UDR (UDR) 8-K Udr Announces Fourth Quarter and Full Year 2014 Results

Exhibit 99.2

Financial Highlights
UDR, Inc.
As of End of Fourth Quarter 2014 (1)
(Unaudited)
		Actual Results	Actual Results	Guidance as of December 31, 2014
Dollars in thousands, except per share		4Q 2014	YTD 2014	1Q 2015		Full-Year 2015
Per Share Metrics
FFO per common share, diluted		$0.40	$1.56	$0.41 to $0.43		$1.60 to $1.66
FFO as Adjusted per common share, diluted		$0.39	$1.52	$0.38 to $0.40		$1.58 to $1.64
Adjusted Funds from Operations ("AFFO") per common share, diluted		$0.34	$1.35	$0.35 to $0.37		$1.41 to $1.47
Dividend per share		$0.26	$1.04	$0.2775		$1.11 (2)
Same-Store Operating Metrics
Revenue growth		4.2%	4.3%	--		3.75% to 4.25%
Expense growth		1.9%	2.5%	--		2.50% to 3.00%
NOI growth		5.1%	5.2%	--		4.00% to 5.00%
Physical Occupancy		96.7%	96.7%	--		96.5%
Property Metrics			Homes	Communities		% of Total NOI
Same-Store			35,672	128		74.5%
Stabilized, Non-Mature			2,453	6		7.8%
Acquired Communities			162	1		0.3%
Redevelopment			739	1		3.6%
Development, completed (refer to Attachment 9)			825	3		0.5%
Non-Residential / Other			N/A	N/A		1.6%
Joint Venture (includes completed JV developments) (3)			10,055	36		11.7%
Sub-total, completed homes			49,906	175		100%
Under Development			369	1		-
Joint Venture Development			1,018	3		-
Total expected homes (4)			51,293	179		100%
Balance Sheet Metrics (adjusted for non-recurring items)			Market Capitalization
	4Q 2014	4Q 2013		4Q 2014		% of Total
Interest Coverage Ratio	3.67x	3.16x	Total debt	$	3,583,105	30.2%
Fixed Charge Coverage Ratio	3.58x	3.09x	Common stock equivalents (5)	8,271,095		69.8%
Leverage Ratio	38.6%	39.2%	Total market capitalization	$	11,854,200	100.0%
Net Debt-to-EBITDA	6.5x	7.0x

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

(2) Annualized for 2015.

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

(4) Excludes 218 homes under development at Steele Creek, where we have a participating loan investment as described in Attachment 12.

(5) Based on a common share price of $30.82 at December 31, 2014.

1

Attachment 1
UDR, Inc.
Consolidated Statements of Operations (1)
(Unaudited)
	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
In thousands, except per share amounts	2014			2013			2014			2013
REVENUES:
Rental income (2)	$	206,104		$	190,321		$	805,002		$	746,484
Joint venture management and other fees	3,445			3,095			13,044			12,442
Total revenues	209,549			193,416			818,046			758,926
OPERATING EXPENSES:
Property operating and maintenance	36,782			36,660			149,428			144,319
Real estate taxes and insurance	25,331			23,477			99,175			93,765
Property management	5,668			5,233			22,138			20,528
Other operating expenses	2,174			1,925			8,271			7,136
Real estate depreciation and amortization	91,406			88,301			358,154			339,532
Acquisition costs	107			—			373			—
General and administrative	11,615			11,532			47,427			42,238
Casualty-related (recoveries)/charges, net	41			—			541			(12,253		)
Other depreciation and amortization	2,117			3,281			5,775			6,741
Total operating expenses	175,241			170,409			691,282			642,006
Operating income	34,308			23,007			126,764			116,920
Income/(loss) from unconsolidated entities (3)	(2,074		)	5,666			(7,006		)	(415		)
Interest expense	(32,792		)	(33,360		)	(130,262		)	(125,905		)
Other debt (charges)/benefits, net (4)	—			—			(192		)	(178		)
Total Interest expense	(32,792		)	(33,360		)	(130,454		)	(126,083		)
Interest and other income/(expense), net	(44		)	1,328			11,858			4,619
Income/(loss) before income taxes, discontinued operations and gain/(loss) on sale of real estate	(602		)	(3,359		)	1,162			(4,959		)
Tax benefit/(provision), net (3) (5)	7,087			(15		)	15,098			7,299
Income/(loss) from continuing operations	6,485			(3,374		)	16,260			2,340
Income/(loss) from discontinued operations, net of tax (6)	—			41,376			10			43,942
Income/(loss) before gain/(loss) on sale of real estate owned	6,485			38,002			16,270			46,282
Gain/(loss) on sale of real estate owned, net of tax (6)	61,267			—			143,572			—
Net income/(loss)	67,752			38,002			159,842			46,282
Net (income)/loss attributable to redeemable noncontrolling interests in the OP	(2,340		)	(1,332		)	(5,511		)	(1,530		)
Net (income)/loss attributable to noncontrolling interests	5			30			3			60
Net income/(loss) attributable to UDR, Inc.	65,417			36,700			154,334			44,812
Distributions to preferred stockholders - Series E (Convertible)	(931		)	(931		)	(3,724		)	(3,724		)
Net income/(loss) attributable to common stockholders	$	64,486		$	35,769		$	150,610		$	41,088
Income/(loss) per weighted average common share - basic:
Income/(loss) from continuing operations attributable to common stockholders	$	0.25		$	(0.02	)	$	0.60		$	(0.01	)
Income/(loss) from discontinued operations attributable to common stockholders	$	0.00		$	0.16		$	0.00		$	0.17
Net income/(loss) attributable to common stockholders	$	0.25		$	0.14		$	0.60		$	0.16
Income/(loss) per weighted average common share - diluted:
Income/(loss) from continuing operations attributable to common stockholders	$	0.25		$	(0.02	)	$	0.59		$	(0.01	)
Income/(loss) from discontinued operations attributable to common stockholders	$	0.00		$	0.16		$	0.00		$	0.17
Net income/(loss) attributable to common stockholders	$	0.25		$	0.14		$	0.59		$	0.16
Common distributions declared per share	$	0.260		$	0.235		$	1.040		$	0.940
Weighted average number of common shares outstanding - basic	253,983			249,987			251,528			249,969
Weighted average number of common shares outstanding - diluted	256,000			249,987			253,445			249,969
(1) See Attachment 16 for definitions and other terms.
(2) The twelve months ended December 31, 2013 is impacted by $3.4 million of lost rent due to business interruption related to Hurricane Sandy.
(3) During 4Q13, the Company sold its interest in the Lodge at Stoughton community and recognized a gross GAAP gain of $8.3 million, which was recorded as income/(loss) from unconsolidated entities, and related tax expense of $3.0 million, which was recorded as tax benefit/(provision), net.
(4) Includes prepayment penalties, write-off of deferred financing costs and unamortized discounts/premiums on early debt extinguishment.
(5) During 4Q14, the Company recognized a one-time tax benefit of $5.8 million related to the conversion of certain taxable REIT subsidiary entities into REIT's. This benefit has been deducted from FFO as Adjusted on Attachment 2.
(6) Effective January 1, 2014, UDR prospectively adopted Accounting Standards Update (“ASU”) No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, for all communities not previously sold or classified as held for sale. ASU 2014-08 incorporates into the definition of a discontinued operation a requirement that a disposition represent a strategic shift in an entity’s operations, which resulted in UDR no longer classifying the sale of communities as a discontinued operation. Subsequent to the adoption, gain/(loss) on the sale of communities is recorded as gain/(loss) on sale of real estate owned, net of tax.

2

Attachment 2
UDR, Inc.
Funds From Operations (1)
(Unaudited)
	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
In thousands, except per share amounts	2014			2013			2014			2013
Net income/(loss) attributable to UDR, Inc.	$	65,417		$	36,700		$	154,334		$	44,812
Distributions to preferred stockholders	(931		)	(931		)	(3,724		)	(3,724		)
Real estate depreciation and amortization, including discontinued operations	91,406			88,651			358,154			341,490
Noncontrolling interests	2,335			1,302			5,508			1,470
Real estate depreciation and amortization on unconsolidated joint ventures	12,207			7,718			42,133			33,180
Net (gain)/loss on the sale of depreciable property, excluding TRS	(63,443		)	(40,450		)	(144,703		)	(40,450		)
Funds from operations ("FFO"), basic	$	106,991		$	92,990		$	411,702		$	376,778
Distributions to preferred stockholders - Series E (Convertible)	931			931			3,724			3,724
FFO, diluted	$	107,922		$	93,921		$	415,426		$	380,502
FFO per common share, basic	$	0.41		$	0.36		$	1.58		$	1.45
FFO per common share, diluted	$	0.40		$	0.36		$	1.56		$	1.44
Weighted average number of common shares and OP Units outstanding - basic	263,149			259,310			260,775			259,306
Weighted average number of common shares, OP Units, and common stock
equivalents outstanding - diluted	268,201			263,908			265,728			263,926
Impact of adjustments to FFO:
Acquisition-related costs/(fees), including joint ventures	$	264		$	—		$	442		$	(254	)
Costs/(benefit) associated with debt extinguishment and tender offer	—			—			192			178
(Gain)/loss on sale of land	2,176			—			1,056			—
Net gain on prepayment of note receivable	—			—			(8,411		)	—
Gain on sale of TRS property/marketable securities (2)	—			(2,651		)	—			(2,651		)
Tax benefit associated with the conversion of certain TRS entities into REITs (3)	(5,770		)	—			(5,770		)	—
Casualty-related (recoveries)/charges, net (4)	41			—			541			(9,665		)
	$	(3,289	)	$	(2,651	)	$	(11,950	)	$	(12,392	)
FFO as Adjusted, diluted	$	104,633		$	91,270		$	403,476		$	368,110
FFO as Adjusted per common share, diluted	$	0.39		$	0.35		$	1.52		$	1.39
Recurring capital expenditures	(13,944		)	(11,732		)	(43,921		)	(42,707		)
AFFO	$	90,689		$	79,538		$	359,555		$	325,403
AFFO per common share, diluted	$	0.34		$	0.30		$	1.35		$	1.23
(1) See Attachment 16 for definitions and other terms.
(2) $2.7 million of the net gain on the sale of our interest in the unconsolidated joint venture (discussed in note 3 on Attachment 1) is included in FFO and excluded from FFO as Adjusted as it was a gain on a development asset, which is incidental to our main business. The $2.7 million FFO gain represents the net sales proceeds less a tax provision and the gross investment basis of the asset before accumulated depreciation.
(3) During 4Q14, the Company recognized a one-time tax benefit of $5.8 million related to the conversion of certain taxable REIT subsidiary entities into REIT's.
(4) 2014 adjustment relates to damages at our Rosebeach community in California as a result of the earthquake in March 2014 and the storm that hit the west coast in December 2014. 2013 adjustment primarily represents the portion of Hurricane Sandy insurance recoveries in 2013 that relate to the $9.3 million in charges added back to FFO as Adjusted in 4Q12. The difference between the casualty-related recoveries reflected on the Consolidated Statements of Operations and the adjustment above represents the amount of 2013 business interruption recoveries during 2013. The business interruption insurance recoveries are offset by lost rental revenues from the business interruption in 2013.

