UDR 8K Regulation FD Disclosure | UDR 10 Nov 08

Exhibit 99.1

The Right Properties in the Right Markets
Third Quarter 2008

1 Portfolio Overview 3 Orange County, CA 7 Metro D.C. 11 San Francisco Bay Area, CA 15 Tampa, FL 19 Seattle, WA 23 Baltimore, MD 27 LA County, CA 31 Orlando, FL 35 Richmond, VA 39 Dallas, TX 43 Nashville, TN 47 San Diego County, CA 51 Monterey, CA 53 Jacksonville, FL 55 Norfolk / Virginia Beach, VA 57 Inland Empire, CA 59 Phoenix, AZ 61 Sacramento, CA 63 Portland, OR 65 Austin, TX Table of Contents

UDR (NYSE:UDR) is a leading multifamily real estate investment trust (REIT) with a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive real estate properties in targeted U.S. markets. For over 35 years, UDR has delivered long-term value to shareholders, the best standard of service to residents, and the highest quality experience for associates. Additional information can be found on the Company’s website at www.udr.com. UDR Portfolio Characteristics Homes in Active Devt.** Held for Future Devt.** Non- Mature Homes Rank Market Pro forma NOI _____ % of Total* Same Store Homes Average Monthly Income*** 14.4 12.1 8.7 6.4 5.5 5.3 5.1 4.8 4.6 4.0 3.5 3.1 3.1 2.9 2.8 2.8 2.1 1.6 1.4 1.4 Orange County, CA Metro D.C. San Francisco Bay Area, CA Tampa, FL Seattle, WA Baltimore, MD LA County, CA Orlando, FL Richmond, VA Dallas, TX Nashville, TN San Diego County, CA Monterey / Salinas, CA Jacksonville, FL Norfolk / Virginia Beach, VA Inland Empire, CA Phoenix, AZ Sacramento, CA Portland, OR Austin, TX TOTAL****: 4,067 2,050 1,768 3,081 1,270 1,556 1,052 2,500 1,958 305 1,874 1,123 1,565 1,557 1,438 1,074 914 914 716 250 31,032 296 1,935 571 486 455 564 626 667 253 3,497 386 — — 300 — — 449 — — 390 10,875 510 615 200 — 704 — 408 — — 5,557 — 569 — — — — — — — — 8,563 $1,599 1,417 1,853 952 1,206 1,186 1,529 963 1,023 1,647 891 1,406 1,094 862 960 1,317 946 930 1,002 978 $1,193 — — — 249 274 — — 395 — 1,648 — — — — — — 382 — — — 2,948 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 *EOY pro forma full portfolio NOI, including jvs, planned acquisitions, developments, redevelopments, etc. **Includes joint-venture properties ***Per occupied home, as of Sept. 30, 2008 ****Excludes 2,108 SS homes, 208 non-mature homes and 359 homes in development in other UDR markets 1

UDR has transformed its portfolio by completing a $1.7 billion sale of 25,684 homes and reinvesting $951 million to aquire 4,093 homes in 12 new communities. % NOI YTD As a result of these transactions:• Our properties are concentrated in markets with high rent growth, strong job growth and low single family home affordability, and UDR’s average monthly rent has grown to nearly $1,200.• Nearly 95 percent of our net operating income comes from our top 20 markets — with 50 percent coming from the West Coast and 24 percent coming from the Washington DC corridor. We intend to create value through the following redevelopment and development initiatives. Redevelopment• Year-to-date, we have completed the redevelopment of 1,678 homes in six communities, at an average cost per home of approximately $46,600.• Going forward, our redevelopment pipeline includes 598 apartment homes in two communities, with a total incremental investment by the Company of $29 million, or $48,500 per home. Development• Year-to-date, we have completed the development of 2,017 homes in seven communities, (including one unconsolidated joint venture property and two pre-sale properties), at an average cost per home of $149,000.• Going forward, our active development pipeline includes 2,321 homes in seven communities currently in development at an estimated cost of $342 million, or $147,000 per home. A majority of the financing on these projects is in place, with only $20 million of additional equity investment required from UDR. In addition, UDR has under contract through pre-sale agreements 684 homes in development in two communities at a projected cost of $93 million, or $136,000 per home.• In addition, we have identified a number of future development opportunities with the potential to add 8,300 homes in our West Coast, East Coast and Texas markets. Included in these are 1,546 existing homes in five operating communities — with a net carrying value of $140 million delivering $10.9 million of annualized NOI. These opportunities will be pursued as financing becomes available and markets improve. 3.8% 1.9% MD 6.1% DC 7% VA 10.9% 44.2% 4.2% 2.3% FL 17.9% 1.7% % NOI per Market (YTD) West Coast — 50% East Coast — 24% Florida — 18% Tennessee — 4% Texas — 2% Arizona — 2% Average Monthly Rents vs. Peers AVB BRE ESS EQR PPS UDR HME CPT AIV CLP MAA $781 $740 $937 $966 $1,142 $1,244 $1,404 $1,348 $1,530 $1,943 $1,193 Source: Individual Company Reports 2


		Orange County Market Fact Sheet

Market Statistics & Peer Comparison


Orange County Portfolio	Homes
Same Store Pool		4,067
Non-Matures		296
Homes in Development		—
Held for Future Development		510

Total		4,873
MRQ Mo. Inc./ Occ. Home (SS)	$	1,599
MRQ Occupancy (SS)		95.2	%


Company	# Homes (SS)		Avg. Rent
UDR		4,067	$	1,599
ESS		2,016		1,578
BRE		2,899		1,575
CPT		1,216		1,549
EQR		3,180		1,505
AVB		1,174		1,393
AIV		247		1,379

		14,799	$	1,547

Orange County is UDR’s
#1market and is expected
to contribute14.4%of the
Company’s 2008 total
pro forma NOI.

Orange County Market Statistics


2008 Forecast				Low Home Affordability			Economy
Effective Rent (MRQ)	$	1,657		Ave. Market Rent	$	1,547	Population		2,997,033
Occupancy (MRQ)		94.0	%	Mo Payment: Entry Level*:			Job Growth (MRQ)		-2.1	%
Eff. Rent Growth ‘08F		-0.9	%	Home	$	3,050	Median Income	$	84,100
Eff. Rent Growth ‘09F		-2.8	%	Condo	$	2,568	Housing Stock
Eff. Rent Growth ‘10F		6.4	%	Median Home Price (MRQ)	$	539,000	Renter		364,220
Multifamily Permits		2,858		Housing Affordability Score		39	% of Total		37.3	%

Sources: AXIOMetrics and Company Reports, Most Recent Quarter (MRQ), Merrill Lynch Apartment Monitor, Latest Available Data (LAD)
* Assumes 30 yr fixed at 6.3%

Recent Activity

The Orange County, California market represents UDR’s largest concentration of apartment homes as measured by NOI. These homes are in premier costal locations; many communities are west of the 405 beltway, only minutes from the beach. The Company is creating value in this market through the following initiatives:

•		Acquisitions: Mesa Verde Villas, a 296-home community, was purchased in Q2 in Costa Mesa, CA. This community is a twin to Pine Brook Village, a 200-home community. Both were constructed by the same builder and share the same architecture, design and floor plans. Pine Brook Village and Mesa Verde also share a main entry into both properties, making Mesa Verde an excellent candidate to be merged with Pine Brook. This merger creates value immediately through operating efficiencies in leasing staff, maintenance staff and purchasing.

•		Redevelopment: More than 1,600 kitchen and bath renovations have been completed at an average cost of $10,800 and we are realizing an average return of 13.3 percent. An example of average rent increases: Huntington Vista — $1,600 before, $1,775 after, a 10.9% increase.

•		Potential Future Development: Foxborough, a 90-home operating community with in Orange, CA with annualized NOI of $1.3 million, is a potential future development opportunity, which would nearly triple the number of homes to 260.

The local economy has recently softened due to the loss of jobs in the sub-prime lending industry, but long-term prospects are excellent. The region enjoys employment diversity, a highly educated work force and an attractive year round climate affording a variety of recreational activities.

Orange County
Market Fact Sheet

Orange County
Market Fact Sheet


			Year Built							Inc. per Occ.
Operating Properties	# Homes		ReDev		Redev.		Occupancy			Home
1 Pacific Palms		149		1962				97.5	%	$	1,369
2 Harbor at Mesa Verde		384		2003		K/B		94.6	%		1,640
3 Coronado North		732		2000		K/B		94.3	%		1,489
4 Missions at Back Bay		104		1969		K/B		96.9	%		1,521
5 Vista del Rey		116		1969		K/B		96.8	%		1,434
6 Foxborough		90		1969				97.0	%		1,810
7 Huntington Vista		220		1970		K/B		96.1	%		1,793
8 The Arboretum at Lake Forest		225		1970		K/B		91.6	%		1,591
9 Coronado South		715		2000		K/B		94.8	%		1,528
10 Pacific Shores		264		2003		K/B		95.9	%		1,574
11 Huntington Villas		400		1972		K/B		95.8	%		1,719
12 Villa Venetia		468		2008		Full		95.7	%		1,711
13 Pine Brook Village		200		1979		K/B		95.5	%		1,718

Sub Total		4,067						95.2	%		1,599
Non-Mature and Other
14 Mesa Verde Villas (Pine Brook II)		296		1975				96.0	%		1,732

Sub Total		296						96.0	%		1,732

Grand Total		4,363						95.2	%	$	1,608

Current

Est.

Est. Cost

Est.

