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): February 5, 2025

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 February 5, 2025, UDR, Inc. (the “Company”) issued a press release announcing its financial results for the quarter and year ended December 31, 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 February 5, 2025.
99.2		Supplemental Financial Information dated February 5, 2025.
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.

February 5, 2025	By:	/s/ Joseph D. Fisher
		Joseph D. Fisher
		President, Chief Investment Officer and Chief Financial Officer
		(Principal Financial Officer)


				Exhibit 99.1
Press Release
DENVER, CO – February 5, 2025				Contact: Trent Trujillo
				Email: ttrujillo@udr.com

UDR ANNOUNCES FOURTH QUARTER AND FULL-YEAR 2024 RESULTS,

ESTABLISHES 2025 GUIDANCE RANGES, AND INCREASES DIVIDEND

UDR, Inc. (the “Company”) (NYSE: UDR), announced today its fourth quarter and full-year 2024 results, and has posted a related Investor Presentation to its website at ir.udr.com. Net Income, Funds from Operations (“FFO”), FFO as Adjusted (“FFOA”), and Adjusted FFO (“AFFO”) per diluted share for the quarter and full-year ended December 31, 2024 are detailed below.


	Quarter Ended December 31
Metric	4Q 2024 Actual	4Q 2024 Guidance	4Q 2023 Actual	$ Change vs. Prior Year Period	% Change vs. Prior Year Period
Net Income per diluted share	$(0.02)	$0.10 to $0.12	$0.10	$(0.12)	(120)%
FFO per diluted share	$0.48	$0.61 to $0.63	$0.61	$(0.13)	(21)%
FFOA per diluted share	$0.63	$0.62 to $0.64	$0.63	$0.00	0%
AFFO per diluted share	$0.54	$0.56 to $0.58	$0.54	$0.00	0%


	Full-Year (“FY”) Ended December 31
Metric	FY 2024 Actual	FY 2024 Guidance	FY 2023 Actual	$ Change vs. Prior Year Period	% Change vs. Prior Year Period
Net Income per diluted share	$0.26	$0.38 to $0.40	$1.34	$(1.08)	(81)%
FFO per diluted share	$2.29	$2.42 to $2.44	$2.45	$(0.16)	(7)%
FFOA per diluted share	$2.48	$2.47 to $2.49	$2.47	$0.01	1%
AFFO per diluted share	$2.19	$2.21 to $2.23	$2.21	$(0.02)	(1)%

●

Same-Store (“SS”) results for the fourth quarter 2024 versus the fourth quarter 2023, the fourth quarter 2024 versus the third quarter 2024, and full-year 2024 versus full-year 2023 are summarized below.


SS Growth / (Decline)	Year-Over-Year (“YOY”): 4Q 2024 vs. 4Q 2023	Sequential: 4Q 2024 vs. 3Q 2024	Full-Year: 2024 vs. 2023
Revenue	2.5%	0.6%	2.3%
Expense	3.4%	(1.9)%	4.3%
Net Operating Income (“NOI”)	2.1%	1.8%	1.5%

●

As previously announced, during the fourth quarter the Company,

o

Received a $38.5 million paydown on the Company’s preferred equity investment in Upton Place, a recently developed 689-home apartment community in Metropolitan Washington, D.C.

o

Recorded a non-cash loan reserve of $37.3 million, or approximately $0.10 per diluted share, related to its joint venture loan investment in 1300 Fairmount, a 478-home apartment community in Philadelphia, PA. Based on property-level fourth quarter 2024 results and the developer’s projected 2025 financial forecast, the Company did not record any income from its investment in 1300 Fairmount for the fourth quarter of 2024 and expects to record approximately $8.0 million less income from this investment in 2025 as compared to 2024, which equates to an approximate negative $0.02 per diluted share impact to 2025 Net Income, FFO, and FFOA.

o

Published its sixth annual ESG report.

●

Subsequent to quarter-end, the Company completed the sales of Leonard Pointe, a 188-home apartment community in New York, for gross proceeds of $127.5 million and One William, a 185-home apartment community in New Jersey, for gross proceeds of $84.0 million.

“2024 was another solid year, with FFOA per share growth that exceeded our original guidance expectations despite historically high levels of new supply completions,” said Tom Toomey, UDR’s Chairman and CEO. “As we look ahead, we see easing supply pressures, a resilient labor market, and relative affordability of apartments that remains attractive versus other forms of housing, collectively creating a fundamental backdrop for improved Same-Store NOI growth. We will continue to drive value from our strong operating and capital markets acumen, which reinforces UDR as a full-cycle investment.”

Outlook⁽¹⁾

As shown in the table below, the Company has established the following guidance ranges for the first quarter and full-year 2025.


	1Q 2025 Outlook	4Q 2024 Actual	Full-Year 2025 Outlook	Full-Year 2025 Midpoint	Full-Year 2024 Actual
Net Income per diluted share	$0.24 to $0.26	$(0.02)	$0.56 to $0.66	$0.61	$0.26
FFO per diluted share	$0.60 to $0.62	$0.48	$2.45 to $2.55	$2.50	$2.29
FFOA per diluted share	$0.60 to $0.62	$0.63	$2.45 to $2.55	$2.50	$2.48
YOY Growth:
SS Revenue	N/A	2.5%	1.25% to 3.25%	2.25%	2.3%
SS Expense	N/A	3.4%	2.75% to 4.25%	3.50%	4.3%
SS NOI	N/A	2.1%	0.50% to 3.00%	1.75%	1.5%

⁽¹⁾

Additional assumptions for the Company’s first quarter and full-year 2025 outlook can be found on Attachment 13 of the Company’s related quarterly Supplemental Financial Information (“Supplement”). A reconciliation of GAAP Net Income per diluted share to FFO per diluted share and FFOA per diluted 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 fourth quarter, total revenue increased by $9.5 million YOY, or 2.3 percent, to $422.7 million. This increase was primarily attributable to growth in revenue from Same-Store communities, prior year acquisitions, and completed developments.

“Same-Store revenue, expense, and NOI growth in the fourth quarter was better than expected, which drove full-year 2024 Same-Store NOI growth above the high-end of our previous guidance range,” said Mike Lacy, UDR’s Chief Operating Officer. “We begin 2025 in a position of strength with Same-Store occupancy above 97 percent, resident retention that continues to exceed our expectations, renewal rate growth in the mid-4 percent range, and continued innovation leading to mid-to-high single digit growth from our various other income initiatives.”

In the tables below, the Company has presented YOY, sequential, and full-year Same-Store results by region.

Summary of Same-Store Results in the Fourth Quarter 2024 versus the Fourth 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	3.1%	5.9%	2.2%	30.5%	96.9%	0.3%
Mid-Atlantic	4.5%	3.1%	5.1%	20.9%	97.1%	(0.1)%
Northeast	3.2%	3.9%	2.9%	17.3%	96.7%	(0.4)%
Southeast	0.5%	3.9%	(1.1)%	13.6%	96.9%	0.0%
Southwest	0.0%	0.9%	(0.5)%	10.8%	96.7%	0.1%
Other Markets	0.7%	(1.0)%	1.5%	6.9%	96.5%	(0.2)%
Total	2.5%	3.4%	2.1%	100.0%	96.8%	0.0%

⁽¹⁾	Based on 4Q 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 Fourth Quarter 2024 versus the Third 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	0.5%	0.5%	0.5%	30.5%	96.9%	0.6%
Mid-Atlantic	1.4%	(4.4)%	4.1%	20.9%	97.1%	0.7%
Northeast	0.4%	(4.3)%	3.0%	17.3%	96.7%	0.3%
Southeast	0.7%	(0.2)%	1.1%	13.6%	96.9%	1.0%
Southwest	0.1%	1.5%	(0.8)%	10.8%	96.7%	0.3%
Other Markets	(0.2)%	(6.6)%	2.6%	6.9%	96.5%	(0.1)%
Total	0.6%	(1.9)%	1.8%	100.0%	96.8%	0.5%

⁽¹⁾	Based on 4Q 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 Full-Year 2024 versus Full-Year 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	2.7%	4.8%	2.0%	31.7%	96.7%	0.2%
Mid-Atlantic	3.8%	4.5%	3.4%	21.2%	97.0%	0.1%
Northeast	3.4%	5.8%	2.2%	17.7%	96.9%	0.0%
Southeast	0.6%	2.2%	(0.1)%	14.2%	96.6%	0.2%
Southwest	(0.7)%	2.5%	(2.5)%	8.8%	96.5%	(0.2)%
Other Markets	1.2%	5.0%	(0.2)%	6.4%	96.8%	0.0%
Total	2.3%	4.3%	1.5%	100.0%	96.8%	0.1%

⁽¹⁾	Based on full-year 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 full-year 2024.

