<SEC-DOCUMENT>0000950123-11-043653.txt : 20110503
<SEC-HEADER>0000950123-11-043653.hdr.sgml : 20110503
<ACCEPTANCE-DATETIME>20110503133310
ACCESSION NUMBER:		0000950123-11-043653
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		17
CONFORMED PERIOD OF REPORT:	20110331
FILED AS OF DATE:		20110503
DATE AS OF CHANGE:		20110503

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UDR, Inc.
		CENTRAL INDEX KEY:			0000074208
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				540857512
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10524
		FILM NUMBER:		11804210

	BUSINESS ADDRESS:	
		STREET 1:		1745 SHEA CENTER DRIVE
		STREET 2:		SUITE 200
		CITY:			HIGHLANDS RANCH
		STATE:			CO
		ZIP:			80129
		BUSINESS PHONE:		720-283-6120

	MAIL ADDRESS:	
		STREET 1:		1745 SHEA CENTER DRIVE
		STREET 2:		SUITE 200
		CITY:			HIGHLANDS RANCH
		STATE:			CO
		ZIP:			80129

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNITED DOMINION REALTY TRUST INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	OLD DOMINION REAL ESTATE INVESTMENT TRUST
		DATE OF NAME CHANGE:	19850110

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	OLD DOMINION REIT ONE
		DATE OF NAME CHANGE:	19770921

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UNITED DOMINION REALTY L P
		CENTRAL INDEX KEY:			0001018254
		IRS NUMBER:				541776887
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-156002-01
		FILM NUMBER:		11804211

	BUSINESS ADDRESS:	
		STREET 1:		1745 SHEA CENTER DRIVE
		STREET 2:		SUITE 200
		CITY:			HIGHLANDS RANCH
		STATE:			CO
		ZIP:			80129
		BUSINESS PHONE:		720-283-6120

	MAIL ADDRESS:	
		STREET 1:		1745 SHEA CENTER DRIVE
		STREET 2:		SUITE 200
		CITY:			HIGHLANDS RANCH
		STATE:			CO
		ZIP:			80129
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>c15245e10vq.htm
<DESCRIPTION>FORM 10-Q
<TEXT>
<HTML>
<HEAD>
<TITLE>Form 10-Q</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 10pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, DC 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 10pt"><B>FORM 10-Q</B>
</DIV>


<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 12pt">
<TR style="font-size: 10pt">
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="center"><FONT style="font-family: Wingdings">&#254;</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD><B>QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)&nbsp;OF THE SECURITIES EXCHANGE ACT OF 1934</B></TD>
</TR>
</TABLE>
</DIV>


<!-- xbrl,dc -->
<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>For the quarterly period ended March&nbsp;31, 2011</B></DIV>
<!-- /xbrl,dc -->

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>OR</B></DIV>


<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 12pt">
<TR style="font-size: 10pt">
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="center"><FONT style="font-family: Wingdings">&#111;</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD><B>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d)&nbsp;OF THE SECURITIES EXCHANGE ACT OF 1934</B></TD>
</TR>
</TABLE>
</DIV>


<DIV align="CENTER" style="font-size: 10pt; margin-top: 10pt"><B>For the transition period from <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> to <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>
Commission file number</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><B>1-10524 (UDR, Inc.)<BR>
333-156002-01 (United Dominion Realty, L.P.)</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 10pt"><B>UDR, Inc.</B></DIV>

<DIV align="center" style="font-size: 24pt"><B>United Dominion Realty, L.P.</B></DIV>

<DIV align="center" style="font-size: 10pt">
<B>(Exact name of registrant as specified in its charter)</B></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Maryland (UDR, Inc.)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>54-0857512</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware (United Dominion Realty, L.P.)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>54-1776887</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>(State or other jurisdiction of</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(I.R.S. Employer</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>incorporation of organization)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Identification No.)</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>1745 Shea Center Drive, Suite&nbsp;200, Highlands Ranch, Colorado 80129<BR>
(Address of principal executive offices) (zip code)</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>(720)&nbsp;283-6120<BR>
(Registrant&#146;s telephone number, including area code)</B></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Indicate by check mark whether the registrant (1)&nbsp;has filed all reports required to
be filed by Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12
months (or for such shorter period that the registrant was required to file such reports), and
(2)&nbsp;has been subject to such filing requirements for the past 90&nbsp;days.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="13%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">UDR, Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yes <FONT style="font-family: Wingdings">&#254;</FONT> No <FONT style="font-family: Wingdings">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">United Dominion Realty, L.P.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yes <FONT style="font-family: Wingdings">&#254;</FONT> No <FONT style="font-family: Wingdings">&#111;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Indicate by check mark whether the registrant has submitted electronically and posted on
its corporate Web site, if any, every Interactive Data File required to be submitted and
posted pursuant to Rule&nbsp;405 of Regulation&nbsp;S-T during the preceding 12&nbsp;months (or for such
shorter period that the registrant was required to submit and post such files).
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="13%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">UDR, Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yes <FONT style="font-family: Wingdings">&#254;</FONT> No <FONT style="font-family: Wingdings">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">United Dominion Realty, L.P.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yes <FONT style="font-family: Wingdings">&#111;</FONT> No <FONT style="font-family: Wingdings">&#111;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Indicate by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting company. See the
definitions of &#147;large accelerated filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148;
in Rule&nbsp;12b-2 of the Exchange Act. (Check one):
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">UDR, Inc.:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top"><FONT style="white-space: nowrap">Large accelerated filer <FONT style="font-family: Wingdings">&#254;</FONT></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="white-space: nowrap">Accelerated filer <FONT style="font-family: Wingdings">&#111;</FONT></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="white-space: nowrap">Non-accelerated filer <FONT style="font-family: Wingdings">&#111;</FONT></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="white-space: nowrap">Smaller reporting company <FONT style="font-family: Wingdings">&#111;</FONT></FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="white-space: nowrap">(Do not check if a smaller reporting company)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">United Dominion Realty, L.P.:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top"><FONT style="white-space: nowrap">Large accelerated filer <FONT style="font-family: Wingdings">&#111;</FONT></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="white-space: nowrap">Accelerated filer <FONT style="font-family: Wingdings">&#111;</FONT></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="white-space: nowrap">Non-accelerated filer <FONT style="font-family: Wingdings">&#254;</FONT></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="white-space: nowrap">Smaller reporting company <FONT style="font-family: Wingdings">&#111;</FONT></FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="white-space: nowrap">(Do not check if a smaller reporting company)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2 of the Exchange Act).
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="13%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">UDR, Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yes <FONT style="font-family: Wingdings">&#111;</FONT> No <FONT style="font-family: Wingdings">&#254;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">United Dominion Realty, L.P.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yes <FONT style="font-family: Wingdings">&#111;</FONT> No <FONT style="font-family: Wingdings">&#254;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The number of shares of UDR, Inc.&#146;s common stock, $0.01 par value, outstanding as of April 29, 2011,
was 189,778,728.
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>






<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="C15245tocpage"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UDR, INC.<BR>
UNITED DOMINION REALTY, L.P.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>INDEX</B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="86%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>PAGE</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" colspan="5"><A href="#C15245101"><B>PART I &#151; FINANCIAL INFORMATION</B></A></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C15245102">Item&nbsp;1. Consolidated Financial Statements</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">UDR, INC.:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#C15245103">Consolidated Balance Sheets as of March&nbsp;31, 2011 (unaudited)&nbsp;and December&nbsp;31, 2010 (audited)</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#C15245104">Consolidated Statements of Operations for the three months ended March&nbsp;31, 2011 and 2010
(unaudited)</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#C15245105">Consolidated Statements of Cash Flows for the three months ended March&nbsp;31, 2011 and 2010
(unaudited)</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#C15245106">Consolidated Statements of Stockholders&#146; Equity and Comprehensive Income/(Loss) for the three
months ended March&nbsp;31, 2011 (unaudited)</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#C15245107">Notes to Consolidated Financial Statements (unaudited)</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">UNITED DOMINION REALTY, L.P.:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#C15245108">Consolidated Balance Sheets as of March&nbsp;31, 2011 (unaudited)&nbsp;and December&nbsp;31, 2010 (audited)</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#C15245109">Consolidated Statements of Operations for the three months ended March&nbsp;31, 2011 and 2010
(unaudited)</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#C15245110">Consolidated Statements of Cash Flows for the three months ended March&nbsp;31, 2011 and 2010
(unaudited)</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#C15245111">Consolidated Statements of Partners&#146; Capital and Comprehensive Income/(Loss) for the three
months ended March&nbsp;31, 2011 (unaudited) </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#C15245112">Notes to Consolidated Financial Statements (unaudited)</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C15245113">Item&nbsp;2. Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C15245114">Item&nbsp;3. Quantitative and Qualitative Disclosures About Market Risk</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C15245115">Item&nbsp;4. Controls and Procedures</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" colspan="5"><A href="#C15245116"><B>PART II &#151; OTHER INFORMATION</B></A></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C15245117">Item&nbsp;1. Legal Proceedings</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C15245118">Item&nbsp;1A. Risk Factors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C15245119">Item&nbsp;2. Unregistered Sales of Equity Securities and Use of Proceeds</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C15245120">Item&nbsp;3. Defaults Upon Senior Securities</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C15245121">Item&nbsp;4. (Removed and Reserved)</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C15245122">Item&nbsp;5. Other Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C15245123">Item&nbsp;6. Exhibits</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C15245124">Signatures</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c15245exv12w1.htm">Exhibit 12.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c15245exv12w2.htm">Exhibit 12.2</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c15245exv31w1.htm">Exhibit 31.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c15245exv31w2.htm">Exhibit 31.2</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c15245exv31w3.htm">Exhibit 31.3</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c15245exv31w4.htm">Exhibit 31.4</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c15245exv32w1.htm">Exhibit 32.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c15245exv32w2.htm">Exhibit 32.2</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c15245exv32w3.htm">Exhibit 32.3</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c15245exv32w4.htm">Exhibit 32.4</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="udr-20110331.xml">EX-101 INSTANCE DOCUMENT</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="udr-20110331.xsd">EX-101 SCHEMA DOCUMENT</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="udr-20110331_cal.xml">EX-101 CALCULATION LINKBASE DOCUMENT</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="udr-20110331_lab.xml">EX-101 LABELS LINKBASE DOCUMENT</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="udr-20110331_pre.xml">EX-101 PRESENTATION LINKBASE DOCUMENT</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="udr-20110331_def.xml">EX-101 DEFINITION LINKBASE DOCUMENT</A></FONT></TD></TR>
</TABLE>
</DIV>
<DIV align="left">
<!-- /TOC -->
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>EXPLANATORY NOTE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This report combines the quarterly reports on Form 10-Q for the quarter ended March&nbsp;31, 2011
of UDR, Inc. a Maryland corporation, and United Dominion Realty, L.P., a Delaware limited
partnership, of which UDR is the parent company and sole general partner. Unless the context
otherwise requires, all references in this Report to &#147;we,&#148; &#147;us,&#148; &#147;our,&#148; the &#147;Company&#148;, &#147;UDR&#148; or
UDR, Inc. refer collectively to UDR, Inc., together with its consolidated subsidiaries and joint
ventures, including the Operating Partnership. Unless the context otherwise requires, the
references in this Report to the &#147;Operating Partnership&#148; refer to United Dominion Realty, L.P.
together with its consolidated subsidiaries. &#147;Common stock&#148; refers to the common stock of UDR and
&#147;stockholders&#148; means the holders of shares of UDR&#146;s common stock and preferred stock. The limited
partnership interests of the Operating Partnership are referred to as &#147;OP Units&#148; and the holders of
the OP Units are referred to as &#147;unitholders&#148;. This combined Form 10-Q is being filed separately by
UDR and the Operating Partnership.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">There are a number of differences between our company and our operating partnership,
which are reflected in our disclosure in this report. UDR is a real estate investment trust (a
&#147;REIT&#148;), whose most significant asset is its ownership interest in the Operating Partnership. UDR
also conducts business through other subsidiaries and operating partnerships, including its
subsidiary RE<SUP style="FONT-size: 85%; vertical-align: text-top">3</SUP>, whose activities include development, land entitlement and short-term
hold investments. UDR acts as the sole general
partner of the Operating Partnership, holds interests in other operating partnerships,
subsidiaries and joint ventures, owns and operates properties, issues securities from time to time and guarantees debt of
certain of our subsidiaries. The Operating Partnership conducts the operations of a substantial
portion of the business and is structured as a partnership with no publicly traded equity
securities. The Operating Partnership has guaranteed certain outstanding securities of UDR.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As of March&nbsp;31, 2011, UDR owned 110,883 units of the general partnership interests of the
Operating Partnership and 174,736,557 units (or approximately 97.2<I>%) </I>of the limited partnership
interests of the Operating Partnership (the &#147;OP Units&#148;). UDR conducts a substantial amount of its
business and holds a substantial amount of its assets through the Operating Partnership, and, by
virtue of its ownership of the OP Units and being the Operating Partnership&#146;s sole general partner,
UDR has the ability to control all of the day-to-day operations of the Operating Partnership.
Separate financial statements and accompanying notes, as well as separate discussions under
&#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations,&#148; are
provided for each of UDR and the Operating Partnership. This combined Form 10-Q is being filed
separately by UDR and the Operating Partnership.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UDR, INC.</B>
</DIV>
<DIV align="left">
<A name="C15245103"></A>
</DIV>

<DIV align="left">
<A name="C15245101"></A>
</DIV>
<DIV align="left">
<A name="C15245102"></A>
</DIV>



<!-- xbrl,bs -->
<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONSOLIDATED BALANCE SHEETS<BR>
<!-- xbrl,body -->
(In thousands, except share and per share data)</B>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">(unaudited)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">(audited)</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px"><B>ASSETS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Real estate owned:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Real estate held for investment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>6,542,227</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,519,095</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Less: accumulated depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(1,647,033</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,568,557</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,895,194</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,950,538</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Real estate under development</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>112,537</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97,912</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Real estate held for disposition<br>
(net of accumulated depreciation of $72,018 and $69,769)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>192,540</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">194,571</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total real estate owned, net of accumulated depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,200,271</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,243,021</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>11,692</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,486</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Marketable securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,866</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Restricted cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>15,355</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,447</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred financing costs, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>21,850</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,267</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Notes receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>7,800</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,800</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investment in unconsolidated joint ventures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>149,095</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148,057</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>95,814</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74,596</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>5,501,877</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,529,540</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px"><B>LIABILITIES AND STOCKHOLDERS&#146; EQUITY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Secured debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1,716,241</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,908,068</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Secured debt &#151; real estate held for disposition</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>55,309</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,602</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unsecured debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,747,236</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,603,834</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Real estate taxes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>17,605</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,585</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accrued interest payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>20,837</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,889</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Security deposits and prepaid rent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>26,965</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,046</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Distributions payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>37,445</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,561</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred fees and gains on the sale of depreciable property</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>28,931</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,943</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accounts payable, accrued expenses, and other liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>90,622</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105,925</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,741,191</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,800,453</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Redeemable non-controlling interests in operating partnership</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>123,360</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119,057</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Preferred stock, no par value; 50,000,000 shares authorized</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">2,803,812 shares of 8.00% Series&nbsp;E Cumulative Convertible issued
and outstanding (2,803,812 shares at December&nbsp;31, 2010)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>46,571</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,571</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">3,405,562 shares of 6.75% Series&nbsp;G Cumulative Redeemable issued
and outstanding (3,405,562 shares at December&nbsp;31, 2010)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>85,139</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85,139</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Common stock, $0.01 par value; 250,000,000 shares authorized</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">187,273,833 shares issued and outstanding (182,496,330 shares at December&nbsp;31, 2010)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,873</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,825</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Additional paid-in capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,548,818</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,450,141</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Distributions in excess of net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(1,045,117</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(973,864</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accumulated other comprehensive loss, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(3,696</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,469</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total UDR, Inc. stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,633,588</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,606,343</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-controlling interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,738</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,687</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,637,326</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,610,030</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total liabilities and stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>5,501,877</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,529,540</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">See accompanying notes to consolidated financial statements.
</DIV>
<!-- /xbrl,bs -->


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UDR, INC.</B>
</DIV>

<DIV align="left">
<A name="C15245104"></A>
</DIV>

<!-- xbrl,op -->
<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONSOLIDATED STATEMENTS OF OPERATIONS<BR>
<!-- xbrl,body -->
(In thousands, except per share data)</B>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Three Months Ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(unaudited)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>REVENUES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Rental income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>164,520</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">145,153</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-property income:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Other income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,536</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,471</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Total revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>169,056</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">146,624</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>EXPENSES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Rental expenses:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Real estate taxes and insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>20,974</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,828</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Personnel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>14,821</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,077</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Utilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>9,050</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,382</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Repair and maintenance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>9,003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,598</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Administrative and marketing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,975</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,721</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Property management</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,524</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,992</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Other operating expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,459</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,485</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Real estate depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>81,861</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69,137</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Expense incurred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>35,588</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,133</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Amortization of convertible debt discount</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>359</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">967</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Other debt charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,019</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">General and administrative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>10,675</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,640</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Other depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,043</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,223</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Total expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>197,351</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">173,183</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss from operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(28,295</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(26,559</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss from unconsolidated entities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(1,332</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(737</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss from continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(29,627</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(27,296</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income from discontinued operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>971</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,270</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consolidated net loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(28,656</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(25,026</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net loss attributable to redeemable non-controlling interests in OP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>832</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,005</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income attributable to non-controlling interests</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(51</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(35</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net loss attributable to UDR, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(27,875</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(24,056</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Distributions to preferred stockholders &#151; Series&nbsp;E (Convertible)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(931</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(931</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Distributions to preferred stockholders &#151; Series&nbsp;G</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(1,437</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,448</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net loss attributable to common stockholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(30,243</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(26,435</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings per weighted average common share &#151; basic:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Loss from continuing operations attributable to common stockholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right"><B>(0.17</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.18</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Loss from discontinued operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>0.00</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.01</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Net loss attributable to common stockholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right"><B>(0.17</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.17</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Earnings per weighted average common share &#151; diluted:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Loss from continuing operations attributable to common stockholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(0.17</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.18</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Loss from discontinued operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>0.00</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.01</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Net loss attributable to common stockholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(0.17</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.17</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Common distributions declared per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>0.185</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.180</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Weighted average number of common shares outstanding &#151; basic and diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>182,531</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">156,131</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">See accompanying notes to consolidated financial statements.
</DIV>
<!-- /xbrl,op -->

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UDR, INC.</B>
</DIV>

<DIV align="left">
<A name="C15245105"></A>
</DIV>

<!-- xbrl,cf -->
<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONSOLIDATED STATEMENTS OF CASH FLOWS<BR>
<!-- xbrl,body -->
(In thousands, except for share data)</B>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Three Months Ended March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(unaudited)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Operating Activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Consolidated net loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(28,656</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(25,026</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Adjustments to reconcile net loss to net cash provided by operating activities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>85,158</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73,430</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Net realized gain on sale of marketable securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(3,123</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Net (gain)/loss on the sale of depreciable property</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(41</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Loss on debt extinguishment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,019</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Write off of bad debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>574</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">674</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Loss from unconsolidated entities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,332</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">737</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Amortization of deferred financing costs and other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,923</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,094</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Amortization of deferred compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,656</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,898</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Amortization of convertible debt discount</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>359</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">967</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Prepayments on income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>503</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">502</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Changes in operating assets and liabilities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">(Increase)/decrease in operating assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(4,854</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,044</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Decrease in operating liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(12,897</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16,851</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash provided by operating activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>47,953</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,510</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Investing Activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Proceeds from sale of marketable securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>476</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Payments related to the buyout of joint venture partner</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16,141</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Development of real estate assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(21,507</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(28,565</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Capital expenditures and other major improvements &#151; real estate assets, net of escrow reimbursement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(15,506</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10,907</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Capital expenditures &#151; non-real estate assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(863</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,936</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investment in unconsolidated joint ventures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(2,341</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(148</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Distributions received from unconsolidated joint venture</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>333</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">328</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Purchase deposits on pending real estate acquisitions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(17,450</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash used in investing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(56,858</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(57,369</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Financing Activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Payments on secured debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(202,312</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(72,357</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Proceeds from the issuance of secured debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>10,181</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,052</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Proceeds from the issuance of unsecured debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">149,190</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Payments on unsecured debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(10,807</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(50,000</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net proceeds/(repayment) of revolving bank debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>153,800</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(68,300</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Payment of financing costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(369</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,766</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Issuance of common and restricted stock, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,662</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,442</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Proceeds from the issuance of common shares through public offering, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>94,168</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73,310</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Distributions paid to non-controlling interests</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(1,194</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,344</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Distributions paid to preferred stockholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(2,368</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,379</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Distributions paid to common stockholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(33,650</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(28,054</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash provided by financing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>11,111</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,794</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net increase in cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,206</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,935</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents, beginning of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>9,486</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,985</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents, end of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>11,692</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">19,920</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Supplemental Information:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest paid during the year, net of amounts capitalized</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>42,498</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">38,429</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-cash transactions:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Issuance of restricted stock awards</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Marketable securities sold prior to and settled subsequent to end of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,590</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Conversion of operating partnership non-controlling interests to common stock<br>
(41,804 shares in 2010)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">215</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Retirement of fully depreciated assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,183</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">See accompanying notes to consolidated financial statements.
</DIV>
<!-- /xbrl,cf -->

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- landscape -->



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UDR, INC.</B>
</DIV>

<DIV align="left">
<A name="C15245106"></A>
</DIV>

<!-- xbrl,se -->
<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONSOLIDATED STATEMENTS OF STOCKHOLDERS&#146; EQUITY AND COMPREHENSIVE INCOME (LOSS)<BR>
<!-- xbrl,body -->
(In thousands, except share and per share data)<BR>
(Unaudited)</B>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="19%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Accumulated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Distributions in</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Non-</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Preferred Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Common Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Paid-in</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Excess of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Comprehensive</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>controlling</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Capital</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Net Income</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Income/(Loss)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>interest</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Balance, December&nbsp;31, 2010</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,209,374</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>131,710</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>182,496,330</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1,825</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>2,450,141</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(973,864</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(3,469</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>3,687</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1,610,030</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Comprehensive income/(loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(27,875</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(27,875</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net income attributable to non-controlling interests</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Unrealized gain on sale of marketable securities
reclassified into earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,492</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,492</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Unrealized gain on derivative financial
instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,282</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,282</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Allocation to redeemable non-controlling
interests</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Comprehensive income/(loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(27,875</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(227</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(28,051</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Issuance of common and restricted shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">733,757</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,557</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Issuance of common shares through public offering</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,043,746</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94,127</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94,168</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Common stock distributions declared ($0.185 per share)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(34,697</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(34,697</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Preferred stock distributions declared-Series&nbsp;E<br>
($0.3322 per share)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(931</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(931</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Preferred stock distributions declared-Series&nbsp;G<br>
($0.421875 per share)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,437</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,437</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Adjustment to reflect redemption value of
redeemable non-controlling interests</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,313</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,313</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Balance, March&nbsp;31, 2011</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,209,374</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>131,710</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>187,273,833</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1,873</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>2,548,818</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(1,045,117</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(3,696</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>3,738</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1,637,326</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">See accompanying notes to consolidated financial statements.
</DIV>
<!-- /xbrl,se -->



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>
<!-- xbrl,ns -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UDR, INC.</B>
</DIV>

<DIV align="left">
<A name="C15245107"></A>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<BR>
March&nbsp;31, 2011<BR>
(Unaudited)</B>
</DIV>

<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>1. CONSOLIDATION AND BASIS OF PRESENTATION</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Consolidation and Basis of Presentation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">UDR, Inc., collectively with our consolidated subsidiaries (&#147;UDR&#148;, the &#147;Company&#148;, &#147;we&#148;, &#147;our&#148;,
or &#147;us&#148;) is a self-administered real estate investment trust, or REIT, that owns, acquires,
renovates, develops, redevelops, and manages apartment communities. The accompanying consolidated
financial statements include the accounts of UDR and its subsidiaries, including United Dominion
Realty, L.P. (the &#147;Operating Partnership&#148;) and Heritage Communities L.P. (the &#147;Heritage OP&#148;). As of
March&nbsp;31, 2011, there were 179,909,408 units in the Operating Partnership outstanding, of which
174,847,440 units or 97.2% were owned by UDR and 5,061,968 units or 2.8% were owned by limited
partners. The consolidated financial statements of UDR include the non-controlling interests of the
unitholders in the Operating Partnership.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The accompanying interim unaudited consolidated financial statements have been prepared
according to the rules and regulations of the Securities and Exchange Commission. Certain
information and footnote disclosures normally included in financial statements prepared in
accordance with accounting principles generally accepted in the United States have been condensed
or omitted according to such rules and regulations, although management believes that the
disclosures are adequate to make the information presented not misleading. In the opinion of
management, all adjustments and eliminations necessary for the fair presentation of our financial
position as of March&nbsp;31, 2011, and results of operations for the three months ended March&nbsp;31, 2011
and 2010 have been included. Such adjustments are normal and recurring in nature. The interim
results presented are not necessarily indicative of results that can be expected for a full year.
The accompanying interim unaudited consolidated financial statements should be read in conjunction
with the audited consolidated financial statements and related notes appearing in UDR&#146;s Annual
Report on Form 10-K for the year ended December&nbsp;31, 2010, filed with the Securities and Exchange
Commission on February&nbsp;23, 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The accompanying interim unaudited consolidated financial statements are presented in
accordance with U.S. generally accepted accounting principles (&#147;GAAP&#148;). GAAP requires management to
make estimates and assumptions that affect the reported amounts of assets and liabilities and the
disclosure of contingent liabilities at the dates of the interim unaudited consolidated financial
statements and the amounts of revenues and expenses during the reporting periods. Actual amounts
realized or paid could differ from those estimates. All significant intercompany accounts and
transactions have been eliminated in consolidation. Certain previously reported amounts have been
reclassified to conform to the current financial statement presentation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company evaluated subsequent events through the date its financial statements were issued.
Except as disclosed in Note 16, <I>Subsequent Events</I>, no other recognized or non-recognized subsequent
events were noted.
</DIV>

<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>2. SIGNIFICANT ACCOUNTING POLICIES</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Accounting Policies</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Revenue and real estate sales gain recognition</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Rental income related to leases is recognized on an accrual basis when due from residents in
accordance with FASB ASC 840, <I>Leases </I>and SEC Staff Accounting Bulletin No.&nbsp;104, &#147;Revenue
Recognition&#148;. Rental payments are
generally due on a monthly basis and recognized when earned. The Company recognizes interest
income, management and other fees and incentives when earned, fixed and determinable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company accounts for sales of real estate in accordance with FASB ASC 360-20, <I>Real Estate
Sales</I>. For sale transactions meeting the requirements for full accrual profit recognition, such as
the Company no longer having continuing involvement in the property, we remove the related assets
and liabilities from our Consolidated Balance Sheets and record the gain or loss in the period the
transaction closes. For sale transactions that do not meet the full accrual sale criteria due to
our continuing involvement, we evaluate the nature of the continuing involvement and account for
the transaction under an alternate method of accounting.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UDR, INC.</B>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS &#151; (Continued)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Sales to entities in which we retain or otherwise own an interest are accounted for as partial
sales. If all other requirements for recognizing profit under the full accrual method have been
satisfied and no other forms of continuing involvement are present, we recognize profit
proportionate to the outside interest in the buyer and will defer the gain on the interest we
retain. The Company will recognize any deferred gain when the property is then sold to a third
party. In transactions accounted by us as partial sales, we determine if the buyer of the majority
equity interest in the venture was provided a preference as to cash flows in either an operating or
a capital waterfall. If a cash flow preference has been provided, we recognize profit only to the
extent that proceeds from the sale of the majority equity interest exceed costs related to the
entire property.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Marketable Securities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Marketable securities represent common stock in a publicly held company. Marketable securities
are classified as &#147;available-for-sale,&#148; and are carried at fair value with unrealized gains and
losses reported as a component of stockholders&#146; equity. During the three months ended March&nbsp;31,
2011, the Company sold marketable securities for $3.5&nbsp;million, resulting in a gross realized gain
of $3.1&nbsp;million, which is included in &#147;Other Income&#148; on the Consolidated Statements of Operations.
The cost of securities sold was based on the specific identification method. Unrealized gains of
$3.5&nbsp;million were reclassified out of accumulated other comprehensive income/(loss) into earnings
during the three months ended March&nbsp;31, 2011. Of the $3.5&nbsp;million of proceeds from the sale of
securities, the Company recorded a trade date receivable of $3.0&nbsp;million at March&nbsp;31, 2011, which
is included in &#147;Other Assets&#148; on the Consolidated Balance Sheets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The amortization of any discount and interest income on previously held debt securities are
included in &#147;Other Income&#148; on the Consolidated Statements of Operations for the three months ended
March&nbsp;31, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Income Taxes</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Due to the structure of the Company as a REIT and the nature of the operations for the
operating properties, no provision for federal income taxes has been provided for at UDR.
Historically, the Company has generally incurred only state and local income, excise and franchise
taxes. UDR has elected for certain consolidated subsidiaries to be treated as Taxable REIT
Subsidiaries (&#147;TRS&#148;), primarily those engaged in development activities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Income taxes for our TRS are accounted for under the asset and liability method. Deferred tax
assets and liabilities are recognized for future tax consequences attributable to differences
between the financial statement carrying amounts of existing assets and liabilities and their
respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates
expected to apply to taxable income in the years in which those temporary differences are expected
to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax
rate is recognized in earnings in the period of the enactment date. The Company&#146;s deferred tax
assets are generally the result of differing depreciable lives on capitalized assets and timing of
expense recognition for certain accrued liabilities. As of March&nbsp;31, 2011, UDR recorded a net
current liability of $553,000 and a deferred tax asset of $6.6&nbsp;million (net of a valuation
allowance of $58.3&nbsp;million). For the three months ended March&nbsp;31, 2011 and 2010, UDR recorded
income tax expense of $86,000 and $65,000, respectively, which is classified in &#147;General and
Administrative&#148; expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">FASB ASC 740, <I>Income Taxes </I>(&#147;Topic 740&#148;) defines a recognition threshold and measurement
attribute for the financial statement recognition and measurement of a tax position taken or
expected to be taken in a tax return. Topic 740 also provides guidance on derecognition,
classification, interest and penalties, accounting for interim periods, disclosure and transition.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UDR, INC.</B>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS &#151; (Continued)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company recognizes its tax positions and evaluates them using a two-step process. First,
we determine whether a tax position is more likely than not (greater than 50&nbsp;percent probability)
to be sustained upon examination, including resolution of any related appeals or litigation
processes, based on the technical merits of the position. Then the Company will determine the
amount of benefit to recognize and record the amount that is more likely than not to be realized
upon ultimate settlement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">UDR had no unrecognized tax benefit, accrued interest or penalties at March&nbsp;31, 2011. UDR and its
 subsidiaries are subject to U.S. federal income tax as well as income tax of multiple
state jurisdictions. The tax years 2006 &#151; 2010 remain open to examination by the major taxing
jurisdictions to which we are subject. When applicable, UDR recognizes interest and/or penalties
related to uncertain tax positions in income tax expense.
</DIV>

<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>3. REAL ESTATE OWNED</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Real estate assets owned by the Company consist of income producing operating properties,
properties under development and land held for future development. As of March&nbsp;31, 2011 the Company
owned and consolidated 172 communities in 10 states plus the District of Columbia totaling 48,553
apartment homes. The following table summarizes the carrying amounts for our real estate owned (at
cost) as of March&nbsp;31, 2011 and December&nbsp;31, 2010 <I>(dollar amounts in thousands):</I>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<tr><td>&nbsp;</td></tr>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Land</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1,703,263</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,699,400</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Depreciable property &#151; held and used:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Building and improvements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,539,043</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,522,131</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Furniture, fixtures and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>299,921</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">297,564</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Under development:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Land</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>62,410</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,410</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Construction in progress</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>50,127</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,502</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Held for disposition:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Land</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>84,316</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84,307</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Building and improvements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>174,405</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">174,283</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Furniture, fixtures and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,837</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,750</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Real estate owned</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,919,322</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,881,347</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accumulated depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(1,719,051</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,638,326</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Real estate owned, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>5,200,271</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,243,021</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company did not acquire any properties during the three months ended March&nbsp;31, 2011
and 2010.
</DIV>

<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>4. DISCONTINUED OPERATIONS</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Discontinued operations represent properties that UDR has either sold or which management
believes meet the criteria to be classified as held for sale. In order to be classified as held for
sale and reported as discontinued operations, a property&#146;s operations and cash flows have been or
will be divested to a third party by the Company whereby UDR will not have any significant
continuing involvement in the ownership or operation of the property after the sale or disposition.
The results of operations of the property are presented as discontinued operations for all periods
presented and do not impact the net earnings reported by the Company. Once a property is deemed as
held for sale, depreciation is no longer recorded. However, if the Company determines that the
property no longer meets the criteria of held for sale, the Company will recapture any unrecorded
depreciation for the property. The assets and
liabilities of properties classified as held for sale are presented separately on the
Consolidated Balance Sheets at the lower of their carrying amount or their estimated fair value
less the costs to sell the assets.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UDR, INC.</B>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS &#151; (Continued)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company had six communities with 1,418 apartment homes classified as held for disposition
at March&nbsp;31, 2011. The Company did not dispose of any communities during the three months ended
March&nbsp;31, 2011 and 2010. Discontinued operations for the three months ended March&nbsp;31, 2010 also
includes operating activities related to one 149 unit community sold during the third quarter of
2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following is a summary of income from discontinued operations for the three months ended
March&nbsp;31, 2011 and 2010 (<I>dollars in thousands</I>):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Three Months Ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<tr><td>&nbsp;</td></tr>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rental income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>5,982</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,476</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-property income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,849</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,982</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,325</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rental expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,882</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property management fee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>165</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">178</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Real estate depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,254</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,070</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>751</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">766</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,052</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,014</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income before net gain on the sale of depreciable property</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>930</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,311</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net gain/(loss) on the sale of depreciable property</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>41</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(41</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income from discontinued operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>971</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,270</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>5. JOINT VENTURES</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">UDR has entered into joint ventures with unrelated third parties for real estate assets that
are either consolidated and included in real estate owned on our Consolidated Balance Sheets or are
accounted for under the equity method of accounting, which are not consolidated and are included in
investment in unconsolidated joint ventures on our Consolidated Balance Sheets. The Company
consolidates an entity in which we own less than 100% but control the joint venture as well as any
variable interest entity where we are the primary beneficiary. In addition, the Company
consolidates any joint venture in which we are the general partner or managing member and the third
party does not have the ability to substantively participate in the decision-making process nor do
they have the ability to remove us as general partner or managing member without cause.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">UDR&#146;s joint ventures are funded with a combination of debt and equity. Our losses are limited
to our investment and except as noted below, the Company does not guarantee any debt, capital
payout or other obligations associated with our joint venture portfolio.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Consolidated Joint Ventures</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">UDR is a partner with an unaffiliated third party in a joint venture (&#147;989 Elements&#148;) which
owns and operates a 23-story, 166 home high-rise apartment community in the central business
district of Bellevue, Washington. In March&nbsp;2010, the Company paid $7.7&nbsp;million to acquire our
partner&#146;s 49% interest in the joint venture. At March&nbsp;31, 2011 and December&nbsp;31, 2010, the Company&#146;s
interest in 989 Elements was 98%.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UDR, INC.</B>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS &#151; (Continued)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">UDR is a partner with an unaffiliated third party in a joint venture (&#147;Elements Too&#148;) which
owns and operates a 274 home apartment community in the central business district of Bellevue,
Washington. Construction began in the fourth quarter of 2006 and was completed in the first
quarter of 2010. In March&nbsp;2010, the Company paid $3.2&nbsp;million to acquire our partner&#146;s 49% interest
in the joint venture. At March&nbsp;31, 2011 and December&nbsp;31, 2010, the Company&#146;s interest in Elements
Too was 98%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">UDR is a partner with an unaffiliated third party in a joint venture (&#147;Bellevue&#148;) which owns
an operating retail site in Bellevue, Washington. The Company initially planned to develop a 430
home high rise apartment building with ground floor retail on an existing operating retail center.
However, the joint venture subsequently decided to continue to operate the retail property as
opposed to developing a high rise apartment building on the site. In March&nbsp;2010, the Company paid
$5.2&nbsp;million to acquire our partner&#146;s 49% interest in the joint venture. At March&nbsp;31, 2011 and
December&nbsp;31, 2010, the Company&#146;s interest in Bellevue was 98%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Unconsolidated Joint Ventures</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company recognizes earnings or losses from our investments in unconsolidated joint
ventures consisting of our proportionate share of the net earnings or loss of the joint ventures.
In addition, we may earn fees for providing management services to the unconsolidated joint
ventures. As of March&nbsp;31, 2011, UDR had investments in the following unconsolidated joint ventures
which are accounted for under the equity method of accounting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In November&nbsp;2010, the Company acquired The Hanover Company&#146;s (&#147;Hanover&#148;) partnership interests
in the Hanover/MetLife Master Limited Partnership (the&#147;UDR/MetLife Partnership&#148;). The UDR/MetLife
Partnership owns a portfolio of 26 operating communities containing 5,748 apartment homes and 11
land parcels with the potential to develop approximately 2,300 additional apartment homes. Under
the terms of the UDR/MetLife Partnership, UDR acts as the general partner and earns fees for
property and asset management and financing transactions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">UDR acquired a weighted average ownership interest of 12.27% in the operating communities and 4.14% in
the land parcels for $100.8&nbsp;million. The initial investment of $100.8&nbsp;million consists of $71.8
million in cash, which includes associated transaction costs, and a $30&nbsp;million payable (includes
present value discount of $1&nbsp;million) to Hanover. UDR agreed to pay the $30&nbsp;million balance to
Hanover in two interest free installments in the amounts of $20&nbsp;million and $10&nbsp;million on the
first and second anniversaries of the closing, respectively. The $30&nbsp;million payable was recorded
at its present value of $29&nbsp;million using an effective interest rate of 2.67%. At March&nbsp;31, 2011
and December&nbsp;31, 2010, the net carrying value of the payable was $29.3&nbsp;million and $29.1&nbsp;million,
respectively. Interest expense of $195,000 was recorded during the three months ended March&nbsp;31,
2011. At March&nbsp;31, 2011 and December&nbsp;31, 2010, the Company&#146;s investment was $121.9&nbsp;million and
$122.2&nbsp;million, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">UDR&#146;s total cost of its equity investment of $100.8&nbsp;million differed from the proportionate
share in the underlying net assets of the UDR/MetLife Partnership of $111.4&nbsp;million. The difference
of $10.6&nbsp;million was attributable to certain assets and adjustments were allocated to UDR&#146;s
proportionate share in the UDR/MetLife Partnership&#146;s buildings of $8.4&nbsp;million, land of $3.9
million, and ($1.6&nbsp;million) of lease intangible assets. With the exception of land, the difference
related to buildings is amortized and recorded as a component of loss from unconsolidated entities
over 45&nbsp;years and the difference related to lease intangible assets is amortized and recorded as a
component of loss from unconsolidated entities over 11&nbsp;months with the offset to the Company&#146;s
carrying value of its equity investment. During the three months ended March&nbsp;31, 2011, the Company
recorded $396,000 of amortization.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In connection with the purchase of Hanover&#146;s interests in the UDR/MetLife Partnership, UDR
agreed to indemnify Hanover from liabilities from Hanover&#146;s guaranty of $304&nbsp;million in loans ($333
million outstanding at March&nbsp;31, 2011) which are secured by a security interest in the operating
communities subject to the respective loans. The loans are to the sub-tier partnerships which own
the 26 operating communities. The Company anticipates that the balance of these loans will be
refinanced by the UDR/MetLife Partnership over the next twelve months.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UDR, INC.</B>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS &#151; (Continued)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In October&nbsp;2010, the Company entered into a joint venture with an affiliate of Hanover to
develop a 240-home community in Stoughton, Massachusetts. At March&nbsp;31, 2011 and December&nbsp;31, 2010,
UDR owned a noncontrolling interest of 95% in the joint venture. Our initial investment was $10
million. Our investment at March&nbsp;31, 2011 and December&nbsp;31, 2010 was $12.8&nbsp;million and $10.3
million, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">UDR is a partner with an unaffiliated third party, which formed a joint venture for the
investment of up to $450&nbsp;million in multifamily properties located in key, high barrier to entry
markets. The partners will contribute equity of $180&nbsp;million of which the Company&#146;s maximum equity
will be 30% or $54&nbsp;million when fully invested. In 2010, the joint venture acquired its first
property (151 homes) located in Metropolitan Washington D.C.. At March&nbsp;31, 2011 and December&nbsp;31,
2010, the Company owned a 30% interest in the joint venture. Our investment at March&nbsp;31, 2011 and
December&nbsp;31, 2010 was $5.1&nbsp;million and $5.2&nbsp;million, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">UDR is a partner with an unaffiliated third party which owns and operates 10 operating
properties located in Texas (3,992 homes). UDR contributed cash and a property equal to 20% of the
fair value of the properties. The unaffiliated member contributed cash equal to 80% of the fair
value of the properties comprising the joint venture, which was then used to purchase the nine
operating properties from UDR. Our initial investment was $20.4&nbsp;million. Our investment at March
31, 2011 and December&nbsp;31, 2010 was $9.3&nbsp;million and $10.3&nbsp;million, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We evaluate our investments in unconsolidated joint ventures when events or changes in
circumstances indicate that there may be an other-than-temporary decline in value. We consider
various factors to determine if a decrease in the value of the investment is other-than-temporary.
The Company did not recognize any other-than-temporary decrease in the value of its other
investments in unconsolidated joint ventures during the three months ended March&nbsp;31, 2011 and 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Combined summary financial information relating to all of the unconsolidated joint ventures
operations (not just our proportionate share), is presented below for the three months ended March
31, (<I>dollars in thousands):</I>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<tr><td>&nbsp;</td></tr>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>46,591</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10,003</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Real estate depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>16,601</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,043</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,589</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,614</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">UDR recorded loss from unconsolidated entities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,332</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">737</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Combined summary balance sheets relating to all of the unconsolidated joint ventures (not just
our proportionate share) are presented below as of March&nbsp;31, 2011 and December&nbsp;31, 2010 (<I>dollars in
thousands</I>):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Real estate, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>2,679,770</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,692,167</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,801,354</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,807,886</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Amount due to UDR</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,305</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">672</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Third party debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,551,266</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,524,872</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,579,270</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,580,733</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-controlling interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>14,582</B></TD>
    <TD nowrap><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">14,537</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,207,502</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,212,616</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As of March&nbsp;31, 2011, the Company had deferred fees and deferred profit from the sale of
properties to a joint venture of $28.8&nbsp;million, which the Company will not recognize until the
underlying property is sold to a third party. The Company recognized $1.3&nbsp;million and $391,000 of management fees during the three months
ended March&nbsp;31, 2011 and 2010, respectively, for our management of the joint ventures.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company may, in the future, make additional capital contributions to certain of our joint
ventures should additional capital contributions be necessary to fund acquisitions and operating
shortfalls.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UDR, INC.</B>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS &#151; (Continued)</B>
</DIV>

