UDR, Inc. — Director's Dealing 2004

Dec 9, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: UNITED DOMINION REALTY TRUST INC (UDR)
CIK: 0000074208
Period of Report: 2004-12-07

Reporting Person: CARLIN MARTHA R (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-12-07	Common Stock	M	15000	$11.44	Acquired	47856	Direct
2004-12-07	Common Stock	S	200	$23.57	Disposed	47656	Direct
2004-12-07	Common Stock	S	14800	$23.44	Disposed	32856	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-12-07	Stock Options (Right to buy)	$11.44	M	15000	Disposed	2011-03-20	Common Stock (15000)	Direct