	%		1,063		1,020		4.2	%
Northeast Region
New York, NY		700		4.9	%		97.7	%		97.4	%		0.3	%		3,609		3,424		5.4	%
Boston, MA		1,179		4.7	%		96.2	%		95.9	%		0.3	%		2,167		2,011		7.8	%

		1,879		9.6	%		96.8	%		96.5	%		0.3	%		2,708		2,541		6.6	%
Southwest Region
Dallas, TX		2,725		4.8	%		96.5	%		96.7	%		-0.2	%		1,108		1,042		6.3	%
Austin, TX		1,273		2.4	%		96.9	%		96.7	%		0.2	%		1,231		1,152		6.9	%

		3,998		7.2	%		96.7	%		96.7	%		0.0	%		1,146		1,077		6.4	%

Total/Weighted Avg.		37,995		100	%		96.1	%		95.9	%		0.2	%	$	1,490	$	1,424		4.7	%

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

LOGO

Attachment 8(B)

UDR, Inc.

Same-Store Operating Information By Major Market ⁽¹⁾

Current Quarter vs. Prior Year Quarter

September 30, 2013

(Unaudited)


	Total		Same-Store ($000s)
	Same-Store		Revenues							Expenses							Net Operating Income
	Homes		3Q 13		3Q 12		Change			3Q 13		3Q 12		Change			3Q 13		3Q 12		Change
West Region
San Francisco, CA		2,436	$	18,733	$	17,481		7.2	%	$	4,662	$	4,759		-2.0	%	$	14,071	$	12,722		10.6	%
Orange County, CA		3,290		15,928		15,173		5.0	%		4,538		4,375		3.7	%		11,390		10,798		5.5	%
Seattle, WA		2,165		9,538		8,880		7.4	%		2,961		2,733		8.3	%		6,577		6,147		7.0	%
Los Angeles, CA		919		5,563		5,304		4.9	%		1,851		1,863		-0.6	%		3,712		3,441		7.9	%
Monterey Peninsula, CA		1,565		5,332		5,036		5.9	%		1,715		1,863		-7.9	%		3,617		3,173		14.0	%
Inland Empire, CA		654		2,713		2,646		2.5	%		836		942		-11.3	%		1,877		1,704		10.2	%
Portland, OR		716		2,326		2,139		8.7	%		702		707		-0.7	%		1,624		1,432		13.4	%
Sacramento, CA		914		2,439		2,261		7.9	%		867		886		-2.1	%		1,572		1,375		14.3	%
San Diego, CA		366		1,611		1,494		7.8	%		502		521		-3.6	%		1,109		973		14.0	%

		13,025		64,183		60,414		6.2	%		18,634		18,649		-0.1	%		45,549		41,765		9.1	%
Mid-Atlantic Region
Metropolitan DC		4,313		22,831		22,108		3.3	%		7,313		7,024		4.1	%		15,518		15,084		2.9	%
Baltimore, MD		2,301		9,617		9,627		-0.1	%		2,872		2,767		3.8	%		6,745		6,860		-1.7	%
Richmond, VA		1,358		4,700		4,641		1.3	%		1,281		1,308		-2.1	%		3,419		3,333		2.6	%
Norfolk, VA		1,438		4,106		4,020		2.1	%		1,440		1,336		7.8	%		2,666		2,684		-0.7	%
Other Mid-Atlantic		168		495		471		5.1	%		177		181		-2.2	%		318		290		9.7	%

		9,578		41,749		40,867		2.2	%		13,083		12,616		3.7	%		28,666		28,251		1.5	%
Southeast Region
Tampa, FL		3,452		10,824		10,532		2.8	%		4,118		4,100		0.4	%		6,706		6,432		4.3	%
Orlando, FL		3,167		9,301		8,876		4.8	%		3,357		3,303		1.6	%		5,944		5,573		6.7	%
Nashville, TN		2,260		6,663		6,332		5.2	%		2,164		2,057		5.2	%		4,499		4,275		5.2	%
Other Florida		636		2,377		2,243		6.0	%		919		805		14.2	%		1,458		1,438		1.4	%

		9,515		29,165		27,983		4.2	%		10,558		10,265		2.9	%		18,607		17,718		5.0	%
Northeast Region
New York, NY		700		7,404		7,004		5.7	%		1,972		1,766		11.7	%		5,432		5,238		3.7	%
Boston, MA		1,179		7,373		6,820		8.1	%		2,165		2,071		4.5	%		5,208		4,749		9.7	%

		1,879		14,777		13,824		6.9	%		4,137		3,837		7.8	%		10,640		9,987		6.5	%
Southwest Region
Dallas, TX		2,725		8,737		8,237		6.1	%		3,399		3,152		7.8	%		5,338		5,085		5.0	%
Austin, TX		1,273		4,556		4,255		7.1	%		1,911		1,885		1.4	%		2,645		2,370		11.6	%

		3,998		13,293		12,492		6.4	%		5,310		5,037		5.4	%		7,983		7,455		7.1	%

Totals		37,995	$	163,167	$	155,580		4.9	%	$	51,722	$	50,404		2.6	%	$	111,445	$	105,176		6.0	%

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

LOGO

Attachment 8(C)

UDR, Inc.

Same-Store Operating Information By Major Market ⁽¹⁾

Current Quarter vs. Last Quarter

September 30, 2013

(Unaudited)


	Total		Same-Store
	Same-Store		Physical Occupancy									Total Revenue per Occupied Home
	Homes		3Q 13			2Q 13			Change			3Q 13		2Q 13		Change
West Region
San Francisco, CA		2,436		96.6	%		97.1	%		-0.5	%	$	2,654	$	2,582		2.8	%
Orange County, CA		3,290		95.5	%		94.8	%		0.7	%		1,690		1,680		0.6	%
Seattle, WA		2,165		96.7	%		96.4	%		0.3	%		1,519		1,490		1.9	%
Los Angeles, CA		919		94.9	%		95.9	%		-1.0	%		2,126		2,099		1.3	%
Monterey Peninsula, CA		1,565		96.8	%		94.6	%		2.2	%		1,173		1,170		0.3	%
Inland Empire, CA		654		95.3	%		94.3	%		1.0	%		1,451		1,446		0.3	%
Portland, OR		716		97.0	%		97.4	%		-0.4	%		1,116		1,093		2.1	%
Sacramento, CA		914		95.6	%		92.4	%		3.2	%		930		903		3.0	%
San Diego, CA		366		94.7	%		96.3	%		-1.6	%		1,549		1,538		0.7	%