Development Opportunities

Status

# Homes

($000)

per Home

Completion

6 Foxborough II

Future

260

77,000

296,000

TBD^

15 Mission Viejo

Future

(land)

250

90,000

360,000

TBD^

Total

510

167,000

^ Properties will move into active development as financing opportunities and market conditions improve.


		Metro DC Market Fact Sheet

Market Statistics & Peer Comparison


Metro DC Portfolio	Homes
Same Store Pool		2,050
Non-Matures		1,935
Homes in Development		—
Held for Future Development		615

Total		4,600
MRQ Mo. Inc./ Home (SS)	$	1,417
MRQ Occupancy (SS)		96.9	%


Company	# Homes (SS)		Ave. Rent
AVB		2,793	$	1,943
PPS		1,972		1,874
CPT		3,081		1,582
EQR		7,859		1,481
UDR		2,050		1,417
HME		4,549		1,308
AIV		6,663		1,254
CLP		258		886

		29,225	$	1,474

Metro DC is UDR’s#2
market and is expected to
contribute12.1%of the
Company’s 2008 total
pro forma NOI.

Metro DC Market Statistics


2008 Forecast				Low Home Affordability			Economy
Effective Rent (MRQ)	$	1,380		Ave. Market Rent	$	1,474	Population		4,151,047
Occupancy (MRQ)		94.3	%	Mo Payment: Entry Level*:			Job Growth (MRQ)		1.5	%
Eff. Rent Growth ‘08F		2.8	%	Home	$	2,137	Median Income	$	99,000
Eff. Rent Growth ‘09F		3.0	%	Condo	$	1,785	Housing Stock
Eff. Rent Growth ‘10F		4.9	%	Median Home Price (MRQ)	$	370,300	Renter		511,015
Multifamily Permits		5,671		Housing Affordability Score		85	% of Total		33.3	%

Source: AXIOMetrics and Company Reports, Most Recent Quarter (MRQ), Merrill Lynch Apartment Monitor, Latest Available Data (LAD)
* Assumes 30 yr fixed at 6.3%

Recent Activity

UDR is expanding its presence in this market by buying communities in lease-up and well-located properties with renovation potential.

Value Creation:

•		In the first quarter of 2008, we purchased Circle Towers, a mixed-use development that includes 606 apartment homes and more than 50,000 SF of office and retail space for $144.3M. Also in the first quarter, we purchased Delancey at Shirlington Village, a 241-home community in Alexandria, VA, for $85M.

•		In the second quarter of 2008, we completed the full redevelopment of Wellington Place, a 372-home community in Manassas, VA that we purchased for $50.1M, or $135,000 per home, in 2005. We expect to realize an 4.9% cash-on-cash return from the incremental investment, a 22% improvement in cash flow, and estimated value creation of approximately $6.4M.

•		In the second quarter of 2008, we began full redevelopment of Taylor Place, a 218-home mid-rise community, located in Arlington, VA. This $13.9M redevelopment project is expected to realize an 8.2% return on incremental investment, a 52% improvement in cash flow, and estimated value creation of $15.3M.

•		We’ve completed more than 1,500 kitchen and bath renovations at an average cost of $9,836 and are realizing an average annualized return of 9.2%.

Metro DC
Market Fact Sheet


			Year Built							Inc. per Occ.
Operating Properties	# Homes		ReDev		Redev.		Occupancy			Home
1 Dominion Middle Ridge		280		1990		K/B		96.9	%	$	1,310
2 Dominion Lake Ridge		192		1987		K/B		94.7	%		1,274
3 Presidential Greens		396		1938		K/B		96.1	%		1,134
5 Ridgewood I		274		1988		K/B		96.4	%		1,421
6 The Calvert		187		1962		K/B		96.0	%		1,357
7 Waterside Towers		550		1971		K/B		98.6	%		1,518
8 Andover House		171		2004				97.1	%		2,314

Subtotal		2,050						96.9	%		1,417
Non-Mature and Other
4 Taylor Place — under redevelopment		218		2008		Full		30.5	%		1,092
9 Sullivan Place — in lease-up		498		2007				92.0	%		1,668
10 Wellington Place		372		2008		Full		93.4	%		1,238
11 Delancey at Shirlington — in lease-up		241		2008				90.3	%		1,842
12 Circle Towers		606		1972		Full		91.4	%		1,608

Subtotal		1,935						84.9	%		1,557

Grand Total		3,985						91.1	%	$	1,480

Current

Est.

Est. Cost

Est.

Development Opportunities

Status

# Homes

($000)

per Home

Completion

13 2400 14^thStreet

Future

—

255

120,000

470,600

TBD^

14 Signal Hill — Woodbridge, VA

Future

—

360

82,700

230,000

TBD^

Total

615

202,700

^ Properties held for future development pending financing.


		San Francisco Market Fact Sheet

Market Statistics & Peer Comparison


San Francisco Portfolio	Homes
Same Store Pool		1,768
Non-Matures		571
Homes in Development		—
Held for Future Development		200

Total		2,539
MRQ Mo. Inc./ Occ. Home (SS)	$	1,853
MRQ Occupancy (SS)		96.5	%


Company	# Homes (SS)		Ave. Rent
AVB		2,482	$	2,266
BRE		1,265		2,253
EQR		736		1,996
UDR		1,768		1,853
ESS		765		1,614
AIV		496		1,607

		7,512	$	2,030

San Francisco is UDR’s#3
market and is expected to
contribute8.7%of the
Company’s 2008 total pro forma NOI.

San Francisco Market Statistics


2008 Forecast				Low Home Affordability			Economy
Effective Rent (MRQ)	$	2,062		Ave. Market Rent	$	2,030	Population		1,720,056
Occupancy (MRQ)		95.6	%	Mo Payment: Entry Level*:			Job Growth (MRQ)		0.7	%
Eff. Rent Growth ‘08F		5.1	%	Home	$	4,355	Median Income	$	94,300
Eff. Rent Growth ‘09F		2.9	%	Condo	$	3,668	Housing Stock
Eff. Rent Growth ‘10F		6.6	%	Median Home Price (MRQ)	$	809,000	Renter		330,681
Multifamily Permits		2,605		Housing Affordability Score		43	% of Total		49.1	%

Source: AXIOMetrics and Company Reports, Most Recent Quarter (MRQ), Merrill Lynch Apartment Monitor, Latest Available Data (LAD)
* Assumes 30 yr fixed at 6.3%

Recent Activity

In July 2008, the Company acquired Almaden Lake Village, a 250-home community in San Jose, located adjacent to the Almaden Station for the Valley Transit Authority (VTA). This station provides direct light rail access to Silicon Valley employment centers and downtown San Jose. The property is also located one mile from the popular Westfield Oakridge Regional Mall, and the property is adjacent to Lake Almaden, providing residents direct access to a popular recreational area.

In the first quarter of 2008, UDR acquired Edgewater, a 193-home community in the Mission Bay district of San Francisco. The property was constructed in 2007 and is strategically located near public transportation and entertainment venues.

In the fourth quarter of 2007, the Company expanded its presence in this market with the purchase of Crest Marin, a 104-home community in San Rafael. The community is located directly adjacent to Highlands of Marin, an existing UDR property. Both properties will be completely renovated with new exterior siding, kitchens, baths, and more with expected rent increases of approximately $200 - $250 per home.

The company is improving existing homes though its kitchen and bath renovation program. Over 350 kitchen and bath renovations have been completed at an average cost of $14,250 and we are realizing an average annual return of 9.8%.

The region enjoys employment diversity, a highly educated work force and an attractive year round climate affording a variety of recreational activities. The median existing home price is $809,000 making this one of the least affordable markets in the U.S.

San Francisco
Market Fact Sheet


Operating Properties	# Homes		Year Built ReDev		Redev.		Occupancy			Inc. per Occ. Home
1 2000 Post Street I		304		1987		K/B		98.1	%	$	2,320
2 Birch Creek		184		1968				97.2	%		1,792
3 Highlands of Marin		220		2008		Full		94.8	%		1,676
4 Marina Playa		272		1971				97.4	%		1,708
5 Crossroads Apartments		130		1986		K/B		94.4	%		1,449
6 River Terrace	��	250		2005				97.8	%		2,111
7 Lake Pines		288		2008				94.5	%		1,585
8 Bay Terrace		120		1962				97.7	%		1,917

Subtotal		1,768						96.5	%		1,853
Non-Mature
1 2000 Post Street II (in lease-up)		24		2007				86.9	%		2,298
3 Highlands of Marin II(in lease-up)		104		2008		Full		90.0	%		1,280
9 Edgewater		193		2008				93.6	%		2,929
10 Almaden Lake Village		250		1999				97.1	%		1,613

Subtotal		571						94.2	%		2,024

Grand Total		2,339						95.9	%	$	1,894

Current

Est.

Est. Cost

Est.

Development Opportunities

Status

# Homes

($000)

per Home

Completion

8 Bay Terrace^

Future

120

200

79,000

395,000

TBD^

Total

200

79,000

^Bay Terrace currently has a net carrying value of $21M and delivers annualized NOI of $1.8M. This property will move into active development as financing opportunities and market conditions improve.


