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

Exhibit 99.2

Financial Highlights

UDR, Inc.

As of End of Second Quarter 2013⁽¹⁾

(Unaudited)

	Actual Results			Actual Results			Guidance as of July 30, 2013
Dollars in thousands, except per share	2Q 2013			YTD 2013			3Q 2013		Full-Year 2013
Per Share Metrics
FFO per common share, diluted	$	0.37		$	0.71		$	0.33 to $0.35	$	1.40 to $1.44
FFO as Adjusted per common share, diluted	$	0.35		$	0.69		$	0.33 to $0.35	$	1.36 to $1.40
Adjusted Funds from Operations (“AFFO”) per common share, diluted	$	0.31		$	0.62		$	0.28 to $0.30	$	1.20 to $1.24
Weighted average diluted shares/units (M)		263.8			263.7			263.8		263.8
Dividend per share	$	0.235		$	0.470			—		0.94	(2)
Same-Store Operating Metrics
Revenue growth		5.2	%		5.2	%		—		4.50% to 5.00	%
Expense growth		1.6	%		2.6	%		—		2.75% to 3.25	%
NOI growth		6.8	%		6.4	%		—		5.25% to 6.00	%
Physical occupancy		96.1	%		95.8	%		—		95.5	%

Property Metrics	Homes		Communities		% of Total NOI
Same-Store		37,074		133		76.4	%
Stabilized, Non-Mature		1,429		4		4.4	%
Redevelopment		2,253		3		6.0	%
Development, completed (includes 142 homes for Bella Terra)		397		1		0.4	%
Non-Residential / Other		N/A		N/A		3.0	%
Joint Venture(3)(4)		9,915		37		9.8	%
Sub-total, completed homes		51,068		178		100	%
Under Development		1,834		6		—
Joint Venture Development		754		3		—
Total expected homes		53,656		187		100	%

Balance Sheet Metrics (adjusted for non-recurring items)

	2Q 2013			2Q 2012
Interest Coverage Ratio		3.16	x		2.77	x
Fixed Charge Coverage Ratio		3.09	x		2.66	x
Leverage Ratio		38.6	%		38.4	%
Net Debt-to-EBITDA		6.9	x		6.3	x

Market Capitalization

	2Q 2013		% of Total
Total debt	$	3,394,723		33.5	%
Common stock equivalents (5)		6,724,597		66.5	%
Total market capitalization	$	10,119,320		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%.

(4) Includes 15 homes for Domain College Park and 142 homes for Fiori.

(5) Based on a common share price of $25.49 at June 30, 2013.

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

	Three Months Ended						Six Months Ended
	June 30,						June 30,
In thousands, except per share amounts	2013			2012			2013			2012
REVENUES:
Rental income(2)	$	188,613		$	177,475		$	372,914		$	349,717
Joint venture management and other fees		3,217			2,717			6,140			5,706
Total revenues		191,830			180,192			379,054			355,423
OPERATING EXPENSES:
Property operating and maintenance		36,758			35,607			72,219			69,996
Real estate taxes and insurance		23,202			21,535			46,726			42,446
Property management		5,187			4,880			10,255			9,617
Other operating expenses		1,807			1,434			3,450			2,817
Real estate depreciation and amortization		85,131			84,474			168,573			172,381
General and administrative		9,866			13,738			19,342			23,117
Hurricane-related (recoveries) charges, net		(2,772	)		—			(5,793	)		—
Other depreciation and amortization		1,138			1,017			2,284			1,935
Total operating expenses		160,317			162,685			317,056			322,309
Operating income		31,513			17,507			61,998			33,114
Income/(loss) from unconsolidated entities		515			(2,412	)		(2,287	)		(5,103	)
Interest expense		(30,625	)		(37,399	)		(61,606	)		(76,572	)
Other debt (charges) benefits, net(3)		(178	)		(4,143	)		(178	)		285
Total interest expense		(30,803	)		(41,542	)		(61,784	)		(76,287	)
Interest and other income, net		1,446			506			2,462			1,200
Income/(loss) before income taxes and discontinued operations		2,671			(25,941	)		389			(47,076	)
Tax benefit, net		2,683			2,818			4,656			2,818
Tax valuation allowance for RE3 (4)		—			—			—			22,876
Income/(loss) from continuing operations		5,354			(23,123	)		5,045			(21,382	)
Income from discontinued operations, net of tax		—			179,429			—			264,316
Net income		5,354			156,306			5,045			242,934
Net income attributable to redeemable noncontrolling interests in OP		(159	)		(5,911	)		(114	)		(9,331	)
Net income attributable to noncontrolling interests		(3	)		(43	)		(7	)		(95	)
Net income attributable to UDR, Inc.		5,192			150,352			4,924			233,508
Distributions to preferred stockholders—Series E (Convertible)		(931	)		(931	)		(1,862	)		(1,862	)
Distributions to preferred stockholders—Series G		—			(909	)		—			(2,286	)
Premium on preferred stock redemptions, net		—			(2,791	)		—			(2,791	)
Net income attributable to common stockholders	$	4,261		$	145,721		$	3,062		$	226,569
Income/(loss) per weighted average common share—basic:
Income/(loss) from continuing operations attributable to common stockholders	$	0.02			($0.12	)	$	0.01			($0.12	)
Income from discontinued operations attributable to common stockholders		—		$	0.74			—		$	1.12
Net income attributable to common stockholders	$	0.02		$	0.62		$	0.01		$	0.99
Income/(loss) per weighted average common share—diluted:
Income/(loss) from continuing operations attributable to common stockholders	$	0.02			($0.12	)	$	0.01			($0.12	)
Income from discontinued operations attributable to common stockholders		—		$	0.74			—		$	1.12
Net income attributable to common stockholders	$	0.02		$	0.62		$	0.01		$	0.99
Common distributions declared per share	$	0.235		$	0.220		$	0.470		$	0.440
Weighted average number of common shares outstanding—basic		249,985			234,031			249,951			227,766
Weighted average number of common shares outstanding—diluted		251,406			234,031			251,353			227,766

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

(2) Three and six months ended June 30, 2013 are impacted by $1.1 million and $2.5 million of lost rent due to business interruption related to Hurricane Sandy, respectively.

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

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

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

	Three Months Ended						Six Months Ended
	June 30,						June 30,
In thousands, except per share amounts	2013			2012			2013			2012
Net income attributable to UDR, Inc.	$	5,192		$	150,352		$	4,924		$	233,508
Distributions to preferred stockholders		(931	)		(1,840	)		(1,862	)		(4,148	)
Real estate depreciation and amortization, including discontinued operations		85,131			84,474			168,573			178,721
Noncontrolling interest		162			5,954			121			9,426
Real estate depreciation and amortization on unconsolidated joint ventures		5,943			8,359			14,948			15,782
Net gain on the sale of depreciable property in discontinued operations, excluding TRS		—			(164,257	)		—			(244,782	)
Premium on preferred stock redemptions, net		—			(2,791	)		—			(2,791	)
Funds from operations (“FFO”)—basic	$	95,497		$	80,251		$	186,704		$	185,716
Distributions to preferred stockholders—Series E (Convertible)		931			931			1,862			1,862
FFO, diluted(2)	$	96,428		$	81,182		$	188,566		$	187,578
FFO per common share, basic	$	0.37		$	0.33		$	0.72		$	0.78
FFO per common share, diluted	$	0.37		$	0.33		$	0.71		$	0.78
Weighted average number of common shares and OP Units outstanding—basic		259,309			243,448			259,303			237,185
Weighted average number of common shares, OP Units, and common stock equivalents outstanding—diluted		263,766			247,832			263,741			241,549
Impact of adjustments to FFO:
Acquisition-related costs (including joint ventures)		—			173			—			779
Joint venture financing and acquisition fees		(218	)		—			(218	)		—
Costs/(benefit) associated with debt extinguishment and tender offer		178			4,143			178			(285	)
Redemption of preferred stock		—			2,791			—			2,791
Gain on sale of TRS property/marketable securities		—			(7,749	)		—			(7,749	)
Severance costs and other restructuring expense		—			171			—			171
Reversal of deferred tax valuation allowance(2)		—			—			—			(22,876	)
Hurricane-related recoveries, net		(2,772	)		—			(5,606	)		—
	$	(2,812	)	$	(471	)	$	(5,646	)	$	(27,169	)
FFO as Adjusted, diluted(2)	$	93,616		$	80,711		$	182,920		$	160,409
FFO as Adjusted per common share, diluted	$	0.35		$	0.33		$	0.69		$	0.66
Recurring capital expenditures		(12,224	)		(12,154	)		(18,986	)		(19,888	)
AFFO	$	81,392		$	68,557		$	163,934		$	140,521
AFFO per common share, diluted	$	0.31		$	0.28		$	0.62		$	0.58

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

(2) During 2012, the tax benefit related to the reversal of a deferred tax valuation allowance was excluded from FFO and FFO as Adjusted. In order to be consistent with the FFO definition per NAREIT, we have modified our presentation to leave this benefit in 2012 FFO, and removed this benefit when computing FFO as Adjusted. As a result, 2012 YTD diluted FFO increased by $0.10 per share, and 2012 YTD FFO as Adjusted was unchanged.

