UDR (UDR) 8-K Udr Announces Fourth Quarter and Full Year 2012 Results

Exhibit 99.2

Attachment 4(A)

UDR, Inc.

Selected Financial Information⁽¹⁾

(Unaudited)

	QTD Weighted		December 31,
Common Stock Equivalents	Average		2012
Common shares		249,808,619		249,811,185
Stock options and restricted stock		1,282,569		1,288,433
Operating partnership units		7,650,126		7,643,543
Preferred operating partnership units		1,751,671		1,751,671
Convertible preferred Series E stock		3,035,548		3,035,548
Total common stock equivalents		263,528,533		263,530,380

Market Capitalization, In thousands	Balance		% of Total
Total debt	$	3,409,333		35.2	%
Common stock equivalents at $23.78		6,266,752		64.8	%
Total market capitalization	$	9,676,085		100.0	%

								Gross		% of
	Number of		QTD NOI(1)					Carrying Value		Total Gross
Asset Summary	Homes		($000s)		% of NOI			($000s)		Carrying Value
Unencumbered assets		27,700	$	82,770		66.3	%	$	5,733,770		71.2	%
Encumbered assets		13,871		42,111		33.7	%		2,322,058		28.8	%
		41,571	$	124,881		100.0	%	$	8,055,828		100.0	%

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

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	$	1,086,611	(1)		31.8	%		5.2	%		4.8
	Floating		343,524	(2)		10.1	%		1.7	%		6.1
	Combined		1,430,135			41.9	%		4.4	%		5.1
Unsecured	Fixed		1,868,198	(3)		54.8	%		4.7	%		4.1
	Floating		111,000			3.3	%		1.5	%		2.9
	Combined		1,979,198			58.1	%		4.5	%		4.1
Total Debt	Fixed		2,954,809			86.6	%		4.9	%		4.4
	Floating		454,524			13.4	%		1.6	%		5.4
	Combined	$	3,409,333			100.0	%		4.4	%		4.5

									Percentage			Weighted Average
Debt Maturities, In thousands	Secured Debt			Unsecured Debt			Balance		of Total			Interest Rate
2013	$	37,415		$	122,500		$	159,915		4.7	%		4.9	%
2014		36,375	(4)		312,411			348,786		10.3	%		5.3	%
2015		202,145			400,913	(5)		603,058		17.7	%		4.9	%
2016		133,489	(6)		433,260			566,749		16.6	%		3.6	%
2017		259,614			—			259,614		7.6	%		4.4	%
2018		224,787			297,678			522,465		15.3	%		4.2	%
2019		509,310			— ��			509,310		14.9	%		4.2	%
2020		—			—			—		—			—
2021		—			—			—		—			—
2022		—			396,759			396,759		11.6	%		4.7	%
Thereafter		27,000			15,677			42,677		1.3	%		3.8	%
	$	1,430,135		$	1,979,198		$	3,409,333		100.0	%		4.4	%

Debt Maturities With Extensions,							Percentage			Weighted Average
In thousands	Secured Debt		Unsecured Debt		Balance		of Total			Interest Rate
2013	$	37,415	$	122,500	$	159,915		4.7	%		4.9	%
2014		—		312,411		312,411		9.2	%		5.3	%
2015		238,519		324,913		563,432		16.5	%		5.4	%
2016		63,440		509,260		572,700		16.8	%		3.0	%
2017		329,664		—		329,664		9.7	%		4.7	%
2018		224,787		297,678		522,465		15.3	%		4.2	%
2019		509,310		—		509,310		14.9	%		4.2	%
2020		—		—		—		—			—
2021		—		—		—		—			—
2022		—		396,759		396,759		11.6	%		4.7	%
Thereafter		27,000		15,677		42,677		1.3	%		3.8	%
	$	1,430,135	$	1,979,198	$	3,409,333		100.0	%		4.4	%

(1) Includes $194.8 million of floating rate debt that has been fixed using interest rate swaps at an average rate of 4.25%.

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

(3) Includes $315.0 million of debt that has been fixed using interest rate swaps at an average rate of 2.85%.

(4) Includes $36.4 million of permanent financing with a one year extension at UDR’s option.

(5) There are $76.0 million of borrowings outstanding on UDR’s $900 million line of credit at December 31, 2012. The facility has an initial term of four years, includes a one-year extension option and contains an accordion feature that allows UDR to increase the facility to $1.35 billion.

(6) Includes $70 million permanent financing with a one-year extension at UDR’s option.

2

Attachment 4(C)

UDR, Inc.

Selected Financial Information⁽¹⁾

(Unaudited)

	Quarter Ended
Coverage Ratios	December 31, 2012
Net income/(loss) attributable to UDR, Inc.	$	(12,300	)
Adjustments (includes continuing and discontinued operations):
Interest expense		30,660
Real estate depreciation and amortization		83,456
Real estate depreciation and amortization on unconsolidated joint ventures		9,897
Other depreciation and amortization		1,092
Non-controlling interests		(655	)
Net loss/(gain) on the sale of depreciable property, excluding RE3		(156	)
Income tax expense/(benefit)		(2,974	)
EBITDA	$	109,020
Acquisition-related costs (including joint ventures)		550
Hurricane-related charges, net		9,262
Severance charge		484
Tax valuation allowance for RE3		1,346
EBITDA—adjusted for non-recurring items	$	120,662
Annualized EBITDA	$	482,648
Interest expense	$	30,660
Capitalized interest expense		8,764
Total interest	$	39,424
Preferred dividends	$	931
Total debt	$	3,409,333
Cash		12,115
Net debt	$	3,397,218
Interest Coverage Ratio		2.77x
Fixed Charge Coverage Ratio		2.70x
Interest Coverage Ratio—adjusted for non-recurring items		3.06x
Fixed Charge Coverage Ratio—adjusted for non-recurring items		2.99x
Net Debt-to-EBITDA, adjusted for non-recurring items		7.0x

Debt Covenant Overview

Unsecured Line of Credit Covenants(2)	Required			Actual			Compliance
Maximum Leverage Ratio		£60.0	%		43.0	%		Yes
Minimum Fixed Charge Coverage Ratio		³1.5			2.6			Yes
Maximum Secured Debt Ratio		£40.0	%		21.5	%		Yes
Minimum Unencumbered Pool Leverage Ratio		³150.0	%		290.4	%		Yes

Senior Unsecured Note Covenants(3)	Required			Actual			Compliance
Debt as a percentage of Total Assets		£60.0	%		38.8	%		Yes
Consolidated Income Available for Debt Service to Annual Service Charge		³1.5			3.0			Yes
Secured Debt as a percentage of Total Assets		£40.0	%		16.2	%		Yes
Total Unencumbered Assets to Unsecured Debt		³150.0	%		322.3	%		Yes

Securities Ratings	Debt		Preferred		Outlook
Moody’s Investors Service		Baa2		Baa3		Stable
Standard & Poor’s		BBB		BB+		Stable

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

(2) As defined in our Credit Agreement dated October 25, 2011.

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

3

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, 2012			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011
Revenues
Same-Store Communities			36,889	$	150,508		$	149,430		$	146,957		$	143,981		$	142,392
Stabilized, Non-Mature Communities			2,353		13,689			13,585			12,492			10,031			9,779
Acquired Communities			—		—			—			—			—			—
Redevelopment Communities			2,253		13,818			13,745			14,065			14,292			14,669
Development Communities			76		184			85			121			17			49
Non-Residential / Other					4,246			4,921			3,840			3,921			3,798
Total			41,571	$	182,445		$	181,766		$	177,475		$	172,242		$	170,687
Expenses
Same-Store Communities				$	46,205		$	48,506		$	46,880		$	45,922		$	45,153
Stabilized, Non-Mature Communities					3,963			4,333			3,902			3,392			2,992
Acquired Communities					—			—			—			—			—
Redevelopment Communities					5,248			5,529			5,525			5,469			6,499
Development Communities					494			184			66			(15	)		51
Non-Residential / Other					1,654			920			769			532			1,201
Total				$	57,564		$	59,472		$	57,142		$	55,300		$	55,896
Net Operating Income
Same-Store Communities				$	104,303		$	100,924		$	100,077		$	98,059		$	97,239
Stabilized, Non-Mature Communities					9,726			9,252			8,590			6,639			6,787
Acquired Communities					—			—			—			—			—
Redevelopment Communities					8,570			8,216			8,540			8,823			8,170
Development Communities					(310	)		(99	)		55			32			(2	)
Non-Residential / Other(2)					2,592			4,001			3,071			3,389			2,597
Total				$	124,881		$	122,294		$	120,333		$	116,942		$	114,791
Operating Margin
Same-Store Communities					69.3	%		67.5	%		68.1	%		68.1	%		68.3	%
Total Revenue Per Occupied Home
Same-Store Communities				$	1,420		$	1,409		$	1,386		$	1,364		$	1,352
Stabilized, Non-Mature Communities					2,033			2,015			2,099			2,368			2,415
Acquired Communities					—			—			—			—			—
Redevelopment Communities					2,377			2,341			2,318			2,272			2,233
Development Communities					2,253			—			—			—			961
Total				$	1,503		$	1,490		$	1,470		$	1,395		$	1,369
Physical Occupancy	��
Same-Store Communities					95.8	%		95.8	%		95.8	%		95.4	%		95.2	%
Stabilized, Non-Mature Communities					95.4	%		95.5	%		92.5	%		82.0	%		88.8	%
Acquired Communities					n/a			n/a			n/a			n/a			n/a
Redevelopment Communities					86.0	%		86.9	%		89.7	%		93.0	%		95.5	%
Development Communities					28.1	%		0.0	%		0.0	%		0.0	%		53.6	%
Total					95.1	%		95.3	%		94.9	%		94.3	%		94.7	%
Return on Invested Capital
Same-Store Communities					7.1	%		7.0	%		7.0	%		7.0	%		6.5	%
Sold and Held For Disposition Communities
Revenues				$	—		$	—		$	13,215		$	17,101		$	22,104
Expenses					—			—			4,637			5,929			8,515
Net Operating Income				$	—		$	—		$	8,578		$	11,172		$	13,589

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

(2) A $400,000 benefit to NOI was recognized in the three months ending December 31, 2012, and a $1.9 million benefit to NOI was recognized in the three months ending September 30, 2012, to reflect the establishment of a receivable from former residents previously written off at move out.