3

Attachment 3
UDR, Inc.
Consolidated Balance Sheets
	December 31,			December 31,
In thousands, except share and per share amounts	2014			2013
ASSETS	(unaudited)			(audited)
Real estate owned:
Real estate held for investment	$	8,205,627		$	7,723,844
Less: accumulated depreciation	(2,434,772		)	(2,200,815		)
Real estate held for investment, net	5,770,855			5,523,029
Real estate under development
(net of accumulated depreciation of $0 and $1,411)	177,632			466,002
Real estate held for disposition
(net of accumulated depreciation of $0 and $6,568)	—			10,152
Total real estate owned, net of accumulated depreciation	5,948,487			5,999,183
Cash and cash equivalents	15,224			30,249
Restricted cash	22,340			22,796
Deferred financing costs, net	22,686			26,924
Notes receivable, net	14,369			83,033
Investment in and advances to unconsolidated joint ventures, net	718,226			507,655
Other assets	105,202			137,882
Total assets	$	6,846,534		$	6,807,722
LIABILITIES AND EQUITY
Liabilities:
Secured debt	$	1,361,529		$	1,442,077
Unsecured debt	2,221,576			2,081,626
Real estate taxes payable	15,978			13,847
Accrued interest payable	34,215			32,279
Security deposits and prepaid rent	34,064			27,203
Distributions payable	69,460			61,907
Accounts payable, accrued expenses, and other liabilities	91,282			118,682
Total liabilities	3,828,104			3,777,621
Redeemable noncontrolling interests in the OP	282,480			217,597
Equity:
Preferred stock, no par value; 50,000,000 shares authorized
2,803,812 shares of 8.00% Series E Cumulative Convertible issued
and outstanding (2,803,812 shares at December 31, 2013)	46,571			46,571
Common stock, $0.01 par value; 350,000,000 shares authorized
255,114,603 shares issued and outstanding (250,749,665 shares at December 31, 2013)	2,551			2,507
Additional paid-in capital	4,223,747			4,109,765
Distributions in excess of net income	(1,528,917		)	(1,342,070		)
Accumulated other comprehensive income/(loss), net	(8,855		)	(5,125		)
Total stockholders' equity	2,735,097			2,811,648
Noncontrolling interests	853			856
Total equity	2,735,950			2,812,504
Total liabilities and equity	$	6,846,534		$	6,807,722

4

Attachment 4(A)
UDR, Inc.
Selected Financial Information (1)
(Unaudited)
		4Q 2014 Weighted		December 31,		4Q 2013 Weighted		December 31,
Common Stock and Equivalents		Average		2014		Average		2013
Common shares (2)		253,982,843		254,114,631		249,987,307		249,990,920
Restricted shares		1,236,212		999,972		758,641		758,745
Total common stock		255,219,055		255,114,603		250,745,948		250,749,665
Stock options and restricted stock equivalents		780,801		1,052,147		804,166		765,591
Operating partnership units		7,414,215		7,413,802		7,570,783		7,567,252
Preferred OP units		1,751,671		1,751,671		1,751,671		1,751,671
Convertible preferred Series E stock (3)		3,035,548		3,035,548		3,035,548		3,035,548
Total common stock and equivalents		268,201,290		268,367,771		263,908,116		263,869,727
		December 31,				December 31,
Market Capitalization, In thousands		2014		% of Total		2013		% of Total
Total debt		$	3,583,105	30.2	%	$	3,523,703	36.4	%
Common stock and equivalents ($30.82 at 12/31/14 and $23.35 at 12/31/13)		8,271,095		69.8	%	6,161,358		63.6	%
Total market capitalization		$	11,854,200	100.0	%	$	9,685,061	100.0	%
						Gross		% of
	Number of	4Q 2014 NOI (1)				Carrying Value		Total Gross
Asset Summary	Homes	($000s)		% of NOI		($000s)		Carrying Value
Unencumbered assets	27,017	$	100,832	70.0	%	$	6,154,299	73.4	%
Encumbered assets	12,834	43,159		30.0	%	2,228,960		26.6	%
	39,851	$	143,991	100.0	%	$	8,383,259	100.0	%
(1) See Attachment 16 for definitions and other terms.
(2) Includes the effect of the ATM issuance of 3.4 million shares at an average price of $29.95 and a net price of $29.36 during the twelve months ended December 31, 2014.
(3) At December 31, 2014, a total of 2,803,812 shares of the Series E were outstanding, which is equivalent to 3,035,548 shares of common stock if converted (after adjusting for the special dividend paid in 2008).

5

Attachment 4(B)
UDR, Inc.
Selected Financial Information
(Unaudited)
												Weighted		Weighted
												Average		Average Years
Debt Structure, In thousands						Balance			% of Total			Interest Rate		to Maturity
Secured	Fixed					$	969,296	(1)	27.1		%	5.3	%	3.0
	Floating					392,233		(2)	10.9		%	1.4	%	5.7
	Combined					1,361,529			38.0		%	4.2	%	3.8
Unsecured	Fixed					2,034,076		(3)	56.8		%	4.1	%	4.8
	Floating					187,500			5.2		%	1.1	%	3.0
	Combined					2,221,576			62.0		%	3.8	%	4.6
Total Debt	Fixed					3,003,372			83.9		%	4.5	%	4.2
	Floating					579,733			16.1		%	1.3	%	4.8
	Combined					$	3,583,105		100.0		%	3.9	%	4.3
Debt Maturities, In thousands
				Unsecured		Revolving								Weighted Average
	Secured Debt			Debt		Credit Facility			Balance			% of Total		Interest Rate
2015	$	190,462		$	325,170	$	—		$	515,632		14.4	%	5.5	%
2016	131,462		(4)	83,260		—			214,722			6.0	%	5.0	%
2017	281,426			—		152,500		(5)	433,926			12.1	%	3.0	%
2018	224,788			648,534		—			873,322			24.3	%	3.1	%
2019	319,982			—		—			319,982			8.9	%	4.4	%
2020	90,000			299,954		—			389,954			10.9	%	3.8	%
2021	—			—		—			—			—		—
2022	—			397,477		—			397,477			11.1	%	4.7	%
2023	96,409			—		—			96,409			2.7	%	2.1	%
2024	—			314,654		—			314,654			8.8	%	4.0	%
Thereafter	27,000			27		—			27,027			0.8	%	0.9	%
	$	1,361,529		$	2,069,076	$	152,500		$	3,583,105		100.0	%	3.9	%
Debt Maturities With Extensions, In thousands
				Unsecured		Revolving								Weighted Average
	Secured Debt			Debt		Credit Facility			Balance			% of Total		Interest Rate
2015	$	190,462		$	325,170	$	—		$	515,632		14.4	%	5.5	%
2016	60,856			83,260		—			144,116			4.0	%	4.5	%
2017	352,032			—		—			352,032			9.8	%	4.4	%
2018	224,788			648,534		152,500		(5)	1,025,822			28.6	%	2.8	%
2019	319,982			—		—			319,982			8.9	%	4.4	%
2020	90,000			299,954		—			389,954			10.9	%	3.8	%
2021	—			—		—			—			—		—
2022	—			397,477		—			397,477			11.1	%	4.7	%
2023	96,409			—		—			96,409			2.7	%	2.1	%
2024	—			314,654		—			314,654			8.8	%	4.0	%
Thereafter	27,000			27		—			27,027			0.8	%	0.9	%
	$	1,361,529		$	2,069,076	$	152,500		$	3,583,105		100.0	%	3.9	%
(1) Includes $50 million of floating rate debt that has been fixed using interest rate swaps at a weighted average rate of 4.0%.
(2) Includes $289.5 million of debt with a weighted average interest cap of 8.0% on the underlying index.
(3) Includes $315.0 million of floating rate debt that has been fixed using interest rate swaps at a weighted average rate of 2.0%.
(4) Includes $70.6 million of financing with a one year extension at UDR's option.
(5) UDR's $900 million line of credit has a maturity date of December 2017, plus a six-month extension option and contains an accordion feature that allows UDR to increase the facility up to $1.45 billion assuming lender participation. The credit facility carries an interest rate equal to LIBOR plus a spread of 100 basis points and a facility fee of 15 basis points.

6

Attachment 4(C)
UDR, Inc.
Selected Financial Information (1)
(Unaudited)
			Quarter Ended
Coverage Ratios			December 31, 2014
Net income/(loss) attributable to UDR, Inc.			$	65,417
Adjustments (includes continuing and discontinued operations):
Interest expense			32,792
Real estate depreciation and amortization			91,406
Real estate depreciation and amortization on unconsolidated joint ventures			12,207
Other depreciation and amortization			2,117
Noncontrolling interests			2,335
Income tax expense/(benefit)			(7,087		)
EBITDA			$	199,187
(Gain)/loss on sale of real estate owned, net of tax			(61,267		)
Acquisition-related costs/(fees), including joint ventures			264
Casualty-related (recoveries)/charges, net			41
EBITDA - adjusted for non-recurring items			$	138,225
Annualized EBITDA - adjusted for non-recurring items			$	552,900
Interest expense			$	32,792
Capitalized interest expense			4,854
Total interest			$	37,646
Preferred dividends			$	931
Total debt			$	3,583,105
Cash			15,224
Net debt			$	3,567,881
Interest Coverage Ratio			5.29		x
Fixed Charge Coverage Ratio			5.16		x
Interest Coverage Ratio - adjusted for non-recurring items			3.67		x
Fixed Charge Coverage Ratio - adjusted for non-recurring items			3.58		x
Net Debt-to-EBITDA, adjusted for non-recurring items			6.5		x
Debt Covenant Overview
Unsecured Line of Credit Covenants (2)	Required	Actual	Compliance
Maximum Leverage Ratio	≤60.0%	38.8%	Yes
Minimum Fixed Charge Coverage Ratio	≥1.5	2.9	Yes
Maximum Secured Debt Ratio	≤40.0%	18.9%	Yes
Minimum Unencumbered Pool Leverage Ratio	≥150.0%	317.1%	Yes
Senior Unsecured Note Covenants (3)	Required	Actual	Compliance
Debt as a percentage of Total Assets	≤60.0%	38.7%	Yes
Consolidated Income Available for Debt Service to Annual Service Charge	≥1.5	3.7	Yes
Secured Debt as a percentage of Total Assets	≤40.0%	14.7%	Yes
Total Unencumbered Assets to Unsecured Debt	≥150.0%	282.4%	Yes
Securities Ratings	Debt	Preferred	Outlook
Moody's Investors Service	Baa1 (4)	Baa2	Stable
Standard & Poor's	BBB	BB+	Positive (4)
(1) See Attachment 16 for definitions and other terms.
(2) As defined in our credit agreement dated October 25, 2011 as amended June 6, 2013.
(3) As defined in our indenture dated November 1, 1995 as amended, supplemented or modified from time to time.
(4) Received a senior unsecured credit upgrade from Moody's Investor Services to Baa1 and a changed outlook from S&P Rating Services to BBB, Positive.

7

Attachment 5
UDR, Inc.
Operating Information (1)
(Unaudited)
	Total	Quarter Ended			Quarter Ended			Quarter Ended			Quarter Ended			Quarter Ended
Dollars in thousands	Homes	December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014			December 31, 2013
Revenues
Same-Store Communities	35,672	$	168,805		$	168,423		$	166,173		$	163,177		$	162,054
Stabilized, Non-Mature Communities	2,453	17,163			16,010			13,684			11,282			8,597
Acquired Communities	162	623			131			—			—			—
Redevelopment Communities	739	9,273			9,094			8,112			8,003			8,088
Development Communities	825	2,403			1,213			822			460			131
Non-Residential / Other (2)	—	4,634			4,776			4,332			3,854			3,401
Total	39,851	$	202,901		$	199,647		$	193,123		$	186,776		$	182,271
Expenses
Same-Store Communities		$	48,970		$	51,502		$	49,058		$	49,256		$	48,040
Stabilized, Non-Mature Communities		4,588			4,403			4,065			3,995			3,234
Acquired Communities		202			29			—			—			—
Redevelopment Communities		3,496			3,479			3,389			3,322			3,311
Development Communities		1,577			1,188			635			475			358
Non-Residential / Other (2)		2,147			1,662			568			2,210			2,449
Total		$	60,980		$	62,263		$	57,715		$	59,258		$	57,392
Net Operating Income
Same-Store Communities		$	119,835		$	116,921		$	117,115		$	113,921		$	114,014
Stabilized, Non-Mature Communities		12,575			11,607			9,619			7,287			5,363
Acquired Communities		421			102			—			—			—
Redevelopment Communities		5,777			5,615			4,723			4,681			4,777
Development Communities		826			25			187			(15		)	(227		)
Non-Residential / Other (2)		2,487			3,114			3,764			1,644			952
Total		$	141,921		$	137,384		$	135,408		$	127,518		$	124,879
Operating Margin
Same-Store Communities		71.0		%	69.4		%	70.5		%	69.8		%	70.4		%
Average Physical Occupancy
Same-Store Communities		96.7		%	96.8		%	96.8		%	96.2		%	96.2		%
Stabilized, Non-Mature Communities		96.0		%	88.1		%	77.9		%	68.5		%	56.0		%
Acquired Communities		90.5		%	77.0		%	—			—			—
Redevelopment Communities		96.7		%	95.5		%	87.8		%	87.7		%	92.9		%
Development Communities		60.1		%	61.0		%	49.8		%	32.6		%	25.8		%
Other (3)		—			90.1		%	86.7		%	89.0		%	87.2		%
Total		95.6		%	96.3		%	95.2		%	94.3		%	94.1		%
Return on Invested Capital
Same-Store Communities		7.5		%	7.4		%	7.4		%	7.3		%	7.2		%
Sold and Held for Disposition Communities	—
Revenue		$	3,203		$	3,940		$	7,836		$	7,576		$	8,050
Expenses		1,133			1,520			2,841			2,893			2,745
Net Operating Income/(loss)		$	2,070		$	2,420		$	4,995		$	4,683		$	5,305
Total	39,851	$	143,991		$	139,804		$	140,403		$	132,201		$	130,184
Discontinued Operations (4)
Revenues		$	—		$	21		$	78		$	48		$	2,021
Expenses		—			11			89			125			777
Net Operating Income/(loss)		$	—		$	10		$	(11	)	$	(77	)	$	1,244
(1) See Attachment 16 for definition and other terms.
(2) Primarily non-residential revenue and expense, straight-line adjustment for concessions and the Vitruvian Park® operations.
(3) Includes occupancy of Sold and Held for Disposition Communities and Discontinued Operations.
(4) Effective January 1, 2014, UDR prospectively adopted Accounting Standards Update (“ASU”) No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, for all communities not previously sold or classified as held for sale. ASU 2014-08 incorporates into the definition of a discontinued operation a requirement that a disposition represent a strategic shift in an entity’s operations, which resulted in UDR no longer classifying the sale of communities as a discontinued operation. 2014 activity included in discontinued operations is related to Grandview, a commercial property classified as held for sale prior to the adoption of the new accounting standard, which was sold in July 2014.

