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

Attached files

file	filename
EX-99.1 - EXHIBIT 99.1 PDF - UDR, Inc.	a2q15pressrelease.pdf
EX-99.2 - EXHIBIT 99.2 PDF - UDR, Inc.	a2q15supplement.pdf
EX-99.1 - EXHIBIT 99.1 - UDR, Inc.	exhibit991-06302015.htm
8-K - 8-K PRESS RELEASE - UDR, Inc.	form8-kx06302015.htm

Exhibit 99.2



Financial Highlights

UDR, Inc.
As of End of Second Quarter 2015 (1)
(Unaudited)

		Actual Results	Actual Results	Guidance as of June 30, 2015
Dollars in thousands, except per share		2Q 2015	YTD 2015	3Q 2015		Full-Year 2015
Per Share Metrics
FFO per common share and unit, diluted		$0.41	$0.84	$0.39 to $0.41		$1.64 to $1.68
FFO as Adjusted per common share and unit, diluted		$0.42	$0.82	$0.39 to $0.41		$1.63 to $1.67
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted		$0.38	$0.76	$0.34 to $0.36		$1.46 to $1.50
Dividend declared per share and unit		$0.2775	$0.5550	$0.2775		$1.11 (2)

Same-Store Operating Metrics
Revenue growth		5.4%	5.2%	--		5.00% to 5.50%
Expense growth		1.8%	2.1%	--		2.50% to 3.00%
NOI growth		6.8%	6.6%	--		5.75% to 6.75%
Physical Occupancy		96.9%	96.8%	--		96.5%

Property Metrics			Homes	Communities		% of Total NOI
Same-Store			35,250	125		74.8%
Stabilized, Non-Mature			2,952	7		10.1%
Redevelopment			328	1		1.5%
Development, completed			874	3		0.7%
Non-Residential / Other			N/A	N/A		2.3%
Joint Venture (includes completed JV developments) (3)			6,696	28		10.6%
Sub-total, completed homes			46,100	164		100%
Under Development			516	1		-
Joint Venture Development			1,173	4		-
Preferred Equity Investments			1,533	5		-
Total expected homes (3)(4)			49,322	174		100%

Balance Sheet Metrics (adjusted for non-recurring items)			Market Capitalization
	2Q 2015	2Q 2014		2Q 2015		% of Total
Interest Coverage Ratio	4.32x	3.65x	Total debt	$	3,564,403	29.0%
Fixed Charge Coverage Ratio	4.21x	3.56x	Common stock equivalents (5)	8,708,705		71.0%
Leverage Ratio	37.5%	40.5%	Total market capitalization	$	12,273,108	100.0%
Net Debt-to-EBITDA	6.2x	6.9x

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

(2) Annualized for 2015.

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

(4) Excludes 218 homes at Steele Creek where we have a participating loan investment as described in Attachment 9(B).

(5) Based on a common share price of $32.03 at June 30, 2015.






Attachment 1

UDR, Inc.
Consolidated Statements of Operations (1)
(Unaudited)
	Three Months Ended						Six Months Ended
	June 30,						June 30,
In thousands, except per share amounts	2015			2014			2015			2014
REVENUES:
Rental income	$	212,764		$	200,959		$	419,811		$	395,311
Joint venture management and other fees (2)	3,098			2,747			15,804			6,434
Total revenues	215,862			203,706			435,615			401,745
OPERATING EXPENSES:
Property operating and maintenance	37,194			36,840			74,444			73,560
Real estate taxes and insurance	25,138			23,716			51,360			49,147
Property management	5,851			5,527			11,545			10,872
Other operating expenses	1,769			2,162			3,535			4,088
Real estate depreciation and amortization	90,344			88,876			179,121			177,409
Acquisition costs	84			—			283			102
General and administrative	13,637			12,530			25,590			24,422
Casualty-related (recoveries)/charges, net	843			—			1,839			500
Other depreciation and amortization	1,700			1,193			3,323			2,273
Total operating expenses	176,560			170,844			351,040			342,373
Operating income	39,302			32,862			84,575			59,372
Income/(loss) from unconsolidated entities (2) (3)	(573		)	(428		)	58,586			(3,993		)
Interest expense	(29,673		)	(31,499		)	(58,473		)	(64,383		)
Other debt (charges)/benefits, net	—			(192		)	—			(192		)
Total interest expense	(29,673		)	(31,691		)	(58,473		)	(64,575		)
Interest income and other income/(expense), net	382			1,426			742			2,841
Income/(loss) before income taxes, discontinued operations and gain/(loss) on sale of real estate	9,438			2,169			85,430			(6,355		)
Tax benefit/(provision), net	1,404			2,190			1,829			5,519
Income/(loss) from continuing operations	10,842			4,359			87,259			(836		)
Income/(loss) from discontinued operations, net of tax	—			18			—			(69		)
Income/(loss) before gain/(loss) on sale of real estate owned	10,842			4,377			87,259			(905		)
Gain/(loss) on sale of real estate owned, net of tax	79,042			26,709			79,042			51,003
Net income/(loss)	89,884			31,086			166,301			50,098
Net (income)/loss attributable to redeemable noncontrolling interests in the OP	(3,029		)	(1,077		)	(5,617		)	(1,724		)
Net (income)/loss attributable to noncontrolling interests	—			(2		)	(7		)	(6		)
Net income/(loss) attributable to UDR, Inc.	86,855			30,007			160,677			48,368
Distributions to preferred stockholders - Series E (Convertible)	(931		)	(931		)	(1,862		)	(1,862		)
Net income/(loss) attributable to common stockholders	$	85,924		$	29,076		$	158,815		$	46,506

Income/(loss) per weighted average common share - basic:
Income/(loss) from continuing operations attributable to common stockholders	$	0.33		$	0.12		$	0.62		$	0.19
Income/(loss) from discontinued operations attributable to common stockholders	$	0.00		$	0.00		$	0.00		$	0.00
Net income/(loss) attributable to common stockholders	$	0.33		$	0.12		$	0.62		$	0.19
Income/(loss) per weighted average common share - diluted:
Income/(loss) from continuing operations attributable to common stockholders	$	0.33		$	0.12		$	0.61		$	0.18
Income/(loss) from discontinued operations attributable to common stockholders	$	0.00		$	0.00		$	0.00		$	0.00
Net income/(loss) attributable to common stockholders	$	0.33		$	0.12		$	0.61		$	0.18
Common distributions declared per share	$	0.2775		$	0.2600		$	0.5550		$	0.5200
Weighted average number of common shares outstanding - basic	257,849			250,255			257,344			250,216
Weighted average number of common shares outstanding - diluted	262,806			252,191			259,267			252,091

(1) See Attachment 16 for definitions and other terms.
(2) In January 2015, the eight communities held by the Texas joint venture were sold, generating proceeds to UDR of $43.5 million. The Company recorded promote and disposition fee income of approximately $9.6 million and a gain of approximately $59.1 million in connection with the sale.
(3) Includes $1.5 million of acquisition-related costs related to UDR's share of the West Coast Development joint venture's transaction expenses.






Attachment 2

UDR, Inc.
Funds From Operations (1)
(Unaudited)
	Three Months Ended						Six Months Ended
	June 30,						June 30,
In thousands, except per share amounts	2015			2014			2015			2014
Net income/(loss) attributable to common stockholders	$	85,924		$	29,076		$	158,815		$	46,506
Real estate depreciation and amortization, including discontinued operations	90,344			88,876			179,121			177,409
Noncontrolling interests	3,029			1,079			5,624			1,730
Real estate depreciation and amortization on unconsolidated joint ventures	10,017			8,861			19,867			19,528
Net (gain)/loss on the sale of unconsolidated depreciable property (3)	—			—			(59,073		)	—
Net (gain)/loss on the sale of depreciable property, excluding TRS	(79,042		)	(26,709		)	(79,042		)	(49,883		)
Funds from operations ("FFO") attributable to common stockholders and unitholders, basic	$	110,272		$	101,183		$	225,312		$	195,290
Distributions to preferred stockholders - Series E (Convertible)	931			931			1,862			1,862
FFO attributable to common stockholders and unitholders, diluted	$	111,203		$	102,114		$	227,174		$	197,152
FFO per common share and unit, basic	$	0.41		$	0.39		$	0.85		$	0.75
FFO per common share and unit, diluted	$	0.41		$	0.39		$	0.84		$	0.75
Weighted average number of common shares and OP Units outstanding - basic	266,974			259,571			266,489			259,533
Weighted average number of common shares, OP Units, and common stock
equivalents outstanding - diluted	271,931			264,543			271,448			264,444
Impact of adjustments to FFO:
Acquisition-related costs/(fees), including joint ventures (2)	$	1,544		$	—		$	1,743		$	102
Cost/(benefit) associated with debt extinguishment and other	—			192			—			192
Texas Joint Venture promote and disposition fee income (3)	—			—			(9,633		)	—
Long-term incentive plan transition costs	1,008			—			1,862			—
(Gain)/loss on sale of land	—			—			—			(1,120		)
Casualty-related (recoveries)/charges, net	843			—			1,839			500
	$	3,395		$	192		$	(4,189	)	$	(326	)
FFO as Adjusted attributable to common stockholders and unitholders, diluted	$	114,598		$	102,306		$	222,985		$	196,826
FFO as Adjusted per common share and unit, diluted	$	0.42		$	0.39		$	0.82		$	0.74
Recurring capital expenditures	(10,111		)	(11,096		)	(17,354		)	(17,697		)
AFFO attributable to common stockholders and unitholders	$	104,487		$	91,210		$	205,631		$	179,129
AFFO per common share and unit, diluted	$	0.38		$	0.34		$	0.76		$	0.68

(1) See Attachment 16 for definitions and other terms.
(2) 2Q15 acquisition-related costs include $1.5 million related to UDR's share of the West Coast Development joint venture's transaction expenses, which are recorded as income/(loss) from unconsolidated entities in Attachment 1.
(3) The Company recorded promote and disposition fee income of approximately $9.6 million and a gain of approximately $59.1 million in connection with the sale of eight communities held by the Texas Joint Venture in 1Q15.






