UDR Announces Fourth Quarter and Full Year 2012 Results

  UDR Announces Fourth Quarter and Full Year 2012 Results

                          ~ Provides 2013 Guidance ~

Business Wire

DENVER -- February 5, 2013

Fourth Quarter 2012 Highlights:

  *FFO per share was $0.31 (-11% year-over-year), FFO as Adjusted per share
    was $0.35 (+3%), and AFFO per share was $0.31 (+11%)
  *Year-over-year same-store revenue and NOI growth were 5.7% and 7.3%,
    respectively
  *Successfully navigated the aftermath of Hurricane Sandy
  *Improved portfolio quality through an asset swap with MetLife; increased
    ownership interest in The Olivian, an A+ asset located in downtown Seattle
  *Commenced construction on Pier 4, a 369-home high-rise located in Boston,
    MA
  *Hired Tom Herzog as Chief Financial Officer.

Full-Year 2012 Highlights:

  *FFO per share was $1.32 (+3% year-over-year), FFO as Adjusted per share
    was $1.35 (+5%), and AFFO per share was $1.18 (+10%)
  *Full year same-store revenue and NOI growth were 5.3% and 6.6%,
    respectively
  *Deleveraged our balance sheet via a $539 million secondary equity
    offering, $217 million of “At The Market” equity proceeds and $610 million
    of non-core asset sales
  *Formed a second joint venture with MetLife valued at $1.4 billion at
    December 31, 2012
  *Increased annual dividend per share to $0.88 (+10% year-over-year).

                                                               
                                       Q4 2012  Q4 2011  FY 2012  FY 2011
FFO per share                           $0.31    $0.35    $1.32    $1.28
Acquisition-related costs (including    0.002    0.006    0.011    0.028
JVs)
JV financing and acquisition fee         -         (0.004)   -         (0.011)
Cost/(benefit) associated with debt      -         0.002     (0.001)   0.021
extinguishment
Redemption of preferred stock            -         -         0.011     0.001
Gain on sale of TRS                      -         (0.014)   (0.031)   (0.046)
property/marketable securities
Severance costs                          0.002     0.001     0.003     0.006
Hurricane-related charges, net          0.035    -        0.037    -
FFO as Adjusted per share               $0.35    $0.34    $1.35    $1.28
Recurring capital expenditures          (0.036)  (0.059)  (0.167)  (0.208)
AFFO per share                          $0.31    $0.28    $1.18    $1.07
                                                                       

Operations

Same-store net operating income increased 7.3 percent year-over-year in the
fourth quarter of 2012 while same-store revenue increased 5.7 percent over the
same period. Same-store physical occupancy increased 60 basis points to 95.8
percent as compared to the prior year period. Same-store expenses increased
2.3 percent driven by an increase in real estate taxes. The annualized rate of
turnover remained constant at 48 percent.

Summary of Same-Store Results Fourth Quarter 2012 versus Fourth Quarter 2011

                                                             
               Revenue   Expense   NOI       % of Same-    Same-Store    Number of
Region        Growth/  Growth/  Growth/  Store        Occupancy^2  Same-Store
               Decline   Decline   Decline   Portfolio^1                 Homes^3
                                                                  
West           6.0  %    0.0   %   8.6   %   40.0    %     95.0    %     12,617
Mid-Atlantic   3.5  %    5.3   %   2.8   %   27.7    %     96.1    %     9,578
Northeast      8.9  %    -1.5  %   13.0  %   8.4     %     96.3    %     1,672
Southeast      6.2  %    7.9   %   5.4   %   17.4    %     96.3    %     9,515
Southwest     7.6  %   -5.3  %  18.0  %  6.5     %    95.6    %    3,507
Total         5.7  %   2.3   %  7.3   %  100.0   %    95.8    %    36,889

^1  Based on QTD 2012 NOI.
^2   Average same-store occupancy for the quarter.
     During the fourth quarter, 36,889 apartment homes, or approximately 88
     percent of 41,571 total apartment homes, were classified as same-store.
^3   The Company defines same-store as all multifamily communities owned and
     stabilized for at least one year as of the beginning of the most recent
     quarter.

