Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): February 6, 2024

UDR, Inc.

(Exact name of registrant as specified in its charter)


Maryland	1-10524	54-0857512
(State or other jurisdiction	(Commission	(I.R.S. Employer
of incorporation)	File Number)	Identification No.)

1745 Shea Center Drive, Suite 200, Highlands Ranch, Colorado		80129
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (720) 283-6120

Not Applicable

Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01	UDR	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On February 6, 2024, UDR, Inc. (the “Company”) issued a press release announcing its financial results for the quarter and year ended December 31, 2023. This press release is furnished as Exhibit 99.1 to this Report and refers to supplemental financial information that is available on the Company’s website and furnished as Exhibit 99.2 to this Report. This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.


Ex. No.		Description
99.1		Earnings press release dated February 6, 2024.
99.2		Supplemental Financial Information dated February 6, 2024.
104		Cover Page Interactive Data File – The cover page XBRL tags are embedded within the Inline XBRL document

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	UDR, Inc.

February 6, 2024	By:	/s/ Joseph D. Fisher
		Joseph D. Fisher
		President and Chief Financial Officer
		(Principal Financial Officer)


				Exhibit 99.1
Press Release
DENVER, CO – February 6, 2024				Contact: Trent Trujillo
				Email: ttrujillo@udr.com

UDR ANNOUNCES FOURTH QUARTER AND FULL-YEAR 2023 RESULTS,

ESTABLISHES 2024 GUIDANCE RANGES, AND INCREASES DIVIDEND

UDR, Inc. (the “Company”) (NYSE: UDR), announced today its fourth quarter and full-year 2023 results and has posted a related Investor Presentation to its website at ir.udr.com. Net Income, Funds from Operations (“FFO”), FFO as Adjusted (“FFOA”), and Adjusted FFO (“AFFO”) per diluted share for the quarter and full-year ended December 31, 2023 are detailed below.


	Quarter Ended December 31
Metric	4Q 2023 Actual	4Q 2023 Guidance	4Q 2022 Actual	$ Change vs. Prior Year Period	% Change vs. Prior Year Period
Net Income per diluted share	$0.10	$0.08 to $0.10	$0.13	$(0.03)	(23)%
FFO per diluted share	$0.61	$0.62 to $0.64	$0.56	$0.05	9%
FFOA per diluted share	$0.63	$0.62 to $0.64	$0.61	$0.02	3%
AFFO per diluted share	$0.54	$0.56 to $0.58	$0.53	$0.01	2%


	Full-Year (“FY”) Ended December 31
Metric	FY 2023 Actual	FY 2023 Guidance	FY 2022 Actual	$ Change vs. Prior Year Period	% Change vs. Prior Year Period
Net Income per diluted share	$1.34	$1.32 to $1.34	$0.26	$1.08	415%
FFO per diluted share	$2.45	$2.45 to $2.47	$2.20	$0.25	11%
FFOA per diluted share	$2.47	$2.46 to $2.48	$2.33	$0.14	6%
AFFO per diluted share	$2.21	$2.23 to $2.25	$2.11	$0.10	5%

●

Same-Store (“SS”) results for the fourth quarter 2023 versus the fourth quarter 2022, fourth quarter 2023 versus the third quarter 2023, and full-year 2023 versus full-year 2022 are summarized below.


	Concessions reflected on a straight-line basis:			Concessions reflected on a cash basis:
SS Growth / (Decline)	Year-Over-Year (“YOY”): 4Q 2023 vs. 4Q 2022	Sequential: 4Q 2023 vs. 3Q 2023	FY 2023 vs. FY 2022	YOY: 4Q 2023 vs. 4Q 2022	Sequential: 4Q 2023 vs. 3Q 2023	FY 2023 vs. FY 2022
Revenue	2.5%	(0.7)%	6.2%	2.6%	(0.7)%	5.6%
Expense	3.0%	(3.7)%	4.7%	3.0%	(3.7)%	4.7%
Net Operating Income (“NOI”)	2.3%	0.7%	6.8%	2.4%	0.6%	6.0%

●

During the fourth quarter, the Company,

o

Acquired One Upland, a 262-home apartment community in suburban Boston, MA, for $114.3 million (or $58.3 million at UDR’s 51 percent share) through its joint venture with LaSalle Investment Management.

o

Sold The Arbory, a 276-home apartment community in Portland, OR, for gross proceeds of $78.6 million.

o

Entered into an agreement to sell Crescent Falls Church, a 214-home apartment community in Metropolitan Washington, D.C., for gross proceeds of $100.0 million. The transaction is expected to close in the first quarter of 2024.

o

Agreed to accept the third-party developer’s equity interest affiliated with UDR’s $45.2 million preferred equity joint venture investment in a 173-home apartment community located in Oakland, CA. As a result of the agreement, the Company began consolidating the joint venture in December 2023 and recorded a non-cash investment loss of $24.3 million, or approximately $0.07 of net income per diluted share, in the fourth quarter 2023. The transfer closed in January 2024 and the Company rebranded the community as the Residences at Lake Merritt.

o

Achieved stabilized occupancy at The MO, a $145.0 million, 300-home apartment community developed in Washington, D.C.

o

Published its fifth annual ESG report and concurrently announced that it earned the Regional Sector Leader designation from GRESB. Additionally, the Company was named to Newsweek’s annual list of America’s Most Responsible Companies for the third consecutive year.

“2023 was another solid year with 6 percent FFOA per share growth,” said Tom Toomey, UDR’s Chairman and CEO. “The long-term fundamental outlook for the Multifamily sector is positive due to continued employment gains, a high propensity to rent, and attractive relative affordability versus other forms of housing. However, elevated new supply deliveries in 2024 suggest near-term market rent growth will be more muted compared to long-term averages. Nonetheless, UDR is a full-cycle investment with a history of relative outperformance through volatile economic periods due to our strong operating and capital markets acumen, innovative culture, and investment grade balance sheet.”

Outlook⁽¹⁾

As shown in the table below, the Company has established the following guidance ranges for the first quarter and full-year 2024 for Net Income per share, FFO per share, FFOA per share, AFFO per share, and same-store growth.


	1Q 2024 Outlook	4Q 2023 Actual	Full-Year 2024 Outlook	Full-Year 2023 Actual
Net Income per diluted share	$0.13 to $0.15	$0.10	$0.33 to $0.45	$1.34
FFO per diluted share	$0.60 to $0.62	$0.61	$2.36 to $2.48	$2.45
FFOA per diluted share	$0.60 to $0.62	$0.63	$2.36 to $2.48	$2.47
AFFO per diluted share	$0.56 to $0.58	$0.54	$2.10 to $2.22	$2.21
YOY Growth: concessions reflected on a straight-line basis:
SS Revenue	N/A	2.5%	0.0% to 3.0%	6.2%
SS Expense	N/A	3.0%	4.25% to 6.25%	4.7%
SS NOI	N/A	2.3%	(1.75)% to 1.75%	6.8%

⁽¹⁾

Additional assumptions for the Company’s first quarter and full-year 2024 outlook can be found on Attachment 13 of the Company’s related quarterly Supplemental Financial Information (“Supplement”). A reconciliation of FFO per share, FFOA per share, and AFFO per share to GAAP Net Income per share can be found on Attachment 14(D) of the Company’s related quarterly Supplement. Non-GAAP financial measures and other terms, as used in this earnings release, are defined and further explained on Attachments 14(A) through 14(D), “Definitions and Reconciliations,” of the Company’s related quarterly Supplement.

Fourth Quarter 2023 and January 2024 Results

In the fourth quarter, total revenue increased by $13.6 million YOY, or 3.4 percent, to $413.3 million. This increase was primarily attributable to growth in revenue from Same-Store communities and growth from past accretive external investments.

“We ended 2023 with positive trends across occupancy, resident turnover, and concessions. For January 2024, same-store occupancy remained high at greater than 97 percent, new lease rate growth improved versus December, and resident turnover was lower YOY for the ninth consecutive month,” said Mike Lacy, UDR’s Senior Vice President of Operations. “While elevated supply is expected to result in reduced pricing power throughout 2024 versus historical averages, resident financial health remains resilient, relative affordability favors apartments, and we continue to drive incremental income from our innovative operating initiatives.”

In the tables below, the Company has presented YOY, sequential, and year-to-date (“YTD”) Same-Store results by region, with concessions accounted for on both cash and straight-line bases.

Summary of Same-Store Results in Fourth Quarter 2023 versus Fourth Quarter 2022

				⁽¹⁾
Region	Revenue Growth / (Decline)	Expense Growth / (Decline)	NOI Growth / (Decline)	% of Same-Store Portfolio⁽¹⁾	Physical Occupancy⁽²⁾	YOY Change in Occupancy
West	1.8%	0.6%	2.3%	30.9%	96.6%	0.4%
Mid-Atlantic	4.2%	3.5%	4.6%	20.8%	97.2%	0.3%
Northeast	4.2%	6.8%	3.0%	18.7%	97.1%	0.1%
Southeast	1.7%	1.7%	1.7%	14.4%	96.9%	0.3%
Southwest	(0.1)%	1.9%	(1.2)%	8.9%	97.0%	0.2%
Other Markets	1.6%	3.1%	1.0%	6.3%	96.9%	0.4%
Total (Cash)	2.6%	3.0%	2.4%	100.0%	96.9%	0.2%
Total (Straight-Line)	2.5%	3.0%	2.3%	-	-	-

⁽¹⁾	Based on 4Q 2023 Same-Store NOI. For definitions of terms, please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplement.

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

Summary of Same-Store Results in Fourth Quarter 2023 versus Third Quarter 2023

				⁽¹⁾
Region	Revenue Growth / (Decline)	Expense Growth / (Decline)	NOI Growth / (Decline)	% of Same-Store Portfolio⁽¹⁾	Physical Occupancy⁽²⁾	Sequential Change in Occupancy
West	(1.1)%	(2.9)%	(0.5)%	30.9%	96.6%	(0.1)%
Mid-Atlantic	(0.4)%	(4.9)%	1.6%	20.8%	97.2%	0.3%
Northeast	(0.1)%	(4.6)%	2.3%	18.7%	97.1%	0.4%
Southeast	(0.7)%	(4.3)%	0.9%	14.4%	96.9%	0.5%
Southwest	(1.1)%	(0.3)%	(1.5)%	8.9%	97.0%	0.2%
Other Markets	(1.1)%	(4.7)%	0.4%	6.3%	96.9%	0.3%
Total (Cash)	(0.7)%	(3.7)%	0.6%	100.0%	96.9%	0.2%
Total (Straight-Line)	(0.7)%	(3.7)%	0.7%	-	-	-

⁽¹⁾	Based on 4Q 2023 Same-Store NOI. For definitions of terms, please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplement.

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

Summary of Same-Store Results Full-Year 2023 versus Full-Year 2022

				⁽¹⁾
Region	Revenue Growth / (Decline)	Expense Growth / (Decline)	NOI Growth / (Decline)	% of Same-Store Portfolio⁽¹⁾	Physical Occupancy⁽²⁾	YOY Change in Occupancy
West	4.2%	4.1%	4.2%	31.5%	96.5%	0.1%
Mid-Atlantic	5.3%	4.8%	5.6%	20.8%	96.9%	(0.1)%
Northeast	7.4%	6.2%	8.0%	17.7%	97.1%	(0.1)%
Southeast	7.4%	5.5%	8.4%	14.4%	96.4%	(0.4)%
Southwest	5.1%	2.7%	6.5%	9.1%	96.7%	(0.2)%
Other Markets	5.1%	4.6%	5.3%	6.5%	96.8%	0.0%
Total (Cash)	5.6%	4.7%	6.0%	100.0%	96.7%	(0.1)%
Total (Straight-Line)	6.2%	4.7%	6.8%	-	-	-

⁽¹⁾	Based on full-year 2023 Same-Store NOI. For definitions of terms, please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplement.