Attachment 3

UDR, Inc.
Consolidated Balance Sheets
	June 30,			December 31,
In thousands, except share and per share amounts	2015			2014
ASSETS	(unaudited)			(audited)
Real estate owned:
Real estate held for investment	$	8,332,634		$	8,205,627
Less: accumulated depreciation	(2,557,949		)	(2,434,772		)
Real estate held for investment, net	5,774,685			5,770,855
Real estate under development
(net of accumulated depreciation of $0 and $0)	92,645			177,632
Total real estate owned, net of accumulated depreciation	5,867,330			5,948,487
Cash and cash equivalents	2,990			15,224
Restricted cash	22,912			22,340
Deferred financing costs, net	19,930			22,686
Notes receivable, net	15,494			14,369
Investment in and advances to unconsolidated joint ventures, net	914,815			718,226
Other assets	96,259			105,202
Total assets	$	6,939,730		$	6,846,534
LIABILITIES AND EQUITY
Liabilities:
Secured debt	$	1,350,439		$	1,361,529
Unsecured debt	2,213,964			2,221,576
Real estate taxes payable	18,263			15,978
Accrued interest payable	27,735			34,215
Security deposits and prepaid rent	33,366			34,064
Distributions payable	75,129			69,460
Accounts payable, accrued expenses, and other liabilities	72,054			91,282
Total liabilities	3,790,950			3,828,104
Redeemable noncontrolling interests in the OP	290,278			282,480
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, 2014)	46,571			46,571
Common stock, $0.01 par value; 350,000,000 shares authorized
259,091,257 shares issued and outstanding (255,114,603 shares at December 31, 2014)	2,591			2,551
Additional paid-in capital	4,342,829			4,223,747
Distributions in excess of net income	(1,525,159		)	(1,528,917		)
Accumulated other comprehensive income/(loss), net	(9,190		)	(8,855		)
Total stockholders' equity	2,857,642			2,735,097
Noncontrolling interests	860			853
Total equity	2,858,502			2,735,950
Total liabilities and equity	$	6,939,730		$	6,846,534






Attachment 4(A)

UDR, Inc.
Selected Financial Information (1)
(Unaudited)
						June 30,			December 31,
Common Stock and Equivalents						2015			2014
Common shares (2)						257,908,470			254,114,631
Restricted shares						1,182,787			999,972
Total common stock						259,091,257			255,114,603
Stock options and restricted stock equivalents						702,628			1,052,147
Operating partnership units						7,311,018			7,413,802
Preferred OP units						1,751,671			1,751,671
Convertible preferred Series E stock (3)						3,035,548			3,035,548
Total common stock and equivalents						271,892,122			268,367,771


						2Q 2015 Weighted			2Q 2014 Weighted
Weighted Average Number of Shares Outstanding						Average			Average
Weighted average number of common shares and OP Units outstanding - basic						266,973,865			259,570,652
Weighted average number of OP Units outstanding						(9,124,983		)	(9,315,709	)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations						257,848,882			250,254,943

Weighted average number of common shares, OP units, and common stock equivalents outstanding - diluted						271,931,010			264,542,859
Weighted average number of OP Units outstanding						(9,124,983		)	(9,315,709	)
Weight average number of Series E preferred shares outstanding (4)						—			(3,035,548	)
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations						262,806,027			252,191,602

						Year-to-Date			Year-to-Date
						Weighted Average			Weighted Average
Weighted average number of common shares and OP Units outstanding - basic						266,488,982			259,533,384
Weighted average number of OP Units outstanding						(9,144,945		)	(9,317,307	)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations						257,344,037			250,216,077

Weighted average number of common shares, OP units, and common stock equivalents outstanding - diluted						271,447,391			264,443,776
Weighted average number of OP Units outstanding						(9,144,945		)	(9,317,307	)
Weight average number of Series E preferred shares outstanding (4)						(3,035,548		)	(3,035,548	)
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations						259,266,898			252,090,921


		June 30,				December 31,
Market Capitalization, In thousands		2015		% of Total		2014			% of Total
Total debt		$	3,564,403	29.0	%	$	3,583,105		30.2	%
Common stock and equivalents ($32.03 at 6/30/15 and $30.82 at 12/31/14)		8,708,705		71.0	%	8,271,095			69.8	%
Total market capitalization		$	12,273,108	100.0	%	$	11,854,200		100.0	%


						Gross			% of
	Number of	2Q 2015 NOI (1)				Carrying Value			Total Gross
Asset Summary	Homes	($000s)		% of NOI		($000s)			Carrying Value
Unencumbered assets	26,811	$	105,314	70.0	%	$	6,184,616		73.4	%
Encumbered assets	12,593	45,118		30.0	%	2,240,663			26.6	%
	39,404	$	150,432	100.0	%	$	8,425,279		100.0	%



(1) See Attachment 16 for definitions and other terms.
(2) Includes the effect of the ATM issuance of 3.4 million and 3.4 million shares at an average price of $32.29 and $29.95 and a net price of $31.64 and $29.36 during the six and twelve months ended June 30, 2015 and December 31, 2014.
(3) At June 30, 2015 and December 31, 2014, a total of 2,803,812 shares of the Series E were outstanding, which is equivalent to 3,035,548 shares of common stock if converted (after adjusting for the special dividend paid in 2008).
(4) Series E preferred shares are dilutive for purposes of calculating earnings per share for the three months ended June 30, 2015. For the three and six months ended June 30, 2014 and the six months ended June 30, 2015, the Series E preferred shares are anti-dilutive.






Attachment 4(B)

UDR, Inc.
Selected Financial Information
(Unaudited)
												Weighted		Weighted
												Average		Average Years
Debt Structure, In thousands						Balance			% of Total			Interest Rate		to Maturity
Secured	Fixed					$	975,024	(1)	27.4		%	5.3	%	2.5
	Floating					375,415		(2)	10.5		%	1.5	%	5.3
	Combined					1,350,439			37.9		%	4.2	%	3.3

Unsecured	Fixed					1,721,964		(3)	48.3		%	3.8	%	5.2
	Floating					492,000			13.8		%	1.1	%	2.5
	Combined					2,213,964			62.1		%	3.2	%	4.6

Total Debt	Fixed					2,696,988			75.7		%	4.3	%	4.2
	Floating					867,415			24.3		%	1.3	%	3.7
	Combined					$	3,564,403		100.0		%	3.6	%	4.1


Debt Maturities, In thousands
				Unsecured		Revolving								Weighted Average
	Secured Debt			Debt		Credit Facility			Balance			% of Total		Interest Rate
2015	$	187,448		$	—	$	—		$	187,448		5.3	%	5.9	%
2016	143,110		(4)	95,868		—			238,978			6.7	%	5.1	%
2017	279,283			—		457,000		(5)	736,283			20.6	%	2.2	%
2018	207,969			648,749		—			856,718			24.0	%	3.0	%
2019	319,220			—		—			319,220			9.0	%	4.4	%
2020	90,000			299,958		—			389,958			10.9	%	3.8	%
2021	—			—		—			—			—		—
2022	—			397,657		—			397,657			11.2	%	4.7	%
2023	96,409			—		—			96,409			2.7	%	2.1	%
2024	—			314,706		—			314,706			8.8	%	4.0	%
Thereafter	27,000			26		—			27,026			0.8	%	0.9	%
	$	1,350,439		$	1,756,964	$	457,000		$	3,564,403		100.0	%	3.6	%


Debt Maturities With Extensions, In thousands
				Unsecured		Revolving								Weighted Average
	Secured Debt			Debt		Credit Facility			Balance			% of Total		Interest Rate
2015	$	187,448		$	—	$	—		$	187,448		5.3	%	5.9	%
2016	72,365			95,868		—			168,233			4.7	%	4.8	%
2017	350,028			—		—			350,028			9.7	%	4.4	%
2018	207,969			648,749		457,000		(5)	1,313,718			36.9	%	2.4	%
2019	319,220			—		—			319,220			9.0	%	4.4	%
2020	90,000			299,958		—			389,958			10.9	%	3.8	%
2021	—			—		—			—			—		—
2022	—			397,657		—			397,657			11.2	%	4.7	%
2023	96,409			—		—			96,409			2.7	%	2.1	%
2024	—			314,706		—			314,706			8.8	%	4.0	%
Thereafter	27,000			26		—			27,026			0.8	%	0.9	%
	$	1,350,439		$	1,756,964	$	457,000		$	3,564,403		100.0	%	3.6	%

(1) Includes $50 million of floating rate debt that has been fixed using interest rate swaps at a weighted average rate of 4.0%.
(2) Includes $286.3 million of debt with a weighted average interest cap of 8.1% on the underlying index.
(3) Includes $315.0 million of floating rate debt that has been fixed using interest rate swaps at a weighted average rate of 1.6%.
(4) Includes $70.7 million of financing with a one year extension at UDR's option.
(5) UDR's $900 million line of credit 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 100 basis points and a facility fee of 15 basis points.

Attachment 4(C)

UDR, Inc.

Selected Financial Information (1)

(Unaudited)

Quarter Ended

Coverage Ratios

June 30, 2015

Net income/(loss) attributable to UDR, Inc.

86,855

Adjustments (includes continuing and discontinued operations):

Interest expense

29,673

Real estate depreciation and amortization

90,344

Real estate depreciation and amortization on unconsolidated joint ventures

10,017

Other depreciation and amortization

1,700

Noncontrolling interests

3,029

Income tax expense/(benefit)

(1,404

)

EBITDA

220,214

(Gain)/loss on sale of real estate owned, net of tax

(79,042

)

Long-term incentive plan transition costs

1,008

Acquisition-related costs/(fees), including joint ventures

1,544

Casualty-related (recoveries)/charges, net

843

EBITDA - adjusted for non-recurring items

144,567

Annualized EBITDA - adjusted for non-recurring items

578,268

Interest expense

29,673

Capitalized interest expense

3,775

Total interest

33,448

Preferred dividends

931

Total debt

3,564,403

Cash

2,990

Net debt

3,561,413

Interest Coverage Ratio

6.58

Fixed Charge Coverage Ratio

6.41

Interest Coverage Ratio - adjusted for non-recurring items

4.32

Fixed Charge Coverage Ratio - adjusted for non-recurring items

4.21

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

6.2

Debt Covenant Overview

Unsecured Line of Credit Covenants (2)

Required

Actual

Compliance

Maximum Leverage Ratio

≤60.0%

37.4%

Yes

Minimum Fixed Charge Coverage Ratio

≥1.5

3.4

Yes

Maximum Secured Debt Ratio

≤40.0%

18.2%

Yes

Minimum Unencumbered Pool Leverage Ratio

≥150.0%

325.3%

Yes

Senior Unsecured Note Covenants (3)

Required

Actual

Compliance

Debt as a percentage of Total Assets

≤60.0%

37.6%

Yes

Consolidated Income Available for Debt Service to Annual Service Charge

≥1.5

4.3

Yes

Secured Debt as a percentage of Total Assets

≤40.0%

14.2%

Yes

Total Unencumbered Assets to Unsecured Debt

≥150.0%

283.8%

Yes

Securities Ratings

Debt

Preferred

Outlook

Moody's Investors Service

Baa1

Baa2

Stable

Standard & Poor's

BBB+ (4)

BB+

Stable

(1) See Attachment 16 for definitions 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.

(4) Received a senior unsecured credit upgrade from Standard & Poor's to BBB+ in June 2015.