4

Attachment 6

UDR, Inc.

Same-Store Operating Expense Information

(Dollars in Thousands)

(Unaudited)

	% of 4Q 2012
	SS Operating
Year-Over-Year Comparison	Expenses			4Q 2012		4Q 2011		% Change
Real estate taxes		32.2	%	$	14,886	$	13,756		8.2	%
Personnel		23.8	%		11,010		11,113		-0.9	%
Utilities		16.8	%		7,752		7,843		-1.2	%
Repair and maintenance		15.5	%		7,140		7,250		-1.5	%
Administrative and marketing		7.0	%		3,251		3,002		8.3	%
Insurance		4.7	%		2,166		2,189		-1.1	%
Same-store operating expenses		100.0	%	$	46,205	$	45,153		2.3	%
Same-store Homes		36,889
	% of 4Q 2012
	SS Operating
Sequential Comparison	Expenses			4Q 2012		3Q 2012		% Change
Real estate taxes		32.2	%	$	14,886	$	14,993		-0.7	%
Personnel		23.8	%		11,010		11,770		-6.5	%
Utilities		16.8	%		7,752		8,164		-5.0	%
Repair and maintenance		15.5	%		7,140		8,197		-12.9	%
Administrative and marketing		7.0	%		3,251		3,423		-5.0	%
Insurance		4.7	%		2,166		1,959		10.6	%
Same-store operating expenses		100.0	%	$	46,205	$	48,506		-4.7	%
Same-store Homes		36,889
	% of YTD 2012
	SS Operating
Year-to-Date Comparison	Expenses			YTD 2012		YTD 2011		% Change
Real estate taxes		32.4	%	$	53,714	$	49,269		9.0	%
Personnel		23.4	%		38,806		40,182		-3.4	%
Utilities		16.3	%		27,051		27,537		-1.8	%
Repair and maintenance		16.3	%		27,136		25,965		4.5	%
Administrative and marketing		6.8	%		11,371		10,375		9.6	%
Insurance		4.8	%		8,009		8,241		-2.8	%
Same-store operating expenses		100.0	%	$	166,087	$	161,569		2.8	%
Same-store Homes		33,823

5

Attachment 7(A)

UDR, Inc.

Apartment Home Breakout⁽¹⁾

Portfolio Overview as of Quarter Ended

December 31, 2012

(Unaudited)

									Unconsolidated
	Total		Non-Mature Homes				Total		Joint Venture		Total
	Same-Store				Non-		Consolidated		Operating		Homes
	Homes		Stabilized(2)		Stabil.  /Other(3)		Homes		Homes(4)		(incl.  JV)(4)
West Region
Orange County, CA		3,290		—		964		4,254		—		4,254
San Francisco, CA		2,028		408		—		2,436		110		2,546
Seattle, WA		2,165		—		—		2,165		555		2,720
Los Angeles, CA		919		—		583		1,502		269		1,771
Monterey Peninsula, CA		1,565		—		—		1,565		—		1,565
Inland Empire, CA		654		—		—		654		—		654
Sacramento, CA		914		—		—		914		—		914
Portland, OR		716		—		—		716		—		716
San Diego, CA		366		—		—		366		307		673
		12,617		408		1,547		14,572		1,241		15,813
Mid-Atlantic Region
Metropolitan DC		4,313		—		76		4,389		923		5,312
Baltimore, MD		2,301		—		—		2,301		379		2,680
Richmond, VA		1,358		—		—		1,358		—		1,358
Norfolk, VA		1,438		—				1,438		—		1,438
Other Mid-Atlantic		168		—		—		168		150		318
		9,578		—		76		9,654		1,452		11,106
Northeast Region
New York, NY		493		715		706		1,914		710		2,624
Boston, MA		1,179		—		—		1,179		1,542		2,721
Philadelphia		—		—		—		—		290		290
		1,672		715		706		3,093		2,542		5,635
Southeast Region
Tampa, FL		3,452		—		—		3,452		—		3,452
Orlando, FL		3,167		—		—		3,167		—		3,167
Nashville, TN		2,260		—		—		2,260		—		2,260
Other Florida		636		—		—		636		—		636
		9,515		—		—		9,515		—		9,515
Southwest Region
Dallas, TX		3,117		347		—		3,464		2,657		6,121
Austin, TX		390		883		—		1,273		259		1,532
Other Southwest		—		—		—		—		1,407		1,407
		3,507		1,230		—		4,737		4,323		9,060
Totals		36,889		2,353		2,329		41,571		9,558		51,129
Communities		131		8		6		145		39		184
Total Homes (incl. joint ventures)(4)						51,129
Homes in Development, less Completed
Current Pipeline Wholly-Owned						2,546
Current Pipeline Joint Venture(5)						520
Total expected homes (including development)						54,195

(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 Acquisition, Development, Redevelopment and Other categories on Attachment 5.

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

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

6

Attachment 7(B)

UDR, Inc.

Non-Mature Home Summary⁽¹⁾

Portfolio Overview as of Quarter Ended

December 31, 2012

(Unaudited)

Non-Mature Home Breakout—By Region

		# of		Same-Store
Community	Category	Homes		Date
West Region
Orange County, CA
Pine Brook Village I & II	Redevelopment		496		3Q15
Villa Venetia	Redevelopment		468		3Q15
San Francisco, CA
Bay Terrace	Stabilized, Non-Mature		120		2Q13
CitySouth	Stabilized, Non-Mature		288		3Q13
Los Angeles, CA
The Westerly on Lincoln	Redevelopment		583		3Q14
Mid-Atlantic Region
Metropolitan D.C.
Capitol View on Fourteenth(2)	Development		76		2Q15
Northeast Region
New York, NY
21 Chelsea	Stabilized, Non-Mature		207		1Q13
95 Wall	Stabilized, Non-Mature(3)		508		2Q14
Rivergate	Redevelopment		706		4Q15
Southwest Region
Dallas, TX
Savoye2	Stabilized, Non-Mature		347		4Q13
Austin, TX
Barton Creek Landing	Stabilized, Non-Mature		250		2Q13
Lakeline Villas	Stabilized, Non-Mature		309		3Q13
Red Stone Ranch	Stabilized, Non-Mature		324		3Q13
Total			4,682

Non-Mature Home Breakout—By Date (Quarter Indicates Date of Same-Store Inclusion)

Date & Community	Category	# of Homes
1Q13
21 Chelsea	Stabilized, Non-Mature		207
2Q13
Barton Creek Landing	Stabilized, Non-Mature		250
Bay Terrace	Stabilized, Non-Mature		120
			370
3Q13
CitySouth	Stabilized, Non-Mature		288
Lakeline Villas	Stabilized, Non-Mature		309
Red Stone Ranch	Stabilized, Non-Mature		324
			921
4Q13
Savoye2	Stabilized, Non-Mature		347
2Q14
95 Wall	Stabilized, Non-Mature		508
3Q14
The Westerly on Lincoln	Redevelopment		583
2Q15
Capitol View on Fourteenth(2)	Development		76
3Q15
Pine Brook Village I & II	Redevelopment		496
Villa Venetia	Redevelopment		468
			964
4Q15
Rivergate	Redevelopment		706
Total			4,682

Non-Mature Home Sequential Change For the Most Recent Quarter

	Category		# of
Community	From	To	Homes
View 14	Stabilized, Non-Mature	QTD Mature		185
Dominion Middle Ridge	Stabilized, Non-Mature	QTD Mature		252
Capitol View on Fourteenth(2)	Development			76

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

(2) Community will have 255 homes at completion.

(3) Property results were affected by Hurricane Sandy, therefore the same-store date was adjusted.

7

Attachment 7(C)

UDR, Inc.