Sequentially, the Company’s same-store NOI increased by 3.3 percent on revenue
growth of 0.7 percent and a 4.7 percent decrease in expenses during the fourth
quarter of 2012.

For the twelve-months ended December 31, 2012, the Company’s same-store
revenue increased 5.3 percent as compared to the prior year period while
expenses increased 2.8 percent, resulting in a same-store NOI increase of 6.6
percent. Year-over-year occupancy increased by 10 basis points to 95.7
percent. The rate of turnover increased 180 basis points to 55% for the
full-year 2012.

Summary of Same-Store Results Full-Year 2012 versus Full-Year 2011

                                                             
               Revenue   Expense   NOI       % of Same-    Same-Store    Number of
Region        Growth/  Growth/  Growth/  Store        Occupancy^2  Same-Store
               Decline   Decline   Decline   Portfolio^1                 Homes^3
                                                                  
West           5.9  %    3.5   %   6.9   %   42.1    %     94.9    %     12,066
Mid-Atlantic   3.8  %    2.3   %   4.5   %   28.9    %     96.2    %     8,781
Northeast      7.9  %    18.9  %   3.5   %   2.2     %     96.2    %     346
Southeast      5.2  %    1.1   %   7.6   %   20.3    %     96.1    %     9,515
Southwest     8.0  %   2.3   %  12.3  %  6.5     %    96.2    %    3,115
Total         5.3  %   2.8   %  6.6   %  100.0   %    95.7    %    33,823

^1  Based on YTD NOI.
^2   Average same-store occupancy for YTD 2012.
     During 2012, 33,823 apartment homes, or approximately 81 percent of
^3   41,571 total apartment homes, were classified as same-store. The Company
     defines same-store as all multifamily communities owned and stabilized
     for at least one year as of the beginning of the most recent year.

Development and Redevelopment Activity

The Company commenced construction of its Pier 4 development located in the
South Boston Seaport area of downtown Boston, MA. Prior to commencement, the
Company acquired the remaining 2% ownership interest in Pier 4 from its former
joint venture partner. The community will consist of 369 homes and 11,000
square feet of retail space, has an estimated construction cost of $218
million and is expected to be completed in the second quarter of 2015.

In 2012, the Company spent a total of $400 million towards the completion of
its $1.3 billion development and redevelopment pipeline.

Joint Venture Investment Activity

As previously announced on October 29, 2012, the Company exchanged its
ownership interests in four operating communities and two land parcels in its
UDR/MetLife I joint venture, in addition to $10 million in cash, for an
increased ownership interest in The Olivian, an A-quality high-rise building
located in downtown Seattle that is valued at $126.3 million. The Company now
owns 50 percent of The Olivian. As such, the community was contributed to the
UDR/MetLife II joint venture. The Olivian has a 4.5 percent, $63.4 million
loan with a term of 7 years. Debt on the four operating communities and two
land parcels in which UDR exchanged out of totaled $134.7 million, carried a
weighted average interest rate of 3.5 percent and had a term of 7 years. The
Company continues to fee manage the four operating communities it exchanged
out of.

Additional transaction details can be found in the Company’s Third Quarter
2012 Earnings Release on the its website at www.udr.com.

Balance Sheet

At December 31, 2012, the Company had $913 million in availability through a
combination of cash and undrawn capacity on its credit facilities.

The Company’s total indebtedness at December 31, 2012 was $3.4 billion. The
Company ended the fourth quarter with fixed-rate debt representing 87 percent
of its total debt, a total blended interest rate of 4.4 percent and a weighted
average maturity of 4.5 years. The Company’s leverage at year-end 2012 was
38.7% versus 45.8% a year ago. The Company’s net debt-to-EBITDA, adjusted for
non-recurring items, was 7.0 times at year-end 2012 versus 8.6 times a year
ago.

Post Quarter Activity

Land Activity

On January 28, 2013, the Company acquired the remaining 7.5% ownership
interest in its 399 Fremont land parcel located in the Rincon Hill
neighborhood of San Francisco, CA from its joint venture partner. The total
cost of the land parcel was $52.2 million.