Attachment 5

UDR, Inc.
Operating Information (1)
(Unaudited)

	Total	Quarter Ended			Quarter Ended			Quarter Ended			Quarter Ended			Quarter Ended
Dollars in thousands	Homes	June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014
Revenues
Same-Store Communities	35,250	$	174,521		$	170,708		$	168,180		$	167,992		$	165,628
Stabilized, Non-Mature Communities	2,952	24,504			24,043			23,553			21,115			17,576
Acquired Communities	—	—			—			—			—			—
Redevelopment Communities	328	3,125			3,073			3,106			3,025			2,916
Development Communities	874	2,971			1,795			685			23			1
Non-Residential / Other (2)	—	5,632			4,656			4,634			4,776			4,332
Total	39,404	$	210,753		$	204,275		$	200,158		$	196,931		$	190,453
Expenses
Same-Store Communities		$	49,676		$	50,388		$	48,609		$	51,158		$	48,778
Stabilized, Non-Mature Communities		7,739			7,824			7,687			7,337			6,848
Acquired Communities		—			—			—			—			—
Redevelopment Communities		575			578			570			564			534
Development Communities		1,853			1,340			1,043			590			131
Non-Residential / Other (2)		1,813			2,415			2,147			1,662			568
Total		$	61,656		$	62,545		$	60,056		$	61,311		$	56,859
Net Operating Income
Same-Store Communities		$	124,845		$	120,320		$	119,571		$	116,834		$	116,850
Stabilized, Non-Mature Communities		16,765			16,219			15,866			13,778			10,728
Acquired Communities		—			—			—			—			—
Redevelopment Communities		2,550			2,495			2,536			2,461			2,382
Development Communities		1,118			455			(358		)	(567		)	(130		)
Non-Residential / Other (2)		3,819			2,241			2,487			3,114			3,764
Total		$	149,097		$	141,730		$	140,102		$	135,620		$	133,594
Operating Margin
Same-Store Communities		71.5		%	70.5		%	71.1		%	69.5		%	70.5		%
Average Physical Occupancy
Same-Store Communities		96.9		%	96.7		%	96.7		%	96.8		%	96.8		%
Stabilized, Non-Mature Communities		95.7		%	95.2		%	95.2		%	92.9		%	78.4		%
Acquired Communities		—			—			—			—			—
Redevelopment Communities		95.0		%	97.1		%	98.0		%	98.3		%	97.4		%
Development Communities		67.6		%	57.7		%	39.8		%	20.7		%	—
Other (3)		—			97.3		%	97.1		%	93.3		%	89.9		%
Total		96.2		%	96.2		%	95.6		%	96.3		%	95.2		%
Return on Invested Capital
Same-Store Communities		7.7		%	7.5		%	7.3		%	7.3		%	7.3		%
Sold and Held for Disposition Communities
Revenues		$	2,011		$	2,772		$	5,946		$	6,656		$	10,506
Expenses		676			927			2,057			2,472			3,697
Net Operating Income/(loss)		$	1,335		$	1,845		$	3,889		$	4,184		$	6,809
Total	39,404	$	150,432		$	143,575		$	143,991		$	139,804		$	140,403
Discontinued Operations (4)
Revenues		$	—		$	—		$	—		$	21		$	78
Expenses		—			—			—			11			89
Net Operating Income/(loss)		$	—		$	—		$	—		$	10		$	(11	)

(1) See Attachment 16 for definition and other terms.
(2) Primarily non-residential revenue and expense and straight-line adjustment for concessions.
(3) Includes occupancy of Sold and Held for Disposition Communities and Discontinued Operations.
(4) Effective January 1, 2014, UDR prospectively adopted Accounting Standards Update (“ASU”) No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, for all communities not previously sold or classified as held for sale. ASU 2014-08 incorporates into the definition of a discontinued operation a requirement that a disposition represent a strategic shift in an entity’s operations, which resulted in UDR no longer classifying the sale of communities as a discontinued operation. 2014 activity included in discontinued operations is related to Grandview, a commercial property classified as held for sale prior to the adoption of the new accounting standard, which was sold in July 2014.






Attachment 6

UDR, Inc.
Same-Store Operating Expense Information (1)
(Dollars in Thousands)
(Unaudited)

	% of 2Q 2015
	SS Operating
Year-Over-Year Comparison	Expenses		2Q 2015		2Q 2014		% Change
Real estate taxes	34.4	%	$	17,071	$	16,673	2.4	%
Personnel	25.2	%	12,521		12,161		3.0	%
Utilities	15.5	%	7,721		7,461		3.5	%
Repair and maintenance	14.0	%	6,940		7,052		-1.6	%
Administrative and marketing	6.3	%	3,132		3,192		-1.9	%
Insurance	4.6	%	2,291		2,239		2.3	%
Same-Store operating expenses	100.0	%	$	49,676	$	48,778	1.8	%
Same-Store Homes	35,250


	% of 2Q 2015
	SS Operating
Sequential Comparison	Expenses		2Q 2015		1Q 2015		% Change
Real estate taxes	34.4	%	$	17,071	$	17,527	-2.6	%
Personnel	25.2	%	12,521		12,029		4.1	%
Utilities	15.5	%	7,721		8,828		-12.5	%
Repair and maintenance	14.0	%	6,940		6,667		4.1	%
Administrative and marketing	6.3	%	3,132		3,194		-2.0	%
Insurance	4.6	%	2,291		2,143		7.0	%
Same-Store operating expenses	100.0	%	$	49,676	$	50,388	-1.4	%
Same-Store Homes	35,250



	% of YTD 2015
	SS Operating
Year-to-Date Comparison	Expenses		YTD 2015		YTD 2014		% Change

Real estate taxes	34.6	%	$	34,598	$	33,670	2.8	%
Personnel	24.5	%	24,550		23,722		3.5	%
Utilities	16.6	%	16,549		16,058		3.1	%
Repair and maintenance	13.6	%	13,607		13,692		-0.6	%
Administrative and marketing	6.3	%	6,326		6,271		0.9	%
Insurance	4.4	%	4,434		4,570		-3.0	%
Same-Store operating expenses	100.0	%	$	100,064	$	97,983	2.1	%

Same-Store Homes	35,250







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






Attachment 7(A)

UDR, Inc.
Apartment Home Breakout (1)
Portfolio Overview as of Quarter Ended
June 30, 2015
(Unaudited)

		Non-Mature Homes			Unconsolidated
	Total			Total	Joint Venture	Total
	Same-Store		Non-	Consolidated	Operating	Homes
	Homes	Stabilized (2)	Stabil. / Other (3)	Homes	Homes (4)	(incl. JV) (4)
West Region
Orange County, CA	3,757	1,284	173	5,214	—	5,214
San Francisco, CA	2,108	315	328	2,751	—	2,751
Seattle, WA	1,727	358	—	2,085	555	2,640
Los Angeles, CA	1,225	—	—	1,225	151	1,376
Monterey Peninsula, CA	1,565	—	—	1,565	—	1,565
Other Southern CA	875	—	—	875	571	1,446
Portland, OR	476	—	—	476	—	476
	11,733	1,957	501	14,191	1,277	15,468
Mid-Atlantic Region
Metropolitan DC	4,568	256	332	5,156	874	6,030
Baltimore, MD	2,300	—	—	2,300	379	2,679
Richmond, VA	1,358	—	—	1,358	—	1,358
Norfolk, VA	846	—	—	846	—	846
Other Mid-Atlantic	168	—	—	168	—	168
	9,240	256	332	9,828	1,253	11,081
Southeast Region
Tampa, FL	2,499	—	—	2,499	—	2,499
Orlando, FL	2,500	—	—	2,500	—	2,500
Nashville, TN	2,260	—	—	2,260	—	2,260
Other Florida	636	—	—	636	—	636
	7,895	—	—	7,895	—	7,895
Northeast Region
New York, NY	1,205	739	—	1,944	710	2,654
Boston, MA	1,179	—	369	1,548	1,302	2,850
Philadelphia, PA	—	—	—	—	290	290
	2,384	739	369	3,492	2,302	5,794
Southwest Region
Dallas, TX	2,725	—	—	2,725	1,382	4,107
Austin, TX	1,273	—	—	1,273	259	1,532
Other Southwest	—	—	—	—	223	223
	3,998	—	—	3,998	1,864	5,862
Totals	35,250	2,952	1,202	39,404	6,696	46,100

Communities	125	7	4	136	28	164

Total Homes (incl. joint ventures) (4)			46,100
Homes in Development, Excluding Completed Homes (5)
Current Pipeline Wholly-Owned			516
Current Pipeline Joint Venture (6)			1,173
Current Pipeline Preferred Equity Investments (6)			1,533
Total expected homes (including development)			49,322

(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, Non-Residential/Other, Sold, and Held for Disposition categories on Attachment 5. Excludes development homes not yet completed.
(4) Represents joint venture homes at 100 percent. See Attachment 12 for UDR's joint venture and partnership ownership interests.
(5) See Attachments 9(A) and 9(B) for detail of our development communities.
(6) Represents joint venture and preferred equity investment homes at 100 percent. Excludes 218 homes at Steele Creek where we have a participating loan investment. See Attachments 9(A) and 9(B) for UDR's developments and ownership interests.

Attachment 7(B)

UDR, Inc.

Non-Mature Home Summary (1)

Portfolio Overview as of Quarter Ended

June 30, 2015

(Unaudited)

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

# of

Same-Store

# of

Same-Store

Community

Category

Homes

Date (2)

Community

Category

Homes

Date (2)

West Region

Mid-Atlantic Region

Orange County, CA

Metropolitan D.C.

27 Seventy Five Mesa Verde

Stabilized, Non-Mature

964

3Q15

Domain College Park

Stabilized, Non-Mature

256

4Q15

Los Alisos

Stabilized, Non-Mature

320

1Q16

DelRay Tower

Development

332

4Q16

Beach & Ocean

Development

173

3Q16

Northeast Region

San Francisco, CA

New York, NY

Channel @ Mission Bay

Stabilized, Non-Mature

315

3Q15

Stabilized, Non-Mature

739

1Q16

2000 Post

Redevelopment

328

1Q17

Boston, MA

Seattle, WA

100 Pier 4

Development

369

2Q17

Lightbox

Stabilized, Non-Mature

162

2Q16

Waterscape

Stabilized, Non-Mature

196

1Q16

Total

4,154

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

# of

Date & Community

Category

Homes

Date & Community

Category

Homes

3Q15

3Q16

27 Seventy Five Mesa Verde

Stabilized, Non-Mature

964

Beach & Ocean

Development

173

Channel @ Mission Bay

Stabilized, Non-Mature

315

4Q16

4Q15

DelRay Tower

Development

332

Domain College Park

Stabilized, Non-Mature

256

1Q17

1Q16

2000 Post

Redevelopment

328

Los Alisos

Stabilized, Non-Mature

320

Waterscape

Stabilized, Non-Mature

196

2Q17

Stabilized, Non-Mature

739

100 Pier 4

Development

369

2Q16

Lightbox

Stabilized, Non-Mature

162

Total

4,154

Summary of Non-Mature Home Activity

Stabilized, Non-Mature

Acquired

Redevelopment

Development

Total

Non-Mature Homes at March 31, 2015

2,213

—

1,067

613

3,893

739

—

(739

)

—

100 Pier 4

—

261

(3)

Non-Mature Homes at June 30, 2015

2,952

—

328

874

4,154

(1) See Attachment 16 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) 261 homes were completed at 100 Pier 4 in 2Q15.






Attachment 7(C)

UDR, Inc.
Total Revenue Per Occupied Home Summary (1)
Portfolio Overview as of Quarter Ended
June 30, 2015
(Unaudited)

			Non-Mature Homes						Unconsolidated
	Total						Total		Joint Venture		Total
	Same-Store				Non-		Consolidated		Operating		Homes
	Homes		Stabilized (2)		Stabilized (3) (4)		Homes		Homes (5)		(incl. pro rata JV) (5)
West Region
Orange County, CA	$	1,899	$	2,070	$	2,103	$	1,947	$	—	$	1,947
San Francisco, CA	2,988		4,448		3,345		3,197		—		3,197
Seattle, WA	1,836		1,899		—		1,846		3,417		2,030
Los Angeles, CA	2,453		—		—		2,453		3,924		2,535
Monterey Peninsula, CA	1,311		—		—		1,311		—		1,311
Other Southern CA	1,630		—		—		1,630		2,904		1,940
Portland, OR	1,268		—		—		1,268		—		1,268
Mid-Atlantic Region
Metropolitan DC	1,924		1,949		1,954		1,926		2,714		1,970
Baltimore, MD	1,494		—		—		1,494		1,774		1,515
Richmond, VA	1,236		—		—		1,236		—		1,236
Norfolk, VA	1,077		—		—		1,077		—		1,077
Other Mid-Atlantic	1,034		—		—		1,034		—		1,034
Southeast Region
Tampa, FL	1,187		—		—		1,187		—		1,187
Orlando, FL	1,098		—		—		1,098		—		1,098
Nashville, TN	1,103		—		—		1,103		—		1,103
Other Florida	1,427		—		—		1,427		—		1,427
Northeast Region
New York, NY	3,805		4,420		—		4,037		4,670		4,133
Boston, MA	2,316		—		1,810		2,273		2,342		2,296
Philadelphia, PA	—		—		—		—		3,241		3,241
Southwest Region
Dallas, TX	1,181		—		—		1,181		1,825		1,309
Austin, TX	1,345		—		—		1,345		4,319		1,615
Other Southwest	—		—		—		—		3,086		3,086
Weighted Average	$	1,703	$	2,891	$	2,496	$	1,809	$	2,817	$	1,885

(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, Non-Residential/Other and Sold and Held for Disposition communities categories on Attachment 5.
(4) Development revenue per occupied home can be affected by the timing of home deliveries during a quarter and the effects of upfront rental rate concessions on cash-based calculations.
(5) Represents joint ventures at UDR's pro-rata ownership interests. See Attachment 12 for UDR's joint venture and partnership ownership interests.

