Exhibit 99.2

Financial Highlights

UDR, Inc.

As of End of First Quarter 2025

(Unaudited) (1)


	Actual Results		Guidance for
Dollars in thousands, except per share and unit	1Q 2025		2Q 2025	Full-Year 2025

GAAP Metrics
Net income/(loss) attributable to UDR, Inc.	$76,720		--	--
Net income/(loss) attributable to common stockholders	$75,514		--	--
Income/(loss) per weighted average common share, diluted	$0.23		$0.11 to $0.13	$0.56 to $0.66

Per Share Metrics
FFO per common share and unit, diluted	$0.58		$0.61 to $0.63	$2.45 to $2.55
FFO as Adjusted per common share and unit, diluted	$0.61		$0.61 to $0.63	$2.45 to $2.55
Dividend declared per share and unit	$0.43		$0.43	$1.72 (2)

Same-Store Operating Metrics
Revenue growth/(decline) (Straight-line basis)	2.6%		--	1.25% to 3.25%
Expense growth	2.3%		--	2.75% to 4.25%
NOI growth/(decline) (Straight-line basis)	2.8%		--	0.50% to 3.00%
Physical Occupancy	97.2%		--	--


Property Metrics	Homes	Communities	% of Total NOI
Same-Store	54,435	163	92.1%
Stabilized, Non-Mature	558	3	0.9%
Development	330	1	0.4%
Non-Residential / Other	N/A	N/A	1.5%
Joint Venture (3)	4,424	18	5.1%
Total completed homes	59,747	185	100.0%
Under Development	300	1	-
Total Quarter-end homes (3)(4)	60,047	186	100.0%


Balance Sheet Metrics (adjusted for non-recurring items)	1Q 2025	1Q 2024
Consolidated Interest Coverage Ratio	5.1x	5.0x
Consolidated Fixed Charge Coverage Ratio	5.0x	4.8x
Consolidated Debt as a percentage of Total Assets	32.8%	32.7%
Consolidated Net Debt-to-EBITDAre	5.7x	5.7x

(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 homes that are part of the Debt and Preferred Equity Program as described in Attachment 10.

Attachment 1

Consolidated Statements of Operations

(Unaudited) (1)


	Three Months Ended
	March 31,
In thousands, except per share amounts	2025		2024

REVENUES:
Rental income	$	419,836	$	411,669
Joint venture management and other fees		2,112		1,965
Total revenues		421,948		413,634

OPERATING EXPENSES:
Property operating and maintenance		75,990		73,478
Real estate taxes and insurance		58,745		58,795
Property management		13,645		13,379
Other operating expenses		8,059		6,828
Real estate depreciation and amortization		161,394		169,858
General and administrative		19,495		17,810
Casualty-related charges/(recoveries), net		3,297		6,278
Other depreciation and amortization		7,067		4,316
Total operating expenses		347,692		350,742

Gain/(loss) on sale of real estate owned		47,939		16,867
Operating income		122,195		79,759

Income/(loss) from unconsolidated entities		5,814		9,085
Interest expense		(47,701)		(48,062)
Interest income and other income/(expense), net		1,921		5,865

Income/(loss) before income taxes		82,229		46,647
Tax (provision)/benefit, net		(158)		(337)

Net Income/(loss)		82,071		46,310
Net (income)/loss attributable to redeemable noncontrolling interests in the OP and DownREIT Partnership		(5,339)		(3,149)
Net (income)/loss attributable to noncontrolling interests		(12)		(12)

Net income/(loss) attributable to UDR, Inc.		76,720		43,149
Distributions to preferred stockholders - Series E (Convertible)		(1,206)		(1,231)

Net income/(loss) attributable to common stockholders	$	75,514	$	41,918


Income/(loss) per weighted average common share - basic:		$0.23		$0.13
Income/(loss) per weighted average common share - diluted:		$0.23		$0.13

Common distributions declared per share		$0.43		$0.425

Weighted average number of common shares outstanding - basic		330,628		328,823
Weighted average number of common shares outstanding - diluted		331,717		328,954

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

Attachment 2

Funds From Operations

(Unaudited) (1)


	Three Months Ended
	March 31,
In thousands, except per share and unit amounts		2025	2024

Net income/(loss) attributable to common stockholders	$	75,514	$	41,918

Real estate depreciation and amortization		161,394		169,858
Noncontrolling interests		5,351		3,161
Real estate depreciation and amortization on unconsolidated joint ventures		12,766		14,154
Net (gain)/loss on the sale of depreciable real estate owned, net of tax		(47,939)		(16,867)
Funds from operations ("FFO") attributable to common stockholders and unitholders, basic	$	207,086	$	212,224

Distributions to preferred stockholders - Series E (Convertible) (2)		1,206		1,231

FFO attributable to common stockholders and unitholders, diluted	$	208,292	$	213,455

FFO per weighted average common share and unit, basic	$	0.59	$	0.60
FFO per weighted average common share and unit, diluted	$	0.58	$	0.60

Weighted average number of common shares and OP/DownREIT Units outstanding, basic		353,527		353,241
Weighted average number of common shares, OP/DownREIT Units, and common stock
equivalents outstanding, diluted		357,432		356,280

Impact of adjustments to FFO:
Legal and other costs	$	3,805	$	2,530
Realized and unrealized (gain)/loss on real estate technology investments, net of tax		211		(4,988)
Severance costs		499		421
Software transition related costs		2,967		-
Casualty-related charges/(recoveries)		3,297		6,278
Total impact of adjustments to FFO	$	10,779	$	4,241