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Attachment 3   UDR, Inc. Consolidated Balance Sheets

	June 30,			December 31,
	2013			2012
In thousands, except share and per share amounts	(unaudited)			(audited)
ASSETS
Real estate owned:
Real estate held for investment	$	7,582,981		$	7,564,780
Less: accumulated depreciation		(2,070,403	)		(1,923,429	)
		5,512,578			5,641,351
Real estate under development
(net of accumulated depreciation of $1,246 and $1,253)		432,461			489,795
Total real estate owned, net of accumulated depreciation		5,945,039			6,131,146
Cash and cash equivalents		9,035			12,115
Restricted cash		24,843			23,561
Deferred financing costs, net		27,043			24,990
Notes receivable, net		66,700			64,006
Investment in and advances to unconsolidated joint ventures, net		533,335			477,631
Other assets		137,548			125,654
Total assets	$	6,743,543		$	6,859,103
LIABILITIES AND EQUITY
Liabilities:
Secured debt	$	1,385,034		$	1,430,135
Unsecured debt		2,009,689			1,979,198
Real estate taxes payable		14,586			14,076
Accrued interest payable		29,598			30,937
Security deposits and prepaid rent		26,726			25,025
Distributions payable		61,906			57,915
Accounts payable, accrued expenses, and other liabilities		111,056			104,567
Total liabilities		3,638,595			3,641,853
Redeemable noncontrolling interests in operating partnership		237,653			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
250,742,325 shares issued and outstanding (250,139,408 shares at December 31, 2012)		2,507			2,501
Additional paid-in capital		4,104,200			4,098,882
Distributions in excess of net income		(1,279,095	)		(1,143,781	)
Accumulated other comprehensive loss, net		(7,811	)		(11,257	)
Total stockholders’ equity		2,866,372			2,992,916
Noncontrolling interest		923			916
Total equity		2,867,295			2,993,832
Total liabilities and equity	$	6,743,543		$	6,859,103

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

	2Q 2013 Weighted		June 30,
Common Stock Equivalents	Average		2013
Common shares		249,984,826		249,985,246
Stock options and restricted stock		1,420,846		1,468,983
Operating partnership units		7,572,131		7,571,702
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		263,765,022		263,813,150
Market Capitalization, In thousands	Balance		% of Total
Total debt	$	3,394,723		33.5	%
Common stock equivalents at $25.49 at June 30, 2013		6,724,597		66.5	%
Total market capitalization	$	10,119,320		100.0	%

								Gross		% of
	Number of		2Q 2013 NOI (1)					Carrying Value		Total Gross
Asset Summary	Homes		($000s)		% of NOI			($000s)		Carrying Value
Unencumbered assets		27,983	$	88,327		68.7	%	$	5,846,303		72.9	%
Encumbered assets		13,170		40,326		31.3	%		2,170,385		27.1	%
		41,153	$	128,653		100.0	%	$	8,016,688		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	$	1,078,925	(1)		31.8	%		5.2	%		4.5
	Floating		306,109	(2)		9.0	%		1.4	%		7.9
	Combined		1,385,034			40.8	%		4.3	%		5.2
Unsecured	Fixed		1,746,189	(3)		51.4	%		4.5	%		4.3
	Floating		263,500			7.8	%		1.3	%		4.5
	Combined		2,009,689			59.2	%		4.1	%		4.3
Total Debt	Fixed		2,825,114			83.2	%		4.8	%		4.4
	Floating		569,609			16.8	%		1.4	%		6.3
	Combined	$	3,394,723			100.0	%		4.2	%		4.7

Debt Maturities, In thousands

				Unsecured		Revolving					Percentage			Weighted Average
	Secured Debt			Debt		Credit Facility			Balance		of Total			Interest Rate
2013	$	—		$	—	$	—		$	—		—			—
2014		35,884	(4)		312,446		—			348,330		10.3	%		5.3	%
2015		199,278			324,977		—			524,255		15.3	%		5.4	%
2016		132,997	(5)		83,260		—			216,257		6.4	%		5.0	%
2017		256,496			—		228,500	(6)		484,996		14.3	%		2.9	%
2018		224,787			647,892		—			872,679		25.7	%		3.5	%
2019		322,183			—		—			322,183		9.5	%		4.4	%
2020		90,000			—		—			90,000		2.7	%		4.0	%
2021		—			—		—			—		—			—
2022		—			396,939		—			396,939		11.7	%		4.7	%
Thereafter		123,409			15,675		—			139,084		4.1	%		2.6	%
	$	1,385,034		$	1,781,189	$	228,500		$	3,394,723		100.0	%		4.2	%

Debt Maturities With Extensions, in thousands

			Unsecured		Revolving					Percentage			Weighted Average
	Secured Debt		Debt		Credit Facility			Balance		of Total			Interest Rate
2013	$	—	$	—	$	—		$	—		—			—
2014		—		312,446		—			312,446		9.2	%		5.3	%
2015		235,162		324,977		—			560,139		16.5	%		5.5	%
2016		62,808		83,260		—			146,068		4.3	%		4.5	%
2017		326,685		—		—			326,685		9.6	%		4.7	%
2018		224,787		647,892		228,500	(6)		1,101,179		32.4	%		3.1	%
2019		322,183		—		—			322,183		9.5	%		4.4	%
2020		90,000		—		—			90,000		2.7	%		4.0	%
2021		—		—		—			—		—			—
2022		—		396,939		—			396,939		11.7	%		4.7	%
Thereafter		123,409		15,675		—			139,084		4.1	%		2.6	%
	$	1,385,034	$	1,781,189	$	228,500		$	3,394,723		100.0	%		4.2	%

(1) Includes $104.8 million of floating rate debt that has been fixed using interest rate swaps at an average rate of 3.8%.

(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 2.7%.

(4) Includes $35.9 million of permanent financing with a one year extension at UDR’s option.

(5) Includes $70.2 million permanent financing with a one-year extension at UDR’s option.

(6) UDR’s $900 million line of credit has an initial term of four years, plus a six-month extension option and contains an accordion feature that allows UDR to increase the facility to $1.45 billion. The credit facility carries an interest rate equal to LIBOR plus a spread of 110 basis points and a facility fee of 20 basis points.

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

	Quarter Ended
Coverage Ratios	June 30, 2013
Net income attributable to UDR, Inc.	$	5,192
Adjustments (includes continuing and discontinued operations):
Interest expense		30,803
Real estate depreciation and amortization		85,131
Real estate depreciation and amortization on unconsolidated joint ventures		5,943
Other depreciation and amortization		1,138
Noncontrolling interests		162
Income tax expense/(benefit)		(2,683	)
EBITDA	$	125,686
Joint venture financing and acquisition fees		(218	)
Hurricane-related recoveries, net		(2,772	)
EBITDA—adjusted for non-recurring items	$	122,696
Annualized EBITDA—adjusted for non-recurring items	$	490,784
Interest expense	$	30,803
Capitalized interest expense		8,206
Total interest	$	39,009
Costs associated with debt extinguishment		(178	)
Total interest—adjusted for non-recurring items	$	38,831
Preferred dividends	$	931
Total debt	$	3,394,723
Cash		9,035
Net debt	$	3,385,688
Interest Coverage Ratio		3.22	x
Fixed Charge Coverage Ratio		3.15	x
Interest Coverage Ratio—adjusted for non-recurring items		3.16	x
Fixed Charge Coverage Ratio—adjusted for non-recurring items		3.09	x
Net Debt-to-EBITDA, adjusted for non-recurring items		6.9	x

Debt Covenant Overview

Unsecured Line of Credit Covenants(2)	Required			Actual			Compliance
Maximum Leverage Ratio	£	60.0	%		40.2	%	Yes
Minimum Fixed Charge Coverage Ratio	³	1.5			2.6		Yes
Maximum Secured Debt Ratio	£	40.0	%		20.4	%	Yes
Minimum Unencumbered Pool Leverage Ratio	³	150.0	%		312.7	%	Yes
Senior Unsecured Note Covenants(3)	Required			Actual			Compliance
Debt as a percentage of Total Assets	£	60.0	%		38.6	%	Yes
Consolidated Income Available for Debt Service to Annual Service Charge	³	1.5			3.3		Yes
Secured Debt as a percentage of Total Assets	£	40.0	%		15.7	%	Yes
Total Unencumbered Assets to Unsecured Debt	³	150.0	%		324.7	%	Yes
Securities Ratings	Debt			Preferred			Outlook
Moody’s Investors Service		Baa2			Baa3		Positive
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 as amended June 6, 2013.

(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)

	Total		Quarter Ended			Quarter Ended			Quarter Ended			Quarter Ended			Quarter Ended
Dollars in thousands	Homes		June 30, 2013			March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012
Revenues
Same-Store Communities		37,074	$	157,307		$	154,254		$	153,117		$	151,945		$	149,574
Stabilized, Non-Mature Communities		1,429		8,568			7,994			8,187			8,329			7,540
Acquired Communities		—		—			—			—			—			—
Redevelopment Communities		2,253		14,166			13,588			13,817			13,753			14,053
Development Communities		397		1,248			704			138			32			90
Non-Residential / Other (2)(3)		—		7,324			7,761			7,186			7,707			6,218
Total		41,153	$	188,613		$	184,301		$	182,445		$	181,766		$	177,475
Expenses
Same-Store Communities			$	48,333		$	48,153		$	46,852		$	49,141		$	47,568
Stabilized, Non-Mature Communities				2,324			2,250			2,094			2,287			1,841
Acquired Communities				—			—			—			—			—
Redevelopment Communities				5,564			5,453			5,248			5,529			5,525
Development Communities				741			454			352			175			61
Non-Residential / Other (2)(3)				2,998			2,675			3,018			2,340			2,147
Total			$	59,960		$	58,985		$	57,564		$	59,472		$	57,142
Net Operating Income
Same-Store Communities			$	108,974		$	106,101		$	106,265		$	102,804		$	102,006
Stabilized, Non-Mature Communities				6,244			5,744			6,093			6,042			5,699
Acquired Communities				—			—			—			—			—
Redevelopment Communities				8,602			8,135			8,569			8,224			8,528
Development Communities				507			250			(214	)		(143	)		29
Non-Residential / Other (2)(3)				4,326			5,086			4,168			5,367			4,071
Total			$	128,653		$	125,316		$	124,881		$	122,294		$	120,333
Operating Margin
Same-Store Communities				69.3	%		68.8	%		69.4	%		67.7	%		68.2	%
Total Revenue Per Occupied Home
Same-Store Communities			$	1,472		$	1,451		$	1,437		$	1,425		$	1,402
Stabilized, Non-Mature Communities				2,077			1,969			2,002			2,011			2,124
Acquired Communities				—			—			—			—			—
Redevelopment Communities				2,437			2,354			2,377			2,341			2,318
Development Communities				2,416			2,116			2,253			—			—
Other(2)				—			1,428			1,394			1,344			1,302
Total			$	1,546		$	1,514		$	1,503		$	1,490		$	1,470
Average Physical Occupancy
Same-Store Communities				96.1	%		95.6	%		95.8	%		95.9	%		95.9	%
Stabilized, Non-Mature Communities				96.2	%		94.7	%		95.4	%		96.6	%		96.9	%
Acquired Communities				—			—			—			—			—
Redevelopment Communities				86.0	%		85.4	%		86.0	%		86.9	%		89.7	%
Development Communities				46.1	%		34.4	%		28.1	%		—			—
Other(2)				—			93.4	%		93.6	%		92.0	%		80.9	%
Total				95.0	%		94.6	%		95.1	%		95.3	%		94.9	%
Return on Invested Capital
Same-Store Communities				7.3	%		7.3	%		7.0	%		6.9	%		6.9	%
Sold and Held For Disposition Communities
Revenues			$	—		$	—		$	—		$	—		$	13,215
Expenses				—			—			—			—			4,637
Net Operating Income			$	—		$	—		$	—		$	—		$	8,578

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

(2) Includes Vitruvian Park^® operating results. The assets were contributed to the Vitruvian Park^® partnership in June 2013.