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

Transactional Activity

During the quarter, the Company,

●

Acquired One Upland, a 262-home apartment community located in suburban Boston, MA, for $114.3 million ($58.3 million at UDR’s 51 percent share), or $436,000 per apartment home, and placed $45.7 million of debt on the property, through its joint venture with LaSalle Investment Management. Under the terms of the joint venture agreement, UDR will earn acquisition, financing, asset management, property management, and construction management fees, and will receive a promote if certain return thresholds are achieved. The eight-year-old community is proximate to wholly owned UDR communities, which the Company expects should drive additional operating efficiencies through the implementation of its Platform and other operating initiatives.

●

Sold The Arbory, a 276-home apartment community in Portland, OR, for total gross proceeds of $78.6 million, or $285,000 per apartment home. At the time of sale, the 5-year-old community had a weighted average monthly revenue per occupied home of $2,157 and physical occupancy of 95.9 percent.

●

Entered into an agreement to sell Crescent Falls Church, a 214-home apartment community with approximately 6,400 square feet of retail space in Metropolitan Washington, D.C., for gross proceeds of $100.0 million. During the fourth quarter, the 14-year-old community had a weighted average monthly revenue per occupied home of $3,385 and physical occupancy of 97.9 percent. The transaction is expected to close in the first quarter of 2024.

Development Activity and Other Projects

During the quarter, the Company achieved stabilized occupancy at The MO, a $145.0 million, 300-home apartment community developed in the Union Market area of Washington, D.C.

At the end of the fourth quarter, the Company’s development pipeline totaled $187.5 million and was 86 percent funded, with only $27.1 million remaining to fund. The Company’s active development pipeline includes two communities, one each in the Addison submarket of Dallas, TX, and Tampa, FL, for a combined 415 apartment homes.

Developer Capital Program (“DCP”) Portfolio

During the quarter, the Company agreed to accept the third-party developer’s equity interest affiliated with UDR’s $45.2 million preferred equity joint venture investment in a 173-home apartment community located in Oakland, CA. As a result of the agreement, the Company began consolidating the joint venture in December 2023 and recorded a non-cash investment loss of $24.3 million, or approximately $0.07 of net income per diluted share, in the fourth quarter 2023. The transfer closed in January 2024 and the Company rebranded the community as the Residences at Lake Merritt.

At the end of the fourth quarter, the Company’s commitments under its DCP platform totaled $476.6 million with a contractual weighted average return rate of 10.0 percent and a weighted average estimated remaining term of 2.9 years.

Capital Markets and Balance Sheet Activity

“Strong liquidity, our ability to source capital through joint venture transactions, and minimal committed forward funding obligations position UDR well to opportunistically utilize our investment grade balance sheet to enhance stakeholder returns,” said Joe Fisher, UDR’s President and Chief Financial Officer.

The Company’s total indebtedness as of December 31, 2023 was $5.8 billion with only $332 million, or 5.7 percent of total consolidated debt, maturing through 2025, including principal amortization and excluding amounts on the Company’s commercial paper program. As of December 31, 2023, the Company had $965.3 million of liquidity through a combination of cash and undrawn capacity on its credit facilities. Please see Attachment 13 of the Company’s related quarterly Supplement for additional details on projected capital sources and uses.

In the table below, the Company has presented select balance sheet metrics for the quarter ended December 31, 2023 and the comparable prior year period.


	Quarter Ended December 31
Balance Sheet Metric	4Q 2023	4Q 2022	Change
Weighted Average Interest Rate	3.40%	3.17%	0.23%
Weighted Average Years to Maturity⁽¹⁾	5.6	6.7	(1.1)
Consolidated Fixed Charge Coverage Ratio	5.1x	5.3x	(0.2)x
Consolidated Debt as a percentage of Total Assets	32.9%	32.7%	0.2%
Consolidated Net Debt-to-EBITDAre	5.6x	5.6x	0.0x

(1)

If the Company’s commercial paper balance was refinanced using its line of credit, the weighted average years to maturity would have been 5.8 years both with and without extensions for 4Q 2023 and 6.8 years without extensions and 6.9 years with extensions for 4Q 2022.

Corporate Responsibility

As previously announced, during the quarter, the Company published its fifth annual ESG report, which detailed the Company’s ongoing commitment to engaging in socially responsible activities, including establishing science-based emissions reduction targets that should contribute to a lower-carbon future. Concurrently, the Company announced that it earned the Regional Sector Leader designation from GRESB resulting from the Company’s 2023 GRESB survey score of 87. In addition, the Company’s GRESB Public Disclosure rating is “A”, the fifth consecutive year UDR has achieved such a distinction.

Additionally, the Company was named to Newsweek’s annual list of America’s Most Responsible Companies for the third consecutive year. This distinction reflects the Company’s comprehensive ESG program, innovative and adaptive culture, and commitment to corporate responsibility.

Dividend

As previously announced, the Company’s Board of Directors declared a regular quarterly dividend on its common stock for the fourth quarter 2023 in the amount of $0.42 per share. The dividend was paid in cash on January 31, 2024 to UDR common shareholders of record as of January 10, 2024. The fourth quarter 2023 dividend represented the 205^th consecutive quarterly dividend paid by the Company on its common stock.

In conjunction with this release, the Company’s Board of Directors has announced a 2024 annualized dividend per share of $1.70, representing a 1.2 percent increase over the 2023 annualized dividend per share.

Supplemental Information

The Company offers Supplemental Financial Information that provides details on the financial position and operating results of the Company which, along with the related Investor Presentation, is available on the Company's website at ir.udr.com.

Conference Call and Webcast Information

UDR will host a webcast and conference call at 1:00 p.m. Eastern Time on February 7, 2024, to discuss fourth quarter and full-year 2023 results as well as high-level views for 2024. In connection with the conference call, the Company is also providing a related Investor Presentation. The webcast and related Investor Presentation will be available on the Investor Relations section of the Company’s website at ir.udr.com. To listen to a live broadcast, access the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. To participate in the teleconference dial 877-423-9813 for domestic and 201-689-8573 for international. A passcode is not necessary.

Given a high volume of conference calls occurring during this time of year, delays are anticipated when connecting to the live call. As a result, stakeholders and interested parties are encouraged to utilize the Company’s webcast link for its earnings results discussion.

A replay of the conference call will be available through March 7, 2024, by dialing 844-512-2921 for domestic and 412-317-6671 for international and entering the confirmation number, 13743694, when prompted for the passcode. A replay of the call will also be available on UDR's website at ir.udr.com.

Full Text of the Earnings Report, Supplemental Data, and Investor Presentation

The full text of the earnings report, related quarterly Supplement, and related Investor Presentation will be available on the Company’s website at ir.udr.com.

Forward-Looking Statements

Certain statements made in this press release may constitute “forward-looking statements.” Words such as “expects,” “intends,” “believes,” “anticipates,” “plans,” “likely,” “will,” “seeks,” “estimates” and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement, due to a number of factors, which include, but are not limited to, general market and economic conditions, unfavorable changes in the apartment market and economic conditions that could adversely affect occupancy levels and rental rates, the impact of inflation/deflation on rental rates and property operating expenses, the availability of capital and the stability of the capital markets, rising interest rates, the impact of competition and competitive pricing, acquisitions, developments and redevelopments not achieving anticipated results, delays in completing developments, redevelopments and lease-ups on schedule or at expected rent and occupancy levels, changes in job growth, home affordability and demand/supply ratio for multifamily housing, development and construction risks that may impact profitability, risks that joint ventures with third parties and DCP investments do not perform as expected, the failure of automation or technology to help grow net operating income, and other risk factors discussed in documents filed by the Company with the SEC from time to time, including the Company's Annual Report on Form 10-K and the Company's Quarterly Reports on Form 10-Q. Actual results may differ materially from those described in the forward-looking statements. These forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this press release, and the Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in the Company's expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required under the U.S. securities laws.

About UDR, Inc.

UDR, Inc. (NYSE: UDR), an S&P 500 company, is a leading multifamily real estate investment trust with a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive real estate communities in targeted U.S. markets. As of December 31, 2023, UDR owned or had an ownership position in 60,336 apartment homes including 359 homes under development. For over 51 years, UDR has delivered long-term value to shareholders, the best standard of service to Residents and the highest quality experience for Associates.

Exhibit 99.2

Financial Highlights

UDR, Inc.

As of End of Fourth Quarter 2023

(Unaudited) (1)


	Actual Results	Actual Results	Guidance for
Dollars in thousands, except per share and unit	4Q 2023	YTD 2023	1Q 2024	Full-Year 2024

GAAP Metrics
Net income/(loss) attributable to UDR, Inc.	$32,986	$444,353	--	--
Net income/(loss) attributable to common stockholders	$31,764	$439,505	--	--
Income/(loss) per weighted average common share, diluted	$0.10	$1.34	$0.13 to $0.15	$0.33 to $0.45

Per Share Metrics
FFO per common share and unit, diluted	$0.61	$2.45	$0.60 to $0.62	$2.36 to $2.48
FFO as Adjusted per common share and unit, diluted	$0.63	$2.47	$0.60 to $0.62	$2.36 to $2.48
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted	$0.54	$2.21	$0.56 to $0.58	$2.10 to $2.22
Dividend declared per share and unit	$0.42	$1.68	$0.425	$1.70 (2)

Same-Store Operating Metrics
Revenue growth/(decline) (Cash basis)	2.6%	5.6%	--	--
Revenue growth/(decline) (Straight-line basis)	2.5%	6.2%	--	0.00% to 3.00%
Expense growth	3.0%	4.7%	--	4.25% to 6.25%
NOI growth/(decline) (Cash basis)	2.4%	6.0%	--	--
NOI growth/(decline) (Straight-line basis)	2.3%	6.8%	--	-1.75% to 1.75%
Physical Occupancy	96.9%	96.7%	--	--


Property Metrics	Homes	Communities	% of Total NOI
Same-Store	51,801	154	89.5%
Stabilized, Non-Mature	3,179	12	3.5%
Development	356	1	0.2%
Non-Residential / Other	N/A	N/A	1.9%
Joint Venture (3)	4,427	18	4.9%
Total completed homes	59,763	185	100%
Held for Disposition	214	1	-
Under Development	359	2	-
Total Quarter-end homes (3)(4)	60,336	188	100%


Balance Sheet Metrics (adjusted for non-recurring items)	4Q 2023	4Q 2022
Consolidated Interest Coverage Ratio	5.1x	5.3x
Consolidated Fixed Charge Coverage Ratio	5.0x	5.2x
Consolidated Debt as a percentage of Total Assets	32.9%	32.7%
Consolidated Net Debt-to-EBITDAre	5.6x	5.6x

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

(2)	Annualized for 2024.

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

(4)	Excludes 6,815 homes that are part of the Developer Capital Program as described in Attachment 10(B).

