UDR, Inc. — Director's Dealing 2003

Aug 1, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: UNITED DOMINION REALTY TRUST INC (UDR)
CIK: 0000074208
Period of Report: 2003-07-30

Reporting Person: CARLIN MARTHA R (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-07-30	Common Stock	M	50000	$11.44	Acquired	77355	Direct
2003-07-30	Common Stock	S	50000	$18.3775	Disposed	27355	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-07-30	Stock Options (Right to buy)	$11.44	M	50000	Disposed	2011-03-20	Common Stock (50000)	Direct

Footnotes

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