UDR (UDR) 8-K Regulation FD Disclosure

Exhibit 99.1

U3K Opening doors to the future⁵ The Right Properties in the Right Markets Fourth Quarter 2008

Table of Contents 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 Dallas, TX 35 Orlando, FL 39 Richmond, VA 43 Nashville, TN 47 Monterey, CA 51 San Diego County, 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

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 atwww.udr.com. UDR Portfolio Characteristics Rank Market Pro forma NOI % of Total* Same Store Homes Non-Mature Homes Homes  _____  Average in Active  _____  Monthly Devt.** Income***•1 QT.E, ,ocu ooo lo ,4oo 9 n :::::: 18 19 20 Sacramento, CA Portland, OR Austin, TX 1-7 = 1.4 1.3 914 716 250 390 932 988 954 94.6% 1,797 $ 1,187 9,929 31,332 TOTAL****: *2009 pro forma full portfolio NOI, including jvs, planned acquisitions, developments, redevelopments, etc. **lncludes joint-venture properties ***Per occupied home, as of December 31, 2008 ****Excludes 2,108 SS homes, 1,019 non-mature homes and 719 homes in development in other markets

1

UDR has transformed its portfolio by completing a $1.7 billion sale of 25,684 homes and reinvesting $1.1 billion to acquire 4,728 homes in 14 new communities.% 2008 NOI50%* MD5%1•**! DC 7% 24% «12%J  _____  As a result of these transactions:· Our properties are concentrated in markets withabove average job growth expectations and low singlefamily home affordability, and UDR’s average monthlyrent 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 i nitiatives. Redevelopment · In 2008, we completed the redevelopment of 1,678 homes in six communities, with a total incremental investment by the Company of $79 million, or $47,163 per home. · Going forward, our redevelopment pipeline includes 598 apartment homes in two communities, with a total incremental investment by the Company of $29 million, or $48,185 per home. Development · In 2008, we completed the development of 1,715homes in six communities (including one joint venturean d two pre-sale properties), at an average cost perhome of $162,000. · Going forward, the Company has approximately $454 million of active development and predevelopment projects underway, comprising 2,970 homes in nine communities, with two-thirds of the projects scheduled for delivery in 2010. To date, the Company has construction loans in place for all but one of the projects and is currently negotiating for the remaining $43 million of required financing. · Most of the Company’s future development opportunities involve increasing density on operating properties that are currently generating income, as well as five parcels of entitled land representing a total investment of $73 million, less than two percent of the Company’s total assets. Average Monthly Rents vs. PeersAVB $1,935 BRE• $1,508 ESS• $1,398 EQR ;! $1,362 PPS• $1,303^UDR $¹>187 HME ; $1,142’ CRT• $969 AIV  _____  I; $964 CLP• j; $779 MAA ; $754 Source: Individual Company Reports *4Q 2008 data is not yet available for HME

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		—
Total		4,363
MRQ Mo. Inc./ Occ. Home (SS)	$	1,590
MRQ Occupancy (SS)		94.9	%

Company	# Homes (SS)		Avg. Rent
UDR		4,067	$	1,590
BRE		2,997		1,572
CPT		1,216		1,539
ESS		2,016		1,498
EQR		3,180		1,477
AVB		1,174		1,342
AIV		247		1,303
Total		14,897	$	1,521

Orange County is UDR’s#1
market and is expected to
contribute13.9%of the
Company’s 2009 total
pro forma NOI.

Orange County Market Statistics

2009 Market Forecast				Home Affordability				Supply/Demand
Effective Rent (MRQ)	$	1,626		Ave. Market Rent	$	1,521		Job Growth MRQ	-2.5	%
Occupancy (MRQ)		93.9	%	Mo Payment: Entry Level*:				Job Growth ‘9F	-3.1	%
Eff. Rent Growth ‘09F		-7.9	%	Home	$	2,575		Job Growth Nat’l Avg. ‘09F	-2.2	%
Eff. Rent Growth ‘10F		0.9	%	Condo	$	2,161		Housing Stock (MRQ)
Eff. Rent Growth ‘11F		7.9	%	% Discount/Rent to Own		30% - 40	%	Renter	364,220
				Median Home Price (MRQ)	$	500,000		% of Total	37.3	%
				Housing Affordability Score^		46		Multifamily permits ‘08	1,970
				Median Income (MRQ)	$	84,100		Total permits ‘09F	1,950

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 (now Pine Brook Village II) 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.

The local economy has recently softened due to the loss of jobs in the sub-prime lending industry, but long-term prospects are excellent. Orange County’s economy is larger than all but 31 nations in the world. The region enjoys employment diversity, a highly educated work force and an attractive year round climate affording a variety of recreational activities. The area is home to the world-famous Disneyland Resort and Knott’s Berry Farm; Newport Beach’s Fashion Island; and Huntington Beach (Surf City USA), featuring the longest recreational pier in the state.

3

Orange County
Market Fact Sheet

Villa Venetia Pine Brook Village Pine Brook Village IIAcquired 2Q 2008 Harbor at Mesa Verde Huntington Villas

4

Orange County
Market Fact Sheet

Coronado North Coronado South

5

Orange County
Market Fact Sheet

			Year Built							Inc. per Occ.
Operating Properties	# Homes		ReDev		Redev.		Occupancy			Home
1 Pacific Shores		264		2003		K/B		95.2	%	$	1,568
2 Huntington Villas		400		1972		K/B		95.5	%		1,718
3 Huntington Vista		220		1970		K/B		95.9	%		1,830
4 Harbor at Mesa Verde		384		2003		K/B		93.7	%		1,659
5 Pine Brook Village		200		1979		K/B		95.9	%		1,696
7 Villa Venetia		468		2008	Future			95.2	%		1,685
8 Missions at Back Bay		104		1969		K/B		94.7	%		1,537
9 Coronado North		732		2000		K/B		95.2	%		1,460
10 Coronado South		715		2000		K/B		94.3	%		1,499
11 Pacific Palms		149		1962		—		96.9	%		1,375
12 Foxborough		90		1969		—		95.0	%		1,852
13 Vista del Rey		116		1969		K/B		95.4	%		1,457
14 The Arboretum at Lake Forest		225		1970		K/B		91.8	%		1,600
Sub Total		4,067						94.9	%		1,590
Non-Mature and Other
6 Pine Brook Village II		296		1975		—		96.7	%		1,740
Sub Total		296						96.7	%		1,740
Grand Total		4,363						95.0	%	$	1,600

				Net
				Carrying
		Est.		Value		Purchase Price
Future Development Opportunities	Status	# Homes		($000s)		($000s)
15 Mission Viejo	Entitled Land		250	$	19,038	$	17,300

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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		—
Total		3,985
MRQ Mo. Inc./ Home (SS)	$	1,420
MRQ Occupancy (SS)		96.1	%

Company	# Homes (SS)		Ave. Rent
PPS		2,177	$	1,841
AVB		3,213		1,728
CPT		3,451		1,513
UDR		2,050		1,420
EQR		9,043		1,409
HME		4,553		1,289
AIV		6,663		1,199
CLP		258		1,044
Total		31,408	$	1,419

Metro DC is UDR’s#2
market and is expected to
contribute11.4%of the
Company’s 2009 total
pro forma NOI.

Metro DC Market Statistics

2009 Market Forecast				Home Affordability				Supply/Demand
Effective Rent (MRQ)	$	1,360		Ave. Market Rent	$	1,419		Job Growth MRQ	0.9	%
Occupancy (MRQ)		94.3	%	Mo Payment: Entry Level*:				Job Growth ‘09F	1.1	%
Eff. Rent Growth ‘09F		0.6	%	Home	$	1,762		Job Growth Nat’l Avg. ‘09F	-2.2	%
Eff. Rent Growth ‘10F		4.2	%	Condo	$	1,464		Housing Stock (MRQ)
Eff. Rent Growth ‘11F		4.8	%	% Discount/Rent to Own		3% - 19	%	Renter	511,015
				Median Home Price (MRQ)	$	332,700		% of Total	33.3	%
				Housing Affordability Score^		104		Multifamily permits ‘08	5,532
				Median Income (MRQ)	$	99,000		Total permits ‘09F	10,750

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 expanded its presence in this market by buying communities in lease-up and well-located properties with renovation potential:

• 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 $138.4M. 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.