		13,025		96.1	%		95.5	%		0.6	%		1,709		1,688		1.2	%
Mid-Atlantic Region
Metropolitan DC		4,313		96.7	%		97.2	%		-0.5	%		1,825		1,809		0.9	%
Baltimore, MD		2,301		96.0	%		96.3	%		-0.3	%		1,451		1,445		0.4	%
Richmond, VA		1,358		95.7	%		96.5	%		-0.8	%		1,205		1,189		1.3	%
Norfolk, VA		1,438		94.0	%		93.8	%		0.2	%		1,013		1,009		0.4	%
Other Mid-Atlantic		168		95.2	%		96.9	%		-1.7	%		1,031		1,012		1.9	%

		9,578		96.0	%		96.4	%		-0.4	%		1,513		1,502		0.7	%
Southeast Region
Tampa, FL		3,452		95.6	%		95.8	%		-0.2	%		1,093		1,090		0.3	%
Orlando, FL		3,167		96.0	%		96.2	%		-0.2	%		1,020		1,003		1.7	%
Nashville, TN		2,260		97.2	%		97.1	%		0.1	%		1,011		999		1.2	%
Other Florida		636		95.2	%		95.2	%		0.0	%		1,309		1,303		0.5	%

		9,515		96.1	%		96.2	%		-0.1	%		1,063		1,054		0.9	%
Northeast Region
New York, NY		700		97.7	%		97.5	%		0.2	%		3,609		3,565		1.2	%
Boston, MA		1,179		96.2	%		97.0	%		-0.8	%		2,167		2,117		2.4	%

		1,879		96.8	%		97.2	%		-0.4	%		2,708		2,658		1.9	%
Southwest Region
Dallas, TX		2,725		96.5	%		96.4	%		0.1	%		1,108		1,084		2.2	%
Austin, TX		1,273		96.9	%		96.7	%		0.2	%		1,231		1,193		3.2	%

		3,998		96.7	%		96.5	%		0.2	%		1,146		1,118		2.5	%

Total/Weighted Avg.		37,995		96.1	%		96.1	%		0.0	%	$	1,490	$	1,470		1.4	%

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

LOGO

Attachment 8(D)

UDR, Inc.

Same-Store Operating Information By Major Market ⁽¹⁾

Current Quarter vs. Last Quarter

September 30, 2013

(Unaudited)


	Total		Same-Store ($000s)
	Same-Store		Revenues							Expenses							Net Operating Income
	Homes		3Q 13		2Q 13		Change			3Q 13		2Q 13		Change			3Q 13		2Q 13		Change
West Region
San Francisco, CA		2,436	$	18,733	$	18,323		2.2	%	$	4,662	$	4,577		1.9	%	$	14,071	$	13,746		2.4	%
Orange County, CA		3,290		15,928		15,717		1.3	%		4,538		4,448		2.0	%		11,390		11,269		1.1	%
Seattle, WA		2,165		9,538		9,332		2.2	%		2,961		2,941		0.7	%		6,577		6,391		2.9	%
Los Angeles, CA		919		5,563		5,549		0.3	%		1,851		1,633		13.3	%		3,712		3,916		-5.2	%
Monterey Peninsula, CA		1,565		5,332		5,197		2.6	%		1,715		1,575		8.9	%		3,617		3,622		-0.1	%
Inland Empire, CA		654		2,713		2,676		1.4	%		836		840		-0.5	%		1,877		1,836		2.2	%
Portland, OR		716		2,326		2,286		1.7	%		702		763		-8.0	%		1,624		1,523		6.6	%
Sacramento, CA		914		2,439		2,288		6.6	%		867		813		6.6	%		1,572		1,475		6.6	%
San Diego, CA		366		1,611		1,626		-0.9	%		502		474		5.9	%		1,109		1,152		-3.7	%

		13,025		64,183		62,994		1.9	%		18,634		18,064		3.2	%		45,549		44,930		1.4	%
Mid-Atlantic Region
Metropolitan DC		4,313		22,831		22,746		0.4	%		7,313		7,079		3.3	%		15,518		15,667		-1.0	%
Baltimore, MD		2,301		9,617		9,605		0.1	%		2,872		2,785		3.1	%		6,745		6,820		-1.1	%
Richmond, VA		1,358		4,700		4,673		0.6	%		1,281		1,158		10.6	%		3,419		3,515		-2.7	%
Norfolk, VA		1,438		4,106		4,082		0.6	%		1,440		1,365		5.5	%		2,666		2,717		-1.9	%
Other Mid-Atlantic		168		495		494		0.2	%		177		164		7.9	%		318		330		-3.6	%

		9,578		41,749		41,600		0.4	%		13,083		12,551		4.2	%		28,666		29,049		-1.3	%
Southeast Region
Tampa, FL		3,452		10,824		10,818		0.1	%		4,118		3,920		5.1	%		6,706		6,898		-2.8	%
Orlando, FL		3,167		9,301		9,170		1.4	%		3,357		3,217		4.4	%		5,944		5,953		-0.2	%
Nashville, TN		2,260		6,663		6,580		1.3	%		2,164		2,090		3.5	%		4,499		4,490		0.2	%
Other Florida		636		2,377		2,366		0.5	%		919		895		2.7	%		1,458		1,471		-0.9	%

		9,515		29,165		28,934		0.8	%		10,558		10,122		4.3	%		18,607		18,812		-1.1	%
Northeast Region
New York, NY		700		7,404		7,300		1.4	%		1,972		1,778		10.9	%		5,432		5,522		-1.6	%
Boston, MA		1,179		7,373		7,264		1.5	%		2,165		2,087		3.7	%		5,208		5,177		0.6	%

		1,879		14,777		14,564		1.5	%		4,137		3,865		7.0	%		10,640		10,699		-0.6	%
Southwest Region
Dallas, TX		2,725		8,737		8,540		2.3	%		3,399		3,207		6.0	%		5,338		5,333		0.1	%
Austin, TX		1,273		4,556		4,406		3.4	%		1,911		1,672		14.3	%		2,645		2,734		-3.3	%

		3,998		13,293		12,946		2.7	%		5,310		4,879		8.8	%		7,983		8,067		-1.0	%

Total		37,995	$	163,167	$	161,038		1.3	%	$	51,722	$	49,481		4.5	%	$	111,445	$	111,557		-0.1	%

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

LOGO

Attachment 8(E)

UDR, Inc.