Attachment 7(D)

UDR, Inc.

Net Operating Income Breakout By Market (1)

June 30, 2015

(Dollars in Thousands)

(Unaudited)



	Three Months Ended June 30, 2015
								Pro-Rata
		Same-Store			Non Same-Store (2)			Share of JVs (3)		Total
Net Operating Income		$	124,845		$	24,252		$	17,717	$	166,814


		Three Months Ended June 30, 2015								Three Months Ended June 30, 2015
		As a % of NOI								As a % of NOI
Region		Same-Store			Total			Region		Same-Store			Total
West Region								Southeast Region
Orange County, CA		12.5		%	12.9		%	Tampa, FL		4.5		%		3.4	%
San Francisco, CA		11.4		%	11.9		%	Orlando, FL		4.4		%		3.3	%
Seattle, WA		5.3		%	6.7		%	Nashville, TN		4.1		%		3.1	%
Los Angeles, CA		5.1		%	4.1		%	Other Florida		1.3		%		1.0	%
Monterey Peninsula, CA		3.5		%	2.6		%			14.3		%		10.8	%
Other Southern CA		2.4		%	2.7		%	Northeast Region
Portland, OR		1.0		%	0.8		%	New York, NY		8.4		%		13.0	%
		41.2		%	41.7		%	Boston, MA		4.7		%		5.3	%
								Philadelphia, PA		0.0		%		0.8	%
Mid-Atlantic Region										13.1		%		19.1	%
Metropolitan DC		14.0		%	12.9		%	Southwest Region
Baltimore, MD		5.7		%	4.7		%	Dallas, TX		4.9		%		4.7	%
Richmond, VA		2.9		%	2.2		%	Austin, TX		2.3		%		2.3	%
Norfolk, VA		1.4		%	1.0		%	Other Southwest		0.0		%		0.4	%
Other Mid-Atlantic		0.2		%	0.2		%			7.2		%		7.4	%
		24.2		%	21.0		%
								Total		100.0		%		100.0	%

(1) See Attachment 16 for definitions and other terms.
(2) Excludes results from Sold, Held for Disposition Communities and Discontinued Operations.
(3) Includes UDR's pro rata share of joint venture and partnership NOI.






Attachment 8(A)

UDR, Inc.
Same-Store Operating Information By Major Market (1)
Current Quarter vs. Prior Year Quarter
June 30, 2015
(Unaudited)

		% of Same-
	Total	Store Portfolio		Same-Store
	Same-Store	Based on		Physical Occupancy						Total Revenue per Occupied Home
	Homes	2Q 2015 NOI		2Q 15		2Q 14		Change		2Q 15		2Q 14		Change
West Region
Orange County, CA	3,757	12.5	%	95.9	%	95.1	%	0.8	%	$	1,899	$	1,807	5.1	%
San Francisco, CA	2,108	11.4	%	97.1	%	97.4	%	-0.3	%	2,988		2,727		9.6	%
Seattle, WA	1,727	5.3	%	97.3	%	97.5	%	-0.2	%	1,836		1,727		6.3	%
Los Angeles, CA	1,225	5.1	%	95.6	%	95.4	%	0.2	%	2,453		2,319		5.8	%
Monterey Peninsula, CA	1,565	3.5	%	97.5	%	97.4	%	0.1	%	1,311		1,195		9.7	%
Other Southern CA	875	2.4	%	96.5	%	96.6	%	-0.1	%	1,630		1,544		5.6	%
Portland, OR	476	1.0	%	97.5	%	97.9	%	-0.4	%	1,268		1,147		10.5	%
	11,733	41.2	%	96.6	%	96.4	%	0.2	%	2,019		1,886		7.0	%
Mid-Atlantic Region
Metropolitan DC	4,568	14.0	%	96.8	%	97.1	%	-0.3	%	1,924		1,879		2.4	%
Baltimore, MD	2,300	5.7	%	97.3	%	97.3	%	0.0	%	1,494		1,461		2.3	%
Richmond, VA	1,358	2.9	%	96.9	%	96.5	%	0.4	%	1,236		1,221		1.2	%
Norfolk, VA	846	1.4	%	95.3	%	95.3	%	0.0	%	1,077		1,051		2.5	%
Other Mid-Atlantic	168	0.2	%	95.9	%	97.0	%	-1.1	%	1,034		1,017		1.7	%
	9,240	24.2	%	96.8	%	96.9	%	-0.1	%	1,623		1,588		2.1	%
Southeast Region
Tampa, FL	2,499	4.5	%	97.1	%	96.5	%	0.6	%	1,187		1,128		5.2	%
Orlando, FL	2,500	4.4	%	97.0	%	97.0	%	0.0	%	1,098		1,025		7.1	%
Nashville, TN	2,260	4.1	%	97.3	%	97.6	%	-0.3	%	1,103		1,052		4.8	%
Other Florida	636	1.3	%	96.6	%	96.2	%	0.4	%	1,427		1,352		5.5	%
	7,895	14.3	%	97.1	%	96.9	%	0.2	%	1,154		1,091		5.8	%
Northeast Region
New York, NY	1,205	8.4	%	98.0	%	97.3	%	0.7	%	3,805		3,626		4.9	%
Boston, MA	1,179	4.7	%	97.1	%	96.8	%	0.3	%	2,316		2,203		5.1	%
	2,384	13.1	%	97.6	%	97.1	%	0.5	%	3,072		2,924		5.1	%
Southwest Region
Dallas, TX	2,725	4.9	%	97.0	%	97.6	%	-0.6	%	1,181		1,122		5.3	%
Austin, TX	1,273	2.3	%	97.3	%	96.7	%	0.6	%	1,345		1,264		6.4	%
	3,998	7.2	%	97.1	%	97.3	%	-0.2	%	1,233		1,167		5.7	%

Total/Weighted Avg.	35,250	100.0	%	96.9	%	96.8	%	0.1	%	$	1,703	$	1,618	5.3	%

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






Attachment 8(B)

UDR, Inc.
Same-Store Operating Information By Major Market (1)
Current Quarter vs. Prior Year Quarter
June 30, 2015
(Unaudited)

	Total	Same-Store ($000s)

	Same-Store	Revenues						Expenses						Net Operating Income
	Homes	2Q 15		2Q 14		Change		2Q 15		2Q 14		Change		2Q 15		2Q 14		Change
West Region
Orange County, CA	3,757	$	20,531	$	19,369	6.0	%	$	4,958	$	5,067	-2.2	%	$	15,573	$	14,302	8.9	%
San Francisco, CA	2,108	18,351		16,797		9.3	%	4,154		4,106		1.2	%	14,197		12,691		11.9	%
Seattle, WA	1,727	9,253		8,724		6.1	%	2,613		2,540		2.9	%	6,640		6,184		7.4	%
Los Angeles, CA	1,225	8,617		8,131		6.0	%	2,267		2,524		-10.2	%	6,350		5,607		13.2	%
Monterey Peninsula, CA	1,565	5,999		5,464		9.8	%	1,603		1,605		-0.2	%	4,396		3,859		13.9	%
Other Southern CA	875	4,129		3,915		5.5	%	1,140		1,170		-2.6	%	2,989		2,745		8.9	%
Portland, OR	476	1,766		1,604		10.1	%	511		496		3.1	%	1,255		1,108		13.2	%
	11,733	68,646		64,004		7.3	%	17,246		17,508		-1.5	%	51,400		46,496		10.5	%
Mid-Atlantic Region
Metropolitan DC	4,568	25,523		24,997		2.1	%	8,091		7,788		3.9	%	17,432		17,209		1.3	%
Baltimore, MD	2,300	10,028		9,807		2.3	%	2,888		2,811		2.7	%	7,140		6,996		2.1	%
Richmond, VA	1,358	4,879		4,800		1.6	%	1,196		1,162		2.9	%	3,683		3,638		1.3	%
Norfolk, VA	846	2,606		2,543		2.5	%	863		837		3.1	%	1,743		1,706		2.2	%
Other Mid-Atlantic	168	501		497		0.9	%	196		183		7.0	%	305		314		-2.7	%
	9,240	43,537		42,644		2.1	%	13,234		12,781		3.5	%	30,303		29,863		1.5	%
Southeast Region
Tampa, FL	2,499	8,641		8,159		5.9	%	3,051		2,894		5.4	%	5,590		5,265		6.2	%
Orlando, FL	2,500	7,991		7,458		7.2	%	2,484		2,379		4.5	%	5,507		5,079		8.4	%
Nashville, TN	2,260	7,277		6,964		4.5	%	2,175		2,144		1.4	%	5,102		4,820		5.8	%
Other Florida	636	2,631		2,482		6.0	%	954		877		8.8	%	1,677		1,605		4.5	%
	7,895	26,540		25,063		5.9	%	8,664		8,294		4.5	%	17,876		16,769		6.6	%
Northeast Region
New York, NY	1,205	13,481		12,753		5.7	%	3,020		2,851		5.9	%	10,461		9,902		5.6	%
Boston, MA	1,179	7,955		7,541		5.5	%	2,147		1,984		8.2	%	5,808		5,557		4.5	%
	2,384	21,436		20,294		5.6	%	5,167		4,835		6.9	%	16,269		15,459		5.2	%
Southwest Region
Dallas, TX	2,725	9,365		8,954		4.6	%	3,260		3,393		-3.9	%	6,105		5,561		9.8	%
Austin, TX	1,273	4,997		4,669		7.0	%	2,105		1,967		7.1	%	2,892		2,702		7.0	%
	3,998	14,362		13,623		5.4	%	5,365		5,360		0.1	%	8,997		8,263		8.9	%

Totals	35,250	$	174,521	$	165,628	5.4	%	$	49,676	$	48,778	1.8	%	$	124,845	$	116,850	6.8	%

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






Attachment 8(C)

UDR, Inc.
Same-Store Operating Information By Major Market (1)
Current Quarter vs. Last Quarter
June 30, 2015
(Unaudited)

