Form 8-K - Current report

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): July 30, 2024

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:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01	UDR	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 ☐

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 July 30, 2024, UDR, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2024. 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 July 30, 2024.
99.2		Supplemental Financial Information dated July 30, 2024.
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.

July 30, 2024	By:	/s/ Joseph D. Fisher
		Joseph D. Fisher
		President and Chief Financial Officer
		(Principal Financial Officer)


				Exhibit 99.1
Press Release
DENVER, CO – July 30, 2024				Contact: Trent Trujillo
				Email: ttrujillo@udr.com

UDR ANNOUNCES SECOND QUARTER RESULTS

AND RAISES FULL-YEAR 2024 GUIDANCE RANGES

UDR, Inc. (the “Company”) (NYSE: UDR), announced today its second quarter 2024 results. Net Income, Funds from Operations (“FFO”), FFO as Adjusted (“FFOA”), and Adjusted FFO (“AFFO”) per diluted share for the quarter ended June 30, 2024 are detailed below.


	Quarter Ended June 30
Metric	2Q 2024 Actual	2Q 2024 Guidance	2Q 2023 Actual	$ Change vs. Prior Year Period	% Change vs. Prior Year Period
Net Income per diluted share	$0.08	$0.13 to $0.15	$1.05	($0.97)	(92%)
FFO per diluted share	$0.60	$0.60 to $0.62	$0.63	($0.03)	(5%)
FFOA per diluted share	$0.62	$0.60 to $0.62	$0.61	$0.01	2%
AFFO per diluted share	$0.55	$0.53 to $0.55	$0.55	$0.00	0%

●

Same-Store (“SS”) results, with concessions reflected on a straight-line basis, for the second quarter 2024 versus the second quarter 2023 and the first quarter 2024 are summarized below.


SS Growth / (Decline)	Year-Over-Year (“YOY”): 2Q 2024 vs. 2Q 2023	Sequential: 2Q 2024 vs. 1Q 2024
Revenue	2.5%	0.6%
Expense	3.7%	(1.5%)
Net Operating Income (“NOI”)	2.0%	1.6%

●

During the second quarter, the Company completed the development of 101 N. Meridian, a $134.0 million, 330-home apartment community in Tampa, FL.

●

Subsequent to quarter-end, the Company,

o

Funded $25.9 million and is under contract to fund an additional $9.1 million as part of a preferred equity DCP portfolio investment at a 10.75 percent rate of return in four stabilized communities in Portland, OR as part of a recapitalization.

o

Received a $17.2 million partial paydown of its preferred equity DCP investment in Vernon Boulevard, a 534-home apartment community recently developed in Queens, NY.

o

Earned the distinction of being a 2024 National Top Workplaces winner in the Real Estate Industry.

“Strong employment growth and relative affordability compared to other forms of housing translated into near-record-high absorption for the industry in the first half of the year, leading to results that met the high-end of our FFOA per share expectations,” said Tom Toomey, UDR’s Chairman and CEO. “Supported by more robust pricing power than anticipated, the strength of our operating platform, and an innovative culture that continues to generate value-creating initiatives, we are raising full-year 2024 FFOA per diluted share and same-store growth guidance expectations to reflect our strong positioning in the marketplace.”

Outlook⁽¹⁾

As shown in the table below, the Company has established the following guidance ranges for the third quarter of 2024 and has updated its previously provided full-year 2024 Net Income per diluted share, FFO per diluted share, FFOA per diluted share, AFFO per diluted share, and Same-Store growth guidance ranges.


	3Q 2024 Outlook	2Q 2024 Actual	Updated Full-Year 2024 Outlook	Prior Full-Year 2024 Outlook	Full-Year 2024 Midpoint (Change)
Net Income per diluted share	$0.08 to $0.10	$0.08	$0.35 to $0.43	$0.33 to $0.45	$0.39 (unch)
FFO per diluted share	$0.60 to $0.62	$0.60	$2.38 to $2.46	$2.36 to $2.48	$2.42 (unch)
FFOA per diluted share	$0.61 to $0.63	$0.62	$2.42 to $2.50	$2.38 to $2.50	$2.46 (+$0.02)
AFFO per diluted share	$0.54 to $0.56	$0.55	$2.16 to $2.24	$2.12 to $2.24	$2.20 (+$0.02)
YOY Growth: concessions reflected on a straight-line basis:
SS Revenue	N/A	2.5%	1.00% to 3.00%	0.00% to 3.00%	2.00% (+0.50%)
SS Expense	N/A	3.7%	4.00% to 6.00%	4.25% to 6.25%	5.00% (-0.25%)
SS NOI	N/A	2.0%	(0.25)% to 1.75%	(1.75)% to 1.75%	0.75% (+0.75%)

⁽¹⁾

Additional assumptions for the Company’s third quarter and full-year 2024 outlook can be found on Attachment 13 of the Company’s related quarterly Supplemental Financial Information (“Supplement”). A reconciliation of GAAP Net Income per share to FFO per share, FFOA per share, and AFFO per share can be found on Attachment 14(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 14(A) through 14(D), “Definitions and Reconciliations,” of the Company’s related quarterly Supplement.

Operating Results

In the second quarter, total revenue increased by $10.8 million YOY, or 2.7 percent, to $415.3 million. This increase was primarily attributable to growth in revenue from Same-Store communities.

“Occupancy, effective new lease rate growth, resident retention, and other income growth all exceeded our second quarter expectations, leading to strong Same-Store revenue results,” said Mike Lacy, UDR’s Senior Vice President of Operations. “As we begin the third quarter, market rents are following a typical seasonal trajectory and have stabilized following sequential growth through mid-June. We remain optimistic on our forward growth prospects as concessions are stable, resident retention continues to improve, other income growth is robust in the high-single-digit range, and effective renewal lease rate growth for July and August has increased to the 4.5 percent to 5.0 percent range, helping to offset some seasonal slowing in effective new lease rate growth.”

Summary of First Quarter 2024, Second Quarter 2024, and July 2024 Residential Operating Trends⁽¹⁾


	As of July 29, 2024
Same-Store Metric	1Q 2024 as reported	2Q 2024 as reported	Jul 2024
Weighted Average Physical Occupancy	97.1%	96.8%	96.2% to 96.3%
Effective Blended Lease Rate Growth⁽²⁾	0.8%	2.4%	2.3% to 2.5%
Effective New Lease Rate Growth	(2.5)%	0.5%	(0.9)% to (0.6)%
Effective Renewal Lease Rate Growth	3.8%	3.9%	4.9% to 5.0%

⁽¹⁾	Metrics are as of July 29, 2024 for the Company’s Same-Store residential portfolio and are subject to change.

⁽²⁾

The Company defines Effective Blended Lease Rate Growth as the combined proportional growth as a result of (a) Effective New Lease Rate Growth and (b) 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. Please refer to the “Definitions and Reconciliations” section of the Company’s related quarterly Supplement for additional details.

In the tables below, the Company has presented YOY, sequential, and year-to-date (“YTD”) Same-Store results by region, with concessions accounted for on a straight-line basis.

Summary of Same-Store Results in the Second Quarter 2024 versus the Second Quarter 2023

				⁽¹⁾
Region	Revenue Growth / (Decline)	Expense Growth / (Decline)	NOI Growth / (Decline)	% of Same-Store Portfolio⁽¹⁾	Physical Occupancy⁽²⁾	YOY Change in Occupancy
West	2.6%	1.9%	2.9%	31.0%	96.6%	0.2%
Mid-Atlantic	3.8%	3.5%	4.0%	20.6%	97.1%	0.2%
Northeast	3.8%	5.1%	3.2%	18.5%	97.2%	0.1%
Southeast	0.8%	1.8%	0.4%	14.1%	96.6%	0.3%
Southwest	0.2%	5.6%	(2.8)%	9.2%	96.7%	0.4%
Other Markets	1.9%	8.1%	(0.5)%	6.6%	96.8%	0.2%
Total	2.5%	3.7%	2.0%	100.0%	96.8%	0.2%

⁽¹⁾	Based on 2Q 2024 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 the Second Quarter 2024 versus the First Quarter 2024

				⁽¹⁾
Region	Revenue Growth / (Decline)	Expense Growth / (Decline)	NOI Growth / (Decline)	% of Same-Store Portfolio⁽¹⁾	Physical Occupancy⁽²⁾	Sequential Change in Occupancy
West	0.1%	(1.5)%	0.7%	31.0%	96.6%	(0.5)%
Mid-Atlantic	0.8%	0.6%	0.9%	20.6%	97.1%	(0.2)%
Northeast	0.9%	(5.2)%	4.4%	18.5%	97.2%	(0.1)%
Southeast	0.7%	(0.7)%	1.4%	14.1%	96.6%	(0.3)%
Southwest	0.7%	0.4%	0.9%	9.2%	96.7%	0.1%
Other Markets	0.9%	(0.6)%	1.5%	6.6%	96.8%	(0.3)%
Total	0.6%	(1.5%)	1.6%	100.0%	96.8%	(0.2)%

⁽¹⁾	Based on 2Q 2024 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 for YTD 2024 versus YTD 2023

				⁽¹⁾
Region	Revenue Growth / (Decline)	Expense Growth / (Decline)	NOI Growth / (Decline)	% of Same-Store Portfolio⁽¹⁾	Physical Occupancy⁽²⁾	YTD YOY Change in Occupancy
West	3.0%	5.3%	2.2%	31.4%	96.9%	0.6%
Mid-Atlantic	4.1%	6.1%	3.2%	20.9%	97.2%	0.4%
Northeast	3.9%	7.8%	2.0%	18.4%	97.3%	0.2%
Southeast	1.5%	2.8%	0.9%	14.2%	96.7%	0.5%
Southwest	0.2%	1.5%	(0.6)%	8.8%	96.7%	0.3%
Other Markets	2.2%	9.9%	(0.6)%	6.3%	97.0%	0.2%
Total	2.8%	5.4%	1.7%	100.0%	97.0%	0.5%

⁽¹⁾	Based on YTD 2024 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 YTD 2024.

