UDR (UDR) 8-K Udr Announces Fourth Quarter and Full Year 2013 Results

EXHIBIT 99.2

Financial Highlights

UDR, Inc.

As of End of Fourth Quarter 2013⁽¹⁾

(Unaudited)

	Actual Results			Actual Results			Guidance as of December 31, 2013
Dollars in thousands, except per share	4Q 2013			Full-Year 2013			1Q 2014	Full-Year 2014
Per Share Metrics
FFO per common share, diluted	$	0.36		$	1.44		$0.34 to $0.36	$1.47 to $1.53
FFO as Adjusted per common share, diluted	$	0.35		$	1.39		$0.33 to $0.35	$1.47 to $1.53
Adjusted Funds from Operations (“AFFO”) per common share, diluted	$	0.30		$	1.23		$0.30 to $0.32	$1.30 to $1.36
Weighted average diluted shares/units (M)		263.9			263.9		264.0	265.7
Dividend per share	$	0.235		$	0.940		—	$1.04(2)
Same-Store Operating Metrics
Revenue growth		4.5	%		4.9	%	—	3.50% to 4.25%
Expense growth		2.4	%		2.6	%	—	2.75% to 3.25%
NOI growth		5.4	%		6.0	%	—	3.75% to 5.00%
Physical occupancy		96.2	%		96.0	%	—	96.0%

	Homes		Communities		% of Total NOI
Property Metrics
Same-Store		37,081		134		77.9%
Stabilized, Non-Mature		1,346		3		5.4%
Redevelopment		1,670		2		5.1%
Development, completed (refer to Attachment 9)		1,153		2		0.6%
Non-Residential / Other		N/A		N/A		0.6%
Joint Venture (includes completed JV developments)(3)		9,909		37		10.4%
Sub-total, completed homes		51,159		178		100%
Under Development		1,343		6		—
Joint Venture Development		447		1		—
Total expected homes		52,949		185		100%

Balance Sheet Metrics (adjusted for non-recurring items)

	4Q 2013			4Q 2012
Interest Coverage Ratio		3.16	x		3.06	x
Fixed Charge Coverage Ratio		3.09	x		2.99	x
Leverage Ratio		39.2	%		38.8	%
Net Debt-to-EBITDA		7.0	x		7.0	x

Market Capitalization

	4Q 2013		% of Total
Total debt	$	3,523,703		36.4	%
Common stock equivalents (4)		6,161,358		63.6	%
Total market capitalization	$	9,685,061		100.0	%

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

(2) Annualized for 2014.

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

(4) Based on a common share price of $23.35 at December 31, 2013.

1

Attachment 1

UDR, Inc.

Consolidated Statements of Operations⁽¹⁾

(Unaudited)

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
In thousands, except per share amounts	2013			2012			2013			2012
REVENUES:
Rental income(2)	$	190,321		$	180,149		$	746,484		$	704,701
Joint venture management and other fees		3,095			2,885			12,442			11,911
Total revenues		193,416			183,034			758,926			716,612
OPERATING EXPENSES:
Property operating and maintenance		36,660			34,928			144,319			139,784
Real estate taxes and insurance		23,477			21,810			93,765			86,154
Property management		5,233			4,954			20,528			19,378
Other operating expenses		1,925			1,457			7,136			5,718
Real estate depreciation and amortization		88,301			82,917			339,532			341,926
Acquisition costs		—			528			—			2,336
General and administrative		11,532			10,125			42,238			41,456
Hurricane-related (recoveries)/charges, net		—			8,495			(12,253	)		8,495
Other depreciation and amortization		3,281			1,092			6,741			4,105
Total operating expenses		170,409			166,306			642,006			649,352
Operating income		23,007			16,728			116,920			67,260
Income/(loss) from unconsolidated entities(3)		5,666			(2,757	)		(415	)		(8,579	)
Interest expense		(33,360	)		(30,660	)		(125,905	)		(139,069	)
Other debt (charges)/benefits, net(4)		—			—			(178	)		277
Total interest expense		(33,360	)		(30,660	)		(126,083	)		(138,792	)
Interest and other income/(expense), net		1,328			1,089			4,619			3,524
Income/(loss) before income taxes and discontinued operations		(3,359	)		(15,600	)		(4,959	)		(76,587	)
Tax benefit/(provision), net(3)		(15	)		2,974			7,299			8,752
Tax valuation allowance for RE3 (5)		—			(1,346	)		—			21,530
Income/(loss) from continuing operations		(3,374	)		(13,972	)		2,340			(46,305	)
Income/(loss) from discontinued operations, net of tax		41,376			1,017			43,942			266,608
Net income/(loss)		38,002			(12,955	)		46,282			220,303
Net (income)/loss attributable to redeemable noncontrolling interests in the OP		(1,332	)		658			(1,530	)		(7,986	)
Net (income)/loss attributable to noncontrolling interests		30			(3	)		60			(140	)
Net income/(loss) attributable to UDR, Inc.		36,700			(12,300	)		44,812			212,177
Distributions to preferred stockholders—Series E (Convertible)		(931	)		(931	)		(3,724	)		(3,724	)
Distributions to preferred stockholders—Series G		—			—			—			(2,286	)
Premium on preferred stock redemptions, net		—			—			—			(2,791	)
Net income/(loss) attributable to common stockholders	$	35,769		$	(13,231	)	$	41,088		$	203,376
Income/(loss) per weighted average common share—basic:
Income/(loss) from continuing operations attributable to common stockholders	$	(0.02	)	$	(0.06	)	$	(0.01	)	$	(0.22	)
Income/(loss) from discontinued operations attributable to common stockholders	$	0.16		$	0.00		$	0.17		$	1.07
Net income/(loss) attributable to common stockholders	$	0.14		$	(0.05	)	$	0.16		$	0.85
Income/(loss) per weighted average common share—diluted:
Income/(loss) from continuing operations attributable to common stockholders	$	(0.02	)	$	(0.06	)	$	(0.01	)	$	(0.22	)
Income/(loss) from discontinued operations attributable to common stockholders	$	0.16		$	0.00		$	0.17		$	1.07
Net income/(loss) attributable to common stockholders	$	0.14		$	(0.05	)	$	0.16		$	0.85
Common distributions declared per share	$	0.235		$	0.220		$	0.940		$	0.880
Weighted average number of common shares outstanding—basic		249,987			249,809			249,969			238,851
Weighted average number of common shares outstanding—diluted		249,987			249,809			249,969			238,851

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

(2) The twelve months ended December 31, 2013 is impacted by $3.4 million of lost rent due to business interruption related to Hurricane Sandy.

(3) During 4Q 2013, the Company sold its interest in the Lodge at Stoughton community and recognized a gross GAAP gain of $8.3 million, which was recorded as Income/(loss) from unconsolidated entities, and related tax expense of $3.0 million, which was recorded as tax benefit/(provision), net.

(4) Includes prepayment penalties, write-off of deferred financing costs and unamortized discounts/premiums on early debt extinguishment.

(5) 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						Twelve Months Ended
	December 31,						December 31,
In thousands, except per share amounts	2013			2012			2013			2012
Net income/(loss) attributable to UDR, Inc.	$	36,700		$	(12,300	)	$	44,812		$	212,177
Distributions to preferred stockholders		(931	)		(931	)		(3,724	)		(6,010	)
Real estate depreciation and amortization, including discontinued operations		88,651			83,456			341,490			350,400
Noncontrolling interests		1,302			(655	)		1,470			8,126
Real estate depreciation and amortization on unconsolidated joint ventures(2)		7,718			9,897			33,180			32,531
Net (gain)/loss on the sale of depreciable property in discontinued operations, excluding TRS		(40,450	)		(156	)		(40,450	)		(243,805	)
Premium on preferred stock redemptions, net		—			—			—			(2,791	)
Funds from operations (“FFO”)—basic	$	92,990		$	79,311		$	376,778		$	350,628
Distributions to preferred stockholders—Series E (Convertible)		931			931			3,724			3,724
FFO, diluted(3)	$	93,921		$	80,242		$	380,502		$	354,352
FFO per common share, basic	$	0.36		$	0.31		$	1.45		$	1.41
FFO per common share, diluted	$	0.36		$	0.30		$	1.44		$	1.40
Weighted average number of common shares and OP Units outstanding—basic		259,310			259,211			259,306			248,262
Weighted average number of common shares, OP Units, and common stock equivalents outstanding—diluted		263,908			263,529			263,926			252,659
Impact of adjustments to FFO:
Acquisition-related costs (including joint ventures)	$	—		$	550		$	—		$	2,762
Joint venture financing and acquisition fees		—			—			(254	)		—
Costs/(benefit) associated with debt extinguishment and tender offer		—			—			178			(277	)
Redemption of preferred stock		—			—			—			2,791
Gain on sale of TRS property/marketable securities(3)		(2,651	)		—			(2,651	)		(7,749	)
Severance costs and other restructuring expense		—			484			—			733
Reversal of deferred tax valuation allowance(4)		—			1,346			—			(21,530	)
Hurricane-related (recoveries)/charges, net(5)		—			9,262			(9,665	)		9,262
	$	(2,651	)	$	11,642		$	(12,392	)	$	(14,008	)
FFO as Adjusted, diluted(3)	$	91,270		$	91,884		$	368,110		$	340,344
FFO as Adjusted per common share, diluted	$	0.35		$	0.35		$	1.39		$	1.35
Recurring capital expenditures		(11,732	)		(9,389	)		(42,707	)		(42,249	)
AFFO	$	79,538		$	82,495		$	325,403		$	298,095
AFFO per common share, diluted	$	0.30		$	0.31		$	1.23		$	1.18

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

(2) Real estate depreciation on unconsolidated joint ventures excludes the portion of the GAAP gain (discussed in Note 3 of Attachment 1) related to depreciation, net of tax, in order to accurately reflect the FFO gain of the transaction.

(3) $2.7 million of the net gain on the sale of our interest in the unconsolidated joint venture (discussed in Note 3 of Attachment 1) is included in FFO and excluded from FFO as Adjusted as it was a gain on a development asset, which is incidental to our main business. The $2.7 million FFO gain represents the net sales proceeds less a tax provision and the gross investment basis of the asset before accumulated depreciation.

(4) 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 $0.09 per share, and 2012 YTD FFO as Adjusted was unchanged.