Attachment 1

Consolidated Statements of Operations

(Unaudited) (1)


	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
In thousands, except per share amounts	2023		2022		2023		2022

REVENUES:
Rental income (2)	$	410,894	$	398,412	$	1,620,658	$	1,512,364
Joint venture management and other fees		2,379		1,244		6,843		5,022
Total revenues		413,273		399,656		1,627,501		1,517,386

OPERATING EXPENSES:
Property operating and maintenance		68,442		64,652		273,736		250,310
Real estate taxes and insurance		58,562		56,874		232,152		221,662
Property management		13,354		12,949		52,671		49,152
Other operating expenses (3)		8,320		4,008		20,222		17,493
Real estate depreciation and amortization		170,643		167,241		676,419		665,228
General and administrative (4)		20,838		16,811		69,929		64,144
Casualty-related charges/(recoveries), net		(224)		8,523		3,138		9,733
Other depreciation and amortization		4,397		4,823		15,419		14,344
Total operating expenses		344,332		335,881		1,343,686		1,292,066

Gain/(loss) on sale of real estate owned		25,308		25,494		351,193		25,494
Operating income		94,249		89,269		635,008		250,814

Income/(loss) from unconsolidated entities (2)(5)		(20,219)		761		4,693		4,947
Interest expense		(47,347)		(43,247)		(180,866)		(155,900)
Interest income and other income/(expense), net (6)		9,371		1		17,759		(6,933)

Income/(loss) before income taxes		36,054		46,784		476,594		92,928
Tax (provision)/benefit, net		(93)		683		(2,106)		(349)

Net Income/(loss)		35,961		47,467		474,488		92,579
Net (income)/loss attributable to redeemable noncontrolling interests in the OP and DownREIT Partnership		(2,967)		(2,929)		(30,104)		(5,613)
Net (income)/loss attributable to noncontrolling interests		(8)		(8)		(31)		(42)

Net income/(loss) attributable to UDR, Inc.		32,986		44,530		444,353		86,924
Distributions to preferred stockholders - Series E (Convertible)		(1,222)		(1,105)		(4,848)		(4,412)

Net income/(loss) attributable to common stockholders	$	31,764	$	43,425	$	439,505	$	82,512


Income/(loss) per weighted average common share - basic:		$0.10		$0.13		$1.34		$0.26
Income/(loss) per weighted average common share - diluted:		$0.10		$0.13		$1.34		$0.26

Common distributions declared per share		$0.42		$0.38		$1.68		$1.52

Weighted average number of common shares outstanding - basic		328,558		325,509		328,765		321,671
Weighted average number of common shares outstanding - diluted		328,825		326,093		329,104		322,700

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

(2)	As of December 31, 2023, UDR's residential accounts receivable balance, net of its reserve, was $9.0 million, including its share from unconsolidated joint ventures. The unreserved amount is based on probability of collection.

(3)	During the three months ended December 31, 2023, UDR recorded $3.8 million of expense related to legal claim activities.

(4)	During the three months ended December 31, 2023, UDR recorded a $4.1 million expense related to the cancellation of a share-based compensation award.

(5)	During the three months ended December 31, 2023, UDR recorded a $24.3 million non-cash investment loss in connection with the consolidation of the Residences at Lake Merritt preferred equity investment.

(6)	During the three months ended December 31, 2023, UDR recorded $2.9 million of realized/unrealized gain on real estate technology investments, net, which primarily related to a gain on the sale of 4.6 million shares of SmartRent.

Attachment 2

Funds From Operations

(Unaudited) (1)


	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
In thousands, except per share and unit amounts	2023		2022			2023	2022

Net income/(loss) attributable to common stockholders	$	31,764	$	43,425	$	439,505	$	82,512

Real estate depreciation and amortization		170,643		167,241		676,419		665,228
Noncontrolling interests		2,975		2,937		30,135		5,655
Real estate depreciation and amortization on unconsolidated joint ventures		13,293		7,492		42,622		30,062
Net (gain)/loss on consolidation (2)		24,257		-		24,257		-
Net (gain)/loss on the sale of depreciable real estate owned, net of tax		(25,223)		(25,494)		(349,993)		(25,494)
Funds from operations ("FFO") attributable to common stockholders and unitholders, basic	$	217,709	$	195,601	$	862,945	$	757,963

Distributions to preferred stockholders - Series E (Convertible) (3)		1,222		1,105		4,848		4,412

FFO attributable to common stockholders and unitholders, diluted	$	218,931	$	196,706	$	867,793	$	762,375

FFO per weighted average common share and unit, basic	$	0.62	$	0.56	$	2.46	$	2.21
FFO per weighted average common share and unit, diluted	$	0.61	$	0.56	$	2.45	$	2.20

Weighted average number of common shares and OP/DownREIT Units outstanding, basic		353,076		346,879		351,175		343,149
Weighted average number of common shares, OP/DownREIT Units, and common stock
equivalents outstanding, diluted		356,252		350,372		354,422		347,094

Impact of adjustments to FFO:
Variable upside participation on DCP, net	$	-	$	-	$	(204)	$	(10,622)
Legal and other costs (2)		3,763		-		2,869		1,493
Realized (gain)/loss on real estate technology investments, net of tax (2)		(11,236)		756		(9,864)		(6,992)
Unrealized (gain)/loss on real estate technology investments, net of tax (2)		8,364		6,767		6,813		52,663
Severance costs (2)		4,164		441		4,164		441
Casualty-related charges/(recoveries), net		(224)		8,523		3,138		9,733
Total impact of adjustments to FFO	$	4,831	$	16,487	$	6,916	$	46,716

FFO as Adjusted attributable to common stockholders and unitholders, diluted	$	223,762	$	213,193	$	874,709	$	809,091

FFO as Adjusted per weighted average common share and unit, diluted	$	0.63	$	0.61	$	2.47	$	2.33

Recurring capital expenditures, inclusive of unconsolidated joint ventures		(30,133)		(27,111)		(90,917)		(77,710)
AFFO attributable to common stockholders and unitholders, diluted	$	193,629	$	186,082	$	783,792	$	731,381

AFFO per weighted average common share and unit, diluted	$	0.54	$	0.53	$	2.21	$	2.11

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

(2)	See Attachment 1, footnotes 3, 4, 5 and 6 for further details.

(3)

Series E cumulative convertible preferred shares are dilutive for purposes of calculating FFO per share for the three and twelve months ended December 31, 2023 and December 31, 2022. Consequently, distributions to Series E cumulative convertible preferred stockholders are added to FFO and the weighted average number of Series E cumulative convertible preferred shares are included in the denominator when calculating FFO per common share and unit, diluted.

Attachment 3

Consolidated Balance Sheets

(Unaudited) (1)


	December 31,		December 31,
In thousands, except share and per share amounts	2023		2022

ASSETS

Real estate owned:
Real estate held for investment	$	15,757,456	$	15,365,928
Less: accumulated depreciation		(6,242,686)		(5,762,205)
Real estate held for investment, net		9,514,770		9,603,723
Real estate under development
(net of accumulated depreciation of $184 and $296)		160,220		189,809
Real estate held for disposition
(net of accumulated depreciation of $24,960 and $0)		81,039		14,039
Total real estate owned, net of accumulated depreciation		9,756,029		9,807,571

Cash and cash equivalents		2,922		1,193
Restricted cash		31,944		29,001
Notes receivable, net		228,825		54,707
Investment in and advances to unconsolidated joint ventures, net		952,934		754,446
Operating lease right-of-use assets		190,619		194,081
Other assets		209,969		197,471
Total assets	$	11,373,242	$	11,038,470

LIABILITIES AND EQUITY

Liabilities:
Secured debt	$	1,277,713	$	1,052,281
Unsecured debt		4,520,996		4,435,022
Operating lease liabilities		185,836		189,238
Real estate taxes payable		47,107		37,681
Accrued interest payable		47,710		46,671
Security deposits and prepaid rent		50,528		51,999
Distributions payable		149,600		134,213
Accounts payable, accrued expenses, and other liabilities		141,311		153,220
Total liabilities		6,420,801		6,100,325

Redeemable noncontrolling interests in the OP and DownREIT Partnership		961,087		839,850

Equity:
Preferred stock, no par value; 50,000,000 shares authorized at December 31, 2023 and December 31, 2022:
2,686,308 shares of 8.00% Series E Cumulative Convertible issued
and outstanding (2,686,308 shares at December 31, 2022)		44,614		44,614
11,867,730 shares of Series F outstanding (12,100,514 shares at December 31, 2022)		1		1
Common stock, $0.01 par value; 450,000,000 shares authorized at December 31, 2023 and December 31, 2022:
329,014,512 shares issued and outstanding (328,993,088 shares at December 31, 2022)		3,290		3,290
Additional paid-in capital		7,493,217		7,493,423
Distributions in excess of net income		(3,554,892)		(3,451,587)
Accumulated other comprehensive income/(loss), net		4,914		8,344
Total stockholders' equity		3,991,144		4,098,085
Noncontrolling interests		210		210
Total equity		3,991,354		4,098,295
Total liabilities and equity	$	11,373,242	$	11,038,470

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

Attachment 4(A)

Selected Financial Information

(Unaudited) (1)


	December 31,	December 31,
Common Stock and Equivalents	2023	2022

Common shares	329,014,512	328,993,088
Restricted unit and common stock equivalents	81,382	599,681
Operating and DownREIT Partnership units	24,428,223	21,123,826
Series E cumulative convertible preferred shares (2)	2,908,323	2,908,323
Total common shares, OP/DownREIT units, and common stock equivalents	356,432,440	353,624,918




Weighted Average Number of Shares Outstanding	4Q 2023	4Q 2022

Weighted average number of common shares and OP/DownREIT units outstanding - basic	353,075,692	346,878,938
Weighted average number of OP/DownREIT units outstanding	(24,517,972)	(21,370,161)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations	328,557,720	325,508,777

Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted	356,251,542	350,371,769
Weighted average number of OP/DownREIT units outstanding	(24,517,972)	(21,370,161)
Weighted average number of Series E cumulative convertible preferred shares outstanding	(2,908,323)	(2,908,323)
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations	328,825,247	326,093,285


	Year-to-Date 2023	Year-to-Date 2022

Weighted average number of common shares and OP/DownREIT units outstanding - basic	351,175,000	343,149,109
Weighted average number of OP/DownREIT units outstanding	(22,409,581)	(21,477,838)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations	328,765,419	321,671,271

Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted	354,422,379	347,093,624
Weighted average number of OP/DownREIT units outstanding	(22,409,581)	(21,477,838)
Weighted average number of Series E cumulative convertible preferred shares outstanding	(2,908,323)	(2,915,629)
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations	329,104,475	322,700,157

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

(2)	At December 31, 2023 and December 31, 2022 there were 2,686,308 of Series E cumulative convertible preferred shares outstanding, which is equivalent to 2,908,323 shares of common stock if converted (after adjusting for the special dividend paid in 2008).

