UDR 8K Results of Operations and Financial Condition | UDR 30 Oct 24

Exhibit 99.2

Financial Highlights

UDR, Inc.

As of End of Third Quarter 2024

(Unaudited) (1)


	Actual Results	Actual Results	Guidance for
Dollars in thousands, except per share and unit	3Q 2024	YTD 2024	4Q 2024	Full-Year 2024

GAAP Metrics
Net income/(loss) attributable to UDR, Inc.	$22,597	$94,629	--	--
Net income/(loss) attributable to common stockholders	$21,400	$90,991	--	--
Income/(loss) per weighted average common share, diluted	$0.06	$0.28	$0.10 to $0.12	$0.38 to $0.40

Per Share Metrics
FFO per common share and unit, diluted	$0.60	$1.81	$0.61 to $0.63	$2.42 to $2.44
FFO as Adjusted per common share and unit, diluted	$0.62	$1.85	$0.62 to $0.64	$2.47 to $2.49
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted	$0.54	$1.64	$0.56 to $0.58	$2.21 to $2.23
Dividend declared per share and unit	$0.425	$1.275	$0.425	$1.70 (2)

Same-Store Operating Metrics
Revenue growth/(decline) (Straight-line basis)	1.2%	2.3%	--	2.00% to 2.40%
Expense growth	2.0%	4.4%	--	4.00% to 4.80%
NOI growth/(decline) (Straight-line basis)	0.8%	1.4%	--	1.00% to 1.40%
Physical Occupancy	96.3%	96.7%	--	--


Property Metrics	Homes	Communities	% of Total NOI
Same-Store	52,837	158	90.4%
Stabilized, Non-Mature	2,447	9	3.0%
Development	415	2	0.3%
Non-Residential / Other	N/A	N/A	1.4%
Joint Venture (3)	4,424	18	4.9%
Total completed homes	60,123	187	100%
Under Development	-	-	-
Total Quarter-end homes (3)(4)	60,123	187	100%


Balance Sheet Metrics (adjusted for non-recurring items)	3Q 2024	3Q 2023
Consolidated Interest Coverage Ratio	5.1x	5.3x
Consolidated Fixed Charge Coverage Ratio	4.9x	5.2x
Consolidated Debt as a percentage of Total Assets	32.9%	32.8%
Consolidated Net Debt-to-EBITDAre	5.6x	5.7x

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

(2)	Annualized for 2024.

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

(4)	Excludes 7,633 homes that are part of the Debt and Preferred Equity Program as described in Attachment 10(B).

Attachment 1

Consolidated Statements of Operations

(Unaudited) (1)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
In thousands, except per share amounts	2024		2023		2024		2023

REVENUES:
Rental income (2)	$	418,088	$	408,359	$	1,243,085	$	1,209,764
Joint venture management and other fees		2,072		1,772		6,029		4,464
Total revenues		420,160		410,131		1,249,114		1,214,228

OPERATING EXPENSES:
Property operating and maintenance		76,484		71,599		220,405		205,294
Real estate taxes and insurance		57,182		58,104		174,861		173,590
Property management		13,588		13,271		40,400		39,317
Other operating expenses		6,382		4,611		20,803		11,902
Real estate depreciation and amortization		170,276		167,551		510,622		505,776
General and administrative		20,890		15,159		58,836		49,091
Casualty-related charges/(recoveries), net		1,473		(1,928)		8,749		3,362
Other depreciation and amortization		4,029		3,692		13,024		11,022
Total operating expenses		350,304		332,059		1,047,700		999,354

Gain/(loss) on sale of real estate owned		-		-		16,867		325,885
Operating income		69,856		78,072		218,281		540,759

Income/(loss) from unconsolidated entities (2)(3)		(1,880)		5,508		11,251		24,912
Interest expense		(50,214)		(44,664)		(146,087)		(133,519)
Interest income and other income/(expense), net		6,159		(3,069)		18,522		8,388

Income/(loss) before income taxes		23,921		35,847		101,967		440,540
Tax (provision)/benefit, net		156		(428)		(567)		(2,013)

Net Income/(loss)		24,077		35,419		101,400		438,527
Net (income)/loss attributable to redeemable noncontrolling interests in the OP and DownREIT Partnership		(1,574)		(2,554)		(6,736)		(27,137)
Net (income)/loss attributable to noncontrolling interests		94		(7)		(35)		(23)

Net income/(loss) attributable to UDR, Inc.		22,597		32,858		94,629		411,367
Distributions to preferred stockholders - Series E (Convertible)		(1,197)		(1,221)		(3,638)		(3,626)

Net income/(loss) attributable to common stockholders	$	21,400	$	31,637	$	90,991	$	407,741


Income/(loss) per weighted average common share - basic:		$0.06		$0.10		$0.28		$1.24
Income/(loss) per weighted average common share - diluted:		$0.06		$0.10		$0.28		$1.24

Common distributions declared per share		$0.425		$0.42		$1.275		$1.26

Weighted average number of common shares outstanding - basic		329,421		328,760		329,101		328,835
Weighted average number of common shares outstanding - diluted		330,557		329,201		329,755		329,283

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

(2)	As of September 30, 2024, UDR's residential accounts receivable balance, net of its reserve, was $5.9 million, including its share from unconsolidated joint ventures. The unreserved amount is based on probability of collection.

(3)	During the three months ended September 30, 2024, UDR recorded an $8.1 million non-cash impairment loss related to the Junction preferred equity investment.

Attachment 2

Funds From Operations

(Unaudited) (1)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
In thousands, except per share and unit amounts	2024		2023			2024	2023

Net income/(loss) attributable to common stockholders	$	21,400	$	31,637	$	90,991	$	407,741

Real estate depreciation and amortization		170,276		167,551		510,622		505,776
Noncontrolling interests		1,480		2,561		6,771		27,160
Real estate depreciation and amortization on unconsolidated joint ventures		12,546		13,149		40,928		29,329
Impairment loss from unconsolidated joint ventures (2)		8,083		-		8,083		-
Net (gain)/loss on the sale of depreciable real estate owned, net of tax		-		-		(16,867)		(324,770)
Funds from operations ("FFO") attributable to common stockholders and unitholders, basic	$	213,785	$	214,898	$	640,528	$	645,236

Distributions to preferred stockholders - Series E (Convertible) (3)		1,197		1,221		3,638		3,626

FFO attributable to common stockholders and unitholders, diluted	$	214,982	$	216,119	$	644,166	$	648,862

FFO per weighted average common share and unit, basic	$	0.61	$	0.61	$	1.81	$	1.84
FFO per weighted average common share and unit, diluted	$	0.60	$	0.61	$	1.81	$	1.83

Weighted average number of common shares and OP/DownREIT Units outstanding, basic		353,275		351,271		353,299		350,534
Weighted average number of common shares, OP/DownREIT Units, and common stock
equivalents outstanding, diluted		357,226		354,620		356,811		353,890

Impact of adjustments to FFO:
Variable upside participation on preferred equity investment, net	$	-	$	-	$	-	$	(204)
Legal and other costs		1,551		364		6,995		(894)
Realized and unrealized (gain)/loss on real estate technology investments, net of tax		3		7,931		(4,613)		(179)
Severance costs		3,018		-		4,550		-
Casualty-related charges/(recoveries)		1,473		(1,928)		8,749		3,362
Total impact of adjustments to FFO	$	6,045	$	6,367	$	15,681	$	2,085

FFO as Adjusted attributable to common stockholders and unitholders, diluted	$	221,027	$	222,486	$	659,847	$	650,947

FFO as Adjusted per weighted average common share and unit, diluted	$	0.62	$	0.63	$	1.85	$	1.84

Recurring capital expenditures, inclusive of unconsolidated joint ventures		(29,898)		(27,139)		(73,496)		(60,784)
AFFO attributable to common stockholders and unitholders, diluted	$	191,129	$	195,347	$	586,351	$	590,163

AFFO per weighted average common share and unit, diluted	$	0.54	$	0.55	$	1.64	$	1.67

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

(2)	See Attachment 1, footnote 3 for further details.