FFO as Adjusted attributable to common stockholders and unitholders, diluted	$	219,071	$	217,696

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

Recurring capital expenditures, inclusive of unconsolidated joint ventures		(18,405)		(17,308)
AFFO attributable to common stockholders and unitholders, diluted	$	200,666	$	200,388

AFFO per weighted average common share and unit, diluted	$	0.56	$	0.56

(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 months ended March 31, 2025 and March 31, 2024. Consequently, distributions to Series E cumulative convertible preferred stockholders are added to FFO and the weighted average number of Series E cumulative convertible preferred shares are included in the denominator when calculating FFO per common share and unit, diluted.

Attachment 3

Consolidated Balance Sheets

(Unaudited) (1)


	March 31,		December 31,
In thousands, except share and per share amounts	2025		2024

ASSETS

Real estate owned:
Real estate held for investment	$	16,022,078	$	15,994,794
Less: accumulated depreciation		(6,996,685)		(6,836,920)
Real estate held for investment, net		9,025,393		9,157,874
Real estate under development
(net of accumulated depreciation of $0 and $0)		33,535		-
Real estate held for disposition
(net of accumulated depreciation of $0 and $64,106)		-		154,463
Total real estate owned, net of accumulated depreciation		9,058,928		9,312,337

Cash and cash equivalents		1,250		1,326
Restricted cash		32,071		34,101
Notes receivable, net		365,833		247,849
Investment in and advances to unconsolidated joint ventures, net (2)		919,814		917,483
Operating lease right-of-use assets		186,066		186,997
Other assets (2)		181,450		197,493
Total assets	$	10,745,412	$	10,897,586

LIABILITIES AND EQUITY

Liabilities:
Secured debt	$	1,137,826	$	1,139,331
Unsecured debt		4,673,383		4,687,634
Operating lease liabilities		181,359		182,275
Real estate taxes payable		36,646		46,403
Accrued interest payable		28,055		52,631
Security deposits and prepaid rent		52,266		61,592
Distributions payable		153,756		151,720
Accounts payable, accrued expenses, and other liabilities		93,268		115,105
Total liabilities		6,356,559		6,436,691

Redeemable noncontrolling interests in the OP and DownREIT Partnership		1,057,474		1,017,355

Equity:
Preferred stock, no par value; 50,000,000 shares authorized at March 31, 2025 and December 31, 2024:
2,600,678 shares of 8.00% Series E Cumulative Convertible issued
and outstanding (2,600,678 shares at December 31, 2024)		43,192		43,192
10,374,696 shares of Series F outstanding (10,424,485 shares at December 31, 2024)		1		1
Common stock, $0.01 par value; 450,000,000 shares authorized at March 31, 2025 and December 31, 2024:
331,174,564 shares issued and outstanding (330,858,719 shares at December 31, 2024)		3,312		3,309
Additional paid-in capital		7,575,098		7,572,480
Distributions in excess of net income		(4,293,032)		(4,179,415)
Accumulated other comprehensive income/(loss), net		2,473		3,638
Total stockholders' equity		3,331,044		3,443,205
Noncontrolling interests		335		335
Total equity		3,331,379		3,443,540
Total liabilities and equity	$	10,745,412	$	10,897,586

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

(2)	As of March 31, 2025, UDR's residential accounts receivable balance, net of its reserve, was $5.6 million, including its share from unconsolidated joint ventures. The unreserved amount is based on probability of collection.

Attachment 4(A)

Selected Financial Information

(Unaudited) (1)


	March 31,	December 31,
Common Stock and Equivalents	2025	2024

Common shares	331,174,564	330,858,719
Restricted unit and common stock equivalents	817,874	1,043,568
Operating and DownREIT Partnership units	22,918,707	22,689,109
Series E cumulative convertible preferred shares (2)	2,815,608	2,815,608
Total common shares, OP/DownREIT units, and common stock equivalents	357,726,753	357,407,004




Weighted Average Number of Shares Outstanding	1Q 2025	1Q 2024

Weighted average number of common shares and OP/DownREIT units outstanding - basic	353,527,384	353,241,039
Weighted average number of OP/DownREIT units outstanding	(22,899,196)	(24,417,883)
Weighted average number of common shares outstanding - basic per the Consolidated Statements of Operations	330,628,188	328,823,156

Weighted average number of common shares, OP/DownREIT units, and common stock equivalents outstanding - diluted	357,431,948	356,279,718
Weighted average number of OP/DownREIT units outstanding	(22,899,196)	(24,417,883)
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	331,717,144	328,953,512

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

(2)	At March 31, 2025 and December 31, 2024 there were 2,600,678 of Series E cumulative convertible preferred shares outstanding, which is equivalent to 2,815,608 shares of common stock if converted (after adjusting for the special dividend paid in 2008).

