UDR, Inc. — Director's Dealing 2004

Mar 8, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: UNITED DOMINION REALTY TRUST INC (UDR)
CIK: 0000074208
Period of Report: 2004-03-05

Reporting Person: CARLIN MARTHA R (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-03-05	Common Stock	M	16667	$11.44	Acquired	49523	Direct
2004-03-05	Common Stock	S	16667	$19.5	Disposed	32856	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-03-05	Stock Options (Right to buy)	$11.44	M	16667	Disposed	2011-03-20	Common Stock (16667)	Direct

Footnotes

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