Attachment 4(B)

Selected Financial Information

December 31, 2023

(Unaudited) (1)


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

Secured		Fixed			$	1,213,751			20.9%	3.48%	4.7
		Floating				67,017			1.2%	6.61%	4.1
		Combined				1,280,768			22.1%	3.64%	4.7

Unsecured		Fixed				4,115,644	(3)		70.8%	3.06%	6.5
		Floating				412,668			7.1%	5.68%	-
		Combined				4,528,312			77.9%	3.30%	5.9

Total Debt		Fixed				5,329,395			91.7%	3.15%	6.1
		Floating				479,685			8.3%	5.81%	0.6
		Combined				5,809,080			100.0%	3.37%	5.6
		Total Non-Cash Adjustments (4)				(10,371)
		Total per Balance Sheet			$	5,798,709				3.40%



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

2024	$	97,578	$	15,644	$	408,075		$	521,297	9.0%	5.31%
2025		218,585		-		4,593			223,178	3.8%	4.57%
2026		56,665		300,000		-			356,665	6.1%	2.96%
2027		6,931		650,000		-			656,931	11.3%	3.67%
2028		166,518		300,000		-			466,518	8.0%	3.72%
2029		315,802		300,000		-			615,802	10.6%	3.93%
2030		230,759		600,000		-			830,759	14.3%	3.34%
2031		160,930		600,000		-			760,930	13.1%	2.92%
2032		27,000		400,000		-			427,000	7.4%	2.22%
2033		-		650,000		-			650,000	11.2%	1.99%
Thereafter		-		300,000		-			300,000	5.2%	3.13%
		1,280,768		4,115,644		412,668			5,809,080	100.0%	3.37%
Total Non-Cash Adjustments (4)		(3,055)		(7,316)		-			(10,371)
Total per Balance Sheet	$	1,277,713	$	4,108,328	$	412,668		$	5,798,709		3.40%

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

(2)

The 2024 maturity reflects the $408.1 million of principal outstanding at an interest rate of 5.67%, the equivalent of SOFR plus a spread of 32 basis points, on the Company’s unsecured commercial paper program as of December 31, 2023. Under the terms of the program the Company may issue up to a maximum aggregate amount outstanding of $700.0 million. If the commercial paper was refinanced using the line of credit, the weighted average years to maturity would be 5.8 years with extensions and 5.8 years without extensions.

(3)

Includes the following amount of floating rate debt that has been fixed using interest rate swaps: $350.0 million at a weighted average all-in rate of 3.36% that ended January 2024, $262.5 million at a weighted average all-in rate of 2.68% from January 2024 until July 2024, and $175.0 million of floating rate debt at a weighted average all-in rate of 1.43% from July 2024 until July 2025.

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

(5)	Includes principal amortization, as applicable.

(6)	There were no borrowings outstanding on our $1.3 billion line of credit at December 31, 2023. The facility has a maturity date of January 2026, plus two six-month extension options and currently carries an interest rate equal to adjusted SOFR plus 75.5 basis points.

(7)

There was $4.6 million outstanding on our $75.0 million working capital credit facility at December 31, 2023. The facility has a maturity date of January 2025 plus a one-year extension option. The working capital credit facility currently carries an interest rate equal to adjusted SOFR plus 77.5 basis points.

Attachment 4(C)

Selected Financial Information

(Dollars in Thousands)

(Unaudited) (1)

Quarter Ended

Coverage Ratios

December 31, 2023

Net income/(loss)

35,961

Adjustments:

Interest expense, including debt extinguishment and other associated costs

47,347

Real estate depreciation and amortization

170,643

Other depreciation and amortization

4,397

Tax provision/(benefit), net

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

(25,308)

Net (gain)/loss on consolidation

24,257

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

17,533

EBITDAre

274,923

Casualty-related charges/(recoveries), net

(224)

Legal and other costs

3,763

Severance costs

4,164

Unrealized (gain)/loss on real estate technology investments

9,821

Realized (gain)/loss on real estate technology investments

(13,124)

(Income)/loss from unconsolidated entities

(4,038)

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

(17,533)

Management fee expense on unconsolidated joint ventures

(798)

Consolidated EBITDAre - adjusted for non-recurring items

256,954

Annualized consolidated EBITDAre - adjusted for non-recurring items

1,027,816

Interest expense, including debt extinguishment and other associated costs

47,347

Capitalized interest expense

2,893

Total interest

50,240

Preferred dividends

1,222

Total debt

5,798,709

Cash

(2,922)

Net debt

5,795,787

Consolidated Interest Coverage Ratio - adjusted for non-recurring items

5.1x

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

5.0x

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

5.6x

Debt Covenant Overview

Unsecured Line of Credit Covenants (2)

Required

Actual

Compliance

Maximum Leverage Ratio

≤60.0%

31.1% (2)

Yes

Minimum Fixed Charge Coverage Ratio

≥1.5x

5.0x

Yes

Maximum Secured Debt Ratio

≤40.0%

10.2%

Yes

Minimum Unencumbered Pool Leverage Ratio

≥150.0%

387.3%

Yes

Senior Unsecured Note Covenants (3)

Required

Actual

Compliance

Debt as a percentage of Total Assets

≤65.0%

32.9% (3)

Yes

Consolidated Income Available for Debt Service to Annual Service Charge

≥1.5x

5.4x

Yes

Secured Debt as a percentage of Total Assets

≤40.0%

7.2%

Yes

Total Unencumbered Assets to Unsecured Debt

≥150.0%

319.6%

Yes

Securities Ratings

Debt

Outlook

Commercial Paper

Moody's Investors Service

Baa1

Stable

P-2

S&P Global Ratings

BBB+

Stable

A-2

Gross

% of

Number of

4Q 2023 NOI (1)

Carrying Value

Total Gross

Asset Summary

Homes

($000s)

% of NOI

($000s)

Carrying Value

Unencumbered assets

46,101

246,266

86.7%

13,815,679

86.2%

Encumbered assets

9,449

37,624

13.3%

2,208,180

13.8%

55,550

283,890

100.0%

16,023,859

100.0%

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

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

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

Attachment 5

Operating Information

(Unaudited) (1)


	Total	Quarter Ended		Quarter Ended		Quarter Ended		Quarter Ended		Quarter Ended
Dollars in thousands	Homes	December 31, 2023		September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022
Revenues
Same-Store Communities	51,801	$	378,988	$	381,716	$	374,081	$	369,722	$	369,516
Stabilized, Non-Mature Communities	3,179		17,445		12,312		7,639		6,691		5,642
Development Communities	356		1,944		1,328		771		264		57
Non-Residential / Other (2)	-		9,070		9,168		7,643		8,511		9,611
Total	55,336	$	407,447	$	404,524	$	390,134	$	385,188	$	384,826

Expenses
Same-Store Communities		$	113,844	$	118,271	$	113,753	$	111,146	$	110,551
Stabilized, Non-Mature Communities			7,306		5,063		3,235		3,557		3,064
Development Communities			1,324		1,083		978		664		503
Non-Residential / Other (2)			3,421		4,147		4,649		3,888		3,614
Total (3)		$	125,895	$	128,564	$	122,615	$	119,255	$	117,732

Net Operating Income
Same-Store Communities		$	265,144	$	263,445	$	260,328	$	258,576	$	258,965
Stabilized, Non-Mature Communities			10,139		7,249		4,404		3,134		2,578
Development Communities			620		245		(207)		(400)		(446)
Non-Residential / Other (2)			5,649		5,021		2,994		4,623		5,997
Total		$	281,552	$	275,960	$	267,519	$	265,933	$	267,094

Operating Margin
Same-Store Communities			70.0%		69.0%		69.6%		69.9%		70.1%

Weighted Average Physical Occupancy
Same-Store Communities			96.9%		96.7%		96.6%		96.5%		96.7%
Stabilized, Non-Mature Communities			95.5%		94.7%		88.7%		82.1%		72.0%
Development Communities			74.2%		67.1%		41.4%		20.3%		17.3%
Other (4)			97.9%		96.5%		97.3%		96.8%		97.3%
Total			96.7%		96.4%		96.1%		95.8%		96.1%

Sold and Held for Disposition Communities (5)
Revenues	214	$	3,447	$	3,835	$	12,964	$	13,119	$	13,586
Expenses (3)			1,109		1,139		3,762		3,549		3,794
Net Operating Income/(Loss)		$	2,338	$	2,696	$	9,202	$	9,570	$	9,792

Total	55,550	$	283,890	$	278,656	$	276,721	$	275,503	$	276,886

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

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

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

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

(5)	Quarter ended December 31, 2023 includes one community sold during the quarter and one community held for disposition.

Attachment 6

Same-Store Operating Expense Information

(Dollars in Thousands)

(Unaudited) (1)


	% of 4Q 2023
	SS Operating
Year-Over-Year Comparison	Expenses	4Q 2023		4Q 2022		% Change

Personnel	14.3%	$	16,236	$	15,684	3.5%
Utilities	14.1%		16,024		15,267	5.0%
Repair and maintenance	18.8%		21,353		20,077	6.4%
Administrative and marketing	7.0%		7,984		7,430	7.5%
Controllable expenses	54.2%		61,597		58,458	5.4%

Real estate taxes	40.9%	$	46,616	$	45,135	3.3%
Insurance	4.9%		5,631		6,958	-19.1%
Same-Store operating expenses	100.0%	$	113,844	$	110,551	3.0%

Same-Store Homes	51,801



	% of 4Q 2023
	SS Operating
Sequential Comparison	Expenses	4Q 2023		3Q 2023		% Change

Personnel	14.3%	$	16,236	$	16,377	-0.9%
Utilities	14.1%		16,024		16,777	-4.5%
Repair and maintenance	18.8%		21,353		24,453	-12.7%
Administrative and marketing	7.0%		7,984		7,988	-0.1%
Controllable expenses	54.2%		61,597		65,595	-6.1%

Real estate taxes	40.9%	$	46,616	$	46,397	0.5%
Insurance	4.9%		5,631		6,279	-10.3%
Same-Store operating expenses	100.0%	$	113,844	$	118,271	-3.7%

Same-Store Homes	51,801




	% of YTD 2023
	SS Operating
Year-to-Date Comparison	Expenses	YTD 2023		YTD 2022		% Change

Personnel (2)	13.6%	$	61,511	$	60,727	1.3%
Utilities	14.3%		65,020		58,785	10.6%
Repair and maintenance	19.6%		88,946		80,627	10.3%
Administrative and marketing	6.7%		30,379		28,408	6.9%
Controllable expenses	54.2%		245,856		228,547	7.6%

Real estate taxes	40.5%	$	183,323	$	177,668	3.2%
Insurance	5.3%		23,965		26,415	-9.3%
Same-Store operating expenses	100.0%	$	453,144	$	432,630	4.7%

Same-Store Homes	51,368

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

(2)	Personnel for YTD 2023 includes a 1Q 2023 refundable payroll tax credit of $3.7 million related to the Employee Retention Credit program.