Attachment 4(B)

Selected Financial Information

March 31, 2025

(Unaudited) (1)


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

Secured		Fixed			$	1,114,312			19.1%	3.49%	3.8
		Floating				27,000			0.5%	3.15%	7.0
		Combined				1,141,312			19.6%	3.49%	3.9

Unsecured		Fixed				4,225,000	(3)		72.5%	3.08%	5.7
		Floating				459,646			7.9%	4.93%	0.8
		Combined				4,684,646			80.4%	3.26%	5.2

Total Debt		Fixed				5,339,312			91.6%	3.17%	5.3
		Floating				486,646			8.4%	4.83%	1.1
		Combined				5,825,958			100.0%	3.31%	4.9
		Total Non-Cash Adjustments (4)				(14,749)
		Total per Balance Sheet			$	5,811,209				3.36%



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	$	176,837	$	-	$	250,000		$	426,837	7.3%	4.26%
2026		56,672		300,000		34,646			391,318	6.7%	3.20%
2027		6,939		650,000		-			656,939	11.3%	3.66%
2028		166,526		300,000		-			466,526	8.0%	3.72%
2029		315,811		300,000		-			615,811	10.6%	3.93%
2030		230,597		600,000		-			830,597	14.2%	3.34%
2031		160,930		600,000		-			760,930	13.1%	2.92%
2032		27,000		400,000		-			427,000	7.3%	2.17%
2033		-		650,000		-			650,000	11.2%	1.99%
2034		-		600,000		-			600,000	10.3%	4.04%
Thereafter		-		-		-			-	-	-
		1,141,312		4,400,000		284,646			5,825,958	100.0%	3.31%
Total Non-Cash Adjustments (4)		(3,486)		(11,263)		-			(14,749)
Total per Balance Sheet	$	1,137,826	$	4,388,737	$	284,646		$	5,811,209		3.36%

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

(2)

The 2025 maturity reflects the $250.0 million of principal outstanding at an interest rate of 4.67%, the equivalent of SOFR plus a spread of 35.0 basis points, on the Company’s unsecured commercial paper program as of March 31, 2025. 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 5.1 years with extensions and 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 March 31, 2025. 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 $34.6 million outstanding on our $75.0 million working capital credit facility at March 31, 2025. 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

March 31, 2025

Net income/(loss)

82,071

Adjustments:

Interest expense, including debt extinguishment and other associated costs

47,701

Real estate depreciation and amortization

161,394

Other depreciation and amortization

7,067

Tax provision/(benefit), net

158

Net (gain)/loss on the sale of depreciable real estate owned

(47,939)

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

17,308

EBITDAre

267,760

Casualty-related charges/(recoveries), net

3,297

Legal and other costs

3,805

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

1,880

Severance costs

499

(Income)/loss from unconsolidated entities

(5,814)

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

(17,308)

Management fee expense on unconsolidated joint ventures

(863)

Consolidated EBITDAre - adjusted for non-recurring items

253,256

Annualized consolidated EBITDAre - adjusted for non-recurring items

1,013,024

Interest expense, including debt extinguishment and other associated costs

47,701

Capitalized interest expense

2,000

Total interest

49,701

Preferred dividends

1,206

Total debt

5,811,209

Cash

(1,250)

Net debt

5,809,959

Consolidated Interest Coverage Ratio - adjusted for non-recurring items

5.1x

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

5.0x

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

5.7x

Debt Covenant Overview

Unsecured Line of Credit Covenants (2)

Required

Actual

Compliance

Maximum Leverage Ratio

≤60.0%

31.3% (2)

Yes

Minimum Fixed Charge Coverage Ratio

≥1.5x

4.8x

Yes

Maximum Secured Debt Ratio

≤40.0%

9.9%

Yes

Minimum Unencumbered Pool Leverage Ratio

≥150.0%

376.9%

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%

315.6%

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

1Q 2025 NOI (1)

Carrying Value

Total Gross

Asset Summary

Homes

($000s)

% of NOI

($000s)

Carrying Value

Unencumbered assets

46,383

248,300

87.1%

14,016,314

87.3%

Encumbered assets

8,940

36,801

12.9%

2,039,299

12.7%

55,323

285,101

100.0%

16,055,613

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	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Revenues
Same-Store Communities	54,435	$	405,007	$	403,098	$	400,774	$	397,203	$	394,708
Stabilized, Non-Mature Communities	558		4,345		4,189		4,070		3,628		3,545
Development Communities	330		2,383		1,801		1,255		505		8
Non-Residential / Other	-		7,659		7,164		7,776		7,866		8,270
Total	55,323	$	419,394	$	416,252	$	413,875	$	409,202	$	406,531

Expenses
Same-Store Communities		$	128,559	$	124,234	$	126,112	$	123,561	$	125,673
Stabilized, Non-Mature Communities			1,770		2,068		2,185		1,866		1,943
Development Communities			1,140		691		657		472		177
Non-Residential / Other			3,072		1,435		3,522		2,322		3,004
Total (2)		$	134,541	$	128,428	$	132,476	$	128,221	$	130,797

Net Operating Income
Same-Store Communities		$	276,448	$	278,864	$	274,662	$	273,642	$	269,035
Stabilized, Non-Mature Communities			2,575		2,121		1,885		1,762		1,602
Development Communities			1,243		1,110		598		33		(169)
Non-Residential / Other			4,587		5,729		4,254		5,544		5,266
Total		$	284,853	$	287,824	$	281,399	$	280,981	$	275,734

Operating Margin
Same-Store Communities			68.3%		69.2%		68.5%		68.9%		68.2%

Weighted Average Physical Occupancy
Same-Store Communities			97.2%		96.8%		96.3%		96.8%		97.0%
Stabilized, Non-Mature Communities			96.3%		93.1%		91.0%		86.0%		75.0%
Development Communities			82.8%		62.2%		43.9%		23.6%		5.1%
Other (3)			-		97.6%		98.2%		98.4%		98.4%
Total			97.2%		96.6%		95.9%		96.4%		96.8%