Transactional Activity

Subsequent to quarter-end, the Company completed the sales of Leonard Pointe, a 188-home apartment community in New York, for gross proceeds of $127.5 million, or $680,000 per apartment home, and One William, a 185-home apartment community in New Jersey, for gross proceeds of $84.0 million, or $455,000 per apartment home.

Debt and Preferred Equity Program Activity

At the end of the fourth quarter, the Company had fully funded its $529.2 million of commitments under its Debt and Preferred Equity Program, with approximately 50 percent of this amount being in stabilized developments and recapitalizations. In total, the Company’s Debt and Preferred Equity investments carry a contractual weighted average 9.9 percent rate of return and have a weighted average remaining term of 2.4 years.

As previously announced, during the quarter the Company,

●

Received a $38.5 million paydown on the Company’s preferred equity investment in Upton Place, a recently developed 689-home apartment community in Metropolitan Washington, D.C., in connection with the sponsor refinancing the joint venture’s senior construction loan. The paydown represents approximately 55 percent of the Company’s preferred equity investment in the joint venture. The Company chose to maintain its remaining investment balance of approximately $30.5 million in Upton Place as part of a recapitalization.

●

Capital Markets and Balance Sheet Activity

The Company’s total indebtedness as of December 31, 2024 was $5.8 billion with only $535.0 million, or 9.7 percent of total consolidated debt, maturing through 2026, including principal amortization and excluding amounts on the Company’s commercial paper program and working capital credit facility. As of December 31, 2024, the Company had approximately $1.1 billion 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 regarding investment guidance.

In the table below, the Company has presented select balance sheet metrics for the quarter ended December 31, 2024 and the comparable prior year period.


	Quarter Ended December 31
Balance Sheet Metric	4Q 2024	4Q 2023	Change
Weighted Average Interest Rate	3.38%	3.40%	(0.02)%
Weighted Average Years to Maturity⁽¹⁾	5.2	5.6	(0.4)
Consolidated Fixed Charge Coverage Ratio	5.0x	5.0x	0.0x
Consolidated Debt as a percentage of Total Assets	32.7%	32.9%	(0.2)%
Consolidated Net Debt-to-EBITDAre⁽²⁾	5.5x	5.6x	(0.1)x

(1)

If the Company’s commercial paper balance was refinanced using its line of credit, the weighted average years to maturity would have been 5.4 years with extensions or 5.3 years without extensions for 4Q 2024 and 5.8 years both with and without extensions for 4Q 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.

Executive Leadership

As previously announced, subsequent to quarter-end the Company,

●

Promoted Mike Lacy to Chief Operating Officer after having served the Company as Senior Vice President – Operations since 2019.

●

Appointed Joe Fisher to Chief Investment Officer (“CIO”) in addition to his responsibilities as President and Chief Financial Officer (“CFO”). In this role, Mr. Fisher has taken on the additional responsibilities of overseeing the Company’s investment and development functions.

●

Announced it will initiate an executive search process to recruit a new CFO. Upon the successful hire of a new CFO, Mr. Fisher will relinquish his responsibilities in that capacity and retain the roles of President and CIO.

Corporate Responsibility

During the quarter, the Company published its sixth annual ESG report, which detailed UDR’s ongoing commitment to engaging in socially responsible ESG activities to contribute to a lower-carbon future.

Dividend

As previously announced, the Company’s Board of Directors declared a regular quarterly dividend on its common stock for the fourth quarter 2024 in the amount of $0.425 per share. The dividend was paid in cash on January 31, 2025 to UDR common shareholders of record as of January 9, 2025. The fourth quarter 2024 dividend represented the 209^th consecutive quarterly dividend paid by the Company on its common stock.

In conjunction with this release, the Company’s Board of Directors has announced a 2025 annualized dividend per share of $1.72, representing a 1.2 percent increase over the 2024 annualized dividend per share.

Supplemental Financial Information

The Company offers Supplemental Financial Information that provides details on the financial position and operating results of the Company which, along with the related Investor Presentation, 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 February 6, 2025, to discuss fourth quarter and full-year 2024 results as well as high-level views for 2025. In connection with the conference call, the Company is also providing a related Investor Presentation. The webcast and related Investor Presentation 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 February 16, 2025, by dialing 844-512-2921 for domestic and 412-317-6671 for international and entering the confirmation number, 13751154, 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, Supplemental Data, and Investor Presentation

The full text of the earnings report, related quarterly Supplement, and related Investor Presentation 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, elevated 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 Debt and Preferred Equity Program investments do not perform as expected, the failure of automation or technology to help grow net operating income, and other risk factors discussed in documents filed by the Company with the SEC from time to time, including the Company's Annual Report on Form 10-K and the Company's Quarterly Reports on Form 10-Q. Actual results may differ materially from those described in the forward-looking statements. These forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this press release, and the Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in the Company's expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required under the U.S. securities laws.

About UDR, Inc.

UDR, Inc. (NYSE: UDR), an S&P 500 company, is a leading multifamily real estate investment trust with a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive real estate communities in targeted U.S. markets. As of December 31, 2024, UDR owned or had an ownership position in 60,120 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 Fourth Quarter 2024

(Unaudited) (1)


	Actual Results	Actual Results	Guidance for
Dollars in thousands, except per share and unit	4Q 2024	YTD 2024	1Q 2025	Full-Year 2025

GAAP Metrics
Net income/(loss) attributable to UDR, Inc.	($5,044)	$89,585	--	--
Net income/(loss) attributable to common stockholders	($6,241)	$84,750	--	--
Income/(loss) per weighted average common share, diluted	($0.02)	$0.26	$0.24 to $0.26	$0.56 to $0.66

Per Share Metrics
FFO per common share and unit, diluted	$0.48	$2.29	$0.60 to $0.62	$2.45 to $2.55
FFO as Adjusted per common share and unit, diluted	$0.63	$2.48	$0.60 to $0.62	$2.45 to $2.55
Adjusted Funds from Operations ("AFFO") per common share and unit, diluted	$0.54	$2.19
Dividend declared per share and unit	$0.425	$1.70	$0.43	$1.72 (2)

Same-Store Operating Metrics
Revenue growth/(decline) (Straight-line basis)	2.5%	2.3%	--	1.25% to 3.25%
Expense growth	3.4%	4.3%	--	2.75% to 4.25%
NOI growth/(decline) (Straight-line basis)	2.1%	1.5%	--	0.50% to 3.00%
Physical Occupancy	96.8%	96.8%	--	--


Property Metrics	Homes	Communities	% of Total NOI
Same-Store	54,215	162	90.7%
Stabilized, Non-Mature	693	3	1.0%
Development	415	2	0.5%
Non-Residential / Other	N/A	N/A	1.9%
Joint Venture (3)	4,424	18	4.9%
Total completed homes	59,747	185	99.0%
Held for Disposition	373	2	1.0%
Under Development	-	-	-
Total Quarter-end homes (3)(4)	60,120	187	100.0%


Balance Sheet Metrics (adjusted for non-recurring items)	4Q 2024	4Q 2023
Consolidated Interest Coverage Ratio	5.1x	5.1x
Consolidated Fixed Charge Coverage Ratio	5.0x	5.0x
Consolidated Debt as a percentage of Total Assets	32.7%	32.9%
Consolidated Net Debt-to-EBITDAre	5.5x	5.6x

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

(2)	Annualized for 2025.

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

(4)	Excludes 7,633 homes that are part of the Debt and Preferred Equity Program as described in Attachment 10(B).

