ir.udr.com<\/a>.<\/p>\nAttachment 14(A)<\/b><\/p>\n
Definitions and Reconciliations
\n
<\/b>September 30, 2026
\n
<\/b>(Unaudited)<\/b><\/p>\n
Acquired Communities:<\/b> 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.<\/p>\n
Adjusted Funds from Operations (“AFFO”) attributable to common stockholders and unitholders: <\/b>The Company defines AFFO as FFO as Adjusted attributable to common stockholders and unitholders less recurring capital expenditures on consolidated communities and the Company\u2019s proportionate share of recurring capital expenditures on unconsolidated partnerships and joint ventures, that are necessary to help preserve the value of and maintain functionality at our communities.<\/p>\n
\nManagement 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.<\/p>\n
Consolidated Fixed Charge Coverage Ratio – adjusted for non-recurring items:<\/b> 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.<\/p>\n
\nManagement 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\u2019s 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.<\/p>\n
Consolidated Interest Coverage Ratio – adjusted for non-recurring items:<\/b> The Company defines Consolidated Interest Coverage Ratio – adjusted for non-recurring items as Consolidated EBITDAre \u2013 adjusted for non-recurring items divided by total consolidated interest, excluding the impact of costs associated with debt extinguishment.<\/p>\n
\nManagement 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\u2019s 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.<\/p>\n
Consolidated Net Debt-to-EBITDAre – adjusted for non-recurring items:<\/b> 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\u2019s 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.<\/p>\n
\nManagement 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\u2019s 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.<\/p>\n
Contractual Return Rate:<\/b> 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.<\/p>\n
Controllable Expenses:<\/b> The Company refers to property operating and maintenance expenses as Controllable Expenses.<\/p>\n
Development Communities:<\/b> 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.<\/p>\n
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre): <\/b>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\u2019s 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.<\/p>\n
\nManagement considers EBITDAre a useful metric for investors as it provides an additional indicator of the Company\u2019s 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\u2019s 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.<\/p>\n
Effective Blended Lease Rate Growth: <\/b>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.<\/p>\n
Effective New Lease Rate Growth:<\/b> 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.<\/p>\n
Effective Renewal Lease Rate Growth:<\/b> 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.<\/p>\n
Estimated Quarter of Completion: <\/b>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.<\/p>\n
Attachment 14(B)<\/b><\/p>\n
Definitions and Reconciliations
\n
<\/b>September 30, 2026
\n
<\/b>(Unaudited)<\/b><\/p>\n
Funds from Operations as Adjusted (“FFO as Adjusted”) attributable to common stockholders and unitholders:<\/b> 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.<\/p>\n
\nManagement 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.<\/p>\n
Funds from Operations (“FFO”) attributable to common stockholders and unitholders:<\/b> 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\u2019s 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.<\/p>\n
\nManagement 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.<\/p>\n
Held For Disposition Communities:<\/b> The Company defines Held for Disposition Communities as those communities that were held for sale as of the end of the most recent quarter.<\/p>\n
Joint Venture Reconciliation at UDR’s weighted average ownership interest:<\/b><\/p>\n\n\n| In thousands<\/b><\/td>\n | \n 3Q 2026<\/b><\/p>\n<\/td>\n | | \nYTD 2026<\/b><\/td>\n<\/tr>\n\n| Income\/(loss) from unconsolidated entities<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 1,613<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 24,580<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Management fee<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 1,176<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n 3,335<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Interest expense<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 6,816<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n 19,224<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Depreciation<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 14,353<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n 42,460<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| General and administrative<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 105<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n 367<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Preferred Equity Program (excludes loans)<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (3,478<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n (18,155<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Other (income)\/expense<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 119<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n 410<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Realized and unrealized (gain)\/loss on real estate technology investments<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 36<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n (16,131<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Net (gain)\/loss on consolidation<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (2,060<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n (2,335<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Total Joint Venture NOI at UDR’s Ownership Interest<\/b><\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 18,680<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 53,755<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Net Operating Income (\u201cNOI\u201d):<\/b> 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.<\/p>\n \nManagement considers NOI a useful metric for investors as it is a more meaningful representation of a community\u2019s 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.<\/p>\n \n\n| In thousands<\/b><\/td>\n | \n 3Q 2026<\/b><\/p>\n<\/td>\n | | \n\n 2Q 2026<\/b><\/p>\n<\/td>\n | | \n\n 1Q 2026<\/b><\/p>\n<\/td>\n | | \n | \n\n 4Q 2025<\/b><\/p>\n<\/td>\n | | \n\n 3Q 2025<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Net income\/(loss) attributable to UDR, Inc.