Sold and Held for Disposition Communities
Revenues	-	$	442	$	4,188	$	4,213	$	4,126	$	5,138
Expenses (2)			194		1,008		1,190		1,106		1,476
Net Operating Income/(Loss)		$	248	$	3,180	$	3,023	$	3,020	$	3,662

Total	55,323	$	285,101	$	291,004	$	284,422	$	284,001	$	279,396

(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 1Q 2025
	SS Operating
Year-Over-Year Comparison	Expenses	1Q 2025		1Q 2024		% Change

Personnel	15.0%	$	19,267	$	18,674	3.2%
Utilities	14.8%		19,003		18,142	4.7%
Repair and maintenance	19.2%		24,659		24,430	0.9%
Administrative and marketing	7.4%		9,492		8,325	14.0%
Controllable expenses	56.4%		72,421		69,571	4.1%

Real estate taxes	39.4%	$	50,796	$	50,007	1.6%
Insurance	4.2%		5,342		6,095	-12.4%
Same-Store operating expenses	100.0%	$	128,559	$	125,673	2.3%

Same-Store Homes	54,435



	% of 1Q 2025
	SS Operating
Sequential Comparison	Expenses	1Q 2025		4Q 2024		% Change

Personnel	15.0%	$	19,267	$	17,688	8.9%
Utilities	14.8%		19,003		17,272	10.0%
Repair and maintenance	19.2%		24,659		23,775	3.7%
Administrative and marketing	7.4%		9,492		9,538	-0.5%
Controllable expenses	56.4%		72,421		68,273	6.1%

Real estate taxes	39.4%	$	50,796	$	49,763	2.1%
Insurance	4.2%		5,342		6,198	-13.8%
Same-Store operating expenses	100.0%	$	128,559	$	124,234	3.5%

Same-Store Homes	54,435

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

Attachment 7(A)

Apartment Home Breakout

Portfolio Overview as of Quarter Ended

March 31, 2025

(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	$	3,129
San Francisco, CA	3,137	173	3,310	602	3,912		3,558
Seattle, WA	2,702	-	2,702	284	2,986		2,913
Los Angeles, CA	1,225	-	1,225	340	1,565		3,432
Monterey Peninsula, CA	1,567	-	1,567	-	1,567		2,365
	12,936	173	13,109	1,927	15,036

Mid-Atlantic Region
Metropolitan DC	8,819	300	9,119	360	9,479		2,452
Baltimore, MD	2,219	-	2,219	-	2,219		1,997
Richmond, VA	1,359	-	1,359	-	1,359		1,919
	12,397	300	12,697	360	13,057

Northeast Region
Boston, MA	4,667	-	4,667	876	5,543		3,257
New York, NY	1,945	-	1,945	707	2,652		5,113
	6,612	-	6,612	1,583	8,195

Southeast Region
Tampa, FL	3,877	330	4,207	-	4,207		2,195
Orlando, FL	3,493	-	3,493	-	3,493		1,911
Nashville, TN	2,261	-	2,261	-	2,261		1,747
	9,631	330	9,961	-	9,961

Southwest Region
Dallas, TX	7,364	85	7,449	-	7,449		1,789
Austin, TX	1,880	-	1,880	-	1,880		1,807
	9,244	85	9,329	-	9,329

Other Markets (5)	3,615	-	3,615	554	4,169		2,630

Totals	54,435	888	55,323	4,424	59,747	$	2,597

Communities (6)	163	4	167	18	185

		Homes	Communities
Total completed homes		59,747	185
Under Development (7)		300	1

Total Quarter-end homes and communities		60,047	186

(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 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 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

March 31, 2025

(Unaudited) (1)


Non-Mature Home Breakout - By Date


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


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

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

Villas at Fiori	Stabilized, Non-Mature	85	Dallas, TX	2Q26

101 N. Meridian	Development	330	Tampa, FL	3Q26

Total		888


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%	5.8%
San Francisco, CA	8.2%	8.5%	Orlando, FL	4.8%	4.4%
Seattle, WA	6.3%	6.5%	Nashville, TN	2.9%	2.7%
Los Angeles, CA	3.0%	3.1%		13.5%	12.9%
Monterey Peninsula, CA	2.9%	2.7%	Southwest Region
	31.3%	31.7%	Dallas, TX	8.7%	8.9%
Mid-Atlantic Region			Austin, TX	2.1%	1.9%
Metropolitan DC	15.6%	14.9%		10.8%	10.8%
Baltimore, MD	3.1%	2.9%
Richmond, VA	2.0%	1.9%	Other Markets (3)	6.8%	7.1%
	20.7%	19.7%
Northeast Region
Boston, MA	11.3%	11.3%
New York, NY	5.6%	6.5%
	16.9%	17.8%	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

March 31, 2025

(Unaudited) (1)



		% of Same-	Same-Store
	Total	Store Portfolio
	Same-Store	Based on	Physical Occupancy			Total Revenue per Occupied Home
	Homes	1Q 2025 NOI	1Q 25	1Q 24	Change	1Q 25		1Q 24		Change