(3) Primarily non-residential revenue and expense, straight-line adjustment for concessions and the Vitruvian Park^® operations as noted in footnote 2 above.

8

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

Year-Over-Year Comparison	% of 2Q 2013 SS Operating Expenses			2Q 2013		2Q 2012		% Change
Real estate taxes		34.0	%	$	16,441	$	15,094		8.9	%
Personnel		24.7	%		11,936		11,245		6.1	%
Utilities		15.7	%		7,593		7,476		1.6	%
Repair and maintenance		15.2	%		7,354		8,333		-11.7	%
Administrative and marketing		6.2	%		2,996		3,228		-7.2	%
Insurance		4.2	%		2,013		2,192		-8.2	%
Same-store operating expenses		100.0	%	$	48,333	$	47,568		1.6	%
Same-store Homes		37,074
Sequential Comparison	% of 2Q 2013 SS Operating Expenses			2Q 2013		1Q 2013		% Change
Real estate taxes		34.0	%	$	16,441	$	16,392		0.3	%
Personnel		24.7	%		11,936		11,806		1.1	%
Utilities		15.7	%		7,593		7,924		-4.2	%
Repair and maintenance		15.2	%		7,354		6,930		6.1	%
Administrative and marketing		6.2	%		2,996		2,993		0.1	%
Insurance		4.2	%		2,013		2,108		-4.5	%
Same-store operating expenses		100.0	%	$	48,333	$	48,153		0.4	%
Same-store Homes		37,074
Year-to-Date Comparison	% of YTD 2013 SS Operating Expenses			YTD 2013		YTD 2012		% Change
Real estate taxes		34.0	%	$	32,328	$	29,584		9.3	%
Personnel		24.6	%		23,486		22,194		5.8	%
Utilities		16.1	%		15,304		14,999		2.0	%
Repair and maintenance		14.8	%		14,112		15,337		-8.0	%
Administrative and marketing		6.2	%		5,904		6,205		-4.9	%
Insurance		4.3	%		4,086		4,492		-9.0	%
Same-store operating expenses		100.0	%	$	95,220	$	92,811		2.6	%
Same-store Homes		36,704

9

Attachment 7(A)   UDR, Inc. Apartment Home Breakout ⁽¹⁾ Portfolio Overview as of Quarter Ended June 30, 2013 (Unaudited)

			Non-Mature Homes						Unconsolidated
	Total						Total		Joint Venture		Total
	Same-Store				Non-		Consolidated		Operating		Homes
	Homes		Stabilized(2)		Stabil.  /Other(3)		Homes		Homes(4)		(incl.  JV)(4)
West Region
San Francisco, CA		2,148		288		—		2,436		—		2,436
Orange County, CA		3,290		—		1,106		4,396		—		4,396
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
		12,737		288		1,689		14,714		1,131		15,845
Mid-Atlantic Region
Metropolitan DC		4,313		—		255		4,568		889		5,457
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		—		168
		9,578		—		255		9,833		1,268		11,101
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
Northeast Region
New York, NY		700		508		706		1,914		710		2,624
Boston, MA		1,179		—		—		1,179		1,542		2,721
Philadelphia, PA		—		—		—		—		290		290
		1,879		508		706		3,093		2,542		5,635
Southwest Region
Dallas, TX		2,725		—		—		2,725		3,308		6,033
Austin, TX		640		633		—		1,273		259		1,532
Other Southwest		—		—		—		—		1,407		1,407
		3,365		633		—		3,998		4,974		8,972
Totals		37,074		1,429		2,650		41,153		9,915		51,068
Communities(5)		133		4		4		141		37		178
Total Homes (incl. joint ventures)(4)						51,068
Homes in Development, Excluding Completed Homes(6)
Current Pipeline Wholly-Owned						1,834
Current Pipeline Joint Venture(7)						754
Total expected homes (including development)						53,656

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

(2) Represents homes included in Stabilized, Non-Mature category on Attachment 5.

(3) Represents homes included in Acquired, Development, Redevelopment and Non-Residential/Other categories on Attachment 5.

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

10

Attachment 7(B)   UDR, Inc. Non-Mature Home Summary ⁽¹⁾ Portfolio Overview as of Quarter Ended June 30, 2013 (Unaudited)

Non-Mature Home Breakout—By Region (excludes homes that are currently under development)

		# of		Same-Store
Community	Category	Homes		Date
West Region
Orange County, CA
27 Seventy Five Mesa Verde(2)	Redevelopment		964		3Q15
The Residences at Bella Terra (3)	Development		142		TBD
San Francisco, CA
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	Development		255		TBD

			# of		Same-Store
Community	Category		Homes		Date
Northeast Region
New York, NY
95 Wall(4)		Stabilized, Non-Mature		508		2Q14
Rivergate		Redevelopment		706		4Q15
Southwest Region
Austin, TX
Lakeline Villas		Stabilized, Non-Mature		309		3Q13
Red Stone Ranch		Stabilized, Non-Mature		324		3Q13
Total				4,079

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

		# of
Date & Community	Category	Homes
3Q13
CitySouth	Stabilized, Non-Mature		288
Lakeline Villas	Stabilized, Non-Mature		309
Red Stone Ranch	Stabilized, Non-Mature		324
			921
2Q14
95 Wall(4)	Stabilized, Non-Mature		508
3Q14
The Westerly on Lincoln	Redevelopment		583

		# of
Date & Community	Category	Homes
3Q15
27 Seventy Five Mesa Verde	Redevelopment		964
4Q15
Rivergate	Redevelopment		706
Non-Stabilized Developments
Capitol View on 14th			255
The Residences at Bella Terra (3)			142
Total			4,079

Non-Mature Home Sequential Change For the Most Recent Quarter

	Category		# of Homes
Community	From	To	in 2Q 2013
Bay Terrace	Stabilized, Non-Mature	2Q Mature		(120	)
Barton Creek Landing	Stabilized, Non-Mature	2Q Mature		(250	)
Savoye2	Stabilized, Non-Mature	Joint Venture		(347	)
The Residences at Bella Terra (3)	Development	Development		142
Net Change				(575	)

Number of Non-Mature Homes

	6/30/13		3/31/13		Change
Stabilized, Non-Mature		1,429		2,146		(717	)
Redevelopment		2,253		2,253		—
Development		397		255		142
Total Non-Mature		4,079		4,654		(575	)

(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 142 homes in Q2 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 June 30, 2013 (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
San Francisco, CA	$	2,617	$	2,326	$	—	$	2,583	$	—	$	2,583
Orange County, CA		1,680		—		1,711		1,686		—		1,686
Seattle, WA		1,490		—		—		1,490		3,087		1,668
Los Angeles, CA		2,099		—		2,082		2,093		4,013		2,144
Monterey Peninsula, CA		1,170		—		—		1,170		—		1,170
Inland Empire, CA		1,446		—		—		1,446		—		1,446
Portland, OR		1,093		—		—		1,093		—		1,093
Sacramento, CA		903		—		—		903		—		903
San Diego, CA		1,538		—		—		1,538		3,070		1,851
Mid-Atlantic Region
Metropolitan DC		1,809		—		2,499		1,834		2,559		1,867
Baltimore, MD		1,445		—		—		1,445		1,707		1,449
Richmond, VA		1,189		—		—		1,189		—		1,189
Norfolk, VA		1,009		—		—		1,009		—		1,009
Other Mid-Atlantic		1,012		—		—		1,012		—		1,012
Southeast Region
Tampa, FL		1,090		—		—		1,090		—		1,090
Orlando, FL		1,003		—		—		1,003		—		1,003
Nashville, TN		999		—		—		999		—		999
Other Florida		1,303		—		—		1,303		—		1,303
Northeast Region
New York, NY		3,565		3,336		3,591		3,513		4,309		3,638
Boston, MA		2,117		—		—		2,117		2,077		2,102
Philadelphia, PA		—		—		—		—		2,953		2,953
Southwest Region
Dallas, TX		1,084		—		—		1,084		1,247		1,123
Austin, TX		1,413		970		—		1,193		3,892		1,443
Other Southwest		—		—		—		—		1,474		1,474
Weighted Average	$	1,472	$	2,077	$	2,436	$	1,546	$	2,315	$	1,602

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

(2) Represents homes included in Stabilized, Non-Mature category on Attachment 5.

(3) Represents homes included in Acquired, Development, Redevelopment and Non-Residential/Other categories on Attachment 5.

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

12

Attachment 7(D)   UDR, Inc. Net Operating Income Breakout By Market ⁽¹⁾ June 30, 2013 (Dollars in Thousands) (Unaudited)

	Three Months Ended June 30, 2013
	Same-Store		Non Same-Store(2)		Pro-Rata Share of  JVs(3)		Total
Net Operating Income	$	108,974	$	19,679	$	13,964	$	142,617

	Three Months Ended June 30, 2013
	As a % of NOI
	Same-Store			Total
West Region
San Francisco, CA		11.3	%		9.9	%
Orange County, CA		10.3	%		9.7	%
Seattle, WA		5.9	%		6.5	%
Los Angeles, CA		3.6	%		4.6	%
Monterey Peninsula, CA		3.3	%		2.6	%
Inland Empire, CA		1.7	%		1.3	%
Portland, OR		1.4	%		1.1	%
Sacramento, CA		1.4	%		1.0	%
San Diego, CA		1.1	%		1.0	%
		40.0	%		37.7	%
Mid-Atlantic Region
Metropolitan DC		14.4	%		12.8	%
Baltimore, MD		6.3	%		4.9	%
Richmond, VA		3.2	%		2.5	%
Norfolk, VA		2.5	%		1.9	%
Other Mid-Atlantic		0.3	%		0.3	%
		26.7	%		22.4	%

	Three Months Ended June 30, 2013
	As a % of NOI
Region	Same-Store			Total
Southeast Region
Tampa, FL		6.3	%		4.9	%
Orlando, FL		5.5	%		4.2	%
Nashville, TN		4.1	%		3.2	%
Other Florida		1.3	%		1.0	%
		17.2	%		13.3	%
Northeast Region
New York, NY		5.1	%		12.3	%
Boston, MA		4.8	%		5.9	%
Philadelphia, PA		0.0	%		0.7	%
		9.9	%		18.9	%
Southwest Region
Dallas, TX		4.8	%		4.8	%
Austin, TX		1.4	%		2.6	%
Other Southwest		0.0	%		0.3	%
		6.2	%		7.7	%
Total		100.0	%		100.0	%

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

(2) Excludes results from Held for Disposition Communities.