(3)

Series E cumulative convertible preferred shares are dilutive for purposes of calculating FFO per share for the three and nine months ended September 30, 2024 and September 30, 2023. Consequently, distributions to Series E cumulative convertible preferred stockholders are added to FFO and the weighted average number of Series E cumulative convertible preferred shares are included in the denominator when calculating FFO per common share and unit, diluted.

Attachment 3

Consolidated Balance Sheets

(Unaudited) (1)


	September 30,		December 31,
In thousands, except share and per share amounts	2024		2023

ASSETS

Real estate owned:
Real estate held for investment	$	16,152,262	$	15,757,456
Less: accumulated depreciation		(6,739,674)		(6,242,686)
Real estate held for investment, net		9,412,588		9,514,770
Real estate under development
(net of accumulated depreciation of $0 and $184)		-		160,220
Real estate held for disposition
(net of accumulated depreciation of $0 and $24,960)		-		81,039
Total real estate owned, net of accumulated depreciation		9,412,588		9,756,029

Cash and cash equivalents		2,285		2,922
Restricted cash		33,267		31,944
Notes receivable, net		280,006		228,825
Investment in and advances to unconsolidated joint ventures, net		966,227		952,934
Operating lease right-of-use assets		187,918		190,619
Other assets		197,473		209,969
Total assets	$	11,079,764	$	11,373,242

LIABILITIES AND EQUITY

Liabilities:
Secured debt	$	1,140,692	$	1,277,713
Unsecured debt		4,724,571		4,520,996
Operating lease liabilities		183,181		185,836
Real estate taxes payable		68,816		47,107
Accrued interest payable		28,773		47,710
Security deposits and prepaid rent		49,727		50,528
Distributions payable		151,755		149,600
Accounts payable, accrued expenses, and other liabilities		119,202		141,311
Total liabilities		6,466,717		6,420,801

Redeemable noncontrolling interests in the OP and DownREIT Partnership		1,098,987		961,087

Equity:
Preferred stock, no par value; 50,000,000 shares authorized at September 30, 2024 and December 31, 2023:
2,600,678 shares of 8.00% Series E Cumulative Convertible issued
and outstanding (2,686,308 shares at December 31, 2023)		43,192		44,614
11,355,829 shares of Series F outstanding (11,867,730 shares at December 31, 2023)		1		1
Common stock, $0.01 par value; 450,000,000 shares authorized at September 30, 2024 and December 31, 2023:
329,926,696 shares issued and outstanding (329,014,512 shares at December 31, 2023)		3,299		3,290
Additional paid-in capital		7,526,910		7,493,217
Distributions in excess of net income		(4,064,283)		(3,554,892)
Accumulated other comprehensive income/(loss), net		4,606		4,914
Total stockholders' equity		3,513,725		3,991,144
Noncontrolling interests		335		210
Total equity		3,514,060		3,991,354
Total liabilities and equity	$	11,079,764	$	11,373,242

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

Attachment 4(A)

Selected Financial Information

(Unaudited) (1)


	September 30,	December 31,
Common Stock and Equivalents	2024	2023

Common shares	329,926,696	329,014,512
Restricted unit and common stock equivalents	1,073,864	81,382
Operating and DownREIT Partnership units	23,677,076	24,428,223
Series E cumulative convertible preferred shares (2)	2,815,608	2,908,323
Total common shares, OP/DownREIT units, and common stock equivalents	357,493,244	356,432,440




Weighted Average Number of Shares Outstanding	3Q 2024	3Q 2023

Weighted average number of common shares and OP/DownREIT units outstanding - basic	353,274,894	351,271,063
Weighted average number of OP/DownREIT units outstanding	(23,853,772)	(22,510,842)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations	329,421,122	328,760,221

Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted	357,226,153	354,619,703
Weighted average number of OP/DownREIT units outstanding	(23,853,772)	(22,510,842)
Weighted average number of Series E cumulative convertible preferred shares outstanding	(2,815,608)	(2,908,323)
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations	330,556,773	329,200,538


	Year-to-Date 2024	Year-to-Date 2023

Weighted average number of common shares and OP/DownREIT units outstanding - basic	353,298,608	350,534,474
Weighted average number of OP/DownREIT units outstanding	(24,197,254)	(21,699,061)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations	329,101,354	328,835,413

Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted	356,811,488	353,890,829
Weighted average number of OP/DownREIT units outstanding	(24,197,254)	(21,699,061)
Weighted average number of Series E cumulative convertible preferred shares outstanding	(2,858,243)	(2,908,323)
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations	329,755,991	329,283,445

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

(2)	At September 30, 2024 and December 31, 2023 there were 2,600,678 and 2,686,308 of Series E cumulative convertible preferred shares outstanding, which is equivalent to 2,815,608 and 2,908,323 shares of common stock if converted (after adjusting for the special dividend paid in 2008).

Attachment 4(B)

Selected Financial Information

September 30, 2024

(Unaudited) (1)


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

Secured		Fixed			$	1,117,138			19.0%	3.49%	4.3
		Floating				27,000			0.5%	3.96%	7.5
		Combined				1,144,138			19.5%	3.51%	4.4

Unsecured		Fixed				4,225,000	(3)		71.8%	3.08%	6.2
		Floating				511,783			8.7%	5.48%	0.8
		Combined				4,736,783			80.5%	3.34%	5.6

Total Debt		Fixed				5,342,138			90.8%	3.17%	5.8
		Floating				538,783			9.2%	5.41%	1.2
		Combined				5,880,921			100.0%	3.37%	5.4
		Total Non-Cash Adjustments (4)				(15,658)
		Total per Balance Sheet			$	5,865,263				3.43%



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

2024	$	1,340	$	-	$	290,000		$	291,340	5.0%	5.02%
2025		178,323		-		46,783			225,106	3.8%	4.11%
2026		56,672		300,000		-			356,672	6.1%	2.96%
2027		6,939		650,000		-			656,939	11.2%	3.92%
2028		166,526		300,000		-			466,526	7.9%	3.72%
2029		315,811		300,000		-			615,811	10.5%	3.93%
2030		230,597		600,000		-			830,597	14.1%	3.34%
2031		160,930		600,000		-			760,930	12.8%	2.92%
2032		27,000		400,000		-			427,000	7.3%	2.22%
2033		-		650,000		-			650,000	11.1%	1.99%
Thereafter		-		600,000		-			600,000	10.2%	4.04%
		1,144,138		4,400,000		336,783			5,880,921	100.0%	3.37%
Total Non-Cash Adjustments (4)		(3,446)		(12,212)		-			(15,658)
Total per Balance Sheet	$	1,140,692	$	4,387,788	$	336,783		$	5,865,263		3.43%

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

(2)

The 2024 maturity reflects the $290.0 million of principal outstanding at an interest rate of 5.03%, the equivalent of SOFR plus a spread of 14.0 basis points, on the Company’s unsecured commercial paper program as of September 30, 2024. Under the terms of the program the Company may issue up to a maximum aggregate amount outstanding of $700.0 million. If the commercial paper was refinanced using the line of credit, the weighted average years to maturity would be 5.6 years with and without extensions.

(3)

Includes amounts on our $350.0 million unsecured Term Loan that have been swapped to fixed. The amounts swapped to fixed are $175.0 million at a weighted average rate of 1.45% that expires July 2025. The amounts that have not been swapped to fixed carry an interest rate of adjusted SOFR plus 85.0 basis points. The $350M Term Loan has a maturity date of January 2027 plus a one-year extension option.

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

(5)	Includes principal amortization, as applicable.

(6)	There were no borrowings outstanding on our $1.3 billion line of credit at September 30, 2024. The facility has a maturity date of August 2028, plus two six-month extension options and currently carries an interest rate equal to adjusted SOFR plus 77.5 basis points.

