UDR, Inc. — Director's Dealing 2004

Sep 15, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: UNITED DOMINION REALTY TRUST INC (UDR)
CIK: 0000074208
Period of Report: 2004-09-14

Reporting Person: CARLIN MARTHA R (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-09-14	Common Stock	M	2100	$11.44	Acquired	34956	Direct
2004-09-14	Common Stock	M	5900	$11.44	Acquired	40856	Direct
2004-09-14	Common Stock	S	2100	$19.62	Disposed	38756	Direct
2004-09-14	Common Stock	S	5900	$19.61	Disposed	32856	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-09-14	Stock Options (Right to buy)	$11.44	M	2100	Disposed	2011-03-20	Common Stock (2100)	Direct
2004-09-14	Stock Options (Right to buy)	$11.44	M	5900	Disposed	2011-03-20	Common Stock (5900)	Direct

Footnotes

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