		Tampa Market Fact Sheet

Market Statistics & Peer Comparison


Tampa Portfolio	Homes
Same Store Pool		3,081
Non-Matures		486
Homes in Development		249
Held for Future Development		—

Total		3,816
MRQ Mo. Inc./ Occ. Home (SS)	$	952
MRQ Occupancy (SS)		94.3	%


Company	# of Homes (SS)		Ave. Rent
PPS		1,644	$	1,390
UDR		3,081		952
CLP		318		933
MAA		1,120		850
CPT		5,503		839
EQR		2,887		812
AIV		3,658		806

		18,211	$	899

Tampa is UDR’s#4market
and is expected to
contribute6.4%of the
Company’s 2008 total pro forma NOI.

Tampa Market Statistics


2008 Forecast				Low Home Affordability			Economy
Effective Rent (MRQ)	$	817		Ave. Market Rent	$	899	Population		2,723,949
Occupancy (MRQ)		91.2	%	Mo Payment: Entry Level*:			Job Growth (MRQ)		-1.6	%
Eff. Rent Growth ‘08F		-3.0	%	Home	$	1,226	Median Income	$	56,500
Eff. Rent Growth ‘09F		-4.8	%	Condo	$	1,004	Housing Stock
Eff. Rent Growth ‘10F		1.0	%	Median Home Price (MRQ)	$	180,800	Renter		321,771
Multifamily Permits		4,204		Housing Affordability Score		96	% of Total		29.0	%

Source: AXIOMetrics and Company Reports, Most Recent Quarter (MRQ), Merrill Lynch Apartment Monitor, Latest Available Data (LAD)
* Assumes 30 yr fixed at 6.3%

Recent Activity

The Company has demonstrated success in creating additional value from its Tampa properties in a variety of ways:

•		New Development — In the third quarter of 2008, we completed the purchase of a 249-home community, Vintage Lofts, at North Hyde Park in Tampa, utilizing 1031 exchange funds from the March 2008 portfolio sale. This property is currently under development at a budgeted cost of $52M, with an expected completion date of 1Q ‘09.

•		Redevelopment — we recently completed full redevelopment The Breyley, a 209-home community in Clearwater. In addition to the redevelopment program, we have completed more than 1,600 kitchen and bath renovations.

Recent issues in the housing and lending sectors have slowed Tampa’s economy but AXIOMetrics forecasts job growth in a number of sectors, including education and health services, government, other services, leisure and hospitality and trade, transportation and utilities.

Tampa
Market Fact Sheet


			Year Built							Inc. per Occ.
Operating Properties	# Homes		ReDev		Redev.		Occupancy			Home
1 Summit West		266		1972		—		92.9	%	$	869
2 Lakewood Place		346		1986		K/B		94.2	%		845
3 Hunters Ridge		352		1992		K/B		91.7	%		811
4 Bay Meadows		288		1985		K/B		95.5	%		985
5 Cambridge Woods		275		1985		K/B		93.8	%		861
6 Sugar Mill Creek		212		1988		K/B		96.2	%		895
7 Inlet Bay at Gateway		464		1988		Full		94.9	%		977
8 MacAlpine Place		478		2007		—		95.1	%		1,118
9 Island Walk		400		1985		Full		94.2	%		1,057

Subtotal		3,081						94.3	%		952
Non-Mature
10 The Breyley Apartments		209		2008		Full		93.0	%		973
11 Gallery at Bayport (held for disposition)		277						74.9	%		958
Subtotal		486						82.6	%		965

Grand Total		3,567						92.7	%	$	954

Current

Est.

Est. Cost

Expected

Development Opportunities

Status

# Homes

($000)

per Home

Completion

12 Vintage Lofts

Active

—

249

52,000

208,800

1Q 09

Total

249

52,000


		Seattle Market Fact Sheet

Market Statistics & Peer Comparison


Seattle Portfolio	Homes
Same Store Pool		1,270
Non-Matures		455
Homes in Development		274
Held for Future Development		704

Total		2,703
MRQ Mo. Inc./ Occ. Home (SS)	$	1,206
MRQ Occupancy (SS)		96.3	%


Company	# of Homes (SS)		Ave. Rent
BRE		3,491	$	1,338
AVB		2,492		1,316
AIV		468		1,265
UDR		1,270		1,206
ESS		5,164		1,184
EQR		6,886		1,170

		19,771	$	1,226

Seattle is UDR’s#5market
and is expected to
contribute5.5%of the
Company’s 2008 total
pro forma NOI.

Seattle Market Statistics


2008 Forecast				Low Home Affordability			Economy
Effective Rent (MRQ)	$	1,212		Ave. Market Rent	$	1,226	Population		2,536,182
Occupancy (MRQ)		94.3	%	Mo Payment: Entry Level*:			Job Growth (MRQ)		2.3	%
Eff. Rent Growth ‘08F		4.8	%	Home	$	2,291	Median Income	$	81,400
Eff. Rent Growth ‘09F		0.9	%	Condo	$	1,917	Housing Stock
Eff. Rent Growth ‘10F		1.7	%	Median Home Price (MRQ)	$	380,500	Renter		367,516
Multifamily Permits		7,943		Housing Affordability Score		64	% of Total		36.0	%

Source: AXIOMetrics and Company Reports, Most Recent Quarter (MRQ), Merrill Lynch Apartment Monitor, Latest Available Data (LAD)
* Assumes 30 yr fixed at 6.3%

Recent Activity

UDR has been expanding its presence in the Seattle market in a number of ways, including:

•

The acquisition of two new communities in 2008:

	•		Island Square, a mixed-use development with 235 apartment homes, 25K square feet of retail and 14K square feet of office space, located on Mercer Island, with access to both downtown Seattle and Bellevue job centers; and

	•		Hearthstone at Merrill Creek, a 220-home community located in Merrill Creek Business Park, home to employers including Campbell’s Soup, TRW Aeronautical Systems, The Fluke Company, and Boeing.

•		The acquisition of Borgata Apartments in May, 2007. This is a mixed-use community with 71-apartment homes and 5,358 square feet of retail space in Bellevue.

•		Closing on a 49% joint venture interest in 989elements in January, 2007. This is a recently completed 23-story high-rise mixed use property located in the central business district of Bellevue with 166-apartment homes and 17,611 square feet of commercial space.

•		UDR has two joint venture developments with Su Development in which UDR has a 49% interest:

	•		Ashwood Commons, a 274-home high-rise community with ground floor retail. Construction is underway with expected completion in the third quarter of 2009.

	•		Bellevue Plaza, a 430-home high-rise community with ground floor retail. This property is planned for future development.

Seattle
Market Fact Sheet


			Year Built							Inc. per Occ.
Operating Properties	# Homes		ReDev		Redev.		Occupancy			Home
1 Hilltop		156		1985		K/B		97.2	%	$	1,010
2 Crown Pointe		196		1987		K/B		96.0	%		952
3 Arbor Terrace		276		1996		K/B		95.4	%		908
4 Aspen Creek		162		1996		—		95.5	%		969
5 The Hawthorne Apartments		284		2003		—		97.9	%		1,401
6 The Kennedy Building		125		2005		—		94.8	%		1,679
8 Borgata Apartment Homes		71		2001		K/B		96.1	%		2,438

Subtotal		1,270						96.3	%		1,206
Non-Mature and Other
7 989elements(Operating JV — 49%)		166		2007		—		97.1	%		1,911
9 Hearthstone at Merrill Creek		220		2000		—		94.9	%		1,182
10 Island Square		235		2007		—		90.3	%		1,776

Subtotal (UDR)*		455						92.5	%		1,482

Grand Total (UDR)*		1,725						95.3	%	$	1,277

* Excludes joint venture homes

Current

Est.

Est. Cost

Cost per

Expected

Development Opportunities

Status

# Homes

($000)

Home

Completion

11 Ashwood Commons(JV — 49%)**

Active

—

274

49,000

365,000

3Q 09

12 Bellevue Plaza (JV — 49%)**

Future

—

430

66,000

314,000

TBD^

Total

274

115,000

** Est. costs, except for cost per home, are calculated based on UDR’s ownership percentage of 49%.
^ This property will move into active development as financing opportunities and market conditions improve.


		Baltimore Market Fact Sheet

Market Statistics & Peer Comparison


Baltimore Portfolio	Homes
Same Store Pool		1,556
Non-Matures		564
Homes in Development		—
Held for Future Development		—

Total		2,120
MRQ Mo. Inc./ Home (SS)	$	1,186
MRQ Occupancy (SS)		96.8	%


Company	# of Homes (SS)		Ave. Rent
AEC		316	$	1,426
CPT		628		1,372
AVB		1,278		1,201
UDR		1,556		1,186
AIV		1,438		1,137
EQR		438		1,055
HME		6,114		1,006

		11,768	$	1,100

Baltimore is UDR’s#6
market and is expected to
contribute5.3%of the
Company’s 2008 total
pro forma NOI.

Baltimore Market Statistics


2008 Forecast				Low Home Affordability			Economy
Effective Rent (MRQ)	$	1,040		Ave. Market Rent	$	1,100	Population		2,668,056
Occupancy (MRQ)		94.0	%	Mo Payment: Entry Level*:			Job Growth (MRQ)		0.6	%
Eff. Rent Growth ‘08F		1.6	%	Home	$	1,854	Median Income	$	78,200
Eff. Rent Growth ‘09F		1.9	%	Condo	$	1,542	Housing Stock
Eff. Rent Growth ‘10F		2.9	%	Median Home Price (MRQ)	$	280,500	Renter		307,537
Multifamily Permits		1,939		Housing Affordability Score		89	% of Total		30.9	%

Sources: AXIOMetrics and Company Reports, Most Recent Quarter (MRQ), Merrill Lynch Apartment Monitor, Latest Available Data (LAD)
* Assumes 30 yr fixed at 6.3%

Recent Activity

In the first quarter of 2008, we acquired Dulaney Crescent, a 264-home community in Towson, MD. The Company has demonstrated success in creating additional value in this market in a variety of ways:

•		Redevelopment — in the second quarter of 2008, we completed the full redevelopment of Dominion Great Oaks, a 300-home community now known as Ellicott Grove. This is expected to result in a 7.9% cash-on-cash return, for total value creation of $16.1 million.