(5) Adjustment primarily represents the portion of Hurricane Sandy insurance recoveries in 2013 that relate to the $9.3 million in charges added back to FFO as Adjusted in 4Q 2012. The $2.6 million difference between the $12.3 million hurricane-related recoveries reflected on the Consolidated Statements of Operations for the twelve months ended December 31, 2013 and the $9.7 million adjustment above represents the amount of 2013 business interruption recoveries during 2013. The business interruption insurance recoveries for the twelve months ended December 31, 2013 are offset by lost rental revenues from the business interruption in 2013.

3

Attachment 3

UDR, Inc.

Consolidated Balance Sheets

	December 31,			December 31,
In thousands, except share and per share amounts	2013			2012
	(unaudited)			(unaudited)
ASSETS
Real estate owned:
Real estate held for investment	$	7,723,844		$	7,475,771
Less: accumulated depreciation		(2,200,815	)		(1,884,039	)
Real estate held for investment, net		5,523,029			5,591,732
Real estate under development (net of accumulated depreciation of $1,411 and $1,253)		466,002			489,795
Real estate sold or held for disposition (net of accumulated depreciation of $6,568 and $39,390)		10,152			49,619
Total real estate owned, net of accumulated depreciation		5,999,183			6,131,146
Cash and cash equivalents		30,249			12,115
Restricted cash		22,796			23,561
Deferred financing costs, net		26,924			24,990
Notes receivable, net		83,033			64,006
Investment in and advances to unconsolidated joint ventures, net		507,655			477,631
Other assets		137,882			125,654
Total assets	$	6,807,722		$	6,859,103
LIABILITIES AND EQUITY
Liabilities:
Secured debt	$	1,442,077		$	1,430,135
Unsecured debt		2,081,626			1,979,198
Real estate taxes payable		13,847			14,076
Accrued interest payable		32,279			30,937
Security deposits and prepaid rent		27,203			25,025
Distributions payable		61,907			57,915
Accounts payable, accrued expenses, and other liabilities		118,682			104,567
Total liabilities		3,777,621			3,641,853
Redeemable noncontrolling interests in the operating partnership		217,597			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 250,749,665 shares issued and outstanding (250,139,408 shares at December 31, 2012)		2,507			2,501
Additional paid-in capital		4,109,765			4,098,882
Distributions in excess of net income		(1,342,070	)		(1,143,781	)
Accumulated other comprehensive income/(loss), net		(5,125	)		(11,257	)
Total stockholders’ equity		2,811,648			2,992,916
Noncontrolling interests		856			916
Total equity		2,812,504			2,993,832
Total liabilities and equity	$	6,807,722		$	6,859,103

4

Attachment 4(A)

UDR, Inc.

Selected Financial Information⁽¹⁾

(Unaudited)

	4Q 2013 Weighted		December 31,
Common Stock and Equivalents	Average		2013
Common shares		249,987,307		249,990,920
Stock options and restricted stock		1,562,807		1,524,336
Operating partnership units		7,570,783		7,567,252
Preferred operating partnership units		1,751,671		1,751,671
Convertible preferred Series E stock (2)		3,035,548		3,035,548
Total common stock and equivalents		263,908,116		263,869,727

Market Capitalization, In thousands	Balance		% of Total
Total debt	$	3,523,703		36.4	%
Common stock and equivalents at $23.35 at December 31, 2013		6,161,358		63.6	%
Total market capitalization	$	9,685,061		100.0	%

								Gross		% of
	Number of		4Q 2013 NOI (1)					Carrying Value		Total Gross
Asset Summary	Homes		($000s)		% of NOI			($000s)		Carrying Value
Unencumbered assets		27,652	$	90,867		69.1	%	$	5,893,965		71.8	%
Encumbered assets		13,598		40,561		30.9	%		2,314,012		28.2	%
		41,250	$	131,428		100.0	%	$	8,207,977		100.0	%

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

(2) At December 31, 2013, a total of 2,803,812 shares of the Series E were outstanding, which is equivalent to 3,035,548 shares of common stock if converted (after adjusting for the 2008 Special Dividend).

5

Attachment 4(B)

UDR, Inc.

Selected Financial Information

(Unaudited)

								Weighted			Weighted
								Average			Average Years
Debt Structure, In thousands		Balance			% of Total			Interest Rate			to Maturity
Secured	Fixed	$	1,072,373	(1)		30.4	%		5.2	%		4.0
	Floating		369,704	(2)		10.5	%		1.5	%		6.5
	Combined		1,442,077			40.9	%		4.2	%		4.6
Unsecured	Fixed		2,046,626	(3)		58.1	%		4.4	%		4.2
	Floating		35,000			1.0	%		1.4	%		4.4
	Combined		2,081,626			59.1	%		4.4	%		4.2
Total Debt	Fixed		3,118,999			88.5	%		4.7	%		4.2
	Floating		404,704			11.5	%		1.5	%		6.3
	Combined	$	3,523,703			100.0	%		4.3	%		4.4

Debt Maturities, In thousands

				Unsecured		Revolving					Percentage			Weighted Average
	Secured Debt			Debt		Credit Facility			Balance		of Total			Interest Rate
2014	$	35,393	(4)	$	312,480	$	—		$	347,873		9.9	%		5.3	%
2015		196,376	(5)		325,041		—			521,417		14.8	%		5.5	%
2016		196,094	(6)		83,260		—			279,354		7.9	%		4.4	%
2017		254,554			—		—	(7)		254,554		7.2	%		4.4	%
2018		224,787			648,107		—			872,894		24.8	%		3.5	%
2019		321,464			—		—			321,464		9.1	%		4.4	%
2020		90,000			299,946		—			389,946		11.1	%		3.8	%
2021		—			—		—			—		—			—
2022		—			397,118		—			397,118		11.3	%		4.7	%
2023		96,409			30		—			96,439		2.7	%		2.1	%
Thereafter		27,000			15,644		—			42,644		1.2	%		3.7	%
	$	1,442,077		$	2,081,626	$	—		$	3,523,703		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
2014	$	—	$	312,480	$	—		$	312,480		8.9	%		5.3	%
2015		35,393		325,041		—			360,434		10.2	%		5.3	%
2016		322,143		83,260		—			405,403		11.5	%		4.8	%
2017		324,881		—		—			324,881		9.2	%		4.7	%
2018		224,787		648,107		—	(7)		872,894		24.8	%		3.5	%
2019		321,464		—		—			321,464		9.1	%		4.4	%
2020		90,000		299,946		—			389,946		11.1	%		3.8	%
2021		—		—		—			—		—			—
2022		—		397,118		—			397,118		11.3	%		4.7	%
2023		96,409		30		—			96,439		2.7	%		2.1	%
Thereafter		27,000		15,644		—			42,644		1.2	%		3.7	%
	$	1,442,077	$	2,081,626	$	—		$	3,523,703		100.0	%		4.3	%

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

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

(3) Includes $315.0 million of floating rate debt that has been fixed using interest rate swaps at a weighted average rate of 2.7%.

(4) Includes $35.4 million of permanent financing with a one year extension at UDR’s option.

(5) Includes $196.4 million of permanent financing with a one year extension at UDR’s option.

(6) Includes $70.3 million of permanent financing with a one year extension at UDR’s option.

(7) There are no borrowings outstanding on our $900 million line of credit at December 31, 2013. The facility has a maturity date of December 2017, plus a six-month extension option and contains an accordion feature that allows UDR to increase the facility up to $1.45 billion assuming lender participation. The credit facility carries an interest rate equal to LIBOR plus a spread of 110 basis points and a facility fee of 20 basis points.

6

Attachment 4(C)

UDR, Inc.

Selected Financial Information⁽¹⁾

(Unaudited)

	Quarter Ended
Coverage Ratios	December 31, 2013
Net income/(loss) attributable to UDR, Inc.	$	36,700
Adjustments (includes continuing and discontinued operations):
Interest expense		33,360
Real estate depreciation and amortization		88,651
Real estate depreciation and amortization on unconsolidated joint ventures		10,347
Other depreciation and amortization		3,281
Noncontrolling interests		1,302
Income tax expense/(benefit)		15
EBITDA	$	173,656
Gain on sale of interest in unconsolidated joint venture		(8,331	)
Net gain on the sale and impairments of depreciable property		(40,450	)
EBITDA—adjusted for non-recurring items	$	124,875
Annualized EBITDA—adjusted for non-recurring items	$	499,500
Interest expense	$	33,360
Capitalized interest expense		6,173
Total interest	$	39,533
Preferred dividends	$	931
Total debt	$	3,523,703
Cash		30,249
Net debt	$	3,493,454
Interest Coverage Ratio		4.39	x
Fixed Charge Coverage Ratio		4.29	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		7.0	x

Debt Covenant Overview

Unsecured Line of Credit Covenants(2)	Required			Actual			Compliance
Maximum Leverage Ratio		£60.0	%		40.6	%		Yes
Minimum Fixed Charge Coverage Ratio		³1.5			2.7			Yes
Maximum Secured Debt Ratio		£40.0	%		20.2	%		Yes
Minimum Unencumbered Pool Leverage Ratio		³150.0	%		309.5	%		Yes
Senior Unsecured Note Covenants(3)	Required			Actual			Compliance
Debt as a percentage of Total Assets		£60.0	%		39.2	%		Yes
Consolidated Income Available for Debt Service to Annual Service Charge		³1.5			3.1			Yes
Secured Debt as a percentage of Total Assets		£40.0	%		16.0	%		Yes
Total Unencumbered Assets to Unsecured Debt		³150.0	%		315.6	%		Yes
Securities Ratings	Debt			Preferred			Outlook
Moody’s Investors Service		Baa2			Baa3			Positive
Standard & Poor’s		BBB			BB+			Stable

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

(2) As defined in our Credit Agreement dated October 25, 2011 as amended June 6, 2013.

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

7

Attachment 5

UDR, Inc.