West Region
Orange County, CA	4,305	10.9%	97.3%	96.8%	0.5%	$	3,127	$	3,062	2.1%
San Francisco, CA	3,137	8.2%	97.4%	97.3%	0.1%		3,570		3,453	3.4%
Seattle, WA	2,702	6.3%	97.7%	97.8%	-0.1%		2,923		2,822	3.6%
Los Angeles, CA	1,225	3.0%	97.3%	96.9%	0.4%		3,268		3,199	2.2%
Monterey Peninsula, CA	1,567	2.9%	96.0%	96.2%	-0.2%		2,365		2,364	0.0%
	12,936	31.3%	97.2%	97.1%	0.1%		3,117		3,038	2.6%

Mid-Atlantic Region
Metropolitan DC	8,819	15.6%	97.7%	97.6%	0.1%		2,450		2,339	4.7%
Baltimore, MD	2,219	3.1%	97.3%	96.1%	1.2%		1,997		1,909	4.6%
Richmond, VA	1,359	2.0%	96.8%	97.0%	-0.2%		1,919		1,850	3.7%
	12,397	20.7%	97.6%	97.3%	0.3%		2,309		2,209	4.5%

Northeast Region
Boston, MA	4,667	11.3%	97.2%	96.9%	0.3%		3,296		3,162	4.2%
New York, NY	1,945	5.6%	98.0%	98.1%	-0.1%		5,036		4,869	3.4%
	6,612	16.9%	97.4%	97.3%	0.1%		3,811		3,669	3.9%

Southeast Region
Tampa, FL	3,877	5.8%	97.3%	96.8%	0.5%		2,143		2,130	0.6%
Orlando, FL	3,493	4.8%	97.0%	97.0%	0.0%		1,911		1,913	-0.1%
Nashville, TN	2,261	2.9%	96.6%	96.8%	-0.2%		1,747		1,741	0.3%
	9,631	13.5%	97.0%	96.9%	0.1%		1,966		1,960	0.3%

Southwest Region
Dallas, TX	7,364	8.7%	97.3%	96.5%	0.8%		1,769		1,783	-0.8%
Austin, TX	1,880	2.1%	97.5%	96.6%	0.9%		1,807		1,840	-1.8%
	9,244	10.8%	97.3%	96.5%	0.8%		1,777		1,795	-1.0%

Other Markets	3,615	6.8%	96.4%	97.1%	-0.7%		2,574		2,542	1.3%

Total/Weighted Avg.	54,435	100.0%	97.2%	97.0%	0.2%	$	2,550	$	2,492	2.3%

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

Attachment 8(B)

Same-Store Operating Information By Major Market

Current Quarter vs. Prior Year Quarter

March 31, 2025

(Unaudited) (1)


			Same-Store ($000s)

	Total
	Same-Store	Revenues					Expenses					Net Operating Income
	Homes	1Q 25		1Q 24		Change	1Q 25		1Q 24		Change	1Q 25		1Q 24		Change

West Region
Orange County, CA	4,305	$	39,291	$	38,277	2.7%	$	9,195	$	8,511	8.0%	$	30,096	$	29,766	1.1%
San Francisco, CA	3,137		32,727		31,615	3.5%		10,088		9,656	4.5%		22,639		21,959	3.1%
Seattle, WA	2,702		23,152		22,368	3.5%		5,882		6,216	-5.4%		17,270		16,152	6.9%
Los Angeles, CA	1,225		11,685		11,392	2.6%		3,409		3,209	6.3%		8,276		8,183	1.1%
Monterey Peninsula, CA	1,567		10,674		10,692	-0.2%		2,662		2,483	7.2%		8,012		8,209	-2.4%
	12,936		117,529		114,344	2.8%		31,236		30,075	3.9%		86,293		84,269	2.4%

Mid-Atlantic Region
Metropolitan DC	8,819		63,330		60,394	4.9%		20,094		19,252	4.4%		43,236		41,142	5.1%
Baltimore, MD	2,219		12,932		12,223	5.8%		4,330		4,029	7.5%		8,602		8,194	5.0%
Richmond, VA	1,359		7,572		7,318	3.5%		1,962		1,949	0.7%		5,610		5,369	4.5%
	12,397		83,834		79,935	4.9%		26,386		25,230	4.6%		57,448		54,705	5.0%

Northeast Region
Boston, MA	4,667		44,855		42,898	4.6%		13,537		13,158	2.9%		31,318		29,740	5.3%
New York, NY	1,945		28,796		27,870	3.3%		13,285		12,948	2.6%		15,511		14,922	3.9%
	6,612		73,651		70,768	4.1%		26,822		26,106	2.7%		46,829		44,662	4.9%

Southeast Region
Tampa, FL	3,877		24,249		23,981	1.1%		8,200		8,124	0.9%		16,049		15,857	1.2%
Orlando, FL	3,493		19,423		19,447	-0.1%		6,061		6,193	-2.1%		13,362		13,254	0.8%
Nashville, TN	2,261		11,444		11,423	0.2%		3,337		3,294	1.3%		8,107		8,129	-0.3%
	9,631		55,116		54,851	0.5%		17,598		17,611	-0.1%		37,518		37,240	0.7%

Southwest Region
Dallas, TX	7,364		38,025		38,011	0.0%		14,128		14,598	-3.2%		23,897		23,413	2.1%
Austin, TX	1,880		9,937		10,029	-0.9%		4,218		3,955	6.6%		5,719		6,074	-5.8%
	9,244		47,962		48,040	-0.2%		18,346		18,553	-1.1%		29,616		29,487	0.4%