Attachment 1

Consolidated Statements of Operations

(Unaudited) (1)


	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
In thousands, except per share amounts	2024		2023		2024		2023

REVENUES:
Rental income (2)	$	420,440	$	410,894	$	1,663,525	$	1,620,658
Joint venture management and other fees		2,288		2,379		8,317		6,843
Total revenues		422,728		413,273		1,671,842		1,627,501

OPERATING EXPENSES:
Property operating and maintenance		72,167		68,442		292,572		273,736
Real estate taxes and insurance		57,269		58,562		232,130		232,152
Property management		13,665		13,354		54,065		52,671
Other operating expenses		9,613		8,320		30,416		20,222
Real estate depreciation and amortization		165,446		170,643		676,068		676,419
General and administrative		25,469		20,838		84,305		69,929
Casualty-related charges/(recoveries), net		6,430		(224)		15,179		3,138
Other depreciation and amortization		6,381		4,397		19,405		15,419
Total operating expenses		356,440		344,332		1,404,140		1,343,686

Gain/(loss) on sale of real estate owned		-		25,308		16,867		351,193
Operating income		66,288		94,249		284,569		635,008

Income/(loss) from unconsolidated entities (2)		8,984		(20,219)		20,235		4,693
Interest expense		(49,625)		(47,347)		(195,712)		(180,866)
Interest income and other income/(expense), net (3)		(30,858)		9,371		(12,336)		17,759

Income/(loss) before income taxes		(5,211)		36,054		96,756		476,594
Tax (provision)/benefit, net		(312)		(93)		(879)		(2,106)

Net Income/(loss)		(5,523)		35,961		95,877		474,488
Net (income)/loss attributable to redeemable noncontrolling interests in the OP and DownREIT Partnership		490		(2,967)		(6,246)		(30,104)
Net (income)/loss attributable to noncontrolling interests		(11)		(8)		(46)		(31)

Net income/(loss) attributable to UDR, Inc.		(5,044)		32,986		89,585		444,353
Distributions to preferred stockholders - Series E (Convertible)		(1,197)		(1,222)		(4,835)		(4,848)

Net income/(loss) attributable to common stockholders	$	(6,241)	$	31,764	$	84,750	$	439,505


Income/(loss) per weighted average common share - basic:		($0.02)		$0.10		$0.26		$1.34
Income/(loss) per weighted average common share - diluted:		($0.02)		$0.10		$0.26		$1.34

Common distributions declared per share		$0.425		$0.42		$1.70		$1.68

Weighted average number of common shares outstanding - basic		329,854		328,558		329,290		328,765
Weighted average number of common shares outstanding - diluted		331,244		328,825		330,116		329,104

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

(2)	As of December 31, 2024, UDR's residential accounts receivable balance, net of its reserve, was $5.9 million, including its share from unconsolidated joint ventures. The unreserved amount is based on probability of collection.

(3)	During the three months ended December 31, 2024, UDR recorded a $37.3 million non-cash loan reserve related to its joint venture loan investment in 1300 Fairmount.

Attachment 2

Funds From Operations

(Unaudited) (1)


	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
In thousands, except per share and unit amounts	2024		2023			2024	2023

Net income/(loss) attributable to common stockholders	$	(6,241)	$	31,764	$	84,750	$	439,505

Real estate depreciation and amortization		165,446		170,643		676,068		676,419
Noncontrolling interests		(479)		2,975		6,292		30,135
Real estate depreciation and amortization on unconsolidated joint ventures		12,799		13,293		53,727		42,622
Impairment loss from unconsolidated joint ventures		-		-		8,083		-
Net (gain)/loss on consolidation		-		24,257		-		24,257
Net (gain)/loss on the sale of depreciable real estate owned, net of tax		-		(25,223)		(16,867)		(349,993)
Funds from operations ("FFO") attributable to common stockholders and unitholders, basic	$	171,525	$	217,709	$	812,053	$	862,945

Distributions to preferred stockholders - Series E (Convertible) (2)		1,197		1,222		4,835		4,848

FFO attributable to common stockholders and unitholders, diluted	$	172,722	$	218,931	$	816,888	$	867,793

FFO per weighted average common share and unit, basic	$	0.49	$	0.62	$	2.30	$	2.46
FFO per weighted average common share and unit, diluted	$	0.48	$	0.61	$	2.29	$	2.45

Weighted average number of common shares and OP/DownREIT Units outstanding, basic		353,237		353,076		353,283		351,175
Weighted average number of common shares, OP/DownREIT Units, and common stock
equivalents outstanding, diluted		357,442		356,252		356,957		354,422

Impact of adjustments to FFO:
Variable upside participation on preferred equity investment, net	$	-	$	-	$	-	$	(204)
Legal and other costs		6,320		3,763		13,315		2,869
Realized and unrealized (gain)/loss on real estate technology investments, net of tax		(3,406)		(2,872)		(8,019)		(3,051)
Severance costs		6,006		4,164		10,556		4,164
Provision for loan loss (3)		37,271		-		37,271		-
Casualty-related charges/(recoveries)		6,430		(224)		15,179		3,138
Total impact of adjustments to FFO	$	52,621	$	4,831	$	68,302	$	6,916

FFO as Adjusted attributable to common stockholders and unitholders, diluted	$	225,343	$	223,762	$	885,190	$	874,709

FFO as Adjusted per weighted average common share and unit, diluted	$	0.63	$	0.63	$	2.48	$	2.47

Recurring capital expenditures, inclusive of unconsolidated joint ventures		(31,620)		(30,133)		(105,116)		(90,917)
AFFO attributable to common stockholders and unitholders, diluted	$	193,723	$	193,629	$	780,074	$	783,792

AFFO per weighted average common share and unit, diluted	$	0.54	$	0.54	$	2.19	$	2.21

(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 twelve months ended December 31, 2024 and December 31, 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.

(3)	See Attachment 1, footnote 3 and Attachment 10(B), footnote 9 for further details.

Attachment 3

Consolidated Balance Sheets

(Unaudited) (1)


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

ASSETS

Real estate owned:
Real estate held for investment	$	15,994,794	$	15,757,456
Less: accumulated depreciation		(6,836,920)		(6,242,686)
Real estate held for investment, net		9,157,874		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 $64,106 and $24,960)		154,463		81,039
Total real estate owned, net of accumulated depreciation		9,312,337		9,756,029

Cash and cash equivalents		1,326		2,922
Restricted cash		34,101		31,944
Notes receivable, net		247,849		228,825
Investment in and advances to unconsolidated joint ventures, net		917,483		952,934
Operating lease right-of-use assets		186,997		190,619
Other assets		197,493		209,969
Total assets	$	10,897,586	$	11,373,242

LIABILITIES AND EQUITY

Liabilities:
Secured debt	$	1,139,331	$	1,277,713
Unsecured debt		4,687,634		4,520,996
Operating lease liabilities		182,275		185,836
Real estate taxes payable		46,403		47,107
Accrued interest payable		52,631		47,710
Security deposits and prepaid rent		61,592		50,528
Distributions payable		151,720		149,600
Accounts payable, accrued expenses, and other liabilities		115,105		141,311
Total liabilities		6,436,691		6,420,801

Redeemable noncontrolling interests in the OP and DownREIT Partnership		1,017,355		961,087

Equity:
Preferred stock, no par value; 50,000,000 shares authorized at December 31, 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
10,424,485 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 December 31, 2024 and December 31, 2023:
330,858,719 shares issued and outstanding (329,014,512 shares at December 31, 2023)		3,309		3,290
Additional paid-in capital		7,572,480		7,493,217
Distributions in excess of net income		(4,179,415)		(3,554,892)
Accumulated other comprehensive income/(loss), net		3,638		4,914
Total stockholders' equity		3,443,205		3,991,144
Noncontrolling interests		335		210
Total equity		3,443,540		3,991,354
Total liabilities and equity	$	10,897,586	$	11,373,242

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

Attachment 4(A)

Selected Financial Information

(Unaudited) (1)


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

Common shares	330,858,719	329,014,512
Restricted unit and common stock equivalents	1,043,568	81,382
Operating and DownREIT Partnership units	22,689,109	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	357,407,004	356,432,440




Weighted Average Number of Shares Outstanding	4Q 2024	4Q 2023

Weighted average number of common shares and OP/DownREIT units outstanding - basic	353,237,456	353,075,692
Weighted average number of OP/DownREIT units outstanding	(23,382,861)	(24,517,972)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations	329,854,595	328,557,720

Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted	357,442,099	356,251,542
Weighted average number of OP/DownREIT units outstanding	(23,382,861)	(24,517,972)
Weighted average number of Series E cumulative convertible preferred shares outstanding	(2,815,608)	(2,908,323)
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations	331,243,630	328,825,247


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

Weighted average number of common shares and OP/DownREIT units outstanding - basic	353,283,236	351,175,000
Weighted average number of OP/DownREIT units outstanding	(23,992,543)	(22,409,581)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations	329,290,693	328,765,419

Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted	356,956,515	354,422,379
Weighted average number of OP/DownREIT units outstanding	(23,992,543)	(22,409,581)
Weighted average number of Series E cumulative convertible preferred shares outstanding	(2,847,526)	(2,908,323)
Weighted average number of common shares outstanding - diluted per the Consolidated Statements of Operations	330,116,446	329,104,475

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

(2)	At December 31, 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

December 31, 2024

(Unaudited) (1)