<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 216,094<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n69,035<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n189,831<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n$<\/p>\n<\/td>\n | \n \n222,902<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n40,409<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Property management<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 13,799<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n13,745<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n13,758<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n13,937<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n13,952<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Other operating expenses<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 10,039<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n12,966<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n9,415<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n7,947<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n6,975<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Real estate depreciation and amortization<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 161,569<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n160,120<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n161,268<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n163,610<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n165,926<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Interest expense<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 48,583<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n47,640<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n48,576<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n49,684<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n50,569<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Casualty-related charges\/(recoveries), net<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 548<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n3,073<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n5,729<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n3,248<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,755<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| General and administrative<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 20,559<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n18,714<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n19,364<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n22,948<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n22,732<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Tax provision\/(benefit), net<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 489<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n429<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n455<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n37<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n382<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| (Income)\/loss from unconsolidated entities<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (1,613<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(3,271<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(19,696<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(4,934<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(14,011<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Interest income and other (income)\/expense, net<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (8,144<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(2,596<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(2,434<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(5,406<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(3,714<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Joint venture management and other fees<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (3,500<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(2,466<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(2,528<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(4,281<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(2,570<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Other depreciation and amortization<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 3,479<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n3,451<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n3,335<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n4,451<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n7,009<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| (Gain)\/loss on sale of real estate owned<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (190,084<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(35,704<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(157,416<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(194,974<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Net income\/(loss) attributable to noncontrolling interests<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 14,780<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n4,620<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n13,073<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n15,383<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n2,721<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Total consolidated NOI<\/b><\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 286,598<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n289,756<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n282,730<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n$<\/p>\n<\/td>\n | \n \n294,552<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n292,135<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Attachment 14(C)<\/b><\/p>\n Definitions and Reconciliations
\n
<\/b>September 30, 2026
\n
<\/b>(Unaudited)<\/b><\/p>\n NOI Enhancing Capital Expenditures (“Cap Ex”): <\/b>The Company defines NOI Enhancing Capital Expenditures as expenditures that result in increased income generation or decreased expense growth over time.<\/p>\n \nManagement considers NOI Enhancing Capital Expenditures a useful metric for investors as it quantifies the amount of capital expenditures that are expected to grow, not just maintain, revenues or to decrease expenses.<\/p>\n Non-Mature Communities: <\/b>The Company defines Non-Mature Communities as those communities that have not met the criteria to be included in same-store communities.<\/p>\n Non-Residential \/ Other:<\/b> The Company defines Non-Residential \/ Other as non-apartment components of mixed-use properties, land held, properties being prepared for redevelopment and properties where a material change in home count has occurred.<\/p>\n Other Markets:<\/b> The Company defines Other Markets as the accumulation of individual markets where it operates less than 1,000 Same-Store homes. Management considers Other Markets a useful metric as the operating results for the individual markets are not representative of the fundamentals for those markets as a whole.<\/p>\n Physical Occupancy: <\/b>The Company defines Physical Occupancy as the number of occupied homes divided by the total homes available at a community.<\/p>\n QTD Same-Store Communities:<\/b> The Company defines QTD Same-Store Communities as those communities Stabilized for five full consecutive quarters. These communities were owned and had stabilized operating expenses as of the beginning of the quarter in the prior year, were not in process of any substantial redevelopment activities, and were not held for disposition. QTD Same-Store Communities excludes 19 communities totaling 7,059 apartment homes that were wholly owned by the Company as of September 30, 2026, and were contributed to the joint venture with Apollo announced in October 2026 (the “Pending Joint Venture Portfolio Communities”). The Pending Joint Venture Portfolio Communities are presented separately for informational purposes. A reconciliation of QTD Same-Store results excluding these communities is provided below:<\/p>\n\n\n| \n Dollars in thousands<\/b><\/p>\n<\/td>\n | \n Total Homes<\/b><\/p>\n<\/td>\n | \n 3Q 2026<\/b><\/p>\n<\/td>\n | \n 2Q 2026<\/b><\/p>\n<\/td>\n | \n 1Q 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 4Q 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 3Q 2025<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Revenue<\/b><\/p>\n<\/td>\n | | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| \n \nSame-Store Communities<\/p>\n<\/td>\n | \n 44,765<\/b><\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 359,317<\/b><\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n356,302<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n351,125<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n352,318<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n353,038<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPlus: Pending Joint Venture Portfolio Communities<\/p>\n<\/td>\n | \n 7,059<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 43,300<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n43,509<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n43,116<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n43,428<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n43,638<\/p>\n<\/td>\n<\/tr>\n | \n| \n Same-Store including Pending Joint Venture Portfolio<\/b><\/p>\n<\/td>\n | \n 51,824<\/b><\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 402,617<\/b><\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 399,811<\/b><\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 394,241<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 395,746<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 396,676<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Expenses<\/b><\/p>\n<\/td>\n | | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| \n \nSame-Store Communities<\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 115,471<\/b><\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n112,252<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n116,848<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n110,143<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n112,946<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPlus: Pending Joint Venture Portfolio Communities<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n 14,033<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n13,394<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n13,775<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n13,340<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n13,194<\/p>\n<\/td>\n<\/tr>\n | \n| \n Same-Store including Pending Joint Venture Portfolio<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 129,504<\/b><\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 125,646<\/b><\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 130,623<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 123,483<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 126,140<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n NOI<\/b><\/p>\n<\/td>\n | | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| \n \nSame-Store Communities<\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 243,846<\/b><\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n244,050<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n234,277<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n242,175<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n240,092<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPlus: Pending Joint Venture Portfolio Communities<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n 29,267<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n30,115<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n29,341<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n30,088<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n30,444<\/p>\n<\/td>\n<\/tr>\n | \n| \n Same-Store including Pending Joint Venture Portfolio<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 273,113<\/b><\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 274,165<\/b><\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 263,618<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 272,263<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 270,536<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n Recurring Capital Expenditures: <\/b>The Company defines Recurring Capital Expenditures as expenditures that are necessary to help preserve the value of and maintain functionality at its communities.<\/p>\n Redevelopment Communities: <\/b>The Company generally defines Redevelopment Communities as those communities where substantial redevelopment is in progress. Based upon the level of material impact the redevelopment has on the community (operations, occupancy levels, and future rental rates), the community may or may not maintain Stabilization. As such, for each redevelopment, the Company assesses whether the community remains in Same-Store.<\/p>\n Sold Communities:<\/b> The Company defines Sold Communities as those communities that were disposed of prior to the end of the most recent quarter.<\/p>\n Stabilization\/Stabilized: <\/b>The Company defines Stabilization\/Stabilized as when a community\u2019s occupancy reaches 90% or above for at least three consecutive months.<\/p>\n Stabilized, Non-Mature Communities:<\/b> The Company defines Stabilized, Non-Mature Communities as those communities that have reached Stabilization but are not yet in the same-store portfolio.<\/p>\n Total Revenue per Occupied Home: <\/b>The Company defines Total Revenue per Occupied Home as rental and other revenues with concessions reported on a straight-line basis, divided by the product of occupancy and the number of apartment homes.<\/p>\n \nManagement considers Total Revenue per Occupied Home a useful metric for investors as it serves as a proxy for portfolio quality, both geographic and physical.<\/p>\n TRS: <\/b>The Company\u2019s taxable REIT subsidiaries (\u201cTRS\u201d) focus on making investments and providing services that are otherwise not allowed to be made or provided by a REIT.<\/p>\n YTD Same-Store Communities:<\/b> The Company defines YTD Same-Store Communities as those communities Stabilized for two full consecutive calendar years. These communities were owned and had stabilized operating expenses as of the beginning of the prior year, were not in process of any substantial redevelopment activities, and were not held for disposition. YTD Same-Store Communities excludes 19 communities totaling 7,059 apartment homes that were wholly owned by the Company as of September 30, 2026, and were contributed to the joint venture with Apollo announced in October 2026 (the “Pending Joint Venture Portfolio Communities”). The Pending Joint Venture Portfolio Communities are presented separately for informational purposes. A reconciliation of YTD Same-Store results excluding these communities is provided below:<\/p>\n\n\n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n Total Homes<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \nSame-Store Communities<\/p>\n<\/td>\n | \n 44,350<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nPlus: Pending Joint Venture Portfolio Communities<\/p>\n<\/td>\n | \n 7,059<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Same-Store including Pending Joint Venture Portfolio<\/b><\/p>\n<\/td>\n | \n 51,409<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n Conference Call and Webcast Information<\/span><\/b><\/p>\n\nUDR will host a webcast and conference call at 12:00 p.m. Eastern Time on November 3, 2026, to discuss third quarter 2026 results as well as high-level views for 2026. The webcast will be available on the Investor Relations section of the Company\u2019s website at ir.udr.com<\/a>. To listen to a live broadcast, access the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. To participate in the teleconference dial 877-423-9813 for domestic and 201-689-8573 for international. A passcode is not necessary.<\/p>\n\nGiven a high volume of conference calls occurring during this time of year, delays are anticipated when connecting to the live call. As a result, stakeholders and interested parties are encouraged to utilize the Company\u2019s webcast link for its earnings results discussion.<\/p>\n \nA replay of the conference call will be available through November 10, 2026, by dialing 844-512-2921 for domestic and 412-317-6671 for international and entering the confirmation number, 13763434, when prompted for the passcode. A replay of the call will also be available on the Investor Relations section of the Company\u2019s website at ir.udr.com<\/a>.<\/p>\n | | | | | | | | | | | | | | |