•		In addition to the redevelopment program, we have completed more than 1,000 kitchen and bath renovations.

The area has a stable employment base led by substantial government jobs and institutional employment in the education and health sectors.

Baltimore
Market Fact Sheet


			Year Built							Inc. per Occ.
Operating Properties	# Homes		ReDev		Redev.		Occupancy			Home
1 Dominion Kings Place		170		1983		K/B		97.2	%	$	1,198
2 Dominion at Eden Brook		232		1984		K/B		96.5	%		1,233
3 Dominion Constant Friendship		136		1990		K/B		97.0	%		1,142
4 Lakeside Mill		192		1989		K/B		96.9	%		1,102
5 Tamar Meadow		178		1990		K/B		95.8	%		1,425
6 Calvert’s Walk		276		1988		K/B		97.5	%		1,113
7 Arborview		372		1992		K/B		96.7	%		1,141

Subtotal		1,556						96.8	%		1,186
Non-Mature
8 Dulaney Crescent		264		2003		—		92.6	%		1,583
9 Ellicott Grove		300		2008		Full		95.3	%		1,297

Subtotal		564						94.0	%		1,429

Grand Total		2,120						96.1	%	$	1,249


		Los Angeles County Market Fact Sheet

Market Statistics & Peer Comparison


LA County Portfolio	Homes
Same Store Pool		1,052
Non-Matures		626
Homes in Development		—
Held for Future Development		408

Total		2,086
MRQ Mo. Inc./ Home (SS)	$	1,529
MRQ Occupancy (SS)		94.9	%


Company	# of Homes (SS)		Ave. Rent
AIV		2,179	$	2,600
CPT		538		2,090
ESS		3,016		1,874
AVB		2,392		1,837
BRE		2,237		1,761
EQR		6,079		1,686
UDR		1,052		1,529

		17,439	$	1,865

LA County is UDR’s#7
market and is expected to
contribute5.1%of the
Company’s 2008 total
pro forma NOI.

LA County Market Statistics


2008 Forecast				Low Home Affordability			Economy
Effective Rent (MRQ)	$	1,817		Ave. Market Rent	$	1,865	Population		9,878,554
Occupancy (MRQ)		93.6	%	Mo Payment: Entry Level*:			Job Growth (MRQ)		-0.5	%
Eff. Rent Growth ‘08F		0.2	%	Home	$	2,489	Median Income	$	59,800
Eff. Rent Growth ‘09F		0.4	%	Condo	$	2,087	Housing Stock
Eff. Rent Growth ‘10F		2.7	%	Median Home Price (MRQ)	$	435,000	Renter		1,623,435
Multifamily Permits		3,942		Housing Affordability Score		53	% of Total		51.0	%

Sources: AXIOMetrics and Company Reports, Most Recent Quarter (MRQ), Merrill Lynch Apartment Monitor, Latest Available Data (LAD)
* Assumes 30 yr fixed at 6.3%

Recent Activity

UDR is expanding its presence in this market with one recent acquisition, one recently completed development and one recently completed redevelopment:

•		Tierra del Rey, Marina del Ray, CA — a 170-home community acquired in the fourth quarter of 2007 for $76 million. Built in 1999, this community is undergoing a kitchen and bath renovation.

•		Jefferson at Marina del Rey — 298 homes developed at an average cost of $463,000 per home in a joint venture with JPI. This property was completed in the third quarter, 2008 and is now in lease-up.

•		Pine@Sixth, a 158-home redevelopment community completed in the third quarter of 2008.

The local economy has recently softened, however key local industries including leisure and hospitality, other services, and education and health Services, the entertainment sector and the ports of Los Angeles and Long Beach remain stable. The region enjoys a highly educated work force and an attractive year round climate affording a variety of recreational activities.

Los Angeles County
Market Fact Sheet


			Year Built							Inc. per Occ.
Operating Properties	# Homes		ReDev		Redev.		Occupancy			Home
1 The Crest at Phillips Ranch		501		1989		K/B		94.5	%	$	1,588
2 Rosebeach		174		1970		K/B		93.6	%		1,447
3 The Villas at San Dimas		156		1981		K/B		95.5	%		1,500
4 The Villas at Bonita		102		1981		—		95.3	%		1,496
5 Ocean Villa		119		1965		—		97.3	%		1,471

Subtotal		1,052						94.9	%		1,529
Non-Mature and Other
6 Tierra del Rey		170		1999		K/B		95.4	%		2,499
7 Pine@Sixth		158		2008		Full		84.1	%		1,266
8 Jefferson at Marina del Rey (in lease-up)		298		2008		—		37.9	%		2,661

Subtotal		626						79.7	%		2,142

Grand Total		1,678						89.9	%	$	1,707

Current

Est.

Est. Cost

Est.

Development Opportunities

Status

# Homes

($000)

per Home

Completion

9 Grandview

Future

—

218

67,000

307,000

TBD^

10 3033 Wilshire

(land)

—

190

100,900

531,000

TBD^

Total

408

167,900

^ Grandview is an operating property with a net carrying value of $10M, delivering annualized NOI of $.6M. Wilshire is entitled land with an estimated net carrying value of $11M. These properties will move into active development as financing opportunities and market conditions improve.


		Orlando Market Fact Sheet

Market Statistics & Peer Comparison


Orlando Portfolio	Homes
Same Store Pool		2,500
Non-Matures		667
Homes in Development		395
Held for Future Development		—

Total		3,562
MRQ Mo. Inc./ Home (SS)	$	963
MRQ Occupancy (SS)		92.1	%


Company	# of Homes (SS)		Ave. Rent
PPS		427	$	1,473
CLP		2,251		1,007
AEC		288		992
UDR		2,500		963
EQR		6,960		924
CPT		3,296		904
AIV		3,888		797
MMA		288		792

		19,898	$	921

Orlando is UDR’s#8
market and is expected to
contribute4.8%of the
Company’s 2008 total
pro forma NOI.

Orlando Market Statistics


2008 Forecast				Low Home Affordability			Economy
Effective Rent (MRQ)	$	833		Ave. Market Rent	$	921	Population		2,032,496
Occupancy (MRQ)		90.5	%	Mo Payment: Entry Level*:			Job Growth (MRQ)		-0.1	%
Eff. Rent Growth ‘08F		-3.1	%	Home	$	1,452	Median Income	$	59,200
Eff. Rent Growth ‘09F		-2.5	%	Condo	$	1,198	Housing Stock
Eff. Rent Growth ‘10F		0.9	%	Median Home Price (MRQ)	$	223,500	Renter		248,958
Multifamily Permits		6,124		Housing Affordability Score		84	% of Total		32.8	%

Sources: AXIOMetrics and Company Reports, Most Recent Quarter (MRQ), Merrill Lynch Apartment Monitor, Latest Available Data (LAD)
* Assumes 30 yr fixed at 6.3%

Recent Activity

UDR has demonstrated success in creating additional value from its Orlando properties in a variety of ways:

	•		Redevelopment — In 2008, we completed full redevelopment of two communities: Altamira Place and Canopy Villas (656 homes).

	•		Kitchen and Bath Program: We’ve completed more than 800 kitchen and bath renovations at an average cost of $13,800 and are realizing an average annual return of 9.8%.

	•		Development: In the first quarter of 2008, we completed the purchase of a presale community, The Place at Millenia. Phase one, which included 371 homes. Phase II, which includes 395 homes, is estimated to be completed in 2010.

Orlando’s economy has been impacted by the housing slump and high fuel prices. The local economy in influenced by the leisure and hospitality industry but is diversified with significant employment in the transportation and utility sectors as well.

Orlando
Market Fact Sheet

Orlando
Market Fact Sheet


			Year Built						Inc. per Occ.
Operating Properties	# Homes		ReDev		Redev.	Occupancy			Home
1 Seabrook		200		2004	—		89.4	%	$	961
2 Regatta Shores		256		2007	Full		88.3	%		813
3 Alafaya Woods		296		2006	Full		89.8	%		1,002
4 Los Altos		328		2004	K/B		91.2	%		948
5 Lotus Landing		260		2006	K/B		90.5	%		839
6 Seville on the Green		170		2004	—		94.5	%		988
7 Ashton at Waterford Lakes		292		2000	Full		95.8	%		1,147
8 Arbors at Lee Vista		338		2007	K/B		93.0	%		999
9 Altamira Place		360		2007	Full		95.0	%		936

Subtotal		2,500					92.1	%		963
Non-Mature and Other
10 Canopy Villas (in lease-up)		296		2007	Full		91.7	%		1,005
11 The Place at Millenia, Phase I (in lease-up)		371		2007	Full		81.9	%		921

Subtotal		667					86.3	%		961

Grand Total		3,167					90.9	%	$	963

Est.

Est. Cost

Expected

Development Opportunities

Status

# Homes

($000)

per Home

Completion

11 The Place at Millenia (Phase II)^

Active

395

64,000

162,000

2010^

Total

395

64,000

162,000

^ Presale property, construction pending financing by 3^rd party developer.