Other Markets	3,615		26,915		26,770	0.5%		8,171		8,098	0.9%		18,744		18,672	0.4%

Total	54,435	$	405,007	$	394,708	2.6%	$	128,559	$	125,673	2.3%	$	276,448	$	269,035	2.8%

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

Attachment 8(C)

Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

March 31, 2025

(Unaudited) (1)


		Same-Store
	Total
	Same-Store	Physical Occupancy			Total Revenue per Occupied Home
	Homes	1Q 25	4Q 24	Change	1Q 25		4Q 24		Change

West Region
Orange County, CA	4,305	97.3%	96.9%	0.4%	$	3,127	$	3,114	0.4%
San Francisco, CA	3,137	97.4%	96.9%	0.5%		3,570		3,552	0.5%
Seattle, WA	2,702	97.7%	97.4%	0.3%		2,923		2,886	1.3%
Los Angeles, CA	1,225	97.3%	95.3%	2.0%		3,268		3,300	-1.0%
Monterey Peninsula, CA	1,567	96.0%	96.9%	-0.9%		2,365		2,442	-3.2%
	12,936	97.2%	96.9%	0.3%		3,117		3,108	0.3%

Mid-Atlantic Region
Metropolitan DC	8,819	97.7%	97.1%	0.6%		2,450		2,438	0.5%
Baltimore, MD	2,219	97.3%	96.8%	0.5%		1,997		1,985	0.6%
Richmond, VA	1,359	96.8%	97.5%	-0.7%		1,919		1,907	0.6%
	12,397	97.6%	97.1%	0.5%		2,309		2,299	0.5%

Northeast Region
Boston, MA	4,667	97.2%	96.3%	0.9%		3,296		3,291	0.2%
New York, NY	1,945	98.0%	97.6%	0.4%		5,036		5,043	-0.1%
	6,612	97.4%	96.7%	0.7%		3,811		3,811	0.0%

Southeast Region
Tampa, FL	3,877	97.3%	97.0%	0.3%		2,143		2,140	0.1%
Orlando, FL	3,493	97.0%	96.6%	0.4%		1,911		1,917	-0.3%
Nashville, TN	2,261	96.6%	97.0%	-0.4%		1,747		1,749	-0.1%
	9,631	97.0%	96.9%	0.1%		1,966		1,967	0.0%

Southwest Region
Dallas, TX	7,364	97.3%	96.7%	0.6%		1,769		1,785	-0.9%
Austin, TX	1,880	97.5%	96.6%	0.9%		1,807		1,832	-1.4%
	9,244	97.3%	96.7%	0.6%		1,777		1,795	-1.0%

Other Markets	3,615	96.4%	96.5%	-0.1%		2,574		2,582	-0.3%

Total/Weighted Avg.	54,435	97.2%	96.8%	0.4%	$	2,550	$	2,549	0.0%

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

Attachment 8(D)

Same-Store Operating Information By Major Market

Current Quarter vs. Last Quarter

March 31, 2025

(Unaudited) (1)


			Same-Store ($000s)
	Total
	Same-Store	Revenues					Expenses					Net Operating Income
	Homes	1Q 25		4Q 24		Change	1Q 25		4Q 24		Change	1Q 25		4Q 24		Change

West Region
Orange County, CA	4,305	$	39,291	$	38,974	0.8%	$	9,195	$	8,784	4.7%	$	30,096	$	30,190	-0.3%
San Francisco, CA	3,137		32,727		32,380	1.1%		10,088		9,917	1.7%		22,639		22,463	0.8%
Seattle, WA	2,702		23,152		22,785	1.6%		5,882		6,167	-4.6%		17,270		16,618	3.9%
Los Angeles, CA	1,225		11,685		11,559	1.1%		3,409		3,374	1.0%		8,276		8,185	1.1%
Monterey Peninsula, CA	1,567		10,674		11,122	-4.0%		2,662		2,566	3.7%		8,012		8,556	-6.4%
	12,936		117,529		116,820	0.6%		31,236		30,808	1.4%		86,293		86,012	0.3%

Mid-Atlantic Region
Metropolitan DC	8,819		63,330		62,635	1.1%		20,094		19,068	5.4%		43,236		43,567	-0.8%
Baltimore, MD	2,219		12,932		12,791	1.1%		4,330		4,094	5.8%		8,602		8,697	-1.1%
Richmond, VA	1,359		7,572		7,582	-0.1%		1,962		1,715	14.4%		5,610		5,867	-4.4%
	12,397		83,834		83,008	1.0%		26,386		24,877	6.1%		57,448		58,131	-1.2%

Northeast Region
Boston, MA	4,667		44,855		44,374	1.1%		13,537		12,138	11.5%		31,318		32,236	-2.8%
New York, NY	1,945		28,796		28,717	0.3%		13,285		12,967	2.4%		15,511		15,750	-1.5%
	6,612		73,651		73,091	0.8%		26,822		25,105	6.8%		46,829		47,986	-2.4%

Southeast Region
Tampa, FL	3,877		24,249		24,140	0.5%		8,200		8,161	0.5%		16,049		15,979	0.4%
Orlando, FL	3,493		19,423		19,401	0.1%		6,061		6,158	-1.6%		13,362		13,243	0.9%
Nashville, TN	2,261		11,444		11,508	-0.6%		3,337		3,066	8.9%		8,107		8,442	-4.0%
	9,631		55,116		55,049	0.1%		17,598		17,385	1.2%		37,518		37,664	-0.4%

