UDR (UDR) 8-K Udr Announces First Quarter 2013 Results

Exhibit 99.2

Financial Highlights

UDR, Inc.

As of End of First Quarter 2013⁽¹⁾

(Unaudited)

	Actual Results	Guidance as of April 30, 2013
Dollars in thousands, except per share	1Q 2013	2Q 2013	Full-Year 2013
Per Share Metrics
FFO per common share, diluted	$0.35	$0.33 to $0.35	$1.36 to $1.42
FFO as Adjusted per common share, diluted	$0.34	$0.33 to $0.35	$1.33 to $1.39
Adjusted Funds from Operations (“AFFO”) per common share, diluted	$0.31	$0.27 to $0.29	$1.17 to $1.23
Weighted average diluted shares/units (M)	263.6	263.6	265.6
Dividend per share	$0.235	—	0.94(2)
Same-Store Operating Metrics
Revenue growth	5.4%	—	4.0% to 5.0%
Expense growth	3.4%	—	2.75% to 3.25%
NOI growth	6.3%	—	4.25% to 6.0%
Physical occupancy	95.5%	—	95.5%

	Homes		Communities		% of Total NOI
Property Metrics
Same-Store		37,096		132		76.2	%
Stabilized, Non-Mature		2,146		7		5.7	%
Redevelopment (Total Estimated Cost: $171.4M)		2,253		3		5.9	%
Development, completed		255		1		0.0	%
Non-Residential / Other		N/A		N/A		2.6	%
Operating Joint Venture(3)		9,558		39		9.6	%
Sub-total, completed homes		51,308		182		100	%
Under Development (Total Estimated Cost: $880.8M)		2,367		7		—
Joint Venture Development (Total Estimated Cost: $140.6M)		520		2		—
Total expected homes		54,195		191		100	%

Balance Sheet Metrics (adjusted for non-recurring items)

	1Q 2013			1Q 2012
Interest Coverage Ratio		3.04	x		2.75	x
Fixed Charge Coverage Ratio		2.97	x		2.62	x
Leverage Ratio		39.4	%		44.6	%
Net Debt-to-EBITDA		7.3	x		8.1	x

Market Capitalization

	1Q 2013		% of Total
Total debt	$	3,499,107		35.4	%
Common stock equivalents		6,377,242		64.6	%
Total market capitalization	$	9,876,349		100.0	%

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

(2) Annualized for 2013.

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

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Attachment 1   UDR, Inc. Consolidated Statements of Operations ⁽¹⁾ (Unaudited)

	Three Months Ended
	March 31,
In thousands, except per share amounts	2013			2012
REVENUES:
Rental income(2)	$	184,301		$	172,242
Joint venture management and other fees		2,923			2,989
Total revenues		187,224			175,231
OPERATING EXPENSES:
Property operating and maintenance		35,461			34,389
Real estate taxes and insurance		23,524			20,911
Property management		5,068			4,737
Other operating expenses		1,643			1,383
Real estate depreciation and amortization		83,442			87,907
General and administrative		9,476			9,379
Hurricane-related (recoveries) charges, net		(3,021	)		—
Other depreciation and amortization		1,146			918
Total operating expenses		156,739			159,624
Operating income		30,485			15,607
Loss from unconsolidated entities		(2,802	)		(2,691	)
Interest expense		(30,981	)		(39,173	)
Other debt (charges) benefits, net(3)		—			4,428
Total interest expense		(30,981	)		(34,745	)
Interest and other income, net		1,016			694
Loss before income taxes and discontinued operations		(2,282	)		(21,135	)
Tax benefit, net		1,973			— ��
Tax valuation allowance for RE3 (4)		—			22,876
(Loss) income from continuing operations		(309	)		1,741
Income from discontinued operations, net of tax		—			84,887
Net (loss) income		(309	)		86,628
Net loss (income) attributable to non-controlling interests		41			(3,472	)
Net (loss) income attributable to UDR, Inc.		(268	)		83,156
Distributions to preferred stockholders—Series E (Convertible)		(931	)		(931	)
Distributions to preferred stockholders—Series G		—			(1,377	)
Net (loss) income attributable to common stockholders	$	(1,199	)	$	80,848
(Loss) income per weighted average common share—basic and diluted:
Loss from continuing operations attributable to common stockholders	$	0.00		($	0.02	)
Income from discontinued operations	$	0.00		$	0.38
Net (loss) income attributable to common stockholders	$	0.00		$	0.37
Common distributions declared per share	$	0.235		$	0.220
Weighted average number of common shares outstanding—basic and diluted		249,917			221,500

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

(2) 1Q 2013 is impacted by $1.4 million of lost rent due to business interruption.

(3) Includes prepayment penalties, write-off of deferred financing costs and fair market value adjustments on early debt extinguishment.

(4) Includes the net tax benefit from the one-time reversal of a valuation allowance from the Company’s taxable REIT subsidiary (“TRS”).

2

Attachment 2   UDR, Inc. Funds From Operations⁽¹⁾ (Unaudited)

	Three Months Ended
	March 31,
In thousands, except per share amounts	2013			2012
Net (loss) income attributable to UDR, Inc.	$	(268	)	$	83,156
Distributions to preferred stockholders		(931	)		(2,308	)
Real estate depreciation and amortization, including discontinued operations		83,442			94,247
Non-controlling interest		(41	)		3,472
Real estate depreciation and amortization on unconsolidated joint ventures		9,005			7,423
Net gain on the sale of depreciable property in discontinued operations, excluding RE3		—			(80,525	)
Tax valuation allowance for RE3		—			(22,876	)
Funds from operations (“FFO”)—basic	$	91,207		$	82,589
Distribution to preferred stockholders—Series E (Convertible)		931			931
FFO, diluted	$	92,138		$	83,520
FFO per common share, basic	$	0.35		$	0.36
FFO per common share, diluted	$	0.35		$	0.35
Weighted average number of common shares and OP Units outstanding—basic		259,298			230,921
Weighted average number of common shares, OP Units, and common stock equivalents outstanding—diluted		263,626			235,916
Impact of adjustments to FFO:
Acquisition-related costs (including JV’s)		—			606
Benefit associated with debt extinguishment		—			(4,428	)
Hurricane-related recoveries, net		(2,834	)		—
	$	(2,834	)	$	(3,822	)
FFO as Adjusted, diluted	$	89,304		$	79,698
FFO as Adjusted per common share, diluted	$	0.34		$	0.34
Recurring capital expenditures		(6,762	)		(7,734	)
AFFO	$	82,542		$	71,964
AFFO per common share, diluted	$	0.31		$	0.31

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

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Attachment 3   UDR, Inc. Consolidated Balance Sheets

