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UDR Press Release DENVER , CO - October 26 , 2021 Opening doors to the future " UDR ANNOUNCES THIRD QUARTER 2021 RESULTS AND INCREASES FULL - YEAR 2021 GUIDANCE RANGES UDR , Inc. ( the " Company " ) ( NYSE : UDR ) , announced today its third quarter 2021 results . Net Income , Funds from Operations ( " FFO " ) , FFO as Adjusted ( " FFOA " ) , and Adjusted FFO ( " AFFO " ) per diluted share for the quarter ended September 30 , 2021 are detailed below . Metric Net Income per diluted share FFO per diluted share ● FFOA per diluted share AFFO per diluted share 3Q 2021 Actual $ 0.06 $ 0.55 $ 0.51 $ 0.46 3Q 2021 Guidance $ 0.02 to $ 0.04 $ 0.49 to $ 0.51 $ 0.49 to $ 0.51 $ 0.44 to $ 0.46 Quarter Ended September 30 $ Change vs. 3Q 2020 Actual $ ( 0.09 ) Prior Year Period $ 0.42 $ 0.50 $ 0.45 Growth / ( Decline ) With concessions reflected on a cash basis : SS Revenue SS Expense SS NOI With concessions reflected on a straight - line basis : SS Revenue SS NOI The Company reported net income attributable to common stockholders of $ 16.7 million , or $ 0.06 per share , compared to $ ( 26.3 ) million , or $ ( 0.09 ) per share , in the prior year period . This increase was primarily due to an increase in Same - Store ( " SS " ) net operating income ( “ NOI ” ) , higher NOI from acquired communities , higher income from unconsolidated entities , and lower debt extinguishment costs . SS results for third quarter 2021 versus third quarter 2020 and second quarter 2021 are summarized below . Year - Over - Year ( " YOY " ) : Q3 2021 vs. Q3 2020 5.3 % 3.3 % 6.3 % Contact : Trent Trujillo Email : ttrujillo@udr.com $ 0.15 $ 0.13 $ 0.01 $ 0.01 1.6 % 0.9 % % Change vs. Prior Year Period 167 % 31 % 2 % 2 % Sequential : Q3 2021 vs. Q2 2021 3.6 % 5.4 % 2.9 % 3.3 % 2.4 % The Company's weighted average SS physical occupancy for the third quarter of 2021 was 97.5 percent , compared to 95.5 percent for the third quarter of 2020 and 97.2 percent for the second quarter of 2021 . The Company continues to implement its Next Generation Operating Platform which helped limit third quarter 2021 SS controllable expense growth to 1.8 percent YOY and 2.0 percent YTD . During the quarter , the Company acquired five communities with a combined purchase price of $ 619.9 million . Subsequent to quarter - end , the Company acquired two communities for $ 282.5 million and sold one community for proceeds of $ 126.0 million . During the quarter and subsequent to quarter - end , the Company entered into forward equity sale agreements under its at - the - market equity program for approximately 6.0 million shares of common stock at a weighted average initial forward price per share of $ 53.80 for estimated future proceeds of approximately $ 321.9 million , subject to adjustment as described later in this release . During the quarter , the Company settled approximately 11.4 million shares of common stock under its previously - announced forward equity sales agreements at a weighted average net price per share , after adjustments , of $ 43.82 for proceeds of approximately $ 500.0 million . 1