Southwest Region
Dallas, TX	7,364		38,025		38,129	-0.3%		14,128		13,744	2.8%		23,897		24,385	-2.0%
Austin, TX	1,880		9,937		9,979	-0.4%		4,218		4,549	-7.3%		5,719		5,430	5.3%
	9,244		47,962		48,108	-0.3%		18,346		18,293	0.3%		29,616		29,815	-0.7%

Other Markets	3,615		26,915		27,022	-0.4%		8,171		7,766	5.2%		18,744		19,256	-2.7%

Total	54,435	$	405,007	$	403,098	0.5%	$	128,559	$	124,234	3.5%	$	276,448	$	278,864	-0.9%

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

Attachment 8(E)

Same-Store Operating Information By Major Market

March 31, 2025

(Unaudited) (1)


	Effective Blended Lease Rate Growth	Effective New Lease Rate Growth	Effective Renewal Lease Rate Growth	Annualized Turnover
	1Q 2025	1Q 2025	1Q 2025	1Q 2025	1Q 2024

West Region	2.9%	1.5%	4.2%	31.0%	34.0%

Mid-Atlantic Region	2.9%	-1.2%	6.4%	29.7%	31.5%

Northeast Region	1.8%	-2.4%	5.2%	24.6%	26.3%

Southeast Region	-0.7%	-4.6%	2.8%	36.4%	41.8%

Southwest Region	-4.1%	-10.1%	3.1%	36.3%	40.0%

Other Markets	-1.2%	-6.7%	5.3%	34.2%	37.0%

Total/Weighted Avg.	0.9%	-2.9%	4.5%	31.7%	34.8%


Allocation of Total Homes Repriced during the Quarter		48.2%	51.8%

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

Attachment 9

Development and Land Summary

March 31, 2025

(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

3099 Iowa

Riverside, CA

300

33,535

133,600

445

1Q25

1Q27

2Q27

N/A

Total Under Construction

300

33,535

133,600

445

Completed Projects, Non-Stabilized

101 N. Meridian

Tampa, FL

330

132,409

134,000

406

1Q22

1Q24

2Q24

95.8%

93.9%

Total Completed, Non-Stabilized

330

132,409

134,000

406

Total - Wholly Owned

630

330

165,944

267,600

425

NOI From Wholly-Owned Projects

1Q 25

Projects Under Construction

Completed, Non-Stabilized

1,243

Total

1,243

Land Summary

Location

UDR Ownership Interest

Real Estate Cost Basis

Total Land (7 parcels)

Various

100%

228,330

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

Attachment 10

Unconsolidated and Debt and Preferred Equity Program Summary

March 31, 2025

(Dollars in Thousands)

(Unaudited) (1)


Unconsolidated Joint Ventures and Partnerships

								Physical	Total Rev. per		Net Operating Income
	Own.		# of			# of		Occupancy	Occ. Home		UDR's Share
Portfolio Characteristics	Interest		Comm.			Homes		1Q 25	1Q 25		1Q 25

UDR / MetLife	50%			13		2,834		97.1%	$	4,246	$	10,960
UDR / LaSalle	51%			5		1,590		97.1%		2,705		4,426

Total				18		4,424		97.1%	$	3,687	$	15,386




	Gross Book Value							Weighted
	of JV Real		Total Project		UDR's Equity			Avg. Debt	Debt
Balance Sheet Characteristics	Estate Assets (2)		Debt (2)		Investment			Interest Rate	Maturities

UDR / MetLife	$	1,742,407	$	845,640	$	208,952		3.93%	2027-2031
UDR / LaSalle		620,675		45,276		263,764		5.87%	2028

Total	$	2,363,082	$	890,916	$	472,716		4.03%




Debt and Preferred Equity Program (3)(4)

							Contractual
			UDR Investment				Return
Investment Classifications		# of Commitments	Commitment		Balance		Rate

Non-Stabilized Communities - Preferred Equity		4	$	96,547	$	113,554		10.1%
Non-Stabilized Communities - Loans (5)		3		267,516		286,384		13.2%
Stabilized Communities - Preferred Equity		7		277,099		302,560		9.2%

Total Debt and Preferred Equity Program		14	$	641,162	$	702,498		11.0%


	1Q 25

Income/(loss) from investments (6)	$	9,476


									Income/(Loss)
			UDR Investment (8)						from Investments
Other Unconsolidated Investments (7)			Commitment		Funded		Balance		1Q 25 (9)

Total Real Estate Technology and Sustainability Investments			$	111,000	$	65,285	$	69,961	$	184

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

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

(3)

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.

(4)	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.

(5)

In March 2025, UDR increased its joint venture loan investment in 1300 Fairmount by acquiring the senior loan from the lender for $114.6 million, bringing its total investment in the joint venture to $183.2 million. The senior loan has an interest rate of Term SOFR + 4.05%, a default interest rate of Term SOFR + 12.05% and a maturity date of May 2026. Upon acquisition, the loan was placed on non-accrual status.

(6)	When excluding UDR's share of recorded real estate depreciation and amortization on debt and preferred equity investments for the three months ended March 31, 2025, the amount is approximately $10.3 million.