Total Revenue Per Occupied Home Summary⁽¹⁾

Portfolio Overview as of Quarter Ended

December 31, 2012

(Unaudited)

			Non-Mature Homes						Unconsolidated
	Total						Total		Joint Venture		Total
	Same-Store				Non-		Consolidated		Operating		Homes
	Homes		Stabilized(2)		Stabilized (3)		Homes		Homes(4)		(incl. pro rata  JV)(4)
West Region
Orange County, CA	$	1,651	$	—	$	1,645	$	1,650	$	—	$	1,650
San Francisco, CA		2,565		2,247		—		2,513		3,327		2,516
Seattle, WA		1,439		—		—		1,439		2,956		1,610
Los Angeles, CA		2,061		—		1,783		1,958		3,933		2,012
Monterey Peninsula, CA		1,136		—		—		1,136		—		1,136
Inland Empire, CA		1,437		—		—		1,437		—		1,437
Sacramento, CA		876		—		—		876		—		876
Portland, OR		1,061		—		—		1,061		—		1,061
San Diego, CA		1,424		—		—		1,424		3,110		1,619
Mid-Atlantic Region
Metropolitan DC		1,783		—		2,253		1,784		2,575		1,822
Baltimore, MD		1,434		—		—		1,434		1,716		1,439
Richmond, VA		1,177		—		—		1,177		—		1,177
Norfolk, VA		989		—		—		989		—		989
Other Mid-Atlantic		990		—		—		990		2,802		1,171
Northeast Region
New York, NY		3,349		3,390		3,737		3,503		4,302		3,629
Boston, MA		2,059		—		—		2,059		1,996		2,035
Philadelphia		—		—		—		—		2,888		2,888
Southeast Region
Tampa, FL		1,057		—		—		1,057		—		1,057
Orlando, FL		977		—		—		977		—		977
Nashville, TN		970		—		—		970		—		970
Other Florida		1,242		—		—		1,242		—		1,242
Southwest Region
Dallas, TX		1,085		1,470		—		1,123		1,231		1,137
Austin, TX		1,332		1,090		—		1,164		3,754		1,401
Other Southwest		—		—		—		—		1,051		1,051
Weighted Average	$	1,420	$	2,033	$	2,375	$	1,503	$	2,385	$	1,558

(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 Acquisition, Development, Redevelopment and Other categories on Attachment 5.

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

8

Attachment 7(D)

UDR, Inc.

Net Operating Income Breakout By Market⁽¹⁾

December 31, 2012

(Dollars in Thousands)

(Unaudited)

	Three Months Ended December 31, 2012
	Same-Store		Non Same-Store		Pro-Rata Share of JVs(2)		Total
Net Operating Income	$	104,303	$	20,578	$	14,312	$	139,193

	Three Months Ended December 31, 2012							Three Months Ended December 31, 2012
	As a % of NOI							As a % of NOI
	Same-Store			Total			Region	Same-Store			Total
West Region							Northeast Region
Orange County, CA		10.9	%		10.1	%	New York, NY		3.6	%		12.9	%
San Francisco, CA		10.7	%		9.5	%	Boston, MA		4.8	%		5.8	%
Seattle, WA		6.0	%		6.2	%	Philadelphia		0.0	%		0.7	%
Los Angeles, CA		3.5	%		4.2	%			8.4	%		19.4	%
Monterey Peninsula, CA		3.2	%		2.4	%	Southeast Region
Inland Empire, CA		1.9	%		1.5	%	Tampa, FL		6.4	%		4.8	%
Sacramento, CA		1.4	%		1.1	%	Orlando, FL		5.6	%		4.2	%
Portland, OR		1.4	%		1.0	%	Nashville, TN		4.0	%		3.0	%
San Diego, CA		1.0	%		1.0	%	Other Florida		1.4	%		1.0	%
		40.0	%		37.0	%			17.4	%		13.0	%
Mid-Atlantic Region							Southwest Region
Metropolitan DC		15.0	%		12.3	%	Dallas, TX		5.7	%		5.7	%
Baltimore, MD		6.5	%		4.9	%	Austin, TX		0.8	%		2.5	%
Richmond, VA		3.3	%		2.5	%	Other Southwest		0.0	%		0.4	%
Norfolk, VA		2.6	%		1.9	%			6.5	%		8.6	%
Other Mid-Atlantic		0.3	%		0.4	%	Total		100.0	%		100.0	%
		27.7	%		22.0	%

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

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

9

Attachment 8(A)

UDR, Inc.

Same-Store Operating Information By Major Market⁽¹⁾

Current Quarter vs. Prior Year Quarter

December 31, 2012

(Unaudited)

			% of Same-
	Total		Store Portfolio			Same-Store
	Same-Store		Based on			Physical Occupancy									Total Revenue per Occupied Home
	Homes		QTD 2012 NOI			4Q 12			4Q 11			Change			4Q 12		4Q 11		Change
West Region
Orange County, CA		3,290		10.9	%		94.9	%		94.3	%		0.6	%	$	1,651	$	1,559		5.9	%
San Francisco, CA		2,028		10.7	%		96.3	%		95.9	%		0.4	%		2,565		2,350		9.1	%
Seattle, WA		2,165		6.0	%		96.7	%		95.2	%		1.5	%		1,439		1,363		5.6	%
Los Angeles, CA		919		3.5	%		95.6	%		96.1	%		-0.5	%		2,061		1,960		5.2	%
Monterey Peninsula, CA		1,565		3.2	%		92.2	%		93.5	%		-1.3	%		1,136		1,133		0.3	%
Inland Empire, CA		654		1.9	%		94.1	%		95.6	%		-1.5	%		1,437		1,405		2.3	%
Sacramento, CA		914		1.4	%		93.0	%		92.4	%		0.6	%		876		874		0.2	%
Portland, OR		716		1.4	%		95.9	%		94.6	%		1.3	%		1,061		1,021		3.9	%
San Diego, CA		366		1.0	%		95.7	%		93.2	%		2.5	%		1,424		1,366		4.2	%
		12,617		40.0	%		95.0	%		94.7	%		0.3	%		1,625		1,538		5.7	%
Mid-Atlantic Region
Metropolitan DC		4,313		15.0	%		96.9	%		96.2	%		0.7	%		1,783		1,711		4.2	%
Baltimore, MD		2,301		6.5	%		96.0	%		96.5	%		-0.5	%		1,434		1,397		2.6	%
Richmond, VA		1,358		3.3	%		95.6	%		95.5	%		0.1	%		1,177		1,161		1.4	%
Norfolk, VA		1,438		2.6	%		94.3	%		93.5	%		0.8	%		989		989		0.0	%
Other Mid-Atlantic		168		0.3	%		97.9	%		95.3	%		2.6	%		990		982		0.8	%
		9,578		27.7	%		96.1	%		95.7	%		0.4	%		1,483		1,439		3.1	%
Northeast Region
Boston, MA		1,179		4.8	%		95.8	%		96.1	%		-0.3	%		2,059		1,878		9.6	%
New York, NY		493		3.6	%		97.4	%		96.9	%		0.5	%		3,349		3,103		7.9	%
		1,672		8.4	%		96.3	%		96.4	%		-0.1	%		2,443		2,240		9.1	%
Southeast Region
Tampa, FL		3,452		6.4	%		96.3	%		95.8	%		0.5	%		1,057		1,004		5.3	%
Orlando, FL		3,167		5.6	%		95.9	%		94.6	%		1.3	%		977		933		4.7	%
Nashville, TN		2,260		4.0	%		96.8	%		95.8	%		1.0	%		970		916		5.9	%
Other Florida		636		1.4	%		96.6	%		92.8	%		3.8	%		1,242		1,217		2.1	%
		9,515		17.4	%		96.3	%		95.2	%		1.1	%		1,022		973		5.0	%
Southwest Region
Dallas, TX		3,117		5.7	%		95.5	%		94.9	%		0.6	%		1,085		1,014		7.0	%
Austin, TX		390		0.8	%		96.7	%		95.6	%		1.1	%		1,332		1,255		6.1	%
		3,507		6.5	%		95.6	%		95.0	%		0.6	%		1,113		1,041		6.9	%
Total/Weighted Avg.		36,889		100	%		95.8	%		95.2	%		0.6	%	$	1,420	$	1,352		5.0	%

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

10

Attachment 8(B)

UDR, Inc.

Same-Store Operating Information By Major Market⁽¹⁾

Current Quarter vs. Prior Year Quarter

December 31, 2012

(Unaudited)