Development Activity

During the quarter, the Company completed the development of 101 N. Meridian, a $134.0 million, 330-home apartment community in Tampa, FL. At the end of the second quarter, the Company had no projects in its active development pipeline.

Developer Capital Program (“DCP”) Portfolio Activity

At the end of the second quarter, the Company had funded $483.8 million, or 99.8 percent, of its $484.7 million of DCP commitments. These investments carry a contractual weighted average 10.0 percent rate of return and have a weighted average remaining term of 2.4 years.

Subsequent to quarter-end, the Company,

●

Received a $17.2 million partial paydown of its preferred equity DCP investment in Vernon Boulevard, a 534-home apartment community recently developed in Queens, NY. In conjunction with the paydown, the Company’s remaining $50.0 million preferred equity investment will earn a contractual 11.0 percent rate of return, which was adjusted lower from a previous 13.0 percent rate of return to reflect the reduced risk in UDR’s investment.

●

Funded $25.9 million and is under contract to fund an additional $9.1 million as part of a preferred equity DCP portfolio investment in four stabilized communities as part of a recapitalization, which is summarized below.

Community / Type

Location (MSA)

Apartment Homes

Investment Type

Commitment

($ millions)

Last Dollar LTV⁽¹⁾

Rate of Return

Stabilized Portfolio / Recapitalization

Portland, OR

818

Preferred Equity

$35.0

75%

10.75%

⁽¹⁾

The capital structure for this portfolio includes, in order of seniority, senior loans that represent approximately 57.5 percent of property value, UDR’s preferred equity investment that represents the next approximately 17.5 percent of property value, and sponsor equity representing the remaining approximately 25 percent of property value, with these percentages based on the transaction price.

Capital Markets and Balance Sheet Activity

The Company’s total indebtedness as of June 30, 2024 was $5.8 billion with only $290.3 million, or 5.4 percent of total consolidated debt, maturing through 2025, including principal amortization and excluding amounts on the Company’s commercial paper program and working capital credit facility. As of June 30, 2024, the Company had $946.2 million in liquidity through a combination of cash and undrawn capacity on its credit facilities. Please see Attachment 13 of the Company’s related quarterly Supplement for additional details on projected capital sources and uses.

In the table below, the Company has presented select balance sheet metrics for the quarter ended June 30, 2024 and the comparable prior year period.


	Quarter Ended June 30
Balance Sheet Metric	2Q 2024	2Q 2023	Change
Weighted Average Interest Rate	3.38%	3.21%	0.17%
Weighted Average Years to Maturity⁽¹⁾	5.2	6.3	(1.1)
Consolidated Fixed Charge Coverage Ratio	5.0x	5.0x	0.0x
Consolidated Debt as a percentage of Total Assets	32.7%	31.9%	0.8%
Consolidated Net Debt-to-EBITDAre⁽²⁾	5.7x	5.5x	0.2x

(1)	If the Company’s commercial paper balance was refinanced using its line of credit, the weighted average years to maturity would have been 5.3 years with and without extensions for 2Q 2024 and 6.4 years with and without extensions for 2Q 2023.

(2)	Defined as EBITDAre - adjusted for non-recurring items. A reconciliation of GAAP Net Income per share to EBITDAre - adjusted for non-recurring items and GAAP Total Debt to Net Debt can be found on Attachment 4(C) of the Company’s related quarterly Supplement.

Corporate Responsibility

As previously announced, subsequent to quarter-end, the Company was named as a 2024 Top Workplaces winner in the Real Estate Industry. This distinction reflects the Company’s ongoing commitment to fostering an innovative culture and engaging associate experience.

Dividend

As previously announced, the Company’s Board of Directors declared a regular quarterly dividend on its common stock for the second quarter 2024 in the amount of $0.425 per share. The dividend will be paid in cash on July 31, 2024 to UDR common shareholders of record as of July 10, 2024. The second quarter 2024 dividend will represent the 207^th consecutive quarterly dividend paid by the Company on its common stock.

Supplemental Financial 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 Investor Relations section of the Company's website at ir.udr.com.

Conference Call and Webcast Information

UDR will host a webcast and conference call at 12:00 p.m. Eastern Time on July 31, 2024, to discuss second quarter 2024 results as well as high-level views for 2024. The webcast will be available on the Investor Relations section of the Company’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 August 31, 2024, by dialing 844-512-2921 for domestic and 412-317-6671 for international and entering the confirmation number, 13747589, when prompted for the passcode. A replay of the call will also be available on the Investor Relations section of the Company’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 Investor Relations section of 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,” “outlook,” “guidance,” “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, 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 June 30, 2024, UDR owned or had an ownership position in 60,126 apartment homes. For over 52 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

Financial Highlights

UDR, Inc.

As of End of Second Quarter 2024

(Unaudited) (1)


	Actual Results	Actual Results	Guidance for
Dollars in thousands, except per share and unit	2Q 2024	YTD 2024	3Q 2024	Full-Year 2024

GAAP Metrics
Net income/(loss) attributable to UDR, Inc.	$28,883	$72,032	--	--
Net income/(loss) attributable to common stockholders	$27,673	$69,591	--	--
Income/(loss) per weighted average common share, diluted	$0.08	$0.21	$0.08 to $0.10	$0.35 to $0.43

Per Share Metrics
FFO per common share and unit, diluted	$0.60	$1.20	$0.60 to $0.62	$2.38 to $2.46
FFO as Adjusted per common share and unit, diluted	$0.62	$1.23	$0.61 to $0.63	$2.42 to $2.50
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted	$0.55	$1.11	$0.54 to $0.56	$2.16 to $2.24
Dividend declared per share and unit	$0.425	$0.850	$0.425	$1.70 (2)

Same-Store Operating Metrics
Revenue growth/(decline) (Straight-line basis)	2.5%	2.8%	--	1.00% to 3.00%
Expense growth	3.7%	5.4%	--	4.00% to 6.00%
NOI growth/(decline) (Straight-line basis)	2.0%	1.7%	--	-0.25% to 1.75%
Physical Occupancy	96.8%	97.0%	--	--


Property Metrics	Homes	Communities	% of Total NOI
Same-Store	52,545	157	89.8%
Stabilized, Non-Mature	2,739	10	3.3%
Development	415	2	0.0%
Non-Residential / Other	N/A	N/A	1.9%
Joint Venture (3)	4,427	18	5.0%
Total completed homes	60,126	187	100%
Under Development	-	-	-
Total Quarter-end homes (3)(4)	60,126	187	100%


Balance Sheet Metrics (adjusted for non-recurring items)	2Q 2024	2Q 2023
Consolidated Interest Coverage Ratio	5.1x	5.2x
Consolidated Fixed Charge Coverage Ratio	5.0x	5.0x
Consolidated Debt as a percentage of Total Assets	32.7%	31.9%
Consolidated Net Debt-to-EBITDAre	5.7x	5.5x

(1)	See Attachment 14 for definitions, other terms and reconciliations.

(2)	Annualized for 2024.

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

(4)	Excludes 6,815 homes that are part of the Developer Capital Program as described in Attachment 10(B).

Attachment 1

Consolidated Statements of Operations

(Unaudited) (1)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
In thousands, except per share amounts	2024		2023		2024		2023

REVENUES:
Rental income (2)	$	413,328	$	403,098	$	824,997	$	801,405
Joint venture management and other fees		1,992		1,450		3,957		2,692
Total revenues		415,320		404,548		828,954		804,097

OPERATING EXPENSES:
Property operating and maintenance		70,443		68,861		143,921		133,695
Real estate taxes and insurance		58,884		57,516		117,679		115,486
Property management		13,433		13,101		26,812		26,046
Other operating expenses		7,593		4,259		14,421		7,291
Real estate depreciation and amortization		170,488		168,925		340,346		338,225
General and administrative		20,136		16,452		37,946		33,932
Casualty-related charges/(recoveries), net		998		1,134		7,276		5,290
Other depreciation and amortization		4,679		3,681		8,995		7,330
Total operating expenses		346,654		333,929		697,396		667,295

Gain/(loss) on sale of real estate owned		-		325,884		16,867		325,885
Operating income		68,666		396,503		148,425		462,687

Income/(loss) from unconsolidated entities (2)		4,046		9,697		13,131		19,404
Interest expense		(47,811)		(45,113)		(95,873)		(88,855)
Interest income and other income/(expense), net		6,498		10,447		12,363		11,457

Income/(loss) before income taxes		31,399		371,534		78,046		404,693
Tax (provision)/benefit, net		(386)		(1,351)		(723)		(1,585)

Net Income/(loss)		31,013		370,183		77,323		403,108
Net (income)/loss attributable to redeemable noncontrolling interests in the OP and DownREIT Partnership		(2,013)		(22,630)		(5,162)		(24,583)
Net (income)/loss attributable to noncontrolling interests		(117)		(8)		(129)		(16)

Net income/(loss) attributable to UDR, Inc.		28,883		347,545		72,032		378,509
Distributions to preferred stockholders - Series E (Convertible)		(1,210)		(1,222)		(2,441)		(2,405)

Net income/(loss) attributable to common stockholders	$	27,673	$	346,323	$	69,591	$	376,104


Income/(loss) per weighted average common share - basic:		$0.08		$1.05		$0.21		$1.14
Income/(loss) per weighted average common share - diluted:		$0.08		$1.05		$0.21		$1.14

Common distributions declared per share		$0.425		$0.42		$0.850		$0.84

Weighted average number of common shares outstanding - basic		329,056		328,957		328,940		328,871
Weighted average number of common shares outstanding - diluted		329,572		332,480		329,334		332,412

(1)	See Attachment 14 for definitions and other terms.