	Total	Same-Store
	Same-Store	Physical Occupancy						Total Revenue per Occupied Home
	Homes	2Q 15		1Q 15		Change		2Q 15		1Q 15		Change
West Region
Orange County, CA	3,757	95.9	%	96.1	%	-0.2	%	$	1,899	$	1,867	1.7	%
San Francisco, CA	2,108	97.1	%	97.3	%	-0.2	%	2,988		2,890		3.4	%
Seattle, WA	1,727	97.3	%	97.3	%	0.0	%	1,836		1,791		2.5	%
Los Angeles, CA	1,225	95.6	%	95.0	%	0.6	%	2,453		2,393		2.5	%
Monterey Peninsula, CA	1,565	97.5	%	97.1	%	0.4	%	1,311		1,266		3.6	%
Other Southern CA	875	96.5	%	96.5	%	0.0	%	1,630		1,608		1.4	%
Portland, OR	476	97.5	%	98.4	%	-0.9	%	1,268		1,226		3.4	%
	11,733	96.6	%	96.6	%	0.0	%	2,019		1,968		2.5	%
Mid-Atlantic Region
Metropolitan DC	4,568	96.8	%	96.7	%	0.1	%	1,924		1,893		1.6	%
Baltimore, MD	2,300	97.3	%	97.0	%	0.3	%	1,494		1,478		1.1	%
Richmond, VA	1,358	96.9	%	95.9	%	1.0	%	1,236		1,224		1.0	%
Norfolk, VA	846	95.3	%	94.6	%	0.7	%	1,077		1,063		1.3	%
Other Mid-Atlantic	168	95.9	%	94.7	%	1.2	%	1,034		1,010		2.4	%
	9,240	96.8	%	96.4	%	0.4	%	1,623		1,601		1.4	%
Southeast Region
Tampa, FL	2,499	97.1	%	97.0	%	0.1	%	1,187		1,166		1.8	%
Orlando, FL	2,500	97.0	%	96.6	%	0.4	%	1,098		1,070		2.6	%
Nashville, TN	2,260	97.3	%	97.1	%	0.2	%	1,103		1,085		1.7	%
Other Florida	636	96.6	%	96.8	%	-0.2	%	1,427		1,401		1.9	%
	7,895	97.1	%	96.9	%	0.2	%	1,154		1,131		2.0	%
Northeast Region
New York, NY	1,205	98.0	%	97.9	%	0.1	%	3,805		3,712		2.5	%
Boston, MA	1,179	97.1	%	95.9	%	1.2	%	2,316		2,286		1.3	%
	2,384	97.6	%	96.9	%	0.7	%	3,072		3,014		1.9	%
Southwest Region
Dallas, TX	2,725	97.0	%	97.1	%	-0.1	%	1,181		1,162		1.6	%
Austin, TX	1,273	97.3	%	97.0	%	0.3	%	1,345		1,318		2.0	%
	3,998	97.1	%	97.1	%	0.0	%	1,233		1,212		1.7	%

Total/Weighted Avg.	35,250	96.9	%	96.7	%	0.2	%	$	1,703	$	1,669	2.0	%

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






Attachment 8(D)

UDR, Inc.
Same-Store Operating Information By Major Market (1)
Current Quarter vs. Last Quarter
June 30, 2015
(Unaudited)

	Total	Same-Store ($000s)

	Same-Store	Revenues						Expenses						Net Operating Income
	Homes	2Q 15		1Q 15		Change		2Q 15		1Q 15		Change		2Q 15		1Q 15		Change
West Region
Orange County, CA	3,757	$	20,531	$	20,220	1.5	%	$	4,958	$	5,017	-1.2	%	$	15,573	$	15,203	2.4	%
San Francisco, CA	2,108	18,351		17,780		3.2	%	4,154		4,218		-1.5	%	14,197		13,562		4.7	%
Seattle, WA	1,727	9,253		9,028		2.5	%	2,613		2,554		2.3	%	6,640		6,474		2.6	%
Los Angeles, CA	1,225	8,617		8,354		3.1	%	2,267		2,396		-5.4	%	6,350		5,958		6.6	%
Monterey Peninsula, CA	1,565	5,999		5,772		3.9	%	1,603		1,650		-2.9	%	4,396		4,122		6.7	%
Other Southern CA	875	4,129		4,072		1.4	%	1,140		1,076		6.0	%	2,989		2,996		-0.2	%
Portland, OR	476	1,766		1,723		2.5	%	511		439		16.4	%	1,255		1,284		-2.3	%
	11,733	68,646		66,949		2.5	%	17,246		17,350		-0.6	%	51,400		49,599		3.6	%
Mid-Atlantic Region
Metropolitan DC	4,568	25,523		25,085		1.7	%	8,091		8,156		-0.8	%	17,432		16,929		3.0	%
Baltimore, MD	2,300	10,028		9,893		1.4	%	2,888		2,961		-2.5	%	7,140		6,932		3.0	%
Richmond, VA	1,358	4,879		4,783		2.0	%	1,196		1,291		-7.3	%	3,683		3,492		5.5	%
Norfolk, VA	846	2,606		2,552		2.1	%	863		909		-5.0	%	1,743		1,643		6.1	%
Other Mid-Atlantic	168	501		482		3.8	%	196		190		3.1	%	305		292		4.2	%
	9,240	43,537		42,795		1.7	%	13,234		13,507		-2.0	%	30,303		29,288		3.5	%
Southeast Region
Tampa, FL	2,499	8,641		8,482		1.9	%	3,051		2,997		1.8	%	5,590		5,485		1.9	%
Orlando, FL	2,500	7,991		7,751		3.1	%	2,484		2,435		2.0	%	5,507		5,316		3.6	%
Nashville, TN	2,260	7,277		7,145		1.8	%	2,175		2,316		-6.1	%	5,102		4,829		5.7	%
Other Florida	636	2,631		2,587		1.7	%	954		886		7.7	%	1,677		1,701		-1.4	%
	7,895	26,540		25,965		2.2	%	8,664		8,634		0.3	%	17,876		17,331		3.1	%
Northeast Region
New York, NY	1,205	13,481		13,138		2.6	%	3,020		2,924		3.3	%	10,461		10,214		2.4	%
Boston, MA	1,179	7,955		7,754		2.6	%	2,147		2,402		-10.6	%	5,808		5,352		8.5	%
	2,384	21,436		20,892		2.6	%	5,167		5,326		-3.0	%	16,269		15,566		4.5	%
Southwest Region
Dallas, TX	2,725	9,365		9,223		1.5	%	3,260		3,467		-6.0	%	6,105		5,756		6.1	%
Austin, TX	1,273	4,997		4,884		2.3	%	2,105		2,104		0.1	%	2,892		2,780		3.9	%
	3,998	14,362		14,107		1.8	%	5,365		5,571		-3.7	%	8,997		8,536		5.4	%

Total	35,250	$	174,521	$	170,708	2.2	%	$	49,676	$	50,388	-1.4	%	$	124,845	$	120,320	3.8	%

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






Attachment 8(E)

UDR, Inc.
Same-Store Operating Information By Major Market (1)
Current Year-to-Date vs. Prior Year-to-Date
June 30, 2015
(Unaudited)

		% of Same-
	Total	Store Portfolio		Same-Store
	Same-Store	Based on		Physical Occupancy						Total Revenue per Occupied Home
	Homes	YTD 2015 NOI		YTD 15		YTD 14		Change		YTD 15		YTD 14		Change
West Region
Orange County, CA	3,757	12.6	%	96.0	%	94.9	%	1.1	%	$	1,883	$	1,799	4.7	%
San Francisco, CA	2,108	11.3	%	97.2	%	97.0	%	0.2	%	2,939		2,699		8.9	%
Seattle, WA	1,727	5.3	%	97.3	%	97.3	%	0.0	%	1,813		1,707		6.2	%
Los Angeles, CA	1,225	5.0	%	95.3	%	95.3	%	0.0	%	2,423		2,310		4.9	%
Monterey Peninsula, CA	1,565	3.5	%	97.3	%	94.5	%	2.8	%	1,288		1,188		8.4	%
Other Southern CA	875	2.4	%	96.5	%	95.8	%	0.7	%	1,619		1,531		5.7	%
Portland, OR	476	1.0	%	98.0	%	97.7	%	0.3	%	1,247		1,139		9.5	%
	11,733	41.1	%	96.6	%	95.8	%	0.8	%	1,993		1,874		6.3	%
Mid-Atlantic Region
Metropolitan DC	4,568	14.0	%	96.8	%	96.8	%	0.0	%	1,908		1,870		2.0	%
Baltimore, MD	2,300	5.7	%	97.2	%	96.8	%	0.4	%	1,485		1,461		1.6	%
Richmond, VA	1,358	2.9	%	96.4	%	96.6	%	-0.2	%	1,230		1,213		1.4	%
Norfolk, VA	846	1.4	%	95.0	%	94.8	%	0.2	%	1,070		1,043		2.6	%
Other Mid-Atlantic	168	0.2	%	95.3	%	97.0	%	-1.7	%	1,022		1,003		1.9	%
	9,240	24.2	%	96.6	%	96.6	%	0.0	%	1,611		1,580		2.1	%
Southeast Region
Tampa, FL	2,499	4.5	%	97.0	%	96.5	%	0.5	%	1,177		1,121		5.0	%
Orlando, FL	2,500	4.6	%	96.8	%	96.8	%	0.0	%	1,084		1,020		6.3	%
Nashville, TN	2,260	4.1	%	97.2	%	97.3	%	-0.1	%	1,094		1,045		4.7	%
Other Florida	636	1.4	%	96.7	%	96.4	%	0.3	%	1,414		1,347		5.0	%
	7,895	14.6	%	97.0	%	96.8	%	0.2	%	1,143		1,085		5.3	%
Northeast Region
New York, NY	1,205	8.4	%	98.0	%	97.4	%	0.6	%	3,757		3,580		4.9	%
Boston, MA	1,179	4.6	%	96.5	%	96.4	%	0.1	%	2,301		2,183		5.4	%
	2,384	13.0	%	97.3	%	96.9	%	0.4	%	3,043		2,893		5.2	%
Southwest Region
Dallas, TX	2,725	4.8	%	97.1	%	97.1	%	0.0	%	1,171		1,121		4.5	%
Austin, TX	1,273	2.3	%	97.1	%	96.7	%	0.4	%	1,332		1,259		5.8	%
	3,998	7.1	%	97.1	%	97.0	%	0.1	%	1,222		1,165		4.9	%

Total/Weighted Avg.	35,250	100.0	%	96.8	%	96.5	%	0.3	%	$	1,686	$	1,607	4.9	%


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






Attachment 8(F)

UDR, Inc.
Same-Store Operating Information By Major Market (1)
Current Year-to-Date vs. Prior Year-to-Date
June 30, 2015
(Unaudited)

	Total	Same-Store ($000s)