	Total		Same-Store ($000s)
	Same-Store		Revenues							Expenses								Net Operating Income
	Homes		4Q 12		4Q 11		Change			4Q 12		4Q 11			Change			4Q 12		4Q 11		Change
West Region
Orange County, CA		3,290	$	15,463	$	14,507		6.6	%	$	4,134	$	4,297			-3.8	%	$	11,329	$	10,210		11.0	%
San Francisco, CA		2,028		15,026		13,708		9.6	%		3,854		3,859	��		-0.1	%		11,172		9,849		13.4	%
Seattle, WA		2,165		9,040		8,425		7.3	%		2,738		2,673			2.4	%		6,302		5,752		9.6	%
Los Angeles, CA		919		5,433		5,193		4.6	%		1,820		1,821			-0.1	%		3,613		3,372		7.1	%
Monterey Peninsula, CA		1,565		4,919		4,972		-1.1	%		1,621		1,483			9.3	%		3,298		3,489		-5.5	%
Inland Empire, CA		654		2,654		2,635		0.7	%		643		691			-6.9	%		2,011		1,944		3.4	%
Sacramento, CA		914		2,233		2,215		0.8	%		737		686			7.4	%		1,496		1,529		-2.2	%
Portland, OR		716		2,185		2,075		5.3	%		728		680			7.1	%		1,457		1,395		4.4	%
San Diego, CA		366		1,497		1,398		7.1	%		431		509			-15.3	%		1,066		889		19.9	%
		12,617		58,450		55,128		6.0	%		16,706		16,699			0.0	%		41,744		38,429		8.6	%
Mid-Atlantic Region
Metropolitan DC		4,313		22,360		21,292		5.0	%		6,757		6,339			6.6	%		15,603		14,953		4.3	%
Baltimore, MD		2,301		9,506		9,303		2.2	%		2,756		2,669			3.3	%		6,750		6,634		1.7	%
Richmond, VA		1,358		4,585		4,519		1.5	%		1,152		1,096			5.1	%		3,433		3,423		0.3	%
Norfolk, VA		1,438		4,024		3,989		0.9	%		1,316		1,261			4.4	%		2,708		2,728		-0.7	%
Other Mid-Atlantic		168		488		472		3.4	%		163		168			-3.0	%		325		304		6.9	%
		9,578		40,963		39,575		3.5	%		12,144		11,533			5.3	%		28,819		28,042		2.8	%
Northeast Region
Boston, MA		1,179		6,976		6,384		9.3	%		2,015		1,875			7.5	%		4,961		4,509		10.0	%
New York, NY		493		4,824		4,447		8.5	%		972		1,157			-16.0	%		3,852		3,290		17.1	%
		1,672		11,800		10,831		8.9	%		2,987		3,032			-1.5	%		8,813		7,799		13.0	%
Southeast Region
Tampa, FL		3,452		10,545		9,962		5.9	%		3,840		3,533			8.7	%		6,705		6,429		4.3	%
Orlando, FL		3,167		8,900		8,384		6.2	%		3,100		2,914			6.4	%		5,800		5,470		6.0	%
Nashville, TN		2,260		6,367		5,952		7.0	%		2,155		1,875			14.9	%		4,212		4,077		3.3	%
Other Florida		636		2,289		2,155		6.2	%		863		911			-5.3	%		1,426		1,244		14.6	%
		9,515		28,101		26,453		6.2	%		9,958		9,233			7.9	%		18,143		17,220		5.4	%
Southwest Region
Dallas, TX		3,117		9,687		9,002		7.6	%		3,769		4,079			-7.6	%		5,918		4,923		20.2	%
Austin, TX		390		1,507		1,403		7.4	%		641		577			11.1	%		866		826		4.8	%
		3,507		11,194		10,405		7.6	%		4,410		4,656			-5.3	%		6,784		5,749		18.0	%
Totals		36,889	$	150,508	$	142,392		5.7	%	$	46,205	$	45,153			2.3	%	$	104,303	$	97,239		7.3	%

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

11

Attachment 8(C)

UDR, Inc.

Same-Store Operating Information By Major Market⁽¹⁾

Current Quarter vs. Last Quarter

December 31, 2012

(Unaudited)

	Total		Same-Store
	Same-Store		Physical Occupancy									Total Revenue per Occupied Home
	Homes		4Q 12			3Q 12			Change			4Q 12		3Q 12		Change
West Region
Orange County, CA		3,290		94.9	%		94.8	%		0.1	%	$	1,651	$	1,622		1.8	%
San Francisco, CA		2,028		96.3	%		96.4	%		-0.1	%		2,565		2,532		1.3	%
Seattle, WA		2,165		96.7	%		95.6	%		1.1	%		1,439		1,430		0.6	%
Los Angeles, CA		919		95.6	%		94.7	%		0.9	%		2,061		2,031		1.5	%
Monterey Peninsula, CA		1,565		92.2	%		94.7	%		-2.5	%		1,136		1,133		0.3	%
Inland Empire, CA		654		94.1	%		93.9	%		0.2	%		1,437		1,436		0.1	%
Sacramento, CA		914		93.0	%		93.2	%		-0.2	%		876		885		-1.0	%
Portland, OR		716		95.9	%		95.4	%		0.5	%		1,061		1,044		1.6	%
San Diego, CA		366		95.7	%		95.3	%		0.4	%		1,424		1,428		-0.3	%
		12,617		95.0	%		95.1	%		-0.1	%		1,625		1,605		1.2	%
Mid-Atlantic Region
Metropolitan DC		4,313		96.9	%		97.1	%		-0.2	%		1,783		1,760		1.3	%
Baltimore, MD		2,301		96.0	%		96.7	%		-0.7	%		1,434		1,442		-0.6	%
Richmond, VA		1,358		95.6	%		95.5	%		0.1	%		1,177		1,193		-1.3	%
Norfolk, VA		1,438		94.3	%		94.2	%		0.1	%		989		989		0.0	%
Other Mid-Atlantic		168		97.9	%		95.7	%		2.2	%		990		977		1.3	%
		9,578		96.1	%		96.3	%		-0.2	%		1,483		1,477		0.4	%
Northeast Region
Boston, MA		1,179		95.8	%		95.9	%		-0.1	%		2,059		2,011		2.4	%
New York, NY		493		97.4	%		98.4	%		-1.0	%		3,349		3,314		1.1	%
		1,672		96.3	%		96.6	%		-0.3	%		2,443		2,403		1.6	%
Southeast Region
Tampa, FL		3,452		96.3	%		96.2	%		0.1	%		1,057		1,057		0.0	%
Orlando, FL		3,167		95.9	%		95.9	%		0.0	%		977		974		0.3	%
Nashville, TN		2,260		96.8	%		96.7	%		0.1	%		970		966		0.4	%
Other Florida		636		96.6	%		94.6	%		2.0	%		1,242		1,243		-0.1	%
		9,515		96.3	%		96.1	%		0.2	%		1,022		1,020		0.2	%
Southwest Region
Dallas, TX		3,117		95.5	%		96.3	%		-0.8	%		1,085		1,075		0.9	%
Austin, TX		390		96.7	%		96.5	%		0.2	%		1,332		1,305		2.1	%
		3,507		95.6	%		96.3	%		-0.7	%		1,113		1,101		1.1	%
Total/Weighted Avg.		36,889		95.8	%		95.8	%		0.0	%	$	1,420	$	1,409		0.8	%

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

12

Attachment 8(D)

UDR, Inc.

Same-Store Operating Information By Major Market⁽¹⁾

Current Quarter vs. Last Quarter

December 31, 2012

(Unaudited)

	Total		Same-Store ($000s)
	Same-Store		Revenues							Expenses							Net Operating Income
	Homes		4Q 12		3Q 12		Change			4Q 12		3Q 12		Change			4Q 12		3Q 12		Change
West Region
Orange County, CA		3,290	$	15,463	$	15,173		1.9	%	$	4,134	$	4,375		-5.5	%	$	11,329	$	10,798		4.9	%
San Francisco, CA		2,028		15,026		14,850		1.2	%		3,854		4,027		-4.3	%		11,172		10,823		3.2	%
Seattle, WA		2,165		9,040		8,880		1.8	%		2,738		2,733		0.2	%		6,302		6,147		2.5	%
Los Angeles, CA		919		5,433		5,304		2.4	%		1,820		1,863		-2.3	%		3,613		3,441		5.0	%
Monterey Peninsula, CA		1,565		4,919		5,036		-2.3	%		1,621		1,863		-13.0	%		3,298		3,173		3.9	%
Inland Empire, CA		654		2,654		2,646		0.3	%		643		942		-31.7	%		2,011		1,704		18.0	%
Sacramento, CA		914		2,233		2,261		-1.2	%		737		886		-16.8	%		1,496		1,375		8.8	%
Portland, OR		716		2,185		2,139		2.2	%		728		707		3.0	%		1,457		1,432		1.7	%
San Diego, CA		366		1,497		1,494		0.2	%		431		521		-17.3	%		1,066		973		9.6	%
		12,617		58,450		57,783		1.2	%		16,706		17,917		-6.8	%		41,744		39,866		4.7	%
Mid-Atlantic Region
Metropolitan DC		4,313		22,360		22,109		1.1	%		6,757		7,024		-3.8	%		15,603		15,085		3.4	%
Baltimore, MD		2,301		9,506		9,627		-1.3	%		2,756		2,767		-0.4	%		6,750		6,860		-1.6	%
Richmond, VA		1,358		4,585		4,641		-1.2	%		1,152		1,308		-11.9	%		3,433		3,333		3.0	%
Norfolk, VA		1,438		4,024		4,020		0.1	%		1,316		1,336		-1.5	%		2,708		2,684		0.9	%
Other Mid-Atlantic		168		488		471		3.6	%		163		181		-9.9	%		325		290		12.1	%
		9,578		40,963		40,868		0.2	%		12,144		12,616		-3.7	%		28,819		28,252		2.0	%
Northeast Region
Boston, MA		1,179		6,976		6,820		2.3	%		2,015		2,071		-2.7	%		4,961		4,749		4.5	%
New York, NY		493		4,824		4,823		0.0	%		972		1,086		-10.5	%		3,852		3,737		3.1	%
		1,672		11,800		11,643		1.3	%		2,987		3,157		-5.4	%		8,813		8,486		3.9	%
Southeast Region
Tampa, FL		3,452		10,545		10,532		0.1	%		3,840		4,100		-6.3	%		6,705		6,432		4.2	%
Orlando, FL		3,167		8,900		8,876		0.3	%		3,100		3,303		-6.1	%		5,800		5,573		4.1	%
Nashville, TN		2,260		6,367		6,332		0.6	%		2,155		2,057		4.8	%		4,212		4,275		-1.5	%
Other Florida		636		2,289		2,243		2.1	%		863		805		7.2	%		1,426		1,438		-0.8	%
		9,515		28,101		27,983		0.4	%		9,958		10,265		-3.0	%		18,143		17,718		2.4	%
Southwest Region
Dallas, TX		3,117		9,687		9,680		0.1	%		3,769		3,847		-2.0	%		5,918		5,833		1.5	%
Austin, TX		390		1,507		1,473		2.3	%		641		704		-8.9	%		866		769		12.6	%
		3,507		11,194		11,153		0.4	%		4,410		4,551		-3.1	%		6,784		6,602		2.8	%
Total		36,889	$	150,508	$	149,430		0.7	%	$	46,205	$	48,506		-4.7	%	$	104,303	$	100,924		3.3	%

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

13

Attachment 8(E)

UDR, Inc.