Attachment 7(A)

Apartment Home Breakout

Portfolio Overview as of Quarter Ended

December 31, 2023

(Unaudited) (1)


				Unconsolidated		Revenue Per
			Total	Joint Venture	Total	Occupied
	Same-Store	Non-Mature	Consolidated	Operating	Homes	Home
	Homes	Homes (2)	Homes	Homes (3)	(incl. JV) (3)	(Incl. JV at Share)(4)
West Region
Orange County, CA	4,305	-	4,305	701	5,006	$	3,040
San Francisco, CA	2,780	529	3,309	602	3,911		3,553
Seattle, WA	2,702	-	2,702	284	2,986		2,819
Monterey Peninsula, CA	1,567	-	1,567	-	1,567		2,359
Los Angeles, CA	1,225	-	1,225	340	1,565		3,235
	12,579	529	13,108	1,927	15,035

Mid-Atlantic Region
Metropolitan DC	8,819	300	9,119	360	9,479		2,326
Baltimore, MD	2,221	-	2,221	-	2,221		1,902
Richmond, VA	1,359	-	1,359	-	1,359		1,843
	12,399	300	12,699	360	13,059

Northeast Region
Boston, MA	4,667	-	4,667	876	5,543		3,126
New York, NY	2,318	-	2,318	710	3,028		4,761
	6,985	-	6,985	1,586	8,571

Southeast Region
Tampa, FL	3,877	-	3,877	-	3,877		2,116
Orlando, FL	3,493	-	3,493	-	3,493		1,909
Nashville, TN	2,260	-	2,260	-	2,260		1,754
	9,630	-	9,630	-	9,630

Southwest Region
Dallas, TX	5,813	1,606	7,419	-	7,419		1,770
Austin, TX	1,272	608	1,880	-	1,880		1,828
	7,085	2,214	9,299	-	9,299

Other Markets (5)	3,123	492	3,615	554	4,169		2,623

Totals	51,801	3,535	55,336	4,427	59,763	$	2,531

Communities (6)	154	13	167	18	185

		Homes	Communities
Total completed homes		59,763	185
Held for Disposition		214	1
Under Development (7)		359	2

Total Quarter-end homes and communities		60,336	188

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

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

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

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

(5)	Other Markets include Denver (510 homes), Palm Beach (636 homes), Inland Empire (658 homes), San Diego (163 wholly owned, 264 JV homes), Portland (476 homes) and Philadelphia (1,172 wholly owned, 290 JV homes).

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

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

Attachment 7(B)

Non-Mature Home Summary and Net Operating Income by Market

December 31, 2023

(Unaudited) (1)


Non-Mature Home Breakout - By Date


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


HQ	Stabilized, Non-Mature	136	San Francisco, CA	2Q24

The George Apartments	Stabilized, Non-Mature	200	Philadelphia, PA	2Q24

Vitruvian West Phase 3	Stabilized, Non-Mature	405	Dallas, TX	2Q24

Cirrus	Stabilized, Non-Mature	292	Denver, CO	3Q24

Central Square at Frisco	Stabilized, Non-Mature	298	Dallas, TX	4Q24

Villaggio	Stabilized, Non-Mature	272	Dallas, TX	4Q24

Lofts at Palisades	Stabilized, Non-Mature	343	Dallas, TX	4Q24

Flats at Palisades	Stabilized, Non-Mature	232	Dallas, TX	4Q24

Estancia Villas	Stabilized, Non-Mature	312	Austin, TX	4Q24

Palo Verde	Stabilized, Non-Mature	296	Austin, TX	4Q24

5421 at Dublin Station	Stabilized, Non-Mature	220	San Francisco, CA	1Q25

The MO	Development	300	Washington, DC	2Q25

Residences at Lake Merritt	Stabilized, Non-Mature	173	San Francisco, CA	2Q25

Villas at Fiori	Development	56	Dallas, TX	1Q26

Total		3,535


Net Operating Income Breakout By Market

	As a % of NOI			As a % of NOI
Region	Same-Store	Total	Region	Same-Store	Total
West Region			Southeast Region
Orange County, CA	11.2%	11.0%	Tampa, FL	6.1%	5.4%
San Francisco, CA	7.5%	8.2%	Orlando, FL	5.0%	4.5%
Seattle, WA	6.3%	6.3%	Nashville, TN	3.3%	2.9%
Monterey Peninsula, CA	3.1%	2.8%		14.4%	12.8%
Los Angeles, CA	2.8%	2.9%	Southwest Region
	30.9%	31.2%	Dallas, TX	7.3%	8.6%
Mid-Atlantic Region			Austin, TX	1.6%	1.4%
Metropolitan DC	15.5%	14.9%		8.9%	10.0%
Baltimore, MD	3.2%	2.9%
Richmond, VA	2.1%	1.9%	Other Markets (3)	6.3%	7.3%
	20.8%	19.7%
Northeast Region
Boston, MA	11.7%	11.3%
New York, NY	7.0%	7.7%
	18.7%	19.0%	Total	100.0%	100.0%

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

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

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

Attachment 8(A)

Same-Store Operating Information By Major Market

Current Quarter vs. Prior Year Quarter

December 31, 2023

(Unaudited) (1)



		% of Same-	Same-Store
	Total	Store Portfolio
	Same-Store	Based on	Physical Occupancy			Total Revenue per Occupied Home
	Homes	4Q 2023 NOI	4Q 23	4Q 22	Change	4Q 23		4Q 22		Change

West Region
Orange County, CA	4,305	11.2%	96.9%	96.2%	0.7%	$	3,037	$	2,940	3.3%
San Francisco, CA	2,780	7.5%	96.4%	95.9%	0.5%		3,480		3,445	1.0%
Seattle, WA	2,702	6.3%	97.6%	97.0%	0.6%		2,823		2,842	-0.7%
Monterey Peninsula, CA	1,567	3.1%	95.0%	95.3%	-0.3%		2,359		2,307	2.3%
Los Angeles, CA	1,225	2.8%	95.9%	96.7%	-0.8%		3,049		3,055	-0.2%
	12,579	30.9%	96.6%	96.2%	0.4%		3,006		2,963	1.5%

Mid-Atlantic Region
Metropolitan DC	8,819	15.5%	97.3%	97.0%	0.3%		2,327		2,224	4.6%
Baltimore, MD	2,221	3.2%	96.4%	95.9%	0.5%		1,902		1,891	0.6%
Richmond, VA	1,359	2.1%	97.3%	97.5%	-0.2%		1,843		1,775	3.8%
	12,399	20.8%	97.2%	96.9%	0.3%		2,196		2,115	3.8%

Northeast Region
Boston, MA	4,667	11.7%	96.9%	96.6%	0.3%		3,166		3,064	3.3%
New York, NY	2,318	7.0%	97.5%	97.8%	-0.3%		4,685		4,446	5.4%
	6,985	18.7%	97.1%	97.0%	0.1%		3,672		3,526	4.1%

Southeast Region
Tampa, FL	3,877	6.1%	97.3%	96.7%	0.6%		2,116		2,090	1.2%
Orlando, FL	3,493	5.0%	96.5%	96.0%	0.5%		1,909		1,874	1.9%
Nashville, TN	2,260	3.3%	96.8%	97.1%	-0.3%		1,754		1,746	0.5%
	9,630	14.4%	96.9%	96.6%	0.3%		1,956		1,929	1.4%

Southwest Region
Dallas, TX	5,813	7.3%	97.1%	96.6%	0.5%		1,771		1,775	-0.2%
Austin, TX	1,272	1.6%	96.3%	97.5%	-1.2%		1,906		1,916	-0.5%
	7,085	8.9%	97.0%	96.8%	0.2%		1,795		1,801	-0.3%

Other Markets	3,123	6.3%	96.9%	96.5%	0.4%		2,587		2,556	1.2%

Total/Weighted Avg.	51,801	100.0%	96.9%	96.7%	0.2%	$	2,516	$	2,460	2.3%

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

Attachment 8(B)

Same-Store Operating Information By Major Market

Current Quarter vs. Prior Year Quarter

December 31, 2023

(Unaudited) (1)


			Same-Store ($000s)

	Total
	Same-Store	Revenues					Expenses					Net Operating Income
	Homes	4Q 23		4Q 22		Change	4Q 23		4Q 22		Change	4Q 23		4Q 22		Change

West Region
Orange County, CA	4,305	$	38,007	$	36,525	4.1%	$	8,332	$	8,204	1.6%	$	29,675	$	28,321	4.8%
San Francisco, CA	2,780		27,975		27,543	1.6%		8,055		7,959	1.2%		19,920		19,584	1.7%
Seattle, WA	2,702		22,337		22,349	-0.1%		5,723		5,934	-3.6%		16,614		16,415	1.2%
Monterey Peninsula, CA	1,567		10,534		10,336	1.9%		2,418		2,425	-0.3%		8,116		7,911	2.6%
Los Angeles, CA	1,225		10,745		10,857	-1.0%		3,219		3,065	5.0%		7,526		7,792	-3.4%
	12,579		109,598		107,610	1.8%		27,747		27,587	0.6%		81,851		80,023	2.3%

Mid-Atlantic Region
Metropolitan DC	8,819		59,902		57,075	5.0%		18,554		17,669	5.0%		41,348		39,406	4.9%
Baltimore, MD	2,221		12,220		12,084	1.1%		3,771		3,883	-2.9%		8,449		8,201	3.0%
Richmond, VA	1,359		7,312		7,057	3.6%		1,804		1,771	1.9%		5,508		5,286	4.2%
	12,399		79,434		76,216	4.2%		24,129		23,323	3.5%		55,305		52,893	4.6%

Northeast Region
Boston, MA	4,667		42,948		41,445	3.6%		11,926		11,002	8.4%		31,022		30,443	1.9%
New York, NY	2,318		31,764		30,239	5.0%		13,174		12,511	5.3%		18,590		17,728	4.9%
	6,985		74,712		71,684	4.2%		25,100		23,513	6.8%		49,612		48,171	3.0%

Southeast Region
Tampa, FL	3,877		23,946		23,505	1.9%		7,869		8,015	-1.8%		16,077		15,490	3.8%
Orlando, FL	3,493		19,303		18,852	2.4%		5,987		5,614	6.6%		13,316		13,238	0.6%
Nashville, TN	2,260		11,513		11,495	0.2%		2,880		2,824	2.0%		8,633		8,671	-0.4%
	9,630		54,762		53,852	1.7%		16,736		16,453	1.7%		38,026		37,399	1.7%

Southwest Region
Dallas, TX	5,813		29,991		29,905	0.3%		10,602		10,502	1.0%		19,389		19,403	-0.1%
Austin, TX	1,272		7,006		7,129	-1.7%		2,770		2,616	5.9%		4,236		4,513	-6.1%
	7,085		36,997		37,034	-0.1%		13,372		13,118	1.9%		23,625		23,916	-1.2%

Other Markets	3,123		23,485		23,120	1.6%		6,760		6,557	3.1%		16,725		16,563	1.0%

Total (2)	51,801	$	378,988	$	369,516	2.6%	$	113,844	$	110,551	3.0%	$	265,144	$	258,965	2.4%

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

(2)	With concessions reflected on a straight-line basis, Same-Store Revenue and Same-Store NOI increased year-over-year by 2.5% and 2.3%, respectively. See Attachment 14(C) for definitions and reconciliations.