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

13

Attachment 8(A)   UDR, Inc. Same-Store Operating Information By Major Market ⁽¹⁾ Current Quarter vs. Prior Year Quarter June 30, 2013

			% of Same-
	Total		Store Portfolio			Same-Store
	Same-Store		Based on			Physical Occupancy									Total Revenue per Occupied Home
	Homes		2Q 2013 NOI			2Q 13			2Q 12			Change			2Q 13		2Q 12		Change
West Region
San Francisco, CA		2,148		11.3	%		97.1	%		96.0	%		1.1	%	$	2,617	$	2,442		7.2	%
Orange County, CA		3,290		10.3	%		94.8	%		95.1	%		-0.3	%		1,680		1,619		3.8	%
Seattle, WA		2,165		5.9	%		96.4	%		96.2	%		0.2	%		1,490		1,401		6.4	%
Los Angeles, CA		919		3.6	%		95.9	%		95.4	%		0.5	%		2,099		2,017		4.1	%
Monterey Peninsula, CA		1,565		3.3	%		94.6	%		95.1	%		-0.5	%		1,170		1,108		5.6	%
Inland Empire, CA		654		1.7	%		94.3	%		94.3	%		0.0	%		1,446		1,446		0.0	%
Portland, OR		716		1.4	%		97.4	%		95.1	%		2.3	%		1,093		1,040		5.1	%
Sacramento, CA		914		1.4	%		92.4	%		93.4	%		-1.0	%		903		884		2.1	%
San Diego, CA		366		1.1	%		96.3	%		94.9	%		1.4	%		1,538		1,421		8.2	%
		12,737		40.0	%		95.5	%		95.3	%		0.2	%		1,673		1,589		5.3	%
Mid-Atlantic Region
Metropolitan DC		4,313		14.4	%		97.2	%		97.3	%		-0.1	%		1,809		1,737		4.1	%
Baltimore, MD		2,301		6.3	%		96.3	%		96.6	%		-0.3	%		1,445		1,426		1.3	%
Richmond, VA		1,358		3.2	%		96.5	%		95.6	%		0.9	%		1,189		1,164		2.1	%
Norfolk, VA		1,438		2.5	%		93.8	%		94.8	%		-1.0	%		1,009		990		1.9	%
Other Mid-Atlantic		168		0.3	%		96.9	%		96.0	%		0.9	%		1,012		986		2.6	%
		9,578		26.7	%		96.4	%		96.5	%		-0.1	%		1,502		1,458		3.0	%
Southeast Region
Tampa, FL		3,452		6.3	%		95.8	%		95.5	%		0.3	%		1,090		1,036		5.2	%
Orlando, FL		3,167		5.5	%		96.2	%		95.3	%		0.9	%		1,003		960		4.5	%
Nashville, TN		2,260		4.1	%		97.1	%		97.1	%		0.0	%		999		938		6.5	%
Other Florida		636		1.3	%		95.2	%		94.2	%		1.0	%		1,303		1,256		3.7	%
		9,515		17.2	%		96.2	%		95.8	%		0.4	%		1,054		1,001		5.3	%
Northeast Region
New York, NY		700		5.1	%		97.5	%		97.4	%		0.1	%		3,565		3,365		5.9	%
Boston, MA		1,179		4.8	%		97.0	%		96.5	%		0.5	%		2,117		1,924		10.0	%
		1,879		9.9	%		97.2	%		96.8	%		0.4	%		2,658		2,465		7.8	%
Southwest Region
Dallas, TX		2,725		4.8	%		96.4	%		96.1	%		0.3	%		1,084		1,022		6.1	%
Austin, TX		640		1.4	%		96.6	%		96.9	%		-0.3	%		1,413		1,311		7.8	%
		3,365		6.2	%		96.4	%		96.3	%		0.1	%		1,147		1,077		6.5	%
Total/Weighted Avg.		37,074		100	%		96.1	%		95.9	%		0.2	%	$	1,472	$	1,402		5.0	%

(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 June 30, 2013 (Unaudited)

	Total		Same-Store ($000s)
	Same-Store		Revenues							Expenses							Net Operating Income
	Homes		2Q 13		2Q 12		Change			2Q 13		2Q 12		Change			2Q 13		2Q 12		Change
West Region
San Francisco, CA		2,148	$	16,376	$	15,105		8.4	%	$	4,112	$	3,916		5.0	%	$	12,264	$	11,189		9.6	%
Orange County, CA		3,290		15,717		15,197		3.4	%		4,448		4,390		1.3	%		11,269		10,807		4.3	%
Seattle, WA		2,165		9,332		8,752		6.6	%		2,941		2,782		5.7	%		6,391		5,970		7.1	%
Los Angeles, CA		919		5,549		5,305		4.6	%		1,633		1,984		-17.7	%		3,916		3,321		17.9	%
Monterey Peninsula, CA		1,565		5,197		4,946		5.1	%		1,575		1,510		4.3	%		3,622		3,436		5.4	%
Inland Empire, CA		654		2,676		2,676		0.0	%		840		795		5.7	%		1,836		1,881		-2.4	%
Portland, OR		716		2,286		2,125		7.6	%		763		715		6.7	%		1,523		1,410		8.0	%
Sacramento, CA		914		2,288		2,265		1.0	%		813		805		1.0	%		1,475		1,460		1.0	%
San Diego, CA		366		1,626		1,481		9.8	%		474		520		-8.8	%		1,152		961		19.9	%
		12,737		61,047		57,852		5.5	%		17,599		17,417		1.0	%		43,448		40,435		7.5	%
Mid-Atlantic Region
Metropolitan DC		4,313		22,746		21,865		4.0	%		7,079		6,963		1.7	%		15,667		14,902		5.1	%
Baltimore, MD		2,301		9,605		9,509		1.0	%		2,785		2,806		-0.7	%		6,820		6,703		1.7	%
Richmond, VA		1,358		4,673		4,535		3.0	%		1,158		1,116		3.8	%		3,515		3,419		2.8	%
Norfolk, VA		1,438		4,082		4,050		0.8	%		1,365		1,316		3.7	%		2,717		2,734		-0.6	%
Other Mid-Atlantic		168		494		477		3.6	%		164		172		-4.7	%		330		305		8.2	%
		9,578		41,600		40,436		2.9	%		12,551		12,373		1.4	%		29,049		28,063		3.5	%
Southeast Region
Tampa, FL		3,452		10,818		10,242		5.6	%		3,920		3,801		3.1	%		6,898		6,441		7.1	%
Orlando, FL		3,167		9,170		8,689		5.5	%		3,217		3,023		6.4	%		5,953		5,666		5.1	%
Nashville, TN		2,260		6,580		6,175		6.6	%		2,090		1,930		8.3	%		4,490		4,245		5.8	%
Other Florida		636		2,366		2,258		4.8	%		895		846		5.8	%		1,471		1,412		4.2	%
		9,515		28,934		27,364		5.7	%		10,122		9,600		5.4	%		18,812		17,764		5.9	%
Northeast Region
New York, NY		700		7,300		6,884		6.0	%		1,778		1,748		1.7	%		5,522		5,136		7.5	%
Boston, MA		1,179		7,264		6,566		10.6	%		2,087		1,977		5.6	%		5,177		4,589		12.8	%
		1,879		14,564		13,450		8.3	%		3,865		3,725		3.8	%		10,699		9,725		10.0	%
Southwest Region
Dallas, TX		2,725		8,540		8,032		6.3	%		3,207		3,321		-3.4	%		5,333		4,711		13.2	%
Austin, TX		640		2,622		2,440		7.5	%		989		1,132		-12.6	%		1,633		1,308		24.8	%
		3,365		11,162		10,472		6.6	%		4,196		4,453		-5.8	%		6,966		6,019		15.7	%
Totals		37,074	$	157,307	$	149,574		5.2	%	$	48,333	$	47,568		1.6	%	$	108,974	$	102,006		6.8	%

(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 June 30, 2013 (Unaudited)

	Total		Same-Store
	Same-Store		Physical Occupancy									Total Revenue per Occupied Home
	Homes		2Q 13			1Q 13			Change			2Q 13		1Q 13		Change
West Region
San Francisco, CA		2,148		97.1	%		95.8	%		1.3	%	$	2,617	$	2,556		2.4	%
Orange County, CA		3,290		94.8	%		94.6	%		0.2	%		1,680		1,659		1.3	%
Seattle, WA		2,165		96.4	%		95.9	%		0.5	%		1,490		1,465		1.7	%
Los Angeles, CA		919		95.9	%		95.1	%		0.8	%		2,099		2,079		1.0	%
Monterey Peninsula, CA		1,565		94.6	%		89.6	%		5.0	%		1,170		1,122		4.3	%
Inland Empire, CA		654		94.3	%		94.4	%		-0.1	%		1,446		1,442		0.3	%
Portland, OR		716		97.4	%		96.1	%		1.3	%		1,093		1,073		1.9	%
Sacramento, CA		914		92.4	%		91.1	%		1.3	%		903		917		-1.5	%
San Diego, CA		366		96.3	%		94.1	%		2.2	%		1,538		1,462		5.2	%
		12,737		95.5	%		94.3	%		1.2	%		1,673		1,644		1.8	%
Mid-Atlantic Region
Metropolitan DC		4,313		97.2	%		96.9	%		0.3	%		1,809		1,795		0.8	%
Baltimore, MD		2,301		96.3	%		96.5	%		-0.2	%		1,445		1,441		0.3	%
Richmond, VA		1,358		96.5	%		96.6	%		-0.1	%		1,189		1,179		0.8	%
Norfolk, VA		1,438		93.8	%		94.0	%		-0.2	%		1,009		1,016		-0.7	%
Other Mid-Atlantic		168		96.9	%		96.8	%		0.1	%		1,012		991		2.1	%
		9,578		96.4	%		96.3	%		0.1	%		1,502		1,494		0.5	%
Southeast Region
Tampa, FL		3,452		95.8	%		96.5	%		-0.7	%		1,090		1,080		0.9	%
Orlando, FL		3,167		96.2	%		95.7	%		0.5	%		1,003		989		1.4	%
Nashville, TN		2,260		97.1	%		96.6	%		0.5	%		999		978		2.1	%
Other Florida		636		95.2	%		95.8	%		-0.6	%		1,303		1,284		1.5	%
		9,515		96.2	%		96.2	%		0.0	%		1,054		1,039		1.4	%
Northeast Region
New York, NY		700		97.5	%		95.8	%		1.7	%		3,565		3,509		1.6	%
Boston, MA		1,179		97.0	%		96.0	%		1.0	%		2,117		2,073		2.1	%
		1,879		97.2	%		95.9	%		1.3	%		2,658		2,608		1.9	%
Southwest Region
Dallas, TX		2,725		96.4	%		96.5	%		-0.1	%		1,084		1,067		1.6	%
Austin, TX		640		96.6	%		96.6	%		0.0	%		1,413		1,394		1.4	%
		3,365		96.4	%		96.5	%		-0.1	%		1,147		1,130		1.5	%
Total/Weighted Avg.		37,074		96.1	%		95.6	%		0.5	%	$	1,472	$	1,451		1.4	%