(7)

There was $46.8 million outstanding on our $75.0 million working capital credit facility at September 30, 2024. The facility has a maturity date of January 2025 plus a one-year extension option. The working capital credit facility currently carries an interest rate equal to adjusted SOFR plus 77.5 basis points.

Attachment 4(C)

Selected Financial Information

(Dollars in Thousands)

(Unaudited) (1)

Quarter Ended

Coverage Ratios

September 30, 2024

Net income/(loss)

24,077

Adjustments:

Interest expense, including debt extinguishment and other associated costs

50,214

Real estate depreciation and amortization

170,276

Other depreciation and amortization

4,029

Tax provision/(benefit), net

(156)

Impairment loss from unconsolidated joint ventures

8,083

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

17,290

EBITDAre

273,813

Casualty-related charges/(recoveries), net

1,473

Legal and other costs

1,551

Severance costs

3,018

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

495

(Income)/loss from unconsolidated entities

1,880

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

(17,290)

Management fee expense on unconsolidated joint ventures

(875)

Consolidated EBITDAre - adjusted for non-recurring items

264,065

Annualized consolidated EBITDAre - adjusted for non-recurring items

1,056,260

Interest expense, including debt extinguishment and other associated costs

50,214

Capitalized interest expense

2,046

Total interest

52,260

Preferred dividends

1,197

Total debt

5,865,263

Cash

(2,285)

Net debt

5,862,978

Consolidated Interest Coverage Ratio - adjusted for non-recurring items

5.1x

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

4.9x

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

5.6x

Debt Covenant Overview

Unsecured Line of Credit Covenants (2)

Required

Actual

Compliance

Maximum Leverage Ratio

≤60.0%

31.6% (2)

Yes

Minimum Fixed Charge Coverage Ratio

≥1.5x

4.8x

Yes

Maximum Secured Debt Ratio

≤40.0%

9.8%

Yes

Minimum Unencumbered Pool Leverage Ratio

≥150.0%

372.5%

Yes

Senior Unsecured Note Covenants (3)

Required

Actual

Compliance

Debt as a percentage of Total Assets

≤65.0%

33.0% (3)

Yes

Consolidated Income Available for Debt Service to Annual Service Charge

≥1.5x

5.5x

Yes

Secured Debt as a percentage of Total Assets

≤40.0%

6.4%

Yes

Total Unencumbered Assets to Unsecured Debt

≥150.0%

313.2%

Yes

Securities Ratings

Debt

Outlook

Commercial Paper

Moody's Investors Service

Baa1

Stable

P-2

S&P Global Ratings

BBB+

Stable

A-2

Gross

% of

Number of

3Q 2024 NOI (1)

Carrying Value

Total Gross

Asset Summary

Homes

($000s)

% of NOI

($000s)

Carrying Value

Unencumbered assets

46,759

248,346

87.3%

14,130,164

87.5%

Encumbered assets

8,940

36,076

12.7%

2,022,098

12.5%

55,699

284,422

100.0%

16,152,262

100.0%

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

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

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

Attachment 5

Operating Information

(Unaudited) (1)


	Total	Quarter Ended		Quarter Ended		Quarter Ended		Quarter Ended		Quarter Ended
Dollars in thousands	Homes	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Revenues
Same-Store Communities	52,837	$	393,654	$	389,989	$	387,615	$	386,305	$	389,178
Stabilized, Non-Mature Communities	2,447		14,800		14,653		14,571		12,979		7,405
Development Communities	415		1,858		820		163		53		3
Non-Residential / Other	-		7,776		7,866		8,270		8,110		7,938
Total	55,699	$	418,088	$	413,328	$	410,619	$	407,447	$	404,524

Expenses
Same-Store Communities		$	123,388	$	120,265	$	122,134	$	116,417	$	121,007
Stabilized, Non-Mature Communities			5,673		5,885		6,232		5,755		3,325
Development Communities			1,083		855		505		302		85
Non-Residential / Other			3,522		2,322		3,004		3,421		4,147
Total (2)		$	133,666	$	129,327	$	131,875	$	125,895	$	128,564

Net Operating Income
Same-Store Communities		$	270,266	$	269,724	$	265,481	$	269,888	$	268,171
Stabilized, Non-Mature Communities			9,127		8,768		8,339		7,224		4,080
Development Communities			775		(35)		(342)		(249)		(82)
Non-Residential / Other			4,254		5,544		5,266		4,689		3,791
Total		$	284,422	$	284,001	$	278,744	$	281,552	$	275,960

Operating Margin
Same-Store Communities			68.7%		69.2%		68.5%		69.9%		68.9%

Weighted Average Physical Occupancy
Same-Store Communities			96.3%		96.8%		97.0%		96.9%		96.7%
Stabilized, Non-Mature Communities			96.4%		96.2%		93.8%		94.7%		90.5%
Development Communities			48.9%		26.9%		21.2%		10.9%		-
Other (3)			-		-		-		97.9%		96.5%
Total			95.9%		96.4%		96.8%		96.7%		96.4%

Sold and Held for Disposition Communities
Revenues	-	$	-	$	-	$	1,050	$	3,447	$	3,835
Expenses (2)			-		-		398		1,109		1,139
Net Operating Income/(Loss)		$	-	$	-	$	652	$	2,338	$	2,696

Total	55,699	$	284,422	$	284,001	$	279,396	$	283,890	$	278,656

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

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

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

Attachment 6

Same-Store Operating Expense Information

(Dollars in Thousands)

(Unaudited) (1)


	% of 3Q 2024
	SS Operating
Year-Over-Year Comparison	Expenses	3Q 2024		3Q 2023		% Change

Personnel	14.3%	$	17,661	$	16,849	4.8%
Utilities	14.3%		17,587		17,055	3.1%
Repair and maintenance	21.3%		26,229		25,059	4.7%
Administrative and marketing	7.5%		9,206		8,343	10.4%
Controllable expenses	57.4%		70,683		67,306	5.0%

Real estate taxes	37.8%	$	46,776	$	47,284	-1.1%
Insurance	4.8%		5,929		6,417	-7.6%
Same-Store operating expenses	100.0%	$	123,388	$	121,007	2.0%

Same-Store Homes	52,837



	% of 3Q 2024
	SS Operating
Sequential Comparison	Expenses	3Q 2024		2Q 2024		% Change

Personnel	14.3%	$	17,661	$	17,083	3.4%
Utilities	14.3%		17,587		16,418	7.1%
Repair and maintenance	21.3%		26,229		23,580	11.2%
Administrative and marketing	7.5%		9,206		8,598	7.1%
Controllable expenses	57.4%		70,683		65,679	7.6%

Real estate taxes	37.8%	$	46,776	$	48,629	-3.8%
Insurance	4.8%		5,929		5,957	-0.5%
Same-Store operating expenses	100.0%	$	123,388	$	120,265	2.6%

Same-Store Homes	52,837




	% of YTD 2024
	SS Operating
Year-to-Date Comparison	Expenses	YTD 2024		YTD 2023		% Change

Personnel (2)	14.5%	$	51,839	$	45,904	12.9%
Utilities	14.2%		50,844		49,476	2.8%
Repair and maintenance	20.1%		71,957		68,573	4.9%
Administrative and marketing	7.1%		25,338		22,721	11.5%
Controllable expenses	55.9%		199,978		186,674	7.1%

Real estate taxes	39.2%	$	141,011	$	137,957	2.2%
Insurance	4.9%		17,420		18,541	-6.0%
Same-Store operating expenses	100.0%	$	358,409	$	343,172	4.4%

Same-Store Homes	51,804

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

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

Attachment 7(A)

Apartment Home Breakout

Portfolio Overview as of Quarter Ended

September 30, 2024

(Unaudited) (1)