8

Attachment 6
UDR, Inc.
Same-Store Operating Expense Information (1)
(Dollars in Thousands)
(Unaudited)
	% of 4Q 2014
	SS Operating
Year-Over-Year Comparison	Expenses		4Q 2014		4Q 2013		% Change
Real estate taxes	34.1	%	$	16,724	$	15,340	9.0	%
Personnel	24.6	%	12,054		11,942		0.9	%
Utilities	15.4	%	7,529		7,767		-3.1	%
Repair and maintenance	14.4	%	7,043		7,277		-3.2	%
Administrative and marketing	6.6	%	3,211		3,429		-6.4	%
Insurance	4.9	%	2,409		2,285		5.4	%
Same-Store operating expenses	100.0	%	$	48,970	$	48,040	1.9	%
Same-Store Homes	35,672
	% of 4Q 2014
	SS Operating
Sequential Comparison	Expenses		4Q 2014		3Q 2014		% Change
Real estate taxes	34.1	%	$	16,724	$	16,808	-0.5	%
Personnel	24.6	%	12,054		13,058		-7.7	%
Utilities	15.4	%	7,529		8,086		-6.9	%
Repair and maintenance	14.4	%	7,043		7,434		-5.3	%
Administrative and marketing	6.6	%	3,211		3,485		-7.9	%
Insurance	4.9	%	2,409		2,631		-8.4	%
Same-Store operating expenses	100.0	%	$	48,970	$	51,502	-4.9	%
Same-Store Homes	35,672
	% of YTD 2014
	SS Operating
Year-to-Date Comparison	Expenses		YTD 2014		YTD 2013		% Change
Real estate taxes	34.2	%	$	65,076	$	62,496	4.1	%
Personnel	24.3	%	46,216		45,552		1.5	%
Utilities	15.6	%	29,680		29,530		0.5	%
Repair and maintenance	14.4	%	27,385		27,785		-1.4	%
Administrative and marketing	6.5	%	12,355		12,000		3.0	%
Insurance	5.0	%	9,416		8,149		15.5	%
Same-Store operating expenses	100.0	%	$	190,128	$	185,512	2.5	%
Same-Store Homes (2)	34,581

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

(2) YTD Same-Store Homes exclude 583 homes at The Westerly on Lincoln and 508 homes at 95 Wall, which are included in QTD Same-Store Homes. These homes will be included in the YTD Same-Store Home population beginning in 1Q15.

9

Attachment 7(A)
UDR, Inc.
Apartment Home Breakout (1)
Portfolio Overview as of Quarter Ended
December 31, 2014
(Unaudited)
		Non-Mature Homes			Unconsolidated
	Total			Total	Joint Venture	Total
	Same-Store		Non-	Consolidated	Operating	Homes
	Homes	Stabilized (2)	Stabil. / Other (3)	Homes	Homes (4)	(incl. JV) (4)
West Region
San Francisco, CA	2,436	315	—	2,751	—	2,751
Orange County, CA	3,290	1,431	493	5,214	—	5,214
Seattle, WA	1,727	196	162	2,085	555	2,640
Los Angeles, CA	1,225	—	—	1,225	151	1,376
Monterey Peninsula, CA	1,565	—	—	1,565	—	1,565
Other Southern CA	875	—	—	875	571	1,446
Portland, OR	716	—	—	716	—	716
	11,834	1,942	655	14,431	1,277	15,708
Mid-Atlantic Region
Metropolitan DC	4,313	511	332	5,156	874	6,030
Baltimore, MD	2,301	—	—	2,301	379	2,680
Richmond, VA	1,358	—	—	1,358	—	1,358
Norfolk, VA	846	—	—	846	—	846
Other Mid-Atlantic	168	—	—	168	—	168
	8,986	511	332	9,829	1,253	11,082
Southeast Region
Tampa, FL	2,775	—	—	2,775	—	2,775
Orlando, FL	2,796	—	—	2,796	—	2,796
Nashville, TN	2,260	—	—	2,260	—	2,260
Other Florida	636	—	—	636	—	636
	8,467	—	—	8,467	—	8,467
Northeast Region
New York, NY	1,208	—	739	1,947	710	2,657
Boston, MA	1,179	—	—	1,179	1,302	2,481
Philadelphia, PA	—	—	—	—	290	290
	2,387	—	739	3,126	2,302	5,428
Southwest Region
Dallas, TX	2,725	—	—	2,725	3,557	6,282
Austin, TX	1,273	—	—	1,273	259	1,532
Other Southwest	—	—	—	—	1,407	1,407
	3,998	—	—	3,998	5,223	9,221
Totals	35,672	2,453	1,726	39,851	10,055	49,906
Communities	128	6	5	139	36	175
Total Homes (incl. joint ventures) (4)			49,906
Homes in Development, Excluding Completed Homes (5)
Current Pipeline Wholly-Owned			369
Current Pipeline Joint Venture (6)			1,018
Total expected homes (including development)			51,293
(1) See Attachment 16 for definitions and other terms.
(2) Represents homes included in Stabilized, Non-Mature category on Attachment 5.
(3) Represents homes included in Acquired, Development, Redevelopment, Non-Residential/Other, Sold, and Held for Disposition categories on Attachment 5. Excludes development communities not yet completed.
(4) Represents joint venture homes at 100 percent. See Attachment 12 for UDR's joint venture and partnership ownership interests.
(5) See Attachment 9 for detail of our development communities.
(6) Represents joint venture homes at 100 percent. See Attachment 9 for UDR's development joint venture and partnership ownership interests.

10

Attachment 7(B)
UDR, Inc.
Non-Mature Home Summary (1)
Portfolio Overview as of Quarter Ended
December 31, 2014
(Unaudited)
Non-Mature Home Breakout - By Region (includes development homes that have been completed)
		# of		Same-Store						# of	Same-Store
Community	Category	Homes		Date (2)	Community		Category			Homes	Date (2)
West Region					Mid-Atlantic Region
Orange County, CA					Metropolitan D.C.
27 Seventy Five Mesa Verde	Stabilized, Non-Mature	964		3Q15	Capitol View on 14th		Stabilized, Non-Mature			255	1Q15
The Residences at Bella Terra	Stabilized, Non-Mature	467		1Q15	Domain College Park		Stabilized, Non-Mature			256	4Q15
Los Alisos	Development	320		1Q16	DelRay Tower		Development			332	4Q16
Beach & Ocean	Development	173		3Q16
					Northeast Region
San Francisco, CA					New York, NY
Channel @ Mission Bay	Stabilized, Non-Mature	315		3Q15	View 34		Redevelopment			739	2Q16
Seattle, WA
Lightbox	Acquired	162		2Q16
Waterscape	Stabilized, Non-Mature	196		1Q16
					Total					4,179
Non-Mature Home Breakout - By Date (quarter indicates date of Same-Store inclusion)
		# of								# of
Date & Community	Category	Homes			Date & Community		Category			Homes
1Q15					2Q16
Capitol View on 14th	Stabilized, Non-Mature	255			Lightbox		Acquired			162
The Residences at Bella Terra	Stabilized, Non-Mature	467			View 34		Redevelopment			739
3Q15					3Q16
27 Seventy Five Mesa Verde	Stabilized, Non-Mature	964			Beach & Ocean		Development			173
Channel @ Mission Bay	Stabilized, Non-Mature	315
					4Q16
4Q15					DelRay Tower		Development			332
Domain College Park	Stabilized, Non-Mature	256
1Q16
Los Alisos	Development	320
Waterscape	Stabilized, Non-Mature	196			Total					4,179
Summary of Non-Mature Home Activity
	Stabilized, Non-Mature	Acquired		Redevelopment	Development		Total
Non-Mature Homes at September 30, 2014	2,001	358		739	1,111		4,209
Waterscape	196	(196	)	—	—		—
Domain College Park	256	—		—	(256	)	—
DelRay Tower	—	—		—	61		61		(3)
Beach & Ocean	—	—		—	173		173		(4)
13th & Market	—	—		—	(264	)	(264	)	(5)
Non-Mature Homes at December 31, 2014	2,453	162		739	825		4,179
(1) See Attachment 16 for definitions and other terms.
(2) Estimated Same-Store quarter represents the quarter UDR anticipates contributing the community to the QTD Same-Store pool.
(3) 61 homes were completed at DelRay Tower during 4Q14.
(4) 173 homes were completed at Beach & Ocean during 4Q14
(5) 49% interest in the community was sold to MetLife in 4Q14. Consequently, the community's homes are now included as a joint venture in Attachment 12.

11

Attachment 7(C)
UDR, Inc.
Total Revenue Per Occupied Home Summary (1)
Portfolio Overview as of Quarter Ended
December 31, 2014
(Unaudited)
			Non-Mature Homes						Unconsolidated
	Total						Total		Joint Venture		Total
	Same-Store				Non-		Consolidated		Operating		Homes
	Homes		Stabilized (2)		Stabilized (3) (4)		Homes		Homes (5)		(incl. pro rata JV) (5)
West Region
San Francisco, CA	$	2,893	$	4,172	$	—	$	3,038	$	—	$	3,038
Orange County, CA	1,771		2,118		1,867		1,875		—		1,875
Seattle, WA	1,757		1,901		1,416		1,745		3,311		1,726
Los Angeles, CA	2,358		—		—		2,358		3,904		2,449
Monterey Peninsula, CA	1,252		—		—		1,252		—		1,252
Other Southern CA	1,577		—		—		1,669		3,311		1,839
Portland, OR	1,237		—		—		1,237		—		1,237
Mid-Atlantic Region
Metropolitan DC	1,810		2,410		1,287		1,856		2,733		1,907
Baltimore, MD	1,460		—		—		1,460		1,759		1,483
Richmond, VA	1,227		—		—		1,227		—		1,227
Norfolk, VA	1,041		—		—		1,041		—		1,041
Other Mid-Atlantic	1,049		—		—		1,049		—		1,049
Southeast Region
Tampa, FL	1,141		—		—		1,141		—		1,141
Orlando, FL	1,063		—		—		1,063		—		1,063
Nashville, TN	1,061		—		—		1,061		—		1,061
Other Florida	1,394		—		—		1,394		—		1,394
Northeast Region
New York, NY	3,657		—		4,327		3,911		4,589		4,015
Boston, MA	2,267		—		—		2,267		2,305		2,281
Philadelphia, PA	—		—		—		—		3,152		3,152
Southwest Region
Dallas, TX	1,139		—		—		1,139		1,520		1,250
Austin, TX	1,282		—		—		1,282		4,293		1,554
Other Southwest	—		—		—		—		1,629		1,629
Weighted Average	$	1,631	$	2,429	$	3,078	$	1,730	$	2,477	$	1,795
(1) See Attachment 16 for definitions and other terms.
(2) Represents homes included in Stabilized, Non-Mature category on Attachment 5.
(3) Represents homes included in Acquired, Development, Redevelopment, Non-Residential/Other and Sold and Held for Disposition communities categories on Attachment 5.
(4) Development revenue per occupied home can be affected by the timing of home deliveries during a quarter and the effects of upfront rental rate concessions on cash-based calculations.
(5) Represents joint ventures at UDR's pro-rata ownership interests. See Attachment 12 for UDR's joint venture and partnership ownership interests.

12

Attachment 7(D)

UDR, Inc.