Attachment 8(C)

Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

December 31, 2023

(Unaudited) (1)


		Same-Store
	Total
	Same-Store	Physical Occupancy			Total Revenue per Occupied Home
	Homes	4Q 23	3Q 23	Change	4Q 23		3Q 23		Change

West Region
Orange County, CA	4,305	96.9%	96.8%	0.1%	$	3,037	$	3,065	-0.9%
San Francisco, CA	2,780	96.4%	96.3%	0.1%		3,480		3,557	-2.2%
Seattle, WA	2,702	97.6%	97.3%	0.3%		2,823		2,823	0.0%
Monterey Peninsula, CA	1,567	95.0%	96.4%	-1.4%		2,359		2,324	1.5%
Los Angeles, CA	1,225	95.9%	95.9%	0.0%		3,049		3,159	-3.5%
	12,579	96.6%	96.7%	-0.1%		3,006		3,038	-1.0%

Mid-Atlantic Region
Metropolitan DC	8,819	97.3%	97.2%	0.1%		2,327		2,334	-0.3%
Baltimore, MD	2,221	96.4%	95.6%	0.8%		1,902		1,925	-1.2%
Richmond, VA	1,359	97.3%	97.0%	0.3%		1,843		1,892	-2.6%
	12,399	97.2%	96.9%	0.3%		2,196		2,213	-0.8%

Northeast Region
Boston, MA	4,667	96.9%	96.3%	0.6%		3,166		3,143	0.7%
New York, NY	2,318	97.5%	97.6%	-0.1%		4,685		4,780	-2.0%
	6,985	97.1%	96.7%	0.4%		3,672		3,691	-0.5%

Southeast Region
Tampa, FL	3,877	97.3%	96.6%	0.7%		2,116		2,134	-0.8%
Orlando, FL	3,493	96.5%	96.0%	0.5%		1,909		1,942	-1.7%
Nashville, TN	2,260	96.8%	96.5%	0.3%		1,754		1,781	-1.5%
	9,630	96.9%	96.4%	0.5%		1,956		1,982	-1.3%

Southwest Region
Dallas, TX	5,813	97.1%	96.9%	0.2%		1,771		1,792	-1.2%
Austin, TX	1,272	96.3%	96.1%	0.2%		1,906		1,942	-1.9%
	7,085	97.0%	96.8%	0.2%		1,795		1,819	-1.3%

Other Markets	3,123	96.9%	96.6%	0.3%		2,587		2,627	-1.5%

Total/Weighted Avg.	51,801	96.9%	96.7%	0.2%	$	2,516	$	2,541	-1.0%

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

Attachment 8(D)

Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

December 31, 2023

(Unaudited) (1)


			Same-Store ($000s)
	Total
	Same-Store	Revenues					Expenses					Net Operating Income
	Homes	4Q 23		3Q 23		Change	4Q 23		3Q 23		Change	4Q 23		3Q 23		Change

West Region
Orange County, CA	4,305	$	38,007	$	38,321	-0.8%	$	8,332	$	8,675	-4.0%	$	29,675	$	29,646	0.1%
San Francisco, CA	2,780		27,975		28,554	-2.0%		8,055		8,469	-4.9%		19,920		20,085	-0.8%
Seattle, WA	2,702		22,337		22,266	0.3%		5,723		6,081	-5.9%		16,614		16,185	2.6%
Monterey Peninsula, CA	1,567		10,534		10,534	0.0%		2,418		2,349	2.9%		8,116		8,185	-0.8%
Los Angeles, CA	1,225		10,745		11,135	-3.5%		3,219		3,012	6.9%		7,526		8,123	-7.4%
	12,579		109,598		110,810	-1.1%		27,747		28,586	-2.9%		81,851		82,224	-0.5%

Mid-Atlantic Region
Metropolitan DC	8,819		59,902		60,029	-0.2%		18,554		19,254	-3.6%		41,348		40,775	1.4%
Baltimore, MD	2,221		12,220		12,265	-0.4%		3,771		4,278	-11.9%		8,449		7,987	5.8%
Richmond, VA	1,359		7,312		7,481	-2.3%		1,804		1,836	-1.7%		5,508		5,645	-2.4%
	12,399		79,434		79,775	-0.4%		24,129		25,368	-4.9%		55,305		54,407	1.6%

Northeast Region
Boston, MA	4,667		42,948		42,371	1.4%		11,926		12,279	-2.9%		31,022		30,092	3.1%
New York, NY	2,318		31,764		32,442	-2.1%		13,174		14,038	-6.2%		18,590		18,404	1.0%
	6,985		74,712		74,813	-0.1%		25,100		26,317	-4.6%		49,612		48,496	2.3%

Southeast Region
Tampa, FL	3,877		23,946		23,975	-0.1%		7,869		8,061	-2.4%		16,077		15,914	1.0%
Orlando, FL	3,493		19,303		19,540	-1.2%		5,987		6,244	-4.1%		13,316		13,296	0.2%
Nashville, TN	2,260		11,513		11,651	-1.2%		2,880		3,187	-9.6%		8,633		8,464	2.0%
	9,630		54,762		55,166	-0.7%		16,736		17,492	-4.3%		38,026		37,674	0.9%

Southwest Region
Dallas, TX	5,813		29,991		30,284	-1.0%		10,602		10,777	-1.6%		19,389		19,507	-0.6%
Austin, TX	1,272		7,006		7,122	-1.6%		2,770		2,637	5.0%		4,236		4,485	-5.5%
	7,085		36,997		37,406	-1.1%		13,372		13,414	-0.3%		23,625		23,992	-1.5%

Other Markets	3,123		23,485		23,746	-1.1%		6,760		7,094	-4.7%		16,725		16,652	0.4%

Total (2)	51,801	$	378,988	$	381,716	-0.7%	$	113,844	$	118,271	-3.7%	$	265,144	$	263,445	0.6%

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

(2)	With concessions reflected on a straight-line basis, Same-Store Revenue and Same-Store NOI increased quarter-over-quarter by -0.7% and 0.7%, respectively. See Attachment 14(C) for definitions and reconciliations.

Attachment 8(E)

Same-Store Operating Information By Major Market

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

December 31, 2023

(Unaudited) (1)


		% of Same-
	Total	Store Portfolio	Same-Store
	Same-Store	Based on	Physical Occupancy			Total Revenue per Occupied Home
	Homes	YTD 2023 NOI	YTD 23	YTD 22	Change	YTD 23		YTD 22		Change

West Region
Orange County, CA	4,305	11.3%	96.4%	96.2%	0.2%	$	3,014	$	2,860	5.4%
San Francisco, CA	2,780	7.7%	96.5%	96.0%	0.5%		3,488		3,345	4.3%
Seattle, WA	2,702	6.3%	97.2%	97.3%	-0.1%		2,818		2,758	2.2%
Monterey Peninsula, CA	1,567	3.1%	95.6%	96.2%	-0.6%		2,289		2,199	4.1%
Los Angeles, CA	1,225	3.1%	96.2%	96.6%	-0.4%		3,121		3,031	3.0%
	12,579	31.5%	96.5%	96.4%	0.1%		2,997		2,879	4.1%

Mid-Atlantic Region
Metropolitan DC	8,819	15.6%	97.2%	97.1%	0.1%		2,297		2,180	5.4%
Baltimore, MD	2,221	3.1%	95.7%	96.2%	-0.5%		1,899		1,816	4.6%
Richmond, VA	1,359	2.1%	96.9%	97.5%	-0.6%		1,827		1,709	6.9%
	12,399	20.8%	96.9%	97.0%	-0.1%		2,175		2,063	5.4%

Northeast Region
Boston, MA	4,234	10.7%	96.7%	96.7%	0.0%		3,147		2,975	5.8%
New York, NY	2,318	7.0%	97.8%	98.0%	-0.2%		4,638		4,231	9.6%
	6,552	17.7%	97.1%	97.2%	-0.1%		3,678		3,423	7.5%

Southeast Region
Tampa, FL	3,877	6.1%	96.7%	96.8%	-0.1%		2,118		1,975	7.2%
Orlando, FL	3,493	5.1%	96.2%	96.4%	-0.2%		1,914		1,761	8.7%
Nashville, TN	2,260	3.2%	96.2%	97.4%	-1.2%		1,760		1,636	7.6%
	9,630	14.4%	96.4%	96.8%	-0.4%		1,960		1,818	7.8%

Southwest Region
Dallas, TX	5,813	7.4%	96.7%	96.8%	-0.1%		1,777		1,685	5.5%
Austin, TX	1,272	1.7%	96.3%	97.7%	-1.4%		1,925		1,824	5.5%
	7,085	9.1%	96.7%	96.9%	-0.2%		1,802		1,712	5.5%

Other Markets	3,123	6.5%	96.8%	96.8%	0.0%		2,576		2,452	5.1%

Total/Weighted Avg.	51,368	100.0%	96.7%	96.8%	-0.1%	$	2,501	$	2,365	5.7%

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

Attachment 8(F)

Same-Store Operating Information By Major Market

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

December 31, 2023

(Unaudited) (1)


			Same-Store ($000s)
	Total
	Same-Store	Revenues					Expenses					Net Operating Income
	Homes	YTD 23		YTD 22		Change	YTD 23		YTD 22		Change	YTD 23		YTD 22		Change

West Region
Orange County, CA	4,305	$	150,086	$	142,134	5.6%	$	33,289	$	31,185	6.7%	$	116,797	$	110,949	5.3%
San Francisco, CA	2,780		112,301		107,096	4.9%		32,601		30,847	5.7%		79,700		76,249	4.5%
Seattle, WA	2,702		88,798		86,997	2.1%		23,101		23,592	-2.1%		65,697		63,405	3.6%
Monterey Peninsula, CA	1,567		41,147		39,786	3.4%		9,349		8,930	4.7%		31,798		30,856	3.1%
Los Angeles, CA	1,225		44,139		43,037	2.6%		12,187		11,600	5.1%		31,952		31,437	1.6%
	12,579		436,471		419,050	4.2%		110,527		106,154	4.1%		325,944		312,896	4.2%

Mid-Atlantic Region
Metropolitan DC	8,819		236,254		223,965	5.5%		74,003		70,618	4.8%		162,251		153,347	5.8%
Baltimore, MD	2,221		48,430		46,557	4.0%		15,820		15,317	3.3%		32,610		31,240	4.4%
Richmond, VA	1,359		28,873		27,171	6.3%		7,355		6,835	7.6%		21,518		20,336	5.8%
	12,399		313,557		297,693	5.3%		97,178		92,770	4.8%		216,379		204,923	5.6%

Northeast Region
Boston, MA	4,234		154,605		146,175	5.8%		43,595		41,438	5.2%		111,010		104,737	6.0%
New York, NY	2,318		126,167		115,336	9.4%		53,074		49,605	7.0%		73,093		65,731	11.2%
	6,552		280,772		261,511	7.4%		96,669		91,043	6.2%		184,103		170,468	8.0%

Southeast Region
Tampa, FL	3,877		95,290		88,926	7.2%		32,204		30,542	5.4%		63,086		58,384	8.1%
Orlando, FL	3,493		77,193		71,176	8.5%		23,910		21,996	8.7%		53,283		49,180	8.3%
Nashville, TN	2,260		45,930		43,202	6.3%		12,266		12,299	-0.3%		33,664		30,903	8.9%
	9,630		218,413		203,304	7.4%		68,380		64,837	5.5%		150,033		138,467	8.4%

Southwest Region
Dallas, TX	5,813		119,869		113,798	5.3%		43,313		41,899	3.4%		76,556		71,899	6.5%
Austin, TX	1,272		28,298		27,199	4.0%		10,713		10,730	-0.2%		17,585		16,469	6.8%
	7,085		148,167		140,997	5.1%		54,026		52,629	2.7%		94,141		88,368	6.5%

Other Markets	3,123		93,457		88,940	5.1%		26,364		25,197	4.6%		67,093		63,743	5.3%

Total (2)	51,368	$	1,490,837	$	1,411,495	5.6%	$	453,144	$	432,630	4.7%	$	1,037,693	$	978,865	6.0%

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

(2)	With concessions reflected on a straight-line basis, Same-Store revenue and Same-Store NOI increased year-over-year by 6.2% and 6.8%, respectively. See Attachment 14(C) for definitions and reconciliations.