Same-Store Operating Information By Major Market⁽¹⁾

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

December 31, 2012

(Unaudited)

			% of Same-
	Total		Store Portfolio			Same-Store
	Same-Store		Based on			Physical Occupancy									Total Revenue per Occupied Home
	Homes		YTD 2012 NOI			YTD 12			YTD 11			Change			YTD 12		YTD 11		Change
West Region
Orange County, CA		3,290		12.4	%		94.9	%		94.8	%		0.1	%	$	1,621	$	1,526		6.2	%
San Francisco, CA		1,477		8.7	%		96.4	%		96.7	%		-0.3	%		2,386		2,133		11.9	%
Seattle, WA		2,165		6.9	%		96.0	%		95.8	%		0.2	%		1,414		1,327		6.6	%
Los Angeles, CA		919		3.9	%		95.1	%		95.6	%		-0.5	%		2,023		1,932		4.7	%
Monterey Peninsula, CA		1,565		3.7	%		93.5	%		93.8	%		-0.3	%		1,111		1,110		0.1	%
Inland Empire, CA		654		2.1	%		94.3	%		94.9	%		-0.6	%		1,434		1,379		4.0	%
Sacramento, CA		914		1.7	%		92.7	%		93.1	%		-0.4	%		885		882		0.3	%
Portland, OR		716		1.6	%		95.0	%		95.5	%		-0.5	%		1,043		998		4.5	%
San Diego, CA		366		1.1	%		95.0	%		94.8	%		0.2	%		1,413		1,365		3.5	%
		12,066		42.1	%		94.9	%		95.1	%		-0.2	%		1,539		1,451		6.1	%
Mid-Atlantic Region
Metropolitan DC		3,516		13.9	%		97.0	%		96.9	%		0.1	%		1,744		1,669		4.5	%
Baltimore, MD		2,301		7.7	%		96.5	%		96.5	%		0.0	%		1,428		1,373		4.0	%
Richmond, VA		1,358		3.9	%		95.4	%		95.8	%		-0.4	%		1,172		1,130		3.7	%
Norfolk, VA		1,438		3.1	%		94.5	%		94.7	%		-0.2	%		989		980		0.9	%
Other Mid-Atlantic		168		0.3	%		95.7	%		94.8	%		0.9	%		987		982		0.5	%
		8,781		28.9	%		96.2	%		96.2	%		0.0	%		1,437		1,385		3.8	%
Northeast Region
Boston, MA		346		2.2	%		96.2	%		96.7	%		-0.5	%		2,774		2,558		8.4	%
		346		2.2	%		96.2	%		96.7	%		-0.5	%		2,774		2,558		8.4	%
Southeast Region
Tampa, FL		3,452		7.4	%		96.0	%		95.7	%		0.3	%		1,042		998		4.4	%
Orlando, FL		3,167		6.5	%		95.7	%		95.0	%		0.7	%		964		926		4.1	%
Nashville, TN		2,260		4.8	%		96.9	%		96.3	%		0.6	%		948		894		6.0	%
Other Florida		636		1.6	%		95.0	%		93.2	%		1.8	%		1,246		1,214		2.6	%
		9,515		20.3	%		96.1	%		95.5	%		0.6	%		1,007		963		4.6	%
Southwest Region
Dallas, TX		2,725		5.6	%		96.2	%		96.1	%		0.1	%		1,027		952		7.9	%
Austin, TX		390		0.9	%		96.3	%		95.8	%		0.5	%		1,282		1,195		7.3	%
		3,115		6.5	%		96.2	%		96.0	%		0.2	%		1,059		983		7.7	%
Total/Weighted Avg.		33,823		100.0	%		95.7	%		95.6	%		0.1	%	$	1,331	$	1,265		5.2	%

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

14

Attachment 8(F)

UDR, Inc.

Same-Store Operating Information By Major Market⁽¹⁾

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

December 31, 2012

(Unaudited)

	Total		Same-Store ($000s)
	Same-Store		Revenues							Expenses							Net Operating Income
	Homes		YTD 12		YTD 11		Change			YTD 12		YTD 11		Change			YTD 12		YTD 11		Change
West Region
Orange County, CA		3,290	$	60,718	$	57,105		6.3	%	$	17,268	$	17,165		0.6	%	$	43,450	$	39,940		8.8	%
San Francisco, CA		1,477		40,765		36,563		11.5	%		10,247		9,623		6.5	%		30,518		26,940		13.3	%
Seattle, WA		2,165		35,265		33,033		6.8	%		10,888		10,671		2.0	%		24,377		22,362		9.0	%
Los Angeles, CA		919		21,220		20,371		4.2	%		7,514		6,995		7.4	%		13,706		13,376		2.5	%
Monterey Peninsula, CA		1,565		19,510		19,558		-0.2	%		6,477		6,253		3.6	%		13,033		13,305		-2.0	%
Inland Empire, CA		654		10,611		10,270		3.3	%		3,222		3,209		0.4	%		7,389		7,061		4.6	%
Sacramento, CA		914		8,996		9,011		-0.2	%		3,198		3,038		5.3	%		5,798		5,973		-2.9	%
Portland, OR		716		8,512		8,187		4.0	%		2,835		2,617		8.3	%		5,677		5,570		1.9	%
San Diego, CA		366		5,897		5,684		3.7	%		2,005		1,909		5.0	%		3,892		3,775		3.1	%
		12,066		211,494		199,782		5.9	%		63,654		61,480		3.5	%		147,840		138,302		6.9	%
Mid-Atlantic Region
Metropolitan DC		3,516		71,391		68,241		4.6	%		22,718		22,133		2.6	%		48,673		46,108		5.6	%
Baltimore, MD		2,301		38,045		36,577		4.0	%		11,062		10,823		2.2	%		26,983		25,754		4.8	%
Richmond, VA		1,358		18,227		17,634		3.4	%		4,715		4,661		1.2	%		13,512		12,973		4.2	%
Norfolk, VA		1,438		16,128		16,023		0.7	%		5,278		5,158		2.3	%		10,850		10,865		-0.1	%
Other Mid-Atlantic		168		1,903		1,877		1.4	%		676		657		2.9	%		1,227		1,220		0.6	%
		8,781		145,694		140,352		3.8	%		44,449		43,432		2.3	%		101,245		96,920		4.5	%
Northeast Region
Boston, MA		346		11,080		10,271		7.9	%		3,459		2,910		18.9	%		7,621		7,361		3.5	%
		346		11,080		10,271		7.9	%		3,459		2,910		18.9	%		7,621		7,361		3.5	%
Southeast Region
Tampa, FL		3,452		41,457		39,569		4.8	%		15,419		14,978		2.9	%		26,038		24,591		5.9	%
Orlando, FL		3,167		35,048		33,444		4.8	%		12,380		12,007		3.1	%		22,668		21,437		5.7	%
Nashville, TN		2,260		24,924		23,359		6.7	%		8,151		8,481		-3.9	%		16,773		14,878		12.7	%
Other Florida		636		9,032		8,633		4.6	%		3,293		3,336		-1.3	%		5,739		5,297		8.3	%
		9,515		110,461		105,005		5.2	%		39,243		38,802		1.1	%		71,218		66,203		7.6	%
Southwest Region
Dallas, TX		2,725		32,322		29,908		8.1	%		12,712		12,567		1.2	%		19,610		17,341		13.1	%
Austin, TX		390		5,777		5,356		7.9	%		2,570		2,378		8.1	%		3,207		2,978		7.7	%
		3,115		38,099		35,264		8.0	%		15,282		14,945		2.3	%		22,817		20,319		12.3	%
Total		33,823	$	516,828	$	490,674		5.3	%	$	166,087	$	161,569		2.8	%	$	350,741	$	329,105		6.6	%

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

15

Attachment 8(G)

UDR, Inc.