Same-Store Operating Information By Major Market ⁽¹⁾

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

September 30, 2013

(Unaudited)


			% of Same-
	Total		Store Portfolio			Same-Store
	Same-Store		Based on			Physical Occupancy									Total Revenue per Occupied Home
	Homes		YTD 2013 NOI			YTD 13			YTD 12			Change			YTD 13		YTD 12		Change
West Region
San Francisco, CA		2,028		10.9	%		96.4	%		96.1	%		0.3	%	$	2,643	$	2,465		7.2	%
Orange County, CA		3,290		10.6	%		95.0	%		94.9	%		0.1	%		1,676		1,611		4.0	%
Seattle, WA		2,165		6.0	%		96.3	%		95.8	%		0.5	%		1,492		1,405		6.2	%
Los Angeles, CA		919		3.5	%		95.3	%		94.9	%		0.4	%		2,101		2,011		4.5	%
Monterey Peninsula, CA		1,565		3.2	%		93.7	%		93.9	%		-0.2	%		1,155		1,103		4.7	%
Inland Empire, CA		654		1.7	%		94.7	%		94.4	%		0.3	%		1,446		1,432		1.0	%
Portland, OR		716		1.5	%		96.8	%		94.7	%		2.1	%		1,094		1,037		5.5	%
Sacramento, CA		914		1.4	%		93.0	%		92.6	%		0.4	%		917		888		3.3	%
San Diego, CA		366		1.0	%		95.0	%		94.8	%		0.2	%		1,517		1,409		7.7	%

		12,617		39.8	%		95.2	%		94.9	%		0.3	%		1,666		1,582		5.3	%
Mid-Atlantic Region
Metropolitan DC		4,313		14.5	%		96.9	%		97.0	%		-0.1	%		1,810		1,735		4.3	%
Baltimore, MD		2,301		6.4	%		96.3	%		96.7	%		-0.4	%		1,445		1,425		1.4	%
Richmond, VA		1,358		3.3	%		96.3	%		95.3	%		1.0	%		1,191		1,171		1.7	%
Norfolk, VA		1,438		2.5	%		93.9	%		94.6	%		-0.7	%		1,013		989		2.4	%
Other Mid-Atlantic		168		0.3	%		96.3	%		95.0	%		1.3	%		1,011		985		2.6	%

		9,578		27.0	%		96.2	%		96.3	%		-0.1	%		1,504		1,458		3.2	%
Southeast Region
Tampa, FL		3,452		6.4	%		96.0	%		95.9	%		0.1	%		1,088		1,038		4.8	%
Orlando, FL		3,167		5.5	%		96.0	%		95.6	%		0.4	%		1,004		960		4.6	%
Nashville, TN		2,260		4.2	%		97.0	%		97.0	%		0.0	%		996		941		5.8	%
Other Florida		636		1.4	%		95.4	%		94.5	%		0.9	%		1,298		1,246		4.2	%

		9,515		17.5	%		96.2	%		96.0	%		0.2	%		1,052		1,002		5.0	%
Northeast Region
New York, NY		700		5.1	%		97.0	%		97.6	%		-0.6	%		3,561		3,334		6.8	%
Boston, MA		1,179		4.7	%		96.4	%		96.2	%		0.2	%		2,119		1,951		8.6	%

		1,879		9.8	%		96.6	%		96.7	%		-0.1	%		2,659		2,472		7.6	%
Southwest Region
Dallas, TX		2,725		5.0	%		96.5	%		96.3	%		0.2	%		1,086		1,020		6.5	%
Austin, TX		390		0.9	%		96.7	%		96.2	%		0.5	%		1,350		1,265		6.7	%

		3,115		5.9	%		96.5	%		96.3	%		0.2	%		1,119		1,050		6.6	%

Total/Weighted Avg.		36,704		100	%		95.9	%		95.7	%		0.2	%	$	1,468	$	1,400		4.9	%

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

LOGO

Attachment 8(F)

UDR, Inc.

Same-Store Operating Information By Major Market ⁽¹⁾

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

September 30, 2013

(Unaudited)


	Total		Same-Store ($000s)
	Same-Store		Revenues							Expenses							Net Operating Income
	Homes		YTD 13		YTD 12		Change			YTD 13		YTD 12		Change			YTD 13		YTD 12		Change
West Region
San Francisco, CA		2,028	$	46,511	$	43,228		7.6	%	$	11,717	$	11,430		2.5	%	$	34,794	$	31,798		9.4	%
Orange County, CA		3,290		47,139		45,256		4.2	%		13,155		13,135		0.2	%		33,984		32,121		5.8	%
Seattle, WA		2,165		27,994		26,224		6.7	%		8,842		8,151		8.5	%		19,152		18,073		6.0	%
Los Angeles, CA		919		16,563		15,787		4.9	%		5,305		5,693		-6.8	%		11,258		10,094		11.5	%
Monterey Peninsula, CA		1,565		15,249		14,590		4.5	%		4,928		4,855		1.5	%		10,321		9,735		6.0	%
Inland Empire, CA		654		8,059		7,957		1.3	%		2,483		2,578		-3.7	%		5,576		5,379		3.7	%
Portland, OR		716		6,826		6,326		7.9	%		2,151		2,107		2.1	%		4,675		4,219		10.8	%
Sacramento, CA		914		7,017		6,763		3.8	%		2,465		2,461		0.2	%		4,552		4,302		5.8	%
San Diego, CA		366		4,747		4,402		7.8	%		1,460		1,575		-7.3	%		3,287		2,827		16.3	%

		12,617		180,105		170,533		5.6	%		52,506		51,985		1.0	%		127,599		118,548		7.6	%
Mid-Atlantic Region
Metropolitan DC		4,313		68,084		65,328		4.2	%		21,552		20,804		3.6	%		46,532		44,524		4.5	%
Baltimore, MD		2,301		28,821		28,539		1.0	%		8,407		8,306		1.2	%		20,414		20,233		0.9	%
Richmond, VA		1,358		14,015		13,642		2.7	%		3,604		3,563		1.2	%		10,411		10,079		3.3	%
Norfolk, VA		1,438		12,307		12,104		1.7	%		4,148		3,962		4.7	%		8,159		8,142		0.2	%
Other Mid-Atlantic		168		1,473		1,415		4.1	%		512		514		-0.4	%		961		901		6.7	%

		9,578		124,700		121,028		3.0	%		38,223		37,149		2.9	%		86,477		83,879		3.1	%
Southeast Region
Tampa, FL		3,452		32,437		30,912		4.9	%		11,928		11,578		3.0	%		20,509		19,334		6.1	%
Orlando, FL		3,167		27,468		26,148		5.0	%		9,706		9,279		4.6	%		17,762		16,869		5.3	%
Nashville, TN		2,260		19,648		18,557		5.9	%		6,276		5,997		4.7	%		13,372		12,560		6.5	%
Other Florida		636		7,090		6,743		5.1	%		2,609		2,430		7.4	%		4,481		4,313		3.9	%