Dividend

As previously announced, the Company’s Board of Directors declared and paid a
regular quarterly dividend on its common stock for the fourth quarter of 2012
in the amount of $0.22 per share. The dividend was paid in cash on January 31,
2013 to UDR common stock shareholders of record as of January 10, 2013. The
annualized dividend paid represented a yield of 3.7% on its payment date of
January 31^st. This dividend represented the 161^st consecutive quarterly
dividend paid by the Company on its common stock.

Outlook

For the first quarter of 2013, the Company has established the following
guidance:

  *FFO per share: $0.31 to $0.33
  *FFO as Adjusted per share: $0.31 to $0.33
  *AFFO per share: $0.27 to $0.29

For the full-year 2013, the Company has established the following guidance:

  *FFO per share: $1.35 to $1.41
  *FFO as Adjusted per share: $1.33 to $1.39
  *AFFO per share: $1.17 to $1.23

Below are the primary same-store assumptions for the Company’s full-year 2013
guidance:

  *Revenue: 4.00% to 5.00%
  *Expense: 2.75% to 3.25%
  *Net operating income: 4.25% to 6.00%
  *Physical occupancy: 95.5%

Additional assumptions for the Company’s full-year 2013 guidance can be found
in Attachment 15 of the Company’s Fourth Quarter 2012 Earnings Supplement
available on its website at www.udr.com.

Supplemental Information

The Company's Fourth Quarter 2012 Earnings Supplement that provides details on
the financial position and operating results of the Company is available on
the Company's website at www.udr.com.

Conference Call and Webcast Information

UDR will host a webcast and conference call at 1:00 p.m. EST on February 5,
2013 to discuss fourth quarter and full-year results. A webcast will be
available on UDR's website at www.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 877-941-9205 for domestic and
480-629-9771 for international and provide the following conference ID number:
4588175.

A replay of the conference call will be available through March 7, 2013, by
dialing 800-406-7325 for domestic and 303-590-3030 for international and
entering the confirmation number, 4588175, when prompted for the pass code.

A replay of the call will be available for 90 days on UDR's website at
www.udr.com.

Full Text of the Earnings Report and Supplemental Data

Internet -- The full text of the earnings report and Supplemental Financial
Information will be available on the Company’s website at www.udr.com.

Mail -- For those without Internet access, the fourth quarter 2012 earnings
report and Supplemental Financial Information will be available by mail or
fax, on request. To receive a copy, please call UDR Investor Relations at
720-348-7762.

Definitions and Reconciliations

Adjusted Funds From Operations ("AFFO"): The Company defines AFFO as FFO As
Adjusted less recurring capital expenditures.

Management considers AFFO a useful metric for investors as it is more
indicative of the Company's recurring operational cash flow than FFO As
Adjusted. A reconciliation between FFO As Adjusted and AFFO is provided on
Attachment 2 of the Company's Fourth Quarter 2012 Earnings Supplement.

Funds From Operations ("FFO"): The Company defines FFO as net income (computed
in accordance with GAAP) excluding the impact of impairment write-downs of
depreciable real estate or of investments in non-consolidated investees that
are driven by measurable decreases in the fair value of depreciable real
estate held by the investee, gains (or losses) from sales of depreciable
property, plus real estate depreciation and amortization, and after
adjustments for unconsolidated partnerships and joint ventures. This
definition conforms with the National Association of Real Estate Investment
Trust's definition issued in April 2002.

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 flows as a measure of the Company's activities in accordance
with generally accepted accounting principles and is not necessarily
indicative of cash available to fund cash needs. A reconciliation between Net
Income and FFO is provided on Attachment 2 of the Company's Fourth Quarter
2012 Earnings Supplement.

Funds From Operations as Adjusted: The Company defines FFO as Adjusted as FFO
excluding the impact of acquisition-related costs and other non-recurring
items including, but not limited to, prepayment costs/benefits associated with
early debt retirement, gains on sales of marketable securities and taxable
REIT subsidiary property, storm-related expenses, severance costs and legal
costs.

Management considers FFO As Adjusted a useful metric for investors as it is
more indicative of the Company's recurring operational FFO than FFO. FFO As
Adjusted excludes non-recurring items which, if included, result in less
comparability between companies and across time periods. A reconciliation from
FFO to FFO As Adjusted is provided on Attachment 2 of the Company's Fourth
Quarter 2012 Earnings Supplement.