Net Operating Income Breakout By Market (1)

December 31, 2014

(Dollars in Thousands)

(Unaudited)

	Three Months Ended December 31, 2014
								Pro-Rata
		Same-Store			Non Same-Store (2)			Share of JVs (3)		Total
Net Operating Income		$	119,835		$	22,086		$	19,033	$	160,954
		Three Months Ended December 31, 2014								Three Months Ended December 31, 2014
		As a % of NOI								As a % of NOI
Region		Same-Store			Total			Region		Same-Store			Total
West Region								Southeast Region
San Francisco, CA		13.3		%	11.6		%	Tampa, FL		5.0		%		3.7	%
Orange County, CA		10.3		%	12.4		%	Orlando, FL		4.8		%		3.6	%
Seattle, WA		5.3		%	6.5		%	Nashville, TN		4.0		%		2.9	%
Los Angeles, CA		4.8		%	3.9		%	Other Florida		1.4		%		1.0	%
Monterey Peninsula, CA		3.4		%	2.5		%			15.2		%		11.2	%
Other Southern CA		2.4		%	2.5		%	Northeast Region
Portland, OR		1.5		%	1.1		%	New York, NY		8.5		%		12.9	%
		41.0		%	40.5		%	Boston, MA		4.6		%		5.3	%
								Philadelphia, PA		0.0		%		0.8	%
Mid-Atlantic Region										13.1		%		19.0	%
Metropolitan DC		13.2		%	12.7		%	Southwest Region
Baltimore, MD		5.7		%	4.7		%	Dallas, TX		4.8		%		5.5	%
Richmond, VA		3.0		%	2.2		%	Austin, TX		2.4		%		2.4	%
Norfolk, VA		1.3		%	1.0		%	Other Southwest		0.0		%		0.6	%
Other Mid-Atlantic		0.3		%	0.2		%			7.2		%		8.5	%
		23.5		%	20.8		%
								Total		100.0		%		100.0	%
(1) See Attachment 16 for definitions and other terms.
(2) Excludes results from Sold, Held for Disposition Communities and Discontinued Operations.
(3) Includes UDR's pro rata share of joint venture and partnership NOI.

13

Attachment 8(A)
UDR, Inc.
Same-Store Operating Information By Major Market (1)
Current Quarter vs. Prior Year Quarter
December 31, 2014
(Unaudited)
		% of Same-
	Total	Store Portfolio		Same-Store
	Same-Store	Based on		Physical Occupancy						Total Revenue per Occupied Home
	Homes	4Q 2014 NOI		4Q 14		4Q 13		Change		4Q 14		4Q 13		Change
West Region
San Francisco, CA	2,436	13.3	%	97.1	%	96.7	%	0.4	%	$	2,893	$	2,684	7.8	%
Orange County, CA	3,290	10.3	%	96.2	%	95.1	%	1.1	%	1,771		1,703		4.0	%
Seattle, WA	1,727	5.3	%	97.0	%	97.4	%	-0.4	%	1,757		1,661		5.8	%
Los Angeles, CA	1,225	4.8	%	94.6	%	95.3	%	-0.7	%	2,358		2,267		4.0	%
Monterey Peninsula, CA	1,565	3.4	%	96.8	%	93.5	%	3.3	%	1,252		1,195		4.8	%
Other Southern CA	875	2.4	%	96.5	%	95.2	%	1.3	%	1,577		1,504		4.9	%
Portland, OR	716	1.5	%	97.3	%	97.5	%	-0.2	%	1,237		1,139		8.6	%
	11,834	41.0	%	96.5	%	95.7	%	0.8	%	1,945		1,844		5.5	%
Mid-Atlantic Region
Metropolitan DC	4,313	13.2	%	97.0	%	96.8	%	0.2	%	1,810		1,824		-0.8	%
Baltimore, MD	2,301	5.7	%	96.5	%	95.6	%	0.9	%	1,460		1,467		-0.5	%
Richmond, VA	1,358	3.0	%	96.2	%	97.0	%	-0.8	%	1,227		1,200		2.3	%
Norfolk, VA	846	1.3	%	93.8	%	93.6	%	0.2	%	1,041		1,058		-1.6	%
Other Mid-Atlantic	168	0.3	%	91.4	%	96.1	%	-4.7	%	1,049		999		5.0	%
	8,986	23.5	%	96.4	%	96.2	%	0.2	%	1,548		1,553		-0.3	%
Southeast Region
Tampa, FL	2,775	5.0	%	96.9	%	96.7	%	0.2	%	1,141		1,102		3.5	%
Orlando, FL	2,796	4.8	%	96.5	%	96.6	%	-0.1	%	1,063		1,007		5.6	%
Nashville, TN	2,260	4.0	%	97.7	%	97.0	%	0.7	%	1,061		1,024		3.6	%
Other Florida	636	1.4	%	96.9	%	97.2	%	-0.3	%	1,394		1,326		5.1	%
	8,467	15.2	%	97.0	%	96.8	%	0.2	%	1,113		1,067		4.3	%
Northeast Region
New York, NY	1,208	8.5	%	97.9	%	96.4	%	1.5	%	3,657		3,521		3.9	%
Boston, MA	1,179	4.6	%	96.1	%	95.9	%	0.2	%	2,267		2,152		5.3	%
	2,387	13.1	%	97.0	%	96.1	%	0.9	%	2,977		2,847		4.6	%
Southwest Region
Dallas, TX	2,725	4.8	%	97.5	%	96.5	%	1.0	%	1,139		1,104		3.2	%
Austin, TX	1,273	2.4	%	97.6	%	96.7	%	0.9	%	1,282		1,240		3.4	%
	3,998	7.2	%	97.5	%	96.6	%	0.9	%	1,185		1,147		3.3	%
Total/Weighted Avg.	35,672	100.0	%	96.7	%	96.2	%	0.5	%	$	1,631	$	1,574	3.6	%
(1) See Attachment 16 for definitions and other terms.

14

Attachment 8(B)
UDR, Inc.
Same-Store Operating Information By Major Market (1)
Current Quarter vs. Prior Year Quarter
December 31, 2014
(Unaudited)
	Total	Same-Store ($000s)
	Same-Store	Revenues						Expenses						Net Operating Income
	Homes	4Q 14		4Q 13		Change		4Q 14		4Q 13		Change		4Q 14		4Q 13		Change
West Region
San Francisco, CA	2,436	$	20,530	$	18,968	8.2	%	$	4,648	$	4,388	5.9	%	$	15,882	$	14,580	8.9	%
Orange County, CA	3,290	16,811		15,985		5.2	%	4,474		4,330		3.3	%	12,337		11,655		5.9	%
Seattle, WA	1,727	8,829		8,384		5.3	%	2,407		2,532		-4.9	%	6,422		5,852		9.7	%
Los Angeles, CA	1,225	8,198		7,940		3.2	%	2,398		2,707		-11.4	%	5,800		5,233		10.8	%
Monterey Peninsula, CA	1,565	5,689		5,248		8.4	%	1,642		1,586		3.5	%	4,047		3,662		10.5	%
Other Southern CA	875	3,996		3,759		6.3	%	1,126		1,154		-2.4	%	2,870		2,605		10.2	%
Portland, OR	716	2,585		2,385		8.4	%	822		766		7.3	%	1,763		1,619		8.9	%
	11,834	66,638		62,669		6.3	%	17,517		17,463		0.3	%	49,121		45,206		8.7	%
Mid-Atlantic Region
Metropolitan DC	4,313	22,713		22,851		-0.6	%	6,890		6,814		1.1	%	15,823		16,037		-1.3	%
Baltimore, MD	2,301	9,726		9,681		0.5	%	2,910		2,788		4.4	%	6,816		6,893		-1.1	%
Richmond, VA	1,358	4,810		4,741		1.5	%	1,169		1,258		-7.1	%	3,641		3,483		4.5	%
Norfolk, VA	846	2,478		2,514		-1.4	%	895		879		1.8	%	1,583		1,635		-3.2	%
Other Mid-Atlantic	168	483		484		-0.2	%	165		176		-6.3	%	318		308		3.2	%
	8,986	40,210		40,271		-0.2	%	12,029		11,915		1.0	%	28,181		28,356		-0.6	%
Southeast Region
Tampa, FL	2,775	9,201		8,870		3.7	%	3,165		3,129		1.2	%	6,036		5,741		5.1	%
Orlando, FL	2,796	8,607		8,161		5.5	%	2,822		2,453		15.0	%	5,785		5,708		1.3	%
Nashville, TN	2,260	7,027		6,734		4.4	%	2,292		2,405		-4.7	%	4,735		4,329		9.4	%
Other Florida	636	2,578		2,460		4.8	%	935		840		11.3	%	1,643		1,620		1.4	%
	8,467	27,413		26,225		4.5	%	9,214		8,827		4.4	%	18,199		17,398		4.6	%
Northeast Region
New York, NY	1,208	12,976		12,299		5.5	%	2,752		2,815		-2.2	%	10,224		9,484		7.8	%
Boston, MA	1,179	7,707		7,300		5.6	%	2,192		1,906		15.0	%	5,515		5,394		2.2	%
	2,387	20,683		19,599		5.5	%	4,944		4,721		4.7	%	15,739		14,878		5.8	%
Southwest Region
Dallas, TX	2,725	9,081		8,712		4.2	%	3,352		3,354		-0.1	%	5,729		5,358		6.9	%
Austin, TX	1,273	4,780		4,578		4.4	%	1,914		1,760		8.8	%	2,866		2,818		1.7	%
	3,998	13,861		13,290		4.3	%	5,266		5,114		3.0	%	8,595		8,176		5.1	%
Totals	35,672	$	168,805	$	162,054	4.2	%	$	48,970	$	48,040	1.9	%	$	119,835	$	114,014	5.1	%
(1) See Attachment 16 for definitions and other terms.

15

Attachment 8(C)
UDR, Inc.
Same-Store Operating Information By Major Market (1)
Current Quarter vs. Last Quarter
December 31, 2014
(Unaudited)
	Total	Same-Store
	Same-Store	Physical Occupancy						Total Revenue per Occupied Home
	Homes	4Q 14		3Q 14		Change		4Q 14		3Q 14		Change
West Region
San Francisco, CA	2,436	97.1	%	97.7	%	-0.6	%	$	2,893	$	2,842	1.8	%
Orange County, CA	3,290	96.2	%	96.0	%	0.2	%	1,771		1,763		0.5	%
Seattle, WA	1,727	97.0	%	96.9	%	0.1	%	1,757		1,757		0.0	%
Los Angeles, CA	1,225	94.6	%	95.8	%	-1.2	%	2,358		2,335		1.0	%
Monterey Peninsula, CA	1,565	96.8	%	97.6	%	-0.8	%	1,252		1,230		1.8	%
Other Southern CA	875	96.5	%	96.4	%	0.1	%	1,577		1,560		1.1	%
Portland, OR	716	97.3	%	97.8	%	-0.5	%	1,237		1,203		2.8	%
	11,834	96.5	%	96.8	%	-0.3	%	1,945		1,925		1.0	%
Mid-Atlantic Region
Metropolitan DC	4,313	97.0	%	97.1	%	-0.1	%	1,810		1,818		-0.4	%
Baltimore, MD	2,301	96.5	%	96.4	%	0.1	%	1,460		1,467		-0.5	%
Richmond, VA	1,358	96.2	%	96.7	%	-0.5	%	1,227		1,224		0.2	%
Norfolk, VA	846	93.8	%	94.9	%	-1.1	%	1,041		1,060		-1.8	%
Other Mid-Atlantic	168	91.4	%	96.2	%	-4.8	%	1,049		1,029		1.9	%
	8,986	96.4	%	96.6	%	-0.2	%	1,548		1,554		-0.4	%
Southeast Region
Tampa, FL	2,775	96.9	%	96.6	%	0.3	%	1,141		1,131		0.9	%
Orlando, FL	2,796	96.5	%	96.7	%	-0.2	%	1,063		1,060		0.3	%
Nashville, TN	2,260	97.7	%	97.5	%	0.2	%	1,061		1,062		-0.1	%
Other Florida	636	96.9	%	96.5	%	0.4	%	1,394		1,358		2.7	%
	8,467	97.0	%	96.9	%	0.1	%	1,113		1,106		0.6	%
Northeast Region
New York, NY	1,208	97.9	%	97.7	%	0.2	%	3,657		3,672		-0.4	%
Boston, MA	1,179	96.1	%	96.5	%	-0.4	%	2,267		2,262		0.2	%
	2,387	97.0	%	97.1	%	-0.1	%	2,977		2,979		-0.1	%
Southwest Region
Dallas, TX	2,725	97.5	%	97.3	%	0.2	%	1,139		1,137		0.2	%
Austin, TX	1,273	97.6	%	97.2	%	0.4	%	1,282		1,296		-1.1	%
	3,998	97.5	%	97.3	%	0.2	%	1,185		1,188		-0.3	%
Total/Weighted Avg.	35,672	96.7	%	96.8	%	-0.1	%	$	1,631	$	1,627	0.2	%
(1) See Attachment 16 for definitions and other terms.

