# EDGAR Filing Document

**Accession Number:** 0000074208
**File Stem:** 0000074208-23-000003
**Filing Date:** 2023-2
**Character Count:** 261103
**Document Hash:** 93e267679297b8f01823c92524fb5877
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000074208-23-000003.hdr.sgml**: 20230206

**ACCESSION NUMBER**: 0000074208-23-000003

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20230206

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230206

**DATE AS OF CHANGE**: 20230206

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UDR, Inc.
- **CENTRAL INDEX KEY:** 0000074208
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 540857512
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-10524
- **FILM NUMBER:** 23590920

**BUSINESS ADDRESS:**
- **STREET 1:** 1745 SHEA CENTER DRIVE
- **STREET 2:** SUITE 200
- **CITY:** HIGHLANDS RANCH
- **STATE:** CO
- **ZIP:** 80129
- **BUSINESS PHONE:** 720-283-6120

**MAIL ADDRESS:**
- **STREET 1:** 1745 SHEA CENTER DRIVE
- **STREET 2:** SUITE 200
- **CITY:** HIGHLANDS RANCH
- **STATE:** CO
- **ZIP:** 80129

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** UNITED DOMINION REALTY TRUST INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** OLD DOMINION REAL ESTATE INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 19850110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** OLD DOMINION REIT ONE
- **DATE OF NAME CHANGE:** 19770921

?xml version='1.0' encoding='UTF-8'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of Report (Date of Earliest Event Reported): February 6, 2023**

## UDR, Inc.
**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Maryland** | **1-10524** | **54-0857512** |
| (State or other jurisdiction | (Commission | (I.R.S. Employer |
| of incorporation) | File Number) | Identification No.) |
| **1745 Shea Center Drive, Suite 200,Highlands Ranch, Colorado** |  | **80129** |
| (Address of principal executive offices) |  | (Zip Code) |

---

**Registrant's telephone number, including area code: (720) 283-6120**

**Not Applicable**

**Former name or former address, if changed since last report**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Title of each class | &nbsp;&nbsp;Trading Symbol(s) | &nbsp;&nbsp;Name of each exchange on which registered |
| &nbsp;&nbsp;Common Stock, par value $0.01 | &nbsp;&nbsp;UDR | &nbsp;&nbsp;New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 2.02 Results of Operations and Financial Condition.**

On February 6, 2023, UDR, Inc. (the "Company") issued a press release announcing its financial results for the quarter and year ended December 31, 2022. This press release is furnished as Exhibit 99.1 to this Report and refers to supplemental financial information that is available on the Company's website and furnished as Exhibit 99.2 to this Report. This information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits.

---

| | |
|:---|:---|
| Ex. No. | Description |
| 99.1 | [Earnings press release dated February 6, 2023](udr-20230206xex99d1.htm). |
| 99.2 | [Supplemental Financial Information dated February 6, 2023](udr-20230206xex99d2.htm). |
| 104 | Cover Page Interactive Data File – The cover page XBRL tags are embedded within the Inline XBRL document |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | UDR, Inc. | UDR, Inc. |
| February 6, 2023 | By: | */s/ Joseph D. Fisher* |
|  |  | Joseph D. Fisher |
|  |  | President and Chief Financial Officer |
|  |  | (Principal Financial Officer) |

---

## Exhibit 99.1

---

| | |
|:---|:---|
| ![Graphic](udr-20230206xex99d1001.jpg) | **Exhibit 99.1**<br>|
| **Press Release**<br>|  |
| **DENVER, CO – February 6, 2023** | Contact: Trent Trujillo<br>|
|  | Email: ttrujillo@udr.com<br>|

---

**UDR ANNOUNCES FOURTH QUARTER AND FULL-YEAR 2022 RESULTS, ESTABLISHES 2023 GUIDANCE RANGES, AND INCREASES DIVIDEND**

UDR, Inc. (the "Company") (NYSE: UDR), announced today its fourth quarter and full-year 2022 results. Net Income, Funds from Operations ("FFO"), FFO as Adjusted ("FFOA"), and Adjusted FFO ("AFFO") per diluted share for the quarter and full-year ended December 31, 2022 are detailed below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Quarter Ended December 31** | &nbsp;&nbsp;**Quarter Ended December 31** | &nbsp;&nbsp;**Quarter Ended December 31** | &nbsp;&nbsp;**Quarter Ended December 31** | &nbsp;&nbsp;**Quarter Ended December 31** |
| &nbsp;&nbsp;**Metric** | &nbsp;&nbsp;**4Q 2022 Actual** | &nbsp;&nbsp;**4Q 2022 Guidance** | &nbsp;&nbsp;**4Q 2021 Actual** | &nbsp;&nbsp;**$ Change vs. Prior Year Period** | &nbsp;&nbsp;**% Change vs. Prior Year Period** |
| &nbsp;&nbsp;Net Income per diluted share | &nbsp;&nbsp;$0.13 | &nbsp;&nbsp;$0.11 to $0.13 | &nbsp;&nbsp;$0.37 | &nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;(65)% |
| &nbsp;&nbsp;FFO per diluted share | &nbsp;&nbsp;$0.56 | &nbsp;&nbsp;$0.60 to $0.62 | &nbsp;&nbsp;$0.63 | &nbsp;&nbsp;$(0.07) | &nbsp;&nbsp;(11)% |
| &nbsp;&nbsp;FFOA per diluted share | &nbsp;&nbsp;$0.61 | &nbsp;&nbsp;$0.60 to $0.62 | &nbsp;&nbsp;$0.54 | &nbsp;&nbsp;$0.07 | &nbsp;&nbsp;13% |
| &nbsp;&nbsp;AFFO per diluted share | &nbsp;&nbsp;$0.53 | &nbsp;&nbsp;$0.54 to $0.56 | &nbsp;&nbsp;$0.47 | &nbsp;&nbsp;$0.06 | &nbsp;&nbsp;13% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Full-Year Ended December 31** | &nbsp;&nbsp;**Full-Year Ended December 31** | &nbsp;&nbsp;**Full-Year Ended December 31** | &nbsp;&nbsp;**Full-Year Ended December 31** | &nbsp;&nbsp;**Full-Year Ended December 31** |
| &nbsp;&nbsp;**Metric** | &nbsp;&nbsp;**FY 2022 Actual** | &nbsp;&nbsp;**FY 2022 Guidance** | &nbsp;&nbsp;**FY 2021 Actual** | &nbsp;&nbsp;**$ Change vs. Prior Year** | &nbsp;&nbsp;**% Change vs. Prior Year** |
| &nbsp;&nbsp;Net Income per diluted share | &nbsp;&nbsp;$0.26 | &nbsp;&nbsp;$0.23 to $0.25 | &nbsp;&nbsp;$0.48 | &nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;(46)% |
| &nbsp;&nbsp;FFO per diluted share | &nbsp;&nbsp;$2.20 | &nbsp;&nbsp;$2.23 to $2.25 | &nbsp;&nbsp;$2.02 | &nbsp;&nbsp;$0.18 | &nbsp;&nbsp;9% |
| &nbsp;&nbsp;FFOA per diluted share | &nbsp;&nbsp;$2.33 | &nbsp;&nbsp;$2.32 to $2.34 | &nbsp;&nbsp;$2.01 | &nbsp;&nbsp;$0.32 | &nbsp;&nbsp;16% |
| &nbsp;&nbsp;AFFO per diluted share | &nbsp;&nbsp;$2.11 | &nbsp;&nbsp;$2.11 to $2.13 | &nbsp;&nbsp;$1.82 | &nbsp;&nbsp;$0.29 | &nbsp;&nbsp;16% |

---

● Same-Store ("SS") results for the fourth quarter 2022 versus the fourth quarter 2021 and the third quarter 2022 are summarized below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Concessions reflected on a **straight-line basis:** | &nbsp;&nbsp;Concessions reflected on a **straight-line basis:** | &nbsp;&nbsp;Concessions reflected on a **cash basis:** | &nbsp;&nbsp;Concessions reflected on a **cash basis:** |
| &nbsp;&nbsp;**SS Growth / (Decline)** | &nbsp;&nbsp;**Year-Over-Year ("YOY"): 4Q 2022 vs. 4Q 2021** | &nbsp;&nbsp;**Sequential:**<br>**4Q 2022 vs.** <br>**3Q 2022** | &nbsp;&nbsp;**YOY:**<br> **4Q 2022 vs. 4Q 2021** | &nbsp;&nbsp;**Sequential:**<br>**4Q 2022 vs.** <br>**3Q 2022** |
| &nbsp;&nbsp;Revenue | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;2.0% | &nbsp;&nbsp;10.1% | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Expense | &nbsp;&nbsp;6.8% | &nbsp;&nbsp;(3.1)% | &nbsp;&nbsp;6.8% | &nbsp;&nbsp;(3.1)% |
| &nbsp;&nbsp;Net Operating Income ("NOI") | &nbsp;&nbsp;14.5% | &nbsp;&nbsp;4.3% | &nbsp;&nbsp;11.5% | &nbsp;&nbsp;3.7% |

---

● During the quarter, the Company settled all remaining forward equity sales agreements for proceeds of approximately $179.6 million, helping to further reduce Debt-to-EBITDAre to 5.6x.

● As previously announced, during the quarter, the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o repurchased 507 thousand shares of its common stock at a weighted average price per share of $40.70 for total consideration of approximately $20.6 million, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o sold a 90-unit community in Orange County, CA, for gross proceeds of $41.5 million.

"2022 was an exceptional year, with our 16 percent FFOA per share growth driven by robust operating fundamentals, our commitment to ongoing innovation, our award-winning ESG platform, and our value-accretive capital allocation decisions. With these results, our Board approved a 10.5 percent dividend increase, enhancing our already strong total return profile," said Tom Toomey, UDR's Chairman and CEO. "Our outlook of mid- to high-single digit NOI growth in 2023 reflects a healthy earn-in of nearly 5 percent, disciplined capital allocation, our innovative culture that drives margin expansion, and a strong balance sheet with minimal debt maturities."

------

**Outlook**

For the first quarter and full-year 2023, the Company has established the following guidance ranges<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1Q 2023 Outlook** | &nbsp;&nbsp;**4Q 2022** <br>**Actual** | &nbsp;&nbsp;<br>**Full-Year 2023 Outlook** | &nbsp;&nbsp;**Full-Year 2022 Actual** |
| &nbsp;&nbsp;Net Income/(Loss) per diluted share | &nbsp;&nbsp;$0.10 to $0.12 | &nbsp;&nbsp;$0.13 | &nbsp;&nbsp;$0.48 to $0.56 | &nbsp;&nbsp;$0.26 |
| &nbsp;&nbsp;FFO per diluted share | &nbsp;&nbsp;$0.59 to $0.61 | &nbsp;&nbsp;$0.56 | &nbsp;&nbsp;$2.45 to $2.53 | &nbsp;&nbsp;$2.20 |
| &nbsp;&nbsp;FFOA per diluted share | &nbsp;&nbsp;$0.59 to $0.61 | &nbsp;&nbsp;$0.61 | &nbsp;&nbsp;$2.45 to $2.53 | &nbsp;&nbsp;$2.33 |
| &nbsp;&nbsp;AFFO per diluted share | &nbsp;&nbsp;$0.56 to $0.58 | &nbsp;&nbsp;$0.53 | &nbsp;&nbsp;$2.22 to $2.30 | &nbsp;&nbsp;$2.11 |
| &nbsp;&nbsp;Dividend declared per share | &nbsp;&nbsp;$0.42 | &nbsp;&nbsp;$0.38 | &nbsp;&nbsp;$1.68 | &nbsp;&nbsp;$1.52 |
| &nbsp;&nbsp;**YOY Growth: concessions reflected on a straight-line basis:** | &nbsp;&nbsp;**YOY Growth: concessions reflected on a straight-line basis:** | &nbsp;&nbsp;**YOY Growth: concessions reflected on a straight-line basis:** | &nbsp;&nbsp;**YOY Growth: concessions reflected on a straight-line basis:** | &nbsp;&nbsp;**YOY Growth: concessions reflected on a straight-line basis:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SS Revenue | &nbsp;&nbsp;N/A | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;5.75% to 7.75% | &nbsp;&nbsp;11.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SS Expense | &nbsp;&nbsp;N/A | &nbsp;&nbsp;6.8% | &nbsp;&nbsp;4.0% to 5.5% | &nbsp;&nbsp;5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SS NOI | &nbsp;&nbsp;N/A | &nbsp;&nbsp;14.5% | &nbsp;&nbsp;6.25% to 8.75% | &nbsp;&nbsp;14.2% |
| &nbsp;&nbsp;**YOY Growth: concessions reflected on a cash basis:** | &nbsp;&nbsp;**YOY Growth: concessions reflected on a cash basis:** | &nbsp;&nbsp;**YOY Growth: concessions reflected on a cash basis:** | &nbsp;&nbsp;**YOY Growth: concessions reflected on a cash basis:** | &nbsp;&nbsp;**YOY Growth: concessions reflected on a cash basis:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SS Revenue | &nbsp;&nbsp;N/A | &nbsp;&nbsp;10.1% | &nbsp;&nbsp;5.5% to 7.5% | &nbsp;&nbsp;11.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SS NOI | &nbsp;&nbsp;N/A | &nbsp;&nbsp;11.5% | &nbsp;&nbsp;6.0% to 8.5% | &nbsp;&nbsp;13.5% |

---

<sup>(1)</sup> Additional assumptions for the Company's first quarter and 2023 outlook can be found on Attachment 14 of the Company's related quarterly Supplemental Financial Information ("Supplement"). A reconciliation of FFO per share, FFOA per share, and AFFO per share to GAAP Net Income per share can be found on Attachment 15(D) of the Company's related quarterly Supplement. Non-GAAP financial measures and other terms, as used in this earnings release, are defined and further explained on Attachments 15(A) through 15(D), "Definitions and Reconciliations," of the Company's related quarterly Supplement.

**Fourth Quarter 2022 Operating Results**

In the fourth quarter, total revenue increased by $51.4 million YOY, or 14.8 percent, to $399.7 million. This increase was primarily attributable to growth in revenue from Same-Store communities and past accretive external growth investments.

"Demand for UDR apartment homes remained healthy and enabled us to achieve sequential same-store revenue growth of 2.0 percent on a straight-line basis," said Mike Lacy, UDR's Senior Vice President of Operations. "Seasonal rent trends reappeared during the quarter and thus far in 2023, but we anticipate improvement in new lease growth as we move past typical seasonal lows."

The Company expects current resident collections to range between 98.3 percent and 98.7 percent in 2023, an approximate 10 basis point improvement at the midpoint versus 2022 results. For the fourth quarter 2022, the Company recorded a residential bad debt reserve of $8.7 million, including $0.5 million for the Company's share from unconsolidated joint ventures, a decrease of $3.0 million versus the Company's bad debt reserve as of the end of the third quarter 2022. This compares to a quarter-end accounts receivable balance of $20.6 million, a decrease of $0.2 million versus the Company's accounts receivable balance as of the end of the third quarter 2022.

------

In the tables below, the Company has presented YOY, sequential, and year-to-date Same-Store results by region, with concessions accounted for on both cash and straight-line bases.

**Summary of Same-Store Results in Fourth Quarter 2022 versus Fourth Quarter 2021**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | &nbsp;&nbsp;<sup>(1)</sup><br>| | |
| <br>&nbsp;&nbsp;**Region** | <br>&nbsp;&nbsp;**Revenue Growth** | <br>&nbsp;&nbsp;**Expense**<br>**Growth** | <br>&nbsp;&nbsp;**NOI Growth** | &nbsp;&nbsp;**% of Same-Store**<br>**Portfolio**<sup>(1)</sup> | <br>&nbsp;&nbsp;**Physical Occupancy**<sup>(2)</sup> | <br>&nbsp;&nbsp;**YOY Change in Occupancy** |
| &nbsp;&nbsp;West | &nbsp;&nbsp;7.0% | &nbsp;&nbsp;7.2% | &nbsp;&nbsp;6.9% | &nbsp;&nbsp;32.1% | &nbsp;&nbsp;96.5% | &nbsp;&nbsp;(0.2)% |
| &nbsp;&nbsp;Mid-Atlantic | &nbsp;&nbsp;7.0% | &nbsp;&nbsp;7.2% | &nbsp;&nbsp;6.9% | &nbsp;&nbsp;20.8% | &nbsp;&nbsp;97.0% | &nbsp;&nbsp;0.0% |
| &nbsp;&nbsp;Northeast | &nbsp;&nbsp;11.8% | &nbsp;&nbsp;1.3% | &nbsp;&nbsp;17.8% | &nbsp;&nbsp;18.3% | &nbsp;&nbsp;97.1% | &nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;Southeast | &nbsp;&nbsp;18.0% | &nbsp;&nbsp;14.3% | &nbsp;&nbsp;19.7% | &nbsp;&nbsp;12.8% | &nbsp;&nbsp;96.8% | &nbsp;&nbsp;(0.7)% |
| &nbsp;&nbsp;Southwest | &nbsp;&nbsp;13.1% | &nbsp;&nbsp;6.9% | &nbsp;&nbsp;16.9% | &nbsp;&nbsp;9.1% | &nbsp;&nbsp;96.8% | &nbsp;&nbsp;(0.5)% |
| &nbsp;&nbsp;Other Markets | &nbsp;&nbsp;10.5% | &nbsp;&nbsp;8.1% | &nbsp;&nbsp;11.4% | &nbsp;&nbsp;6.9% | &nbsp;&nbsp;96.6% | &nbsp;&nbsp;(0.4)% |
| &nbsp;&nbsp;**Total (Cash)** | &nbsp;&nbsp;**10.1%** | &nbsp;&nbsp;**6.8%** | &nbsp;&nbsp;**11.5%** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**96.8%** | &nbsp;&nbsp;**(0.2)%** |
| &nbsp;&nbsp;**Total (Straight-Line)** | &nbsp;&nbsp;**12.1%** | &nbsp;&nbsp;**6.8%** | &nbsp;&nbsp;**14.5%** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** |

---

<sup>(1)</sup> Based on 4Q 2022 Same-Store NOI. For definitions of terms, please refer to the "Definitions and Reconciliations" section of the Company's related quarterly Supplement.

<sup>(2)</sup> Weighted average Same-Store physical occupancy for the quarter.

**Summary of Same-Store Results in Fourth Quarter 2022 versus Third Quarter 2022**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | &nbsp;&nbsp;<sup>(1)</sup><br>| | |
| <br>&nbsp;&nbsp;**Region** | <br>&nbsp;&nbsp;**Revenue Growth / (Decline)** | <br>&nbsp;&nbsp;**Expense**<br>**Growth / (Decline)** | <br>&nbsp;&nbsp;**NOI Growth / (Decline)** | &nbsp;&nbsp;**% of Same-Store**<br>**Portfolio**<sup>(1)</sup> | <br>&nbsp;&nbsp;**Physical Occupancy**<sup>(2)</sup> | <br>&nbsp;&nbsp;**Sequential Change in Occupancy**  |
| &nbsp;&nbsp;West | &nbsp;&nbsp;1.0% | &nbsp;&nbsp;0.8% | &nbsp;&nbsp;1.1% | &nbsp;&nbsp;32.1% | &nbsp;&nbsp;96.5% | &nbsp;&nbsp;(0.2)% |
| &nbsp;&nbsp;Mid-Atlantic | &nbsp;&nbsp;(0.1)% | &nbsp;&nbsp;(3.8)% | &nbsp;&nbsp;1.6% | &nbsp;&nbsp;20.8% | &nbsp;&nbsp;97.0% | &nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;Northeast | &nbsp;&nbsp;2.5% | &nbsp;&nbsp;(6.0)% | &nbsp;&nbsp;7.3% | &nbsp;&nbsp;18.3% | &nbsp;&nbsp;97.1% | &nbsp;&nbsp;0.0% |
| &nbsp;&nbsp;Southeast | &nbsp;&nbsp;3.2% | &nbsp;&nbsp;(2.0)% | &nbsp;&nbsp;5.6% | &nbsp;&nbsp;12.8% | &nbsp;&nbsp;96.8% | &nbsp;&nbsp;0.1% |
| &nbsp;&nbsp;Southwest | &nbsp;&nbsp;2.2% | &nbsp;&nbsp;(7.6)% | &nbsp;&nbsp;8.5% | &nbsp;&nbsp;9.1% | &nbsp;&nbsp;96.8% | &nbsp;&nbsp;0.1% |
| &nbsp;&nbsp;Other Markets | &nbsp;&nbsp;2.8% | &nbsp;&nbsp;(0.3)% | &nbsp;&nbsp;4.1% | &nbsp;&nbsp;6.9% | &nbsp;&nbsp;96.6% | &nbsp;&nbsp;(0.2)% |
| &nbsp;&nbsp;**Total (Cash)** | &nbsp;&nbsp;**1.6%** | &nbsp;&nbsp;**(3.1)%** | &nbsp;&nbsp;**3.7%** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**96.8%** | &nbsp;&nbsp;**0.0%** |
| &nbsp;&nbsp;**Total (Straight-Line)** | &nbsp;&nbsp;**2.0%** | &nbsp;&nbsp;**(3.1)%** | &nbsp;&nbsp;**4.3%** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** |

---

<sup>(1)</sup> Based on 4Q 2022 Same-Store NOI. For definitions of terms, please refer to the "Definitions and Reconciliations" section of the Company's related quarterly Supplement.

<sup>(2)</sup> Weighted average Same-Store physical occupancy for the quarter.

For the twelve months ended December 31, 2022, total revenue increased by $226.6 million YOY, or 17.6 percent, to $1.5 billion. This increase was primarily attributable to growth in revenue from acquired and Same-Store communities.

**Summary of Same-Store Results Full-Year 2022 versus Full-Year 2021**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | &nbsp;&nbsp;<sup>(1)</sup><br>| | |
| <br>&nbsp;&nbsp;**Region** | <br>&nbsp;&nbsp;**Revenue Growth** | <br>&nbsp;&nbsp;**Expense**<br>**Growth** | <br>&nbsp;&nbsp;**NOI Growth** | &nbsp;&nbsp;**% of Same-Store**<br>**Portfolio**<sup>(1)</sup> | <br>&nbsp;&nbsp;**Physical Occupancy**<sup>(2)</sup> | <br>&nbsp;&nbsp;**YTD YOY Change in Occupancy** |
| &nbsp;&nbsp;West | &nbsp;&nbsp;10.1% | &nbsp;&nbsp;4.6% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;34.4% | &nbsp;&nbsp;96.7% | &nbsp;&nbsp;(0.1)% |
| &nbsp;&nbsp;Mid-Atlantic | &nbsp;&nbsp;7.2% | &nbsp;&nbsp;5.8% | &nbsp;&nbsp;7.9% | &nbsp;&nbsp;20.9% | &nbsp;&nbsp;97.2% | &nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;Northeast | &nbsp;&nbsp;12.7% | &nbsp;&nbsp;2.6% | &nbsp;&nbsp;19.1% | &nbsp;&nbsp;18.4% | &nbsp;&nbsp;97.2% | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;Southeast | &nbsp;&nbsp;16.5% | &nbsp;&nbsp;10.0% | &nbsp;&nbsp;19.7% | &nbsp;&nbsp;13.4% | &nbsp;&nbsp;97.0% | &nbsp;&nbsp;(0.5)% |
| &nbsp;&nbsp;Southwest | &nbsp;&nbsp;11.9% | &nbsp;&nbsp;10.2% | &nbsp;&nbsp;12.9% | &nbsp;&nbsp;7.0% | &nbsp;&nbsp;97.2% | &nbsp;&nbsp;(0.2)% |
| &nbsp;&nbsp;Other Markets | &nbsp;&nbsp;11.9% | &nbsp;&nbsp;6.2% | &nbsp;&nbsp;14.2% | &nbsp;&nbsp;5.9% | &nbsp;&nbsp;97.1% | &nbsp;&nbsp;(0.3)% |
| &nbsp;&nbsp;**Total (Cash)** | &nbsp;&nbsp;**11.1%** | &nbsp;&nbsp;**5.7%** | &nbsp;&nbsp;**13.5%** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**97.0%** | &nbsp;&nbsp;**0.0%** |
| &nbsp;&nbsp;**Total (Straight-Line)** | &nbsp;&nbsp;**11.5%** | &nbsp;&nbsp;**5.7%** | &nbsp;&nbsp;**14.2%** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** |

---

<sup>(1)</sup> Based on full-year 2022 Same-Store NOI. For definitions of terms, please refer to the "Definitions and Reconciliations" section of the Company's related quarterly Supplemental Financial Information.

<sup>(2)</sup> Weighted<sup></sup>average Same-Store physical occupancy for full-year 2022.

------

**Transactional Activity**

The table below summarizes the Company's transactional activity completed during the quarter.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Community / Property** | &nbsp;&nbsp;**Location (MSA)** | &nbsp;&nbsp;**Sale Price**<br>**($ millions)** | &nbsp;&nbsp;**Homes** | &nbsp;&nbsp;**Avg. Monthly Revenue per Occupied Home**<sup>(1)</sup> | &nbsp;&nbsp;**Physical Occupancy**<sup>(1)</sup> |
| &nbsp;&nbsp;**Dispositions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foxborough | &nbsp;&nbsp;Orange County, CA | &nbsp;&nbsp;$41.5 | &nbsp;&nbsp;90 | &nbsp;&nbsp;$2609 | &nbsp;&nbsp;96.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Average Monthly Revenue per Occupied Home and Physical Occupancy are weighted averages for the quarter ended December 31, 2022.

#### Development Activity and Other Projects
During the fourth quarter, the Company completed construction of:

● 5421 at Dublin Station, a $125.0 million, 220-home community in Dublin, CA, and

● Vitruvian West Phase 3, a $74.0 million, 405-home community adjacent to existing UDR communities in the Addison submarket of Dallas, TX.

At the end of the fourth quarter, the Company's development pipeline totaled $332.5 million and was 57.2 percent funded. The Company's active development pipeline includes three communities, one each in Washington, D.C.; the Addison submarket of Dallas, TX; and Tampa, FL, for a combined total of 715 homes.

During the fourth quarter, the Company completed the addition of 15 new apartment homes at 2000 Post in San Francisco, CA, a 319-home community, for a total cost of $8.0 million.

At the end of the fourth quarter, the Company's redevelopment pipeline of 1,623 homes, which includes a densification project that features the addition of 30 new apartment homes at one community, totaled $82.0 million and was 29.5 percent funded.

**Developer Capital Program ("DCP")** **Portfolio**

At the end of the fourth quarter, the Company's commitments under its DCP platform totaled $479.7 million with a weighted average return rate of 9.7 percent and a weighted average estimated remaining term of 3.7 years.

**Capital Markets and Balance Sheet Activity**

"We further solidified our balance sheet in 2022 and achieved our year-end goal of net Debt-to-EBITDAre in the mid-5x range," said Joe Fisher, UDR's President and Chief Financial Officer. "We enter 2023 in a strong position with available liquidity totaling $1.0 billion, and only 2 percent of total debt scheduled to mature through 2024, after excluding amounts on our commercial paper program."

During the quarter, the Company settled all remaining common shares (approximately 3.2 million) under its previously announced forward equity sales agreements at a weighted average net price, after adjustments, of $57.03 per share for proceeds of approximately $179.6 million.

Additionally, during the quarter and as previously announced, the Company repurchased 507 thousand shares of its common stock at a weighted average price per share of $40.70 for total consideration of approximately $20.6 million.

As of December 31, 2022, the Company had $1.0 billion of liquidity through a combination of cash and undrawn capacity on its credit facilities. Please see Attachment 14 of the Company's related quarterly Supplement for additional details on projected capital sources and uses.

------

The Company's total indebtedness as of December 31, 2022 was $5.5 billion with no remaining consolidated maturities until 2024, excluding principal amortization and amounts on the Company's commercial paper program. In the table below, the Company has presented select balance sheet metrics for the quarter ended December 31, 2022 and the comparable prior year period.

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Quarter Ended December 31** | &nbsp;&nbsp;**Quarter Ended December 31** | &nbsp;&nbsp;**Quarter Ended December 31** |
| &nbsp;&nbsp;**Balance Sheet Metric** | &nbsp;&nbsp;**4Q 2022** | &nbsp;&nbsp;**4Q 2021** | &nbsp;&nbsp;**Change** |
| &nbsp;&nbsp;Weighted Average Interest Rate | &nbsp;&nbsp;3.17% | &nbsp;&nbsp;2.80% | &nbsp;&nbsp;0.37% |
| &nbsp;&nbsp;Weighted Average Years to Maturity<sup>(1)</sup> | &nbsp;&nbsp;6.7 | &nbsp;&nbsp;7.7 | &nbsp;&nbsp;(1.0) |
| &nbsp;&nbsp;Consolidated Fixed Charge Coverage Ratio | &nbsp;&nbsp;5.2x | &nbsp;&nbsp;5.2x | &nbsp;&nbsp;0.0x |
| &nbsp;&nbsp;Consolidated Debt as a percentage of Total Assets | &nbsp;&nbsp;32.7% | &nbsp;&nbsp;34.0% | &nbsp;&nbsp;(1.3)% |
| &nbsp;&nbsp;Consolidated Net Debt-to-EBITDAre | &nbsp;&nbsp;5.6x | &nbsp;&nbsp;6.4x | &nbsp;&nbsp;(0.8)x |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If the Company's commercial paper balance was refinanced using its line of credit, the weighted average years to maturity would have been 6.8 years without extensions and 6.9 years with extensions for 4Q 2022 and 7.9 years with and without extensions for 4Q 2021.

**ESG**

As previously announced, during the quarter, the Company published its fourth annual ESG report and concurrently announced that it earned a 5 Star designation from GRESB, the highest ESG rating possible, and a Public Disclosure score of "A".

Additionally, the Company was named to Newsweek's annual list of America's Most Responsible Companies for the second consecutive year. This distinction reflects the Company's comprehensive ESG program, innovative and adaptive culture, and commitment to corporate responsibility.

**Dividend**

As previously announced, the Company's Board of Directors declared a regular quarterly dividend on its common stock for the fourth quarter 2022 in the amount of $0.38 per share. The dividend was paid in cash on January 31, 2023 to UDR common shareholders of record as of January 9, 2023. The fourth quarter 2022 dividend represented the 201<sup>st</sup> consecutive quarterly dividend paid by the Company on its common stock.

In conjunction with this release, the Company's Board of Directors has announced a 2023 annualized dividend per share of $1.68, a 10.5 percent increase over 2022.

**Supplemental Information**

The Company offers Supplemental Financial Information that provides details on the financial position and operating results of the Company which is available on the Company's website at ir.udr.com.

**Conference Call and Webcast Information**

UDR will host a webcast and conference call at 1:00 p.m. Eastern Time on February 7, 2023, to discuss fourth quarter and full-year results as well as high-level views for 2023. The webcast will be available on UDR's website at ir.udr.com. To listen to a live broadcast, access the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. To participate in the teleconference dial 877-423-9813 for domestic and 201-689-8573 for international. A passcode is not necessary.

Given a high volume of conference calls occurring during this time of year, delays are anticipated when connecting to the live call. As a result, stakeholders and interested parties are encouraged to utilize the Company's webcast link for its earnings results discussion.

A replay of the conference call will be available through March 7, 2023, by dialing 844-512-2921 for domestic and 412-317-6671 for international and entering the confirmation number, 13735300, when prompted for the passcode. A replay of the call will also be available for 30 days on UDR's website at ir.udr.com.

------

**Full Text of the Earnings Report and Supplemental Data**

The full text of the earnings report and related quarterly Supplement will be available on the Company's website at ir.udr.com.