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

Secured		Fixed			$	1,115,798			19.1%	3.49%	4.0
		Floating				27,000			0.5%	3.49%	7.2
		Combined				1,142,798			19.6%	3.49%	4.1

Unsecured		Fixed				4,225,000	(3)		72.3%	3.08%	5.9
		Floating				474,260			8.1%	5.00%	0.8
		Combined				4,699,260			80.4%	3.28%	5.4

Total Debt		Fixed				5,340,798			91.4%	3.17%	5.5
		Floating				501,260			8.6%	4.92%	1.2
		Combined				5,842,058			100.0%	3.32%	5.2
		Total Non-Cash Adjustments (4)				(15,093)
		Total per Balance Sheet			$	5,826,965				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

2025	$	178,323	$	-	$	289,900		$	468,223	8.0%	4.31%
2026		56,672		300,000		9,360			366,032	6.3%	3.07%
2027		6,939		650,000		-			656,939	11.2%	3.72%
2028		166,526		300,000		-			466,526	8.0%	3.72%
2029		315,811		300,000		-			615,811	10.5%	3.93%
2030		230,597		600,000		-			830,597	14.3%	3.34%
2031		160,930		600,000		-			760,930	13.0%	2.92%
2032		27,000		400,000		-			427,000	7.3%	2.19%
2033		-		650,000		-			650,000	11.1%	1.99%
2034		-		600,000		-			600,000	10.3%	4.04%
Thereafter		-		-		-			-	-	-
		1,142,798		4,400,000		299,260			5,842,058	100.0%	3.32%
Total Non-Cash Adjustments (4)		(3,467)		(11,626)		-			(15,093)
Total per Balance Sheet	$	1,139,331	$	4,388,374	$	299,260		$	5,826,965		3.38%

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

(2)

The 2025 maturity reflects the $289.9 million of principal outstanding at an interest rate of 4.70%, the equivalent of SOFR plus a spread of 31.0 basis points, on the Company’s unsecured commercial paper program as of December 31, 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 5.4 years with extensions and 5.3 years without extensions.

(3)

Includes amounts on our $350.0 million unsecured Term Loan that have been swapped to fixed. The amounts swapped to fixed are $175.0 million at a weighted average rate of 1.43% that expires July 2025. The amounts that have not been swapped to fixed carry an interest rate of adjusted SOFR plus 83.0 basis points. The $350.0 million Term Loan has a maturity date of January 2027 plus a one-year extension option.

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

(5)	Includes principal amortization, as applicable.

(6)	There were no borrowings outstanding on our $1.3 billion line of credit at December 31, 2024. The facility has a maturity date of August 2028, plus two six-month extension options and currently carries an interest rate equal to adjusted SOFR plus 77.5 basis points.

(7)	There was $9.4 million outstanding on our $75.0 million working capital credit facility at December 31, 2024. The facility has a maturity date of January 2026. 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

December 31, 2024

Net income/(loss)

(5,523)

Adjustments:

Interest expense, including debt extinguishment and other associated costs

49,625

Real estate depreciation and amortization

165,446

Other depreciation and amortization

6,381

Tax provision/(benefit), net

312

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

17,413

EBITDAre

233,654

Casualty-related charges/(recoveries), net

6,430

Legal and other costs

6,320

Provision for loan loss

37,271

Severance costs

6,006

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

604

(Income)/loss from unconsolidated entities

(8,984)

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

(17,413)

Management fee expense on unconsolidated joint ventures

(1,154)

Consolidated EBITDAre - adjusted for non-recurring items

262,734

Annualized consolidated EBITDAre - adjusted for non-recurring items

1,050,936

Interest expense, including debt extinguishment and other associated costs

49,625

Capitalized interest expense

2,027

Total interest

51,652

Preferred dividends

1,197

Total debt

5,826,965

Cash

(1,326)

Net debt

5,825,639

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

5.5x

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%

9.8%

Yes

Minimum Unencumbered Pool Leverage Ratio

≥150.0%

376.5%

Yes

Senior Unsecured Note Covenants (3)

Required

Actual

Compliance

Debt as a percentage of Total Assets

≤65.0%

32.8% (3)

Yes

Consolidated Income Available for Debt Service to Annual Service Charge

≥1.5x

5.6x

Yes

Secured Debt as a percentage of Total Assets

≤40.0%

6.4%

Yes

Total Unencumbered Assets to Unsecured Debt

≥150.0%

316.0%

Yes

Securities Ratings

Debt

Outlook

Commercial Paper

Moody's Investors Service

Baa1

Stable

P-2

S&P Global Ratings

BBB+

Stable

A-2

Gross

% of

Number of

4Q 2024 NOI (1)

Carrying Value

Total Gross

Asset Summary

Homes

($000s)

% of NOI

($000s)

Carrying Value

Unencumbered assets

46,756

253,639

87.2%

14,178,541

87.4%

Encumbered assets

8,940

37,365

12.8%

2,034,822

12.6%

55,696

291,004

100.0%

16,213,363

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	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
Revenues
Same-Store Communities	54,215	$	400,944	$	398,549	$	394,952	$	392,537	$	391,112
Stabilized, Non-Mature Communities	693		5,538		5,692		5,564		5,561		4,117
Development Communities	415		2,606		1,858		820		163		53
Non-Residential / Other	-		7,164		7,776		7,866		8,270		8,110
Total	55,323	$	416,252	$	413,875	$	409,202	$	406,531	$	403,392

Expenses
Same-Store Communities		$	123,465	$	125,867	$	122,714	$	124,911	$	119,355
Stabilized, Non-Mature Communities			2,412		2,004		2,330		2,377		1,871
Development Communities			1,116		1,083		855		505		302
Non-Residential / Other			1,435		3,522		2,322		3,004		3,421
Total (2)		$	128,428	$	132,476	$	128,221	$	130,797	$	124,949

Net Operating Income
Same-Store Communities		$	277,479	$	272,682	$	272,238	$	267,626	$	271,757
Stabilized, Non-Mature Communities			3,126		3,688		3,234		3,184		2,246
Development Communities			1,490		775		(35)		(342)		(249)
Non-Residential / Other			5,729		4,254		5,544		5,266		4,689
Total		$	287,824	$	281,399	$	280,981	$	275,734	$	278,443

Operating Margin
Same-Store Communities			69.2%		68.4%		68.9%		68.2%		69.5%

Weighted Average Physical Occupancy
Same-Store Communities			96.8%		96.3%		96.8%		97.0%		96.8%
Stabilized, Non-Mature Communities			94.9%		94.9%		95.0%		87.1%		90.3%
Development Communities			67.1%		48.9%		26.9%		21.2%		10.9%
Other (3)			97.6%		98.2%		98.4%		98.4%		98.2%
Total			96.6%		95.9%		96.4%		96.8%		96.7%

Sold and Held for Disposition Communities
Revenues	373	$	4,188	$	4,213	$	4,126	$	5,138	$	7,502
Expenses (2)			1,008		1,190		1,106		1,476		2,055
Net Operating Income/(Loss)		$	3,180	$	3,023	$	3,020	$	3,662	$	5,447

Total	55,696	$	291,004	$	284,422	$	284,001	$	279,396	$	283,890

(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 4Q 2024
	SS Operating
Year-Over-Year Comparison	Expenses	4Q 2024		4Q 2023		% Change

Personnel	14.2%	$	17,571	$	16,930	3.8%
Utilities	13.9%		17,156		16,630	3.2%
Repair and maintenance	19.1%		23,639		22,403	5.5%
Administrative and marketing	7.7%		9,490		8,412	12.8%
Controllable expenses	54.9%		67,856		64,375	5.4%

Real estate taxes	40.1%	$	49,445	$	49,091	0.7%
Insurance	5.0%		6,164		5,889	4.7%
Same-Store operating expenses	100.0%	$	123,465	$	119,355	3.4%

Same-Store Homes	54,215



	% of 4Q 2024
	SS Operating
Sequential Comparison	Expenses	4Q 2024		3Q 2024		% Change

Personnel	14.2%	$	17,571	$	17,832	-1.4%
Utilities	13.9%		17,156		17,876	-4.0%
Repair and maintenance	19.1%		23,639		26,681	-11.4%
Administrative and marketing	7.7%		9,490		9,324	1.8%
Controllable expenses	54.9%		67,856		71,713	-5.4%

Real estate taxes	40.1%	$	49,445	$	48,099	2.8%
Insurance	5.0%		6,164		6,055	1.8%
Same-Store operating expenses	100.0%	$	123,465	$	125,867	-1.9%