16

Attachment 8(D)
UDR, Inc.
Same-Store Operating Information By Major Market (1)
Current Quarter vs. Last Quarter
December 31, 2014
(Unaudited)
	Total	Same-Store ($000s)
	Same-Store	Revenues						Expenses						Net Operating Income
	Homes	4Q 14		3Q 14		Change		4Q 14		3Q 14		Change		4Q 14		3Q 14		Change
West Region
San Francisco, CA	2,436	$	20,530	$	20,295	1.2	%	$	4,648	$	4,871	-4.6	%	$	15,882	$	15,424	3.0	%
Orange County, CA	3,290	16,811		16,709		0.6	%	4,474		4,654		-3.9	%	12,337		12,055		2.3	%
Seattle, WA	1,727	8,829		8,819		0.1	%	2,407		2,634		-8.6	%	6,422		6,185		3.8	%
Los Angeles, CA	1,225	8,198		8,221		-0.3	%	2,398		2,448		-2.0	%	5,800		5,773		0.5	%
Monterey Peninsula, CA	1,565	5,689		5,635		1.0	%	1,642		1,754		-6.4	%	4,047		3,881		4.3	%
Other Southern CA	875	3,996		3,947		1.2	%	1,126		1,260		-10.6	%	2,870		2,687		6.8	%
Portland, OR	716	2,585		2,528		2.3	%	822		794		3.5	%	1,763		1,734		1.7	%
	11,834	66,638		66,154		0.7	%	17,517		18,415		-4.9	%	49,121		47,739		2.9	%
Mid-Atlantic Region
Metropolitan DC	4,313	22,713		22,845		-0.6	%	6,890		7,362		-6.4	%	15,823		15,483		2.2	%
Baltimore, MD	2,301	9,726		9,760		-0.3	%	2,910		3,086		-5.7	%	6,816		6,674		2.1	%
Richmond, VA	1,358	4,810		4,821		-0.2	%	1,169		1,319		-11.4	%	3,641		3,502		4.0	%
Norfolk, VA	846	2,478		2,554		-3.0	%	895		893		0.2	%	1,583		1,661		-4.7	%
Other Mid-Atlantic	168	483		499		-3.2	%	165		197		-16.2	%	318		302		5.3	%
	8,986	40,210		40,479		-0.7	%	12,029		12,857		-6.4	%	28,181		27,622		2.0	%
Southeast Region
Tampa, FL	2,775	9,201		9,095		1.2	%	3,165		3,480		-9.1	%	6,036		5,615		7.5	%
Orlando, FL	2,796	8,607		8,594		0.2	%	2,822		2,918		-3.3	%	5,785		5,676		1.9	%
Nashville, TN	2,260	7,027		7,021		0.1	%	2,292		2,426		-5.5	%	4,735		4,595		3.0	%
Other Florida	636	2,578		2,500		3.1	%	935		906		3.2	%	1,643		1,594		3.1	%
	8,467	27,413		27,210		0.7	%	9,214		9,730		-5.3	%	18,199		17,480		4.1	%
Northeast Region
New York, NY	1,208	12,976		13,002		-0.2	%	2,752		2,906		-5.3	%	10,224		10,096		1.3	%
Boston, MA	1,179	7,707		7,719		-0.2	%	2,192		2,244		-2.3	%	5,515		5,475		0.7	%
	2,387	20,683		20,721		-0.2	%	4,944		5,150		-4.0	%	15,739		15,571		1.1	%
Southwest Region
Dallas, TX	2,725	9,081		9,047		0.4	%	3,352		3,274		2.4	%	5,729		5,773		-0.8	%
Austin, TX	1,273	4,780		4,812		-0.7	%	1,914		2,076		-7.8	%	2,866		2,736		4.8	%
	3,998	13,861		13,859		0.0	%	5,266		5,350		-1.6	%	8,595		8,509		1.0	%
Total	35,672	$	168,805	$	168,423	0.2	%	$	48,970	$	51,502	-4.9	%	$	119,835	$	116,921	2.5	%
(1) See Attachment 16 for definitions and other terms.

17

Attachment 8(E)
UDR, Inc.
Same-Store Operating Information By Major Market (1)
Current Year-to-Date vs. Prior Year-to-Date
December 31, 2014
(Unaudited)
		% of Same-
	Total	Store Portfolio		Same-Store
	Same-Store	Based on		Physical Occupancy						Total Revenue per Occupied Home
	Homes	YTD 2014 NOI		YTD 14		YTD 13		Change		YTD 14		YTD 13		Change
West Region
San Francisco, CA	2,436	13.7	%	97.2	%	96.5	%	0.7	%	$	2,804	$	2,610	7.4	%
Orange County, CA	3,290	10.9	%	95.5	%	95.0	%	0.5	%	1,752		1,683		4.1	%
Seattle, WA	1,727	5.6	%	97.1	%	97.2	%	-0.1	%	1,732		1,629		6.3	%
Los Angeles, CA	642	2.8	%	95.3	%	95.0	%	0.3	%	2,409		2,331		3.3	%
Monterey Peninsula, CA	1,565	3.5	%	95.8	%	93.6	%	2.2	%	1,216		1,166		4.3	%
Other Southern CA	875	2.5	%	96.1	%	94.9	%	1.2	%	1,550		1,486		4.3	%
Portland, OR	716	1.6	%	97.6	%	97.0	%	0.6	%	1,195		1,105		8.1	%
	11,251	40.6	%	96.3	%	95.6	%	0.7	%	1,890		1,791		5.5	%
Mid-Atlantic Region
Metropolitan DC	4,313	14.1	%	97.1	%	96.9	%	0.2	%	1,818		1,813		0.3	%
Baltimore, MD	2,301	6.2	%	96.6	%	96.1	%	0.5	%	1,462		1,451		0.8	%
Richmond, VA	1,358	3.2	%	96.5	%	96.5	%	0.0	%	1,220		1,193		2.3	%
Norfolk, VA	846	1.5	%	94.6	%	94.0	%	0.6	%	1,047		1,054		-0.7	%
Other Mid-Atlantic	168	0.3	%	95.4	%	96.3	%	-0.9	%	1,021		1,008		1.3	%
	8,986	25.3	%	96.6	%	96.3	%	0.3	%	1,551		1,542		0.6	%
Southeast Region
Tampa, FL	2,775	5.3	%	96.6	%	96.2	%	0.4	%	1,126		1,092		3.1	%
Orlando, FL	2,796	5.2	%	96.7	%	96.2	%	0.5	%	1,045		994		5.1	%
Nashville, TN	2,260	4.3	%	97.5	%	97.0	%	0.5	%	1,053		1,003		5.0	%
Other Florida	636	1.5	%	96.5	%	95.8	%	0.7	%	1,362		1,306		4.3	%
	8,467	16.3	%	96.9	%	96.4	%	0.5	%	1,097		1,052		4.3	%
Northeast Region
New York, NY	700	5.3	%	97.8	%	97.0	%	0.8	%	3,711		3,571		3.9	%
Boston, MA	1,179	4.9	%	96.3	%	96.3	%	0.0	%	2,225		2,127		4.6	%
	1,879	10.2	%	96.9	%	96.5	%	0.4	%	2,784		2,667		4.4	%
Southwest Region
Dallas, TX	2,725	5.1	%	97.2	%	96.5	%	0.7	%	1,130		1,090		3.7	%
Austin, TX	1,273	2.5	%	97.1	%	96.8	%	0.3	%	1,274		1,210		5.3	%
	3,998	7.6	%	97.2	%	96.6	%	0.6	%	1,176		1,128		4.3	%
Total/Weighted Avg. (2)	34,581	100.0	%	96.7	%	96.1	%	0.6	%	$	1,573	$	1,516	3.8	%
(1) See Attachment 16 for definitions and other terms.
(2) YTD Same-Store Homes exclude 583 homes at The Westerly on Lincoln and 508 homes at 95 Wall, which are included in QTD Same-Store Homes. These homes will be included in the YTD Same-Store Home population beginning in 1Q15.

18

Attachment 8(F)
UDR, Inc.
Same-Store Operating Information By Major Market (1)
Current Year-to-Date vs. Prior Year-to-Date
December 31, 2014
(Unaudited)
	Total	Same-Store ($000s)
	Same-Store	Revenues						Expenses						Net Operating Income
	Homes	YTD 14		YTD 13		Change		YTD 14		YTD 13		Change		YTD 14		YTD 13		Change
West Region
San Francisco, CA	2,436	$	79,679	$	73,637	8.2	%	$	18,949	$	18,139	4.5	%	$	60,730	$	55,498	9.4	%
Orange County, CA	3,290	66,046		63,124		4.6	%	18,056		17,485		3.3	%	47,990		45,639		5.2	%
Seattle, WA	1,727	34,856		32,815		6.2	%	10,044		9,959		0.9	%	24,812		22,856		8.6	%
Los Angeles, CA	642	17,688		17,061		3.7	%	5,529		5,524		0.1	%	12,159		11,537		5.4	%
Monterey Peninsula, CA	1,565	21,869		20,497		6.7	%	6,543		6,514		0.4	%	15,326		13,983		9.6	%
Other Southern CA	875	15,644		14,811		5.6	%	4,706		4,585		2.6	%	10,938		10,226		7.0	%
Portland, OR	716	10,021		9,211		8.8	%	3,050		2,917		4.6	%	6,971		6,294		10.8	%
	11,251	245,803		231,156		6.3	%	66,877		65,123		2.7	%	178,926		166,033		7.8	%
Mid-Atlantic Region
Metropolitan DC	4,313	91,365		90,935		0.5	%	29,104		28,366		2.6	%	62,261		62,569		-0.5	%
Baltimore, MD	2,301	39,006		38,502		1.3	%	11,575		11,195		3.4	%	27,431		27,307		0.5	%
Richmond, VA	1,358	19,180		18,756		2.3	%	4,871		4,862		0.2	%	14,309		13,894		3.0	%
Norfolk, VA	846	10,052		10,058		-0.1	%	3,532		3,454		2.3	%	6,520		6,604		-1.3	%
Other Mid-Atlantic	168	1,963		1,957		0.3	%	722		688		4.9	%	1,241		1,269		-2.2	%
	8,986	161,566		160,208		0.8	%	49,804		48,565		2.6	%	111,762		111,643		0.1	%
Southeast Region
Tampa, FL	2,775	36,215		34,984		3.5	%	12,939		12,841		0.8	%	23,276		22,143		5.1	%
Orlando, FL	2,796	33,903		32,072		5.7	%	11,064		10,753		2.9	%	22,839		21,319		7.1	%
Nashville, TN	2,260	27,840		26,382		5.5	%	8,918		8,681		2.7	%	18,922		17,701		6.9	%
Other Florida	636	10,033		9,550		5.1	%	3,542		3,449		2.7	%	6,491		6,101		6.4	%
	8,467	107,991		102,988		4.9	%	36,463		35,724		2.1	%	71,528		67,264		6.3	%
Northeast Region
New York, NY	700	30,486		29,099		4.8	%	7,206		7,209		0.0	%	23,280		21,890		6.3	%
Boston, MA	1,179	30,310		28,976		4.6	%	8,693		8,516		2.1	%	21,617		20,460		5.7	%
	1,879	60,796		58,075		4.7	%	15,899		15,725		1.1	%	44,897		42,350		6.0	%
Southwest Region
Dallas, TX	2,725	35,917		34,409		4.4	%	13,260		13,234		0.2	%	22,657		21,175		7.0	%
Austin, TX	1,273	18,893		17,893		5.6	%	7,825		7,141		9.6	%	11,068		10,752		2.9	%
	3,998	54,810		52,302		4.8	%	21,085		20,375		3.5	%	33,725		31,927		5.6	%
Totals (2)	34,581	$	630,966	$	604,729	4.3	%	$	190,128	$	185,512	2.5	%	$	440,838	$	419,217	5.2	%
(1) See Attachment 16 for definitions and other terms.
(2) YTD Same-Store Homes exclude 583 homes at The Westerly on Lincoln and 508 homes at 95 Wall, which are included in QTD Same-Store Homes. These homes will be included in the YTD Same-Store Home population beginning in 1Q15.