Operating Information⁽¹⁾

(Unaudited)

	Total		Quarter Ended			Quarter Ended			Quarter Ended			Quarter Ended			Quarter Ended
Dollars in thousands	Homes		December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013			December 31, 2012
Revenues
Same-Store Communities		37,081	$	161,462		$	160,728		$	158,751		$	155,564		$	154,496
Stabilized, Non-Mature Communities		1,346		10,549			10,491			9,562			8,160			7,469
Acquired Communities		—		—			—			—			—			—
Redevelopment Communities		1,670		12,362			11,705			10,652			10,379			11,015
Development Communities		1,153		2,550			1,232			115			2			(2	)
Non-Residential / Other (2)(3)		—		3,398			3,761			7,205			7,856			7,171
Total		41,250	$	190,321		$	187,917		$	186,285		$	181,961		$	180,149
Expenses
Same-Store Communities			$	48,418		$	50,855		$	48,669		$	48,585		$	47,276
Stabilized, Non-Mature Communities				2,652			2,584			2,678			2,515			2,079
Acquired Communities				—			—			—			—			—
Redevelopment Communities				4,921			4,594			4,512			4,319			4,339
Development Communities				1,689			675			276			82			77
Non-Residential / Other (2)(3)				2,457			2,057			2,934			2,612			2,967
Total			$	60,137		$	60,765		$	59,069		$	58,113		$	56,738
Net Operating Income
Same-Store Communities			$	113,044		$	109,873		$	110,082		$	106,979		$	107,220
Stabilized, Non-Mature Communities				7,897			7,907			6,884			5,645			5,390
Acquired Communities				—			—			—			—			—
Redevelopment Communities				7,441			7,111			6,140			6,060			6,676
Development Communities				861			557			(161	)		(80	)		(79	)
Non-Residential / Other (2)(3)				941			1,704			4,271			5,244			4,204
Total			$	130,184		$	127,152		$	127,216		$	123,848		$	123,411
Operating Margin
Same-Store Communities				70.0	%		68.4	%		69.3	%		68.8	%		69.4	%
Average Physical Occupancy
Same-Store Communities				96.2	%		96.2	%		96.2	%		95.7	%		95.9	%
Stabilized, Non-Mature Communities				94.6	%		95.1	%		89.7	%		81.6	%		88.7	%
Acquired Communities				—			—			—			—			—
Redevelopment Communities				79.4	%		78.8	%		82.3	%		82.7	%		84.7	%
Development Communities				46.1	%		44.5	%		15.0	%		—			—
Other(2)				—			95.6	%		92.4	%		92.2	%		93.3	%
Total				94.1	%		94.9	%		95.0	%		94.6	%		95.1	%
Return on Invested Capital
Same-Store Communities				7.4	%		7.3	%		7.3	%		7.2	%		7.0	%
Sold and Held For Disposition Communities
Revenues			$	2,021		$	2,462		$	2,328		$	2,340		$	2,296
Expenses				777			971			891			872			826
Net Operating Income			$	1,244		$	1,491		$	1,437		$	1,468		$	1,470

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

(2) Includes operating results of the assets that were contributed to the Vitruvian Park^® partnerships 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)

	% of 4Q 2013
	SS Operating
Year-Over-Year Comparison	Expenses			4Q 2013		4Q 2012		% Change
Real estate taxes		31.7	%	$	15,350	$	15,395		-0.3	%
Personnel		24.7	%		11,944		11,373		5.0	%
Utilities		16.2	%		7,832		7,811		0.3	%
Repair and maintenance		15.3	%		7,423		7,229		2.7	%
Administrative and marketing		7.2	%		3,485		3,275		6.4	%
Insurance		4.9	%		2,384		2,193		8.7	%
Same-Store operating expenses		100.0	%	$	48,418	$	47,276		2.4	%
Same-Store Homes		37,081
	% of 4Q 2013
	SS Operating
Sequential Comparison	Expenses			4Q 2013		3Q 2013		% Change
Real estate taxes		31.7	%	$	15,350	$	16,973		-9.6	%
Personnel		24.7	%		11,944		12,275		-2.7	%
Utilities		16.2	%		7,832		8,176		-4.2	%
Repair and maintenance		15.3	%		7,423		7,854		-5.5	%
Administrative and marketing		7.2	%		3,485		3,269		6.6	%
Insurance		4.9	%		2,384		2,308		3.3	%
Same-Store operating expenses		100.0	%	$	48,418	$	50,855		-4.8	%
Same-Store Homes		37,081
	% of YTD 2013
	SS Operating
Year-to-Date Comparison	Expenses			YTD 2013		YTD 2012		% Change
Real estate taxes		33.2	%	$	62,879	$	58,951		6.7	%
Personnel		24.5	%		46,447		44,412		4.6	%
Utilities		16.1	%		30,373		30,102		0.9	%
Repair and maintenance		15.2	%		28,750		30,010		-4.2	%
Administrative and marketing		6.5	%		12,253		12,529		-2.2	%
Insurance		4.5	%		8,522		8,389		1.6	%
Same-Store operating expenses		100.0	%	$	189,224	$	184,393		2.6	%
Same-Store Homes		35,790

9

Attachment 7(A)

UDR, Inc.

Apartment Home Breakout⁽¹⁾

Portfolio Overview as of Quarter Ended

December 31, 2013

(Unaudited)

									Unconsolidated
	Total		Non-Mature Homes				Total		Joint Venture		Total
	Same-Store Homes		Stabilized (2)		Non- Stabil. / Other (3)		Consolidated Homes		Operating Homes(4)		Homes (incl. JV) (4)
West Region
Orange County, CA		3,290		—		1,591		4,881		—		4,881
San Francisco, CA		2,436		—		98		2,534		—		2,534
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
San Diego, CA		366		—		264		630		307		937
Portland, OR		716		—		—		716		—		716
		12,111		583		1,953		14,647		1,131		15,778
Mid-Atlantic Region
Metropolitan DC		4,313		255		164		4,732		874		5,606
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		164		9,997		1,253		11,250
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		1,302		2,481
Philadelphia, PA		—		—		—		—		290		290
		1,879		508		706		3,093		2,302		5,395
Southwest Region
Dallas, TX		2,725		—		—		2,725		3,557		6,282
Austin, TX		1,273		—		—		1,273		259		1,532
Other Southwest		—		—		—		—		1,407		1,407
		3,998		—		—		3,998		5,223		9,221
Totals		37,081		1,346		2,823		41,250		9,909		51,159
Communities(5)		134		3		4		141		37		178
Total Homes (incl. joint ventures)(4)						51,159
Homes in Development, Excluding Completed Homes(6)
Current Pipeline Wholly-Owned						1,343
Current Pipeline Joint Venture(7)						447
Total expected homes (including development)						52,949

(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. Excludes development communities not yet completed.

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

(5) 27 Seventy Five Mesa Verde was formerly known as Pine Brook Village I & II and Villa Venetia. Communities were combined in 1Q 2013.

(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

December 31, 2013

(Unaudited)

Non-Mature Home Breakout—By Region (includes development homes that have been completed)

Community	Category	# of Homes		Same-Store Date(8)
West Region
Orange County, CA
27 Seventy Five Mesa Verde (2)	Redevelopment		964		3Q15
The Residences at Bella Terra (3)	Development		467		TBD
Los Alisos (4)	Development		160		TBD
Los Angeles, CA
The Westerly on Lincoln	Stabilized, Non-Mature		583		3Q14
San Francisco, CA
Channel @ Mission Bay(5)	Development		98		TBD
San Diego, CA
13th & Market(6)	Development		264		TBD
Mid-Atlantic Region
Metropolitan D.C.
Capitol View on 14th	Stabilized, Non-Mature		255		1Q15
Domain College Park (6)	Development		164		TBD
Northeast Region
New York, NY
95 Wall(7)	Stabilized, Non-Mature		508		2Q14
Rivergate	Redevelopment		706		4Q15
Total			4,169

Non-Mature Home Breakout—By Date (quarter indicates date of Same-Store inclusion)

		# of
Date & Community	Category	Homes
2Q14
95 Wall(7)	Stabilized, Non-Mature		508
3Q14
The Westerly on Lincoln	Stabilized, Non-Mature		583
1Q15
Capitol View on 14th	Stabilized, Non-Mature		255
3Q15
27 Seventy Five Mesa Verde(2)	Redevelopment		964
4Q15
Rivergate	Redevelopment		706
Non-Stabilized Developments
The Residences at Bella Terra(3)	Development		467
Los Alisos (4)	Development		160
Channel @ Mission Bay (5)	Development		98
13th & Market(6)	Development		264
Domain College Park (6)	Development		164
Total			4,169

Non-Mature Home Sequential Change For the Most Recent Quarter

	Category		# of Homes
Community	From	To	in 4Q 2013
Capitol View on 14th	Development	Stabilized, Non-Mature		—
13th & Market (6)	Development JV	Development		264
Domain College Park (6)	Development JV	Development		164
The Residences at Bella Terra (3)	Development	Development		83
Los Alisos (4)	Development	Development		135
Channel @ Mission Bay (5)	Development	Development		98
Net Change				744

Number of Non-Mature Homes

	12/31/13		9/30/13		Change
Stabilized, Non-Mature		1,346		1,091		255
Redevelopment		1,670		1,670		—
Development		1,153		664		489
Total Non-Mature		4,169		3,425		744

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

(2) 27 Seventy Five Mesa Verde was formerly known as Pine Brook Village I & II and Villa Venetia. Communities were combined in 1Q 2013.

(3) Community completed development of 83 homes in Q4 2013.

(4) Community completed development of 135 homes in Q4 2013.

(5) Community completed development of 98 homes in Q4 2013.

(6) UDR began consolidating the communities in Q4 2013. Refer to Attachment 9 for terms of the 4Q13 transaction.

(7) Property results were affected by Hurricane Sandy, therefore the Same-Store date was adjusted.

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

11

Attachment 7(C)

UDR, Inc.

Total Revenue Per Occupied Home Summary⁽¹⁾

Portfolio Overview as of Quarter Ended

December 31, 2013

(Unaudited)

									Unconsolidated
	Total		Non-Mature Homes				Total		Joint Venture		Total
	Same-Store Homes		Stabilized (2)		Non- Stabilized (3) (4)		Consolidated Homes		Operating Homes(5)		Homes (incl. pro rata JV) (5)
West Region
Orange County, CA	$	1,703	$	—	$	2,136	$	1,810	$	—	$	1,810
San Francisco, CA		2,684		—		1,728		2,680		—		2,680
Seattle, WA		1,527		—		—		1,527		3,211		1,711
Los Angeles, CA		2,119		2,187		—		2,145		3,940		2,194
Monterey Peninsula, CA		1,195		—		—		1,195		—		1,195
Inland Empire, CA		1,478		—		—		1,478		—		1,478
San Diego, CA		1,538		—		2,032		1,582		3,088		1,871
Portland, OR		1,139		—		—		1,139		—		1,139
Mid-Atlantic Region
Metropolitan DC		1,824		2,769		1,800		1,873		2,618		1,905
Baltimore, MD		1,467		—		—		1,467		1,768		1,472
Richmond, VA		1,200		—		—		1,200		—		1,200
Norfolk, VA		1,012		—		—		1,012		—		1,012
Other Mid-Atlantic		999		—		—		999		—		999
Southeast Region
Tampa, FL		1,099		—		—		1,099		—		1,099
Orlando, FL		1,021		—		—		1,021		—		1,021
Nashville, TN		1,024		—		—		1,024		—		1,024
Other Florida		1,326		—		—		1,326		—		1,326
Northeast Region
New York, NY		3,596		3,410		4,109		3,732		4,448		3,844
Boston, MA		2,152		—		—		2,152		2,367		2,217
Philadelphia, PA		—		—		—		—		3,000		3,000
Southwest Region
Dallas, TX		1,104		—		—		1,104		1,367		1,170
Austin, TX		1,240		—		—		1,240		4,072		1,499
Other Southwest		—		—		—		—		1,507		1,507
Weighted Average	$	1,509	$	2,761	$	2,806	$	1,612	$	2,441	$	1,670

(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) Development revenue per occupied home can be affected by the timing of home deliveries during a quarter and the effects of upfront rental rate concessions on cash-based calculations.