Same-Store Homes	54,215




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

Personnel (2)	14.3%	$	67,595	$	60,918	11.0%
Utilities	14.2%		67,112		65,133	3.0%
Repair and maintenance	19.9%		93,779		89,210	5.1%
Administrative and marketing	7.2%		33,922		30,123	12.6%
Controllable expenses	55.6%		262,408		245,384	6.9%

Real estate taxes	39.5%	$	186,848	$	183,546	1.8%
Insurance	4.9%		23,130		24,013	-3.7%
Same-Store operating expenses	100.0%	$	472,386	$	452,943	4.3%

Same-Store Homes	51,428

(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

December 31, 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	$	3,113
San Francisco, CA	2,917	393	3,310	602	3,912		3,587
Seattle, WA	2,702	-	2,702	284	2,986		2,879
Monterey Peninsula, CA	1,567	-	1,567	-	1,567		2,442
Los Angeles, CA	1,225	-	1,225	340	1,565		3,463
	12,716	393	13,109	1,927	15,036

Mid-Atlantic Region
Metropolitan DC	8,819	300	9,119	360	9,479		2,439
Baltimore, MD	2,219	-	2,219	-	2,219		1,985
Richmond, VA	1,359	-	1,359	-	1,359		1,907
	12,397	300	12,697	360	13,057

Northeast Region
Boston, MA	4,667	-	4,667	876	5,543		3,251
New York, NY	1,945	-	1,945	707	2,652		5,110
	6,612	-	6,612	1,583	8,195

Southeast Region
Tampa, FL	3,877	330	4,207	-	4,207		2,180
Orlando, FL	3,493	-	3,493	-	3,493		1,917
Nashville, TN	2,261	-	2,261	-	2,261		1,749
	9,631	330	9,961	-	9,961

Southwest Region
Dallas, TX	7,364	85	7,449	-	7,449		1,804
Austin, TX	1,880	-	1,880	-	1,880		1,832
	9,244	85	9,329	-	9,329

Other Markets (5)	3,615	-	3,615	554	4,169		2,642

Totals	54,215	1,108	55,323	4,424	59,747	$	2,596

Communities (6)	162	5	167	18	185

		Homes	Communities
Total completed homes		59,747	185
Held for Disposition		373	2
Under Development (7)		-	-

Total Quarter-end homes and communities		60,120	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

December 31, 2024

(Unaudited) (1)


Non-Mature Home Breakout - By Date


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


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

The MO	Stabilized, Non-Mature	300	Metropolitan 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		1,108


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	10.9%	10.9%	Tampa, FL	5.8%	5.7%
San Francisco, CA	7.6%	8.4%	Orlando, FL	4.8%	4.4%
Seattle, WA	6.0%	6.2%	Nashville, TN	3.0%	2.8%
Monterey Peninsula, CA	3.1%	2.8%		13.6%	12.9%
Los Angeles, CA	2.9%	3.1%	Southwest Region
	30.5%	31.4%	Dallas, TX	8.8%	8.3%
Mid-Atlantic Region			Austin, TX	2.0%	1.8%
Metropolitan DC	15.7%	15.4%		10.8%	10.1%
Baltimore, MD	3.1%	2.9%
Richmond, VA	2.1%	1.9%	Other Markets (3)	6.9%	7.2%
	20.9%	20.2%
Northeast Region
Boston, MA	11.6%	11.7%
New York, NY	5.7%	6.5%
	17.3%	18.2%	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

December 31, 2024

(Unaudited) (1)



		% of Same-	Same-Store
	Total	Store Portfolio
	Same-Store	Based on	Physical Occupancy			Total Revenue per Occupied Home
	Homes	4Q 2024 NOI	4Q 24	4Q 23	Change	4Q 24		4Q 23		Change

West Region
Orange County, CA	4,305	10.9%	96.9%	96.9%	0.0%	$	3,114	$	3,041	2.4%
San Francisco, CA	2,917	7.6%	96.9%	96.2%	0.7%		3,565		3,482	2.4%
Seattle, WA	2,702	6.0%	97.4%	97.6%	-0.2%		2,886		2,822	2.3%
Monterey Peninsula, CA	1,567	3.1%	96.9%	95.0%	1.9%		2,442		2,360	3.5%
Los Angeles, CA	1,225	2.9%	95.3%	95.9%	-0.6%		3,300		3,104	6.3%
	12,716	30.5%	96.9%	96.6%	0.3%		3,104		3,021	2.7%

Mid-Atlantic Region
Metropolitan DC	8,819	15.7%	97.1%	97.3%	-0.2%		2,438		2,326	4.8%
Baltimore, MD	2,219	3.1%	96.8%	96.4%	0.4%		1,985		1,905	4.2%
Richmond, VA	1,359	2.1%	97.5%	97.3%	0.2%		1,907		1,846	3.3%
	12,397	20.9%	97.1%	97.2%	-0.1%		2,299		2,196	4.7%

Northeast Region
Boston, MA	4,667	11.6%	96.3%	96.9%	-0.6%		3,291		3,163	4.0%
New York, NY	1,945	5.7%	97.6%	97.4%	0.2%		5,043		4,905	2.8%
	6,612	17.3%	96.7%	97.1%	-0.4%		3,811		3,674	3.7%

Southeast Region
Tampa, FL	3,877	5.8%	97.0%	97.3%	-0.3%		2,140		2,117	1.1%
Orlando, FL	3,493	4.8%	96.6%	96.5%	0.1%		1,917		1,911	0.3%
Nashville, TN	2,261	3.0%	97.0%	96.8%	0.2%		1,749		1,756	-0.4%
	9,631	13.6%	96.9%	96.9%	0.0%		1,967		1,958	0.5%

Southwest Region
Dallas, TX	7,364	8.8%	96.7%	96.8%	-0.1%		1,785		1,779	0.3%
Austin, TX	1,880	2.0%	96.6%	95.9%	0.7%		1,832		1,857	-1.3%
	9,244	10.8%	96.7%	96.6%	0.1%		1,795		1,795	0.0%

Other Markets	3,615	6.9%	96.5%	96.7%	-0.2%		2,582		2,558	0.9%

Total/Weighted Avg.	54,215	100.0%	96.8%	96.8%	0.0%	$	2,546	$	2,483	2.5%

(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

December 31, 2024

(Unaudited) (1)


			Same-Store ($000s)

	Total
	Same-Store	Revenues					Expenses					Net Operating Income
	Homes	4Q 24		4Q 23		Change	4Q 24		4Q 23		Change	4Q 24		4Q 23		Change

West Region
Orange County, CA	4,305	$	38,974	$	38,062	2.4%	$	8,784	$	8,332	5.4%	$	30,190	$	29,730	1.5%
San Francisco, CA	2,917		30,226		29,314	3.1%		9,148		8,676	5.4%		21,078		20,638	2.1%
Seattle, WA	2,702		22,785		22,324	2.1%		6,167		5,723	7.8%		16,618		16,601	0.1%
Monterey Peninsula, CA	1,567		11,122		10,541	5.5%		2,566		2,418	6.1%		8,556		8,123	5.3%
Los Angeles, CA	1,225		11,559		10,940	5.7%		3,374		3,219	4.8%		8,185		7,721	6.0%
	12,716		114,666		111,181	3.1%		30,039		28,368	5.9%		84,627		82,813	2.2%

Mid-Atlantic Region
Metropolitan DC	8,819		62,635		59,864	4.6%		19,068		18,554	2.8%		43,567		41,310	5.5%
Baltimore, MD	2,219		12,791		12,234	4.6%		4,094		3,771	8.6%		8,697		8,463	2.8%
Richmond, VA	1,359		7,582		7,322	3.6%		1,715		1,804	-4.9%		5,867		5,518	6.3%
	12,397		83,008		79,420	4.5%		24,877		24,129	3.1%		58,131		55,291	5.1%

Northeast Region
Boston, MA	4,667		44,374		42,918	3.4%		12,138		11,926	1.8%		32,236		30,992	4.0%
New York, NY	1,945		28,717		27,878	3.0%		12,967		12,228	6.0%		15,750		15,650	0.6%
	6,612		73,091		70,796	3.2%		25,105		24,154	3.9%		47,986		46,642	2.9%

Southeast Region
Tampa, FL	3,877		24,140		23,962	0.7%		8,161		7,869	3.7%		15,979		16,093	-0.7%
Orlando, FL	3,493		19,401		19,320	0.4%		6,158		5,987	2.9%		13,243		13,333	-0.7%
Nashville, TN	2,261		11,508		11,522	-0.1%		3,066		2,880	6.4%		8,442		8,642	-2.3%
	9,631		55,049		54,804	0.5%		17,385		16,736	3.9%		37,664		38,068	-1.1%