19

Attachment 8(G)
UDR, Inc.
Same-Store Operating Information By Major Market (1)
December 31, 2014
(Unaudited)
	Effective New Lease Rate Growth		Effective Renewal Lease Rate Growth		Annualized Turnover
	4Q 2014		4Q 2014		4Q 2014		4Q 2013		YTD 2014		YTD 2013
West Region
San Francisco, CA	6.8	%	8.6	%	42.2	%	42.3	%	53.1	%	55.0	%
Orange County, CA	4.4	%	5.1	%	47.0	%	51.6	%	59.1	%	62.7	%
Seattle, WA	3.8	%	6.0	%	45.9	%	44.8	%	51.5	%	54.2	%
Los Angeles, CA	2.5	%	4.6	%	50.8	%	53.1	%	54.2	%	60.9	%
Monterey Peninsula, CA	5.5	%	5.7	%	51.7	%	65.2	%	49.1	%	53.4	%
Other Southern CA	4.6	%	5.4	%	47.2	%	50.3	%	56.6	%	62.5	%
Portland, OR	6.1	%	10.2	%	46.5	%	40.4	%	54.9	%	53.6	%
					46.9	%	49.9	%	54.5	%	57.8	%
Mid-Atlantic Region
Metropolitan DC	-2.7	%	3.3	%	39.3	%	40.3	%	43.3	%	45.6	%
Baltimore, MD	-3.8	%	4.5	%	43.6	%	43.6	%	51.9	%	51.7	%
Richmond, VA	-0.3	%	3.7	%	46.5	%	43.5	%	56.0	%	55.1	%
Norfolk, VA	-4.9	%	4.7	%	45.0	%	48.8	%	53.0	%	57.7	%
Other Mid-Atlantic	-3.8	%	7.4	%	61.4	%	35.4	%	62.5	%	61.3	%
					42.4	%	42.3	%	48.7	%	50.0	%
Southeast Region
Tampa, FL	1.8	%	5.9	%	47.6	%	41.3	%	53.3	%	50.3	%
Orlando, FL	3.3	%	5.5	%	44.0	%	42.9	%	53.1	%	53.3	%
Nashville, TN	2.2	%	4.5	%	46.5	%	50.4	%	54.3	%	55.8	%
Other Florida	6.2	%	5.0	%	43.7	%	30.6	%	48.7	%	46.4	%
					45.8	%	43.4	%	53.2	%	52.5	%
Northeast Region
New York, NY	2.4	%	5.1	%	27.6	%	31.5	%	35.3	%	41.1	%
Boston, MA	-1.8	%	6.3	%	46.8	%	39.7	%	47.3	%	45.1	%
					37.1	%	35.6	%	42.8	%	43.6	%
Southwest Region
Dallas, TX	2.9	%	4.6	%	45.7	%	46.9	%	53.4	%	55.3	%
Austin, TX	1.7	%	5.0	%	42.1	%	45.8	%	51.1	%	50.8	%
					44.6	%	46.5	%	52.7	%	53.9	%
Total/Weighted Avg.	2.1	%	5.3	%	44.6	%	45.1	%	51.8	%	53.2	%
Percentage of Total Repriced Homes	51.5	%	48.5	%
	4Q 2014		4Q 2013
Total Combined New and Renewal Lease Rate Growth	3.6	%	3.1	%
(1) See Attachment 16 for definitions and other terms.

20

Attachment 9
UDR, Inc.
Development Summary (1) (2)
December 31, 2014
(Dollars in Thousands)
(Unaudited)
Wholly-Owned
															Schedule							Percentage
		# of			Compl.	Cost to		Budgeted		Est. Cost			Project				Initial
Community	Location	Homes			Homes	Date		Cost		per Home			Debt		Start		Occ.			Compl.		Leased			Occupied
Projects Under Construction
Pier 4	Boston, MA	369			—	$	177,632	$	217,700	$	590	(4)	$	—	4Q 12		1Q 15			2Q 15		4.9		%	—
Total		369			—	$	177,632	$	217,700	$	590		$	—
Completed Projects, Non-Stabilized
DelRay Tower (3)	Alexandria, VA	332			332	$	124,873	$	132,000	$	398		$	—	3Q 11		3Q 14			4Q 14		51.5		%	50.3	%
Beach & Ocean	Huntington Beach, CA	173			173	51,038		51,900		300			—		3Q 12		4Q 14			4Q 14		59.5		%	53.2	%
Los Alisos	Mission Viejo, CA	320			320	87,180		87,500		273			—		2Q 11		3Q 13			1Q 14		91.3		%	89.7	%
Total - Wholly Owned		1,194			825	$	440,723	$	489,100	$	410		$	—
Net Operating Income From Wholly-Owned Projects															Capitalized Interest for Current Development Projects
		4Q 2014													4Q 14		4Q 13			YTD 14		YTD 13
Projects Under Construction		$	(85	)											$	1,813	$	1,780		$	8,565	$	5,521
Completed, Non-Stabilized		911
Total		$	826
Unconsolidated Joint Ventures and Partnerships
															Schedule							Percentage
		Own.			# of	Compl.		Cost to		Budgeted			Project				Initial
Community	Location	Interest			Homes	Homes		Date (7)		Cost			Debt		Start		Occ.			Compl.		Leased			Occupied
Projects Under Construction
399 Fremont	San Francisco, CA	51		%	447	—		$	144,394	$	317,700	(5)	$	—	1Q 14		1Q 16			3Q 16		—			—
Residences at 2801 Kelvin	Irvine, CA	50		%	381	—		46,388		125,000			—		3Q 14		3Q 16			1Q 17		—			—
3033 Wilshire	Los Angeles, CA	50		%	190	—		19,096		107,000		(6)	—		4Q 14		4Q 16			1Q 17		—			—
Total					1,018	—		$	209,878	$	549,700		$	—
Completed Projects, Non-Stabilized
N/A	N/A	—			—	—		$	—	$	—		$	—	N/A		N/A			N/A		—			—
Total - Unconsolidated Joint Ventures and Partnerships					1,018	—		$	209,878	$	549,700		$	—
Projected Weighted Average Stabilized Yield on Development Projects Over Respective Market Cap Rates:								150-200 bps
Participating Loan Investment
					# of	Compl.		Cost to		Budgeted			Loan		Loan
Community	Location				Homes	Homes		Date (9)		Cost			Commitment		Balance (9)		Leased			Occupied
Steele Creek (8)	Denver, CO				218	—		$	83,261	$	108,245		$	92,009	$	62,707	9.6		%	—
Total					218	—		$	83,261	$	108,245		$	92,009	$	62,707
(1) See Attachment 16 for definitions and other terms.
(2) The development summary above includes all communities under development that UDR wholly owns, owns an interest in through an unconsolidated joint venture, or has a participating loan investment.
(3) Project encompasses the complete redevelopment of the former 187 homes combined with the development of an additional 145 homes, 10,000 square feet of retail space and underground parking.
(4) Includes 11,000 square feet of retail space.
(5) Includes 3,800 square feet of retail space.
(6) Includes 5,500 square feet of retail space.
(7) Cost to Date includes land using the fair value established at joint venture formation versus historical cost.
(8) Includes 17,000 square feet of retail space. Refer to Attachment 12 for terms of our participating loan investment.
(9) Cost to date includes accruals for costs incurred, but not yet paid as of the end of the period. Loan balance includes only amounts funded plus interest accrued at 6.5% prior to the period end.

21

Attachment 10
UDR, Inc.
Redevelopment Summary (1)
December 31, 2014
(Dollars in Thousands)
(Unaudited)
Wholly-Owned
			Sched.
		# of	Redev.	Compl.	Cost to		Budgeted		Est. Cost		Schedule								Percentage
Community	Location	Homes	Homes	Homes	Date		Cost (2)		per Home		Acq.		Start		Compl.		Same-Store (3)		Leased		Occupied
Projects in Redevelopment
View 34	New York, NY	739	708	694	$	83,778	$	98,000	$	138	3Q 11		3Q 11		2Q15		2Q16		96.2	%	95.9	%
Total		739	708	694	$	83,778	$	98,000	$	138
Completed Redevelopments, Non-Stabilized
N/A	N/A	—	—	—	—		—		—		—		—		—		—		—		—
Total - Wholly Owned		739	708	694	$	83,778	$	98,000	$	138
									Capitalized Interest for Current Redevelopment Projects
											4Q 14		4Q 13		YTD 14		YTD 13
Projected Weighted Average Return on Incremental Capital Invested:		7.0% to 9.0%									$	76	$	285	$	926	$	1,236
(1) See Attachment 16 for definitions and other terms.
(2) Represents UDR's incremental capital invested in the projects.
(3) Estimated Same-Store quarter represents the quarter UDR anticipates contributing the community to the QTD same-store pool.

22

Attachment 11
UDR, Inc.
Land Summary (1)
December 31, 2014
(Dollars in Thousands)
(Unaudited)
		UDR Ownership	Real Estate		UDR Pro-Rata
Parcel	Location	Interest	Cost Basis		Cost Basis		Status Update (2)
							Pursuing	Design	Hold for Future
							Entitlements	Development	Development
Wholly-Owned
7 Harcourt (3)	Boston, MA	100%	$	5,618	$	5,618	Complete	In Process
Vitruvian Park®	Addison, TX	100%	13,650		13,650		Complete		In Process
Pacific City	Huntington Beach, CA	100%	86,047		86,047		Complete	In Process
Graybar	Boston, MA	100%	33,221		33,221		Complete	In Process
Total			$	138,536	$	138,536
			Real Estate		UDR Pro-Rata
			Cost Basis		Cost Basis
Consolidated Joint Ventures
3032 Wilshire	Santa Monica, CA	95%	$	12,393	$	11,773	In Process
2919 Wilshire	Santa Monica, CA	95%	8,180		7,771		In Process
Total			$	20,573	$	19,544
			Real Estate		UDR Pro-Rata
			Cost Basis (5)		Cost Basis
Unconsolidated Joint Ventures and Partnerships
UDR/MetLife I - 3 parcels (4)	Various	5%	$	70,428	$	3,461	In Process		In Process
UDR/MetLife Vitruvian Park® - 6 parcels	Addison, TX	50%	50,362		25,181		Complete	In Process	In Process
Domain Mountain View	Mountain View, CA	50%	19,177		9,608		Complete	In Process
Wilshire Crescent Heights	Los Angeles, CA	50%	16,898		8,449		Complete	In Process
Wilshire at LaJolla	Los Angeles, CA	50%	15,645		7,838		Complete	In Process
Total			$	172,510	$	54,537
Total			$	331,619	$	212,617
(1) See Attachment 16 for definitions and other terms.
(2) Pursuing Entitlements: During this phase the Company is actively pursuing the necessary approvals for the rights to develop multifamily and/or mixed use communities.
Design Development: During this phase the Company is actively working to complete architectural and engineering documents in preparation for the commencement of
construction of multifamily and/or mixed uses communities.
Hold for Future Development: Entitled and/or unentitled land sites that the Company holds for future development.
(3) Land is adjacent to UDR's Garrison Square community.
(4) Parcels are located in Bellevue, WA; Los Angeles, CA; and Dublin, CA.
(5) Cost basis includes land using the fair value established at joint venture formation versus historical cost.

23

Attachment 12
UDR, Inc.
Unconsolidated Joint Venture Summary (1)
December 31, 2014
(Dollars in Thousands)
(Unaudited)
Portfolio Characteristics
			# of								Physical		Total Revenue per			Net Operating Income
	Property		Comm. /			# of			Own.		Occupancy		Occupied Home			UDR's Share						Total
Joint Venture and Partnerships	Type		Parcels			Homes (9)			Interest		4Q 14		4Q 14 (1)			4Q 2014			YTD 2014			YTD 2014 (2)
UDR / MetLife
Operating communities	Various		23			5,381			50	%	96.3	%	$	2,859		$	15,906		$	58,173		$	123,284
Stabilized, Non-Mature	Various		2			655			(3)		92.6	%	1,943			697			1,341			2,676
Development communities	Various		3			—			(4)		—		—			(3		)	21			42
Land parcels			12			TBD			(5)		—		—			(22		)	235			937
UDR / KFH	High-rise		3			660			30	%	96.2	%	2,603			1,083			4,308			14,360
Texas (11)	Garden		8			3,359			20	%	98.1	%	1,088			1,372			4,969			24,846
Total/Weighted Average			51			10,055					96.6	%	$	2,477		$	19,033		$	69,047		$	166,145
Balance Sheet Characteristics and Returns
	Gross Book Value
	of JV Real		Total			UDR's Equity					Weighted Avg.		Debt			Returns (8)
Joint Venture and Partnerships	Estate Assets (6)		Project Debt (6)			Investment (7)					Interest Rate		Maturity			ROIC			ROE
UDR / MetLife
Operating communities	$	2,346,253	$	1,221,717		$	449,734				4.4	%	Various
Stabilized, Non-Mature	179,857		117,551			31,827					2.9	%	Various
Development communities	209,878		—			111,315					N/A		N/A
Land parcels	172,510		—			71,198					N/A		N/A
UDR / KFH	283,575		165,209			21,637					3.4	%	Various
Texas (11)	331,088		219,588			(1,704		)			2.7	%	(11)
Total/Weighted Average	$	3,523,161	$	1,724,065		$	684,007				4.0	%				6.2		%	8.4		%
Same-Store Unconsolidated Joint Venture Growth
	Same-Store
	Joint Venture		4Q 2014 vs. 4Q 2013 Growth										4Q 2014 vs. 3Q 2014 Growth
Joint Venture	Communities (6)		Revenue			Expense			NOI				Revenue			Expense			NOI
UDR / MetLife	23		4.4		%	8.6		%	2.7	%			1.8		%	-3.2		%	4.1		%
UDR / KFH	3		1.8		%	8.5		%	-0.5	%			0.3		%	-0.6		%	0.6		%
Total/Average	26		4.2		%	8.6		%	2.4	%			1.6		%	-3.0		%	3.7		%
									NOI										NOI
Same-Store JV Results at UDR's Pro-rata Ownership Interest									2.5	%									3.9		%
	Same-Store
	Joint Venture		YTD 2014 vs. YTD 2013 Growth
Joint Venture	Communities (6)		Revenue			Expense			NOI
UDR / MetLife	21		4.3		%	5.7		%	3.7	%
UDR / KFH	3		2.6		%	8.3		%	0.7	%
Total/Average	24		4.1		%	6.0		%	3.4	%
									NOI
Same-Store JV Results at UDR's Pro-rata Ownership Interest									3.5	%
Participating Loan Investment													Income from
													Participating
			Interest			Years to							Loan Investment						Upside
	UDR's Investment		Rate			Maturity							4Q 2014			YTD 2014			Participation
Steele Creek (10)	$	62,707	6.5		%	2.8							$	931		$	2,350		50		%
(1) See Attachment 16 for definitions and other terms.
(2) Represents NOI at 100 percent for the period ended December 31, 2014.
(3) Includes Fiori on Vitruvian Park® of which UDR owns 50.0% and 13th & Market of which UDR owns 51.0%.
(4) Includes 399 Fremont of which UDR owns 51.0%, Residences at 2801 Kelvin of which UDR owns 50.1% and 3033 Wilshire of which UDR owns 50.0%.
(5) See summary of unconsolidated land parcels on Attachment 11.
(6) Joint ventures and partnerships represented at 100 percent.
(7) Excludes deferred gains of $28.5M, which is netted in "Investments in and advances to unconsolidated joint ventures, net" on Attachment 3.
(8) Excludes non-stabilized developments.
(9) Includes homes completed for the period ended December 31, 2014.
(10) UDR's participating loan is reflected as investment in and advances to unconsolidated joint ventures on the Consolidated Balance Sheets and net income/(loss) from unconsolidated entities on the Consolidated Statements of Operations in accordance with GAAP. UDR has the option to purchase the property upon completion of construction and we receive 50% of the value created from the project upon acquisition of the community or sale to a third party.
(11) The eight communities held by the Texas joint venture were sold in January 2015. The underlying debt was paid off in connection with the sale of these properties.