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

12

Attachment 7(D)

UDR, Inc.

Net Operating Income Breakout By Market⁽¹⁾

December 31, 2013

(Dollars in Thousands)

(Unaudited)

	Three Months Ended December 31, 2013
	Same-Store		Non Same-Store (2)		Pro-Rata Share of JVs (3)		Total
Net Operating Income	$	113,044	$	17,140	$	15,145	$	145,329

	Three Months Ended December 31, 2013
	As a % of NOI
	Same- Store			Total
West Region
Orange County, CA		10.3	%		10.5	%
San Francisco, CA		12.9	%		9.8	%
Seattle, WA		5.9	%		6.4	%
Los Angeles, CA		3.3	%		4.3	%
Monterey Peninsula, CA		3.2	%		2.5	%
Inland Empire, CA		1.7	%		1.3	%
San Diego, CA		1.0	%		1.2	%
Portland, OR		1.4	%		1.1	%
		39.7	%		37.1	%
Mid-Atlantic Region
Metropolitan DC		14.2	%		13.2	%
Baltimore, MD		6.1	%		4.8	%
Richmond, VA		3.1	%		2.4	%
Norfolk, VA		2.3	%		1.8	%
Other Mid-Atlantic		0.3	%		0.2	%
		26.0	%		22.4	%

	Three Months Ended December 31, 2013
	As a % of NOI
Region	Same- Store			Total
Southeast Region
Tampa, FL		6.4	%		4.9	%
Orlando, FL		5.8	%		4.4	%
Nashville, TN		3.8	%		2.9	%
Other Florida		1.4	%		1.1	%
		17.4	%		13.3	%
Northeast Region
New York, NY		4.9	%		12.9	%
Boston, MA		4.8	%		5.4	%
Philadelphia, PA		0.0	%		0.7	%
		9.7	%		19.0	%
Southwest Region
Dallas, TX		4.7	%		5.0	%
Austin, TX		2.5	%		2.6	%
Other Southwest		0.0	%		0.6	%
		7.2	%		8.2	%
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

December 31, 2013

(Unaudited)

			% of Same-
	Total		Store Portfolio			Same-Store
	Same-Store		Based on			Physical Occupancy									Total Revenue per Occupied Home
	Homes		4Q 2013 NOI			4Q 13			4Q 12			Change			4Q 13		4Q 12		Change
West Region
San Francisco, CA		2,436		12.9	%		96.7	%		96.1	%		0.6	%	$	2,684	$	2,514		6.8	%
Orange County, CA		3,290		10.3	%		95.1	%		94.9	%		0.2	%		1,703		1,651		3.1	%
Seattle, WA		2,165		5.9	%		97.0	%		96.7	%		0.3	%		1,527		1,439		6.1	%
Los Angeles, CA		919		3.3	%		96.2	%		95.6	%		0.6	%		2,119		2,061		2.8	%
Monterey Peninsula, CA		1,565		3.2	%		93.5	%		92.2	%		1.3	%		1,195		1,136		5.2	%
Inland Empire, CA		654		1.7	%		95.2	%		94.1	%		1.1	%		1,478		1,437		2.9	%
Portland, OR		716		1.4	%		97.5	%		95.9	%		1.6	%		1,139		1,061		7.4	%
San Diego, CA		366		1.0	%		93.9	%		95.7	%		-1.8	%		1,538		1,424		8.0	%
		12,111		39.7	%		95.8	%		95.2	%		0.6	%		1,787		1,701		5.1	%
Mid-Atlantic Region
Metropolitan DC		4,313		14.2	%		96.8	%		96.9	%		-0.1	%		1,824		1,783		2.3	%
Baltimore, MD		2,301		6.1	%		95.6	%		96.0	%		-0.4	%		1,467		1,434		2.3	%
Richmond, VA		1,358		3.1	%		97.0	%		95.6	%		1.4	%		1,200		1,177		2.0	%
Norfolk, VA		1,438		2.3	%		93.1	%		94.3	%		-1.2	%		1,012		989		2.3	%
Other Mid-Atlantic		168		0.3	%		96.1	%		97.9	%		-1.8	%		999		990		0.9	%
		9,578		26.0	%		96.0	%		96.1	%		-0.1	%		1,516		1,483		2.3	%
Southeast Region
Tampa, FL		3,452		6.4	%		96.6	%		96.3	%		0.3	%		1,099		1,057		4.0	%
Orlando, FL		3,167		5.8	%		96.5	%		95.9	%		0.6	%		1,021		977		4.5	%
Nashville, TN		2,260		3.8	%		97.0	%		96.8	%		0.2	%		1,024		970		5.6	%
Other Florida		636		1.4	%		97.2	%		96.6	%		0.6	%		1,326		1,242		6.8	%
		9,515		17.4	%		96.7	%		96.3	%		0.4	%		1,070		1,022		4.7	%
Northeast Region
New York, NY		700		4.9	%		97.1	%		97.0	%		0.1	%		3,596		3,469		3.7	%
Boston, MA		1,179		4.8	%		95.9	%		95.8	%		0.1	%		2,152		2,059		4.5	%
		1,879		9.7	%		96.3	%		96.2	%		0.1	%		2,694		2,588		4.1	%
Southwest Region
Dallas, TX		2,725		4.7	%		96.5	%		95.8	%		0.7	%		1,104		1,051		5.0	%
Austin, TX		1,273		2.5	%		96.7	%		97.1	%		-0.4	%		1,240		1,163		6.6	%
		3,998		7.2	%		96.6	%		96.2	%		0.4	%		1,147		1,087		5.6	%
Total/Weighted Avg.		37,081		100	%		96.2	%		95.9	%		0.3	%	$	1,509	$	1,448		4.2	%

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

14

Attachment 8(B)

UDR, Inc.

Same-Store Operating Information By Major Market⁽¹⁾

Current Quarter vs. Prior Year Quarter

December 31, 2013

(Unaudited)

	Total		Same-Store ($000s)
	Same-Store		Revenues							Expenses							Net Operating Income
	Homes		4Q 13		4Q 12		Change			4Q 13		4Q 12		Change			4Q 13		4Q 12		Change
West Region
San Francisco, CA		2,436	$	18,968	$	17,654		7.4	%	$	4,388	$	4,476		-2.0	%	$	14,580	$	13,178		10.6	%
Orange County, CA		3,290		15,985		15,463		3.4	%		4,330		4,134		4.7	%		11,655		11,329		2.9	%
Seattle, WA		2,165		9,618		9,040		6.4	%		2,976		2,738		8.7	%		6,642		6,302		5.4	%
Los Angeles, CA		919		5,621		5,433		3.5	%		1,911		1,820		5.0	%		3,710		3,613		2.7	%
Monterey Peninsula, CA		1,565		5,248		4,919		6.7	%		1,586		1,621		-2.2	%		3,662		3,298		11.0	%
Inland Empire, CA		654		2,760		2,654		4.0	%		829		643		28.9	%		1,931		2,011		-4.0	%
Portland, OR		716		2,385		2,185		9.2	%		766		728		5.2	%		1,619		1,457		11.1	%
San Diego, CA		366		1,586		1,497		5.9	%		490		431		13.7	%		1,096		1,066		2.8	%
		12,111		62,171		58,845		5.7	%		17,276		16,591		4.1	%		44,895		42,254		6.3	%
Mid-Atlantic Region
Metropolitan DC		4,313		22,851		22,360		2.2	%		6,814		6,757		0.8	%		16,037		15,603		2.8	%
Baltimore, MD		2,301		9,681		9,506		1.8	%		2,788		2,756		1.2	%		6,893		6,750		2.1	%
Richmond, VA		1,358		4,741		4,585		3.4	%		1,258		1,152		9.2	%		3,483		3,433		1.5	%
Norfolk, VA		1,438		4,063		4,024		1.0	%		1,456		1,316		10.6	%		2,607		2,708		-3.7	%
Other Mid-Atlantic		168		484		488		-0.8	%		176		163		8.0	%		308		325		-5.2	%
		9,578		41,820		40,963		2.1	%		12,492		12,144		2.9	%		29,328		28,819		1.8	%
Southeast Region
Tampa, FL		3,452		10,992		10,545		4.2	%		3,805		3,840		-0.9	%		7,187		6,705		7.2	%
Orlando, FL		3,167		9,363		8,900		5.2	%		2,797		3,100		-9.8	%		6,566		5,800		13.2	%
Nashville, TN		2,260		6,734		6,367		5.8	%		2,405		2,155		11.6	%		4,329		4,212		2.8	%
Other Florida		636		2,460		2,289		7.5	%		840		863		-2.7	%		1,620		1,426		13.6	%
		9,515		29,549		28,101		5.2	%		9,847		9,958		-1.1	%		19,702		18,143		8.6	%
Northeast Region
New York, NY		700		7,332		7,067		3.7	%		1,783		1,664		7.2	%		5,549		5,403		2.7	%
Boston, MA		1,179		7,300		6,976		4.6	%		1,906		2,015		-5.4	%		5,394		4,961		8.7	%
		1,879		14,632		14,043		4.2	%		3,689		3,679		0.3	%		10,943		10,364		5.6	%
Southwest Region
Dallas, TX		2,725		8,712		8,230		5.9	%		3,354		3,163		6.0	%		5,358		5,067		5.7	%
Austin, TX		1,273		4,578		4,314		6.1	%		1,760		1,741		1.1	%		2,818		2,573		9.5	%
		3,998		13,290		12,544		5.9	%		5,114		4,904		4.3	%		8,176		7,640		7.0	%
Totals		37,081	$	161,462	$	154,496		4.5	%	$	48,418	$	47,276		2.4	%	$	113,044	$	107,220		5.4	%

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

15

Attachment 8(C)

UDR, Inc.