• In the second quarter of 2008, we began full redevelopment of Taylor Place, a 218-home mid-rise community, located in Arlington, VA.

Marcus and Millichap Research Services ranked DC the #3 best market (out of 43) in 2009 based on a series of 12-month forward-looking supply and demand indicators, including forecast employment change, vacancy, construction, housing affordability and rents. According toApartment Finance Today(January/February 2009), Washington, DC is “the ultimate hold market when the economy struggles.”

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Metro DC
Market Fact Sheet

Delancey at Shirlington —Acquired 1Q 2008 Sullivan Place —Acquired 4Q 2007

8

Metro DC
Market Fact Sheet

Wellington Place —Redeveloped 2008 Taylor PlaceUndergoing Redevelopment Andover HouseAcquired 1Q 2007 Circle TowersAcquired 1Q 2008 Waterside Towers

9

Metro DC
Market Fact Sheet

			Year Built							Inc. per Occ.
Operating Properties	# Homes		ReDev		Redev.		Occupancy			Home
1 Ridgewood I		274		1988		K/B		93.5	%	$	1,395
3 Andover House		171		2004		—		94.7	%		2,314
4 Waterside Towers		550		1971		K/B		97.3	%		1,547
7 Presidential Greens		396		1938		K/B		96.2	%		1,134
8 The Calvert		187		1962		K/B		97.9	%		1,341
12 Dominion Middle Ridge		280		1990		K/B		95.8	%		1,314
13 Dominion Lake Ridge		192		1987		K/B		96.4	%		1,278
Subtotal		2,050						96.1	%		1,420
Non-Mature and Other
5 Circle Towers		606		1972	Full			91.7	%		1,452
6 Taylor Place — under redevelopment		218		2008	Full			62.2	%		1,443
9 Delancey at Shirlington — in lease-up		241		2008		—		92.1	%		2,123
10 Sullivan Place — in lease-up		498		2007		—		95.7	%		1,692
11 Wellington Place		372		2008	Full			93.1	%		1,264
Subtotal		1,935						89.7	%		1,565
Grand Total		3,985						93.0	%	$	1,488

		Current		Est.		Est. Cost		Est. Cost		Est.
Development Opportunities	Status	# Homes		# Homes		($000)		per Home		Completion
14 Signal Hill — Woodbridge, VA	Active		—		360	$	82,700	$	229,722		3Q10

				Net
				Carrying		Purchase
		Est.		Value		Price
Future Development Opportunities	Status	# Homes		($000s)		($000s)
2 2400 14thStreet	Entitled Land		255	$	38,657	$	31,750

10

San Francisco
Market Fact Sheet

Market Statistics & Peer Comparison

San Francisco Portfolio	Homes
Same Store Pool		1,768
Non-Matures		571
Homes in Development		—
Total		2,339
MRQ Mo. Inc./ Occ. Home (SS)	$	1,879
MRQ Occupancy (SS)		95.4	%

Company	# Homes (SS)		Ave. Rent
AVB		2,328	$	2,210
BRE		1,265		2,150
EQR		736		1,932
UDR		1,768		1,879
ESS		765		1,569
AIV		496		1,546
Total		7,358	$	1,981

San Francisco is UDR’s#3
market and is expected to
contribute8.6%of the
Company’s 2009 total
pro forma NOI.

San Francisco Market Statistics

2009 Market Forecast				Home Affordability				Supply/Demand
Effective Rent (MRQ)	$	1,994		Ave. Market Rent	$	1,981		Job Growth MRQ	-0.4	%
Occupancy (MRQ)		95.4	%	Mo Payment: Entry Level*:				Job Growth ‘09F	-1.3	%
Eff. Rent Growth ‘09F		-3.7	%	Home	$	3,720		Job Growth Nat’l Avg. ‘09F	-2.2	%
Eff. Rent Growth ‘10F		2.9	%	Condo	$	3,142		Housing Stock (MRQ)
Eff. Rent Growth ‘11F		8.0	%	% Discount/Rent to Own		37% - 47	%	Renter	330,681
				Median Home Price (MRQ)	$	765,500		% of Total	49.1	%
				Housing Affordability Score^		52		Multifamily permits ‘08	2,578
				Median Income (MRQ)	$	94,300		Total permits ‘09F	2,125

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 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.

San Francisco was ranked the #1 best market (out of 43) for 2009 by Marcus and Millichap Research Services, based on a series of 12-month forward-looking supply and demand indicators, including forecast employment change, vacancy, construction, housing affordability and rents. Major employers in the area include the University of California (San Francisco), United Airlines, Wells Fargo & Co., Kaiser Permanente, Genentech, Oracle and others. 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 $765,500 making this one of the least affordable markets in the U.S.

11

San Francisco
Market Fact Sheet

Edgewater —Acquired 1Q 2008

12

San Francisco
Market Fact Sheet

Almaden Lake VillageAcquired 3Q 2008 2000 Post- Redeveloped 2007 River Terrace Highlands of Marin- Acquired 4Q 2007

13

San Francisco
Market Fact Sheet

			Year Built							Inc. per Occ.
Operating Properties	# Homes		ReDev		Redev.		Occupancy			Home
1 Highlands of Marin		220		1991	Future			95.7	%	$	1,715
2 Crossroads Apartments		130		1986		K/B		95.3	%		1,477
3 2000 Post Street I		304		1987		K/B		95.6	%		2,305
5 Bay Terrace		120		1962		—		96.7	%		1,981
6 Lake Pines		288		1972	Future			93.2	%		1,590
7 Birch Creek		184		1968		—		96.6	%		1,815
8 River Terrace		250		2005		—		94.5	%		2,114
9 Marina Playa		272		1971		—		96.6	%		1,730
Subtotal		1,768						95.4	%		1,879
Non-Mature
1 Highlands of Marin II		104		2008	Full			98.1	%		1,390
3 2000 Post Street II		24		2007		—		95.5	%		2,206
4 Edgewater		193		2008		—		95.7	%		2,924
10 Almaden Lake Village		250		1999		—		97.1	%		1,670
Subtotal		571						96.7	%		2,060
Grand Total		2,339						95.7	%	$	1,924

14

Tampa
Market Fact Sheet

Market Statistics & Peer Comparison

Tampa Portfolio	Homes
Same Store Pool		3,081
Non-Matures		595
Homes in Development		140
Total		3,816
MRQ Mo. Inc./ Occ. Home (SS)	$	942
MRQ Occupancy (SS)		93.5	%

Company	# of Homes (SS)		Ave. Rent
PPS		2,117	$	1,293
UDR		3,081		942
CLP		318		921
MAA		1,120		833
EQR		2,887		811
AIV		3,307		809
CPT		5,503		795
Total		18,333	$	887

Tampa is UDR’s#4
market and is expected to
contribute5.5%of the
Company’s 2009 total
pro forma NOI.

Tampa Market Statistics

2009 Market Forecast				Home Affordability				Supply/Demand
Effective Rent (MRQ)	$	824		Ave. Market Rent	$	887			Job Growth MRQ	-2.3	%
Occupancy (MRQ)		91.2	%	Mo Payment: Entry Level*:					Job Growth ‘09F	-2.8	%
Eff. Rent Growth ‘09F		-6.3	%	Home	$	1,091			Job Growth Nat’l Avg. ‘09F	-2.2	%
Eff. Rent Growth ‘10F		-0.9	%	Condo	$	889			Housing Stock (MRQ)
Eff. Rent Growth ‘11F		1.3	%	% Discount/Rent to Own		0% - 19	%		Renter	321,771
				Median Home Price (MRQ)	$	173,400			% of Total	29.0	%
				Housing Affordability Score^	108				Multifamily permits ‘08	4,275
				Median Income (MRQ)	$	56,500			Total permits ‘09F	7,300

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 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 of 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 reported 2008 job growth in a number of sectors, including education and health services, government, other services, leisure and hospitality and trade, and construction, transportation and utilities.

