UDR, Inc. — Director's Dealing 2003

Dec 16, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: UNITED DOMINION REALTY TRUST INC (UDR)
CIK: 0000074208
Period of Report: 2003-12-12

Reporting Person: GREGORY PATRICK S (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-12-12	Common Stock	M	15000	$10.875	Acquired	22923	Direct
2003-12-12	Common Stock	M	22333	$9.625	Acquired	45256	Direct
2003-12-12	Common Stock	M	6000	$15.125	Acquired	51256	Direct
2003-12-12	Common Stock	M	6667	$14.25	Acquired	57923	Direct
2003-12-12	Common Stock	S	22333	$19.2989	Disposed	35590	Direct
2003-12-12	Common Stock	S	15000	$19.2989	Disposed	20590	Direct
2003-12-12	Common Stock	S	6667	$19.2989	Disposed	13923	Direct
2003-12-12	Common Stock	S	6000	$19.2989	Disposed	7923	Direct
2003-12-15	Common Stock	M	167	$9.625	Acquired	8090	Direct
2003-12-15	Common Stock	M	22500	$9.875	Acquired	30590	Direct
2003-12-15	Common Stock	S	167	$19.0784	Disposed	30423	Direct
2003-12-15	Common Stock	S	22500	$19.0784	Disposed	7923	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-12-12	Stock Options (Right to buy)	$9.625	M	22333	Disposed	2009-12-21	Common Stock (22333)	Direct
2003-12-15	Stock Options (Right to buy)	$9.625	M	167	Disposed	2009-12-21	Common Stock (167)	Direct
2003-12-15	Stock Options (Right to buy)	$9.875	M	22500	Disposed	2010-12-05	Common Stock (22500)	Direct
2003-12-12	Stock Options (Right to buy)	$10.875	M	15000	Disposed	2008-12-08	Common Stock (15000)	Direct
2003-12-12	Stock Options (Right to buy)	$14.25	M	6667	Disposed	2007-12-09	Common Stock (6667)	Direct
2003-12-12	Stock Options (Right to buy)	$15.125	M	6000	Disposed	2007-01-02	Common Stock (6000)	Direct

Footnotes

F1: This transaction was done pursuant to a cashless exercise of options.