Attachment 8(G)

Same-Store Operating Information By Major Market

December 31, 2023

(Unaudited) (1)


	Effective Blended Lease Rate Growth	Effective New Lease Rate Growth	Effective Renewal Lease Rate Growth	Annualized Turnover
	4Q 2023	4Q 2023	4Q 2023	4Q 2023	4Q 2022	YTD 2023	YTD 2022

West Region
Orange County, CA	0.4%	-2.8%	3.7%	37.4%	41.1%	44.6%	42.7%
San Francisco, CA	-3.5%	-9.8%	3.5%	36.2%	41.8%	43.5%	40.3%
Seattle, WA	0.4%	-5.0%	4.2%	36.6%	42.9%	46.1%	49.9%
Monterey Peninsula, CA	6.5%	5.9%	7.2%	33.4%	38.0%	35.2%	32.4%
Los Angeles, CA	-2.4%	-6.6%	2.8%	37.9%	31.1%	39.8%	32.7%
	-0.6%	-5.0%	3.9%	36.6%	40.6%	43.3%	42.3%

Mid-Atlantic Region
Metropolitan DC	2.1%	-2.9%	6.3%	27.4%	30.9%	39.0%	40.8%
Baltimore, MD	-1.7%	-6.3%	4.2%	33.9%	39.8%	52.2%	53.9%
Richmond, VA	-2.1%	-6.8%	2.1%	34.4%	36.2%	46.1%	46.6%
	1.1%	-3.9%	5.6%	29.7%	33.4%	42.8%	44.4%

Northeast Region
Boston, MA	1.9%	-1.4%	5.0%	30.9%	33.3%	42.4%	44.0%
New York, NY	0.9%	-3.8%	5.4%	24.5%	24.0%	39.6%	40.0%
	1.6%	-2.2%	5.1%	29.1%	30.9%	41.5%	42.6%

Southeast Region
Tampa, FL	-1.7%	-6.3%	3.0%	36.7%	46.9%	52.0%	54.9%
Orlando, FL	-4.6%	-9.9%	2.2%	44.5%	50.8%	52.4%	51.7%
Nashville, TN	-2.0%	-5.9%	1.9%	38.1%	38.1%	49.2%	48.5%
	-2.9%	-7.8%	2.5%	40.2%	46.7%	51.5%	52.4%

Southwest Region
Dallas, TX	-2.2%	-6.7%	2.6%	39.0%	43.2%	49.9%	50.9%
Austin, TX	-4.7%	-11.2%	3.1%	40.2%	37.1%	48.5%	49.2%
	-2.7%	-7.7%	2.7%	39.3%	42.2%	49.7%	50.6%

Other Markets	-0.2%	-4.7%	4.5%	39.4%	43.2%	44.3%	46.7%

Total/Weighted Avg.	-0.5%	-5.1%	4.2%	34.9%	38.7%	45.2%	45.8%


Allocation of Total Homes Repriced during the Quarter		49.9%	50.1%

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

Attachment 9

Development and Land Summary

December 31, 2023

(Dollars in Thousands)

(Unaudited) (1)


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

Projects Under Construction

Villas at Fiori	Addison, TX		85	56	$	49,502	$	53,500	$	629		1Q22	4Q23	2Q24	25.9%	17.7%
Meridian	Tampa, FL		330	-		110,902		134,000		406		1Q22	2Q24	2Q24	6.1%	-

Total Under Construction			415	56	$	160,404	$	187,500	$	452

Completed Projects, Non-Stabilized

The MO	Washington, DC		300	300	$	141,419	$	145,000	$	483		3Q20	4Q22	1Q23	94.0%	92.0%

Total Completed, Non-Stabilized			300	300	$	141,419	$	145,000	$	483

Total - Wholly Owned			715	356	$	301,823	$	332,500	$	465



NOI From Wholly-Owned Projects		4Q 23

Projects Under Construction		$	(264)
Completed, Non-Stabilized			884
Total		$	620


Land Summary
Parcel	Location	UDR Ownership Interest			Real Estate Cost Basis

Vitruvian Park^®	Addison, TX	100%			$	37,212
Alameda Point Block 11	Alameda, CA	100%				32,000
Newport Village II	Alexandria, VA	100%				19,800
2727 Turtle Creek (includes 3 phases)	Dallas, TX	100%				99,146
488 Riverwalk	Fort Lauderdale, FL	100%				22,352
3001 Iowa Avenue	Riverside, CA	100%				21,854

Total					$	232,364

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

Attachment 10(A)

Unconsolidated Summary

December 31, 2023

(Dollars in Thousands)

(Unaudited) (1)



								Physical	Total Rev. per		Net Operating Income
	Own.		# of			# of		Occupancy	Occ. Home		UDR's Share				Total
Portfolio Characteristics	Interest		Comm.			Homes		4Q 23	4Q 23		4Q 23		YTD 23 (2)		YTD 23 (2)

UDR / MetLife	50%			13		2,837		96.6%	$	4,147	$	10,768	$	43,736	$	86,990
UDR / LaSalle	51%			5		1,590		97.2%		2,572		3,855		7,716		15,128

Total				18		4,427		96.8%	$	3,638	$	14,623	$	51,452	$	102,118




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

UDR / MetLife	$	1,727,352	$	855,049	$	234,057		3.79%	2024-2031
UDR / LaSalle		611,044		45,127		286,723		5.88%	2028

Total	$	2,338,396	$	900,176	$	520,780		3.89%





			4Q 23 vs. 4Q 22 Growth						4Q 23 vs. 3Q 23 Growth
Joint Venture Same-Store Growth (4)	Communities		Revenue		Expense			NOI	Revenue		Expense		NOI

Combined JV Portfolio	17		1.2%		7.1%			-1.8%	-0.5%		0.0%		-0.8%





			YTD 23 vs. YTD 22 Growth
Joint Venture Same-Store Growth (4)	Communities		Revenue		Expense			NOI

Combined JV Portfolio	17		6.5%		5.7%			6.9%





							Income/(Loss)
	UDR Investment (6)						from Investments
Other Unconsolidated Investments (5)	Commitment		Funded		Balance		4Q 23 (7)

RETV Funds	$	51,000	$	30,660	$	26,762	$	(360)
RET Strategic Fund		25,000		13,625		13,980		9
RET ESG Fund		10,000		4,000		3,640		(80)
Climate Technology Funds		10,000		7,663		6,871		(531)
Total	$	96,000	$	55,948	$	51,253	$	(962)

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

(2)	Represents NOI at 100% for the period ended December 31, 2023.

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

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

(5)	Other unconsolidated investments represent UDR’s investments in real estate technology and climate technology funds.

(6)

Investment commitment represents maximum equity and therefore excludes realized/unrealized gain/(loss). Investment funded represents cash funded towards the investment commitment. Investment balance includes amount funded plus realized/unrealized gain/(loss), less distributions received prior to the period end.

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

Attachment 10(B)

Developer Capital Program

December 31, 2023

(Dollars in Thousands)

(Unaudited) (1)


Developer Capital Program (2)(3)


			# of	UDR Investment				Return	Years to	Upside
Community	Location		Homes	Commitment (4)		Balance (4)		Rate	Maturity (5)	Participation

Preferred Equity

Junction	Santa Monica, CA		66	$	12,994	$	20,187	12.75%	0.8	-
Thousand Oaks	Thousand Oaks, CA		142		20,059		27,232	9.0%	1.1	Variable
Infield Phase I	Kissimmee, FL		384		16,044		20,476	14.0%	1.2	-
Vernon Boulevard	Queens, NY		534		40,000		62,450	13.0%	1.5	Variable
121 at Watters	Allen, TX		469		19,843		24,617	9.0%	1.6	Variable
Makers Rise	Herndon, VA		356		30,208		37,248	9.0%	2.0	Variable
Meetinghouse	Portland, OR		232		11,600		12,733	8.25%	3.1	-
Heirloom	Portland, OR		286		16,185		17,539	8.25%	3.4	-
Upton Place	Washington, DC		689		52,163		62,596	9.7%	3.9	-
Portfolio Recapitalization (6)	Various		2,460		102,000		102,693	8.0%	5.5	-

Total - Preferred Equity			5,618	$	321,096	$	387,771	9.6%	3.3

Loans

1300 Fairmount	Philadelphia, PA		478	$	71,393	$	98,271	10.5%	0.8	-
Menifee	Menifee, CA		237		24,447		26,164	11.0%	3.0	-
Riverside	Riverside, CA		482		59,676		64,608	11.0%	3.0	-
Total - Loans			1,197	$	155,516	$	189,043	10.8%	2.0

Total - Developer Capital Program			6,815	$	476,612	$	576,814	10.0%	2.9



		4Q 23

Income/(loss) from investments		$	12,700

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

(2)

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

(3)

In April 2019, UDR entered into a joint venture agreement (Residences at Lake Merritt) with an unaffiliated developer resulting in UDR funding $45.2 million of preferred equity. The developer constructed a 173 apartment home community. During the fourth quarter of 2023, the developer informed UDR that it would not fund its share of a capital call and subsequently agreed to transfer its equity interest in the joint venture to UDR. As a result, UDR began consolidating the joint venture. In connection with the consolidation, UDR recorded the community and the senior construction loan at fair value on its balance sheet. The community and senior construction loan were recorded at $67.0 million and $40.0 million, respectively. The consolidation of the venture resulted in UDR recording a $24.3 million non-cash investment loss. UDR took title to the developer’s equity interest in the joint venture in January 2024.

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

(5)

As of December 31, 2023, our preferred equity investment and loan portfolio had a weighted average term to maturity of 2.9 years, excluding extension options. In many cases, the maturity dates of our investments can be extended by up to three years, typically through multiple one year extensions, subject to certain conditions being satisfied. In addition, the maturity dates of our investments may differ from the maturity dates of the senior loans held by the ventures.

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

Attachment 11

Acquisitions, Dispositions and Developer Capital Program Investments Summary

December 31, 2023

(Dollars in Thousands)

(Unaudited) (1)


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

Acquisitions - Wholly-Owned

Aug-23	Texas Portfolio Acquisition	Various	0%	100%	$	402,247	$	209,370	1,753	$	229
					$	402,247	$	209,370	1,753	$	229

Acquisitions - Joint Venture

Dec-23	One Upland	Norwood, MA	0%	51%	$	114,300	$	45,720	262	$	436
					$	114,300	$	45,720	262	$	436



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

Dispositions - Wholly-Owned

Jun-23	UDR / LaSalle Joint Venture (3)	Various	100%	51%	$	507,161	$	-	1,328	$	382
Dec-23	The Arbory (4)	Hillsboro, OR	100%	0%		78,600		-	276		285

					$	585,761	$	-	1,604	$	365

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

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

(3)	UDR recorded a gain on sale of approximately $325.9 million during the twelve months ended December 31, 2023, which is included in gain/(loss) on sale of real estate owned.

(4)	UDR recorded a gain on sale of approximately $25.3 million during the three and twelve months ended December 31, 2023, which is included in gain/(loss) on sale of real estate owned.