(2)	As of June 30, 2024, UDR's residential accounts receivable balance, net of its reserve, was $6.2 million, including its share from unconsolidated joint ventures. The unreserved amount is based on probability of collection.

Attachment 2

Funds From Operations

(Unaudited) (1)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
In thousands, except per share and unit amounts	2024		2023			2024	2023

Net income/(loss) attributable to common stockholders	$	27,673	$	346,323	$	69,591	$	376,104

Real estate depreciation and amortization		170,488		168,925		340,346		338,225
Noncontrolling interests		2,130		22,638		5,291		24,599
Real estate depreciation and amortization on unconsolidated joint ventures		14,228		8,695		28,382		16,180
Net (gain)/loss on the sale of depreciable real estate owned, net of tax		-		(324,769)		(16,867)		(324,770)
Funds from operations ("FFO") attributable to common stockholders and unitholders, basic	$	214,519	$	221,812	$	426,743	$	430,338

Distributions to preferred stockholders - Series E (Convertible) (2)		1,210		1,222		2,441		2,405

FFO attributable to common stockholders and unitholders, diluted	$	215,729	$	223,034	$	429,184	$	432,743

FFO per weighted average common share and unit, basic	$	0.61	$	0.63	$	1.21	$	1.23
FFO per weighted average common share and unit, diluted	$	0.60	$	0.63	$	1.20	$	1.22

Weighted average number of common shares and OP/DownREIT Units outstanding, basic		353,380		350,207		353,311		350,157
Weighted average number of common shares, OP/DownREIT Units, and common stock
equivalents outstanding, diluted		356,747		353,730		356,584		353,698

Impact of adjustments to FFO:
Variable upside participation on DCP, net	$	-	$	(204)	$	-	$	(204)
Legal and other costs		2,914		-		5,444		(1,258)
Realized and unrealized (gain)/loss on real estate technology investments, net of tax		372		(7,847)		(4,616)		(8,110)
Severance costs		1,111		-		1,532		-
Casualty-related charges/(recoveries)		998		1,134		7,276		5,290
Total impact of adjustments to FFO	$	5,395	$	(6,917)	$	9,636	$	(4,282)

FFO as Adjusted attributable to common stockholders and unitholders, diluted	$	221,124	$	216,117	$	438,820	$	428,461

FFO as Adjusted per weighted average common share and unit, diluted	$	0.62	$	0.61	$	1.23	$	1.21

Recurring capital expenditures, inclusive of unconsolidated joint ventures		(26,290)		(21,345)		(43,598)		(33,644)
AFFO attributable to common stockholders and unitholders, diluted	$	194,834	$	194,772	$	395,222	$	394,817

AFFO per weighted average common share and unit, diluted	$	0.55	$	0.55	$	1.11	$	1.12

(1)	See Attachment 14 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 six months ended June 30, 2024 and June 30, 2023. 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.

Attachment 3

Consolidated Balance Sheets

(Unaudited) (1)


	June 30,		December 31,
In thousands, except share and per share amounts	2024		2023

ASSETS

Real estate owned:
Real estate held for investment	$	16,070,591	$	15,757,456
Less: accumulated depreciation		(6,572,743)		(6,242,686)
Real estate held for investment, net		9,497,848		9,514,770
Real estate under development
(net of accumulated depreciation of $0 and $184)		-		160,220
Real estate held for disposition
(net of accumulated depreciation of $0 and $24,960)		-		81,039
Total real estate owned, net of accumulated depreciation		9,497,848		9,756,029

Cash and cash equivalents		2,770		2,922
Restricted cash		31,616		31,944
Notes receivable, net		241,842		228,825
Investment in and advances to unconsolidated joint ventures, net		958,943		952,934
Operating lease right-of-use assets		188,828		190,619
Other assets		195,958		209,969
Total assets	$	11,117,805	$	11,373,242

LIABILITIES AND EQUITY

Liabilities:
Secured debt	$	1,235,748	$	1,277,713
Unsecured debt		4,540,388		4,520,996
Operating lease liabilities		184,076		185,836
Real estate taxes payable		44,333		47,107
Accrued interest payable		47,289		47,710
Security deposits and prepaid rent		49,168		50,528
Distributions payable		151,518		149,600
Accounts payable, accrued expenses, and other liabilities		120,784		141,311
Total liabilities		6,373,304		6,420,801

Redeemable noncontrolling interests in the OP and DownREIT Partnership		1,021,782		961,087

Equity:
Preferred stock, no par value; 50,000,000 shares authorized at June 30, 2024 and December 31, 2023:
2,600,678 shares of 8.00% Series E Cumulative Convertible issued
and outstanding (2,686,308 shares at December 31, 2023)		43,192		44,614
11,647,322 shares of Series F outstanding (11,867,730 shares at December 31, 2023)		1		1
Common stock, $0.01 par value; 450,000,000 shares authorized at June 30, 2024 and December 31, 2023:
329,539,663 shares issued and outstanding (329,014,512 shares at December 31, 2023)		3,295		3,290
Additional paid-in capital		7,508,794		7,493,217
Distributions in excess of net income		(3,840,808)		(3,554,892)
Accumulated other comprehensive income/(loss), net		7,910		4,914
Total stockholders' equity		3,722,384		3,991,144
Noncontrolling interests		335		210
Total equity		3,722,719		3,991,354
Total liabilities and equity	$	11,117,805	$	11,373,242

(1)	See Attachment 14 for definitions and other terms.

Attachment 4(A)

Selected Financial Information

(Unaudited) (1)


	June 30,	December 31,
Common Stock and Equivalents	2024	2023

Common shares	329,539,663	329,014,512
Restricted unit and common stock equivalents	499,773	81,382
Operating and DownREIT Partnership units	24,243,247	24,428,223
Series E cumulative convertible preferred shares (2)	2,815,608	2,908,323
Total common shares, OP/DownREIT units, and common stock equivalents	357,098,291	356,432,440




Weighted Average Number of Shares Outstanding	2Q 2024	2Q 2023

Weighted average number of common shares and OP/DownREIT units outstanding - basic	353,380,151	350,206,803
Weighted average number of OP/DownREIT units outstanding	(24,323,880)	(21,250,182)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations	329,056,271	328,956,621

Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted	356,746,794	353,729,594
Weighted average number of OP/DownREIT units outstanding	(24,323,880)	(21,250,182)
Weighted average number of Series E cumulative convertible preferred shares outstanding	(2,851,268)	-
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations	329,571,646	332,479,412


	Year-to-Date 2024	Year-to-Date 2023

Weighted average number of common shares and OP/DownREIT units outstanding - basic	353,310,595	350,157,304
Weighted average number of OP/DownREIT units outstanding	(24,370,882)	(21,286,442)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations	328,939,713	328,870,862

Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted	356,584,329	353,698,023
Weighted average number of OP/DownREIT units outstanding	(24,370,882)	(21,286,442)
Weighted average number of Series E cumulative convertible preferred shares outstanding	(2,879,795)	-
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations	329,333,652	332,411,581

(1)	See Attachment 14 for definitions and other terms.

(2)	At June 30, 2024 and December 31, 2023 there were 2,600,678 and 2,686,308 of Series E cumulative convertible preferred shares outstanding, which is equivalent to 2,815,608 and 2,908,323 shares of common stock if converted (after adjusting for the special dividend paid in 2008).

Attachment 4(B)

Selected Financial Information

June 30, 2024

(Unaudited) (1)


										Weighted	Weighted
										Average	Average Years
Debt Structure, In thousands					Balance				% of Total	Interest Rate	to Maturity (2)

Secured		Fixed			$	1,212,173			20.9%	3.48%	4.2
		Floating				27,000			0.5%	4.04%	7.7
		Combined				1,239,173			21.4%	3.49%	4.3

Unsecured		Fixed				4,028,144	(3)		69.6%	3.01%	6.0
		Floating				519,057			9.0%	5.66%	0.5
		Combined				4,547,201			78.6%	3.31%	5.4

Total Debt		Fixed				5,240,317			90.5%	3.11%	5.6
		Floating				546,057			9.5%	5.58%	0.8
		Combined				5,786,374			100.0%	3.35%	5.2
		Total Non-Cash Adjustments (4)				(10,238)
		Total per Balance Sheet			$	5,776,136				3.38%



Debt Maturities, In thousands
					Revolving Credit						Weighted
			Unsecured		Facilities & Comm.						Average
	Secured Debt (5)		Debt		Paper (2) (6) (7)			Balance		% of Total	Interest Rate

2024	$	96,375	$	15,644	$	430,000		$	542,019	9.4%	5.22%
2025		178,323		-		1,557			179,880	3.1%	3.71%
2026		56,672		300,000		-			356,672	6.2%	2.96%
2027		6,939		650,000		-			656,939	11.4%	3.78%
2028		166,526		300,000		-			466,526	8.1%	3.72%
2029		315,811		300,000		-			615,811	10.6%	3.93%
2030		230,597		600,000		-			830,597	14.3%	3.34%
2031		160,930		600,000		-			760,930	13.1%	2.92%
2032		27,000		400,000		-			427,000	7.4%	2.22%
2033		-		650,000		-			650,000	11.2%	1.99%
Thereafter		-		300,000		-			300,000	5.2%	3.13%
		1,239,173		4,115,644		431,557			5,786,374	100.0%	3.35%
Total Non-Cash Adjustments (4)		(3,425)		(6,813)		-			(10,238)
Total per Balance Sheet	$	1,235,748	$	4,108,831	$	431,557		$	5,776,136		3.38%

(1)	See Attachment 14 for definitions and other terms.