	Same-Store	Revenues						Expenses						Net Operating Income
	Homes	YTD 15		YTD 14		Change		YTD 15		YTD 14		Change		YTD 15		YTD 14		Change
West Region
Orange County, CA	3,757	$	40,751	$	38,478	5.9	%	$	9,975	$	10,305	-3.2	%	$	30,776	$	28,173	9.2	%
San Francisco, CA	2,108	36,131		33,115		9.1	%	8,372		8,359		0.2	%	27,759		24,756		12.1	%
Seattle, WA	1,727	18,281		17,208		6.2	%	5,167		5,002		3.3	%	13,114		12,206		7.4	%
Los Angeles, CA	1,225	16,971		16,179		4.9	%	4,663		5,055		-7.8	%	12,308		11,124		10.6	%
Monterey Peninsula, CA	1,565	11,771		10,545		11.6	%	3,253		3,147		3.3	%	8,518		7,398		15.2	%
Other Southern CA	875	8,201		7,701		6.5	%	2,216		2,320		-4.5	%	5,985		5,381		11.2	%
Portland, OR	476	3,489		3,179		9.8	%	950		930		2.2	%	2,539		2,249		12.9	%
	11,733	135,595		126,405		7.3	%	34,596		35,118		-1.5	%	100,999		91,287		10.6	%
Mid-Atlantic Region
Metropolitan DC	4,568	50,608		49,624		2.0	%	16,247		15,929		2.0	%	34,361		33,695		2.0	%
Baltimore, MD	2,300	19,921		19,520		2.1	%	5,849		5,579		4.8	%	14,072		13,941		0.9	%
Richmond, VA	1,358	9,662		9,549		1.2	%	2,487		2,383		4.3	%	7,175		7,166		0.1	%
Norfolk, VA	846	5,158		5,020		2.7	%	1,772		1,744		1.6	%	3,386		3,276		3.3	%
Other Mid-Atlantic	168	983		981		0.3	%	386		360		7.4	%	597		621		-3.9	%
	9,240	86,332		84,694		1.9	%	26,741		25,995		2.9	%	59,591		58,699		1.5	%
Southeast Region
Tampa, FL	2,499	17,123		16,218		5.6	%	6,048		5,729		5.6	%	11,075		10,489		5.6	%
Orlando, FL	2,500	15,742		14,809		6.3	%	4,919		4,679		5.1	%	10,823		10,130		6.8	%
Nashville, TN	2,260	14,422		13,792		4.6	%	4,491		4,200		6.9	%	9,931		9,592		3.5	%
Other Florida	636	5,218		4,955		5.3	%	1,840		1,701		8.2	%	3,378		3,254		3.8	%
	7,895	52,505		49,774		5.5	%	17,298		16,309		6.1	%	35,207		33,465		5.2	%
Northeast Region
New York, NY	1,205	26,619		25,212		5.6	%	5,944		5,835		1.9	%	20,675		19,377		6.7	%
Boston, MA	1,179	15,709		14,884		5.6	%	4,549		4,257		6.9	%	11,160		10,627		5.0	%
	2,384	42,328		40,096		5.6	%	10,493		10,092		4.0	%	31,835		30,004		6.1	%
Southwest Region
Dallas, TX	2,725	18,588		17,789		4.5	%	6,727		6,634		1.4	%	11,861		11,155		6.3	%
Austin, TX	1,273	9,881		9,301		6.3	%	4,209		3,835		9.8	%	5,672		5,466		3.8	%
	3,998	28,469		27,090		5.1	%	10,936		10,469		4.5	%	17,533		16,621		5.5	%

Totals	35,250	$	345,229	$	328,059	5.2	%	$	100,064	$	97,983	2.1	%	$	245,165	$	230,076	6.6	%


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






Attachment 8(G)

UDR, Inc.
Same-Store Operating Information By Major Market (1)
June 30, 2015
(Unaudited)

	Effective New Lease Rate Growth		Effective Renewal Lease Rate Growth		Annualized Turnover
	2Q 2015		2Q 2015		2Q 2015		2Q 2014		YTD 2015		YTD 2014
West Region
Orange County, CA	6.3	%	7.1	%	65.8	%	63.5	%	56.0	%	57.5	%
San Francisco, CA	14.0	%	10.2	%	59.4	%	58.4	%	50.4	%	52.9	%
Seattle, WA	11.9	%	8.3	%	55.5	%	57.4	%	49.6	%	48.1	%
Los Angeles, CA	8.6	%	10.1	%	51.4	%	56.6	%	47.1	%	49.1	%
Monterey Peninsula, CA	22.2	%	10.2	%	60.5	%	43.3	%	48.3	%	42.3	%
Other Southern CA	7.7	%	5.7	%	61.0	%	61.0	%	54.6	%	55.3	%
Portland, OR	16.7	%	12.0	%	55.6	%	67.4	%	51.7	%	50.0	%
					60.1	%	58.3	%	51.8	%	51.9	%
Mid-Atlantic Region
Metropolitan DC	2.3	%	4.5	%	46.6	%	43.7	%	41.7	%	40.3	%
Baltimore, MD	2.5	%	4.6	%	48.7	%	52.8	%	42.6	%	46.9	%
Richmond, VA	3.3	%	5.4	%	58.8	%	69.7	%	52.9	%	55.8	%
Norfolk, VA	2.9	%	4.9	%	51.2	%	47.9	%	51.0	%	53.2	%
Other Mid-Atlantic	-3.3	%	5.2	%	83.6	%	59.7	%	56.4	%	50.4	%
					50.0	%	50.5	%	44.7	%	45.6	%
Southeast Region
Tampa, FL	6.7	%	7.0	%	58.9	%	58.7	%	53.2	%	51.7	%
Orlando, FL	7.1	%	6.6	%	57.3	%	50.7	%	50.0	%	48.3	%
Nashville, TN	5.6	%	5.9	%	59.6	%	55.6	%	53.4	%	53.4	%
Other Florida	4.6	%	5.7	%	60.5	%	58.0	%	45.7	%	49.1	%
					58.7	%	55.2	%	51.6	%	50.9	%
Northeast Region
New York, NY	8.4	%	7.0	%	46.6	%	52.6	%	39.0	%	43.7	%
Boston, MA	7.1	%	6.5	%	52.7	%	47.6	%	44.3	%	40.5	%
					49.6	%	50.1	%	41.6	%	42.1	%
Southwest Region
Dallas, TX	9.0	%	6.2	%	56.5	%	57.6	%	52.2	%	53.1	%
Austin, TX	3.5	%	4.7	%	51.7	%	54.8	%	45.9	%	49.3	%
					55.0	%	56.7	%	50.2	%	51.9	%

Total/Weighted Avg.	7.7	%	7.0	%	55.9	%	54.8	%	49.0	%	49.4	%

Percentage of Total Repriced Homes	52.6	%	47.4	%

	2Q 2015		2Q 2014
Total Combined New and Renewal Lease Rate Growth	7.4	%	4.5	%

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






Attachment 9(A)

UDR, Inc.
Development Summary (1) (2)
June 30, 2015
(Dollars in Thousands)
(Unaudited)
Wholly-Owned

															Schedule						Percentage
		# of			Compl.	Cost to		Budgeted		Est. Cost			Project				Initial
Community	Location	Homes			Homes	Date		Cost		per Home			Debt		Start		Occ.		Compl.		Leased			Occupied
Projects Under Construction
Pacific City	Huntington Beach, CA	516			—	$	92,645	$	342,000	$	663		$	—	2Q15		2Q17		1Q18		—			—
Total		516			—	$	92,645	$	342,000	$	663		$	—

Completed Projects, Non-Stabilized

100 Pier 4 (3)	Boston, MA	369			369	$	209,946	$	217,700	$	590		$	—	4Q12		1Q15		2Q15		68.8		%	56.6	%
DelRay Tower (5)	Alexandria, VA	332			332	125,522		127,000		383			—		3Q11		3Q14		4Q14		87.1		%	82.5	%
Beach & Ocean	Huntington Beach, CA	173			173	51,723		51,900		300			—		3Q12		4Q14		4Q14		98.3		%	97.7	%
Total - Wholly Owned		1,390			874	$	479,836	$	738,600	$	531		$	—


Net Operating Income From Wholly-Owned Projects															Capitalized Interest for Current Development Projects
		2Q 2015													2Q 15		2Q 14		YTD 15		YTD 14
Projects Under Construction		$	(9	)											$	1,347	$	3,157	$	3,763	$	5,792
Completed, Non-Stabilized		1,127
Total		$	1,118



Unconsolidated Joint Ventures and Partnerships
															Schedule						Percentage
		Own.			# of	Compl.		Cost to		Budgeted			Project				Initial
Community	Location	Interest			Homes	Homes		Date (6)		Cost			Debt		Start		Occ.		Compl.		Leased			Occupied
Projects Under Construction
399 Fremont	San Francisco, CA	51		%	447	—		$	204,128	$	317,700	(7)	$	32,734	1Q14		1Q16		3Q16		—			—
Residences at 2801 Kelvin	Irvine, CA	50		%	381	—		56,946		125,000			—		3Q14		3Q16		1Q17		—			—
3033 Wilshire	Los Angeles, CA	50		%	190	—		33,931		107,000		(8)	—		4Q14		4Q16		1Q17		—			—
Domain Mountain View	Mountain View, CA	50		%	155	—		28,384		99,000		(9)	—		1Q15		1Q17		2Q17		—			—
Total					1,173	—		$	323,389	$	648,700		$	32,734

Completed Projects, Non-Stabilized
N/A	N/A	—			—	—		$	—	$	—		$	—	N/A		N/A		N/A		—			—
Total - Unconsolidated Joint Ventures and Partnerships					1,173	—		$	323,389	$	648,700		$	32,734


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




(1) See Attachment 16 for definitions and other terms.
(2) The development summary above includes all communities under development that UDR wholly owns or owns an interest in through an unconsolidated joint venture.
(3) The developer will have the opportunity to earn an additional contingent developer fee, which will be determined by meeting a specific revenue hurdle during the 24 months after final completion.
(4) Includes 11,000 square feet of retail space.
(5) 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.
(6) Cost to Date includes land using the fair value established at joint venture formation versus historical cost and excludes UDR outside basis differences.
(7) Includes 3,800 square feet of retail space.
(8) Includes 5,500 square feet of retail space.
(9) Includes 4,500 square feet of retail space.






Attachment 9(B)

UDR, Inc.
Preferred Equity and Participating Loan Investments (1)
June 30, 2015
(Dollars in Thousands)
(Unaudited)
Preferred Equity Investments

								UDR			UDR
		Own.		# of	Compl.	Going-in		Investment			Share of		Schedule						Percentage
Community	Location	Interest		Homes	Homes	Valuation		Cost			Debt		Start		Compl.		Stabilization		Leased	Occupied
Projects Under Construction

West Coast Development JV (2)
8th & Republican (3)(4)	Seattle, WA	48	%	211	—	$	97,020	$	23,971		$	5,939	3Q14		1Q16		1Q17		—	—
Katella Grand I	Anaheim, CA	49	%	399	—	137,935		34,268			14,085		4Q13		1Q16		1Q17		—	—
CityLine (5)	Seattle, WA	49	%	244	—	80,360		20,214			3,611		3Q14		2Q16		3Q16		—	—
12th & Olive (3)(6)	Los Angeles, CA	47	%	293	—	129,360		33,698			6,604		2Q14		3Q16		4Q17		—	—
Katella Grand II	Anaheim, CA	49	%	386	—	114,660		17,441		(7)	4,409		4Q14		2Q17		2Q18		—	—
Total				1,533	—	$	559,335	$	129,592		$	34,647

Completed Projects, Non-Stabilized
N/A	N/A	—		—	—	$	—	$	—		$	—	N/A		N/A		N/A		—	—
Total - Preferred Equity Investments				1,533	—	$	559,335	$	129,592		$	34,647



Participating Loan Investment

				# of	Compl.	Cost to		Budgeted			Loan		Loan
Community	Location			Homes	Homes	Date (10)		Cost			Commitment		Balance (10)		Leased		Occupied
Steele Creek (8)(9)	Denver, CO			218	218	$	102,969	$	108,245		$	92,009	$	85,208	50.0	%	33.9	%
Total				218	218	$	102,969	$	108,245		$	92,009	$	85,208









(1) See Attachment 16 for definitions and other terms.
(2) In May 2015, UDR agreed to pay $136 million, net of debt, to acquire a 48% weighted average ownership interest in a $559 million, West Coast Development joint venture consisting of five communities in various stages of construction. UDR receives a 6.5% preferred return on our equity investment cost until stabilization. Our partner assumes all economics until stabilization. Upon stabilization, economics will be shared between UDR and our partner. UDR has the option to purchase each property at a fixed price one year after completion at an all-in option price of $597 million. A community is considered stabilized when it reaches 80% occupancy for ninety consecutive days.
(3) A small ownership interest in 8th & Republican and 12th & Olive is held by an additional co-investor.
(4) Includes 13,600 square feet of retail space.
(5) UDR will have an option to acquire an interest in the second phase that is adjacent to the first phase.
(6) Includes 15,500 square feet of retail space.
(7) Excludes $6.7 million expected to be funded over the remainder of 2015.
(8) Includes 17,000 square feet of retail space. Refer to Attachment 12 for terms of our participating loan investment.
(9) UDR's participating loan is reflected as investment in and advances to unconsolidated joint ventures on the Consolidated Balance Sheets and net income/(loss) from unconsolidated entities on the Consolidated Statements of Operations in accordance with GAAP. UDR has the option to purchase the property 25 months after completion of construction and we receive 50% of the value created from the project upon acquisition of the community or sale to a third party.
(10) Cost to date includes accruals for costs incurred, but not yet paid as of the end of the period. Loan balance includes only amounts funded plus interest accrued at 6.5% prior to the period end.