				Unconsolidated		Revenue Per
			Total	Joint Venture	Total	Occupied
	Same-Store	Non-Mature	Consolidated	Operating	Homes	Home
	Homes	Homes (2)	Homes	Homes (3)	(incl. JV) (3)	(Incl. JV at Share)(4)
West Region
Orange County, CA	4,305	-	4,305	701	5,006	$	3,122
San Francisco, CA	2,917	393	3,310	602	3,912		3,591
Seattle, WA	2,702	-	2,702	284	2,986		2,909
Monterey Peninsula, CA	1,567	-	1,567	-	1,567		2,434
Los Angeles, CA	1,225	-	1,225	340	1,565		3,427
	12,716	393	13,109	1,927	15,036

Mid-Atlantic Region
Metropolitan DC	8,819	300	9,119	360	9,479		2,421
Baltimore, MD	2,222	-	2,222	-	2,222		1,971
Richmond, VA	1,359	-	1,359	-	1,359		1,884
	12,400	300	12,700	360	13,060

Northeast Region
Boston, MA	4,667	-	4,667	876	5,543		3,220
New York, NY	2,318	-	2,318	707	3,025		4,961
	6,985	-	6,985	1,583	8,568

Southeast Region
Tampa, FL	3,877	330	4,207	-	4,207		2,180
Orlando, FL	3,493	-	3,493	-	3,493		1,914
Nashville, TN	2,261	-	2,261	-	2,261		1,758
	9,631	330	9,961	-	9,961

Southwest Region
Dallas, TX	6,218	1,231	7,449	-	7,449		1,795
Austin, TX	1,272	608	1,880	-	1,880		1,863
	7,490	1,839	9,329	-	9,329

Other Markets (5)	3,615	-	3,615	554	4,169		2,646

Totals	52,837	2,862	55,699	4,424	60,123	$	2,602

Communities (6)	158	11	169	18	187

		Homes	Communities
Total completed homes		60,123	187
Under Development (7)		-	-

Total Quarter-end homes and communities		60,123	187

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

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

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

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

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

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

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

Attachment 7(B)

Non-Mature Home Summary and Net Operating Income by Market

September 30, 2024

(Unaudited) (1)


Non-Mature Home Breakout - By Date


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


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

Villaggio	Stabilized, Non-Mature	273	Dallas, TX	4Q24

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

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

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

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

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

The MO	Stabilized, Non-Mature	300	Metropolitan DC	2Q25

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

Villas at Fiori	Development	85	Dallas, TX	2Q26

101 N. Meridian	Development	330	Tampa, FL	3Q26

Total		2,862


Net Operating Income Breakout By Market

	As a % of NOI			As a % of NOI
Region	Same-Store	Total	Region	Same-Store	Total
West Region			Southeast Region
Orange County, CA	11.4%	11.1%	Tampa, FL	5.7%	5.4%
San Francisco, CA	7.6%	8.4%	Orlando, FL	5.0%	4.6%
Seattle, WA	6.0%	6.1%	Nashville, TN	3.0%	2.7%
Monterey Peninsula, CA	3.1%	2.8%		13.7%	12.7%
Los Angeles, CA	3.0%	3.1%	Southwest Region
	31.1%	31.5%	Dallas, TX	7.5%	8.2%
Mid-Atlantic Region			Austin, TX	1.6%	2.0%
Metropolitan DC	15.6%	14.9%		9.1%	10.2%
Baltimore, MD	3.1%	2.8%
Richmond, VA	2.1%	1.9%	Other Markets (3)	6.9%	7.0%
	20.8%	19.6%
Northeast Region
Boston, MA	11.5%	11.4%
New York, NY	6.9%	7.6%
	18.4%	19.0%	Total	100.0%	100.0%

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

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

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

Attachment 8(A)

Same-Store Operating Information By Major Market

Current Quarter vs. Prior Year Quarter

September 30, 2024

(Unaudited) (1)



		% of Same-	Same-Store
	Total	Store Portfolio
	Same-Store	Based on	Physical Occupancy			Total Revenue per Occupied Home
	Homes	3Q 2024 NOI	3Q 24	3Q 23	Change	3Q 24		3Q 23		Change

West Region
Orange County, CA	4,305	11.4%	96.4%	96.8%	-0.4%	$	3,122	$	3,067	1.8%
San Francisco, CA	2,917	7.6%	96.5%	96.1%	0.4%		3,547		3,532	0.4%
Seattle, WA	2,702	6.0%	96.3%	97.3%	-1.0%		2,920		2,822	3.5%
Monterey Peninsula, CA	1,567	3.1%	95.9%	96.4%	-0.5%		2,434		2,324	4.7%
Los Angeles, CA	1,225	3.0%	95.9%	95.9%	0.0%		3,259		3,185	2.3%
	12,716	31.1%	96.3%	96.6%	-0.3%		3,105		3,043	2.0%

Mid-Atlantic Region
Metropolitan DC	8,819	15.6%	96.7%	97.2%	-0.5%		2,420		2,340	3.4%
Baltimore, MD	2,222	3.1%	95.2%	95.6%	-0.4%		1,971		1,933	2.0%
Richmond, VA	1,359	2.1%	96.7%	97.0%	-0.3%		1,884		1,892	-0.4%
	12,400	20.8%	96.4%	96.9%	-0.5%		2,282		2,219	2.8%

Northeast Region
Boston, MA	4,667	11.5%	96.2%	96.3%	-0.1%		3,263		3,145	3.8%
New York, NY	2,318	6.9%	97.2%	97.6%	-0.4%		4,893		4,789	2.2%
	6,985	18.4%	96.5%	96.7%	-0.2%		3,808		3,695	3.0%

Southeast Region
Tampa, FL	3,877	5.7%	95.8%	96.6%	-0.8%		2,153		2,136	0.8%
Orlando, FL	3,493	5.0%	95.9%	96.0%	-0.1%		1,914		1,944	-1.5%
Nashville, TN	2,261	3.0%	96.0%	96.5%	-0.5%		1,758		1,782	-1.3%
	9,631	13.7%	95.9%	96.4%	-0.5%		1,973		1,983	-0.5%

Southwest Region
Dallas, TX	6,218	7.5%	96.2%	96.9%	-0.7%		1,772		1,807	-1.9%
Austin, TX	1,272	1.6%	96.8%	96.1%	0.7%		1,938		1,959	-1.1%
	7,490	9.1%	96.3%	96.8%	-0.5%		1,800		1,833	-1.8%

Other Markets	3,615	6.9%	96.6%	96.5%	0.1%		2,585		2,597	-0.5%

Total/Weighted Avg.	52,837	100.0%	96.3%	96.7%	-0.4%	$	2,579	$	2,541	1.5%

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

Attachment 8(B)

Same-Store Operating Information By Major Market

Current Quarter vs. Prior Year Quarter

September 30, 2024

(Unaudited) (1)


			Same-Store ($000s)

	Total
	Same-Store	Revenues					Expenses					Net Operating Income
	Homes	3Q 24		3Q 23		Change	3Q 24		3Q 23		Change	3Q 24		3Q 23		Change

West Region
Orange County, CA	4,305	$	38,865	$	38,349	1.3%	$	8,165	$	8,675	-5.9%	$	30,700	$	29,674	3.5%
San Francisco, CA	2,917		29,957		29,702	0.9%		9,456		9,108	3.8%		20,501		20,594	-0.5%
Seattle, WA	2,702		22,791		22,258	2.4%		6,484		6,081	6.6%		16,307		16,177	0.8%
Monterey Peninsula, CA	1,567		10,972		10,531	4.2%		2,499		2,349	6.4%		8,473		8,182	3.6%
Los Angeles, CA	1,225		11,485		11,226	2.3%		3,274		3,012	8.7%		8,211		8,214	0.0%
	12,716		114,070		112,066	1.8%		29,878		29,225	2.2%		84,192		82,841	1.6%

Mid-Atlantic Region
Metropolitan DC	8,819		61,906		60,162	2.9%		19,988		19,255	3.8%		41,918		40,907	2.5%
Baltimore, MD	2,222		12,511		12,316	1.6%		4,223		4,278	-1.3%		8,288		8,038	3.1%
Richmond, VA	1,359		7,427		7,482	-0.7%		1,810		1,836	-1.4%		5,617		5,646	-0.5%
	12,400		81,844		79,960	2.4%		26,021		25,369	2.6%		55,823		54,591	2.3%