(2)

The 2024 maturity reflects the $430.0 million of principal outstanding at an interest rate of 5.54%, the equivalent of SOFR plus a spread of 20.0 basis points, on the Company’s unsecured commercial paper program as of June 30, 2024. 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 5.3 years with and without extensions.

(3)

Includes portions of our $350.0 million unsecured Term Loan due 2027 that have been swapped to fixed. The portions of the term loan that have been swapped to fixed are: 1) $87.5 million at a weighted average rate of 5.16% that expires July 2024 and 2) $175.0 million at a weighted average rate of 1.43% that expires July 2025. The portions that have not been swapped to fixed carry an interest rate of adjusted SOFR plus 83.0 basis points.

(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 June 30, 2024. 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 $1.6 million outstanding on our $75.0 million working capital credit facility at June 30, 2024. The facility has a maturity date of January 2025 plus a one-year extension option. The working capital credit facility currently carries an interest rate equal to adjusted SOFR plus 77.5 basis points.

Attachment 4(C)

Selected Financial Information

(Dollars in Thousands)

(Unaudited) (1)

Quarter Ended

Coverage Ratios

June 30, 2024

Net income/(loss)

31,013

Adjustments:

Interest expense, including debt extinguishment and other associated costs

47,811

Real estate depreciation and amortization

170,488

Other depreciation and amortization

4,679

Tax provision/(benefit), net

386

Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures

18,694

EBITDAre

273,071

Casualty-related charges/(recoveries), net

998

Legal and other costs

2,914

Severance costs

1,111

Realized and unrealized (gain)/loss on real estate technology investments

183

(Income)/loss from unconsolidated entities

(4,046)

Adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures

(18,694)

Management fee expense on unconsolidated joint ventures

(861)

Consolidated EBITDAre - adjusted for non-recurring items

254,676

Annualized consolidated EBITDAre - adjusted for non-recurring items

1,018,704

Interest expense, including debt extinguishment and other associated costs

47,811

Capitalized interest expense

2,417

Total interest

50,228

Preferred dividends

1,210

Total debt

5,776,136

Cash

(2,770)

Net debt

5,773,366

Consolidated Interest Coverage Ratio - adjusted for non-recurring items

5.1x

Consolidated Fixed Charge Coverage Ratio - adjusted for non-recurring items

5.0x

Consolidated Net Debt-to-EBITDAre - adjusted for non-recurring items

5.7x

Debt Covenant Overview

Unsecured Line of Credit Covenants (2)

Required

Actual

Compliance

Maximum Leverage Ratio

≤60.0%

31.3% (2)

Yes

Minimum Fixed Charge Coverage Ratio

≥1.5x

4.8x

Yes

Maximum Secured Debt Ratio

≤40.0%

10.2%

Yes

Minimum Unencumbered Pool Leverage Ratio

≥150.0%

381.9%

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

5.5x

Yes

Secured Debt as a percentage of Total Assets

≤40.0%

7.0%

Yes

Total Unencumbered Assets to Unsecured Debt

≥150.0%

320.2%

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

2Q 2024 NOI (1)

Carrying Value

Total Gross

Asset Summary

Homes

($000s)

% of NOI

($000s)

Carrying Value

Unencumbered assets

46,421

245,245

86.4%

13,907,962

86.5%

Encumbered assets

9,278

38,756

13.6%

2,162,629

13.5%

55,699

284,001

100.0%

16,070,591

100.0%

(1)	See Attachment 14 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.

Attachment 5

Operating Information

(Unaudited) (1)


	Total	Quarter Ended		Quarter Ended		Quarter Ended		Quarter Ended		Quarter Ended
Dollars in thousands	Homes	June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023
Revenues
Same-Store Communities	52,545	$	388,162	$	385,790	$	384,453	$	387,291	$	378,535
Stabilized, Non-Mature Communities	2,739		16,480		16,396		14,831		9,292		4,073
Development Communities	415		820		163		53		3		-
Non-Residential / Other	-		7,866		8,270		8,110		7,938		7,526
Total	55,699	$	413,328	$	410,619	$	407,447	$	404,524	$	390,134

Expenses
Same-Store Communities		$	119,693	$	121,502	$	115,870	$	120,295	$	115,432
Stabilized, Non-Mature Communities			6,457		6,864		6,302		4,037		2,493
Development Communities			855		505		302		85		41
Non-Residential / Other			2,322		3,004		3,421		4,147		4,649
Total (2)		$	129,327	$	131,875	$	125,895	$	128,564	$	122,615

Net Operating Income
Same-Store Communities		$	268,469	$	264,288	$	268,583	$	266,996	$	263,103
Stabilized, Non-Mature Communities			10,023		9,532		8,529		5,255		1,580
Development Communities			(35)		(342)		(249)		(82)		(41)
Non-Residential / Other			5,544		5,266		4,689		3,791		2,877
Total		$	284,001	$	278,744	$	281,552	$	275,960	$	267,519

Operating Margin
Same-Store Communities			69.2%		68.5%		69.9%		68.9%		69.5%

Weighted Average Physical Occupancy
Same-Store Communities			96.8%		97.0%		96.9%		96.7%		96.6%
Stabilized, Non-Mature Communities			96.1%		94.2%		94.8%		91.1%		64.1%
Development Communities			26.9%		21.2%		10.9%		-		-
Other (3)			-		-		97.9%		96.5%		97.3%
Total			96.4%		96.8%		96.7%		96.4%		96.1%

Sold and Held for Disposition Communities
Revenues	-	$	-	$	1,050	$	3,447	$	3,835	$	12,964
Expenses (2)			-		398		1,109		1,139		3,762
Net Operating Income/(Loss)		$	-	$	652	$	2,338	$	2,696	$	9,202

Total	55,699	$	284,001	$	279,396	$	283,890	$	278,656	$	276,721

(1)	See Attachment 14 for definitions and other terms.

(2)	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.

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

Attachment 6

Same-Store Operating Expense Information

(Dollars in Thousands)

(Unaudited) (1)


	% of 2Q 2024
	SS Operating
Year-Over-Year Comparison	Expenses	2Q 2024		2Q 2023		% Change

Personnel	14.2%	$	16,965	$	16,235	4.5%
Utilities	13.7%		16,349		15,994	2.2%
Repair and maintenance	19.6%		23,467		23,334	0.6%
Administrative and marketing	7.1%		8,520		7,727	10.3%
Controllable expenses	54.6%		65,301		63,290	3.2%

Real estate taxes	40.5%	$	48,478	$	45,945	5.5%
Insurance	4.9%		5,914		6,197	-4.6%
Same-Store operating expenses	100.0%	$	119,693	$	115,432	3.7%

Same-Store Homes	52,545



	% of 2Q 2024
	SS Operating
Sequential Comparison	Expenses	2Q 2024		1Q 2024		% Change

Personnel	14.2%	$	16,965	$	18,105	-6.3%
Utilities	13.7%		16,349		17,630	-7.3%
Repair and maintenance	19.6%		23,467		23,701	-1.0%
Administrative and marketing	7.1%		8,520		8,065	5.6%
Controllable expenses	54.6%		65,301		67,501	-3.3%

Real estate taxes	40.5%	$	48,478	$	48,102	0.8%
Insurance	4.9%		5,914		5,899	0.2%
Same-Store operating expenses	100.0%	$	119,693	$	121,502	-1.5%

Same-Store Homes	52,545




	% of YTD 2024
	SS Operating
Year-to-Date Comparison	Expenses	YTD 2024		YTD 2023		% Change

Personnel (2)	14.6%	$	34,547	$	29,527	17.0%
Utilities	14.2%		33,556		32,698	2.6%
Repair and maintenance	19.5%		46,290		44,119	4.9%
Administrative and marketing	6.9%		16,330		14,733	10.8%
Controllable expenses	55.2%		130,723		121,077	8.0%

Real estate taxes	39.9%	$	94,773	$	91,558	3.5%
Insurance	4.9%		11,638		12,262	-5.1%
Same-Store operating expenses	100.0%	$	237,134	$	224,897	5.4%

Same-Store Homes	51,804

(1)	See Attachment 14 for definitions and other terms.

(2)	Personnel for YTD 2023 includes a refundable payroll tax credit from 1Q 2023 of $3.7 million related to the Employee Retention Credit program.

Attachment 7(A)

Apartment Home Breakout

Portfolio Overview as of Quarter Ended

June 30, 2024

(Unaudited) (1)


				Unconsolidated		Revenue Per
			Total	Joint Venture	Total	Occupied
	Same-Store	Non-Mature	Consolidated	Operating	Homes	Home
	Homes	Homes (2)	Homes	Homes (3)	(incl. JV) (3)	(Incl. JV at Share)(4)
West Region
Orange County, CA	4,305	-	4,305	701	5,006	$	3,079
San Francisco, CA	2,917	393	3,310	602	3,912		3,545
Seattle, WA	2,702	-	2,702	284	2,986		2,844
Monterey Peninsula, CA	1,567	-	1,567	-	1,567		2,393
Los Angeles, CA	1,225	-	1,225	340	1,565		3,311
	12,716	393	13,109	1,927	15,036

Mid-Atlantic Region
Metropolitan DC	8,819	300	9,119	360	9,479		2,355
Baltimore, MD	2,222	-	2,222	-	2,222		1,944
Richmond, VA	1,359	-	1,359	-	1,359		1,870
	12,400	300	12,700	360	13,060

Northeast Region
Boston, MA	4,667	-	4,667	876	5,543		3,155
New York, NY	2,318	-	2,318	710	3,028		4,801
	6,985	-	6,985	1,586	8,571

Southeast Region
Tampa, FL	3,877	330	4,207	-	4,207		2,164
Orlando, FL	3,493	-	3,493	-	3,493		1,930
Nashville, TN	2,261	-	2,261	-	2,261		1,762
	9,631	330	9,961	-	9,961

Southwest Region
Dallas, TX	6,218	1,231	7,449	-	7,449		1,799
Austin, TX	1,272	608	1,880	-	1,880		1,855
	7,490	1,839	9,329	-	9,329

Other Markets (5)	3,323	292	3,615	554	4,169		2,633

Totals	52,545	3,154	55,699	4,427	60,126	$	2,563

Communities (6)	157	12	169	18	187

		Homes	Communities
Total completed homes		60,126	187
Under Development (7)		-	-

Total Quarter-end homes and communities		60,126	187

(1)	See Attachment 14 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 10(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 10(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 (476 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.