	March 31,			December 31,
	2013			2012
In thousands, except share and per share amounts	(unaudited)			(audited)
ASSETS
Real estate owned:
Real estate held for investment	$	7,729,300		$	7,564,780
Less: accumulated depreciation		(2,006,349	)		(1,923,429	)
		5,722,951			5,641,351
Real estate under development (net of accumulated depreciation of $1,133 and $1,253)		451,683			489,795
Total real estate owned, net of accumulated depreciation		6,174,634			6,131,146
Cash and cash equivalents		7,121			12,115
Restricted cash		24,628			23,561
Deferred financing costs, net		23,654			24,990
Notes receivable, net		66,193			64,006
Investment in and advances to unconsolidated joint ventures		461,397			477,631
Other assets		133,154			125,654
Total assets	$	6,890,781		$	6,859,103
LIABILITIES AND EQUITY
Liabilities:
Secured debt	$	1,425,663		$	1,430,135
Unsecured debt		2,073,444			1,979,198
Real estate taxes payable		11,132			14,076
Accrued interest payable		29,404			30,937
Security deposits and prepaid rent		48,448			42,589
Distributions payable		61,907			57,915
Accounts payable, accrued expenses, and other liabilities		83,060			87,003
Total liabilities		3,733,058			3,641,853
Redeemable non-controlling interests in operating partnership		225,595			223,418
Equity:
Preferred stock, no par value; 50,000,000 shares authorized 2,803,812 shares of 8.00% Series E Cumulative Convertible issued and outstanding (2,803,812 shares at December 31, 2012)		46,571			46,571
Common stock, $0.01 par value; 350,000,000 shares authorized 250,741,559 shares issued and outstanding (250,139,408 shares at December 31, 2012)		2,507			2,501
Additional paid-in capital		4,101,683			4,098,882
Distributions in excess of net income		(1,210,054	)		(1,143,781	)
Accumulated other comprehensive loss, net		(9,499	)		(11,257	)
Total stockholders’ equity		2,931,208			2,992,916
Non-controlling interest		920			916
Total equity		2,932,128			2,993,832
Total liabilities and equity	$	6,890,781		$	6,859,103

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Attachment 4(A)   UDR, Inc. Selected Financial Information⁽¹⁾ (Unaudited)

	1Q 2013 Weighted		March 31,
Common Stock Equivalents	Average		2013
Common shares		249,916,533		249,980,073
Stock options and restricted stock		1,293,358		1,289,730
Operating partnership units		7,629,354		7,574,306
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		263,626,464		263,631,328

Market Capitalization, In thousands	Balance		% of Total
Total debt	$	3,499,107		35.4	%
Common stock equivalents at $24.19		6,377,242		64.6	%
Total market capitalization	$	9,876,349		100.0	%

								Gross		% of
	Number of		1Q 2013 NOI(1)					Carrying Value		Total Gross
Asset Summary	Homes		($000s)		% of NOI			($000s)		Carrying Value
Unencumbered assets		27,879	$	83,510		66.6	%	$	5,854,365		71.6	%
Encumbered assets		13,871		41,806		33.4	%		2,327,751		28.4	%
		41,750	$	125,316		100.0	%	$	8,182,116		100.0	%

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

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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	$	1,082,139	(1)		30.9	%		5.2	%		4.6
	Floating		343,524	(2)		9.8	%		1.6	%		6.1
	Combined		1,425,663			40.7	%		4.4	%		5.0
Unsecured	Fixed		1,868,444	(3)		53.4	%		4.7	%		3.9
	Floating		205,000			5.9	%		1.2	%		2.6
	Combined		2,073,444			59.3	%		4.3	%		3.8
Total Debt	Fixed		2,950,583			84.3	%		4.9	%		4.1
	Floating		548,524			15.7	%		1.5	%		4.8
	Combined	$	3,499,107			100.0	%		4.3	%		4.2

Debt Maturities, In thousands

				Unsecured		Revolving					Percentage			Weighted Average
	Secured Debt			Debt		Credit Facility			Balance		of Total			Interest Rate
2013	$	37,415		$	122,500	$	—		$	159,915		4.6	%		4.9	%
2014		36,129	(4)		312,429		—			348,558		10.0	%		5.3	%
2015		200,716			324,945		170,000	(5)		695,661		19.9	%		4.4	%
2016		133,238	(6)		433,260		—			566,498		16.2	%		3.6	%
2017		257,434			—		—			257,434		7.4	%		4.4	%
2018		224,787			297,785		—			522,572		14.9	%		4.2	%
2019		508,944			—		—			508,944		14.5	%		4.2	%
2020		—			—		—			—		—			—
2021		—			—		—			—		—			—
2022		—			396,849		—			396,849		11.3	%		4.7	%
Thereafter		27,000			15,676		—			42,676		1.2	%		3.7	%
	$	1,425,663		$	1,903,444	$	170,000		$	3,499,107		100.0	%		4.3	%

Debt Maturities With Extensions, in thousands

			Unsecured		Revolving					Percentage			Weighted Average
	Secured Debt		Debt		Credit Facility			Balance		of Total			Interest Rate
2013	$	37,415	$	122,500	$	—		$	159,915		4.6	%		4.9	%
2014		—		312,429		—			312,429		8.9	%		5.3	%
2015		236,845		324,945		—			561,790		16.1	%		5.4	%
2016		63,119		433,260		170,000	(5)		666,379		19.1	%		2.7	%
2017		327,553		—		—			327,553		9.4	%		4.7	%
2018		224,787		297,785		—			522,572		14.9	%		4.2	%
2019		508,944		—		—			508,944		14.5	%		4.2	%
2020		—		—		—			—		—			—
2021		—		—		—			—		—			—
2022		—		396,849		—			396,849		11.3	%		4.7	%
Thereafter		27,000		15,676		—			42,676		1.2	%		3.7	%
	$	1,425,663	$	1,903,444	$	170,000		$	3,499,107		100.0	%		4.3	%

(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 $36.1 million of permanent financing with a one year extension at UDR’s option.

(5) UDR’s $900 million line of credit 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. The credit facility carries an interest rate equal to LIBOR plus a spread of 122.5 basis points and a facility fee of 22.5 basis points.

(6) Includes $70.1 million permanent financing with a one-year extension at UDR’s option.

6

Attachment 4(C)   UDR, Inc. Selected Financial Information⁽¹⁾ (Unaudited)

Coverage Ratios	Quarter Ended March 31, 2013
Net (loss) income attributable to UDR, Inc.	$	(268	)
Adjustments (includes continuing and discontinued operations):
Interest expense		30,981
Real estate depreciation and amortization		83,442
Real estate depreciation and amortization on unconsolidated joint ventures		9,005
Other depreciation and amortization		1,146
Non-controlling interests		(41	)
Net loss/(gain) on the sale of depreciable property, excluding RE3		—
Income tax expense/(benefit)		(1,973	)
EBITDA	$	122,292
Hurricane-related recoveries, net		(2,834	)
EBITDA—adjusted for non-recurring items	$	119,458
Annualized EBITDA—adjusted for non-recurring items	$	477,832
Interest expense	$	30,981
Capitalized interest expense		8,371
Total interest	$	39,352
Preferred dividends	$	931
Total debt	$	3,499,107
Cash		7,121
Net debt	$	3,491,986
Interest Coverage Ratio		3.11x
Fixed Charge Coverage Ratio		3.04x
Interest Coverage Ratio—adjusted for non-recurring items		3.04x
Fixed Charge Coverage Ratio—adjusted for non-recurring items		2.97x
Net Debt-to-EBITDA, adjusted for non-recurring items		7.3x

Debt Covenant Overview Unsecured Line of Credit Covenants(2)	Required			Actual			Compliance
Maximum Leverage Ratio		£60.0	%		43.3	%		Yes
Minimum Fixed Charge Coverage Ratio		³1.5			2.6			Yes
Maximum Secured Debt Ratio		£40.0	%		21.2	%		Yes
Minimum Unencumbered Pool Leverage Ratio		³150.0	%		282.4	%		Yes
Senior Unsecured Note Covenants(3)	Required			Actual			Compliance
Debt as a percentage of Total Assets		£60.0	%		39.4	%		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	%		16.0	%		Yes
Total Unencumbered Assets to Unsecured Debt		³150.0	%		311.4	%		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.