		9,515		86,643		82,360		5.2	%		30,519		29,284		4.2	%		56,124		53,076		5.7	%
Northeast Region
New York, NY		700		21,764		20,499		6.2	%		5,420		5,213		4.0	%		16,344		15,286		6.9	%
Boston, MA		1,179		21,676		19,918		8.8	%		6,610		6,191		6.8	%		15,066		13,727		9.8	%

		1,879		43,440		40,417		7.5	%		12,030		11,404		5.5	%		31,410		29,013		8.3	%
Southwest Region
Dallas, TX		2,725		25,697		24,089		6.7	%		9,880		9,550		3.5	%		15,817		14,539		8.8	%
Austin, TX		390		4,583		4,270		7.3	%		1,859		1,929		-3.6	%		2,724		2,341		16.4	%

		3,115		30,280		28,359		6.8	%		11,739		11,479		2.3	%		18,541		16,880		9.8	%

Total		36,704	$	465,168	$	442,697		5.1	%	$	145,017	$	141,301		2.6	%	$	320,151	$	301,396		6.2	%

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

LOGO

Attachment 8(G)

UDR, Inc.

Same-Store Operating Information By Major Market ⁽¹⁾

September 30, 2013

(Unaudited)


	Effective New Lease Rate Growth			Effective Renewal Lease Rate Growth			Annualized Turnover
	3Q 2013			3Q 2013			3Q 2013			3Q 2012			YTD 2013			YTD 2012
West Region
Orange County, CA		3.3	%		5.0	%		77.4	%		79.1	%		66.5	%		64.5	%
San Francisco, CA		8.1	%		7.8	%		71.7	%		64.5	%		58.8	%		59.1	%
Seattle, WA		6.8	%		6.1	%		70.4	%		71.3	%		60.5	%		60.4	%
Los Angeles, CA		3.4	%		4.8	%		83.3	%		71.2	%		64.4	%		59.9	%
Monterey Peninsula, CA		3.7	%		4.1	%		53.5	%		60.3	%		49.5	%		62.4	%
Inland Empire, CA		2.1	%		4.8	%		77.6	%		83.7	%		64.6	%		65.2	%
Portland, OR		8.8	%		7.2	%		70.4	%		70.4	%		58.1	%		64.4	%
Sacramento, CA		9.8	%		6.7	%		63.4	%		68.6	%		58.8	%		64.8	%
San Diego, CA		2.0	%		5.0	%		88.9	%		82.4	%		79.3	%		72.7	%

		5.5	%		6.1	%		71.7	%		71.4	%		61.2	%		62.6	%
Mid-Atlantic Region
Metropolitan DC		-0.4	%		4.7	%		59.7	%		58.5	%		47.4	%		47.2	%
Baltimore, MD		0.9	%		4.5	%		65.0	%		62.8	%		54.4	%		52.8	%
Richmond, VA		1.7	%		3.2	%		71.0	%		78.9	%		59.0	%		68.1	%
Norfolk, VA		-2.3	%		2.5	%		63.7	%		63.5	%		60.8	%		57.9	%
Other Mid-Atlantic		-0.3	%		5.9	%		103.9	%		66.1	%		70.0	%		66.1	%

		0.0	%		4.3	%		64.0	%		63.3	%		53.1	%		53.4	%
Southeast Region
Tampa, FL		1.0	%		5.1	%		65.4	%		60.3	%		52.2	%		53.4	%
Orlando, FL		4.6	%		6.0	%		73.9	%		67.9	%		56.6	%		56.8	%
Nashville, TN		4.9	%		4.7	%		65.0	%		69.0	%		57.6	%		55.1	%
Other Florida		5.2	%		6.7	%		53.0	%		59.3	%		51.7	%		55.1	%

		3.3	%		5.4	%		67.3	%		64.8	%		54.9	%		55.1	%
Northeast Region
New York, NY		6.1	%		7.4	%		53.3	%		54.4	%		43.2	%		46.8	%
Boston, MA		6.5	%		5.5	%		58.2	%		62.9	%		46.9	%		49.6	%

		6.3	%		6.4	%		56.4	%		59.8	%		45.5	%		48.5	%
Southwest Region
Dallas, TX		2.6	%		6.0	%		69.7	%		61.0	%		58.2	%		54.8	%
Austin, TX		5.8	%		6.3	%		63.3	%		57.3	%		58.6	%		59.7	%

		3.7	%		6.1	%		67.7	%		59.8	%		58.2	%		55.4	%

Total/Weighted Avg.		3.7	%		5.5	%		67.5	%		65.9	%		56.4	%		56.9	%

Percentage of Total Repriced Homes		54.0	%		46.0	%


	3Q 2013			3Q 2012
Total Combined New and Renewal Lease Rate Growth		4.5	%		5.3	%

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

LOGO

Attachment 9

UDR, Inc.

Development Summary ⁽¹⁾

September 30, 2013

(Dollars in Thousands)

(Unaudited)

Wholly-Owned


													Schedule						Percentage
		# of		Compl.		Cost to		Budgeted		Est. Cost					Initial
Community	Location	Homes		Homes		Date		Cost		per Home			Start		Occ.		Compl.		Leased			Occupied
Projects Under Construction
The Residences at Bella Terra	Huntington Beach, CA		467		384	$	134,256	$	150,000	$	321	⁽²⁾		4Q 11		2Q 13		4Q 13		67.9	%		56.3	%
Channel @ Mission Bay	San Francisco, CA		315		—		125,628		145,000		460	⁽³⁾		4Q 10		4Q 13		1Q 14		14.9	%		0.0	%
Los Alisos	Mission Viejo, CA		320		25		70,543		87,050		272			2Q 11		3Q 13		4Q 13		11.3	%		2.2	%
DelRay Tower⁽⁴⁾	Alexandria, VA		332		—		70,450		132,000		398			3Q 11		2Q 14		3Q 14		—			—
Beach Walk	Huntington Beach, CA		173		—		22,450		50,700		293			3Q 12		2Q 14		3Q 14		—			—
Pier 4	Boston, MA		369		—		66,145		217,700		590	⁽⁵⁾		4Q 12		1Q 15		2Q 15		—			—

Total			1,976		409	$	489,472	$	782,450	$	396

Completed Projects, Non-Stabilized
Capitol View on 14th	Washington, DC		255		255	$	122,074	$	126,100	$	495	⁽⁶⁾		4Q 10		4Q 12		1Q 13		92.9	%		92.6	%