Net Debt to EBITDA: The Company defines net debt to EBITDA as total debt net
of cash and cash equivalents divided by EBITDA. EBITDA is defined as net
income, excluding the impact of interest expense, real estate depreciation and
amortization of wholly owned and other joint venture communities, other
depreciation and amortization, minority interests, net gain on the sale of
depreciable property, and RE^3 income tax.

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

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

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

In thousands         4Q 12        3Q 12        4Q 11        YTD 12        YTD 11
Net Income/(loss)
attributable to       $ (12,300 )  $ (9,031  )   $ 46,498     $ 212,177     $ 20,023
UDR, Inc.
Property management     5,017         4,998         4,692         19,632         17,131
Other operating         1,464         1,467         1,582         5,748          5,990
expense
Non-property income     129           (3,836  )     (2,712  )     (28,386  )     (11,070  )
Depreciation            83,456        88,223        90,830        344,060        326,788
Interest                30,660        31,845        39,581        138,792        156,366
Storm-related           8,495         -             -             8,495          -
charges
Acquisition-related     528           1,312         57            2,336          4,828
costs
Severance charges       484           -             317           733            1,342
General and             9,641         8,710         11,567        40,723         41,087
administrative
Tax benefit for         (2,974  )     (2,960  )     (5,820  )     (8,752   )     (5,647   )
RE^3, net
Other depreciation      1,092         1,078         919           4,105          3,931
and amortization
Income from
discontinued            (156    )     1,133         (74,340 )     (263,339 )     (143,810 )
operations
Net loss/(income)
attributable to        (655    )   (645    )    1,620      8,126       562      
non-controlling
interests
Total consolidated    $ 124,881   $ 122,294    $ 114,791   $ 484,450    $ 417,521  
NOI
                                                                                          

Forward Looking Statements

Certain statements made in this press release may constitute “forward-looking
statements.” Words such as “expects,” “intends,” “believes,” “anticipates,”
“plans,” “likely,” “will,” “seeks,” “estimates” and variations of such words
and similar expressions are intended to identify such forward-looking
statements. Forward-looking statements, by their nature, involve estimates,
projections, goals, forecasts and assumptions and are subject to risks and
uncertainties that could cause actual results or outcomes to differ materially
from those expressed in a forward-looking statement, due to a number of
factors, which include, but are not limited to, unfavorable changes in the
apartment market, changing economic conditions, the impact of
inflation/deflation on rental rates and property operating expenses,
expectations concerning availability of capital and the stabilization of the
capital markets, 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, expectations on job growth, home affordability and demand/supply
ratio for multifamily housing, expectations concerning development and
redevelopment activities, expectations on occupancy levels, expectations
concerning the Vitruvian Park® development, expectations concerning the joint
ventures with third parties, expectations that automation will help grow net
operating income, expectations on annualized net operating income and other
risk factors discussed in documents filed by the Company with the Securities
and Exchange Commission 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.

This release and these forward-looking statements include UDR’s analysis and
conclusions and reflect UDR’s judgment as of the date of these materials. UDR
assumes no obligation to revise or update to reflect future events or
circumstances.

About UDR, Inc.

UDR, Inc. (NYSE:UDR), an S&P 400 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 properties in targeted U.S.
markets. As of December 31, 2012, UDR owned or had an ownership position in
54,195 apartment homes including 3,066 homes under development. For 40 years,
UDR has delivered long-term value to shareholders, the best standard of
service to residents and the highest quality experience for associates.
Additional information can be found on the Company's website at www.udr.com.