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Attachment 5   UDR, Inc. Operating Information⁽¹⁾ (Unaudited)

Dollars in thousands	Total Homes		Quarter Ended March 31, 2013			Quarter Ended December 31, 2012			Quarter Ended September 30, 2012			Quarter Ended June 30, 2012			Quarter Ended March 31, 2012
Revenues
Same-Store Communities		37,096	$	153,913		$	152,751		$	151,611		$	149,264		$	146,051
Stabilized, Non-Mature Communities		2,146		11,292			11,446			11,404			10,185			7,961
Acquired Communities		—		—			—			—			—			—
Redevelopment Communities		2,253		13,588			13,818			13,745			14,065			14,292
Development Communities		255		755			184			85			121			17
Non-Residential / Other		—		4,753			4,246			4,921			3,840			3,921
Total		41,750	$	184,301		$	182,445		$	181,766		$	177,475		$	172,242
Expenses
Same-Store Communities			$	48,177		$	46,896		$	49,186		$	47,539		$	46,590
Stabilized, Non-Mature Communities				3,438			3,272			3,653			3,243			2,724
Acquired Communities				—			—			—			—			—
Redevelopment Communities				5,453			5,248			5,529			5,525			5,469
Development Communities				735			494			184			66			(15	)
Non-Residential / Other				1,182			1,654			920			769			532
Total			$	58,985		$	57,564		$	59,472		$	57,142		$	55,300
Net Operating Income
Same-Store Communities			$	105,736		$	105,855		$	102,425		$	101,725		$	99,461
Stabilized, Non-Mature Communities				7,854			8,174			7,751			6,942			5,237
Acquired Communities				—			—			—			—			—
Redevelopment Communities				8,135			8,570			8,216			8,540			8,823
Development Communities				20			(310	)		(99	)		55			32
Non-Residential / Other				3,571			2,592			4,001			3,071			3,389
Total			$	125,316		$	124,881		$	122,294		$	120,333		$	116,942
Operating Margin
Same-Store Communities				68.7	%		69.3	%		67.6	%		68.2	%		68.1	%
Total Revenue Per Occupied Home
Same-Store Communities			$	1,448		$	1,433		$	1,422		$	1,399		$	1,374
Stabilized, Non-Mature Communities				1,846			1,864			1,855			1,904			2,199
Acquired Communities				—			—			—			—			—
Redevelopment Communities				2,354			2,377			2,341			2,318			2,272
Development Communities				2,116			2,253			—			—			—
Total			$	1,514		$	1,503		$	1,490		$	1,470		$	1,395
Average Physical Occupancy
Same-Store Communities				95.5	%		95.8	%		95.8	%		95.9	%		95.5	%
Stabilized, Non-Mature Communities				95.0	%		95.4	%		95.5	%		92.0	%		79.8	%
Acquired Communities				n/a			n/a			n/a			n/a			n/a
Redevelopment Communities				85.4	%		86.0	%		86.9	%		89.7	%		93.0	%
Development Communities				34.4	%		28.1	%		0.0	%		0.0	%		0.0	%
Total				94.6	%		95.1	%		95.3	%		94.9	%		94.3	%
Return on Invested Capital
Same-Store Communities				7.2	%		7.0	%		6.9	%		6.9	%		6.8	%
Sold and Held For Disposition Communities
Revenues			$	—		$	—		$	—		$	13,215		$	17,101
Expenses				—			—			—			4,637			5,929
Net Operating Income			$	—		$	—		$	—		$	8,578		$	11,172

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

8

Attachment 6   UDR, Inc. Same-Store Operating Expense Information (Dollars in Thousands) (Unaudited)

Year-Over-Year Comparison	% of 1Q 2013 SS Operating Expenses			1Q 2013		1Q 2012		% Change
Real estate taxes		34.2	%	$	16,454	$	15,046		9.4	%
Personnel		24.5	%		11,803		11,196		5.4	%
Utilities		16.3	%		7,870		7,671		2.6	%
Repair and maintenance		14.4	%		6,934		7,233		-4.1	%
Administrative and marketing		6.2	%		2,999		3,120		-3.9	%
Insurance		4.4	%		2,117		2,324		-8.9	%
Same-store operating expenses		100.0	%	$	48,177	$	46,590		3.4	%
Same-store Homes		37,096
	% of 1Q 2013
	SS Operating
Sequential Comparison	Expenses			1Q 2013		4Q 2012		% Change
Real estate taxes		34.2	%	$	16,454	$	15,189		8.3	%
Personnel		24.5	%		11,803		11,226		5.1	%
Utilities		16.3	%		7,870		7,815		0.7	%
Repair and maintenance		14.4	%		6,934		7,210		-3.8	%
Administrative and marketing		6.2	%		2,999		3,283		-8.7	%
Insurance		4.4	%		2,117		2,173		-2.6	%
Same-store operating expenses		100.0	%	$	48,177	$	46,896		2.7	%
Same-store Homes		37,096

9

Attachment 7(A)   UDR, Inc. Apartment Home Breakout⁽¹⁾ Portfolio Overview as of Quarter Ended March 31, 2013 (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
Portland, OR		716		—		—		716		—		716
Sacramento, CA		914		—		—		914		—		914
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		—		255		4,568		923		5,491
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		—		255		9,833		1,452		11,285
Northeast Region
New York, NY		700		508		706		1,914		710		2,624
Boston, MA		1,179		—		—		1,179		1,542		2,721
Philadelphia		—		—		—		—		290		290
		1,879		508		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		37,096		2,146		2,508		41,750		9,558		51,308
Communities(5)		132		7		4		143		39		182
Total Homes (incl. joint ventures)(4)						51,308
Homes in Development, Excluding Completed Homes(6)
Current Pipeline Wholly-Owned						2,367
Current Pipeline Joint Venture(7)						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) 27 Seventy Five Mesa Verde was previously disclosed as three communities. See Attachment 7(B).

(6) See Attachment 9 for detail of our development communities.

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

10

Attachment 7(B)   UDR, Inc. Non-Mature Home Summary⁽¹⁾ Portfolio Overview as of Quarter Ended March 31, 2013 (Unaudited)

Non-Mature Home Breakout—By Region (excludes projects currently under development)

Community	Category	# of Homes		Same-Store Date
West Region
Orange County, CA
27 Seventy Five Mesa Verde(2)	Redevelopment		964		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 14th(3)	Development		255		2Q15

Community	Category	# of Homes		Same-Store Date
Northeast Region
New York, NY
95 Wall(4)	Stabilized, Non-Mature		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			4,654

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

Date & Community	Category	# of Homes
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(4)	Stabilized, Non-Mature		508

Date & Community	Category	# of Homes
3Q14
The Westerly on Lincoln	Redevelopment		583
2Q15
Capitol View on 14th(3)	Development		255
3Q15
27 Seventy Five Mesa Verde	Redevelopment		964
4Q15
Rivergate	Redevelopment		706
Total			4,654

Non-Mature Home Sequential Change For the Most Recent Quarter

	Category		# of Homes
Community	From	To	in 1Q 2013
Capitol View on 14th(3)	Development	Development		179
21 Chelsea	Stabilized, Non-Mature	1Q Mature		(207	)
Net Change				(28	)

Number of Non-Mature Homes

	3/31/13		12/31/12		Change
Stabilized, Non-Mature		2,146		2,353		(207	)
Redevelopment		2,253		2,253		—
Development		255		76		179
Total Non-Mature		4,654		4,682		(28	)

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

(2) Communities were combined in 1Q 2013. Formerly known as Pine Brook Village I & II and Villa Venetia.

(3) Community completed development of 179 additional homes in Q1 2013.