Attachment 10

UDR, Inc.
Redevelopment Summary (1)
June 30, 2015
(Dollars in Thousands)
(Unaudited)
Wholly-Owned
			Sched.
		# of	Redev.	Compl.	Cost to		Budgeted		Est. Cost		Schedule								Percentage
Community	Location	Homes	Homes	Homes	Date		Cost (2)		per Home		Acq.		Start		Compl.		Same-Store (3)		Leased		Occupied
Projects in Redevelopment

2000 Post	San Francisco, CA	328	(4)	(4)	$	4,854	$	15,000	(4)		4Q98		1Q15		1Q16		1Q17		93.9	%	92.4	%
Total		328	—	—	$	4,854	$	15,000	$	—

Completed Redevelopments, Non-Stabilized

N/A	N/A	—	—	—	$	—	$	—	$	—	N/A		N/A		N/A		N/A		—		—
Total - Wholly Owned		328	—	—	$	4,854	$	15,000	$	—


									Capitalized Interest for Current Redevelopment Projects

											2Q 15		2Q 14		YTD 15		YTD 14
Projected Weighted Average Return on Incremental Capital Invested:		7.0% to 9.0%									$	24	$	—	$	39	$	—


(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) 2000 Post redevelopment project will not impact the individual homes. The project includes renovation of building exteriors, corridors, and common area amenities.






Attachment 11

UDR, Inc.
Land Summary (1)
June 30, 2015
(Dollars in Thousands)
(Unaudited)

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

							Pursuing	Design	Hold for Future
							Entitlements	Development	Development
Wholly-Owned
7 Harcourt (3)	Boston, MA	100%	$	6,020	$	6,020	Complete	In Process
Vitruvian Park^®	Addison, TX	100%	13,784		13,784		Complete		In Process
Graybar	Boston, MA	100%	35,939		35,939		Complete	In Process
Total			$	55,743	$	55,743

			Real Estate		UDR Pro-Rata
			Cost Basis		Cost Basis
Consolidated Joint Ventures
3032 Wilshire	Santa Monica, CA	95%	$	12,570	$	11,942	In Process
2919 Wilshire	Santa Monica, CA	95%	8,306		7,891		In Process
Total			$	20,876	$	19,833

			Real Estate		UDR Pro-Rata
			Cost Basis (4)		Cost Basis (4)
Unconsolidated Joint Ventures and Partnerships
UDR/MetLife I - 3 parcels (5)	Various	5%	$	70,441	$	3,463	In Process		In Process
UDR/MetLife Land - 8 parcels (6)	Various	50%	86,514		43,274		Complete	In Process	In Process
Total			$	156,955	$	46,737

Total			$	233,574	$	122,313





(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) Cost basis includes land using the fair value established at joint venture formation versus historical cost and excludes UDR outside basis differences.
(5) Parcels are located in Bellevue, WA; Los Angeles, CA; and Dublin, CA.
(6) Includes 6 parcels in Addison, TX and 2 parcels in Los Angeles, CA.






Attachment 12

UDR, Inc.
Unconsolidated Joint Venture Summary (1)
June 30, 2015
(Dollars in Thousands)
(Unaudited)
Portfolio Characteristics

			# of								Physical		Total Rev. per			Net Operating Income
	Property		Comm. /			# of			Own.		Occupancy		Occ. Home			UDR's Share						Total
Joint Venture and Partnerships	Type		Parcels			Homes (9)			Interest		2Q 15		2Q 15 (1)			2Q 2015			YTD 2015			YTD 2015 (2)
UDR / MetLife
Operating communities	Various		23			5,381			50	%	96.2	%	$	2,915		$	15,646		$	31,445		$	62,890
Stabilized, Non-Mature	Various		2			655			(3)		91.9	%	2,148			1,081			2,229			4,408
Development communities	Various		4			—			(4)		—		—			(5		)	(13		)	(27		)
Land parcels			11			—			(5)		—		—			(28		)	(51		)	(192		)
UDR / KFH	High-rise		3			660			30	%	95.9	%	2,536			1,023			2,061			6,869
Total/Weighted Average			43			6,696					96.2	%	$	2,817		$	17,717		$	35,671		$	73,948



Balance Sheet Characteristics and Returns

	Gross Book Value										Weighted
	of JV Real		Total			UDR's Equity					Avg. Debt		Debt			Returns (8)
Joint Venture and Partnerships	Estate Assets (6)		Project Debt (6)			Investment (7)					Interest Rate		Maturity			ROIC			ROE
UDR / MetLife
Operating communities	$	2,349,770	$	1,212,651		$	444,814				4.4	%	2018-2023
Stabilized, Non-Mature	182,318		119,510			25,844					2.9	%	2017-2025
Development communities	335,583		32,734			141,749					2.1	%	2018
Land parcels	176,558		—			63,798					N/A		N/A
UDR / KFH	283,917		164,829			19,775					3.0	%	2016-2025
Total/Weighted Average	$	3,328,146	$	1,529,724		$	695,980				4.1	%				5.9		%	7.7		%



Same-Store Unconsolidated Joint Venture Growth

	Same-Store
	Joint Venture		2Q 2015 vs. 2Q 2014 Growth										2Q 2015 vs. 1Q 2015 Growth
Joint Venture	Communities (6)		Revenue			Expense			NOI				Revenue			Expense			NOI
UDR / MetLife	23		4.7		%	11.3		%	1.7	%			1.9		%	8.1		%	-1.0		%
UDR / KFH	3		-2.6		%	7.7		%	-6.3	%			-0.7		%	1.2		%	-1.4		%
Total/Average	26		4.0		%	10.9		%	0.9	%			1.6		%	7.5		%	-1.0		%

									NOI										NOI
Same-Store JV Results at UDR's Pro-rata Ownership Interest									1.2	%									-1.0		%

	Same-Store
	Joint Venture		YTD 2015 vs. YTD 2014 Growth
Joint Venture	Communities (6)		Revenue			Expense			NOI
UDR / MetLife	23		4.6		%	5.4		%	4.1	%
UDR / KFH	3		-1.6		%	5.0		%	-4.1	%
Total/Average	26		3.9		%	5.4		%	3.2	%

									NOI
Same-Store JV Results at UDR's Pro-rata Ownership Interest									3.6	%


Participating Loan Investment													Income from Participating
			Interest			Years to							Loan Investment						Upside
	UDR's Investment		Rate			Maturity							2Q 2015			YTD 2015			Participation
Steele Creek (10)	$	85,208	6.5		%	2.1							$	1,352		$	2,506		50		%


Preferred Equity Investment													Income from Preferred
	UDR's Equity		Preferred										Equity Investment (12)
	Investment (11)		Return										2Q 2015			YTD 2015
West Coast Development JV (10)	$	133,627	6.5		%								$	952		$	952

(1) See Attachment 16 for definitions and other terms.
(2) Represents NOI at 100 percent for the period ended June 30, 2015.
(3) Includes Fiori on Vitruvian Park^® of which UDR owns 50.0% and 13th & Market of which UDR owns 51.0%.
(4) Includes 399 Fremont of which UDR owns 51.0%, Residences at 2801 Kelvin of which UDR owns 50.1%, 3033 Wilshire of which UDR owns 50.0% and Domain Mountain View of which UDR owns 50.1%.
(5) See summary of unconsolidated land parcels on Attachment 11.
(6) Joint ventures and partnerships represented at 100 percent.
(7) Includes deferred fees, which are netted in "Investments in and advances to unconsolidated joint ventures, net" on Attachment 3.
(8) Excludes non-stabilized developments.
(9) Includes homes completed for the period ended June 30, 2015.
(10) See Attachment 9(B) for additional details of our participating loan and preferred equity investments.
(11) UDR's equity investment of $133.6 million is inclusive of outside basis and our preferred return, which differs from our upfront investment cost of $129.6 million in Attachment 9(B).
(12) Excludes $1.5 million of acquisition-related costs related to UDR's share of the West Coast Development joint venture's transaction expenses.






Attachment 13

UDR, Inc.
Acquisitions and Dispositions Summary
June 30, 2015
(Dollars in Thousands)
(Unaudited)

				Post
			Prior	Transaction
			Ownership	Ownership							# of	Price per
Date of Purchase	Community	Location	Interest	Interest	Price (1)		Debt (1)				Homes	Home

Acquisitions - Wholly-Owned

Feb-15	1745 Shea Center I (2)	Highlands Ranch, CO	0%	100%	$	24,059	$	24,059			—	$	—
					$	24,059	$	24,059			—	$	—

Acquisitions - Wholly-Owned Land

None

Acquisitions - Joint Ventures

May-15	West Coast Development JV	Various	0%	48%	$	559,335	$	277,476	(3	)	1,533	$	365
					$	559,335	$	277,476			1,533	$	365

Acquisitions - Joint Ventures - Land

None


				Post
			Prior	Transaction
			Ownership	Ownership							# of	Price per
Date of Sale	Community	Location	Interest	Interest	Price (1)		Debt (1)				Homes	Home

Dispositions - Wholly-Owned

May-15	Bay Meadows	Clearwater, FL	100%	0%	$	34,150	$	—			276	$	124
Jun-15	The Canopy Apartment Villas	Orlando, FL	100%	0%	30,540		—				296	103
Jun-15	Andover Park	Beaverton, OR	100%	0%	45,250		16,818				240	189
					$	109,940	$	16,818			812	$	135

Dispositions - Joint Ventures

Jan-15	Texas JV - 8 operating communities	Various	20%	0%	$	400,300	$	219,588			3,359	$	119
					$	400,300	$	219,588			3,359	$	119

Dispositions - Wholly-Owned Land

None

Dispositions - Joint Ventures Land

None





(1) Price represents 100% of the value of assets. Debt represents 100% of the asset's indebtedness.
(2) Includes approximately 120,000 square feet of office space, which is 37% occupied by UDR's corporate headquarters.
(3) Debt represents maximum debt of the joint venture at 100% upon completion of construction. See Attachment 9(B) for additional details.