15

Tampa
Market Fact Sheet

MacAlpine Place The Breyley —Redeveloped 2008

16

Tampa
Market Fact Sheet

Island WalkRedeveloped 2007 Sugar Mill Creek Gallery at Bayport Vintage Lofts- Acquired 3Q 2008 In Development-Expected Completion 1Q ‘09

17

Tampa
Market Fact Sheet

			Year Built							Inc. per Occ.
Operating Properties	# Homes		ReDev		Redev.		Occupancy			Home
1 MacAlpine Place		478		2007		—		95.2	%	$	1,104
3 Sugar Mill Creek		212		1988		K/B		95.3	%		902
4 Bay Meadows		288		1985		K/B		95.1	%		973
5 Inlet Bay at Gateway		464		1988	Full			93.6	%		974
6 Island Walk		400		2007	Full			91.8	%		1,032
9 Cambridge Woods		275		1985		K/B		94.7	%		852
10 Summit West		266		1972		—		91.6	%		861
11 Lakewood Place		346		1986		K/B		94.6	%		839
12 Hunters Ridge		352		1992		K/B		90.1	%		800
Subtotal		3,081						93.5	%		942
Non-Mature
2 The Breyley Apartments		209		2008	Full			93.5	%		966
7 Gallery at Bayport		277		2007	Full			71.8	%		1,005
Subtotal1		595						82.7	%		986
Grand Total1		3,816						89.1	%	$	947

		Current		Est.		Est. Cost		Est. Cost
Homes in Development	Status	# Homes		# Homes		($000)		per Home
8 Vintage Lofts2	Active		109		249	$	52,000	$	208,835

(1) Includes 109 completed homes at Vintage Lofts

(2) Vintage Lofts is a presale development property purchased in Q3 2008 with an expected completion date of Q1 2009

18

Seattle
Market Fact Sheet

Market Statistics & Peer Comparison

Seattle Portfolio	Homes
Same Store Pool		1,270
Non-Matures		455
Homes in Development		274
Total		1,999
MRQ Mo. Inc./ Occ. Home (SS)	$	1,210
MRQ Occupancy (SS)		94.9	%

Company	# of Homes (SS)		Ave. Rent
AIV		348	$	1,286
BRE		3,211		1,283
UDR		1,270		1,210
AVB		2,159		1,208
ESS		5,164		1,151
EQR		6,886		1,142
Total		19,038	$	1,183

Seattle is UDR’s#5market
and is expected to
contribute5.4%of the
Company’s 2009 total
pro forma NOI.

Seattle Market Statistics

2009 Market Forecast				Home Affordability				Supply/Demand
Effective Rent (MRQ)	$	1,162		Ave. Market Rent	$	1,183		Job Growth MRQ	0.5	%
Occupancy (MRQ)		94.0	%	Mo Payment: Entry Level*:				Job Growth ‘09F	-1.8	%
Eff. Rent Growth ‘09F		-2.2	%	Home	$	1,935		Job Growth Nat’l Avg. ‘09F	-2.2	%
Eff. Rent Growth ‘10F		-2.7	%	Condo	$	1,612		Housing Stock (MRQ)
Eff. Rent Growth ‘11F		0.4	%	% Discount/Rent to Own		27% – 39	%	Renter	367,516
				Median Home Price (MRQ)	$	350,000		% of Total	36.0	%
				Housing Affordability Score^		76		Multifamily permits ‘08	7,226
				Median Income (MRQ)	$	81,400		Total permits ‘09F	9,350

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 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.

• 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.

19

Seattle
Market Fact Sheet

Island Square — Acquired 3Q 2008 Hearthstone at Merrill Creek
Acquired 2Q 2008 The Borgata
Acquired 2Q 2007

20

Seattle
Market Fact Sheet

The Kennedy The Hawthorne
The Kennedy 989elements 989elements
Operating Joint Venture Ashwood Commons Active Development — Unconsolidated Joint-Venture Estimated Completion 3Q 2009

21

Seattle
Market Fact Sheet

			Year Built						Inc. per Occ.
Operating Properties	# Homes		ReDev		Redev.	Occupancy			Home
2 The Hawthorne Apartments		284		2003	—		97.7	%	$	1,404
3 The Kennedy Building		125		2005	—		93.4	%		1,640
4 Arbor Terrace		276		1996	K/B		92.1	%		847
8 Borgata Apartment Homes		71		2001	K/B		96.6	%		2,231
10 Crown Pointe		196		1987	K/B		94.4	%		958
11 Hilltop		156		1985	K/B		94.1	%		1,017
12 Aspen Creek		162		1996	—		96.8	%		981
Subtotal		1,270					94.9	%		1,210
Non-Mature and Other
1 Hearthstone at Merrill Creek		220		2000	—		96.2	%		1,209
5 989elements (Operating JV — 49%)		166		2007	—		94.0	%		1,927
9 Island Square		235		2007	—		88.8	%		1,675
Subtotal (UDR)1		455					92.4	%		1,440
Grand Total (UDR)1		1,725					95.3	%	$	1,266

								��
		Current		Est. #		Est. Cost		Cost per		Expected
Homes in Development	Status	# Homes		Homes		($000)		Home		Completion
7 Ashwood Commons (JV — 49%)2	Active		—		274	$	49,000	$	365,000		3Q 09

				Net
				Carrying		Purchase
		Est.		Value		Price
Future Development Opportunities	Status	# Homes		($000s)		($000s)
6 Bellevue Plaza (JV — 49%)2	Entitled Land		430	$	20,884	$	11,760

1 Excludes joint venture homes.
2 Dollar amounts, except for cost per home, are calculated based on UDR’s ownership percentage of 49%.

22

Baltimore
Market Fact Sheet

Market Statistics & Peer Comparison

Baltimore Portfolio	Homes
Same Store Pool		1,556
Non-Matures		564
Homes in Development		—
Total		2,120
MRQ Mo. Inc./ Home (SS)	$	1,178
MRQ Occupancy (SS)		96.6	%

Company	# of Homes (SS)		Ave. Rent
CPT		628	$	1,392
AEC		316		1,357
AVB		1,278		1,272
UDR		1,556		1,178
AIV		1,084		1,110
HME		6,284		1,014
EQR		884		975
Total		12,030	$	1,097

Baltimore is UDR’s#6
market and is expected to
contribute5.4%of the
Company’s 2009 total
pro forma NOI.

Baltimore Market Statistics

2009 Market Forecast				Home Affordability			Supply/Demand
Effective Rent (MRQ)	$	1,041		Ave. Market Rent	$	1,097	Job Growth MRQ	-0.2	%
Occupancy (MRQ)		94.0	%	Mo Payment: Entry Level*:			Job Growth ‘09F	-0.6	%
Eff. Rent Growth ‘09F		-0.4	%	Home	$	1,009	Job Growth Nat’l Avg. ‘09F	-2.2	%
Eff. Rent Growth ‘10F		1.9	%	Condo	$	818	Housing Stock (MRQ)
Eff. Rent Growth ‘11F		2.7	%				Renter	307,537
				Median Home Price (MRQ)	$	279,200	% of Total	30.9	%
				Housing Affordability Score^		98	Multifamily permits ‘08	1,922
				Median Income (MRQ)	$	78,200	Total permits ‘09F	4,650

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.

• 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.