                                                             
Attachment 1
                                                                  
UDR, Inc.
Consolidated Statements of Operations
(Unaudited)
                                                                  
                        Three Months Ended          Twelve Months Ended
                        December 31,                December 31,
In thousands, except   2012         2011          2012         2011
per share amounts
                                                                  
Rental income ^(1)      $ 182,445     $ 170,687     $ 713,928     $ 622,995
                                                                  
Rental expenses:
Property operating        35,522        35,125        142,357       129,590
and maintenance
Real estate taxes and     22,042        20,771        87,121        75,884
insurance
Property management       5,017         4,692         19,632        17,131
Other operating          1,464       1,582       5,748       5,990    
expense
                          64,045        62,170        254,858       228,595
                                                                  
Non-property income:
Loss from
unconsolidated            (2,757  )     (2,092  )     (8,579  )     (6,352   )
entities
Tax valuation
allowance for RE^3        (1,346  )     -             21,530        -
(2)
Joint venture             2,817         3,316         11,843        9,792
management fees
Gain on sale of           -             1,396         -             7,069
investments
Interest and other       1,157       92          3,592       561      
income
                          (129    )     2,712         28,386        11,070
                                                                  
Other expenses:
Real estate
depreciation and          83,456        90,830        344,060       326,788
amortization
Interest                  30,660        39,031        139,069       150,687
Amortization of
convertible debt          -             -             -             1,077
premium
Other debt charges       -           550         (277    )    4,602    
(benefits), net ^(3)
Total interest            30,660        39,581        138,792       156,366
Hurricane-related         8,495         -             8,495         -
charges, net
Acquisition-related       528           57            2,336         4,828
costs
Severance charge          484           317           733           1,342
General and               9,641         11,567        40,723        41,087
administrative
Tax benefit for RE^3,     (2,974  )     (5,820  )     (8,752  )     (5,647   )
net
Other depreciation       1,092       919         4,105       3,931    
and amortization
                          131,382       137,451       530,492       528,695
                                                                  
Loss from continuing      (13,111 )     (26,222 )     (43,036 )     (123,225 )
operations
Income from
discontinued             156         74,340      263,339     143,810  
operations
Consolidated net          (12,955 )     48,118        220,303       20,585
(loss)/income
Net loss/(income)
attributable to          655         (1,620  )    (8,126  )    (562     )
non-controlling
interests
Net (loss)/income
attributable to UDR,      (12,300 )     46,498        212,177       20,023
Inc.
Distributions to
preferred                 (931    )     (931    )     (3,724  )     (3,724   )
stockholders - Series
E (Convertible)
Distributions to
preferred                 -             (1,377  )     (2,286  )     (5,587   )
stockholders - Series
G
Premium on preferred
stock repurchases,       -           -           (2,791  )    (175     )
net
Net (loss)/income
attributable to         $ (13,231 )   $ 44,190     $ 203,376    $ 10,537   
common stockholders
                                                                  
Earnings/(loss) per
weighted average
common share - basic
and diluted:
Loss from continuing
operations available      ($0.05  )     ($0.14  )     ($0.25  )     ($0.66   )
to common
stockholders
Income from
discontinued            $0.00         $0.34         $1.10         $0.71
operations
Net (loss)/income
attributable to           ($0.05  )   $0.20         $0.85         $0.05
common stockholders
                                                                  
Common distributions    $0.220        $0.215        $0.880        $0.800
declared per share
                                                                  
Weighted average
number of common          249,809       217,823       238,851       201,294
shares outstanding -
basic and diluted
                                                                             

(1)  Impacted by $767,000 of lost rent due to business interruption.
(2)   Includes the net tax benefit from the one-time reversal of a valuation
      allowance from the Company's taxable REIT subsidiary ("TRS").
(3)   Includes prepayment penalties, write-off of deferred financing costs and
      fair market value adjustments on early debt extinguishment.
      

                                                             
Attachment 2
                                                                  
UDR, Inc.
Funds From Operations
(Unaudited)
                                                                  
                       Three Months Ended          Twelve Months Ended
                       December 31,                December 31,
In thousands, except  2012         2011          2012          2011
per share amounts
                                                                  
Net (loss)/income
attributable to UDR,   $ (12,300 )   $ 46,498      $ 212,177      $ 20,023
Inc.
                                                                  
Distributions to
preferred                (931    )     (2,308  )     (6,010   )     (9,311   )
stockholders
Real estate
depreciation and
amortization,            83,456        98,513        350,400        370,343
including
discontinued
operations
Non-controlling          (655    )     1,620         8,126          562
interest
Real estate
depreciation and
amortization on          9,897         2,983         32,531         11,631
unconsolidated joint
ventures
Net gain on the sale
of depreciable
property in              (156    )     (68,045 )     (243,805 )     (123,217 )
discontinued
operations,
excluding RE^3
Tax valuation            1,346         -             (21,530  )     -
allowance for RE^3
Premium on preferred
stock repurchases,      -           -           (2,791   )    (175     )
net
Funds from
operations ("FFO") -   $ 80,657     $ 79,261     $ 329,098     $ 269,856  
basic
                                                                  