**Forward-Looking Statements**

Certain statements made in this press release may constitute "forward-looking statements." Words such as "expects," "intends," "believes," "anticipates," "plans," "likely," "will," "seeks," "estimates" and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement, due to a number of factors, which include, but are not limited to, general market and economic conditions, unfavorable changes in the apartment market and economic conditions that could adversely affect occupancy levels and rental rates, including as a result of COVID-19, the impact of inflation/deflation on rental rates and property operating expenses, the availability of capital and the stability of the capital markets, rising interest rates, the impact of competition and competitive pricing, acquisitions, developments and redevelopments not achieving anticipated results, delays in completing developments, redevelopments and lease-ups on schedule or at expected rent and occupancy levels, changes in job growth, home affordability and demand/supply ratio for multifamily housing, development and construction risks that may impact profitability, risks that joint ventures with third parties and DCP investments do not perform as expected, the failure of automation or technology to help grow net operating income, and other risk factors discussed in documents filed by the Company with the SEC from time to time, including the Company's Annual Report on Form 10-K and the Company's Quarterly Reports on Form 10-Q. Actual results may differ materially from those described in the forward-looking statements. These forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this press release, and the Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in the Company's expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required under the U.S. securities laws.

**About UDR, Inc.** 

UDR, Inc. (NYSE: UDR), an S&P 500 company, is a leading multifamily real estate investment trust with a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive real estate communities in targeted U.S. markets. As of December 31, 2022, UDR owned or had an ownership position in 58,390 apartment homes including 554 homes under development. For over 50 years, UDR has delivered long-term value to shareholders, the best standard of service to Residents and the highest quality experience for Associates.

------

## Exhibit 99.2

**Exhibit 99.2**

**Financial Highlights**

**UDR, Inc.**

**As of End of Fourth Quarter 2022**

**(Unaudited) (1)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Guidance for** | **Guidance for** |
| <br>**Dollars in thousands, except per share and unit** | **Actual Results**<br>**4Q 2022** | **Actual Results**<br>**YTD 2022** | **1Q 2023** | **Full-Year 2023** |
| **GAAP Metrics** |  |  |  |  |
| Net income/(loss) attributable to UDR, Inc. | **$44530** | **$86924** | -- | -- |
| Net income/(loss) attributable to common stockholders | **$43425** | **$82512** | -- | -- |
| Income/(loss) per weighted average common share, diluted | **$0.13** | **$0.26** | $0.10 to $0.12 | $0.48 to $0.56 |
| **Per Share Metrics** |  |  |  |  |
| FFO per common share and unit, diluted | **$0.56** | **$2.20** | $0.59 to $0.61 | $2.45 to $2.53 |
| FFO as Adjusted per common share and unit, diluted | **$0.61** | **$2.33** | $0.59 to $0.61 | $2.45 to $2.53 |
| Adjusted Funds from Operations ("AFFO") per common share and unit, diluted | **$0.53** | **$2.11** | $0.56 to $0.58 | $2.22 to $2.30 |
| Dividend declared per share and unit | **$0.38** | **$1.52** | $0.42 | $1.68 (2) |
| **Same-Store Operating Metrics**  |  |  |  |  |
| Revenue growth/(decline) (Cash basis)  | **10.1%** | **11.1%** | -- | 5.50% to 7.50% |
| Revenue growth/(decline) (Straight-line basis)  | **12.1%** | **11.5%** | -- | 5.75% to 7.75% |
| Expense growth | **6.8%** | **5.7%** | -- | 4.00% to 5.50% |
| NOI growth/(decline) (Cash basis) | **11.5%** | **13.5%** | -- | 6.00% to 8.50% |
| NOI growth/(decline) (Straight-line basis)  | **14.5%** | **14.2%** | -- | 6.25% to 8.75% |
| Physical Occupancy | **96.8%** | **97.0%** | -- | -- |
| **Property Metrics** | **Homes** | **Communities** | **% of Total NOI** |  |
| Same-Store | 51729  | 156  | 90.6% |  |
| Stabilized, Non-Mature | 1992  | 5  | 2.8% |  |
| Development | 1278  | 4  | 0.6% |  |
| Non-Residential / Other | N/A | N/A | 2.1% |  |
| Joint Venture (3) | 2837  | 13  | 3.9% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total completed homes | 57836  | 178  | 100% |  |
| Under Development  | 554  | 3  | - |  |
| &nbsp;&nbsp;Total Quarter-end homes (3)(4) | 58390  | 181  | 100% |  |
| **Balance Sheet Metrics (adjusted for non-recurring items)** | **4Q 2022** | **4Q 2021** |  |  |
| Consolidated Interest Coverage Ratio | 5.3x | 5.4x |  |  |
| Consolidated Fixed Charge Coverage Ratio | 5.2x | 5.2x |  |  |
| Consolidated Debt as a percentage of Total Assets | 32.7% | 34.0% |  |  |
| Consolidated Net Debt-to-EBITDAre | 5.6x | 6.4x |  |  |

---

![Graphic](udr-20230206xex99d2001.jpg)

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) See Attachment 15 for definitions, other terms and reconciliations.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Annualized for 2023.

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

&nbsp;&nbsp;&nbsp;&nbsp;(4) Excludes 6,981 homes that are part of the Developer Capital Program as described in Attachment 11(B).

------

![Graphic](udr-20230206xex99d2003.jpg)

**Attachment 1**

**UDR, Inc.**

**Consolidated Statements of Operations**

**(Unaudited) (1)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| <br>**In thousands, except per share amounts** | **2022** | **2021** | **2022** | **2021** |
| **REVENUES:** |  |  |  |  |
| Rental income (2) | $**398412** | $347024 | $**1512364** | $1284665 |
| Joint venture management and other fees  | **1244** | 1184 | **5022** | 6102 |
| &nbsp;&nbsp;Total revenues | **399656** | 348208 | **1517386** | 1290767 |
| **OPERATING EXPENSES:** |  |  |  |  |
| Property operating and maintenance | **64652** | 57670 | **250310** | 218094 |
| Real estate taxes and insurance | **56874** | 51403 | **221662** | 199446 |
| Property management | **12949** | 10411 | **49152** | 38540 |
| Other operating expenses | **4008** | 8604 | **17493** | 21649 |
| Real estate depreciation and amortization | **167241** | 163755 | **665228** | 606648 |
| General and administrative | **16811** | 13868 | **64144** | 57541 |
| Casualty-related charges/(recoveries), net (3) | **8523** | (934) | **9733** | 3748 |
| Other depreciation and amortization | **4823** | 4713 | **14344** | 13185 |
| &nbsp;&nbsp;Total operating expenses | **335881** | 309490 | **1292066** | 1158851 |
| Gain/(loss) on sale of real estate owned | **25494** | 85223 | **25494** | 136052 |
| **Operating income** | **89269** | 123941 | **250814** | 267968 |
| Income/(loss) from unconsolidated entities (2) (4) | **761** | 36523 | **4947** | 65646 |
| Interest expense | **(43247)** | (36418) | **(155900)** | (143931) |
| Debt extinguishment and other associated costs | **-** | - | **-** | (42336) |
| &nbsp;&nbsp;Total interest expense | **(43247)** | (36418) | **(155900)** | (186267) |
| Interest income and other income/(expense), net (4) | **1** | 2254 | **(6933)** | 15085 |
| **Income/(loss) before income taxes**  | **46784** | 126300 | **92928** | 162432 |
| Tax (provision)/benefit, net | **683** | (156) | **(349)** | (1439) |
| **Net Income/(loss)**  | **47467** | 126144 | **92579** | 160993 |
| Net (income)/loss attributable to redeemable noncontrolling interests in the OP and DownREIT Partnership | **(2929)** | (8652) | **(5613)** | (10873) |
| Net (income)/loss attributable to noncontrolling interests | **(8)** | (31) | **(42)** | (104) |
| **Net income/(loss) attributable to UDR, Inc.** | **44530** | 117461 | **86924** | 150016 |
| Distributions to preferred stockholders - Series E (Convertible) | **(1105)** | (1058) | **(4412)** | (4229) |
| **Net income/(loss) attributable to common stockholders** | $**43425** | $116403 | $**82512** | $145787 |
| **Income/(loss) per weighted average common share - basic:**  | **$0.13**  | $0.38  | **$0.26**  | $0.49  |
| **Income/(loss) per weighted average common share - diluted:**  | **$0.13**  | $0.37  | **$0.26**  | $0.48  |
| Common distributions declared per share  | **$0.38** | $0.3625 | **$1.52** | $1.4500 |
| Weighted average number of common shares outstanding - basic  | **325509**  | 310201 | **321671**  | 300326  |
| Weighted average number of common shares outstanding - diluted | **326093**  | 315833 | **322700**  | 301703  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) See Attachment 15 for definitions and other terms.

&nbsp;&nbsp;&nbsp;&nbsp;(2) During the three months ended December 31, 2022, UDR decreased its residential reserve to $8.7 million, including $0.5 million for UDR's share from unconsolidated joint ventures, which compares to a combined quarter-end accounts receivable balance of $20.6 million. The remaining unreserved amount is based on probability of collection.

&nbsp;&nbsp;&nbsp;&nbsp;(3) During the three months ended December 31, 2022, UDR recorded $8.5 million of casualty-related charges, net in connection with clean-up costs and property damages primarily from Winter Storm Elliott.

&nbsp;&nbsp;&nbsp;&nbsp;(4) During the three months ended December 31, 2022, UDR recorded $7.5 million in investment loss, net from real estate technology investments. Of the $7.5 million, $0.9 million of loss (primarily due to a decrease in SmartRent's public share price) was recorded in Interest income and other income/(expense), net and $6.6 million of loss (primarily due to a decrease in SmartRent's public share price) was recorded in Income/(loss) from unconsolidated entities.

------

![Graphic](udr-20230206xex99d2003.jpg)

**Attachment 2**

**UDR, Inc.**

**Funds From Operations**

**(Unaudited) (1)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended**  | **Three Months Ended**  | **Twelve Months Ended** | **Twelve Months Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| <br>**In thousands, except per share and unit amounts** | **2022** | **2021** | **2022** | **2021** |
| **Net income/(loss) attributable to common stockholders** | $**43425** | $116403 | $**82512** | $145787 |
| &nbsp;&nbsp;Real estate depreciation and amortization | **167241** | 163755 | **665228** | 606648 |
| &nbsp;&nbsp;Noncontrolling interests | **2937** | 8683 | **5655** | 10977 |
| &nbsp;&nbsp;Real estate depreciation and amortization on unconsolidated joint ventures | **7492** | 7903 | **30062** | 31967 |
| &nbsp;&nbsp;Net gain on the sale of unconsolidated depreciable property | **-** | - | **-** | (2460) |
| &nbsp;&nbsp;Net gain on the sale of depreciable real estate owned, net of tax | **(25494)** | (85223) | **(25494)** | (136001) |
| **Funds from operations ("FFO") attributable to common stockholders and unitholders, basic**  | $**195601** | $211521 | $**757963** | $656918 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to preferred stockholders - Series E (Convertible) (2) | **1105** | 1058 | **4412** | 4229 |
| **FFO attributable to common stockholders and unitholders, diluted** | $**196706** | $212579 | $**762375** | $661147 |
| **FFO per weighted average common share and unit, basic**  | $**0.56** | $0.64 | $**2.21** | $2.04 |
| **FFO per weighted average common share and unit, diluted**  | $**0.56** | $0.63 | $**2.20** | $2.02 |
| Weighted average number of common shares and OP/DownREIT Units outstanding, basic | **346879** | 332396 | **343149** | 322744 |
| Weighted average number of common shares, OP/DownREIT Units, and common stock  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;equivalents outstanding, diluted  | **350372** | 338028 | **347094** | 327039 |
| **Impact of adjustments to FFO:** |  |  |  |  |
| &nbsp;&nbsp;Debt extinguishment and other associated costs | $**-** | $- | $**-** | $42336 |
| &nbsp;&nbsp;Debt extinguishment and other associated costs on unconsolidated joint ventures | **-** | - | **-** | 1682 |
| &nbsp;&nbsp;Variable upside participation on DCP, net | **-** | - | **(10622)** | - |
| &nbsp;&nbsp;Legal and other  | **-** | 4020 | **1493** | 5319 |
| &nbsp;&nbsp;Realized (gain)/loss on real estate technology investments, net of tax (3) | **756** | (1435) | **(6992)** | (1980) |
| &nbsp;&nbsp;Unrealized (gain)/loss on real estate technology investments, net of tax (3) | **6767** | (33784) | **52663** | (55947) |
| &nbsp;&nbsp;Severance costs | **441** | 1439 | **441** | 2280 |
| &nbsp;&nbsp;Casualty-related charges/(recoveries), net | **8523** | (934) | **9733** | 3960 |
| &nbsp;&nbsp;Casualty-related charges/(recoveries) on unconsolidated joint ventures, net | **-** | (50) | **-** | - |
|  | $**16487** | $(30744) | $**46716** | $(2350) |
| **FFO as Adjusted attributable to common stockholders and unitholders, diluted**  | $**213193** | $181835 | $**809091** | $658797 |
| **FFO as Adjusted per weighted average common share and unit, diluted** | $**0.61** | $0.54 | $**2.33** | $2.01 |
| Recurring capital expenditures | **(27111)** | (21393) | **(77710)** | (63820) |
| **AFFO attributable to common stockholders and unitholders, diluted** | $**186082** | $160442 | $**731381** | $594977 |
| **AFFO per weighted average common share and unit, diluted**  | $**0.53** | $0.47 | $**2.11** | $1.82 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) See Attachment 15 for definitions and other terms.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Series E cumulative convertible preferred shares are dilutive for purposes of calculating FFO per share for the three and twelve months ended December 31, 2022 and December 31, 2021. Consequently, distributions to Series E cumulative convertible preferred stockholders are added to FFO and the weighted average number of Series E cumulative convertible preferred shares are included in the denominator when calculating FFO per common share and unit, diluted.

&nbsp;&nbsp;&nbsp;&nbsp;(3) See footnote 4 on Attachment 1 for details regarding the Realized and Unrealized (gain)/loss on real estate technology investments, net of tax.

------

![Graphic](udr-20230206xex99d2003.jpg)

**Attachment 3**

**UDR, Inc.**

**Consolidated Balance Sheets**

**(Unaudited) (1)**

---

| | | |
|:---|:---|:---|
| <br>**In thousands, except share and per share amounts** | **December 31,**<br>**2022** | **December 31,**<br>**2021** |
| **ASSETS** |  |  |
| Real estate owned: |  |  |
| &nbsp;&nbsp;Real estate held for investment  | $**15365928** | $14352234 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: accumulated depreciation | **(5762205)** | (5136589) |
| &nbsp;&nbsp;Real estate held for investment, net | **9603723** | 9215645 |
| &nbsp;&nbsp;Real estate under development |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(net of accumulated depreciation of $296 and $507) | **189809** | 388062 |
| &nbsp;&nbsp;Real estate held for disposition |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(net of accumulated depreciation of $0 and $0) | **14039** | - |
| Total real estate owned, net of accumulated depreciation | **9807571** | 9603707 |
| &nbsp;&nbsp;Cash and cash equivalents | **1193** | 967 |
| &nbsp;&nbsp;Restricted cash | **29001** | 27451 |
| &nbsp;&nbsp;Notes receivable, net | **54707** | 26860 |
| &nbsp;&nbsp;Investment in and advances to unconsolidated joint ventures, net | **754446** | 702461 |
| &nbsp;&nbsp;Operating lease right-of-use assets | **194081** | 197463 |
| &nbsp;&nbsp;Other assets | **197471** | 216311 |
| Total assets | $**11038470** | $10775220 |
| **LIABILITIES AND EQUITY** |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;Secured debt  | $**1052281** | $1057380 |
| &nbsp;&nbsp;Unsecured debt  | **4435022** | 4355407 |
| &nbsp;&nbsp;Operating lease liabilities | **189238** | 192488 |
| &nbsp;&nbsp;Real estate taxes payable | **37681** | 33095 |
| &nbsp;&nbsp;Accrued interest payable | **46671** | 45980 |
| &nbsp;&nbsp;Security deposits and prepaid rent | **51999** | 55441 |
| &nbsp;&nbsp;Distributions payable | **134213** | 124729 |
| &nbsp;&nbsp;Accounts payable, accrued expenses, and other liabilities | **153220** | 136954 |
| Total liabilities | **6100325** | 6001474 |
| Redeemable noncontrolling interests in the OP and DownREIT Partnership | **839850** | 1299442 |
| Equity: |  |  |
| &nbsp;&nbsp;Preferred stock, no par value; 50,000,000 shares authorized at December 31, 2022 and December 31, 2021: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2,686,308 shares of 8.00% Series E Cumulative Convertible issued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and outstanding (2,695,363 shares at December 31, 2021) | **44614** | 44764 |
| &nbsp;&nbsp;&nbsp;&nbsp;12,100,514 shares of Series F outstanding (12,582,575 shares at December 31, 2021) | **1** | 1 |
| &nbsp;&nbsp;Common stock, $0.01 par value; 450,000,000 shares authorized at December 31, 2022 and December 31, 2021: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;328,993,088 shares issued and outstanding (318,149,635 shares at December 31, 2021) | **3290** | 3181 |
| &nbsp;&nbsp;Additional paid-in capital | **7493423** | 6884269 |
| &nbsp;&nbsp;Distributions in excess of net income | **(3451587)** | (3485080) |
| &nbsp;&nbsp;Accumulated other comprehensive income/(loss), net | **8344** | (4261) |
| Total stockholders' equity | **4098085** | 3442874 |
| &nbsp;&nbsp;Noncontrolling interests | **210** | 31430 |
| Total equity | **4098295** | 3474304 |
| Total liabilities and equity | $**11038470** | $10775220 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) See Attachment 15 for definitions and other terms .

------

![Graphic](udr-20230206xex99d2003.jpg)

**Attachment 4(A)**

**UDR, Inc.**

**Selected Financial Information**

**(Unaudited) (1)**

---

| | | |
|:---|:---|:---|
| <br>**Common Stock and Equivalents** | **December 31,**<br>**2022** | **December 31,**<br>**2021** |
| Common shares | 328993088 | 318149635 |
| Restricted unit and common stock equivalents | 599681 | 2090833 |
| Operating and DownREIT Partnership units | 21123826 | 21660979 |
| Series E cumulative convertible preferred shares (2) | 2908323 | 2918127 |
| &nbsp;&nbsp;Total common shares, OP/DownREIT units, and common stock equivalents | 353624918 | 344819574 |
| **Weighted Average Number of Shares Outstanding** | **4Q 2022** | **4Q 2021** |
| Weighted average number of common shares and OP/DownREIT units outstanding - basic | 346878938 | 332395913 |
| Weighted average number of OP/DownREIT units outstanding | (21370161) | (22195077) |
| &nbsp;&nbsp;Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations | 325508777 | 310200836 |
| Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted | 350371769 | 338028267 |
| Weighted average number of OP/DownREIT units outstanding | (21370161) | (22195077) |
| Weighted average number of Series E cumulative convertible preferred shares outstanding | (2908323) | - |
| &nbsp;&nbsp;Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations | 326093285 | 315833190 |
|  | **Year-to-Date 2022** | **Year-to-Date 2021** |
| Weighted average number of common shares and OP/DownREIT units outstanding - basic | 343149109 | 322743685 |
| Weighted average number of OP/DownREIT units outstanding | (21477838) | (22417693) |
| &nbsp;&nbsp;Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations | 321671271 | 300325992 |
| Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted | 347093624 | 327039085 |
| Weighted average number of OP/DownREIT units outstanding | (21477838) | (22417693) |
| Weighted average number of Series E cumulative convertible preferred shares outstanding | (2915629) | (2918127) |
| &nbsp;&nbsp;Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations | 322700157 | 301703265 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) See Attachment 15 for definitions and other terms.

&nbsp;&nbsp;&nbsp;&nbsp;(2) At December 31, 2022 and December 31, 2021 there were 2,686,308 and 2,695,363 of Series E cumulative convertible preferred shares outstanding, which is equivalent to 2,908,323 and 2,918,127 shares of common stock if converted (after adjusting for the special dividend paid in 2008).

------

![Graphic](udr-20230206xex99d2003.jpg)

**Attachment 4(B)**

**UDR, Inc.**

**Selected Financial Information**

**(Unaudited) (1)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Debt Structure, In thousands** |  |  | <br>**Balance** |  | <br>**% of Total** | **Weighted**<br>**Average**<br>**Interest Rate**  | **Weighted**<br>**Average Years**<br>**to Maturity (2)**  |
| **Secured**  | Fixed |  | $1005622 |  | 18.4% | 3.42% | 5.4 |
|  | Floating |  | 27000 |  | 0.5% | 2.76% | 9.2 |
|  | &nbsp;&nbsp;Combined |  | 1032622 |  | 18.9% | 3.40% | 5.5 |
| **Unsecured** | Fixed |  | 3940644 | (3) | 72.0% | 2.96% | 7.6 |
|  | Floating  |  | 503015 |  | 9.1% | 4.79% | 1.5 |
|  | &nbsp;&nbsp;Combined |  | 4443659 |  | 81.1% | 3.17% | 6.8 |
| **Total Debt** | Fixed |  | 4946266 |  | 90.4% | 3.05% | 7.2 |
|  | Floating  |  | 530015 |  | 9.6% | 4.69% | 1.9 |
|  | &nbsp;&nbsp;Combined  |  | 5476281 |  | 100.0% | 3.21% | 6.7 |
|  | Total Non-Cash Adjustments (4) |  | 11022 |  |  |  |  |
|  | **Total per Balance Sheet** |  | $5487303 |  |  | 3.17% |  |
| **Debt Maturities, In thousands** |  |  |  |  |  |  |  |
|  |  |  | **Revolving Credit** |  |  |  | **Weighted** |
|  |  | **Unsecured** | **Facilities & Comm.** |  |  |  | **Average** |
|  | **Secured Debt (5)** | **Debt** | **Paper (2) (6) (7)** |  | **Balance** | **% of Total** | **Interest Rate** |
| 2023 | $1242 | $- | $300000 |  | $301242 | 5.5% | 4.69% |
| 2024 | 96747 | 15644 | 28015 |  | 140406 | 2.6% | 4.23% |
| 2025 | 174793 | - | - |  | 174793 | 3.2% | 3.69% |
| 2026 | 52744 | 300000 | - |  | 352744 | 6.4% | 2.95% |
| 2027 | 2860 | 650000 | - |  | 652860 | 11.9% | 3.57% |
| 2028 | 162310 | 300000 | - |  | 462310 | 8.4% | 3.72% |
| 2029 | 191986 | 300000 | - |  | 491986 | 9.0% | 3.94% |
| 2030 | 162010 | 600000 | - |  | 762010 | 13.9% | 3.32% |
| 2031 | 160930 | 600000 | - |  | 760930 | 13.9% | 2.92% |
| 2032 | 27000 | 400000 | - |  | 427000 | 7.8% | 2.14% |
| Thereafter | - | 950000 | - |  | 950000 | 17.4% | 2.35% |
|  | 1032622 | 4115644 | 328015 |  | 5476281 | 100.0% | 3.21% |
| Total Non-Cash Adjustments (4) | 19659 | (8637) | - |  | 11022 |  |  |
| **Total per Balance Sheet** | $1052281 | $4107007 | $328015 |  | $5487303 |  | 3.17% |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) See Attachment 15 for definitions and other terms.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The 2023 maturity reflects the $300.0 million of principal outstanding at an interest rate of 4.7%, the equivalent of SOFR plus a spread of 45 basis points, on the Company's unsecured commercial paper program as of December 31, 2022. Under the terms of the program the Company may issue up to a maximum aggregate amount outstanding of $700.0 million. If the commercial paper was refinanced using the line of credit, the weighted average years to maturity would be 6.8 years without extensions and 6.9 years with extensions.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Includes $175.0 million of floating rate debt that has been fixed using interest rate swaps at a weighted average all-in rate of 1.43% until July 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;(5) Includes principal amortization, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(6) There were no borrowings outstanding on our $1.3 billion line of credit at December 31, 2022. The facility has a maturity date of January 2026, plus two six-month extension options and currently carries an interest rate equal to adjusted SOFR plus 75.5 basis points.

&nbsp;&nbsp;&nbsp;&nbsp;(7) There was $28.0 million outstanding on our $75.0 million working capital credit facility at December 31, 2022. The facility has a maturity date of January 2024. The working capital credit facility currently carries an interest rate equal to adjusted SOFR plus 77.5 basis points.

------

![Graphic](udr-20230206xex99d2003.jpg)

**Attachment 4(C)**

**UDR, Inc.**

**Selected Financial Information**

**(Dollars in Thousands)**

**(Unaudited) (1)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |  |  |  |  | **Quarter Ended** | **Quarter Ended** |
| <br>**Coverage Ratios** |  |  |  |  | **December 31, 2022** | **December 31, 2022** |
| Net income/(loss) |  |  |  |  | $| 47467 |
| Adjustments: |  |  |  |  |  |  |
| &nbsp;&nbsp;Interest expense, including debt extinguishment and other associated costs | &nbsp;&nbsp;Interest expense, including debt extinguishment and other associated costs | &nbsp;&nbsp;Interest expense, including debt extinguishment and other associated costs | &nbsp;&nbsp;Interest expense, including debt extinguishment and other associated costs | &nbsp;&nbsp;Interest expense, including debt extinguishment and other associated costs |  | 43247 |
| &nbsp;&nbsp;Real estate depreciation and amortization |  |  |  |  |  | 167241 |
| &nbsp;&nbsp;Other depreciation and amortization |  |  |  |  |  | 4823 |
| &nbsp;&nbsp;Tax provision/(benefit), net  |  |  |  |  |  | (683) |
| &nbsp;&nbsp;Net (gain)/loss on the sale of depreciable real estate owned |  |  |  |  |  | (25494) |
| &nbsp;&nbsp;Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures | &nbsp;&nbsp;Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures | &nbsp;&nbsp;Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures | &nbsp;&nbsp;Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures | &nbsp;&nbsp;Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures |  | 11536 |
| EBITDAre |  |  |  |  | $ | 248137 |
| &nbsp;&nbsp;Casualty-related charges/(recoveries), net |  |  |  |  |  | 8523 |
| &nbsp;&nbsp;Severance costs  |  |  |  |  |  | 441 |
| &nbsp;&nbsp;Unrealized (gain)/loss on real estate technology investments |  |  |  |  |  | 537 |
| &nbsp;&nbsp;Realized (gain)/loss on real estate technology investments |  |  |  |  |  | 355 |
| &nbsp;&nbsp;(Income)/loss from unconsolidated entities |  |  |  |  |  | (761) |
| &nbsp;&nbsp;Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures | &nbsp;&nbsp;Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures | &nbsp;&nbsp;Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures | &nbsp;&nbsp;Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures | &nbsp;&nbsp;Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures |  | (11536) |
| &nbsp;&nbsp;Management fee expense on unconsolidated joint ventures |  |  |  |  |  | (605) |
| Consolidated EBITDAre - adjusted for non-recurring items |  |  |  |  | $ | 245091 |
| Annualized consolidated EBITDAre - adjusted for non-recurring items | Annualized consolidated EBITDAre - adjusted for non-recurring items | Annualized consolidated EBITDAre - adjusted for non-recurring items | Annualized consolidated EBITDAre - adjusted for non-recurring items | Annualized consolidated EBITDAre - adjusted for non-recurring items | $ | 980364 |
| &nbsp;&nbsp;Interest expense, including debt extinguishment and other associated costs | &nbsp;&nbsp;Interest expense, including debt extinguishment and other associated costs | &nbsp;&nbsp;Interest expense, including debt extinguishment and other associated costs | &nbsp;&nbsp;Interest expense, including debt extinguishment and other associated costs | &nbsp;&nbsp;Interest expense, including debt extinguishment and other associated costs |  | 43247 |
| &nbsp;&nbsp;Capitalized interest expense |  |  |  |  |  | 2939 |
| Total interest  |  |  |  |  | $| 46186 |
| Preferred dividends |  |  |  |  | $| 1105 |
| &nbsp;&nbsp;Total debt |  |  |  |  | $| 5487303 |
| &nbsp;&nbsp;Cash |  |  |  |  |  | (1193) |
| Net debt |  |  |  |  | $ | 5486110 |
| **Consolidated Interest Coverage Ratio - adjusted for non-recurring items** | **Consolidated Interest Coverage Ratio - adjusted for non-recurring items** | **Consolidated Interest Coverage Ratio - adjusted for non-recurring items** | **Consolidated Interest Coverage Ratio - adjusted for non-recurring items** | **Consolidated Interest Coverage Ratio - adjusted for non-recurring items** |  | **5.3x** |
| **Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items** | **Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items** | **Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items** | **Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items** | **Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items** |  | **5.2x** |
| **Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items** | **Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items** | **Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items** | **Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items** | **Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items** |  | **5.6x** |
| **Debt Covenant Overview** | **Debt Covenant Overview** | **Debt Covenant Overview** | **Debt Covenant Overview** | **Debt Covenant Overview** | **Debt Covenant Overview** | **Debt Covenant Overview** |
| **Unsecured Line of Credit Covenants (2)** |  |  | **Required** | **Actual** |  | **Compliance** |
| Maximum Leverage Ratio |  |  | ≤60.0% | 30.7% (2) |  | Yes |
| Minimum Fixed Charge Coverage Ratio |  |  | ≥1.5x | 5.3x |  | Yes |
| Maximum Secured Debt Ratio |  |  | ≤40.0% | 9.3% |  | Yes |
| Minimum Unencumbered Pool Leverage Ratio |  |  | ≥150.0% | 382.4% |  | Yes |
| **Senior Unsecured Note Covenants (3)** |  |  | **Required** | **Actual** |  | **Compliance** |
| Debt as a percentage of Total Assets |  |  | ≤65.0% | 32.7% (3) |  | Yes |
| Consolidated Income Available for Debt Service to Annual Service Charge | Consolidated Income Available for Debt Service to Annual Service Charge | Consolidated Income Available for Debt Service to Annual Service Charge | ≥1.5x | 5.7x |  | Yes |
| Secured Debt as a percentage of Total Assets |  |  | ≤40.0% | 6.3% |  | Yes |
| Total Unencumbered Assets to Unsecured Debt |  |  | ≥150.0% | 322.4% |  | Yes |
| **Securities Ratings** |  |  | **Debt** | **Outlook** |  | **Commercial Paper** |
| Moody's Investors Service |  |  | Baa1 | Stable |  | P-2 |
| S&P Global Ratings |  |  | BBB+ | Stable |  | A-2 |
|  |  |  |  | **Gross** |  | **% of** |
|  | **Number of** | **4Q 2022 NOI (1)** |  | **Carrying Value** |  | **Total Gross** |
| **Asset Summary** | **Homes** | **($000s)** | **% of NOI** | **($000s)** |  | **Carrying Value** |
| Unencumbered assets | 47477 | $244199 | 88.2% | $13823005 |  | 88.8% |
| Encumbered assets | 7522 | 32687 | 11.8% | 1747067 |  | 11.2% |
|  | 54999 | $276886 | 100.0% | $15570072 |  | 100.0% |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) See Attachment 15 for definitions and other terms.