Northeast Region
Boston, MA	4,667		43,950		42,407	3.6%		12,944		12,279	5.4%		31,006		30,128	2.9%
New York, NY	2,318		33,070		32,501	1.8%		14,467		14,038	3.1%		18,603		18,463	0.8%
	6,985		77,020		74,908	2.8%		27,411		26,317	4.2%		49,609		48,591	2.1%

Southeast Region
Tampa, FL	3,877		23,985		24,004	-0.1%		8,556		8,061	6.1%		15,429		15,943	-3.2%
Orlando, FL	3,493		19,239		19,557	-1.6%		5,622		6,244	-10.0%		13,617		13,313	2.3%
Nashville, TN	2,261		11,449		11,660	-1.8%		3,236		3,187	1.5%		8,213		8,473	-3.1%
	9,631		54,673		55,221	-1.0%		17,414		17,492	-0.4%		37,259		37,729	-1.2%

Southwest Region
Dallas, TX	6,218		31,806		32,654	-2.6%		11,581		11,590	-0.1%		20,225		21,064	-4.0%
Austin, TX	1,272		7,158		7,191	-0.5%		2,766		2,637	4.9%		4,392		4,554	-3.5%
	7,490		38,964		39,845	-2.2%		14,347		14,227	0.8%		24,617		25,618	-3.9%

Other Markets	3,615		27,083		27,178	-0.4%		8,317		8,377	-0.7%		18,766		18,801	-0.2%

Total	52,837	$	393,654	$	389,178	1.2%	$	123,388	$	121,007	2.0%	$	270,266	$	268,171	0.8%

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

Attachment 8(C)

Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

September 30, 2024

(Unaudited) (1)


		Same-Store
	Total
	Same-Store	Physical Occupancy			Total Revenue per Occupied Home
	Homes	3Q 24	2Q 24	Change	3Q 24		2Q 24		Change

West Region
Orange County, CA	4,305	96.4%	96.8%	-0.4%	$	3,122	$	3,081	1.3%
San Francisco, CA	2,917	96.5%	96.6%	-0.1%		3,547		3,491	1.6%
Seattle, WA	2,702	96.3%	97.0%	-0.7%		2,920		2,853	2.3%
Monterey Peninsula, CA	1,567	95.9%	95.4%	0.5%		2,434		2,393	1.7%
Los Angeles, CA	1,225	95.9%	96.2%	-0.3%		3,259		3,150	3.5%
	12,716	96.3%	96.6%	-0.3%		3,105		3,049	1.8%

Mid-Atlantic Region
Metropolitan DC	8,819	96.7%	97.3%	-0.6%		2,420		2,360	2.5%
Baltimore, MD	2,222	95.2%	96.4%	-1.2%		1,971		1,944	1.4%
Richmond, VA	1,359	96.7%	96.6%	0.1%		1,884		1,870	0.7%
	12,400	96.4%	97.1%	-0.7%		2,282		2,233	2.3%

Northeast Region
Boston, MA	4,667	96.2%	97.0%	-0.8%		3,263		3,195	2.1%
New York, NY	2,318	97.2%	97.6%	-0.4%		4,893		4,734	3.4%
	6,985	96.5%	97.2%	-0.7%		3,808		3,708	2.7%

Southeast Region
Tampa, FL	3,877	95.8%	96.6%	-0.8%		2,153		2,150	0.1%
Orlando, FL	3,493	95.9%	96.7%	-0.8%		1,914		1,930	-0.8%
Nashville, TN	2,261	96.0%	96.6%	-0.6%		1,758		1,762	-0.2%
	9,631	95.9%	96.6%	-0.7%		1,973		1,979	-0.3%

Southwest Region
Dallas, TX	6,218	96.2%	96.7%	-0.5%		1,772		1,785	-0.7%
Austin, TX	1,272	96.8%	96.9%	-0.1%		1,938		1,920	0.9%
	7,490	96.3%	96.7%	-0.4%		1,800		1,808	-0.4%

Other Markets	3,615	96.6%	96.7%	-0.1%		2,585		2,573	0.5%

Total/Weighted Avg.	52,837	96.3%	96.8%	-0.5%	$	2,579	$	2,541	1.5%

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

Attachment 8(D)

Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

September 30, 2024

(Unaudited) (1)


			Same-Store ($000s)
	Total
	Same-Store	Revenues					Expenses					Net Operating Income
	Homes	3Q 24		2Q 24		Change	3Q 24		2Q 24		Change	3Q 24		2Q 24		Change

West Region
Orange County, CA	4,305	$	38,865	$	38,513	0.9%	$	8,165	$	8,158	0.1%	$	30,700	$	30,355	1.1%
San Francisco, CA	2,917		29,957		29,515	1.5%		9,456		9,016	4.9%		20,501		20,499	0.0%
Seattle, WA	2,702		22,791		22,433	1.6%		6,484		6,215	4.3%		16,307		16,218	0.5%
Monterey Peninsula, CA	1,567		10,972		10,730	2.3%		2,499		2,437	2.5%		8,473		8,293	2.2%
Los Angeles, CA	1,225		11,485		11,138	3.1%		3,274		3,051	7.3%		8,211		8,087	1.5%
	12,716		114,070		112,329	1.6%		29,878		28,877	3.5%		84,192		83,452	0.9%

Mid-Atlantic Region
Metropolitan DC	8,819		61,906		60,744	1.9%		19,988		19,281	3.7%		41,918		41,463	1.1%
Baltimore, MD	2,222		12,511		12,495	0.1%		4,223		4,272	-1.2%		8,288		8,223	0.8%
Richmond, VA	1,359		7,427		7,364	0.9%		1,810		1,829	-1.0%		5,617		5,535	1.5%
	12,400		81,844		80,603	1.5%		26,021		25,382	2.5%		55,823		55,221	1.1%

Northeast Region
Boston, MA	4,667		43,950		43,394	1.3%		12,944		12,206	6.0%		31,006		31,188	-0.6%
New York, NY	2,318		33,070		32,127	2.9%		14,467		13,560	6.7%		18,603		18,567	0.2%
	6,985		77,020		75,521	2.0%		27,411		25,766	6.4%		49,609		49,755	-0.3%

Southeast Region
Tampa, FL	3,877		23,985		24,154	-0.7%		8,556		8,079	5.9%		15,429		16,075	-4.0%
Orlando, FL	3,493		19,239		19,552	-1.6%		5,622		6,217	-9.6%		13,617		13,335	2.1%
Nashville, TN	2,261		11,449		11,544	-0.8%		3,236		3,201	1.1%		8,213		8,343	-1.6%
	9,631		54,673		55,250	-1.0%		17,414		17,497	-0.5%		37,259		37,753	-1.3%

Southwest Region
Dallas, TX	6,218		31,806		32,200	-1.2%		11,581		11,820	-2.0%		20,225		20,380	-0.8%
Austin, TX	1,272		7,158		7,098	0.8%		2,766		2,930	-5.6%		4,392		4,168	5.4%
	7,490		38,964		39,298	-0.8%		14,347		14,750	-2.7%		24,617		24,548	0.3%

Other Markets	3,615		27,083		26,988	0.4%		8,317		7,993	4.1%		18,766		18,995	-1.2%

Total	52,837	$	393,654	$	389,989	0.9%	$	123,388	$	120,265	2.6%	$	270,266	$	269,724	0.2%

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

Attachment 8(E)

Same-Store Operating Information By Major Market

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

September 30, 2024

(Unaudited) (1)


		% of Same-
	Total	Store Portfolio	Same-Store
	Same-Store	Based on	Physical Occupancy			Total Revenue per Occupied Home
	Homes	YTD 2024 NOI	YTD 24	YTD 23	Change	YTD 24		YTD 23		Change