Attachment 7(B)

Non-Mature Home Summary and Net Operating Income by Market

June 30, 2024

(Unaudited) (1)


Non-Mature Home Breakout - By Date


Community	Category	# of Homes	Market	Same-Store Quarter (2)


Cirrus	Stabilized, Non-Mature	292	Denver, CO	3Q24

Central Square at Frisco	Stabilized, Non-Mature	298	Dallas, TX	4Q24

Villaggio	Stabilized, Non-Mature	273	Dallas, TX	4Q24

Lofts at Palisades	Stabilized, Non-Mature	343	Dallas, TX	4Q24

Flats at Palisades	Stabilized, Non-Mature	232	Dallas, TX	4Q24

Estancia Villas	Stabilized, Non-Mature	312	Austin, TX	4Q24

Palo Verde	Stabilized, Non-Mature	296	Austin, TX	4Q24

5421 at Dublin Station	Stabilized, Non-Mature	220	San Francisco, CA	1Q25

The MO	Stabilized, Non-Mature	300	Washington, DC	2Q25

Residences at Lake Merritt	Stabilized, Non-Mature	173	San Francisco, CA	2Q25

Villas at Fiori	Development	85	Dallas, TX	2Q26

101 N. Meridian	Development	330	Tampa, FL	3Q26

Total		3,154


Net Operating Income Breakout By Market

	As a % of NOI			As a % of NOI
Region	Same-Store	Total	Region	Same-Store	Total
West Region			Southeast Region
Orange County, CA	11.3%	11.0%	Tampa, FL	6.0%	5.4%
San Francisco, CA	7.6%	8.4%	Orlando, FL	5.0%	4.4%
Seattle, WA	6.0%	6.2%	Nashville, TN	3.1%	2.8%
Monterey Peninsula, CA	3.1%	2.8%		14.1%	12.6%
Los Angeles, CA	3.0%	3.2%	Southwest Region
	31.0%	31.6%	Dallas, TX	7.6%	8.2%
Mid-Atlantic Region			Austin, TX	1.6%	2.0%
Metropolitan DC	15.4%	14.8%		9.2%	10.2%
Baltimore, MD	3.1%	2.8%
Richmond, VA	2.1%	1.9%	Other Markets (3)	6.6%	7.2%
	20.6%	19.5%
Northeast Region
Boston, MA	11.6%	11.4%
New York, NY	6.9%	7.5%
	18.5%	18.9%	Total	100.0%	100.0%

(1)	See Attachment 14 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.

Attachment 8(A)

Same-Store Operating Information By Major Market

Current Quarter vs. Prior Year Quarter

June 30, 2024

(Unaudited) (1)



		% of Same-	Same-Store
	Total	Store Portfolio
	Same-Store	Based on	Physical Occupancy			Total Revenue per Occupied Home
	Homes	2Q 2024 NOI	2Q 24	2Q 23	Change	2Q 24		2Q 23		Change

West Region
Orange County, CA	4,305	11.3%	96.8%	96.3%	0.5%	$	3,081	$	3,003	2.6%
San Francisco, CA	2,917	7.6%	96.6%	96.2%	0.4%		3,491		3,454	1.1%
Seattle, WA	2,702	6.0%	97.0%	97.1%	-0.1%		2,853		2,819	1.2%
Monterey Peninsula, CA	1,567	3.1%	95.4%	95.7%	-0.3%		2,393		2,237	7.0%
Los Angeles, CA	1,225	3.0%	96.2%	96.3%	-0.1%		3,150		3,075	2.4%
	12,716	31.0%	96.6%	96.4%	0.2%		3,049		2,980	2.3%

Mid-Atlantic Region
Metropolitan DC	8,819	15.4%	97.3%	97.2%	0.1%		2,360		2,275	3.7%
Baltimore, MD	2,222	3.1%	96.4%	95.6%	0.8%		1,944		1,884	3.2%
Richmond, VA	1,359	2.1%	96.6%	96.7%	-0.1%		1,870		1,808	3.4%
	12,400	20.6%	97.1%	96.9%	0.2%		2,233		2,155	3.6%

Northeast Region
Boston, MA	4,667	11.6%	97.0%	96.7%	0.3%		3,195		3,073	4.0%
New York, NY	2,318	6.9%	97.6%	98.0%	-0.4%		4,734		4,567	3.7%
	6,985	18.5%	97.2%	97.1%	0.1%		3,708		3,573	3.8%

Southeast Region
Tampa, FL	3,877	6.0%	96.6%	96.6%	0.0%		2,150		2,127	1.1%
Orlando, FL	3,493	5.0%	96.7%	96.3%	0.4%		1,930		1,923	0.4%
Nashville, TN	2,261	3.1%	96.6%	95.8%	0.8%		1,762		1,768	-0.3%
	9,631	14.1%	96.6%	96.3%	0.3%		1,979		1,969	0.5%

Southwest Region
Dallas, TX	6,218	7.6%	96.7%	96.4%	0.3%		1,785		1,785	0.0%
Austin, TX	1,272	1.6%	96.9%	96.1%	0.8%		1,920		1,939	-1.0%
	7,490	9.2%	96.7%	96.3%	0.4%		1,808		1,811	-0.2%

Other Markets	3,323	6.6%	96.8%	96.6%	0.2%		2,607		2,564	1.7%

Total/Weighted Avg.	52,545	100.0%	96.8%	96.6%	0.2%	$	2,543	$	2,487	2.3%

(1)	See Attachment 14 for definitions and other terms.

Attachment 8(B)

Same-Store Operating Information By Major Market

Current Quarter vs. Prior Year Quarter

June 30, 2024

(Unaudited) (1)


			Same-Store ($000s)

	Total
	Same-Store	Revenues					Expenses					Net Operating Income
	Homes	2Q 24		2Q 23		Change	2Q 24		2Q 23		Change	2Q 24		2Q 23		Change

West Region
Orange County, CA	4,305	$	38,513	$	37,259	3.4%	$	8,158	$	8,292	-1.6%	$	30,355	$	28,967	4.8%
San Francisco, CA	2,917		29,515		29,075	1.5%		9,016		8,844	1.9%		20,499		20,231	1.3%
Seattle, WA	2,702		22,433		22,178	1.1%		6,215		5,876	5.8%		16,218		16,302	-0.5%
Monterey Peninsula, CA	1,567		10,730		10,064	6.6%		2,437		2,327	4.7%		8,293		7,737	7.2%
Los Angeles, CA	1,225		11,138		10,882	2.4%		3,051		3,012	1.3%		8,087		7,870	2.8%
	12,716		112,329		109,458	2.6%		28,877		28,351	1.9%		83,452		81,107	2.9%

Mid-Atlantic Region
Metropolitan DC	8,819		60,744		58,510	3.8%		19,281		18,608	3.6%		41,463		39,902	3.9%
Baltimore, MD	2,222		12,495		12,002	4.1%		4,272		4,034	5.9%		8,223		7,968	3.2%
Richmond, VA	1,359		7,364		7,127	3.3%		1,829		1,888	-3.1%		5,535		5,239	5.7%
	12,400		80,603		77,639	3.8%		25,382		24,530	3.5%		55,221		53,109	4.0%

Northeast Region
Boston, MA	4,667		43,394		41,608	4.3%		12,206		11,614	5.1%		31,188		29,994	4.0%
New York, NY	2,318		32,127		31,127	3.2%		13,560		12,910	5.0%		18,567		18,217	1.9%
	6,985		75,521		72,735	3.8%		25,766		24,524	5.1%		49,755		48,211	3.2%

Southeast Region
Tampa, FL	3,877		24,154		23,899	1.1%		8,079		8,113	-0.4%		16,075		15,786	1.8%
Orlando, FL	3,493		19,552		19,409	0.7%		6,217		5,923	5.0%		13,335		13,486	-1.1%
Nashville, TN	2,261		11,544		11,481	0.5%		3,201		3,157	1.4%		8,343		8,324	0.2%
	9,631		55,250		54,789	0.8%		17,497		17,193	1.8%		37,753		37,596	0.4%

Southwest Region
Dallas, TX	6,218		32,200		32,103	0.3%		11,820		11,326	4.4%		20,380		20,777	-1.9%
Austin, TX	1,272		7,098		7,117	-0.3%		2,930		2,642	10.9%		4,168		4,475	-6.8%
	7,490		39,298		39,220	0.2%		14,750		13,968	5.6%		24,548		25,252	-2.8%

Other Markets	3,323		25,161		24,694	1.9%		7,421		6,866	8.1%		17,740		17,828	-0.5%

Total	52,545	$	388,162	$	378,535	2.5%	$	119,693	$	115,432	3.7%	$	268,469	$	263,103	2.0%

(1)	See Attachment 14 for definitions and other terms.