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

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

------

![Graphic](udr-20230206xex99d2003.jpg)

**Attachment 5**

**UDR, Inc.**

**Operating Information**

**(Unaudited) (1)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Dollars in thousands** | **Total**<br>**Homes** | **Quarter Ended**<br>**December 31, 2022** | **Quarter Ended**<br>**September 30, 2022** | **Quarter Ended**<br>**June 30, 2022** | **Quarter Ended**<br>**March 31, 2022** | **Quarter Ended**<br>**December 31, 2021** |
| **Revenues** |  |  |  |  |  |  |
| Same-Store Communities | **51729** | $**371449** | $365718 | $351675 | $343601 | $337481 |
| Stabilized, Non-Mature Communities | **1992** | **12379** | 11265 | 8509 | 7168 | 5966 |
| Development Communities | **1278** | **4643** | 3037 | 1273 | 240 | - |
| Non-Residential / Other (2) | **-** | **9611** | 9317 | 5576 | 4506 | 2453 |
| **Total** | **54999** | $**398082** | $**389337** | $**367033** | $**355515** | $**345900** |
| **Expenses** |  |  |  |  |  |  |
| Same-Store Communities |  | $**110683** | $114277 | $105855 | $105619 | $103647 |
| Stabilized, Non-Mature Communities |  | **4172** | 3917 | 3010 | 2611 | 1809 |
| Development Communities |  | **2906** | 1973 | 1328 | 680 | 247 |
| Non-Residential / Other (2) |  | **3614** | 4649 | 2795 | 3151 | 3041 |
| **Total (3)** |  | $**121375** | $**124816** | $**112988** | $**112061** | $**108744** |
| **Net Operating Income** |  |  |  |  |  |  |
| Same-Store Communities |  | $**260766** | $251441 | $245820 | $237982 | $233834 |
| Stabilized, Non-Mature Communities |  | **8207** | 7348 | 5499 | 4557 | 4157 |
| Development Communities |  | **1737** | 1064 | (55) | (440) | (247) |
| Non-Residential / Other (2) |  | **5997** | 4668 | 2781 | 1355 | (588) |
| **Total** |  | $**276707** | $**264521** | $**254045** | $**243454** | $**237156** |
| **Operating Margin** |  |  |  |  |  |  |
| Same-Store Communities  |  | **70.2%** | **68.8%** | **69.9%** | **69.3%** | **69.3%** |
| **Weighted Average Physical Occupancy** |  |  |  |  |  |  |
| Same-Store Communities |  | **96.8%** | 96.8% | 97.0% | 97.2% | 97.0% |
| Stabilized, Non-Mature Communities |  | **94.7%** | 94.6% | 96.4% | 95.9% | 95.8% |
| Development Communities |  | **66.0%** | 68.4% | 56.5% | 27.6% | - |
| Other (4) |  | **-** | 95.4% | 97.0% | 96.3% | 97.3% |
| **Total** |  | **96.1%** | **96.3%** | **96.7%** | **96.9%** | **97.1%** |
| **Sold and Held for Disposition Communities** |  |  |  |  |  |  |
| Revenues | **-** | $**330** | $686 | $715 | $666 | $1124 |
| Expenses (3) |  | **151** | 189 | 205 | 187 | 329 |
| Net Operating Income/(Loss) |  | $**179** | $**497** | $**510** | $**479** | $**795** |
| **Total** | **54999** | $**276886** | $**265018** | $**254555** | $**243933** | $**237951** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) See Attachment 15 for definitions and other terms.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Primarily non-residential revenue and expense and straight-line adjustment for concessions.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The summation of Total expenses and Sold and Held for Disposition Communities expenses above agrees to the summation of property operating and maintenance and real estate taxes and insurance expenses on Attachment 1.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Includes occupancy of Sold and Held for Disposition Communities .

------

![Graphic](udr-20230206xex99d2003.jpg)

**Attachment 6**

**UDR, Inc.**

**Same-Store Operating Expense Information**

**(Dollars in Thousands)**

**(Unaudited) (1)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Year-Over-Year Comparison** | **% of 4Q 2022**<br>**SS Operating**<br>**Expenses** | <br>**4Q 2022** | <br>**4Q 2021** | <br>**% Change** |
| Personnel | 14.1% | $**15613** | $14853 | 5.1% |
| Utilities | 14.0% | **15483** | 14215 | 8.9% |
| Repair and maintenance | 18.0% | **19921** | 19033 | 4.7% |
| Administrative and marketing | 6.8% | **7508** | 6818 | 10.1% |
| &nbsp;&nbsp;Controllable expenses | 52.9% | **58525** | 54919 | 6.6% |
| Real estate taxes  | 40.7% | $**45128** | $43018 | 4.9% |
| Insurance | 6.4% | **7030** | 5710 | 23.1% |
| &nbsp;&nbsp;Same-Store operating expenses | 100.0% | $**110683** | $103647 | 6.8% |
| Same-Store Homes  | **51729** |  |  |  |
|  | **% of 4Q 2022** |  |  |  |
|  | **SS Operating** |  |  |  |
| **Sequential Comparison** | **Expenses** | **4Q 2022** | **3Q 2022** | **% Change** |
| Personnel | 14.1% | $**15613** | $15275 | 2.2% |
| Utilities | 14.0% | **15483** | 15766 | -1.8% |
| Repair and maintenance | 18.0% | **19921** | 22602 | -11.9% |
| Administrative and marketing | 6.8% | **7508** | 7802 | -3.8% |
| &nbsp;&nbsp;Controllable expenses | 52.9% | **58525** | 61445 | -4.8% |
| Real estate taxes  | 40.7% | $**45128** | $45976 | -1.8% |
| Insurance | 6.4% | **7030** | 6856 | 2.5% |
| &nbsp;&nbsp;Same-Store operating expenses | 100.0% | $**110683** | $114277 | -3.1% |
| Same-Store Homes  | **51729** |  |  |  |
|  | **% of YTD 2022** |  |  |  |
|  | **SS Operating** |  |  |  |
| **Year-to-Date Comparison** | **Expenses** | **YTD 2022** | **YTD 2021** | **% Change** |
| Personnel | 14.1% | $**56796** | $56566 | 0.4% |
| Utilities | 13.6% | **55110** | 51078 | 7.9% |
| Repair and maintenance | 18.3% | **74082** | 66744 | 11.0% |
| Administrative and marketing | 6.7% | **26926** | 26090 | 3.2% |
| &nbsp;&nbsp;Controllable expenses | 52.7% | **212914** | 200478 | 6.2% |
| Real estate taxes  | 41.1% | $**166288** | $161866 | 2.7% |
| Insurance | 6.2% | **24948** | 19882 | 25.5% |
| &nbsp;&nbsp;Same-Store operating expenses | 100.0% | $**404150** | $382226 | 5.7% |
| Same-Store Homes  | **47360** |  |  |  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) See Attachment 15 for definitions and other terms.

------

![Graphic](udr-20230206xex99d2003.jpg)

**Attachment 7(A)**

**UDR, Inc.**

**Apartment Home Breakout**

**Portfolio Overview as of Quarter Ended**

**December 31, 2022**

**(Unaudited) (1)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Same-Store**<br>**Homes** | <br>**Non-Mature**<br>**Homes (2)** | <br>**Total**<br>**Consolidated**<br>**Homes** | **Unconsolidated**<br>**Joint Venture**<br>**Operating**<br>**Homes (3)** | <br>**Total**<br>**Homes**<br>**(incl. JV) (3)** | **Revenue Per**<br>**Occupied**<br>**Home**<br>**(Incl. JV at Share)(4)** |
| **West Region** |  |  |  |  |  |  |
| &nbsp;&nbsp;Orange County, CA | 4595 | - | 4595 | 381 | 4976 | $2932 |
| &nbsp;&nbsp;San Francisco, CA | 2779 | 356 | 3135 | 602 | 3737 | 3528 |
| &nbsp;&nbsp;Seattle, WA | 2985 | - | 2985 | - | 2985 | 2825 |
| &nbsp;&nbsp;Monterey Peninsula, CA | 1567 | - | 1567 | - | 1567 | 2307 |
| &nbsp;&nbsp;Los Angeles, CA | 1225 | - | 1225 | 340 | 1565 | 3296 |
|  | **13151** | **356** | **13507** | **1323** | **14830** |  |
| **Mid-Atlantic Region** |  |  |  |  |  |  |
| &nbsp;&nbsp;Metropolitan DC | 9393 | 161 | 9554 | - | 9554 | 2237 |
| &nbsp;&nbsp;Baltimore, MD | 1789 | 430 | 2219 | - | 2219 | 1891 |
| &nbsp;&nbsp;Richmond, VA | 1359 | - | 1359 | - | 1359 | 1775 |
|  | **12541** | **591** | **13132** | **-** | **13132** |  |
| **Northeast Region** |  |  |  |  |  |  |
| &nbsp;&nbsp;Boston, MA | 4598 | 433 | 5031 | 250 | 5281 | 3001 |
| &nbsp;&nbsp;New York, NY | 2318 | - | 2318 | 710 | 3028 | 4524 |
|  | **6916** | **433** | **7349** | **960** | **8309** |  |
| **Southeast Region** |  |  |  |  |  |  |
| &nbsp;&nbsp;Tampa, FL | 3877 | - | 3877 | - | 3877 | 2090 |
| &nbsp;&nbsp;Orlando, FL | 2500 | 993 | 3493 | - | 3493 | 1874 |
| &nbsp;&nbsp;Nashville, TN | 2260 | - | 2260 | - | 2260 | 1746 |
|  | **8637** | **993** | **9630** | **-** | **9630** |  |
| **Southwest Region** |  |  |  |  |  |  |
| &nbsp;&nbsp;Dallas, TX | 5813 | 405 | 6218 | - | 6218 | 1775 |
| &nbsp;&nbsp;Austin, TX | 1272 | - | 1272 | - | 1272 | 1916 |
|  | **7085** | **405** | **7490** | **-** | **7490** |  |
| **Other Markets (5)** | **3399** | **492** | **3891** | **554** | **4445** | 2554 |
| **Totals** | **51729** | **3270** | **54999** | **2837** | **57836** | $**2499** |
| **Communities (6)** | **156** | **9** | **165** | **13** | **178** |  |
|  |  | **Homes** | **Communities** |  |  |  |
| **Total completed homes** |  | **57836** | **178** |  |  |  |
| Under Development (7) |  | 554 | 3 |  |  |  |
| **Total Quarter-end homes and communities** |  | **58390** | **181** |  |  |  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) See Attachment 15 for definitions and other terms.

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

&nbsp;&nbsp;&nbsp;&nbsp;(3) Represents joint venture operating homes at 100 percent. Excludes joint venture held for disposition communities. See Attachment 11(A) for UDR's joint venture and partnership ownership interests.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Represents joint ventures at UDR's ownership interests. Excludes joint venture held for disposition communities. See Attachment 11(A) for UDR's joint venture and partnership ownership interests.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Other Markets include Denver (510 homes), Palm Beach (636 homes), Inland Empire (658 homes), San Diego (163 wholly owned, 264 JV homes), Portland (752 homes) and Philadelphia (1,172 wholly owned, 290 JV homes).

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

&nbsp;&nbsp;&nbsp;&nbsp;(7) See Attachment 9 for UDR's developments and ownership interests .

------

![Graphic](udr-20230206xex99d2003.jpg)

**Attachment 7(B)**

**UDR, Inc.**

**Non-Mature Home Summary and Net Operating Income by Market**

**December 31, 2022**

 **(Unaudited) (1)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Non-Mature Home Breakout - By Date**  | **Non-Mature Home Breakout - By Date**  | **Non-Mature Home Breakout - By Date**  | **Non-Mature Home Breakout - By Date**  | **Non-Mature Home Breakout - By Date**  | **Non-Mature Home Breakout - By Date**  |
| **Community** | **Category** | **# of Homes** | **Market** | **Same-Store Quarter (2)** |  |
| Arbors at Maitland Summit | Stabilized, Non-Mature | 663 | Orlando, FL | 1Q23 |  |
| Essex Luxe | Stabilized, Non-Mature | 330 | Orlando, FL | 1Q23 |  |
| Quarters at Towson Town Center | Stabilized, Non-Mature | 430 | Baltimore, MD | 1Q23 |  |
| Bradlee Danvers | Stabilized, Non-Mature | 433 | Boston, MA | 3Q23 |  |
| 1532 Harrison | Stabilized, Non-Mature | 136 | San Francisco, CA | 4Q23 |  |
| The George Apartments | Development | 200 | Philadelphia, PA | 2Q24 |  |
| Vitruvian West Phase 3 | Development | 405 | Dallas, TX | 2Q24 |  |
| Cirrus | Development | 292 | Denver, CO | 3Q24 |  |
| 5421 at Dublin Station | Development | 220 | San Francisco, CA | 1Q25 |  |
| The MO | Development | 161 | Washington, DC | 2Q25 |  |
| **Total** |  | **3270** |  |  |  |
| **Net Operating Income Breakout By Market** |  |  |  |  |  |
|  | **As a % of NOI** | **As a % of NOI** |  | **As a % of NOI** | **As a % of NOI** |
| **Region** | **Same-Store** | **Total** | **Region** | **Same-Store** | **Total** |
| **West Region** |  |  | **Southeast Region** |  |  |
| &nbsp;&nbsp;Orange County, CA | 11.6% | 11.1% | &nbsp;&nbsp;Tampa, FL | 5.9% | 5.4% |
| &nbsp;&nbsp;San Francisco, CA | 7.5% | 7.8% | &nbsp;&nbsp;Orlando, FL | 3.6% | 4.6% |
| &nbsp;&nbsp;Seattle, WA | 6.9% | 6.7% | &nbsp;&nbsp;Nashville, TN | 3.3% | 3.0% |
| &nbsp;&nbsp;Monterey Peninsula, CA | 3.1% | 2.8% |  | **12.8%** | **13.0%** |
| &nbsp;&nbsp;Los Angeles, CA | 3.0% | 3.2% | **Southwest Region** |  |  |
|  | **32.1%** | **31.6%** | &nbsp;&nbsp;Dallas, TX | 7.4% | 7.2% |
| **Mid-Atlantic Region** |  |  | &nbsp;&nbsp;Austin, TX | 1.7% | 1.6% |
| &nbsp;&nbsp;Metropolitan DC | 16.2% | 14.9% |  | **9.1%** | **8.8%** |
| &nbsp;&nbsp;Baltimore, MD | 2.6% | 2.9% |  |  |  |
| &nbsp;&nbsp;Richmond, VA | 2.0% | 1.9% | **Other Markets (3)** | **6.9%** | **7.6%** |
|  | **20.8%** | **19.7%** |  |  |  |
| **Northeast Region** |  |  |  |  |  |
| &nbsp;&nbsp;Boston, MA | 11.5% | 11.7% |  |  |  |
| &nbsp;&nbsp;New York, NY | 6.8% | 7.6% |  |  |  |
|  | **18.3%** | **19.3%** | **Total** | **100.0%** | **100.0%** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) See Attachment 15 for definitions and other terms.

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

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

------

![Graphic](udr-20230206xex99d2003.jpg)

**Attachment 8(A)**

**UDR, Inc.**

**Same-Store Operating Information By Major Market**

**Current Quarter vs. Prior Year Quarter**

**December 31, 2022**

 **(Unaudited) (1)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Same-Store** | **Same-Store** | **Same-Store** | **Same-Store** | **Same-Store** | **Same-Store** |
|  | | | **Physical Occupancy** | **Physical Occupancy** | **Physical Occupancy** | **Total Revenue per Occupied Home** | **Total Revenue per Occupied Home** | **Total Revenue per Occupied Home** |
|  | <br>**Total** <br>**Same-Store** <br>**Homes** | **% of Same-**<br>**Store Portfolio**<br>**Based on**<br>**4Q 2022 NOI** | **4Q 22** | **4Q 21** | **Change** | **4Q 22** | **4Q 21** | **Change** |
| **West Region** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Orange County, CA | 4595 | 11.6% | **96.9%** | 97.2% | -0.3% | $**2931** | $2737 | 7.1% |
| &nbsp;&nbsp;San Francisco, CA | 2779 | 7.5% | **95.9%** | 95.5% | 0.4% | **3445** | 3179 | 8.4% |
| &nbsp;&nbsp;Seattle, WA | 2985 | 6.9% | **97.1%** | 97.2% | -0.1% | **2825** | 2633 | 7.3% |
| &nbsp;&nbsp;Monterey Peninsula, CA | 1567 | 3.1% | **95.3%** | 96.9% | -1.6% | **2307** | 2135 | 8.1% |
| &nbsp;&nbsp;Los Angeles, CA | 1225 | 3.0% | **96.7%** | 96.1% | 0.6% | **3055** | 2959 | 3.2% |
|  | **13151** | **32.1%** | **96.5%** | **96.7%** | **-0.2%** | **2953** | **2754** | **7.2%** |
| **Mid-Atlantic Region** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Metropolitan DC | 9393 | 16.2% | **97.0%** | 97.1% | -0.1% | **2238** | 2104 | 6.4% |
| &nbsp;&nbsp;Baltimore, MD | 1789 | 2.6% | **96.3%** | 96.2% | 0.1% | **1891** | 1763 | 7.3% |
| &nbsp;&nbsp;Richmond, VA | 1359 | 2.0% | **97.5%** | 97.7% | -0.2% | **1775** | 1566 | 13.3% |
|  | **12541** | **20.8%** | **97.0%** | **97.0%** | **0.0%** | **2138** | **1997** | **7.1%** |
| **Northeast Region** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Boston, MA | 4598 | 11.5% | **96.7%** | 96.4% | 0.3% | **3052** | 2781 | 9.7% |
| &nbsp;&nbsp;New York, NY | 2318 | 6.8% | **97.8%** | 97.7% | 0.1% | **4446** | 3896 | 14.1% |
|  | **6916** | **18.3%** | **97.1%** | **96.9%** | **0.2%** | **3523** | **3155** | **11.7%** |
| **Southeast Region** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Tampa, FL | 3877 | 5.9% | **96.7%** | 97.3% | -0.6% | **2090** | 1747 | 19.6% |
| &nbsp;&nbsp;Orlando, FL | 2500 | 3.6% | **96.6%** | 97.3% | -0.7% | **1807** | 1536 | 17.6% |
| &nbsp;&nbsp;Nashville, TN | 2260 | 3.3% | **97.1%** | 98.1% | -1.0% | **1746** | 1471 | 18.7% |
|  | **8637** | **12.8%** | **96.8%** | **97.5%** | **-0.7%** | **1918** | **1613** | **18.9%** |
| **Southwest Region** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Dallas, TX | 5813 | 7.4% | **96.6%** | 97.1% | -0.5% | **1775** | 1562 | 13.6% |
| &nbsp;&nbsp;Austin, TX | 1272 | 1.7% | **97.5%** | 98.1% | -0.6% | **1916** | 1677 | 14.3% |
|  | **7085** | **9.1%** | **96.8%** | **97.3%** | **-0.5%** | **1801** | **1583** | **13.8%** |
| **Other Markets** | **3399** | **6.9%** | **96.6%** | **97.0%** | **-0.4%** | **2530** | **2280** | **11.0%** |
| **Total/Weighted Avg.** | **51729** | **100.0%** | **96.8%** | **97.0%** | **-0.2%** | $**2473** | $**2241** | **10.4%** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) See Attachment 15 for definitions and other terms .

------

![Graphic](udr-20230206xex99d2003.jpg)

**Attachment 8(B)**

**UDR, Inc.**

**Same-Store Operating Information By Major Market**

**Current Quarter vs. Prior Year Quarter**

**December 31, 2022**

 **(Unaudited) (1)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Same-Store ($000s)** | **Same-Store ($000s)** | **Same-Store ($000s)** | **Same-Store ($000s)** | **Same-Store ($000s)** | **Same-Store ($000s)** | **Same-Store ($000s)** | **Same-Store ($000s)** | **Same-Store ($000s)** |
|  | | **Revenues** | **Revenues** | **Revenues** | **Expenses** | **Expenses** | **Expenses** | **Net Operating Income** | **Net Operating Income** | **Net Operating Income** |
|  | <br>**Total** <br>**Same-Store** <br>**Homes** | **4Q 22** | **4Q 21** | **Change** | **4Q 22** | **4Q 21** | **Change** | **4Q 22** | **4Q 21** | **Change** |
| **West Region** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Orange County, CA | 4595 | $**39149** | $36671 | 6.8% | $**8828** | $7929 | 11.3% | $**30321** | $28742 | 5.5% |
| &nbsp;&nbsp;San Francisco, CA | 2779 | **27543** | 25319 | 8.8% | **7959** | 7646 | 4.1% | **19584** | 17673 | 10.8% |
| &nbsp;&nbsp;Seattle, WA | 2985 | **24567** | 22916 | 7.2% | **6523** | 6178 | 5.6% | **18044** | 16738 | 7.8% |
| &nbsp;&nbsp;Monterey Peninsula, CA | 1567 | **10336** | 9714 | 6.4% | **2425** | 2080 | 16.6% | **7911** | 7634 | 3.6% |
| &nbsp;&nbsp;Los Angeles, CA | 1225 | **10857** | 10451 | 3.9% | **3065** | 3020 | 1.5% | **7792** | 7431 | 4.9% |
|  | **13151** | **112452** | **105071** | **7.0%** | **28800** | **26853** | **7.2%** | **83652** | **78218** | **6.9%** |
| **Mid-Atlantic Region** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Metropolitan DC | 9393 | **61171** | 57573 | 6.2% | **18833** | 17823 | 5.7% | **42338** | 39750 | 6.5% |
| &nbsp;&nbsp;Baltimore, MD | 1789 | **9773** | 9101 | 7.4% | **3156** | 2736 | 15.4% | **6617** | 6365 | 4.0% |
| &nbsp;&nbsp;Richmond, VA | 1359 | **7057** | 6238 | 13.1% | **1771** | 1608 | 10.1% | **5286** | 4630 | 14.2% |
|  | **12541** | **78001** | **72912** | **7.0%** | **23760** | **22167** | **7.2%** | **54241** | **50745** | **6.9%** |
| **Northeast Region** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Boston, MA | 4598 | **40704** | 36978 | 10.1% | **10815** | 10949 | -1.2% | **29889** | 26029 | 14.8% |
| &nbsp;&nbsp;New York, NY | 2318 | **30239** | 26468 | 14.2% | **12511** | 12083 | 3.5% | **17728** | 14385 | 23.2% |
|  | **6916** | **70943** | **63446** | **11.8%** | **23326** | **23032** | **1.3%** | **47617** | **40414** | **17.8%** |
| **Southeast Region** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Tampa, FL | 3877 | **23505** | 19766 | 18.9% | **8015** | 6969 | 15.0% | **15490** | 12797 | 21.0% |
| &nbsp;&nbsp;Orlando, FL | 2500 | **13095** | 11206 | 16.9% | **3802** | 3018 | 26.0% | **9293** | 8188 | 13.5% |
| &nbsp;&nbsp;Nashville, TN | 2260 | **11495** | 9785 | 17.5% | **2824** | 2827 | -0.1% | **8671** | 6958 | 24.6% |
|  | **8637** | **48095** | **40757** | **18.0%** | **14641** | **12814** | **14.3%** | **33454** | **27943** | **19.7%** |
| **Southwest Region** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Dallas, TX | 5813 | **29905** | 26457 | 13.0% | **10502** | 10038 | 4.6% | **19403** | 16419 | 18.2% |
| &nbsp;&nbsp;Austin, TX | 1272 | **7129** | 6279 | 13.5% | **2616** | 2235 | 17.0% | **4513** | 4044 | 11.6% |
|  | **7085** | **37034** | **32736** | **13.1%** | **13118** | **12273** | **6.9%** | **23916** | **20463** | **16.9%** |
| **Other Markets** | **3399** | **24924** | **22559** | **10.5%** | **7038** | **6508** | **8.1%** | **17886** | **16051** | **11.4%** |
| **Total (2)** | **51729** | $**371449** | $**337481** | **10.1%** | $**110683** | $**103647** | **6.8%** | $**260766** | $**233834** | **11.5%** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) See Attachment 15 for definitions and other terms .

&nbsp;&nbsp;&nbsp;&nbsp;(2) With concessions reflected on a straight-line basis, Same-Store Revenue and Same-Store NOI increased year-over-year by 12.1% and 14.5%, respectively. See Attachment 15(C) for definitions and reconciliations.

------

![Graphic](udr-20230206xex99d2003.jpg)

**Attachment 8(C)**

**UDR, Inc.**

**Same-Store Operating Information By Major Market**

**Current Quarter vs. Last Quarter**

**December 31, 2022**

 **(Unaudited) (1)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Same-Store** | **Same-Store** | **Same-Store** | **Same-Store** | **Same-Store** | **Same-Store** |
|  | | **Physical Occupancy** | **Physical Occupancy** | **Physical Occupancy** | **Total Revenue per Occupied Home** | **Total Revenue per Occupied Home** | **Total Revenue per Occupied Home** |
|  | <br>**Total** <br>**Same-Store** <br>**Homes** | **4Q 22** | **3Q 22** | **Change** | **4Q 22** | **3Q 22** | **Change** |
| **West Region** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Orange County, CA | 4595 | **96.9%** | 96.8% | 0.1% | $**2931** | $2886 | 1.6% |
| &nbsp;&nbsp;San Francisco, CA | 2779 | **95.9%** | 96.5% | -0.6% | **3445** | 3437 | 0.2% |
| &nbsp;&nbsp;Seattle, WA | 2985 | **97.1%** | 97.0% | 0.1% | **2825** | 2831 | -0.2% |
| &nbsp;&nbsp;Monterey Peninsula, CA | 1567 | **95.3%** | 96.3% | -1.0% | **2307** | 2183 | 5.7% |
| &nbsp;&nbsp;Los Angeles, CA | 1225 | **96.7%** | 96.7% | 0.0% | **3055** | 3048 | 0.2% |
|  | **13151** | **96.5%** | **96.7%** | **-0.2%** | **2953** | **2921** | **1.1%** |
| **Mid-Atlantic Region** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Metropolitan DC | 9393 | **97.0%** | 96.8% | 0.2% | **2238** | 2254 | -0.7% |
| &nbsp;&nbsp;Baltimore, MD | 1789 | **96.3%** | 96.1% | 0.2% | **1891** | 1828 | 3.4% |
| &nbsp;&nbsp;Richmond, VA | 1359 | **97.5%** | 97.2% | 0.3% | **1775** | 1806 | -1.7% |
|  | **12541** | **97.0%** | **96.8%** | **0.2%** | **2138** | **2143** | **-0.2%** |
| **Northeast Region** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Boston, MA | 4598 | **96.7%** | 96.7% | 0.0% | **3052** | 2972 | 2.7% |
| &nbsp;&nbsp;New York, NY | 2318 | **97.8%** | 97.7% | 0.1% | **4446** | 4349 | 2.2% |
|  | **6916** | **97.1%** | **97.1%** | **0.0%** | **3523** | **3437** | **2.5%** |
| **Southeast Region** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Tampa, FL | 3877 | **96.7%** | 96.7% | 0.0% | **2090** | 2032 | 2.9% |
| &nbsp;&nbsp;Orlando, FL | 2500 | **96.6%** | 96.5% | 0.1% | **1807** | 1755 | 3.0% |
| &nbsp;&nbsp;Nashville, TN | 2260 | **97.1%** | 97.0% | 0.1% | **1746** | 1684 | 3.7% |
|  | **8637** | **96.8%** | **96.7%** | **0.1%** | **1918** | **1861** | **3.1%** |
| **Southwest Region** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Dallas, TX | 5813 | **96.6%** | 96.6% | 0.0% | **1775** | 1736 | 2.2% |
| &nbsp;&nbsp;Austin, TX | 1272 | **97.5%** | 97.3% | 0.2% | **1916** | 1886 | 1.6% |
|  | **7085** | **96.8%** | **96.7%** | **0.1%** | **1801** | **1763** | **2.1%** |
| **Other Markets** | **3399** | **96.6%** | **96.8%** | **-0.2%** | **2530** | **2460** | **2.8%** |
| **Total/Weighted Avg.** | **51729** | **96.8%** | **96.8%** | **0.0%** | $**2473** | $**2435** | **1.6%** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) See Attachment 15 for definitions and other terms .

------

![Graphic](udr-20230206xex99d2003.jpg)

**Attachment 8(D)**

**UDR, Inc.**

**Same-Store Operating Information By Major Market**

**Current Quarter vs. Last Quarter**

**December 31, 2022**

 **(Unaudited) (1)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Same-Store ($000s)** | **Same-Store ($000s)** | **Same-Store ($000s)** | **Same-Store ($000s)** | **Same-Store ($000s)** | **Same-Store ($000s)** | **Same-Store ($000s)** | **Same-Store ($000s)** | **Same-Store ($000s)** |
|  | | **Revenues** | **Revenues** | **Revenues** | **Expenses** | **Expenses** | **Expenses** | **Net Operating Income** | **Net Operating Income** | **Net Operating Income** |
|  | <br>**Total** <br>**Same-Store** <br>**Homes** | **4Q 22** | **3Q 22** | **Change** | **4Q 22** | **3Q 22** | **Change** | **4Q 22** | **3Q 22** | **Change** |
| **West Region** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Orange County, CA | 4595 | $**39149** | $38515 | 1.6% | $**8828** | $8863 | -0.4% | $**30321** | $29652 | 2.3% |
| &nbsp;&nbsp;San Francisco, CA | 2779 | **27543** | 27506 | 0.1% | **7959** | 7881 | 1.0% | **19584** | 19625 | -0.2% |
| &nbsp;&nbsp;Seattle, WA | 2985 | **24567** | 24593 | -0.1% | **6523** | 6702 | -2.7% | **18044** | 17891 | 0.9% |
| &nbsp;&nbsp;Monterey Peninsula, CA | 1567 | **10336** | 9881 | 4.6% | **2425** | 2255 | 7.5% | **7911** | 7626 | 3.8% |
| &nbsp;&nbsp;Los Angeles, CA | 1225 | **10857** | 10831 | 0.2% | **3065** | 2867 | 6.9% | **7792** | 7964 | -2.2% |
|  | **13151** | **112452** | **111326** | **1.0%** | **28800** | **28568** | **0.8%** | **83652** | **82758** | **1.1%** |
| **Mid-Atlantic Region** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Metropolitan DC | 9393 | **61171** | 61496 | -0.5% | **18833** | 19593 | -3.9% | **42338** | 41903 | 1.0% |
| &nbsp;&nbsp;Baltimore, MD | 1789 | **9773** | 9430 | 3.6% | **3156** | 3262 | -3.2% | **6617** | 6168 | 7.3% |
| &nbsp;&nbsp;Richmond, VA | 1359 | **7057** | 7157 | -1.4% | **1771** | 1842 | -3.9% | **5286** | 5315 | -0.5% |
|  | **12541** | **78001** | **78083** | **-0.1%** | **23760** | **24697** | **-3.8%** | **54241** | **53386** | **1.6%** |
| **Northeast Region** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Boston, MA | 4598 | **40704** | 39648 | 2.7% | **10815** | 11753 | -8.0% | **29889** | 27895 | 7.2% |
| &nbsp;&nbsp;New York, NY | 2318 | **30239** | 29545 | 2.3% | **12511** | 13054 | -4.2% | **17728** | 16491 | 7.5% |
|  | **6916** | **70943** | **69193** | **2.5%** | **23326** | **24807** | **-6.0%** | **47617** | **44386** | **7.3%** |
| **Southeast Region** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Tampa, FL | 3877 | **23505** | 22849 | 2.9% | **8015** | 7990 | 0.3% | **15490** | 14859 | 4.2% |
| &nbsp;&nbsp;Orlando, FL | 2500 | **13095** | 12703 | 3.1% | **3802** | 3692 | 3.0% | **9293** | 9011 | 3.1% |
| &nbsp;&nbsp;Nashville, TN | 2260 | **11495** | 11072 | 3.8% | **2824** | 3260 | -13.4% | **8671** | 7812 | 11.0% |
|  | **8637** | **48095** | **46624** | **3.2%** | **14641** | **14942** | **-2.0%** | **33454** | **31682** | **5.6%** |
| **Southwest Region** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Dallas, TX | 5813 | **29905** | 29242 | 2.3% | **10502** | 11021 | -4.7% | **19403** | 18221 | 6.5% |
| &nbsp;&nbsp;Austin, TX | 1272 | **7129** | 7001 | 1.8% | **2616** | 3182 | -17.8% | **4513** | 3819 | 18.2% |
|  | **7085** | **37034** | **36243** | **2.2%** | **13118** | **14203** | **-7.6%** | **23916** | **22040** | **8.5%** |
| **Other Markets** | **3399** | **24924** | **24249** | **2.8%** | **7038** | **7060** | **-0.3%** | **17886** | **17189** | **4.1%** |
| **Total (2)** | **51729** | $**371449** | $**365718** | **1.6%** | $**110683** | $**114277** | **-3.1%** | $**260766** | $**251441** | **3.7%** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) See Attachment 15 for definitions and other terms .

&nbsp;&nbsp;&nbsp;&nbsp;(2) With concessions reflected on a straight-line basis, Same-Store Revenue and Same-Store NOI increased quarter-over-quarter by 2.0% and 4.3%, respectively. See Attachment 15(C) for definitions and reconciliations.