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

11

Attachment 7(C)   UDR, Inc. Total Revenue Per Occupied Home Summary ⁽¹⁾ Portfolio Overview as of Quarter Ended March 31, 2013 (Unaudited)

									Unconsolidated
	Total		Non-Mature Homes				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	$	1,659	$	—	$	1,654	$	1,658	$	—	$	1,658
San Francisco, CA		2,580		2,228		—		2,521		3,323		2,524
Seattle, WA		1,465		—		—		1,465		3,008		1,638
Los Angeles, CA		2,079		—		1,970		2,038		3,954		2,090
Monterey Peninsula, CA		1,122		—		—		1,122		—		1,122
Inland Empire, CA		1,442		—		—		1,442		—		1,442
Portland, OR		1,073		—		—		1,073		—		1,073
Sacramento, CA		917		—		—		917		—		917
San Diego, CA		1,462		—		—		1,462		3,110		1,653
Mid-Atlantic Region
Metropolitan DC		1,795		—		2,116		1,802		2,614		1,839
Baltimore, MD		1,441		—		—		1,441		1,712		1,444
Richmond, VA		1,179		—		—		1,179		—		1,179
Norfolk, VA		1,016		—		—		1,016		—		1,016
Other Mid-Atlantic		991		—		—		991		2,787		1,169
Northeast Region
New York, NY		3,509		3,129		3,553		3,423		4,135		3,537
Boston, MA		2,073		—		—		2,073		2,039		2,060
Philadelphia		—		—		—		—		2,902		2,902
Southeast Region
Tampa, FL		1,080		—		—		1,080		—		1,080
Orlando, FL		989		—		—		989		—		989
Nashville, TN		978		—		—		978		—		978
Other Florida		1,284		—		—		1,284		—		1,284
Southwest Region
Dallas, TX		1,104		1,492		—		1,142		1,244		1,155
Austin, TX		1,329		1,108		—		1,176		3,795		1,418
Other Southwest		—		—		—		—		1,059		1,059
Weighted Average	$	1,448	$	1,846	$	2,343	$	1,514	$	2,387	$	1,569

(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.

12

Attachment 7(D)   UDR, Inc. Net Operating Income Breakout By Market⁽¹⁾ March 31, 2013 (Dollars in Thousands) (Unaudited)

	Three Months Ended March 31, 2013
					Pro-Rata
	Same-Store		Non Same-Store		Share of  JVs(2)		Total
Net Operating Income	$	105,736	$	19,580	$	13,239	$	138,555

	Three Months Ended March 31, 2013
	As a % of NOI
	Same-Store			Total
West Region
Orange County, CA		10.7	%		10.0	%
San Francisco, CA		10.6	%		9.6	%
Seattle, WA		5.8	%		6.5	%
Los Angeles, CA		3.4	%		4.4	%
Monterey Peninsula, CA		2.9	%		2.2	%
Inland Empire, CA		1.8	%		1.4	%
Portland, OR		1.4	%		1.1	%
Sacramento, CA		1.4	%		1.1	%
San Diego, CA		1.0	%		0.9	%
		39.0	%		37.2	%
Mid-Atlantic Region
Metropolitan DC		14.5	%		12.6	%
Baltimore, MD		6.5	%		5.1	%
Richmond, VA		3.3	%		2.5	%
Norfolk, VA		2.6	%		2.0	%
Other Mid-Atlantic		0.3	%		0.3	%
		27.2	%		22.5	%

	Three Months Ended March 31, 2013
	As a % of NOI
Region	Same-Store			Total
Northeast Region
New York, NY		5.1	%		12.0	%
Boston, MA		4.5	%		5.5	%
Philadelphia		0.0	%		0.7	%
		9.6	%		18.2	%
Southeast Region
Tampa, FL		6.5	%		5.0	%
Orlando, FL		5.5	%		4.3	%
Nashville, TN		4.1	%		3.2	%
Other Florida		1.5	%		1.1	%
		17.6	%		13.6	%
Southwest Region
Dallas, TX		5.7	%		5.7	%
Austin, TX		0.9	%		2.5	%
Other Southwest		0.0	%		0.3	%
		6.6	%		8.5	%
Total		100.0	%		100.0	%

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

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

13

Attachment 8(A)   UDR, Inc. Same-Store Operating Information By Major Market⁽¹⁾ Current Quarter vs. Prior Year Quarter March 31, 2013 (Unaudited)

			% of Same-
	Total		Store Portfolio			Same-Store
	Same-Store		Based on			Physical Occupancy									Total Revenue per Occupied Home
	Homes		1Q 2013 NOI			1Q 13			1Q 12			Change			1Q 13		1Q 12		Change
West Region
Orange County, CA		3,290		10.7	%		94.6	%		94.6	%		0.0	%	$	1,659	$	1,594		4.1	%
San Francisco, CA		2,028		10.6	%		95.7	%		95.8	%		-0.1	%		2,580		2,396		7.7	%
Seattle, WA		2,165		5.8	%		95.9	%		95.7	%		0.2	%		1,465		1,382		6.0	%
Los Angeles, CA		919		3.4	%		95.1	%		94.7	%		0.4	%		2,079		1,983		4.8	%
Monterey Peninsula, CA		1,565		2.9	%		89.6	%		92.0	%		-2.4	%		1,122		1,067		5.2	%
Inland Empire, CA		654		1.8	%		94.4	%		94.9	%		-0.5	%		1,442		1,415		1.9	%
Portland, OR		716		1.4	%		96.1	%		93.7	%		2.4	%		1,073		1,025		4.7	%
Sacramento, CA		914		1.4	%		91.1	%		91.2	%		-0.1	%		917		894		2.6	%
San Diego, CA		366		1.0	%		94.1	%		94.2	%		-0.1	%		1,462		1,377		6.2	%
		12,617		39.0	%		94.2	%		94.4	%		-0.2	%		1,641		1,556		5.5	%
Mid-Atlantic Region
Metropolitan DC		4,313		14.5	%		96.9	%		96.6	%		0.3	%		1,795		1,709		5.0	%
Baltimore, MD		2,301		6.5	%		96.5	%		96.7	%		-0.2	%		1,441		1,409		2.3	%
Richmond, VA		1,358		3.3	%		96.6	%		94.7	%		1.9	%		1,179		1,158		1.8	%
Norfolk, VA		1,438		2.6	%		94.0	%		94.8	%		-0.8	%		1,016		986		3.0	%
Other Mid-Atlantic		168		0.3	%		96.8	%		93.2	%		3.6	%		991		994		-0.3	%
		9,578		27.2	%		96.3	%		96.0	%		0.3	%		1,494		1,440		3.8	%
Northeast Region
New York, NY		700		5.1	%		95.8	%		98.1	%		-2.3	%		3,509		3,209		9.3	%
Boston, MA		1,179		4.5	%		96.0	%		96.2	%		-0.2	%		2,073		1,920		8.0	%
		1,879		9.6	%		95.9	%		96.9	%		-1.0	%		2,608		2,406		8.4	%
Southeast Region
Tampa, FL		3,452		6.5	%		96.5	%		96.1	%		0.4	%		1,080		1,019		6.0	%
Orlando, FL		3,167		5.5	%		95.7	%		95.5	%		0.2	%		989		946		4.5	%
Nashville, TN		2,260		4.1	%		96.6	%		97.0	%		-0.4	%		978		920		6.3	%
Other Florida		636		1.5	%		95.8	%		94.7	%		1.1	%		1,284		1,240		3.5	%
		9,515		17.6	%		96.2	%		96.0	%		0.2	%		1,039		986		5.4	%
Southwest Region
Dallas, TX		3,117		5.7	%		96.1	%		95.7	%		0.4	%		1,104		1,028		7.4	%
Austin, TX		390		0.9	%		97.0	%		95.4	%		1.6	%		1,329		1,235		7.6	%
		3,507		6.6	%		96.2	%		95.7	%		0.5	%		1,129		1,051		7.4	%
Total/Weighted Avg.		37,096		100	%		95.5	%		95.5	%		0.0	%	$	1,448	$	1,374		5.4	%