Same-Store Operating Information By Major Market⁽¹⁾

December 31, 2012

(Unaudited)

	Effective New Lease Rate Growth			Effective Renewal Lease Rate Growth			Turnover
	Q4 2012			Q4 2012			4Q 2012			4Q 2011			TTM 2012			TTM 2011
West Region
Orange County, CA		2.3	%		5.2	%		54.2	%		53.3	%		61.8	%		57.2	%
San Francisco, CA		4.3	%		7.2	%		48.9	%		45.6	%		55.7	%		51.3	%
Seattle, WA		5.8	%		5.5	%		47.9	%		53.4	%		57.1	%		56.0	%
Los Angeles, CA		4.5	%		4.9	%		48.3	%		41.3	%		56.9	%		51.0	%
Monterey Peninsula, CA		-4.1	%		3.9	%		77.4	%		72.1	%		66.0	%		61.3	%
Inland Empire, CA		-2.4	%		5.4	%		57.5	%		41.6	%		63.1	%		56.7	%
Sacramento, CA		0.7	%		6.5	%		50.8	%		49.5	%		61.2	%		59.5	%
Portland, OR		5.5	%		5.7	%		39.1	%		56.4	%		58.0	%		55.3	%
San Diego, CA		2.5	%		2.8	%		66.7	%		71.0	%		71.0	%		66.4	%
		2.5	%		5.7	%		54.1	%		53.3	%		60.5	%		56.6	%
Mid-Atlantic Region
Metropolitan DC		1.9	%		5.5	%		38.0	%		42.9	%		42.9	%		43.7	%
Baltimore, MD		-3.9	%		5.5	%		43.3	%		45.0	%		50.3	%		51.5	%
Richmond, VA		-5.6	%		3.3	%		56.0	%		45.9	%		64.9	%		54.9	%
Norfolk, VA		-3.9	%		4.7	%		53.7	%		61.8	%		56.7	%		60.4	%
Other Mid-Atlantic		-2.4	%		0.3	%		38.1	%		52.4	%		58.9	%		64.3	%
		-1.4	%		5.2	%		44.2	%		46.9	%		50.8	%		50.6	%
Northeast Region
New York, NY		7.4	%		6.1	%		40.6	%		32.5	%		n/a			n/a
Boston, MA		5.7	%		6.6	%		41.7	%		34.6	%		49.7	%		38.2	%
		6.4	%		6.4	%		41.4	%		34.0	%		49.7	%		38.2	%
Southeast Region
Tampa, FL		0.3	%		5.5	%		44.1	%		38.7	%		51.0	%		49.2	%
Orlando, FL		1.8	%		5.3	%		48.2	%		52.3	%		54.6	%		52.6	%
Nashville, TN		1.1	%		5.1	%		49.0	%		53.8	%		53.5	%		56.8	%
Other Florida		4.2	%		6.1	%		34.6	%		53.5	%		49.8	%		56.0	%
		1.3	%		5.3	%		46.0	%		47.8	%		52.7	%		52.6	%
Southwest Region
Dallas, TX		3.9	%		6.9	%		50.3	%		47.5	%		53.5	%		49.8	%
Austin, TX		2.8	%		6.4	%		42.1	%		52.3	%		55.1	%		56.9	%
		3.8	%		6.8	%		49.4	%		48.0	%		53.7	%		50.7	%
Total/Weighted Avg.		1.7	%		5.6	%		48.4	%		48.8	%		55.0	%		53.2	%
Total Combined New and Renewal Lease Rate Growth								3.6	%

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

16

Attachment 9

UDR, Inc.

Development Summary⁽¹⁾

December 31, 2012

(Dollars in Thousands)

(Unaudited)

Wholly-Owned

		# of		Compl.		Cost to		Budgeted		Est. Cost			Estimated Qtr of				Percentage
Community	Location	Homes		Homes		Date		Cost		per Home			Compl.		Stabil.		Leased			Occupied
Projects Under Construction
Capitol View on Fourteenth	Washington, DC		255		76	$	117,851	$	126,100	$	495	(2)		1Q 13		1Q 14		36.9	%		28.1	%
Fiori on Vitruvian Park®	Addison, TX		391		—		70,315		98,350		252			3Q 13		4Q 14		1.3	%		—
The Residences at Bella Terra	Huntington Beach, CA		467		—		89,809		150,000		321	(3)		4Q 13		1Q 15		—			—
Mission Bay	San Francisco, CA		315		—		77,444		139,600		443	(4)		4Q 13		1Q 15		—			—
Los Alisos	Mission Viejo, CA		320		—		47,723		87,050		272			4Q 13		1Q 15		—			—
The Calvert (5)	Alexandria, VA		332		—		39,670		132,000		398			2Q 14		3Q 15		—			—
Beach Walk	Huntington Beach, CA		173		—		15,895		50,700		293			2Q 14		3Q 15		—			—
Pier 4	Boston, MA		369		—		32,341		217,700		590	(6)		2Q 15		3Q 16		—			—
Total			2,622		76	$	491,048	$	1,001,500	$	382
Completed Projects, Non-Stabilized
N/A	N/A		—		—	$	—	$	—	$	—			N/A		N/A		N/A			N/A
Completed Projects, Stabilized During Quarter (6)
N/A	N/A		—		—	$	—	$	—	$	—			N/A		N/A		N/A			N/A
Total—Wholly Owned			2,622		76	$	491,048	$	1,001,500	$	382

Net Operating Income From Wholly-Owned Projects				Capitalized Interest for Current Development Projects
	QTD NOI				4Q 12		4Q 11		YTD 12		YTD 11
Projects Under Construction	$	(310	)		$	4,784	$	1,665	$	14,792	$	5,509
Completed, Non-Stabilized		—
Completed, Stabilized During Quarter(7)		—
Total	$	(310	)	Projected Weighted Average Stabilized Yield of Wholly-owned Projects:						6.0% to 6.5%

Unconsolidated Joint Ventures

		Own.			# of		Compl.		Cost to		Budgeted			Estimated Qtr of				Percentage
Community	Location	Interest			Homes		Homes		Date		Cost			Compl.		Stabil.		Leased			Occupied
Projects Under Construction
13th & Market	San Diego, CA		95	%		264		—	$	36,358	$	75,500	(8)		1Q 14		2Q 15		—			—
Domain College Park	College Park, MD		95	%		256		—		30,620		65,100	(9)		1Q 14		2Q 15		—			—
Total						520		—	$	66,978	$	140,600
Completed Projects, Non-Stabilized
N/A	N/A		—			—		—		—		—			—		—		—			—
Completed Projects, Stabilized During Quarter
Lodge at Stoughton	Stoughton, MA		95	%		240		240		41,358		43,400			2Q 12		4Q 12		95.8	%		94.6	%
Total—Unconsolidated Joint Ventures						760		240	$	108,336	$	184,000

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

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

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

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

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

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

(7) NOI is included in Stabilized, Non-Mature category on Attachment 5.

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

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

17

Attachment 10

UDR, Inc.

Redevelopment Summary⁽¹⁾

December 31, 2012

(Dollars in Thousands)

(Unaudited)

Wholly-Owned

		# of		Compl.		Cost to		Budgeted		Est. Cost		Estimated Qtr of				Percentage
Community	Location	Homes		Homes		Date		Cost(2)		per Home		Compl.		Same-Store(3)		Leased			Occupied
Projects in Redevelopment
The Westerly on Lincoln	Marina del Rey, CA		583		357	$	29,768	$	36,100	$	62		2Q 13		3Q 14		96.6	%		93.1	%
Rivergate	New York, NY		706		124		16,830		60,000		85		3Q 14		4Q 15		89.7	%		88.1	%
Pine Brook I & II	Costa Mesa, CA		496		22		6,065		38,700		78		2Q 14		3Q 15		88.5	%		87.3	%
Villa Venetia	Costa Mesa, CA		468		99		22,355		36,600		78		2Q 14		3Q 15		73.3	%		71.8	%
Total			2,253		602	$	75,018	$	171,400	$	76
Completed Redevelopments, Non-Stabilized
N/A	N/A		—		—		—		—		—		—		—		—			—
Completed Redevelopments, Stabilized During Quarter
N/A	N/A		—		—		—		—		—		—		—		—			—
Total—Wholly Owned			2,253		602	$	75,018	$	171,400	$	76

		Capitalized Interest for Current Redevelopment Projects
			4Q 12		4Q 11		YTD 12		YTD 11
Projected Weighted Average Return on Incremental Capital Invested:	7.0% to 9.0%		$	755	$	—	$	2,634	$	—

(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 same-store pool.

18

Attachment 11

UDR, Inc.

Land Summary⁽¹⁾

December 31, 2012

(Dollars in Thousands)

(Unaudited)

Ownership

Current

Parcel

Location

Interest

Cost Basis

Status Update (2)

Pursuing

Design

Hold for Future

Entitlements

Development

Development

Wholly-Owned

3033 Wilshire

Los Angeles, CA

100

%

$

16,959

X

Vitruvian Park®

Addison, TX

100

%

83,647

X

X

7 Harcourt(3)

Boston, MA

100

%

4,760

X

399 Fremont(4)

San Francisco, CA

100

%

55,323

X

Total

$

160,689

Current

Consolidated Joint Ventures(5)

Cost Basis

3032 Wilshire

Santa Monica, CA

95.0

%

10,925

X

2919 Wilshire

Santa Monica, CA

95.0

%

7,456

X

Total

$

18,381

Current

UDR/MetLife I Unconsolidated Joint Venture

Cost Basis

8 parcels(5)(6)

4.3

%

$

185,116

X

X

X

Total

$

364,186

UDR pro rata share of cost basis

$

186,074

(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. Will include primarily common areas for Garrison Square.