------

![Graphic](udr-20230206xex99d2003.jpg)

**Attachment 8(E)**

**UDR, Inc.**

**Same-Store Operating Information By Major Market**

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

**December 31, 2022**

 **(Unaudited) (1)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Same-Store** | **Same-Store** | **Same-Store** | **Same-Store** | **Same-Store** | **Same-Store** |
|  | | | **Physical Occupancy** | **Physical Occupancy** | **Physical Occupancy** | **Total Revenue per Occupied Home** | **Total Revenue per Occupied Home** | **Total Revenue per Occupied Home** |
|  | <br>**Total** <br>**Same-Store** <br>**Homes** | **% of Same-**<br>**Store Portfolio**<br>**Based on**<br>**YTD 2022 NOI** | **YTD 22** | **YTD 21** | **Change** | **YTD 22** | **YTD 21** | **Change** |
| **West Region** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Orange County, CA | 4595 | 12.7% | **96.9%** | 97.5% | -0.6% | $**2844** | $2610 | 9.0% |
| &nbsp;&nbsp;San Francisco, CA | 2779 | 8.2% | **96.0%** | 95.3% | 0.7% | **3345** | 3074 | 8.8% |
| &nbsp;&nbsp;Seattle, WA | 2726 | 6.8% | **97.5%** | 97.2% | 0.3% | **2709** | 2416 | 12.1% |
| &nbsp;&nbsp;Monterey Peninsula, CA | 1567 | 3.3% | **96.2%** | 97.0% | -0.8% | **2199** | 2012 | 9.3% |
| &nbsp;&nbsp;Los Angeles, CA | 1225 | 3.4% | **96.6%** | 96.0% | 0.6% | **3031** | 2729 | 11.1% |
|  | **12892** | **34.4%** | **96.7%** | **96.8%** | **-0.1%** | **2862** | **2606** | **9.8%** |
| **Mid-Atlantic Region** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Metropolitan DC | 8381 | 16.3% | **97.2%** | 96.6% | 0.6% | **2260** | 2131 | 6.1% |
| &nbsp;&nbsp;Baltimore, MD | 1597 | 2.4% | **96.6%** | 97.6% | -1.0% | **1824** | 1679 | 8.6% |
| &nbsp;&nbsp;Richmond, VA | 1359 | 2.2% | **97.5%** | 98.2% | -0.7% | **1709** | 1522 | 12.3% |
|  | **11337** | **20.9%** | **97.2%** | **96.9%** | **0.3%** | **2133** | **1993** | **7.0%** |
| **Northeast Region** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Boston, MA | 4298 | 11.4% | **96.8%** | 96.5% | 0.3% | **2978** | 2750 | 8.3% |
| &nbsp;&nbsp;New York, NY | 2318 | 7.0% | **98.0%** | 96.6% | 1.4% | **4231** | 3621 | 16.8% |
|  | **6616** | **18.4%** | **97.2%** | **96.5%** | **0.7%** | **3421** | **3055** | **12.0%** |
| **Southeast Region** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Tampa, FL | 3877 | 6.3% | **96.8%** | 97.4% | -0.6% | **1975** | 1653 | 19.5% |
| &nbsp;&nbsp;Orlando, FL | 2500 | 3.8% | **96.8%** | 97.4% | -0.6% | **1707** | 1475 | 15.7% |
| &nbsp;&nbsp;Nashville, TN | 2260 | 3.3% | **97.4%** | 97.9% | -0.5% | **1636** | 1431 | 14.3% |
|  | **8637** | **13.4%** | **97.0%** | **97.5%** | **-0.5%** | **1808** | **1543** | **17.2%** |
| **Southwest Region** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Dallas, TX | 3866 | 5.2% | **97.0%** | 97.1% | -0.1% | **1715** | 1536 | 11.7% |
| &nbsp;&nbsp;Austin, TX | 1272 | 1.8% | **97.7%** | 98.1% | -0.4% | **1824** | 1609 | 13.4% |
|  | **5138** | **7.0%** | **97.2%** | **97.4%** | **-0.2%** | **1742** | **1553** | **12.2%** |
| **Other Markets** | **2740** | **5.9%** | **97.1%** | **97.4%** | **-0.3%** | **2406** | **2144** | **12.2%** |
| **Total/Weighted Avg.** | **47360** | **100.0%** | **97.0%** | **97.0%** | **0.0%** | $**2425** | $**2183** | **11.1%** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) See Attachment 15 for definitions and other terms .

------

![Graphic](udr-20230206xex99d2003.jpg)

**Attachment 8(F)**

**UDR, Inc.**

**Same-Store Operating Information By Major Market**

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

**December 31, 2022**

 **(Unaudited) (1)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Same-Store ($000s)** | **Same-Store ($000s)** | **Same-Store ($000s)** | **Same-Store ($000s)** | **Same-Store ($000s)** | **Same-Store ($000s)** | **Same-Store ($000s)** | **Same-Store ($000s)** | **Same-Store ($000s)** |
|  | | **Revenues** | **Revenues** | **Revenues** | **Expenses** | **Expenses** | **Expenses** | **Net Operating Income** | **Net Operating Income** | **Net Operating Income** |
|  | <br>**Total** <br>**Same-Store** <br>**Homes** | **YTD 22** | **YTD 21** | **Change** | **YTD 22** | **YTD 21** | **Change** | **YTD 22** | **YTD 21** | **Change** |
| **West Region** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Orange County, CA | 4595 | $**151962** | $140340 | 8.3% | $**33423** | $30976 | 7.9% | $**118539** | $109364 | 8.4% |
| &nbsp;&nbsp;San Francisco, CA | 2779 | **107096** | 96695 | 10.8% | **30847** | 29926 | 3.1% | **76249** | 66769 | 14.2% |
| &nbsp;&nbsp;Seattle, WA | 2726 | **86416** | 76790 | 12.5% | **22878** | 22500 | 1.7% | **63538** | 54290 | 17.0% |
| &nbsp;&nbsp;Monterey Peninsula, CA | 1567 | **39786** | 36655 | 8.5% | **8930** | 8099 | 10.3% | **30856** | 28556 | 8.1% |
| &nbsp;&nbsp;Los Angeles, CA | 1225 | **43037** | 38509 | 11.8% | **11600** | 11393 | 1.8% | **31437** | 27116 | 15.9% |
|  | **12892** | **428297** | **388989** | **10.1%** | **107678** | **102894** | **4.6%** | **320619** | **286095** | **12.1%** |
| **Mid-Atlantic Region** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Metropolitan DC | 8381 | **220905** | 207034 | 6.7% | **68766** | 65881 | 4.4% | **152139** | 141153 | 7.8% |
| &nbsp;&nbsp;Baltimore, MD | 1597 | **33764** | 31407 | 7.5% | **11313** | 9959 | 13.6% | **22451** | 21448 | 4.7% |
| &nbsp;&nbsp;Richmond, VA | 1359 | **27171** | 24377 | 11.5% | **6835** | 6285 | 8.7% | **20336** | 18092 | 12.4% |
|  | **11337** | **281840** | **262818** | **7.2%** | **86914** | **82125** | **5.8%** | **194926** | **180693** | **7.9%** |
| **Northeast Region** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Boston, MA | 4298 | **148662** | 136850 | 8.6% | **42527** | 40281 | 5.6% | **106135** | 96569 | 9.9% |
| &nbsp;&nbsp;New York, NY | 2318 | **115336** | 97298 | 18.5% | **49605** | 49547 | 0.1% | **65731** | 47751 | 37.7% |
|  | **6616** | **263998** | **234148** | **12.7%** | **92132** | **89828** | **2.6%** | **171866** | **144320** | **19.1%** |
| **Southeast Region** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Tampa, FL | 3877 | **88926** | 74913 | 18.7% | **30542** | 27575 | 10.8% | **58384** | 47338 | 23.3% |
| &nbsp;&nbsp;Orlando, FL | 2500 | **49570** | 43102 | 15.0% | **14210** | 12770 | 11.3% | **35360** | 30332 | 16.6% |
| &nbsp;&nbsp;Nashville, TN | 2260 | **43202** | 37988 | 13.7% | **12299** | 11516 | 6.8% | **30903** | 26472 | 16.7% |
|  | **8637** | **181698** | **156003** | **16.5%** | **57051** | **51861** | **10.0%** | **124647** | **104142** | **19.7%** |
| **Southwest Region** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Dallas, TX | 3866 | **77168** | 69210 | 11.5% | **28419** | 26060 | 9.1% | **48749** | 43150 | 13.0% |
| &nbsp;&nbsp;Austin, TX | 1272 | **27199** | 24091 | 12.9% | **10730** | 9462 | 13.4% | **16469** | 14629 | 12.6% |
|  | **5138** | **104367** | **93301** | **11.9%** | **39149** | **35522** | **10.2%** | **65218** | **57779** | **12.9%** |
| **Other Markets** | **2740** | **76803** | **68662** | **11.9%** | **21226** | **19996** | **6.2%** | **55577** | **48666** | **14.2%** |
| **Total (2)** | **47360** | $**1337003** | $**1203921** | **11.1%** | $**404150** | $**382226** | **5.7%** | $**932853** | $**821695** | **13.5%** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) See Attachment 15 for definitions and other terms .

&nbsp;&nbsp;&nbsp;&nbsp;(2) With concessions reflected on a straight-line basis, Same-Store revenue and Same-Store NOI increased year-over-year by 11.5% and 14.2%, respectively. See Attachment 15(C) for definitions and reconciliations.

------

![Graphic](udr-20230206xex99d2003.jpg)

**Attachment 8(G)**

**UDR, Inc.**

**Same-Store Operating Information By Major Market**

**December 31, 2022**

 **(Unaudited) (1)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Effective Blended Lease Rate Growth** | **Effective New Lease Rate Growth** | **Effective Renewal Lease Rate Growth** | **Annualized Turnover** | **Annualized Turnover** | **Annualized Turnover** | **Annualized Turnover** |
|  | **4Q 2022** | **4Q 2022** | **4Q 2022** | **4Q 2022** | **4Q 2021** | **YTD 2022** | **YTD 2021** |
| **West Region** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Orange County, CA | 6.4% | 5.3% | 7.9% | **41.4%** | 35.7% | **43.1%** | 43.8% |
| &nbsp;&nbsp;San Francisco, CA | 3.9% | 0.9% | 7.7% | **41.8%** | 35.3% | **40.3%** | 42.0% |
| &nbsp;&nbsp;Seattle, WA | -0.2% | -7.4% | 6.9% | **42.0%** | 44.3% | **48.3%** | 50.7% |
| &nbsp;&nbsp;Monterey Peninsula, CA | 3.4% | 1.3% | 5.7% | **38.0%** | 24.1% | **32.4%** | 27.9% |
| &nbsp;&nbsp;Los Angeles, CA | 9.3% | 11.2% | 7.5% | **31.1%** | 28.2% | **32.7%** | 36.7% |
|  | **4.1%** | **1.4%** | **7.3%** | **40.5%** | **36.5%** | **42.0%** | **43.3%** |
| **Mid-Atlantic Region** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Metropolitan DC | 3.7% | -1.1% | 8.7% | **31.0%** | 29.6% | **41.9%** | 42.2% |
| &nbsp;&nbsp;Baltimore, MD | 0.6% | -3.8% | 7.1% | **38.6%** | 35.3% | **53.9%** | 46.5% |
| &nbsp;&nbsp;Richmond, VA | 4.9% | 1.1% | 9.0% | **36.2%** | 33.3% | **46.6%** | 41.9% |
|  | **3.4%** | **-1.3%** | **8.6%** | **32.9%** | **30.9%** | **44.5%** | **42.8%** |
| **Northeast Region** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Boston, MA | 5.6% | 2.3% | 9.3% | **33.7%** | 35.0% | **44.0%** | 45.1% |
| &nbsp;&nbsp;New York, NY | 15.1% | 16.3% | 14.1% | **24.0%** | 25.5% | **40.0%** | 41.7% |
|  | **9.3%** | **7.2%** | **11.3%** | **31.1%** | **32.5%** | **42.7%** | **44.0%** |
| **Southeast Region** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Tampa, FL | 6.4% | 1.9% | 12.5% | **46.9%** | 35.6% | **54.9%** | 45.0% |
| &nbsp;&nbsp;Orlando, FL | 7.7% | 4.3% | 11.8% | **46.8%** | 40.8% | **50.2%** | 47.2% |
| &nbsp;&nbsp;Nashville, TN | 8.6% | 5.6% | 12.0% | **38.1%** | 36.0% | **48.5%** | 46.7% |
|  | **7.3%** | **3.3%** | **12.2%** | **44.9%** | **37.3%** | **52.0%** | **46.1%** |
| **Southwest Region** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Dallas, TX | 5.1% | 2.1% | 8.8% | **43.2%** | 44.7% | **50.3%** | 49.1% |
| &nbsp;&nbsp;Austin, TX | 4.6% | 1.5% | 8.2% | **37.1%** | 42.4% | **49.2%** | 48.2% |
|  | **5.0%** | **2.0%** | **8.7%** | **42.2%** | **44.3%** | **50.0%** | **48.9%** |
| **Other Markets** | **4.3%** | **-0.7%** | **10.3%** | **42.8%** | **34.1%** | **37.6%** | **34.0%** |
| **Total/Weighted Avg.** | **5.4%** | **2.0%** | **9.3%** | **38.2%** | **35.2%** | **45.3%** | **44.0%** |
| **Allocation of Total Homes Repriced during the Quarter** |  | **52.9%** | **47.1%** |  |  |  |  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) See Attachment 15 for definitions and other terms.

------

![Graphic](udr-20230206xex99d2003.jpg)

**Attachment 9**

**UDR, Inc.**

**Development and Land Summary**

**December 31, 2022**

 **(Dollars in Thousands)**

**(Unaudited) (1)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | |  |  | | | | |  | <br>**Schedule** |  | **Percentage** | **Percentage** |
| | | **# of** | **# of** | | | | | | | | | |
| **Wholly-Owned**<br>**Community** | <br>**Location** | **Homes** | **Homes** | <br>**Compl.**<br>**Homes** | <br>**Cost to**<br>**Date** | <br>**Budgeted**<br>**Cost**  | <br>**Est. Cost**<br>**per Home** | <br>**Start** | **Initial**<br>**Occ.** | <br>**Compl.** | <br>**Leased** | <br>**Occupied** |
| **Projects Under Construction** |  |  |  |  |  |  |  |  |  |  |  |  |
| The MO  | Washington, DC |  | 300 | 161 | $135463 | $145000 | $483 | 3Q20 | 4Q22 | 1Q23 | 14.0% | 9.3% |
| Villas at Fiori | Addison, TX |  | 85 | - | 17732 | 53500 | 629 | 1Q22 | 1Q24 | 2Q24 | - | - |
| Meridian | Tampa, FL |  | 330 | - | 36910 | 134000 | 406 | 1Q22 | 2Q24 | 2Q24 | - | - |
| &nbsp;&nbsp;**Total Under Construction** |  |  | **715** | **161** | $**190105** | $**332500** | $**465** |  |  |  |  |  |
| **Completed Projects, Non-Stabilized** | **Completed Projects, Non-Stabilized** | **Completed Projects, Non-Stabilized** | **Completed Projects, Non-Stabilized** |  |  |  |  |  |  |  |  |  |
| Cirrus | Denver, CO |  | 292 | 292 | $101444 | $101850 | $349 | 3Q19 | 1Q22 | 2Q22 | 79.5% | 76.0% |
| The George Apartments | King of Prussia, PA |  | 200 | 200 | 66261 | 68000 | 340 | 4Q20 | 1Q22 | 3Q22 | 97.0% | 97.0% |
| 5421 at Dublin Station | Dublin, CA |  | 220 | 220 | 124596 | 125000 | 568 | 4Q19 | 3Q22 | 4Q22 | 31.8% | 24.6% |
| Vitruvian West Phase 3 | Addison, TX |  | 405 | 405 | 73126 | 74000 | 183 | 1Q21 | 1Q22 | 4Q22 | 91.9% | 90.9% |
| &nbsp;&nbsp;**Total Completed, Non-Stabilized** |  |  | **1117** | **1117** | $**365427** | $**368850** | $**330** |  |  |  |  |  |
| **Total - Wholly Owned** |  |  | **1832** | **1278** | $**555532** | $**701350** | $**383** |  |  |  |  |  |
| **NOI From Wholly-Owned Projects** |  | **4Q 22** | **4Q 22** |  |  |  |  |  |  |  |  |  |
| Projects Under Construction |  | $| (446) |  |  |  |  |  |  |  |  |  |
| Completed, Non-Stabilized |  |  | 2183 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Total** |  | **$** | **1737** |  |  |  |  |  |  |  |  |  |
| **Land Summary** | **Land Summary** | **Land Summary** | **Land Summary** | **Land Summary** |  |  |  |  |  |  |  |  |
| **Parcel** | **Location** | **UDR Ownership Interest** | **UDR Ownership Interest** | **UDR Ownership Interest** | **Real Estate Cost Basis** | **Real Estate Cost Basis** |  |  |  |  |  |  |
| Vitruvian Park® | Addison, TX | 100% | 100% | 100% | $34951 | 34951 |  |  |  |  |  |  |
| Alameda Point Block 11 | Alameda, CA | 100% | 100% | 100% | 30615 | 30615 |  |  |  |  |  |  |
| Newport Village II | Alexandria, VA | 100% | 100% | 100% | 15524 | 15524 |  |  |  |  |  |  |
| 2727 Turtle Creek (includes 3 phases) | Dallas, TX | 100% | 100% | 100% | 92507 | 92507 |  |  |  |  |  |  |
| 488 Riverwalk | Fort Lauderdale, FL | 100% | 100% | 100% | 17870 | 17870 |  |  |  |  |  |  |
| 3001 Iowa Avenue | Riverside, CA | 100% | 100% | 100% | 14551 | 14551 |  |  |  |  |  |  |
| &nbsp;&nbsp;**Total** |  |  |  |  | $**206018** | **206018** |  |  |  |  |  |  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) See Attachment 15 for definitions and other terms.

------

![Graphic](udr-20230206xex99d2003.jpg)

**Attachment 10**

**UDR, Inc.**

**Redevelopment Summary**

**December 31, 2022**

 **(Dollars in Thousands)**

**(Unaudited) (1)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | | **Schedule** | **Schedule** | **Percentage** | **Percentage** |
| <br>**Community** | <br>**Location** | <br>**# of**<br>**Homes** | **Sched.**<br>**Redev.**<br>**Homes** | <br>**Compl.**<br>**Homes** | <br>**Cost to**<br>**Date** | <br>**Budgeted**<br>**Cost (2)** | <br>**Est. Cost**<br>**per Home** | <br>**Start** | <br>**Compl.** | **Leased** | **Occupied** |
| **Projects in Redevelopment with Stabilized Operations** | **Projects in Redevelopment with Stabilized Operations** | **Projects in Redevelopment with Stabilized Operations** | **Projects in Redevelopment with Stabilized Operations** |  |  |  |  |  |  |  |  |
| Eight80 Newport Beach (3) | Newport Beach, CA | 1447 | 30 | - | $14874 | $18000 | $600 | 1Q21 | 1Q23 | 95.3% | 94.2% |
| Lakeline Villas (4) | Cedar Park, TX | 309 | 288 | 35 | 2581 | 10500 | 36 | 3Q22 | 2Q24 | 98.4% | 98.1% |
| Red Stone Ranch (4) | Cedar Park, TX | 324 | 324 | 47 | 2525 | 12000 | 37 | 3Q22 | 2Q24 | 98.5% | 97.8% |
| Towson Promenade (4) | Towson, MD | 379 | 379 | 1 | 463 | 17000 | 45 | 3Q22 | 2Q24 | 95.3% | 95.3% |
| 20 Lambourne (4) | Towson, MD | 264 | 264 | 25 | 1408 | 9000 | 34 | 3Q22 | 2Q24 | 95.8% | 95.1% |
| Lenox Farms (4) | Braintree, MA | 338 | 338 | 17 | 2306 | 15500 | 46 | 3Q22 | 3Q24 | 97.0% | 97.0% |
| &nbsp;&nbsp;**Total**  |  | **3061** | **1623** | **125** | $**24157** | $**82000** | $**51** |  |  |  |  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) See Attachment 15 for definitions and other terms.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Represents UDR's incremental capital invested in the Projects.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Project consists of unit additions and renovation of related common area amenities. Existing homes for this Project remain in Same-Store.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Projects consist of unit renovations and renovation of related common area amenities. These communities remain in Same-Store.

------

![Graphic](udr-20230206xex99d2003.jpg)

**Attachment 11(A)**

**UDR, Inc.**

**Unconsolidated Summary**

**December 31, 2022**

 **(Dollars in Thousands)**

**(Unaudited) (1)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Total Rev. per** | **Total Rev. per** | **Net Operating Income** | **Net Operating Income** | **Net Operating Income** | **Net Operating Income** | |
| | | | | | **Occ. Home** | **Occ. Home** | **UDR's Share** | **UDR's Share** | **UDR's Share** | **UDR's Share** | <br>**Total** |
| <br>**Portfolio Characteristics** | <br>**Own.**<br>**Interest** | <br>**# of** <br>**Comm.**  | <br>**# of**<br>**Homes** | **Physical**<br>**Occupancy**<br>**4Q 22** | **4Q 22** | **4Q 22** | **4Q 22** | **4Q 22** | **YTD 22** | **YTD 22** | **YTD 22 (2)** |
| &nbsp;&nbsp;UDR / MetLife  | 50% | 13 | 2837 | 97.0% | $| 4131 | $| 11242 | $| 41048 | $81644 |
|  | **Gross Book Value** |  |  | **Weighted** |  |  |  |  |  |  |  |
|  | **of JV Real** | **Total Project** | **UDR's Equity** | **Avg. Debt** | **Debt** | **Debt** |  |  |  |  |  |
| **Balance Sheet Characteristics** | **Estate Assets (3)** | **Debt (3)** | **Investment** | **Interest Rate** | **Maturities** | **Maturities** |  |  |  |  |  |
| &nbsp;&nbsp;UDR / MetLife | $1716256 | $857909 | $254612 | 3.70% | 2024-2031 | 2024-2031 |  |  |  |  |  |
|  | **Joint Venture** |  |  |  |  |  |  |  |  |  |  |
|  | **Same-Store** | **4Q 22 vs. 4Q 21 Growth** | **4Q 22 vs. 4Q 21 Growth** | **4Q 22 vs. 4Q 21 Growth** | **4Q 22 vs. 3Q 22 Growth** | **4Q 22 vs. 3Q 22 Growth** | **4Q 22 vs. 3Q 22 Growth** | **4Q 22 vs. 3Q 22 Growth** | **4Q 22 vs. 3Q 22 Growth** | **4Q 22 vs. 3Q 22 Growth** |  |
| **Joint Venture Same-Store Growth** | **Communities (4)** | **Revenue** | **Expense** | **NOI** | **Revenue** | **Revenue** | **Expense** | **Expense** | **NOI** | **NOI** |  |
| UDR / MetLife  | 13  | 16.2% | 4.5% | 23.7% | 3.9% | 3.9% | -4.6% | -4.6% | 9.2% | 9.2% |  |
|  | **Joint Venture** |  |  |  |  |  |  |  |  |  |  |
|  | **Same-Store** | **YTD 22 vs. YTD 21 Growth** | **YTD 22 vs. YTD 21 Growth** | **YTD 22 vs. YTD 21 Growth** |  |  |  |  |  |  |  |
| **Joint Venture Same-Store Growth** | **Communities (4)** | **Revenue** | **Expense** | **NOI** |  |  |  |  |  |  |  |
| UDR / MetLife  | 13  | 14.2% | 4.2% | 21.1% |  |  |  |  |  |  |  |
|  |  |  |  | **Income/(Loss)** |  |  |  |  |  |  |  |
|  | **UDR Investment (6)** | **UDR Investment (6)** | **UDR Investment (6)** | **from Investments** |  |  |  |  |  |  |  |
| **Other Unconsolidated Investments (5)** | **Commitment** | **Funded** | **Balance** | **4Q 22 (7)** |  |  |  |  |  |  |  |
| RETV Funds | $51000 | $25380 | $28271 | $(7159) |  |  |  |  |  |  |  |
| RET Strategic Fund | 25000 | 7500 | 8078 | 610 |  |  |  |  |  |  |  |
| RET ESG Fund | 10000 | 3000 | 2898 | (81) |  |  |  |  |  |  |  |
| Climate Technology Funds | 10000 | 5921 | 5741 | (108) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Total** | $**96000** | $**41801** | $**44988** | $**(6738)** |  |  |  |  |  |  |  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) See Attachment 15 for definitions and other terms.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Represents NOI at 100% for the period ended December 31, 2022.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(5) Other unconsolidated investments represent UDR's investments in real estate technology and climate technology funds. The RETV III investment was entered into during the three months ended December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Investment commitment represents maximum equity and therefore excludes realized/unrealized gain/(loss). Investment funded represents cash funded towards the investment commitment. Investment balance includes amount funded plus realized/unrealized gain/(loss), less distributions received prior to the period end.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Income/(loss) from investments is deducted/added back to FFOA and is primarily due to a decrease in SmartRent's public share price.

------

![Graphic](udr-20230206xex99d2003.jpg)

**Attachment 11(B)**

**UDR, Inc.**

**Developer Capital Program** 

**December 31, 2022**

 **(Dollars in Thousands)**

**(Unaudited) (1)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **UDR Investment** | **UDR Investment** | | | |
| **Developer Capital Program (2)**<br>**Community** | <br>**Location** | <br>**# of**<br>**Homes** | **Commitment (3)** | **Balance (3)** | <br>**Return**<br>**Rate** | <br>**Years to**<br>**Maturity** | <br>**Upside**<br>**Participation** |
| **Preferred Equity** |  |  |  |  |  |  |  |
| Junction | Santa Monica, CA | 66 | $8800 | $14865 | 12.5% | 0.8 | - |
| 1300 Fairmount  | Philadelphia, PA | 471 | 51393 | 70501 | 8.5% | 0.8 | Variable |
| Modera Lake Merritt | Oakland, CA | 173 | 27250 | 32672 | 9.0% | 1.4 | Variable |
| Thousand Oaks | Thousand Oaks, CA | 142 | 20059 | 24898 | 9.0% | 2.1 | Variable |
| Vernon Boulevard | Queens, NY | 534 | 40000 | 54880 | 13.0% | 2.5 | Variable |
| Makers Rise | Herndon, VA | 356 | 30208 | 34059 | 9.0% | 3.0 | Variable |
| 121 at Watters | Allen, TX | 469 | 19843 | 22511 | 9.0% | 3.2 | Variable |
| Infield Phase I | Kissimmee, FL | 384 | 16044 | 17816 | 14.0% | 1.4 | - |
| Upton Place | Washington, DC | 689 | 52163 | 56832 | 9.7% | 4.9 | - |
| Meetinghouse | Portland, OR | 232 | 11600 | 12134 | 8.25% | 4.2 | - |
| Heirloom | Portland, OR | 286 | 16185 | 16714 | 8.25% | 4.4 | - |
| Portfolio Recapitalization (4) | Various | 2460 | 102000 | 102705 | 8.0% | 6.5 | - |
| &nbsp;&nbsp;**Total - Preferred Equity** |  | **6262** | $**395545** | $**460587** | **9.4%** | **3.6** |  |
| **Secured Loans** |  |  |  |  |  |  |  |
| Menifee | Menifee, CA | 237 | $24447 | $5813 | 11.0% | 3.9 | - |
| Riverside | Riverside, CA | 482 | 59676 | 17292 | 11.0% | 3.9 | - |
| &nbsp;&nbsp;**Total - Secured Loans** |  | **719** | $**84123** | $**23105** | **11.0%** | **3.9** |  |
| **Total - Developer Capital Program** |  | **6981** | $**479668** | $**483692** | **9.7%** | **3.7** |  |
|  |  | **4Q 22** |  |  |  |  |  |
| **Income/(loss) from investments** |  | $9109 |  |  |  |  |  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) See Attachment 15 for definitions and other terms.

&nbsp;&nbsp;&nbsp;&nbsp;(2) UDR's investments are reflected as investment in and advances to unconsolidated joint ventures or notes receivable, net on the Consolidated Balance Sheets and income/(loss) from unconsolidated entities or interest and other income/(expense), net on the Consolidated Statements of Operations in accordance with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Investment commitment represents maximum loan principal or equity and therefore excludes accrued return. Investment balance includes amount funded plus accrued return prior to the period end.

&nbsp;&nbsp;&nbsp;&nbsp;(4) A joint venture with 14 stabilized communities located in various markets.

------

![Graphic](udr-20230206xex99d2003.jpg)

**Attachment 12**

**UDR, Inc.**

**Acquisitions, Dispositions and Developer Capital Program Investments Summary**

**December 31, 2022**

 **(Dollars in Thousands)**

**(Unaudited) (1)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | |  |  | **Post** | **Post** | | | |  |
| | | | **Prior** | **Prior** | **Transaction** | **Transaction** | | | |  |
| | | | **Ownership** | **Ownership** | **Ownership** | **Ownership** | | | |  |
| <br>**Date of**<br>**Investment** | <br>**Community** | <br>**Location** | **Interest** | **Interest** | **Interest** | **Interest** | <br>**UDR Investment**<br>**Commitment** | <br>**Return**<br>**Rate** | <br>**# of**<br>**Homes** |  |
| **Developer Capital Program - Investment** | **Developer Capital Program - Investment** | **Developer Capital Program - Investment** |  |  |  |  |  |  |  |  |
| Mar-22 | Meetinghouse | Portland, OR |  | N/A |  | N/A | $11600 | 8.25% | 232 |  |
| Jun-22 | Heirloom | Portland, OR |  | N/A |  | N/A | 16185 | 8.25% | 286 |  |
| Jun-22 | Menifee | Menifee, CA |  | N/A |  | N/A | 24447 | 11.0% | 237 |  |
| Jun-22 | Riverside | Riverside, CA |  | N/A |  | N/A | 59676 | 11.0% | 482 |  |
| Jul-22 | Portfolio Recapitalization | Various |  | N/A |  | N/A | 102000 | 8.0% | 2460 |  |
|  |  |  |  |  |  |  | $**213908** | **9.2%** | **3697** |  |
|  |  |  |  |  | **Proceeds** | **Proceeds** |  |  |  |  |
|  |  |  | **Proceeds** | **Proceeds** | **Received at** | **Received at** |  |  |  |  |
|  |  |  | **Received** | **Received** | **Redemption/** | **Redemption/** | **UDR** | **Return**  | **# of** |  |
| **Developer Capital Program - Redemption/Repayment** | **Developer Capital Program - Redemption/Repayment** | **Developer Capital Program - Redemption/Repayment** | **Life to Date** | **Life to Date** | **Repayment** | **Repayment** | **Investment** | **Rate** | **Homes** |  |
| Jan-22 | 1200 Broadway | Nashville, TN | $| 88095 | $| 74037 | $55558 | 12.25% | 330 |  |
| Mar-22 | Infield Phase II  | Kissimmee, FL |  | 3098 |  | 3098 | 2760 | 14.0% | - |  |
|  |  |  | **$** | **91193** | **$** | **77135** | $**58318** | **12.3%** | **330** |  |
|  |  |  |  |  |  | **Post** |  |  |  |  |
|  |  |  |  | **Prior** |  | **Transaction** |  |  |  |  |
| **Date of**  |  |  |  | **Ownership** |  | **Ownership** |  |  | **# of** | **Price per** |
| **Purchase** | **Community** | **Location** |  | **Interest** |  | **Interest** | **Price (2)** | **Debt (2)** | **Homes** | **Home** |
| **Acquisitions - Wholly-Owned** |  |  |  |  |  |  |  |  |  |  |
| Jun-22 | Bradlee Danvers | Danvers, MA |  | 0% |  | 100% | $207500 | $- | 433 | $479 |
|  |  |  |  |  |  |  | $**207500** | $**-** | **433** | $**479** |
| **Acquisitions - Wholly-Owned Land** |  |  |  |  |  |  |  |  |  |  |
| Apr-22 | 488 Riverwalk | Fort Lauderdale, FL |  | 0% |  | 100% | $16000 | $- | - | $- |
| Jun-22 | 3001 Iowa Avenue(3) | Riverside, CA |  | 0% |  | 100% | 29000 | - | - | - |
| Jun-22 | 2727 Turtle Creek (includes 3 phases) | Dallas, TX |  | 0% |  | 100% | 90200 | - | - | - |
|  |  |  |  |  |  |  | $**135200** | $**-** | **-** | $**-** |
|  |  |  |  |  |  | **Post** |  |  |  |  |
|  |  |  |  | **Prior** |  | **Transaction** |  |  |  |  |
|  |  |  |  | **Ownership** |  | **Ownership** |  |  | **# of** | **Price per** |
| **Date of Sale** | **Community** | **Location** |  | **Interest** |  | **Interest** | **Price (2)** | **Debt (2)** | **Homes** | **Home** |
| **Dispositions - Wholly-Owned**  |  |  |  |  |  |  |  |  |  |  |
| Nov-22 | Foxborough (4) | Orange County, CA |  | 100% |  | 0% | $41500 | $- | 90 | $461 |
|  |  |  |  |  |  |  | $**41500** | $**-** | **90** | $**461** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) See Attachment 15 for definitions and other terms.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Price represents 100% of the asset. Debt represents 100% of the asset's indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Acquisition of 3001 Iowa Avenue included 2 operating retail parcels.

