2006 Community Acquisitions/Dispositions Location # of Homes $millions Acquisitions: California 900 $198.0 Texas 1,477 108.5 Nashville 386 21.0 Total 2,763 $327.5 Dispositions: North Carolina 3,635 $195.1 Texas 2,078 119.5 Memphis 630 27.0 Aurora, CO 600 30.7 Seattle 518 58.0 Mesa, AZ 192 14.6 Total 7,653 $444.5 2007 Community Acquisitions/Dispositions Location # of Homes $millions Acquisitions: Bellevue, WA 166 $58.0 Washington D.C. 171 65.6 Total 337 $123.6 Dispositions: California 208 $25.7 Seattle, WA 267 29.1 Total 475 $54.8 "Research-driven" incorporates rigorous analysis to measure 2 key factors and determine when and where we invest: Low home affordability index Favorable demand/supply ratio for multi-family housing (demographic trends are favorable & job growth expectations are high) Andover Place Washington, D.C. 989 Elements Bellevue, WA Grow net operating income through automation and efficiency. 2007 Same Store Guidance (Growth) at Midpoint Revenue: 6% Expense: 4% NOI: 7% Revenue: Hot Markets for 2007 expected to demonstrate revenue growth greater than 7% Tampa, FL Northern CA Southern CA Charlotte, NC Portland, OR Orlando, FL Seattle, WA Phoenix, AZ Grand Terrace Coulton, CA The Beaumont Seattle, WA Sold Bought Low Home Affordability UDR Mo. Rent 1 Yr ARM Difference SF Bay Area $1,597 $ 5,348 $3,751 Orange Co. 1,444 4,958 3,515 San Diego Co. 1,260 3,853 2,593 Inland Empire 1,103 3,677 2,574 Monterey 930 3,379 2,449 Tampa 891 3,019 2,129 Metro D.C. 1,206 2,814 1,609 Seattle 909 2,187 1,278 Phoenix 891 2,130 1,240 Orlando 908 2,127 1,219 Strong Job Growth UDR operates in 8 of the top 10 U.S. job growth markets Job growth in UDR's top 10 markets is 40% greater than the U.S. average Over 500K jobs added in UDR top markets in past 12 months |