Southwest Region
Dallas, TX	7,364		38,129		38,035	0.2%		13,744		13,925	-1.3%		24,385		24,110	1.1%
Austin, TX	1,880		9,979		10,051	-0.7%		4,549		4,197	8.4%		5,430		5,854	-7.3%
	9,244		48,108		48,086	0.0%		18,293		18,122	0.9%		29,815		29,964	-0.5%

Other Markets	3,615		27,022		26,825	0.7%		7,766		7,846	-1.0%		19,256		18,979	1.5%

Total	54,215	$	400,944	$	391,112	2.5%	$	123,465	$	119,355	3.4%	$	277,479	$	271,757	2.1%

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

Attachment 8(C)

Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

December 31, 2024

(Unaudited) (1)


		Same-Store
	Total
	Same-Store	Physical Occupancy			Total Revenue per Occupied Home
	Homes	4Q 24	3Q 24	Change	4Q 24		3Q 24		Change

West Region
Orange County, CA	4,305	96.9%	96.4%	0.5%	$	3,114	$	3,122	-0.3%
San Francisco, CA	2,917	96.9%	96.5%	0.4%		3,565		3,547	0.5%
Seattle, WA	2,702	97.4%	96.3%	1.1%		2,886		2,920	-1.2%
Monterey Peninsula, CA	1,567	96.9%	95.9%	1.0%		2,442		2,434	0.3%
Los Angeles, CA	1,225	95.3%	95.9%	-0.6%		3,300		3,259	1.3%
	12,716	96.9%	96.3%	0.6%		3,104		3,105	0.0%

Mid-Atlantic Region
Metropolitan DC	8,819	97.1%	96.7%	0.4%		2,438		2,420	0.7%
Baltimore, MD	2,219	96.8%	95.2%	1.6%		1,985		1,971	0.7%
Richmond, VA	1,359	97.5%	96.7%	0.8%		1,907		1,884	1.2%
	12,397	97.1%	96.4%	0.7%		2,299		2,282	0.8%

Northeast Region
Boston, MA	4,667	96.3%	96.2%	0.1%		3,291		3,263	0.9%
New York, NY	1,945	97.6%	97.0%	0.6%		5,043		5,098	-1.1%
	6,612	96.7%	96.4%	0.3%		3,811		3,806	0.1%

Southeast Region
Tampa, FL	3,877	97.0%	95.8%	1.2%		2,140		2,153	-0.6%
Orlando, FL	3,493	96.6%	95.9%	0.7%		1,917		1,914	0.2%
Nashville, TN	2,261	97.0%	96.0%	1.0%		1,749		1,758	-0.5%
	9,631	96.9%	95.9%	1.0%		1,967		1,973	-0.3%

Southwest Region
Dallas, TX	7,364	96.7%	96.3%	0.4%		1,785		1,782	0.2%
Austin, TX	1,880	96.6%	96.8%	-0.2%		1,832		1,863	-1.7%
	9,244	96.7%	96.4%	0.3%		1,795		1,799	-0.2%

Other Markets	3,615	96.5%	96.6%	-0.1%		2,582		2,585	-0.1%

Total/Weighted Avg.	54,215	96.8%	96.3%	0.5%	$	2,546	$	2,544	0.1%

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

Attachment 8(D)

Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

December 31, 2024

(Unaudited) (1)


			Same-Store ($000s)
	Total
	Same-Store	Revenues					Expenses					Net Operating Income
	Homes	4Q 24		3Q 24		Change	4Q 24		3Q 24		Change	4Q 24		3Q 24		Change

West Region
Orange County, CA	4,305	$	38,974	$	38,865	0.3%	$	8,784	$	8,165	7.6%	$	30,190	$	30,700	-1.7%
San Francisco, CA	2,917		30,226		29,957	0.9%		9,148		9,456	-3.3%		21,078		20,501	2.8%
Seattle, WA	2,702		22,785		22,791	0.0%		6,167		6,484	-4.9%		16,618		16,307	1.9%
Monterey Peninsula, CA	1,567		11,122		10,972	1.4%		2,566		2,499	2.7%		8,556		8,473	1.0%
Los Angeles, CA	1,225		11,559		11,485	0.6%		3,374		3,274	3.1%		8,185		8,211	-0.3%
	12,716		114,666		114,070	0.5%		30,039		29,878	0.5%		84,627		84,192	0.5%

Mid-Atlantic Region
Metropolitan DC	8,819		62,635		61,906	1.2%		19,068		19,988	-4.6%		43,567		41,918	3.9%
Baltimore, MD	2,219		12,791		12,511	2.2%		4,094		4,223	-3.0%		8,697		8,288	4.9%
Richmond, VA	1,359		7,582		7,427	2.1%		1,715		1,810	-5.2%		5,867		5,617	4.5%
	12,397		83,008		81,844	1.4%		24,877		26,021	-4.4%		58,131		55,823	4.1%

Northeast Region
Boston, MA	4,667		44,374		43,950	1.0%		12,138		12,944	-6.2%		32,236		31,006	4.0%
New York, NY	1,945		28,717		28,857	-0.5%		12,967		13,277	-2.3%		15,750		15,580	1.1%
	6,612		73,091		72,807	0.4%		25,105		26,221	-4.3%		47,986		46,586	3.0%

Southeast Region
Tampa, FL	3,877		24,140		23,985	0.6%		8,161		8,556	-4.6%		15,979		15,429	3.6%
Orlando, FL	3,493		19,401		19,239	0.8%		6,158		5,622	9.5%		13,243		13,617	-2.7%
Nashville, TN	2,261		11,508		11,449	0.5%		3,066		3,236	-5.3%		8,442		8,213	2.8%
	9,631		55,049		54,673	0.7%		17,385		17,414	-0.2%		37,664		37,259	1.1%

Southwest Region
Dallas, TX	7,364		38,129		37,903	0.6%		13,744		13,939	-1.4%		24,385		23,964	1.8%
Austin, TX	1,880		9,979		10,169	-1.9%		4,549		4,077	11.6%		5,430		6,092	-10.9%
	9,244		48,108		48,072	0.1%		18,293		18,016	1.5%		29,815		30,056	-0.8%

Other Markets	3,615		27,022		27,083	-0.2%		7,766		8,317	-6.6%		19,256		18,766	2.6%

Total	54,215	$	400,944	$	398,549	0.6%	$	123,465	$	125,867	-1.9%	$	277,479	$	272,682	1.8%

(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

December 31, 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%	96.7%	96.4%	0.3%	$	3,094	$	3,016	2.6%
San Francisco, CA	2,781	7.7%	97.0%	96.5%	0.5%		3,555		3,500	1.6%
Seattle, WA	2,702	6.2%	97.1%	97.2%	-0.1%		2,870		2,816	1.9%
Monterey Peninsula, CA	1,567	3.2%	96.1%	95.6%	0.5%		2,408		2,290	5.2%
Los Angeles, CA	1,225	3.1%	96.1%	96.2%	-0.1%		3,227		3,143	2.7%
	12,580	31.7%	96.7%	96.5%	0.2%		3,076		3,002	2.4%

Mid-Atlantic Region
Metropolitan DC	8,819	15.9%	97.2%	97.2%	0.0%		2,389		2,297	4.0%
Baltimore, MD	2,219	3.2%	96.2%	95.7%	0.5%		1,952		1,907	2.4%
Richmond, VA	1,359	2.1%	96.9%	96.9%	0.0%		1,878		1,828	2.7%
	12,397	21.2%	97.0%	96.9%	0.1%		2,255		2,177	3.6%

Northeast Region
Boston, MA	4,667	11.8%	96.6%	96.7%	-0.1%		3,228		3,108	3.9%
New York, NY	1,945	5.9%	97.6%	97.6%	0.0%		4,983		4,839	3.0%
	6,612	17.7%	96.9%	96.9%	0.0%		3,748		3,621	3.5%

Southeast Region
Tampa, FL	3,877	6.0%	96.6%	96.7%	-0.1%		2,143		2,118	1.2%
Orlando, FL	3,493	5.1%	96.6%	96.2%	0.4%		1,918		1,915	0.2%
Nashville, TN	2,261	3.1%	96.6%	96.2%	0.4%		1,753		1,762	-0.5%
	9,631	14.2%	96.6%	96.4%	0.2%		1,970		1,961	0.4%