23

Baltimore
Market Fact Sheet

Dulaney Crescent —Acquired 1Q 2008

24

Baltimore
Market Fact Sheet

Arbor View Ellicott Grove Redeveloped 2008 Tamar Meadow

25

Baltimore
Market Fact Sheet

			Year Built						Inc. per Occ.
Operating Properties	# Homes		ReDev		Redev.	Occupancy			Home
1 Dominion at Eden Brook		232		1984	K/B		97.0	%	$	1,224
2 Dominion Kings Place		170		1983	K/B		97.2	%		1,219
3 Tamar Meadow		178		1990	K/B		94.8	%		1,395
5 Lakeside Mill		192		1989	K/B		97.8	%		1,143
7 Calvert’s Walk		276		1988	K/B		95.8	%		1,091
8 Dominion Constant Friendship		136		1990	K/B		95.9	%		1,136
9 Arborview		372		1992	K/B		97.1	%		1,120
Subtotal		1,556					96.6	%		1,178
Non-Mature
4 Ellicott Grove		300		2008	Full		96.6	%		1,292
6 Dulaney Crescent		264		2003	—		95.9	%		1,607
Subtotal		564					96.3	%		1,439
Grand Total		2,120					96.5	%	$	1,247

26

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		—
Total		1,678
MRQ Mo. Inc./ Home (SS)	$	1,536
MRQ Occupancy (SS)		95.3	%

Company	# of Homes (SS)		Ave. Rent
AIV		2,347	$	2,328
CPT		538		2,061
AVB		2,392		1,789
ESS		3,312		1,708
BRE		2,237		1,704
EQR		6,346		1,658
UDR		1,052		1,536
Total		18,224	$	1,781

LA County is UDR’s#7
market and is expected to
contribute5.4%of the
Company’s 2009 total
pro forma NOI.

LA County Market Statistics

2009 Market Forecast				Home Affordability				Supply/Demand
Effective Rent (MRQ)	$	1,744		Ave. Market Rent	$	1,781		Job Growth MRQ	-0.6	%
Occupancy (MRQ)		94.0	%	Mo Payment: Entry Level*:				Job Growth ‘09F	-1.5	%
Eff. Rent Growth ‘09F		-4.5	%	Home	$	2,041		Job Growth Nat’l Avg. ‘09F	-2.2	%
Eff. Rent Growth ‘10F		-0.7	%	Condo	$	1,703		Housing Stock (MRQ)
Eff. Rent Growth ‘11F		2.2	%	% Discount/Rent to Own		0% – 13	%	Renter	1,623,435
				Median Home Price (MRQ)	$	387,000		% of Total	51.0	%
				Housing Affordability Score^		62		Multifamily permits ‘08	8,370	%
				Median Income (MRQ)	$	59,800		Total permits ‘09F	9,000

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

• Tierra del Rey, Marina del Rey, CA — a 170-home community acquired in the fourth quarter of 2007 for $76M.

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

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

Marcus and Millichap Research Services ranked LA the #4 best market (out of 43) in 2009 based on a series of 12-month forward-looking supply and demand indicators, including forecast employment change, vacancy, construction, housing affordability and rents. Major employers in LA include Kaiser Permanente, Northrup Grummon, Boeing, The Kroger Company, the University of Sothern California and others. The region enjoys a highly educated work force and an attractive year round climate affording a variety of recreational activities.

27

LA County
Market Fact Sheet

Tierra del Rey —Acquired 4Q 2007 Pine@Sixth — Redeveloped 3Q 2008

28

LA County
Market Fact Sheet

The Crest at Phillips Ranch Ocean Villas Development Completed 3Q 2008
Jefferson at Marina del Rey Villas at San Dimas Pine@Sixth – Redeveloped 3Q 2008

29

LA County
Market Fact Sheet

			Year Built						Inc. per Occ.
Operating Properties	# Homes		ReDev		Redev.	Occupancy			Home
1 Ocean Villas		119		1965	—		97.2	%	$	1,496
6 Rosebeach		174		1970	K/B		93.7	%		1,454
7 The Villas at San Dimas		156		1981	K/B		94.5	%		1,490
8 The Villas at Bonita		102		1981	—		95.9	%		1,466
9 The Crest at Phillips Ranch		501		1989	K/B		95.4	%		1,603
Subtotal		1,052					95.3	%		1,536
Non-Mature and Other
2 Jefferson at Marina del Rey (in lease-up)		298		2008	—		46.3	%		1,836
3 Tierra del Rey		170		1999	K/B		92.8	%		2,434
5 Pine@Sixth		158		2008	Full		95.6	%		1,366
Subtotal		626					71.4	%		1,888
Grand Total		1,678					86.4	%	$	1,645

				Net
				Carrying		Purchase
		Est. #		Value		Price
Future Development Opportunities	Status	Homes		($000s)		($000s)
4 3033 Wilshire	Entitled Land		190	$	11,989	$	11,027

30

Dallas
Market Fact Sheet

Market Statistics & Peer Comparison

Dallas Portfolio	Homes
Same Store Pool		305
Non-Matures		2,742
Homes in Development		1,001
Total		4,048
MRQ Mo. Inc./ Home (SS)	$	1,633
MRQ Occupancy (SS)		97.0	%

Company	# of Homes (SS)		Ave. Rent
UDR		305	$	1,633
PPS		3,428		1,088
EQR		3,191		871
CPT		4,277		765
AIV		1,561		764
CLP		2,468		721
MAA		3,391		705
Total		18,621	$	840

Dallas is UDR’s#8
market and is expected to
contribute5.2%of the
Company’s 2009 total
pro forma NOI.

Dallas Market Statistics

2009 Market Forecast				Home Affordability				Supply/Demand
Effective Rent (MRQ)	$	816		Ave. Market Rent	$	840		Job Growth MRQ	1.4	%
Occupancy (MRQ)		92.4	%	Mo Payment: Entry Level*:				Job Growth ‘09F	-1.4	%
Eff. Rent Growth ‘09F		-1.4	%	Home	$	1,009		Job Growth Nat’l Avg. ‘09F	-2.2	%
Eff. Rent Growth ‘10F		-0.3	%	Condo	$	818		Housing Stock (MRQ)
Eff. Rent Growth ‘11F		0.8	%	% Discount/Rent to Own		0% – 14	%	Renter	529,053
				Median Home Price (MRQ)	$	150,200		% of Total	37.3	%
				Housing Affordability Score^		136		Multifamily permits ‘08	12,145
				Median Income (MRQ)	$	64,800		Total permits ‘09F	20,000

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 third quarter of 2008, we completed construction of 302 homes at Lincoln at Towne Square within the Company’s Texas joint-venture.

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

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

• 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. Currently, the Company is developing 320 homes at Vitruvian Park, with expected completion in 2010. The remaining land is home to operating properties with 1,013 homes delivering annual NOI of $3.7 million.

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

31

Dallas
Market Fact Sheet

Legacy Village — Acquired 1Q 2008 THIRTY377 Lincoln at Towne Square (Texas JV) Development Completed 3Q 2008

32

Dallas
Market Fact Sheet

Riachi at One21 Phase I — Completed 2008 Phase II — Expected Completion 2009 The Meridian (Texas JV) Springhaven (Existing, Vitruvian Park) Vitruvian Park
Phase I — Expected Completion 2010

33

Dallas
Market Fact Sheet

			Year Built						Inc. per Occ.
Operating Properties	# Homes		ReDev		Redev.	Occupancy			Home
11 THIRTY377		305		2007	K/B		97.0	%	$	1,633
Subtotal		305					97.0	%		1,633
Non-Mature and Other
1 Cliffs, The (JV)		400		1992	—		95.8	%		800
2 Mandolin, The (JV)		486		2003	—		97.3	%		1,004
3 Meridian II, The (JV)		520		2002	—		96.2	%		859
5 Legacy Village		1,043		'05-'07	—		96.1	%		1,019
6 Lincoln at Towne Square (JV)		769		2008	—		95.5	%		965
7 Villas at Ridgeview		48		2007	—		97.6	%		1,761
8 Riachi at One21		258		2007	—		95.4	%		1,004
9 Highlands of Preston (in redevelopment)		380		2007	—		83.1	%		790
10 Vitruvian Park		1,013			—		93.6	%		672
Subtotal (UDR)1		2,742					93.3	%		874
Grand Total (UDR)1		3,047					93.7	%	$	953

		Current		Est.		Est, Cost		Est. Cost			Est.
Homes in Development	Status	# Homes		# Homes		($000)		per Home			Completion
4 Mustang Park (Presale)	Active				289	$	29,000	$	100,346			3Q09
8 Riachi at One21 — Phase II	Active		56		200		17,900		89,500			1Q09
10 Vitruvian Park — Phase I	Active				392		66,500		169,643	2		3Q10
12 Belmont (formerly Bennett)	Active				465		62,900	$	135,269			2Q10
Total3					1,001	$	176,300

1 Excludes unconsolidated JV homes.
2 Includes 16,050 square feet of retail space.
3 Excludes Mustang Park (pre-sale) and 56 completed homes at Riachi at One21.