Same-Store Operating Information By Major Market⁽¹⁾

Current Quarter vs. Last Quarter

December 31, 2013

(Unaudited)

	Total		Same-Store
	Same-Store		Physical Occupancy									Total Revenue per Occupied Home
	Homes		4Q 13			3Q 13			Change			4Q 13		3Q 13		Change
West Region
San Francisco, CA		2,436		96.7	%		96.6	%		0.1	%	$	2,684	$	2,654		1.1	%
Orange County, CA		3,290		95.1	%		95.5	%		-0.4	%		1,703		1,690		0.8	%
Seattle, WA		2,165		97.0	%		96.7	%		0.3	%		1,527		1,519		0.5	%
Los Angeles, CA		919		96.2	%		94.9	%		1.3	%		2,119		2,126		-0.3	%
Monterey Peninsula, CA		1,565		93.5	%		96.8	%		-3.3	%		1,195		1,173		1.9	%
Inland Empire, CA		654		95.2	%		95.3	%		-0.1	%		1,478		1,451		1.9	%
Portland, OR		716		97.5	%		97.0	%		0.5	%		1,139		1,116		2.1	%
San Diego, CA		366		93.9	%		94.7	%		-0.8	%		1,538		1,549		-0.7	%
		12,111		95.8	%		96.1	%		-0.3	%		1,787		1,768		1.1	%
Mid-Atlantic Region
Metropolitan DC		4,313		96.8	%		96.7	%		0.1	%		1,824		1,825		-0.1	%
Baltimore, MD		2,301		95.6	%		96.0	%		-0.4	%		1,467		1,451		1.1	%
Richmond, VA		1,358		97.0	%		95.7	%		1.3	%		1,200		1,205		-0.4	%
Norfolk, VA		1,438		93.1	%		94.0	%		-0.9	%		1,012		1,013		-0.1	%
Other Mid-Atlantic		168		96.1	%		95.2	%		0.9	%		999		1,031		-3.1	%
		9,578		96.0	%		96.0	%		0.0	%		1,516		1,513		0.2	%
Southeast Region
Tampa, FL		3,452		96.6	%		95.6	%		1.0	%		1,099		1,093		0.5	%
Orlando, FL		3,167		96.5	%		96.0	%		0.5	%		1,021		1,020		0.1	%
Nashville, TN		2,260		97.0	%		97.2	%		-0.2	%		1,024		1,011		1.3	%
Other Florida		636		97.2	%		95.2	%		2.0	%		1,326		1,309		1.3	%
		9,515		96.7	%		96.1	%		0.6	%		1,070		1,063		0.8	%
Northeast Region
New York, NY		700		97.1	%		97.7	%		-0.6	%		3,596		3,609		-0.4	%
Boston, MA		1,179		95.9	%		96.2	%		-0.3	%		2,152		2,167		-0.7	%
		1,879		96.3	%		96.8	%		-0.5	%		2,694		2,708		-0.5	%
Southwest Region
Dallas, TX		2,725		96.5	%		96.5	%		0.0	%		1,104		1,108		-0.4	%
Austin, TX		1,273		96.7	%		96.9	%		-0.2	%		1,240		1,231		0.7	%
		3,998		96.6	%		96.7	%		-0.1	%		1,147		1,146		0.1	%
Total/Weighted Avg.		37,081		96.2	%		96.2	%		0.0	%	$	1,509	$	1,502		0.5	%

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

16

Attachment 8(D)

UDR, Inc.

Same-Store Operating Information By Major Market⁽¹⁾

Current Quarter vs. Last Quarter

December 31, 2013

(Unaudited)

	Total		Same-Store ($000s)
	Same-Store		Revenues							Expenses							Net Operating Income
	Homes		4Q 13		3Q 13		Change			4Q 13		3Q 13		Change			4Q 13		3Q 13		Change
West Region
San Francisco, CA		2,436	$	18,968	$	18,733		1.3	%	$	4,388	$	4,662		-5.9	%	$	14,580	$	14,071		3.6	%
Orange County, CA		3,290		15,985		15,928		0.4	%		4,330		4,538		-4.6	%		11,655		11,390		2.3	%
Seattle, WA		2,165		9,618		9,538		0.8	%		2,976		2,961		0.5	%		6,642		6,577		1.0	%
Los Angeles, CA		919		5,621		5,563		1.0	%		1,911		1,851		3.2	%		3,710		3,712		-0.1	%
Monterey Peninsula, CA		1,565		5,248		5,332		-1.6	%		1,586		1,715		-7.5	%		3,662		3,617		1.2	%
Inland Empire, CA		654		2,760		2,713		1.7	%		829		836		-0.8	%		1,931		1,877		2.9	%
Portland, OR		716		2,385		2,326		2.5	%		766		702		9.1	%		1,619		1,624		-0.3	%
San Diego, CA		366		1,586		1,611		-1.6	%		490		502		-2.4	%		1,096		1,109		-1.2	%
		12,111		62,171		61,744		0.7	%		17,276		17,767		-2.8	%		44,895		43,977		2.1	%
Mid-Atlantic Region
Metropolitan DC		4,313		22,851		22,831		0.1	%		6,814		7,313		-6.8	%		16,037		15,518		3.3	%
Baltimore, MD		2,301		9,681		9,617		0.7	%		2,788		2,872		-2.9	%		6,893		6,745		2.2	%
Richmond, VA		1,358		4,741		4,700		0.9	%		1,258		1,281		-1.8	%		3,483		3,419		1.9	%
Norfolk, VA		1,438		4,063		4,106		-1.0	%		1,456		1,440		1.1	%		2,607		2,666		-2.2	%
Other Mid-Atlantic		168		484		495		-2.2	%		176		177		-0.6	%		308		318		-3.1	%
		9,578		41,820		41,749		0.2	%		12,492		13,083		-4.5	%		29,328		28,666		2.3	%
Southeast Region
Tampa, FL		3,452		10,992		10,824		1.6	%		3,805		4,118		-7.6	%		7,187		6,706		7.2	%
Orlando, FL		3,167		9,363		9,301		0.7	%		2,797		3,357		-16.7	%		6,566		5,944		10.5	%
Nashville, TN		2,260		6,734		6,663		1.1	%		2,405		2,164		11.1	%		4,329		4,499		-3.8	%
Other Florida		636		2,460		2,377		3.5	%		840		919		-8.6	%		1,620		1,458		11.1	%
		9,515		29,549		29,165		1.3	%		9,847		10,558		-6.7	%		19,702		18,607		5.9	%
Northeast Region
New York, NY		700		7,332		7,404		-1.0	%		1,783		1,972		-9.6	%		5,549		5,432		2.2	%
Boston, MA		1,179		7,300		7,373		-1.0	%		1,906		2,165		-12.0	%		5,394		5,208		3.6	%
		1,879		14,632		14,777		-1.0	%		3,689		4,137		-10.8	%		10,943		10,640		2.8	%
Southwest Region
Dallas, TX		2,725		8,712		8,737		-0.3	%		3,354		3,399		-1.3	%		5,358		5,338		0.4	%
Austin, TX		1,273		4,578		4,556		0.5	%		1,760		1,911		-7.9	%		2,818		2,645		6.5	%
		3,998		13,290		13,293		0.0	%		5,114		5,310		-3.7	%		8,176		7,983		2.4	%
Total		37,081	$	161,462	$	160,728		0.5	%	$	48,418	$	50,855		-4.8	%	$	113,044	$	109,873		2.9	%

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

17

Attachment 8(E)

UDR, Inc.

Same-Store Operating Information By Major Market⁽¹⁾

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

December 31, 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		11.1	%		96.5	%		96.1	%		0.4	%	$	2,665	$	2,491		7.0	%
Orange County, CA		3,290		10.8	%		95.0	%		94.9	%		0.1	%		1,683		1,621		3.8	%
Seattle, WA		2,165		6.1	%		96.5	%		96.0	%		0.5	%		1,500		1,414		6.1	%
Los Angeles, CA		919		3.5	%		95.5	%		95.1	%		0.4	%		2,106		2,023		4.1	%
Monterey Peninsula, CA		1,565		3.3	%		93.6	%		93.5	%		0.1	%		1,166		1,111		5.0	%
Inland Empire, CA		654		1.8	%		94.8	%		94.3	%		0.5	%		1,454		1,434		1.4	%
Portland, OR		716		1.5	%		97.0	%		95.0	%		2.0	%		1,105		1,043		5.9	%
San Diego, CA		366		1.0	%		94.8	%		95.0	%		-0.2	%		1,521		1,413		7.6	%
		11,703		39.1	%		95.5	%		95.1	%		0.4	%		1,733		1,647		5.2	%
Mid-Atlantic Region
Metropolitan DC		4,313		14.7	%		96.9	%		97.0	%		-0.1	%		1,813		1,747		3.8	%
Baltimore, MD		2,301		6.4	%		96.1	%		96.5	%		-0.4	%		1,451		1,428		1.6	%
Richmond, VA		1,358		3.3	%		96.5	%		95.4	%		1.1	%		1,193		1,172		1.8	%
Norfolk, VA		1,438		2.5	%		93.7	%		94.5	%		-0.8	%		1,012		989		2.3	%
Other Mid-Atlantic		168		0.3	%		96.3	%		95.7	%		0.6	%		1,008		987		2.1	%
		9,578		27.2	%		96.2	%		96.2	%		0.0	%		1,507		1,465		2.9	%
Southeast Region
Tampa, FL		3,452		6.5	%		96.1	%		96.0	%		0.1	%		1,091		1,042		4.7	%
Orlando, FL		3,167		5.7	%		96.1	%		95.7	%		0.4	%		1,008		964		4.6	%
Nashville, TN		2,260		4.2	%		97.0	%		96.9	%		0.1	%		1,003		948		5.8	%
Other Florida		636		1.4	%		95.8	%		95.0	%		0.8	%		1,306		1,246		4.8	%
		9,515		17.8	%		96.3	%		96.1	%		0.2	%		1,057		1,007		5.0	%
Northeast Region
New York, NY		700		5.2	%		97.0	%		97.5	%		-0.5	%		3,571		3,366		6.1	%
Boston, MA		1,179		4.8	%		96.3	%		96.1	%		0.2	%		2,127		1,978		7.5	%
		1,879		10.0	%		96.5	%		96.6	%		-0.1	%		2,670		2,500		6.8	%
Southwest Region
Dallas, TX		2,725		5.0	%		96.5	%		96.2	%		0.3	%		1,090		1,027		6.1	%
Austin, TX		390		0.9	%		96.9	%		96.3	%		0.6	%		1,360		1,282		6.1	%
		3,115		5.9	%		96.5	%		96.2	%		0.3	%		1,125		1,059		6.2	%
Total/Weighted Avg.		35,790		100	%		96.0	%		95.8	%		0.2	%	$	1,488	$	1,421		4.7	%