&nbsp;&nbsp;&nbsp;&nbsp;(4) UDR recorded a gain on sale of approximately $25.5 million during the three and twelve months ended December 31, 2022, which is included in gain/(loss) on sale of real estate owned.

------

![Graphic](udr-20230206xex99d2003.jpg)

**Attachment 13**

**UDR, Inc.**

**Capital Expenditure and Repair and Maintenance Summary**

**December 31, 2022**

 **(In thousands, except Cost per Home)**

**(Unaudited) (1)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Capital Expenditures for Consolidated Homes (2)** | <br>**Estimated**<br>**Useful Life (yrs.)** | **Three Months**<br>**Ended**<br>**December 31, 2022** | <br>**Cost** <br>**per Home**  | **Capex**<br>**as a %**<br>**of NOI** | **Twelve Months**<br>**Ended**<br>**December 31, 2022** | <br>**Cost** <br>**per Home**  | **Capex**<br>**as a %**<br>**of NOI** |
| Average number of homes (3) |  | 53740 |  |  | 53514 |  |  |
| **Recurring Cap Ex** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Asset preservation |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Building interiors | 5 - 20 | $10028 | $187 |  | $31599 | $590 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Building exteriors | 5 - 20 | 8610 | 160 |  | 19196 | 359 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Landscaping and grounds | 10 | 1942 | 36 |  | 5918 | 111 |  |
| &nbsp;&nbsp;Total asset preservation |  | 20580 | 383 |  | 56713 | 1060 |  |
| &nbsp;&nbsp;Turnover related | 5 | 4934 | 92 |  | 17148 | 320 |  |
| &nbsp;&nbsp;**Total Recurring Cap Ex** |  | **25514** | **475** | **9%** | **73861** | **1380** | **7%** |
| &nbsp;&nbsp;**NOI Enhancing Cap Ex** | 5 - 20 | **24073** | **448** |  | **72165** | **1349** |  |
| **Total Recurring and NOI Enhancing Cap Ex** |  | $**49587** | $**923** |  | $**146026** | $**2729** |  |
|  |  | **Three Months** |  |  | **Twelve Months** |  |  |
|  |  | **Ended** | **Cost**  |  | **Ended** | **Cost**  |  |
| **Repair and Maintenance for Consolidated Homes (Expensed)** | **Repair and Maintenance for Consolidated Homes (Expensed)** | **December 31, 2022** | **per Home**  |  | **December 31, 2022** | **per Home**  |  |
| Average number of homes (3) |  | 53740 |  |  | 53514 |  |  |
| **Contract services** |  | $**9422** | $**175** |  | $**38939** | $**728** |  |
| **Turnover related expenses** |  | **6032** | **112** |  | **24790** | **463** |  |
| **Other Repair and Maintenance** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Building interiors |  | 3771 | 70 |  | 14121 | 264 |  |
| &nbsp;&nbsp;Building exteriors |  | 1177 | 22 |  | 4708 | 88 |  |
| &nbsp;&nbsp;Landscaping and grounds |  | 628 | 12 |  | 2105 | 39 |  |
| **Total Repair and Maintenance** |  | $**21030** | $**391** |  | $**84663** | $**1582** |  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) See Attachment 15 for definitions and other terms.

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

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

------

![Graphic](udr-20230206xex99d2003.jpg)

**Attachment 14**

**UDR, Inc.**

**1Q 2023 and Full-Year 2023 Guidance** 

**December 31, 2022**

 **(Unaudited) (1)**

---

| | | |
|:---|:---|:---|
|  | | **Guidance** |
| **Net Income, FFO, FFO as Adjusted and AFFO per Share and Unit Guidance** | <br>**1Q 2023** | **Full-Year 2023** |
| Income/(loss) per weighted average common share, diluted | **$0.10 to $0.12** | **$0.48 to $0.56** |
| FFO per common share and unit, diluted | **$0.59 to $0.61** | **$2.45 to $2.53** |
| FFO as Adjusted per common share and unit, diluted | **$0.59 to $0.61** | **$2.45 to $2.53** |
| Adjusted Funds from Operations ("AFFO") per common share and unit, diluted | **$0.56 to $0.58** | **$2.22 to $2.30** |
| Annualized dividend per share and unit |  | **$1.68** |
| **Same-Store Guidance** |  | **Full-Year 2023** |
| Revenue growth / (decline) (Cash basis) |  | **5.50% to 7.50%** |
| Revenue growth / (decline) (Straight-line basis) |  | **5.75% to 7.75%** |
| Expense growth |  | **4.00% to 5.50%** |
| NOI growth / (decline) (Cash basis) |  | **6.00% to 8.50%** |
| NOI growth / (decline) (Straight-line basis) |  | **6.25% to 8.75%** |
| **Sources of Funds ($ in millions)** |  | **Full-Year 2023** |
| AFFO less Dividends |  | **$191 to $219** |
| Debt Issuances/Assumptions and LOC Draw/(Paydown) |  | **$0 to $100** |
| Dispositions and Developer Capital Program maturities |  | **$75 to $125** |
| **Uses of Funds ($ in millions)** |  | **Full-Year 2023** |
| Debt maturities inclusive of principal amortization (2) |  | **$5** |
| Development spending and land acquisitions |  | **$75 to $175** |
| Redevelopment and other non-recurring |  | **$75 to $125** |
| Developer Capital Program funding |  | **$25 to $50** |
| Acquisitions |  | **$0**  |
| NOI enhancing capital expenditures inclusive of Kitchen and Bath |  | **$75 to $85** |
| **Other Additions/(Deductions) ($ in millions except per home amounts)** |  | **Full-Year 2023** |
| Consolidated interest expense, net of capitalized interest and adjustments for FFO as Adjusted |  | **$172 to $178** |
| Consolidated capitalized interest |  | **$9 to $13** |
| General and administrative |  | **$64 to $70** |
| Recurring capital expenditures per home |  | **$1425** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) See Attachment 15 for definitions and other terms.

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

------

![Graphic](udr-20230206xex99d2003.jpg)

**Attachment 15(A)**

**UDR, Inc.**

**Definitions and Reconciliations**

**December 31, 2022**

 **(Unaudited)**

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

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

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

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

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

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

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

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

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

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

**Controllable Operating Margin:** The Company defines Controllable Operating Margin as (i) rental income less Controllable Expenses (ii) divided by rental income. Management considers Controllable Operating Margin a useful metric as it provides investors with an indicator of the Company's ability to limit the growth of expenses that are within the control of the Company.

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

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

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

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

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

Management considers Effective New Lease Rate Growth a useful metric for investors as it assesses market-level new demand trends.

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

Management considers Effective Renewal Lease Rate Growth a useful metric for investors as it assesses market-level, in-place demand trends.

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

------

![Graphic](udr-20230206xex99d2003.jpg)

**Attachment 15(B)**

**UDR, Inc.**

**Definitions and Reconciliations**

**December 31, 2022**

 **(Unaudited)**

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| **In thousands** | **4Q 2022** | **YTD 2022** |
| Income/(loss) from unconsolidated entities | $**761** | $**4947** |
| &nbsp;&nbsp;Management fee | **605** | **2285** |
| &nbsp;&nbsp;Interest expense | **4044** | **15395** |
| &nbsp;&nbsp;Depreciation | **7492** | **30062** |
| &nbsp;&nbsp;General and administrative | **59** | **227** |
| &nbsp;&nbsp;Variable upside participation on DCP, net | **-** | **(10622)** |
| &nbsp;&nbsp;Developer Capital Program (excludes Menifee and Riverside) | **(8731)** | **(37358)** |
| &nbsp;&nbsp;Other (income)/expense | **382** | **683** |
| &nbsp;&nbsp;Realized (gain)/loss on real estate technology investments, net of tax | **400** | **(1587)** |
| &nbsp;&nbsp;Unrealized (gain)/loss on real estate technology investments, net of tax | **6230** | **37016** |
| **Total Joint Venture NOI at UDR's Ownership Interest** | $**11242** | $**41048** |

---

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **In thousands** | **4Q 2022** | **3Q 2022** | **2Q 2022** | **1Q 2022** | **4Q 2021** |
| Net income/(loss) attributable to UDR, Inc. | $**44530** | $23605 | $5084 | $13705 | $117461 |
| &nbsp;&nbsp;Property management | **12949** | 12675 | 11952 | 11576 | 10411 |
| &nbsp;&nbsp;Other operating expenses | **4008** | 3746 | 5027 | 4712 | 8604 |
| &nbsp;&nbsp;Real estate depreciation and amortization | **167241** | 166781 | 167584 | 163622 | 163755 |
| &nbsp;&nbsp;Interest expense | **43247** | 39905 | 36832 | 35916 | 36418 |
| &nbsp;&nbsp;Casualty-related charges/(recoveries), net | **8523** | 901 | 1074 | (765) | (934) |
| &nbsp;&nbsp;General and administrative | **16811** | 15840 | 16585 | 14908 | 13868 |
| &nbsp;&nbsp;Tax provision/(benefit), net | **(683)** | 377 | 312 | 343 | 156 |
| &nbsp;&nbsp;(Income)/loss from unconsolidated entities | **(761)** | (10003) | 11229 | (5412) | (36523) |
| &nbsp;&nbsp;Interest income and other (income)/expense, net | **(1)** | 7495 | (3001) | 2440 | (2254) |
| &nbsp;&nbsp;Joint venture management and other fees | **(1244)** | (1274) | (1419) | (1085) | (1184) |
| &nbsp;&nbsp;Other depreciation and amortization | **4823** | 3430 | 3016 | 3075 | 4713 |
| &nbsp;&nbsp;(Gain)/loss on sale of real estate owned | **(25494)** | - | - | - | (85223) |
| &nbsp;&nbsp;Net income/(loss) attributable to noncontrolling interests | **2937** | 1540 | 280 | 898 | 8683 |
| **Total consolidated NOI** | $**276886** | $265018 | $254555 | $243933 | $237951 |

---

------

![Graphic](udr-20230206xex99d2003.jpg)

**Attachment 15(C)**

**UDR, Inc.**

**Definitions and Reconciliations**

**December 31, 2022**

 **(Unaudited)**

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

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

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

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

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

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

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

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

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

**Same-Store Revenue with Concessions on a Cash Basis:** Same-Store Revenue with Concessions on a Cash Basis is considered by the Company to be a supplemental measure to rental income on a straight-line basis which allows investors to evaluate the impact of both current and historical concessions and to more readily enable comparisons to revenue as reported by its peer REITs. In addition, Same-Store Revenue with Concessions on a Cash Basis allows an investor to understand the historical trends in cash concessions.

A reconciliation between Same-Store Revenue with Concessions on a Cash Basis to Same-Store Revenue on a straight-line basis (inclusive of the impact to Same-Store NOI) is provided below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q 22** | **4Q 21** | **4Q 22** | **3Q 22** | **YTD 22** | **YTD 21** |
| &nbsp;&nbsp;**Revenue (Cash basis)** | $**371449** | $337481 | $**371449** | $365718 | $**1337003** | $1203921 |
| &nbsp;&nbsp;**Concessions granted/(amortized), net** | **1087** | (5218) | **1087** | (348) | **(6022)** | (10381) |
| &nbsp;&nbsp;**Revenue (Straight-line basis)** | $**372536** | $332263 | $**372536** | $365370 | $**1330981** | $1193540 |
| &nbsp;&nbsp;**% change - Same-Store Revenue with Concessions on a Cash basis:** | **10.1%** |  | **1.6%** |  | **11.1%** |  |
| &nbsp;&nbsp;**% change - Same-Store Revenue with Concessions on a Straight-line basis:** | **12.1%** |  | **2.0%** |  | **11.5%** |  |
| &nbsp;&nbsp;**% change - Same-Store NOI with Concessions on a Cash basis:** | **11.5%** |  | **3.7%** |  | **13.5%** |  |
| &nbsp;&nbsp;**% change - Same-Store NOI with Concessions on a Straight-line basis:** | **14.5%** |  | **4.3%** |  | **14.2%** |  |

---

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

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

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

**Total Revenue per Occupied Home:** The Company defines Total Revenue per Occupied Home as rental and other revenues with concessions reported on a Cash Basis, divided by the product of occupancy and the number of apartment homes. A reconciliation between Same-Store Revenue with Concessions on a Cash Basis to Same-Store Revenue on a straight-line basis is provided above.

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

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

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

------

![Graphic](udr-20230206xex99d2003.jpg)

**Attachment 15(D)**

**UDR, Inc.**

**Definitions and Reconciliations**

**December 31, 2022**

 **(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 2023 and first quarter of 2023 to forecasted FFO, FFO as Adjusted and AFFO per share and unit:

---

| | | |
|:---|:---|:---|
|  | **Full-Year 2023** | **Full-Year 2023** |
|  | **Low** | **High** |
| Forecasted net income per diluted share | $0.48 | $0.56 |
| Conversion from GAAP share count | (0.02) | (0.02) |
| Depreciation | 1.97 | 1.97 |
| Noncontrolling interests | 0.01 | 0.01 |
| Preferred dividends | 0.01 | 0.01 |
| **Forecasted FFO per diluted share and unit** | $**2.45** | $**2.53** |
| Legal and other costs | - | - |
| Casualty-related charges/(recoveries) | - | - |
| Variable upside participation on DCP, net | - | - |
| Realized/unrealized (gain)/loss on real estate technology investments | - | - |
| **Forecasted FFO as Adjusted per diluted share and unit** | $**2.45** | $**2.53** |
| Recurring capital expenditures  | (0.23) | (0.23) |
| **Forecasted AFFO per diluted share and unit** | $**2.22** | $**2.30** |
|  | **1Q 2023** | **1Q 2023** |
|  | **Low** | **High** |
| Forecasted net income per diluted share | $0.10 | $0.12 |
| Conversion from GAAP share count | (0.01) | (0.01) |
| Depreciation | 0.50 | 0.50 |
| Noncontrolling interests | - | - |
| Preferred dividends | - | - |
| **Forecasted FFO per diluted share and unit** | $**0.59** | $**0.61** |
| Legal and other costs | - | - |
| Casualty-related charges/(recoveries) | - | - |
| Realized/unrealized (gain)/loss on real estate technology investments | - | - |
| **Forecasted FFO as Adjusted per diluted share and unit** | $**0.59** | $**0.61** |
| Recurring capital expenditures  | (0.03) | (0.03) |
| **Forecasted AFFO per diluted share and unit** | $**0.56** | $**0.58** |

---

------

### Attached PDF Documents

**Attachment 1:** `udr-20230206xex99d1.pdf`

Exhibit 99.1

Opening doors to the future

# Press Release

DENVER, CO - February 6, 2023

Contact: Trent Trujillo
Email: ttrujillo@udr.com

# UDR ANNOUNCES FOURTH QUARTER AND FULL-YEAR 2022 RESULTS, ESTABLISHES 2023 GUIDANCE RANGES, AND INCREASES DIVIDEND

UDR, Inc. (the "Company") (NYSE: UDR), announced today its fourth quarter and full-year 2022 results. Net Income, Funds from Operations ("FFO"), FFO as Adjusted ("FFOA"), and Adjusted FFO ("AFFO") per diluted share for the quarter and full-year ended December 31, 2022 are detailed below.

| Metric | Quarter Ended December 31 |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | 4Q 2022 Actual | 4Q 2022 Guidance | 4Q 2021 Actual | $ Change vs. Prior Year Period | % Change vs. Prior Year Period |
| Net Income per diluted share | $0.13 | $0.11 to $0.13 | $0.37 | $(0.24) | (65)% |
| FFO per diluted share | $0.56 | $0.60 to $0.62 | $0.63 | $(0.07) | (11)% |
| FFOA per diluted share | $0.61 | $0.60 to $0.62 | $0.54 | $0.07 | 13% |
| AFFO per diluted share | $0.53 | $0.54 to $0.56 | $0.47 | $0.06 | 13% |

| Metric | Full-Year Ended December 31 |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | FY 2022 Actual | FY 2022 Guidance | FY 2021 Actual | $ Change vs. Prior Year | % Change vs. Prior Year |
| Net Income per diluted share | $0.26 | $0.23 to $0.25 | $0.48 | $(0.22) | (46)% |
| FFO per diluted share | $2.20 | $2.23 to $2.25 | $2.02 | $0.18 | 9% |
| FFOA per diluted share | $2.33 | $2.32 to $2.34 | $2.01 | $0.32 | 16% |
| AFFO per diluted share | $2.11 | $2.11 to $2.13 | $1.82 | $0.29 | 16% |

- Same-Store ("SS") results for the fourth quarter 2022 versus the fourth quarter 2021 and the third quarter 2022 are summarized below.

| SS Growth / (Decline) | Concessions reflected on a straight-line basis: |  | Concessions reflected on a cash basis: |  |
| --- | --- | --- | --- | --- |
|  | Year-Over-Year ("YOY"): 4Q 2022 vs. 4Q 2021 | Sequential: 4Q 2022 vs. 3Q 2022 | YOY: 4Q 2022 vs. 4Q 2021 | Sequential: 4Q 2022 vs. 3Q 2022 |
| Revenue | 12.1% | 2.0% | 10.1% | 1.6% |
| Expense | 6.8% | (3.1)% | 6.8% | (3.1)% |
| Net Operating Income ("NOI") | 14.5% | 4.3% | 11.5% | 3.7% |

- During the quarter, the Company settled all remaining forward equity sales agreements for proceeds of approximately $179.6 million, helping to further reduce Debt-to-EBITDAre to 5.6x.
- As previously announced, during the quarter, the Company:
  - repurchased 507 thousand shares of its common stock at a weighted average price per share of $40.70 for total consideration of approximately $20.6 million, and
  - sold a 90-unit community in Orange County, CA, for gross proceeds of $41.5 million.

"2022 was an exceptional year, with our 16 percent FFOA per share growth driven by robust operating fundamentals, our commitment to ongoing innovation, our award-winning ESG platform, and our value-accretive capital allocation decisions. With these results, our Board approved a 10.5 percent dividend increase, enhancing our already strong total return profile," said Tom Toomey, UDR's Chairman and CEO. "Our outlook of mid- to high-single digit NOI growth in 2023 reflects a healthy earn-in of nearly 5 percent, disciplined capital allocation, our innovative culture that drives margin expansion, and a strong balance sheet with minimal debt maturities."

1

## Outlook

For the first quarter and full-year 2023, the Company has established the following guidance ranges$^{(1)}$:

|  | 1Q 2023 Outlook | 4Q 2022 Actual | Full-Year 2023 Outlook | Full-Year 2022 Actual |
| --- | --- | --- | --- | --- |
| Net Income/(Loss) per diluted share | $0.10 to $0.12 | $0.13 | $0.48 to $0.56 | $0.26 |
| FFO per diluted share | $0.59 to $0.61 | $0.56 | $2.45 to $2.53 | $2.20 |
| FFOA per diluted share | $0.59 to $0.61 | $0.61 | $2.45 to $2.53 | $2.33 |
| AFFO per diluted share | $0.56 to $0.58 | $0.53 | $2.22 to $2.30 | $2.11 |
| Dividend declared per share | $0.42 | $0.38 | $1.68 | $1.52 |
| YOY Growth: concessions reflected on a straight-line basis: |  |  |  |  |
| SS Revenue | N/A | 12.1% | 5.75% to 7.75% | 11.5% |
| SS Expense | N/A | 6.8% | 4.0% to 5.5% | 5.7% |
| SS NOI | N/A | 14.5% | 6.25% to 8.75% | 14.2% |
| YOY Growth: concessions reflected on a cash basis: |  |  |  |  |
| SS Revenue | N/A | 10.1% | 5.5% to 7.5% | 11.1% |
| SS NOI | N/A | 11.5% | 6.0% to 8.5% | 13.5% |

$^{(1)}$ Additional assumptions for the Company's first quarter and 2023 outlook can be found on Attachment 14 of the Company's related quarterly Supplemental Financial Information ('Supplement'). A reconciliation of FFO per share, FFOA per share, and AFFO per share to GAAP Net Income per share can be found on Attachment 15(D) of the Company's related quarterly Supplement. Non-GAAP financial measures and other terms, as used in this earnings release, are defined and further explained on Attachments 15(A) through 15(D), 'Definitions and Reconciliations,' of the Company's related quarterly Supplement.

## Fourth Quarter 2022 Operating Results

In the fourth quarter, total revenue increased by $51.4 million YOY, or 14.8 percent, to $399.7 million. This increase was primarily attributable to growth in revenue from Same-Store communities and past accretive external growth investments.

'Demand for UDR apartment homes remained healthy and enabled us to achieve sequential same-store revenue growth of 2.0 percent on a straight-line basis,' said Mike Lacy, UDR's Senior Vice President of Operations. 'Seasonal rent trends reappeared during the quarter and thus far in 2023, but we anticipate improvement in new lease growth as we move past typical seasonal lows.'

The Company expects current resident collections to range between 98.3 percent and 98.7 percent in 2023, an approximate 10 basis point improvement at the midpoint versus 2022 results. For the fourth quarter 2022, the Company recorded a residential bad debt reserve of $8.7 million, including $0.5 million for the Company's share from unconsolidated joint ventures, a decrease of $3.0 million versus the Company's bad debt reserve as of the end of the third quarter 2022. This compares to a quarter-end accounts receivable balance of $20.6 million, a decrease of $0.2 million versus the Company's accounts receivable balance as of the end of the third quarter 2022.

2

In the tables below, the Company has presented YOY, sequential, and year-to-date Same-Store results by region, with concessions accounted for on both cash and straight-line bases.

#### Summary of Same-Store Results in Fourth Quarter 2022 versus Fourth Quarter 2021

| Region | Revenue Growth | Expense Growth | NOI Growth | % of Same-Store Portfolio (1) | Physical Occupancy (2) | YOY Change in Occupancy |
| --- | --- | --- | --- | --- | --- | --- |
| West | 7.0% | 7.2% | 6.9% | 32.1% | 96.5% | (0.2)% |
| Mid-Atlantic | 7.0% | 7.2% | 6.9% | 20.8% | 97.0% | 0.0% |
| Northeast | 11.8% | 1.3% | 17.8% | 18.3% | 97.1% | 0.2% |
| Southeast | 18.0% | 14.3% | 19.7% | 12.8% | 96.8% | (0.7)% |
| Southwest | 13.1% | 6.9% | 16.9% | 9.1% | 96.8% | (0.5)% |
| Other Markets | 10.5% | 8.1% | 11.4% | 6.9% | 96.6% | (0.4)% |
| Total (Cash) | 10.1% | 6.8% | 11.5% | 100.0% | 96.8% | (0.2)% |
| Total (Straight-Line) | 12.1% | 6.8% | 14.5% | - | - | - |

$^{(1)}$ Based on 4Q 2022 Same-Store NOI. For definitions of terms, please refer to the 'Definitions and Reconciliations' section of the Company's related quarterly Supplement.

$^{(2)}$ Weighted average Same-Store physical occupancy for the quarter.

#### Summary of Same-Store Results in Fourth Quarter 2022 versus Third Quarter 2022

| Region | Revenue Growth / (Decline) | Expense Growth / (Decline) | NOI Growth / (Decline) | % of Same-Store Portfolio (1) | Physical Occupancy (2) | Sequential Change in Occupancy |
| --- | --- | --- | --- | --- | --- | --- |
| West | 1.0% | 0.8% | 1.1% | 32.1% | 96.5% | (0.2)% |
| Mid-Atlantic | (0.1)% | (3.8)% | 1.6% | 20.8% | 97.0% | 0.2% |
| Northeast | 2.5% | (6.0)% | 7.3% | 18.3% | 97.1% | 0.0% |
| Southeast | 3.2% | (2.0)% | 5.6% | 12.8% | 96.8% | 0.1% |
| Southwest | 2.2% | (7.6)% | 8.5% | 9.1% | 96.8% | 0.1% |
| Other Markets | 2.8% | (0.3)% | 4.1% | 6.9% | 96.6% | (0.2)% |
| Total (Cash) | 1.6% | (3.1)% | 3.7% | 100.0% | 96.8% | 0.0% |
| Total (Straight-Line) | 2.0% | (3.1)% | 4.3% | - | - | - |

$^{(1)}$ Based on 4Q 2022 Same-Store NOI. For definitions of terms, please refer to the 'Definitions and Reconciliations' section of the Company's related quarterly Supplement.

$^{(2)}$ Weighted average Same-Store physical occupancy for the quarter.

For the twelve months ended December 31, 2022, total revenue increased by $226.6 million YOY, or 17.6 percent, to $1.5 billion. This increase was primarily attributable to growth in revenue from acquired and Same-Store communities.

#### Summary of Same-Store Results Full-Year 2022 versus Full-Year 2021

| Region | Revenue Growth | Expense Growth | NOI Growth | % of Same-Store Portfolio (1) | Physical Occupancy (2) | YTD YOY Change in Occupancy |
| --- | --- | --- | --- | --- | --- | --- |
| West | 10.1% | 4.6% | 12.1% | 34.4% | 96.7% | (0.1)% |
| Mid-Atlantic | 7.2% | 5.8% | 7.9% | 20.9% | 97.2% | 0.3% |
| Northeast | 12.7% | 2.6% | 19.1% | 18.4% | 97.2% | 0.7% |
| Southeast | 16.5% | 10.0% | 19.7% | 13.4% | 97.0% | (0.5)% |
| Southwest | 11.9% | 10.2% | 12.9% | 7.0% | 97.2% | (0.2)% |
| Other Markets | 11.9% | 6.2% | 14.2% | 5.9% | 97.1% | (0.3)% |
| Total (Cash) | 11.1% | 5.7% | 13.5% | 100.0% | 97.0% | 0.0% |
| Total (Straight-Line) | 11.5% | 5.7% | 14.2% | - | - | - |

$^{(1)}$ Based on full-year 2022 Same-Store NOI. For definitions of terms, please refer to the 'Definitions and Reconciliations' section of the Company's related quarterly Supplemental Financial Information.

$^{(2)}$ Weighted average Same-Store physical occupancy for full-year 2022.

3

## Transactional Activity

The table below summarizes the Company's transactional activity completed during the quarter.

| Community / Property | Location (MSA) | Sale Price ($ millions) | Homes | Avg. Monthly Revenue per Occupied Home (1) | Physical Occupancy (1) |
| --- | --- | --- | --- | --- | --- |
| Dispositions |  |  |  |  |  |
| Foxborough | Orange County, CA | $41.5 | 90 | $2,609 | 96.0% |

(1) Average Monthly Revenue per Occupied Home and Physical Occupancy are weighted averages for the quarter ended December 31, 2022.

## Development Activity and Other Projects

During the fourth quarter, the Company completed construction of:

- 5421 at Dublin Station, a $125.0 million, 220-home community in Dublin, CA, and
- Vitruvian West Phase 3, a $74.0 million, 405-home community adjacent to existing UDR communities in the Addison submarket of Dallas, TX.

At the end of the fourth quarter, the Company's development pipeline totaled $332.5 million and was 57.2 percent funded. The Company's active development pipeline includes three communities, one each in Washington, D.C.; the Addison submarket of Dallas, TX; and Tampa, FL, for a combined total of 715 homes.

During the fourth quarter, the Company completed the addition of 15 new apartment homes at 2000 Post in San Francisco, CA, a 319-home community, for a total cost of $8.0 million.

At the end of the fourth quarter, the Company's redevelopment pipeline of 1,623 homes, which includes a densification project that features the addition of 30 new apartment homes at one community, totaled $82.0 million and was 29.5 percent funded.

## Developer Capital Program ("DCP") Portfolio

At the end of the fourth quarter, the Company's commitments under its DCP platform totaled $479.7 million with a weighted average return rate of 9.7 percent and a weighted average estimated remaining term of 3.7 years.

## Capital Markets and Balance Sheet Activity

"We further solidified our balance sheet in 2022 and achieved our year-end goal of net Debt-to-EBITDAre in the mid-5x range," said Joe Fisher, UDR's President and Chief Financial Officer. "We enter 2023 in a strong position with available liquidity totaling $1.0 billion, and only 2 percent of total debt scheduled to mature through 2024, after excluding amounts on our commercial paper program."

During the quarter, the Company settled all remaining common shares (approximately 3.2 million) under its previously announced forward equity sales agreements at a weighted average net price, after adjustments, of $57.03 per share for proceeds of approximately $179.6 million.

Additionally, during the quarter and as previously announced, the Company repurchased 507 thousand shares of its common stock at a weighted average price per share of $40.70 for total consideration of approximately $20.6 million.

As of December 31, 2022, the Company had $1.0 billion of liquidity through a combination of cash and undrawn capacity on its credit facilities. Please see Attachment 14 of the Company's related quarterly Supplement for additional details on projected capital sources and uses.

4

The Company's total indebtedness as of December 31, 2022 was $5.5 billion with no remaining consolidated maturities until 2024, excluding principal amortization and amounts on the Company's commercial paper program. In the table below, the Company has presented select balance sheet metrics for the quarter ended December 31, 2022 and the comparable prior year period.

| Balance Sheet Metric | Quarter Ended December 31 |  |  |
| --- | --- | --- | --- |
|  | 4Q 2022 | 4Q 2021 | Change |
| Weighted Average Interest Rate | 3.17% | 2.80% | 0.37% |
| Weighted Average Years to Maturity (1) | 6.7 | 7.7 | (1.0) |
| Consolidated Fixed Charge Coverage Ratio | 5.2x | 5.2x | 0.0x |
| Consolidated Debt as a percentage of Total Assets | 32.7% | 34.0% | (1.3)% |
| Consolidated Net Debt-to-EBITDAre | 5.6x | 6.4x | (0.8)x |

(1) If the Company's commercial paper balance was refinanced using its line of credit, the weighted average years to maturity would have been 6.8 years without extensions and 6.9 years with extensions for 4Q 2022 and 7.9 years with and without extensions for 4Q 2021.

## ESG

As previously announced, during the quarter, the Company published its fourth annual ESG report and concurrently announced that it earned a 5 Star designation from GRESB, the highest ESG rating possible, and a Public Disclosure score of 'A'.

Additionally, the Company was named to Newsweek's annual list of America's Most Responsible Companies for the second consecutive year. This distinction reflects the Company's comprehensive ESG program, innovative and adaptive culture, and commitment to corporate responsibility.

## Dividend

As previously announced, the Company's Board of Directors declared a regular quarterly dividend on its common stock for the fourth quarter 2022 in the amount of $0.38 per share. The dividend was paid in cash on January 31, 2023 to UDR common shareholders of record as of January 9, 2023. The fourth quarter 2022 dividend represented the 201$^{st}$ consecutive quarterly dividend paid by the Company on its common stock.

In conjunction with this release, the Company's Board of Directors has announced a 2023 annualized dividend per share of $1.68, a 10.5 percent increase over 2022.

## Supplemental Information

The Company offers Supplemental Financial Information that provides details on the financial position and operating results of the Company which is available on the Company's website at ir.udr.com.

5

### **Conference Call and Webcast Information**

UDR will host a webcast and conference call at 1:00 p.m. Eastern Time on February 7, 2023, to discuss fourth quarter and full-year results as well as high-level views for 2023. The webcast will be available on UDR's website at ir.udr.com. To listen to a live broadcast, access the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. To participate in the teleconference dial 877-423-9813 for domestic and 201-689-8573 for international. A passcode is not necessary.