34

Orlando
Market Fact Sheet

Market Statistics & Peer Comparison

Orlando Portfolio	Homes
Same Store Pool		2,500
Non-Matures		667
Homes in Development		—
Total		3,167
MRQ Mo. Inc./ Home (SS)	$	954
MRQ Occupancy (SS)		92.7	%

Company	# of Homes (SS)		Ave. Rent
PPS		427	$	1,351
CLP		1,755		1,018
AEC		288		976
UDR		2,500		954
EQR		6,984		874
CPT		3,296		852
AIV		3,680		820
MAA		288		788
Total		19,218	$	894

Orlando is UDR’s#9
market and is expected to
contribute4.9%of the
Company’s 2009 total
pro forma NOI.

Orlando Market Statistics

2009 Market Forecast				Home Affordability				Supply/Demand
Effective Rent (MRQ)	$	830		Ave. Market Rent	$	894		Job Growth MRQ	-1.1	%
Occupancy (MRQ)		90.8	%	Mo Payment: Entry Level*:				Job Growth ‘09F	-1.9	%
Eff. Rent Growth ‘09F		-4.9	%	Home	$	1,281		Job Growth Nat’l Avg. ‘09F	-2.2	%
Eff. Rent Growth ‘10F		-0.7	%	Condo	$	1,052		Housing Stock (MRQ)
Eff. Rent Growth ‘11F		1.3	%	% Discount/Rent to Own		15% - 30	%	Renter	248,958
				Median Home Price (MRQ)	$	213,400		% of Total	32.8	%
				Housing Affordability Score^		96		Multifamily permits ‘08	5,086
				Median Income (MRQ)	$	59,200		Total permits ‘09F	7,300

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 2007, we completed full redevelopment of Canopy Villas (296 homes) and Altamira Place (360 homes). In 2008, Canopy Villas was awarded a beautification award by the city of Orlando and Keep Orlando Beautiful Inc., which recognized the success of the redevelopment.

• Development: In the first quarter of 2008, we completed the purchase of a 371-home presale community, The Place at Millenia.

Orlando’s economy has been impacted by the housing slump and high fuel prices. The local economy is influenced by the leisure and hospitality industry but is diversified with significant employment in the transportation and utility sectors as well. Major employers include Walt Disney World, Wal-Mart Stores, Florida Hospital, Publix Supermarkets, Universal Orlando Resort, Orlando Regional Healthcare System, University of Central Florida and others.

35

Orlando
Market Fact Sheet

Ashton at Waterford Lakes

Regatta Shores

Seabrook

36

Orlando
Market Fact Sheet

Altamira Place —Redeveloped 2007

Canopy Villas —Redeveloped 2007

The Place at MilleniaPresale Completed 2008

Seville on the Green

37

Orlando
Market Fact Sheet

			Year Built						Inc. per Occ.
Operating Properties	# Homes		ReDev		Redev.	Occupancy			Home
1 Regatta Shores		256		2007	Full		89.1	%	$	828
2 Seville on the Green		170		2004	—		94.9	%		985
3 Lotus Landing		260		2006	K/B		89.3	%		819
4 Los Altos		328		2004	K/B		93.2	%		940
5 Altamira Place		360		2007	Full		94.8	%		930
6 Alafaya Woods		296		2006	Full		91.9	%		985
7 Seabrook		200		2004	—		92.9	%		932
8 Ashton at Waterford Lakes		292		2000	Full		94.0	%		1,144
11 Arbors at Lee Vista		338		2007	K/B		93.4	%		993
Subtotal		2,500					92.7	%		954
Non-Mature and Other
9 Canopy Villas (in lease-up)		296		2007	Full		90.4	%		1,008
10 The Place at Millenia (in lease-up)		371		2007	Full		84.9	%		989
Subtotal		667					87.3	%		998
Grand Total		3,167					91.6	%	$	963

38

Richmond
Market Fact Sheet

Market Statistics & Peer Comparison

Richmond Portfolio	Homes
Same Store Pool		1,958
Non-Matures		253
Homes in Development		—
Total		2,211
MRQ Mo. Inc./ Home (SS)	$	1,016
MRQ Occupancy (SS)		95.3	%

Company	# of Homes (SS)		Ave. Rent
UDR		1,958	$	1,016
AEC		240		1,001
AIV		320		855
CLP		1,654		845
Total		2,214	$	864

Richmond is UDR’s#10
market and is expected to
contribute4.6%of the
Company’s 2009 total
pro forma NOI.

Richmond Market Statistics

2009 Market Forecast				Home Affordability				Supply/Demand
Effective Rent (MRQ)	$	884		Ave. Market Rent	$	864		Job Growth MRQ	-0.7	%
Occupancy (MRQ)		93.7	%	Mo Payment: Entry Level*:				Job Growth ‘09F	-1.8	%
Eff. Rent Growth ‘09F		-2.9	%	Home	$	1,291		Job Growth Nat’l Avg. ‘09F	-2.2	%
Eff. Rent Growth ‘10F		-0.6	%	Condo	$	1,060		Housing Stock (MRQ)
Eff. Rent Growth ‘11F		0.9	%	% Discount/Rent to Own		18% - 33	%	Renter	146,226
				Median Home Price (MRQ)	$	217,900		% of Total	31.2	%
				Housing Affordability Score^		116		Multifamily permits ‘08	825
				Median Income (MRQ)	$	69,300		Total permits ‘09F	3,800

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 with the following:

• Redevelopment: Two communities, Legacy at Mayland and Gayton Pointe Townhomes, have been completely redeveloped. Legacy at Mayland, with 576 homes, was completed in 2007, and Gayton Pointe, with 253 homes, was completed in 2008.

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

39

Richmond
Market Fact Sheet

Carriage Homes at Wyndham

Legacy at Mayland Redeveloped 2007

40

Richmond
Market Fact Sheet

Dominion Olde West

Dominion Creekwood

Waterside at Ironbridge

Gayton Pointe Redeveloped 2008

41

Richmond
Market Fact Sheet

			Year Built						Inc. per Occ.
Operating Properties	# Homes		ReDev		Redev.	Occupancy			Home
1 Carriage Homes at Wyndham		264		1998	K/B		94.4	%	$	1,335
2 Dominion West End		350		1989	K/B		96.8	%		967
4 Legacy at Mayland		576		2007	Full		96.4	%		1,046
5 Dominion Creekwood		216		1984	K/B		95.7	%		878
6 Dominion Olde West		287		1978	Full		92.8	%		894
7 Waterside at Ironbridge		265		1987	K/B		93.9	%		948
Subtotal		1,958					95.3	%		1,016
Non-Mature
3 Gayton Pointe Townhomes		253		2008	Full		96.7	%		1,303
Subtotal		253					96.7	%		1,303
Grand Total		2,211					95.5	%	$	1,049

42

Nashville
Market Fact Sheet

Market Statistics & Peer Comparison

Nashville Portfolio	Homes
Same Store Pool		1,874
Non-Matures		386
Homes in Development		—
Total		2,260
MRQ Mo. Inc./ Home (SS)	$	893
MRQ Occupancy (SS)		95.6	%

Company	# of Homes (SS)		Ave. Rent
CLP		349	$	945
UDR		1,874		893
EQR		396		893
AIV		1,830		857
MAA		1,855		770
Total		6,304	$	849

Nashville is UDR’s#11
market and is expected to
contribute3.6%of the
Company’s 2009 total
pro forma NOI.

