UDR, Inc. — Director's Dealing 2003

Sep 8, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: UNITED DOMINION REALTY TRUST INC (UDR)
CIK: 0000074208
Period of Report: 2003-09-08

Reporting Person: SHANABERGER SCOTT A (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-09-08	Common Stock	M	4000	$14.625	Acquired	24100	Direct
2003-09-08	Common Stock	M	5000	$15.25	Acquired	29100	Direct
2003-09-08	Common Stock	M	6667	$14.25	Acquired	35767	Direct
2003-09-08	Common Stock	S	15667	$18.5	Disposed	20100	Direct
2003-09-08	Common Stock	M	3500	$9.625	Acquired	23600	Direct
2003-09-08	Common Stock	M	200	$9.875	Acquired	23800	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-09-08	Stock Options (Right to buy)	$9.625	M	3500	Disposed	2009-12-21	Common Stock (3500)	Direct
2003-09-08	Stock Options (Right to buy)	$9.875	M	200	Disposed	2010-12-05	Common Stock (200)	Direct
2003-09-08	Stock Options (Right to buy)	$14.25	M	6667	Disposed	2007-12-09	Common Stock (6667)	Direct
2003-09-08	Stock Options (Right to buy)	$14.625	M	4000	Disposed	2005-12-12	Common Stock (4000)	Direct
2003-09-08	Stock Options (Right to buy)	$15.25	M	5000	Disposed	2006-12-13	Common Stock (5000)	Direct

Footnotes

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