Distribution to
preferred
stockholders -           931           931           3,724          3,724
Series E
(Convertible)
                                                               
FFO, diluted           $ 81,588     $ 80,192     $ 332,822     $ 273,580  
                                                                  
FFO per common         $ 0.31       $ 0.35       $ 1.33        $ 1.29     
share, basic
FFO per common         $ 0.31       $ 0.35       $ 1.32        $ 1.28     
share, diluted
                                                                  
Weighted average
number of common        259,211     227,248     248,262      208,896  
shares and OP Units
outstanding - basic
Weighted average
number of common
shares, OP Units,
and common stock        263,529     232,405     252,659      214,086  
equivalents
outstanding -
diluted
                                                                  
Impact of
adjustments to FFO:
Acquisition-related
costs (including         550           1,305         2,762          6,076
JV's)
JV financing and         -             (926    )     -              (2,335   )
acquisition fee
Costs (benefit)
associated with debt     -             550           (277     )     4,602
extinguishment
Redemption of            -             -             2,791          175
preferred stock
Gain on sale of TRS
property/marketable      -             (3,216  )     (7,749   )     (9,780   )
securities
Severance expense        484           317           733            1,342
Hurricane-related       9,262       -           9,262        -        
charges, net
                       $ 10,296     $ (1,970  )   $ 7,522       $ 80       
                                                                  
FFO, diluted            81,588      80,192      332,822      273,580  
FFO as Adjusted,       $ 91,884     $ 78,222     $ 340,344     $ 273,660  
diluted
                                                                  
FFO as Adjusted per
common share,          $ 0.35       $ 0.34       $ 1.35        $ 1.28     
diluted
                                                                  
Recurring capital       (9,389  )    (13,729 )    (42,249  )    (44,563  )
expenditures
AFFO                   $ 82,495     $ 64,493     $ 298,095     $ 229,097  
                                                                  
AFFO per common        $ 0.31       $ 0.28       $ 1.18        $ 1.07     
share, diluted
                                                                  

                                                             
Attachment 3
                                                                
UDR, Inc.
Consolidated Balance Sheets
(Unaudited)
                                                                
                                               December 31,     December 31,
In thousands, except share and per share      2012            2011
amounts
                                                                
ASSETS
                                                                
Real estate owned:
Real estate held for investment                $ 7,564,780      $ 7,269,347
Less: accumulated depreciation                  (1,923,429 )    (1,605,090 )
                                                 5,641,351        5,664,257
Real estate under development (net of            489,795          246,229
accumulated depreciation of $1,253 and $570)
Real estate sold or held for disposition
(net of accumulated depreciation of $0 and      -              332,258    
$226,067)
Total real estate owned, net of accumulated      6,131,146        6,242,744
depreciation
                                                                
Cash and cash equivalents                        12,115           12,503
Restricted cash                                  23,561           24,634
Deferred financing costs, net                    24,990           30,068
Notes receivable                                 64,006           -
Investment in and advances to unconsolidated     507,037          213,040
joint ventures
Other assets                                    125,654        198,365    
Total assets                                   $ 6,888,509     $ 6,721,354  
                                                                
LIABILITIES AND STOCKHOLDERS' EQUITY
                                                                
Secured debt                                   $ 1,430,135      $ 1,891,553
Unsecured debt                                   1,979,198        2,026,817
Real estate taxes payable                        14,076           13,397
Accrued interest payable                         30,937           23,208
Security deposits and prepaid rent               42,589           35,516
Distributions payable                            57,915           51,019
Deferred gains on the sale of depreciable        29,406           29,100
property
Accounts payable, accrued expenses, and         87,003         95,485     
other liabilities
Total liabilities                                3,671,259        4,166,095
                                                                
Redeemable non-controlling interests in          223,418          236,475
operating partnership
                                                                