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

14

Attachment 8(B)   UDR, Inc. Same-Store Operating Information By Major Market⁽¹⁾ Current Quarter vs. Prior Year Quarter March 31, 2013 (Unaudited)

	Total		Same-Store ($000s)
	Same-Store		Revenues							Expenses							Net Operating Income
	Homes		1Q 13		1Q 12		Change			1Q 13		1Q 12		Change			1Q 13		1Q 12		Change
West Region
Orange County, CA		3,290	$	15,494	$	14,886		4.1	%	$	4,169	$	4,370		-4.6	%	$	11,325	$	10,516		7.7	%
San Francisco, CA		2,028		15,020		13,965		7.6	%		3,848		3,688		4.3	%		11,172		10,277		8.7	%
Seattle, WA		2,165		9,124		8,592		6.2	%		2,940		2,636		11.5	%		6,184		5,956		3.8	%
Los Angeles, CA		919		5,451		5,178		5.3	%		1,821		1,846		-1.4	%		3,630		3,332		8.9	%
Monterey Peninsula, CA		1,565		4,720		4,609		2.4	%		1,638		1,482		10.5	%		3,082		3,127		-1.4	%
Inland Empire, CA		654		2,670		2,635		1.3	%		807		841		-4.0	%		1,863		1,794		3.8	%
Portland, OR		716		2,214		2,062		7.4	%		686		685		0.1	%		1,528		1,377		11.0	%
Sacramento, CA		914		2,290		2,236		2.4	%		785		770		1.9	%		1,505		1,466		2.7	%
San Diego, CA		366		1,510		1,425		6.0	%		484		534		-9.4	%		1,026		891		15.2	%
		12,617		58,493		55,588		5.2	%		17,178		16,852		1.9	%		41,315		38,736		6.7	%
Mid-Atlantic Region
Metropolitan DC		4,313		22,507		21,355		5.4	%		7,160		6,817		5.0	%		15,347		14,538		5.6	%
Baltimore, MD		2,301		9,599		9,403		2.1	%		2,750		2,733		0.6	%		6,849		6,670		2.7	%
Richmond, VA		1,358		4,642		4,466		3.9	%		1,165		1,139		2.3	%		3,477		3,327		4.5	%
Norfolk, VA		1,438		4,119		4,034		2.1	%		1,343		1,310		2.5	%		2,776		2,724		1.9	%
Other Mid-Atlantic		168		484		467		3.6	%		171		161		6.2	%		313		306		2.3	%
		9,578		41,351		39,725		4.1	%		12,589		12,160		3.5	%		28,762		27,565		4.3	%
Northeast Region
New York, NY		700		7,060		6,612		6.8	%		1,670		1,699		-1.7	%		5,390		4,913		9.7	%
Boston, MA		1,179		7,039		6,532		7.8	%		2,358		2,144		10.0	%		4,681		4,388		6.7	%
		1,879		14,099		13,144		7.3	%		4,028		3,843		4.8	%		10,071		9,301		8.3	%
Southeast Region
Tampa, FL		3,452		10,795		10,138		6.5	%		3,890		3,677		5.8	%		6,905		6,461		6.9	%
Orlando, FL		3,167		8,997		8,583		4.8	%		3,132		2,953		6.1	%		5,865		5,630		4.2	%
Nashville, TN		2,260		6,405		6,050		5.9	%		2,022		2,010		0.6	%		4,383		4,040		8.5	%
Other Florida		636		2,347		2,242		4.7	%		795		779		2.1	%		1,552		1,463		6.1	%
		9,515		28,544		27,013		5.7	%		9,839		9,419		4.5	%		18,705		17,594		6.3	%
Southwest Region
Dallas, TX		3,117		9,918		9,202		7.8	%		3,928		3,774		4.1	%		5,990		5,428		10.4	%
Austin, TX		390		1,508		1,379		9.4	%		615		542		13.5	%		893		837		6.7	%
		3,507		11,426		10,581		8.0	%		4,543		4,316		5.3	%		6,883		6,265		9.9	%
Totals		37,096	$	153,913	$	146,051		5.4	%	$	48,177	$	46,590		3.4	%	$	105,736	$	99,461		6.3	%

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

15

	Attachment 8(C)
	UDR, Inc.
	Same-Store Operating Information By Major Market(1)
	Current Quarter vs. Last Quarter
	March 31, 2013
	(Unaudited)

	Total		Same-Store
	Same-Store		Physical Occupancy									Total Revenue per Occupied Home
	Homes		1Q 13			4Q 12			Change			1Q 13		4Q 12		Change
West Region
Orange County, CA		3,290		94.6	%		94.9	%		-0.3	%	$	1,659	$	1,651		0.5	%
San Francisco, CA		2,028		95.7	%		96.3	%		-0.6	%		2,580		2,565		0.6	%
Seattle, WA		2,165		95.9	%		96.7	%		-0.8	%		1,465		1,439		1.8	%
Los Angeles, CA		919		95.1	%		95.6	%		-0.5	%		2,079		2,061		0.9	%
Monterey Peninsula, CA		1,565		89.6	%		92.2	%		-2.6	%		1,122		1,136		-1.2	%
Inland Empire, CA		654		94.4	%		94.1	%		0.3	%		1,442		1,437		0.3	%
Portland, OR		716		96.1	%		95.9	%		0.2	%		1,073		1,061		1.1	%
Sacramento, CA		914		91.1	%		93.0	%		-1.9	%		917		876		4.7	%
San Diego, CA		366		94.1	%		95.7	%		-1.6	%		1,462		1,424		2.7	%
		12,617		94.2	%		95.0	%		-0.8	%		1,641		1,625		1.0	%
Mid-Atlantic Region
Metropolitan DC		4,313		96.9	%		96.9	%		0.0	%		1,795		1,783		0.7	%
Baltimore, MD		2,301		96.5	%		96.0	%		0.5	%		1,441		1,434		0.5	%
Richmond, VA		1,358		96.6	%		95.6	%		1.0	%		1,179		1,177		0.2	%
Norfolk, VA		1,438		94.0	%		94.3	%		-0.3	%		1,016		989		2.7	%
Other Mid-Atlantic		168		96.8	%		97.9	%		-1.1	%		991		990		0.1	%
		9,578		96.3	%		96.1	%		0.2	%		1,494		1,483		0.8	%
Northeast Region
New York, NY		700		95.8	%		97.0	%		-1.2	%		3,509		3,469		1.2	%
Boston, MA		1,179		96.0	%		95.8	%		0.2	%		2,073		2,059		0.7	%
		1,879		95.9	%		96.2	%		-0.3	%		2,608		2,590		0.7	%
Southeast Region
Tampa, FL		3,452		96.5	%		96.3	%		0.2	%		1,080		1,057		2.2	%
Orlando, FL		3,167		95.7	%		95.9	%		-0.2	%		989		977		1.2	%
Nashville, TN		2,260		96.6	%		96.8	%		-0.2	%		978		970		0.8	%
Other Florida		636		95.8	%		96.6	%		-0.8	%		1,284		1,242		3.4	%
		9,515		96.2	%		96.3	%		-0.1	%		1,039		1,022		1.7	%
Southwest Region
Dallas, TX		3,117		96.1	%		95.5	%		0.6	%		1,104		1,085		1.8	%
Austin, TX		390		97.0	%		96.7	%		0.3	%		1,329		1,332		-0.2	%
		3,507		96.2	%		95.6	%		0.6	%		1,129		1,113		1.4	%
Total/Weighted Avg.		37,096		95.5	%		95.8	%		-0.3	%	$	1,448	$	1,433		1.0	%