Attachment 14

UDR, Inc.
Capital Expenditure and Repair and Maintenance Summary (1)
June 30, 2015
(Dollars in Thousands)
(Unaudited)

		Three Months				Six Months
	Weighted Avg.	Ended		Cost		Ended		Cost
Category (Capitalized)	Useful Life (yrs) (2)	June 30, 2015		per Home		June 30, 2015		per Home
Capital Expenditures for Consolidated Homes (3)
Average number of homes (4)		38,980				39,163
Recurring Cap Ex
Asset preservation
Building interiors	5 - 20	$	3,683	$	94	$	6,407	$	164
Building exteriors	5 - 20	2,543		65		4,319		110
Landscaping and grounds	10	1,031		26		1,546		39
Total asset preservation		7,257		185		12,272		313
Turnover related	5	2,854		73		5,082		130
Total Recurring Cap Ex		10,111		258		17,354		443
Revenue Enhancing Cap Ex (5)
Kitchen & Bath		3,018		77		4,745		121
Revenue Enhancing		7,983		205		12,562		321
Total Revenue Enhancing Cap Ex	5 - 20	11,001		282		17,307		442

Total Recurring and Revenue Enhancing Cap Ex		$	21,112	$	540	$	34,661	$	885

One-Time Infrastructure Cap Ex	5 - 35	$	1,236	$	—	$	1,791	$	—


		Three Months				Six Months
		Ended		Cost		Ended		Cost
Category (Expensed)		June 30, 2015		per Home		June 30, 2015		per Home
Repair and Maintenance for Consolidated Homes
Average number of homes (4)		38,980				39,163
Contract services		$	4,470	$	115	$	8,649	$	221
Turnover related expenses		942		24		1,845		47
Other Repair and Maintenance
Building interiors		1,668		43		3,067		78
Building exteriors		339		9		698		18
Landscaping and grounds		188		5		659		17
Total		$	7,607	$	196	$	14,918	$	381

(1) See Attachment 16 for definitions and other terms.
(2) Weighted average useful life of capitalized expenses for the six months ended June 30, 2015.
(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.






Attachment 15

UDR, Inc.
Full-Year 2015 Guidance (1)
June 30, 2015
(Unaudited)

FFO and AFFO per Share Guidance
	3Q 2015	Full Year 2015
FFO per common share and unit, diluted	$0.39 to $0.41	$1.64 to $1.68
FFO As Adjusted per common share and unit, diluted	$0.39 to $0.41	$1.63 to $1.67
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted	$0.34 to $0.36	$1.46 to $1.50
Annualized dividend per share		$1.11


Same-Store Guidance		Full Year 2015
Revenue growth		5.00% to 5.50%
Expense growth		2.50% to 3.00%
NOI growth		5.75% to 6.75%
Physical occupancy		96.5%
Same-Store homes		35,250


Sources of Funds ($ in millions)		Full Year 2015
Sales Proceeds and Debt and Equity Issuances		$750 to $900
Construction Loan Proceeds		$120 to $140


Uses of Funds ($ in millions)		Full Year 2015
Debt maturities (weighted average interest rate of 5.5%)		$516
Development and redevelopment spending		$325 to $375
Acquisitions		$160 to $250


Other Additions/(Deductions) ($ in millions except per home amounts)		Full Year 2015
Interest		($120) to ($125)
General and administrative, gross (2)		($54) to ($56)
Tax benefit for TRS		$3 to $5
Total joint venture FFO, Including fee income		$57 to $61
Non-recurring items:
Disposition-related FFO		$10
Acquisition-related costs		$1.5 to $2
Long-term incentive plan transition costs		$3 to $4
Average stabilized homes		40,000
Recurring capital expenditures per home		$1,150
Revenue enhancing capital expenditures		$15 to $20
Kitchen & Bath capital expenditures		$5 to $10
One-time infrastructure capital expenditures		$5 to $7


(1) See Attachment 16 for definitions and other terms.
(2) Includes an estimated $15 million to $16 million of long-term incentive plan compensation expense, including $3.5 million related to program transition expense.







Attachment 16(A)

UDR, Inc.
Definitions and Reconciliations
June 30, 2015
(Unaudited)

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

Adjusted Funds From Operations ("AFFO") attributable to common stockholders and unitholders: The Company defines AFFO as FFO as Adjusted attributable to common stockholders and unitholders less recurring capital expenditures 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 an alternative to cash flows from operating activities (determined in accordance with GAAP) as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to make distributions. A reconciliation from net income 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: Effective January 1, 2014, UDR prospectively adopted Accounting Standards Update (“ASU”) No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, for all communities not previously sold or classified as held for sale. ASU 2014-08 incorporates into the definition of a discontinued operation a requirement that a disposition represent a strategic shift in an entity’s operations, which resulted in UDR no longer classifying the sale of communities as a discontinued operation. Communities that meet the criteria to be classified as held for disposition subsequent to the adoption of ASU 2014-08 are presented as held for disposition in the Consolidated Balance Sheet for the current period, but do not meet the criteria to be classified as discontinued operations in accordance with ASU 2014-08. Prior to the prospective adoption of ASU 2014-08, FASB ASC Subtopic 205.20, required, 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. Consequently, the primary assets and liabilities and the net operating results of those properties sold or classified as held for disposition prior to January 1, 2014 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 within the Consolidated Statements of Operations for the period ended June 30, 2014, and the reclassification of the assets and liabilities within the Consolidated Balance Sheet as of December 31, 2014. During the twelve months ended December 31, 2014, UDR sold one commercial property that was classified as real estate held for disposition prior to the adoption of ASU 2014-08 and is therefore presented as a discontinued operation. 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	2Q 2015		2Q 2014			YTD 2015		YTD 2014
Rental income	$	—	$	78		$	—	$	126
Rental expenses	—		89			—		214
Property management	—		2			—		3
Real estate depreciation	—		—			—		—
Other operating expenses	—		9			—		18
Non-property (income)/expense	—		—			—		—
Total expenses	—		100			—		235
Income before net impairment of real estate held for disposition and net gain on the sale of depreciable property	—		(22		)	—		(109		)
Net gain on the sale of depreciable property, net of tax	—		—			—		—
Income tax benefit/(expense)	—		40			—		40
Income/(loss) from discontinued operations, net of tax	$	—	$	18		$	—	$	(69	)


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 assesses market-level new demand trends.

Effective Renewal Lease Rate Growth: The Company defines effective renewal lease rate growth as the increase in gross potential rent realized less 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, TRS 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 attributable to common stockholders and unitholders: The Company defines FFO attributable to common stockholders and unitholders 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, casualty-related expenses and recoveries, 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 measures and, accordingly, our FFO as Adjusted may not always be comparable to FFO as Adjusted or similar FFO measures calculated by other REITs. FFO as Adjusted should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of financial performance, or as an alternative to cash flows from operating activities (determined in accordance with GAAP) as a measure of our liquidity. A reconciliation from net income attributable to UDR, Inc. to FFO as Adjusted is provided on Attachment 2.






Attachment 16(B)

UDR, Inc.
Definitions and Reconciliations
June 30, 2015
(Unaudited)

Funds From Operations ("FFO") attributable to common stockholders and unitholders: The Company defines FFO as net income attributable to common stockholders and unitholders, 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 noncontrolling interests, 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, 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), 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 short-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, TRS 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				2Q 2015			YTD 2015
Income/(loss) from unconsolidated entities				$	(573	)	$	58,586
Management fee				1,003			1,984
Interest expense				7,841			15,625
Depreciation				10,017			19,867
General and administrative				351			533
Other income/expense				(922		)	(1,851		)
Gain on sale				—			(59,073		)
Total Joint Venture NOI at UDR's Pro-Rata Ownership Interest				$	17,717		$	35,671

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 TRS 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	2Q 2015			1Q 2015			4Q 2014			3Q 2014			2Q 2014
Net income/(loss) attributable to UDR, Inc.	$	86,855		$	73,822		$	65,417		$	40,549		$	30,007
Property management	5,851			5,694			5,668			5,598			5,527
Other operating expenses	1,769			1,766			2,174			2,009			2,162
Real estate depreciation and amortization	90,344			88,777			91,406			89,339			88,876
Interest expense	29,673			28,800			32,792			33,087			31,691
Casualty-related (recoveries)/charges, net	843			996			41			—			—
General and administrative	13,721			12,152			11,722			11,554			12,530
Tax provision/(benefit), net (includes valuation adjustment)	(1,404		)	(425		)	(7,087		)	(2,492		)	(2,190		)
Income/(loss) from unconsolidated entities	573			(59,159		)	2,074			939			428
Interest and other income, net	(382		)	(360		)	44			(9,061		)	(1,426		)
Joint venture management and other fees	(3,098		)	(12,706		)	(3,445		)	(3,165		)	(2,747		)
Other depreciation and amortization	1,700			1,623			2,117			1,385			1,193
(Income)/loss from discontinued operations, net of tax	—			—			—			(79		)	(18		)
(Gain)/loss on sale of real estate owned, net of tax	(79,042		)	—			(61,267		)	(31,302		)	(26,709		)
Net income/(loss) attributable to noncontrolling interests	3,029			2,595			2,335			1,443			1,079
Total consolidated NOI	$	150,432		$	143,575		$	143,991		$	139,804		$	140,403







Attachment 16(C)

UDR, Inc.
Definitions and Reconciliations
June 30, 2015
(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 QTD SS Communities as those communities stabilized for five full consecutive quarters. These communities were owned and had stabilized occupancy and operating expenses as of the beginning of the quarter in the prior year, there is no plan to conduct substantial redevelopment activities, and the community is not held for disposition within the current year.

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

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

Redevelopment Projected Weighted Average Return on Incremental Capital Invested: The projected weighted average return on incremental capital invested for redevelopment projects is NOI as set forth in the Stabilization Period for Redevelopment Yield definition, less Recurring Capital Expenditures, minus the project’s annualized operating NOI prior to commencing the redevelopment, less Recurring Capital Expenditures, 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 yield 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, commencing one year 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(B), 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.

TRS: The Company's taxable REIT subsidiary ("TRS") 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.

YTD Same-Store ("SS") Communities: The Company defines YTD SS Communities as those communities stabilized for two full consecutive calendar years. 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.






Attachment 16(D)

UDR, Inc.
Definitions and Reconciliations
June 30, 2015
(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 2015 and third quarter of 2015 to forecasted FFO, FFO as Adjusted and AFFO per share and unit:


	Full Year 2015
	Low			High
Forecasted earnings per diluted share	$	0.79		$	0.83
Conversion from GAAP share count	(0.10		)	(0.10		)
Net (gain)/loss on the sale of depreciable property, excluding TRS	(0.50		)	(0.50		)
Depreciation	1.46			1.46
Noncontrolling Interests	(0.02		)	(0.02		)
Preferred Dividends	0.01			0.01
Forecasted FFO per diluted share and unit	$	1.64		$	1.68
Disposition-related FFO	(0.03		)	(0.03		)
Long-term incentive plan transition costs	0.01			0.01
Acquisition-related and other costs	0.01			0.01
Forecasted FFO as Adjusted per diluted share and unit	$	1.63		$	1.67
Recurring capital expenditures	(0.17		)	(0.17		)
Forecasted AFFO per diluted share and unit	$	1.46		$	1.50

	3Q 2015
	Low			High
Forecasted earnings per diluted share	$	0.05		$	0.07
Conversion from GAAP share count	(0.03		)	(0.03		)
Depreciation	0.37			0.37
Noncontrolling Interests	—			—
Preferred Dividends	—			—
Forecasted FFO per diluted share and unit	$	0.39		$	0.41
Disposition-related FFO	—			—
Long-term incentive plan transition costs	—			—
Acquisition-related and other costs	—			—
Forecasted FFO as Adjusted per diluted share and unit	$	0.39		$	0.41
Recurring capital expenditures	(0.05		)	(0.05		)
Forecasted AFFO per diluted share and unit	$	0.34		$	0.36

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UDR, Inc. - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - July 27, 2015

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UDR, Inc. Reports