Nashville Market Statistics

2009 Market Forecast				Home Affordability				Supply/Demand
Effective Rent (MRQ)	$	769		Ave. Market Rent	$	849		Job Growth MRQ	-0.9	%
Occupancy (MRQ)		92.0	%	Mo Payment: Entry Level*:				Job Growth ‘09F	-1.9	%
Eff. Rent Growth ‘09F		-3.8	%	Home	$	950		Job Growth Nat’l Avg. ‘09F	-2.2	%
Eff. Rent Growth ‘10F		-1.0	%	Condo	$	768		Housing Stock (MRQ)
Eff. Rent Growth ‘11F		0.6	%	% Discount/Rent to Own		0% – 11	%	Renter	177,467
				Median Home Price (MRQ)	$	155,900		% of Total	30.3	%
				Housing Affordability Score^		N/A		Multifamily permits ‘08	1,204
				Median Income (MRQ)	$	63,200		Total permits ‘09F	6,000

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 with the following:

• Redevelopment – In 2008, we completed the full redevelopment of Polo Park, a 386-home community we purchased for $20.9M, or $54,082 per home, in 2006.

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

43

Nashville
Market Fact Sheet

The Preserve at Brentwood

Carrington Hills

44

Nashville
Market Fact Sheet

The Colonnade

Hickory Run

Breckenridge

Polo Park
Redeveloped 2008

45

Nashville
Market Fact Sheet

			Year built						Inc. per Occ.
Operating Properties	# Homes		ReDev		Redev.	Occupancy			Home
1 Legacy Hill		206		1977	K/B		96.0	%	$	881
2 Brookridge		176		1986	K/B		94.9	%		721
3 Breckenridge		190		1986	K/B		94.0	%		761
4 Hickory Run		294		1989	K/B		94.6	%		822
6 The Colonnade		288		1998	K/B		94.8	%		832
7 The Preserve at Brentwood		360		1998	K/B		96.7	%		1,023
8 Carrington Hills		360		1999	K/B		96.8	%		1,029
Subtotal		1,874					95.6	%		893
Non-Mature
5 Polo Park		386		1987	Full		93.9	%		828
Subtotal		386					93.9	%		828
Grand Total		2,260					95.3	%	$	882

46

Monterey/Salinas
Market Fact Sheet

Market Statistics & Peer Comparison

Monterey Portfolio	Homes
Same Store Pool		1,565
Non-Matures		—
Homes in Development		—
Total		1,565
MRQ Mo. Inc./ Home (SS)	$	1,113
MRQ Occupancy (SS)		94.8	%

Company	# of Homes (SS)		Ave. Rent
UDR		1,565	$	1,113
Total		1,565	$	1,113

Monterey is UDR’s#12
market and is expected to
contribute3.5%of the
Company’s 2009 total
pro forma NOI.

Monterey Market Statistics

2009 Market Forecast				Home Affordability				Supply/Demand
Effective Rent (MRQ)	$	1,168		Ave. Market Rent	$	1,113		Job Growth MRQ	0.1	%
Occupancy (MRQ)		95.4	%	Mo Payment: Entry Level*:				Job Growth ‘09F	-1.7	%
Eff. Rent Growth ‘09F		-0.9	%	Home	$	1,557		Job Growth Nat’l Avg. ‘09F	-2.2	%
Eff. Rent Growth ‘10F		1.8	%	Condo	$	1,288		Housing Stock (MRQ)
Eff. Rent Growth ‘11F		2.9	%	% Discount/Rent to Own		14% – 29	%	Renter	61,203
				Median Home Price (MRQ)	$	290,000		% of Total	48.6	%
				Housing Affordability Score^		N/A		Multifamily permits ‘08	219
				Median Income (MRQ)	$	64,800		Total permits ‘09F	455

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 $1,113.

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.

47

Monterey/Salinas
Market Fact Sheet

			Year Built						Inc. per Occ.
Operating Properties	# Homes		ReDev		Redev.	Occupancy			Home
1 The Pointe at Harden Ranch		439		1973	K/B		95.2	%	$	1,266
2 Boronda Manor		204		1977	K/B		95.5	%		1,078
3 The Pointe at Northridge		187		1975	K/B		95.4	%		1,176
4 Laurel Tree		157		1979	K/B		93.4	%		996
5 Cambridge Court		332		1974	K/B		94.0	%		1,023
6 Garden Court		107		1986	—		98.2	%		981
7 The Pointe at Westlake		139		1979	K/B		93.2	%		1,034
Grand Total		1,565					94.8	%	$	1,113

48

San Diego County
Market Fact Sheet

Market Statistics & Peer Comparison

San Diego Portfolio	Homes
Same Store Pool		1,123
Non-Matures		—
Homes in Development		—
Total		1,123
MRQ Mo. Inc./ Home (SS)	$	1,412
MRQ Occupancy (SS)		95.0	%

Company	# of Homes (SS)		Ave. Rent
CPT		879	$	1,706
EQR		4,000		1,548
BRE		3,957		1,542
AVB		1,057		1,457
UDR		1,123		1,412
AIV		1,830		1,408
ESS		2,984		1,155
Total		15,830	$	1,449

San Diego is UDR’s#13
market and is expected to
contribute3.1%of the
Company’s 2009 total
pro forma NOI.

San Diego Market Statistics

2009 Market Forecast				Home Affordability				Supply/Demand
Effective Rent (MRQ)	$	1,440		Ave. Market Rent	$	1,449		Job Growth MRQ	-1.1	%
Occupancy (MRQ)		94.8	%	Mo Payment: Entry Level*:				Job Growth ‘09F	-1.9	%
Eff. Rent Growth ‘09F		-4.9	%	Home	$	1,996		Job Growth Nat’l Avg. ‘09F	-2.2	%
Eff. Rent Growth ‘10F		-1.1	%	Condo	$	1,665		Housing Stock (MRQ)
Eff. Rent Growth ‘11F		1.5	%	% Discount/Rent to Own		13% – 27	%	Renter	461,022
				Median Home Price (MRQ)	$	379,750		% of Total	44.1	%
				Housing Affordability Score^		68		Multifamily permits ‘08	2,997
				Median Income (MRQ)	$	72,100		Total permits ‘09F	3,800

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

San Diego was ranked the #2 best market for 2009 (out of 43) by Marcus and Millichap Research Services, based on a series of 12-month forward-looking supply and demand indicators, including forecast employment change, vacancy, construction, housing affordability and rents. Major employers in the area include Naval Base Coronado, University of California (San Diego), Sharp Health Care, Scripps Health, Qualcomm, San Diego State University and others. 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 the 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, and its highly skilled and educated workforce. In addition, the climate is very mild year round and provides multiple options for outdoor activities and tourism.

49

San Diego
Market Fact Sheet

Milazzo

50

San Diego
Market Fact Sheet

Rancho Vallecitos
Presidio at Rancho del Oro Villas at Carlsbad
Summit at Mission Bay

51

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		93.5	%	$	1,273
2 Villas at Carlsbad		102		1966		—		93.7	%		1,565
3 Rancho Vallecitos		184		1988		K/B		94.2	%		1,514
4 Milazzo		250		1986		K/B		95.1	%		1,558
5 Summit at Mission Bay		323		1953		—		97.2	%		1,304
Grand Total		1,123						95.0	%	$	1,412

				Net
				Carrying		Purchase
		Est.		Value		Price
Future Development Opportunities	Status	# Homes		($000s)		($000s)
1 Presidio — Phase II	Entitled Land		65	$	2,352	$	1,525

52

Jacksonville
Market Fact Sheet

Market Statistics & Peer Comparison

Jacksonville Portfolio	Homes
Same Store Pool		1,857
Non-Matures		—
Homes in Development		—
Total		1,857
MRQ Mo. Inc./ Home (SS)	$	858
MRQ Occupancy (SS)		92.5	%

Company	# of Homes (SS)		Ave. Rent
UDR		1,857	$	858
AIV		1,775		836
EQR		3,954		799
MAA		3,346		760
Total		9,075	$	792

Jacksonville is UDR’s#14
market and is expected to
contribute 2.6% of the
Company’s 2009 total
pro forma NOI.