(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 June 30, 2013 (Unaudited)

	Total		Same-Store ($000s)
	Same-Store		Revenues							Expenses							Net Operating Income
	Homes		2Q 13		1Q 13		Change			2Q 13		1Q 13		Change			2Q 13		1Q 13		Change
West Region
San Francisco, CA		2,148	$	16,376	$	15,780		3.8	%	$	4,112	$	4,064		1.2	%	$	12,264	$	11,716		4.7	%
Orange County, CA		3,290		15,717		15,494		1.4	%		4,448		4,169		6.7	%		11,269		11,325		-0.5	%
Seattle, WA		2,165		9,332		9,124		2.3	%		2,941		2,940		0.0	%		6,391		6,184		3.3	%
Los Angeles, CA		919		5,549		5,451		1.8	%		1,633		1,821		-10.3	%		3,916		3,630		7.9	%
Monterey Peninsula, CA		1,565		5,197		4,720		10.1	%		1,575		1,638		-3.8	%		3,622		3,082		17.5	%
Inland Empire, CA		654		2,676		2,670		0.2	%		840		807		4.1	%		1,836		1,863		-1.4	%
Portland, OR		716		2,286		2,214		3.3	%		763		686		11.2	%		1,523		1,528		-0.3	%
Sacramento, CA		914		2,288		2,290		-0.1	%		813		785		3.6	%		1,475		1,505		-2.0	%
San Diego, CA		366		1,626		1,510		7.7	%		474		484		-2.1	%		1,152		1,026		12.3	%
		12,737		61,047		59,253		3.0	%		17,599		17,394		1.2	%		43,448		41,859		3.8	%
Mid-Atlantic Region
Metropolitan DC		4,313		22,746		22,507		1.1	%		7,079		7,160		-1.1	%		15,667		15,347		2.1	%
Baltimore, MD		2,301		9,605		9,599		0.1	%		2,785		2,750		1.3	%		6,820		6,849		-0.4	%
Richmond, VA		1,358		4,673		4,642		0.7	%		1,158		1,165		-0.6	%		3,515		3,477		1.1	%
Norfolk, VA		1,438		4,082		4,119		-0.9	%		1,365		1,343		1.6	%		2,717		2,776		-2.1	%
Other Mid-Atlantic		168		494		484		2.1	%		164		171		-4.1	%		330		313		5.4	%
		9,578		41,600		41,351		0.6	%		12,551		12,589		-0.3	%		29,049		28,762		1.0	%
Southeast Region
Tampa, FL		3,452		10,818		10,795		0.2	%		3,920		3,890		0.8	%		6,898		6,905		-0.1	%
Orlando, FL		3,167		9,170		8,997		1.9	%		3,217		3,132		2.7	%		5,953		5,865		1.5	%
Nashville, TN		2,260		6,580		6,405		2.7	%		2,090		2,022		3.4	%		4,490		4,383		2.4	%
Other Florida		636		2,366		2,347		0.8	%		895		795		12.6	%		1,471		1,552		-5.2	%
		9,515		28,934		28,544		1.4	%		10,122		9,839		2.9	%		18,812		18,705		0.6	%
Northeast Region
New York, NY		700		7,300		7,060		3.4	%		1,778		1,670		6.5	%		5,522		5,390		2.4	%
Boston, MA		1,179		7,264		7,039		3.2	%		2,087		2,358		-11.5	%		5,177		4,681		10.6	%
		1,879		14,564		14,099		3.3	%		3,865		4,028		-4.0	%		10,699		10,071		6.2	%
Southwest Region
Dallas, TX		2,725		8,540		8,420		1.4	%		3,207		3,274		-2.0	%		5,333		5,146		3.6	%
Austin, TX		640		2,622		2,587		1.4	%		989		1,029		-3.9	%		1,633		1,558		4.8	%
		3,365		11,162		11,007		1.4	%		4,196		4,303		-2.5	%		6,966		6,704		3.9	%
Total		37,074	$	157,307	$	154,254		2.0	%	$	48,333	$	48,153		0.4	%	$	108,974	$	106,101		2.7	%

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

17

Attachment 8(E)   UDR, Inc. Same-Store Operating Information By Major Market⁽¹⁾ Current Year-to-Date vs. Prior Year-to-Date June 30, 2013 (Unaudited)

			% of Same-
	Total		Store Portfolio			Same-Store
	Same-Store		Based on			Physical Occupancy									Total Revenue per Occupied Home
	Homes		YTD 2013 NOI			YTD 13			YTD 12			Change			YTD 13		YTD 12		Change
West Region
San Francisco, CA		2,028		10.8	%		96.4	%		95.9	%		0.5	%	$	2,608	$	2,432		7.2	%
Orange County, CA		3,290		10.7	%		94.7	%		94.9	%		-0.2	%		1,670		1,606		4.0	%
Seattle, WA		2,165		5.9	%		96.2	%		95.9	%		0.3	%		1,477		1,392		6.1	%
Los Angeles, CA		919		3.5	%		95.5	%		95.0	%		0.5	%		2,089		2,001		4.4	%
Monterey Peninsula, CA		1,565		3.2	%		92.1	%		93.5	%		-1.4	%		1,147		1,088		5.4	%
Inland Empire, CA		654		1.7	%		94.4	%		94.6	%		-0.2	%		1,443		1,431		0.8	%
Portland, OR		716		1.4	%		96.7	%		94.4	%		2.3	%		1,083		1,033		4.8	%
Sacramento, CA		914		1.4	%		91.8	%		92.3	%		-0.5	%		909		889		2.2	%
San Diego, CA		366		1.0	%		95.2	%		94.5	%		0.7	%		1,500		1,400		7.1	%
		12,617		39.6	%		94.9	%		94.8	%		0.1	%		1,653		1,571		5.2	%
Mid-Atlantic Region
Metropolitan DC		4,313		14.6	%		97.0	%		96.9	%		0.1	%		1,803		1,724		4.6	%
Baltimore, MD		2,301		6.4	%		96.4	%		96.7	%		-0.3	%		1,443		1,417		1.8	%
Richmond, VA		1,358		3.3	%		96.6	%		95.1	%		1.5	%		1,183		1,162		1.8	%
Norfolk, VA		1,438		2.6	%		93.9	%		94.8	%		-0.9	%		1,012		988		2.4	%
Other Mid-Atlantic		168		0.3	%		96.8	%		94.6	%		2.2	%		1,002		990		1.2	%
		9,578		27.2	%		96.3	%		96.2	%		0.1	%		1,499		1,450		3.4	%
Southeast Region
Tampa, FL		3,452		6.5	%		96.2	%		95.8	%		0.4	%		1,085		1,027		5.6	%
Orlando, FL		3,167		5.6	%		95.9	%		95.4	%		0.5	%		997		953		4.6	%
Nashville, TN		2,260		4.2	%		96.8	%		97.1	%		-0.3	%		989		928		6.6	%
Other Florida		636		1.4	%		95.5	%		94.5	%		1.0	%		1,293		1,248		3.6	%
		9,515		17.7	%		96.2	%		95.9	%		0.3	%		1,047		993		5.4	%
Northeast Region
New York, NY		700		5.1	%		96.6	%		97.8	%		-1.2	%		3,539		3,285		7.7	%
Boston, MA		1,179		4.6	%		96.5	%		96.3	%		0.2	%		2,095		1,923		8.9	%
		1,879		9.7	%		96.6	%		96.9	%		-0.3	%		2,632		2,434		8.1	%
Southwest Region
Dallas, TX		2,725		4.9	%		96.5	%		96.1	%		0.4	%		1,075		1,009		6.5	%
Austin, TX		390		0.9	%		96.8	%		96.1	%		0.7	%		1,331		1,244		7.0	%
		3,115		5.8	%		96.5	%		96.1	%		0.4	%		1,107		1,038		6.6	%
Total/Weighted Avg.		36,704		100	%		95.8	%		95.7	%		0.1	%	$	1,459	$	1,388		5.1	%

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

18

Attachment 8(F)   UDR, Inc. Same-Store Operating Information By Major Market⁽¹⁾ Current Year-to-Date vs. Prior Year-to-Date June 30, 2013 (Unaudited)