Given a high volume of conference calls occurring during this time of year, delays are anticipated when connecting to the live call. As a result, stakeholders and interested parties are encouraged to utilize the Company's webcast link for its earnings results discussion.

A replay of the conference call will be available through March 7, 2023, by dialing 844-512-2921 for domestic and 412-317-6671 for international and entering the confirmation number, 13735300, when prompted for the passcode. A replay of the call will also be available for 30 days on UDR's website at ir.udr.com.

### **Full Text of the Earnings Report and Supplemental Data**

The full text of the earnings report and related quarterly Supplement will be available on the Company's website at ir.udr.com.

### **Forward-Looking Statements**

Certain statements made in this press release may constitute 'forward-looking statements.' Words such as 'expects,' 'intends,' 'believes,' 'anticipates,' 'plans,' 'likely,' 'will,' 'seeks,' 'estimates' and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement, due to a number of factors, which include, but are not limited to, general market and economic conditions, unfavorable changes in the apartment market and economic conditions that could adversely affect occupancy levels and rental rates, including as a result of COVID-19, the impact of inflation/deflation on rental rates and property operating expenses, the availability of capital and the stability of the capital markets, rising interest rates, the impact of competition and competitive pricing, acquisitions, developments and redevelopments not achieving anticipated results, delays in completing developments, redevelopments and lease-ups on schedule or at expected rent and occupancy levels, changes in job growth, home affordability and demand/supply ratio for multifamily housing, development and construction risks that may impact profitability, risks that joint ventures with third parties and DCP investments do not perform as expected, the failure of automation or technology to help grow net operating income, and other risk factors discussed in documents filed by the Company with the SEC from time to time, including the Company's Annual Report on Form 10-K and the Company's Quarterly Reports on Form 10-Q. Actual results may differ materially from those described in the forward-looking statements. These forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this press release, and the Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in the Company's expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required under the U.S. securities laws.

### **About UDR, Inc.**

UDR, Inc. (NYSE: UDR), an S&P 500 company, is a leading multifamily real estate investment trust with a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive real estate communities in targeted U.S. markets. As of December 31, 2022, UDR owned or had an ownership position in 58,390 apartment homes including 554 homes under development. For over 50 years, UDR has delivered long-term value to shareholders, the best standard of service to Residents and the highest quality experience for Associates.

6

**Attachment 2:** `udr-20230206xex99d2.pdf`

Table of Contents

Exhibit 99.2

# Financial Highlights

## UDR, Inc. As of End of Fourth Quarter 2022 (Unaudited) $^{(1)}$

| Dollars in thousands, except per share and unit | Actual Results 4Q 2022 | Actual Results YTD 2022 | Guidance for 1Q 2023 | Guidance for Full-Year 2023 |
| --- | --- | --- | --- | --- |
| GAAP Metrics |  |  |  |  |
| Net income/(loss) attributable to UDR, Inc. | $44,530 | $86,924 | -- | -- |
| Net income/(loss) attributable to common stockholders | $43,425 | $82,512 | -- | -- |
| Income/(loss) per weighted average common share, diluted | $0.13 | $0.26 | $0.10 to $0.12 | $0.48 to $0.56 |
| Per Share Metrics |  |  |  |  |
| FFO per common share and unit, diluted | $0.56 | $2.20 | $0.59 to $0.61 | $2.45 to $2.53 |
| FFO as Adjusted per common share and unit, diluted | $0.61 | $2.33 | $0.59 to $0.61 | $2.45 to $2.53 |
| Adjusted Funds from Operations ('AFFO') per common share and unit, diluted | $0.53 | $2.11 | $0.56 to $0.58 | $2.22 to $2.30 |
| Dividend declared per share and unit | $0.38 | $1.52 | $0.42 | $1.68 (2) |
| Same-Store Operating Metrics |  |  |  |  |
| Revenue growth/(decline) (Cash basis) | 10.1% | 11.1% | -- | 5.50% to 7.50% |
| Revenue growth/(decline) (Straight-line basis) | 12.1% | 11.5% | -- | 5.75% to 7.75% |
| Expense growth | 6.8% | 5.7% | -- | 4.00% to 5.50% |
| NOI growth/(decline) (Cash basis) | 11.5% | 13.5% | -- | 6.00% to 8.50% |
| NOI growth/(decline) (Straight-line basis) | 14.5% | 14.2% | -- | 6.25% to 8.75% |
| Physical Occupancy | 96.8% | 97.0% | -- | -- |
| Property Metrics |  |  |  |  |
|  | Homes | Communities | % of Total NOI |  |
| Same-Store | 51,729 | 156 | 90.6% |  |
| Stabilized, Non-Mature | 1,992 | 5 | 2.8% |  |
| Development | 1,278 | 4 | 0.6% |  |
| Non-Residential / Other | N/A | N/A | 2.1% |  |
| Joint Venture (3) | 2,837 | 13 | 3.9% |  |
| Total completed homes | 57,836 | 178 | 100% |  |
| Under Development | 554 | 3 | - |  |
| Total Quarter-end homes (3)(4) | 58,390 | 181 | 100% |  |
| Balance Sheet Metrics (adjusted for non-recurring items) |  |  |  |  |
|  | 4Q 2022 | 4Q 2021 |  |  |
| Consolidated Interest Coverage Ratio | 5.3x | 5.4x |  |  |
| Consolidated Fixed Charge Coverage Ratio | 5.2x | 5.2x |  |  |
| Consolidated Debt as a percentage of Total Assets | 32.7% | 34.0% |  |  |
| Consolidated Net Debt-to-EBITDAre | 5.6x | 6.4x |  |  |

![img-0.jpeg](img-0.jpeg)

The Smith Valley Forge, Philadelphia, PA

![img-1.jpeg](img-1.jpeg)

4Q 2022 Same-Store Additions

322 on North Broad, Philadelphia, PA

(1) See Attachment 15 for definitions, other terms and reconciliations.

(2) Annualized for 2023.

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

(4) Excludes 6,981 homes that are part of the Developer Capital Program as described in Attachment 11(B).

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![img-2.jpeg](img-2.jpeg)

# Attachment 1

## Consolidated Statements of Operations

| In thousands, except per share amounts | Three Months Ended December 31, |  | Twelve Months Ended December 31, |  |
| --- | --- | --- | --- | --- |
|  | 2022 | 2021 | 2022 | 2021 |
| REVENUES: |  |  |  |  |
| Rental income (2) | $398,412 | $347,024 | $1,512,364 | $1,284,665 |
| Joint venture management and other fees | 1,244 | 1,184 | 5,022 | 6,102 |
| Total revenues | 399,656 | 348,208 | 1,517,386 | 1,290,767 |
| OPERATING EXPENSES: |  |  |  |  |
| Property operating and maintenance | 64,652 | 57,670 | 250,310 | 218,094 |
| Real estate taxes and insurance | 56,874 | 51,403 | 221,662 | 199,446 |
| Property management | 12,949 | 10,411 | 49,152 | 38,540 |
| Other operating expenses | 4,008 | 8,604 | 17,493 | 21,649 |
| Real estate depreciation and amortization | 167,241 | 163,755 | 665,228 | 606,648 |
| General and administrative | 16,811 | 13,868 | 64,144 | 57,541 |
| Casualty-related charges/(recoveries), net (3) | 8,523 | (934) | 9,733 | 3,748 |
| Other depreciation and amortization | 4,823 | 4,713 | 14,344 | 13,185 |
| Total operating expenses | 335,881 | 309,490 | 1,292,066 | 1,158,851 |
| Gain/(loss) on sale of real estate owned | 25,494 | 85,223 | 25,494 | 136,052 |
| Operating income | 89,269 | 123,941 | 250,814 | 267,968 |
| Income/(loss) from unconsolidated entities (2)(4) | 761 | 36,523 | 4,947 | 65,646 |
| Interest expense | (43,247) | (36,418) | (155,900) | (143,931) |
| Debt extinguishment and other associated costs | - | - | - | (42,336) |
| Total interest expense | (43,247) | (36,418) | (155,900) | (186,267) |
| Interest income and other income/(expense), net (4) | 1 | 2,254 | (6,933) | 15,085 |
| Income/(loss) before income taxes | 46,784 | 126,300 | 92,928 | 162,432 |
| Tax (provision)/benefit, net | 683 | (156) | (349) | (1,439) |
| Net Income/(loss) | 47,467 | 126,144 | 92,579 | 160,993 |
| Net (income)/loss attributable to redeemable noncontrolling interests in the OP and DownREIT Partnership | (2,929) | (8,652) | (5,613) | (10,873) |
| Net (income)/loss attributable to noncontrolling interests | (8) | (31) | (42) | (104) |
| Net income/(loss) attributable to UDR, Inc. | 44,530 | 117,461 | 86,924 | 150,016 |
| Distributions to preferred stockholders - Series E (Convertible) | (1,105) | (1,058) | (4,412) | (4,229) |
| Net income/(loss) attributable to common stockholders | $43,425 | $116,403 | $82,512 | $145,787 |
| Income/(loss) per weighted average common share - basic: | $0.13 | $0.38 | $0.26 | $0.49 |
| Income/(loss) per weighted average common share - diluted: | $0.13 | $0.37 | $0.26 | $0.48 |
| Common distributions declared per share | $0.38 | $0.3625 | $1.52 | $1.4500 |
| Weighted average number of common shares outstanding - basic | 325,509 | 310,201 | 321,671 | 300,326 |
| Weighted average number of common shares outstanding - diluted | 326,093 | 315,833 | 322,700 | 301,703 |

(1) See Attachment 15 for definitions and other terms.

(2) During the three months ended December 31, 2022, UDR decreased its residential reserve to $8.7 million, including $0.5 million for UDR's share from unconsolidated joint ventures, which compares to a combined quarter-end accounts receivable balance of $20.6 million. The remaining unreserved amount is based on probability of collection.

(3) During the three months ended December 31, 2022, UDR recorded $8.5 million of casualty-related charges, net in connection with clean-up costs and property damages primarily from Winter Storm Elliott.

(4) During the three months ended December 31, 2022, UDR recorded $7.5 million in investment loss, net from real estate technology investments. Of the $7.5 million, $0.9 million of loss (primarily due to a decrease in SmartRent's public share price) was recorded in Interest income and other income/(expense), net and $6.6 million of loss (primarily due to a decrease in SmartRent's public share price) was recorded in Income/(loss) from unconsolidated entities.

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![img-3.jpeg](img-3.jpeg)

## Attachment 2

### UDR, Inc. Funds From Operations (Unaudited) $^{(1)}$

| In thousands, except per share and unit amounts | Three Months Ended December 31, |  | Twelve Months Ended December 31, |  |
| --- | --- | --- | --- | --- |
|  | 2022 | 2021 | 2022 | 2021 |
| Net income/(loss) attributable to common stockholders | $43,425 | $116,403 | $82,512 | $145,787 |
| Real estate depreciation and amortization | 167,241 | 163,755 | 665,228 | 606,648 |
| Noncontrolling interests | 2,937 | 8,683 | 5,655 | 10,977 |
| Real estate depreciation and amortization on unconsolidated joint ventures | 7,492 | 7,903 | 30,062 | 31,967 |
| Net gain on the sale of unconsolidated depreciable property | - | - | - | (2,460) |
| Net gain on the sale of depreciable real estate owned, net of tax | (25,494) | (85,223) | (25,494) | (136,001) |
| Funds from operations ('FFO') attributable to common stockholders and unitholders, basic | $195,601 | $211,521 | $757,963 | $656,918 |
| Distributions to preferred stockholders - Series E (Convertible) (2) | 1,105 | 1,058 | 4,412 | 4,229 |
| FFO attributable to common stockholders and unitholders, diluted | $196,706 | $212,579 | $762,375 | $661,147 |
| FFO per weighted average common share and unit, basic | $0.56 | $0.64 | $2.21 | $2.04 |
| FFO per weighted average common share and unit, diluted | $0.56 | $0.63 | $2.20 | $2.02 |
| Weighted average number of common shares and OP/DownREIT Units outstanding, basic | 346,879 | 332,396 | 343,149 | 322,744 |
| Weighted average number of common shares, OP/DownREIT Units, and common stock equivalents outstanding, diluted | 350,372 | 338,028 | 347,094 | 327,039 |
| Impact of adjustments to FFO: |  |  |  |  |
| Debt extinguishment and other associated costs | $ - | $ - | $ - | $42,336 |
| Debt extinguishment and other associated costs on unconsolidated joint ventures | - | - | - | 1,682 |
| Variable upside participation on DCP, net | - | - | (10,622) | - |
| Legal and other | - | 4,020 | 1,493 | 5,319 |
| Realized (gain)/loss on real estate technology investments, net of tax (3) | 756 | (1,435) | (6,992) | (1,980) |
| Unrealized (gain)/loss on real estate technology investments, net of tax (3) | 6,767 | (33,784) | 52,663 | (55,947) |
| Severance costs | 441 | 1,439 | 441 | 2,280 |
| Casualty-related charges/(recoveries), net | 8,523 | (934) | 9,733 | 3,960 |
| Casualty-related charges/(recoveries) on unconsolidated joint ventures, net | - | (50) | - | - |
|  | $16,487 | $(30,744) | $46,716 | $(2,350) |
| FFO as Adjusted attributable to common stockholders and unitholders, diluted | $213,193 | $181,835 | $809,091 | $658,797 |
| FFO as Adjusted per weighted average common share and unit, diluted | $0.61 | $0.54 | $2.33 | $2.01 |
| Recurring capital expenditures | (27,111) | (21,393) | (77,710) | (63,820) |
| AFFO attributable to common stockholders and unitholders, diluted | $186,082 | $160,442 | $731,381 | $594,977 |
| AFFO per weighted average common share and unit, diluted | $0.53 | $0.47 | $2.11 | $1.82 |

(1) See Attachment 15 for definitions and other terms.

(2) Series E cumulative convertible preferred shares are dilutive for purposes of calculating FFO per share for the three and twelve months ended December 31, 2022 and December 31, 2021. Consequently, distributions to Series E cumulative convertible preferred stockholders are added to FFO and the weighted average number of Series E cumulative convertible preferred shares are included in the denominator when calculating FFO per common share and unit, diluted.

(3) See footnote 4 on Attachment 1 for details regarding the Realized and Unrealized (gain)/loss on real estate technology investments, net of tax.

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![img-4.jpeg](img-4.jpeg)

## Attachment 3

### Consolidated Balance Sheets (Unaudited) $^{(1)}$

| In thousands, except share and per share amounts | December 31, 2022 | December 31, 2021 |
| --- | --- | --- |
| ASSETS |  |  |
| Real estate owned: |  |  |
| Real estate held for investment | $15,365,928 | $14,352,234 |
| Less: accumulated depreciation | (5,762,205) | (5,136,589) |
| Real estate held for investment, net | 9,603,723 | 9,215,645 |
| Real estate under development |  |  |
| (net of accumulated depreciation of $296 and $507) | 189,809 | 388,062 |
| Real estate held for disposition |  |  |
| (net of accumulated depreciation of $0 and $0) | 14,039 | - |
| Total real estate owned, net of accumulated depreciation | 9,807,571 | 9,603,707 |
| Cash and cash equivalents | 1,193 | 967 |
| Restricted cash | 29,001 | 27,451 |
| Notes receivable, net | 54,707 | 26,860 |
| Investment in and advances to unconsolidated joint ventures, net | 754,446 | 702,461 |
| Operating lease right-of-use assets | 194,081 | 197,463 |
| Other assets | 197,471 | 216,311 |
| Total assets | $11,038,470 | $10,775,220 |
| LIABILITIES AND EQUITY |  |  |
| Liabilities: |  |  |
| Secured debt | $1,052,281 | $1,057,380 |
| Unsecured debt | 4,435,022 | 4,355,407 |
| Operating lease liabilities | 189,238 | 192,488 |
| Real estate taxes payable | 37,681 | 33,095 |
| Accrued interest payable | 46,671 | 45,980 |
| Security deposits and prepaid rent | 51,999 | 55,441 |
| Distributions payable | 134,213 | 124,729 |
| Accounts payable, accrued expenses, and other liabilities | 153,220 | 136,954 |
| Total liabilities | 6,100,325 | 6,001,474 |
| Redeemable noncontrolling interests in the OP and DownREIT Partnership | 839,850 | 1,299,442 |
| Equity: |  |  |
| Preferred stock, no par value; 50,000,000 shares authorized at December 31, 2022 and December 31, 2021: |  |  |
| 2,686,308 shares of 8.00% Series E Cumulative Convertible issued |  |  |
| and outstanding (2,695,363 shares at December 31, 2021) | 44,614 | 44,764 |
| 12,100,514 shares of Series F outstanding (12,582,575 shares at December 31, 2021) | 1 | 1 |
| Common stock, $0.01 par value; 450,000,000 shares authorized at December 31, 2022 and December 31, 2021: |  |  |
| 328,993,088 shares issued and outstanding (318,149,635 shares at December 31, 2021) | 3,290 | 3,181 |
| Additional paid-in capital | 7,493,423 | 6,884,269 |
| Distributions in excess of net income | (3,451,587) | (3,485,080) |
| Accumulated other comprehensive income/(loss), net | 8,344 | (4,261) |
| Total stockholders' equity | 4,098,085 | 3,442,874 |
| Noncontrolling interests | 210 | 31,430 |
| Total equity | 4,098,295 | 3,474,304 |
| Total liabilities and equity | $11,038,470 | $10,775,220 |

(1) See Attachment 15 for definitions and other terms.

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![img-5.jpeg](img-5.jpeg)

## Attachment 4(A)

### UDR, Inc. Selected Financial Information (Unaudited) $^{(1)}$

| Common Stock and Equivalents | December 31, 2022 | December 31, 2021 |
| --- | --- | --- |
| Common shares | 328,993,088 | 318,149,635 |
| Restricted unit and common stock equivalents | 599,681 | 2,090,833 |
| Operating and DownREIT Partnership units | 21,123,826 | 21,660,979 |
| Series E cumulative convertible preferred shares (2) | 2,908,323 | 2,918,127 |
| Total common shares, OP/DownREIT units, and common stock equivalents | 353,624,918 | 344,819,574 |

| Weighted Average Number of Shares Outstanding | 4Q 2022 | 4Q 2021 |
| --- | --- | --- |
| Weighted average number of common shares and OP/DownREIT units outstanding - basic | 346,878,938 | 332,395,913 |
| Weighted average number of OP/DownREIT units outstanding | (21,370,161) | (22,195,077) |
| Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations | 325,508,777 | 310,200,836 |
| Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted | 350,371,769 | 338,028,267 |
| Weighted average number of OP/DownREIT units outstanding | (21,370,161) | (22,195,077) |
| Weighted average number of Series E cumulative convertible preferred shares outstanding | (2,908,323) | - |
| Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations | 326,093,285 | 315,833,190 |
|  | Year-to-Date 2022 | Year-to-Date 2021 |
| Weighted average number of common shares and OP/DownREIT units outstanding - basic | 343,149,109 | 322,743,685 |
| Weighted average number of OP/DownREIT units outstanding | (21,477,838) | (22,417,693) |
| Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations | 321,671,271 | 300,325,992 |
| Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted | 347,093,624 | 327,039,085 |
| Weighted average number of OP/DownREIT units outstanding | (21,477,838) | (22,417,693) |
| Weighted average number of Series E cumulative convertible preferred shares outstanding | (2,915,629) | (2,918,127) |
| Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations | 322,700,157 | 301,703,265 |

(1) See Attachment 15 for definitions and other terms.

(2) At December 31, 2022 and December 31, 2021 there were 2,686,308 and 2,695,363 of Series E cumulative convertible preferred shares outstanding, which is equivalent to 2,908,323 and 2,918,127 shares of common stock if converted (after adjusting for the special dividend paid in 2008).

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![img-6.jpeg](img-6.jpeg)

## Attachment 4(B)

### UDR, Inc. Selected Financial Information (Unaudited) $^{(1)}$

| Debt Structure, In thousands |  | Balance | % of Total | Weighted Average Interest Rate | Weighted Average Years to Maturity (2) |
| --- | --- | --- | --- | --- | --- |
| Secured | Fixed | $1,005,622 | 18.4% | 3.42% | 5.4 |
|  | Floating | 27,000 | 0.5% | 2.76% | 9.2 |
|  | Combined | 1,032,622 | 18.9% | 3.40% | 5.5 |
| Unsecured | Fixed | 3,940,644 (3) | 72.0% | 2.96% | 7.6 |
|  | Floating | 503,015 | 9.1% | 4.79% | 1.5 |
|  | Combined | 4,443,659 | 81.1% | 3.17% | 6.8 |
| Total Debt | Fixed | 4,946,266 | 90.4% | 3.05% | 7.2 |
|  | Floating | 530,015 | 9.6% | 4.69% | 1.9 |
|  | Combined | 5,476,281 | 100.0% | 3.21% | 6.7 |
|  | Total Non-Cash Adjustments (4) | 11,022 |  |  |  |
| Total per Balance Sheet |  | $5,487,303 |  | 3.17% |  |

#### Debt Maturities, In thousands

|  | Secured Debt (5) | Unsecured Debt | Revolving Credit Facilities & Comm. Paper (2) (6) (7) | Balance | % of Total | Weighted Average Interest Rate |
| --- | --- | --- | --- | --- | --- | --- |
| 2023 | $1,242 | $ - | $300,000 | $301,242 | 5.5% | 4.69% |
| 2024 | 96,747 | 15,644 | 28,015 | 140,406 | 2.6% | 4.23% |
| 2025 | 174,793 | - | - | 174,793 | 3.2% | 3.69% |
| 2026 | 52,744 | 300,000 | - | 352,744 | 6.4% | 2.95% |
| 2027 | 2,860 | 650,000 | - | 652,860 | 11.9% | 3.57% |
| 2028 | 162,310 | 300,000 | - | 462,310 | 8.4% | 3.72% |
| 2029 | 191,986 | 300,000 | - | 491,986 | 9.0% | 3.94% |
| 2030 | 162,010 | 600,000 | - | 762,010 | 13.9% | 3.32% |
| 2031 | 160,930 | 600,000 | - | 760,930 | 13.9% | 2.92% |
| 2032 | 27,000 | 400,000 | - | 427,000 | 7.8% | 2.14% |
| Thereafter | - | 950,000 | - | 950,000 | 17.4% | 2.35% |
|  | 1,032,622 | 4,115,644 | 328,015 | 5,476,281 | 100.0% | 3.21% |
| Total Non-Cash Adjustments (4) | 19,659 | (8,637) | - | 11,022 |  |  |
| Total per Balance Sheet | $1,052,281 | $4,107,007 | $328,015 | $5,487,303 |  | 3.17% |

(1) See Attachment 15 for definitions and other terms.

(2) The 2023 maturity reflects the $300.0 million of principal outstanding at an interest rate of 4.7%, the equivalent of SOFR plus a spread of 45 basis points, on the Company's unsecured commercial paper program as of December 31, 2022. Under the terms of the program the Company may issue up to a maximum aggregate amount outstanding of $700.0 million. If the commercial paper was refinanced using the line of credit, the weighted average years to maturity would be 6.8 years without extensions and 6.9 years with extensions.

(3) Includes $175.0 million of floating rate debt that has been fixed using interest rate swaps at a weighted average all-in rate of 1.43% until July 2025.

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

(5) Includes principal amortization, as applicable.

(6) There were no borrowings outstanding on our $1.3 billion line of credit at December 31, 2022. The facility has a maturity date of January 2026, plus two six-month extension options and currently carries an interest rate equal to adjusted SOFR plus 75.5 basis points.

(7) There was $28.0 million outstanding on our $75.0 million working capital credit facility at December 31, 2022. The facility has a maturity date of January 2024. The working capital credit facility currently carries an interest rate equal to adjusted SOFR plus 77.5 basis points.

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![img-7.jpeg](img-7.jpeg)

# **Attachment 4(C)**  
 **UDR, Inc.**  
 **Selected Financial Information**  
 **(Dollars in Thousands)**  
 **(Unaudited) $^{(1)}$**

| Coverage Ratios | Quarter Ended December 31, 2022 |
| --- | --- |
| Net income/(loss) | $47,467 |
| Adjustments: |  |
| Interest expense, including debt extinguishment and other associated costs | 43,247 |
| Real estate depreciation and amortization | 167,241 |
| Other depreciation and amortization | 4,823 |
| Tax provision/(benefit), net | (683) |
| Net (gain)/loss on the sale of depreciable real estate owned | (25,494) |
| Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures | 11,536 |
| EBITDAre | $248,137 |
| Casualty-related charges/(recoveries), net | 8,523 |
| Severance costs | 441 |
| Unrealized (gain)/loss on real estate technology investments | 537 |
| Realized (gain)/loss on real estate technology investments | 355 |
| (Income)/loss from unconsolidated entities | (761) |
| Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures | (11,536) |
| Management fee expense on unconsolidated joint ventures | (605) |
| Consolidated EBITDAre - adjusted for non-recurring items | $245,091 |
| Annualized consolidated EBITDAre - adjusted for non-recurring items | $980,364 |
| Interest expense, including debt extinguishment and other associated costs | 43,247 |
| Capitalized interest expense | 2,939 |
| Total interest | $46,186 |
| Preferred dividends | $1,105 |
| Total debt | $5,487,303 |
| Cash | (1,193) |
| Net debt | $5,486,110 |
| Consolidated Interest Coverage Ratio - adjusted for non-recurring items | 5.3x |
| Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items | 5.2x |
| Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items | 5.6x |

# **Debt Covenant Overview**

| Unsecured Line of Credit Covenants (2) | Required | Actual | Compliance |
| --- | --- | --- | --- |
| Maximum Leverage Ratio | ≤60.0% | 30.7% (2) | Yes |
| Minimum Fixed Charge Coverage Ratio | ≥1.5x | 5.3x | Yes |
| Maximum Secured Debt Ratio | ≤40.0% | 9.3% | Yes |
| Minimum Unencumbered Pool Leverage Ratio | ≥150.0% | 382.4% | Yes |

| Senior Unsecured Note Covenants (3) | Required | Actual | Compliance |
| --- | --- | --- | --- |
| Debt as a percentage of Total Assets | ≤65.0% | 32.7% (3) | Yes |
| Consolidated Income Available for Debt Service to Annual Service Charge | ≥1.5x | 5.7x | Yes |
| Secured Debt as a percentage of Total Assets | ≤40.0% | 6.3% | Yes |
| Total Unencumbered Assets to Unsecured Debt | ≥150.0% | 322.4% | Yes |

| Securities Ratings | Debt | Outlook | Commercial Paper |
| --- | --- | --- | --- |
| Moody's Investors Service | Baa1 | Stable | P-2 |
| S&P Global Ratings | BBB+ | Stable | A-2 |

| Asset Summary | Number of Homes | 4Q 2022 NOI (1) ($000s) | % of NOI | Gross Carrying Value ($000s) | % of Total Gross Carrying Value |
| --- | --- | --- | --- | --- | --- |
| Unencumbered assets | 47,477 | $244,199 | 88.2% | $13,823,005 | 88.8% |
| Encumbered assets | 7,522 | 32,687 | 11.8% | 1,747,067 | 11.2% |
|  | 54,999 | $276,886 | 100.0% | $15,570,072 | 100.0% |

(1) See Attachment 15 for definitions and other terms.

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

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

7

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## Attachment 5

### UDR, Inc. Operating Information (Unaudited) $^{(1)}$

| Dollars in thousands | Total Homes | Quarter Ended December 31, 2022 | Quarter Ended September 30, 2022 | Quarter Ended June 30, 2022 | Quarter Ended March 31, 2022 | Quarter Ended December 31, 2021 |
| --- | --- | --- | --- | --- | --- | --- |
| Revenues |  |  |  |  |  |  |
| Same-Store Communities | 51,729 | $371,449 | $365,718 | $351,675 | $343,601 | $337,481 |
| Stabilized, Non-Mature Communities | 1,992 | 12,379 | 11,265 | 8,509 | 7,168 | 5,966 |
| Development Communities | 1,278 | 4,643 | 3,037 | 1,273 | 240 | - |
| Non-Residential / Other (2) | - | 9,611 | 9,317 | 5,576 | 4,506 | 2,453 |
| Total | 54,999 | $398,082 | $389,337 | $367,033 | $355,515 | $345,900 |
| Expenses |  |  |  |  |  |  |
| Same-Store Communities |  | $110,683 | $114,277 | $105,855 | $105,619 | $103,647 |
| Stabilized, Non-Mature Communities |  | 4,172 | 3,917 | 3,010 | 2,611 | 1,809 |
| Development Communities |  | 2,906 | 1,973 | 1,328 | 680 | 247 |
| Non-Residential / Other (2) |  | 3,614 | 4,649 | 2,795 | 3,151 | 3,041 |
| Total (3) |  | $121,375 | $124,816 | $112,988 | $112,061 | $108,744 |
| Net Operating Income |  |  |  |  |  |  |
| Same-Store Communities |  | $260,766 | $251,441 | $245,820 | $237,982 | $233,834 |
| Stabilized, Non-Mature Communities |  | 8,207 | 7,348 | 5,499 | 4,557 | 4,157 |
| Development Communities |  | 1,737 | 1,064 | (55) | (440) | (247) |
| Non-Residential / Other (2) |  | 5,997 | 4,668 | 2,781 | 1,355 | (588) |
| Total |  | $276,707 | $264,521 | $254,045 | $243,454 | $237,156 |
| Operating Margin |  |  |  |  |  |  |
| Same-Store Communities |  | 70.2% | 68.8% | 69.9% | 69.3% | 69.3% |
| Weighted Average Physical Occupancy |  |  |  |  |  |  |
| Same-Store Communities |  | 96.8% | 96.8% | 97.0% | 97.2% | 97.0% |
| Stabilized, Non-Mature Communities |  | 94.7% | 94.6% | 96.4% | 95.9% | 95.8% |
| Development Communities |  | 66.0% | 68.4% | 56.5% | 27.6% | - |
| Other (4) |  | - | 95.4% | 97.0% | 96.3% | 97.3% |
| Total |  | 96.1% | 96.3% | 96.7% | 96.9% | 97.1% |
| Sold and Held for Disposition Communities |  |  |  |  |  |  |
| Revenues | - | $330 | $686 | $715 | $666 | $1,124 |
| Expenses (3) |  | 151 | 189 | 205 | 187 | 329 |
| Net Operating Income/(Loss) |  | $179 | $497 | $510 | $479 | $795 |
| Total | 54,999 | $276,886 | $265,018 | $254,555 | $243,933 | $237,951 |

(1) See Attachment 15 for definitions and other terms.

(2) Primarily non-residential revenue and expense and straight-line adjustment for concessions.

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

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

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## Attachment 6

### UDR, Inc. Same-Store Operating Expense Information (Dollars in Thousands) (Unaudited) $^{(1)}$

| Year-Over-Year Comparison | % of 4Q 2022 SS Operating Expenses | 4Q 2022 | 4Q 2021 | % Change |
| --- | --- | --- | --- | --- |
| Personnel | 14.1% | $15,613 | $14,853 | 5.1% |
| Utilities | 14.0% | 15,483 | 14,215 | 8.9% |
| Repair and maintenance | 18.0% | 19,921 | 19,033 | 4.7% |
| Administrative and marketing | 6.8% | 7,508 | 6,818 | 10.1% |
| Controllable expenses | 52.9% | 58,525 | 54,919 | 6.6% |
| Real estate taxes | 40.7% | $45,128 | $43,018 | 4.9% |
| Insurance | 6.4% | 7,030 | 5,710 | 23.1% |
| Same-Store operating expenses | 100.0% | $110,683 | $103,647 | 6.8% |
| Same-Store Homes | 51,729 |  |  |  |

| Sequential Comparison | % of 4Q 2022 SS Operating Expenses | 4Q 2022 | 3Q 2022 | % Change |
| --- | --- | --- | --- | --- |
| Personnel | 14.1% | $15,613 | $15,275 | 2.2% |
| Utilities | 14.0% | 15,483 | 15,766 | -1.8% |
| Repair and maintenance | 18.0% | 19,921 | 22,602 | -11.9% |
| Administrative and marketing | 6.8% | 7,508 | 7,802 | -3.8% |
| Controllable expenses | 52.9% | 58,525 | 61,445 | -4.8% |
| Real estate taxes | 40.7% | $45,128 | $45,976 | -1.8% |
| Insurance | 6.4% | 7,030 | 6,856 | 2.5% |
| Same-Store operating expenses | 100.0% | $110,683 | $114,277 | -3.1% |
| Same-Store Homes | 51,729 |  |  |  |

| Year-to-Date Comparison | % of YTD 2022 SS Operating Expenses | YTD 2022 | YTD 2021 | % Change |
| --- | --- | --- | --- | --- |
| Personnel | 14.1% | $56,796 | $56,566 | 0.4% |
| Utilities | 13.6% | 55,110 | 51,078 | 7.9% |
| Repair and maintenance | 18.3% | 74,082 | 66,744 | 11.0% |
| Administrative and marketing | 6.7% | 26,926 | 26,090 | 3.2% |
| Controllable expenses | 52.7% | 212,914 | 200,478 | 6.2% |
| Real estate taxes | 41.1% | $166,288 | $161,866 | 2.7% |
| Insurance | 6.2% | 24,948 | 19,882 | 25.5% |
| Same-Store operating expenses | 100.0% | $404,150 | $382,226 | 5.7% |
| Same-Store Homes | 47,360 |  |  |  |

(1) See Attachment 15 for definitions and other terms.