(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

December 31, 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		$	62,590	$	58,255		7.4	%	$	15,506	$	15,283		1.5	%	$	47,084	$	42,972		9.6	%
Orange County, CA		3,290			63,125		60,718		4.0	%		17,485		17,268		1.3	%		45,640		43,450		5.0	%
Seattle, WA		2,165			37,611		35,265		6.7	%		11,817		10,888		8.5	%		25,794		24,377		5.8	%
Los Angeles, CA		919			22,185		21,220		4.5	%		7,216		7,514		-4.0	%		14,969		13,706		9.2	%
Monterey Peninsula, CA		1,565			20,497		19,510		5.1	%		6,514		6,477		0.6	%		13,983		13,033		7.3	%
Inland Empire, CA		654			10,820		10,611		2.0	%		3,311		3,222		2.8	%		7,509		7,389		1.6	%
Portland, OR		716			9,212		8,512		8.2	%		2,918		2,835		2.9	%		6,294		5,677		10.9	%
San Diego, CA		366			6,334		5,897		7.4	%		1,950		2,005		-2.7	%		4,384		3,892		12.6	%
		11,703			232,374		219,988		5.6	%		66,717		65,492		1.9	%		165,657		154,496		7.2	%
Mid-Atlantic Region
Metropolitan DC		4,313			90,935		87,688		3.7	%		28,366		27,561		2.9	%		62,569		60,127		4.1	%
Baltimore, MD		2,301			38,502		38,045		1.2	%		11,194		11,062		1.2	%		27,308		26,983		1.2	%
Richmond, VA		1,358			18,755		18,227		2.9	%		4,863		4,715		3.1	%		13,892		13,512		2.8	%
Norfolk, VA		1,438	��		16,369		16,128		1.5	%		5,603		5,278		6.2	%		10,766		10,850		-0.8	%
Other Mid-Atlantic		168			1,957		1,903		2.8	%		687		676		1.6	%		1,270		1,227		3.5	%
		9,578			166,518		161,991		2.8	%		50,713		49,292		2.9	%		115,805		112,699		2.8	%
Southeast Region
Tampa, FL		3,452			43,428		41,457		4.8	%		15,734		15,419		2.0	%		27,694		26,038		6.4	%
Orlando, FL		3,167			36,832		35,048		5.1	%		12,503		12,380		1.0	%		24,329		22,668		7.3	%
Nashville, TN		2,260			26,381		24,924		5.8	%		8,681		8,151		6.5	%		17,700		16,773		5.5	%
Other Florida		636			9,551		9,032		5.7	%		3,449		3,293		4.7	%		6,102		5,739		6.3	%
		9,515			116,192		110,461		5.2	%		40,367		39,243		2.9	%		75,825		71,218		6.5	%
Northeast Region
New York, NY		700			29,096		27,567		5.5	%		7,203		6,877		4.7	%		21,893		20,690		5.8	%
Boston, MA		1,179			28,977		26,893		7.7	%		8,517		8,207		3.8	%		20,460		18,686		9.5	%
		1,879			58,073		54,460		6.6	%		15,720		15,084		4.2	%		42,353		39,376		7.6	%
Southwest Region
Dallas, TX		2,725			34,409		32,322		6.5	%		13,235		12,712		4.1	%		21,174		19,610		8.0	%
Austin, TX		390			6,167		5,777		6.8	%		2,472		2,570		-3.8	%		3,695		3,207		15.2	%
		3,115			40,576		38,099		6.5	%		15,707		15,282		2.8	%		24,869		22,817		9.0	%
Total		35,790		$	613,733	$	584,999		4.9	%	$	189,224	$	184,393		2.6	%	$	424,509	$	400,606		6.0	%

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

19

Attachment 8(G)

UDR, Inc.

Same-Store Operating Information By Major Market⁽¹⁾

December 31, 2013

(Unaudited)

	Effective New Lease Rate Growth			Effective Renewal Lease Rate Growth			Annualized Turnover
	4Q 2013			4Q 2013			4Q 2013			4Q 2012			YTD 2013			YTD 2012
West Region
San Francisco, CA		6.8	%		7.6	%		42.3	%		49.3	%		54.7	%		56.5	%
Orange County, CA		1.5	%		5.0	%		51.4	%		53.8	%		62.7	%		61.8	%
Seattle, WA		4.1	%		6.9	%		46.0	%		47.5	%		56.8	%		57.1	%
Los Angeles, CA		2.6	%		3.4	%		50.1	%		48.4	%		60.8	%		57.0	%
Monterey Peninsula, CA		0.4	%		5.2	%		65.2	%		77.1	%		53.4	%		66.1	%
Inland Empire, CA		3.0	%		5.4	%		51.0	%		57.0	%		61.2	%		63.1	%
Portland, OR		7.6	%		7.3	%		40.4	%		38.8	%		53.6	%		58.0	%
San Diego, CA		-2.5	%		2.0	%		73.7	%		66.1	%		77.9	%		71.0	%
		3.4	%		6.1	%		50.3	%		54.0	%		58.7	%		60.3	%
Mid-Atlantic Region
Metropolitan DC		-3.4	%		3.8	%		40.2	%		37.6	%		45.6	%		44.8	%
Baltimore, MD		-3.1	%		4.3	%		43.4	%		43.3	%		51.6	%		50.4	%
Richmond, VA		-2.1	%		3.8	%		43.5	%		55.5	%		55.1	%		64.9	%
Norfolk, VA		-5.8	%		2.5	%		52.1	%		53.2	%		58.6	%		56.7	%
Other Mid-Atlantic		-7.5	%		6.3	%		35.4	%		37.8	%		61.3	%		58.9	%
		-3.5	%		3.8	%		43.2	%		43.9	%		50.6	%		51.0	%
Southeast Region
Tampa, FL		1.1	%		4.1	%		40.1	%		43.7	%		49.2	%		50.9	%
Orlando, FL		3.1	%		5.3	%		44.7	%		48.1	%		53.6	%		54.6	%
Nashville, TN		3.5	%		4.2	%		50.4	%		48.6	%		55.8	%		53.5	%
Other Florida		2.6	%		5.1	%		30.6	%		34.3	%		46.4	%		49.8	%
		2.5	%		4.6	%		43.4	%		45.7	%		52.0	%		52.7	%
Northeast Region
New York, NY		1.2	%		6.7	%		35.1	%		39.7	%		41.1	%		45.0	%
Boston, MA		3.2	%		5.0	%		39.7	%		41.7	%		45.1	%		47.6	%
		2.3	%		6.0	%		38.0	%		41.0	%		43.6	%		46.6	%
Southwest Region
Dallas, TX		-0.6	%		5.8	%		46.9	%		49.8	%		55.3	%		53.5	%
Austin, TX		5.2	%		5.9	%		45.8	%		43.9	%		56.2	%		55.1	%
		1.4	%		5.9	%		46.5	%		47.9	%		55.4	%		53.7	%
Total/Weighted Avg.		1.3	%		5.2	%		45.7	%		47.9	%		53.7	%		54.5	%
Percentage of Total Repriced Homes		52.0	%		48.0	%
	4Q 2013			4Q 2012
Total Combined New and Renewal Lease Rate Growth		3.1	%		3.6	%

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

20

Attachment 9

UDR, Inc.

Development Summary^{(1) (2)}

December 31, 2013

(Dollars in Thousands)

(Unaudited)

Wholly-Owned

															Schedule						Percentage
		# of		Compl.		Cost to		Budgeted		Est. Cost			Project				Initial
Community	Location	Homes		Homes		Date		Cost		per Home			Debt		Start		Occ.		Compl.		Leased			Occupied
Projects Under Construction
Channel @ Mission Bay	San Francisco, CA		315		98	$	141,268	$	145,000	$	460	(3)	$	—		4Q 10		4Q 13		1Q 14		30.5	%		13.3	%
Domain College Park (9)	College Park, MD		256		164		58,400		65,100		254	(4)		28,816		2Q 11		2Q 13		1Q 14		62.1	%		54.3	%
Los Alisos	Mission Viejo, CA		320		160		80,623		87,050		272			—		2Q 11		3Q 13		1Q 14		30.3	%		18.4	%
DelRay Tower (5)	Alexandria, VA		332		—		80,063		132,000		398			—		3Q 11		2Q 14		3Q 14		—			—
Beach Walk	Huntington Beach, CA		173		—		28,057		50,700		293			—		3Q 12		2Q 14		3Q 14		—			—
Pier 4	Boston, MA		369		—		79,002		217,700		590	(6)		—		4Q 12		1Q 15		2Q 15		—			—
Total			1,765		422	$	467,413	$	697,550	$	395		$	28,816
Completed Projects, Non-Stabilized
The Residences at Bella Terra	Huntington Beach, CA		467		467	$	147,185	$	150,000	$	321	(7)	$	—		4Q 11		2Q 13		4Q 13		91.9	%		91.0	%
13th & Market(9)	San Diego, CA		264		264		71,132		75,500		286	(8)		34,780		2Q 11		4Q 13		4Q 13		31.4	%		23.5	%
Total - Wholly Owned			2,496		1,153	$	685,730	$	923,050	$	370		$	63,596

Net Operating Income From Wholly-Owned Projects

	4Q 2013
Projects Under Construction	$	(405	)
Completed, Non-Stabilized		1,266
Total	$	861

Capitalized Interest for Current Development Projects

4Q 13		4Q 12		YTD 13		YTD 12
$	4,010	$	3,941	$	17,145	$	10,709

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
399 Fremont	San Francisco, CA		51	%		447		—	$	65,133	$	317,700		—	1Q	14	4Q	15		3Q 16		—			—
Total						447		—	$	65,133	$	317,700	$	—
Completed Projects, Non-Stabilized
Fiori on Vitruvian Park®	Addison, TX		50	%		391		391	$	95,605	$	98,350	$	46,391	3Q	11	2Q	13		4Q 13		46.6	%		42.2	%
Total—Unconsolidated Joint Ventures and Partnerships						838		391	$	160,738	$	416,050	$	46,391

Projected Weighted Average Trended Yield on Development Projects Over Respective Cap Rates: 150-200 bps

Participating Loan Investment

		# of		Compl.		Cost to		Budgeted		Loan		Loan
Community	Location	Homes		Homes		Date (11)		Cost		Commitment		Balance (11)
Steele Creek (10)	Denver, CO		218		—	$	34,457	$	108,245	$	92,009	$	14,273
Total			218		—	$	34,457	$	108,245	$	92,009	$	14,273

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

(2) The development summary above includes all communities under development that UDR wholly owns, owns an interest in through an unconsolidated joint venture, or has a participating loan investment in.