	Total		Same-Store ($000s)
	Same-Store		Revenues							Expenses							Net Operating Income
	Homes		YTD 13		YTD 12		Change			YTD 13		YTD 12		Change			YTD 13		YTD 12		Change
West Region
San Francisco, CA		2,028	$	30,590	$	28,378		7.8	%	$	7,749	$	7,403		4.7	%	$	22,841	$	20,975		8.9	%
Orange County, CA		3,290		31,211		30,083		3.7	%		8,617		8,760		-1.6	%		22,594		21,323		6.0	%
Seattle, WA		2,165		18,456		17,344		6.4	%		5,881		5,418		8.5	%		12,575		11,926		5.4	%
Los Angeles, CA		919		11,000		10,483		4.9	%		3,454		3,830		-9.8	%		7,546		6,653		13.4	%
Monterey Peninsula, CA		1,565		9,917		9,555		3.8	%		3,213		2,992		7.4	%		6,704		6,563		2.1	%
Inland Empire, CA		654		5,346		5,311		0.7	%		1,647		1,636		0.7	%		3,699		3,675		0.7	%
Portland, OR		716		4,500		4,187		7.5	%		1,449		1,400		3.5	%		3,051		2,787		9.5	%
Sacramento, CA		914		4,578		4,502		1.7	%		1,598		1,575		1.5	%		2,980		2,927		1.8	%
San Diego, CA		366		3,136		2,908		7.8	%		958		1,054		-9.1	%		2,178		1,854		17.5	%
		12,617		118,734		112,751		5.3	%		34,566		34,068		1.5	%		84,168		78,683		7.0	%
Mid-Atlantic Region
Metropolitan DC		4,313		45,253		43,220		4.7	%		14,239		13,780		3.3	%		31,014		29,440		5.3	%
Baltimore, MD		2,301		19,204		18,912		1.5	%		5,535		5,539		-0.1	%		13,669		13,373		2.2	%
Richmond, VA		1,358		9,315		9,001		3.5	%		2,323		2,255		3.0	%		6,992		6,746		3.6	%
Norfolk, VA		1,438		8,201		8,084		1.4	%		2,708		2,626		3.1	%		5,493		5,458		0.6	%
Other Mid-Atlantic		168		978		944		3.6	%		335		333		0.6	%		643		611		5.2	%
		9,578		82,951		80,161		3.5	%		25,140		24,533		2.5	%		57,811		55,628		3.9	%
Southeast Region
Tampa, FL		3,452		21,613		20,380		6.1	%		7,810		7,478		4.4	%		13,803		12,902		7.0	%
Orlando, FL		3,167		18,167		17,272		5.2	%		6,349		5,976		6.2	%		11,818		11,296		4.6	%
Nashville, TN		2,260		12,985		12,225		6.2	%		4,112		3,940		4.4	%		8,873		8,285		7.1	%
Other Florida		636		4,713		4,500		4.7	%		1,690		1,625		4.0	%		3,023		2,875		5.1	%
							��
		9,515		57,478		54,377		5.7	%		19,961		19,019		5.0	%		37,517		35,358		6.1	%
Northeast Region
New York, NY		700		14,360		13,495		6.4	%		3,448		3,447		0.0	%		10,912		10,048		8.6	%
Boston, MA		1,179		14,303		13,098		9.2	%		4,445		4,120		7.9	%		9,858		8,978		9.8	%
		1,879		28,663		26,593		7.8	%		7,893		7,567		4.3	%		20,770		19,026		9.2	%
Southwest Region
Dallas, TX		2,725		16,960		15,852		7.0	%		6,481		6,398		1.3	%		10,479		9,454		10.8	%
Austin, TX		390		3,015		2,797		7.8	%		1,179		1,226		-3.8	%		1,836		1,571		16.9	%
		3,115		19,975		18,649		7.1	%		7,660		7,624		0.5	%		12,315		11,025		11.7	%
Total		36,704	$	307,801	$	292,531		5.2	%	$	95,220	$	92,811		2.6	%	$	212,581	$	199,720		6.4	%

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

19

Attachment 8(G)   UDR, Inc. Same-Store Operating Information By Major Market⁽¹⁾ June 30, 2013 (Unaudited)

	Effective New Lease Rate Growth			Effective Renewal  Lease Rate Growth			Annualized Turnover
	2Q 2013			2Q 2013			2Q 2013			2Q 2012			YTD 2013			YTD 2012
West Region
Orange County, CA		3.8	%		5.0	%		67.2	%		64.6	%		60.9	%		57.1	%
San Francisco, CA		10.1	%		6.3	%		55.8	%		65.4	%		51.5	%		57.7	%
Seattle, WA		5.6	%		5.7	%		62.6	%		59.5	%		55.4	%		54.9	%
Los Angeles, CA		4.3	%		4.6	%		60.2	%		60.7	%		55.1	%		54.2	%
Monterey Peninsula, CA		4.6	%		3.3	%		44.1	%		60.7	%		47.4	%		63.4	%
Inland Empire, CA		0.0	%		5.0	%		64.4	%		61.3	%		58.0	%		55.8	%
Portland, OR		8.0	%		5.9	%		59.9	%		65.5	%		51.8	%		61.4	%
Sacramento, CA		1.7	%		6.1	%		57.9	%		67.1	%		56.5	%		62.9	%
San Diego, CA		8.9	%		9.9	%		62.5	%		69.0	%		74.4	%		67.8	%
		5.7	%		5.5	%		59.8	%		63.3	%		55.8	%		58.3	%
Mid-Atlantic Region
Metropolitan DC		1.5	%		4.9	%		44.6	%		45.6	%		41.1	%		41.4	%
Baltimore, MD		-0.8	%		5.5	%		53.3	%		54.9	%		48.9	%		47.7	%
Richmond, VA		3.7	%		3.0	%		60.0	%		73.0	%		52.9	%		62.7	%
Norfolk, VA		-1.3	%		2.9	%		66.4	%		58.3	%		59.3	%		55.1	%
Other Mid-Atlantic		23.8	%		5.6	%		66.8	%		88.3	%		52.8	%		66.0	%
		1.1	%		4.6	%		52.6	%		54.4	%		47.6	%		48.4	%
Southeast Region
Tampa, FL		3.1	%		6.4	%		53.0	%		56.8	%		45.6	%		49.8	%
Orlando, FL		4.0	%		5.2	%		50.0	%		57.2	%		47.6	%		51.2	%
Nashville, TN		4.0	%		4.4	%		59.1	%		52.5	%		53.9	%		48.1	%
Other Florida		-0.6	%		6.0	%		58.0	%		63.7	%		51.0	%		53.0	%
		3.2	%		5.4	%		53.8	%		56.4	%		48.6	%		50.1	%
Northeast Region
New York, NY		6.0	%		5.3	%		44.7	%		53.9	%		38.0	%		42.9	%
Boston, MA		8.7	%		7.7	%		42.9	%		44.6	%		41.6	%		42.8	%
		7.2	%		6.4	%		43.5	%		48.0	%		40.2	%		42.8	%
Southwest Region
Dallas, TX		5.6	%		5.5	%		58.4	%		52.8	%		52.3	%		51.6	%
Austin, TX		3.8	%		6.2	%		54.5	%		66.4	%		52.2	%		60.0	%
		5.2	%		5.6	%		57.7	%		55.4	%		52.3	%		52.6	%
Total/Weighted Avg.		4.3	%		5.4	%		55.4	%		57.7	%		50.7	%		52.3	%
Percentage of Total Repriced Homes		55.0	%		45.0	%
	2Q 2013			2Q 2012
Total Combined New and Renewal Lease Rate Growth		4.8	%		5.4	%

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

20

Attachment 9   UDR, Inc. Development Summary ⁽¹⁾ June 30, 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.		Leased			Occupied
Projects Under Construction
The Residences at Bella Terra	Huntington Beach, CA		467			142	$	128,448	$	150,000	$	321	(2)		4Q 11		2Q 13		4Q 13		43.9	%		15.9	%
Channel @ Mission Bay	San Francisco, CA		315			—		110,347		145,000		460	(3)		4Q 10		4Q 13		4Q 13		—			—
Los Alisos	Mission Viejo, CA		320			—		60,230		87,050		272			2Q 11		3Q 13		4Q 13		0.6	%		0.0	%
The Calvert (4)	Alexandria, VA		332			—		59,351		132,000		398			3Q 11		1Q 14		2Q 14		—			—
Beach Walk	Huntington Beach, CA		173			—		18,402		50,700		293			3Q 12		2Q 14		3Q 14		—			—
Pier 4	Boston, MA		369			—		56,929		217,700		590	(5)		4Q 12		1Q 15		2Q 15		—			—
Total			1,976			142	$	433,707	$	782,450	$	396
Completed Projects, Non-Stabilized
Capitol View on 14th	Washington, DC		255			255	$	122,074	$	126,100	$	495	(6)		4Q 10		4Q 12		1Q 13		83.1	%		81.2	%
Completed Projects, Stabilized During Quarter (7)
N/A	N/A		—			—	$	—	$	—	$	���			N/A		N/A		N/A
Total—Wholly Owned			2,231			397	$	555,781	$	908,550	$	407
Net Operating Income From Wholly-Owned Projects														Capitalized Interest for Current Development Projects
		2Q 2013														2Q 13		2Q 12		YTD 13			YTD 12
Projects Under Construction		$	(254	)												$	4,219	$	2,403	$	8,331		$	4,386
Completed, Non-Stabilized			761
Completed, Stabilized During Quarter(7)			—
Total		$	507

Unconsolidated Joint Ventures and Partnerships

																Schedule						Percentage
		Own.			# of		Compl.		Cost to		Budgeted			Project				Initial
Community	Location	Interest			Homes		Homes		Date		Cost			Debt		Start		Occ.		Compl.		Leased			Occupied
Projects Under Construction
Fiori on Vitruvian Park®	Addison, TX		50	%		391		142	$	92,433	$	98,350		$	43,644		3Q 11		2Q 13		4Q 13		22.3	%		11.0	%
13th & Market	San Diego, CA		95	%		264		—		54,236		75,500	(8)		19,829		2Q 11		4Q 13		1Q 14		—			—
Domain College Park	College Park, MD		95	%		256		15		49,862		65,100	(9)		20,044		2Q 11		2Q 13		1Q 14		26.6	%		2.7	%
Total						911		157	$	196,531	$	238,950		$	83,517
Completed Projects, Non-Stabilized
N/A	N/A		—			—		—		—		—			—		—		—		—		—			—
Completed Projects, Stabilized During Quarter
N/A	N/A		—			—		—		—		—			—		—		—		—		—			—
Total—Unconsolidated Joint Ventures and Partnerships						911		157	$	196,531	$	238,950

Projected Weighted Average Stabilized Yield of Development Projects: 6.0% to 6.5%

(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.