West Region
Orange County, CA	4,305	11.5%	96.7%	96.3%	0.4%	$	3,087	$	3,006	2.7%
San Francisco, CA	2,781	7.6%	97.0%	96.5%	0.5%		3,538		3,494	1.3%
Seattle, WA	2,702	6.1%	97.0%	97.1%	-0.1%		2,865		2,813	1.8%
Monterey Peninsula, CA	1,567	3.1%	95.8%	95.8%	0.0%		2,398		2,266	5.8%
Los Angeles, CA	1,225	3.1%	96.3%	96.3%	0.0%		3,204		3,155	1.6%
	12,580	31.4%	96.7%	96.5%	0.2%		3,065		2,995	2.3%

Mid-Atlantic Region
Metropolitan DC	8,819	15.7%	97.2%	97.1%	0.1%		2,373		2,288	3.7%
Baltimore, MD	2,222	3.1%	95.9%	95.5%	0.4%		1,941		1,903	2.0%
Richmond, VA	1,359	2.1%	96.8%	96.8%	0.0%		1,867		1,822	2.5%
	12,400	20.9%	96.9%	96.8%	0.1%		2,241		2,169	3.3%

Northeast Region
Boston, MA	4,667	11.6%	96.7%	96.6%	0.1%		3,207		3,089	3.8%
New York, NY	2,318	6.9%	97.7%	97.8%	-0.1%		4,767		4,619	3.2%
	6,985	18.5%	97.0%	97.0%	0.0%		3,728		3,601	3.5%

Southeast Region
Tampa, FL	3,877	6.0%	96.4%	96.5%	-0.1%		2,144		2,119	1.2%
Orlando, FL	3,493	5.1%	96.5%	96.1%	0.4%		1,920		1,916	0.2%
Nashville, TN	2,261	3.1%	96.4%	96.0%	0.4%		1,754		1,764	-0.6%
	9,631	14.2%	96.4%	96.2%	0.2%		1,971		1,962	0.5%

Southwest Region
Dallas, TX	5,813	7.1%	96.5%	96.6%	-0.1%		1,777		1,785	-0.4%
Austin, TX	1,272	1.6%	96.9%	96.4%	0.5%		1,918		1,939	-1.1%
	7,085	8.7%	96.6%	96.6%	0.0%		1,802		1,813	-0.6%

Other Markets	3,123	6.3%	96.9%	96.7%	0.2%		2,604		2,575	1.1%

Total/Weighted Avg.	51,804	100.0%	96.7%	96.6%	0.1%	$	2,554	$	2,501	2.1%

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

Attachment 8(F)

Same-Store Operating Information By Major Market

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

September 30, 2024

(Unaudited) (1)


			Same-Store ($000s)
	Total
	Same-Store	Revenues					Expenses					Net Operating Income
	Homes	YTD 24		YTD 23		Change	YTD 24		YTD 23		Change	YTD 24		YTD 23		Change

West Region
Orange County, CA	4,305	$	115,654	$	112,166	3.1%	$	24,835	$	24,957	-0.5%	$	90,819	$	87,209	4.1%
San Francisco, CA	2,781		85,902		84,371	1.8%		25,645		24,545	4.5%		60,257		59,826	0.7%
Seattle, WA	2,702		67,591		66,428	1.8%		18,916		17,377	8.9%		48,675		49,051	-0.8%
Monterey Peninsula, CA	1,567		32,394		30,620	5.8%		7,420		6,931	7.1%		24,974		23,689	5.4%
Los Angeles, CA	1,225		34,015		33,495	1.6%		9,533		8,968	6.3%		24,482		24,527	-0.2%
	12,580		335,556		327,080	2.6%		86,349		82,778	4.3%		249,207		244,302	2.0%

Mid-Atlantic Region
Metropolitan DC	8,819		183,045		176,298	3.8%		58,521		55,449	5.5%		124,524		120,849	3.0%
Baltimore, MD	2,222		37,228		36,329	2.5%		12,524		12,050	3.9%		24,704		24,279	1.8%
Richmond, VA	1,359		22,110		21,566	2.5%		5,588		5,551	0.7%		16,522		16,015	3.2%
	12,400		242,383		234,193	3.5%		76,633		73,050	4.9%		165,750		161,143	2.9%

Northeast Region
Boston, MA	4,667		130,242		125,338	3.9%		38,309		35,541	7.8%		91,933		89,797	2.4%
New York, NY	2,318		97,154		94,243	3.1%		42,053		39,899	5.4%		55,101		54,344	1.4%
	6,985		227,396		219,581	3.6%		80,362		75,440	6.5%		147,034		144,141	2.0%

Southeast Region
Tampa, FL	3,877		72,120		71,361	1.1%		24,759		24,335	1.7%		47,361		47,026	0.7%
Orlando, FL	3,493		58,239		57,896	0.6%		18,032		17,924	0.6%		40,207		39,972	0.6%
Nashville, TN	2,261		34,416		34,439	-0.1%		9,732		9,386	3.7%		24,684		25,053	-1.5%
	9,631		164,775		163,696	0.7%		52,523		51,645	1.7%		112,252		112,051	0.2%

Southwest Region
Dallas, TX	5,813		89,703		90,215	-0.6%		33,233		32,711	1.6%		56,470		57,504	-1.8%
Austin, TX	1,272		21,273		21,398	-0.6%		8,402		7,944	5.8%		12,871		13,454	-4.3%
	7,085		110,976		111,613	-0.6%		41,635		40,655	2.4%		69,341		70,958	-2.3%

Other Markets	3,123		70,911		69,991	1.3%		20,907		19,604	6.6%		50,004		50,387	-0.8%

Total	51,804	$	1,151,997	$	1,126,154	2.3%	$	358,409	$	343,172	4.4%	$	793,588	$	782,982	1.4%

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

Attachment 8(G)

Same-Store Operating Information By Major Market

September 30, 2024

(Unaudited) (1)


	Effective Blended Lease Rate Growth	Effective New Lease Rate Growth	Effective Renewal Lease Rate Growth	Annualized Turnover
	3Q 2024	3Q 2024	3Q 2024	3Q 2024	3Q 2023	YTD 2024	YTD 2023

West Region	2.1%	-0.4%	4.3%	50.4%	51.4%	43.8%	45.5%

Mid-Atlantic Region	3.7%	-0.3%	6.7%	57.7%	56.3%	44.9%	47.1%

Northeast Region	4.1%	2.7%	5.2%	53.9%	59.0%	42.7%	45.9%

Southeast Region	-1.5%	-6.7%	4.1%	60.1%	60.7%	51.7%	55.4%

Southwest Region	-3.5%	-10.4%	4.1%	62.2%	61.4%	51.0%	52.9%

Other Markets	1.7%	-4.1%	5.7%	49.9%	59.3%	36.6%	39.6%

Total/Weighted Avg.	1.8%	-2.1%	5.1%	55.3%	57.0%	45.9%	48.5%


Allocation of Total Homes Repriced during the Quarter		46.2%	53.8%

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

Attachment 9

Development and Land Summary

September 30, 2024

(Dollars in Thousands)

(Unaudited) (1)

Wholly-Owned

Schedule

Percentage

# of

Compl.

Cost to

Budgeted

Est. Cost

Initial

Community

Location

Homes

Date

Cost

per Home

Start

Occ.

Compl.