(4) UDR entered into an agreement to purchase our partner’s interest during the fourth quarter of 2012; which closed on January 28, 2013.

(5) Represents joint ventures at 100 percent.

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

19

Attachment 12

UDR, Inc.

Unconsolidated Joint Venture Summary⁽¹⁾

December 31, 2012

(Dollars in Thousands)

(Unaudited)

Portfolio Characteristics

		# of							Physical			Total Revenue per		Net Operating Income
	Property	Comm. /		# of		Own.			Occupancy			Occupied Home		UDR’s Share		UDR’s Share		Total
Joint Venture	Type	Parcels		Homes		Interest			4Q 12			4Q 12(1)		QTD		YTD		YTD(2)
UDR / MetLife II	Various		13		2,752		50.0	%		95.2	%	$	3,130	$	9,333	$	33,055	$	66,110
UDR / MetLife I
Operating communities	Various		14		2,547		13.3	%		95.1	%		2,758		1,820		7,846		66,833
Land parcels			8		TBD		4.3	%		—			—		24		8		692
UDR / KFH	High-rise		3		660		30.0	%		94.9	%		2,476		1,051		4,170		13,901
Lodge at Stoughton	Garden		1		240		95.0	%		96.2	%		1,556		876		1,450		1,526
Texas	Garden		8		3,359		20.0	%		96.9	%		973		1,208		4,593		22,967
Total/Weighted Average			47		9,558					95.8	%	$	2,385	$	14,312	$	51,122	$	172,029

Balance Sheet Characteristics and Returns

	Gross Book Value													��
	of JV Real		Total		UDR’s Equity		Weighted Avg.			Debt		Returns
Joint Venture	Estate Assets(3)		Project  Debt(3)		Investment		Interest Rate			Maturity		ROIC			ROE
UDR / MetLife II	$	1,422,788	$	775,444	$	327,001		4.2	%		Various
UDR / MetLife I		1,327,224		497,031		75,129		4.3	%		Various
UDR / KFH		280,240		165,209		29,663		3.4	%		Various
Lodge at Stoughton		41,358		24,482		16,311		3.0	%		10/2014
Texas		321,031		219,588		3,457		5.6	%		12/2014
Total/Weighted Average	$	3,392,641	$	1,681,754	$	451,561		4.3	%				6.2	%		7.9	%

Same-Store Unconsolidated Joint Venture Growth

	Same-Store
	Joint Venture		Q4 2012 vs. Q4 2011 Growth									Q4 2012 vs. Q3 2012 Growth
Joint Venture	Communities (3)		Revenue			Expense			NOI			Revenue			Expense			NOI
UDR / MetLife II		8		4.1	%		-6.0	%		8.9	%		2.8	%		-2.0	%		4.9	%
UDR / MetLife I		12		6.8	%		-22.5	%		34.6	%		1.9	%		-9.0	%		9.0	%
UDR / KFH		1		-1.2	%		-10.9	%		4.2	%		-7.5	%		0.3	%		-10.8	%
Lodge at Stoughton		—		N/A			N/A			N/A			N/A			N/A			N/A
Texas		8		7.3	%		-1.8	%		13.3	%		1.4	%		-14.1	%		13.1	%
Total/Average		29		5.7	%		-13.0	%		18.4	%		1.9	%		-8.0	%		7.7	%
Same-Store JV Results at UDR’s Pro-rata Ownership Interest									NOI									NOI
										13.4	%								6.3	%

	Same-Store
	Joint Venture		YTD 2012 vs. YTD 2011 Growth
Joint Venture	Communities (3)		Revenue			Expense			NOI
UDR / MetLife II		6		4.9	%		0.6	%		6.9	%
UDR / MetLife I		7		9.7	%		10.2	%		9.3	%
UDR / KFH		1		-2.3	%		-6.8	%		-0.3	%
Lodge at Stoughton		—		N/A			N/A			N/A
Texas		8		5.6	%		4.6	%		6.2	%
Total/Average		22		6.1	%		4.5	%		7.0	%
Same-Store JV Results at UDR’s Pro-rata Ownership Interest									NOI
										6.8	%

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

(2) Represents year-to-date net operating income at 100 percent.

(3) Joint ventures represented at 100 percent.

20

Attachment 13

UDR, Inc.

Acquisitions and Dispositions Summary

December 31, 2012

(Dollars in Thousands)

(Unaudited)

			Ownership					# of		Price per
Date of Purchase	Community	Location	Interest			Price(1)		Homes		Home
Acquisitions—Wholly-Owned
Apr-12	Lakeline Villas(2)	Austin, TX		100	%	$	22,780		309	$	74
Apr-12	Redstone Ranch (2)	Austin, TX		100	%		26,350		324		81
Total/Weighted Average						$	49,130		633	$	78
Acquisitions—Wholly-Owned Land
Jan-12/Oct-12/Jan-13	399 Fremont	San Francisco, CA		100	%	$	52,200
May-12/Dec-12	Pier 4	Boston, MA		100	%		25,000
Total/Weighted Average						$	77,200
Acquisitions—Consolidated Joint Venture Land
Sept-12	3032 Wilshire (6)	Santa Monica, CA		95	%		10,750
Oct-12	2919 Wilshire(6)	Santa Monica, CA		95	%		7,300
Total						$	18,050
Acquisitions—Joint Ventures—UDR/MetLife II JV
Jan-12	Columbus Square(3)	New York, NY		50	%	$	630,000		710	$	887
Jan-12	7 communities(4)	Various		50	%		649,600		1,818		357
Nov-12	Olivian(5)	Seattle, WA		50	%		126,300		224		564
Total/Weighted Average						$	1,405,900		2,752	$	511
			Ownership					# of		Price per
Date of Sale	Community	Location	Interest			Price(1)		Homes		Home
Dispositions—Wholly-Owned
Mar-12	Hunter’s Ridge	Plant City, FL		100	%	$	19,000		352	$	54
Mar-12	The Groves	Port Orange, FL		100	%		10,000		172		58
Mar-12	Mallards at Brandywine	Deland, FL		100	%		6,000		168		36
Mar-12	Pierpoint Port Orange	Port Orange, FL		100	%		15,000		208		72
Mar-12	Manor at England Run	Fredericksburg, VA		100	%		62,300		476		131
Mar-12	Greens at Falls Run	Fredericksburg, VA		100	%		21,100		200		106
Jun-12	Portfolio disposition	Various		100	%		476,000		4,931		97
Total/Weighted Average						$	609,400		6,507	$	94
Dispositions—Joint Ventures
Portfolio disposition(7)						$	290,500		1,159	$	223

(1) Represents total purchase/sale price at 100 percent.

(2) Communities were previously part of the Texas JV. Prior to the acquisition, UDR’s ownership interest in these communities was 20 percent.

(3) Includes five recently developed high-rise apartment buildings located on the Upper West Side of Manhattan acquired by UDR/MetLife II JV.

(4) Prior to the formation of UDR/MetLife II JV, UDR’s weighted average ownership in these seven communities was 11.1 percent.

(5) Prior to transferring the asset to UDR/MetLife II JV, UDR’s weighted average ownership in this community was 9.1 percent.

(6) Land parcels are consolidated.

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

21

Attachment 14

UDR, Inc.

Capital Expenditure and Repair and Maintenance Summary

December 31, 2012

(Dollars in Thousands)

(Unaudited)

			Three Months				Twelve Months
	Weighted Avg.		Ended				Ended
Category (Capitalized)	Useful Life (yrs) (1)		December 31, 2012		Cost per Home		December 31, 2012		Cost per Home
Capital Expenditures(2)
Average Number of Homes				41,681				43,992
Recurring Cap Ex
Asset Preservation
Building Interiors		5 - 20	$	3,112	$	75	$	13,398	$	305
Building Exteriors		5 - 20		2,562		61		9,550		217
Landscaping and Grounds		10		889		21		5,426		123
Total Asset Preservation			$	6,563	$	157	$	28,374	$	645
Turnover Related		5	$	2,826	$	68	$	13,875	$	315
Total Recurring Cap Ex			$	9,389	$	225	$	42,249	$	960
Revenue Enhancing Cap Ex(3)		5 - 20	$	363	$	9	$	10,772	$	245
Total(4)			$	9,752	$	234	$	53,021	$	1,205

	Three Months				Twelve Months
	Ended				Ended
Category (Expensed)	December 31, 2012		Cost per Home		December 31, 2012		Cost per Home
Repair and Maintenance
Average Number of Homes		41,681				43,992
Contract Services	$	4,403	$	106	$	19,001	$	432
Turnover Related Expenses	$	1,372	$	33	$	6,574	$	149
Other Repair and Maintenance
Building Interiors		1,596		38		7,661		174
Building Exteriors		470		11		2,033		46
Landscaping and Grounds		207		5		889		20
Total	$	8,048		193	$	36,158		821

(1) Weighted average useful life of capitalized expenses for the twelve months ended December 31, 2012.

(2) Excludes redevelopment capital.

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

(4) Total recurring capital expenditures represent all asset preservation, turnover related costs and revenue enhancing activities, including properties sold during the year.

22

Attachment 15

UDR, Inc.