(7)	Other unconsolidated investments represent UDR’s investments in eight real estate technology and climate technology funds.

(8)

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.

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

Attachment 11

Acquisitions, Dispositions, and Debt and Preferred Equity Program Summary

March 31, 2025

(Dollars in Thousands)

(Unaudited) (1)


				Post
			Prior	Transaction
			Ownership	Ownership					# of	Price per
Date of Sale	Community	Location	Interest	Interest	Price (2)		Debt (2)		Homes	Home

Dispositions - Wholly-Owned

Jan-25	One William (3)	Englewood, NJ	100%	0%	$	84,000	$	-	185	$	454
Jan-25	Leonard Pointe (4)	Brooklyn, NY	100%	0%		127,500		-	188		678

					$	211,500	$	-	373	$	567

(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 $24.4 million during the three months ended March 31, 2025, which is included in gain/(loss) on sale of real estate owned.

(4)	UDR recorded a gain on sale of approximately $23.5 million during the three months ended March 31, 2025, which is included in gain/(loss) on sale of real estate owned.

Attachment 13

2Q 2025 and Full-Year 2025 Guidance

March 31, 2025

(Unaudited) (1)


				Full-Year 2025 Guidance
				Change from
Net Income, FFO and FFO as Adjusted per Share and Unit Guidance	2Q 2025	Full-Year 2025	Prior Guidance	Prior Midpoint

Income/(loss) per weighted average common share, diluted	$0.11 to $0.13	$0.56 to $0.66	$0.56 to $0.66	-
FFO per common share and unit, diluted	$0.61 to $0.63	$2.45 to $2.55	$2.45 to $2.55	-
FFO as Adjusted per common share and unit, diluted	$0.61 to $0.63	$2.45 to $2.55	$2.45 to $2.55	-
Weighted average number of common shares, OP/DownREIT Units, and common stock equivalents outstanding, diluted (in millions)	357.7	358.0	358.0	-
Annualized dividend per share and unit		$1.72	$1.72	-

				Change from
Same-Store Guidance (Straight-line basis)		Full-Year 2025	Prior Guidance	Prior Midpoint

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

				Change from
Investment Guidance ($ in millions)		Full-Year 2025	Prior Guidance	Prior Midpoint

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

				Change from
Corporate Expense Guidance ($ in millions)		Full-Year 2025	Prior Guidance	Prior Midpoint

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

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

Attachment 14(A)

Definitions and Reconciliations

March 31, 2025

(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

March 31, 2025

(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, software transition related 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

1Q 2025

Income/(loss) from unconsolidated entities

5,814

Management fee

863

Interest expense

4,542

Depreciation

11,935

General and administrative

125

Preferred Equity Program (excludes loans)

(6,221)

Other (income)/expense

(3)

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

(1,669)

Total Joint Venture NOI at UDR's Ownership Interest

15,386

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	1Q 2025		4Q 2024		3Q 2024		2Q 2024		1Q 2024
Net income/(loss) attributable to UDR, Inc.	$	76,720	$	(5,044)	$	22,597	$	28,883	$	43,149
Property management		13,645		13,665		13,588		13,433		13,379
Other operating expenses		8,059		9,613		6,382		7,593		6,828
Real estate depreciation and amortization		161,394		165,446		170,276		170,488		169,858
Interest expense		47,701		49,625		50,214		47,811		48,062
Casualty-related charges/(recoveries), net		3,297		6,430		1,473		998		6,278
General and administrative		19,495		25,469		20,890		20,136		17,810
Tax provision/(benefit), net		158		312		(156)		386		337
(Income)/loss from unconsolidated entities		(5,814)		(8,984)		1,880		(4,046)		(9,085)
Interest income and other (income)/expense, net		(1,921)		30,858		(6,159)		(6,498)		(5,865)
Joint venture management and other fees		(2,112)		(2,288)		(2,072)		(1,992)		(1,965)
Other depreciation and amortization		7,067		6,381		4,029		4,679		4,316
(Gain)/loss on sale of real estate owned		(47,939)		-		-		-		(16,867)
Net income/(loss) attributable to noncontrolling interests		5,351		(479)		1,480		2,130		3,161
Total consolidated NOI	$	285,101	$	291,004	$	284,422	$	284,001	$	279,396

Attachment 14(D)

Definitions and Reconciliations

March 31, 2025

(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 second 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		(0.13)		(0.13)
Depreciation		2.00		2.00
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


	2Q 2025
	Low		High

Forecasted net income per diluted share	$	0.11	$	0.13
Conversion from GAAP share count		(0.01)		(0.01)
Depreciation		0.50		0.50
Noncontrolling interests		0.01		0.01
Preferred dividends		-		-
Forecasted FFO per diluted share and unit	$	0.61	$	0.63
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	$	0.61	$	0.63


	Three Months
	Ended		Cost
Capital Expenditures for Consolidated Homes (2)	March 31, 2025		per Home

Average number of homes (3)		54,993

Total Recurring Cap Ex	$	17,283	$	314

NOI Enhancing Cap Ex		14,055		256

Total Recurring and NOI Enhancing Cap Ex	$	31,338	$	570


	Three Months
	Ended			Cost
Repair and Maintenance for Consolidated Homes (Expensed)	March 31, 2025			per Home

Average number of homes (3)		54,993

Total Repair and Maintenance	$	25,004	$	455