21

Attachment 10   UDR, Inc. Redevelopment Summary ⁽¹⁾ June 30, 2013 (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
Rivergate	New York, NY		706		288	$	41,880	$	60,000	$	85		3Q 11			3Q 11		3Q 14		4Q 15		95.5	%		93.8	%
27 Seventy Five Mesa Verde	Costa Mesa, CA		964		356		53,938		75,300		78		Various	(4)		3Q 11		2Q 14		3Q 15		75.9	%		73.5	%
Total			1,670		644	$	95,818	$	135,300	$	81
Completed Redevelopments, Non-Stabilized
The Westerly on Lincoln(5)	Marina del Rey, CA		583		431	$	33,994	$	36,100	$	84		3Q 10			3Q 11		2Q 13		3Q 14		97.3	%		95.9	%
Completed Redevelopments, Stabilized During Quarter
N/A	N/A		—		—		—		—		—		—			—		—		—
Total—Wholly Owned			2,253		1,075	$	129,812	$	171,400	$	82
										Capitalized Interest for Current Redevelopment Projects
												2Q 13			2Q 12		YTD 13		YTD 12
Projected Weighted Average Return on Incremental Capital Invested:			7.0% to 9.0%									$	618		$	358	$	1,355	$	862

(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.

(5) Only 431 of the 583 homes were scheduled to be redeveloped and have been completed.

22

Attachment 11   UDR, Inc. Land Summary ⁽¹⁾ June 30, 2013 (Dollars in Thousands) (Unaudited)

		UDR Ownership
Parcel	Location	Interest				Cost Basis				Status Update (2)
										Pursuing	Design	Hold for Future
										Entitlements	Development	Development
Wholly-Owned					��
3033 Wilshire	Los Angeles, CA		100.0	%		$	17,424					X
7 Harcourt(3)	Boston, MA		100.0	%			4,900			X
399 Fremont	San Francisco, CA		100.0	%			63,389				X
Vitruvian Park®	Addison, TX		100.0	%			13,389				X	X
Total						$	99,102
						Cost Basis		UDR Pro-Rata Cost Basis
Consolidated Joint Ventures
3032 Wilshire	Santa Monica, CA		95.0	%		$	11,155	$	10,597	X
2919 Wilshire	Santa Monica, CA		95.0	%			7,492		7,117	X
Total						$	18,647	$	17,714
						Cost Basis		UDR Pro-Rata Cost Basis
Unconsolidated Joint Ventures and Partnerships
UDR/MetLife I—8 parcels(4)			4.3	%		$	188,764	$	7,550	X	X	X
UDR/MetLife Vitruvian Park®	Addison, TX		50.0	%			50,000		25,000		X	X
						$	238,764	$	32,550
Total						$	356,513	$	149,366

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

(2) Pursuing Entitlements: During this phase the Company is actively pursuing the necessary approvals for the rights to develop multifamily and/or mixed use communities.

Design Development: During this phase the Company is actively working to complete architectural and engineering documents in preparation for the commencement of construction of multifamily and/or mixed uses communities.

Hold for Future Development: Entitled and/or unentitled land sites that the Company holds for future development.

(3) Land is adjacent to UDR’s Garrison Square community.

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

23

Attachment 12   UDR, Inc. Unconsolidated Joint Venture Summary ⁽¹⁾ June 30, 2013 (Dollars in Thousands) (Unaudited)

Portfolio Characteristics

		# of							Physical			Total Revenue per		Net Operating Income
	Property	Comm. /		# of		Own.			Occupancy			Occupied Home		UDR’s Share						Total
Joint Venture and Partnerships	Type	Parcels		Homes		Interest			2Q 13			2Q 13(1)		2Q 2013			YTD 2013			YTD  2013(2)
UDR / MetLife II	Various		15		3,119		50.0	%		95.6	%	$	3,154	$	9,725		$	18,768		$	37,536
UDR / MetLife I
Operating communities	Various		8		1,641		13.2	%		95.2	%		2,669		1,476			2,938			24,551
Land parcels			8		TBD		4.3	%		—			—		1			(4	)		78
UDR/MetLife Vitruvian Park®
Operating communities	Mid-rise		2		739		50.0	%		93.0	%		1,358		92			92			183
Fiori on Vitruvian Park®	High-rise (development)		1		142		50.0	%		11.0	%		1,258		3			3			5
Land parcels			6		TBD		50.0	%		—			—		—			—			—
UDR / KFH	High-rise		3		660		30.0	%		95.6	%		2,513		1,053			2,106			7,021
Texas	Garden		8		3,359		20.0	%		97.1	%		994		1,182			2,261			11,303
Lodge at Stoughton	Garden		1		240		95.0	%		93.8	%		1,592		647			1,254			1,320
Domain College Park	Mid-rise (development)		1		15		95.0	%		—			—		(201	)		(213	)		(224	)
13th & Market	Mid-rise (development)		1		—		95.0	%		—			—		(14	)		(14	)		(15	)
Total/Weighted Average			54		9,915					94.4	%	$	2,318	$	13,964		$	27,191		$	81,758

Balance Sheet Characteristics and Returns

	Gross Book Value
	of JV Real		Total		UDR’s Equity		Weighted Avg.			Debt		Returns (5)
Joint Venture and Partnerships	Estate Assets(3)		Project  Debt(3)		Investment  (4)		Interest Rate			Maturity		ROIC			ROE
UDR / MetLife II	$	1,592,791	$	889,274	$	323,401		4.3	%		Various
UDR / MetLife I		900,418		341,086		52,455		4.4	%		Various
UDR/MetLife Vitruvian Park®		281,385		118,252		80,162		3.2	%		Various
UDR / KFH		281,767		165,209		27,739		3.4	%		Various
Lodge at Stoughton		41,106		24,482		16,020		2.9	%		10/2014
Domain College Park		49,862		20,044		26,109		2.4	%		1/2016
13th & Market		54,236		19,829		30,920		2.4	%		2/2016
Texas		322,164		219,588		1,999		5.6	%		2014
Total/Weighted Average	$	3,523,729	$	1,797,764	$	558,805		4.2	%				6.2	%		8.0	%

Same-Store Unconsolidated Joint Venture Growth

	Same-Store
	Joint Venture		Q2 2013 vs. Q2 2012 Growth									Q2 2013 vs. Q1 2013 Growth
Joint Venture	Communities (3)		Revenue			Expense			NOI			Revenue			Expense			NOI
UDR / MetLife II		15		7.3	%		7.4	%		7.2	%		2.9	%		-4.6	%		5.9	%
UDR / MetLife I		8		4.2	%		-8.1	%		13.3	%		0.4	%		-6.6	%		5.2	%
UDR / KFH		3		1.4	%		7.8	%		-0.7	%		1.5	%		5.9	%		0.0	%
Texas		8		5.7	%		-9.1	%		18.1	%		1.7	%		-8.5	%		9.5	%
Total/Average		34		5.8	%		-1.0	%		9.1	%		2.0	%		-5.3	%		5.7	%
										NOI									NOI
Same-Store JV Results at UDR’s Pro-rata Ownership Interest										7.9	%								5.5	%
	Same-Store
	Joint Venture		YTD 2013 vs. YTD 2012 Growth
Joint Venture	Communities (3)		Revenue			Expense			NOI
UDR / MetLife II		15		8.8	%		11.8	%		7.7	%
UDR / MetLife I		8		5.6	%		-4.2	%		12.9	%
UDR / KFH		3		2.3	%		0.5	%		3.0	%
Texas		8		5.9	%		2.7	%		8.3	%
Total/Average		34		7.0	%		4.2	%		8.3	%
										NOI
Same-Store JV Results at UDR’s Pro-rata Ownership Interest										7.8	%

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

(2) Represents net operating income at 100 percent for the period ended June 30, 2013.

(3) Joint ventures and partnerships represented at 100 percent.

(4) Excludes deferred gain of $25.5M, which is netted in “Investments in and advances to unconsolidated joint ventures, net” on Attachment 3.

(5) Excludes non-stabilized developments.

24

Attachment 13   UDR, Inc. Acquisitions and Dispositions Summary June 30, 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 Ventures—UDR/MetLife II JV

Jun-13

Acoma (1)

Denver, CO

50

%

$

83,800

223

$

376

Jun-13

Current (2)

San Diego, CA

50

%

63,400

144

440

Total/Weighted Average

$

147,200

(3)

367

$

401

Ownership

# of

Price per

Date of Sale

Community

Location

Interest

Price

Homes

Home

Dispositions—Wholly-Owned

Jun-13

Portfolio disposition (4)

Addison, TX

$

290,000

Dispositions—Joint Ventures

Jun-13

Portfolio disposition (5)

Various

$

218,000

(3)

539

$

404

(1) Prior to the contribution to UDR/MetLife II JV, UDR’s weighted average ownership in this community was 13% percent.

(2) Prior to the contribution to UDR/MetLife II JV, UDR’s weighted average ownership in this community was 18% percent.

(3) Price represents 100% of the value of assets in UDR/Metlife swap.

(4) Communities sold to the UDR/MetLife Vitruvian partnerships. Includes Savoye (392 homes), Savoye² (347 homes), Fiori (under development) and 28.4 acres of land for development.

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

25

Attachment 14   UDR, Inc. Capital Expenditure and Repair and Maintenance Summary June 30, 2013 (Dollars in Thousands) (Unaudited)

			Three Months				Six Months
	Weighted Avg.		Ended		Cost		Ended		Cost
Category (Capitalized)	Useful Life (yrs) (1)		June 30, 2013		per Home		June 30, 2013		per Home
Capital Expenditures for Consolidated Homes(2)
Average Number of Homes (3)				41,249				41,372
Recurring Cap Ex
Asset Preservation
Building Interiors		5 - 20	$	3,849	$	93	$	6,426	$	155
Building Exteriors		5 - 20		3,872		94		5,179		125
Landscaping and Grounds		10		1,713		42		2,257		55
Total Asset Preservation				9,434		229		13,862		335
Turnover Related		5		2,790		68		5,124		124
Total Recurring Cap Ex				12,224		297		18,986		459
Revenue Enhancing Cap Ex(4)		5 - 20		2,956		72		3,339		81
Total			$	15,180	$	369	$	22,325	$	540
			Three Months				Six Months
			Ended		Cost		Ended		Cost
Category (Expensed)			June 30, 2013		per Home		June 30, 2013		per Home
Repair and Maintenance for Consolidated Homes
Average Number of Homes				41,249				41,372
Contract Services			$	4,718	$	114	$	9,124	$	221
Turnover Related Expenses				1,217		31		2,369		57
Other Repair and Maintenance
Building Interiors				1,648		40		3,198		77
Building Exteriors				442		11		829		20
Landscaping and Grounds				180		4		427		10
Total			$	8,205		200	$	15,947		385

(1) Weighted average useful life of capitalized expenses for the six months ended June 30, 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.