Attachment 8(C)

Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

June 30, 2024

(Unaudited) (1)


		Same-Store
	Total
	Same-Store	Physical Occupancy			Total Revenue per Occupied Home
	Homes	2Q 24	1Q 24	Change	2Q 24		1Q 24		Change

West Region
Orange County, CA	4,305	96.8%	96.8%	0.0%	$	3,081	$	3,062	0.6%
San Francisco, CA	2,917	96.6%	97.4%	-0.8%		3,491		3,456	1.0%
Seattle, WA	2,702	97.0%	97.8%	-0.8%		2,853		2,822	1.1%
Monterey Peninsula, CA	1,567	95.4%	96.2%	-0.8%		2,393		2,364	1.2%
Los Angeles, CA	1,225	96.2%	96.9%	-0.7%		3,150		3,199	-1.5%
	12,716	96.6%	97.1%	-0.5%		3,049		3,029	0.7%

Mid-Atlantic Region
Metropolitan DC	8,819	97.3%	97.6%	-0.3%		2,360		2,339	0.9%
Baltimore, MD	2,222	96.4%	96.1%	0.3%		1,944		1,909	1.8%
Richmond, VA	1,359	96.6%	97.0%	-0.4%		1,870		1,850	1.1%
	12,400	97.1%	97.3%	-0.2%		2,233		2,209	1.1%

Northeast Region
Boston, MA	4,667	97.0%	96.9%	0.1%		3,195		3,162	1.0%
New York, NY	2,318	97.6%	98.2%	-0.6%		4,734		4,680	1.2%
	6,985	97.2%	97.3%	-0.1%		3,708		3,670	1.0%

Southeast Region
Tampa, FL	3,877	96.6%	96.8%	-0.2%		2,150		2,130	0.9%
Orlando, FL	3,493	96.7%	97.0%	-0.3%		1,930		1,913	0.9%
Nashville, TN	2,261	96.6%	96.8%	-0.2%		1,762		1,741	1.2%
	9,631	96.6%	96.9%	-0.3%		1,979		1,960	1.0%

Southwest Region
Dallas, TX	6,218	96.7%	96.5%	0.2%		1,785		1,778	0.4%
Austin, TX	1,272	96.9%	97.0%	-0.1%		1,920		1,895	1.3%
	7,490	96.7%	96.6%	0.1%		1,808		1,798	0.6%

Other Markets	3,323	96.8%	97.1%	-0.3%		2,607		2,577	1.2%

Total/Weighted Avg.	52,545	96.8%	97.0%	-0.2%	$	2,543	$	2,525	0.7%

(1)	See Attachment 14 for definitions and other terms.

Attachment 8(D)

Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

June 30, 2024

(Unaudited) (1)


			Same-Store ($000s)
	Total
	Same-Store	Revenues					Expenses					Net Operating Income
	Homes	2Q 24		1Q 24		Change	2Q 24		1Q 24		Change	2Q 24		1Q 24		Change

West Region
Orange County, CA	4,305	$	38,513	$	38,277	0.6%	$	8,158	$	8,511	-4.1%	$	30,355	$	29,766	2.0%
San Francisco, CA	2,917		29,515		29,446	0.2%		9,016		8,895	1.4%		20,499		20,551	-0.3%
Seattle, WA	2,702		22,433		22,368	0.3%		6,215		6,216	0.0%		16,218		16,152	0.4%
Monterey Peninsula, CA	1,567		10,730		10,692	0.4%		2,437		2,483	-1.8%		8,293		8,209	1.0%
Los Angeles, CA	1,225		11,138		11,392	-2.2%		3,051		3,209	-4.9%		8,087		8,183	-1.2%
	12,716		112,329		112,175	0.1%		28,877		29,314	-1.5%		83,452		82,861	0.7%

Mid-Atlantic Region
Metropolitan DC	8,819		60,744		60,394	0.6%		19,281		19,252	0.2%		41,463		41,142	0.8%
Baltimore, MD	2,222		12,495		12,223	2.2%		4,272		4,029	6.1%		8,223		8,194	0.3%
Richmond, VA	1,359		7,364		7,318	0.6%		1,829		1,949	-6.2%		5,535		5,369	3.1%
	12,400		80,603		79,935	0.8%		25,382		25,230	0.6%		55,221		54,705	0.9%

Northeast Region
Boston, MA	4,667		43,394		42,898	1.2%		12,206		13,158	-7.2%		31,188		29,740	4.9%
New York, NY	2,318		32,127		31,957	0.5%		13,560		14,025	-3.3%		18,567		17,932	3.5%
	6,985		75,521		74,855	0.9%		25,766		27,183	-5.2%		49,755		47,672	4.4%

Southeast Region
Tampa, FL	3,877		24,154		23,981	0.7%		8,079		8,124	-0.6%		16,075		15,857	1.4%
Orlando, FL	3,493		19,552		19,447	0.5%		6,217		6,193	0.4%		13,335		13,254	0.6%
Nashville, TN	2,261		11,544		11,423	1.1%		3,201		3,294	-2.8%		8,343		8,129	2.6%
	9,631		55,250		54,851	0.7%		17,497		17,611	-0.7%		37,753		37,240	1.4%

Southwest Region
Dallas, TX	6,218		32,200		32,013	0.6%		11,820		11,991	-1.4%		20,380		20,022	1.8%
Austin, TX	1,272		7,098		7,016	1.2%		2,930		2,707	8.2%		4,168		4,309	-3.3%
	7,490		39,298		39,029	0.7%		14,750		14,698	0.4%		24,548		24,331	0.9%

Other Markets	3,323		25,161		24,945	0.9%		7,421		7,466	-0.6%		17,740		17,479	1.5%

Total	52,545	$	388,162	$	385,790	0.6%	$	119,693	$	121,502	-1.5%	$	268,469	$	264,288	1.6%

(1)	See Attachment 14 for definitions and other terms.

Attachment 8(E)

Same-Store Operating Information By Major Market

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

June 30, 2024

(Unaudited) (1)


		% of Same-
	Total	Store Portfolio	Same-Store
	Same-Store	Based on	Physical Occupancy			Total Revenue per Occupied Home
	Homes	YTD 2024 NOI	YTD 24	YTD 23	Change	YTD 24		YTD 23		Change

West Region
Orange County, CA	4,305	11.5%	96.8%	96.0%	0.8%	$	3,071	$	2,984	2.9%
San Francisco, CA	2,781	7.6%	97.2%	96.6%	0.6%		3,514		3,464	1.4%
Seattle, WA	2,702	6.1%	97.4%	97.0%	0.4%		2,837		2,810	1.0%
Monterey Peninsula, CA	1,567	3.1%	95.8%	95.5%	0.3%		2,378		2,237	6.3%
Los Angeles, CA	1,225	3.1%	96.5%	96.4%	0.1%		3,176		3,143	1.0%
	12,580	31.4%	96.9%	96.3%	0.6%		3,044		2,976	2.3%

Mid-Atlantic Region
Metropolitan DC	8,819	15.7%	97.5%	97.1%	0.4%		2,348		2,260	3.9%
Baltimore, MD	2,222	3.1%	96.2%	95.4%	0.8%		1,927		1,889	2.0%
Richmond, VA	1,359	2.1%	96.8%	96.7%	0.1%		1,860		1,786	4.1%
	12,400	20.9%	97.2%	96.8%	0.4%		2,220		2,143	3.6%

Northeast Region
Boston, MA	4,667	11.5%	97.0%	96.7%	0.3%		3,177		3,063	3.7%
New York, NY	2,318	6.9%	97.9%	97.9%	0.0%		4,707		4,535	3.8%
	6,985	18.4%	97.3%	97.1%	0.2%		3,688		3,556	3.7%

Southeast Region
Tampa, FL	3,877	6.1%	96.7%	96.5%	0.2%		2,140		2,110	1.4%
Orlando, FL	3,493	5.0%	96.8%	96.1%	0.7%		1,922		1,904	0.9%
Nashville, TN	2,261	3.1%	96.6%	95.8%	0.8%		1,753		1,754	-0.1%
	9,631	14.2%	96.7%	96.2%	0.5%		1,970		1,952	0.9%

Southwest Region
Dallas, TX	5,813	7.2%	96.6%	96.4%	0.2%		1,780		1,777	0.2%
Austin, TX	1,272	1.6%	96.9%	96.5%	0.4%		1,909		1,929	-1.0%
	7,085	8.8%	96.7%	96.4%	0.3%		1,803		1,804	-0.1%

Other Markets	3,123	6.3%	97.0%	96.8%	0.2%		2,596		2,544	2.0%

Total/Weighted Avg.	51,804	100.0%	97.0%	96.5%	0.5%	$	2,538	$	2,479	2.4%

(1)	See Attachment 14 for definitions and other terms.