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

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

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

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

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

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

(9) In Q4 2013, the LLC agreements were amended to provide UDR with a controlling interest and the option to purchase the remaining ownership interest in the Domain College Park and 13th & Market communities. In connection with the amendments, our unaffiliated partner received equity distributions reducing their capital account balances to zero and UDR began consolidating these communities. The unaffiliated partner retains the right to receive certain upside particpation from the developments.

(10) Refer to Attachment 12 for terms of our participating loan investment

(11) Cost to date includes accruals for costs incurred, but not yet paid as of the end of the period. Loan balance includes only amounts funded prior to the period end.

21

Attachment 10

UDR, Inc.

Redevelopment Summary⁽¹⁾

December 31, 2013

(Dollars in Thousands)

(Unaudited)

Wholly-Owned

				Sched.								Est. Cost		Schedule									Percentage
		# of		Redev.		Compl.		Cost to		Budgeted		per									Same-
Community	Location	Homes		Homes		Homes		Date		Cost(2)		Home		Acq.			Start		Compl.		Store (3)		Leased			Occupied
Projects in Redevelopment
Rivergate (4)	New York, NY		706		675		379	$	61,680	$	98,000	$	145		3Q 11			3Q 11		3Q 14		4Q 15		90.8	%		90.8	%
27 Seventy Five Mesa Verde(5)	Costa Mesa, CA		964		748		629		72,581		75,300		101		Various	(6)		3Q 11		2Q 14		3Q 15		81.5	%		79.7	%
Total			1,670		1,423		1,008	$	134,261	$	173,300	$	122
Completed Redevelopments, Non-Stabilized
N/A	N/A		—		—		—		—		—		—		—			—		—		—		—			—
Total—Wholly Owned			1,670		1,423		1,008	$	134,261	$	173,300	$	122

		Capitalized Interest for Current Redevelopment Projects
		4Q 13		4Q 12		YTD 13		YTD 12
Projected Weighted Average Return on Incremental Capital Invested:	7.0% to 9.0%	$	584	$	213	$	2,525	$	1,719

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

(2) Represents UDR’s incremental capital invested in the projects.

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

(4) The community will have 739 homes upon completion.

(5) 27 Seventy Five Mesa Verde was formerly known as Pine Brook Village I & II and Villa Venetia. Communities were combined in 1Q 2013.

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

22

Attachment 11

UDR, Inc.

Land Summary⁽¹⁾

December 31, 2013

(Dollars in Thousands)

(Unaudited)

		UDR Ownership			Real Estate
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	%	$	18,304			Complete	In Process
7 Harcourt(3)	Boston, MA		100.0	%		5,060			In Process
Vitruvian Park®	Addison, TX		100.0	%		13,368			Complete	In Process	In Process
Total					$	36,732
					Real Estate Cost Basis		UDR Pro-Rata Cost Basis
Consolidated Joint Ventures
3032 Wilshire	Santa Monica, CA		95.0	%	$	11,741	$	11,154	In Process
2919 Wilshire	Santa Monica, CA		95.0	%		7,803		7,413	In Process
Total					$	19,544	$	18,567
					Real Estate Cost Basis		UDR Pro-Rata Cost Basis
Unconsolidated Joint Ventures and Partnerships
UDR/MetLife I—7 parcels(4)	Various		4.0	%	$	179,286	$	6,555	(5)	In Process	In Process
UDR/MetLife Vitruvian Park®	Addison, TX		50.0	%		50,109		25,055	Complete	In Process	In Process
					$	229,395	$	31,611
Total					$	285,671	$	86,909

(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; and Dublin, CA.

(5) Entitlements are completed on 4 parcels and 3 parcels are in process.

23

Attachment 12

UDR, Inc.

Unconsolidated Joint Venture Summary⁽¹⁾

December 31, 2013

(Dollars in Thousands)

(Unaudited)

Portfolio Characteristics

		# of							Physical			Total Revenue per Occupied		Net Operating Income
	Property	Comm. /		# of		Own.			Occupancy			Home		UDR’s Share						Total
Joint Venture and Partnerships	Type	Parcels		Homes (6)		Interest			4Q 13			4Q 13(1)		4Q 2013			YTD 2013			YTD 2013 (2)
UDR / MetLife II	Various		15		3,119		50.0	%		95.4	%	$	3,259	$	11,022		$	40,461		$	80,922
UDR / MetLife I
Operating communities	Various		8		1,641		13.2	%		95.4	%		2,687		968			4,751			39,686
Land parcels			7		TBD		4.0	%		—			—		12			21			965
UDR/MetLife Vitruvian Park®
Operating communities	Mid-rise		2		739		50.0	%		92.4	%		1,428		852			1,708			3,415
Fiori on Vitruvian Park®	High-rise (development)		1		391		50.0	%		42.2	%		2,088		87			63			123
Land parcels			6		TBD		50.0	%		—			—		(41	)		(65	)		(130	)
UDR / KFH	High-rise		3		660		30.0	%		95.4	%		2,578		1,089			4,279			14,265
Texas	Garden		8		3,359		20.0	%		96.6	%		1,032		1,156			4,568			22,837
399 Fremont	High-rise (development)		1		—		51.0	%		—			—		—			—			—
Total/Weighted Average			51		9,909					93.5	%	$	2,441	$	15,145		$	55,786		$	162,083

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	$	1,598,934	$	877,799	$	328,380			4.3	%		Various
UDR / MetLife I		892,706		339,365		47,641			4.4	%		Various
UDR/MetLife Vitruvian Park®		285,217		120,999		79,818			3.2	%		Various
UDR / KFH		282,624		165,209		25,984			3.4	%		Various
Texas		324,878		219,588		689			5.6	%		2014
399 Fremont		65,133		—		36,313	(7)		NA			NA
Total/Weighted Average	$	3,449,492	$	1,722,960	$	518,825			4.3	%				6.2	%		8.3	%

Same-Store Unconsolidated Joint Venture Growth

	Same-Store
	Joint Venture		4Q 2013 vs. 4Q 2012 Growth									4Q 2013 vs. 3Q 2013 Growth
Joint Venture	Communities (3)		Revenue			Expense			NOI			Revenue			Expense			NOI
UDR / MetLife II		15		6.2	%		17.9	%		2.6	%		0.8%			-5.4	%		3.2	%
UDR / MetLife I		8		2.2	%		2.5	%		2.0	%		1.6%			-13.1	%		12.0	%
UDR / KFH		3		4.7	%		8.2	%		3.6	%		-0.7%			-3.7	%		0.4	%
Texas		8		5.8	%		23.4	%		-4.3	%		1.1%			2.2	%		0.4	%
Total/Average		34		5.1	%		14.1	%		1.5	%		0.9	%		-5.6	%		4.2	%
									NOI									NOI
Same-Store JV Results at UDR’s Pro-rata Ownership Interest										2.0	%								3.5	%

	Same-Store
	Joint Venture		YTD 2013 vs. YTD 2012 Growth
Joint Venture	Communities (3)		Revenue			Expense			NOI
UDR / MetLife II		15		7.9	%		14.8	%		5.6	%
UDR / MetLife I		8		3.9	%		0.0	%		6.5	%
UDR / KFH		3		3.0	%		3.9	%		2.6	%
Texas		8		5.9	%		7.6	%		4.7	%
Total/Average		34		6.2	%		8.1	%		5.3	%
									NOI
Same-Store JV Results at UDR’s Pro-rata Ownership Interest										5.3	%

Participating Loan Investment

	UDR’s		Preferred			Years to		Income from Participating Loan Investment				Upside
	Investment		Return			Maturity		4Q 2013		YTD 2013		Participation
Steele Creek(8)	$	14,273		6.5	%		3.8	$	156	$	156		50	%

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

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

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

(4) Excludes deferred gain of $25.4M, which is netted in “Investments in and advances to unconsolidated joint ventures, net” on Attachment 3.

(5) Excludes non-stabilized developments.

(6) Includes homes completed for the period ended December 31, 2013.

(7) Includes $3.1M of outside basis difference.

(8) UDR’s participating loan is reflected as investment in and advances to unconsolidated joint ventures on the Consolidated Balance Sheets and net income/(loss) from unconsolidated entities on the Consolidated Statements of Operations in accordance with GAAP. UDR has the option to purchase the property upon completion of construction and we receive 50% of the value created from the project upon acquisition of the asset or sale to a third party.

24

Attachment 13

UDR, Inc.

Acquisitions and Dispositions Summary

December 31, 2013

(Dollars in Thousands)

(Unaudited)

						Post
			Prior			Transaction
			Ownership			Ownership						# of		Price per
Date of Purchase	Community	Location	Interest			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		13	%		50	%	$	83,800			223	$	376
Jun-13	Current (2)	San Diego, CA		18	%		50	%		63,400			144		440
									$	147,200			367	$	401
						Post
			Prior			Transaction
			Ownership			Ownership						# of		Price per
Date of Sale	Community	Location	Interest			Interest			Price			Homes		Home
Dispositions—Wholly-Owned
Jun-13	Portfolio disposition (4)	Addison, TX		100	%		50	%	$	290,000
Dec-13	Foothills Tennis Village	Roseville, CA		100	%		0	%		33,100			268	$	124
Dec-13	Woodlake Village Apartments	Sacramento, CA		100	%		0	%		48,000			646		74
									$	371,100			914	$	89
Dispositions—Joint Ventures
Jun-13	Portfolio disposition (5)	Various		Various			0	%	$	218,000	(3)		539	$	404
Dec-13	Lodge at Stoughton	Stoughton, MA		95	%		0	%		51,000	(3)		240		213
									$	269,000			779	$	345
Dispositions—Wholly-Owned Land
Dec-13	399 Fremont	San Francisco, CA		100	%		51	%	$	61,000	(6)		—	$	—
Dispositions—Joint Ventures Land
Jul-13	Paseo Del Mar	Fort Lauderdale, FL		10.0	%		0.0	%	$	9,840	(7)		—	$	—

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

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

(3) Price represents 100% of the value of assets.