<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>6. SECURED DEBT</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our secured debt instruments generally feature either monthly interest and principal or
monthly interest-only payments with balloon payments due at maturity. For purposes of
classification of the following table, variable rate debt with a derivative financial instrument
designated as a cash flow hedge is deemed as fixed rate debt due to the Company having effectively
established a fixed interest rate for the underlying debt instrument. Secured debt which encumbers
$2.8&nbsp;billion or 40.3% of UDR&#146;s real estate owned based upon book value ($4.1&nbsp;billion or 59.7% of
UDR&#146;s real estate owned is unencumbered) consists of the following as of March&nbsp;31, 2011 (<I>dollars in
thousands</I>):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Principal Outstanding</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Communities</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Interest Rate</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Years to Maturity</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Encumbered</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Fixed Rate Debt</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mortgage notes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>317,812</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">292,236</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.71</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tax-exempt secured note payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,325</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fannie Mae credit facilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>896,596</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">897,318</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.32</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total fixed rate secured debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,214,408</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,202,879</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.16</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Variable Rate Debt</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mortgage notes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>201,992</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">405,641</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.27</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tax-exempt secured notes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>94,700</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.01</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fannie Mae credit facilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>260,450</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">260,450</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.67</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total variable rate secured debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>557,142</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">760,791</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.78</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total secured debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1,771,550</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,963,670</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.10</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">UDR has five secured credit facilities with Fannie Mae with an aggregate commitment of
$1.4&nbsp;billion at March&nbsp;31, 2011. The Fannie Mae credit facilities are for an initial term of 10
years, bear interest at floating and fixed rates, and certain variable rate facilities can be
extended for an additional five years at our option. We have $896.6&nbsp;million of the outstanding
balance fixed at a weighted average interest rate of 5.32% and the remaining balance on these
facilities is currently at a weighted average variable interest rate of 1.67%.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>March 31, 2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>December 31, 2010</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">(dollar amounts in thousands)</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Borrowings outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1,157,046</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,157,768</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average borrowings during the period ended</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,157,316</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,198,771</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Maximum daily borrowings during the period ended</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,157,557</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,209,739</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average interest rate during the period ended</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>4.5</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.6</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average interest rate at the end of the period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>4.5</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.5</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company will from time to time acquire properties subject to fixed rate debt
instruments. In those situations, management will record the secured debt at its estimated fair
value and amortize any difference between the fair value and par to interest expense over the life
of the underlying debt instrument. The unamortized fair market adjustment was a net discount of
$617,000 and $694,000 at March&nbsp;31, 2011 and December&nbsp;31, 2010, respectively.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UDR, INC.</B>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS &#151; (Continued)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Fixed Rate Debt</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Mortgage notes payable. </I>Fixed rate mortgage notes payable are generally due in monthly
installments of principal and interest and mature at various dates from August&nbsp;2011 through
February&nbsp;2017 and carry interest rates ranging from 1.93% to 6.60%. Mortgage notes payable includes
debt associated with development activities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Secured credit facilities. </I>At March&nbsp;31, 2011, the Company had $896.6&nbsp;million outstanding of
fixed rate secured credit facilities with Fannie Mae with a weighted average fixed interest rate of
5.32%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Variable Rate Debt</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Mortgage notes payable. </I>Variable rate mortgage notes payable are generally due in monthly
installments of principal and interest and mature at various dates from August&nbsp;2011 through April
2016. The mortgage notes payable are based on LIBOR plus basis points, which translate into
interest rates ranging from 0.99% to 3.89% at March&nbsp;31, 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Tax-exempt secured notes payable. </I>The variable rate mortgage notes payable that secure
tax-exempt housing bond issues mature at various dates from August&nbsp;2019 and March&nbsp;2030. Interest on
these notes is payable in monthly installments. The variable mortgage notes have interest rates
ranging from 0.99% to 1.05% as of March&nbsp;31, 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Secured credit facilities. </I>At March&nbsp;31, 2011, the Company had $260.5&nbsp;million outstanding of
variable rate secured credit facilities with Fannie Mae with a weighted average floating interest
rate of 1.67%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The aggregate maturities, including amortizing principal payments, of our secured debt due
during each of the next five calendar years and thereafter are as follows <I>(dollars in thousands):</I>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Fixed</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Variable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Mortgage</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Credit</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Mortgage</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Tax-Exempt</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Credit</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Total</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Year</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Notes</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Facilities</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Notes</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Notes Payable</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Facilities</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Secured</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">39,584</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,087</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">42,394</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">39,513</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">123,578</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57,373</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">177,944</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,060</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,529</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">295,906</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2013</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,021</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,631</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,838</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">146,490</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2014</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,383</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,328</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,081</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104,792</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2015</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">403</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,522</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,402</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,327</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thereafter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93,048</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">671,084</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,217</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">161,408</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,080,457</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">317,812</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">896,596</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">201,992</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">94,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">260,450</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,771,550</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UDR, INC.</B>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS &#151; (Continued)</B>
</DIV>

<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>7. UNSECURED DEBT</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">A summary of unsecured debt as of March&nbsp;31, 2011 and December&nbsp;31, 2010 is as follows <I>(dollars
in thousands):</I>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Commercial Banks</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Borrowings outstanding under an unsecured credit facility due July&nbsp;2012 (a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>185,550</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">31,750</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Senior Unsecured Notes</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.625% Convertible Senior Notes due September&nbsp;2011 (net of Subtopic 470-20 discount of
$779 and $1,138) (b), (f)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>96,320</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95,961</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.00% Medium-Term Notes due January&nbsp;2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>100,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.02% Term Notes due December&nbsp;2013</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>100,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.05% Medium-Term Notes due June&nbsp;2013</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>122,500</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">122,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.13% Medium-Term Notes due January&nbsp;2014</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>184,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">184,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.50% Medium-Term Notes due April&nbsp;2014 (net of discount of $209 and $226 )</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>128,291</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128,274</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.25% Medium-Term Notes due January&nbsp;2015 (includes discount of $487 and $519) (c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>324,689</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">324,656</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.25% Medium-Term Notes due January&nbsp;2016</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>83,260</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83,260</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.27% Term Notes due January&nbsp;2016 (d)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.48% Term Notes due January&nbsp;2016 (d)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>250,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.50% Debentures due September&nbsp;2024</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>15,644</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,644</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.00% Convertible Senior Notes due December&nbsp;2035 (e), (f)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>156,944</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">167,750</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>38</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,561,686</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,572,084</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1,747,236</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,603,834</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(a)</TD>
    <TD>&nbsp;</TD>
    <TD>Our unsecured credit facility provides us with an aggregate borrowing capacity of $600
million, which at our election we can increase to $750&nbsp;million under certain circumstances.
Our unsecured credit facility with a consortium of financial institutions carries an interest
rate equal to LIBOR plus a spread of 47.5 basis points (0.7% and 0.9% interest rate at March
31, 2011 and December&nbsp;31, 2010, respectively) and matures in July&nbsp;2012. In addition, the
unsecured credit facility contains a provision that allows us to bid up to 50% of the
commitment and we can bid out the entire unsecured credit facility once per quarter so long as
we maintain an investment grade rating.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(b)</TD>
    <TD>&nbsp;</TD>
    <TD>Subject to the restrictions on ownership of our common stock and certain other conditions, at
any time on or after July&nbsp;15, 2011 and prior to the close of business on the second business
day prior to the maturity date of September&nbsp;15, 2011, and also following the occurrence of
certain events, holders of outstanding 3.625% notes may convert their notes into cash and, if
applicable, shares of our common stock, at the conversion rate in effect at such time. Upon
conversion of the notes, UDR will deliver cash and common stock, if any, based on a daily
conversion value calculated on a proportionate basis for each trading day of the relevant 30
trading day observation period. The initial conversion rate for each $1,000 principal amount
of notes was 26.6326 shares of our common stock (equivalent to an initial conversion price of
approximately $37.55 per share), subject to
adjustment under certain circumstances. If UDR undergoes certain change in control transactions,
holders of the 3.625% notes may require us to repurchase their notes in whole or in part for
cash equal to 100% of the principal amount of the notes to be repurchased plus any unpaid
interest accrued to the repurchase date. In connection with the issuance of the 3.625% notes,
UDR entered into a capped call transaction covering approximately 6.7&nbsp;million shares of our
common stock, subject to anti-dilution adjustments similar to those contained in the notes. The
capped call expires on the maturity date of the 3.625% notes. The capped call transaction
combines a purchased call option with a strike price of $37.548 with a written call option with
a strike price of $43.806. The capped call transaction effectively increased the initial
conversion price to $43.806 per share, representing a 40% conversion premium. The net cost of
approximately $12.6&nbsp;million of the capped call transaction was included in stockholders&#146; equity.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UDR, INC.</B>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS &#151; (Continued)</B>
</DIV>




<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(c)</TD>
    <TD>&nbsp;</TD>
    <TD>On December&nbsp;7, 2009, the Company entered into an Amended and Restated Distribution Agreement
with respect to the issue and sale by the Company from time to time of its Medium-Term Notes,
Series&nbsp;A Due Nine Months or More From Date of Issue. During the three months ended March&nbsp;31,
2010, the Company issued $150&nbsp;million of 5.25% senior unsecured medium-term notes under the
Amended and Restated Distribution Agreement. These notes were priced at 99.46% of the
principal amount at issuance and had a discount of $487,000 at March&nbsp;31, 2011.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(d)</TD>
    <TD>&nbsp;</TD>
    <TD>During the three months ended March&nbsp;31, 2011, the Company entered into an interest rate swap
agreement for the remaining $150&nbsp;million balance. As a result, the $250&nbsp;million term notes
carry a fixed interest rate of 3.48% at March&nbsp;31, 2011.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(e)</TD>
    <TD>&nbsp;</TD>
    <TD>During the three months ended March&nbsp;31, 2011, holders of the 4.00% Convertible Senior Notes
due 2035 tendered $10.8&nbsp;million of Notes. As a result, the Company retired debt with a
notional value of $10.8&nbsp;million and wrote off unamortized financing costs of $207,000.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>On March&nbsp;2, 2011, the Company called all of its outstanding 4.00% Convertible Senior Notes due
2035. The redemption date for the Notes was April&nbsp;4, 2011, and the redemption price was 100% of
the principal amount of the outstanding Notes, plus accrued and unpaid interest on the Notes to,
but not including, the date of redemption. Subject to and in accordance with the terms and
conditions set forth in the Indenture governing the Notes dated as of December&nbsp;19, 2005, holders
of Notes had the right to convert their Notes at any time until March&nbsp;31, 2011, at a conversion
rate of 38.8650 shares of our common stock per $1,000 principal amount of Notes (equivalent to a
conversion price of approximately $25.73 per share. The Company accelerated the amortization of
the remaining financing costs of $3.0&nbsp;million to the April&nbsp;4, 2011 redemption date during the
three months ended March&nbsp;31, 2011.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(f)</TD>
    <TD>&nbsp;</TD>
    <TD>ASC Subtopic 470-20 applies to all convertible debt instruments that have a &#147;net settlement
feature&#148;, which means that such convertible debt instruments, by their terms, may be settled
either wholly or partially in cash upon conversion. This guidance requires issuers of
convertible debt instruments that may be settled wholly or partially in cash upon conversion
to separately account for the liability and equity components in a manner reflective of the
issuers&#146; nonconvertible debt borrowing rate. The guidance impacted the historical accounting
for the 3.625% convertible senior notes due September&nbsp;2011 and the 4.00% convertible senior
notes due December&nbsp;2035, and resulted in increased interest expense of $359,000 and $967,000
for the three months ended March&nbsp;31, 2011 and 2010, respectively.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following is a summary of short-term bank borrowings under UDR&#146;s bank credit facility at
March&nbsp;31, 2011 and December&nbsp;31, 2010 <I>(dollars in thousands):</I>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total revolving credit facility</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>600,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">600,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Borrowings outstanding at end of period (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>185,550</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,750</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average daily borrowings during the period ended</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>165,379</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">161,260</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Maximum daily borrowings during the period ended</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>280,700</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">337,600</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average interest rate during the period ended</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>0.8</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.8</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest rate at end of the period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>0.7</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.9</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Excludes $1.7&nbsp;million of letters of credit at March&nbsp;31, 2011.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UDR, INC.</B>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS &#151; (Continued)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The convertible notes are convertible at the option of the holder, and as such are presented
as if the holder will convert the debt instrument at the earliest available date. The aggregate
maturities of unsecured debt for the five years subsequent to March&nbsp;31, 2011 are as follows
<I>(dollars in thousands):</I>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center">Bank</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Unsecured</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center">Total</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center">Lines</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center">Debt</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center">Unsecured</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011 (a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">253,121</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">253,121</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">185,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99,808</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">285,358</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2013</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">222,308</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">222,308</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2014</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">312,354</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">312,354</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2015</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">325,167</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">325,167</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thereafter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">348,928</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">348,928</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">185,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,561,686</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,747,236</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(a)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes $156.9&nbsp;million of 4.00% Convertible Senior Notes due December&nbsp;2035 which were
paid in full subsequent to March&nbsp;31, 2011.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We were in compliance with the covenants of our debt instruments at March&nbsp;31, 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In 2010, the Operating Partnership guaranteed certain outstanding debt securities of UDR, Inc.
These guarantees provide that the Operating Partnership, as primary obligor and not merely as
surety, irrevocably and unconditionally guarantees to each holder of the applicable securities and
to the trustee and their successors and assigns under the respective indenture (a)&nbsp;the full and
punctual payment when due, whether as stated maturity, by acceleration or otherwise, of all
obligations of the Company under the respective indenture whether for principal or interest on the
securities (and premium, if any), and all other monetary obligations of the Company under the
respective indenture and the terms of the applicable securities and (b)&nbsp;the full and punctual
performance within the applicable grace periods of all other obligations of the Company under the
respective indenture and the terms of applicable securities.
</DIV>

<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>8. LOSS PER SHARE</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Basic and diluted loss per common share are computed based upon the weighted average number of
common shares outstanding during the period as the effect of adding stock options and other common
stock equivalents such as the non-vested restricted stock awards is anti-dilutive.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table sets forth the computation of basic and diluted loss per share for the
periods presented <I>(amounts in thousands, except per share data):</I>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Three Months Ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Numerator for earnings per share &#151; basic and diluted:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net loss attributable to common stockholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(30,243</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(26,435</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Denominator for earnings per share &#151; basic and diluted:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Weighted average common shares outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>183,863</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">157,192</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-vested restricted stock awards</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(1,332</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,061</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Denominator for basic and diluted earnings per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>182,531</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">156,131</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Net loss attributable to common stockholders- basic and diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(0.17</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.17</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UDR, INC.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS &#151; (Continued)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The effect of the conversion of the OP Units, convertible preferred stock, convertible
debt, stock options and restricted stock is not dilutive and is therefore not included in the above
calculations as the Company reported a loss from continuing operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">If the OP Units were converted to common stock, the additional weighted average common shares
outstanding for the three months ended March&nbsp;31, 2011 and 2010 would be 5,061,968 and 5,975,967,
respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">If the convertible preferred stock were converted to common stock, the additional shares of
common stock outstanding for the three months ended March&nbsp;31, 2011 and 2010 would be 3,035,548
weighted average common shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The dilution from stock options and unvested restricted stock and stock options would be an
additional 1,882,083 and 1,514,041 weighted average common shares for the three months ended March
31, 2011 and 2010, respectively.
</DIV>

<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>9. NONCONTROLLING INTERESTS</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Redeemable noncontrolling interests in operating partnerships</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Interests in operating partnerships held by limited partners are represented by operating
partnership units (&#147;OP Units&#148;). The income is allocated to holders of OP Units based upon net
income attributable to common stockholders and the weighted average number of OP Units outstanding
to total common shares plus OP Units outstanding during the period. Capital contributions,
distributions, and profits and losses are allocated to non-controlling interests in accordance with
the terms of the individual partnership agreements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Limited partners have the right to require the Operating Partnership to redeem all or a
portion of the OP Units held by the limited partner at a redemption price equal to and in the form
of the Cash Amount as defined in the limited partnership agreement of the Operating Partnership
(the &#147;Partnership Agreement&#148;), provided that such OP
Units have been outstanding for at least one year. UDR, as the general partner of the
Operating Partnership may, in its sole discretion, purchase the OP Units by paying to the limited
partner either the Cash Amount or the REIT Share Amount (generally one share of common stock of the
Company for each OP Unit), as defined in the Partnership Agreement. Accordingly, the Company
records the OP Units outside of permanent equity and reports the OP Units at their redemption value
using the Company&#146;s stock price at each balance sheet date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table sets forth redeemable noncontrolling interests in the Operating
Partnership for the following period (<I>dollars in thousands</I>):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="86%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Redeemable noncontrolling interests in the OP, December&nbsp;31, 2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>119,057</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mark to market adjustment to redeemable noncontrolling
interests in the OP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,313</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net loss attributable to redeemable noncontrolling interests in the OP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(832</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Distributions to redeemable noncontrolling interests in the OP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(1,195</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Allocation of other comprehensive (loss)/income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>17</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Redeemable noncontrolling interests in the OP, March&nbsp;31, 2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>123,360</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->18<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UDR, INC.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS &#151; (Continued)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following sets forth net loss attributable to common stockholders and transfers from
redeemable noncontrolling interests in the Operating Partnership for the following periods (<I>dollars
in thousands</I>):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Three Months Ended March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<tr><td>&nbsp;</td></tr>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net loss attributable to common stockholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(30,243</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(26,435</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Conversion of OP units to UDR Common Stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">215</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Change in equity from net (loss)/income attributable to common
stockholders and conversion of OP units to UDR Common Stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(30,243</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(26,220</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Non-controlling interests</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Non-controlling interests represent interests of unrelated partners in certain consolidated
affiliates, and is presented as part of equity in the Consolidated Balance Sheets since these
interests are not redeemable into any other ownership interests of the Company. During the three
months ended March&nbsp;31, 2011 and 2010, net income attributable to non-controlling interests was
$51,000 and $35,000, respectively.
</DIV>

<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>10. FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Fair value is based on the price that would be received to sell an asset or the exit price
that would be paid to transfer a liability in an orderly transaction between market participants at
the measurement date. A three-level valuation hierarchy prioritizes observable and unobservable
inputs used to measure fair value. The fair value hierarchy consists of three broad levels, which
are described below:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Level 1 &#151; Quoted prices in active markets for identical assets or liabilities that the
entity has the ability to access.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Level 2 &#151; Observable inputs other than prices included in Level 1, such as quoted prices
for similar assets and liabilities in active markets; quoted prices for identical or
similar assets and liabilities in markets that are not active; or other inputs that are
observable or can be corroborated with observable market data.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Level 3 &#151; Unobservable inputs that are supported by little or no market activity and
that are significant to the fair value of the assets and liabilities. This includes
certain pricing models, discounted cash flow methodologies and similar techniques that use
significant unobservable inputs.</TD>
</TR>

</TABLE>
</DIV><P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->19<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UDR, INC.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS &#151; (Continued)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The estimated fair values of the Company&#146;s financial instruments either recorded or disclosed
on a recurring basis as of March&nbsp;31, 2011 and December&nbsp;31, 2010 are summarized as follows <I>(dollars
in thousands)</I>:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Fair Value at March 31, 2011 Using</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Quoted Prices in</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Active Markets</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>for Identical</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Significant Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Significant</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Assets or</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Observable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unobservable</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Liabilities</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Inputs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Inputs</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>March 31, 2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Level 1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Level 2)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Level 3)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Description:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Derivatives- Interest rate contracts (c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1,663</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1,663</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1,663</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1,663</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Derivatives- Interest rate contracts (c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>4,489</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>4,489</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Contingent purchase consideration (d)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,402</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,402</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Secured debt instruments- fixed rate: (a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mortgage notes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>331,314</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>331,314</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fannie Mae credit facilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>927,091</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>927,091</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Secured debt instruments- variable rate: (a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mortgage notes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>201,992</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>201,992</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Tax-exempt secured notes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>94,700</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>94,700</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fannie Mae credit facilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>260,450</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>260,450</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unsecured debt instruments: (b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Commercial bank</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>185,550</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>185,550</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Senior Unsecured Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,618,168</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>254,043</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,364,125</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>3,629,156</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>254,043</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>4,489</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>3,370,624</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Fair Value at December 31, 2010 Using</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Quoted Prices in</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Active Markets</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>for Identical</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Significant Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Significant</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Assets or</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Observable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unobservable</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Liabilities</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Inputs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Inputs</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>December 31, 2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Level 1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Level 2)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Level 3)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Description:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Available-for-sale equity securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,866</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,866</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Derivatives- Interest rate contracts (c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">514</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">514</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,380</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,866</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">514</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Derivatives- Interest rate contracts (c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,597</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,597</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Contingent purchase consideration (d)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,402</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,402</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Secured debt instruments- fixed rate: (a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mortgage notes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">306,515</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">306,515</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Tax-exempt secured notes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,885</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,885</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fannie Mae credit facilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">927,413</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">927,413</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Secured debt instruments- variable rate: (a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mortgage notes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">405,641</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">405,641</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Tax-exempt secured notes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94,700</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fannie Mae credit facilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">260,450</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">260,450</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unsecured debt instruments: (b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Commercial bank</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,750</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Senior Unsecured Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,625,492</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">264,849</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,360,643</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,677,845</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">264,849</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,597</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,406,399</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UDR, INC.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS &#151; (Continued)</B>
</DIV>





<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(a)</TD>
    <TD>&nbsp;</TD>
    <TD>See Note 6, &#147;Secured Debt&#148;</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(b)</TD>
    <TD>&nbsp;</TD>
    <TD>See Note 7, &#147;Unsecured Debt&#148;</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(c)</TD>
    <TD>&nbsp;</TD>
    <TD>See Note 11, &#147;Derivatives and Hedging Activity&#148;</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(d)</TD>
    <TD>&nbsp;</TD>
    <TD>In the first quarter of 2010, the Company accrued a liability of $6&nbsp;million related to a
contingent purchase consideration on one of its properties. The contingent consideration was
determined based on the fair market value of the related asset which is estimated using Level
3 inputs utilized in a third party appraisal. During the year ended December&nbsp;31, 2010, the
Company paid approximately $635,000 of the liability.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Financial Instruments Carried at Fair Value</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The fair values of interest rate swaps are determined using the market standard methodology of
netting the discounted future fixed cash receipts (or payments) and the discounted expected
variable cash payments (or receipts). The variable cash payments (or receipts) are based on an
expectation of future interest rates (forward curves) derived from observable market interest rate
curves. The fair values of interest rate options are determined using the market standard
methodology of discounting the future expected cash receipts that would occur if variable interest
rates rise above the strike rate of the caps. The variable interest rates used in the calculation
of projected receipts on the cap are based on an expectation of future interest rates derived from
observable market interest rate curves and volatilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company incorporates credit valuation adjustments to appropriately reflect both its own
nonperformance risk and the respective counterparty&#146;s nonperformance risk in the fair value
measurements. In adjusting the fair value of its derivative contracts for the effect of
nonperformance risk, the Company has considered the impact of netting and any applicable credit
enhancements, such as collateral postings, thresholds, mutual puts, and guarantees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Although the Company has determined that the majority of the inputs used to value its
derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments
associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads
to evaluate the likelihood of default by itself and its counterparties. However, as of March&nbsp;31,
2011 and 2010, the Company has assessed the significance of the impact of the credit valuation
adjustments on the overall valuation of its derivative positions and has determined that the credit
valuation adjustments are not significant to the overall valuation of its derivatives. As a
result, the Company has determined that its derivative valuations in their entirety are classified
in Level 2 of the fair value hierarchy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We estimate the fair value of our Convertible Senior Unsecured Notes based on Level 1 inputs
which utilize quoted prices in active markets where we have the ability to access value for
identical liabilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Redeemable non-controlling interests in the Operating Partnership have a redemption feature
and are marked to its redemption value. The redemption value is based on the fair value of the
Company&#146;s Common Stock at the redemption date, and therefore, is calculated based on the fair value
of the Company&#146;s Common Stock at the balance sheet date. Since the valuation is based on observable
inputs such as quoted prices for similar instruments in active markets, redeemable non-controlling
interests in the Operating Partnership are classified as Level 2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Financial Instruments Not Carried at Fair Value</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">At March&nbsp;31, 2011, the fair values of cash and cash equivalents, restricted cash, notes
receivable, accounts receivable, prepaids, real estate taxes payable, accrued interest payable,
security deposits and prepaid rent, distributions payable and accounts payable approximated their
carrying values because of the short term nature of these instruments. The estimated fair values
of other financial instruments were determined by the Company using available market information
and appropriate valuation methodologies. Considerable judgment is necessary to interpret market
data and develop estimated fair values. Accordingly, the estimates presented herein are not
necessarily indicative of the amounts the Company would realize on the disposition of the financial
instruments. The use of different market assumptions or estimation methodologies may have a
material effect on the estimated fair value amounts.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UDR, INC.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS &#151; (Continued)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We estimate the fair value of our debt instruments by discounting the remaining cash flows of
the debt instrument at a discount rate equal to the replacement market credit spread plus the
corresponding treasury yields. Factors considered in determining a replacement market credit
spread include general market conditions, borrower specific credit spreads, time remaining to
maturity, loan-to-value ratios and collateral quality (Level 3).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We record impairment losses on long-lived assets used in operations when events and
circumstances indicate that the assets might be impaired and the undiscounted cash flows estimated
to be generated by the future operation and disposition of those assets are less than the net book
value of those assets. Our cash flow estimates are based upon historical results adjusted to
reflect our best estimate of future market and operating conditions and our estimated holding
periods. The net book value of impaired assets is reduced to fair value. Our estimates of fair
value represent our best estimate based upon Level 3 inputs such as industry trends and reference
to market rates and transactions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We consider various factors to determine if a decrease in the value of our investments in an
unconsolidated joint venture is other-than-temporary. These factors include, but are not limited
to, age of the venture, our intent and ability to retain our investment in the entity, the
financial condition and long-term prospects of the entity, and the relationships with the other
joint venture partners and its lenders. Based on the significance of the unobservable inputs, we
classify these fair value measurements within Level 3 of the valuation hierarchy. The Company did
not incur any other-than-temporary decrease in the value of its other investments in unconsolidated
joint ventures during the three months ended March&nbsp;31, 2011 and 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">After determining an other-than-temporary decrease in the value of an equity method investment
has occurred, we estimate the fair value of our investment by estimating the proceeds we would
receive upon a hypothetical liquidation of the investment at the date of measurement. Inputs
reflect management&#146;s best estimate of what market participants would use in pricing the investment
giving consideration to the terms of the joint venture agreement and the estimated discounted future cash flows to be generated from the underlying joint venture
asset. The inputs and assumptions utilized to estimate the future cash flows of the underlying
asset are based upon the Company&#146;s evaluation of the economy, market trends, operating results, and
other factors, including judgments regarding costs to complete any construction activities, lease
up and occupancy rates, rental rates, inflation rates, capitalization rates utilized to estimate
the projected cash flows at the disposition, and discount rates.
</DIV>


<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>11. DERIVATIVES AND HEDGING ACTIVITY</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Risk Management Objective of Using Derivatives</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company is exposed to certain risk arising from both its business operations and economic
conditions. The Company principally manages its exposures to a wide variety of business and
operational risks through management of its core business activities. The Company manages economic
risks, including interest rate, liquidity, and credit risk primarily by managing the amount,
sources, and duration of its debt funding and the use of derivative financial instruments.
Specifically, the Company may enter into derivative financial instruments to manage exposures that
arise from business activities that result in the receipt or payment of future known and uncertain
cash amounts, the value of which are determined by interest rates. The Company&#146;s derivative
financial instruments are used to manage differences in the amount, timing, and duration of the
Company&#146;s known or expected cash receipts and its known or expected cash payments principally
related to the Company&#146;s investments and borrowings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Cash Flow Hedges of Interest Rate Risk</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company&#146;s objectives in using interest rate derivatives are to add stability to interest
expense and to manage its exposure to interest rate movements. To accomplish this objective, the
Company primarily uses interest rate swaps and caps as part of its interest rate risk management
strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate
amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of
the agreements without exchange of the underlying notional amount. Interest rate caps designated as
cash flow hedges involve the receipt of variable-rate amounts from a counterparty if interest rates
rise above the strike rate on the contract in exchange for an up front premium.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UDR, INC.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS &#151; (Continued)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The effective portion of changes in the fair value of derivatives designated and that qualify
as cash flow hedges is recorded in &#147;Accumulated Other Comprehensive Income/(Loss)&#148; and is
subsequently reclassified into earnings in the period that the hedged forecasted transaction
affects earnings. During the three months ended March&nbsp;31, 2011 and 2010, such derivatives were used
to hedge the variable cash flows associated with existing variable-rate debt. The ineffective
portion of the change in fair value of the derivatives is recognized directly in earnings. During
the three months ended March&nbsp;31, 2011 and 2010, the Company recorded less than a $1,000 loss of
ineffectiveness in earnings attributable to reset date and index mismatches between the derivative
and the hedged item, and the fair value of interest rate swaps that were not zero at inception of
the hedging relationship.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Amounts reported in &#147;Accumulated Other Comprehensive Income/(Loss)&#148; related to derivatives
will be reclassified to interest expense as interest payments are made on the Company&#146;s
variable-rate debt. Through March&nbsp;31, 2012, the Company estimates that an additional $8.1&nbsp;million
will be reclassified as an increase to interest expense.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As of March&nbsp;31, 2011, the Company had the following outstanding interest rate derivatives that
were designated as cash flow hedges of interest rate risk (<I>dollar amounts in thousands</I>):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Interest Rate Derivative</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Instruments</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Notional</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest rate swaps</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">631,787</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest rate caps</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137,004</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Derivatives not designated as hedges are not speculative and are used to manage the Company&#146;s
exposure to interest rate movements and other identified risks but do not meet the strict hedge
accounting requirements of FASB ASC 815, <I>Derivatives and Hedging</I>. Changes in the fair value of
derivatives not designated in hedging relationships are recorded directly in earnings and resulted
in losses of $50,000 and $317,000 for the three months ended March&nbsp;31, 2011 and 2010, respectively.
As of March&nbsp;31, 2011, the Company had the following outstanding derivatives that were not
designated as hedges in qualifying hedging relationships (<I>dollar amounts in thousands</I>):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Product</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Instruments</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Notional</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest rate caps</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">309,984</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The table below presents the fair value of the Company&#146;s derivative financial instruments as
well as their classification on the Consolidated Balance Sheets as of March&nbsp;31, 2011 and December
31, 2010 (<I>amounts in thousands</I>):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="8" style="border-bottom: 1px solid #000000"><B>Asset Derivatives</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="8" style="border-bottom: 1px solid #000000"><B>Liability Derivatives</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Fair Value at:</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Fair Value at:</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Balance</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Balance</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Sheet Location</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Sheet Location</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Derivatives designated as hedging instruments:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest Rate Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Other Assets</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1,442</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">243</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Other Liabilities</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>4,489</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,597</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1,442</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">243</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>4,489</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,597</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Derivatives <B>not </B>designated as hedging
instruments:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest Rate Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Other Assets</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>221</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">271</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Other Liabilities</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>221</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">271</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->23<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UDR, INC.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&#151; (Continued)</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Tabular Disclosure of the Effect of Derivative Instruments on the Consolidated Statements of
Operations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The tables below present the effect of the Company&#146;s derivative financial instruments on the
Consolidated Statements of Operations for the three months ended March&nbsp;31, 2011 and 2010 (<I>dollar
amounts in thousands</I>):
</DIV>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Location of Loss</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Recognized in Income</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount of Gain (Loss)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Location of Loss</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount of Gain (Loss)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>on Derivative</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Recognized in Income on</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount of Gain</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Reclassified from</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Reclassified from</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>(Ineffective Portion</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Derivative (Ineffective</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Derivatives in Cash</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(Loss) Recognized in</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Accumulated OCI</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Accumulated OCI</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>and Amount Excluded</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Portion and Amount</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Flow Hedging</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>OCI on Derivative</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>into Income (Effective</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>into Income (Effective</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>from Effectiveness</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Excluded from</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Relationships</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Effective Portion)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Portion)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Portion)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Testing)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Effectiveness Testing)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>For the three months
ended March&nbsp;31, 2011:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest Rate Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1,373</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Interest expense</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(1,909</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Other expense</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1,373</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(1,909</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">For the three months
ended March&nbsp;31, 2010:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest Rate Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(3,414</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Interest expense</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(2,080</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Other expense</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(3,414</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(2,080</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>Derivatives Not Designated</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Location of Gain (Loss)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount of Gain</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>as Hedging Instruments</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Recognized in Income on</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(Loss) Recognized in</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Under Topic 815</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Derivative</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Income on Derivative</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">For the three months
ended March&nbsp;31, 2011:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest Rate Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Other income (expense)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(50</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(50</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">For the three months
ended March&nbsp;31, 2010:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest Rate Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Other income (expense)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(317</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(317</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Credit-risk-related Contingent Features</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company has agreements with some of its derivative counterparties that contain a provision
where (1)&nbsp;if the Company defaults on any of its indebtedness, including default where repayment of
the indebtedness has not been accelerated by the lender, then the Company could also be declared in
default on its derivative obligations; or (2)&nbsp;the Company could be declared in default on its
derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due
to the Company&#146;s default on the indebtedness.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Certain of the Company&#146;s agreements with its derivative counterparties contain provisions
where if there is a change in the Company&#146;s financial condition that materially changes the
Company&#146;s creditworthiness in an adverse manner, the Company may be required to fully collateralize
its obligations under the derivative instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company also has an agreement with a derivative counterparty that incorporates the loan
and financial covenant provisions of the Company&#146;s indebtedness with a lender affiliate of the
derivative counterparty. Failure to comply with these covenant provisions would result in the
Company being in default on any derivative instrument obligations covered by the agreement.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->24<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UDR, INC.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS &#151; (Continued)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As of March&nbsp;31, 2011, the fair value of derivatives in a net liability position, which
includes accrued interest but excludes any adjustment for nonperformance risk, related to these
agreements was $4.9&nbsp;million. As of March&nbsp;31, 2011, the Company has not posted any collateral
related to these agreements. If the Company had breached any of these provisions at March&nbsp;31,
2011, it would have been required to settle its obligations under the agreements at their
termination value of $4.9&nbsp;million.
</DIV>