Southwest Region
Dallas, TX	5,813	7.2%	96.5%	96.7%	-0.2%		1,775		1,783	-0.4%
Austin, TX	1,272	1.6%	96.8%	96.3%	0.5%		1,911		1,936	-1.3%
	7,085	8.8%	96.5%	96.7%	-0.2%		1,799		1,810	-0.6%

Other Markets	3,123	6.4%	96.8%	96.8%	0.0%		2,609		2,578	1.2%

Total/Weighted Avg.	51,428	100.0%	96.8%	96.7%	0.1%	$	2,554	$	2,498	2.2%

(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

December 31, 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	$	154,628	$	150,228	2.9%	$	33,619	$	33,289	1.0%	$	121,009	$	116,939	3.5%
San Francisco, CA	2,781		115,054		112,666	2.1%		34,213		32,601	4.9%		80,841		80,065	1.0%
Seattle, WA	2,702		90,376		88,752	1.8%		25,083		23,101	8.6%		65,293		65,651	-0.5%
Monterey Peninsula, CA	1,567		43,516		41,160	5.7%		9,986		9,349	6.8%		33,530		31,811	5.4%
Los Angeles, CA	1,225		45,574		44,435	2.6%		12,907		12,187	5.9%		32,667		32,248	1.3%
	12,580		449,148		437,241	2.7%		115,808		110,527	4.8%		333,340		326,714	2.0%

Mid-Atlantic Region
Metropolitan DC	8,819		245,679		236,162	4.0%		77,587		74,003	4.8%		168,092		162,159	3.7%
Baltimore, MD	2,219		50,019		48,563	3.0%		16,618		15,820	5.0%		33,401		32,743	2.0%
Richmond, VA	1,359		29,693		28,888	2.8%		7,304		7,355	-0.7%		22,389		21,533	4.0%
	12,397		325,391		313,613	3.8%		101,509		97,178	4.5%		223,882		216,435	3.4%

Northeast Region
Boston, MA	4,667		174,616		168,257	3.8%		50,447		47,467	6.3%		124,169		120,790	2.8%
New York, NY	1,945		113,444		110,216	2.9%		51,646		49,001	5.4%		61,798		61,215	1.0%
	6,612		288,060		278,473	3.4%		102,093		96,468	5.8%		185,967		182,005	2.2%

Southeast Region
Tampa, FL	3,877		96,260		95,322	1.0%		32,920		32,204	2.2%		63,340		63,118	0.4%
Orlando, FL	3,493		77,640		77,215	0.6%		24,189		23,910	1.2%		53,451		53,305	0.3%
Nashville, TN	2,261		45,924		45,961	-0.1%		12,797		12,266	4.3%		33,127		33,695	-1.7%
	9,631		219,824		218,498	0.6%		69,906		68,380	2.2%		149,918		150,118	-0.1%

Southwest Region
Dallas, TX	5,813		119,464		120,279	-0.7%		43,942		43,313	1.5%		75,522		76,966	-1.9%
Austin, TX	1,272		28,242		28,469	-0.8%		11,457		10,713	6.9%		16,785		17,756	-5.5%
	7,085		147,706		148,748	-0.7%		55,399		54,026	2.5%		92,307		94,722	-2.5%

Other Markets	3,123		94,645		93,497	1.2%		27,671		26,364	5.0%		66,974		67,133	-0.2%

Total	51,428	$	1,524,774	$	1,490,070	2.3%	$	472,386	$	452,943	4.3%	$	1,052,388	$	1,037,127	1.5%

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

Attachment 8(G)

Same-Store Operating Information By Major Market

December 31, 2024

(Unaudited) (1)


	Effective Blended Lease Rate Growth	Effective New Lease Rate Growth	Effective Renewal Lease Rate Growth	Annualized Turnover
	4Q 2024	4Q 2024	4Q 2024	4Q 2024	4Q 2023	YTD 2024	YTD 2023

West Region	0.8%	-2.6%	3.7%	33.1%	36.8%	41.1%	43.4%

Mid-Atlantic Region	0.8%	-5.2%	6.3%	28.1%	29.7%	40.8%	42.9%

Northeast Region	0.7%	-5.0%	5.4%	26.2%	29.6%	39.2%	42.7%

Southeast Region	-3.3%	-8.6%	2.7%	39.0%	40.2%	48.7%	51.7%

Southwest Region	-4.0%	-10.6%	2.8%	37.8%	40.6%	47.5%	49.9%

Other Markets	-0.6%	-5.9%	4.9%	37.0%	40.9%	35.6%	38.3%

Total/Weighted Avg.	-0.5%	-5.7%	4.3%	33.1%	35.7%	42.8%	45.5%


Allocation of Total Homes Repriced during the Quarter		48.0%	52.0%

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

Attachment 9

Development and Land Summary

December 31, 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

52,467

53,500

629

1Q22

4Q23

1Q24

95.3%

91.8%

101 N. Meridian

Tampa, FL

330

132,081

134,000

406

1Q22

1Q24

2Q24

77.0%

72.7%

Total Completed, Non-Stabilized

415

184,548

187,500

452

Total - Wholly Owned

415

184,548

187,500

452

NOI From Wholly-Owned Projects

4Q 24

Projects Under Construction

Completed, Non-Stabilized

1,490

Total

1,490

Land Summary

Location

UDR Ownership Interest

Real Estate Cost Basis

Total Land (8 parcels)

Various

100%

253,949

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

Attachment 10(A)

Unconsolidated Summary

December 31, 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		4Q 24	4Q 24		4Q 24		YTD 24		YTD 24 (2)

UDR / MetLife	50%			13		2,834		96.5%	$	4,245	$	10,525	$	41,483	$	82,554
UDR / LaSalle	51%			5		1,590		96.5%		2,707		4,604		17,783		34,869

Total				18		4,424		96.5%	$	3,687	$	15,129	$	59,266	$	117,423




	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	$	1,740,587	$	845,963	$	211,608		3.95%	2027-2031
UDR / LaSalle		619,164		45,247		267,562		5.87%	2028

Total	$	2,359,751	$	891,210	$	479,170		4.05%





			4Q 24 vs. 4Q 23 Growth						4Q 24 vs. 3Q 24 Growth
Joint Venture Same-Store Growth (4)	Communities		Revenue		Expense			NOI	Revenue		Expense		NOI

Combined JV Portfolio	17		1.9%		8.4%			-1.6%	0.3%		-3.6%		2.8%





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

Combined JV Portfolio	17		1.3%		11.0%			-3.9%





									Income/(Loss)
			UDR Investment (6)						from Investments
Other Unconsolidated Investments (5)			Commitment		Funded		Balance		4Q 24 (7)

Total Real Estate Technology and Sustainability Investments			$	111,000	$	61,112	$	61,553	$	3,420

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

(2)	Represents NOI at 100% for the period ended December 31, 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 eight real estate technology and climate technology funds.

(6)

Investment commitment represents maximum equity contractually required to be funded, and therefore excludes realized/unrealized gain/(loss). Investment funded represents cash funded towards the investment commitment. Investment balance includes amounts funded plus undistributed realized/unrealized gain/(loss), less $30.9 million of cash and stock distributed prior to the period end.

(7)	Income/(loss) from investments is deducted/added back to FFOA.

Attachment 10(B)

Debt and Preferred Equity Program

December 31, 2024

(Dollars in Thousands)

(Unaudited) (1)


Debt and Preferred Equity Program (2)(3)

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

Preferred Equity

Non-Stabilized Developments

Makers Rise (5)	Herndon, VA		356	$	30,208	$	30,862	9.0%	1.0	Variable
121 at Watters	Allen, TX		469		19,843		26,937	9.0%	1.2	Variable
Upton Place (6)	Washington, DC		689		30,452		30,452	9.7%	1.9	-
Infield Phase I	Kissimmee, FL		384		16,044		23,534	14.0%	2.1	-

Total			1,898	$	96,547	$	111,785	10.1%	1.5

Stabilized Developments and Recapitalizations

Thousand Oaks	Thousand Oaks, CA		142		20,059		29,019	9.0%	0.1	Variable
Junction	Santa Monica, CA		66		45,058		41,162	9.2%	2.1	-
Meetinghouse	Portland, OR		232		14,340		16,918	9.0%	2.1	-
Heirloom	Portland, OR		286		20,642		23,781	9.0%	2.5	-
Vernon Boulevard	Queens, NY		534		40,000		52,104	11.0%	2.9	-
Portfolio Recapitalization (7)	Various		2,460		102,000		102,691	8.0%	4.5	-
Portfolio Recapitalization (8)	Portland, OR		818		35,000		35,124	10.75%	4.4	-

Total			4,538	$	277,099	$	300,799	9.2%	3.3

Total - Preferred Equity			6,436	$	373,646	$	412,584	9.4%	2.8

Loans - Non-Stabilized Developments

1300 Fairmount (9)	Philadelphia, PA		478		71,393		68,643	11.0%	0.8	-
Menifee	Menifee, CA		237		24,447		28,968	11.0%	2.0	-
Riverside	Riverside, CA		482		59,676		71,575	11.0%	2.0	-

Total - Loans			1,197	$	155,516	$	169,186	11.0%	1.4

Total - Debt and Preferred Equity Program			7,633	$	529,162	$	581,770	9.9%	2.4



		4Q 24

Income/(loss) from investments (9)		$	(25,779)

(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 amounts funded plus accrued and unpaid return prior to the period end as well as any non-cash impairment losses or loan reserves.