Jacksonville Market Statistics

2009 Market Forecast				Home Affordability				Supply/Demand
Effective Rent (MRQ)	$	781		Ave. Market Rent	$	792		Job Growth MRQ	-1.9	%
Occupancy (MRQ)		89.6	%	Mo Payment: Entry Level*:				Job Growth ‘09F	-2.3	%
Eff. Rent Growth ‘09F		-4.0	%	Home	$	1,076		Job Growth Nat’l Avg. ‘09F	-2.2	%
Eff. Rent Growth ‘10F		-0.4	%	Condo	$	876		Housing Stock (MRQ)
Eff. Rent Growth ‘11F		0.4	%	% Discount/Rent to Own		10% – 26	%	Renter	157,002
				Median Home Price (MRQ)	$	175,600		% of Total	31.0	%
				Housing Affordability Score^		125		Multifamily permits ‘08	1,942
				Median Income (MRQ)	$	63,900		Total permits ‘09F	7,050

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 Jacksonville properties in a variety of ways:

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

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

Jacksonville’s household income is slightly above the US average. Annual job growth is expected to decline, 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.

53

Jacksonville
Market Fact Sheet

			Year Built							Inc. per Occ.
Operating Properties	# Homes		ReDev		Redev.		Occupancy			Home
1 The Kensley Apartment Homes		300		2004		—		87.6	%	$	876
2 Westland Park		405		1990		K/B		91.1	%		824
3 St John’s Plantation		400		1989		K/B		92.8	%		901
4 Green Tree Place		352		1986		K/B		95.3	%		859
5 The Antlers		400		1985		—		94.8	%		836
Grand Total		1,857						92.5	%	$	858

54

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		—
Total		1,438
MRQ Mo. Inc./ Home (SS)	$	944
MRQ Occupancy (SS)		93.4	%

Company	# of Homes (SS)		Ave. Rent
AEC		268	$	1,361
AIV		2,043		950
UDR		1,438		944
CLP		497		794
Total		4,246	$	956

Norfolk is UDR’s#15
market and is expected to
contribute 2.6% of the
Company’s 2009 total
pro forma NOI.

Norfolk/VA Market Statistics

2009 Market Forecast				Home Affordability				Supply/Demand
Effective Rent (MRQ)	$	929		Ave. Market Rent	$	956		Job Growth MRQ	1.3	%
Occupancy (MRQ)		93.0	%	Mo Payment: Entry Level*:				Job Growth ‘09F	-1.2	%
Eff. Rent Growth ‘09F		-1.8	%	Home	$	1,425		Job Growth Nat’l Avg. ‘09F	-2.2	%
Eff. Rent Growth ‘10F		-1.3	%	Condo	$	1,175		Housing Stock (MRQ)
Eff. Rent Growth ‘11F		0.8	%	% Discount/Rent to Own		19% – 33	%	Renter	217,725
				Median Home Price (MRQ)	$	242,200		% of Total	34.9	%
				Housing Affordability Score^		98		Multifamily permits ‘08	1,835
				Median Income (MRQ)	$	65,100		Total permits ‘09F	3,825

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.

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

55

Norfolk/VA Beach
Market Fact Sheet

			Year Built							Inc. per Occ.
Operating Properties	# Homes		ReDev		Redev.		Occupancy			Home
1 Woodscape		296		1974		—		92.6	%	$	803
2 Forest Lakes at Oyster Pt.		296		1986		K/B		96.7	%		969
3 Dominion Yorkshire Downs		202		1987		K/B		90.5	%		946
4 Heather Lake		252		1972		K/B		90.9	%		945
5 Dominion Waterside/Lynnhaven		192		1966		K/B		93.9	%		971
6 Eastwind		200		1970		K/B		95.3	%		1,080
Grand Total		1,438						93.4	%	$	944

56

Inland Empire, CA
Market Fact Sheet

Market Statistics & Peer Comparison

Inland Empire Portfolio	Homes
Same Store Pool		1,074
Non-Matures		—
Homes in Development		—
Total		1,074
MRQ Mo. Inc./ Home (SS)	$	1,302
MRQ Occupancy (SS)		93.8	%

Company	# of Homes (SS)		Ave. Rent
UDR		1,074	$	1,302
CPT		264		1,230
EQR		4,441		1,221
BRE		2,929		1,175
AVB		320		992
AIV		198		900
ESS		276		766
Total		9,502	$	1,189

Inland Empire is UDR’s
#16market and is
expected to contribute
2.4% of the Company’s
2009 total pro forma NOI.

Inland Empire Market Statistics

2009 Market Forecast				Home Affordability				Supply/Demand
Effective Rent (MRQ)	$	1,161		Ave. Market Rent	$	1,189		Job Growth MRQ	-2.6	%
Occupancy (MRQ)		93.4	%	Mo Payment: Entry Level*:				Job Growth ‘09F	-3.3	%
Eff. Rent Growth ‘09F		-4.5	%	Home	$	1,296		Job Growth Nat’l Avg. ‘09F	-2.2	%
Eff. Rent Growth ‘10F		-0.1	%	Condo	$	1,065		Housing Stock (MRQ)
Eff. Rent Growth ‘11F		2.6	%	% Discount/Rent to Own		0% – 8	%	Renter	403,123
				Median Home Price (MRQ)	$	225,000		% of Total	32.4	%
				Housing Affordability Score^		N/A		Multifamily permits ‘08	2,956
				Median Income (MRQ)	$	62,000		Total permits ‘09F	7,575

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 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%. Originally, we achieved average rent increases of 13.5% per home at Waterstone at Murrieta ($975 before and $1,075 after), and rents have continued to climb to $1,091.

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 Inland Empire an ideal place to live, work and play.

57

Inland Empire
Market Fact Sheet

			Year Built							Inc. per Occ.
Operating Properties	# Homes		ReDev		Redev.		Occupancy			Home
1 Verano at Town Square		414		2006		—		96.2	%	$	1,516
2 Windemere/Sycamore Heights		240		2001		—		93.8	%		1,235
3 Waterstone at Murietta		420		1990		K/B		91.5	%		1,091
Grand Total		1,074						93.8	%	$	1,302

58

Phoenix
Market Fact Sheet

Market Statistics & Peer Comparison

Phoenix Portfolio	Homes
Same Store Pool		914
Non-Matures		449
Homes in Development		382
Total		1,745
MRQ Mo. Inc./ Home (SS)	$	940
MRQ Occupancy (SS)		94.1	%

Company	# of Homes (SS)		Ave. Rent
UDR		914	$	940
BRE		1,898		850
CPT		1,729		826
CLP		952		821
EQR		11,066		773
MAA		240		751
AIV		5,012		680
Total		21,811	$	771

Phoenix is UDR’s#17
market and is expected to
contribute 2.0% of the
Company’s 2009 total
pro forma NOI.

Phoenix Market Statistics

2009 Market Forecast				Home Affordability				Supply/Demand
Effective Rent (MRQ)	$	756		Ave. Market Rent	$	771		Job Growth MRQ	-3.7	%
Occupancy (MRQ)		89.8	%	Mo Payment: Entry Level*:				Job Growth ‘09F	-3.1	%
Eff. Rent Growth ‘09F		-4.9	%	Home	$	1,078		Job Growth Nat’l Avg. ‘09F	-2.2	%
Eff. Rent Growth ‘10F		-1.7	%	Condo	$	877		Housing Stock (MRQ)
Eff. Rent Growth ‘11F		-0.1	%	% Discount/Rent to Own		12% – 28	%	Renter	456,220
				Median Home Price (MRQ)	$	185,100		% of Total	31.5	%
				Housing Affordability Score^		133		Multifamily permits ‘08	5,711
				Median Income (MRQ)	$	64,200		Total permits ‘09F	17,500

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.

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 as the economy recovers.