<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>12. OTHER COMPREHENSIVE INCOME/(LOSS)</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Components of other comprehensive income/(loss) during the three months March&nbsp;31, 2011 and
2010 are as follows (<I>in thousands</I>):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Three Months Ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other comprehensive income/loss:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net loss attributable to UDR, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(27,875</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(24,056</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Change in equity due to non-controlling interests</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>51</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gain on marketable securities reclassified to earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(3,492</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Change in marketable securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(224</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unrealized gain/(loss) on derivative financial
instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,282</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,234</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Allocation to redeemable non-controlling interests</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(17</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Comprehensive loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(28,051</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(25,426</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>13. STOCK BASED COMPENSATION</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During the three months ended March&nbsp;31, 2011 and 2010, we recognized $2.7&nbsp;million and $2.9
million, respectively, as stock based compensation expense, which is inclusive of awards granted to
our outside directors.
</DIV>

<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>14. COMMITMENTS AND CONTINGENCIES</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Commitments</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Real Estate Under Development
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following summarizes the Company&#146;s real estate commitments at March&nbsp;31, 2011 (<I>dollars in
thousands</I>):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Costs Incurred</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Expected Costs</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Properties</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>to Date</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>to Complete</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Wholly owned &#151; under
development</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">112,537</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">226,338</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Contingencies</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Litigation and Legal Matters
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company is subject to various legal proceedings and claims arising in the ordinary course
of business. The Company cannot determine the ultimate liability with respect to such legal
proceedings and claims at this time. The Company believes that such liability, to the extent not
provided for through insurance or otherwise, will not have a material adverse effect on our
financial condition, results of operations or cash flow.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->25<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UDR, INC.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS &#151; (Continued)</B>
</DIV>


<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>15. REPORTABLE SEGMENTS</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">GAAP guidance requires that segment disclosures present the measure(s) used by the chief
operating decision maker to decide how to allocate resources and for purposes of assessing such
segments&#146; performance. UDR&#146;s chief operating decision maker is comprised of several members of its
executive management team who use several generally accepted industry financial measures to assess
the performance of the business for our reportable operating segments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">UDR owns and operates multifamily apartment communities that generate rental and other
property related income through the leasing of apartment homes to a diverse base of tenants. The
primary financial measures for UDR&#146;s apartment communities are rental income and net operating
income (&#147;NOI&#148;). Rental income represents gross market rent less adjustments for concessions,
vacancy loss and bad debt. NOI is defined as total revenues less direct property operating
expenses. UDR&#146;s chief operating decision maker utilizes NOI as the key measure of segment profit or
loss.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">UDR&#146;s two reportable segments are same communities and non-mature/other communities:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Same communities </I>represent those communities acquired, developed, and stabilized prior to
January&nbsp;1, 2010, and held as of March&nbsp;31, 2011. A comparison of operating results from the
prior year is meaningful as these communities were owned and had stabilized occupancy and
operating expenses as of the beginning of the prior year, there is no plan to conduct
substantial redevelopment activities, and the community is not held for disposition within
the current year. A community is considered to have stabilized occupancy once it achieves
90% occupancy for at least three consecutive months.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Non-mature/other communities </I>represent those communities that were acquired or developed
in 2009 or 2010, sold properties, redevelopment properties, properties classified as real
estate held for disposition, condominium conversion properties, joint venture properties,
properties managed by third parties and the non-apartment components of mixed use
properties.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Management evaluates the performance of each of our apartment communities on a same community
and non-mature/other basis, as well as individually and geographically. This is consistent with the
aggregation criteria under GAAP as each of our apartment communities generally has similar economic
characteristics, facilities, services, and tenants. Therefore, the Company&#146;s reportable segments
have been aggregated by geography in a manner identical to that which is provided to the chief
operating decision maker.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">All revenues are from external customers and no single tenant or related group of tenants
contributed 10% or more of UDR&#146;s total revenues during the three months ended March&nbsp;31, 2011 and
2010.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->26<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UDR, INC.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS &#151; (Continued)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The accounting policies applicable to the operating segments described above are the same as
those described in Note 2, <I>Significant Accounting Policies</I>. The following table details rental
income and NOI for UDR&#146;s reportable segments for the three months ended March&nbsp;31, 2011 and 2010,
and reconciles NOI to loss from continuing operations per the Consolidated Statements of Operations
<I>(dollars in thousands)</I>:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Three Months Ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Reportable apartment home segment rental income</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Same Communities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Western Region</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>53,026</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">51,879</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Mid-Atlantic Region</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>40,304</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,783</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Southeastern Region</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>31,158</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,530</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Southwestern Region</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>15,053</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,758</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-Mature communities/Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>30,961</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,679</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Total segment and consolidated
rental income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>170,502</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">151,629</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Reportable apartment home segment NOI</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Same Communities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Western Region</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>36,263</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">35,553</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Mid-Atlantic Region</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>27,449</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,929</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Southeastern Region</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>19,488</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,070</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Southwestern Region</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>8,848</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,842</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-Mature communities/Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>18,749</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,629</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Total segment and consolidated NOI</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>110,797</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98,023</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Reconciling items:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Non-property income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,536</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,320</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Property management</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(4,689</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,170</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Other operating expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(1,459</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,485</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(84,115</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(72,207</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(40,717</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(36,866</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">General and administrative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(10,675</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,640</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Other depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(1,043</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,223</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Loss from unconsolidated entities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(1,332</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(737</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Redeemable non-controlling interests in OP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>832</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,005</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Non-controlling interests</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(51</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(35</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Net gain/(loss) on sale of depreciable property</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>41</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(41</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Net loss attributable to UDR, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(27,875</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(24,056</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->27<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UDR, INC.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS &#151; (Continued)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table details the assets of UDR&#146;s reportable segments as of March&nbsp;31, 2011
and December&nbsp;31, 2010 <I>(dollars in thousands)</I>:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Reportable apartment home segment assets:</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Same communities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Western Region</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>2,282,776</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,278,457</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mid-Atlantic Region</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,316,219</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,314,033</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Southeastern Region</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,005,414</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,003,830</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Southwestern Region</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>554,048</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">553,176</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-mature communities/Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,760,865</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,731,851</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Total segment assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,919,322</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,881,347</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Accumulated depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(1,719,051</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,638,326</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Total segment assets &#151; net book value</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,200,271</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,243,021</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reconciling items:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>11,692</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,486</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Marketable securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,866</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Restricted cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>15,355</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,447</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred financing costs, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>21,850</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,267</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Notes receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>7,800</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,800</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investment in unconsolidated joint ventures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>149,095</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148,057</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>95,814</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74,596</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><B>Total consolidated assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>5,501,877</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,529,540</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Capital expenditures related to our same communities totaled $8.0&nbsp;million and $8.3
million for the three months ended March&nbsp;31, 2011 and 2010, respectively. Capital expenditures
related to our non-mature/other communities totaled $949,000 and $547,000 for the three months
ended March&nbsp;31, 2011 and 2010, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Markets included in the above geographic segments are as follows:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">i.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Western &#151; Orange County, San Francisco, Seattle, Monterey Peninsula, Los Angeles, San
Diego, Inland Empire, Sacramento, and Portland</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">ii.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mid-Atlantic &#151; Metropolitan DC, Richmond, Baltimore, Norfolk, and Other Mid-Atlantic</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">iii.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Southeastern &#151; Tampa, Orlando, Nashville, Jacksonville, and Other Florida</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">iv.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Southwestern &#151; Dallas, Phoenix, Austin, and Houston</TD>
</TR>

</TABLE>
</DIV>

<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>16. SUBSEQUENT EVENTS</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On April&nbsp;1, 2011, the Company, through its subsidiary United Dominion Realty, L.P., closed on
an acquisition of a multifamily apartment community referred to as 10 Hanover Square, located in
New York City, New York. The community was acquired for $259.8&nbsp;million, which included the
assumption of $192.0&nbsp;million of debt and is comprised of 493 homes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On April&nbsp;5, 2011, the Company and the Operating Partnership completed a $500&nbsp;million asset exchange
whereby UDR acquired one multifamily apartment community (227 homes), and the Operating Partnership
acquired two multifamily apartment communities (833 homes) and a parcel of land. The acquired
assets are: 388 Beale in San Francisco, CA (227 homes); 14 North in Peabody, MA (387 homes); and
Inwood West in Woburn, MA (446 homes). The communities were acquired for $263.0&nbsp;million, which
included the assumption of $55.8&nbsp;million of debt. UDR sold two multifamily apartment communities
(434 homes) and the Operating Partnership sold four multifamily apartment communities (984 homes)
located in California as part of the transaction. The communities are: Crest at Phillips Ranch,
Villas at San Dimas, Villas at Bonita, The Arboretum, Rancho Vallecitos and Milazzo.
</DIV>

<!-- /xbrl,ns -->
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->28<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">&#091;This page is intentionally left blank.&#093;
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->29<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UNITED DOMINION REALTY, L.P.</B>
</DIV>

<DIV align="left">
<A name="C15245108"></A>
</DIV>
<!-- xbrl,bs -->
<DIV align="center" style="font-size: 10pt"><B>CONSOLIDATED BALANCE SHEETS</B></DIV>
<!-- xbrl,body -->

<DIV align="center" style="font-size: 10pt"><B>(In thousands, except for unit data)</B></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(audited)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ASSETS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Real estate owned:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Real estate held for investment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>3,530,364</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,516,918</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Less: accumulated depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(875,423</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(835,892</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,654,941</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,681,026</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Real estate held for disposition<BR>
(net of accumulated depreciation of $49,751 and $48,191)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>139,695</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141,075</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total real estate owned, net of accumulated depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,794,636</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,822,101</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,494</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">920</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Restricted cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>7,704</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,022</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred financing costs, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,955</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,465</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>37,126</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,887</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>2,847,915</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,861,395</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>LIABILITIES AND CAPITAL</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Secured debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1,000,754</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,014,459</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Secured debt &#151; real estate held for disposition</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>55,309</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,602</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Note payable due to General Partner</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>78,271</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78,271</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Real estate taxes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>9,051</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,245</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accrued interest payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>888</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">518</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Security deposits and prepaid rent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13,276</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,158</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Distributions payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>33,559</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,559</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred gains on the sale of depreciable property</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>63,838</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,838</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accounts payable, accrued expenses, and other liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>32,226</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,122</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,287,172</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,299,772</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Partners&#146; capital:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Operating partnership units: 179,909,408 OP units outstanding at
March&nbsp;31, 2011 and December&nbsp;31, 2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">General partner: 110,883 OP units outstanding at March&nbsp;31, 2011
December&nbsp;31, 2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,342</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,363</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Limited partners: 179,798,525 OP units outstanding at March&nbsp;31,
2011 and December&nbsp;31, 2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,010,811</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,046,380</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accumulated other comprehensive loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(4,063</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,502</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total partners&#146; capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,008,090</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,042,241</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Receivable due from General Partner</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(459,465</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(492,709</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-controlling interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>12,118</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,091</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,560,743</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,561,623</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total liabilities and capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>2,847,915</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,861,395</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">See accompanying notes to the consolidated financial statements.
</DIV>
<!-- /xbrl,bs -->


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->30<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UNITED DOMINION REALTY, L.P.</B>
</DIV>

<DIV align="left">
<A name="C15245109"></A>
</DIV>
<!-- xbrl,op -->
<DIV align="center" style="font-size: 10pt"><B>CONSOLIDATED STATEMENTS OF OPERATIONS</B></DIV>
<!-- xbrl,body -->

<DIV align="center" style="font-size: 10pt"><B>(In thousands, except per unit data)</B></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Three Months Ended March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>REVENUES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Rental income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>85,684</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">82,069</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>EXPENSES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Rental expenses:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Real estate taxes and insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>10,681</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,552</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Personnel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>7,415</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,609</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Utilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,563</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,617</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Repair and maintenance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,478</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,983</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Administrative and marketing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,841</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,662</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Property management</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,356</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,257</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Other operating expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,358</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,601</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Real estate depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>39,594</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,380</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest expense:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Interest on secured debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>10,976</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,203</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Interest on note payable due to General Partner</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>223</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">General and administrative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,580</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,880</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>88,065</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86,850</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loss from continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(2,381</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,781</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income from discontinued operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>377</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,848</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Consolidated net loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(2,004</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,933</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net income attributable to non-controlling interests</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(27</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net loss attributable to OP unitholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(2,031</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(2,950</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Earnings per OP unit- basic and diluted:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loss from continuing operations attributable to OP unitholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(0.01</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.03</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income from discontinued operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>0.00</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.01</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net loss attributable to OP unitholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(0.01</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.02</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Weighted average OP units outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>179,909</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">179,909</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">See accompanying notes to the consolidated financial statements.
</DIV>
<!-- /xbrl,op -->


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->31<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UNITED DOMINION REALTY, L.P.</B>
</DIV>

<DIV align="left">
<A name="C15245110"></A>
</DIV>
<!-- xbrl,cf -->
<DIV align="center" style="font-size: 10pt"><B>CONSOLIDATED STATEMENTS OF CASH FLOWS</B></DIV>
<!-- xbrl,body -->

<DIV align="center" style="font-size: 10pt"><B>(In thousands, except for unit data)</B></DIV>

<DIV align="center" style="font-size: 10pt"><B>(Unaudited)</B></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Three Months Ended March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Operating Activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Consolidated net loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(2,004</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(2,933</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Adjustments to reconcile net loss to net cash provided by operating activities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>41,158</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,429</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Net gain on the sale of depreciable property</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(60</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Write off of bad debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>386</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">392</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Amortization of deferred financing costs and other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>540</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">434</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Changes in operating assets and liabilities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Decrease in operating assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>671</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,395</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Increase in operating liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,837</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,032</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash provided by operating activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>43,588</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,689</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Investing Activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Purchase deposits on pending real estate acquisitions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(15,000</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Capital expenditures and other major improvements &#151; real estate assets,
net of escrow reimbursement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(13,671</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,758</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash used in investing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(28,671</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,758</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Financing Activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Advances from/(payments to) General Partner</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>880</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(43,205</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Proceeds from the issuance of secured debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,326</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Payments on secured debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(13,998</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(645</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Payment of financing costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(31</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(158</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Distributions paid to partnership unitholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(1,194</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,340</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash used in financing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(14,343</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(34,022</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net increase/(decrease) in cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>574</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(91</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents, beginning of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>920</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">442</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents, end of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1,494</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">351</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Supplemental Information:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest paid during the year, net of amounts capitalized</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>12,501</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">14,184</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<!-- /xbrl,cf -->

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">See accompanying notes to the consolidated financial statements.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->32<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<!-- LANDSCAPE -->

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UNITED DOMINION REALTY, L.P.</B>
</DIV>

<DIV align="left">
<A name="C15245111"></A>
</DIV>

<!-- xbrl,se -->
<DIV align="center" style="font-size: 10pt"><B>CONSOLIDATED STATEMENT OF PARTNERS&#146; CAPITAL AND COMPREHENSIVE INCOME/(LOSS)</B></DIV>

<!-- xbrl,body -->

<DIV align="center" style="font-size: 10pt"><B>(In thousands)</B></DIV>

<DIV align="center" style="font-size: 10pt"><B>(Unaudited)</B></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="19%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>UDR, Inc.</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Accumulated Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Receivable due</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Class A Limited</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Limited</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Limited</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>General</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Comprehensive</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total Partner&#146;s</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>from General</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Non-Controlling</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Partner</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Partners</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Partner</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Partner</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Income/(Loss)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Capital</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Partner</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Interest</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Balance, December&nbsp;31, 2010</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>41,199</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>77,858</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1,927,323</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1,363</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(5,502</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>2,042,241</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(492,709</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>12,091</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1,561,623</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Distributions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(582</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(612</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(32,345</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(20</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(33,559</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(33,559</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Adjustment to reflect limited partners&#146; capital at
redemption value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,091</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,463</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,554</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other comprehensive income/(loss):</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unrealized loss on derivative financial instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,439</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,439</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,439</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(20</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(37</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,973</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,031</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,004</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total comprehensive loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(20</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(37</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,973</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,439</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(592</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(565</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net change in receivable due from General Partner</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,244</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,244</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Balance, March&nbsp;31, 2011</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>42,688</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>80,672</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1,887,451</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1,342</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(4,063</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>2,008,090</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(459,465</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>12,118</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1,560,743</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">See accompanying notes to the consolidated financial statements.
</DIV>

<!-- /xbrl,se -->


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->33<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<!-- xbrl,ns -->




<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UNITED DOMINION REALTY, L.P.</B>
</DIV>

<DIV align="left">
<A name="C15245112"></A>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<BR>
MARCH 31, 2011<BR>
(Unaudited)</B>
</DIV>

<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>1. CONSOLIDATION AND BASIS OF PRESENTATION</B>
</DIV>
<!-- xbrl,body -->

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Consolidation and Basis of Presentation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">United Dominion Realty, L.P. (&#147;UDR, L.P.&#148;, the &#147;Operating Partnership&#148;, &#147;we&#148; or &#147;our&#148;) is a
Delaware limited partnership, that owns, acquires, renovates, develops, redevelops, manages, and
disposes of multifamily apartment communities generally located in high barrier-to-entry markets
located in the United States. The high barrier-to-entry markets are characterized by limited land
for new construction, difficult and lengthy entitlement process, expensive single-family home
prices and significant employment growth potential. UDR, L.P. is a subsidiary of UDR, Inc. (&#147;UDR&#148;
or the &#147;General Partner&#148;), a real estate investment trust under the Internal Revenue Code of 1986,
and through which UDR conducts a significant portion of its business. During the three months ended
March&nbsp;31, 2011 and 2010, revenues of the Operating Partnership represented 50% and 57% of the
General Partner&#146;s consolidated revenues. At March&nbsp;31, 2011, the Operating Partnership&#146;s apartment
portfolio consisted of 81 communities located in 19 markets consisting of 23,351 apartment homes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Interests in UDR, L.P. are represented by Operating Partnership Units (&#147;OP Units&#148;). The
Operating Partnership&#146;s net income is allocated to the partners, which is initially based on their
respective distributions made during the year and secondly, their percentage interests.
Distributions are made in accordance with the terms of the Amended and Restated Agreement of
Limited Partnership of United Dominion Realty, L.P. (the &#147;Operating Partnership Agreement&#148;), on a
per unit basis that is generally equal to the dividend per share on UDR&#146;s common stock, which is
publicly traded on the New York Stock Exchange (&#147;NYSE&#148;) under the ticker symbol &#147;UDR&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As of March&nbsp;31, 2011, there were 179,909,408 OP Units in the Operating Partnership
outstanding, of which, 174,847,440 or 97.2% were owned by UDR and affiliated entities and 5,061,968
or 2.8% were owned by non-affiliated limited partners. See Note 9, <I>Capital Structure</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The accompanying interim unaudited consolidated financial statements have been prepared
according to the rules and regulations of the Securities and Exchange Commission (&#147;SEC&#148;). Certain
information and footnote disclosures normally included in financial statements prepared in
accordance with accounting principles generally accepted in the United States have been condensed
or omitted according to such rules and regulations, although management believes that the
disclosures are adequate to make the information presented not misleading. In the opinion of
management, all adjustments and eliminations necessary for the fair presentation of our financial
position as of March&nbsp;31, 2011, and results of operations for the three months ended March&nbsp;31, 2011
and 2010 have been included. Such adjustments are normal and recurring in nature. The interim
results presented are not necessarily indicative of results that can be expected for a full year.
The accompanying interim unaudited consolidated financial statements should be read in conjunction
with the audited consolidated financial statements and related notes included in the Form 10-K for
the year ended December&nbsp;31, 2010 filed by UDR with the SEC on February&nbsp;23, 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The accompanying interim unaudited consolidated financial statements are presented in
accordance with U.S. generally accepted accounting principles (&#147;GAAP&#148;). GAAP requires management to
make estimates and assumptions that affect the reported amounts of assets and liabilities and the
disclosure of contingent liabilities at the dates of the interim unaudited consolidated financial
statements and the amounts of revenues and expenses during the reporting periods. Actual amounts
realized or paid could differ from those estimates. All intercompany accounts and transactions have
been eliminated in consolidation. Certain previously reported amounts have been reclassified to
conform to the current financial statement presentation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Operating Partnership evaluated subsequent events through the date its financial statements
were issued. Except as disclosed in Note 13, <I>Subsequent Events</I>, no other recognized or
non-recognized subsequent events were noted.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->34<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UNITED DOMINION REALTY, L.P.</B>
</DIV>




<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)<BR></B>
</DIV>
<br>
<br>
<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>2. SIGNIFICANT ACCOUNTING POLICIES</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Accounting Policies</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Revenue and real estate sales gain recognition</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Rental income related to leases is recognized on an accrual basis when due from residents in
accordance with FASB ASC 840, <I>Leases </I>and SEC Staff Accounting Bulletin No.&nbsp;104, &#147;Revenue
Recognition&#148;. Rental payments are generally due on a monthly basis and recognized when earned. The
Operating Partnership recognizes interest income, management and other fees and incentives when
earned, fixed and determinable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Operating Partnership accounts for sales of real estate in accordance with FASB ASC
360-20, <I>Real Estate Sales</I>. For sale transactions meeting the requirements for full accrual profit
recognition, such as the Operating Partnership no longer having continuing involvement in the
property, we remove the related assets and liabilities from our Consolidated Balance Sheets and
record the gain or loss in the period the transaction closes. For sale transactions that do not
meet the full accrual sale criteria due to our continuing involvement, we evaluate the nature of
the continuing involvement and account for the transaction under an alternate method of accounting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Sales to entities in which we or our General Partner retain or otherwise own an interest are
accounted for as partial sales. If all other requirements for recognizing profit under the full
accrual method have been satisfied and no other forms of continuing involvement are present, we
recognize profit proportionate to the outside interest in the buyer and will defer the gain on the
interest we or our General Partner retain. The Operating Partnership will recognize any deferred
gain when the property is then sold to a third party. In transactions accounted by us as partial
sales, we determine if the buyer of the majority equity interest in the venture was provided a
preference as to cash flows in either an operating or a capital waterfall. If a cash flow
preference has been provided, we recognize profit only to the extent that proceeds from the sale of
the majority equity interest exceed costs related to the entire property.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Income taxes</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The taxable income or loss of the Operating Partnership is reported on the tax returns of the
partners. Accordingly, no provision has been made in the accompanying financial statements for
federal or state income taxes on income that is passed through to the partners. However, any state
or local revenue, excise or franchise taxes that result from the operating activities of the
Operating Partnership are recorded at the entity level. The Operating Partnership&#146;s tax returns are
subject to examination by federal and state taxing authorities. Net income for financial reporting
purposes differs from the net income for income tax reporting purposes primarily due to temporary
differences, principally real estate depreciation and the tax deferral of certain gains on property
sales. The differences in depreciation result from differences in the book and tax basis of
certain real estate assets and the differences in the methods of depreciation and lives of the real
estate assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Operating Partnership adopted certain accounting guidance within ASC Topic 740, <I>Income
Taxes</I>, with respect to how uncertain tax positions should be recognized, measured, presented, and
disclosed in the financial statements. The guidance requires the accounting and disclosure of tax
positions taken or expected to be taken in the course of preparing the Operating Partnership&#146;s tax
returns to determine whether the tax positions are &#147;more-likely-than-not&#148; of being sustained by the
applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would
be recorded as a tax benefit or expense in the current year. Management of the Operating
Partnership is required to analyze all open tax years, as defined by the statute of limitations,
for all major jurisdictions, which include federal and certain states. The Operating Partnership
has no examinations in progress and none are expected at this time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Management of the Operating Partnership has reviewed all open tax years (2006-2010) and major
jurisdictions and concluded the adoption of the new accounting guidance resulted in no impact to
the Operating Partnership&#146;s financial position or results of operations. There is no tax liability
resulting from unrecognized tax benefits relating to uncertain income tax positions taken or
expected to be taken in future tax returns.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->35<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UNITED DOMINION REALTY, L.P.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS &#151; (Continued)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Earnings per OP unit</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Basic earnings per OP Unit is computed by dividing net income/(loss) attributable to general
and limited partner units by the weighted average number of general and limited partner units
(including redeemable OP Units) outstanding during the year. Diluted earnings per OP Unit reflects
the potential dilution that could occur if securities or other contracts to issue OP Units were
exercised or converted into OP Units or resulted in the issuance of OP Units that shared in the
earnings of the Operating Partnership. For the three months ended March&nbsp;31, 2011 and 2010, there
were no dilutive instruments outstanding, and therefore, diluted earnings per OP Unit and basic
earnings per OP Unit are the same.
</DIV>

<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>3. REAL ESTATE OWNED</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Real estate assets owned by the Operating Partnership consists of income producing operating
properties and land held for future development. At March&nbsp;31, 2011, the Operating Partnership
owned and consolidated 81 communities in 8 states plus the District of Columbia totaling 23,351
apartment homes. The following table summarizes the carrying amounts for our real estate owned (at
cost) as of March&nbsp;31, 2011 and December&nbsp;31, 2010 <I>(dollar amounts in thousands):</I>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Land</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>920,477</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">925,327</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Depreciable property &#151; held and used<BR>

Buildings and improvements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,469,376</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,452,746</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Furniture, fixtures and
equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>114,117</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112,832</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Held for disposition:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Land</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>64,603</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64,597</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Buildings and improvements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>121,274</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121,175</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Furniture, fixtures and
equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,569</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,492</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Land held for future development</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>26,394</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,015</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Real estate owned</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,719,810</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,706,184</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accumulated depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(925,174</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(884,083</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Real estate owned, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>2,794,636</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,822,101</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Operating Partnership did not have any acquisitions during the three months ended
March&nbsp;31, 2011.
</DIV>

<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>4. DISCONTINUED OPERATIONS</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Discontinued operations represent properties that the Operating Partnership has either sold or
which management believes meet the criteria to be classified as held for sale. In order to be
classified as held for sale and reported as discontinued operations, a property&#146;s operations and
cash flows have or will be divested to a third party by the Operating Partnership whereby UDR, L.P.
will not have any significant continuing involvement in the ownership or operation of the property
after the sale or disposition. The results of operations of the property are presented as
discontinued operations for all periods presented and do not impact the net earnings reported by
the Operating Partnership. Once a property is deemed as held for sale, depreciation is no longer
recorded. However, if the Operating Partnership determines that the property no longer meets the
criteria of held for sale, the Operating Partnership will recapture any unrecorded depreciation for
the property. The assets and liabilities of properties deemed as held for sale are presented
separately on the Consolidated Balance Sheets. Properties deemed as held for sale are reported at
the lower of their carrying amount or their estimated fair value less the costs to sell the assets.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->36<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UNITED DOMINION REALTY, L.P.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS &#151; (Continued)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Operating Partnership had four communities with 984 apartment homes classified as held for
disposition at March&nbsp;31, 2011. The Operating Partnership did not dispose of any communities during
the three months ended March&nbsp;31, 2011 and 2010.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Three Months Ended March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rental income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>4,145</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,131</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-Property income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,849</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,145</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,980</TD>
    <TD>&nbsp;</TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rental expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,339</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,262</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property management fee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>114</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">114</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Real estate depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,564</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,051</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>751</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">766</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income before net gain on the sale of property</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>377</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,787</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net gain on the sale of property</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income from discontinued operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>377</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,848</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>5. DEBT</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our secured debt instruments generally feature either monthly interest and principal or
monthly interest-only payments with balloon payments due at maturity. For purposes of
classification in the following table, variable rate debt with a derivative financial instrument
designated as a cash flow hedge is deemed as fixed rate debt due to the Operating Partnership
having effectively established the fixed interest rate for the underlying debt instrument. Secured
debt consists of the following as of March&nbsp;31, 2011 (<I>dollars in thousands</I>):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Principal Outstanding</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Communities</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Interest Rate</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Years to Maturity</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Encumbered</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Fixed Rate Debt</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mortgage notes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>191,532</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">192,205</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.54</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tax-exempt secured notes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,325</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fannie Mae credit facilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>560,993</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">560,993</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.21</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total fixed rate secured debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>752,525</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">766,523</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.29</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Variable Rate Debt</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mortgage notes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>100,590</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,590</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.74</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tax-exempt secured note payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>27,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.05</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fannie Mae credit facilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>175,948</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">175,948</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.92</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total variable rate secured debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>303,538</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">303,538</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.11</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total secured debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1,056,063</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,070,061</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.38</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As of March&nbsp;31, 2011, the General Partner had secured credit facilities with Fannie Mae
(&#147;FNMA&#148;) with an aggregate commitment of $1.4&nbsp;billion with $1.2&nbsp;billion outstanding. The Fannie Mae
credit facilities are for an initial term of 10&nbsp;years, bear interest at floating and fixed rates,
and certain variable rate facilities can be extended for an additional five years at the General
Partner&#146;s option. At March&nbsp;31, 2011, $896.6&nbsp;million of the outstanding balance was fixed at a
weighted average interest rate of 5.32% and the remaining balance of $260.5&nbsp;million on these
facilities had a weighted average variable interest rate of 1.67%. $736.9&nbsp;million of these credit
facilities were allocated to the Operating Partnership at March&nbsp;31, 2011 based on the ownership of
the assets securing the debt.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->37<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UNITED DOMINION REALTY, L.P.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS &#151; (Continued)</B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>March 31, 2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>December 31, 2010</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">(dollar amounts in thousands)</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Borrowings outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>736,941</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">736,941</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average borrowings during the year ended</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>737,112</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">763,040</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Maximum daily borrowings during the year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>737,266</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">770,021</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average interest rate during the year ended</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>4.5</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest rate at the end of the year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>4.5</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.4</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Operating Partnership may from time to time acquire properties subject to fixed rate debt
instruments. In those situations, management will record the secured debt at its estimated fair
value and amortize any difference between the fair value and par to interest expense over the life
of the underlying debt instrument. The unamortized fair value adjustment of the fixed rate debt
instruments on the Operating Partnership&#146;s properties was a net discount of $1.1&nbsp;million at March
31, 2011 and December&nbsp;31, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Fixed Rate Debt</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Mortgage notes payable. </I>Fixed rate mortgage notes payable are generally due in monthly
installments of principal and interest and mature at various dates from August&nbsp;2011 through June
2016 and carry interest rates ranging from 5.03% to 5.94%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Secured credit facilities. </I>At March&nbsp;31, 2011, the General Partner had borrowings against its
fixed rate facilities of $896.6&nbsp;million of which $561.0&nbsp;million was allocated to the Operating
Partnership based on the ownership of the assets securing the debt. As of March&nbsp;31, 2011, the fixed
rate Fannie Mae credit facilities allocated to the Operating Partnership had a weighted average
fixed interest rate of 5.21%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Variable Rate Debt</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Mortgage notes payable. </I>Variable rate mortgage notes payable are generally due in monthly
installments of principal and interest and mature at various dates from July&nbsp;2013 through April
2016. Interest on the variable rate mortgage notes is based on LIBOR plus some basis points, which
translated into interest rates ranging from 1.11% to 3.89% at March&nbsp;31, 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Tax-exempt secured note payable. </I>The variable rate mortgage note payable that secures
tax-exempt housing bond issues matures in March&nbsp;2030. Interest on this note is payable in monthly
installments. The mortgage note payable has an interest rate of 1.05% as of March&nbsp;31, 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Secured credit facilities. </I>At March&nbsp;31, 2011, the General Partner had borrowings against its
variable rate facilities of $260.5&nbsp;million of which $175.9&nbsp;million was allocated to the Operating
Partnership based on the ownership of the assets securing the debt. As of March&nbsp;31, 2011, the
variable rate borrowings under the Fannie Mae credit facilities allocated to the Operating
Partnership had a weighted average floating interest rate of 1.92%.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->38<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UNITED DOMINION REALTY, L.P.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS &#151; (Continued)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The aggregate maturities of the Operating Partnership&#146;s secured debt due during each of the
next five calendar years and thereafter are as follows <I>(dollars in thousands):</I>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Fixed</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Variable</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Mortgage</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Credit</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Mortgage</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Tax Exempt</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Credit</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Notes</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Facilities</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Notes</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Notes Payable</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Facilities</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Total</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10,165</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">423</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">30,886</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">41,474</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,615</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">136,792</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">633</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,529</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">246,569</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2013</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,393</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,739</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,049</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127,181</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2014</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">634</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">634</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2015</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">636</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">636</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thereafter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70,359</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">396,462</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,215</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85,533</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">639,569</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>191,532</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>560,993</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>100,590</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>27,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>175,948</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1,056,063</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Guarantor on Unsecured Debt</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Operating Partnership is a guarantor on the General Partner&#146;s unsecured credit facility,
with an aggregate borrowing capacity of $600&nbsp;million, a $250&nbsp;million term loan, and a $100&nbsp;million
term loan. At March&nbsp;31, 2011 and December&nbsp;31, 2010, the outstanding balance under the unsecured
credit facility was $185.6&nbsp;million and $31.8&nbsp;million, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On September&nbsp;30, 2010, the Operating Partnership guaranteed certain outstanding debt
securities of the General Partner. These guarantees provide that the Operating Partnership, as
primary obligor and not merely as surety, irrevocably and unconditionally guarantees to each holder
of the applicable securities and to the trustee and their successors and assigns under the
respective indenture (a)&nbsp;the full and punctual payment when due, whether as stated maturity, by
acceleration or otherwise, of all obligations of the General Partner under the respective indenture
whether for principal or interest on the securities (and premium, if any), and all other monetary
obligations of the General Partner under the respective indenture and the terms of the applicable
securities and (b)&nbsp;the full and punctual performance within the applicable grace periods of all
other obligations of the General Partner under the respective indenture and the terms of applicable
securities.
</DIV>

<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>6. RELATED PARTY TRANSACTIONS</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Receivable due from the General Partner</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Operating Partnership participates in the General Partner&#146;s central cash management
program, wherein all the Operating Partnership&#146;s cash receipts are remitted to the General Partner
and all cash disbursements are funded by the General Partner. In addition, other miscellaneous
costs such as administrative expenses are incurred by the General Partner on behalf of the
Operating Partnership. As a result of these various transactions between the Operating Partnership
and the General Partner, the Operating Partnership had a net receivable balance of $459.5&nbsp;million
and $492.7&nbsp;million at March&nbsp;31, 2011 and December&nbsp;31, 2010, respectively, which is reflected as a
reduction of capital on the Consolidated Balance Sheets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Allocation of General and Administrative Expenses</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The General Partner provides various general and administrative and other overhead services
for the Operating Partnership including legal assistance, acquisitions analysis, marketing and
advertising, and allocates these expenses to the Operating Partnership first on the basis of direct
usage when identifiable, with the remainder allocated based on its pro-rata portion of UDR&#146;s total
apartment homes. During the three months ended March&nbsp;31, 2011 and 2010, the general and
administrative expenses allocated to the Operating Partnership by UDR were $6.9&nbsp;million and $6.1
million, respectively, and are included in &#147;General and Administrative&#148; and &#147;Property Management&#148; expenses on the
consolidated statements of operations. In the opinion of management, this method of allocation
reflects the level of services received by the Operating Partnership from the General Partner.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->39<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UNITED DOMINION REALTY, L.P.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS &#151; (Continued)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Guaranty by the General Partner</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Operating Partnership provided a &#147;bottom dollar&#148; guaranty to certain limited partners as
part of their original contribution to the Operating Partnership. The guaranty protects the tax
basis of the underlying contribution and is
reflected on the OP unitholder&#146;s Schedule&nbsp;K-1 tax form. The guaranty was made in the form of a
loan from the General Partner to the Operating Partnership at an annual interest rate of 1.14% at
March&nbsp;31, 2011 and 0.593% December&nbsp;31, 2010. Interest payments are made monthly and the note is due
December&nbsp;31, 2011. At March&nbsp;31, 2011 and December&nbsp;31, 2010, the note payable due to the General
Partner was $78.3&nbsp;million.
</DIV>

<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>7. FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Fair value is based on the price that would be received to sell an asset or the exit price
that would be paid to transfer a liability in an orderly transaction between market participants at
the measurement date. A three-level valuation hierarchy prioritizes observable and unobservable
inputs used to measure fair value. The fair value hierarchy consists of three broad levels, which
are described below:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Level 1 &#151; Quoted prices in active markets for identical assets or liabilities that the
entity has the ability to access.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Level 2 &#151; Observable inputs other than prices included in Level 1, such as quoted prices
for similar assets and liabilities in active markets; quoted prices for identical or
similar assets and liabilities in markets that are not active; or other inputs that are
observable or can be corroborated with observable market data.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Level 3 &#151; Unobservable inputs that are supported by little or no market activity and
that are significant to the fair value of the assets and liabilities. This includes
certain pricing models, discounted cash flow methodologies and similar techniques that use
significant unobservable inputs.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The estimated fair values of the Operating Partnership&#146;s financial instruments either recorded
or disclosed on a recurring basis as of March&nbsp;31, 2011 and December&nbsp;31, 2010 are summarized as
follows <I>(dollars in thousands)</I>:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Fair Value at March 31, 2011 Using</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Quoted Prices in</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Active Markets</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>for Identical</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Significant Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Significant</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Assets or</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Observable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unobservable</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Liabilities</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Inputs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Inputs</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>March 31, 2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Level 1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Level 2)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Level 3)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Description:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Derivatives- Interest rate contracts (b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>459</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">459</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>459</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">459</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Derivatives- Interest rate contracts (b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>3,784</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,784</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Contingent purchase consideration (c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,402</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,402</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Secured debt instruments- fixed rate: (a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mortgage notes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>203,222</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">203,222</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fannie Mae credit facilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>565,499</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">565,499</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Secured debt instruments- variable rate: (a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mortgage notes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>100,590</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,590</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Tax-exempt secured notes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>27,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fannie Mae credit facilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>175,948</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">175,948</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1,081,445</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,784</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,077,661</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->40<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UNITED DOMINION REALTY, L.P.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS &#151; (Continued)</B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Fair Value at December 31, 2010 Using</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Quoted Prices in</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Active Markets</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>for Identical</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Significant Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Significant</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Assets or</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Observable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unobservable</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Liabilities</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Inputs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Inputs</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>December 31, 2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Level 1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Level 2)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Level 3)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Description:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Derivatives- Interest rate contracts (b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">376</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">376</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">376</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">376</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Derivatives- Interest rate contracts (b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,111</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,111</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Contingent purchase consideration (c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,402</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,402</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Secured debt instruments- fixed rate: (a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mortgage notes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">205,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">205,750</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Tax-exempt secured notes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,885</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,885</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fannie Mae credit facilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">576,069</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">576,069</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Secured debt instruments- variable rate: (a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mortgage notes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,590</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,590</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Tax-exempt secured notes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fannie Mae credit facilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">175,948</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">175,948</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,109,755</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,111</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,104,644</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(a)</TD>
    <TD>&nbsp;</TD>
    <TD>See Note 5, <I>Debt</I></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(b)</TD>
    <TD>&nbsp;</TD>
    <TD>See Note 8, <I>Derivatives and Hedging Activity</I></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(c)</TD>
    <TD>&nbsp;</TD>
    <TD>During the first quarter of 2010, the Operating Partnership accrued a liability of $6.0
million related to a contingent purchase consideration on one of its properties. The
contingent consideration was determined based on the fair market value of the related asset
which is estimated using Level 3 inputs utilized in a third party appraisal. During the second
quarter ended June&nbsp;30, 2010, the Company paid approximately $635,000 towards the liability.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Financial Instruments Carried at Fair Value</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The fair values of interest rate swaps are determined using the market standard methodology of
netting the discounted future fixed cash receipts (or payments) and the discounted expected
variable cash payments (or receipts). The variable cash payments (or receipts) are based on an
expectation of future interest rates (forward curves) derived from observable market interest rate
curves. The fair values of interest rate options are determined using the market standard
methodology of discounting the future expected cash receipts that would occur if variable interest
rates rise above the strike rate of the caps. The variable interest rates used in the calculation
of projected receipts on the cap are based on an expectation of future interest rates derived from
observable market interest rate curves and volatilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Operating Partnership incorporates credit valuation adjustments to appropriately reflect
both its own nonperformance risk and the respective counterparty&#146;s nonperformance risk in the fair
value measurements. In adjusting the fair value of its derivative contracts for the effect of
nonperformance risk, the Operating Partnership has considered the impact of netting and any
applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and
guarantees.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->41<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UNITED DOMINION REALTY, L.P.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS &#151; (Continued)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Although the Operating Partnership has determined that the majority of the inputs used to
value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation
adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current
credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as
of March&nbsp;31, 2011 and December&nbsp;31, 2010, the Operating Partnership has assessed the significance of
the impact of the credit valuation adjustments on the overall valuation of its derivative positions
and has determined that the credit valuation adjustments are not significant to the overall
valuation of its derivatives. As a result, the Operating Partnership has determined that its
derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Financial Instruments Not Carried at Fair Value</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">At March&nbsp;31, 2011, the fair values of cash and cash equivalents, restricted cash, accounts
receivable, prepaids, real estate taxes payable, accrued interest payable, security deposits and
prepaid rent, distributions payable and
accounts payable approximated their carrying values because of the short term nature of these
instruments. The estimated fair values of other financial instruments were determined by the
Operating Partnership using available market information and appropriate valuation methodologies.
Considerable judgment is necessary to interpret market data and develop estimated fair values.
Accordingly, the estimates presented herein are not necessarily indicative of the amounts the
Operating Partnership would realize on the disposition of the financial instruments. The use of
different market assumptions or estimation methodologies may have a material effect on the
estimated fair value amounts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The General Partner estimates the fair value of our debt instruments by discounting the
remaining cash flows of the debt instrument at a discount rate equal to the replacement market
credit spread plus the corresponding treasury yields. Factors considered in determining a
replacement market credit spread include general market conditions, borrower specific credit
spreads, time remaining to maturity, loan-to-value ratios and collateral quality (Level 3).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Operating Partnership records impairment losses on long-lived assets used in operations
when events and circumstances indicate that the assets might be impaired and the undiscounted cash
flows estimated to be generated by the future operation and disposition of those assets are less
than the net book value of those assets. Cash flow estimates are based upon historical results
adjusted to reflect management&#146;s best estimate of future market and operating conditions and our
estimated holding periods. The net book value of impaired assets is reduced to fair value. The
General Partner&#146;s estimates of fair value represent management&#146;s estimates based upon Level 3
inputs such as industry trends and reference to market rates and transactions.
</DIV>