		Richmond Market Fact Sheet

Market Statistics & Peer Comparison


Richmond Portfolio	Homes
Same Store Pool		1,958
Non-Matures		253
Homes in Development		—
Held for Future Development		—

Total		2,211
MRQ Mo. Inc./ Home (SS)	$	1,023
MRQ Occupancy (SS)		96.3	%


Company	# of Homes (SS)		Ave. Rent
UDR		1,958	$	1,023
AEC		240		1,000
AIV		744		869
CLP		1,368		838

		4,310	$	936

Richmond is UDR’s#9
market and is expected to
contribute 4.6%of the
Company’s 2008 total
pro forma NOI.

Richmond Market Statistics


2008 Forecast				Low Home Affordability			Economy
Effective Rent (MRQ)	$	900		Ave. Market Rent	$	936	Population		1,212,977
Occupancy (MRQ)		93.8	%	Mo Payment: Entry Level*:			Job Growth (MRQ)		0.5	%
Eff. Rent Growth ‘08F		1.2	%	Home	$	1,452	Median Income	$	69,300
Eff. Rent Growth ‘09F		0.9	%	Condo	$	1,198	Housing Stock
Eff. Rent Growth ‘10F		1.9	%	Median Home Price (MRQ)	$	225,700	Renter		146,226
Multifamily Permits		853		Housing Affordability Score		n/a	% of Total		31.2	%

Sources: AXIOMetrics and Company Reports, Most Recent Quarter (MRQ), Merrill Lynch Apartment Monitor, Latest Available Data (LAD)
* Assumes 30 yr fixed at 6.3%

Recent Activity

UDR’s apartment communities in the Richmond market are in excellent locations and the Company has invested to modernize the homes in several ways:

	•		Redevelopment: Two communities, Legacy at Mayland and Gayton Pointe Townhomes, have been completely redeveloped. Legacy at Mayland, completed in 2007, produced an increase in cash flow of 85% and estimated value creation of $33.6M. Construction at Gayton Pointe has recently been completed with focus on lease-up activities. Once stabilized, we expect a 7.7% return on incremental capital invested with an estimated $17M in value created.

	•		Kitchen and Bath Program: Over 1,300 kitchen and bath renovations have been completed at an average cost of $9,604, and are yielding an average annual return of 11.9%.

Richmond has a diversified economy with significant employment in the government sector and in trade, transportation and utilities.

Richmond
Market Fact Sheet

Richmond
Market Fact Sheet


			Year Built						Inc. per Occ.
Operating Properties	# Homes		ReDev		Redev.	Occupancy			Home
1 Dominion Olde West		287		1978	Full		93.4	%	$	901
2 Dominion Creekwood		216		1984	K/B		96.0	%		864
3 Dominion West End		350		1989	K/B		97.9	%		981
4 Waterside at Ironbridge		265		1987	K/B		94.0	%		944
5 Carriage Homes at Wyndham		264		1998	K/B		95.8	%		1,350
6 Legacy at Mayland		576		2007	Full		98.1	%		1,054

Subtotal		1,958					96.3	%		1,023
Non-Mature
7 Gayton Pointe Townhomes		253		2008	Full		95.7	%		1,304

Subtotal		253					95.7	%		1,304

Grand Total		2,211					96.2	%	$	1,055


		Dallas Market Fact Sheet

Market Statistics & Peer Comparison


Dallas Portfolio	Homes
Same Store Pool		305
Non-Matures		3,497
Homes in Development		1,648
Held for Future Development		5,557

Total		11,007
MRQ Mo. Inc./ Home (SS)	$	1,647
MRQ Occupancy (SS)		95.5	%


Company	# of Homes (SS)		Ave. Rent
UDR		305	$	1,647
PPS		3,796		1,136
EQR		3,191		915
CPT		4,719		806
CLP		2,468		750
MAA		3,195		743
AIV		1,721		738

		19,090	$	866

Dallas is UDR’s#10
market and is expected to
contribute4.0%of the
Company’s 2008 total
pro forma NOI.

Dallas Market Statistics


2008 Forecast				Low Home Affordability			Economy
Effective Rent (MRQ)	$	830		Ave. Market Rent	$	866	Population		4,111,429
Occupancy (MRQ)		92.4	%	Mo Payment: Entry Level*:			Job Growth		2.1	%
Eff. Rent Growth ‘08F		2.0	%	Home	$	1,094	Median Income	$	64,800
Eff. Rent Growth ‘09F		1.6	%	Condo	$	891	Housing Stock
Eff. Rent Growth ‘10F		1.1	%	Median Home Price (MRQ)	$	151,000	Renter		529,053
Multifamily Permits		13,501		Housing Affordability Score		125	% of Total		37.3	%

Sources: AXIOMetrics and Company Reports, Most Recent Quarter (MRQ), Merrill Lynch Apartment Monitor, Latest Available Data (LAD)
* Assumes 30 yr fixed at 6.3%

Recent Activity

The Company has been active in the Dallas market in a variety of ways:

	•		In the first quarter of 2008, we acquired Legacy Village (three communities) consisting of 1,043 homes in the Plano submarket.

	•		At Thirty 377, we have completed 70 kitchen and bath renovations at an average cost of $18,869 and we are realizing an average annual return of 11.8%.

	•		Construction of 202 homes at Riachi at One21 in the Dallas suburb of Plano was completed in the fourth quarter of 2007. Construction of 198 units in Phase II of the community has begun and completion is anticipated in 2009.

	•		Construction of 302 homes at Lincoln at Towne Square was completed in the third quarter of 2008 within the Company’s Texas joint-venture.

	•		An assemblage of 99 acres in Addison, named Vitruvian Park, was completed in the second quarter of 2007, and the Company broke ground on Phase I of development in the second quarter of 2008. The city of Addison has approved doubling the density to over 5,500 homes with zoning for 500,000 square feet of retail and office space. They have also agreed to contribute $40 million to the project. The Company anticipates that the development will be completed in conjunction with one or more institutional investors.

The Dallas economy is diverse with significant employment in the energy sector, trade, transportation, government, education and the health sector.

Dallas
Market Fact Sheet


			Year Built						Inc. per Occ.
Operating Properties	# Homes		ReDev		Redev.	Occupancy			Home
1 Thirty377		305		2007	K/B		95.5	%	$	1,647

Subtotal**		305					95.5	%		1,647
Non-Mature and Other
2 Lincoln at Towne Square (JV)		702		2008	—		81.3	%		961
3 Meridian II, The (JV)		520		2002	—		96.7	%		856
4 Cliffs, The (JV)		400		1992	—		97.1	%		796
5 Mandolin, The (JV)		486		2003	—		96.2	%		1,000
6 Villas at Ridgeview		48		2007	—		97.2	%		1,692
7 Riachi at One21 - Phase I		202		2007	—		94.4	%		983
8 Highlands of Preston (in redevelopment)		380		2007	—		81.2	%		746
9 Legacy Village		1,043		'05-'07	—		90.4	%		994
10 Vitruvian Park		1,013			—		94.4	%		672

Subtotal (UDR)**		3,497					n/a			n/a

Grand Total (UDR)**		3,802					n/a			n/a

** Excludes Unconsolidated JV homes and includes 811 homes in other Texas markets


				Est.
		Current		#		Est, Cost		Est. Cost			Est.
Development Opportunities	Status	# Homes		Homes		($000)		per Home			Completion
7 Riachi at One21 - Phase II	Active				200	$	17,900	$	89,500		2009
10 Vitruvian Park^ — Phase I	Active				392		66,500		170,000	^^	2010
10 Vitruvian Park^ — Future Phases	Future		1,013		5,557	$	737,000		132,600		TBD
11 Mustang Park (Presale)	Active				289		29,000		100,000		2009
12 Belmont (formerly Bennett)	Active				465		63,000	$	135,000		2010

Total					6,903	$	913,400


^		Our development of Vitruvian Park will be completed in phases. We are currently developing 392 homes in Phase I. Vitruvian Park consists of an assemblage of operating properties, including 1,013 homes with a net carrying value of $52.5M, delivering annualized NOI of $3.7M. Future phases will move into active development as financing opportunities and market conditions improve.

^^		Includes 16,050 square feet of retail space.


		Nashville Market Fact Sheet

Market Statistics & Peer Comparison


Nashville Portfolio	Homes
Same Store Pool		1,874
Non-Matures		386
Homes in Development		—
Held for Future Development		—

Total		2,260
MRQ Mo. Inc./ Home (SS)	$	891
MRQ Occupancy (SS)		95.5	%


Company	# of Homes (SS)		Ave. Rent
EQR		396	$	914
UDR		1,874		891
AIV		2,192		856
MAA		1,855		816

		6,317	$	858

Nashville is UDR’s#11
market and is expected to
contribute3.5%of the
Company’s 2008 total
pro forma NOI.

Nashville Market Statistics


2008 Forcast				Low Home Affordability			Economy
Effective Rent (MRQ)	$	784		Ave. Market Rent	$	858	Population		1,521,437
Occupancy (MRQ)		92.8	%	Mo Payment: Entry Level*:			Job Growth (MRQ)		0.1	%
Eff. Rent Growth ‘08F		0.7	%	Home	$	1,072	Median Income	$	63,200
Eff. Rent Growth ‘09F		0.1	%	Condo	$	872	Housing Stock
Eff. Rent Growth ‘10F		1.3	%	Median Home Price (MRQ)	$	163,100	Renter		177,467
Multifamily Permits		1,605		Housing Affordability Score		n/a	% of Total		30.3	%

Sources: AXIOMetrics and Company Reports, Most Recent Quarter (MRQ), Merrill Lynch Apartment Monitor, Latest Available Data (LAD)
* Assumes 30 yr fixed at 6.3%

Recent Activity

UDR has demonstrated success in creating additional value from its Nashville properties in a variety of ways:

	•		Redevelopment — we have completed the full redevelopment of Polo Park, a 386-home community we purchased for $20.9M or $54,082 per home in 2006. It is expected to deliver a cash-on-cash return of 7.9%, and an increase in total cash flow of 48% for total value creation of $4 million.