(4) Communities sold to the UDR/MetLife Vitruvian Park^® partnerships and retained a 50% ownership interest. Includes Savoye (392 homes), Savoye2 (347 homes), Fiori (391 homes under development) and 28.4 acres of land for development.

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

(6) Price represents 100% of the value of assets. In conjunction with the sale of 49% of UDR’s interest in the land parcel, a joint venture was formed with MetLife.

(7) Price represents 100% of the land value.

25

Attachment 14

UDR, Inc.

Capital Expenditure and Repair and Maintenance Summary⁽¹⁾

December 31, 2013

(Dollars in Thousands)

(Unaudited)

			Three Months				Twelve Months
	Weighted Avg.		Ended		Cost		Ended		Cost
Category (Capitalized)	Useful Life (yrs) (2)		December 31, 2013		per Home		December 31, 2013		per Home
Capital Expenditures for Consolidated Homes(3)
Average Number of Homes (4)				40,706				41,052
Recurring Cap Ex
Asset Preservation
Building Interiors		5 - 20	$	4,063	$	100	$	13,983	$	341
Building Exteriors		5 - 20		3,864		95		12,560		306
Landscaping and Grounds		10		867		21		4,314		105
Total Asset Preservation				8,794		216		30,857		752
Turnover Related		5		2,938		72		11,850		288
Total Recurring Cap Ex				11,732		288		42,707		1,040
Revenue Enhancing Cap Ex(5)		5 - 20		3,283		81		10,364		253
Total			$	15,015	$	369	$	53,071	$	1,293

	Three Months				Twelve Months
	Ended		Cost		Ended		Cost
Category (Expensed)	December 31, 2013		per Home		December 31, 2013		per Home
Repair and Maintenance for Consolidated Homes
Average Number of Homes		40,706				41,052
Contract Services	$	5,134	$	126	$	18,923	$	461
Turnover Related Expenses		1,236		31		4,951		121
Other Repair and Maintenance
Building Interiors		1,124		28		6,200		151
Building Exteriors		497		12		1,755		42
Landscaping and Grounds		246		6		863		21
Total	$	8,237	$	203	$	32,692	$	796

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

(2) Weighted average useful life of capitalized expenses for the twelve months ended December 31, 2013.

(3) Excludes redevelopment capital.

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

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

26

Attachment 15

UDR, Inc.

Full-Year 2014 Guidance⁽¹⁾

December 31, 2013

(Unaudited)

FFO and AFFO per Share Guidance

	1Q 2014	Full Year 2014
FFO per common share, diluted	$0.34 to $0.36	$1.47 to $1.53
FFO As Adjusted per common share, diluted	$0.33 to $0.35	$1.47 to $1.53
Adjusted Funds from Operations (“AFFO”) per common share, diluted	$0.30 to $0.32	$1.30 to $1.36
Weighted average diluted shares/units (M)	264.0	265.7
Annualized dividend per share		$1.04

Same-Store Guidance

	Full Year 2014
Revenue growth	3.50% to 4.25%
Expense growth	2.75% to 3.25%
NOI growth	3.75% to 5.00%
Physical occupancy	96.0%
Same-Store homes	36,817

Transactional Activity ($ in millions)

	Full Year 2014
Acquisitions	$200 to $300
Dispositions	$250 to $350
Cap rate spread	150 bps to 200 bps
Development and redevelopment spending	$425 to $475

Capital Markets Activity ($ in millions)

	Full Year 2014
Debt maturities	$348
New debt issuance	$250 to $350
Equity issuances	$50 to $150

Other Additions/(Deductions) ($ in millions except per home amounts)

	Full Year 2014
Interest	($132) to ($136)
General and administrative, gross(2)	($43) to ($47)
Tax benefit for RE3	$6 to $8
Joint venture fee income	$11 to $13
Total joint venture FFO, excluding fee income	$33 to $37
Non-recurring items:
RE3 gains from asset sales	$1 to $6
Acquisition-related costs	$1 to $3
Average stabilized homes	40,900
Recurring capital expenditures per home	$1,100

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

(2) Includes an estimated $9.3 million of Long Term Incentive Plan compensation expense.

27

Attachment 16(A)

UDR, Inc.

Definitions and Reconciliations

December 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 that are necessary to help preserve the value of and maintain functionality at our communities.

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

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

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

The primary assets and liabilities and the net operating results of those properties sold or classified as held for disposition through December 31, 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 December 31, 2013, within the Consolidated Statements of Operations for the periods ended December 31, 2013 and 2012, and the reclassification of the assets and liabilities within the Consolidated Balance Sheets as of December 31, 2013 and December 31, 2012.

During the twelve months ended December 31, 2013, UDR sold 2 communities with a total of 914 homes. During the twelve months ended December 31, 2012, UDR disposed of 21 communities with a total of 6,507 homes. At December 31, 2013, UDR has one commercial property 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	4Q 2013			4Q 2012		YTD 2013			YTD 2012
Rental income	$	2,021		$	2,296	$	9,151		$	39,543
Rental expenses		777			826		3,511			14,106
Property management		56			63		252			1,088
Real estate depreciation		350			539		1,958			8,474
Other operating expenses		8			7		34			30
Non-property (income)/expense		(96	)		—		(96	)		791
		1,095			1,435		5,659			24,489
Income before net impairment of real estate held for disposition and net gain on the sale of depreciable property		926			861		3,492			15,054
Impairment of real estate held for disposition, net of tax		(1,469	)		—		(1,469	)		—
Net gain on the sale of depreciable property, net of tax		41,919			156		41,919			251,554
Income from discontinued operations, net of tax	$	41,376		$	1,017	$	43,942		$	266,608

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

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

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

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

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

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

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

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

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

28

Attachment 16(B)

UDR, Inc.

Definitions and Reconciliations

December 31, 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 short-term investment is incidental to our main business. TRS gains on sales, net of taxes, are defined as net sales proceeds less a tax provision and the gross investment basis of the asset before accumulated depreciation.

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

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

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

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

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

In thousands	4Q 2013			YTD 2013
Income/(loss) from unconsolidated entities	$	5,666		$	(415	)
Management fee		980			3,647
Interest expense		7,359			27,056
Depreciation		9,491			34,953
General and administrative		273			495
Other income/expense		328			781
NOI from sold and newly consolidated properties		(621	)		(2,400	)
Gain on sale		(8,331	)		(8,331	)
Total Joint Venture NOI at UDR’s Pro-Rata Ownership Interest	$	15,145		$	55,786

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

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

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

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

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

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

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

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

In thousands	4Q 2013			3Q 2013			2Q 2013			1Q 2013			4Q 2012			YTD 2013			YTD 2012
Net income/(loss) attributable to UDR, Inc.	$	36,700		$	3,188		$	5,192		$	(268	)	$	(12,300	)	$	44,812		$	212,177
Property management		5,233			5,168			5,123			5,004			4,954			20,528			19,378
Other operating expenses		1,925			1,776			1,799			1,636			1,457			7,136			5,718
Real estate depreciation and amortization		88,301			83,738			84,595			82,898			82,917			339,532			341,926
Interest expense		33,360			30,939			30,803			30,981			30,660			126,083			138,792
Hurricane-related (recoveries)/charges, net		—			(6,460	)		(2,772	)		(3,021	)		8,495			(12,253	)		8,495
General and administrative		11,532			11,364			9,866			9,476			10,653			42,238			43,792
Tax provision/(benefit), net (includes valuation adjustment)		15			(2,658	)		(2,683	)		(1,973	)		(1,628	)		(7,299	)		(30,282	)
Income/(loss) from unconsolidated entities		(5,666	)		3,794			(515	)		2,802			2,757			415			8,579
Interest and other income, net		(1,328	)		(829	)		(1,446	)		(1,016	)		(1,089	)		(4,619	)		(3,524	)
Joint venture management and other fees		(3,095	)		(3,207	)		(3,217	)		(2,923	)		(2,885	)		(12,442	)		(11,911	)
Other depreciation and amortization		3,281			1,176			1,138			1,146			1,092			6,741			4,105
Income from discontinued operations, net of tax		(41,376	)		(884	)		(829	)		(853	)		(1,017	)		(43,942	)		(266,608	)
Net income/(loss) attributable to noncontrolling interests		1,302			47			162			(41	)		(655	)		1,470			8,126
Total consolidated NOI	$	130,184		$	127,152		$	127,216		$	123,848		$	123,411		$	508,400		$	478,763

29

Attachment 16(C)

UDR, Inc.

Definitions and Reconciliations

December 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, land held, properties being prepared for redevelopment and properties where a material change in home count has occurred.

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

QTD Same-Store (“SS”) Communities:The Company defines QTD SS Communities as those communities stabilized for five 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 yield for purposes of computing the Projected Weighted Average Return on Incremental Capital Invested, as the forward twelve month NOI, excluding any remaining lease-up concessions outstanding, following the delivery of the final home of a project. 

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

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

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

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

YTD Same-Store (“SS”) Communities: The Company defines YTD SS Communities as those communities stabilized for 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.

30

Attachment 16(D)

UDR, Inc.

Definitions and Reconciliations

December 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 income/(loss) per share for full year 2014 and first quarter of 2014 to forecasted FFO, FFO as Adjusted and AFFO per share:

	Full Year 2014
	Low			High
Forecasted earnings per diluted share	$	0.04		$	0.10
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	$	1.47		$	1.53
TRS gains from asset sales		(0.01	)		(0.01	)
Acquisition costs		0.01			0.01
Forecasted FFO as Adjusted per diluted share	$	1.47		$	1.53
Recurring capital expenditures		(0.17	)		(0.17	)
Forecasted AFFO per diluted share	$	1.30		$	1.36
	1Q 2014
	Low			High
Forecasted earnings per diluted share	$	(0.02	)	$	0.00
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	$	0.34		$	0.36
TRS gains from asset sales		(0.01	)		(0.01	)
Acquisition costs		—			—
Forecasted FFO as Adjusted per diluted share	$	0.33		$	0.35
Recurring capital expenditures		(0.03	)		(0.03	)
Forecasted AFFO per diluted share	$	0.30		$	0.32

31