Leased

Occupied

Projects Under Construction

N/A

Total Under Construction

Completed Projects, Non-Stabilized

Villas at Fiori

Addison, TX

52,344

53,500

629

1Q22

4Q23

1Q24

80.0%

77.7%

101 N. Meridian

Tampa, FL

330

131,442

134,000

406

1Q22

1Q24

2Q24

53.0%

50.3%

Total Completed, Non-Stabilized

415

183,786

187,500

452

Total - Wholly Owned

415

183,786

187,500

452

NOI From Wholly-Owned Projects

3Q 24

Projects Under Construction

Completed, Non-Stabilized

775

Total

775

Land Summary

Location

UDR Ownership Interest

Real Estate Cost Basis

Total Land (8 parcels)

Various

100%

249,888

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

Attachment 10(A)

Unconsolidated Summary

September 30, 2024

(Dollars in Thousands)

(Unaudited) (1)



								Physical	Total Rev. per		Net Operating Income
	Own.		# of			# of		Occupancy	Occ. Home		UDR's Share				Total
Portfolio Characteristics	Interest		Comm.			Homes		3Q 24	3Q 24		3Q 24		YTD 24		YTD 24 (2)

UDR / MetLife	50%			13		2,834		96.5%	$	4,243	$	10,223	$	30,958	$	61,609
UDR / LaSalle	51%			5		1,590		96.7%		2,666		4,440		13,179		25,842

Total				18		4,424		96.6%	$	3,670	$	14,663	$	44,137	$	87,451




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

UDR / MetLife	$	1,735,298	$	853,125	$	217,912		3.88%	2025-2031
UDR / LaSalle		616,183		45,217		271,927		5.87%	2028

Total	$	2,351,481	$	898,342	$	489,839		3.98%





			3Q 24 vs. 3Q 23 Growth						3Q 24 vs. 2Q 24 Growth
Joint Venture Same-Store Growth (4)	Communities		Revenue		Expense			NOI	Revenue		Expense		NOI

Combined JV Portfolio	17		1.1%		12.4%			-5.1%	2.1%		10.0%		-2.5%





			YTD 24 vs. YTD 23 Growth
Joint Venture Same-Store Growth (4)	Communities		Revenue		Expense			NOI

Combined JV Portfolio	17		1.0%		11.9%			-4.7%





									Income/(Loss)
			UDR Investment (6)						from Investments
Other Unconsolidated Investments (5)			Commitment		Funded		Balance		3Q 24 (7)

Total Real Estate Technology and Sustainability Investments			$	106,000	$	58,972	$	59,949	$	499

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

(2)	Represents NOI at 100% for the period ended September 30, 2024.

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

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

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

(6)

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

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

Attachment 10(B)

Debt and Preferred Equity Program

September 30, 2024

(Dollars in Thousands)

(Unaudited) (1)


Debt and Preferred Equity Program (2)(3)


			# of	UDR Investment				Return	Years to	Upside
Community	Location		Homes	Commitment (3)		Balance (3)		Rate	Maturity (4)	Participation

Preferred Equity

Non-Stabilized Developments

Makers Rise	Herndon, VA		356	$	30,208	$	39,868	9.0%	1.2	Variable
121 at Watters	Allen, TX		469		19,843		26,319	9.0%	1.5	Variable
Infield Phase I	Kissimmee, FL		384		16,044		22,725	14.0%	1.7	-
Upton Place	Washington, DC		689		52,163		67,291	9.7%	3.1	-

Total			1,898	$	118,258	$	156,203	10.0%	2.2

Stabilized Developments and Recapitalizations

Junction (5)	Santa Monica, CA		66		45,058		41,452	9.35%	0.1	-
Thousand Oaks	Thousand Oaks, CA		142		20,059		29,121	9.0%	0.3	Variable
Meetinghouse	Portland, OR		232		14,340		16,458	9.0%	2.4	-
Heirloom	Portland, OR		286		20,642		23,251	9.0%	2.7	-
Vernon Boulevard	Queens, NY		534		40,000		50,947	11.0%	3.1	-
Portfolio Recapitalization (6)	Various		2,460		102,000		102,669	8.0%	4.7	-
Portfolio Recapitalization (7)	Portland, OR		818		35,000		35,000	10.75%	4.7	-

Total			4,538	$	277,099	$	298,898	9.2%	3.2

Total - Preferred Equity			6,436	$	395,357	$	455,101	9.4%	2.9

Loans - Non-Stabilized Developments

1300 Fairmount (8)	Philadelphia, PA		478		71,393		106,271	10.5%	1.0	-
Menifee	Menifee, CA		237		24,447		28,295	11.0%	2.2	-
Riverside	Riverside, CA		482		59,676		69,977	11.0%	2.2	-

Total - Loans			1,197	$	155,516	$	204,543	10.8%	1.7

Total - Debt and Preferred Equity Program			7,633	$	550,873	$	659,644	9.8%	2.5



		3Q 24

Income/(loss) from investments (5)		$	6,226

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

(2)

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

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

(4)

As of September 30, 2024, our preferred equity investment and loan portfolio had a weighted average term to maturity of 2.5 years, excluding extension options. In many cases, the maturity dates of our investments can be extended by up to three years, typically through multiple one year extensions, subject to certain conditions being satisfied. In addition, the maturity dates of our investments may differ from the maturity dates of the senior loans held by the ventures.

(5)

During the quarter, UDR entered into a new $31.1 million senior loan directly with its joint venture in Junction, with an interest rate of SOFR + 3% and a maturity date of September 2027, which is in addition to its existing preferred equity investment also included in the line item. The proceeds of the senior loan were used by the joint venture to repay in full its prior senior construction loan, which was scheduled to mature in January 2025. Furthermore, UDR recorded an $8.1 million non-cash impairment loss on its total investment in Junction due to a decrease in the value of the operating community.

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

(7)	A joint venture with 4 stabilized communities located in Portland, OR.

(8)	During the quarter, the joint venture exercised a one-year extension option on UDR’s loan which amended the maturity date to October 2025. In connection with the extension option, the contractual return rate increased from 10.5% to 11.0% effective in October 2024.

Attachment 11

Acquisitions, Dispositions, and Debt and Preferred Equity Program Summary

September 30, 2024

(Dollars in Thousands)

(Unaudited) (1)

Post

Prior

Transaction

Date of

Ownership

UDR Investment

Return

# of

Investment

Community

Location

Interest

Commitment

Rate

Homes

Debt and Preferred Equity Program

Jul-24

Portfolio Recapitalization

Portland, OR

N/A

35,000

10.75%

818

35,000

10.75%

818

Post

Prior

Transaction

Ownership

# of

Price per

Date of Sale

Community

Location

Interest

Price (2)

Debt (2)

Homes

Home

Dispositions - Wholly-Owned

Feb-24

Crescent Falls Church (3)

Arlington, VA

100%

100,000

214

467

100,000

214

467

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

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

(3)	UDR recorded a gain on sale of approximately $16.9 million during the nine months ended September 30, 2024, which is included in gain/(loss) on sale of real estate owned.

Attachment 12

Capital Expenditure and Repair and Maintenance Summary

September 30, 2024

(In thousands, except Cost per Home)

(Unaudited) (1)


	Three Months				Nine Months
	Ended		Cost		Ended			Cost
Capital Expenditures for Consolidated Homes (2)	September 30, 2024		per Home		September 30, 2024			per Home

Average number of homes (3)		55,284				55,306

Total Recurring Cap Ex	$	28,258	$	511	$	70,043	$	1,266

NOI Enhancing Cap Ex		25,122		454		63,933		1,156

Total Recurring and NOI Enhancing Cap Ex	$	53,380	$	966	$	133,976	$	2,422


	Three Months				Nine Months
	Ended			Cost	Ended			Cost
Repair and Maintenance for Consolidated Homes (Expensed)	September 30, 2024			per Home	September 30, 2024			per Home

Average number of homes (3)		55,284				55,306

Total Repair and Maintenance	$	27,475	$	497	$	76,943	$	1,391

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

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

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

Attachment 13

4Q 2024 and Full-Year 2024 Guidance

September 30, 2024

(Unaudited) (1)


		Full-Year 2024 Guidance
				Change from
Net Income, FFO, FFO as Adjusted and AFFO per Share and Unit Guidance	4Q 2024	Full-Year 2024	Prior Guidance	Prior Midpoint