Stockholders' equity
Preferred stock, no par value; 50,000,000
shares authorized
2,803,812 shares of 8.00% Series E
Cumulative Convertible issued and                46,571           46,571
outstanding (2,803,812 shares at December
31, 2011)
0 shares of 6.75% Series G Cumulative
Redeemable issued and outstanding (3,264,362     -                81,609
shares at December 31, 2011)
Common stock, $0.01 par value; 350,000,000
shares authorized
250,139,408 shares issued and outstanding        2,501            2,197
(219,650,225 shares at December 31, 2011)
Additional paid-in capital                       4,098,882        3,340,470
Distributions in excess of net income            (1,143,781 )     (1,142,895 )
Accumulated other comprehensive loss, net       (11,257    )    (13,902    )
Total stockholders' equity                       2,992,916        2,314,050
Non-controlling interest                        916            4,734      
Total equity                                    2,993,832      2,318,784  
Total liabilities and stockholders' equity     $ 6,888,509     $ 6,721,354  
                                                                             


Attachment 4
                                                           
UDR, Inc.
Selected Financial Information
(Unaudited)
                                                             
                                                             Quarter Ended
Net Debt-to-EBITDA                                          December 31, 2012
                                                             
Net income/(loss) attributable to UDR, Inc.                  $   (12,300    )
                                                             
Adjustments (includes continuing and discontinued
operations):
Interest expense                                                 30,660
Real estate depreciation and amortization                        83,456
Real estate depreciation and amortization on                     9,897
unconsolidated joint ventures
Other depreciation and amortization                              1,092
Non-controlling interests                                        (655       )
Net loss/(gain) on the sale of depreciable property,             (156       )
excluding RE^3
Income tax expense/(benefit)                                    (2,974     )
EBITDA                                                       $   109,020    
                                                             
Acquisition-related costs (including joint ventures)             550
Hurricane-related charges, net                                   9,262
Severance charge                                                 484
Tax valuation allowance for RE^3                                1,346      
EBITDA - adjusted for non-recurring items                    $   120,662    
                                                             
Annualized EBITDA                                            $   482,648    
                                                             
Total debt                                                   $   3,409,333
Cash                                                            12,115     
Net debt                                                     $   3,397,218  
                                                             
Net Debt-to-EBITDA, adjusted for non-recurring items         7.0x
                                                             


Attachment 16(D)
                                                      
UDR, Inc.
Definitions and Reconciliations
December 31, 2012
(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 loss per share for full year 2013 and first quarter of 2013 to
forecasted FFO, FFO as Adjusted and AFFO per share:
                                                            
                                                            
                                   Full Year 2013
                                   Low                     High
                                                            
Forecasted earnings per            $     (0.09    )         $    (0.03    )
diluted share
Conversion from GAAP share               (0.08    )              (0.08    )
count
Depreciation                             1.51                    1.51
Non-Controlling Interests                (0.01    )              (0.01    )
Preferred Dividends                     0.01                 0.01     
Forecasted FFO per diluted         $     1.35             $    1.41     
share
RE^3 gains from asset sales             (0.02    )            (0.02    )
Forecasted FFO as Adjusted         $     1.33             $    1.39     
per diluted share
Recurring capital                       (0.16    )            (0.16    )
expenditures
Forecasted AFFO per diluted        $     1.17             $    1.23     
share
                                                            
                                                            
                                   1Q 2013
                                   Low                     High
                                                            
Forecasted earnings per            $     (0.05    )         $    (0.03    )
diluted share
Conversion from GAAP share               (0.02    )              (0.02    )
count
Depreciation                             0.38                    0.38
Non-Controlling Interests                (0.00    )              (0.00    )
Preferred Dividends                     0.00                 0.00     
Forecasted FFO per diluted         $     0.31             $    0.33     
share
RE^3 gains from asset sales             -                    -        
Forecasted FFO as Adjusted         $     0.31             $    0.33     
per diluted share
Recurring capital                       (0.04    )            (0.04    )
expenditures
Forecasted AFFO per diluted        $     0.27             $    0.29     
share

Contact:

UDR, Inc.
Chris Van Ens, 720-348-7762