59

Phoenix
Market Fact Sheet

			Year Built							Inc. per Occ.
Operating Properties	# Homes		ReDev		Redev.		Occupancy			Home
3 Sierra Canyon		236		2001		—		94.9	%	$	915
4 Finisterra		356		1997		—		93.7	%		952
5 Sierra Foothills		322		1998		—		94.0	%		945
Sub Total		914						94.1	%		940
Non-Mature
2 Waterford Peoria (In lease-up)		200		2008		—		46.8	%		995
6 Sierra Palms		249		1997		—		81.9	%		889
Sub Total		449						66.3	%		922
Grand Total		1,363						84.9	%	$	935

		# of		Budgeted		Cost per		Expected
Development Opportunities	Status	Homes		Cost (000)		Home		Completion
1 Residences/Stadium	Active		382	$	47,400	$	124,084		1Q10

Expected Completion 2010 Completed 3Q 2008

60

Sacramento
Market Fact Sheet

Market Statistics & Peer Comparison

Sacramento Portfolio	Homes
Same Store Pool		914
Non-Matures		—
Homes in Development		—
Total		914
MRQ Mo. Inc./ Home (SS)	$	932
MRQ Occupancy (SS)		94.2	%

Company	# of Homes (SS)		Ave. Rent
BRE		1,152	$	1,087
AIV		180		1,018
EQR		272		954
UDR		914		932
Total		2,518	$	1,012

Sacramento is UDR’s#18
market and is expected to
contribute 1.7% of the
Company’s 2009 total
pro forma NOI.

Sacramento Market Statistics

2009 Market Forecast				Home Affordability				Supply/Demand
Effective Rent (MRQ)	$	1,005		Ave. Market Rent	$	1,012		Job Growth MRQ	-1.9	%
Occupancy (MRQ)		92.6	%	Mo Payment: Entry Level*:				Job Growth ‘09F	-2.0	%
Eff. Rent Growth ‘09F		-4.5	%	Home	$	1,301		Job Growth Nat’l Avg. ‘09F	-2.2	%
Eff. Rent Growth ‘10F		-1.3	%	Condo	$	1,068		Housing Stock (MRQ)
Eff. Rent Growth ‘11F		1.1	%	% Discount/Rent to Own		5% – 22	%	Renter	282,068
				Median Home Price (MRQ)	$	230,000		% of Total	36.8	%
				Housing Affordability Score^		113		Multifamily permits ‘08	1,395
				Median Income (MRQ)	$	71,000		Total permits ‘09F	3,850

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 $932. Sacramento is the state capitol of California and also is home to Sacramento State University.

The Company has no plans to expand in this market

61

Sacramento
Market Fact Sheet

Expected Completion 2010

			Year Built							Inc. per
Operating Properties	# Homes		ReDev		Redev.		Occupancy			Occ. Home
1 Woodlake Village		646		1979		K/B		93.3	%	$	872
2 Foothills Tennis Village		268		1988		K/B		96.2	%		1,075
Grand Total		914						94.2	%	$	932

62

Portland
Market Fact Sheet

Market Statistics & Peer Comparison

Portland Portfolio	Homes
Same Store Pool		716
Non-Matures		—
Homes in Development		—
Total		716
MRQ Mo. Inc./ Home (SS)	$	988
MRQ Occupancy (SS)		94.9	%

Company	# of Homes (SS)		Ave. Rent
UDR		716	$	988
EQR		3,713		856
Total		4,429	$	878

Portland is UDR’s#19
market and is expected to
contribute 1.4% of the
Company’s 2009 total
pro forma NOI.

Portland Market Statistics

2009 Market Forecast				Home Affordability				Supply/Demand
Effective Rent (MRQ)	$	850		Ave. Market Rent	$	878		Job Growth MRQ	-1.3	%
Occupancy (MRQ)		94.2	%	Mo Payment: Entry Level*:				Job Growth ‘09F	-2.4	%
Eff. Rent Growth ‘09F		-3.8	%	Home	$	1,594		Job Growth Nat’l Avg. ‘09F	-2.2	%
Eff. Rent Growth ‘10F		-1.1	%	Condo	$	1,320		Housing Stock (MRQ)
Eff. Rent Growth ‘11F		1.4	%	% Discount/Rent to Own		33% – 45	%	Renter	290,704
				Median Home Price (MRQ)	$	278,600		% of Total	34.9	%
				Housing Affordability Score^		87		Multifamily permits ‘08	3,772
				Median Income (MRQ)	$	67,500		Total permits ‘09F	7,150

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, 2008 portfolio sale. Rents average $988 at UDR’s Portland communities with three bedroom homes renting for as much as $1,950. The Portland economy is fueled in large part by the technology industry and is home to Nike in the Portland suburb of Beaverton.

63

Portland
Market Fact Sheet

			Year Built							Inc. per Occ.
Operating Properties	# Homes		ReDev		Redev.		Occupancy			Home
1 Andover Park		240		1989		K/B		94.7	%	$	1,031
2 Hunt Club		256		1985		K/B		96.0	%		930
2 Tualatin Heights		220		1989		K/B		94.0	%		1,009
Grand Total		716						94.9	%	$	988

64

Austin
Market Fact Sheet

Market Statistics & Peer Comparison

Austin Portfolio	Homes
Same Store Pool		250
Non-Matures		390
Homes in Development		—
Total		640
MRQ Mo. Inc./ Home (SS)	$	954
MRQ Occupancy (SS)		95.8	%

Company	# of Homes		Ave. Rent
PPS		308	$	1,329
UDR		250		954
CPT		1,898		896
CLP		1,910		818
MAA		1,392		783
AIV		1,145		759
Total		6,903	$	850

Austin is UDR’s#20
market and is expected to
contribute 1.3% of the
Company’s 2009 total
pro forma NOI.

Austin Market Statistics

2009 Market Forecast				Home Affordability				Supply/Demand
Effective Rent (MRQ)	$	832		Ave. Market Rent	$	850		Job Growth MRQ	1.6	%
Occupancy (MRQ)		93.1	%	Mo Payment: Entry Level*:				Job Growth ‘09F	-1.8	%
Eff. Rent Growth ‘09F		-3.1	%	Home	$	1,215		Job Growth Nat’l Avg. ‘09F	-2.2	%
Eff. Rent Growth ‘10F		-1.8	%	Condo	$	995		Housing Stock (MRQ)
Eff. Rent Growth ‘11F		0.9	%	% Discount/Rent to Own		15% – 30	%	Renter	234,574
				Median Home Price (MRQ)	$	190,900		% of Total	40.2	%
				Housing Affordability Score^		112		Multifamily permits ‘08	5,304
				Median Income (MRQ)	$	69,100		Total permits ‘09F	10,350

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.

The Company also co-owns two properties, Red Stone Ranch (324 homes) and Lakeline Villas (309 homes) that are part of the Company’s Texas joint venture.

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Austin
Market Fact Sheet

			Year Built							Inc. per Occ.
Operating Properties	# Homes		ReDev		Redev.		Occupancy			Home
4 Barton Creek Landing		250		1986		K/B		95.8	%	$	954
Subtotal		250						95.8	%		954
Non-Mature and Other
1 Red Stone Ranch (Texas JV)		324		2001		—		96.1	%		848
2 Lakeline Villas (Texas JV)		309		2002		—		95.6	%		808
3 Residences at The Domain		390		2007		—		90.2	%		1,181
Subtotal1		390						90.2	%		1,181
Grand Total (UDR)1		640						92.4	%	$	1,089

1 Excludes joint-venture homes

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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 • No new construction starts planned for 2009 due to economic conditions
	• Focused operating model • Improved efficiency and effectiveness • Continued execution of technology initiatives
	• Strong balance sheet • $1.3 billion of cash and credit capacity (1/31/09)

Safe Harbor:Statements contained in this publication, 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 inflation/deflation on rental rates and property operating expenses, expectations concerning availability of capital and the stabilization of the capital markets, expectations concerning the collection of the note receivable from the 2008 portfolio sale, 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 of 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 February 9, 2009, 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.