<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>8. DERIVATIVES AND HEDGING ACTIVITY</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Risk Management Objective of Using Derivatives</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Operating Partnership is exposed to certain risk arising from both its business operations
and economic conditions. The General Partner principally manages its exposures to a wide variety of
business and operational risks through management of its core business activities. The General
Partner manages economic risks, including interest rate, liquidity, and credit risk primarily by
managing the amount, sources, and duration of its debt funding and through the use of derivative
financial instruments. Specifically, the General Partner enters into derivative financial
instruments to manage exposures that arise from business activities that result in the receipt or
payment of future known and uncertain cash amounts, the value of which are determined by interest
rates. The General Partner&#146;s and the Operating Partnership&#146;s derivative financial instruments are
used to manage differences in the amount, timing, and duration of the General Partner&#146;s known or
expected cash receipts and its known or expected cash payments principally related to the General
Partner&#146;s investments and borrowings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Cash Flow Hedges of Interest Rate Risk</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The General Partner&#146;s objectives in using interest rate derivatives are to add stability to
interest expense and to manage its exposure to interest rate movements. To accomplish this
objective, the General Partner primarily uses interest rate swaps and caps as part of its interest
rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the
receipt of variable-rate amounts from a counterparty in exchange for the General Partner making
fixed-rate payments over the life of the agreements without exchange of the underlying notional
amount. Interest rate caps designated as cash flow hedges involve the receipt of variable-rate
amounts from a counterparty if interest rates rise above the strike rate on the contract in
exchange for an up front premium.
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->42<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<!-- xbrl -->

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UNITED DOMINION REALTY, L.P.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS &#151; (Continued)</B>
</DIV>




<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">A portion of the General Partner&#146;s interest rate derivatives have been allocated to the
Operating Partnership based on the General Partner&#146;s underlying debt instruments allocated to the
Operating Partnership. (See Note 5, <I>Debt.</I>)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The effective portion of changes in the fair value of derivatives designated and that qualify
as cash flow hedges is recorded in &#147;Accumulated Other Comprehensive Income/(Loss)&#148; and is
subsequently reclassified into earnings in the period that the hedged forecasted transaction
affects earnings. During the three months ended March&nbsp;31, 2011 and 2010, such derivatives were used
to hedge the variable cash flows associated with existing variable-rate debt. The ineffective
portion of the change in fair value of the derivatives is recognized directly in earnings. During
the three months ended March&nbsp;31, 2011 and 2010, the Operating Partnership recorded less than $1,000
of ineffectiveness in earnings attributable to reset date and index mismatches between the
derivative and the hedged item.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Amounts reported in &#147;Accumulated Other Comprehensive Income/(Loss)&#148; related to derivatives
will be reclassified to interest expense as interest payments are made on the General Partner&#146;s
variable-rate debt that is allocated to the Operating Partnership. During the next twelve months
through March&nbsp;31, 2012, we estimate that an additional $4.5&nbsp;million will be reclassified as an
increase to interest expense.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As of March&nbsp;31, 2011, the Operating Partnership had the following outstanding interest rate
derivatives designated as cash flow hedges of interest rate risk (<I>dollar amounts in thousands</I>):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Interest Rate Derivative</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Instruments</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Notional</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest rate swaps</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">261,532</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest rate caps</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">108,628</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Derivatives not designated as hedges are not speculative and are used to manage the Company&#146;s
exposure to interest rate movements and other identified risks but do not meet the strict hedge
accounting requirements of FASB ASC 815, <I>Derivatives and Hedging</I>. Changes in the fair value of
derivatives not designated in hedging relationships are recorded directly in earnings and resulted
in loss of $22,000 for the three months ended March&nbsp;31, 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As of March&nbsp;31, 2011, we had the following outstanding derivatives that were not designated as
hedges in qualifying hedging relationships (<I>dollar amounts in thousands</I>):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Product</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Instruments</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Notional</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest rate caps</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">217,173</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->43<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UNITED DOMINION REALTY, L.P.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS &#151; (Continued)</B>
</DIV>




<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The table below presents the fair value of the Operating Partnership&#146;s derivative financial
instruments as well as their classification on the Consolidated Balance Sheets as of March&nbsp;31, 2011
and December&nbsp;31, 2010.
</DIV>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="8" style="border-bottom: 1px solid #000000"><B>Asset Derivatives</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="8" style="border-bottom: 1px solid #000000"><B>Liability Derivatives</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Fair Value at:</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Fair Value at:</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Balance</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Balance</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Sheet Location</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Sheet Location</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Derivatives designated as hedging instruments:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest Rate Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Other Assets</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>322</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">217</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  nowrap align="left" valign="top">Other Liabilities</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>$</B></TD>
    <TD align="right" valign="top"><B>3,784</B></TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top">5,111</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total derivatives designated as hedging instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>322</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">217</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>$</B></TD>
    <TD align="right" valign="bottom"><B>3,784</B></TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom">5,111</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Derivatives <B>not </B>designated as hedging instruments:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest Rate Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Other Assets</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>137</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">159</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Other Liabilities</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>$</B></TD>
    <TD align="right" valign="bottom"><B>&#151;</B></TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total derivatives <B>not </B>designated as hedging instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>137</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">159</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><B>$</B></TD>
    <TD align="right" valign="bottom"><B>&#151;</B></TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Tabular Disclosure of the Effect of Derivative Instruments on the Consolidated Statements of Operations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The tables below present the effect of the derivative financial instruments on the
Consolidated Statements of Operations for the three months ended March&nbsp;31, 2011 and 2010 (<I>dollar
amounts in thousands</I>):
</DIV>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Location of Loss</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Reclassified from</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Accumulated OCI into</B></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="6" style="border-bottom: 0px solid #000000"><B>Amount of Gain or (Loss) Reclassified</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Amount of Gain or (Loss) Recognized in</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Income (Effective</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 0px solid #000000"><B>from Accumulated OCI into Income</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Derivatives in Cash Flow Hedging</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>OCI on Derivative (Effective Portion)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Portion)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>(Effective Portion)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Relationships</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest Rate Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>270</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(647</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Interest expense</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top"><B>$</B></TD>
    <TD align="right" valign="top"><B>(1,169</B></TD>
    <TD nowrap valign="top"><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top">2,012</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>270</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(647</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top"><B>$</B></TD>
    <TD align="right" valign="top"><B>(1,169</B></TD>
    <TD nowrap valign="top"><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top">2,012</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 0px solid #000000"><B>Location of Gain or (Loss)</B></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="6" style="border-bottom: 0px solid #000000"><B>Amount of Gain or (Loss) Recognized</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>Derivatives Not Designated as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Recognized in Income on</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>in Income on Derivative</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Hedging Instruments</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Derivative</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest Rate Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Other income / (expense)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top"><B>$</B></TD>
    <TD align="right" valign="top"><B>(22</B></TD>
    <TD nowrap valign="top"><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">$</TD>
    <TD align="right" valign="top">(493</TD>
    <TD nowrap valign="top">)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top"><B>$</B></TD>
    <TD align="right" valign="top"><B>(22</B></TD>
    <TD nowrap valign="top"><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">$</TD>
    <TD align="right" valign="top">(493</TD>
    <TD nowrap valign="top">)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Credit-risk-related Contingent Features</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The General Partner has agreements with some of its derivative counterparties that contain a
provision where (1)&nbsp;if the General Partner defaults on any of its indebtedness, including default
where repayment of the indebtedness has not been accelerated by the lender, then the General
Partner could also be declared in default on its derivative obligations; or (2)&nbsp;the General Partner
could be declared in default on its derivative obligations if repayment of the underlying
indebtedness is accelerated by the lender due to the General Partner&#146;s default on the indebtedness.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->44<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UNITED DOMINION REALTY, L.P.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS &#151; (Continued)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Certain of the General Partner &#145;s agreements with its derivative counterparties contain
provisions where if there is a change in the General Partner&#146;s financial condition that materially
changes the General Partner &#145;s creditworthiness in an adverse manner, the General Partner may be
required to fully collateralize its obligations under the derivative instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The General Partner also has an agreement with a derivative counterparty that incorporates the
loan and financial covenant provisions of the General Partner&#146;s indebtedness with a lender
affiliate of the derivative counterparty. Failure to comply with these covenant provisions would
result in the General Partner being in default on any derivative instrument obligations covered by
the agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As of March&nbsp;31, 2011, the fair value of derivatives in a net liability position that were
allocated to the Operating Partnership, which includes accrued interest but excludes any adjustment
for nonperformance risk, related to these
agreements was $4.7&nbsp;million. As of March&nbsp;31, 2011, the General Partner has not posted any
collateral related to these agreements. If the General Partner had breached any of these
provisions at March&nbsp;31, 2011, it would have been required to settle its obligations under the
agreements at their termination value of $4.7&nbsp;million.
</DIV>

<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>9. CAPITAL STRUCTURE</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>General Partnership Units</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The General Partner has complete discretion to manage and control the operations and business
of the Operating Partnership, which includes but is not limited to the acquisition and disposition
of real property, construction of buildings and making capital improvements, and the borrowing of
funds from outside lenders or UDR and its subsidiaries to finance such activities. The General
Partner can generally authorize, issue, sell, redeem or purchase any OP Unit or securities of the
Operating Partnership without the approval of the limited partners. The General Partner can also
approve, with regard to the issuances of OP units, the class or one or more series of classes, with
designations, preferences, participating, optional or other special rights, powers and duties
including rights, powers and duties senior to limited partnership interests without approval of any
limited partners except holders of Class&nbsp;A Partnership Units. There were 110,883 OP units
outstanding at March&nbsp;31, 2011 and December&nbsp;31, 2010, all of which were held by UDR.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Limited Partnership Units</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">At March&nbsp;31, 2011 and December&nbsp;31, 2010, there were 179,798,525 limited partnership units outstanding,
of which 1,751,671 were Class&nbsp;A Limited Partnership units. UDR owned 174,736,557 or 97.2% at March
31, 2011 and December&nbsp;31, 2010, respectively. The remaining 5,061,968 or 2.8% OP Units outstanding
were held by non-affiliated partners at March&nbsp;31, 2011 and December&nbsp;31, 2010 of which 1,751,671,
respectively, were Class&nbsp;A Limited Partnership units.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The limited partners have the right to require the Operating Partnership to redeem all or a
portion of the OP Units held by the limited partner at a redemption price equal to and in the form
of the Cash Amount (as defined in the Operating Partnership Agreement), provided that such OP Units
have been outstanding for at least one year. UDR, as general partner of the Operating Partnership
may, in its sole discretion, purchase the OP Units by paying to the limited partner either the Cash
Amount or the REIT Share Amount (generally one share of common stock of UDR for each OP Unit), as
defined in the Operating Partnership Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The non-affiliated limited partners&#146; capital is adjusted to redemption value at the end of
each reporting period with the corresponding offset against the UDR limited partner capital account
based on the redemption rights noted above. The aggregate value upon redemption of the
then-outstanding OP Units held by limited partners was $123.4&nbsp;million and $119.1&nbsp;million as of
March&nbsp;31, 2011 and December&nbsp;31, 2010, respectively, based on the value of UDR&#146;s common stock at
each period end. Once an OP Unit has been redeemed, the redeeming partner has no right to receive
any distributions from the Operating Partnership on or after the date of redemption.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->45<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UNITED DOMINION REALTY, L.P.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS &#151; (Continued)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 1%"><I>Class&nbsp;A Limited Partnership Units</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Class&nbsp;A Partnership units have a cumulative, annual, non-compounded preferred return, which is
equal to 8% based on a value of $16.61 per Class&nbsp;A Partnership unit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Holders of the Class&nbsp;A Partnership Units exclusively possess certain voting rights. The
Operating Partnership may not perform the following without approval of the holders of the Class&nbsp;A
Partnership Units: (i)&nbsp;increase the authorized or issued amount of Class&nbsp;A Partnership Units, (ii)
reclassify any other partnership interest into Class&nbsp;A Partnership Units, (iii)&nbsp;create, authorize
or issue any obligations or security convertible into or the right to purchase any Class
Partnership units, without the approval of the holders of the Class&nbsp;A Partnership Units, (iv)&nbsp;enter
into a merger or acquisition, or (v)&nbsp;amend or modify the Agreement of Limited Partnership of the
Operating Partnership in a manner that adversely affects the relative rights, preferences or
privileges of the Class&nbsp;A Partnership Units.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Allocation of profits and losses</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Profit of the Operating Partnership is allocated in the following order: (i)&nbsp;to the General
Partner and the Limited Partners in proportion to and up to the amount of cash distributions made
during the year, and (ii)&nbsp;to the General Partner and Limited Partners in accordance with their
percentage interests. Losses and depreciation and amortization expenses, non-recourse liabilities
are allocated to the General Partner and Limited Partners in accordance with their percentage
interests. Losses allocated to the Limited Partners are capped to the extent that such an
allocation would not cause a deficit in the Limited Partners capital account. Such losses are,
therefore, allocated to the General Partner. If any Partner&#146;s capital balance were to fall into a
deficit any income and gains are allocated to each Partner sufficient to eliminate its negative
capital balance.
</DIV>

<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>10. OTHER COMPREHENSIVE (LOSS)/INCOME</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Components of other comprehensive (loss)/income during the three months March&nbsp;31, 2011 and
2010 are as follows (<I>in thousands</I>):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Three Months Ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Comprehensive (loss)/income:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net loss attributable to OP unitholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(2,031</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(2,950</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net income attributable to
non-controlling interests</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>27</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other comprehensive income:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unrealized loss on derivative
financial instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,439</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,365</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Comprehensive (loss)/income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(565</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(1,568</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>11. COMMITMENTS AND CONTINGENCIES</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Contingencies</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 1%"><I>Litigation and Legal Matters</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Operating Partnership is subject to various legal proceedings and claims arising in the
ordinary course of business. The Operating Partnership cannot determine the ultimate liability with
respect to such legal proceedings and claims at this time. The General Partner believes that such
liability, to the extent not provided for through insurance or otherwise, will not have a material
adverse effect on the Operating Partnership&#146;s financial condition, results of operations or cash
flow.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->46<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UNITED DOMINION REALTY, L.P.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS &#151; (Continued)</B>
</DIV>


<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>12. REPORTABLE SEGMENTS</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">FASB ASC Topic 280, <I>Segment Reporting</I>, requires that segment disclosures present the
measure(s) used by the chief operating decision maker to decide how to allocate resources and for
purposes of assessing such segments&#146; performance. The Operating Partnership has the same chief
operating decision maker as that of its parent, the General Partner. The chief operating decision
maker consists of several members of UDR&#146;s executive management team who use several generally
accepted industry financial measures to assess the performance of the business for our reportable
operating segments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Operating Partnership owns and operates multifamily apartment communities throughout the
United States that generate rental and other property related income through the leasing of
apartment homes to a diverse base of tenants. The primary financial measures of the Operating
Partnership&#146;s apartment communities are rental income
and net operating income (&#147;NOI&#148;), and are included in the chief operating decision maker&#146;s
assessment of UDR&#146;s performance on a consolidated basis. Rental income represents gross market rent
less adjustments for concessions, vacancy loss and bad debt. NOI is defined as total revenues less
direct property operating expenses. The chief operating decision maker utilizes NOI as the key
measure of segment profit or loss.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Operating Partnership&#146;s two reportable segments are same communities and non-mature/other
communities:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: left"><I>Same store communities </I>represent those communities acquired, developed, and stabilized
prior to January&nbsp;1, 2011 and held as of March&nbsp;31, 2011. A comparison of operating results
from the prior year is meaningful as these communities were owned and had stabilized
occupancy and operating expenses as of the beginning of the prior year, there is no plan to
conduct substantial redevelopment activities, and the community is not held for disposition
within the current year. A community is considered to have stabilized occupancy once it
achieves 90% occupancy for at least three consecutive months.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: left"><I>Non-mature/other communities </I>represent those communities that were acquired or developed
in 2009 or 2010, sold properties, redevelopment properties, properties classified as real
estate held for disposition, condominium conversion properties, joint venture properties,
properties managed by third parties, and the non-apartment components of mixed use
properties.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Management evaluates the performance of each of our apartment communities on a same community
and non-mature/other basis, as well as individually and geographically. This is consistent with the
aggregation criteria of Topic 280 as each of our apartment communities generally has similar
economic characteristics, facilities, services, and tenants. Therefore, the Operating Partnership&#146;s
reportable segments have been aggregated by geography in a manner identical to that which is
provided to the chief operating decision maker.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">All revenues are from external customers and no single tenant or related group of tenants
contributed 10% or more of the Operating Partnership&#146;s total revenues during the three months ended
March&nbsp;31, 2011 and 2010.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->47<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UNITED DOMINION REALTY, L.P.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS &#151; (Continued)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The accounting policies applicable to the operating segments described above are the same as
those described in Note 1, &#147;Summary of Significant Accounting Policies.&#148; The following table
details rental income and NOI for the Operating Partnership&#146;s reportable segments for the three
months ended March&nbsp;31, 2011 and 2010, and reconciles NOI to income from continuing and discontinued
operations per the consolidated statement of operations <I>(dollars in thousands)</I>:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Reportable apartment home segment rental income</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Same Store Communities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Western Region</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>46,278</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">45,287</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Mid-Atlantic Region</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>16,456</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,690</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Southeastern Region</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>10,470</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,172</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Southwestern Region</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,742</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,574</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-Mature communities/Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>9,883</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,477</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Total segment and consolidated rental
income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>89,829</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">86,200</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Reportable apartment home segment NOI</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Same Store Communities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Western Region</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>31,753</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">31,057</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Mid-Atlantic Region</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>11,230</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,507</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Southeastern Region</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,627</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,415</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Southwestern Region</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,021</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,109</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-Mature communities/Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,881</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,427</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Total segment and consolidated NOI</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>59,512</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57,515</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Reconciling items:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Non-property (loss)/income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD align="left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,472</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Property management</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(2,470</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,371</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Other operating expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(1,358</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,224</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(41,158</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(41,431</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(11,950</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(13,075</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">General and administrative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(4,580</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,880</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Net gain on the sale of real estate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Non-controlling interests</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(27</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Net loss attributable to OP unitholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(2,031</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(2,950</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->48<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UNITED DOMINION REALTY, L.P.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS &#151; (Continued)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table details the assets of the Operating Partnership&#146;s reportable segments as
of March&nbsp;31, 2011 and December&nbsp;31, 2010 <I>(dollars in thousands)</I>:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Reportable apartment home segment assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Same Store Communities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Western Region</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1,953,470</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,949,300</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Mid-Atlantic Region</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>721,473</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">720,472</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Southeastern Region</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>355,546</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">354,861</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Southwestern Region</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>254,867</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">254,485</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-Mature communities/Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>434,454</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">427,066</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Total segment assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,719,810</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,706,184</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Accumulated depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(925,174</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(884,083</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Total segment assets &#151; net book value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,794,636</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,822,101</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Reconciling items:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,494</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">920</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Restricted cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>7,704</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,022</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Deferred financing costs, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,955</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,465</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>37,126</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,887</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Total consolidated assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>2,847,915</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,861,395</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Capital expenditures related to the Operating Partnership&#146;s same communities totaled $5.5
million and $4.8&nbsp;million for the three months ended March&nbsp;31, 2011 and 2010, respectively. Capital
expenditures related to the Operating Partnership&#146;s non-mature/other communities totaled $257,000
and $287,000 for the three months ended March&nbsp;31, 2011 and 2010, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Markets included in the above geographic segments are as follows:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">i.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: left">Western &#151; Orange County, San Francisco, Monterey Peninsula, Los Angeles, Seattle,
Sacramento, Inland Empire, Portland, and San Diego</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">ii.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: left">Mid-Atlantic &#151; Metropolitan DC and Baltimore</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">iii.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: left">Southeastern &#151; Nashville, Tampa, Jacksonville, and Other Florida</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">iv.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: left">Southwestern &#151; Dallas and Phoenix</DIV></TD>
</TR>

</TABLE>
</DIV>

<!-- xbrl,n -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>13. SUBSEQUENT EVENTS</B>
</DIV>

<!-- xbrl,body -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On
April&nbsp;1, 2011, UDR, through its subsidiary United Dominion Realty, L.P., closed on an acquisition of a multifamily
apartment community referred to as 10 Hanover Square, located in New York City, New York. The
community was acquired for $259.8&nbsp;million, which included the assumption of $192.0&nbsp;million of debt
and is comprised of 493 homes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On April&nbsp;5, 2011, the Operating Partnership and its General Partner completed a $500&nbsp;million
asset exchange whereby the Operating Partnership acquired two multifamily apartment communities
(833 homes) and a parcel of
land, and UDR acquired one multifamily apartment community (227 homes). The acquired assets are:
388 Beale in San Francisco, CA (227 homes); 14 North in Peabody, MA (387 homes); and Inwood West in
Woburn, MA (446 homes). The communities were acquired for $263.0&nbsp;million, which included the
assumption of $55.8&nbsp;million of debt. The Operating Partnership sold four multifamily apartment
communities (984 homes) and UDR sold two multifamily apartment communities (434 homes) located in
California as part of the transaction. The communities are: Crest at Phillips Ranch, Villas at San
Dimas, Villas at Bonita, The Arboretum, Rancho Vallecitos and Milazzo.
</DIV>
<!-- /xbrl,ns -->

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->49<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">





<DIV align="left">
<A name="C15245113"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;2.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: left"><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Forward-Looking Statements</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This Report contains forward-looking statements within the meaning of Section&nbsp;27A of the
Securities Act of 1933 and Section&nbsp;21E of the Securities Exchange Act of 1934. Such forward-looking
statements include, without limitation, statements concerning property acquisitions and
dispositions, development activity and capital expenditures, capital raising activities, rent
growth, occupancy, and rental expense growth. Words such as &#147;expects,&#148; &#147;anticipates,&#148; &#147;intends,&#148;
&#147;plans,&#148; &#147;believes,&#148; &#147;seeks,&#148; &#147;estimates,&#148; and variations of such words and similar expressions are
intended to identify such forward-looking statements. Such statements involve known and unknown
risks, uncertainties and other factors which may cause our actual results, performance or
achievements to be materially different from the results of operations or plans expressed or
implied by such forward-looking statements. Such factors include, among other things, unanticipated
adverse business developments affecting us, or our properties, adverse changes in the real estate
markets and general and local economies and business conditions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following factors, among others, could cause our future results to differ materially from
those expressed in the forward-looking statements:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: left">general economic conditions;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: left">unfavorable changes in apartment market and economic conditions that could adversely
affect occupancy levels and rental rates;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: left">the failure of acquisitions to achieve anticipated results;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: left">possible difficulty in selling apartment communities;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: left">competitive factors that may limit our ability to lease apartment homes or increase or
maintain rents;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: left">insufficient cash flow that could affect our debt financing and create refinancing risk;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: left">failure to generate sufficient revenue, which could impair our debt service payments and
distributions to stockholders;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: left">development and construction risks that may impact our profitability;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: left">potential damage from natural disasters, including hurricanes and other weather-related
events, which could result in substantial costs to us;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: left">risks from extraordinary losses for which we may not have insurance or adequate reserves;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: left">uninsured losses due to insurance deductibles, self-insurance retention, uninsured
claims or casualties, or losses in excess of applicable coverage;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: left">delays in completing developments and lease-ups on schedule;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: left">our failure to succeed in new markets;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: left">changing interest rates, which could increase interest costs and affect the market price
of our securities;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: left">potential liability for environmental contamination, which could result in substantial
costs to us;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: left">the imposition of federal taxes if we fail to qualify as a REIT under the Code in any
taxable year;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: left">our internal control over financial reporting may not be considered effective which
could result in a loss of investor confidence in our financial reports, and in turn have
an adverse effect on our stock price; and</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: left">changes in real estate laws, tax laws and other laws affecting our business.</DIV></TD>
</TR>

</TABLE>
</DIV><P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->50<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">







<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">A discussion of these and other factors affecting our business and prospects is set forth in
Part&nbsp;II, Item&nbsp;1A. Risk Factors. We encourage investors to review these risk factors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Although we believe that the assumptions underlying the forward-looking statements contained
herein are reasonable, any of the assumptions could be inaccurate, and therefore such statements
included in this Report may not prove to be accurate. In light of the significant uncertainties
inherent in the forward-looking statements included herein, the inclusion of such information
should not be regarded as a representation by us or any other person that the results or conditions
described in such statements or our objectives and plans will be achieved.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Forward-looking statements and such risks, uncertainties and other factors speak only as of
the date of this Report, and we expressly disclaim any obligation or undertaking to update or
revise any forward-looking statement contained herein, to reflect any change in our expectations
with regard thereto, or any other change in events, conditions or circumstances on which any such
statement is based, except to the extent otherwise required by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>UDR, INC.:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Business Overview</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">UDR, Inc. is a real estate investment trust, or REIT, that owns, acquires, renovates,
develops, and manages apartment communities. We were formed in 1972 as a Virginia corporation. In
September&nbsp;2003, we changed our state of incorporation from Virginia to Maryland. Our subsidiaries
include an operating partnership United Dominion Realty, L.P., a Delaware limited partnership.
Unless the context otherwise requires, all references in this Report to &#147;we,&#148; &#147;us,&#148; &#147;our,&#148; &#147;the
Company,&#148; or &#147;UDR&#148; refer collectively to UDR, Inc., its subsidiaries and its consolidated joint
ventures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">At March&nbsp;31, 2011, our consolidated real estate portfolio included 172 communities with 48,553
apartment homes and our total real estate portfolio, inclusive of our unconsolidated communities,
included an additional 37 communities with 9,891 apartment homes.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->51<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">






<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table summarizes our market information by major geographic markets as of March
31, 2011.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="34%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>As of March 31, 2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percentage</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Carrying</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total Income</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Apartment</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Apartment</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Carrying</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Value</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Physical</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>per Occupied</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Same Communities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Communities</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Homes</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Value</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(in thousands)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Occupancy</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Home (a)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Western Region</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Orange Co, CA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,989</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">10.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">739,343</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">94.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,499</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">San Francisco, CA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,727</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">405,397</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">96.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,963</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Monterey Peninsula, CA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,565</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">152,955</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">91.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,063</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Los Angeles, CA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">919</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">292,441</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">95.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,910</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">San Diego, CA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">689</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99,717</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">96.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,278</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Seattle, WA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,725</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">304,618</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">96.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,200</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inland Empire, CA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,074</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">94.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,239</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Sacramento, CA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">914</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,164</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">93.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">878</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Portland, OR</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">716</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69,703</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">96.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">969</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Mid-Atlantic Region</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Metropolitan DC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,983</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">10.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">712,615</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">97.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,596</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Richmond, VA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,211</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">187,449</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">95.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,019</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Baltimore, MD</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,121</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">252,597</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">96.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,291</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Norfolk VA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84,593</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">95.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">970</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other Mid-Atlantic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,132</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78,965</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">95.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,024</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Southeastern Region</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Tampa, FL</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,804</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">334,605</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">95.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">961</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Orlando, FL</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,796</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">221,005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">94.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">905</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Nashville, TN</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,260</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">180,731</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">96.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">869</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Jacksonville, FL</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,857</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">156,794</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">94.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">835</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other Florida</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,184</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112,279</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">94.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,007</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Southwestern Region</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Dallas, TX</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,175</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">326,768</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">96.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">944</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Phoenix, AZ</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,362</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120,955</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">95.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">886</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Austin, TX</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">390</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,232</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">95.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,132</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Houston, TX</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">644</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,093</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">95.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">902</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total/Average Same Communities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,675</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">74.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,158,457</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">95.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,167</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Non Matures, Commercial Properties &#038; Other</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,878</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">23.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,648,328</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Real Estate Held for Investment</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">172</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,553</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">98.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,806,785</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Real Estate Under Development (b)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112,537</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Real Estate Owned</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">172</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,553</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,919,322</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Accumulated Depreciation</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,719,051</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Real Estate Owned, Net of Accumulated
Depreciation</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,200,271</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(a)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: left">Total Income per Occupied Home represents total monthly revenues divided by the product of
occupancy and the number of mature apartment homes.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(b)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: left">The Company is currently developing four wholly-owned communities with 930 apartment
homes, none of which have been completed.</DIV></TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->52<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">








<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We report in two segments: Same Communities and Non-Mature/Other Communities. Our Same
Communities segment includes those communities acquired, developed, and stabilized prior to January
1, 2010 and held as of March&nbsp;31, 2011. These communities were owned and had stabilized occupancy
and operating expenses as of the beginning of the prior year, there is no plan to conduct
substantial redevelopment activities, and the community is not held for disposition within the
current year. A community is considered to have stabilized occupancy once it achieves 90% occupancy
for at least three consecutive months. Our Non-Mature/Other Communities segment includes those
communities that were acquired or developed in 2009 or 2010, sold properties, redevelopment
properties, properties classified as real estate held for disposition, condominium conversion
properties, joint venture properties, properties managed by third parties, and the non-apartment
components of mixed use properties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Liquidity and Capital Resources</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Liquidity is the ability to meet present and future financial obligations either through
operating cash flows, the sale of properties, and the issuance of debt and equity. Both the
coordination of asset and liability maturities and effective capital management are important to
the maintenance of liquidity. Our primary source of liquidity is our cash flow from operations as
determined by rental rates, occupancy levels, and operating expenses related to our portfolio of
apartment homes and borrowings under credit agreements. We routinely use our unsecured credit
facility to temporarily fund certain investing and financing activities prior to arranging for
longer-term financing or the issuance of equity or debt securities. Historically, proceeds from the
sale of real estate have been used for both investing and financing activities as we repositioned
our portfolio.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We expect to meet our short-term liquidity requirements generally through net cash provided by
operations and borrowings under credit agreements. We expect to meet certain long-term liquidity
requirements such as scheduled debt maturities, the repayment of financing on development
activities, and potential property acquisitions, through secured and unsecured borrowings, the
issuance of debt or equity securities, and the disposition of properties. We believe that our net
cash provided by operations and borrowings under credit agreements will continue to be adequate to
meet both operating requirements and the payment of dividends by the Company in accordance with
REIT requirements. Likewise, the budgeted expenditures for improvements and renovations of certain
properties are expected to be funded from property operations, borrowings under credit agreements,
and the issuance of debt or equity securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We have a shelf registration statement filed with the Securities and Exchange Commission, or
&#147;SEC&#148; which provides for the issuance of an indeterminate amount of common stock, preferred stock,
guarantees of debt securities, warrants, subscription rights, purchase contracts and units to
facilitate future financing activities in the public capital markets. Access to capital markets is
dependent on market conditions at the time of issuance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On September&nbsp;15, 2009, the Company entered into an equity distribution agreement under which
the Company may offer and sell up to 15&nbsp;million shares of its common stock over time to or through
its sales agents. During the three months ended March&nbsp;31, 2011, we sold 4,043,746 shares of common
stock through this program for aggregate gross proceeds of approximately $96.2&nbsp;million at a
weighted average price per share of $23.78. Aggregate net proceeds from such sales, after deducting
related expenses, including commissions paid to the sales agents of approximately $2.0&nbsp;million,
were approximately $94.2&nbsp;million, and were used for general corporate purposes. The remaining
351,855 shares were sold prior to and settled subsequent to March&nbsp;31, 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On March&nbsp;31, 2011, the Company entered into a new equity distribution agreement under which
the Company may offer and sell up to 20&nbsp;million shares of its common stock over time to or through
its sales agents. No shares were sold through this program during the three months ended March&nbsp;31,
2011. Subsequent to March&nbsp;31, 2011, we sold 2,153,044 shares of common stock through this program.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Proceeds from the sale of shares through these programs are expected to fund general corporate
expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Future Capital Needs</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Future development and redevelopment expenditures may be funded through joint ventures,
unsecured or secured credit facilities, proceeds from the issuance of equity or debt securities,
the sale of properties and to a lesser extent, with cash flows provided by operating activities.
Future development expenditures are also expected to be funded with proceeds from construction
loans. Acquisition activity in strategic markets is expected to be largely financed by the
reinvestment of proceeds from the sale of properties, through the issuance of equity or debt
securities, the issuance of operating partnership units, and the assumption or placement of secured
and/or unsecured debt.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->53<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">