Total—Wholly Owned			2,231		664		611,546		908,550	$	407



Net Operating Income From Wholly-Owned Projects				Capitalized Interest for Current Development Projects

	3Q 2013		3Q 13		3Q 12		YTD 13		YTD 12
Projects Under Construction	$	558	$	3,834	$	3,823	$	12,165	$	8,843
Completed, Non-Stabilized		1,335

Total	$	1,893

Unconsolidated Joint Ventures and Partnerships


																Schedule						Percentage
		Own.			# of		Compl.		Cost to		Budgeted			Project				Initial
Community	Location	Interest			Homes		Homes		Date		Cost			Debt		Start		Occ.		Compl.		Leased			Occupied
Projects Under Construction
Fiori on Vitruvian Park^®	Addison, TX		50	%		391		239	$	94,794	$	98,350		$	43,644		3Q 11		2Q 13		4Q 13		42.7	%		31.5	%
13th & Market	San Diego, CA		95	%		264		9		63,838		75,500	⁽⁷⁾		28,744		2Q 11		4Q 13		1Q 14		9.5	%		0.0	%
Domain College Park	College Park, MD		95	%		256		162		53,997		65,100	⁽⁸⁾		26,006		2Q 11		2Q 13		1Q 14		52.7	%		47.3	%

Total						911		410	$	212,629	$	238,950		$	98,394

Completed Projects, Non-Stabilized
N/A	N/A		—			—		—		—		—			—		—		—		—		—			—

Total—Unconsolidated Joint Ventures and Partnerships						911		410		212,629		238,950

Projected Weighted Average Stabilized Yield of Development Projects:								6.0% to 6.5%

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

(2)	Includes 17,000 square feet of retail space.

(3)	Includes 8,000 square feet of retail space.

(4)	Formerly known as The Calvert. Project encompasses the complete redevelopment of the former 187 homes combined with the development of an additional 145 homes, 10,000 square feet of retail space and underground parking.

(5)	Includes 11,000 square feet of retail space.

(6)	Includes 16,000 square feet of retail space.

(7)	Includes 21,000 square feet of retail space.

(8)	Includes 10,000 square feet of retail space.

LOGO

Attachment 10

UDR, Inc.

Redevelopment Summary ⁽¹⁾

September 30, 2013

(Dollars in Thousands)

(Unaudited)

Wholly-Owned


										Est. Cost		Schedule									Percentage
		# of		Compl.		Cost to		Budgeted		per									Same-
Community	Location	Homes		Homes		Date		Cost ⁽²⁾		Home		Acq.			Start		Compl.		Store ⁽³⁾		Leased			Occupied
Projects in Redevelopment
Rivergate⁽⁵⁾	New York, NY		706		342	$	52,500	$	60,000	$	85		3Q 11			3Q 11		3Q 14		4Q 15		96.2	%		94.9	%
27 Seventy Five Mesa Verde ⁽⁶⁾	Costa Mesa, CA		964		511		65,227		75,300		78		Various	⁽⁴⁾		3Q 11		2Q 14		3Q 15		75.8	%		70.3	%

Total			1,670		853	$	117,727	$	135,300	$	81

Completed Redevelopments, Non-Stabilized
N/A	N/A		—		—		—		—		—		—			—		—		—		—			—
Total—Wholly Owned			1,670		853		117,727		135,300	$	81


				Capitalized Interest for Current Redevelopment Projects

			3Q 13		3Q 12		YTD 13		YTD 12
Projected Weighted Average Return on Incremental Capital Invested:	7.0	% to 9.0%	$	638	$	935	$	1,941	$	1,506

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

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

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

(4)	Communities were combined in 1Q 2013. They were acquired in June 2003, October 2004 and May 2008.

(5)	420 of the 706 homes at Rivergate are scheduled to be redeveloped.

(6)	27 Seventy Five Mesa Verde was formerly known as Pine Brook Village I & II and Villa Venetia. Communities were combined in 1Q 2013.

LOGO

Attachment 11

UDR, Inc.

Land Summary ⁽¹⁾

September 30, 2013

(Dollars in Thousands)

(Unaudited)

UDR Ownership

Cost

Parcel

Location

Interest

Basis

Status Update⁽²⁾

Pursuing

Design

Hold for Future

Entitlements

Development

Wholly-Owned

3033 Wilshire

Los Angeles, CA

100.0

17,750

Complete

In Process

7 Harcourt ⁽³⁾

Boston, MA

100.0

4,985

In Process

399 Fremont

San Francisco, CA

100.0

64,746

Complete

In Process

Vitruvian Park^®

Addison, TX

100.0

13,355

Complete

In Process

Total

100,836

Cost
Basis

UDR Pro-Rata
Cost Basis

Consolidated Joint Ventures

3032 Wilshire

Santa Monica, CA

95.0

11,263

10,700

In Process

2919 Wilshire

Santa Monica, CA

95.0

7,534

7,157

In Process

Total

18,797

17,857

Cost
Basis

UDR Pro-Rata
Cost Basis

Unconsolidated Joint Ventures and Partnerships

UDR/MetLife I—7 parcels ⁽⁴⁾

Various

4.0

179,020

6,547

⁽⁵⁾

In Process

UDR/MetLife Vitruvian Park^®

Addison, TX

50.0

50,073

25,037

Complete

In Process

229,093

31,584

Total

348,726

150,277

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

(2)	Pursuing Entitlements: During this phase the Company is actively pursuing the necessary approvals for the rights to develop multifamily and/or mixed use communities.

Design Development: During this phase the Company is actively working to complete architectural and engineering documents in preparation for the commencement of construction of multifamily and/or mixed uses communities.

Hold for Future Development: Entitled and/or unentitled land sites that the Company holds for future development.

(3)	Land is adjacent to UDR’s Garrison Square community.

(4)	Parcels are located in Bellevue, WA; Los Angeles, CA (3 parcels); Irvine, CA; Mountain View, CA; and Dublin, CA.

(5)	Entitlements are completed on 3 parcels and 4 parcels are in process.

LOGO

Attachment 12

UDR, Inc.

