Profile: UDR, Inc. (UDR.N)

UDR, Inc. (UDR) is a self administered real estate investment trust (REIT), that owns, acquires, renovates, develops, and manages apartment communities nationwide. As of December 31, 2008, the Company’s wholly owned apartment portfolio included 161 communities located in 23 markets, with a total of 44,388 completed apartment homes. In addition, it has an ownership interest in 4,158 apartment units through joint ventures. UDR’s subsidiaries include two operating partnerships, Heritage Communities L.P., and United Dominion Realty L.P., and RE3, its subsidiary that focuses on development, land entitlement and short-term hold investments. In March 2008, the Company announced that it has completed the sale of 25,684 apartment homes in 86 communities to DRA Fund VI LLC in a joint venture with Steven D. Bell & Company. During the year ended December 31, 2008, the Company acquired 4,558 apartment homes in 13 communities, completed development on two wholly owned communities consisting of 644 apartment homes, and sold 86 communities.

During 2008, the Company sold 25,684 of its non-core apartment homes while exiting some markets, specifically Arkansas, Delaware, Ohio, and South Carolina. During 2008, UDR completed the development of an apartment community located in Marina del Rey, CA with 298 apartment homes. In December 2008, it acquired its joint venture partner’s interest in their profit participation and terminated the property management agreement that had approximately two years remaining on the pre-existing contract. The Company’s wholly owned projects under development as of December 31, 2008, include Riachi at One21- Phase II Plano, Texas; Vintage Lofts Tampa, Florida; Belmont Dallas, Texas; Residences at Stadium Village Surprise, Arizona; Tribute Raleigh, North Carolina; Vitruvian Park Dallas, Texas, and Signal Hill Woodbridge, Virginia.