Attachment 8(F)

Same-Store Operating Information By Major Market

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

June 30, 2024

(Unaudited) (1)


			Same-Store ($000s)
	Total
	Same-Store	Revenues					Expenses					Net Operating Income
	Homes	YTD 24		YTD 23		Change	YTD 24		YTD 23		Change	YTD 24		YTD 23		Change

West Region
Orange County, CA	4,305	$	76,789	$	73,817	4.0%	$	16,670	$	16,281	2.4%	$	60,119	$	57,536	4.5%
San Francisco, CA	2,781		56,987		55,796	2.1%		16,799		16,077	4.5%		40,188		39,719	1.2%
Seattle, WA	2,702		44,801		44,171	1.4%		12,431		11,297	10.0%		32,370		32,874	-1.5%
Monterey Peninsula, CA	1,567		21,422		20,089	6.6%		4,920		4,581	7.4%		16,502		15,508	6.4%
Los Angeles, CA	1,225		22,530		22,269	1.2%		6,259		5,956	5.1%		16,271		16,313	-0.3%
	12,580		222,529		216,142	3.0%		57,079		54,192	5.3%		165,450		161,950	2.2%

Mid-Atlantic Region
Metropolitan DC	8,819		121,139		116,136	4.3%		38,533		36,195	6.5%		82,606		79,941	3.3%
Baltimore, MD	2,222		24,717		24,012	2.9%		8,301		7,771	6.8%		16,416		16,241	1.1%
Richmond, VA	1,359		14,683		14,083	4.3%		3,778		3,715	1.7%		10,905		10,368	5.2%
	12,400		160,539		154,231	4.1%		50,612		47,681	6.1%		109,927		106,550	3.2%

Northeast Region
Boston, MA	4,667		86,292		82,932	4.1%		25,365		23,262	9.0%		60,927		59,670	2.1%
New York, NY	2,318		64,084		61,742	3.8%		27,585		25,861	6.7%		36,499		35,881	1.7%
	6,985		150,376		144,674	3.9%		52,950		49,123	7.8%		97,426		95,551	2.0%

Southeast Region
Tampa, FL	3,877		48,135		47,357	1.6%		16,203		16,274	-0.4%		31,932		31,083	2.7%
Orlando, FL	3,493		38,999		38,339	1.7%		12,410		11,679	6.3%		26,589		26,660	-0.3%
Nashville, TN	2,261		22,967		22,779	0.8%		6,495		6,199	4.8%		16,472		16,580	-0.7%
	9,631		110,101		108,475	1.5%		35,108		34,152	2.8%		74,993		74,323	0.9%

Southwest Region
Dallas, TX	5,813		59,987		59,761	0.4%		22,002		21,934	0.3%		37,985		37,827	0.4%
Austin, TX	1,272		14,115		14,206	-0.6%		5,636		5,306	6.2%		8,479		8,900	-4.7%
	7,085		74,102		73,967	0.2%		27,638		27,240	1.5%		46,464		46,727	-0.6%

Other Markets	3,123		47,177		46,149	2.2%		13,747		12,509	9.9%		33,430		33,640	-0.6%

Total	51,804	$	764,824	$	743,638	2.8%	$	237,134	$	224,897	5.4%	$	527,690	$	518,741	1.7%

(1)	See Attachment 14 for definitions and other terms.

Attachment 8(G)

Same-Store Operating Information By Major Market

June 30, 2024

(Unaudited) (1)


	Effective Blended Lease Rate Growth	Effective New Lease Rate Growth	Effective Renewal Lease Rate Growth	Annualized Turnover
	2Q 2024	2Q 2024	2Q 2024	2Q 2024	2Q 2023	YTD 2024	YTD 2023

West Region	3.1%	2.2%	3.9%	45.7%	45.9%	40.5%	42.9%

Mid-Atlantic Region	5.6%	5.7%	5.5%	44.8%	48.2%	38.5%	42.7%

Northeast Region	3.7%	3.5%	3.8%	46.7%	50.3%	37.2%	39.3%

Southeast Region	-1.7%	-5.4%	2.1%	52.5%	57.8%	47.5%	52.5%

Southwest Region	-1.9%	-6.3%	2.9%	49.9%	54.2%	45.2%	49.5%

Other Markets	-0.3%	-4.5%	3.7%	42.5%	47.6%	36.9%	37.5%

Total/Weighted Avg.	2.4%	0.5%	3.9%	46.9%	49.9%	41.1%	44.4%


Allocation of Total Homes Repriced during the Quarter		46.2%	53.8%

(1)	See Attachment 14 for definitions and other terms.

Attachment 9

Development and Land Summary

June 30, 2024

(Dollars in Thousands)

(Unaudited) (1)

Wholly-Owned

Schedule

Percentage

# of

Compl.

Cost to

Budgeted

Est. Cost

Initial

Community

Location

Homes

Date

Cost

per Home

Start

Occ.

Compl.

Leased

Occupied

Projects Under Construction

N/A

Total Under Construction

Completed Projects, Non-Stabilized

Villas at Fiori

Addison, TX

52,150

53,500

629

1Q22

4Q23

1Q24

60.0%

50.6%

101 N. Meridian

Tampa, FL

330

129,920

134,000

406

1Q22

1Q24

2Q24

36.7%

32.1%

Total Completed, Non-Stabilized

415

182,070

187,500

452

Total - Wholly Owned

415

182,070

187,500

452

NOI From Wholly-Owned Projects

2Q 24

Projects Under Construction

Completed, Non-Stabilized

(35)

Total

(35)

Land Summary

Location

UDR Ownership Interest

Real Estate Cost Basis

Total Land (8 parcels)

Various

100%

245,800

(1)	See Attachment 14 for definitions and other terms.

Attachment 10(A)

Unconsolidated Summary

June 30, 2024

(Dollars in Thousands)

(Unaudited) (1)



								Physical	Total Rev. per		Net Operating Income
	Own.		# of			# of		Occupancy	Occ. Home		UDR's Share				Total
Portfolio Characteristics	Interest		Comm.			Homes		2Q 24	2Q 24		2Q 24		YTD 24		YTD 24 (2)

UDR / MetLife	50%			13		2,837		96.6%	$	4,147	$	10,666	$	20,735	$	41,256
UDR / LaSalle	51%			5		1,590		97.4%		2,616		4,417		8,739		17,135

Total				18		4,427		96.9%	$	3,589	$	15,083	$	29,474	$	58,391




	Gross Book Value							Weighted
	of JV Real		Total Project		UDR's Equity			Avg. Debt	Debt
Balance Sheet Characteristics	Estate Assets (3)		Debt (3)		Investment			Interest Rate	Maturities

UDR / MetLife	$	1,731,499	$	853,603	$	224,168		3.78%	2024-2031
UDR / LaSalle		613,571		45,187		275,885		5.88%	2028

Total	$	2,345,070	$	898,790	$	500,053		3.89%





			2Q 24 vs. 2Q 23 Growth						2Q 24 vs. 1Q 24 Growth
Joint Venture Same-Store Growth (4)	Communities		Revenue		Expense			NOI	Revenue		Expense		NOI

Combined JV Portfolio	17		1.8%		10.7%			-2.7%	0.9%		-6.3%		5.6%





			YTD 24 vs. YTD 23 Growth
Joint Venture Same-Store Growth (4)	Communities		Revenue		Expense			NOI

Combined JV Portfolio	17		1.0%		11.6%			-4.5%





									Income/(Loss)
			UDR Investment (6)						from Investments
Other Unconsolidated Investments (5)			Commitment		Funded		Balance		2Q 24 (7)

Total Real Estate Technology and Sustainability Investments			$	106,000	$	58,029	$	58,445	$	(160)

(1)	See Attachment 14 for definitions and other terms.

(2)	Represents NOI at 100% for the period ended June 30, 2024.

(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 six real estate technology and climate technology funds.

(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.

Attachment 10(B)

Developer Capital Program

June 30, 2024

(Dollars in Thousands)

(Unaudited) (1)


Developer Capital Program (2)(3)


			# of	UDR Investment				Return	Years to	Upside
Community	Location		Homes	Commitment (3)		Balance (3)		Rate	Maturity (4)	Participation

Preferred Equity

Junction	Santa Monica, CA		66	$	13,910	$	19,051	12.75%	0.3	-
Thousand Oaks	Thousand Oaks, CA		142		20,059		28,472	9.0%	0.6	Variable
Vernon Boulevard (5)	Queens, NY		534		40,000		66,596	13.0%	1.0	Variable
Makers Rise	Herndon, VA		356		30,208		38,954	9.0%	1.5	Variable
121 at Watters	Allen, TX		469		19,843		25,734	9.0%	1.7	Variable
Infield Phase I	Kissimmee, FL		384		16,044		21,943	14.0%	2.0	-
Meetinghouse	Portland, OR		232		14,340		16,091	9.0%	2.6	-
Heirloom	Portland, OR		286		20,642		22,733	9.0%	3.0	-
Upton Place	Washington, DC		689		52,163		65,677	9.7%	3.4	-
Portfolio Recapitalization (6)	Various		2,460		102,000		102,660	8.0%	5.0	-

Total - Preferred Equity			5,618	$	329,209	$	407,911	9.7%	2.9

Loans

1300 Fairmount	Philadelphia, PA		478	$	71,393	$	103,515	10.5%	0.3	-
Menifee	Menifee, CA		237		24,447		27,579	11.0%	2.5	-
Riverside	Riverside, CA		482		59,676		68,080	11.0%	2.5	-
Total - Loans			1,197	$	155,516	$	199,174	10.8%	1.5

Total - Developer Capital Program			6,815	$	484,725	$	607,085	10.0%	2.4



		2Q 24

Income/(loss) from investments		$	13,582

(1)	See Attachment 14 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 investment and therefore excludes accrued return. Investment balance includes amount funded plus accrued and unpaid return prior to the period end.

(4)

As of June 30, 2024, our preferred equity investment and loan portfolio had a weighted average term to maturity of 2.4 years, excluding extension options. In many cases, the maturity dates of our investments can be extended by up to three years, typically through multiple one year extensions, subject to certain conditions being satisfied. In addition, the maturity dates of our investments may differ from the maturity dates of the senior loans held by the ventures.

(5)	Subsequent to quarter-end, UDR received a $17.2 million partial paydown of its preferred equity investment in Vernon Boulevard. In conjunction with the paydown, UDR's remaining $50.0 million preferred equity investment will earn a contractual return rate of 11.0%.