Unconsolidated Joint Venture Summary ⁽¹⁾

September 30, 2013

(Dollars in Thousands)

(Unaudited)

Portfolio Characteristics


		# of							Physical			Total Revenue per		Net Operating Income
	Property	Comm. /		# of		Own.			Occupancy			Occupied Home		UDR’s Share						Total
Joint Venture and Partnerships	Type	Parcels		Homes ⁽⁶⁾		Interest			3Q 13			3Q 13 ⁽¹⁾		3Q 2013			YTD 2013			YTD 2013 ⁽²⁾
UDR / MetLife II	Various		15		3,119		50.0	%		95.5	%	$	3,228	$	10,671		$	29,439		$	58,877
UDR / MetLife I
Operating communities	Various		8		1,641		13.2	%		95.2	%		2,658		845			3,783			31,687
Land parcels			7		TBD		4.0	%		—			—		13			9			543
UDR/MetLife Vitruvian Park^®
Operating communities	Mid-rise		2		739		50.0	%		94.2	%		1,431		764			856			1,712
Fiori on Vitruvian Park^®	High-rise (development)		1		239		50.0	%		31.5	%		2,080		(27	)		(24	)		(48	)
Land parcels			6		TBD		50.0	%		—			—		(24	)		(24	)		(48	)
UDR / KFH	High-rise		3		660		30.0	%		97.1	%		2,551		1,084			3,190			10,632
Texas	Garden		8		3,359		20.0	%		96.7	%		1,019		1,151			3,412			17,060
Lodge at Stoughton	Garden		1		240		95.0	%		94.7	%		1,653		725			1,979			2,083
Domain College Park	Mid-rise (development)		1		162		95.0	%		47.3	%		1,864		120			(93	)		(98	)
13th & Market	Mid-rise (development)		1		9		95.0	%		—			—		(93	)		(107	)		(113	)

Total/Weighted Average			53		10,168					93.5	%	$	2,357	$	15,229		$	42,420		$	122,287

Balance Sheet Characteristics and Returns


	Gross Book Value
	of JV Real		Total		UDR’s Equity		Weighted Avg.			Debt		Returns⁽⁵⁾
Joint Venture and Partnerships	Estate Assets ⁽³⁾		Project Debt ⁽³⁾		Investment⁽⁴⁾		Interest Rate			Maturity		ROIC			ROE
UDR / MetLife II	$	1,595,225	$	878,902	$	327,446		4.3	%		Various
UDR / MetLife I		891,251		340,416		49,550		4.4	%		Various
UDR/MetLife Vitruvian Park^®		284,012		118,252		79,478		3.2	%		Various
UDR / KFH		282,290		165,209		26,998		3.4	%		Various
Lodge at Stoughton		41,185		24,482		14,941		2.9	%		10/2014
Domain College Park		53,997		26,006		26,001		2.4	%		1/2016
13th & Market		63,838		28,744		31,151		2.4	%		2/2016
Texas		323,311		219,588		1,522		5.6	%		2014

Total/Weighted Average	$	3,535,109	$	1,801,599	$	557,087		4.2	%				6.3	%		8.6	%

Same-Store Unconsolidated Joint Venture Growth


	Same-Store
	Joint Venture		3Q 2013 vs. 3Q 2012 Growth									3Q 2013 vs. 2Q 2013 Growth
Joint Venture	Communities ⁽³⁾		Revenue			Expense			NOI			Revenue			Expense			NOI
UDR / MetLife II		15		8.1	%		18.0	%		4.8	%		2.5	%		7.2	%		0.8	%
UDR / MetLife I		8		2.2	%		6.3	%		-0.4	%		-0.4	%		10.6	%		-6.9	%
UDR / KFH		3		2.4	%		6.7	%		1.0	%		3.1	%		3.5	%		3.0	%
Texas		8		6.0	%		3.7	%		7.8	%		2.1	%		9.4	%		-2.6	%

Total/Average		34		5.9	%		10.4	%		3.8	%		1.8	%		8.3	%		-1.1	%


									NOI									NOI
Same-Store JV Results at UDR’s Pro-rata Ownership Interest										4.2	%								0.1	%

	Same-Store
	Joint Venture		YTD 2013 vs. YTD 2012 Growth
Joint Venture	Communities ⁽³⁾		Revenue			Expense			NOI
UDR / MetLife II		15		8.6	%		13.9	%		6.7	%
UDR / MetLife I		8		4.5	%		-0.8	%		8.2	%
UDR / KFH		3		2.4	%		2.5	%		2.3	%
Texas		8		5.9	%		3.0	%		8.1	%

Total/Average		34		6.6	%		6.3	%		6.7	%


									NOI
Same-Store JV Results at UDR’s Pro-rata Ownership Interest										6.5	%

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

(2)	Represents net operating income at 100 percent for the period ended September 30, 2013.

(3)	Joint ventures and partnerships represented at 100 percent.

(4)	Excludes deferred gain of $25.4M, which is netted in “Investments in and advances to unconsolidated joint ventures, net” on Attachment 3.

(5)	Excludes non-stabilized developments.

(6)	Includes homes completed for the period ended September 30, 2013.

LOGO

Attachment 13

UDR, Inc.

Acquisitions and Dispositions Summary

September 30, 2013

(Dollars in Thousands)

(Unaudited)

Ownership

# of

Price per

Date of Purchase

Community

Location

Interest

Price

Homes

Home

Acquisitions—Wholly-Owned

None

Acquisitions—Wholly-Owned Land

None

Acquisitions—Joint Ventures—UDR/MetLife II JV

Jun-13

Acoma⁽¹⁾

Denver, CO

83,800

223

376

Jun-13

Current⁽²⁾

San Diego, CA

63,400

144

440

147,200

367

401

Ownership

# of

Price per

Date of Sale

Community

Location

Interest

Price

Homes

Home

Dispositions—Wholly-Owned

Jun-13

Portfolio disposition⁽⁴⁾

Addison, TX

290,000

Dispositions—Joint Ventures

Jun-13

Portfolio disposition⁽⁵⁾

Various

218,000

⁽³⁾

539

404

Dispositions—Joint Ventures Land

Jul-13

Paseo Del Mar

Fort Lauderdale, FL

10.0

9,840

⁽⁶⁾

—

(1)	Prior to the contribution to UDR/MetLife II JV, UDR’s weighted average ownership in this community was 13%.

(2)	Prior to the contribution to UDR/MetLife II JV, UDR’s weighted average ownership in this community was 18%.

(3)	Price represents 100% of the value of assets in UDR/MetLife swap.

(4)	Communities sold to the UDR/MetLife Vitruvian Park^® partnerships. Includes Savoye (392 homes), Savoye2 (347 homes), Fiori (391 homes under development) and 28.4 acres of land for development.

(5)	Properties sold to MetLife from UDR/MetLife I JV.

(6)	Price represents 100% of the land value.

LOGO

Attachment 14

UDR, Inc.