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

16

	Attachment 8(D)
	UDR, Inc.
	Same-Store Operating Information By Major Market(1)
	Current Quarter vs. Last Quarter
	March 31, 2013
	(Unaudited)

	Total		Same-Store ($000s)
	Same-Store		Revenues							Expenses							Net Operating Income
	Homes		1Q 13		4Q 12		Change			1Q 13		4Q 12		Change			1Q 13		4Q 12			Change
West Region
Orange County, CA		3,290	$	15,494	$	15,463		0.2	%	$	4,169	$	4,134		0.8	%	$	11,325	$	11,329			0.0	%
San Francisco, CA		2,028		15,020		15,026		0.0	%		3,848		3,854		-0.2	%		11,172		11,172			0.0	%
Seattle, WA		2,165		9,124		9,040		0.9	%		2,940		2,738		7.4	%		6,184		6,302			-1.9	%
Los Angeles, CA		919		5,451		5,433		0.3	%		1,821		1,820		0.1	%		3,630		3,613			0.5	%
Monterey Peninsula, CA		1,565		4,720		4,919		-4.0	%		1,638		1,621		1.0	%		3,082		3,298			-6.5	%
Inland Empire, CA		654		2,670		2,654		0.6	%		807		643		25.5	%		1,863		2,011			-7.4	%
Portland, OR		716		2,214		2,185		1.3	%		686		728		-5.8	%		1,528		1,457	��		4.9	%
Sacramento, CA		914		2,290		2,233		2.6	%		785		737		6.5	%		1,505		1,496			0.6	%
San Diego, CA		366		1,510		1,497		0.9	%		484		431		12.3	%		1,026		1,066			-3.8	%
		12,617		58,493		58,450		0.1	%		17,178		16,706		2.8	%		41,315		41,744			-1.0	%
Mid-Atlantic Region
Metropolitan DC		4,313		22,507		22,360		0.7	%		7,160		6,757		6.0	%		15,347		15,603			-1.6	%
Baltimore, MD		2,301		9,599		9,506		1.0	%		2,750		2,756		-0.2	%		6,849		6,750			1.5	%
Richmond, VA		1,358		4,642		4,585		1.2	%		1,165		1,152		1.1	%		3,477		3,433			1.3	%
Norfolk, VA		1,438		4,119		4,024		2.4	%		1,343		1,316		2.1	%		2,776		2,708			2.5	%
Other Mid-Atlantic		168		484		488		-0.8	%		171		163		4.9	%		313		325			-3.7	%
		9,578		41,351		40,963		0.9	%		12,589		12,144		3.7	%		28,762		28,819			-0.2	%
Northeast Region
New York, NY		700		7,060		7,067		-0.1	%		1,670		1,663		0.4	%		5,390		5,404			-0.3	%
Boston, MA		1,179		7,039		6,976		0.9	%		2,358		2,015		17.0	%		4,681		4,961			-5.6	%
		1,879		14,099		14,043		0.4	%		4,028		3,678		9.5	%		10,071		10,365			-2.8	%
Southeast Region
Tampa, FL		3,452		10,795		10,545		2.4	%		3,890		3,840		1.3	%		6,905		6,705			3.0	%
Orlando, FL		3,167		8,997		8,900		1.1	%		3,132		3,100		1.0	%		5,865		5,800			1.1	%
Nashville, TN		2,260		6,405		6,367		0.6	%		2,022		2,155		-6.2	%		4,383		4,212			4.1	%
Other Florida		636		2,347		2,289		2.5	%		795		863		-7.9	%		1,552		1,426			8.8	%
		9,515		28,544		28,101		1.6	%		9,839		9,958		-1.2	%		18,705		18,143			3.1	%
Southwest Region
Dallas, TX		3,117		9,918		9,687		2.4	%		3,928		3,769		4.2	%		5,990		5,918			1.2	%
Austin, TX		390		1,508		1,507		0.1	%		615		641		-4.1	%		893		866			3.1	%
		3,507		11,426		11,194		2.1	%		4,543		4,410		3.0	%		6,883		6,784			1.5	%
Total		37,096	$	153,913	$	152,751		0.8	%	$	48,177	$	46,896		2.7	%	$	105,736	$	105,855			-0.1	%

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

17

	Attachment 8(E)
	UDR, Inc.
	Same-Store Operating Information By Major Market(1)
	March 31, 2013
	(Unaudited)

	Effective New Lease Rate Growth			Effective Renewal Lease Rate Growth									Turnover
	1Q 2013			1Q 2013			1Q 2013			1Q 2012			TTM
West Region
Orange County, CA		2.1	%		5.0	%		54.5	%		49.4	%		57.0	%
San Francisco, CA		3.9	%		6.6	%		47.2	%		48.0	%		52.4	%
Seattle, WA		4.5	%		6.3	%		48.1	%		50.2	%		56.5	%
Los Angeles, CA		1.8	%		5.0	%		49.9	%		47.7	%		51.8	%
Monterey Peninsula, CA		-0.5	%		3.8	%		49.8	%		66.1	%		64.3	%
Inland Empire, CA		-0.3	%		5.2	%		51.5	%		50.2	%		55.5	%
Portland, OR		5.9	%		8.2	%		43.6	%		57.2	%		59.9	%
Sacramento, CA		3.9	%		7.2	%		55.0	%		58.6	%		61.2	%
San Diego, CA		10.2	%		13.3	%		86.4	%		66.5	%		71.6	%
		2.9	%		5.9	%		51.5	%		52.9	%		57.5	%
Mid-Atlantic Region
Metropolitan DC		1.2	%		5.1	%		36.1	%		37.2	%		46.4	%
Baltimore, MD		-3.0	%		5.2	%		43.0	%		40.4	%		52.2	%
Richmond, VA		-2.8	%		4.2	%		45.1	%		52.3	%		55.8	%
Norfolk, VA		-1.1	%		5.1	%		52.2	%		51.9	%		61.0	%
Other Mid-Atlantic		2.9	%		5.6	%		38.6	%		43.5	%		65.5	%
		-0.5	%		5.0	%		41.5	%		42.4	%		51.6	%
Northeast Region
New York, NY		2.0	%		5.0	%		30.1	%		31.9	%		39.1	%
Boston, MA		4.1	%		6.6	%		37.8	%		40.9	%		42.1	%
		3.2	%		5.9	%		35.0	%		37.6	%		41.0	%
Southeast Region
Tampa, FL		3.3	%		6.0	%		38.1	%		42.8	%		49.7	%
Orlando, FL		3.0	%		7.0	%		44.6	%		45.1	%		53.6	%
Nashville, TN		1.4	%		5.6	%		48.5	%		43.6	%		56.0	%
Other Florida		6.5	%		8.8	%		44.0	%		42.1	%		55.8	%
		3.0	%		6.4	%		43.1	%		43.7	%		52.9	%
Southwest Region
Dallas, TX		3.0	%		6.5	%		46.8	%		50.4	%		52.2	%
Austin, TX		4.6	%		7.1	%		53.0	%		52.0	%		54.9	%
		3.2	%		6.6	%		47.5	%		50.5	%		52.5	%
Total/Weighted Avg.		2.2	%		5.8	%		45.5	%		46.8	%		53.5	%
Percentage of Total		54.0	%		46.0	%
	1Q 2013			1Q 2012
Total Combined New and Renewal Lease Rate Growth		3.8	%		4.3	%