	•		Kitchens/Baths — In addition to the redevelopment program, we have completed over 800 kitchen and bath renovations at an average cost of $12,113 and are yielding an average annual return of 10.3%.

Nashville has a diversified economy with significant employment in trade, transportation and utilities and education and health activity.

Nashville
Market Fact Sheet


			Year Built						Inc. per Occ.
Operating Properties	# Homes		ReDev		Redev.	Occupancy			Home
1 Legacy Hill		206		1977	K/B		95.2	%	$	870
2 Brookridge		176		1986	K/B		93.6	%		729
3 Breckenridge		190		1986	K/B		95.6	%		773
4 Hickory Run		294		1989	K/B		95.8	%		802
5 The Colonnade		288		1998	K/B		95.4	%		852
6 The Preserve at Brentwood		360		1998	K/B		95.6	%		1,006
7 Carrington Hills		360		1999	K/B		96.5	%		1,031

Subtotal		1,874					95.5	%		891
Non-Mature
8 Polo Park		386		1987	Full		95.6	%		817

Subtotal		386					95.6	%		817

Grand Total		2,260					95.5	%	$	878


		San Diego County Market Fact Sheet

Market Statistics & Peer Comparison


San Diego Portfolio	Homes
Same Store Pool		1,123
Non-Matures		—
Homes in Development		—
Held for Future Development		569

Total		1,692
MRQ Mo. Inc./ Home (SS)	$	1,406
MRQ Occupancy (SS)		95.5	%


Company	# of Homes (SS)		Ave. Rent
CPT		879	$	1,803
EQR		4,000		1,628
BRE		3,711		1,593
AVB		1,057		1,456
UDR		1,123		1,406
AIV		1,830		1,406
ESS		3,284		1,187

		15,884	$	1,486

San Diego is UDR’s#12
market and is expected to
contribute3.1%of the
Company’s 2008 total
pro forma NOI.

San Diego Market Statistics


2008 Forecast				Low Home Affordability			Economy
Effective Rent (MRQ)	$	1,453		Ave. Market Rent	$	1,486	Population		2,974,859
Occupancy (MRQ)		94.6	%	Mo Payment: Entry Level*:			Job Growth (MRQ)		-0.4	%
Eff. Rent Growth ‘08F		2.7	%	Home	$	2,386	Median Income	$	72,100
Eff. Rent Growth ‘09F		0.7	%	Condo	$	1,998	Housing Stock
Eff. Rent Growth ‘10F		2.0	%	Median Home Price (MRQ)	$	415,000	Renter		461,022
Multifamily Permits		3,349		Housing Affordability Score		51	% of Total		44.1	%

Sources: AXIOMetrics and Company Reports, Most Recent Quarter (MRQ), Merrill Lynch Apartment Monitor, Latest Available Data (LAD)
* Assumes 30 yr fixed at 6.3%

Recent Activity

UDR has the opportunity to expand its presence in this market with two development projects. Future plans are to add 65 new apartment homes to Presidio at Rancho del Oro, in Oceanside and to tear down and rebuild The Summit at Mission Bay, making it multiple levels with subterranean parking. This will increase the size of the property by 181 apartment homes and offer ocean views. Both of these development projects are held for future development, subject to financing opportunities and market conditions.

The company continues to improve its existing homes through the Kitchen and Bath Program:

•

230 kitchen and bath renovations have been completed at an average cost of $6,000 to $7,000 with an annualized average return of 21.6%. The average increase in market rent is $150.00.

The local housing market has softened and home ownership is less attainable. While San Diego County experienced a loss of jobs in 2007 and 2008 due to fall out of the sub prime market, as well as loss of construction starts, it continues to be an attractive place to live with its diverse population, highly skilled and educated workforce, as well as several military bases. In addition the climate is very mild year round and provides multiple options for outdoor activities and tourism.

San Diego
Market Fact Sheet


			Year Built						Inc. per Occ.
Operating Properties	# Homes		ReDev		Redev.	Occupancy			Home
1 Presidio at Rancho del Oro		264		1987	K/B		94.4	%	$	1,273
2 Villas at Carlsbad		102		1966	K/B		94.9	%		1,569
3 Summit at Mission Bay		323		1953	—		97.4	%		1,296
4 Rancho Vallecitos		184		1988	K/B		94.9	%		1,528
5 Milazzo		250		1986	K/B		95.1	%		1,534

Grand Total		1,123					95.5	%	$	1,406

Current #

Est. #

Est. Cost

Est.

Development Opportunities

Status

Homes

($000s)

per Home

Completion

1 Presidio — Phase II^

Future

(land)

9,000

138,500

TBD^

3 Summit at Mission Bay^

Future

323

504

172,000

341,300

TBD^

Total

569

181,000


^		These properties will move into active development as financing opportunities and market conditions improve.


		Monterey/Salinas Market Fact Sheet

Market Statistics & Peer Comparison


Monterey Portfolio	Homes
Same Store Pool		1,565
Non-Matures		—
Homes in Development		—
Held for Future Development

Total		1,565
MRQ Mo. Inc./ Home (SS)	$	1,094
MRQ Occupancy (SS)		96.7	%


Company	# of Homes (SS)		Ave. Rent
UDR		1,565	$	1,094

		1,565	$	1,094

Monterey is UDR’s#13
market and is expected to
contribute3.1%of the
Company’s 2008 total
pro forma NOI.

Monterey Market Statistics


2008 Forecast				Low Home Affordability			Economy
Effective Rent (MRQ)	$	1,175		Ave. Market Rent	$	1,094	Population		407,637
Occupancy (MRQ)		95.5	%	Mo Payment: Entry Level*:			Job Growth (MRQ)		1.1	%
Eff. Rent Growth ‘08F		6.2	%	Home	$	2,026	Median Income	$	64,800
Eff. Rent Growth ‘09F		2.0	%	Condo	$	1,690	Housing Stock
Eff. Rent Growth ‘10F		2.3	%	Median Home Price (MRQ)	$	350,000	Renter		61,203
Multifamily Permits		240		Housing Affordability Score		43	% of Total		48.6	%

Sources: AXIOMetrics and Company Reports, Most Recent Quarter (MRQ), Merrill Lynch Apartment Monitor, Latest Available Data (LAD)
* Assumes 30 yr fixed at 6.3%

Recent Activity

UDR’s Monterey portfolio consists of 1,565 apartment homes in seven communities in Salinas, CA. Average monthly rents are $1,094.

The Salinas economy is heavily influenced by the agricultural industry and is known as “America’s Salad Bowl”. The market has heavy population fluctuations related to the seasonality of the farming industry with highs in the March-November months. UDR’s occupancy tends to fluctuate between 91% in the low season and as high as 98% in the high season.


		Monterey/Salinas Market Fact Sheet


			Year Built						Inc. per Occ.
Operating Properties	# Homes		ReDev		Redev.	Occupancy			Home
1 Garden Court		107		1986	—		99.6	%	$	974
2 Cambridge Court		332		1974	K/B		97.5	%		1,014
3 The Pointe at Westlake		139		1979	K/B		96.9	%		1,004
4 Laurel Tree		157		1979	K/B		95.6	%		986
5 Boranda Manor		204		1977	K/B		98.0	%		1,064
6 The Pointe at Northridge		187		1975	K/B		95.5	%		1,157
7 The Pointe at Harden Ranch		439		1973	K/B		95.5	%		1,243

Grand Total		1,565					96.7	%	$	1,094


		Jacksonville Market Fact Sheet

Market Statistics & Peer Comparison


Jacksonville Portfolio	Homes
Same Store Pool		1,557
Non-Matures		300
Homes in Development		—
Held for Future Development		—

Total		1,857
MRQ Mo. Inc./ Home (SS)	$	862
MRQ Occupancy (SS)		94.7	%


Company	# of Homes (SS)		Ave. Rent
UDR		1,557	$	862
AIV		1,919		831
EQR		3,474		791
MAA		3,346		781

		10,296	$	806

Jacksonville is UDR’s#14
market and is expected to
contribute 2.9%of the
Company’s 2008 total
pro forma NOI.

Jacksonville Market Statistics


2008 Forecast				Low Home Affordability			Economy
Effective Rent (MRQ)	$	803		Ave. Market Rent	$	806	Population		1,300,823
Occupancy (MRQ)		90.2	%	Mo Payment: Entry Level*:			Job Growth (MRQ)		-0.9	%
Eff. Rent Growth ‘08F		-2.8	%	Home	$	1,232	Median Income	$	63,900
Eff. Rent Growth ‘09F		0.0	%	Condo	$	1,009	Housing Stock
Eff. Rent Growth ‘10F		0.2	%	Median Home Price (MRQ)	$	186,800	Renter		157,002
Multifamily Permits		2,169		Housing Affordability Score		108	% of Total		31.0	%

Source: AXIOMetrics, Merrill Lynch Apartment Monitor and Company Reports(MRQ)
* Assumes 30 yr fixed at 6.31%

Recent Activity

UDR has demonstrated success in creating additional value from its Jacksonville properties in a variety of ways.