<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During the remainder of 2011, we have approximately $12.1&nbsp;million of secured debt maturing,
inclusive of principal amortization and net of extension rights of $111.5&nbsp;million and $96.2&nbsp;million
of unsecured debt maturing, net of $156.9&nbsp;million of convertible debt due 2035, which was redeemed
on April&nbsp;4, 2011. We anticipate repaying that debt with cash flow from our operations, proceeds
from debt and equity offerings and by exercising extension rights with respect to the secured debt.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Critical Accounting Policies and Estimates</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our critical accounting policies are those having the most impact on the reporting of our
financial condition and results and those requiring significant judgments and estimates. These
policies include those related to (1)&nbsp;capital expenditures, (2)&nbsp;impairment of long-lived assets,
(3)&nbsp;real estate investment properties, and (4)&nbsp;revenue recognition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our other critical accounting policies are described in more detail in the section entitled
&#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#148; in UDR&#146;s
Annual Report on Form 10-K for the year ended December&nbsp;31, 2010, filed with the SEC on February&nbsp;23,
2011. There have been no significant changes in our critical accounting policies from those
reported in our Form 10-K filed with the SEC on February&nbsp;23, 2011. With respect to these critical
accounting policies, we believe that the application of judgments and assessments is consistently
applied and produces financial information that fairly depicts the results of operations for all
periods presented.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Statements of Cash Flow</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following discussion explains the changes in net cash provided by operating activities,
net cash used in investing activities, and net cash provided by financing activities that are
presented in our Consolidated Statements of Cash Flows.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Operating Activities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For the three months ended March&nbsp;31, 2011, our net cash flow provided by operating activities
was $48.0&nbsp;million compared to $41.5&nbsp;million for the comparable period in 2010. The increase in cash
flow from operating activities is primarily due to increases in receivables and prepaid expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Investing Activities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For the three months ended March&nbsp;31, 2011, net cash used in investing activities was $56.9
million compared to $57.4&nbsp;million for the comparable period in 2010. The change in cash used for
investing activities was due to changes in the level of investment activities, which reflect our
strategy as it relates to acquisitions, capital expenditures, and development activities partially
offset by the payment of $16.1&nbsp;million to acquire a partner&#146;s interests in joint ventures, all of
which are discussed in further detail throughout this Report.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">
<I>Acquisitions and Dispositions</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company did not acquire or dispose of any properties during the three months ended March
31, 2011 and 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On April&nbsp;1, 2011, the Company, through its subsidiary United Dominion Realty, L.P., closed on
an acquisition of a multifamily apartment community referred to as 10 Hanover Square, located in
New York City, New York. The community was acquired for $259.8&nbsp;million, which included the
assumption of $192.0&nbsp;million of debt and is comprised of 493 homes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On April&nbsp;5, 2011, the Company and the Operating Partnership completed a $500&nbsp;million asset
exchange whereby UDR acquired one multifamily apartment community (227 homes), and the Operating
Partnership acquired two multifamily apartment communities (833 homes) and a parcel of land. The
acquired assets are: 388 Beale in San Francisco, CA (227 homes); 14 North in Peabody, MA (387
homes); and Inwood West in Woburn, MA (446 homes). The communities were acquired for $263.0
million, which included the assumption of $55.8&nbsp;million of debt. UDR sold two multifamily
apartment communities (434 homes) and the Operating Partnership sold four multifamily apartment
communities (984 homes) located in California as part of the transaction. The communities are:
Crest at Phillips Ranch, Villas at San Dimas, Villas at Bonita, The Arboretum, Rancho Vallecitos
and Milazzo.
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->54<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our long-term strategic plan is to continue achieving greater operating efficiencies by
investing in fewer, more concentrated markets. As a result, we have been seeking to expand our
interests in communities located in the Boston, California, Metropolitan D.C., New York, and
Washington state markets over the past years. Prospectively, we plan to channel new investments
into those markets we believe will provide the best investment returns. Markets will be targeted
based upon defined criteria including favorable job formation, low single-family home affordability
and favorable demand/supply ratio for multifamily housing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><I>Capital Expenditures</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In conformity with GAAP, we capitalize those expenditures that materially enhance the value of
an existing asset or substantially extend the useful life of an existing asset. Expenditures
necessary to maintain an existing property in ordinary operating condition are expensed as
incurred.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During the three months ended March&nbsp;31, 2011, $6.7&nbsp;million or $143 per home was spent on
recurring capital expenditures. These include revenue enhancing capital expenditures,
exterior/interior upgrades, turnover related expenditures for floor coverings and appliances, other
recurring capital expenditures such as exterior paint, roofs, siding, parking lots, and asset
preservation capital expenditures. In addition, major renovations totaled $7.1&nbsp;million for the
three months ended March&nbsp;31, 2011. Total capital expenditures, which in aggregate include recurring
capital expenditures and major renovations, of $13.8&nbsp;million or $294 per home was spent on all of
our communities, excluding development and commercial properties, for the three months ended March
31, 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table outlines capital expenditures and repair and maintenance costs for all of
our communities, excluding real estate under development, condominium conversions and commercial
properties, for the three months ended March&nbsp;31, 2011 and 2010:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Per Home</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10"><B>Three months ended March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10"><B>Three months ended March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>(dollars in thousands)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>% Change</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>% Change</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue enhancing improvements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1,116</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,052</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-63.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>24</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-65.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Turnover capital expenditures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,421</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,933</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">25.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>52</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">18.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Asset preservation expenditures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,167</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,812</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-16.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>67</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-22.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total recurring capital expenditures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,704</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,797</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-23.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>143</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">199</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-28.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Major renovations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>7,102</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,747</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">49.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>151</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">41.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total capital expenditures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>13,806</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">13,544</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>294</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">306</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-3.9</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Repair and maintenance expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>8,697</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,477</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">16.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>185</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">169</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average stabilized home count</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>46,986</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,270</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We will continue to selectively add revenue enhancing improvements which we believe will
provide a return on investment substantially in excess of our cost of capital. Recurring capital
expenditures during 2011 are currently expected to be approximately $1,050 per home.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><I>Development</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">At March&nbsp;31, 2011, our development pipeline for wholly-owned communities totaled 930 homes
with a budget of $338.9&nbsp;million in which we have a carrying value of $112.5&nbsp;million. We anticipate
the completion of these communities through the third quarter of 2013.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->55<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><I>Consolidated Joint Ventures</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">UDR is a partner with an unaffiliated third party in a joint venture (&#147;989 Elements&#148;) which
owns and operates a 23-story, 166 home high-rise apartment community in the central business
district of Bellevue, Washington. In March&nbsp;2010, the Company paid $7.7&nbsp;million to acquire our
partner&#146;s 49% interest in the joint venture. At March&nbsp;31, 2011 and December&nbsp;31, 2010, the Company&#146;s
interest in 989 Elements was 98%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">UDR is a partner with an unaffiliated third party in a joint venture (&#147;Elements Too&#148;) which
owns and operates a 274 home apartment community in the central business district of Bellevue,
Washington. Construction began in the fourth quarter of 2006 and was completed in the first
quarter of 2010. In March&nbsp;2010, the Company paid $3.2&nbsp;million to acquire our partner&#146;s 49% interest
in the joint venture. At March&nbsp;31, 2011 and December&nbsp;31, 2010, the Company&#146;s interest in Elements
Too was 98%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">UDR is a partner with an unaffiliated third party in a joint venture (&#147;Bellevue&#148;) which owns
an operating retail site in Bellevue, Washington. The Company initially planned to develop a 430
home high rise apartment building with ground floor retail on an existing operating retail center.
However, the joint venture subsequently decided to continue to operate the retail property as
opposed to developing a high rise apartment building on the site. In March&nbsp;2010, the Company paid
$5.2&nbsp;million to acquire our partner&#146;s 49% interest in the joint venture. At March&nbsp;31, 2011 and
December&nbsp;31, 2010, the Company&#146;s interest in Bellevue was 98%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For additional information regarding these joint ventures, see Note 5, <I>Joint Ventures</I>, in the
Consolidated Financial Statements of UDR, Inc. included in this Report.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><I>Unconsolidated Joint Ventures</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company recognizes earnings or losses from our investments in unconsolidated joint
ventures consisting of our proportionate share of the net earnings or loss of the joint venture.
In addition, we may earn fees for providing management services to the unconsolidated joint
ventures. As of March&nbsp;31, 2011, UDR had investments in the following unconsolidated joint ventures
which are accounted for under the equity method of accounting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In November&nbsp;2010, the Company acquired The Hanover Company&#146;s (&#147;Hanover&#148;) partnership interests
in the Hanover/MetLife Master Limited Partnership (the &#147;UDR/MetLife Partnership&#148;). The UDR/MetLife
Partnership owns a portfolio of 26 operating communities containing 5,748 apartment homes and 11
land parcels with the potential to develop approximately 2,300 additional apartment homes. Under
the terms of the UDR/MetLife Partnership, UDR acts as the general partner and earns fees for
property and asset management and financing transactions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">UDR acquired a weighted average ownership interest of 12.27% in the operating communities and 4.14% in
the land parcels for $100.8&nbsp;million. The initial investment of $100.8&nbsp;million consists of $71.8
million in cash, which includes associated transaction costs, and a $30&nbsp;million payable (includes
discount of $1&nbsp;million) to Hanover. UDR agreed to pay the $30&nbsp;million balance to Hanover in two
interest free installments in the amounts of $20&nbsp;million and $10&nbsp;million on the first and second
anniversaries of the closing, respectively. The $30&nbsp;million payable was recorded at its present
value of $29&nbsp;million using an effective interest rate of 2.67%. At March&nbsp;31, 2011 and December&nbsp;31,
2010, the net carrying value of the payable was $29.3&nbsp;million and $29.1&nbsp;million, respectively.
Interest expense of $195,000 was recorded during the three months ended March&nbsp;31, 2011. At March
31, 2011 and December&nbsp;31, 2010, the Company&#146;s investment was $121.9&nbsp;million and $122.2&nbsp;million,
respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">UDR&#146;s total cost of its equity investment of $100.8&nbsp;million differed from its proportionate
share in the underlying net assets of the UDR/MetLife Partnership of $111.4&nbsp;million. The difference
of $10.6&nbsp;million was attributable to certain assets and adjustments were allocated to UDR&#146;s
proportionate share in the UDR/MetLife Partnership&#146;s buildings of $8.4&nbsp;million, land of $3.9
million, and ($1.6&nbsp;million) of lease intangible assets. With the exception of land, the difference
related to buildings is amortized and recorded as a component of loss from unconsolidated entities
over 45&nbsp;years and the difference related to lease intangible assets is amortized and recorded as a
component of loss from unconsolidated entities over 11&nbsp;months with the offset to the Company&#146;s
carrying value of its equity investment. During the three months ended March&nbsp;31, 2011, the Company
recorded $396,000 of amortization.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->56<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In connection with the purchase of Hanover&#146;s interests in the UDR/MetLife Partnership, UDR
agreed to indemnify Hanover from liabilities from Hanover&#146;s guaranty of $304&nbsp;million in loans ($333
million outstanding at March&nbsp;31, 2011) which are secured by a security interest in the operating
communities subject to the loan. The loans are to the sub-tier partnerships which own the 26
operating communities. The Company anticipates that the balance of these loans will be refinanced
by the UDR/MetLife Partnership over the next twelve months.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In October&nbsp;2010, the Company entered into a venture with an affiliate of Hanover to develop a
240-home community in Stoughton, Massachusetts. At March&nbsp;31, 2011 and December&nbsp;31, 2010, UDR owned
a noncontrolling interest of 95% in the joint venture. Our initial investment was $10&nbsp;million. Our
investment at March&nbsp;31, 2011 and December&nbsp;31, 2010 was $12.8&nbsp;million and $10.3&nbsp;million,
respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">UDR is a partner with an unaffiliated third party, which formed a joint venture for the
investment of up to $450&nbsp;million in multifamily properties located in key, high barrier to entry
markets. The partners will contribute equity of $180&nbsp;million of which the Company&#146;s maximum equity
will be 30% or $54&nbsp;million when fully invested. In 2010, the joint venture acquired its first
property (151 homes) located in Metropolitan Washington D.C.. At March&nbsp;31, 2011 and December&nbsp;31,
2010, the Company owned a 30% interest in the joint venture. Our investment at March&nbsp;31, 2011 and
December&nbsp;31, 2010 was $5.1&nbsp;million and $5.2&nbsp;million, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">UDR is a partner with an unaffiliated third party which owns and operates 10 operating
properties located in Texas (3,992 homes). UDR contributed cash and a property equal to 20% of the
fair value of the properties. The unaffiliated member contributed cash equal to 80% of the fair
value of the properties comprising the joint venture, which was then used to purchase the nine
operating properties from UDR. Our initial investment was $20.4&nbsp;million. Our investment at March
31, 2011 and December&nbsp;31, 2010 was $9.3&nbsp;million and $10.3&nbsp;million, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For additional information regarding these joint ventures, see Note 5, <I>Joint Ventures</I>, in the
Consolidated Financial Statements of UDR, Inc. included in this Report.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><I>Disposition of Investments</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During the three months ended March&nbsp;31, 2011, the Company did not dispose of any apartment
communities. We plan to continue to pursue our strategy of exiting markets where long-term growth
prospects are limited and redeploying capital into markets we believe will provide the best
investment returns.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>Financing Activities</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For the three months ended March&nbsp;31, 2011, our net cash provided by financing activities was
$11.1&nbsp;million compared to $29.8&nbsp;million for the comparable period of 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following significant financing activities occurred during the three months ended March
31, 2011:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>repaid $202.3&nbsp;million of secured debt. The $202.3&nbsp;million of secured debt includes
$30.5&nbsp;million of construction loans, repayment of $13.3&nbsp;million in tax exempt bonds,
repayment of $721,000 of credit facilities and $157.8&nbsp;million of mortgage payments;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>certain holders submitted their outstanding 4.00% Convertible Senior Notes due 2035 to the Company for redemption. As
a result, we repurchased notes with a notional value of $10.8&nbsp;million, representing
approximately 6.44% of the $167.8&nbsp;million in aggregate principal amount outstanding, and
expensed $207,000 of unamortized financing costs during the three months ended March&nbsp;31,
2011;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->57<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in September&nbsp;2009, the Company initiated an &#147;At the Market&#148; equity distribution program
pursuant to which we may sell up to 15&nbsp;million shares of common stock from time to time to
or through sales agents, by means of ordinary brokers&#146; transactions on the New York Stock
Exchange at prevailing market prices at the time of sale, or as otherwise agreed with the
applicable agent. During the three months ended March&nbsp;31, 2011, we sold 4,043,746 shares
of common stock through this program for aggregate gross proceeds of approximately $96.2
million at a weighted average price per share of $23.78. Aggregate net proceeds from such sales, after deducting related expenses, including commissions paid to the sales agents
of approximately $2.0&nbsp;million, were approximately $94.2&nbsp;million, and were used for general
corporate purposes. The remaining 351,855 shares were sold prior to and settled subsequent
to March&nbsp;31, 2011; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>on March&nbsp;31, 2011, the Company initiated a new &#147;At the Market&#148; equity distribution
agreement under which the Company may offer and sell up to 20&nbsp;million shares of its common
stock over time to or through its sales agents. No shares were sold through this program
during the three months ended March&nbsp;31, 2011.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><I>Credit Facilities</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As of March&nbsp;31, 2011, we have secured credit facilities with Fannie Mae with an aggregate
commitment of $1.4&nbsp;billion with $1.2&nbsp;billion outstanding. The Fannie Mae credit facilities are for
an initial term of 10&nbsp;years, bear interest at floating and fixed rates, and certain variable rate
facilities can be extended for an additional five years at our option. We have $896.6&nbsp;million of
the funded balance fixed at a weighted average interest rate of 5.32% and the remaining balance on
these facilities is currently at a weighted average variable rate of 1.67%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We have a $600&nbsp;million unsecured revolving credit facility that matures on July&nbsp;26, 2012.
Under certain circumstances, we may increase the $600&nbsp;million credit facility to $750&nbsp;million.
Based on our current credit rating, the $600&nbsp;million credit facility carries an interest rate equal
to LIBOR plus 47.5 basis points. In addition, the unsecured credit facility contains a provision
that allows us to bid up to 50% of the commitment and we can bid out the entire unsecured credit
facility once per quarter so long as we maintain an investment grade rating. As of March&nbsp;31, 2011,
we had $185.6&nbsp;million of borrowings outstanding under the credit facility leaving $414.4&nbsp;million of
unused capacity (excluding $1.7&nbsp;million of letters of credit at March&nbsp;31, 2011).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Fannie Mae credit facilities and the bank revolving credit facility are subject to
customary financial covenants and limitations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Derivative Instruments</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As part of UDR&#146;s overall interest rate risk management strategy, we use derivatives as a means
to fix the interest rates of variable rate debt obligations or to hedge anticipated financing
transactions. UDR&#146;s derivative transactions used for interest rate risk management include
interest rate swaps with indexes that relate to the pricing of specific financial instruments of
UDR. We believe that we have appropriately controlled our interest rate risk through the use of
derivative instruments to minimize any unintended effect on consolidated earnings. Derivative
contracts did not have a material impact on the results of operations during the three months ended
March&nbsp;31, 2011 (see Note 11, <I>Derivatives and Hedging Activity </I>in the Consolidated Financial
Statements of UDR, Inc. included in this Report).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Funds from Operations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Funds from operations, or FFO, is defined as net income (computed in accordance with GAAP),
excluding gains (or losses) from sales of depreciable property, plus real estate depreciation and
amortization, and after adjustments for unconsolidated partnerships and joint ventures. We compute
FFO for all periods presented in accordance with the recommendations set forth by the National
Association of Real Estate Investment Trust&#146;s (&#147;NAREIT&#148;) April&nbsp;1, 2002 White Paper. We consider FFO
in evaluating property acquisitions and our operating performance, and believe that FFO should be
considered along with, but not as an alternative to, net income and cash flow as a measure of our
activities in accordance with generally accepted accounting principles. FFO does not represent cash
generated from operating activities in accordance with generally accepted accounting principles and
is not necessarily indicative of cash available to fund cash needs.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->58<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes
that the value of real estate assets diminishes predictably over time. Since real estate values
instead have historically risen or fallen with market conditions, many industry investors and
analysts have considered the presentation of operating results for real estate companies that use
historical cost accounting to be insufficient by themselves. Thus, NAREIT created FFO as a
supplemental measure of REIT operating performance and defines FFO as net income (computed in
accordance with accounting principles generally accepted in the United States), excluding gains (or
losses) from sales of depreciable property, plus depreciation and amortization, and after adjustments for
unconsolidated partnerships and joint ventures. The use of FFO, combined with the required
presentations, has been fundamentally beneficial, improving the understanding of operating results
of REITs among the investing public and making comparisons of REIT operating results more
meaningful. We generally consider FFO to be a useful measure for reviewing our comparative
operating and financial performance (although FFO should be reviewed in conjunction with net income
which remains the primary measure of performance) because by excluding gains or losses related to
sales of previously depreciated operating real estate assets and excluding real estate asset
depreciation and amortization, FFO can help one compare the operating performance of a Company&#146;s
real estate between periods or as compared to different companies. We believe that FFO is the best
measure of economic profitability for real estate investment trusts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table outlines our FFO calculation and reconciliation to GAAP for the three
months ended March&nbsp;31, 2011 and 2010 (<I>dollars in thousands):</I>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Three Months Ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net loss attributable to UDR, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(27,875</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(24,056</TD>
    <TD nowrap>)</TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Distributions to preferred stockholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(2,368</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,379</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Real estate depreciation and amortization,
including discontinued operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>84,115</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72,207</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-controlling interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(781</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(970</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Real estate depreciation and amortization
on unconsolidated joint ventures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,848</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,009</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net (gain)/loss on the sale of depreciable
property in discontinued operations, excluding RE<SUP style="font-size: 85%; vertical-align: text-top">3</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(41</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Funds from operations (&#147;FFO&#148;) &#151; basic</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>55,898</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">45,852</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Distribution to preferred stockholders &#151; Series&nbsp;E (Convertible)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>931</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">931</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Funds from operations &#151; diluted</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>56,829</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">46,783</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">FFO per common share &#151; basic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>0.30</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">FFO per common share &#151; diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>0.30</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average number of common shares and OP Units outstanding &#151;
basic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>187,593</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">162,107</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average number of common shares, OP Units, and common stock
equivalents outstanding &#151; diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>192,511</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">166,657</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In the computation of diluted FFO, OP Units, unvested restricted stock, stock options, and the
shares of Series&nbsp;E Cumulative Convertible Preferred Stock are dilutive; therefore, they are
included in the diluted share count.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">RE<SUP style="font-size: 85%; vertical-align: text-top">3</SUP> is our subsidiary whose activities include development, land entitlement and short-term
hold investments. RE<SUP style="font-size: 85%; vertical-align: text-top">3</SUP> tax benefits and gain on sales, net of taxes, is defined as net
sales proceeds less a tax provision and the gross investment basis of the asset before accumulated
depreciation. We consider FFO with RE<SUP style="font-size: 85%; vertical-align: text-top">3</SUP> tax benefits and gain on sales, net of taxes, to
be a meaningful supplemental measure of performance because the short-term use of funds produce a
profit that differs from the traditional long-term investment in real estate for REITs.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->59<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table is our reconciliation of FFO share information to weighted average common
shares outstanding, basic and diluted, reflected on the Consolidated Statements of Operations for
the three months ended March&nbsp;31, 2011 and 2010 <I>(shares in thousands):</I>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Three Months Ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<tr><td>&nbsp;</td></tr>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average number of common shares and OP units
outstanding basic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>187,593</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">162,107</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average number of OP units outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(5,062</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,976</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Weighted average number of common shares outstanding &#151;
basic per the Consolidated Statements of Operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>182,531</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">156,131</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average number of common shares, OP units, and
common stock equivalents outstanding &#151; diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>192,511</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">166,657</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average number of OP units outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(5,062</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,976</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average incremental shares from assumed conversion
of stock options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(1,276</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,353</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average incremental shares from unvested restricted stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(606</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(161</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average number of Series&nbsp;E preferred shares outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(3,036</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,036</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average number of common shares outstanding &#151; diluted
per the Consolidated Statements of Operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>182,531</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">156,131</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">FFO also does not represent cash generated from operating activities in accordance with GAAP,
and therefore should not be considered an alternative to net cash flows from operating activities,
as determined by generally accepted accounting principles, as a measure of liquidity. Additionally,
it is not necessarily indicative of cash availability to fund cash needs. A presentation of cash
flow metrics based on GAAP is as follows (<I>dollars in thousands</I>):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Three Months Ended March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash provided by operating activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>47,953</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">41,510</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash used in investing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(56,858</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(57,369</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash used provided by financing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>11,111</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,794</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Results of Operations</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following discussion includes the results of both continuing and discontinued operations
for the periods presented.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>Net Loss Attributable to Common Stockholders</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Net loss attributable to common stockholders was $30.2&nbsp;million ($0.17 per diluted share) for
the three months ended March&nbsp;31, 2011 as compared to net loss attributable to common stockholders
of $26.4&nbsp;million ($0.17 per diluted share) for the comparable period in the prior year. The increase in net loss
attributable to common stockholders for the three months ended March&nbsp;31, 2011 resulted primarily
from the following items, all of which are discussed in further detail elsewhere within this
Report:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an increase in depreciation expense primarily due to the Company&#146;s acquisition of five
operating communities in the third quarter of 2010, and the completion of redevelopment and
development communities during 2010; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an increase in interest expense primarily due to the write off of deferred financing
costs related to the prepayment of debt;</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->60<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">These were partially offset by:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an increase in our net operating income; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a $3.1&nbsp;million gain on the sale of marketable equity securities.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Apartment Community Operations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our net operating income is primarily generated from the operation of our apartment
communities. The following table summarizes the operating performance of our total apartment
portfolio which excludes commercial operating income and expense for each of the periods presented
<I>(dollars in thousands):</I>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Three Months Ended March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>% Change</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property rental income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>167,881</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">149,945</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">12.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property operating expense (a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(58,604</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(52,707</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">11.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property net operating income (&#147;NOI&#148;)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>109,277</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">97,238</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">12.4</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(a)</TD>
    <TD>&nbsp;</TD>
    <TD>Excludes depreciation, amortization, and property management expenses.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table is our reconciliation of property NOI to net loss attributable to UDR as
reflected, for both continuing and discontinued operations, for the periods presented (<I>dollars in
thousands):</I>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Three Months Ended March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property net operating income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>109,277</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">97,238</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,520</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">785</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-property income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,536</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,320</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Real estate depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(84,115</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(72,207</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(40,717</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(36,866</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">General and administrative and property management</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(15,364</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(13,810</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(1,043</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,223</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other operating expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(1,459</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,485</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss from unconsolidated entities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(1,332</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(737</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Redeemable non-controlling interests in OP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>832</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,005</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-controlling interests</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(51</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(35</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net gain/(loss) on sale of depreciable property</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>41</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(41</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net loss attributable to UDR, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(27,875</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(24,056</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->61<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Same Communities</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our same community properties (those acquired, developed, and stabilized prior to January&nbsp;1,
2010 and held on March&nbsp;31, 2011) consisted of 41,675 apartment homes and provided 84% of our total
property NOI for the three months ended March&nbsp;31, 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">NOI for our same community properties increased 3.0% or $2.7&nbsp;million for the three months
ended March&nbsp;31, 2011 compared to the same period in 2010. The increase in property NOI was
attributable to a 2.6% or $3.6&nbsp;million increase in property rental income, which was partially
offset by a 2.0% or $937,000 increase in operating expenses. The increase in revenues was primarily
driven by a 2.2% or $2.9&nbsp;million increase in rental rates and 7.6% or $476,000 increase in
reimbursement income. Physical occupancy decreased 0.1% to 95.6% and total monthly income per
occupied home increased 2.7% to $1,167.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The increase in property operating expenses was primarily driven by a 5.7% or $400,000
increase in repairs and maintenance, 3.7% or $434,000 increase in personnel costs, and 2.0% or
$151,000 in utilities expense.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As a result of the percentage changes in property rental income and property operating
expenses, the operating margin (property net operating income divided by property rental income)
increased to 66.0% for the three months ended March&nbsp;31, 2011 as compared to 65.8% for the
comparable period in 2010.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><I>Non-Mature/Other Communities</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The remaining $17.2&nbsp;million or 16% of our total NOI during the three months ended March&nbsp;31,
2011 was generated from communities that we classify as &#147;non-mature communities.&#148; UDR&#146;s non-mature
communities consist of communities that do not meet the criteria to be included in same
communities, which includes communities developed or acquired, redevelopment properties, sold
properties, non-apartment components of mixed use properties, properties classified as real estate
held for disposition and condominium properties. For the three months ended March&nbsp;31, 2011, we
recognized NOI from our developments of $3.9&nbsp;million, NOI from our communities held for disposition
of $4.1&nbsp;million, NOI from acquired communities of $6.7&nbsp;million, and NOI from redeveloped properties
of $1.9&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Other Income</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During the three months ended March&nbsp;31, 2011, the Company sold marketable securities for $3.5
million, resulting in a gain of $3.1&nbsp;million, which is included in other income. For the three
months ended March&nbsp;31, 2011 and 2010, other income includes fees earned from the Company&#146;s joint
ventures of $1.3&nbsp;million and $391,000, respectively. Other income for the three months ended March
31, 2010 also includes interest income and discount amortization from an interest in a convertible
debt security of $957,000, and $1.8&nbsp;million for a recovery from real estate tax accruals, which is
included in discontinued operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Real Estate Depreciation and Amortization</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For the three months ended March&nbsp;31, 2011, real estate depreciation and amortization on both
continuing and discontinued operations increased 16.5% or $11.9&nbsp;million as compared to the
comparable periods in 2010. The increase in depreciation and amortization for the three months
ended March&nbsp;31, 2011 is primarily the result of development completions during 2010 and 2009,
acquisitions of five apartment communities during the third quarter of 2010, and additional capital
expenditures. As part of the Company&#146;s acquisition activity a portion of the purchase price is
attributable to the fair value of intangible assets which are typically amortized over a period of
less than one year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Interest Expense</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For the three months ended March&nbsp;31, 2011, interest expense on both continuing and
discontinued operations increased 10.4% or $3.9&nbsp;million as compared to the comparable period in
2010. This increase in interest expense was primarily due to the write off of $4.0&nbsp;million of
deferred financing costs related to the prepayment of debt.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->62<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>General and Administrative</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For the three months ended March&nbsp;31, 2011, general and administrative expenses increased 10.7%
or $1.0&nbsp;million as compared to the same period in 2010. The increase was primarily due to an
increase in acquisition costs of $650,000 related to the Company&#146;s acquisitions of four operating
communities and one land parcel that closed in April&nbsp;2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Inflation</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We believe that the direct effects of inflation on our operations have been immaterial. While
the impact of inflation primarily impacts our results through wage pressures, utilities and
material costs, substantially all of our leases are for a term of one year or less, which generally
enables us to compensate for any inflationary effects by increasing rents on our apartment homes.
Although an extreme escalation in energy and food costs could have a negative impact on our
residents and their ability to absorb rent increases, we do not believe this has had a material
impact on our results for the three months ended March&nbsp;31, 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Off-Balance Sheet Arrangements</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In November&nbsp;2010, the Company acquired The Hanover Company&#146;s (&#147;Hanover&#148;) partnership interests
in the Hanover/MetLife Master Limited Partnership (the&#147;UDR/MetLife Partnership&#148;). The UDR/MetLife
Partnership owns a portfolio of 26 operating communities containing 5,748 apartment homes and 11
land parcels with the potential to develop approximately 2,300 additional apartment homes. Under
the terms of the UDR/MetLife Partnership, UDR acts as the general partner and earn fees for
property and asset management and financing transactions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In connection with the purchase of Hanover&#146;s interests in the UDR/MetLife Partnership, UDR
agreed to indemnify Hanover from liabilities from Hanover&#146;s guaranty of $304&nbsp;million in loans ($333
million outstanding at March&nbsp;31, 2011) which are secured by a security interest in the operating
communities subject to the loan. The loans are to the sub-tier partnerships which own the 26
operating communities. The Company anticipates that the balance of these loans will be refinanced
by the UDR/MetLife Partnership over the next twelve months.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We do not have any other off-balance sheet arrangements that have, or are reasonably likely to
have, a current or future effect on our financial condition, changes in financial condition,
revenue or expenses, results of operations, liquidity, capital expenditures or capital resources
that are material.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>UNITED DOMINION REALTY, L.P.:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Business Overview</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">United Dominion Realty, L.P. (the &#147;Operating Partnership&#148; or &#147;UDR, L.P.&#148;), is a Delaware
limited partnership formed in February&nbsp;2004 and organized pursuant to the provisions of the
Delaware Revised Uniform Limited Partnership Act (as amended from time to time, or any successor to
such statute, the &#147;Act&#148;). The Operating Partnership is the successor-in-interest to United
Dominion Realty, L.P., a limited partnership formed under the laws of Virginia, which commenced
operations on November&nbsp;4, 1995. Our sole general partner is UDR, Inc., a Maryland corporation
(&#147;UDR&#148; or the &#147;General Partner&#148;), which conducts a substantial amount of its business and holds a
substantial amount of its assets through the Operating Partnership. At March&nbsp;31, 2011, the
Operating Partnership&#146;s real estate portfolio included 81 communities located in 8 states plus the
District of Columbia, with a total of 23,351 apartment homes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As of March&nbsp;31, 2011, UDR owned 110,883 units of our general limited partnership interests and
174,736,557 units of our limited partnership interests (the &#147;OP Units&#148;), or approximately 97.2% of
our outstanding OP Units. By virtue of its ownership of our OP Units and being our sole general
partner, UDR has the ability to control all of the day-to-day operations of the Operating
Partnership. Unless otherwise indicated or unless the context requires otherwise, all references
in this Report to the Operating Partnership or &#147;we,&#148; &#147;us&#148; or &#147;our&#148; refer to UDR, L.P. together with its consolidated subsidiaries. We refer to our General Partner together with
its consolidated subsidiaries (including us) and the General Partner&#146;s consolidated joint ventures
as &#147;UDR&#148; or the &#147;General Partner.&#148;
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->63<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">UDR operates as a self administered real estate investment trust, or REIT, for federal income
tax purposes. UDR focuses on owning, acquiring, renovating, developing, and managing apartment
communities nationwide. The General Partner was formed in 1972 as a Virginia corporation and
changed its state of incorporation from Virginia to Maryland in September&nbsp;2003. At March&nbsp;31, 2011,
the General Partner&#146;s consolidated real estate portfolio included 172 communities located in 10
states and the District of Columbia with a total of 48,553 apartment homes. In addition, the
General Partner has an ownership interest in 37 communities with 9,891 completed apartment homes
through unconsolidated joint ventures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table summarizes our market information by major geographic markets as of March
31, 2011.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Three Months Ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>As of March 31, 2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>March 31, 2011</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percentage</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Carrying</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total Income</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Apartment</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Apartment</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Carrying</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Value</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Physical</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>per Occupied</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Communities</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Homes</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Value</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(in thousands)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Occupancy</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Home (a)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Same Communities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Western Region</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Orange Co, CA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,899</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">19.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">719,060</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">94.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,495</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">San Francisco, CA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,703</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">10.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">392,904</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">96.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,960</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Monterey Peninsula, CA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,565</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">152,955</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">91.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,063</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Los Angeles, CA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">463</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124,597</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">95.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,755</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">San Diego, CA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">689</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99,717</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">96.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,278</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Seattle, WA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">932</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">207,047</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">96.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,222</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inland Empire, CA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">834</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119,323</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">94.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,267</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Sacramento, CA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">914</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,164</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">93.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">878</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Portland, OR</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">716</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69,703</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">96.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">969</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Mid-Atlantic Region</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Metropolitan DC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,565</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">15.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">575,261</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">96.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,699</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Baltimore, MD</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">994</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">146,212</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">95.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,334</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Southeastern Region</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Tampa, FL</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,154</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109,319</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">97.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,016</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Nashville, TN</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,612</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127,408</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">96.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">843</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Jacksonville, FL</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,381</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">93.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">870</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other Florida</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">636</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76,438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">94.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,198</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Southwestern Region</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Dallas, TX</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,348</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">183,084</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">96.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,144</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Phoenix, AZ</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">914</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,783</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">95.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">875</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total/Average Same Communities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,338</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">88.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,285,356</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">95.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,308</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Non Matures, Commercial Properties &#038; Other</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">11.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">434,454</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Real Estate Held for Investment</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,351</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,719,810</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Accumulated Depreciation</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(925,174</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total
Real Estate Owned, Net of Accumulated Depreciation</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,794,636</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(a)</TD>
    <TD>&nbsp;</TD>
    <TD>Total Income per Occupied Home represents total monthly revenues divided by the product
of occupancy and the number of mature apartment homes.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We report in two segments: Same Communities and Non-Mature/Other Communities. Our Same
Communities segment includes those communities acquired, developed, and stabilized prior to January
1, 2010, and held as of March&nbsp;31, 2011. These communities were owned and had stabilized occupancy
and operating expenses as of the beginning of the prior year, there is no plan to conduct
substantial redevelopment activities, and the community is not held for disposition within the
current year. A community is considered to have stabilized occupancy once it achieves 90% occupancy
for at least three consecutive months. Our Non-Mature/Other Communities segment includes those
communities that were acquired or developed in 2009 or 2010, sold properties, redevelopment
properties, properties classified as real estate held for disposition, condominium conversion
properties, joint venture properties, properties managed by third parties, and the non-apartment
components of mixed use properties.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->64<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Liquidity and Capital Resources</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Liquidity is the ability to meet present and future financial obligations either through
operating cash flows, the sale of properties, and the issuance of debt. Both the coordination of
asset and liability maturities and effective capital management are important to the maintenance of
liquidity. The Operating Partnership&#146;s primary source of liquidity is cash flow from operations as
determined by rental rates, occupancy levels, and operating expenses related to our portfolio of
apartment homes and borrowings allocated to us under the General Partner&#146;s credit agreements. The
General Partner will routinely use its unsecured credit facility to temporarily fund certain
investing and financing activities prior to arranging for longer-term financing or the issuance of
equity or debt securities. During the past several years, proceeds from the sale of real estate
have been used for both investing and financing activities as we repositioned our portfolio.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We expect to meet our short-term liquidity requirements generally through net cash provided by
operations and borrowings allocated to us under the General Partner&#146;s credit agreements. We expect
to meet certain long-term liquidity requirements such as scheduled debt maturities and potential
property acquisitions through borrowings and the disposition of properties. We believe that our net
cash provided by operations and borrowings will continue to be adequate to meet both operating
requirements and the payment of distributions. Likewise, the budgeted expenditures for improvements
and renovations of certain properties are expected to be funded from property operations and
borrowings allocated to us under the General Partner&#146;s credit agreements the Operating Partnership
is a party to.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Future Capital Needs</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Future capital expenditures are expected to be funded with proceeds from the issuance of
secured debt, the sale of properties, the borrowings allocated to us under our General Partner&#146;s
credit agreements, and to a lesser extent, with cash flows provided by operating activities.
Acquisition activity in strategic markets is expected to be largely financed by the reinvestment of
proceeds from the sale of properties, the issuance of OP units and the assumption or placement of
secured debt.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During the remainder of 2011, the Operating Partnership has approximately $2.2&nbsp;million of
secured debt maturing, inclusive of principal amortization and net extension rights of $39.3
million. We anticipate that we will repay that debt with operating cash flows, proceeds from
borrowings allocated to us under our General Partner&#146;s credit agreements, or by exercising
extension rights on such secured debt, as applicable. The repayment of debt will be recorded as an
offset to the &#147;Receivable due from General Partner&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Critical Accounting Policies and Estimates</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The preparation of financial statements in conformity with GAAP requires management to use
judgment in the application of accounting policies, including making estimates and assumptions. A
critical accounting policy is one that is both important to our financial condition and results of
operations and that involves some degree of uncertainty. Estimates are prepared based on
management&#146;s assessment after considering all evidence available. Changes in estimates could affect
our financial position or results of operations. Below is a discussion of the accounting policies
that we consider critical to understanding our financial condition or results of operations where
there is uncertainty or where significant judgment is required.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Capital Expenditures</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In conformity with GAAP, we capitalize those expenditures that materially enhance the value of
an existing asset or substantially extend the useful life of an existing asset. Expenditures
necessary to maintain an existing property in ordinary operating condition are expensed as
incurred.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During the three months ended March&nbsp;31, 2011, $13.7&nbsp;million was spent on capital expenditures
for all of our communities as compared to $9.8&nbsp;million for the three months ended March&nbsp;31, 2010.
These capital improvements included turnover-related capital expenditures, revenue enhancing
capital expenditures, asset preservation expenditures, kitchen and bath upgrades, other extensive
interior/exterior upgrades and major renovations.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->65<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We will continue to selectively add revenue enhancing improvements which we believe will
provide a return on investment substantially in excess of our cost of capital.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Impairment of Long-Lived Assets</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We record impairment losses on long-lived assets used in operations when events and
circumstances indicate that the assets might be impaired and the undiscounted cash flows estimated
to be generated by the future operation and disposition of those assets are less than the net book
value of those assets. Our cash flow estimates are based upon historical results adjusted to
reflect our best estimate of future market and operating conditions and our estimated holding
periods. The net book value of impaired assets is reduced to fair market value. Our estimates of
fair market value represent our best estimate based upon industry trends and reference to market
rates and transactions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Real Estate Investment Properties</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We purchase real estate investment properties from time to time and record the purchase price
to various components, such as land, buildings, and intangibles related to in-place leases in
accordance with FASB ASC 805, <I>Business Combinations</I>. The purchase price is allocated based on the
fair value of each component. The fair value of buildings is determined as if the buildings were
vacant upon acquisition and subsequently leased at market rental rates. As such, the determination
of fair value considers the present value of all cash flows expected to be generated from the
property including an initial lease-up period. We determine the fair value of in-place leases by
assessing the net effective rent and remaining term of the lease relative to market terms for
similar leases at acquisition. In addition, we consider the cost of acquiring similar leases, the
foregone rents associated with the lease-up period, and the carrying costs associated with the
lease-up period. The fair value of in-place leases is recorded and amortized as amortization
expense over the remaining contractual lease period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Statements of Cash Flows for the Three Months Ended March&nbsp;31, 2011</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following discussion explains the changes in net cash provided by operating activities,
and net cash used in investing activities and financing activities that are presented in our
Consolidated Statements of Cash Flows for the three months ended March&nbsp;31, 2011 and 2010.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Operating Activities</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For the three months ended March&nbsp;31, 2011, net cash flow provided by operating activities was
$43.6&nbsp;million compared to $43.7&nbsp;million for the comparable period in 2010. The decrease in net cash
flow from operating activities is primarily due to an increase in property operating income and an increase in
prepaid rent which was partially offset by a decrease in prepaid expenses.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Investing Activities</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For the three months ended March&nbsp;31, 2011, net cash used in investing activities was $28.7
million compared to $9.8&nbsp;million for the comparable period in 2010. The increase in cash used in
investing activities was primarily due to a $15&nbsp;million purchase deposit for the acquisition of an
operating community.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><I>Acquisitions and Dispositions</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Operating Partnership did not acquire or dispose of any communities during the three
months ended March&nbsp;31, 2011 and 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On April&nbsp;1, 2011, the Company, through its subsidiary United Dominion Realty, L.P., closed on an acquisition of a multifamily
apartment community referred to as 10 Hanover Square, located in New York City, New York. The
community was acquired for $259.8&nbsp;million, which included the assumption of $192.0&nbsp;million of debt
and is comprised of 493 homes.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->66<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On April&nbsp;5, 2011, the Operating Partnership and its General Partner completed a $500&nbsp;million
asset exchange whereby the Operating Partnership acquired two multifamily apartment communities
(833 homes) and a parcel of land, and UDR acquired one multifamily apartment community (227 homes).
The acquired assets are: 388 Beale in San Francisco, CA (227 homes); 14 North in Peabody, MA (387
homes); and Inwood West in Woburn, MA (446 homes). The communities were acquired for $263.0
million, which included the assumption of $55.8&nbsp;million of debt. The Operating Partnership sold
four multifamily apartment communities (984 homes) and UDR sold two multifamily apartment
communities (434 homes) located in California as part of the transaction. The communities are:
Crest at Phillips Ranch, Villas at San Dimas, Villas at Bonita, The Arboretum, Rancho Vallecitos
and Milazzo.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Operating Partnership&#146;s long-term strategic plan is to achieve greater operating
efficiencies by investing in fewer, more concentrated markets. As a result, we have been seeking to
expand our interests in communities located in Boston, California, Metropolitan Washington D.C.,
New York, and the Washington state markets over the past years. Prospectively, we plan to continue
to channel new investments into those markets we believe will continue to provide the best
investment returns. Markets will be targeted based upon defined criteria including favorable job
formation, low single-family home affordability and favorable demand/supply ratio for multifamily
housing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Financing Activities</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For the three months ended March&nbsp;31, 2011, our net cash used in financing activities was $14.3
million compared to $34.0&nbsp;million for the comparable period of 2010. The decrease in cash used in
financing activities was primarily due to a net decrease in payments to the General Partner, which
was partially offset by a decrease in the proceeds from the issuance of secured debt and an
increase in payments on secured debt.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><I>Credit Facilities</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As of March&nbsp;31, 2011, the General Partner had secured credit facilities with Fannie Mae with
an aggregate commitment of $1.4&nbsp;billion with $1.2&nbsp;billion outstanding. The Fannie Mae credit
facilities are for an initial term of 10&nbsp;years, bear interest at floating and fixed rates, and
certain variable rate facilities can be extended for an additional five years at the General
Partner&#146;s option. At March&nbsp;31, 2011, $896.6&nbsp;million of the funded balance was fixed at a weighted
average interest rate of 5.32% and the remaining balance on these facilities was at a weighted
average variable rate of 1.67%. At March&nbsp;31, 2011, $736.9&nbsp;million of these credit facilities are
allocated to the Operating Partnership based on the ownership of the assets securing the debt.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Operating Partnership is a guarantor on the General Partner&#146;s unsecured credit facility,
with an aggregate borrowing capacity of $600&nbsp;million, a $250&nbsp;million term loan, and a $100&nbsp;million
term loan. At March&nbsp;31, 2011 and December&nbsp;31, 2010, the outstanding balance under the unsecured
credit facility was $185.6&nbsp;million and $31.8&nbsp;million, respectively.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The credit facilities are subject to customary financial covenants and limitations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><I>Other Guarantees</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">At March&nbsp;31, 2011, the Operating Partnership guaranteed certain outstanding securities of UDR,
such that the Operating Partnership, as primary obligor and not merely as surety, irrevocably and
unconditionally guarantees to each holder of the applicable securities and to the trustee and their
successors and assigns under the respective indenture (a)&nbsp;the full and punctual payment when due,
whether at stated maturity, by acceleration or otherwise, of all obligations of UDR under the
respective indenture whether for principal of or interest on the securities (and premium, if any),
and all other monetary obligations of UDR under the respective indenture and the terms of the
applicable securities and (b)&nbsp;the full and punctual performance within the applicable grace periods
of all other obligations of UDR under the respective indenture and the terms of the applicable
securities.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->67<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><I>Interest Rate Risk</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We are exposed to interest rate risk associated with variable rate notes payable and maturing
debt that has to be refinanced. We do not hold financial instruments for trading or other
speculative purposes, but rather issue these financial instruments to finance our portfolio of real
estate assets. Interest rate sensitivity is the relationship between changes in market interest
rates and the fair value of market rate sensitive assets and liabilities. Our earnings are affected
as changes in short-term interest rates impact our cost of variable rate debt and maturing fixed
rate debt. We had $303.5&nbsp;million in variable rate debt that is not subject to interest rate swap
contracts as of March&nbsp;31, 2011. If market interest rates for variable rate debt increased by 100
basis points, our interest expense would increase by $3.0&nbsp;million based on the balance at March&nbsp;31,
2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">These amounts are determined by considering the impact of hypothetical interest rates on our
borrowing cost. These analyses do not consider the effects of the adjusted level of overall
economic activity that could exist in such an environment. Further, in the event of a change of
such magnitude, management would likely take actions to further mitigate our exposure to the
change. However, due to the uncertainty of the specific actions that would be taken and their
possible effects, the sensitivity analysis assumes no change in our financial structure.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">A presentation of cash flow metrics based on GAAP is as follows (<I>dollars in thousands</I>):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Three Months Ended March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash provided by operating activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>43,588</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">43,689</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash used in investing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(28,671</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,758</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash used in financing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(14,343</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(34,022</TD>
    <TD nowrap>)</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Results of Operations for the Three months Ended March&nbsp;31, 2011</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following discussion explains the changes in results of operations that are presented in
our Consolidated Statements of Operations for the three months ended March&nbsp;31, 2011 and 2010, and
includes the results of both continuing and discontinued operations for the periods presented.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Net Loss Attributable to OP Unit holders</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Net loss attributable to OP unitholders was $2.0&nbsp;million (($0.01) per OP unit for the three
months ended March&nbsp;31, 2011 as compared to net loss attributable to OP unitholders of $3.0&nbsp;million
($0.02 per OP unit), for the comparable period in the prior year. The decrease in net loss
attributable to OP unit holders resulted primarily from the following items, all of which are
discussed in further detail elsewhere within this Report:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an increase in net operating income; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a decrease in interest expense due to a reduction in secured debt.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">These changes were partially offset by a decrease in income from discontinued operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Apartment Community Operations</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Our net income is primarily generated from the operation of our apartment communities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table summarizes the operating performance of our total portfolio for the three
months ended March&nbsp;31, 2011 and 2010 <I>(dollars in thousands)</I>:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Three Months Ended March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>% Change</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property rental income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>89,829</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">86,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property operating expense (a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(30,317</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(28,685</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.7</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property net operating income (&#147;NOI&#148;)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>59,512</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">57,515</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(a)</TD>
    <TD>&nbsp;</TD>
    <TD>Excludes depreciation, amortization, and property management expenses.</TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->68<!-- /Folio -->
</DIV>