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

Attachment 11

Acquisitions, Dispositions and Developer Capital Program Investments Summary

June 30, 2024

(Dollars in Thousands)

(Unaudited) (1)

Post

Prior

Transaction

Ownership

# of

Price per

Date of Sale

Community

Location

Interest

Price (2)

Debt (2)

Homes

Home

Dispositions - Wholly-Owned

Feb-24

Crescent Falls Church (3)

Arlington, VA

100%

100,000

214

467

100,000

214

467

(1)	See Attachment 14 for definitions and other terms.

(2)	Price represents 100% of the asset. Debt represents 100% of the asset's indebtedness, and excludes deferred financing costs.

(3)	UDR recorded a gain on sale of approximately $16.9 million during the six months ended June 30, 2024, which is included in gain/(loss) on sale of real estate owned.

Attachment 12

Capital Expenditure and Repair and Maintenance Summary

June 30, 2024

(In thousands, except Cost per Home)

(Unaudited) (1)


	Three Months				Six Months
	Ended		Cost		Ended			Cost
Capital Expenditures for Consolidated Homes (2)	June 30, 2024		per Home		June 30, 2024			per Home

Average number of homes (3)		55,283				55,318

Total Recurring Cap Ex	$	25,160	$	455	$	41,785	$	755

NOI Enhancing Cap Ex		21,024		380		38,811		702

Total Recurring and NOI Enhancing Cap Ex	$	46,184	$	835	$	80,596	$	1,457


	Three Months				Six Months
	Ended			Cost	Ended			Cost
Repair and Maintenance for Consolidated Homes (Expensed)	June 30, 2024			per Home	June 30, 2024			per Home

Average number of homes (3)		55,283				55,318

Total Repair and Maintenance	$	24,493	$	443	$	49,468	$	894

(1)	See Attachment 14 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.

Attachment 13

3Q 2024 and Full-Year 2024 Guidance

June 30, 2024

(Unaudited) (1)


		Full-Year 2024 Guidance
				Change from
Net Income, FFO, FFO as Adjusted and AFFO per Share and Unit Guidance	3Q 2024	Full-Year 2024	Prior Guidance	Prior Midpoint

Income/(loss) per weighted average common share, diluted	$0.08 to $0.10	$0.35 to $0.43	$0.33 to $0.45	-
FFO per common share and unit, diluted	$0.60 to $0.62	$2.38 to $2.46	$2.36 to $2.48	-
FFO as Adjusted per common share and unit, diluted	$0.61 to $0.63	$2.42 to $2.50	$2.38 to $2.50	$0.02
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted	$0.54 to $0.56	$2.16 to $2.24	$2.12 to $2.24	$0.02
Weighted average number of common shares, OP/DownREIT Units, and common stock equivalents outstanding, diluted (in millions)	357.1	356.7	356.7	-
Annualized dividend per share and unit		$1.70	$1.70	-

				Change from
Same-Store Guidance (Straight-line basis)		Full-Year 2024	Prior Guidance	Prior Midpoint

Revenue growth / (decline)		1.00% to 3.00%	0.00% to 3.00%	0.50%
Expense growth		4.00% to 6.00%	4.25% to 6.25%	-0.25%
NOI growth / (decline)		-0.25% to 1.75%	-1.75% to 1.75%	0.75%

				Change from
Sources of Funds ($ in millions)		Full-Year 2024	Prior Guidance	Prior Midpoint

AFFO less Dividends		$163 to $192	$149 to $192	$7
Debt Issuances/Assumptions and LOC Draw/(Paydown)		$25 to $100	$25 to $150	($25)
Dispositions and Developer Capital Program maturities		$100 to $150	$100 to $150	-

				Change from
Uses of Funds ($ in millions)		Full-Year 2024	Prior Guidance	Prior Midpoint

Debt maturities inclusive of principal amortization (2)		$116	$116	-
Development spending and land acquisitions		$25 to $50	$25 to $50	-
Redevelopment and other non-recurring		$75 to $95	$70 to $100	-
Developer Capital Program funding and senior loan payoff		$15	$0	$15
Joint Venture Acquisitions (at share)		$0 to $75	$0 to $150	($37.5)
NOI enhancing capital expenditures inclusive of Kitchen and Bath		$60 to $80	$60 to $80	-

				Change from
Other Additions/(Deductions) ($ in millions except per home amounts)		Full-Year 2024	Prior Guidance	Prior Midpoint

Consolidated interest expense, net of capitalized interest and adjustments for FFO as Adjusted		$190 to $194	$187 to $193	$2
Consolidated capitalized interest		$7 to $11	$7 to $11	-
General and administrative		$68 to $72	$67 to $73	-
Recurring capital expenditures per home		$1,650	$1,650	-

(1)	See Attachment 14 for definitions and other terms.

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

Attachment 14(A)

Definitions and Reconciliations

June 30, 2024

(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 lenders 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 lenders 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 lenders 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.

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 on a straight-line basis 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 on a straight-line basis 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.

Attachment 14(B)

Definitions and Reconciliations

June 30, 2024

(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

2Q 2024

YTD 2024

Income/(loss) from unconsolidated entities

4,046

13,131

Management fee

861

1,699

Interest expense

4,466

8,938

Depreciation

13,768

27,461

General and administrative

192

349

Developer Capital Program (excludes loans)

(8,436)

(16,599)

Other (income)/expense

(3)

(48)

Realized and unrealized (gain)/loss on real estate technology investments, net of tax

189

(5,457)

Total Joint Venture NOI at UDR's Ownership Interest

15,083

29,474

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	2Q 2024		1Q 2024		4Q 2023		3Q 2023		2Q 2023
Net income/(loss) attributable to UDR, Inc.	$	28,883	$	43,149	$	32,986	$	32,858	$	347,545
Property management		13,433		13,379		13,354		13,271		13,101
Other operating expenses		7,593		6,828		8,320		4,611		4,259
Real estate depreciation and amortization		170,488		169,858		170,643		167,551		168,925
Interest expense		47,811		48,062		47,347		44,664		45,113
Casualty-related charges/(recoveries), net		998		6,278		(224)		(1,928)		1,134
General and administrative		20,136		17,810		20,838		15,159		16,452
Tax provision/(benefit), net		386		337		93		428		1,351
(Income)/loss from unconsolidated entities		(4,046)		(9,085)		20,219		(5,508)		(9,697)
Interest income and other (income)/expense, net		(6,498)		(5,865)		(9,371)		3,069		(10,447)
Joint venture management and other fees		(1,992)		(1,965)		(2,379)		(1,772)		(1,450)
Other depreciation and amortization		4,679		4,316		4,397		3,692		3,681
(Gain)/loss on sale of real estate owned		-		(16,867)		(25,308)		-		(325,884)
Net income/(loss) attributable to noncontrolling interests		2,130		3,161		2,975		2,561		22,638
Total consolidated NOI	$	284,001	$	279,396	$	283,890	$	278,656	$	276,721

Attachment 14(C)

Definitions and Reconciliations

June 30, 2024

(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.

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 straight-line basis, divided by the product of occupancy and the number of apartment homes.

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

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.

Attachment 14(D)

Definitions and Reconciliations

June 30, 2024

(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 2024 and third quarter of 2024 to forecasted FFO, FFO as Adjusted and AFFO per share and unit:


	Full-Year 2024
	Low		High

Forecasted net income per diluted share	$	0.35	$	0.43
Conversion from GAAP share count		(0.02)		(0.02)
Net gain on the sale of depreciable real estate owned		(0.05)		(0.05)
Depreciation		2.07		2.07
Noncontrolling interests		0.02		0.02
Preferred dividends		0.01		0.01
Forecasted FFO per diluted share and unit	$	2.38	$	2.46
Legal and other costs		0.02		0.02
Severance costs and other restructuring expense		0.01		0.01
Casualty-related charges/(recoveries)		0.02		0.02
Realized/unrealized (gain)/loss on real estate technology investments		(0.01)		(0.01)
Forecasted FFO as Adjusted per diluted share and unit	$	2.42	$	2.50
Recurring capital expenditures		(0.26)		(0.26)
Forecasted AFFO per diluted share and unit	$	2.16	$	2.24


	3Q 2024
	Low		High

Forecasted net income per diluted share	$	0.08	$	0.10
Conversion from GAAP share count		(0.01)		(0.01)
Depreciation		0.52		0.52
Noncontrolling interests		0.01		0.01
Preferred dividends		-		-
Forecasted FFO per diluted share and unit	$	0.60	$	0.62
Legal and other costs		-		-
Severance costs and other restructuring expense		0.01		0.01
Casualty-related charges/(recoveries)		-		-
Realized/unrealized (gain)/loss on real estate technology investments		-		-
Forecasted FFO as Adjusted per diluted share and unit	$	0.61	$	0.63
Recurring capital expenditures		(0.07)		(0.07)
Forecasted AFFO per diluted share and unit	$	0.54	$	0.56

Forward Looking Statements

June 30, 2024

(Unaudited)

Forward-Looking Statements

Certain statements made in this supplement 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, 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 supplement, 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.

Document and Entity Information	Jul. 30, 2024
Document and Entity Information [Abstract]
Document Type	8-K
Document Period End Date	Jul. 30, 2024
Entity Registrant Name	UDR, Inc.
Entity Incorporation, State or Country Code	MD
Entity File Number	1-10524
Entity Tax Identification Number	54-0857512
Entity Address, Address Line One	1745 Shea Center Drive, Suite 200
Entity Address, City or Town	Highlands Ranch
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80129
City Area Code	720
Local Phone Number	283-6120
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock
Trading Symbol	UDR
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0000074208
Amendment Flag	false