26

Attachment 15   UDR, Inc. Full-Year 2013 Guidance⁽¹⁾ June 30, 2013 (Unaudited)

FFO and AFFO per Share Guidance

	3Q 2013	Full Year 2013
FFO per common share, diluted	$0.33 to $0.35	$1.40 to $1.44
FFO As Adjusted per common share, diluted	$0.33 to $0.35	$1.36 to $1.40
Adjusted Funds from Operations (“AFFO”) per common share, diluted	$0.28 to $0.30	$1.20 to $1.24
Weighted average diluted shares/units (M)	263.8	263.8
Annualized dividend per share		$0.94
Same-Store Guidance		Full Year 2013
Revenue growth		4.50% to 5.00%
Expense growth		2.75% to 3.25%
NOI growth		5.25% to 6.00%
Physical occupancy		95.5%
Same-store homes		36,704
Transactional Activity ($ in millions)		Full Year 2013
Wholly-owned acquisitions		None
Wholly-owned dispositions		$225 to $275
Cap rate spread		N/A
Development spending		$400 to $450
Redevelopment spending		$100 to $125
Joint venture investment		None
Capital Markets Activity ($ in millions)		Full Year 2013
Debt maturities		$160
New debt issuance		$300 to $375
Equity issuances		$0
Other Additions/(Deductions) ($ 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		$9 to $11
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		40,756
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 June 30, 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 that are necessary to help preserve the value of and maintain functionality at our communities.

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

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

Discontinued Operations: 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 June 30, 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 June 30, 2013, within the Consolidated Statements of Operations for the periods ended June 30, 2013 and 2012, and the reclassification of the assets and liabilities within the Consolidated Balance Sheets as of June 30, 2013 and December 31, 2012.

UDR did not have any communities that met the criteria to be classified as discontinued operations during the six months ended June 30, 2013. During the six months ended June 30, 2012, UDR disposed of 21 communities with a total of 6,507 homes. At June 30, 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	2Q 2013		2Q 2012		YTD 2013		YTD 2012
Rental income	$	—	$	13,215	$	—	$	30,316
Rental expenses		—		4,637		—		10,566
Property management		—		364		—		834
Real estate depreciation		—		—		—		6,340
Non-property expense		—		791		—		791
		—		5,792		—		18,531
Income before net gain on the sale of depreciable property		—		7,423		—		11,785
Net gain on the sale of depreciable property, net of tax		—		172,006		—		252,531
Income from discontinued operations, net of tax	$	—	$	179,429	$	—	$	264,316

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

Management considers effective new lease rate growth a useful metric for investors as it 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 for the new lease term (current effective rent) versus prior effective rent for the prior lease term on all renewed leases commenced during the current quarter.

Management considers effective renewal lease rate growth a useful metric for investors as it assesses market-level, in-place demand trends.

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

Fixed Charge Coverage Ratio:The Company defines Fixed Charge Coverage Ratio as net income, excluding the impact of interest expense, real estate depreciation and amortization of wholly owned and other joint venture communities, other depreciation and amortization, noncontrolling interests, net gain on the sale of depreciable property, RE³ income tax, divided by total interest plus preferred dividends.

Management considers fixed charge coverage a useful metric for investors as it provides ratings agencies, investors and lending partners with a widely-used measure of the Company’s ability to service its debt obligations as well as compare leverage against that of its peer REITs. A reconciliation of the components that comprise fixed charge coverage is provided on Attachment 4(C) of the Company’s quarterly supplemental disclosure.

Funds From Operations as Adjusted: The Company defines FFO as Adjusted as FFO excluding the impact of acquisition-related costs and other comparable items including, but not limited to, prepayment costs/benefits associated with early debt retirement, gains on sales of marketable securities and TRS property, deferred tax valuation allowance increases and decreases, storm-related expenses, severance costs and legal costs.

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

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Attachment 16(B)   UDR, Inc. Definitions and Reconciliations June 30, 2013 (Unaudited)

Funds From Operations (“FFO”): The Company defines FFO as net income (computed in accordance with GAAP), excluding impairment write-downs of depreciable real estate or of investments in non-consolidated investees that are driven by measurable decreases in the fair value of depreciable real estate held by the investee, gains (or losses) from sales of depreciable property, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. This definition conforms with the National Association of Real Estate Investment Trust’s definition issued in April 2002. In the computation of diluted FFO, OP units, unvested restricted stock, stock options, and the shares of Series E Cumulative Convertible Preferred Stock are dilutive; therefore, they are included in the diluted share count.

Activities of our taxable REIT subsidiary (TRS), RE3, include development and land entitlement. From time to time, we develop and subsequently sell a TRS property which results in a short-term use of funds that produces a profit that differs from the traditional long-term investment in real estate for REITs. We believe that the inclusion of these TRS gains in FFO is consistent with the standards established by NAREIT as the sort-term investment is incidental to our main business. TRS gains on sales, net of taxes, are defined as net sales proceeds less a tax provision and the gross investment basis of the asset before accumulated depreciation.

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

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

Interest Coverage Ratio:The Company defines Interest Coverage Ratio as net income, excluding the impact of interest expense, real estate depreciation and amortization of wholly owned and joint venture communities, other depreciation and amortization, noncontrolling interests, net gain on the sale of depreciable property, RE³ income tax, divided by total interest.

Management considers interest coverage ratio a useful metric for investors as it provides ratings agencies, investors and lending partners with a widely-used measure of the Company’s ability to service its debt obligations as well as compare leverage against that of its peer REITs. A reconciliation of the components that comprise interest coverage ratio is provided on Attachment 4(C) of the Company’s quarterly supplemental disclosure.

Joint Venture Reconciliation at UDR’s Weighted Average Pro-Rata Ownership Interest

In thousands	2Q 2013		YTD 2013
Income/(loss) from unconsolidated entities	$	515	$	(2,287	)
Management fee		827		1,626
Interest expense		6,409		12,519
Depreciation		5,943		14,948
General and administrative		37		164
Other income/expense		233		221
Total Joint Venture NOI at UDR’s Pro-Rata Ownership Interest	$	13,964	$	27,191

JV Return on Equity (“ROE”): The Company defines JV ROE as the pro rata share of property NOI plus property and asset management fee revenue less interest expense, divided by the average of beginning and ending equity capital for the quarter.

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

JV Return on Invested Capital (“ROIC”): The Company defines JV ROIC as the pro rata share of property NOI plus property and asset management fee revenue divided by the average of beginning and ending invested capital for the quarter.

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

Net Debt to EBITDA: The Company defines net debt to EBITDA as total debt net of cash and cash equivalents divided by EBITDA. EBITDA is defined as net income, excluding the impact of interest expense, real estate depreciation and amortization of wholly owned and other joint venture communities, other depreciation and amortization, noncontrolling interests, net gain on the sale of depreciable property, and RE3 income tax.

Management considers net debt to EBITDA a useful metric for investors as it provides ratings agencies, investors and lending partners with a widely-used measure of the Company’s ability to service its debt obligations as well as compare leverage against that of its peer REITs. A reconciliation between net income and EBITDA is provided on Attachment 4(C) of the Company’s quarterly supplemental disclosure.

Net Operating Income (“NOI”): The Company defines NOI as rental income less direct property rental expenses. Rental income represents gross market rent less adjustments for concessions, vacancy loss and bad debt. Rental expenses include real estate taxes, insurance, personnel, utilities, repairs and maintenance, administrative and marketing. Excluded from NOI is property management expense which is calculated as 2.75% of property revenue to cover the regional supervision and accounting costs related to consolidated property operations, and land rent.

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

In thousands	2Q 2013			1Q 2013			2Q 2012			YTD 2013			YTD 2012
Net income/(loss) attributable to UDR, Inc.	$	5,192		$	(268	)	$	150,352		$	4,924		$	233,508
Property management		5,187			5,068			4,880			10,255			9,617
Other operating expenses		1,807			1,643			1,434			3,450			2,817
Real estate depreciation and amortization		85,131			83,442			84,474			168,573			172,381
Interest expense		30,803			30,981			41,542			61,784			76,287
Hurricane-related (recoveries)/charges, net		(2,772	)		(3,021	)		—			(5,793	)		—
General and administrative		9,866			9,476			13,738			19,342			23,117
Tax benefit, net (includes valuation adjustment)		(2,683	)		(1,973	)		(2,818	)		(4,656	)		(25,694	)
Income/(loss) from unconsolidated entities		(515	)		2,802			2,412			2,287			5,103
Interest and other income, net		(1,446	)		(1,016	)		(506	)		(2,462	)		(1,200	)
Joint venture management and other fees		(3,217	)		(2,923	)		(2,717	)		(6,140	)		(5,706	)
Other depreciation and amortization		1,138			1,146			1,017			2,284			1,935
Income from discontinued operations, net of tax		—			—			(179,429	)		—			(264,316	)
Net income/(loss) attributable to noncontrolling interests		162			(41	)		5,954			121			9,426
Total consolidated NOI	$	128,653		$	125,316		$	120,333		$	253,969		$	237,275

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Attachment 16(C)   UDR, Inc. Definitions and Reconciliations June 30, 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. TRS gains on sales, net of taxes, is defined as net sales proceeds less a tax provision and the gross investment basis of the asset before accumulated depreciation.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

YTD Same-store (“SS”) Communities: The Company defines 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 June 30, 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 third quarter of 2013 to forecasted FFO, FFO as Adjusted and AFFO per share:

	Full Year 2013
	Low			High
Forecasted earnings per diluted share	$	(0.03	)	$	0.01
Conversion from GAAP share count		(0.08	)		(0.08	)
Depreciation		1.51			1.51
Noncontrolling Interests		(0.01	)		(0.01	)
Preferred Dividends		0.01			0.01
Forecasted FFO per diluted share	$	1.40		$	1.44
TRS gains from asset sales		(0.02	)		(0.02	)
Hurricane-related recoveries, net		(0.02	)		(0.02	)
Forecasted FFO as Adjusted per diluted share	$	1.36		$	1.40
Recurring capital expenditures		(0.16	)		(0.16	)
Forecasted AFFO per diluted share	$	1.20		$	1.24
	3Q 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
Noncontrolling Interests		(0.00	)		(0.00	)
Preferred Dividends		0.00			0.00
Forecasted FFO per diluted share	$	0.33		$	0.35
TRS gains from asset sales		—			—
Forecasted FFO as Adjusted per diluted share	$	0.33		$	0.35
Recurring capital expenditures		(0.05	)		(0.05	)
Forecasted AFFO per diluted share	$	0.28		$	0.30

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