Income/(loss) per weighted average common share, diluted	$0.10 to $0.12	$0.38 to $0.40	$0.35 to $0.43	-
FFO per common share and unit, diluted	$0.61 to $0.63	$2.42 to $2.44	$2.38 to $2.46	$0.01
FFO as Adjusted per common share and unit, diluted	$0.62 to $0.64	$2.47 to $2.49	$2.42 to $2.50	$0.02
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted	$0.56 to $0.58	$2.21 to $2.23	$2.16 to $2.24	$0.02
Weighted average number of common shares, OP/DownREIT Units, and common stock equivalents outstanding, diluted (in millions)	357.5	356.8	356.7	0.1
Annualized dividend per share and unit		$1.70	$1.70	-

				Change from
Same-Store Guidance (Straight-line basis)		Full-Year 2024	Prior Guidance	Prior Midpoint

Revenue growth / (decline)		2.00% to 2.40%	1.00% to 3.00%	0.20%
Expense growth		4.00% to 4.80%	4.00% to 6.00%	-0.60%
NOI growth / (decline)		1.00% to 1.40%	-0.25% to 1.75%	0.45%

				Change from
Sources of Funds ($ in millions)		Full-Year 2024	Prior Guidance	Prior Midpoint

AFFO less Dividends		$182 to $189	$163 to $192	$8
Debt Issuances/Assumptions and LOC Draw/(Paydown)		$0 to $75	$25 to $100	($25)
Dispositions and Debt and Preferred Equity Program maturities		$100 to $200	$100 to $150	$25

				Change from
Uses of Funds ($ in millions)		Full-Year 2024	Prior Guidance	Prior Midpoint

Debt maturities inclusive of principal amortization (2)		$116	$116	-
Development spending and land acquisitions		$45 to $50	$25 to $50	$10
Redevelopment and other non-recurring		$70 to $80	$75 to $95	($10)
Debt and Preferred Equity Program funding and senior loan payoff		$46	$15	$31
Joint Venture Acquisitions (at share)		$0	$0 to $75	($37.5)
NOI enhancing capital expenditures inclusive of Kitchen and Bath		$80 to $85	$60 to $80	$12.5

				Change from
Other Additions/(Deductions) ($ in millions except per home amounts)		Full-Year 2024	Prior Guidance	Prior Midpoint

Consolidated interest expense, net of capitalized interest and adjustments for FFO as Adjusted		$192 to $194	$190 to $194	$1
Consolidated capitalized interest		$8 to $10	$7 to $11	-
General and administrative		$70 to $72	$68 to $72	$1
Recurring capital expenditures per home		$1,650	$1,650	-

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

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

Attachment 14(A)

Definitions and Reconciliations

September 30, 2024

(Unaudited)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Effective New Lease Rate Growth: The Company defines Effective New Lease Rate Growth as the increase in gross potential rent realized less concessions on a straight-line basis for the new lease term (current effective rent) versus prior resident effective rent for the prior lease term on new leases commenced during the current quarter. Management considers Effective New Lease Rate Growth a useful metric for investors as it assesses market-level new demand trends.

Effective Renewal Lease Rate Growth: The Company defines Effective Renewal Lease Rate Growth as the increase in gross potential rent realized less concessions on a straight-line basis for the new lease term (current effective rent) versus prior effective rent for the prior lease term on renewed leases commenced during the current quarter. Management considers Effective Renewal Lease Rate Growth a useful metric for investors as it assesses market-level, in-place demand trends.

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

Attachment 14(B)

Definitions and Reconciliations

September 30, 2024

(Unaudited)

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

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

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

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

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

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

In thousands

3Q 2024

YTD 2024

Income/(loss) from unconsolidated entities

(1,880)

11,251

Management fee

875

2,574

Interest expense

4,744

13,682

Depreciation

12,315

39,776

General and administrative

132

481

Preferred Equity Program (excludes loans)

(9,071)

(25,670)

Other (income)/expense

(43)

(91)

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

(492)

(5,949)

Impairment loss from unconsolidated joint ventures

8,083

Total Joint Venture NOI at UDR's Ownership Interest

14,663

44,137

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

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


In thousands	3Q 2024		2Q 2024		1Q 2024		4Q 2023		3Q 2023
Net income/(loss) attributable to UDR, Inc.	$	22,597	$	28,883	$	43,149	$	32,986	$	32,858
Property management		13,588		13,433		13,379		13,354		13,271
Other operating expenses		6,382		7,593		6,828		8,320		4,611
Real estate depreciation and amortization		170,276		170,488		169,858		170,643		167,551
Interest expense		50,214		47,811		48,062		47,347		44,664
Casualty-related charges/(recoveries), net		1,473		998		6,278		(224)		(1,928)
General and administrative		20,890		20,136		17,810		20,838		15,159
Tax provision/(benefit), net		(156)		386		337		93		428
(Income)/loss from unconsolidated entities		1,880		(4,046)		(9,085)		20,219		(5,508)
Interest income and other (income)/expense, net		(6,159)		(6,498)		(5,865)		(9,371)		3,069
Joint venture management and other fees		(2,072)		(1,992)		(1,965)		(2,379)		(1,772)
Other depreciation and amortization		4,029		4,679		4,316		4,397		3,692
(Gain)/loss on sale of real estate owned		-		-		(16,867)		(25,308)		-
Net income/(loss) attributable to noncontrolling interests		1,480		2,130		3,161		2,975		2,561
Total consolidated NOI	$	284,422	$	284,001	$	279,396	$	283,890	$	278,656

Attachment 14(C)

Definitions and Reconciliations

September 30, 2024

(Unaudited)

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

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

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

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

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

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

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

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

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

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

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

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

Total Revenue per Occupied Home: The Company defines Total Revenue per Occupied Home as rental and other revenues with concessions reported on a straight-line basis, divided by the product of occupancy and the number of apartment homes.

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

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

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

Attachment 14(D)

Definitions and Reconciliations

September 30, 2024

(Unaudited)

All guidance is based on current expectations of future economic conditions and the judgment of the Company's management team. The following reconciles from GAAP Net income/(loss) per share for full-year 2024 and fourth quarter of 2024 to forecasted FFO, FFO as Adjusted and AFFO per share and unit:


	Full-Year 2024
	Low		High

Forecasted net income per diluted share	$	0.38	$	0.40
Conversion from GAAP share count		(0.02)		(0.02)
Net gain on the sale of depreciable real estate owned		(0.05)		(0.05)
Impairment loss from unconsolidated joint ventures		0.02		0.02
Depreciation		2.06		2.06
Noncontrolling interests		0.02		0.02
Preferred dividends		0.01		0.01
Forecasted FFO per diluted share and unit	$	2.42	$	2.44
Legal and other costs		0.02		0.02
Severance costs and other restructuring expense		0.01		0.01
Casualty-related charges/(recoveries)		0.03		0.03
Realized/unrealized (gain)/loss on real estate technology investments		(0.01)		(0.01)
Forecasted FFO as Adjusted per diluted share and unit	$	2.47	$	2.49
Recurring capital expenditures		(0.26)		(0.26)
Forecasted AFFO per diluted share and unit	$	2.21	$	2.23


	4Q 2024
	Low		High

Forecasted net income per diluted share	$	0.10	$	0.12
Conversion from GAAP share count		(0.01)		(0.01)
Depreciation		0.51		0.51
Noncontrolling interests		0.01		0.01
Preferred dividends		-		-
Forecasted FFO per diluted share and unit	$	0.61	$	0.63
Legal and other costs		-		-
Severance costs and other restructuring expense		-		-
Casualty-related charges/(recoveries)		0.01		0.01
Realized/unrealized (gain)/loss on real estate technology investments		-		-
Forecasted FFO as Adjusted per diluted share and unit	$	0.62	$	0.64
Recurring capital expenditures		(0.06)		(0.06)
Forecasted AFFO per diluted share and unit	$	0.56	$	0.58

Forward Looking Statements

September 30, 2024

(Unaudited)

Forward-Looking Statements

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

UDR (UDR) 8-KResults of Operations and Financial Condition