24

Attachment 13
UDR, Inc.
Acquisitions and Dispositions Summary
December 31, 2014
(Dollars in Thousands)
(Unaudited)
				Post
			Prior	Transaction
			Ownership	Ownership					# of	Price per
Date of Purchase	Community	Location	Interest	Interest	Price (1)		Debt (1)		Homes	Home
Acquisitions - Wholly-Owned
Aug-14	Lightbox (1031 exchange)	Seattle, WA	0%	100%	$	45,500	$	—	162	$	281
Sep-14	Waterscape (1031 exchange) (2)	Kirkland, WA	0%	100%	75,200		—		196	384
					$	120,700	$	—	358	$	337
Acquisitions - Wholly-Owned Land
Jan-14	Pacific City	Huntington Beach, CA	0%	100%	$	77,750	$	—	—	$	—
Nov-14	Graybar	Boston, MA	0%	100%	32,150		—		—	—
					$	109,900	$	—	—	$	—
Acquisitions - Joint Ventures - UDR/MetLife II JV
Apr-14	6 operating communities	Various	12%	50%	$	505,000	$	284,164	1,523	$	332
Acquisitions - Joint Ventures - Land
Jul-14	Domain Mountain View	Mountain View, CA	3%	50%	$	17,600	$	—	—	$	—
Jul-14	Residences at 2801 Kelvin	Irvine, CA	3%	50%	24,300		—		—	—
Dec-14	Wilshire Crescent Heights	Los Angeles, CA	3%	50%	16,800		—		—	—
Dec-14	Wilshire at LaJolla	Los Angeles, CA	3%	50%	15,500		—		—	—
					$	74,200	$	—	—	$	—
				Post
			Prior	Transaction
			Ownership	Ownership					# of	Price per
Date of Sale	Community	Location	Interest	Interest	Price (1)		Debt (1)		Homes	Home
Dispositions - Wholly-Owned
Jan-14	Presidio at Rancho Del Oro	Oceanside, CA	100%	0%	$	45,100	$	—	264	$	171
Jun-14	Gallery at Bayport II	Tampa, FL	100%	0%	30,700		—		277	111
Jun-14	Island Walk	Tampa, FL	100%	0%	50,000		—		400	125
Jul-14	The Place on Millenia Boulevard	Orlando, FL	100%	0%	50,085		—		371	135
Jul-14	Grandview	Glendale, CA	100%	0%	11,000		—		—	—
Jul-14	Forest Lakes at Oyster Point	Newport News, VA	100%	0%	26,000		—		296	88
Jul-14	Woodscape	Newport News, VA	100%	0%	21,175		—		296	72
Dec-14	Pine at 6th (3)	Long Beach, CA	100%	0%	42,280		—		158	268
Dec-14	13th & Market	San Diego, CA	100%	51%	110,600		—		264	419
Dec-14	Arbor Terrace I & II	Port Orchard, WA	100%	0%	28,600		—		276	104
Dec-14	Aspen Creek	Puyallup, WA	100%	0%	19,900		—		162	123
					$	435,440	$	—	2,764	$	154
Dispositions - Joint Ventures
Mar-14	Ashton Westwood (4)	Los Angeles, CA	9%	0%	$	52,571	$	25,804	58	$	906
Mar-14	Viridian (4)	Los Angeles, CA	16%	0%	31,856		27,849		60	531
					$	84,427	$	53,653	118	$	715
Dispositions - Wholly-Owned Land
Jan-14	Presidio at Rancho Del Oro	Oceanside, CA	100%	0%	$	3,600	$	—	—	$	—
Dec-14	3033 Wilshire	Los Angeles, CA	100%	50%	16,600		—		—	—
					$	20,200	$	—	—	$	—
Dispositions - Joint Ventures Land
None
(1) Price represents 100% of the value of assets. Debt represents 100% of the asset's indebtedness.
(2) Includes 6,600 square feet of retail space.
(3) Includes 7,100 square feet of retail space.
(4) Properties sold to MetLife from UDR/MetLife I JV.

25

Attachment 14
UDR, Inc.
Capital Expenditure and Repair and Maintenance Summary (1)
December 31, 2014
(Dollars in Thousands)
(Unaudited)
		Three Months				Twelve Months
	Weighted Avg.	Ended		Cost		Ended		Cost
Category (Capitalized)	Useful Life (yrs) (2)	December 31, 2014		per Home		December 31, 2014		per Home
Capital Expenditures for Consolidated Homes (3)
Average number of homes (4)		39,131				39,637
Recurring Cap Ex
Asset preservation
Building interiors	5 - 20	$	5,361	$	137	$	15,364	$	388
Building exteriors	5 - 20	3,681		94		11,215		283
Landscaping and grounds	10	1,913		49		5,182		131
Total asset preservation		10,955		280		31,761		802
Turnover related	5	2,989		76		12,160		307
Total Recurring Cap Ex		13,944		356		43,921		1,109
Revenue Enhancing Cap Ex (5)
Kitchen & Bath		3,323		85		4,260		108
Revenue Enhancing		3,392		87		10,387		262
Total Revenue Enhancing Cap Ex	5 - 20	6,715		172		14,647		370
Total		$	20,659	$	528	$	58,568	$	1,479
		Three Months				Twelve Months
		Ended		Cost		Ended		Cost
Category (Expensed)		December 31, 2014		per Home		December 31, 2014		per Home
Repair and Maintenance for Consolidated Homes
Average number of homes (4)		39,131				39,637
Contract services		$	4,471	$	114	$	17,780	$	449
Turnover related expenses		1,000		26		4,147		105
Other Repair and Maintenance
Building interiors		1,689		43		6,850		173
Building exteriors		390		10		1,474		37
Landscaping and grounds		196		5		1,037		26
Total		$	7,746	$	198	$	31,288	$	790
(1) See Attachment 16 for definitions and other terms.
(2) Weighted average useful life of capitalized expenses for the twelve months ended December 31, 2014.
(3) Excludes redevelopment capital.
(4) Average number of homes is calculated based on the number of homes outstanding at the end of each month.
(5) Revenue enhancing capital expenditures were incurred at specific apartment communities in conjunction with UDR's overall capital expenditure plan.

26

Attachment 15
UDR, Inc.
Full-Year 2014 Guidance (1)
December 31, 2014
(Unaudited)
FFO and AFFO per Share Guidance
	1Q 2015	Full Year 2015
FFO per common share, diluted	$0.41 to $0.43	$1.60 to $1.66
FFO As Adjusted per common share, diluted	$0.38 to $0.40	$1.58 to $1.64
Adjusted Funds from Operations ("AFFO") per common share, diluted	$0.35 to $0.37	$1.41 to $1.47
Annualized dividend per share		$1.11
Same-Store Guidance		Full Year 2015
Revenue growth		3.75% to 4.25%
Expense growth		2.50% to 3.00%
NOI growth		4.00% to 5.00%
Physical occupancy		96.5%
Same-Store homes		36,066
Sources of Funds ($ in millions)		Full Year 2015
Sales Proceeds and Debt and Equity Issuances		$700 to $850
Construction Loan Proceeds		$120 to $140
Uses of Funds ($ in millions)		Full Year 2015
Debt maturities (weighted average interest rate of 5.5%)		$516
Development and redevelopment spending		$400 to $450
Acquisitions		$0 to $150
Other Additions/(Deductions) ($ in millions except per home amounts)		Full Year 2015
Interest		($125) to ($130)
General and administrative, gross (2)		($49) to ($51)
Tax benefit for TRS		$3 to $5
Total joint venture FFO, Including fee income		$50 to $55
Non-recurring items:
Disposition-related FFO		$8 to $10
Acquisition-related costs		$0.0 to $0.50
LTI transition costs		$2 to $4
Average stabilized homes		40,000
Recurring capital expenditures per home		$1,150
Revenue enhancing capital expenditures		$15 to $20
Kitchen & Bath capital expenditures		$5 to $10
One-time infrastructure repair		$5 to $7
(1) See Attachment 16 for definitions and other terms.
(2) Includes an estimated $12 million of Long Term Incentive Plan compensation expense, including $3 million related to program transition expense.