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![img-9.jpeg](img-9.jpeg)

# **Attachment 7(A)**  
 **UDR, Inc.**  
 **Apartment Home Breakout**  
 **Portfolio Overview as of Quarter Ended**  
 **December 31, 2022**  
 **(Unaudited) $^{(1)}$**

|  | Same-Store Homes | Non-Mature Homes (2) | Total Consolidated Homes | Unconsolidated Joint Venture Operating Homes (3) | Total Homes (incl. JV) (3) | Revenue Per Occupied Home (Incl. JV at Share) (4) |
| --- | --- | --- | --- | --- | --- | --- |
| West Region |  |  |  |  |  |  |
| Orange County, CA | 4,595 | - | 4,595 | 381 | 4,976 | $2,932 |
| San Francisco, CA | 2,779 | 356 | 3,135 | 602 | 3,737 | 3,528 |
| Seattle, WA | 2,985 | - | 2,985 | - | 2,985 | 2,825 |
| Monterey Peninsula, CA | 1,567 | - | 1,567 | - | 1,567 | 2,307 |
| Los Angeles, CA | 1,225 | - | 1,225 | 340 | 1,565 | 3,296 |
|  | 13,151 | 356 | 13,507 | 1,323 | 14,830 |  |
| Mid-Atlantic Region |  |  |  |  |  |  |
| Metropolitan DC | 9,393 | 161 | 9,554 | - | 9,554 | 2,237 |
| Baltimore, MD | 1,789 | 430 | 2,219 | - | 2,219 | 1,891 |
| Richmond, VA | 1,359 | - | 1,359 | - | 1,359 | 1,775 |
|  | 12,541 | 591 | 13,132 | - | 13,132 |  |
| Northeast Region |  |  |  |  |  |  |
| Boston, MA | 4,598 | 433 | 5,031 | 250 | 5,281 | 3,001 |
| New York, NY | 2,318 | - | 2,318 | 710 | 3,028 | 4,524 |
|  | 6,916 | 433 | 7,349 | 960 | 8,309 |  |
| Southeast Region |  |  |  |  |  |  |
| Tampa, FL | 3,877 | - | 3,877 | - | 3,877 | 2,090 |
| Orlando, FL | 2,500 | 993 | 3,493 | - | 3,493 | 1,874 |
| Nashville, TN | 2,260 | - | 2,260 | - | 2,260 | 1,746 |
|  | 8,637 | 993 | 9,630 | - | 9,630 |  |
| Southwest Region |  |  |  |  |  |  |
| Dallas, TX | 5,813 | 405 | 6,218 | - | 6,218 | 1,775 |
| Austin, TX | 1,272 | - | 1,272 | - | 1,272 | 1,916 |
|  | 7,085 | 405 | 7,490 | - | 7,490 |  |
| Other Markets (5) | 3,399 | 492 | 3,891 | 554 | 4,445 | 2,554 |
| Totals | 51,729 | 3,270 | 54,999 | 2,837 | 57,836 | $2,499 |
| Communities (6) | 156 | 9 | 165 | 13 | 178 |  |

|  | Homes | Communities |
| --- | --- | --- |
| Total completed homes | 57,836 | 178 |
| Under Development (7) | 554 | 3 |
| Total Quarter-end homes and communities | 58,390 | 181 |

(1) See Attachment 15 for definitions and other terms.

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

(3) Represents joint venture operating homes at 100 percent. Excludes joint venture held for disposition communities. See Attachment 11(A) for UDR's joint venture and partnership ownership interests.

(4) Represents joint ventures at UDR's ownership interests. Excludes joint venture held for disposition communities. See Attachment 11(A) for UDR's joint venture and partnership ownership interests.

(5) Other Markets include Denver (510 homes), Palm Beach (636 homes), Inland Empire (658 homes), San Diego (163 wholly owned, 264 JV homes), Portland (752 homes) and Philadelphia (1,172 wholly owned, 290 JV homes).

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

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

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![img-0.jpeg](img-0.jpeg)

## Attachment 7(B)

UDR, Inc.

Non-Mature Home Summary and Net Operating Income by Market

December 31, 2022

(Unaudited) $^{(1)}$

### Non-Mature Home Breakout - By Date

| Community | Category | # of Homes | Market | Same-Store Quarter (2) |
| --- | --- | --- | --- | --- |
| Arbors at Maitland Summit | Stabilized, Non-Mature | 663 | Orlando, FL | 1Q23 |
| Essex Luxe | Stabilized, Non-Mature | 330 | Orlando, FL | 1Q23 |
| Quarters at Towson Town Center | Stabilized, Non-Mature | 430 | Baltimore, MD | 1Q23 |
| Bradlee Danvers | Stabilized, Non-Mature | 433 | Boston, MA | 3Q23 |
| 1532 Harrison | Stabilized, Non-Mature | 136 | San Francisco, CA | 4Q23 |
| The George Apartments | Development | 200 | Philadelphia, PA | 2Q24 |
| Vitruvian West Phase 3 | Development | 405 | Dallas, TX | 2Q24 |
| Cirrus | Development | 292 | Denver, CO | 3Q24 |
| 5421 at Dublin Station | Development | 220 | San Francisco, CA | 1Q25 |
| The MO | Development | 161 | Washington, DC | 2Q25 |
| Total |  | 3,270 |  |  |

### Net Operating Income Breakout By Market

| Region | As a % of NOI |  | Region | As a % of NOI |  |
| --- | --- | --- | --- | --- | --- |
|  | Same-Store | Total |  | Same-Store | Total |
| West Region |  |  | Southeast Region |  |  |
| Orange County, CA | 11.6% | 11.1% | Tampa, FL | 5.9% | 5.4% |
| San Francisco, CA | 7.5% | 7.8% | Orlando, FL | 3.6% | 4.6% |
| Seattle, WA | 6.9% | 6.7% | Nashville, TN | 3.3% | 3.0% |
| Monterey Peninsula, CA | 3.1% | 2.8% |  | 12.8% | 13.0% |
| Los Angeles, CA | 3.0% | 3.2% | Southwest Region |  |  |
|  | 32.1% | 31.6% | Dallas, TX | 7.4% | 7.2% |
| Mid-Atlantic Region |  |  | Austin, TX | 1.7% | 1.6% |
| Metropolitan DC | 16.2% | 14.9% |  | 9.1% | 8.8% |
| Baltimore, MD | 2.6% | 2.9% | Other Markets (3) | 6.9% | 7.6% |
| Richmond, VA | 2.0% | 1.9% |  |  |  |
|  | 20.8% | 19.7% |  |  |  |
| Northeast Region |  |  |  |  |  |
| Boston, MA | 11.5% | 11.7% |  |  |  |
| New York, NY | 6.8% | 7.6% |  |  |  |
|  | 18.3% | 19.3% | Total | 100.0% | 100.0% |

(1) See Attachment 15 for definitions and other terms.

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

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

11

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## Attachment 8(A)

UDR, Inc.

### Same-Store Operating Information By Major Market

Current Quarter vs. Prior Year Quarter

December 31, 2022

(Unaudited) $^{(1)}$

|  | Total Same-Store Homes | % of Same- Store Portfolio Based on 4Q 2022 NOI | Same-Store |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  | Physical Occupancy |  |  | Total Revenue per Occupied Home |  |  |
|  |  |  | 4Q 22 | 4Q 21 | Change | 4Q 22 | 4Q 21 | Change |
| West Region |  |  |  |  |  |  |  |  |
| Orange County, CA | 4,595 | 11.6% | 96.9% | 97.2% | -0.3% | $2,931 | $2,737 | 7.1% |
| San Francisco, CA | 2,779 | 7.5% | 95.9% | 95.5% | 0.4% | 3,445 | 3,179 | 8.4% |
| Seattle, WA | 2,985 | 6.9% | 97.1% | 97.2% | -0.1% | 2,825 | 2,633 | 7.3% |
| Monterey Peninsula, CA | 1,567 | 3.1% | 95.3% | 96.9% | -1.6% | 2,307 | 2,135 | 8.1% |
| Los Angeles, CA | 1,225 | 3.0% | 96.7% | 96.1% | 0.6% | 3,055 | 2,959 | 3.2% |
|  | 13,151 | 32.1% | 96.5% | 96.7% | -0.2% | 2,953 | 2,754 | 7.2% |
| Mid-Atlantic Region |  |  |  |  |  |  |  |  |
| Metropolitan DC | 9,393 | 16.2% | 97.0% | 97.1% | -0.1% | 2,238 | 2,104 | 6.4% |
| Baltimore, MD | 1,789 | 2.6% | 96.3% | 96.2% | 0.1% | 1,891 | 1,763 | 7.3% |
| Richmond, VA | 1,359 | 2.0% | 97.5% | 97.7% | -0.2% | 1,775 | 1,566 | 13.3% |
|  | 12,541 | 20.8% | 97.0% | 97.0% | 0.0% | 2,138 | 1,997 | 7.1% |
| Northeast Region |  |  |  |  |  |  |  |  |
| Boston, MA | 4,598 | 11.5% | 96.7% | 96.4% | 0.3% | 3,052 | 2,781 | 9.7% |
| New York, NY | 2,318 | 6.8% | 97.8% | 97.7% | 0.1% | 4,446 | 3,896 | 14.1% |
|  | 6,916 | 18.3% | 97.1% | 96.9% | 0.2% | 3,523 | 3,155 | 11.7% |
| Southeast Region |  |  |  |  |  |  |  |  |
| Tampa, FL | 3,877 | 5.9% | 96.7% | 97.3% | -0.6% | 2,090 | 1,747 | 19.6% |
| Orlando, FL | 2,500 | 3.6% | 96.6% | 97.3% | -0.7% | 1,807 | 1,536 | 17.6% |
| Nashville, TN | 2,260 | 3.3% | 97.1% | 98.1% | -1.0% | 1,746 | 1,471 | 18.7% |
|  | 8,637 | 12.8% | 96.8% | 97.5% | -0.7% | 1,918 | 1,613 | 18.9% |
| Southwest Region |  |  |  |  |  |  |  |  |
| Dallas, TX | 5,813 | 7.4% | 96.6% | 97.1% | -0.5% | 1,775 | 1,562 | 13.6% |
| Austin, TX | 1,272 | 1.7% | 97.5% | 98.1% | -0.6% | 1,916 | 1,677 | 14.3% |
|  | 7,085 | 9.1% | 96.8% | 97.3% | -0.5% | 1,801 | 1,583 | 13.8% |
| Other Markets | 3,399 | 6.9% | 96.6% | 97.0% | -0.4% | 2,530 | 2,280 | 11.0% |
| Total/Weighted Avg. | 51,729 | 100.0% | 96.8% | 97.0% | -0.2% | $2,473 | $2,241 | 10.4% |

(1) See Attachment 15 for definitions and other terms.

12

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![img-1.jpeg](img-1.jpeg)

## Attachment 8(B)

UDR, Inc.

### Same-Store Operating Information By Major Market

Current Quarter vs. Prior Year Quarter

December 31, 2022

(Unaudited) $^{(1)}$

|  | Same-Store ($000s) |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Total Same-Store Homes | Revenues |  |  | Expenses |  |  | Net Operating Income |  |  |
|  |  | 4Q 22 | 4Q 21 | Change | 4Q 22 | 4Q 21 | Change | 4Q 22 | 4Q 21 | Change |
| West Region |  |  |  |  |  |  |  |  |  |  |
| Orange County, CA | 4,595 | $39,149 | $36,671 | 6.8% | $8,828 | $7,929 | 11.3% | $30,321 | $28,742 | 5.5% |
| San Francisco, CA | 2,779 | 27,543 | 25,319 | 8.8% | 7,959 | 7,646 | 4.1% | 19,584 | 17,673 | 10.8% |
| Seattle, WA | 2,985 | 24,567 | 22,916 | 7.2% | 6,523 | 6,178 | 5.6% | 18,044 | 16,738 | 7.8% |
| Monterey Peninsula, CA | 1,567 | 10,336 | 9,714 | 6.4% | 2,425 | 2,080 | 16.6% | 7,911 | 7,634 | 3.6% |
| Los Angeles, CA | 1,225 | 10,857 | 10,451 | 3.9% | 3,065 | 3,020 | 1.5% | 7,792 | 7,431 | 4.9% |
|  | 13,151 | 112,452 | 105,071 | 7.0% | 28,800 | 26,853 | 7.2% | 83,652 | 78,218 | 6.9% |
| Mid-Atlantic Region |  |  |  |  |  |  |  |  |  |  |
| Metropolitan DC | 9,393 | 61,171 | 57,573 | 6.2% | 18,833 | 17,823 | 5.7% | 42,338 | 39,750 | 6.5% |
| Baltimore, MD | 1,789 | 9,773 | 9,101 | 7.4% | 3,156 | 2,736 | 15.4% | 6,617 | 6,365 | 4.0% |
| Richmond, VA | 1,359 | 7,057 | 6,238 | 13.1% | 1,771 | 1,608 | 10.1% | 5,286 | 4,630 | 14.2% |
|  | 12,541 | 78,001 | 72,912 | 7.0% | 23,760 | 22,167 | 7.2% | 54,241 | 50,745 | 6.9% |
| Northeast Region |  |  |  |  |  |  |  |  |  |  |
| Boston, MA | 4,598 | 40,704 | 36,978 | 10.1% | 10,815 | 10,949 | -1.2% | 29,889 | 26,029 | 14.8% |
| New York, NY | 2,318 | 30,239 | 26,468 | 14.2% | 12,511 | 12,083 | 3.5% | 17,728 | 14,385 | 23.2% |
|  | 6,916 | 70,943 | 63,446 | 11.8% | 23,326 | 23,032 | 1.3% | 47,617 | 40,414 | 17.8% |
| Southeast Region |  |  |  |  |  |  |  |  |  |  |
| Tampa, FL | 3,877 | 23,505 | 19,766 | 18.9% | 8,015 | 6,969 | 15.0% | 15,490 | 12,797 | 21.0% |
| Orlando, FL | 2,500 | 13,095 | 11,206 | 16.9% | 3,802 | 3,018 | 26.0% | 9,293 | 8,188 | 13.5% |
| Nashville, TN | 2,260 | 11,495 | 9,785 | 17.5% | 2,824 | 2,827 | -0.1% | 8,671 | 6,958 | 24.6% |
|  | 8,637 | 48,095 | 40,757 | 18.0% | 14,641 | 12,814 | 14.3% | 33,454 | 27,943 | 19.7% |
| Southwest Region |  |  |  |  |  |  |  |  |  |  |
| Dallas, TX | 5,813 | 29,905 | 26,457 | 13.0% | 10,502 | 10,038 | 4.6% | 19,403 | 16,419 | 18.2% |
| Austin, TX | 1,272 | 7,129 | 6,279 | 13.5% | 2,616 | 2,235 | 17.0% | 4,513 | 4,044 | 11.6% |
|  | 7,085 | 37,034 | 32,736 | 13.1% | 13,118 | 12,273 | 6.9% | 23,916 | 20,463 | 16.9% |
| Other Markets | 3,399 | 24,924 | 22,559 | 10.5% | 7,038 | 6,508 | 8.1% | 17,886 | 16,051 | 11.4% |
| Total (2) | 51,729 | $371,449 | $337,481 | 10.1% | $110,683 | $103,647 | 6.8% | $260,766 | $233,834 | 11.5% |

(1) See Attachment 15 for definitions and other terms.

(2) With concessions reflected on a straight-line basis, Same-Store Revenue and Same-Store NOI increased year-over-year by 12.1% and 14.5%, respectively. See Attachment 15(C) for definitions and reconciliations.

13

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![img-2.jpeg](img-2.jpeg)

## Attachment 8(C)

UDR, Inc.

### Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

December 31, 2022

(Unaudited) $^{(1)}$

|  | Total Same-Store Homes | Same-Store |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | Physical Occupancy |  |  | Total Revenue per Occupied Home |  |  |
|  |  | 4Q 22 | 3Q 22 | Change | 4Q 22 | 3Q 22 | Change |
| West Region |  |  |  |  |  |  |  |
| Orange County, CA | 4,595 | 96.9% | 96.8% | 0.1% | $2,931 | $2,886 | 1.6% |
| San Francisco, CA | 2,779 | 95.9% | 96.5% | -0.6% | 3,445 | 3,437 | 0.2% |
| Seattle, WA | 2,985 | 97.1% | 97.0% | 0.1% | 2,825 | 2,831 | -0.2% |
| Monterey Peninsula, CA | 1,567 | 95.3% | 96.3% | -1.0% | 2,307 | 2,183 | 5.7% |
| Los Angeles, CA | 1,225 | 96.7% | 96.7% | 0.0% | 3,055 | 3,048 | 0.2% |
|  | 13,151 | 96.5% | 96.7% | -0.2% | 2,953 | 2,921 | 1.1% |
| Mid-Atlantic Region |  |  |  |  |  |  |  |
| Metropolitan DC | 9,393 | 97.0% | 96.8% | 0.2% | 2,238 | 2,254 | -0.7% |
| Baltimore, MD | 1,789 | 96.3% | 96.1% | 0.2% | 1,891 | 1,828 | 3.4% |
| Richmond, VA | 1,359 | 97.5% | 97.2% | 0.3% | 1,775 | 1,806 | -1.7% |
|  | 12,541 | 97.0% | 96.8% | 0.2% | 2,138 | 2,143 | -0.2% |
| Northeast Region |  |  |  |  |  |  |  |
| Boston, MA | 4,598 | 96.7% | 96.7% | 0.0% | 3,052 | 2,972 | 2.7% |
| New York, NY | 2,318 | 97.8% | 97.7% | 0.1% | 4,446 | 4,349 | 2.2% |
|  | 6,916 | 97.1% | 97.1% | 0.0% | 3,523 | 3,437 | 2.5% |
| Southeast Region |  |  |  |  |  |  |  |
| Tampa, FL | 3,877 | 96.7% | 96.7% | 0.0% | 2,090 | 2,032 | 2.9% |
| Orlando, FL | 2,500 | 96.6% | 96.5% | 0.1% | 1,807 | 1,755 | 3.0% |
| Nashville, TN | 2,260 | 97.1% | 97.0% | 0.1% | 1,746 | 1,684 | 3.7% |
|  | 8,637 | 96.8% | 96.7% | 0.1% | 1,918 | 1,861 | 3.1% |
| Southwest Region |  |  |  |  |  |  |  |
| Dallas, TX | 5,813 | 96.6% | 96.6% | 0.0% | 1,775 | 1,736 | 2.2% |
| Austin, TX | 1,272 | 97.5% | 97.3% | 0.2% | 1,916 | 1,886 | 1.6% |
|  | 7,085 | 96.8% | 96.7% | 0.1% | 1,801 | 1,763 | 2.1% |
| Other Markets | 3,399 | 96.6% | 96.8% | -0.2% | 2,530 | 2,460 | 2.8% |
| Total/Weighted Avg. | 51,729 | 96.8% | 96.8% | 0.0% | $2,473 | $2,435 | 1.6% |

(1) See Attachment 15 for definitions and other terms.

14

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![img-3.jpeg](img-3.jpeg)

## Attachment 8(D)

UDR, Inc.

### Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

December 31, 2022

(Unaudited) $^{(1)}$

|  | Total Same-Store Homes | Same-Store ($000s) |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | Revenues |  |  | Expenses |  |  | Net Operating Income |  |  |
|  |  | 4Q 22 | 3Q 22 | Change | 4Q 22 | 3Q 22 | Change | 4Q 22 | 3Q 22 | Change |
| West Region |  |  |  |  |  |  |  |  |  |  |
| Orange County, CA | 4,595 | $39,149 | $38,515 | 1.6% | $8,828 | $8,863 | -0.4% | $30,321 | $29,652 | 2.3% |
| San Francisco, CA | 2,779 | 27,543 | 27,506 | 0.1% | 7,959 | 7,881 | 1.0% | 19,584 | 19,625 | -0.2% |
| Seattle, WA | 2,985 | 24,567 | 24,593 | -0.1% | 6,523 | 6,702 | -2.7% | 18,044 | 17,891 | 0.9% |
| Monterey Peninsula, CA | 1,567 | 10,336 | 9,881 | 4.6% | 2,425 | 2,255 | 7.5% | 7,911 | 7,626 | 3.8% |
| Los Angeles, CA | 1,225 | 10,857 | 10,831 | 0.2% | 3,065 | 2,867 | 6.9% | 7,792 | 7,964 | -2.2% |
|  | 13,151 | 112,452 | 111,326 | 1.0% | 28,800 | 28,568 | 0.8% | 83,652 | 82,758 | 1.1% |
| Mid-Atlantic Region |  |  |  |  |  |  |  |  |  |  |
| Metropolitan DC | 9,393 | 61,171 | 61,496 | -0.5% | 18,833 | 19,593 | -3.9% | 42,338 | 41,903 | 1.0% |
| Baltimore, MD | 1,789 | 9,773 | 9,430 | 3.6% | 3,156 | 3,262 | -3.2% | 6,617 | 6,168 | 7.3% |
| Richmond, VA | 1,359 | 7,057 | 7,157 | -1.4% | 1,771 | 1,842 | -3.9% | 5,286 | 5,315 | -0.5% |
|  | 12,541 | 78,001 | 78,083 | -0.1% | 23,760 | 24,697 | -3.8% | 54,241 | 53,386 | 1.6% |
| Northeast Region |  |  |  |  |  |  |  |  |  |  |
| Boston, MA | 4,598 | 40,704 | 39,648 | 2.7% | 10,815 | 11,753 | -8.0% | 29,889 | 27,895 | 7.2% |
| New York, NY | 2,318 | 30,239 | 29,545 | 2.3% | 12,511 | 13,054 | -4.2% | 17,728 | 16,491 | 7.5% |
|  | 6,916 | 70,943 | 69,193 | 2.5% | 23,326 | 24,807 | -6.0% | 47,617 | 44,386 | 7.3% |
| Southeast Region |  |  |  |  |  |  |  |  |  |  |
| Tampa, FL | 3,877 | 23,505 | 22,849 | 2.9% | 8,015 | 7,990 | 0.3% | 15,490 | 14,859 | 4.2% |
| Orlando, FL | 2,500 | 13,095 | 12,703 | 3.1% | 3,802 | 3,692 | 3.0% | 9,293 | 9,011 | 3.1% |
| Nashville, TN | 2,260 | 11,495 | 11,072 | 3.8% | 2,824 | 3,260 | -13.4% | 8,671 | 7,812 | 11.0% |
|  | 8,637 | 48,095 | 46,624 | 3.2% | 14,641 | 14,942 | -2.0% | 33,454 | 31,682 | 5.6% |
| Southwest Region |  |  |  |  |  |  |  |  |  |  |
| Dallas, TX | 5,813 | 29,905 | 29,242 | 2.3% | 10,502 | 11,021 | -4.7% | 19,403 | 18,221 | 6.5% |
| Austin, TX | 1,272 | 7,129 | 7,001 | 1.8% | 2,616 | 3,182 | -17.8% | 4,513 | 3,819 | 18.2% |
|  | 7,085 | 37,034 | 36,243 | 2.2% | 13,118 | 14,203 | -7.6% | 23,916 | 22,040 | 8.5% |
| Other Markets | 3,399 | 24,924 | 24,249 | 2.8% | 7,038 | 7,060 | -0.3% | 17,886 | 17,189 | 4.1% |
| Total (2) | 51,729 | $371,449 | $365,718 | 1.6% | $110,683 | $114,277 | -3.1% | $260,766 | $251,441 | 3.7% |

(1) See Attachment 15 for definitions and other terms.

(2) With concessions reflected on a straight-line basis, Same-Store Revenue and Same-Store NOI increased quarter-over-quarter by 2.0% and 4.3%, respectively. See Attachment 15(C) for definitions and reconciliations.

15

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![img-4.jpeg](img-4.jpeg)

## Attachment 8(E)

# **UDR, Inc.**  
 **Same-Store Operating Information By Major Market**  
 **Current Year-to-Date vs. Prior Year-to-Date**  
 **December 31, 2022**  
 **(Unaudited) $^{(1)}$**

|  | Total Same-Store Homes | % of Same- Store Portfolio Based on YTD 2022 NOI | Same-Store |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  | Physical Occupancy |  |  | Total Revenue per Occupied Home |  |  |
|  |  |  | YTD 22 | YTD 21 | Change | YTD 22 | YTD 21 | Change |
| West Region |  |  |  |  |  |  |  |  |
| Orange County, CA | 4,595 | 12.7% | 96.9% | 97.5% | -0.6% | $2,844 | $2,610 | 9.0% |
| San Francisco, CA | 2,779 | 8.2% | 96.0% | 95.3% | 0.7% | 3,345 | 3,074 | 8.8% |
| Seattle, WA | 2,726 | 6.8% | 97.5% | 97.2% | 0.3% | 2,709 | 2,416 | 12.1% |
| Monterey Peninsula, CA | 1,567 | 3.3% | 96.2% | 97.0% | -0.8% | 2,199 | 2,012 | 9.3% |
| Los Angeles, CA | 1,225 | 3.4% | 96.6% | 96.0% | 0.6% | 3,031 | 2,729 | 11.1% |
|  | 12,892 | 34.4% | 96.7% | 96.8% | -0.1% | 2,862 | 2,606 | 9.8% |
| Mid-Atlantic Region |  |  |  |  |  |  |  |  |
| Metropolitan DC | 8,381 | 16.3% | 97.2% | 96.6% | 0.6% | 2,260 | 2,131 | 6.1% |
| Baltimore, MD | 1,597 | 2.4% | 96.6% | 97.6% | -1.0% | 1,824 | 1,679 | 8.6% |
| Richmond, VA | 1,359 | 2.2% | 97.5% | 98.2% | -0.7% | 1,709 | 1,522 | 12.3% |
|  | 11,337 | 20.9% | 97.2% | 96.9% | 0.3% | 2,133 | 1,993 | 7.0% |
| Northeast Region |  |  |  |  |  |  |  |  |
| Boston, MA | 4,298 | 11.4% | 96.8% | 96.5% | 0.3% | 2,978 | 2,750 | 8.3% |
| New York, NY | 2,318 | 7.0% | 98.0% | 96.6% | 1.4% | 4,231 | 3,621 | 16.8% |
|  | 6,616 | 18.4% | 97.2% | 96.5% | 0.7% | 3,421 | 3,055 | 12.0% |
| Southeast Region |  |  |  |  |  |  |  |  |
| Tampa, FL | 3,877 | 6.3% | 96.8% | 97.4% | -0.6% | 1,975 | 1,653 | 19.5% |
| Orlando, FL | 2,500 | 3.8% | 96.8% | 97.4% | -0.6% | 1,707 | 1,475 | 15.7% |
| Nashville, TN | 2,260 | 3.3% | 97.4% | 97.9% | -0.5% | 1,636 | 1,431 | 14.3% |
|  | 8,637 | 13.4% | 97.0% | 97.5% | -0.5% | 1,808 | 1,543 | 17.2% |
| Southwest Region |  |  |  |  |  |  |  |  |
| Dallas, TX | 3,866 | 5.2% | 97.0% | 97.1% | -0.1% | 1,715 | 1,536 | 11.7% |
| Austin, TX | 1,272 | 1.8% | 97.7% | 98.1% | -0.4% | 1,824 | 1,609 | 13.4% |
|  | 5,138 | 7.0% | 97.2% | 97.4% | -0.2% | 1,742 | 1,553 | 12.2% |
| Other Markets | 2,740 | 5.9% | 97.1% | 97.4% | -0.3% | 2,406 | 2,144 | 12.2% |
| Total/Weighted Avg. | 47,360 | 100.0% | 97.0% | 97.0% | 0.0% | $2,425 | $2,183 | 11.1% |

(1) See Attachment 15 for definitions and other terms.

16

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![img-5.jpeg](img-5.jpeg)

## Attachment 8(F)

UDR, Inc.

### Same-Store Operating Information By Major Market

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

December 31, 2022

(Unaudited) $^{(1)}$

|  | Total Same-Store Homes | Same-Store ($000s) |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | Revenues |  |  | Expenses |  |  | Net Operating Income |  |  |
|  |  | YTD 22 | YTD 21 | Change | YTD 22 | YTD 21 | Change | YTD 22 | YTD 21 | Change |
| West Region |  |  |  |  |  |  |  |  |  |  |
| Orange County, CA | 4,595 | $151,962 | $140,340 | 8.3% | $33,423 | $30,976 | 7.9% | $118,539 | $109,364 | 8.4% |
| San Francisco, CA | 2,779 | 107,096 | 96,695 | 10.8% | 30,847 | 29,926 | 3.1% | 76,249 | 66,769 | 14.2% |
| Seattle, WA | 2,726 | 86,416 | 76,790 | 12.5% | 22,878 | 22,500 | 1.7% | 63,538 | 54,290 | 17.0% |
| Monterey Peninsula, CA | 1,567 | 39,786 | 36,655 | 8.5% | 8,930 | 8,099 | 10.3% | 30,856 | 28,556 | 8.1% |
| Los Angeles, CA | 1,225 | 43,037 | 38,509 | 11.8% | 11,600 | 11,393 | 1.8% | 31,437 | 27,116 | 15.9% |
|  | 12,892 | 428,297 | 388,989 | 10.1% | 107,678 | 102,894 | 4.6% | 320,619 | 286,095 | 12.1% |
| Mid-Atlantic Region |  |  |  |  |  |  |  |  |  |  |
| Metropolitan DC | 8,381 | 220,905 | 207,034 | 6.7% | 68,766 | 65,881 | 4.4% | 152,139 | 141,153 | 7.8% |
| Baltimore, MD | 1,597 | 33,764 | 31,407 | 7.5% | 11,313 | 9,959 | 13.6% | 22,451 | 21,448 | 4.7% |
| Richmond, VA | 1,359 | 27,171 | 24,377 | 11.5% | 6,835 | 6,285 | 8.7% | 20,336 | 18,092 | 12.4% |
|  | 11,337 | 281,840 | 262,818 | 7.2% | 86,914 | 82,125 | 5.8% | 194,926 | 180,693 | 7.9% |
| Northeast Region |  |  |  |  |  |  |  |  |  |  |
| Boston, MA | 4,298 | 148,662 | 136,850 | 8.6% | 42,527 | 40,281 | 5.6% | 106,135 | 96,569 | 9.9% |
| New York, NY | 2,318 | 115,336 | 97,298 | 18.5% | 49,605 | 49,547 | 0.1% | 65,731 | 47,751 | 37.7% |
|  | 6,616 | 263,998 | 234,148 | 12.7% | 92,132 | 89,828 | 2.6% | 171,866 | 144,320 | 19.1% |
| Southeast Region |  |  |  |  |  |  |  |  |  |  |
| Tampa, FL | 3,877 | 88,926 | 74,913 | 18.7% | 30,542 | 27,575 | 10.8% | 58,384 | 47,338 | 23.3% |
| Orlando, FL | 2,500 | 49,570 | 43,102 | 15.0% | 14,210 | 12,770 | 11.3% | 35,360 | 30,332 | 16.6% |
| Nashville, TN | 2,260 | 43,202 | 37,988 | 13.7% | 12,299 | 11,516 | 6.8% | 30,903 | 26,472 | 16.7% |
|  | 8,637 | 181,698 | 156,003 | 16.5% | 57,051 | 51,861 | 10.0% | 124,647 | 104,142 | 19.7% |
| Southwest Region |  |  |  |  |  |  |  |  |  |  |
| Dallas, TX | 3,866 | 77,168 | 69,210 | 11.5% | 28,419 | 26,060 | 9.1% | 48,749 | 43,150 | 13.0% |
| Austin, TX | 1,272 | 27,199 | 24,091 | 12.9% | 10,730 | 9,462 | 13.4% | 16,469 | 14,629 | 12.6% |
|  | 5,138 | 104,367 | 93,301 | 11.9% | 39,149 | 35,522 | 10.2% | 65,218 | 57,779 | 12.9% |
| Other Markets | 2,740 | 76,803 | 68,662 | 11.9% | 21,226 | 19,996 | 6.2% | 55,577 | 48,666 | 14.2% |
| Total (2) | 47,360 | $1,337,003 | $1,203,921 | 11.1% | $404,150 | $382,226 | 5.7% | $932,853 | $821,695 | 13.5% |

(1) See Attachment 15 for definitions and other terms.