<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table is our reconciliation of property NOI to net income attributable to
OP unit holders as reflected, for both continuing and discontinued operations, for the three months
ended March&nbsp;31, 2011 and 2010 <I>(dollars in thousands)</I>:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Three Months Ended March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property net operating income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>59,512</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">57,515</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-property income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD align="left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,472</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Real estate depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(41,158</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(41,431</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(11,950</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(13,075</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">General and administrative and property
management</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(7,050</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,251</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other operating expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(1,358</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,224</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net gain on sale of real estate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-controlling interests</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(27</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net loss attributable to OP unitholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(2,031</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(2,950</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>Same Store Communities</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Three months Ended March&nbsp;31, 2011 vs. Three months Ended March&nbsp;31, 2010</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our same store communities (those acquired, developed, and stabilized prior to January&nbsp;1, 2010
and held on March&nbsp;31, 2011) consisted of 21,338 apartment homes and provided 90.1% of our total NOI
for the three months ended March&nbsp;31, 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">NOI for our same store community properties increased 3.0% or $1.5&nbsp;million for the three
months ended March&nbsp;31, 2011 compared to the same period in 2010. The increase in property NOI was
primarily attributable to a 2.9% or $2.2&nbsp;million increase in property rental income which was
partially offset by a 2.7% or $680,000 increase in operating expenses. The increase in revenues
was primarily driven by a 2.6% or $1.9 increase in rental rates and an 8.0% or $295,000 increase in
reimbursement income. Physical occupancy decreased 0.2% to 95.5% and total income per occupied home
increased $39 to $1,308 for the three months ended March&nbsp;31, 2011 compared to the same period in
2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The increase in property operating expenses was primarily driven by a 2.0% or $85,000 increase
in utilities, a 7.7% or $289,000 increase in repairs and maintenance, and a 5.2% or $324,000
increase in personnel costs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As a result of the percentage changes in property rental income and property operating
expenses, the operating margin (property net operating income divided by property rental income)
was 67.1% for the three months ended March&nbsp;31, 2011 as compared to 67.0% for the comparable period
in 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Non-Mature/Other Communities</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Three months Ended March&nbsp;31, 2011</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The remaining $5.9&nbsp;million or 9.9% of our total NOI during the three months ended March&nbsp;31,
2011 was generated from communities that we classify as &#147;non-mature communities.&#148; The Operating
Partnership&#146;s non-mature communities consist of communities that do not meet the criteria to be
included in same store communities, which includes communities developed or acquired, redevelopment
properties, sold properties, non-apartment components of mixed use properties, properties
classified as real estate held for disposition and condominium properties. For the three months
ended March&nbsp;31, 2011, we recognized NOI from our redevelopment properties of $1.9&nbsp;million and our
communities held for disposition of $2.8&nbsp;million.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->69<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Real Estate Depreciation and Amortization</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For the three months ended March&nbsp;31, 2011 and 2010, real estate depreciation and amortization
from continuing and discontinued operations did not change significantly as the Operating
Partnership did not have any acquisitions during these respective periods.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Interest Expense</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For the three months ended March&nbsp;31, 2011, interest expense from continuing and discontinued
operations decreased 8.6% or $1.1&nbsp;million as compared to the same period in 2010. This decrease is
primarily due to a reduction in secured debt and a decrease in interest rates on secured debt.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>General and Administrative and Property Management</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Operating Partnership is charged directly for general and administrative expenses it
incurs. The Operating Partnership is also charged for other general and administrative expenses
that have been allocated by UDR to each of its subsidiaries, including the Operating Partnership,
based on each subsidiary&#146;s pro-rata portion of UDR&#146;s total apartment homes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For the three months ended March&nbsp;31, 2011, general and administrative expenses increased 12.8%
or $799,000 as compared to the comparable period in 2010. The increases were consistent with the
changes in UDR&#146;s general and administrative expenses for the three months ended March&nbsp;31, 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Income from Discontinued Operations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For the three months ended March&nbsp;31, 2011 and 2010, we recognized income from discontinued
operations for financial reporting purposes of $377,000 and $1.8&nbsp;million, respectively. The
decrease in income from discontinued operations primarily relates to a recovery from real estate
tax accruals of $1.8&nbsp;million during the three months ended March&nbsp;31, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Inflation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We believe that the direct effects of inflation on our operations have been immaterial. While
the impact of inflation primarily impacts our results through wage pressures, utilities and
material costs, substantially all of our leases are for a term of one year or less, which generally
enables us to compensate for any inflationary effects by increasing rents on our apartment homes.
Although an extreme escalation in energy and food costs could have a negative impact on our
residents and their ability to absorb rent increases, we do not believe this has had a material
impact on our results for the three month period ended March&nbsp;31, 2011 and 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Off-Balance Sheet Arrangements</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We do not have any other off-balance sheet arrangements that have, or are reasonably likely to
have, a current or future effect on our financial condition, changes in financial condition,
revenue or expenses, results of operations, liquidity, capital expenditures or capital resources
that are material.
</DIV>
<DIV align="left">
<A name="C15245114"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;3.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company and the Operating Partnership are exposed to interest rate changes associated with
our unsecured credit facility and other variable rate debt as well as refinancing risk on our fixed
rate debt. The Company&#146;s and the Operating Partnership&#146;s involvement with derivative financial
instruments is limited and we do not expect to use them for trading or other speculative purposes.
The Company and the Operating Partnership use derivative instruments solely to manage their
exposure to interest rates.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->70<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">See our Annual Report on Form 10-K for the year ended December&nbsp;31, 2010 under the heading
&#147;Item&nbsp;7A. Quantitative and Qualitative Disclosures About Market Risk&#148; for a more complete
discussion of our interest rate sensitive assets and liabilities. As of March&nbsp;31, 2011, our market
risk has not changed materially from the amounts reported in our Annual Report on Form 10-K for the
year ended December&nbsp;31, 2010.
</DIV>
<DIV align="left">
<A name="C15245115"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;4.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>CONTROLS AND PROCEDURES</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The disclosure controls and procedures of the Company and the Operating Partnership are
designed with the objective of ensuring that information required to be disclosed in our reports
filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported
within the time periods specified in the SEC&#146;s rules and forms. Our disclosure controls and
procedures are also designed to ensure that such information is accumulated and communicated to our
management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to
allow timely decisions regarding required disclosure.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">It should be noted that the design of any system of controls is based in part upon certain
assumptions about the likelihood of future events, and there can be no assurance that any design
will succeed in achieving its stated goals under all potential future conditions, regardless of how
remote. As a result, our disclosure controls and procedures are designed to provide reasonable
assurance that such disclosure controls and procedures will meet their objectives.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As of March&nbsp;31, 2011, we carried out an evaluation, under the supervision and with the
participation of the Chief Executive Officer and Chief Financial Officer of the Company, of the
effectiveness of the design and operation of the disclosure controls and procedures of the Company
and the Operating Partnership. Based on this evaluation, the Chief Executive Officer and Chief
Financial Officer of the Company concluded that the disclosure controls and procedures of the
Company and the Operating Partnership are effective at the reasonable assurance level described
above.
</DIV>
<DIV align="left">
<A name="C15245116"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PART II &#151; OTHER INFORMATION</B>
</DIV>

<DIV align="left">
<A name="C15245117"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;1.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>LEGAL PROCEEDINGS</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company is a party to various claims and routine litigation arising in the ordinary course
of business. We do not believe that the results of any such claims and litigation, individually or
in the aggregate, will have a material adverse effect on our business, financial position or
results of operations.
</DIV>
<DIV align="left">
<A name="C15245118"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;1A.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>RISK FACTORS</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">There are many factors that affect the business and the results of operations of the
Company and the Operating Partnership, some of which are beyond the control of the Company and the
Operating Partnership. The following is a description of important factors that may cause the
actual results of operations of the Company and the Operating Partnership in future periods to
differ materially from those currently expected or discussed in forward-looking statements set
forth in this report relating to our financial results, operations and business prospects.
Forward-looking statements and such risks, uncertainties and other factors speak only as of the
date of this Report, and we expressly disclaim any obligation or undertaking to update or revise
any forward-looking statement contained herein, to reflect any change in our expectations with
regard thereto, or any other change in events, conditions or circumstances on which any such
statement is based, except to the extent otherwise required by law.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Risks Related to Our Real Estate Investments and Our Operations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Unfavorable Apartment Market and Economic Conditions Could Adversely Affect Occupancy Levels,
Rental Revenues and the Value of Our Real Estate Assets. </I>Unfavorable market conditions in the
areas in which we operate and unfavorable economic conditions generally may significantly affect
our occupancy levels, our rental rates and collections, the value of the properties and our ability
to strategically acquire or dispose of apartment communities on economically favorable terms. Our
ability to lease our properties at favorable rates is adversely affected by the increase in supply
in the multifamily market and is dependent upon the overall level in the economy, which is
adversely affected by, among other things, job losses and unemployment levels, recession, personal
debt levels, the downturn in the housing market, stock market volatility and uncertainty about the
future. Some of our major expenses, including mortgage payments and real estate taxes, generally do
not decline when related rents decline. We would expect that declines in our occupancy levels,
rental revenues and/or the values of our apartment communities would cause us to have less cash
available to pay our indebtedness and to distribute to our stockholders, which could adversely
affect our financial condition and the market value of our securities. Factors that may affect our
occupancy levels, our rental revenues, and/or the value of our properties include the following,
among others:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>downturns in the national, regional and local economic conditions, particularly
increases in unemployment;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>declines in mortgage interest rates, making alternative housing more affordable;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>government or builder incentives which enable first time homebuyers to put little
or no money down, making alternative housing options more attractive;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>local real estate market conditions, including oversupply of, or reduced demand
for, apartment homes;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>declines in the financial condition of our tenants, which may make it more
difficult for us to collect rents from some tenants;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in market rental rates;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the timing and costs associated with property improvements, repairs or renovations;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>declines in household formation; and</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>rent control or stabilization laws, or other laws regulating rental housing, which
could prevent us from raising rents to offset increases in operating costs.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Continued Economic Weakness Following the Economic Recession that the U.S. Economy Recently
Experienced May Materially and Adversely Affect our Financial Condition and Results of Operations.</I>
The U.S. economy continues to experience weakness following a severe recession, which has resulted
in increased unemployment, decreased consumer spending and a decline in residential and commercial
property values. Although the U.S. economy has emerged from the recession, high levels of
unemployment have persisted. If the economic recovery slows or stalls, we may experience adverse
effects on our occupancy levels, our rental revenues and the value of our properties, any of which
could adversely affect our cash flow, financial condition and results of operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Substantial International, National and Local Government Spending and Increasing Deficits May
Adversely Impact Our Business, Financial Condition and Results of Operations. </I>The values of, and
the cash flows from, the properties we own are affected by developments in global, national and
local economies. As a result of the recent recession and the significant government interventions,
federal, state and local governments have incurred record
deficits and assumed or guaranteed liabilities of private financial institutions or other
private entities. These increased budget deficits and the weakened financial condition of federal,
state and local governments may lead to reduced governmental spending, tax increases, public sector
job losses, increased interest rates, currency devaluations or other adverse economic events, which
may directly or indirectly adversely affect our business, financial condition and results of
operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Risk of Inflation/Deflation. </I>Substantial inflationary or deflationary pressures could have a
negative effect on rental rates and property operating expenses. Neither inflation nor deflation
has materially impacted our operations in the recent past. The general risk of inflation is that
our debt interest and general and administrative expenses increase at a rate higher than our rental
rates. The predominant effects of deflation include high unemployment and credit contraction.
Restricted lending practices could impact our ability to obtain financing or refinancing for our
properties. High unemployment may have a negative effect on our occupancy levels and our rental
revenues.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>We Are Subject to Certain Risks Associated with Selling Apartment Communities, Which Could
Limit Our Operational and Financial Flexibility. </I>We periodically dispose of apartment communities
that no longer meet our strategic objectives, but adverse market conditions may make it difficult
to sell apartment communities like the ones we own. We cannot predict whether we will be able to
sell any property for the price or on the terms we set, or whether any price or other terms offered
by a prospective purchaser would be acceptable to us. We also cannot predict the length of time
needed to find a willing purchaser and to close the sale of a property. Furthermore, we may be
required to expend funds to correct defects or to make improvements before a property can be sold.
These conditions may limit our ability to dispose of properties and to change our portfolio
promptly in order to meet our strategic objectives, which may in turn have a materially adverse
effect on our financial condition and the market value of our securities. We are also subject to
the following risks in connection with sales of our apartment communities:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a significant portion of the proceeds from our overall property sales
may be held by intermediaries in order for some sales to qualify as
like-kind exchanges under Section&nbsp;1031 of the Internal Revenue Code of
1986, as amended, or the &#147;Code,&#148; so that any related capital gain can
be deferred for federal income tax purposes. As a result, we may not
have immediate access to all of the cash proceeds generated from our
property sales; and</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>federal tax laws limit our ability to profit on the sale of
communities that we have owned for less than two years, and this
limitation may prevent us from selling communities when market
conditions are favorable.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Competition Could Limit Our Ability to Lease Apartment Homes or Increase or Maintain Rents.</I>
Our apartment communities compete with numerous housing alternatives in attracting residents,
including other apartment communities, condominiums and single-family rental homes, as well as
owner occupied single-and multi-family homes. Competitive housing in a particular area could
adversely affect our ability to lease apartment homes and increase or maintain rents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>We May Not Realize the Anticipated Benefits of Past or Future Acquisitions, and the Failure to
Integrate Acquired Communities and New Personnel Successfully Could Create Inefficiencies. </I>We
have selectively acquired in the past, and if presented with attractive opportunities we intend to
selectively acquire in the future, apartment communities that meet our investment criteria. Our
acquisition activities and their success are subject to the following risks:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we may be unable to obtain financing for acquisitions on favorable terms or at all;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>even if we are able to finance the acquisition, cash flow from the acquisition may
be insufficient to meet our required principal and interest payments on the
acquisition;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>even if we enter into an acquisition agreement for an apartment community, we may
be unable to complete the acquisition after incurring certain acquisition-related
costs;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we may incur significant costs and divert management attention in connection with
the evaluation and negotiation of potential acquisitions, including potential
acquisitions that we are subsequently unable to complete;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an acquired apartment community may fail to perform as we expected in analyzing
our investment, or a significant exposure related to the acquired property may go
undetected during our due diligence procedures;</TD>
</TR>

</TABLE>
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<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>when we acquire an apartment community, we may invest additional
amounts in it with the intention of increasing profitability, and
these additional investments may not produce the anticipated
improvements in profitability; and</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we may be unable to quickly and efficiently integrate acquired
apartment communities and new personnel into our existing operations,
and the failure to successfully integrate such apartment communities
or personnel will result in inefficiencies that could adversely affect
our expected return on our investments and our overall profitability.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We do not expect to acquire apartment communities at the rate we have in prior years, which
may limit our growth and have a material adverse effect on our business and the market value of our
securities. In the past, other real estate investors, including insurance companies, pension and
investment funds, developer partnerships, investment companies and other public and private
apartment REITs, have competed with us to acquire existing properties and to develop new
properties, and such competition in the future may make it more difficult for us to pursue
attractive investment opportunities on favorable terms, which could adversely affect growth.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Development and Construction Risks Could Impact Our Profitability. </I>In the past we have
selectively pursued the development and construction of apartment communities, and we intend to do
so in the future as appropriate opportunities arise. Development activities have been, and in the
future may be, conducted through wholly owned affiliated companies or through joint ventures with
unaffiliated parties. Our development and construction activities are subject to the following
risks:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we may be unable to obtain construction financing for development
activities under favorable terms, including but not limited to
interest rates, maturity dates and/or loan to value ratios, or at all
which could cause us to delay or even abandon potential developments;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we may be unable to obtain, or face delays in obtaining, necessary
zoning, land-use, building, occupancy and other required governmental
permits and authorizations, which could result in increased
development costs, could delay initial occupancy dates for all or a
portion of a development community, and could require us to abandon
our activities entirely with respect to a project for which we are
unable to obtain permits or authorizations;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>yields may be less than anticipated as a result of delays in
completing projects, costs that exceed budget and/or higher than
expected concessions for lease up and lower rents than pro forma;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if we are unable to find joint venture partners to help fund the
development of a community or otherwise obtain acceptable financing
for the developments, our development capacity may be limited;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we may abandon development opportunities that we have already begun to
explore, and we may fail to recover expenses already incurred in
connection with exploring such opportunities;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we may be unable to complete construction and lease-up of a community
on schedule, or incur development or construction costs that exceed
our original estimates, and we may be unable to charge rents that
would compensate for any increase in such costs;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>occupancy rates and rents at a newly developed community may fluctuate
depending on a number of factors, including market and economic
conditions, preventing us from meeting our profitability goals for
that community; and</TD>
</TR>


<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>when we sell to third parties communities or properties that we
developed or renovated, we may be subject to warranty or construction
defect claims that are uninsured or exceed the limits of our
insurance.</TD>
</TR>


</TABLE>
</DIV><P align="center" style="font-size: 10pt">&nbsp;

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In some cases in the past, the costs of upgrading acquired communities exceeded our original
estimates. We may experience similar cost increases in the future. Our inability to charge rents
that will be sufficient to offset the effects of any increases in these costs may impair our
profitability.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Bankruptcy of Developers in Our Development Joint Ventures Could Impose Delays and Costs on Us
With Respect to the Development of Our Communities and May Adversely Affect Our Financial Condition
and Results of Operations. </I>The bankruptcy of one of the developers in any of our development
joint ventures could materially and adversely affect the relevant property or properties. If the
relevant joint venture through which we have invested in a property has incurred recourse
obligations, the discharge in bankruptcy of the developer may require us to honor a completion
guarantee and therefore might result in our ultimate liability for a greater portion of those
obligations than we would otherwise bear.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Property Ownership Through Joint Ventures May Limit Our Ability to Act Exclusively in Our
Interest. </I>We have in the past and may in the future develop and acquire properties in joint
ventures with other persons or entities when we believe circumstances warrant the use of such
structures. If we use such a structure, we could become engaged in a dispute with one or more of
our joint venture partners that might affect our ability to operate a jointly-owned property.
Moreover, joint venture partners may have business, economic or other objectives that are
inconsistent with our objectives, including objectives that relate to the appropriate timing and
terms of any sale or refinancing of a property. In some instances, joint venture partners may have
competing interests in our markets that could create conflicts of interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Some Potential Losses May Not Be Adequately Covered by Insurance. </I>We have a comprehensive
insurance program covering our property and operating activities. We believe the policy
specifications and insured limits of these policies are adequate and appropriate. There are,
however, certain types of extraordinary losses which may not be adequately covered under our
insurance program. In addition, we will sustain losses due to insurance deductibles, self-insured
retention, uninsured claims or casualties, or losses in excess of applicable coverage.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">If an uninsured loss or a loss in excess of insured limits occur, we could lose all or a
portion of the capital we have invested in a property, as well as the anticipated future revenue
from the property. In such an event, we might nevertheless remain obligated for any mortgage debt
or other financial obligations related to the property. Material losses in excess of insurance
proceeds may occur in the future. If one or more of our significant properties were to experience a
catastrophic loss, it could seriously disrupt our operations, delay revenue and result in large
expenses to repair or rebuild the property. Such events could adversely affect our cash flow and
ability to make distributions to our stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Failure to Succeed in New Markets May Limit Our Growth. </I>We have acquired in the past, and we
may acquire in the future if appropriate opportunities arise, apartment communities that are
outside of our existing markets. Entering into new markets may expose us to a variety of risks, and
we may not be able to operate successfully in new markets. These risks include, among others:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>inability to accurately evaluate local apartment market conditions and local economies;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>inability to hire and retain key personnel;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>lack of familiarity with local governmental and permitting procedures; and</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>inability to achieve budgeted financial results.</TD>
</TR>

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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Potential Liability for Environmental Contamination Could Result in Substantial Costs. </I>Under
various federal, state and local environmental laws, as a current or former owner or operator of
real estate, we could be required to investigate and remediate the effects of contamination of
currently or formerly owned real estate by hazardous or toxic substances, often regardless of our
knowledge of or responsibility for the contamination and solely by virtue of our current or former
ownership or operation of the real estate. In addition, we could be held liable to a governmental
authority or to third parties for property damage and for investigation and clean-up costs incurred
in connection with the contamination. These costs could be substantial, and in many cases
environmental laws create liens in favor of governmental authorities to secure their payment. The
presence of such substances or a failure to properly remediate any resulting contamination could
materially and adversely affect our ability to borrow against, sell or rent an affected property.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In addition, our properties are subject to various federal, state and local environmental,
health and safety laws, including laws governing the management of wastes and underground and
aboveground storage tanks. Noncompliance with these environmental, health and safety laws could
subject us to liability. Changes in laws could increase the potential costs of compliance with
environmental laws, health and safety laws or increase liability for noncompliance. This may result
in significant unanticipated expenditures or may otherwise materially and adversely affect our
operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As the owner or operator of real property, we may also incur liability based on various
building conditions. For example, buildings and other structures on properties that we currently
own or operate or those we acquire or operate in the future contain, may contain, or may have
contained, asbestos-containing material, or ACM. Environmental, health and safety laws require that
ACM be properly managed and maintained and may impose fines or penalties on owners, operators or
employers for non-compliance with those requirements. These requirements include special
precautions, such as removal, abatement or air monitoring, if ACM would be disturbed during
maintenance, renovation or demolition of a building, potentially resulting in substantial costs. In
addition, we may be subject to liability for personal injury or property damage sustained as a
result of exposure to ACM or releases of ACM into the environment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We cannot assure you that costs or liabilities incurred as a result of environmental issues
will not affect our ability to make distributions to our shareholders, or that such costs or
liabilities will not have a material adverse effect on our financial condition and results of
operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Our Properties May Contain or Develop Harmful Mold or Suffer from Other Indoor Air Quality
Issues, Which Could Lead to Liability for Adverse Health Effects or Property Damage or Cost for
Remediation. </I>When excessive moisture accumulates in buildings or on building materials, mold
growth may occur, particularly if the moisture problem remains undiscovered or is not addressed
over a period of time. Some molds may produce airborne toxins or irritants. Indoor air quality
issues can also stem from inadequate ventilation, chemical contamination from indoor or outdoor
sources, and other biological contaminants such as pollen, viruses and bacteria. Indoor exposure to
airborne toxins or irritants can be alleged to cause a variety of adverse health effects and
symptoms, including allergic or other reactions. As a result, the presence of significant mold or
other airborne contaminants at any of our properties could require us to undertake a costly
remediation program to contain or remove the mold or other airborne contaminants or to increase
ventilation. In addition, the presence of significant mold or other airborne contaminants could
expose us to liability from our tenants or others if property damage or personal injury occurs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Compliance or Failure to Comply with the Americans with Disabilities Act of 1990 or Other
Safety Regulations and Requirements Could Result in Substantial Costs. </I>The Americans with
Disabilities Act generally requires that public buildings, including our properties, be made
accessible to disabled persons. Noncompliance could result in the imposition of fines by the
federal government or the award of damages to private litigants. From time to time claims may be
asserted against us with respect to some of our properties under this Act. If, under the Americans
with Disabilities Act, we are required to make substantial alterations and capital expenditures in
one or more of our properties, including the removal of access barriers, it could adversely affect
our financial condition and results of operations.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our properties are subject to various federal, state and local regulatory requirements, such
as state and local fire and life safety requirements. If we fail to comply with these requirements,
we could incur fines or private damage awards. We do not know whether existing requirements will
change or whether compliance with future requirements will require significant unanticipated
expenditures that will affect our cash flow and results of operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Real Estate Tax and Other Laws. </I>Generally we do not directly pass through costs resulting
from compliance with or changes in real estate tax laws to residential property tenants. We also do
not generally pass through increases in income, service or other taxes, to tenants under leases.
These costs may adversely affect net operating income and the ability to make distributions to
stockholders. Similarly, compliance with or changes in (i)&nbsp;laws increasing the potential liability
for environmental conditions existing on properties or the restrictions on discharges or other
conditions or (ii)&nbsp;rent control or rent stabilization laws or other laws regulating housing, such
as the Americans with Disabilities Act and the Fair Housing Amendments Act of 1988, may result in
significant unanticipated expenditures, which would adversely affect funds from operations and the
ability to make distributions to stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Risk of Damage from Catastrophic Weather Events. </I>Certain of our communities are located in
the general vicinity of active earthquake faults, mudslides and fires, and others where there are
hurricanes, tornadoes or risks of other inclement weather. The adverse weather events could cause
damage or losses that may be greater than insured levels. In the event of a loss in excess of
insured limits, we could lose our capital invested in the affected community, as well as
anticipated future revenue from that community. We would also continue to be obligated to repay any
mortgage indebtedness or other obligations related to the community. Any such loss could materially
and adversely affect our business and our financial condition and results of operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Actual or Threatened Terrorist Attacks May Have an Adverse Effect on Our Business and
Operating Results and Could Decrease the Value of Our Assets. </I>Actual or threatened terrorist
attacks and other acts of violence or war could have a material adverse effect on our business and
operating results. Attacks that directly impact one or more of our apartment communities could
significantly affect our ability to operate those communities and thereby impair our ability to
achieve our expected results. Further, our insurance coverage may not cover all losses caused by a
terrorist attack. In addition, the adverse effects that such violent acts and threats of future
attacks could have on the U.S. economy could similarly have a material adverse effect on our
business and results of operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>We May Experience a Decline in the Fair Value of Our Assets and Be Forced to Recognize
Impairment Charges, Which Could Materially and Adversely Impact Our Financial Condition, Liquidity
and Results of Operations and the Market Price of Our Common Stock. </I>A decline in the fair value
of our assets may require us to recognize an impairment against such assets under GAAP if we were
to determine that, with respect to any assets in unrealized loss positions, we do not have the
ability and intent to hold such assets to maturity or for a period of time sufficient to allow for
recovery to the amortized cost of such assets. If such a determination were to be made, we would
recognize unrealized losses through earnings and write down the amortized cost of such assets to a
new cost basis, based on the fair value of such assets on the date they are considered to be
impaired. Such impairment charges reflect non-cash losses at the time of recognition; subsequent
disposition or sale of such assets could further affect our future losses or gains, as they are
based on the difference between the sale price received and adjusted amortized cost of such assets
at the time of sale. If we are required to recognize asset impairment charges in the future, these
charges could materially and adversely affect our financial condition, liquidity, results of
operations and the per share trading price of our common stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Any Weaknesses Identified in Our Internal Control Over Financial Reporting Could Have an
Adverse Effect on Our Stock Price. </I>Section&nbsp;404 of the Sarbanes-Oxley Act of 2002 requires us to
evaluate and report on our internal control over financial reporting. If we identify one or more
material weaknesses in our internal control over financial reporting, we could lose investor
confidence in the accuracy and completeness of our financial reports, which in turn could have an
adverse effect on our stock price.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Our Success Depends on Our Senior Management. </I>Our success depends upon the retention of our
senior management, whose continued service in not guaranteed. We may not be able to find qualified
replacements for the individuals who make up our senior management if their services should no
longer be available to us. The loss of services of one or more members of our senior management
team could have a material adverse effect on our business, financial condition and results of
operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>We May be Adversely Affected by New Laws and Regulations. </I>The current United States
administration and Congress have enacted, or called for consideration of, proposals relating to a
variety of issues, including with respect to health care, financial regulation reform, climate
control, executive compensation and others. We believe that these and other potential proposals
could have varying degrees of impact on us ranging from minimal to material. At this time, we are
unable to predict with certainty what level of impact specific proposals could have on us.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Certain rulemaking and administrative efforts that may have an impact on us focus principally
on the areas perceived as contributing to the global financial crisis and the continuing economic
downturn. These initiatives have created a degree of uncertainty regarding the basic rules
governing the real estate industry and many other businesses that is unprecedented in the United
States at least since the wave of lawmaking and regulatory reform that followed in the wake of the
Great Depression. The federal legislative response in this area has culminated most recently in the
enactment on July&nbsp;21, 2010 of the Dodd-Frank Wall Street Reform and Consumer Protection Act
(&#147;Dodd-Frank Act&#148;). Many of the provisions of the Dodd-Frank Act have extended implementation
periods and delayed effective dates and will require extensive rulemaking by regulatory
authorities; thus, the impact on us may not be known for an extended period of time. The Dodd-Frank
Act, including future rules implementing its provisions and the interpretation of those rules,
along with other legislative and regulatory proposals that are proposed or pending in the United
States Congress, may limit our revenues, impose fees or taxes on us, and/or intensify the
regulatory framework in which we operate in ways that are not currently identifiable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Changing laws, regulations and standards relating to corporate governance and public
disclosure in particular, including certain provisions of the Dodd-Frank Act and the rules and
regulations promulgated thereunder, have created uncertainty for public companies like ours and
could significantly increase the costs and risks associated with accessing the U.S. public markets.
Because we are committed to maintaining high standards of internal control over financial
reporting, corporate governance and public disclosure, our management team will need to devote
significant time and financial resources to comply with these evolving standards for public
companies. We intend to continue to invest appropriate resources to comply with both existing and
evolving standards, and this investment has resulted and will likely continue to result in
increased general and administrative expenses and a diversion of management time and attention from
revenue generating activities to compliance activities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Changes in the System for Establishing U.S. Accounting Standards May Materially and Adversely
Affect Our Reported Results of Operations. </I>Accounting for public companies in the United States
has historically been conducted in accordance with generally accepted accounting principles as in
effect in the United States (&#147;GAAP&#148;). GAAP is established by the Financial Accounting Standards
Board (the &#147;FASB&#148;), an independent body whose standards are recognized by the SEC as authoritative
for publicly held companies. The International Accounting Standards Board (the &#147;IASB&#148;) is a
London-based independent board established in 2001 and charged with the development of
International Financial Reporting Standards (&#147;IFRS&#148;). IFRS generally reflects accounting practices
that prevail in Europe and in developed nations around the world.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">IFRS differs in material respects from GAAP. Among other things, IFRS has historically relied
more on &#147;fair value&#148; models of accounting for assets and liabilities than GAAP. &#147;Fair value&#148; models
are based on periodic revaluation of assets and liabilities, often resulting in fluctuations in
such values as compared to GAAP, which relies more frequently on historical cost as the basis for
asset and liability valuation.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We are monitoring the SEC&#146;s activity with respect to the proposed adoption of IFRS by United States public companies. It is unclear at this time how the SEC
will propose that GAAP and IFRS be harmonized if the proposed change is adopted. In addition,
switching to a new method of accounting and
adopting IFRS will be a complex undertaking. We may need to develop new systems and controls
based on the principles of IFRS. Since these are new endeavors, and the precise requirements of the
pronouncements ultimately adopted are not now known, the magnitude of costs associated with this
conversion are uncertain.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We are currently evaluating the impact of the adoption of IFRS on our financial position and
results of operations. Such evaluation cannot be completed, however, without more clarity regarding
the specific IFRS standards that will be adopted. Until there is more certainty with respect to the
IFRS standards to be adopted, prospective investors should consider that our conversion to IFRS
could have a material adverse impact on our reported results of operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Risks Related to Our Indebtedness and Financings</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Insufficient Cash Flow Could Affect Our Debt Financing and Create Refinancing Risk. </I>We are
subject to the risks normally associated with debt financing, including the risk that our operating
income and cash flow will be insufficient to make required payments of principal and interest, or
could restrict our borrowing capacity under our line of credit due to debt covenant restraints.
Sufficient cash flow may not be available to make all required principal payments and still satisfy
UDR, Inc.&#146;s distribution requirements to maintain its status as a REIT for federal income tax
purposes. In addition, the full limits of our line of credit may not be available to us if our
operating performance falls outside the constraints of our debt covenants. We are also likely to
need to refinance substantially all of our outstanding debt as it matures. We may not be able to
refinance existing debt, or the terms of any refinancing may not be as favorable as the terms of
the existing debt, which could create pressures to sell assets or to issue additional equity when
we would otherwise not choose to do so. In addition, our failure to comply with our debt covenants
could result in a requirement to repay our indebtedness prior to its maturity, which could have an
adverse effect on our cash flow, increase our financing costs and impact our ability to make
distributions to our stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Failure to Generate Sufficient Revenue Could Impair Debt Service Payments and Distributions to
Stockholders. </I>If our apartment communities do not generate sufficient net rental income to meet
rental expenses, our ability to make required payments of interest and principal on our debt
securities and to pay distributions to UDR, Inc.&#146;s stockholders will be adversely affected. The
following factors, among others, may affect the net rental income generated by our apartment
communities:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the national and local economies;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>local real estate market conditions, such as an oversupply of apartment homes;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>tenants&#146; perceptions of the safety, convenience, and attractiveness of our
communities and the neighborhoods where they are located;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our ability to provide adequate management, maintenance and insurance;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>rental expenses, including real estate taxes and utilities;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>competition from other apartment communities;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in interest rates and the availability of financing;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in governmental regulations and the related costs of compliance; and</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in tax and housing laws, including the enactment of rent control laws
or other laws regulating multi-family housing.</TD>
</TR>