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

18

	Attachment 9
	UDR, Inc.
	Development Summary(1)
	March 31, 2013
	(Dollars in Thousands)
	(Unaudited)

Wholly-Owned

													Schedule								Percentage
		# of		Compl.		Cost to		Budgeted		Est. Cost					Initial
Community	Location	Homes		Homes		Date		Cost		per Home			Start		Occ.		Compl.		Stabil.		Leased			Occupied
Projects Under Construction
Fiori on Vitruvian Park®	Addison, TX		391		—	$	85,467	$	98,350	$	252			3Q 11		2Q 13		3Q 13		4Q 14		6.1	%		0.0	%
The Residences at Bella Terra	Huntington Beach, CA		467		—		109,170		150,000		321	(2)		4Q 11		2Q 13		4Q 13		1Q 15		6.9	%		—
Channel @ Mission Bay	San Francisco, CA		315		—		94,851		145,000		460	(3)		4Q 10		4Q 13		4Q 13		1Q 15		—			—
Los Alisos	Mission Viejo, CA		320		—		53,572		87,050		272			2Q 11		3Q 13		4Q 13		1Q 15		—			—
The Calvert (4)	Alexandria, VA		332		—		45,310		132,000		398			3Q 11		1Q 14		2Q 14		3Q 15		—			—
Beach Walk	Huntington Beach, CA		173		—		16,544		50,700		293			3Q 12		2Q 14		2Q 14		3Q 15		—			—
Pier 4	Boston, MA		369		—		47,902		217,700		590	(5)		4Q 12		1Q 15		2Q 15		3Q 16		—			—
Total			2,367		—	$	452,816	$	880,800	$	372
Completed Projects, Non-Stabilized
Capitol View on 14th	Washington, DC		255		255	$	120,128	$	126,100	$	495	(6)		4Q 10		4Q 12		1Q 13		1Q 14		60.0	%		50.2	%
Completed Projects, Stabilized During Quarter (7)
N/A	N/A		—		—	$	—	$	—	$	—			N/A		N/A		N/A		N/A
Total—Wholly Owned			2,622		255	$	572,944	$	1,006,900	$	384

Net Operating Income From Wholly-Owned Projects

	1Q 2013
Projects Under Construction	$	(188	)
Completed, Non-Stabilized		208
Completed, Stabilized During Quarter(7)		—
Total	$	20

Capitalized Interest for Current Development Projects

1Q 13		1Q 12
$ 4,91	6	$	2,219

Projected Weighted Average Stabilized Yield of Wholly-owned Projects: 6.0% to 6.5%

Unconsolidated Joint Ventures

																Schedule								Percentage
		Own.			# of		Compl.		Cost to		Budgeted			Project				Initial
Community	Location	Interest			Homes		Homes		Date		Cost			Debt		Start		Occ.		Compl.		Stabil.		Leased			Occupied
Projects Under Construction
13th & Market	San Diego, CA		95	%		264		—	$	40,965	$	75,500	(8)	$	10,203		2Q 11		4Q 13		1Q 14		2Q 15		—			—
Domain College Park	College Park, MD		95	%		256		—		35,729		65,100	(9)		9,694		2Q 11		3Q 13		1Q 14		2Q 15		3.1	%		0.0	%
Total						520		—	$	76,694	$	140,600		$	19,897
Completed Projects, Non-Stabilized
N/A	N/A		—			—		—		—		—			—		—		—		—		—		—			—
Completed Projects, Stabilized During Quarter
N/A	N/A		—			—		—		—		—			—		—		—		—		—		—			—
Total—Unconsolidated Joint Ventures						520		—	$	76,694	$	140,600

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

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

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

(4) 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.

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

(6) Includes 16,000 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.

19

	Attachment 10
	UDR, Inc.
	Redevelopment Summary(1)
	December 31, 2012
	(Dollars in Thousands)
	(Unaudited)

Wholly-Owned

		# of		Compl.		Cost to		Budgeted		Est. Cost		Schedule									Percentage
Community	Location	Homes		Homes		Date		Cost(2)		per Home		Acq.			Start		Compl.		Same-Store(3)		Leased			Occupied
Projects in Redevelopment
The Westerly on Lincoln	Marina del Rey, CA		583		424	$	32,303	$	36,100	$	62		3Q 10			3Q 11		2Q 13		3Q 14		97.1	%		95.9	%
Rivergate	New York, NY		706		205		23,648		60,000		85		3Q 11			3Q 11		3Q 14		4Q 15		92.5	%		90.8	%
27 Seventy Five Mesa Verde	Costa Mesa, CA		964		220		38,541		75,300		78		Various	(4)		3Q 11		2Q 14		3Q 15		80.9	%		79.1	%
Total			2,253		849	$	94,492	$	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		849	$	94,492	$	171,400	$	76

Projected Weighted Average Return on Incremental Capital Invested: 7.0% to 9.0%

Capitalized Interest for Current Redevelopment Projects

1Q 13		1Q 12
$	737	$	504

(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.

(4) Communities were combined in 1Q 2013. They were acquired in June 2003, October 2004 and May 2008.

20

Attachment 11   UDR, Inc. Land Summary⁽¹⁾ March 31, 2013 (Dollars in Thousands) (Unaudited)

Parcel	Location	UDR  Ownership Interest			Cost Basis		UDR Pro-Rata Cost Basis		Status Update  (2)
									Pursuing	Design	Hold for Future
									Entitlements	Development	Development
Wholly-Owned
3033 Wilshire	Los Angeles, CA		100	%	$	17,195	$	17,195			X
Vitruvian Park®	Addison, TX		100	%		85,511		85,511		X	X
7 Harcourt(3)	Boston, MA		100	%		4,847		4,847	X
399 Fremont(4)	San Francisco, CA		100	%		60,916		60,916		X
Total					$	168,469	$	168,469
					Cost Basis		UDR Pro-Rata Cost Basis
Consolidated Joint Ventures
3032 Wilshire	Santa Monica, CA		95.0	%	$	11,059	$	10,506	X
2919 Wilshire	Santa Monica, CA		95.0	%		7,550		7,173	X
Total					$	18,609	$	17,679
					Cost Basis		UDR Pro-Rata Cost Basis
UDR/MetLife I Unconsolidated Joint Venture
8 parcels(5)			4.3	%	$	185,864	$	7,465	X	X	X
Total					$	372,942	$	193,613

(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) Cost basis includes $4.7 million payment made in January 2013 to purchase our partner’s interest.

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

21

Attachment 12   UDR, Inc. Unconsolidated Joint Venture Summary ⁽¹⁾ March 31, 2013 (Dollars in Thousands) (Unaudited)

Portfolio Characteristics

	Property Type	# of Comm.  / Parcels		#  of Homes		Own. Interest			Physical Occupancy 1Q 13			Total Revenue  per Occupied Home 1Q  13(1)		Net Operating Income
														UDR’s Share			Total
Joint Venture														1Q 2013			1Q  2013(2)
UDR / MetLife II	Various		13		2,752		50.0	%		95.9	%	$	3,104	$	9,043		$	18,086
UDR / MetLife I
Operating communities	Various		14		2,547		13.3	%		95.2	%		2,761		1,462			12,159
Land parcels			8		TBD		4.3	%		—			—		(5	)		(70	)
UDR / KFH	High-rise		3		660		30.0	%		93.9	%		2,521		1,053			3,510
Lodge at Stoughton	Garden		1		240		95.0	%		94.2	%		1,607		607			639
Texas	Garden		8		3,359		20.0	%		96.6	%		983		1,079			5,395
Total/Weighted Average			47		9,558					95.8	%	$	2,387	$	13,239		$	39,719