(2) With concessions reflected on a straight-line basis, Same-Store revenue and Same-Store NOI increased year-over-year by 11.5% and 14.2%, respectively. See Attachment 15(C) for definitions and reconciliations.

17

Table of Contents

## Attachment 8(G)

# **UDR, Inc.**  
 **Same-Store Operating Information By Major Market**  
 **December 31, 2022**  
 **(Unaudited) $^{(1)}$**

|  | Effective Blended Lease Rate Growth 4Q 2022 | Effective New Lease Rate Growth 4Q 2022 | Effective Renewal Lease Rate Growth 4Q 2022 | Annualized Turnover |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  | 4Q 2022 | 4Q 2021 | YTD 2022 | YTD 2021 |
| West Region |  |  |  |  |  |  |  |
| Orange County, CA | 6.4% | 5.3% | 7.9% | 41.4% | 35.7% | 43.1% | 43.8% |
| San Francisco, CA | 3.9% | 0.9% | 7.7% | 41.8% | 35.3% | 40.3% | 42.0% |
| Seattle, WA | -0.2% | -7.4% | 6.9% | 42.0% | 44.3% | 48.3% | 50.7% |
| Monterey Peninsula, CA | 3.4% | 1.3% | 5.7% | 38.0% | 24.1% | 32.4% | 27.9% |
| Los Angeles, CA | 9.3% | 11.2% | 7.5% | 31.1% | 28.2% | 32.7% | 36.7% |
|  | 4.1% | 1.4% | 7.3% | 40.5% | 36.5% | 42.0% | 43.3% |
| Mid-Atlantic Region |  |  |  |  |  |  |  |
| Metropolitan DC | 3.7% | -1.1% | 8.7% | 31.0% | 29.6% | 41.9% | 42.2% |
| Baltimore, MD | 0.6% | -3.8% | 7.1% | 38.6% | 35.3% | 53.9% | 46.5% |
| Richmond, VA | 4.9% | 1.1% | 9.0% | 36.2% | 33.3% | 46.6% | 41.9% |
|  | 3.4% | -1.3% | 8.6% | 32.9% | 30.9% | 44.5% | 42.8% |
| Northeast Region |  |  |  |  |  |  |  |
| Boston, MA | 5.6% | 2.3% | 9.3% | 33.7% | 35.0% | 44.0% | 45.1% |
| New York, NY | 15.1% | 16.3% | 14.1% | 24.0% | 25.5% | 40.0% | 41.7% |
|  | 9.3% | 7.2% | 11.3% | 31.1% | 32.5% | 42.7% | 44.0% |
| Southeast Region |  |  |  |  |  |  |  |
| Tampa, FL | 6.4% | 1.9% | 12.5% | 46.9% | 35.6% | 54.9% | 45.0% |
| Orlando, FL | 7.7% | 4.3% | 11.8% | 46.8% | 40.8% | 50.2% | 47.2% |
| Nashville, TN | 8.6% | 5.6% | 12.0% | 38.1% | 36.0% | 48.5% | 46.7% |
|  | 7.3% | 3.3% | 12.2% | 44.9% | 37.3% | 52.0% | 46.1% |
| Southwest Region |  |  |  |  |  |  |  |
| Dallas, TX | 5.1% | 2.1% | 8.8% | 43.2% | 44.7% | 50.3% | 49.1% |
| Austin, TX | 4.6% | 1.5% | 8.2% | 37.1% | 42.4% | 49.2% | 48.2% |
|  | 5.0% | 2.0% | 8.7% | 42.2% | 44.3% | 50.0% | 48.9% |
| Other Markets | 4.3% | -0.7% | 10.3% | 42.8% | 34.1% | 37.6% | 34.0% |
| Total/Weighted Avg. | 5.4% | 2.0% | 9.3% | 38.2% | 35.2% | 45.3% | 44.0% |

Allocation of Total Homes Repriced during the Quarter **52.9%** **47.1%**

(1) See Attachment 15 for definitions and other terms.

18

Table of Contents

## Attachment 9

UDR, Inc.

### Development and Land Summary

December 31, 2022

(Dollars in Thousands)

(Unaudited) $^{(1)}$

#### Wholly-Owned

| Community | Location | # of Homes | Compl. Homes | Cost to Date | Budgeted Cost | Est. Cost per Home | Schedule |  |  | Percentage |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  | Start | Initial Occ. | Compl. | Leased | Occupied |
| Projects Under Construction |  |  |  |  |  |  |  |  |  |  |  |
| The MO | Washington, DC | 300 | 161 | $135,463 | $145,000 | $483 | 3Q20 | 4Q22 | 1Q23 | 14.0% | 9.3% |
| Villas at Fiori | Addison, TX | 85 | - | 17,732 | 53,500 | 629 | 1Q22 | 1Q24 | 2Q24 | - | - |
| Meridian | Tampa, FL | 330 | - | 36,910 | 134,000 | 406 | 1Q22 | 2Q24 | 2Q24 | - | - |
| Total Under Construction |  | 715 | 161 | $190,105 | $332,500 | $465 |  |  |  |  |  |
| Completed Projects, Non-Stabilized |  |  |  |  |  |  |  |  |  |  |  |
| Cirrus | Denver, CO | 292 | 292 | $101,444 | $101,850 | $349 | 3Q19 | 1Q22 | 2Q22 | 79.5% | 76.0% |
| The George Apartments | King of Prussia, PA | 200 | 200 | 66,261 | 68,000 | 340 | 4Q20 | 1Q22 | 3Q22 | 97.0% | 97.0% |
| 5421 at Dublin Station | Dublin, CA | 220 | 220 | 124,596 | 125,000 | 568 | 4Q19 | 3Q22 | 4Q22 | 31.8% | 24.6% |
| Vitruvian West Phase 3 | Addison, TX | 405 | 405 | 73,126 | 74,000 | 183 | 1Q21 | 1Q22 | 4Q22 | 91.9% | 90.9% |
| Total Completed, Non-Stabilized |  | 1,117 | 1,117 | $365,427 | $368,850 | $330 |  |  |  |  |  |
| Total - Wholly Owned |  | 1,832 | 1,278 | $555,532 | $701,350 | $383 |  |  |  |  |  |

#### NOI From Wholly-Owned Projects

4Q 22

| Projects Under Construction | $(446) |
| --- | --- |
| Completed, Non-Stabilized | 2,183 |
| Total | $1,737 |

#### Land Summary

| Parcel | Location | UDR Ownership Interest | Real Estate Cost Basis |
| --- | --- | --- | --- |
| Vitruvian Park* | Addison, TX | 100% | $34,951 |
| Alameda Point Block 11 | Alameda, CA | 100% | 30,615 |
| Newport Village II | Alexandria, VA | 100% | 15,524 |
| 2727 Turtle Creek (includes 3 phases) | Dallas, TX | 100% | 92,507 |
| 488 Riverwalk | Fort Lauderdale, FL | 100% | 17,870 |
| 3001 Iowa Avenue | Riverside, CA | 100% | 14,551 |
| Total |  |  | $206,018 |

(1) See Attachment 15 for definitions and other terms.

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## Attachment 10

# **UDR, Inc.**  
 **Redevelopment Summary**  
 **December 31, 2022**  
 **(Dollars in Thousands)**  
 **(Unaudited) $^{(1)}$**

| Community | Location | # of Homes | Sched. Redev. Homes | Compl. Homes | Cost to Date | Budgeted Cost (2) | Est. Cost per Home | Schedule |  | Percentage |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  | Start | Compl. | Leased | Occupied |
| Projects in Redevelopment with Stabilized Operations |  |  |  |  |  |  |  |  |  |  |  |
| Eight80 Newport Beach (3) | Newport Beach, CA | 1,447 | 30 | - | $14,874 | $18,000 | $600 | 1Q21 | 1Q23 | 95.3% | 94.2% |
| Lakeline Villas (4) | Cedar Park, TX | 309 | 288 | 35 | 2,581 | 10,500 | 36 | 3Q22 | 2Q24 | 98.4% | 98.1% |
| Red Stone Ranch (4) | Cedar Park, TX | 324 | 324 | 47 | 2,525 | 12,000 | 37 | 3Q22 | 2Q24 | 98.5% | 97.8% |
| Towson Promenade (4) | Towson, MD | 379 | 379 | 1 | 463 | 17,000 | 45 | 3Q22 | 2Q24 | 95.3% | 95.3% |
| 20 Lambourne (4) | Towson, MD | 264 | 264 | 25 | 1,408 | 9,000 | 34 | 3Q22 | 2Q24 | 95.8% | 95.1% |
| Lenox Farms (4) | Braintree, MA | 338 | 338 | 17 | 2,306 | 15,500 | 46 | 3Q22 | 3Q24 | 97.0% | 97.0% |
| Total |  | 3,061 | 1,623 | 125 | $24,157 | $82,000 | $51 |  |  |  |  |

(1) See Attachment 15 for definitions and other terms.

(2) Represents UDR's incremental capital invested in the Projects.

(3) Project consists of unit additions and renovation of related common area amenities. Existing homes for this Project remain in Same-Store.

(4) Projects consist of unit renovations and renovation of related common area amenities. These communities remain in Same-Store.

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## Attachment 11(A)

# **UDR, Inc.**  
 **Unconsolidated Summary**  
 **December 31, 2022**  
 **(Dollars in Thousands)**  
 **(Unaudited) $^{(1)}$**

| Portfolio Characteristics | Own. Interest | # of Comm. | # of Homes | Physical Occupancy 4Q 22 | Total Rev. per Occ. Home 4Q 22 | Net Operating Income |  | Total YTD 22 (2) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  | UDR's Share 4Q 22 | YTD 22 |  |
| UDR / MetLife | 50% | 13 | 2,837 | 97.0% | $4,131 | $11,242 | $41,048 | $81,644 |

| Balance Sheet Characteristics | Gross Book Value of JV Real Estate Assets (3) | Total Project Debt (3) | UDR's Equity Investment | Weighted Avg. Debt Interest Rate | Debt Maturities |
| --- | --- | --- | --- | --- | --- |
| UDR / MetLife | $1,716,256 | $857,909 | $254,612 | 3.70% | 2024-2031 |

| Joint Venture Same-Store Growth | Joint Venture Same-Store Communities (4) | 4Q 22 vs. 4Q 21 Growth |  |  | 4Q 22 vs. 3Q 22 Growth |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | Revenue | Expense | NOI | Revenue | Expense | NOI |
| UDR / MetLife | 13 | 16.2% | 4.5% | 23.7% | 3.9% | -4.6% | 9.2% |

| Joint Venture Same-Store Growth | Joint Venture Same-Store Communities (4) | YTD 22 vs. YTD 21 Growth |  |  |
| --- | --- | --- | --- | --- |
|  |  | Revenue | Expense | NOI |
| UDR / MetLife | 13 | 14.2% | 4.2% | 21.1% |

| Other Unconsolidated Investments (5) | UDR Investment (6) |  |  | Income/(Loss) from Investments 4Q 22 (7) |
| --- | --- | --- | --- | --- |
|  | Commitment | Funded | Balance |  |
| RETV Funds | $51,000 | $25,380 | $28,271 | $(7,159) |
| RET Strategic Fund | 25,000 | 7,500 | 8,078 | 610 |
| RET ESG Fund | 10,000 | 3,000 | 2,898 | (81) |
| Climate Technology Funds | 10,000 | 5,921 | 5,741 | (108) |
| Total | $96,000 | $41,801 | $44,988 | $(6,738) |

(1) See Attachment 15 for definitions and other terms.

(2) Represents NOI at 100% for the period ended December 31, 2022.

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

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

(5) Other unconsolidated investments represent UDR's investments in real estate technology and climate technology funds. The RETV III investment was entered into during the three months ended December 31, 2022.

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

(7) Income/(loss) from investments is deducted/added back to FFOA and is primarily due to a decrease in SmartRent's public share price.

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## Attachment 11(B)

# **UDR, Inc.**  
 **Developer Capital Program**  
 **December 31, 2022**  
 **(Dollars in Thousands)**  
 **(Unaudited) $^{(1)}$**

### Developer Capital Program $^{(2)}$

| Community | Location | # of Homes | UDR Investment |  | Return Rate | Years to Maturity | Upside Participation |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  | Commitment (3) | Balance (3) |  |  |  |
| Preferred Equity |  |  |  |  |  |  |  |
| Junction | Santa Monica, CA | 66 | $8,800 | $14,865 | 12.5% | 0.8 | - |
| 1300 Fairmount | Philadelphia, PA | 471 | 51,393 | 70,501 | 8.5% | 0.8 | Variable |
| Modera Lake Merritt | Oakland, CA | 173 | 27,250 | 32,672 | 9.0% | 1.4 | Variable |
| Thousand Oaks | Thousand Oaks, CA | 142 | 20,059 | 24,898 | 9.0% | 2.1 | Variable |
| Vernon Boulevard | Queens, NY | 534 | 40,000 | 54,880 | 13.0% | 2.5 | Variable |
| Makers Rise | Herndon, VA | 356 | 30,208 | 34,059 | 9.0% | 3.0 | Variable |
| 121 at Watters | Allen, TX | 469 | 19,843 | 22,511 | 9.0% | 3.2 | Variable |
| Infield Phase I | Kissimmee, FL | 384 | 16,044 | 17,816 | 14.0% | 1.4 | - |
| Upton Place | Washington, DC | 689 | 52,163 | 56,832 | 9.7% | 4.9 | - |
| Meetinghouse | Portland, OR | 232 | 11,600 | 12,134 | 8.25% | 4.2 | - |
| Heirloom | Portland, OR | 286 | 16,185 | 16,714 | 8.25% | 4.4 | - |
| Portfolio Recapitalization (4) | Various | 2,460 | 102,000 | 102,705 | 8.0% | 6.5 | - |
| Total - Preferred Equity |  | 6,262 | $395,545 | $460,587 | 9.4% | 3.6 |  |
| Secured Loans |  |  |  |  |  |  |  |
| Menifee | Menifee, CA | 237 | $24,447 | $5,813 | 11.0% | 3.9 | - |
| Riverside | Riverside, CA | 482 | 59,676 | 17,292 | 11.0% | 3.9 | - |
| Total - Secured Loans |  | 719 | $84,123 | $23,105 | 11.0% | 3.9 |  |
| Total - Developer Capital Program |  | 6,981 | $479,668 | $483,692 | 9.7% | 3.7 |  |
| 4Q 22 |  |  |  |  |  |  |  |
| Income/(loss) from investments |  | $9,109 |  |  |  |  |  |

(1) See Attachment 15 for definitions and other terms.

(2) UDR's investments are reflected as investment in and advances to unconsolidated joint ventures or notes receivable, net on the Consolidated Balance Sheets and income/(loss) from unconsolidated entities or interest and other income/(expense), net on the Consolidated Statements of Operations in accordance with GAAP.

(3) Investment commitment represents maximum loan principal or equity and therefore excludes accrued return. Investment balance includes amount funded plus accrued return prior to the period end.

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

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## Attachment 12

# **UDR, Inc.**  
 **Acquisitions, Dispositions and Developer Capital Program Investments Summary**  
 **December 31, 2022**  
 **(Dollars in Thousands)**  
 **(Unaudited) $^{(1)}$**

| Date of Investment | Community | Location | Prior Ownership Interest | Post Transaction Ownership Interest | UDR Investment Commitment | Return Rate | # of Homes |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Developer Capital Program - Investment |  |  |  |  |  |  |  |
| Mar-22 | Meetinghouse | Portland, OR | N/A | N/A | $11,600 | 8.25% | 232 |
| Jun-22 | Heirloom | Portland, OR | N/A | N/A | 16,185 | 8.25% | 286 |
| Jun-22 | Menifee | Menifee, CA | N/A | N/A | 24,447 | 11.0% | 237 |
| Jun-22 | Riverside | Riverside, CA | N/A | N/A | 59,676 | 11.0% | 482 |
| Jul-22 | Portfolio Recapitalization | Various | N/A | N/A | 102,000 | 8.0% | 2,460 |
|  |  |  |  |  | $213,908 | 9.2% | 3,697 |

| Developer Capital Program - Redemption/Repayment |  |  | Proceeds Received Life to Date | Proceeds Received at Redemption/Repayment | UDR Investment | Return Rate | # of Homes |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Jan-22 | 1200 Broadway | Nashville, TN | $88,095 | $74,037 | $55,558 | 12.25% | 330 |
| Mar-22 | Infield Phase II | Kissimmee, FL | 3,098 | 3,098 | 2,760 | 14.0% | - |
|  |  |  | $91,193 | $77,135 | $58,318 | 12.3% | 330 |

| Date of Purchase | Community | Location | Prior Ownership Interest | Post Transaction Ownership Interest | Price (2) | Debt (2) | # of Homes | Price per Home |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Acquisitions - Wholly-Owned |  |  |  |  |  |  |  |  |
| Jun-22 | Bradlee Danvers | Danvers, MA | 0% | 100% | $207,500 | $ - | 433 | $479 |
|  |  |  |  |  | $207,500 | $ - | 433 | $479 |

| Acquisitions - Wholly-Owned Land |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Apr-22 | 488 Riverwalk | Fort Lauderdale, FL | 0% | 100% | $16,000 | $ - | - | $ - |
| Jun-22 | 3001 Iowa Avenue (3) | Riverside, CA | 0% | 100% | 29,000 | - | - | - |
| Jun-22 | 2727 Turtle Creek (includes 3 phases) | Dallas, TX | 0% | 100% | 90,200 | - | - | - |
|  |  |  |  |  | $135,200 | $ - | - | $ - |

| Date of Sale | Community | Location | Prior Ownership Interest | Post Transaction Ownership Interest | Price (2) | Debt (2) | # of Homes | Price per Home |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Dispositions - Wholly-Owned |  |  |  |  |  |  |  |  |
| Nov-22 | Foxborough (4) | Orange County, CA | 100% | 0% | $41,500 | $ - | 90 | $461 |
|  |  |  |  |  | $41,500 | $ - | 90 | $461 |

(1) See Attachment 15 for definitions and other terms.

(2) Price represents 100% of the asset. Debt represents 100% of the asset's indebtedness.

(3) Acquisition of 3001 Iowa Avenue included 2 operating retail parcels.

(4) UDR recorded a gain on sale of approximately $25.5 million during the three and twelve months ended December 31, 2022, which is included in gain/(loss) on sale of real estate owned.

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## Attachment 13

# **UDR, Inc.**  
 **Capital Expenditure and Repair and Maintenance Summary**  
 **December 31, 2022**  
 **(In thousands, except Cost per Home)**  
 **(Unaudited)$^{(1)}$**

| Capital Expenditures for Consolidated Homes (2) | Estimated Useful Life (yrs.) | Three Months Ended December 31, 2022 | Cost per Home | Capex as a % of NOI | Twelve Months Ended December 31, 2022 | Cost per Home | Capex as a % of NOI |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Average number of homes (3) |  | 53,740 |  |  | 53,514 |  |  |
| Recurring Cap Ex |  |  |  |  |  |  |  |
| Asset preservation |  |  |  |  |  |  |  |
| Building interiors | 5 - 20 | $10,028 | $187 |  | $31,599 | $590 |  |
| Building exteriors | 5 - 20 | 8,610 | 160 |  | 19,196 | 359 |  |
| Landscaping and grounds | 10 | 1,942 | 36 |  | 5,918 | 111 |  |
| Total asset preservation |  | 20,580 | 383 |  | 56,713 | 1,060 |  |
| Turnover related | 5 | 4,934 | 92 |  | 17,148 | 320 |  |
| Total Recurring Cap Ex |  | 25,514 | 475 | 9% | 73,861 | 1,380 | 7% |
| NOI Enhancing Cap Ex | 5 - 20 | 24,073 | 448 |  | 72,165 | 1,349 |  |
| Total Recurring and NOI Enhancing Cap Ex |  | $49,587 | $923 |  | $146,026 | $2,729 |  |

| Repair and Maintenance for Consolidated Homes (Expensed) | Three Months Ended December 31, 2022 | Cost per Home | Twelve Months Ended December 31, 2022 | Cost per Home |
| --- | --- | --- | --- | --- |
| Average number of homes (3) | 53,740 |  | 53,514 |  |
| Contract services | $9,422 | $175 | $38,939 | $728 |
| Turnover related expenses | 6,032 | 112 | 24,790 | 463 |
| Other Repair and Maintenance |  |  |  |  |
| Building interiors | 3,771 | 70 | 14,121 | 264 |
| Building exteriors | 1,177 | 22 | 4,708 | 88 |
| Landscaping and grounds | 628 | 12 | 2,105 | 39 |
| Total Repair and Maintenance | $21,030 | $391 | $84,663 | $1,582 |

(1) See Attachment 15 for definitions and other terms.

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

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

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![img-0.jpeg](img-0.jpeg)

# Attachment 14

## UDR, Inc. 1Q 2023 and Full-Year 2023 Guidance December 31, 2022 (Unaudited) $^{(1)}$

|  | 1Q 2023 | Guidance Full-Year 2023 |
| --- | --- | --- |
| Net Income, FFO, FFO as Adjusted and AFFO per Share and Unit Guidance |  |  |
| Income/(loss) per weighted average common share, diluted | $0.10 to $0.12 | $0.48 to $0.56 |
| FFO per common share and unit, diluted | $0.59 to $0.61 | $2.45 to $2.53 |
| FFO as Adjusted per common share and unit, diluted | $0.59 to $0.61 | $2.45 to $2.53 |
| Adjusted Funds from Operations ('AFFO') per common share and unit, diluted | $0.56 to $0.58 | $2.22 to $2.30 |
| Annualized dividend per share and unit |  | $1.68 |
| Same-Store Guidance |  | Full-Year 2023 |
| Revenue growth / (decline) (Cash basis) |  | 5.50% to 7.50% |
| Revenue growth / (decline) (Straight-line basis) |  | 5.75% to 7.75% |
| Expense growth |  | 4.00% to 5.50% |
| NOI growth / (decline) (Cash basis) |  | 6.00% to 8.50% |
| NOI growth / (decline) (Straight-line basis) |  | 6.25% to 8.75% |
| Sources of Funds ($ in millions) |  | Full-Year 2023 |
| AFFO less Dividends |  | $191 to $219 |
| Debt Issuances/Assumptions and LOC Draw/(Paydown) |  | $0 to $100 |
| Dispositions and Developer Capital Program maturities |  | $75 to $125 |
| Uses of Funds ($ in millions) |  | Full-Year 2023 |
| Debt maturities inclusive of principal amortization (2) |  | $5 |
| Development spending and land acquisitions |  | $75 to $175 |
| Redevelopment and other non-recurring |  | $75 to $125 |
| Developer Capital Program funding |  | $25 to $50 |
| Acquisitions |  | $0 |
| NOI enhancing capital expenditures inclusive of Kitchen and Bath |  | $75 to $85 |
| Other Additions/(Deductions) ($ in millions except per home amounts) |  | Full-Year 2023 |
| Consolidated interest expense, net of capitalized interest and adjustments for FFO as Adjusted |  | $172 to $178 |
| Consolidated capitalized interest |  | $9 to $13 |
| General and administrative |  | $64 to $70 |
| Recurring capital expenditures per home |  | $1,425 |

(1) See Attachment 15 for definitions and other terms.

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

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![img-1.jpeg](img-1.jpeg)

## Attachment 15(A)

### UDR, Inc. Definitions and Reconciliations December 31, 2022 (Unaudited)

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

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

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

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

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

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

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

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

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

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

**Controllable Operating Margin:** The Company defines Controllable Operating Margin as (i) rental income less Controllable Expenses (ii) divided by rental income. Management considers Controllable Operating Margin a useful metric as it provides investors with an indicator of the Company's ability to limit the growth of expenses that are within the control of the Company.

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

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

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

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

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

Management considers Effective New Lease Rate Growth a useful metric for investors as it assesses market-level new demand trends.

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

Management considers Effective Renewal Lease Rate Growth a useful metric for investors as it assesses market-level, in-place demand trends.

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

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## Attachment 15(B)### UDR, Inc.### Definitions and Reconciliations#### December 31, 2022#### (Unaudited)

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

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

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

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

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

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

##### In thousands

|  | 4Q 2022 | YTD 2022 |
| --- | --- | --- |
| Income/(loss) from unconsolidated entities | $761 | $4,947 |
| Management fee | 605 | 2,285 |
| Interest expense | 4,044 | 15,395 |
| Depreciation | 7,492 | 30,062 |
| General and administrative | 59 | 227 |
| Variable upside participation on DCP, net | - | (10,622) |
| Developer Capital Program (excludes Menifee and Riverside) | (8,731) | (37,358) |
| Other (income)/expense | 382 | 683 |
| Realized (gain)/loss on real estate technology investments, net of tax | 400 | (1,587) |
| Unrealized (gain)/loss on real estate technology investments, net of tax | 6,230 | 37,016 |
| Total Joint Venture NOI at UDR's Ownership Interest | $11,242 | $41,048 |

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

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

##### In thousands

|  | 4Q 2022 | 3Q 2022 | 2Q 2022 | 1Q 2022 | 4Q 2021 |
| --- | --- | --- | --- | --- | --- |
| Net income/(loss) attributable to UDR, Inc. | $44,530 | $23,605 | $5,084 | $13,705 | $117,461 |
| Property management | 12,949 | 12,675 | 11,952 | 11,576 | 10,411 |
| Other operating expenses | 4,008 | 3,746 | 5,027 | 4,712 | 8,604 |
| Real estate depreciation and amortization | 167,241 | 166,781 | 167,584 | 163,622 | 163,755 |
| Interest expense | 43,247 | 39,905 | 36,832 | 35,916 | 36,418 |
| Casualty-related charges/(recoveries), net | 8,523 | 901 | 1,074 | (765) | (934) |
| General and administrative | 16,811 | 15,840 | 16,585 | 14,908 | 13,868 |
| Tax provision/(benefit), net | (683) | 377 | 312 | 343 | 156 |
| (Income)/loss from unconsolidated entities | (761) | (10,003) | 11,229 | (5,412) | (36,523) |
| Interest income and other (income)/expense, net | (1) | 7,495 | (3,001) | 2,440 | (2,254) |
| Joint venture management and other fees | (1,244) | (1,274) | (1,419) | (1,085) | (1,184) |
| Other depreciation and amortization | 4,823 | 3,430 | 3,016 | 3,075 | 4,713 |
| (Gain)/loss on sale of real estate owned | (25,494) | - | - | - | (85,223) |
| Net income/(loss) attributable to noncontrolling interests | 2,937 | 1,540 | 280 | 898 | 8,683 |
| Total consolidated NOI | $276,886 | $265,018 | $254,555 | $243,933 | $237,951 |

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## Attachment 15(C)

### UDR, Inc. Definitions and Reconciliations December 31, 2022 (Unaudited)

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

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

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

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

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

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

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

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

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

**Same-Store Revenue with Concessions on a Cash Basis:** Same-Store Revenue with Concessions on a Cash Basis is considered by the Company to be a supplemental measure to rental income on a straight-line basis which allows investors to evaluate the impact of both current and historical concessions and to more readily enable comparisons to revenue as reported by its peer REITs. In addition, Same-Store Revenue with Concessions on a Cash Basis allows an investor to understand the historical trends in cash concessions.

A reconciliation between Same-Store Revenue with Concessions on a Cash Basis to Same-Store Revenue on a straight-line basis (inclusive of the impact to Same-Store NOI) is provided below:

|  | 4Q 22 | 4Q 21 | 4Q 22 | 3Q 22 | YTD 22 | YTD 21 |
| --- | --- | --- | --- | --- | --- | --- |
| Revenue (Cash basis) | $371,449 | $337,481 | $371,449 | $365,718 | $1,337,003 | $1,203,921 |
| Concessions granted/(amortized), net | 1,087 | (5,218) | 1,087 | (348) | (6,022) | (10,381) |
| Revenue (Straight-line basis) | $372,536 | $332,263 | $372,536 | $365,370 | $1,330,981 | $1,193,540 |
| % change - Same-Store Revenue with Concessions on a Cash basis: | 10.1% |  | 1.6% |  | 11.1% |  |
| % change - Same-Store Revenue with Concessions on a Straight-line basis: | 12.1% |  | 2.0% |  | 11.5% |  |
| % change - Same-Store NOI with Concessions on a Cash basis: | 11.5% |  | 3.7% |  | 13.5% |  |
| % change - Same-Store NOI with Concessions on a Straight-line basis: | 14.5% |  | 4.3% |  | 14.2% |  |

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

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

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

**Total Revenue per Occupied Home:** The Company defines Total Revenue per Occupied Home as rental and other revenues with concessions reported on a Cash Basis, divided by the product of occupancy and the number of apartment homes. A reconciliation between Same-Store Revenue with Concessions on a Cash Basis to Same-Store Revenue on a straight-line basis is provided above.

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

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

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

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## Attachment 15(D)

### UDR, Inc. Definitions and Reconciliations December 31, 2022 (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 2023 and first quarter of 2023 to forecasted FFO, FFO as Adjusted and AFFO per share and unit:

|  | Full-Year 2023 |  |
| --- | --- | --- |
|  | Low | High |
| Forecasted net income per diluted share | $0.48 | $0.56 |
| Conversion from GAAP share count | (0.02) | (0.02) |
| Depreciation | 1.97 | 1.97 |
| Noncontrolling interests | 0.01 | 0.01 |
| Preferred dividends | 0.01 | 0.01 |
| Forecasted FFO per diluted share and unit | $2.45 | $2.53 |
| Legal and other costs | - | - |
| Casualty-related charges/(recoveries) | - | - |
| Variable upside participation on DCP, net | - | - |
| Realized/unrealized (gain)/loss on real estate technology investments | - | - |
| Forecasted FFO as Adjusted per diluted share and unit | $2.45 | $2.53 |
| Recurring capital expenditures | (0.23) | (0.23) |
| Forecasted AFFO per diluted share and unit | $2.22 | $2.30 |

|  | 1Q 2023 |  |
| --- | --- | --- |
|  | Low | High |
| Forecasted net income per diluted share | $0.10 | $0.12 |
| Conversion from GAAP share count | (0.01) | (0.01) |
| Depreciation | 0.50 | 0.50 |
| Noncontrolling interests | - | - |
| Preferred dividends | - | - |
| Forecasted FFO per diluted share and unit | $0.59 | $0.61 |
| Legal and other costs | - | - |
| Casualty-related charges/(recoveries) | - | - |
| Realized/unrealized (gain)/loss on real estate technology investments | - | - |
| Forecasted FFO as Adjusted per diluted share and unit | $0.59 | $0.61 |
| Recurring capital expenditures | (0.03) | (0.03) |
| Forecasted AFFO per diluted share and unit | $0.56 | $0.58 |

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