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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Expenses associated with our investment in an apartment community, such as debt service, real
estate taxes, insurance and maintenance costs, are generally not reduced when circumstances cause a
reduction in rental income from that community. If a community is mortgaged to secure payment of
debt and we are unable to make the mortgage payments, we could sustain a loss as a result of
foreclosure on the community or the exercise of other remedies by the mortgage holder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Debt Level May Be Increased. </I>Our current debt policy does not contain any limitations on the
level of debt that we may incur, although our ability to incur debt is limited by covenants in our
bank and other credit agreements. We manage our debt to be in compliance with these debt covenants,
but subject to compliance with these covenants, we may increase the amount of our debt at any time
without a concurrent improvement in our ability to service the additional debt.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Financing May Not Be Available and Could Be Dilutive. </I>Our ability to execute our business
strategy depends on our access to an appropriate blend of debt financing, including unsecured lines
of credit and other forms of secured and unsecured debt, and equity financing, including common and
preferred equity. We and other companies in the real estate industry have experienced limited
availability of financing from time to time. If we issue additional equity securities to finance
developments and acquisitions instead of incurring debt, the interests of our existing stockholders
could be diluted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Disruptions in Financial Markets May Adversely Impact Availability and Cost of Credit and Have
Other Adverse Effects on Us and the Market Price of Our Stock. </I>Our ability to make scheduled
payments or to refinance debt obligations will depend on our operating and financial performance,
which in turn is subject to prevailing economic conditions and to financial, business and other
factors beyond our control. During the past few years, the United States stock and credit markets
have experienced significant price volatility, dislocations and liquidity disruptions, which have
caused market prices of many stocks to fluctuate substantially and the spreads on prospective debt
financings to widen considerably. These circumstances have materially impacted liquidity in the
financial markets, making terms for certain financings less attractive, and in some cases have
resulted in the unavailability of financing. Continued uncertainty in the stock and credit markets
may negatively impact our ability to access additional financing for acquisitions, development of
our properties and other purposes at reasonable terms, which may negatively affect our business.
Additionally, due to this uncertainty, we may be unable to refinance our existing indebtedness or
the terms of any refinancing may not be as favorable as the terms of our existing indebtedness. If
we are not successful in refinancing this debt when it becomes due, we may be forced to dispose of
properties on disadvantageous terms, which might adversely affect our ability to service other debt
and to meet our other obligations. A prolonged downturn in the financial markets may cause us to
seek alternative sources of potentially less attractive financing, and may require us to adjust our
business plan accordingly. These events also may make it more difficult or costly for us to raise
capital through the issuance of our common or preferred stock. The disruptions in the financial
markets have had and may continue to have a material adverse effect on the market value of our
common shares and other adverse effects on us and our business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Prospective buyers of our properties may also experience difficulty in obtaining debt
financing which might make it more difficult for us to sell properties at acceptable pricing
levels. Tightening of credit in financial markets and high unemployment rates may also adversely
affect the ability of tenants to meet their lease obligations and for us to continue increasing
rents on a prospective basis. Disruptions in the credit and financial markets may also have other
adverse effects on us and the overall economy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>A Change in U.S. Government Policy Regarding Fannie Mae or Freddie Mac Could Have a Material
Adverse Impact on Our Business. </I>Fannie Mae and Freddie Mac are a major source of financing for
secured multifamily rental real estate. We and other multifamily companies depend heavily on Fannie
Mae and Freddie Mac to finance growth by purchasing or guaranteeing apartment loans. In September
2008, the U.S. government assumed control of Fannie Mae and Freddie Mac and placed both companies
into a government conservatorship under the Federal Housing Finance Agency. The Administration has
recently proposed potential options for the future of mortgage finance in the U.S. that could
involve the phase out of Fannie Mae and Freddie Mac. While we believe Fannie Mae and Freddie Mac
will continue to provide liquidity to our sector, should they discontinue doing so, have their
mandates changed or reduced or be disbanded or reorganized by the government, it would
significantly reduce our
access to debt capital and adversely affect our ability to finance or refinance existing
indebtedness at competitive rates and it may adversely affect our ability to sale assets.
Uncertainty in the future activity and involvement of Fannie Mae and Freddie Mac as a source of
financing could negatively impact our ability to make acquisitions and make it more difficult or
not possible for us to sell properties or may adversely affect the price we receive for properties
that we do sell, as prospective buyers may experience increased costs of debt financing or
difficulties in obtaining debt financing.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>The Soundness of Financial Institutions Could Adversely Affect Us. </I>We have relationships with
many financial institutions, including lenders under our credit facilities, and, from time to time,
we execute transactions with counterparties in the financial services industry. As a result,
defaults by, or even rumors or questions about, financial institutions or the financial services
industry generally, could result in losses or defaults by these institutions. In the event that the
volatility of the financial markets adversely affects these financial institutions or
counterparties, we or other parties to the transactions with us may be unable to complete
transactions as intended, which could adversely affect our business and results of operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Changing Interest Rates Could Increase Interest Costs and Adversely Affect Our Cash Flow and
the Market Price of Our Securities. </I>We currently have, and expect to incur in the future,
interest-bearing debt at rates that vary with market interest rates. As of March&nbsp;31, 2011, UDR,
Inc. had approximately $843&nbsp;million of variable rate indebtedness outstanding, which constitutes
approximately 24% of total outstanding indebtedness as of such date. As of March&nbsp;31, 2011, the
Operating Partnership had approximately $304&nbsp;million of variable rate indebtedness outstanding,
which constitutes approximately 29% of total outstanding indebtedness to third parties as of such
date. An increase in interest rates would increase our interest expenses and increase the costs of
refinancing existing indebtedness and of issuing new debt. Accordingly, higher interest rates could
adversely affect cash flow and our ability to service our debt and to make distributions to
security holders. The effect of prolonged interest rate increases could negatively impact our
ability to make acquisitions and develop properties. In addition, an increase in market interest
rates may lead our security holders to demand a higher annual yield, which could adversely affect
the market price of our common and preferred stock and debt securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Interest Rate Hedging Contracts May Be Ineffective and May Result in Material Charges. </I>From
time to time when we anticipate issuing debt securities, we may seek to limit our exposure to
fluctuations in interest rates during the period prior to the pricing of the securities by entering
into interest rate hedging contracts. We may do this to increase the predictability of our
financing costs. Also, from time to time we may rely on interest rate hedging contracts to limit
our exposure under variable rate debt to unfavorable changes in market interest rates. If the terms
of new debt securities are not within the parameters of, or market interest rates fall below that
which we incur under a particular interest rate hedging contract, the contract is ineffective.
Furthermore, the settlement of interest rate hedging contracts has involved and may in the future
involve material charges. In addition, our use of interest rate hedging arrangements may expose us
to additional risks, including a risk that a counterparty to a hedging arrangement may fail to
honor its obligations. Developing an effective interest rate risk strategy is complex and no
strategy can completely insulate us from risks associated with interest rate fluctuations. There
can be no assurance that our hedging activities will have desired beneficial impact on our results
of operations or financial condition. Termination of these hedging agreements typically involves
costs, such as transaction fees or breakage costs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Risks Related to Tax Laws</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>We Would Incur Adverse Tax Consequences if UDR Failed to Qualify as a REIT. </I>UDR has elected
to be taxed as a REIT under the Code. Our qualification as a REIT requires us to satisfy numerous
requirements, some on an annual and quarterly basis, established under highly technical and complex
Code provisions for which there are only limited judicial or administrative interpretations, and
involves the determination of various factual matters and circumstances not entirely within our
control. We intend that our current organization and method of operation enable us to continue to
qualify as a REIT, but we may not so qualify or we may not be able to remain so qualified in the
future. In addition, U.S. federal income tax laws governing REITs and other corporations and the
administrative interpretations of those laws may be amended at any time, potentially with
retroactive effect. Future legislation, new regulations, administrative interpretations or court
decisions could adversely affect our ability to qualify as a REIT or adversely affect our
stockholders.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">If we fail to qualify as a REIT in any taxable year, we would be subject to federal income tax
(including any applicable alternative minimum tax) on our taxable income at regular corporate
rates, and would not be allowed to deduct dividends paid to our stockholders in computing our
taxable income. Also, unless the Internal Revenue Service granted us relief under certain statutory
provisions, we could not re-elect REIT status until the fifth calendar year after the year in which
we first failed to qualify as a REIT. The additional tax liability from the failure to qualify as a
REIT would reduce or eliminate the amount of cash available for investment or distribution to our
stockholders. This would likely have a significant adverse effect on the value of our securities
and our ability to raise additional capital. In addition, we would no longer be required to make
distributions to our stockholders. Even if we continue to qualify as a REIT, we will continue to be
subject to certain federal, state and local taxes on our income and property.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>REITs May Pay a Portion of Dividends in Common Stock. </I>In December&nbsp;2009, the Internal Revenue
Service issued Revenue Procedure 2010-12, which expanded previously issued temporary guidance
relating to certain stock distributions made by publicly traded REITs to satisfy their tax-related
distribution requirements. This expanded temporary guidance is intended to permit REITs to limit
cash distributions in order to maintain liquidity during the current downturn in economic
conditions. Under this expanded guidance, for stock dividends declared on or after January&nbsp;1, 2008
and before December&nbsp;31, 2012, with respect to a taxable year ending on or before December&nbsp;31, 2011,
the Internal Revenue Service will treat a distribution of stock by a publicly traded REIT, pursuant
to certain stockholder elections to receive either stock or cash, as a taxable distribution of
property, provided that, among other conditions, (i)&nbsp;the total amount of cash available for
distribution is not less than 10% of the aggregate declared distribution, and (ii)&nbsp;if too many
stockholders elect to receive cash, each stockholder electing to receive cash will receive a pro
rata amount of cash corresponding to its respective entitlement under the declaration, but in no
event will any such electing stockholder receive less than 10% of the stockholder&#146;s entire
entitlement in money. The amount of such stock distribution will generally be treated as equal to
the amount of cash that could have been received instead. If we pay a portion of our dividends in
shares of our common stock pursuant to this temporary guidance, our stockholders may receive less
cash than they received in distributions in prior years and the market value of our securities may
decline.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>UDR May Conduct a Portion of Our Business Through Taxable REIT Subsidiaries, Which are Subject
to Certain Tax Risks. </I>We have established several taxable REIT subsidiaries. Despite UDR&#146;s
qualification as a REIT, its taxable REIT subsidiaries must pay income tax on their taxable income.
In addition, we must comply with various tests to continue to qualify as a REIT for federal income
tax purposes, and our income from and investments in our taxable REIT subsidiaries generally do not
constitute permissible income and investments for these tests. While we will attempt to ensure that
our dealings with our taxable REIT subsidiaries will not adversely affect our REIT qualification,
we cannot provide assurance that we will successfully achieve that result. Furthermore, we may be
subject to a 100% penalty tax, we may jeopardize our ability to retain future gains on real
property sales, or our taxable REIT subsidiaries may be denied deductions, to the extent our
dealings with our taxable REIT subsidiaries are not deemed to be arm&#146;s length in nature or are
otherwise not respected.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>REIT Distribution Requirements Limit Our Available Cash. </I>As a REIT, UDR is subject to annual
distribution requirements, which limit the amount of cash we retain for other business purposes,
including amounts to fund our growth. We generally must distribute annually at least 90% of our net
REIT taxable income, excluding any net capital gain, in order for our distributed earnings not to
be subject to corporate income tax. We intend to make distributions to our stockholders to comply
with the requirements of the Code. However, differences in timing between the recognition of
taxable income and the actual receipt of cash could require us to sell assets or borrow funds on a
short-term or long-term basis to meet the 90% distribution requirement of the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Certain Property Transfers May Generate Prohibited Transaction Income, Resulting in a Penalty
Tax on Gain Attributable to the Transaction. </I>From time to time, we may transfer or otherwise
dispose of some of our properties. Under the Code, any gain resulting from transfers of properties
that we hold as inventory or primarily for sale to customers in the ordinary course of business
would be treated as income from a prohibited transaction and subject to a 100% penalty tax. Since
we acquire properties for investment purposes, we do not believe that our occasional transfers or
disposals of property are prohibited transactions. However, whether property is held for investment
purposes is a question of fact that depends on all the facts and circumstances surrounding the
particular transaction. The Internal Revenue Service may contend that certain transfers or
disposals of properties by us are prohibited transactions. If the Internal Revenue Service were to
argue successfully that a transfer or disposition of property constituted a prohibited transaction,
then we would be required to pay a 100% penalty tax on any gain allocable to us from the prohibited
transaction and we may jeopardize our ability to retain future gains on real property sales. In
addition, income from a prohibited transaction might adversely affect UDR&#146;s ability to satisfy the
income tests for qualification as a REIT for federal income tax purposes.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>We Could Face Possible State and Local Tax Audits and Adverse Changes in State and Local Tax
Laws. </I>As discussed in the risk factors above, because UDR is organized and qualifies as a REIT it
is generally not subject to federal income taxes, but it is subject to certain state and local
taxes. From time to time, changes in state and local tax laws or regulations are enacted, which may
result in an increase in our tax liability. A shortfall in tax revenues for states and
municipalities in which we own apartment communities may lead to an increase in the frequency and
size of such changes. If such changes occur, we may be required to pay additional state and local
taxes. These increased tax costs could adversely affect our financial condition and the amount of
cash available for the payment of distributions to our stockholders. In the normal course of
business, entities through which we own real estate may also become subject to tax audits. If such
entities become subject to state or local tax audits, the ultimate result of such audits could have
an adverse effect on our financial condition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>The Operating Partnership Intends to Qualify as a Partnership, But Cannot Guarantee That It
Will Qualify. </I>The Operating Partnership intends to qualify as a partnership for federal income tax
purposes at any such time that the Operating Partnership admits additional limited partners other
than UDR, Inc. If classified as a partnership, the Operating Partnership generally will not be a
taxable entity and will not incur federal income tax liability. However, the Operating Partnership
would be treated as a corporation for federal income tax purposes if it were a &#147;publicly traded
partnership,&#148; unless at least 90% of the Operating Partnership&#146;s income was qualifying income as
defined in the Code. A &#147;publicly traded partnership&#148; is a partnership whose partnership interests
are traded on an established securities market or are readily tradable on a secondary market (or
the substantial equivalent thereof). Although the Operating Partnership&#146;s partnership units are not
traded on an established securities market, because of the redemption right, the Operating
Partnership&#146;s units held by limited partners could be viewed as readily tradable on a secondary
market (or the substantial equivalent thereof), and the Operating Partnership may not qualify for
one of the &#147;safe harbors&#148; under the applicable tax regulations. Qualifying income for the 90% test
generally includes passive income, such as real property rents, dividends and interest. The income
requirements applicable to REITs and the definition of qualifying income for purposes of this 90%
test are similar in most respects. The Operating Partnership may not meet this qualifying income
test. If the Operating Partnership were to be taxed as a corporation, it would incur substantial
tax liabilities, and UDR, Inc. would then fail to qualify as a REIT for tax purposes, unless it
qualified for relief under certain statutory savings provisions, and our ability to raise
additional capital would be impaired.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Risks Related to Our Organization and Ownership of UDR, Inc.&#146;s Stock</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Changes in Market Conditions and Volatility of Stock Prices Could Adversely Affect the Market
Price of Our Common Stock. </I>The stock markets, including the New York Stock Exchange, on which we
list UDR, Inc.&#146;s common stock, have experienced significant price and volume fluctuations. As a
result, the market price of our common stock could be similarly volatile, and investors in our
common stock may experience a decrease in the value of their shares, including decreases unrelated
to our operating performance or prospects. In addition to the risks listed in this &#147;Risk Factors&#148;
section, a number of factors could negatively affect the price per share of our common stock,
including:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>general market and economic conditions;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>actual or anticipated variations in our quarterly operating results or dividends
or our payment of dividends in shares of our stock;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in our funds from operations or earnings estimates;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>difficulties or inability to access capital or extend or refinance existing debt;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>decreasing (or uncertainty in) real estate valuations;</TD>
</TR>



</TABLE>
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<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in market valuations of similar companies;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>publication of research reports about us or the real estate industry;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the general reputation of real estate investment trusts and the attractiveness
of their equity securities in comparison to other equity securities (including
securities issued by other real estate companies);</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>general stock and bond market conditions, including changes in interest rates on
fixed income securities, that may lead prospective purchasers of our stock to
demand a higher annual yield from future dividends;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a change in analyst ratings;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>additions or departures of key management personnel;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>adverse market reaction to any additional debt we incur in the future;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>speculation in the press or investment community;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>terrorist activity which may adversely affect the markets in which our
securities trade, possibly increasing market volatility and causing the further
erosion of business and consumer confidence and spending;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>failure to qualify as a REIT;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>strategic decisions by us or by our competitors, such as acquisitions,
divestments, spin-offs, joint ventures, strategic investments or changes in
business strategy;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>failure to satisfy listing requirements of the NYSE;</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>governmental regulatory action and changes in tax laws; and</TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the issuance of additional shares of our common stock, or the
perception that such sales might occur, including under our
at-the-market equity distribution program.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Many of the factors listed above are beyond our control. These factors may cause the market
price of shares of our common stock to decline, regardless of our financial condition, results of
operations, business or our prospects.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>We May Change the Dividend Policy for Our Common Stock in the Future. </I>The decision to declare
and pay dividends on UDR Inc.&#146;s common stock, as well as the timing, amount and composition of any
such future dividends, will be at the sole discretion of our board of directors and will depend on
our earnings, funds from operations, liquidity, financial condition, capital requirements,
contractual prohibitions or other limitations under our indebtedness, the annual distribution
requirements under the REIT provisions of the Code, state law and such other factors as our board
of directors considers relevant. Any change in our dividend policy could have a material adverse
effect on the market price of UDR Inc.&#146;s common stock.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Maryland Law May Limit the Ability of a Third Party to Acquire Control of Us, Which May Not be
in Our Stockholders&#146; Best Interests. </I>Maryland business statutes may limit the ability of a third
party to acquire control of us. As a Maryland corporation, we are subject to various Maryland laws
which may have the effect of discouraging offers to acquire our Company and of increasing the
difficulty of consummating any such offers, even if our acquisition would be in our stockholders&#146;
best interests. The Maryland General Corporation Law restricts mergers and other business
combination transactions between us and any person who acquires beneficial ownership of shares of
our stock representing 10% or more of the voting power without our board of directors&#146; prior
approval. Any such business combination transaction could not be completed until five years after
the person acquired such voting power, and generally only with the approval of stockholders
representing 80% of all votes entitled to be cast and 66 2/3% of the votes entitled to be cast,
excluding the interested stockholder, or upon payment of a fair price. Maryland law also provides
generally that a person who acquires shares of our equity stock that represents 10% (and certain
higher levels) of the voting power in electing directors will have no voting rights unless approved
by a vote of two-thirds of the shares eligible to vote.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Limitations on Share Ownership and Limitations on the Ability of Our Stockholders to Effect a
Change in Control of Our Company Restricts the Transferability of Our Stock and May Prevent
Takeovers That are Beneficial to Our Stockholders. </I>One of the requirements for maintenance of our
qualification as a REIT for U.S. federal income tax purposes is that no more than 50% in value of
our outstanding capital stock may be owned by five or fewer individuals, including entities
specified in the Code, during the last half of any taxable year. Our charter contains ownership and
transfer restrictions relating to our stock primarily to assist us in complying with this and other
REIT ownership requirements; however, the restrictions may have the effect of preventing a change
of control, which does not threaten REIT status. These restrictions include a provision that
generally limits ownership by any person of more than 9.9% of the value of our outstanding equity
stock, unless our board of directors exempts the person from such ownership limitation, provided
that any such exemption shall not allow the person to exceed 13% of the value of our outstanding
equity stock. Absent such an exemption from our board of directors, the transfer of our stock to
any person in excess of the applicable ownership limit, or any transfer of shares of such stock in
violation of the ownership requirements of the Code for REITs, will be considered null and void,
and the intended transferee of such stock will acquire no rights in such shares. These provisions
of our charter may have the effect of delaying, deferring or preventing someone from taking control
of us, even though a change of control might involve a premium price for our stockholders or might
otherwise be in our stockholders&#146; best interests.
</DIV>
<DIV align="left">
<A name="C15245119"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;2.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Unregistered Sales of Equity Securities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">From time to time we issue shares of our common stock in exchange for operating partnership
units (&#147;OP Units&#148;) tendered to the Operating Partnership, for redemption in accordance with the
provisions of the Operating Partnership&#146;s limited partnership agreement. Under the terms of the
Operating Partnership&#146;s limited partnership agreement, the holders of OP Units have the right to
require the Operating Partnership to redeem all or a portion of the OP Units held by the holder in
exchange for a cash payment based on the market value of our common stock at the time of
redemption. However, the Operating Partnership&#146;s obligation to pay the cash amount is subject to
the prior right of the Company to acquire such OP Units in exchange for either the cash amount or
the number of shares of our common stock equal to the number of OP Units being redeemed. During the
quarter ended March&nbsp;31, 2011, we did not issue shares of our common stock upon redemption of OP
Units.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->85<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Repurchase of Equity Securities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In February&nbsp;2006, our Board of Directors authorized a 10&nbsp;million share repurchase program. In
January&nbsp;2008, our Board of Directors authorized a new 15&nbsp;million share repurchase program. Under
the two share repurchase programs, UDR may repurchase shares of our common stock in open market
purchases, block purchases, privately negotiated transactions or otherwise. As reflected in the
table below, no shares of common stock were repurchased under these programs during the quarter
ended March&nbsp;31, 2011.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Total Number of Shares</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Maximum Number of</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Total Number</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Average</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Purchased as Part</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Shares that May Yet Be</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">of Shares</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Price per</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">of Publicly Announced</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Purchased Under the</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Period</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Purchased</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Share</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Plans or Programs</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Plans or Programs (1)</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Beginning Balance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,967,490</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">22.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,967,490</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,032,510</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">January&nbsp;1, 2011 through January&nbsp;31, 2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,032,510</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">February&nbsp;1, 201 through February&nbsp;28, 2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,032,510</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">March&nbsp;1, 2011 through March&nbsp;31, 2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,032,510</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance as of March&nbsp;31, 2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,967,490</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">22.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,967,490</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,032,510</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>This number reflects the amount of shares that were available for purchase under our
10,000,000 share repurchase program authorized in February&nbsp;2006 and our 15,000,000 share
repurchase program authorized in January&nbsp;2008.</TD>
</TR>

</TABLE>


<DIV align="left">
<A name="C15245120"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;3.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>DEFAULTS UPON SENIOR SECURITIES</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">None.
</DIV>
<DIV align="left">
<A name="C15245121"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;4.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>(REMOVED AND RESERVED)</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left">
<A name="C15245122"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;5.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>OTHER INFORMATION</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">There is no other information required to be disclosed in a report on Form 8-K during the
quarter ended March&nbsp;31, 2011, that was not previously disclosed in a Form 8-K.
</DIV>
<DIV align="left">
<A name="C15245123"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;6.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>EXHIBITS</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The exhibits filed or furnished with this Report are set forth in the Exhibit&nbsp;Index.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->86<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="left">
<A name="C15245124"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pursuant to the requirements of the Securities Exchange Act of 1934, each of the registrants
has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">UDR, Inc.
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
(registrant)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date: May 3, 2011
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ David L. Messenger
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
David L. Messenger<br>
Chief Financial Officer and Senior Vice President
<I>(duly authorized officer, principal financial officer
and chief accounting officer)</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">United Dominion Realty, L.P.
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
(registrant)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By: UDR, Inc., its general partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date: May 3, 2011
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ David L. Messenger
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
David L. Messenger<br>
Chief Financial Officer and Senior Vice President
<I>(duly authorized officer, principal financial officer
and chief accounting officer)</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->87<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="left">
<A name="C15245125"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>EXHIBIT INDEX </B></U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="86%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Certificate of Limited Partnership of United Dominion Realty, L.P. dated February&nbsp;19,
2004 (incorporated by reference to Exhibit&nbsp;3.4 to United Dominion Realty, L.P.&#146;s
Post-Effective Amendment No.&nbsp;1 to Registration Statement on Form&nbsp;S-3 dated and filed with
the SEC on October&nbsp;15, 2010).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Amended and Restated Agreement of Limited Partnership of United Dominion Realty, L.P.
dated as of February&nbsp;23, 2004 (incorporated by reference to Exhibit&nbsp;10.23 to UDR, Inc.&#146;s
Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2003).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">First Amendment to the Amended and Restated Agreement of Limited Partnership of United
Dominion Realty, L.P. dated June&nbsp;24, 2005 (incorporated by reference to Exhibit&nbsp;10.06 to
UDR, Inc.&#146;s Quarterly Report on Form&nbsp;10-Q for the quarter ended June&nbsp;30, 2005).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Second Amendment to the Amended and Restated Agreement of Limited Partnership of United
Dominion Realty, L.P. dated February&nbsp;23, 2006 (incorporated by reference to Exhibit&nbsp;10.6 to
UDR, Inc.&#146;s Quarterly Report on Form&nbsp;10-Q for the quarter ended March&nbsp;31, 2006).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Third Amendment to the Amended and Restated Agreement of Limited Partnership of United
Dominion Realty, L.P. dated February&nbsp;2, 2007 (incorporated by reference to Exhibit&nbsp;99.1 to
UDR, Inc.&#146;s Quarterly Report on Form&nbsp;10-Q for the quarter ended September&nbsp;30, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.6</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fourth Amendment to the Amended and Restated Agreement of Limited Partnership of United
Dominion Realty, L.P. dated December&nbsp;27, 2007 (incorporated by reference to Exhibit&nbsp;10.25
to UDR, Inc.&#146;s Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2007).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.7</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fifth Amendment to the Amended and Restated Agreement of Limited Partnership of United
Dominion Realty, L.P. dated March&nbsp;7, 2008 (incorporated by reference to Exhibit&nbsp;10.53 to
UDR, Inc.&#146;s Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2008).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.8</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Sixth Amendment to the Amended and Restated Agreement of Limited Partnership of United
Dominion Realty, L.P. (incorporated by reference to Exhibit&nbsp;10.1 to UDR, Inc.&#146;s Current
Report on Form&nbsp;8-K dated December&nbsp;9, 2008 and filed with the SEC on December&nbsp;10, 2008).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.9</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Seventh Amendment to the Amended and Restated Agreement of Limited Partnership of
United Dominion Realty, L.P., dated as of March&nbsp;13, 2009 (incorporated by reference to
Exhibit&nbsp;10.1 to UDR, Inc.&#146;s Current Report on Form&nbsp;8-K dated March&nbsp;18, 2009 and filed with
the SEC on March&nbsp;19, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.10</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Eighth Amendment to the Amended and Restated Agreement of Limited Partnership of United
Dominion Realty, L.P., dated as of November&nbsp;17, 2010 (incorporated by reference to Exhibit
10.1 to UDR, Inc.&#146;s Current Report on Form&nbsp;8-K dated November&nbsp;18, 2010 and filed with the
SEC on November&nbsp;18, 2010).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Guaranty of United Dominion Realty, L.P. with respect to UDR, Inc.&#146;s Indenture dated
November&nbsp;1, 1995 (incorporated by reference to Exhibit&nbsp;99.1 to UDR, Inc.&#146;s Current Report
on Form&nbsp;8-K dated and filed with the SEC on March&nbsp;31, 2011, Commission File No.&nbsp;1-10524).</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->88<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C15245tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="86%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Guaranty of United Dominion Realty, L.P. with respect to UDR, Inc.&#146;s Indenture dated
October&nbsp;12, 2006 (incorporated by reference to Exhibit&nbsp;99.2 to UDR, Inc.&#146;s Current Report
on Form&nbsp;8-K dated and filed with the SEC on March&nbsp;31, 2011, Commission File No.&nbsp;1-10524).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ATM Equity Offering<SUP style="FONT-size: 85%; vertical-align: text-top">SM</SUP> Sales Agreement dated March&nbsp;31, 2011, among UDR, Inc.,
Merrill Lynch, Pierce, Fenner &#038; Smith Incorporated, Citigroup Global Markets Inc., Credit
Suisse Securities (USA)&nbsp;LLC and J.P. Morgan Securities LLC (incorporated by reference to
Exhibit&nbsp;1.1 to UDR, Inc.&#146;s Current Report on Form&nbsp;8-K dated March&nbsp;31, 2011 and filed with
the SEC on March&nbsp;31, 2011).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock
Dividends of UDR, Inc.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Computation of Ratio of Earnings to Fixed Charges of United Dominion Realty, L.P.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">31.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Rule&nbsp;13a-14(a) Certification of the Chief Executive Officer of UDR, Inc.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">31.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Rule&nbsp;13a-14(a) Certification of the Chief Financial Officer of UDR, Inc.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">31.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Rule&nbsp;13a-14(a) Certification of the Chief Executive Officer of United Dominion Realty,
L.P.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">31.4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Rule&nbsp;13a-14(a) Certification of the Chief Financial Officer of United Dominion Realty, L.P.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">32.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;1350 Certification of the Chief Executive Officer of UDR, Inc.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">32.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;1350 Certification of the Chief Financial Officer of UDR, Inc.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">32.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;1350 Certification of the Chief Executive Officer of United Dominion Realty, L.P.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">32.4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;1350 Certification of the Chief Financial Officer of United Dominion Realty, L.P.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">101</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">XBRL (Extensible Business Reporting Language). The following materials from
this Quarterly Report on Form&nbsp;10-Q for the period ended March&nbsp;31, 2011, formatted in
XBRL: (i)&nbsp;consolidated balance sheets of UDR, Inc., (ii)&nbsp;consolidated statements of
operations of UDR, Inc., (iii)&nbsp;consolidated statements of cash flows of UDR, Inc.,
(iv)&nbsp;consolidated statements of stockholders&#146; equity and comprehensive income/(loss)
of UDR, Inc., and (v)&nbsp;notes to consolidated financial statements of UDR, Inc.</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV><P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->89<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>2
<FILENAME>c15245exv12w1.htm
<DESCRIPTION>EXHIBIT 12.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 12.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>EXHIBIT 12.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>UDR, Inc.<BR>
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends<BR>
(Dollars in thousands)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Three months ended March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss from continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(29,627</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(27,296</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Add (from continuing operations):</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest on indebtedness</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>39,966</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Portion of rents representative of the interest factor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>495</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">505</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>10,834</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,309</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fixed charges and preferred stock dividend (from
continuing operations):</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest on indebtedness</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>39,966</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">36,100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Capitalized interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,603</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,947</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Portion of rents representative of the interest factor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>495</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">505</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Fixed charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>43,064</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,552</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Add:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Preferred stock dividend</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,368</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,379</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Combined fixed charges and preferred stock dividend</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>45,432</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">42,931</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ratio of earnings to fixed charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ratio of earnings to combined fixed charges
and preferred stock dividend</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For the three months ended March&nbsp;31, 2011, the ratio of earnings to fixed charges and the
ratio of combined fixed charges and preferred stock dividends was deficient of achieving a 1:1
ratio by $32.2&nbsp;million and $34.6&nbsp;million, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For the three months ended March&nbsp;31, 2010, the ratio of earnings to fixed charges and the
ratio of combined fixed charges and preferred stock dividends was deficient of achieving a 1:1
ratio by $31.2&nbsp;million and $33.6&nbsp;million, respectively.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.2
<SEQUENCE>3
<FILENAME>c15245exv12w2.htm
<DESCRIPTION>EXHIBIT 12.2
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 12.2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>EXHIBIT 12.2</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>United Dominion Realty, L.P.<BR>
Computation of Ratio of Earnings to Fixed Charges<BR>
(Dollars in thousands)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Three Months Ended March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss from continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(2,381</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(4,781</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Add (from continuing operations):</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest on indebtedness</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>11,199</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,309</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Portion of rents representative
of the interest factor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>394</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">391</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>9,212</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,919</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fixed charges from continuing operations:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest on indebtedness</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>11,199</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12,309</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Capitalized interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>408</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">197</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Portion of rents representative
of the interest factor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>394</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">391</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Fixed charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>12,001</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12,897</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ratio of earnings to fixed charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For the three months ended March&nbsp;31, 2011 and 2010, the ratio of earnings to fixed charges
was deficient of achieving a 1:1 ratio by $2.8&nbsp;million and $5.0&nbsp;million, respectively.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>4
<FILENAME>c15245exv31w1.htm
<DESCRIPTION>EXHIBIT 31.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 31.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>EXHIBIT 31.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CERTIFICATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">I, Thomas W. Toomey, certify that:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">1. I have reviewed this quarterly report on Form 10-Q of UDR, Inc.;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">2. Based on my knowledge, this report does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period
covered by this report;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">3. Based on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the registrant as of, and for, the periods presented in
this report;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4. The registrant&#146;s other certifying officer(s) and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e) and
15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the registrant and have:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(a)&nbsp;Designed such disclosure controls and procedures, or caused such disclosure controls
and procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being
prepared;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(b)&nbsp;Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(c)&nbsp;Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the disclosure
controls and procedures, as of the end of the period covered by this report based on such
evaluation; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(d)&nbsp;Disclosed in this report any change in the registrant&#146;s internal control over
financial reporting that occurred during the registrant&#146;s most recent fiscal quarter (the
registrant&#146;s fourth fiscal quarter in the case of an annual report) that has materially
affected, or is reasonably likely to materially affect, the registrant&#146;s internal control
over financial reporting; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">5. The registrant&#146;s other certifying officer(s) and I have disclosed, based on our most
recent evaluation of internal control over financial reporting, to the registrant&#146;s auditors and
the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent
functions):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(a)&nbsp;All significant deficiencies and material weaknesses in the design or operation of
internal control over financial reporting which are reasonably likely to adversely affect the
registrant&#146;s ability to record, process, summarize and report financial information; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(b)&nbsp;Any fraud, whether or not material, that involves management or other employees who
have a significant role in the registrant&#146;s internal control over financial reporting.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left">Date: May 3, 2011&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Thomas W. Toomey
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Thomas W. Toomey&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Chief Executive Officer and President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>5
<FILENAME>c15245exv31w2.htm
<DESCRIPTION>EXHIBIT 31.2
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 31.2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>EXHIBIT 31.2</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CERTIFICATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">I, David L. Messenger, certify that:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">1. I have reviewed this quarterly report on Form 10-Q of UDR, Inc.;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">2. Based on my knowledge, this report does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period
covered by this report;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">3. Based on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the registrant as of, and for, the periods presented in
this report;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4. The registrant&#146;s other certifying officer(s) and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e) and
15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the registrant and have:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(a)&nbsp;Designed such disclosure controls and procedures, or caused such disclosure controls
and procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being
prepared;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(b)&nbsp;Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(c)&nbsp;Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the disclosure
controls and procedures, as of the end of the period covered by this report, based on such
evaluation; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(d)&nbsp;Disclosed in this report any change in the registrant&#146;s internal control over
financial reporting that occurred during the registrant&#146;s most recent fiscal quarter (the
registrant&#146;s fourth fiscal quarter in the case of an annual report) that has materially
affected, or is reasonably likely to materially affect, the registrant&#146;s internal control
over financial reporting; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">5. The registrant&#146;s other certifying officer(s) and I have disclosed, based on our most
recent evaluation of internal control over financial reporting, to the registrant&#146;s auditors and
the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent
functions):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(a)&nbsp;All significant deficiencies and material weaknesses in the design or operation of
internal control over financial reporting which are reasonably likely to adversely affect the
registrant&#146;s ability to record, process, summarize and report financial information; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(b)&nbsp;Any fraud, whether or not material, that involves management or other employees who
have a significant role in the registrant&#146;s internal control over financial reporting.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left">Date: May 3, 2011&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ David L. Messenger
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">David L. Messenger&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left" nowrap>Chief Financial Officer and Senior Vice President<BR>

(Principal Financial and Accounting Officer)&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.3
<SEQUENCE>6
<FILENAME>c15245exv31w3.htm
<DESCRIPTION>EXHIBIT 31.3
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 31.3</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>EXHIBIT 31.3</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CERTIFICATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">I, Thomas W. Toomey, certify that:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">1. I have reviewed this quarterly report on Form 10-Q of United Dominion Realty, L.P.;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">2. Based on my knowledge, this report does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period
covered by this report;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">3. Based on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the registrant as of, and for, the periods presented in
this report;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4. The registrant&#146;s other certifying officer(s) and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e) and
15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the registrant and have:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(a)&nbsp;Designed such disclosure controls and procedures, or caused such disclosure controls
and procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being
prepared;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(b)&nbsp;Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(c)&nbsp;Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the disclosure
controls and procedures, as of the end of the period covered by this report based on such
evaluation; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(d)&nbsp;Disclosed in this report any change in the registrant&#146;s internal control over
financial reporting that occurred during the registrant&#146;s most recent fiscal quarter (the
registrant&#146;s fourth fiscal quarter in the case of an annual report) that has materially
affected, or is reasonably likely to materially affect, the registrant&#146;s internal control
over financial reporting; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">5. The registrant&#146;s other certifying officer(s) and I have disclosed, based on our most
recent evaluation of internal control over financial reporting, to the registrant&#146;s auditors and
the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent
functions):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(a)&nbsp;All significant deficiencies and material weaknesses in the design or operation of
internal control over financial reporting which are reasonably likely to adversely affect the
registrant&#146;s ability to record, process, summarize and report financial information; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(b)&nbsp;Any fraud, whether or not material, that involves management or other employees who
have a significant role in the registrant&#146;s internal control over financial reporting.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left">Date: May 3, 2011&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Thomas W. Toomey
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Thomas W. Toomey&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left" nowrap>Chief Executive Officer and President of UDR,
Inc.,<BR>
 general partner of United Dominion
Realty, L.P.&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.4
<SEQUENCE>7
<FILENAME>c15245exv31w4.htm
<DESCRIPTION>EXHIBIT 31.4
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 31.4</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>EXHIBIT 31.4</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CERTIFICATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">I, David L. Messenger, certify that:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">1. I have reviewed this quarterly report on Form 10-Q of United Dominion Realty, L.P.;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">2. Based on my knowledge, this report does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period
covered by this report;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">3. Based on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the registrant as of, and for, the periods presented in
this report;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">4. The registrant&#146;s other certifying officer(s) and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e) and
15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the registrant and have:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(a)&nbsp;Designed such disclosure controls and procedures, or caused such disclosure controls
and procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being
prepared;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(b)&nbsp;Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(c)&nbsp;Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the disclosure
controls and procedures, as of the end of the period covered by this report, based on such
evaluation; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(d)&nbsp;Disclosed in this report any change in the registrant&#146;s internal control over
financial reporting that occurred during the registrant&#146;s most recent fiscal quarter (the
registrant&#146;s fourth fiscal quarter in the case of an annual report) that has materially
affected, or is reasonably likely to materially affect, the registrant&#146;s internal control
over financial reporting; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">5. The registrant&#146;s other certifying officer(s) and I have disclosed, based on our most
recent evaluation of internal control over financial reporting, to the registrant&#146;s auditors and
the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent
functions):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(a)&nbsp;All significant deficiencies and material weaknesses in the design or operation of
internal control over financial reporting which are reasonably likely to adversely affect the
registrant&#146;s ability to record, process, summarize and report financial information; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(b)&nbsp;Any fraud, whether or not material, that involves management or other employees who
have a significant role in the registrant&#146;s internal control over financial reporting.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left">Date: May 3, 2011&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ David L. Messenger
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">David L. Messenger&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" nowrap align="left">Chief Financial Officer and Senior Vice<BR>
President, general partner of United Dominion
Realty, L.P.<BR>