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	$	1,423,806	$	774,885	$	311,005		4.2	%		Various
UDR / MetLife I		1,328,799		496,865		75,959		4.3	%		Various
UDR / KFH		280,820		165,209		28,598		3.4	%		Various
Lodge at Stoughton		41,363		24,482		16,162		3.0	%		10/2014
Texas		321,376		219,588		2,608		5.6	%		2014
Total/Weighted Average	$	3,396,164	$	1,681,029	$	434,332		4.3	%				6.1	%		7.9	%

Same-Store Unconsolidated Joint Venture Growth

	Same-Store
	Joint Venture		Q1 2013 vs. Q1 2012 Growth									Q1 2013 vs. Q4 2012 Growth
Joint Venture	Communities (3)		Revenue			Expense			NOI			Revenue			Expense			NOI
UDR / MetLife II		8		7.5	%		10.1	%		6.4	%		2.3	%		7.6	%		0.2	%
UDR / MetLife I		13		8.5	%		2.9	%		12.4	%		0.2	%		11.8	%		-6.2	%
UDR / KFH		1		0.6	%		-3.1	%		2.0	%		6.8	%		-13.1	%		16.3	%
Texas		8		6.1	%		16.4	%		-0.7	%		0.8	%		20.7	%		-10.6	%
Total/Average		30		7.4	%		8.0	%		7.1	%		1.2	%		12.0	%		-4.3	%
Same-Store JV Results at UDR’s Pro-rata Ownership
									NOI									NOI
Interest										6.3	%								-2.2	%

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

(2) Represents net operating income at 100 percent for the quarter ended March 31, 2013.

(3) Joint ventures represented at 100 percent.

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Attachment 13   UDR, Inc. Acquisitions and Dispositions Summary March 31, 2013 (Dollars in Thousands) (Unaudited)

			Ownership		# of	Price per
Date of Purchase	Community	Location	Interest	Price	Homes	Home
Acquisitions—Wholly-Owned
None
Acquisitions—Wholly-Owned Land
None
Acquisitions—Joint Venture
None

			Ownership		# of	Price per
Date of Sale	Community	Location	Interest	Price	Homes	Home
Dispositions—Wholly-Owned
None
Dispositions—Joint Ventures
None

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Attachment 14   UDR, Inc. Capital Expenditure and Repair and Maintenance Summary March 31, 2013 (Dollars in Thousands) (Unaudited)

		Three Months
	Weighted Avg.	Ended
Category (Capitalized)	Useful Life (yrs) (1)	March 31, 2013		Cost per Home
Capital Expenditures for Consolidated Homes(2)
Average Number of Homes (3)			41,626
Recurring Cap Ex
Asset Preservation
Building Interiors	5 - 20	$	2,577	$	62
Building Exteriors	5 - 20		1,307		32
Landscaping and Grounds	10		544		13
Total Asset Preservation			4,428		107
Turnover Related	5		2,334		56
Total Recurring Cap Ex			6,762		163
Revenue Enhancing Cap Ex(4)	5 - 20		383		9
Total		$	7,145	$	172

	Three Months
	Ended
Category (Expensed)	March 31, 2013		Cost per Home
Repair and Maintenance for Consolidated Homes
Average Number of Homes		41,626
Contract Services	$	4,406	$	106
Turnover Related Expenses		1,152		28
Other Repair and Maintenance
Building Interiors		1,550		37
Building Exteriors		387		9
Landscaping and Grounds		247		6
Total	$	7,742		186

(1) Weighted average useful life of capitalized expenses for the three months ended March 31, 2013.

(2) Excludes redevelopment capital.

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

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

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Attachment 15   UDR, Inc. Full-Year 2013 Guidance⁽¹⁾ March 31, 2013 (Unaudited)

FFO and AFFO per Share Guidance

	2Q 2013	Full Year 2013
FFO per common share, diluted	$0.33 to $0.35	$1.36 to $1.42
FFO As Adjusted per common share, diluted	$0.33 to $0.35	$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)	263.6	265.6
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.

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Attachment 16(A)   UDR, Inc. Definitions and Reconciliations March 31, 2013 (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 March 31, 2013, 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 March 31, 2013, within the Consolidated Statements of Operations for the periods ended March 31, 2012 and 2013, and the reclassification of the assets and liabilities within the Consolidated Balance Sheets as of March 31, 2013 and December 31, 2012.

UDR did not dispose of any communities during the three months ended March 31, 2013. During the three months ended March 31, 2012, UDR disposed of six communities with a total of 1,576 homes. During the twelve months ended December 31, 2012, UDR sold 21 communities with a total of 6,507 units. At March 31, 2013, 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, net of tax”.

In thousands	1Q 2013		1Q 2012
Rental income	$	—	$	17,101
Rental expenses		—		5,929
Property management		—		470
Real estate depreciation		—		6,340
		—		12,739
Income before net gain on the sale of depreciable property		—		4,362
Net gain on the sale of depreciable property, net of tax		—		80,525
Income from discontinued operations, net of tax	$	—	$	84,887

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, non-controlling 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.

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Attachment 16(B)   UDR, Inc. Definitions and Reconciliations March 31, 2013 (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, non-controlling 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	1Q 2013
Loss from unconsolidated entities	$	(2,802	)
Management fee		799
Interest expense		6,110
Depreciation		9,005
General and administrative		127
Other income/expense		—
Total Joint Venture NOI at UDR’s Pro-Rata Ownership Interest	$	13,239

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, non-controlling 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	1Q 2013			4Q 2012			1Q 2012
Net (loss)/Income attributable to UDR, Inc.	$	(268	)	$	(12,300	)	$	83,156
Property management		5,068			5,017			4,737
Other operating expense		1,643			1,464			1,383
Real estate depreciation and amortization		83,442			83,456			87,907
Interest expense		30,981			30,660			34,745
Hurricane-related charges (recoveries), net		(3,021	)		8,495			—
General and administrative		9,476			10,653			9,379
Tax benefit, net (includes valuation adjustment)		(1,973	)		(1,628	)		(22,876	)
Loss from unconsolidated entities		2,802			2,757			2,691
Interest and other income, net		(1,016	)		(1,157	)		(694	)
Joint venture management and other fees		(2,923	)		(2,817	)		(2,989	)
Other depreciation and amortization		1,146			1,092			918
Income from discontinued operations, net of tax		—			(156	)		(84,887	)
Net loss/(income) attributable to non-controlling interests		(41	)		(655	)		3,472
Total consolidated NOI	$	125,316		$	124,881		$	116,942

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Attachment 16(C)   UDR, Inc. Definitions and Reconciliations March 31, 2013 (Unaudited)

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

Non-Residential / Other: The Company defines Non-Residential / Other as non-apartment components of mixed-use properties, 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.

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Attachment 16(D)   UDR, Inc. Definitions and Reconciliations March 31, 2013 (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 second quarter of 2013 to forecasted FFO, FFO as Adjusted and AFFO per share:

	Full Year 2013
	Low			High
Forecasted earnings per diluted share	$	(0.07	)	$	(0.01	)
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	$	1.36		$	1.42
RE3 gains from asset sales		(0.02	)		(0.02	)
Hurricane-related recoveries, net		(0.01	)		(0.01	)
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
	2Q 2013
	Low			High
Forecasted earnings per diluted share	$	(0.03	)	$	(0.01	)
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	$	0.33		$	0.35
RE3 gains from asset sales		—			—
Forecasted FFO as Adjusted per diluted share	$	0.33		$	0.35
Recurring capital expenditures		(0.06	)		(0.06	)
Forecasted AFFO per diluted share	$	0.27		$	0.29

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