	•		In 2007, we acquired The Kensley Apartment Homes, a 300-homes community, for $34.2M, or $114,000 per home.

	•		We have completed 455 kitchen and bath renovations at an average cost of $10,200 and are realizing an average return of 9%

	•		We have also completed a limited scope reposition of 352 homes at Green Tree Place.

AXIOMetrics most recent report shows Jacksonville’s population grew at +1.7% in 2007, above the national average. Jacksonville’s household income is slightly above the US average. Annual job growth is expected to decline slightly, feeling the pressure of the weakened national business climate. Most new jobs are coming from professional, business services, education, health services as well as leisure and hospitality industries.


		Jacksonville Market Fact Sheet


			Year Built						Inc. per Occ.
Operating Properties	# Homes		ReDev		Redev.	Occupancy			Home
1 The Antlers		400		1985	—		96.3	%	$	839
2 Green Tree Place		352		1986	K/B		95.4	%		859
3 St John’s Plantation		400		1989	K/B		93.4	%		931
4 Westland Park		405		1990	K/B		93.7	%		819

Subtotal		1,557					94.7	%		862
Non-Mature
5 The Kensley Apartment Homes		300		2004	—		89.9	%		906

Subtotal		300					89.9	%		906

Grand Total		1,857					93.9	%	$	869


		Norfolk/VA Beach Market Fact Sheet

Market Statistics & Peer Comparison


Norfolk/VA Beach Portfolio	Homes
Same Store Pool		1,438
Non-Matures		—
Homes in Development		—
Held for Future Development		—

Total		1,438
MRQ Mo. Inc./ Home (SS)	$	960


MRQ Occupancy (SS)			94.5	%


Company	# of Homes (SS)		Ave. Rent
AEC		268	$	1,363
AIV		2,721	$	976
UDR		1,438		960
CLP		497		795

		4,924	$	974

Norfolk is UDR’s#15
market and is expected to
contribute 2.8%of the
Company’s 2008 total
pro forma NOI.

Norfolk/VA Beach Market Statistics


2008 Forecast				Low Home Affordability			Economy
Effective Rent (MRQ)	$	952		Ave. Market Rent	$	974	Population		1,658,754
Occupancy (MRQ)		93.8	%	Mo Payment: Entry Level*:			Job Growth (MRQ)		2.1	%
Eff. Rent Growth ‘08F		1.6	%	Home	$	1,541	Median Income	$	65,100
Eff. Rent Growth ‘09F		0.9	%	Condo	$	1,274	Housing Stock
Eff. Rent Growth ‘10F		1.7	%	Median Home Price (MRQ)	$	239,700	Renter		217,725
Multifamily Permits		2,004		Housing Affordability Score		91	% of Total		34.9	%

Sources: AXIOMetrics and Company Reports, Most Recent Quarter (MRQ), Merrill Lynch Apartment Monitor, Latest Available Data (LAD)
* Assumes 30 yr fixed at 6.3%

Recent Activity

Norfolk/Virginia Beach apartment communities are in solid locations and the Company has invested to modernize the homes in the following way:

•

Kitchen and Bath Program: Over 1,400 kitchen and bath renovations have been completed at an average cost of $9,760, yielding an average annual return of 8.0%.

Virginia Beach has a diversified economy with significant employment in the government sector and in trade, transportation and utilities.


		Norfolk/VA Beach Market Fact Sheet


			Year Built						Inc. per Occ.
Operating Properties	# Homes		ReDev		Redev.	Occupancy			Home
1 Dominion Waterside/Lynnhaven		192		1966	K/B		93.9	%	$	1,003
2 Eastwind		200		1970	K/B		93.8	%		1,079
3 Heather Lake		252		1972	K/B		92.6	%		957
4 Woodscape		296		1974	—		94.4	%		809
5 Forest Lakes at Oyster Pt.		296		1986	K/B		95.4	%		958
6 Dominion Yorkshire Downs		202		1987	K/B		96.6	%		1,024

Grand Total		1,438					94.5	%	$	960


		Inland Empire, CA Market Fact Sheet

Market Statistics & Peer Comparison


Inland Empire Portfolio	Homes
Same Store Pool		1,074
Non-Matures		—
Homes in Development		—
Held for Future Development		—

Total		1,074
MRQ Mo. Inc./ Home (SS)	$	1,317
MRQ Occupancy (SS)		93.8	%


Company	# of Homes (SS)		Ave. Rent
UDR		1,074	$	1,317
CPT		264		1,298
EQR		4,350		1,246
BRE		2,929		1,188
ESS		588		942
AIV		198		925
AVB		320		850

		9,723	$	1,200

Inland Empire is UDR’s
#16market and is
expected to contribute
2.8%of the Company’s
2008 total pro forma NOI.

Inland Empire Market Statistics


2008 Forecast				Low Home Affordability			Economy
Effective Rent (MRQ)	$	1,167		Ave. Market Rent	$	1,200	Population		4,081,371
Occupancy (MRQ)		91.8	%	Mo Payment: Entry Level*:			Job Growth (MRQ)		-1.7	%
Eff. Rent Growth ‘08F		-3.1	%	Home	$	1,606	Median Income	$	62,000
Eff. Rent Growth ‘09F		-1.0	%	Condo	$	1,330	Housing Stock
Eff. Rent Growth ‘10F		1.7	%	Median Home Price (MRQ)	$	260,000	Renter		403,123
Multifamily Permits		2,789		Housing Affordability Score		77	% of Total		32.4	%

Source: AXIOMetrics, Merrill Lynch Apartment Monitor and Company Reports(MRQ)
* Assumes 30 yr fixed at 6.31%

Recent Activity

In the Inland Empire market, UDR is improving existing homes though its Kitchen and Bath Program. Approximately 200 kitchen and bath renovations have been completed at an average cost of $8,802 and we are realizing an average annual return of 13.5%. We achieved average rent increases of 13.5% per home at Waterstone at Murrieta: $975 before and $1,075 after.

San Bernardino County is known as the “transportation hub of the Southwestern United States,” according to Grubb & Ellis. With Ontario International Airport, the County hosts one of the 15 busiest cargo airports in the country. Freight trains roll through the region on two of the busiest transcontinental rail lines in the nation. This region offers a diversified economy, cultural amenities, and an attractive quality of life for individuals and families, as well as businesses, seeking to relocate. A safe, family-oriented environment and a well-educated work force combine to make the Inland Empire an ideal place to live, work and play.


		Inland Empire, CA Market Fact Sheet


			Year Built						Inc. per Occ.
Operating Properties	# Homes		ReDev		Redev.	Occupancy			Home
1 Waterstone at Murietta		420		1990	K/B		93.3	%		1,112
2 Windemere/Sycamore Heights		240		2001	—		92.4	%		1,244
3 Verano at Town Square		414		2006	—		95.1	%		1,562

Grand Total		1,074					93.8	%	$	1,317


		Phoenix Market Fact Sheet

Market Statistics & Peer Comparison


Phoenix Portfolio	Homes
Same Store Pool		914
Non-Matures		449
Homes in Development		382
Held for Future Development		—

Total		1,745
MRQ Mo. Inc./ Home (SS)	$	946
MRQ Occupancy (SS)		93.3	%


Company	# of Homes (SS)		Ave. Rent
UDR		914	$	946
CLP		952		906
BRE		1,898		900
CPT		1,729		869
MAA		240		797
EQR		11,066		790
AIV		5,012		718

		21,811	$	801

Phoenix is UDR’s#17
market and is expected to
contribute 2.1%of the
Company’s 2008 total
pro forma NOI.

Phoenix Market Statistics


2008 Forecast				Low Home Affordability			Economy
Effective Rent (MRQ)	$	774		Ave. Market Rent	$	801	Population		4,179,427
Occupancy (MRQ)		89.5	%	Mo Payment: Entry Level*:			Job Growth (MRQ)		-2.0	%
Eff. Rent Growth ‘08F		-3.9	%	Home	$	1,283	Median Income	$	64,200
Eff. Rent Growth ‘09F		-1.9	%	Condo	$	1,053	Housing Stock
Eff. Rent Growth ‘10F		0.2	%	Median Home Price (MRQ)	$	205,100	Renter		456,220
Multifamily Permits		6,788		Housing Affordability Score		109	% of Total		31.5	%

Sources: AXIOMetrics and Company Reports, Most Recent Quarter (MRQ), Merrill Lynch Apartment Monitor, Latest Available Data (LAD)
* Assumes 30 yr fixed at 6.3%

Recent Activity

UDR is expanding its presence in this market with the following:

	•		In the third quarter of 2008, the Company purchased Waterford at Peoria — a 200-home presale development community completed in the third quarter.

	•		The Residences at Stadium Village is an active development project — with 382 homes being built at an estimated average cost of $124,000 per home, with an expected completion in 2010.

The local economy has recently softened; however job growth is forecasted to improve in 2010. Key local industries include trade, transportation and utilities, professional and business, education and health, leisure and hospitality and government. The market has outstanding recreational and extra-curricular activities, an attractive year round climate, a reasonable cost of living and a young educated work force. Phoenix offers ample room for continued job growth and population growth.