Capital Expenditure and Repair and Maintenance Summary ⁽¹⁾

September 30, 2013

(Dollars in Thousands)

(Unaudited)


		Three Months				Nine Months
	Weighted Avg.	Ended		Cost		Ended		Cost
Category (Capitalized)	Useful Life (yrs) ⁽²⁾	September 30, 2013		per Home		September 30, 2013		per Home
Capital Expenditures for Consolidated Homes ⁽³⁾
Average Number of Homes⁽⁴⁾			40,756				41,167
Recurring Cap Ex
Asset Preservation
Building Interiors	5 - 20	$	3,494	$	86	$	9,920	$	241
Building Exteriors	5 - 20		3,517		86		8,696		211
Landscaping and Grounds	10		1,190		29		3,447		84

Total Asset Preservation			8,201		201		22,063		536
Turnover Related	5		3,788		93		8,912		216

Total Recurring Cap Ex			11,989		294		30,975		752

Revenue Enhancing Cap Ex ⁽⁵⁾	5 - 20		3,742		92		7,081		172

Total		$	15,731	$	386	$	38,056	$	924


	Three Months				Nine Months
	Ended		Cost		Ended		Cost
Category (Expensed)	September 30, 2013		per Home		September 30, 2013		per Home
Repair and Maintenance for Consolidated Homes
Average Number of Homes		40,756				41,167

Contract Services	$	4,665	$	114	$	13,789	$	335

Turnover Related Expenses		1,346		34		3,715		90

Other Repair and Maintenance
Building Interiors		1,878		46		5,076		123
Building Exteriors		429		11		1,258		31
Landscaping and Grounds		190		5		617		15

Total	$	8,508		210	$	24,455		594

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

(2)	Weighted average useful life of capitalized expenses for the nine months ended September 30, 2013.

(3)	Excludes redevelopment capital.

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

(5)	Revenue enhancing capital expenditures were incurred at specific apartment communities in conjunction with UDR’s overall capital expenditure plan.

LOGO

Attachment 15

UDR, Inc.

Full-Year 2013 Guidance ⁽¹⁾

September 30, 2013

(Unaudited)

FFO and AFFO per Share Guidance


	4Q 2013	Full Year 2013
FFO per common share, diluted	$0.34 to $0.36		$1.43 to $1.45
FFO As Adjusted per common share, diluted	$0.33 to $0.35		$1.38 to $1.40
Adjusted Funds from Operations (“AFFO”) per common share, diluted	$0.29 to $0.31		$1.22 to $1.24
Weighted average diluted shares/units (M)	263.8		263.8
Annualized dividend per share			$0.94

Same-Store Guidance		Full Year 2013
Revenue growth			4.75% to 5.00%
Expense growth			2.75% to 3.00%
NOI growth			5.75% to 6.00%
Physical occupancy			96.0%
Same-Store homes			36,704

Transactional Activity ($ in millions)		Full Year 2013
Wholly-owned acquisitions			None
Wholly-owned dispositions			$225 to $275
Cap rate spread			N/A
Development spending			$350 to $400
Redevelopment spending			$75 to $100
Joint venture investment			None

Capital Markets Activity ($ in millions)		Full Year 2013
Debt maturities		$	160
New debt issuance		$	300
Equity issuances		$	0

Other Additions/(Deductions) ($ in millions except per home amounts)		Full Year 2013
Interest			($124) to ($130)
General and administrative, gross ⁽²⁾			($41) to ($44)
Tax benefit for RE³			$9 to $11
Joint venture fee income			$10 to $12
Total joint venture FFO, excluding fee income			$24 to $28
Non-recurring items:
RE³ gains from asset sales			$0 to $3
Acquisition-related costs			None
Stabilized homes			40,756
Recurring capital expenditures per home			$1,020

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

(2)	Includes an estimated $5.9 million of Long Term Incentive Plan compensation expense.

LOGO

Attachment 16(A)

UDR, Inc.

Definitions and Reconciliations

September 30, 2013

(Unaudited)

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

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

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

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

Discontinued Operations: FASB ASC Subtopic 205.20, requires, among other things, that the primary assets and liabilities and the results of operations of UDR’s real properties that have been sold or are held for disposition, be classified as discontinued operations and segregated in UDR’s Consolidated Statements of Operations and Consolidated Balance Sheets. Properties classified as real estate held for disposition generally represent properties actively marketed or contracted for sale that are expected to close within the next twelve months.

The primary assets and liabilities and the net operating results of those properties sold or classified as held for disposition through September 30, 2013, are accounted for as discontinued operations for all periods presented. This presentation does not have an impact on net income available to common stockholders, it only results in the reclassification of the operating results of all properties sold or classified as held for disposition through September 30, 2013, within the Consolidated Statements of Operations for the periods ended September 30, 2013 and 2012, and the reclassification of the assets and liabilities within the Consolidated Balance Sheets as of September 30, 2013 and December 31, 2012.

UDR did not have any communities that met the criteria to be classified as discontinued operations during the nine months ended September 30, 2013. During the nine months ended September 30, 2012, UDR disposed of 21 communities with a total of 6,507 homes. At September 30, 2013, UDR has no communities classified as real estate held for disposition. The results of operations for these properties are classified on the Consolidated Statements of Operations on Attachment 1 of the Company’s quarterly supplemental disclosure in the line item entitled “Income from discontinued operations, net of tax”.


In thousands	3Q 2013		3Q 2012			YTD 2013		YTD 2012
Rental income	$	—	$	—		$	—	$	30,316
Rental expenses		—		—			—		10,566
Property management		—		—			—		834
Real estate depreciation		—		—			—		6,340
Non-property expense		—		—			—		791

		—		—			—		18,531

Income before net gain on the sale of depreciable property		—		—			—		11,785
Net gain on the sale of depreciable property, net of tax		—		(1,133	)		—		251,398

Income from discontinued operations, net of tax	$	—	$	(1,133	)	$	—	$	263,183

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

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

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

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

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

Fixed Charge Coverage Ratio: The Company defines Fixed Charge Coverage Ratio as net income, excluding the impact of interest expense, real estate depreciation and amortization of wholly owned and other joint venture communities, other depreciation and amortization, noncontrolling interests, net gain on the sale of depreciable property, RE³ income tax, divided by total interest plus preferred dividends.

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

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

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

LOGO

Attachment 16(B)

UDR, Inc.

Definitions and Reconciliations

September 30, 2013

(Unaudited)

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

Activities of our taxable REIT subsidiary (TRS), RE3, include development and land entitlement. From time to time, we develop and subsequently sell a TRS property which results in a short-term use of funds that produces a profit that differs from the traditional long-term investment in real estate for REITs. We believe that the inclusion of these TRS gains in FFO is consistent with the standards established by NAREIT as the sort-term investment is incidental to our main business. TRS gains on sales, net of taxes, are defined as net sales proceeds less a tax provision and the gross investment basis of the asset before accumulated depreciation.