27

Attachment 16(A)
UDR, Inc.
Definitions and Reconciliations
December 31, 2014
(Unaudited)
Acquired Communities: The Company defines Acquired Communities as those communities acquired by the Company, other than development and redevelopment activity, that did not achieve stabilization as of the most recent quarter.
Adjusted Funds From Operations ("AFFO"):  The Company defines AFFO as FFO as Adjusted less recurring capital expenditures that are necessary to help preserve the value of and maintain functionality at our communities.
Management considers AFFO a useful supplemental performance metric for investors as it is more indicative of the Company's operational performance than FFO or FFO as Adjusted. AFFO is not intended to represent cash flow or liquidity for the period, and is only intended to provide an additional measure of our operating performance. The Company believes that net income attributable to UDR, Inc. is the most directly comparable GAAP financial measure to AFFO. Management believes that AFFO is a widely recognized measure of the operations of REITs, and presenting AFFO will enable investors to assess our performance in comparison to other REITs. However, other REITs may use different methodologies for calculating AFFO and, accordingly, our AFFO may not always be comparable to AFFO calculated by other REITs. AFFO should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of financial performance, or as an alternative to cash flows from operating activities (determined in accordance with GAAP) as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to make distributions. A reconciliation from net income attributable to UDR, Inc. to AFFO is provided on Attachment 2.
Development Communities:  The Company defines Development Communities as those communities recently developed or under development by the Company, that are currently majority owned by the Company and have not achieved stabilization as of the most recent quarter.
Discontinued Operations:  Effective January 1, 2014, UDR prospectively adopted Accounting Standards Update (“ASU”) No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, for all communities not previously sold or classified as held for sale. ASU 2014-08 incorporates into the definition of a discontinued operation a requirement that a disposition represent a strategic shift in an entity’s operations, which resulted in UDR no longer classifying the sale of communities as a discontinued operation. Communities that meet the criteria to be classified as held for disposition subsequent to the adoption of ASU 2014-08 are presented as held for disposition in the Consolidated Balance Sheet for the current period, but do not meet the criteria to be classified as discontinued operations in accordance with ASU 2014-08. Prior to the prospective adoption of ASU 2014-08, FASB ASC Subtopic 205.20, required, among other things, that the primary assets and liabilities and the results of operations of UDR’s real properties that have been sold or are held for disposition, be classified as discontinued operations and segregated in UDR’s Consolidated Statements of Operations and Consolidated Balance Sheets. Consequently, the primary assets and liabilities and the net operating results of those properties sold or classified as held for disposition prior to January 1, 2014 are accounted for as discontinued operations for all periods presented.  This presentation does not have an impact on net income available to common stockholders, it only results in the reclassification of the operating results within the Consolidated Statements of Operations for the periods ended December 31, 2014 and 2013, and the reclassification of the assets and liabilities within the Consolidated Balance Sheets as of December 31, 2014 and December 31, 2013. During the twelve months ended December 31, 2013, UDR sold 2 communities with a total of 914 homes. During the twelve months ended December 31, 2014, UDR sold one commercial property that was classified as real estate held for disposition prior to the adoption of ASU 2014-08 and is therefore presented as a discontinued operation. The results of operations for these properties are classified on the Consolidated Statements of Operations on Attachment 1 of the Company's quarterly supplemental disclosure in the line item entitled “Income from discontinued operations, net of tax”.
In thousands	4Q 2014		4Q 2013			YTD 2014			YTD 2013
Rental income	$	—	$	2,021		$	147		$	9,151
Rental expenses	—		777			225			3,511
Property management	—		56			4			252
Real estate depreciation	—		350			—			1,958
Other operating expenses	—		8			21			34
Non-property (income)/expense	—		(96		)	—			(96		)
Total expenses	—		1,095			250			5,659
Income before net impairment of real estate held for disposition and net gain on the sale of depreciable property	—		926			(103		)	3,492
Net gain on the sale of depreciable property, net of tax	—		(1,469		)	75			(1,469		)
Income tax benefit/(expense)	—		41,919			38			41,919
Income/(loss) from discontinued operations, net of tax	$	—	$	41,376		$	10		$	43,942
Effective New Lease Rate Growth:  The Company defines effective new lease rate growth as the increase in gross potential rent realized less all concessions for the new lease term (current effective rent) versus prior resident effective rent for the prior lease term on all new leases commenced during the current quarter.
Management considers effective new lease rate growth a useful metric for investors as it assesses market-level new demand trends.
Effective Renewal Lease Rate Growth:  The Company defines effective renewal lease rate growth as the increase in gross potential rent realized less all concessions for the new lease term (current effective rent) versus prior effective rent for the prior lease term on all renewed leases commenced during the current quarter.
Management considers effective renewal lease rate growth a useful metric for investors as it assesses market-level, in-place demand trends.
Estimated Quarter of Completion:  The Company defines estimated quarter of completion of a development or redevelopment project as the date on which construction is expected to be completed, but does not represent the date of stabilization.
Fixed Charge Coverage Ratio:  The Company defines Fixed Charge Coverage Ratio as net income, excluding the impact of interest expense, real estate depreciation and amortization of wholly owned and other joint venture communities, other depreciation and amortization, noncontrolling interests, net gain on the sale of depreciable property, RE3 income tax, divided by total interest plus preferred dividends.
Management considers fixed charge coverage a useful metric for investors as it provides ratings agencies, investors and lending partners with a widely-used measure of the Company’s ability to service its debt obligations as well as compare leverage against that of its peer REITs. A reconciliation of the components that comprise fixed charge coverage is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure.
Funds From Operations as Adjusted:  The Company defines FFO as Adjusted as FFO excluding the impact of acquisition-related costs and other non-comparable items including, but not limited to, prepayment costs/benefits associated with early debt retirement, gains on sales of marketable securities and TRS property, deferred tax valuation allowance increases and decreases, storm-related expenses and recoveries, severance costs and legal costs.
Management believes that FFO as Adjusted is useful supplemental information regarding our operating performance as it provides a consistent comparison of our operating performance across time periods and allows investors to more easily compare our operating results with other REITs. FFO as Adjusted is not intended to represent cash flow or liquidity for the period, and is only intended to provide an additional measure of our operating performance. The Company believes that net income attributable to UDR, Inc. is the most directly comparable GAAP financial measure to FFO as Adjusted. However, other REITs may use different methodologies for calculating FFO as Adjusted or similar FFO measures and, accordingly, our FFO as Adjusted may not always be comparable to FFO as Adjusted or similar FFO measures calculated by other REITs. FFO as Adjusted should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of financial performance, or as an alternative to cash flows from operating activities (determined in accordance with GAAP) as a measure of our liquidity. A reconciliation from net income attributable to UDR, Inc. to FFO as Adjusted is provided on Attachment 2.

28

Attachment 16(B)
UDR, Inc.
Definitions and Reconciliations
December 31, 2014
(Unaudited)
Funds From Operations ("FFO"):  The Company defines FFO as net income (computed in accordance with GAAP), excluding impairment write-downs of depreciable real estate or of investments in non-consolidated investees that are driven by measurable decreases in the fair value of depreciable real estate held by the investee, gains (or losses) from sales of depreciable property, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. This definition conforms with the National Association of Real Estate Investment Trust's definition issued in April 2002 and is comparable to FFO, diluted in Attachment 2. In the computation of diluted FFO, OP units, unvested restricted stock, stock options, and the shares of Series E Cumulative Convertible Preferred Stock are dilutive; therefore, they are included in the diluted share count.
Activities of our taxable REIT subsidiary (TRS), RE3, include development and land entitlement. From time to time, we develop and subsequently sell a TRS property which results in a short-term use of funds that produces a profit that differs from the traditional long-term investment in real estate for REITs. We believe that the inclusion of these TRS gains in FFO is consistent with the standards established by NAREIT as the short-term investment is incidental to our main business. TRS gains on sales, net of taxes, are defined as net sales proceeds less a tax provision and the gross investment basis of the asset before accumulated depreciation.
Management considers FFO a useful metric for investors as the Company uses FFO in evaluating property acquisitions and its operating performance and believes that FFO should be considered along with, but not as an alternative to, net income and cash flow as a measure of the Company's activities in accordance with GAAP. FFO does not represent cash generated from operating activities in accordance with GAAP and is not necessarily indicative of funds available to fund our cash needs. A reconciliation from net income attributable to UDR, Inc. to FFO is provided on Attachment 2.
Held For Disposition Communities:   The Company defines Held for Disposition Communities as those communities that were held for sale as of the end of the most recent quarter.
Interest Coverage Ratio:  The Company defines Interest Coverage Ratio as net income, excluding the impact of interest expense, real estate depreciation and amortization of wholly owned and joint venture communities, other depreciation and amortization, noncontrolling interests, net gain on the sale of depreciable property, RE3 income tax, divided by total interest.
Management considers interest coverage ratio a useful metric for investors as it provides ratings agencies, investors and lending partners with a widely-used measure of the Company’s ability to service its debt obligations as well as compare leverage against that of its peer REITs. A reconciliation of the components that comprise interest coverage ratio is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure.
Joint Venture Reconciliation at UDR's Weighted Average Pro-Rata Ownership Interest
In thousands				4Q 2014			YTD 2014
Income/(loss) from unconsolidated entities				$	(2,074	)	$	(7,006	)
Management fee				1,057			3,945
Interest expense				8,121			31,172
Depreciation				12,207			42,133
General and administrative				533			924
Other income/expense				(811		)	(2,121		)
Total Joint Venture NOI at UDR's Pro-Rata Ownership				$	19,033		$	69,047
JV Return on Equity ("ROE"):  The Company defines JV ROE as the pro rata share of property NOI plus property and asset management fee revenue less interest expense, divided by the average of beginning and ending equity capital for the quarter.
Management considers ROE a useful metric for investors as it provides a widely used measure of how well the Company is investing its capital on a leveraged basis.
JV Return on Invested Capital ("ROIC"):  The Company defines JV ROIC as the pro rata share of property NOI plus property and asset management fee revenue divided by the average of beginning and ending invested capital for the quarter.
Management considers ROIC a useful metric for investors as it provides a widely used measure of how well the Company is investing its capital on an unleveraged basis.
Net Debt to EBITDA:  The Company defines net debt to EBITDA as total debt net of cash and cash equivalents divided by EBITDA. EBITDA is defined as net income, excluding the impact of interest expense, real estate depreciation and amortization of wholly owned and other joint venture communities, other depreciation and amortization, noncontrolling interests, net gain on the sale of depreciable property, and RE3 income tax.
Management considers net debt to EBITDA a useful metric for investors as it provides ratings agencies, investors and lending partners with a widely-used measure of the Company’s ability to service its debt obligations as well as compare leverage against that of its peer REITs. A reconciliation between net income and EBITDA is provided on Attachment 4(C) of the Company's quarterly supplemental disclosure.
Net Operating Income (“NOI”):  The Company defines NOI as rental income less direct property rental expenses. Rental income represents gross market rent less adjustments for concessions, vacancy loss and bad debt. Rental expenses include real estate taxes, insurance, personnel, utilities, repairs and maintenance, administrative and marketing. Excluded from NOI is property management expense which is calculated as 2.75% of property revenue to cover the regional supervision and accounting costs related to consolidated property operations, and land rent.
Management considers NOI a useful metric for investors as it is a more meaningful representation of a community’s continuing operating performance than net income as it is prior to corporate-level expense allocations, general and administrative costs, capital structure and depreciation and amortization and is a widely used input, along with capitalization rates, in the determination of real estate valuations. A reconciliation from net income attributable to UDR, Inc. to NOI is provided below.
In thousands	4Q 2014			3Q 2014			2Q 2014			1Q 2014			4Q 2013
Net income/(loss) attributable to UDR, Inc.	$	65,417		$	40,549		$	30,007		$	18,361		$	36,700
Property management	5,668			5,598			5,527			5,345			5,233
Other operating expenses	2,174			2,009			2,162			1,926			1,925
Real estate depreciation and amortization	91,406			89,339			88,876			88,533			88,301
Interest expense	32,792			33,087			31,691			32,884			33,360
Casualty-related (recoveries)/charges, net	41			—			—			500			—
General and administrative	11,722			11,554			12,530			11,994			11,532
Tax provision/(benefit), net (includes valuation adjustment)	(7,087		)	(2,492		)	(2,190		)	(3,329		)	15
Income/(loss) from unconsolidated entities	2,074			939			428			3,565			(5,666		)
Interest and other income, net	44			(9,061		)	(1,426		)	(1,415		)	(1,328		)
Joint venture management and other fees	(3,445		)	(3,165		)	(2,747		)	(3,687		)	(3,095		)
Other depreciation and amortization	2,117			1,385			1,193			1,080			3,281
(Income)/loss from discontinued operations, net of tax	—			(79		)	(18		)	(24,294		)	(41,376		)
(Gain)/loss on sale of real estate owned, net of tax	(61,267		)	(31,302		)	(26,709		)	87			—
Net income/(loss) attributable to noncontrolling interests	2,335			1,443			1,079			651			1,302
Total consolidated NOI	$	143,991		$	139,804		$	140,403		$	132,201		$	130,184

29

 Attachment 16(C)

UDR, Inc.

Definitions and Reconciliations

December 31, 2014

(Unaudited)

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

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

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

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

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

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

Redevelopment Communities: The Company generally defines Redevelopment Communities as those communities where greater than 10% of the available apartment homes are off-line for major renovation and those that did not achieve stabilization as of the most recent quarter.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

30

Attachment 16(D)
UDR, Inc.
Definitions and Reconciliations
December 31, 2014
(Unaudited)
All guidance is based on current expectations of future economic conditions and the judgment of the Company's management team. The following reconciles from GAAP net income/(loss) per share for full year 2015 and first quarter of 2015 to forecasted FFO, FFO as Adjusted and AFFO per share:
	Full Year 2015
	Low			High
Forecasted earnings per diluted share	$	0.17		$	0.24
Conversion from GAAP share count	(0.07		)	(0.08		)
Depreciation	1.49			1.49
Noncontrolling Interests	—			—
Preferred Dividends	0.01			0.01
Forecasted FFO per diluted share	$	1.60		$	1.66
Disposition-related FFO	(0.03		)	(0.03		)
LTI Transition costs	0.01			0.01
Acquisition-related and other costs	—			—
Forecasted FFO as Adjusted per diluted share	$	1.58		$	1.64
Recurring capital expenditures	(0.17		)	(0.17		)
Forecasted AFFO per diluted share	$	1.41		$	1.47
	1Q 2015
	Low			High
Forecasted earnings per diluted share	$	0.06		$	0.08
Conversion from GAAP share count	(0.02		)	(0.02		)
Depreciation	0.37			0.37
Noncontrolling Interests	—			—
Preferred Dividends	—			—
Forecasted FFO per diluted share	$	0.41		$	0.43
Disposition-related FFO	(0.03		)	(0.03		)
LTI Transition costs	—			—
Acquisition-related and other costs	—			—
Forecasted FFO as Adjusted per diluted share	$	0.38		$	0.40
Recurring capital expenditures	(0.03		)	(0.03		)
Forecasted AFFO per diluted share	$	0.35		$	0.37

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