		Phoenix Market Fact Sheet


			Year Built						Inc. per Occ.
Operating Properties	# Homes		ReDev		Redev.	Occupancy			Home
1 Finisterra		356		1997	—		92.7	%	$	960
2 Sierra Foothills		322		1998	—		93.3	%		953
3 Sierra Canyon		236		2001	—		94.2	%		915

Sub Total		914					93.3	%		946
Non-Mature
4 Sierra Palms (Held for Disposition)		249		1997			82.5	%		852
5 Waterford Peoria (In lease-up)		200		2008			39.0	%		869

Sub Total		449					63.1	%		857

Grand Total		1,363					83.4	%	$	924

# of

Budgeted

Cost per

Expected

Development Opportunities

Status

Homes

Cost (000)

Home

Completion

6 Residences/Stadium

Active

382

47,400

124,000

2010

382

47,400


		Sacramento Market Fact Sheet

Market Statistics & Peer Comparison


Sacramento Portfolio	Homes
Same Store Pool		914
Non-Matures		—
Homes in Development		—
Held for Future Development		—

Total		914
MRQ Mo. Inc./ Home (SS)	$	930
MRQ Occupancy (SS)		93.9	%


Company	# of Homes (SS)		Ave. Rent
BRE		1,242	$	1,155
EQR		504		1,076
AIV		180		1,050
UDR		914		930

		2,840	$	1,062

Sacramento is UDR’s#18
market and is expected to
contribute 1.6%of the
Company’s 2008 total
pro forma NOI.

Sacramento Market Statistics


2008 Forecast				Low Home Affordability			Economy
Effective Rent (MRQ)	$	1,028		Ave. Market Rent	$	1,062	Population		2,091,120
Occupancy (MRQ)		92.8	%	Mo Payment: Entry Level*:			Job Growth (MRQ)		-1.1	%
Eff. Rent Growth ‘08F		0.8	%	Home	$	1,523	Median Income	$	71,000
Eff. Rent Growth ‘09F		-0.8	%	Condo	$	1,259	Housing Stock
Eff. Rent Growth ‘10F		1.5	%	Median Home Price (MRQ)	$	250,000	Renter		282,068
Multifamily Permits		1,225		Housing Affordability Score		96	% of Total		36.8	%

Sources: AXIOMetrics and Company Reports, Most Recent Quarter (MRQ), Merrill Lynch Apartment Monitor, Latest Available Data (LAD) * Assumes 30 yr fixed at 6.3%

Recent Activity

The Company owns two properties comprised of 914 apartment homes in Sacramento. UDR’s Sacramento properties have average rents of $930. Sacramento is the state capitol of California and also is home to Sacramento State University.

AXIOMetrics forecasts a soft job market through 2009, but improving in 2010 and beyond.

The Company has no plans to expand further in this market


		Sacramento Market Fact Sheet


			Year Built							Inc. per
Operating Properties	# Homes		ReDev		Redev.		Occupancy			Occ. Home
1 Woodlake Village		646		1979		K/B		93.4	%	$	871
2 Foothills Tennis Village		268		1988		K/B		95.0	%		1,068

Grand Total		914						93.9	%	$	930


		Portland Market Fact Sheet

Market Statistics & Peer Comparison


Portland Portfolio	Homes
Same Store Pool		716
Non-Matures		—
Homes in Development		—
Held for Future Development		—

Total		716
MRQ Mo. Inc./ Home (SS)	$	1,002
MRQ Occupancy (SS)		95.3	%


Company	# of Homes (SS)		Ave. Rent
UDR		716	$	1,002
EQR		3,713		892

		4,429	$	909

Portland is UDR’s#19
market and is expected to
contribute 1.4%of the
Company’s 2008 total
pro forma NOI.

Portland Market Statistics


2008 Forecast				Low Home Affordability			Economy
Effective Rent (MRQ)	$	869		Ave. Market Rent	$	909	Population		2,175,113
Occupancy (MRQ)		94.5	%	Mo Payment: Entry Level*:			Job Growth (MRQ)		0.2	%
Eff. Rent Growth ‘08F		0.8	%	Home	$	1,776	Median Income	$	67,500
Eff. Rent Growth ‘09F		1.0	%	Condo	$	1,476	Housing Stock
Eff. Rent Growth ‘10F		1.4	%	Median Home Price (MRQ)	$	286,100	Renter		290,704
Multifamily Permits		4,022		Housing Affordability Score		77	% of Total		34.9	%

Sources: AXIOMetrics and Company Reports, Most Recent Quarter (MRQ), Merrill Lynch Apartment Monitor, Latest Available Data (LAD)
* Assumes 30 yr fixed at 6.3%

Recent Activity

UDR owns 716 apartment homes in three communities in the Portland market. The Company sold two of its Portland properties in the March portfolio sale. Rents average $1,002 at UDR’s Portland properties with three bedroom homes renting for as much as $2,200. The Portland economy is fueled in large part by the technology industry and is home to Nike in the Portland suburb of Beaverton.


		Portland Market Fact Sheet


			Year Built							Inc. per Occ.
Operating Properties	# Homes		ReDev		Redev.		Occupancy			Home
1 Hunt Club		256		1985		K/B		95.5	%	$	935
2 Tualatin Heights		220		1989		K/B		95.5	%		1,023
3 Andover Park		240		1989		K/B		94.8	%		1,054

Grand Total		716						95.3	%	$	1,002


		Austin Market Fact Sheet

Market Statistics & Peer Comparison


Austin Portfolio	Homes
Same Store Pool		250
Non-Matures		390
Homes in Development		—
Held for Future Development		—

Total		640
MRQ Mo. Inc./ Home (SS)	$	978
MRQ Occupancy (SS)		98.0	%


Company	# of Homes		Ave. Rent
PPS		308	$	1,371
CPT		1,898		985
UDR		250		978
CLP		1,910		839
MAA		1,776		803
AIV		1,499		756

		7,641	$	877

Austin is UDR’s#20
market and is expected to
contribute 1.4%of the
Company’s 2008 total
pro forma NOI.

Austin Market Statistics


2008 Forecast				Low Home Affordability			Economy
Effective Rent (MRQ)	$	864		Ave. Market Rent	$	877	Population		1,598,161
Occupancy (MRQ)		93.1	%	Mo Payment: Entry Level*:			Job Growth (MRQ)		2.2	%
Eff. Rent Growth ‘08F		1.7	%	Home	$	1,331	Median Income	$	69,100
Eff. Rent Growth ‘09F		2.5	%	Condo	$	1,094	Housing Stock
Eff. Rent Growth ‘10F		1.3	%	Median Home Price (MRQ)	$	194,200	Renter		234,574
Multifamily Permits		5,620		Housing Affordability Score		102	% of Total		40.2	%

Sources: AXIOMetrics and Company Reports, Most Recent Quarter (MRQ), Merrill Lynch Apartment Monitor, Latest Available Data (LAD)
* Assumes 30 yr fixed at 6.3%

Recent Activity

In the third quarter of 2008, UDR purchased Residences at The Domain, a 390-home community built in 2007. This property is located in Domain Urban Village, an attractive mixed-use development with 700,000 square feet of retail and 75,000 square feet of office space. It is located in close proximity to proposed rail lines, including Capital MetroRail and Union Pacific Rail Line and to Central Austin and Northwest Austin job centers.


		Austin Market Fact Sheet


			Year Built						Inc. per Occ.
Operating Properties	# Homes		ReDev		Redev.	Occupancy			Home
1 Barton Creek Landing		250		1986	K/B		98.0	%	$	978

Subtotal		250					98.0	%		978
Non-Mature and Other
2 Red Stone Ranch (Texas JV)		324		2001	—		95.9	%		845
3 Lakeline Villas (Texas JV)		309		2002	—		97.5	%		813
4 Residences at The Domain		390		2007			91.0	%		1,253

Subtotal**		390					91.0	%		1,253

Grand Total (UDR)**		640					93.7	%	$	1,141

**JV homes not included.

Transformation for Growth: UDR’s Strategies


		• Strong portfolio, focused in markets with above average job growth expectations and low affordability • Excellent growth profile

		• Development pipeline geographically aligned with operating portfolio • Pursuing entitlement and short-term hold opportunities

		• Focused operating model • Improved efficiency and effectiveness • Continued execution of technology initiatives

		• Recycle capital into high growth markets • Strengthen balance sheet with debt reduction

Safe Harbor:Statements contained in this document, which are not historical facts, are forward-looking statements, as the term is defined in the Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by the Company’s use of words such as, “expects,” “plans,” “estimates,” “projects,” “intends,” “believes,” and similar expressions that do not relate to historical matters. Such forward-looking statements are subject to risks and uncertainties which can cause actual results to differ materially from those currently anticipated, due to a number of factors, which include, but are not limited to, unfavorable changes in the apartment market, changing economic conditions, the impact of competition and competitive pricing, acquisitions or new developments not achieving anticipated results, delays in completing developments and lease-ups on schedule, expectations on job growth, home affordability and demand/supply ratio for multi-family housing, expectations concerning development and redevelopment activities, expectations on occupancy levels, expectations concerning the Vitruvian Park project, including expectations that the Company will be able to secure one or more institutional investor-partners, expectations that automation will help grow net operating income, expectations on post-renovated stabilized annual operating income, expectations on annualized net operating income and other risk factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time including the Company’s Annual Report on Form 10-K and the Company’s Quarterly Reports on Form 10-Q. All forward-looking statements in this document are made as of August 6, 2008, based upon information known to management as of the date hereof. The Company assumes no obligation to update or revise any of its forward-looking statements even if experience or future changes show that indicated results or events will not be realized.

UDR (UDR) 8-KRegulation FD Disclosure