Full-Year 2013 Guidance⁽¹⁾

December 31, 2012

(Unaudited)

FFO and AFFO per Share Guidance

	1Q 2013	Full Year 2013
FFO per common share, diluted	$0.31 to $0.33	$1.35 to $1.41
FFO As Adjusted per common share, diluted	$0.31 to $0.33	$1.33 to $1.39
Adjusted Funds from Operations (“AFFO”) per common share, diluted	$0.27 to $0.29	$1.17 to $1.23
Weighted average diluted shares/units (M)	263.5	265.5
Annualized dividend per share		$0.94

Same-Store Guidance	Full Year 2013
Revenue growth	4.00% to 5.00%
Expense growth	2.75% to 3.25%
NOI growth	4.25% to 6.00%
Physical occupancy	95.5%
Same-store homes	37,096

Transactional Activity ($ in millions)	Full Year 2013
Wholly-owned acquisitions	None
Wholly-owned dispositions	$150 to $250
Cap rate spread	N/A
Development spending	$425 to $475
Redevelopment spending	$125 to $150
Joint venture investment	None

Capital Markets Activity ($ in millions)	Full Year 2013
Debt maturities	$160
New debt issuance	$300 to $375
Equity issuances	$75 to $125

Other Additions/(Deductions) ($ in millions except per home amounts)	Full Year 2013
Interest	($127) to ($133)
General and administrative, gross(2)	($43) to ($46)
Tax benefit for RE3	$11 to $13
Joint venture fee income	$9 to $11
Total joint venture FFO, excluding fee income	$23 to $27
Non-recurring items:
RE3 gains from asset sales	$0 to $5
Acquisition-related costs	None
Stabilized homes	41,495
Recurring capital expenditures per home	$1,020

(1) See Attachment 16 for definitions and other terms

(2) Includes an estimated $5.5 million of Long Term Incentive Plan compensation expense.

23

Attachment 16(A)

UDR, Inc.

Definitions and Reconciliations

December 31, 2012

(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.

Management considers AFFO a useful metric for investors as it is more indicative of the Company’s recurring operational cash flow than FFO As Adjusted. A reconciliation between FFO As Adjusted and AFFO is provided on Attachment 2.

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

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

The primary assets and liabilities and the net operating results of those properties sold or classified as held for disposition through December 31, 2012, are accounted for as discontinued operations for all periods presented. This presentation does not have an impact on net income available to common stockholders, it only results in the reclassification of the operating results of all properties sold or classified as held for disposition through December 31, 2012, within the Consolidated Statements of Operations for the periods ended December 31, 2012 and 2011, and the reclassification of the assets and liabilities within the Consolidated Balance Sheets as of December 31, 2012 and December 31, 2011.

During the twelve months ended December 31, 2012, UDR sold 21 communities with a total of 6,507 units. During the twelve months ended December 31, 2011, UDR sold 18 communities with a total of 4,488 units. At December 31, 2012, UDR has no communities classified as real estate held for disposition. The results of operations for these properties are classified on the Consolidated Statements of Operations on Attachment 1 of the Company’s quarterly supplemental disclosure in the line item entitled “Income from discontinued operations”.

In thousands	4Q 12		4Q 11		YTD 12		YTD 11
Rental income	$	—	$	22,104	$	30,316	$	107,963
Rental expenses		—		8,515		10,566		40,724
Property management fee		—		609		834		2,970
Real estate depreciation		—		7,683		6,340		43,555
Interest expense		—		112		—		1,967
Other expense		—		710		791		865
		—		17,629		18,531		90,081
Income before net gain on the sale of depreciable property		—		4,475		11,785		17,882
Net (loss)/gain on the sale of depreciable property		156		69,865		251,554		125,928
Income from discontinued operations	$	156	$	74,340	$	263,339	$	143,810

Effective New Lease Rate Growth: The Company defines effective new lease rate growth as the increase in gross potential rent realized less all concessions during a respective quarter on all new leases signed.

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

Effective Renewal Lease Rate Growth: The Company defines effective renewal lease rate growth as the increase in gross potential rent realized less all concessions during a respective quarter on all renewed leases.

Management considers effective renewal lease rate growth a useful metric for investors as it is useful when assessing 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.

Estimated Quarter of Stabilization:The Company defines estimated quarter of stabilization of a development or redevelopment project as the initial quarter when operations stabilize in accordance with the Stabilization definition on Attachment 16(C) of the Company’s quarterly supplemental disclosure.

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, minority 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-recurring items including, but not limited to, prepayment costs/benefits associated with early debt retirement, gains on sales of marketable securities and taxable REIT subsidiary property, storm-related expenses, severance costs and legal costs.

Management considers FFO As Adjusted a useful metric for investors as it is more indicative of the Company’s recurring operational FFO than FFO. FFO As Adjusted excludes non-recurring items which, if included, result in less comparability between companies and across time periods. A reconciliation from FFO to FFO As Adjusted is provided on Attachment 2.

24

Attachment 16(B)

UDR, Inc.

Definitions and Reconciliations

December 31, 2012

(Unaudited)

Funds From Operations (“FFO”):The Company defines FFO as net income (computed in accordance with GAAP) excluding the impact of 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.

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 flows as a measure of the Company’s activities in accordance with generally accepted accounting principles and is not necessarily indicative of cash available to fund cash needs. A reconciliation between Net Income and FFO is provided on Attachment 2 of the Company’s quarterly supplemental disclosure.

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, minority 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 12			YTD 12
Loss from unconsolidated entities	$	(2,757	)	$	(8,579	)
Management fee		788			3,121
Interest expense		6,130			23,127
Depreciation		9,897			32,531
General and administrative		126			660
Other income/expense		128			262
Total Joint Venture NOI at UDR’s Pro-Rata Ownership Interest	$	14,312		$	51,122

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, minority 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 of Net Income to NOI is provided below.

In thousands	4Q 12			3Q12			4Q 11			YTD 12			YTD 11
Net Income/(loss) attributable to UDR, Inc.	$	(12,300	)	$	(9,031	)	$	46,498		$	212,177		$	20,023
Property management		5,017			4,998			4,692			19,632			17,131
Other operating expense		1,464			1,467			1,582			5,748			5,990
Non-property income		129			(3,836	)		(2,712	)		(28,386	)		(11,070	)
Depreciation		83,456			88,223			90,830			344,060			326,788
Interest		30,660			31,845			39,581			138,792			156,366
Storm-related charges		8,495			—			—			8,495			—
Acquisition-related costs		528			1,312			57			2,336			4,828
Severance charges		484			—			317			733			1,342
General and administrative		9,641			8,710			11,567			40,723			41,087
Tax benefit for RE3, net		(2,974	)		(2,960	)		(5,820	)		(8,752	)		(5,647	)
Other depreciation and amortization		1,092			1,078			919			4,105			3,931
Income from discontinued operations		(156	)		1,133			(74,340	)		(263,339	)		(143,810	)
Net loss/(income) attributable to non-controlling interests		(655	)		(645	)		1,620			8,126			562
Total consolidated NOI	$	124,881		$	122,294		$	114,791		$	484,450		$	417,521

25

Attachment 16(C)

UDR, Inc.

Definitions and Reconciliations

December 31, 2012

(Unaudited)

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

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

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

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

Management considers the TRS’s gains on sales, net of taxes, when included in FFO, to be a meaningful supplemental measure of the Company’s performance as the short-term use of funds in the TRS produces a profit which generally differs from a traditional long-term real estate investment for a REIT.

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

Management considers recurring capital expenditures a useful metric for investors as it quantifies the amount of capital expenditures that are necessary to preserve the value of its communities.

Redevelopment Communities: The Company 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.

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 were disposed of prior to the end of the most recent quarter.

Stabilization:The Company 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.

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

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

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

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

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

26

Attachment 16(D)

UDR, Inc.

Definitions and Reconciliations

December 31, 2012

(Unaudited)

All guidance is based on current expectations of future economic conditions and the judgment of the Company’s management team. The following reconciles from GAAP net loss per share for full year 2013 and first quarter of 2013 to forecasted FFO, FFO as Adjusted and AFFO per share:

	Full Year 2013
	Low			High
Forecasted earnings per diluted share	$	(0.09	)	$	(0.03	)
Conversion from GAAP share count		(0.08	)		(0.08	)
Depreciation		1.51			1.51
Non-Controlling Interests		(0.01	)		(0.01	)
Preferred Dividends		0.01			0.01
Forecasted FFO per diluted share	$	1.35		$	1.41
RE3 gains from asset sales		(0.02	)		(0.02	)
Forecasted FFO as Adjusted per diluted share	$	1.33		$	1.39
Recurring capital expenditures		(0.16	)		(0.16	)
Forecasted AFFO per diluted share	$	1.17		$	1.23

	1Q 2013
	Low			High
Forecasted earnings per diluted share	$	(0.05	)	$	(0.03	)
Conversion from GAAP share count		(0.02	)		(0.02	)
Depreciation		0.38			0.38
Non-Controlling Interests		(0.00	)		(0.00	)
Preferred Dividends		0.00			0.00
Forecasted FFO per diluted share	$	0.31		$	0.33
RE3 gains from asset sales		—			—
Forecasted FFO as Adjusted per diluted share	$	0.31		$	0.33
Recurring capital expenditures		(0.04	)		(0.04	)
Forecasted AFFO per diluted share	$	0.27		$	0.29

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