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

Interest Coverage Ratio: The Company defines Interest Coverage Ratio as net income, excluding the impact of interest expense, real estate depreciation and amortization of wholly owned and joint venture communities, other depreciation and amortization, noncontrolling interests, net gain on the sale of depreciable property, RE³ income tax, divided by total interest.

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

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


In thousands	3Q 2013			YTD 2013
Income/(loss) from unconsolidated entities	$	(3,794	)	$	(6,081	)
Management fee		1,041			2,667
Interest expense		7,178			19,697
Depreciation		10,514			25,462
General and administrative		58			222
Other income/expense		232			453

Total Joint Venture NOI at UDR’s Pro-Rata Ownership Interest	$	15,229		$	42,420

JV Return on Equity (“ROE”): The Company defines JV ROE as the pro rata share of property NOI plus property and asset management fee revenue less interest expense, divided by the average of beginning and ending equity capital for the quarter.

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

JV Return on Invested Capital (“ROIC”): The Company defines JV ROIC as the pro rata share of property NOI plus property and asset management fee revenue divided by the average of beginning and ending invested capital for the quarter.

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

Net Debt to EBITDA: The Company defines net debt to EBITDA as total debt net of cash and cash equivalents divided by EBITDA. EBITDA is defined as net income, excluding the impact of interest expense, real estate depreciation and amortization of wholly owned and other joint venture communities, other depreciation and amortization, noncontrolling interests, net gain on the sale of depreciable property, and RE³ income tax.

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

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

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


In thousands	3Q 2013			2Q 2013			1Q 2013			4Q 2012			3Q 2012			YTD 2013			YTD 2012
Net income/(loss) attributable to UDR, Inc.	$	3,188		$	5,192		$	(268	)	$	(12,300	)	$	(9,031	)	$	8,112		$	224,477
Property management		5,236			5,187			5,068			5,017			4,998			15,491			14,615
Other operating expenses		1,787			1,807			1,643			1,464			1,467			5,237			4,284
Real estate depreciation and amortization		84,266			85,131			83,442			83,456			88,223			252,839			260,604
Interest expense		30,939			30,803			30,981			30,660			31,845			92,723			108,132
Hurricane-related (recoveries)/charges, net		(6,460	)		(2,772	)		(3,021	)		8,495			—			(12,253	)		—
General and administrative		11,364			9,866			9,476			10,653			10,022			30,706			33,139
Tax benefit, net (includes valuation adjustment)		(2,658	)		(2,683	)		(1,973	)		(1,628	)		(2,960	)		(7,314	)		(28,654	)
Income/(loss) from unconsolidated entities		3,794			(515	)		2,802			2,757			719			6,081			5,822
Interest and other income, net		(829	)		(1,446	)		(1,016	)		(1,157	)		(1,235	)		(3,291	)		(2,435	)
Joint venture management and other fees		(3,207	)		(3,217	)		(2,923	)		(2,817	)		(3,320	)		(9,347	)		(9,026	)
Other depreciation and amortization		1,176			1,138			1,146			1,092			1,078			3,460			3,013
Income from discontinued operations, net of tax		—			—			—			(156	)		1,133			—			(263,183	)
Net income/(loss) attributable to noncontrolling interests		47			162			(41	)		(655	)		(645	)		168			8,781

Total consolidated NOI	$	128,643		$	128,653		$	125,316		$	124,881		$	122,294		$	382,612		$	359,569

LOGO

Attachment 16(C)

UDR, Inc.

Definitions and Reconciliations

September 30, 2013

(Unaudited)

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

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

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

QTD Same-Store (“SS”) Communities: The Company defines SS as those communities stabilized for five consecutive quarters. These communities were owned and had stabilized occupancy and operating expenses as of the beginning of the prior year, there is no plan to conduct substantial redevelopment activities, and the community is not held for disposition within the current year.

RE³: RE³ is the Company’s taxable REIT subsidiary (“TRS”) that focuses on development, land entitlement and short-term hold investments. TRS gains on sales, net of taxes, is defined as net sales proceeds less a tax provision and the gross investment basis of the asset before accumulated depreciation.

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 greater than 10% of the available apartment homes are off-line for major renovation and those that did not achieve stabilization as of the most recent quarter.

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

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

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

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

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

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

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

Sold Communities: The Company defines Sold Communities as those communities that previously met the criteria for discontinued operations and were disposed of prior to the end of the most recent quarter.

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

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

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

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

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

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

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

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

YTD Same-Store (“SS”) Communities: The Company defines SS Communities as those communities stabilized for nine consecutive quarters. These communities were owned and had stabilized occupancy and operating expenses as of the beginning of the prior year, there is no plan to conduct substantial redevelopment activities, and the community is not held for disposition within the current year.

LOGO

Attachment 16(D)

UDR, Inc.

Definitions and Reconciliations

September 30, 2013

(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 loss per share for full year 2013 and third quarter of 2013 to forecasted FFO, FFO as Adjusted and AFFO per share:


	Full Year 2013
	Low			High
Forecasted earnings per diluted share	$	—		$	0.02
Conversion from GAAP share count		(0.08	)		(0.08	)
Depreciation		1.51			1.51
Noncontrolling Interests		(0.01	)		(0.01	)
Preferred Dividends		0.01			0.01

Forecasted FFO per diluted share	$	1.43		$	1.45

TRS gains from asset sales		—			(0.01	)
Hurricane-related recoveries, net		(0.04	)		(0.04	)
Other		(0.01	)		—

Forecasted FFO as Adjusted per diluted share	$	1.38		$	1.40

Recurring capital expenditures		(0.16	)		(0.16	)

Forecasted AFFO per diluted share	$	1.22		$	1.24


	4Q 2013
	Low			High
Forecasted earnings per diluted share	$	(0.02	)	$	—
Conversion from GAAP share count		(0.02	)		(0.02	)
Depreciation		0.38			0.38
Noncontrolling Interests		(0.00	)		(0.00	)
Preferred Dividends		0.00			0.00

Forecasted FFO per diluted share	$	0.34		$	0.36

TRS gains from asset sales		—			(0.01	)
Other		(0.01	)		—

Forecasted FFO as Adjusted per diluted share	$	0.33		$	0.35

Recurring capital expenditures		(0.04	)		(0.04	)

Forecasted AFFO per diluted share	$	0.29		$	0.31

Attached files

UDR, Inc. Reports

Also read