Attachment 12

Capital Expenditure and Repair and Maintenance Summary

December 31, 2023

(In thousands, except Cost per Home)

(Unaudited) (1)


		Three Months				Capex	Twelve Months				Capex
	Estimated	Ended		Cost		as a %	Ended			Cost	as a %
Capital Expenditures for Consolidated Homes (2)	Useful Life (yrs.)	December 31, 2023		per Home		of NOI	December 31, 2023			per Home	of NOI

Average number of homes (3)			55,263					54,476

Recurring Cap Ex
Asset preservation
Building interiors	5 - 20	$	12,223	$	221		$	39,521	$	725
Building exteriors	5 - 20		9,627		174			21,997		404
Landscaping and grounds	10		2,147		39			6,499		119
Total asset preservation			23,997		434			68,017		1,249

Turnover related	5		4,409		80			17,595		323

Total Recurring Cap Ex			28,406		514	10%		85,612		1,572	8%

NOI Enhancing Cap Ex	5 - 20		28,556		517			90,627		1,664

Total Recurring and NOI Enhancing Cap Ex		$	56,962	$	1,031		$	176,239	$	3,235


		Three Months					Twelve Months
		Ended			Cost		Ended			Cost
Repair and Maintenance for Consolidated Homes (Expensed)		December 31, 2023			per Home		December 31, 2023			per Home

Average number of homes (3)			55,263					54,476

Contract services		$	10,417	$	188		$	41,838	$	768

Turnover related expenses			6,060		110			26,902		494

Other Repair and Maintenance
Building interiors			4,494		81			18,472		339
Building exteriors			1,544		28			5,858		108
Landscaping and grounds			404		7			1,888		35
Total Repair and Maintenance		$	22,919	$	415		$	94,958	$	1,743

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

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

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

Attachment 13

1Q 2024 and Full-Year 2024 Guidance

December 31, 2023

(Unaudited) (1)


		Guidance

Net Income, FFO, FFO as Adjusted and AFFO per Share and Unit Guidance	1Q 2024	Full-Year 2024

Income/(loss) per weighted average common share, diluted	$0.13 to $0.15	$0.33 to $0.45
FFO per common share and unit, diluted	$0.60 to $0.62	$2.36 to $2.48
FFO as Adjusted per common share and unit, diluted	$0.60 to $0.62	$2.36 to $2.48
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted	$0.56 to $0.58	$2.10 to $2.22
Weighted average number of common shares, OP/DownREIT Units, and common stock equivalents outstanding, diluted (in millions)	356.5	356.7
Annualized dividend per share and unit		$1.70


Same-Store Guidance (Straight-line basis)		Full-Year 2024

Revenue growth / (decline)		0.00% to 3.00%
Expense growth		4.25% to 6.25%
NOI growth / (decline)		-1.75% to 1.75%


Sources of Funds ($ in millions)		Full-Year 2024

AFFO less Dividends		$142 to $185
Debt Issuances/Assumptions and LOC Draw/(Paydown)		$25 to $150
Dispositions and Developer Capital Program maturities		$100 to $250


Uses of Funds ($ in millions)		Full-Year 2024

Debt maturities inclusive of principal amortization (2)		$116
Development spending and land acquisitions		$25 to $50
Redevelopment and other non-recurring		$70 to $100
Developer Capital Program funding and senior loan payoff		$0 to $105
Joint Venture Acquisitions (at share)		$0 to $150
NOI enhancing capital expenditures inclusive of Kitchen and Bath		$60 to $80


Other Additions/(Deductions) ($ in millions except per home amounts)		Full-Year 2024

Consolidated interest expense, net of capitalized interest and adjustments for FFO as Adjusted		$187 to $193
Consolidated capitalized interest		$7 to $11
General and administrative		$67 to $73
Recurring capital expenditures per home		$1,650

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

(2)	Excludes short-term maturities related to the Company's unsecured commercial paper program.

Attachment 14(A)

Definitions and Reconciliations

December 31, 2023

(Unaudited)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Attachment 14(B)

Definitions and Reconciliations

December 31, 2023

(Unaudited)

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

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

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

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

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

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

In thousands

4Q 2023

YTD 2023

Income/(loss) from unconsolidated entities

(20,219)

4,693

Management fee

798

2,767

Interest expense

4,240

16,567

Depreciation

12,749

40,420

General and administrative

198

555

Net (gain)/loss on consolidation

24,257

Developer Capital Program (excludes loans)

(7,889)

(37,885)

Other (income)/expense

181

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

1,888

3,074

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

(1,457)

(3,177)

Total Joint Venture NOI at UDR's Ownership Interest

14,623

51,452

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

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


In thousands	4Q 2023		3Q 2023		2Q 2023		1Q 2023		4Q 2022
Net income/(loss) attributable to UDR, Inc.	$	32,986	$	32,858	$	347,545	$	30,964	$	44,530
Property management		13,354		13,271		13,101		12,945		12,949
Other operating expenses		8,320		4,611		4,259		3,032		4,008
Real estate depreciation and amortization		170,643		167,551		168,925		169,300		167,241
Interest expense		47,347		44,664		45,113		43,742		43,247
Casualty-related charges/(recoveries), net		(224)		(1,928)		1,134		4,156		8,523
General and administrative		20,838		15,159		16,452		17,480		16,811
Tax provision/(benefit), net		93		428		1,351		234		(683)
(Income)/loss from unconsolidated entities		20,219		(5,508)		(9,697)		(9,707)		(761)
Interest income and other (income)/expense, net		(9,371)		3,069		(10,447)		(1,010)		(1)
Joint venture management and other fees		(2,379)		(1,772)		(1,450)		(1,242)		(1,244)
Other depreciation and amortization		4,397		3,692		3,681		3,649		4,823
(Gain)/loss on sale of real estate owned		(25,308)		-		(325,884)		(1)		(25,494)
Net income/(loss) attributable to noncontrolling interests		2,975		2,561		22,638		1,961		2,937
Total consolidated NOI	$	283,890	$	278,656	$	276,721	$	275,503	$	276,886

Attachment 14(C)

Definitions and Reconciliations

December 31, 2023

(Unaudited)

NOI Enhancing Capital Expenditures ("Cap Ex"): The Company defines NOI Enhancing Capital Expenditures as expenditures that result in increased income generation or decreased expense growth over time.

Management considers NOI Enhancing Capital Expenditures a useful metric for investors as it quantifies the amount of capital expenditures that are expected to grow, not just maintain, revenues or to decrease expenses.

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

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

Other Markets: The Company defines Other Markets as the accumulation of individual markets where it operates less than 1,000 Same-Store homes. Management considers Other Markets a useful metric as the operating results for the individual markets are not representative of the fundamentals for those markets as a whole.

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

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

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

Redevelopment Communities: The Company generally defines Redevelopment Communities as those communities where substantial redevelopment is in progress. Based upon the level of material impact the redevelopment has on the community (operations, occupancy levels, and future rental rates), the community may or may not maintain Stabilization. As such, for each redevelopment, the Company assesses whether the community remains in Same-Store.

Same-Store Revenue with Concessions on a Cash Basis: Same-Store Revenue with Concessions on a Cash Basis is considered by the Company to be a supplemental measure to rental income on a straight-line basis which allows investors to evaluate the impact of both current and historical concessions and to more readily enable comparisons to revenue as reported by its peer REITs. In addition, Same-Store Revenue with Concessions on a Cash Basis allows an investor to understand the historical trends in cash concessions.

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

4Q 23

4Q 22

4Q 23

3Q 23

YTD 23

YTD 22

Revenue (Cash basis)

378,988

369,516

378,988

381,716

1,490,837

1,411,495

Concessions granted/(amortized), net

890

1,137

890

804

1,591

(6,082)

Revenue (Straight-line basis)

379,878

370,653

379,878

382,520

1,492,428

1,405,413

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

2.6%

-0.7%

5.6%

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

2.5%

-0.7%

6.2%

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

2.4%

0.6%

6.0%

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

2.3%

0.7%

6.8%

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

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

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

Total Revenue per Occupied Home: The Company defines Total Revenue per Occupied Home as rental and other revenues with concessions reported on a Cash Basis, divided by the product of occupancy and the number of apartment homes. A reconciliation between Same-Store Revenue with Concessions on a Cash Basis to Same-Store Revenue on a straight-line basis is provided above.

Management considers Total Revenue per Occupied Home a useful metric for investors as it serves as a proxy for portfolio quality, both geographic and physical.

TRS: The Company’s taxable REIT subsidiaries (“TRS”) focus on making investments and providing services that are otherwise not allowed to be made or provided by a REIT.

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

Attachment 14(D)

Definitions and Reconciliations

December 31, 2023

(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 2024 and first quarter of 2024 to forecasted FFO, FFO as Adjusted and AFFO per share and unit:


	Full-Year 2024
	Low		High

Forecasted net income per diluted share	$	0.33	$	0.45
Conversion from GAAP share count		(0.02)		(0.02)
Net gain on the sale of depreciable real estate owned		(0.05)		(0.05)
Depreciation		2.07		2.07
Noncontrolling interests		0.02		0.02
Preferred dividends		0.01		0.01
Forecasted FFO per diluted share and unit	$	2.36	$	2.48
Legal and other costs		-		-
Casualty-related charges/(recoveries)		-		-
Realized/unrealized (gain)/loss on real estate technology investments		-		-
Forecasted FFO as Adjusted per diluted share and unit	$	2.36	$	2.48
Recurring capital expenditures		(0.26)		(0.26)
Forecasted AFFO per diluted share and unit	$	2.10	$	2.22


	1Q 2024
	Low		High

Forecasted net income per diluted share	$	0.13	$	0.15
Conversion from GAAP share count		(0.01)		(0.01)
Net gain on the sale of depreciable real estate owned		(0.05)		(0.05)
Depreciation		0.52		0.52
Noncontrolling interests		0.01		0.01
Preferred dividends		-		-
Forecasted FFO per diluted share and unit	$	0.60	$	0.62
Legal and other costs		-		-
Casualty-related charges/(recoveries)		-		-
Realized/unrealized (gain)/loss on real estate technology investments		-		-
Forecasted FFO as Adjusted per diluted share and unit	$	0.60	$	0.62
Recurring capital expenditures		(0.04)		(0.04)
Forecasted AFFO per diluted share and unit	$	0.56	$	0.58

Forward Looking Statements

December 31, 2023

(Unaudited)

Forward-Looking Statements

Certain statements made in this supplement may constitute “forward-looking statements.” Words such as “expects,” “intends,” “believes,” “anticipates,” “plans,” “likely,” “will,” “seeks,” “estimates” and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement, due to a number of factors, which include, but are not limited to, general market and economic conditions, unfavorable changes in the apartment market and economic conditions that could adversely affect occupancy levels and rental rates, the impact of inflation/deflation on rental rates and property operating expenses, the availability of capital and the stability of the capital markets, rising interest rates, the impact of competition and competitive pricing, acquisitions, developments and redevelopments not achieving anticipated results, delays in completing developments, redevelopments and lease-ups on schedule or at expected rent and occupancy levels, changes in job growth, home affordability and demand/supply ratio for multifamily housing, development and construction risks that may impact profitability, risks that joint ventures with third parties and DCP investments do not perform as expected, the failure of automation or technology to help grow net operating income, and other risk factors discussed in documents filed by the Company with the SEC from time to time, including the Company's Annual Report on Form 10-K and the Company's Quarterly Reports on Form 10-Q. Actual results may differ materially from those described in the forward-looking statements. These forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this supplement, and the Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in the Company's expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required under the U.S. securities laws.

Document and Entity Information	Jul. 26, 2023
Document and Entity Information [Abstract]
Document Type	8-K
Document Period End Date	Feb. 06, 2024
Entity Registrant Name	UDR, Inc.
Entity Incorporation, State or Country Code	MD
Entity File Number	1-10524
Entity Tax Identification Number	54-0857512
Entity Address, Address Line One	1745 Shea Center Drive, Suite 200
Entity Address, City or Town	Highlands Ranch
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80129
City Area Code	720
Local Phone Number	283-6120
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock
Trading Symbol	UDR
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0000074208
Amendment Flag	false

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