(4)

As of December 31, 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)	In December 2024, the balance was paid down $9.9 million from the proceeds of the refinance of the joint venture’s senior loan.

(6)	In December 2024, the balance was paid down $38.5 million from the proceeds of the refinance of the joint venture’s senior loan.

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

(8)	A joint venture with 4 stabilized communities located in Portland, OR.

(9)

During the three months ended December 31, 2024, UDR recorded a $37.3 million non-cash loan reserve related to its joint venture loan investment in 1300 Fairmount due to UDR’s assessment of the borrower’s ability to make future scheduled payments on the joint venture’s senior loan and a decrease in the value of the operating community. In addition, the loan investment was placed on non-accrual status.

Attachment 11

Acquisitions, Dispositions, and Debt and Preferred Equity Program Summary

December 31, 2024

(Dollars in Thousands)

(Unaudited) (1)

Post

Prior

Transaction

Date of

Ownership

UDR Investment

Return

# of

Investment

Community

Location

Interest

Commitment

Rate

Homes

Debt and Preferred Equity Program

Jul-24

Portfolio Recapitalization

Portland, OR

N/A

35,000

10.75%

818

35,000

10.75%

818

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 twelve months ended December 31, 2024, which is included in gain/(loss) on sale of real estate owned.

Attachment 12

Capital Expenditure and Repair and Maintenance Summary

December 31, 2024

(In thousands, except Cost per Home)

(Unaudited) (1)


	Three Months				Twelve Months
	Ended		Cost		Ended			Cost
Capital Expenditures for Consolidated Homes (2)	December 31, 2024		per Home		December 31, 2024			per Home

Average number of homes (3)		55,283				55,301

Total Recurring Cap Ex	$	28,643	$	518	$	98,686	$	1,785

NOI Enhancing Cap Ex		28,735		520		92,668		1,676

Total Recurring and NOI Enhancing Cap Ex	$	57,378	$	1,038	$	191,354	$	3,460


	Three Months				Twelve Months
	Ended			Cost	Ended			Cost
Repair and Maintenance for Consolidated Homes (Expensed)	December 31, 2024			per Home	December 31, 2024			per Home

Average number of homes (3)		55,283				55,301

Total Repair and Maintenance	$	24,280	$	439	$	101,223	$	1,830

(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

1Q 2025 and Full-Year 2025 Guidance

December 31, 2024

(Unaudited) (1)


Net Income, FFO and FFO as Adjusted per Share and Unit Guidance	1Q 2025	Full-Year 2025

Income/(loss) per weighted average common share, diluted	$0.24 to $0.26	$0.56 to $0.66
FFO per common share and unit, diluted	$0.60 to $0.62	$2.45 to $2.55
FFO as Adjusted per common share and unit, diluted	$0.60 to $0.62	$2.45 to $2.55
Weighted average number of common shares, OP/DownREIT Units, and common stock equivalents outstanding, diluted (in millions)	357.6	358.0
Annualized dividend per share and unit		$1.72


Same-Store Guidance (Straight-line basis)		Full-Year 2025

Revenue growth / (decline)		1.25% to 3.25%
Expense growth		2.75% to 4.25%
NOI growth / (decline)		0.50% to 3.00%


Investment Guidance ($ in millions)		Full-Year 2025

Dispositions - Consolidated and Joint Venture (at share)		$215 to $415
Acquisitions - Consolidated and Joint Venture (at share)		$0 to $200
Capital Expenditures - Recurring, NOI Enhancing, and Redevelopment		$220 to $260


Corporate Expense Guidance ($ in millions)		Full-Year 2025

Consolidated interest expense, net of capitalized interest and adjustments for FFO as Adjusted		$185 to $195
General and administrative		$70 to $80

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

Attachment 14(A)

Definitions and Reconciliations

December 31, 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.

Contractual Return Rate: The Company defines Contractual Return Rate as the rate of return or interest rate that the Company is entitled to receive on a preferred equity investment or loan, as specified in the applicable agreement.

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), (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/(decrease) 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/(decrease) 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

December 31, 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

4Q 2024

YTD 2024

Income/(loss) from unconsolidated entities

8,984

20,235

Management fee

1,154

3,728

Interest expense

4,614

18,296

Depreciation

12,284

52,060

General and administrative

530

Preferred Equity Program (excludes loans)

(8,154)

(33,824)

Other (income)/expense

208

117

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

(4,010)

(9,959)

Impairment loss from unconsolidated joint ventures

8,083

Total Joint Venture NOI at UDR's Ownership Interest

15,129

59,266

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

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


In thousands	4Q 2024		3Q 2024		2Q 2024		1Q 2024		4Q 2023
Net income/(loss) attributable to UDR, Inc.	$	(5,044)	$	22,597	$	28,883	$	43,149	$	32,986
Property management		13,665		13,588		13,433		13,379		13,354
Other operating expenses		9,613		6,382		7,593		6,828		8,320
Real estate depreciation and amortization		165,446		170,276		170,488		169,858		170,643
Interest expense		49,625		50,214		47,811		48,062		47,347
Casualty-related charges/(recoveries), net		6,430		1,473		998		6,278		(224)
General and administrative		25,469		20,890		20,136		17,810		20,838
Tax provision/(benefit), net		312		(156)		386		337		93
(Income)/loss from unconsolidated entities		(8,984)		1,880		(4,046)		(9,085)		20,219
Interest income and other (income)/expense, net		30,858		(6,159)		(6,498)		(5,865)		(9,371)
Joint venture management and other fees		(2,288)		(2,072)		(1,992)		(1,965)		(2,379)
Other depreciation and amortization		6,381		4,029		4,679		4,316		4,397
(Gain)/loss on sale of real estate owned		-		-		-		(16,867)		(25,308)
Net income/(loss) attributable to noncontrolling interests		(479)		1,480		2,130		3,161		2,975
Total consolidated NOI	$	291,004	$	284,422	$	284,001	$	279,396	$	283,890

Attachment 14(C)

Definitions and Reconciliations

December 31, 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

December 31, 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 2025 and first quarter of 2025 to forecasted FFO and FFO as Adjusted per share and unit:


	Full-Year 2025
	Low		High

Forecasted net income per diluted share	$	0.56	$	0.66
Conversion from GAAP share count		(0.02)		(0.02)
Net gain on the sale of depreciable real estate owned		(0.14)		(0.14)
Depreciation		2.01		2.01
Noncontrolling interests		0.03		0.03
Preferred dividends		0.01		0.01
Forecasted FFO per diluted share and unit	$	2.45	$	2.55
Legal and other costs		-		-
Casualty-related charges/(recoveries)		-		-
Realized/unrealized (gain)/loss on real estate technology investments		-		-
Forecasted FFO as Adjusted per diluted share and unit	$	2.45	$	2.55


	1Q 2025
	Low		High

Forecasted net income per diluted share	$	0.24	$	0.26
Conversion from GAAP share count		(0.01)		(0.01)
Net gain on the sale of depreciable real estate owned		(0.14)		(0.14)
Depreciation		0.50		0.50
Noncontrolling interests		0.01		0.01
Preferred dividends		-		-
Forecasted FFO per diluted share and unit	$	0.60	$	0.62
Legal and other costs		-		-
Casualty-related charges/(recoveries)		-		-
Realized/unrealized (gain)/loss on real estate technology investments		-		-
Forecasted FFO as Adjusted per diluted share and unit	$	0.60	$	0.62

Forward Looking Statements

December 31, 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, elevated 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 Debt and Preferred Equity Program 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	Feb. 05, 2025
Document and Entity Information [Abstract]
Document Type	8-K
Document Period End Date	Feb. 05, 2025
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

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