(Principal Financial and Accounting Officer)&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>8
<FILENAME>c15245exv32w1.htm
<DESCRIPTION>EXHIBIT 32.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 32.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>EXHIBIT 32.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CERTIFICATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In connection with the periodic report of UDR, Inc. (the &#147;Company&#148;) on Form 10-Q for the
quarter ended March&nbsp;31, 2011, as filed with the Securities and Exchange Commission (the &#147;Report&#148;),
I, Thomas W. Toomey, Chief Executive Officer and President of the Company, hereby certify as of the
date hereof, solely for purposes of Title 18, Chapter&nbsp;63, Section&nbsp;1350 of the United States Code,
that to the best of my knowledge:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(1)&nbsp;the Report fully complies with the requirements of Section 13(a) or 15(d), as applicable,
of the Securities Exchange Act of 1934, and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(2)&nbsp;the information contained in the Report fairly presents, in all material respects, the
financial condition and results of operations of the Company at the dates and for the periods
indicated.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left">Date: May 3, 2011&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Thomas W. Toomey
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Thomas W. Toomey&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Chief Executive Officer and President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>9
<FILENAME>c15245exv32w2.htm
<DESCRIPTION>EXHIBIT 32.2
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 32.2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>EXHIBIT 32.2</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CERTIFICATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In connection with the periodic report of UDR, Inc. (the &#147;Company&#148;) on Form 10-Q for the
quarter ended March&nbsp;31, 2011, as filed with the Securities and Exchange Commission (the &#147;Report&#148;),
I, David L. Messenger, Senior Vice President and Chief Financial Officer of the Company, hereby
certify as of the date hereof, solely for purposes of Title 18, Chapter&nbsp;63, Section&nbsp;1350 of the
United States Code, that to the best of my knowledge:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(1)&nbsp;the Report fully complies with the requirements of Section 13(a) or 15(d), as applicable,
of the Securities Exchange Act of 1934, and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(2)&nbsp;the information contained in the Report fairly presents, in all material respects, the
financial condition and results of operations of the Company at the dates and for the periods
indicated.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left">Date: May 3, 2011&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ David L. Messenger
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">David L. Messenger&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left" nowrap>Chief Financial Officer and Senior Vice President<BR>

(Principal Financial and Accounting Officer)&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.3
<SEQUENCE>10
<FILENAME>c15245exv32w3.htm
<DESCRIPTION>EXHIBIT 32.3
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 32.3</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>EXHIBIT 32.3</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CERTIFICATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In connection with the periodic report of United Dominion Realty, L.P. (the &#147;Operating
Partnership&#148;) on Form 10-Q for the quarter ended March&nbsp;31, 2011, as filed with the Securities and
Exchange Commission (the &#147;Report&#148;), I, Thomas W. Toomey, Chief Executive Officer and President of
UDR, Inc., the general partner of the Operating Partnership, hereby certify as of the date hereof,
solely for purposes of Title 18, Chapter&nbsp;63, Section&nbsp;1350 of the United States Code, that to the
best of my knowledge:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(1)&nbsp;the Report fully complies with the requirements of Section 13(a) or 15(d), as applicable,
of the Securities Exchange Act of 1934, and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(2)&nbsp;the information contained in the Report fairly presents, in all material respects, the
financial condition and results of operations of the Operating Partnership at the dates and for the
periods indicated.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
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    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
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</TR>
<TR>
    <TD align="left">Date: May 3, 2011&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Thomas W. Toomey
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
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    <TD colspan="3" align="left">Thomas W. Toomey&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
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Inc.,<BR>
 general partner of the Operating
Partnership</TD>
    <TD>&nbsp;</TD>
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<TR>
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</TR>
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<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.4
<SEQUENCE>11
<FILENAME>c15245exv32w4.htm
<DESCRIPTION>EXHIBIT 32.4
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 32.4</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>EXHIBIT 32.4</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CERTIFICATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In connection with the periodic report of United Dominion Realty, L.P. (the &#147;Operating
Partnership&#148;) on Form 10-Q for the quarter ended March&nbsp;31, 2011, as filed with the Securities and
Exchange Commission (the &#147;Report&#148;), I, David L. Messenger, Senior Vice President and Chief
Financial Officer of UDR, Inc., the general partner of the Operating Partnership, hereby certify as
of the date hereof, solely for purposes of Title 18, Chapter&nbsp;63, Section&nbsp;1350 of the United States
Code, that to the best of my knowledge:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(1)&nbsp;the Report fully complies with the requirements of Section 13(a) or 15(d), as applicable,
of the Securities Exchange Act of 1934, and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(2)&nbsp;the information contained in the Report fairly presents, in all material respects, the
financial condition and results of operations of the Operating Partnership at the dates and for the
periods indicated.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
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<TR>
    <TD align="left">Date: May 3, 2011&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ David L. Messenger
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">David L. Messenger&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left" nowrap>Chief Financial Officer and Senior Vice
President of <BR>
UDR, Inc., general partner of the<BR>
Operating Partnership&nbsp;<br>(Principal Financial and Accounting Officer)</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.INS
<SEQUENCE>12
<FILENAME>udr-20110331.xml
<DESCRIPTION>EX-101 INSTANCE DOCUMENT
<TEXT>
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  <!-- Element Section -->
  <!-- Begin Block Tagged Note -->
  <us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock contextRef="Jan-01-2011_Mar-31-2011">&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
   &lt;!-- Begin Block Tagged Note 1 - us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock--&gt;
   &lt;!-- xbrl,ns --&gt;
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   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;&lt;b&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left"&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;&lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;1. CONSOLIDATION AND BASIS OF PRESENTATION&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;Consolidation and Basis of Presentation&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;UDR, Inc., collectively with our consolidated subsidiaries (&amp;#8220;UDR&amp;#8221;, the &amp;#8220;Company&amp;#8221;, &amp;#8220;we&amp;#8221;, &amp;#8220;our&amp;#8221;,
   or &amp;#8220;us&amp;#8221;) is a self-administered real estate investment trust, or REIT, that owns, acquires,
   renovates, develops, redevelops, and manages apartment communities. The accompanying consolidated
   financial statements include the accounts of UDR and its subsidiaries, including United Dominion
   Realty, L.P. (the &amp;#8220;Operating Partnership&amp;#8221;) and Heritage Communities L.P. (the &amp;#8220;Heritage OP&amp;#8221;). As of
   March&amp;#160;31, 2011, there were 179,909,408 units in the Operating Partnership outstanding, of which
   174,847,440 units or 97.2% were owned by UDR and 5,061,968 units or 2.8% were owned by limited
   partners. The consolidated financial statements of UDR include the non-controlling interests of the
   unitholders in the Operating Partnership.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The accompanying interim unaudited consolidated financial statements have been prepared
   according to the rules and regulations of the Securities and Exchange Commission. Certain
   information and footnote disclosures normally included in financial statements prepared in
   accordance with accounting principles generally accepted in the United States have been condensed
   or omitted according to such rules and regulations, although management believes that the
   disclosures are adequate to make the information presented not misleading. In the opinion of
   management, all adjustments and eliminations necessary for the fair presentation of our financial
   position as of March&amp;#160;31, 2011, and results of operations for the three months ended March&amp;#160;31, 2011
   and 2010 have been included. Such adjustments are normal and recurring in nature. The interim
   results presented are not necessarily indicative of results that can be expected for a full year.
   The accompanying interim unaudited consolidated financial statements should be read in conjunction
   with the audited consolidated financial statements and related notes appearing in UDR&amp;#8217;s Annual
   Report on Form 10-K for the year ended December&amp;#160;31, 2010, filed with the Securities and Exchange
   Commission on February&amp;#160;23, 2011.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The accompanying interim unaudited consolidated financial statements are presented in
   accordance with U.S. generally accepted accounting principles (&amp;#8220;GAAP&amp;#8221;). GAAP requires management to
   make estimates and assumptions that affect the reported amounts of assets and liabilities and the
   disclosure of contingent liabilities at the dates of the interim unaudited consolidated financial
   statements and the amounts of revenues and expenses during the reporting periods. Actual amounts
   realized or paid could differ from those estimates. All significant intercompany accounts and
   transactions have been eliminated in consolidation. Certain previously reported amounts have been
   reclassified to conform to the current financial statement presentation.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The Company evaluated subsequent events through the date its financial statements were issued.
   Except as disclosed in Note 16, &lt;i&gt;Subsequent Events&lt;/i&gt;, no other recognized or non-recognized subsequent
   events were noted.
   &lt;/div&gt;
   &lt;/div&gt;
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  <us-gaap:SignificantAccountingPoliciesTextBlock contextRef="Jan-01-2011_Mar-31-2011">&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
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   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;2. SIGNIFICANT ACCOUNTING POLICIES&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;Accounting Policies&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;Revenue and real estate sales gain recognition&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Rental income related to leases is recognized on an accrual basis when due from residents in
   accordance with FASB ASC 840, &lt;i&gt;Leases &lt;/i&gt;and SEC Staff Accounting Bulletin No.&amp;#160;104, &amp;#8220;Revenue
   Recognition&amp;#8221;. Rental payments are
   generally due on a monthly basis and recognized when earned. The Company recognizes interest
   income, management and other fees and incentives when earned, fixed and determinable.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The Company accounts for sales of real estate in accordance with FASB ASC 360-20, &lt;i&gt;Real Estate
   Sales&lt;/i&gt;. For sale transactions meeting the requirements for full accrual profit recognition, such as
   the Company no longer having continuing involvement in the property, we remove the related assets
   and liabilities from our Consolidated Balance Sheets and record the gain or loss in the period the
   transaction closes. For sale transactions that do not meet the full accrual sale criteria due to
   our continuing involvement, we evaluate the nature of the continuing involvement and account for
   the transaction under an alternate method of accounting.
   &lt;/div&gt;
   &lt;!-- Folio --&gt;
   &lt;!-- /Folio --&gt;
   &lt;/div&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Sales to entities in which we retain or otherwise own an interest are accounted for as partial
   sales. If all other requirements for recognizing profit under the full accrual method have been
   satisfied and no other forms of continuing involvement are present, we recognize profit
   proportionate to the outside interest in the buyer and will defer the gain on the interest we
   retain. The Company will recognize any deferred gain when the property is then sold to a third
   party. In transactions accounted by us as partial sales, we determine if the buyer of the majority
   equity interest in the venture was provided a preference as to cash flows in either an operating or
   a capital waterfall. If a cash flow preference has been provided, we recognize profit only to the
   extent that proceeds from the sale of the majority equity interest exceed costs related to the
   entire property.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;Marketable Securities&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Marketable securities represent common stock in a publicly held company. Marketable securities
   are classified as &amp;#8220;available-for-sale,&amp;#8221; and are carried at fair value with unrealized gains and
   losses reported as a component of stockholders&amp;#8217; equity. During the three months ended March&amp;#160;31,
   2011, the Company sold marketable securities for $3.5&amp;#160;million, resulting in a gross realized gain
   of $3.1&amp;#160;million, which is included in &amp;#8220;Other Income&amp;#8221; on the Consolidated Statements of Operations.
   The cost of securities sold was based on the specific identification method. Unrealized gains of
   $3.5&amp;#160;million were reclassified out of accumulated other comprehensive income/(loss) into earnings
   during the three months ended March&amp;#160;31, 2011. Of the $3.5&amp;#160;million of proceeds from the sale of
   securities, the Company recorded a trade date receivable of $3.0&amp;#160;million at March&amp;#160;31, 2011, which
   is included in &amp;#8220;Other Assets&amp;#8221; on the Consolidated Balance Sheets.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The amortization of any discount and interest income on previously held debt securities are
   included in &amp;#8220;Other Income&amp;#8221; on the Consolidated Statements of Operations for the three months ended
   March&amp;#160;31, 2010.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;Income Taxes&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Due to the structure of the Company as a REIT and the nature of the operations for the
   operating properties, no provision for federal income taxes has been provided for at UDR.
   Historically, the Company has generally incurred only state and local income, excise and franchise
   taxes. UDR has elected for certain consolidated subsidiaries to be treated as Taxable REIT
   Subsidiaries (&amp;#8220;TRS&amp;#8221;), primarily those engaged in development activities.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Income taxes for our TRS are accounted for under the asset and liability method. Deferred tax
   assets and liabilities are recognized for future tax consequences attributable to differences
   between the financial statement carrying amounts of existing assets and liabilities and their
   respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates
   expected to apply to taxable income in the years in which those temporary differences are expected
   to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax
   rate is recognized in earnings in the period of the enactment date. The Company&amp;#8217;s deferred tax
   assets are generally the result of differing depreciable lives on capitalized assets and timing of
   expense recognition for certain accrued liabilities. As of March&amp;#160;31, 2011, UDR recorded a net
   current liability of $553,000 and a deferred tax asset of $6.6&amp;#160;million (net of a valuation
   allowance of $58.3&amp;#160;million). For the three months ended March&amp;#160;31, 2011 and 2010, UDR recorded
   income tax expense of $86,000 and $65,000, respectively, which is classified in &amp;#8220;General and
   Administrative&amp;#8221; expenses.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;FASB ASC 740, &lt;i&gt;Income Taxes &lt;/i&gt;(&amp;#8220;Topic 740&amp;#8221;) defines a recognition threshold and measurement
   attribute for the financial statement recognition and measurement of a tax position taken or
   expected to be taken in a tax return. Topic 740 also provides guidance on derecognition,
   classification, interest and penalties, accounting for interim periods, disclosure and transition.
   &lt;/div&gt;
   &lt;!-- Folio --&gt;
   &lt;!-- /Folio --&gt;
   &lt;/div&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The Company recognizes its tax positions and evaluates them using a two-step process. First,
   we determine whether a tax position is more likely than not (greater than 50&amp;#160;percent probability)
   to be sustained upon examination, including resolution of any related appeals or litigation
   processes, based on the technical merits of the position. Then the Company will determine the
   amount of benefit to recognize and record the amount that is more likely than not to be realized
   upon ultimate settlement.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;UDR had no unrecognized tax benefit, accrued interest or penalties at March&amp;#160;31, 2011. UDR and its
    subsidiaries are subject to U.S. federal income tax as well as income tax of multiple
   state jurisdictions. The tax years 2006 &amp;#8212; 2010 remain open to examination by the major taxing
   jurisdictions to which we are subject. When applicable, UDR recognizes interest and/or penalties
   related to uncertain tax positions in income tax expense.
   &lt;/div&gt;
   &lt;/div&gt;
</us-gaap:SignificantAccountingPoliciesTextBlock>
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  <!-- Begin Block Tagged Note -->
  <us-gaap:RealEstateDisclosureTextBlock contextRef="Jan-01-2011_Mar-31-2011">&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
   &lt;!-- Begin Block Tagged Note 3 - us-gaap:RealEstateDisclosureTextBlock--&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;3. REAL ESTATE OWNED&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Real estate assets owned by the Company consist of income producing operating properties,
   properties under development and land held for future development. As of March&amp;#160;31, 2011 the Company
   owned and consolidated 172 communities in 10 states plus the District of Columbia totaling 48,553
   apartment homes. The following table summarizes the carrying amounts for our real estate owned (at
   cost) as of March&amp;#160;31, 2011 and December&amp;#160;31, 2010 &lt;i&gt;(dollar amounts in thousands):&lt;/i&gt;
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="72%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;March 31,&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2010&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr&gt;
   &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Land
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,703,263&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;1,699,400&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Depreciable property &amp;#8212; held and used:
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Building and improvements
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;4,539,043&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;4,522,131&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Furniture, fixtures and equipment
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;299,921&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;297,564&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Under development:
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Land
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;62,410&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;62,410&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Construction in progress
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;50,127&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;35,502&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Held for disposition:
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Land
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;84,316&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;84,307&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Building and improvements
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;174,405&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;174,283&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Furniture, fixtures and equipment
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;5,837&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;5,750&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Real estate owned
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;6,919,322&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;6,881,347&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Accumulated depreciation
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(1,719,051&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;(1,638,326&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Real estate owned, net
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;5,200,271&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;5,243,021&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The Company did not acquire any properties during the three months ended March&amp;#160;31, 2011
   and 2010.
   &lt;/div&gt;
   &lt;/div&gt;
</us-gaap:RealEstateDisclosureTextBlock>
  <!-- End Block Tagged Note -->
  <!-- Begin Block Tagged Note -->
  <us-gaap:DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock contextRef="Jan-01-2011_Mar-31-2011">&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
   &lt;!-- Begin Block Tagged Note 4 - us-gaap:DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock--&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;4. DISCONTINUED OPERATIONS&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Discontinued operations represent properties that UDR has either sold or which management
   believes meet the criteria to be classified as held for sale. In order to be classified as held for
   sale and reported as discontinued operations, a property&amp;#8217;s operations and cash flows have been or
   will be divested to a third party by the Company whereby UDR will not have any significant
   continuing involvement in the ownership or operation of the property after the sale or disposition.
   The results of operations of the property are presented as discontinued operations for all periods
   presented and do not impact the net earnings reported by the Company. Once a property is deemed as
   held for sale, depreciation is no longer recorded. However, if the Company determines that the
   property no longer meets the criteria of held for sale, the Company will recapture any unrecorded
   depreciation for the property. The assets and
   liabilities of properties classified as held for sale are presented separately on the
   Consolidated Balance Sheets at the lower of their carrying amount or their estimated fair value
   less the costs to sell the assets.
   &lt;/div&gt;
   &lt;!-- Folio --&gt;
   &lt;!-- /Folio --&gt;
   &lt;/div&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The Company had six communities with 1,418 apartment homes classified as held for disposition
   at March&amp;#160;31, 2011. The Company did not dispose of any communities during the three months ended
   March&amp;#160;31, 2011 and 2010. Discontinued operations for the three months ended March&amp;#160;31, 2010 also
   includes operating activities related to one 149 unit community sold during the third quarter of
   2010.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The following is a summary of income from discontinued operations for the three months ended
   March&amp;#160;31, 2011 and 2010 (&lt;i&gt;dollars in thousands&lt;/i&gt;):
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="72%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="6"&gt;&lt;b&gt;Three Months Ended&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;March 31,&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2010&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr&gt;
   &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Rental income
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;5,982&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;6,476&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Non-property income
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;1,849&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;5,982&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;8,325&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Rental expenses
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,882&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;2,000&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Property management fee
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;165&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;178&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Real estate depreciation
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;2,254&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;3,070&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Interest
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;751&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;766&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;5,052&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;6,014&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Income before net gain on the sale of depreciable property
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;930&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;2,311&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Net gain/(loss) on the sale of depreciable property
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;41&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;(41&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Income from discontinued operations
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;971&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;2,270&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;/div&gt;
</us-gaap:DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock>
  <!-- End Block Tagged Note -->
  <!-- Begin Block Tagged Note -->
  <udr:JointVenturesTextBlock contextRef="Jan-01-2011_Mar-31-2011">&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
   &lt;!-- Begin Block Tagged Note 5 - udr:JointVenturesTextBlock--&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;5. JOINT VENTURES&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;UDR has entered into joint ventures with unrelated third parties for real estate assets that
   are either consolidated and included in real estate owned on our Consolidated Balance Sheets or are
   accounted for under the equity method of accounting, which are not consolidated and are included in
   investment in unconsolidated joint ventures on our Consolidated Balance Sheets. The Company
   consolidates an entity in which we own less than 100% but control the joint venture as well as any
   variable interest entity where we are the primary beneficiary. In addition, the Company
   consolidates any joint venture in which we are the general partner or managing member and the third
   party does not have the ability to substantively participate in the decision-making process nor do
   they have the ability to remove us as general partner or managing member without cause.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;UDR&amp;#8217;s joint ventures are funded with a combination of debt and equity. Our losses are limited
   to our investment and except as noted below, the Company does not guarantee any debt, capital
   payout or other obligations associated with our joint venture portfolio.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;Consolidated Joint Ventures&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;UDR is a partner with an unaffiliated third party in a joint venture (&amp;#8220;989 Elements&amp;#8221;) which
   owns and operates a 23-story, 166 home high-rise apartment community in the central business
   district of Bellevue, Washington. In March&amp;#160;2010, the Company paid $7.7&amp;#160;million to acquire our
   partner&amp;#8217;s 49% interest in the joint venture. At March&amp;#160;31, 2011 and December&amp;#160;31, 2010, the Company&amp;#8217;s
   interest in 989 Elements was 98%.
   &lt;/div&gt;
   &lt;!-- Folio --&gt;
   &lt;!-- /Folio --&gt;
   &lt;/div&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;UDR is a partner with an unaffiliated third party in a joint venture (&amp;#8220;Elements Too&amp;#8221;) which
   owns and operates a 274 home apartment community in the central business district of Bellevue,
   Washington. Construction began in the fourth quarter of 2006 and was completed in the first
   quarter of 2010. In March&amp;#160;2010, the Company paid $3.2&amp;#160;million to acquire our partner&amp;#8217;s 49% interest
   in the joint venture. At March&amp;#160;31, 2011 and December&amp;#160;31, 2010, the Company&amp;#8217;s interest in Elements
   Too was 98%.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;UDR is a partner with an unaffiliated third party in a joint venture (&amp;#8220;Bellevue&amp;#8221;) which owns
   an operating retail site in Bellevue, Washington. The Company initially planned to develop a 430
   home high rise apartment building with ground floor retail on an existing operating retail center.
   However, the joint venture subsequently decided to continue to operate the retail property as
   opposed to developing a high rise apartment building on the site. In March&amp;#160;2010, the Company paid
   $5.2&amp;#160;million to acquire our partner&amp;#8217;s 49% interest in the joint venture. At March&amp;#160;31, 2011 and
   December&amp;#160;31, 2010, the Company&amp;#8217;s interest in Bellevue was 98%.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;Unconsolidated Joint Ventures&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The Company recognizes earnings or losses from our investments in unconsolidated joint
   ventures consisting of our proportionate share of the net earnings or loss of the joint ventures.
   In addition, we may earn fees for providing management services to the unconsolidated joint
   ventures. As of March&amp;#160;31, 2011, UDR had investments in the following unconsolidated joint ventures
   which are accounted for under the equity method of accounting.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;In November&amp;#160;2010, the Company acquired The Hanover Company&amp;#8217;s (&amp;#8220;Hanover&amp;#8221;) partnership interests
   in the Hanover/MetLife Master Limited Partnership (the&amp;#8220;UDR/MetLife Partnership&amp;#8221;). The UDR/MetLife
   Partnership owns a portfolio of 26 operating communities containing 5,748 apartment homes and 11
   land parcels with the potential to develop approximately 2,300 additional apartment homes. Under
   the terms of the UDR/MetLife Partnership, UDR acts as the general partner and earns fees for
   property and asset management and financing transactions.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;UDR acquired a weighted average ownership interest of 12.27% in the operating communities and 4.14% in
   the land parcels for $100.8&amp;#160;million. The initial investment of $100.8&amp;#160;million consists of $71.8
   million in cash, which includes associated transaction costs, and a $30&amp;#160;million payable (includes
   present value discount of $1&amp;#160;million) to Hanover. UDR agreed to pay the $30&amp;#160;million balance to
   Hanover in two interest free installments in the amounts of $20&amp;#160;million and $10&amp;#160;million on the
   first and second anniversaries of the closing, respectively. The $30&amp;#160;million payable was recorded
   at its present value of $29&amp;#160;million using an effective interest rate of 2.67%. At March&amp;#160;31, 2011
   and December&amp;#160;31, 2010, the net carrying value of the payable was $29.3&amp;#160;million and $29.1&amp;#160;million,
   respectively. Interest expense of $195,000 was recorded during the three months ended March&amp;#160;31,
   2011. At March&amp;#160;31, 2011 and December&amp;#160;31, 2010, the Company&amp;#8217;s investment was $121.9&amp;#160;million and
   $122.2&amp;#160;million, respectively.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;UDR&amp;#8217;s total cost of its equity investment of $100.8&amp;#160;million differed from the proportionate
   share in the underlying net assets of the UDR/MetLife Partnership of $111.4&amp;#160;million. The difference
   of $10.6&amp;#160;million was attributable to certain assets and adjustments were allocated to UDR&amp;#8217;s
   proportionate share in the UDR/MetLife Partnership&amp;#8217;s buildings of $8.4&amp;#160;million, land of $3.9
   million, and ($1.6&amp;#160;million) of lease intangible assets. With the exception of land, the difference
   related to buildings is amortized and recorded as a component of loss from unconsolidated entities
   over 45&amp;#160;years and the difference related to lease intangible assets is amortized and recorded as a
   component of loss from unconsolidated entities over 11&amp;#160;months with the offset to the Company&amp;#8217;s
   carrying value of its equity investment. During the three months ended March&amp;#160;31, 2011, the Company
   recorded $396,000 of amortization.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;In connection with the purchase of Hanover&amp;#8217;s interests in the UDR/MetLife Partnership, UDR
   agreed to indemnify Hanover from liabilities from Hanover&amp;#8217;s guaranty of $304&amp;#160;million in loans ($333
   million outstanding at March&amp;#160;31, 2011) which are secured by a security interest in the operating
   communities subject to the respective loans. The loans are to the sub-tier partnerships which own
   the 26 operating communities. The Company anticipates that the balance of these loans will be
   refinanced by the UDR/MetLife Partnership over the next twelve months.
   &lt;/div&gt;
   &lt;!-- Folio --&gt;
   &lt;!-- /Folio --&gt;
   &lt;/div&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;In October&amp;#160;2010, the Company entered into a joint venture with an affiliate of Hanover to
   develop a 240-home community in Stoughton, Massachusetts. At March&amp;#160;31, 2011 and December&amp;#160;31, 2010,
   UDR owned a noncontrolling interest of 95% in the joint venture. Our initial investment was $10
   million. Our investment at March&amp;#160;31, 2011 and December&amp;#160;31, 2010 was $12.8&amp;#160;million and $10.3
   million, respectively.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;UDR is a partner with an unaffiliated third party, which formed a joint venture for the
   investment of up to $450&amp;#160;million in multifamily properties located in key, high barrier to entry
   markets. The partners will contribute equity of $180&amp;#160;million of which the Company&amp;#8217;s maximum equity
   will be 30% or $54&amp;#160;million when fully invested. In 2010, the joint venture acquired its first
   property (151 homes) located in Metropolitan Washington D.C.. At March&amp;#160;31, 2011 and December&amp;#160;31,
   2010, the Company owned a 30% interest in the joint venture. Our investment at March&amp;#160;31, 2011 and
   December&amp;#160;31, 2010 was $5.1&amp;#160;million and $5.2&amp;#160;million, respectively.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;UDR is a partner with an unaffiliated third party which owns and operates 10 operating
   properties located in Texas (3,992 homes). UDR contributed cash and a property equal to 20% of the
   fair value of the properties. The unaffiliated member contributed cash equal to 80% of the fair
   value of the properties comprising the joint venture, which was then used to purchase the nine
   operating properties from UDR. Our initial investment was $20.4&amp;#160;million. Our investment at March
   31, 2011 and December&amp;#160;31, 2010 was $9.3&amp;#160;million and $10.3&amp;#160;million, respectively.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;We evaluate our investments in unconsolidated joint ventures when events or changes in
   circumstances indicate that there may be an other-than-temporary decline in value. We consider
   various factors to determine if a decrease in the value of the investment is other-than-temporary.
   The Company did not recognize any other-than-temporary decrease in the value of its other
   investments in unconsolidated joint ventures during the three months ended March&amp;#160;31, 2011 and 2010.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Combined summary financial information relating to all of the unconsolidated joint ventures
   operations (not just our proportionate share), is presented below for the three months ended March
   31, (&lt;i&gt;dollars in thousands):&lt;/i&gt;
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="72%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2010&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr&gt;
   &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Revenues
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;46,591&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;10,003&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Real estate depreciation and amortization
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;16,601&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;5,043&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Net loss
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;5,589&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;3,614&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;UDR recorded loss from unconsolidated entities
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,332&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;737&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Combined summary balance sheets relating to all of the unconsolidated joint ventures (not just
   our proportionate share) are presented below as of March&amp;#160;31, 2011 and December&amp;#160;31, 2010 (&lt;i&gt;dollars in
   thousands&lt;/i&gt;):
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="72%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;March 31,&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;December 31,&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;2010&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Real estate, net
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;2,679,770&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;2,692,167&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Total assets
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;2,801,354&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;2,807,886&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Amount due to UDR
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;3,305&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;672&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Third party debt
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,551,266&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;1,524,872&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Total liabilities
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,579,270&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;1,580,733&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Non-controlling interest
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;14,582&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;14,537&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Equity
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,207,502&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;1,212,616&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;As of March&amp;#160;31, 2011, the Company had deferred fees and deferred profit from the sale of
   properties to a joint venture of $28.8&amp;#160;million, which the Company will not recognize until the
   underlying property is sold to a third party. The Company recognized $1.3&amp;#160;million and $391,000 of management fees during the three months
   ended March&amp;#160;31, 2011 and 2010, respectively, for our management of the joint ventures.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The Company may, in the future, make additional capital contributions to certain of our joint
   ventures should additional capital contributions be necessary to fund acquisitions and operating
   shortfalls.
   &lt;/div&gt;
   &lt;!-- Folio --&gt;
   &lt;!-- /Folio --&gt;
   &lt;/div&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;/div&gt;
</udr:JointVenturesTextBlock>
  <!-- End Block Tagged Note -->
  <!-- Begin Block Tagged Note -->
  <udr:SecuredDebtTextBlock contextRef="Jan-01-2011_Mar-31-2011">&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
   &lt;!-- Begin Block Tagged Note 6 - udr:SecuredDebtTextBlock--&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;6. SECURED DEBT&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Our secured debt instruments generally feature either monthly interest and principal or
   monthly interest-only payments with balloon payments due at maturity. For purposes of
   classification of the following table, variable rate debt with a derivative financial instrument
   designated as a cash flow hedge is deemed as fixed rate debt due to the Company having effectively
   established a fixed interest rate for the underlying debt instrument. Secured debt which encumbers
   $2.8&amp;#160;billion or 40.3% of UDR&amp;#8217;s real estate owned based upon book value ($4.1&amp;#160;billion or 59.7% of
   UDR&amp;#8217;s real estate owned is unencumbered) consists of the following as of March&amp;#160;31, 2011 (&lt;i&gt;dollars in
   thousands&lt;/i&gt;):
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="30%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="10" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Principal Outstanding&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Weighted&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Weighted&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Number of&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;March 31,&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Average&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Average&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Communities&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2010&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Interest Rate&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Years to Maturity&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Encumbered&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&lt;b&gt;Fixed Rate Debt&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Mortgage notes payable
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;317,812&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;292,236&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;4.71&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;%&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;3.1&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;8&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Tax-exempt secured note payable
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;13,325&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;N/A&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Fannie Mae credit facilities
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;896,596&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;897,318&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;5.32&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;%&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;6.1&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;14&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Total fixed rate secured debt
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,214,408&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;1,202,879&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;5.16&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;%&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;5.4&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;22&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&lt;b&gt;Variable Rate Debt&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Mortgage notes payable
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;201,992&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;405,641&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;2.27&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;%&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;3.2&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;9&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Tax-exempt secured notes payable
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;94,700&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;94,700&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;1.01&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;%&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;19.0&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;2&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Fannie Mae credit facilities
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;260,450&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;260,450&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;1.67&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;%&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;4.9&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;32&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Total variable rate secured debt
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;557,142&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;760,791&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;1.78&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;%&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;6.7&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;43&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Total secured debt
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,771,550&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;1,963,670&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;4.10&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;%&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;5.8&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;65&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;UDR has five secured credit facilities with Fannie Mae with an aggregate commitment of
   $1.4&amp;#160;billion at March&amp;#160;31, 2011. The Fannie Mae credit facilities are for an initial term of 10
   years, bear interest at floating and fixed rates, and certain variable rate facilities can be
   extended for an additional five years at our option. We have $896.6&amp;#160;million of the outstanding
   balance fixed at a weighted average interest rate of 5.32% and the remaining balance on these
   facilities is currently at a weighted average variable interest rate of 1.67%.
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="72%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;March 31, 2011&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;December 31, 2010&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="6"&gt;(dollar amounts in thousands)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Borrowings outstanding
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,157,046&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;1,157,768&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Weighted average borrowings during the period ended
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,157,316&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;1,198,771&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Maximum daily borrowings during the period ended
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,157,557&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;1,209,739&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Weighted average interest rate during the period ended
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;4.5&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;%&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;4.6&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;%&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Weighted average interest rate at the end of the period
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;4.5&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;%&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;4.5&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;%&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The Company will from time to time acquire properties subject to fixed rate debt
   instruments. In those situations, management will record the secured debt at its estimated fair
   value and amortize any difference between the fair value and par to interest expense over the life
   of the underlying debt instrument. The unamortized fair market adjustment was a net discount of
   $617,000 and $694,000 at March&amp;#160;31, 2011 and December&amp;#160;31, 2010, respectively.
   &lt;/div&gt;
   &lt;!-- Folio --&gt;
   &lt;!-- /Folio --&gt;
   &lt;/div&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;Fixed Rate Debt&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;&lt;i&gt;Mortgage notes payable. &lt;/i&gt;Fixed rate mortgage notes payable are generally due in monthly
   installments of principal and interest and mature at various dates from August&amp;#160;2011 through
   February&amp;#160;2017 and carry interest rates ranging from 1.93% to 6.60%. Mortgage notes payable includes
   debt associated with development activities.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;&lt;i&gt;Secured credit facilities. &lt;/i&gt;At March&amp;#160;31, 2011, the Company had $896.6&amp;#160;million outstanding of
   fixed rate secured credit facilities with Fannie Mae with a weighted average fixed interest rate of
   5.32%.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;Variable Rate Debt&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;&lt;i&gt;Mortgage notes payable. &lt;/i&gt;Variable rate mortgage notes payable are generally due in monthly
   installments of principal and interest and mature at various dates from August&amp;#160;2011 through April
   2016. The mortgage notes payable are based on LIBOR plus basis points, which translate into
   interest rates ranging from 0.99% to 3.89% at March&amp;#160;31, 2011.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;&lt;i&gt;Tax-exempt secured notes payable. &lt;/i&gt;The variable rate mortgage notes payable that secure
   tax-exempt housing bond issues mature at various dates from August&amp;#160;2019 and March&amp;#160;2030. Interest on
   these notes is payable in monthly installments. The variable mortgage notes have interest rates
   ranging from 0.99% to 1.05% as of March&amp;#160;31, 2011.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;&lt;i&gt;Secured credit facilities. &lt;/i&gt;At March&amp;#160;31, 2011, the Company had $260.5&amp;#160;million outstanding of
   variable rate secured credit facilities with Fannie Mae with a weighted average floating interest
   rate of 1.67%.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The aggregate maturities, including amortizing principal payments, of our secured debt due
   during each of the next five calendar years and thereafter are as follows &lt;i&gt;(dollars in thousands):&lt;/i&gt;
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="28%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="7%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="7%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="7%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="7%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="7%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="7%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Fixed&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="10" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Variable&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;Mortgage&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;Credit&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;Mortgage&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;Tax-Exempt&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;Credit&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;Total&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"&gt;Year&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;Notes&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;Facilities&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;Notes&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;Notes Payable&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;Facilities&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;Secured&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;2011
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;39,584&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;2,087&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;42,394&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;39,513&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;123,578&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;2012
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;57,373&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;177,944&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;1,060&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;59,529&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;295,906&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;2013
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;62,021&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;38,631&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;45,838&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;146,490&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;2014
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;65,383&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;3,328&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;36,081&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;104,792&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;2015
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;403&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;3,522&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;16,402&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;20,327&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Thereafter
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;93,048&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;671,084&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;60,217&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;94,700&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;161,408&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;1,080,457&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Total
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;317,812&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;896,596&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;201,992&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;94,700&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;260,450&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;1,771,550&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;!-- Folio --&gt;
   &lt;!-- /Folio --&gt;
   &lt;/div&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;/div&gt;
</udr:SecuredDebtTextBlock>
  <!-- End Block Tagged Note -->
  <!-- Begin Block Tagged Note -->
  <udr:UnsecuredDebtTextBlock contextRef="Jan-01-2011_Mar-31-2011">&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
   &lt;!-- Begin Block Tagged Note 7 - udr:UnsecuredDebtTextBlock--&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;7. UNSECURED DEBT&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;A summary of unsecured debt as of March&amp;#160;31, 2011 and December&amp;#160;31, 2010 is as follows &lt;i&gt;(dollars
   in thousands):&lt;/i&gt;
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="72%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;March 31,&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2010&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&lt;b&gt;Commercial Banks&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Borrowings outstanding under an unsecured credit facility due July&amp;#160;2012 (a)
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;185,550&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;31,750&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&lt;b&gt;Senior Unsecured Notes&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;3.625% Convertible Senior Notes due September&amp;#160;2011 (net of Subtopic 470-20 discount of
   $779 and $1,138) (b), (f)
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;96,320&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;95,961&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;5.00% Medium-Term Notes due January&amp;#160;2012
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;100,000&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;100,000&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;3.02% Term Notes due December&amp;#160;2013
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;100,000&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;100,000&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;6.05% Medium-Term Notes due June&amp;#160;2013
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;122,500&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;122,500&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;5.13% Medium-Term Notes due January&amp;#160;2014
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;184,000&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;184,000&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;5.50% Medium-Term Notes due April&amp;#160;2014 (net of discount of $209 and $226 )
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;128,291&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;128,274&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;5.25% Medium-Term Notes due January&amp;#160;2015 (includes discount of $487 and $519) (c)
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;324,689&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;324,656&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;5.25% Medium-Term Notes due January&amp;#160;2016
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;83,260&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;83,260&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;2.27% Term Notes due January&amp;#160;2016 (d)
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;150,000&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;3.48% Term Notes due January&amp;#160;2016 (d)
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;250,000&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;100,000&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;8.50% Debentures due September&amp;#160;2024
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;15,644&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;15,644&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;4.00% Convertible Senior Notes due December&amp;#160;2035 (e), (f)
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;156,944&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;167,750&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Other
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;38&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;39&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,561,686&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;1,572,084&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,747,236&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;1,603,834&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 3pt"&gt;
   &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"&gt;
   &lt;tr&gt;
       &lt;td width="3%"&gt;&lt;/td&gt;
       &lt;td width="1%"&gt;&lt;/td&gt;
       &lt;td width="96%"&gt;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top"&gt;
       &lt;td nowrap="nowrap" align="left"&gt;(a)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;Our unsecured credit facility provides us with an aggregate borrowing capacity of $600
   million, which at our election we can increase to $750&amp;#160;million under certain circumstances.
   Our unsecured credit facility with a consortium of financial institutions carries an interest
   rate equal to LIBOR plus a spread of 47.5 basis points (0.7% and 0.9% interest rate at March
   31, 2011 and December&amp;#160;31, 2010, respectively) and matures in July&amp;#160;2012. In addition, the
   unsecured credit facility contains a provision that allows us to bid up to 50% of the
   commitment and we can bid out the entire unsecured credit facility once per quarter so long as
   we maintain an investment grade rating.&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 3pt"&gt;
   &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top"&gt;
       &lt;td nowrap="nowrap" align="left"&gt;(b)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;Subject to the restrictions on ownership of our common stock and certain other conditions, at
   any time on or after July&amp;#160;15, 2011 and prior to the close of business on the second business
   day prior to the maturity date of September&amp;#160;15, 2011, and also following the occurrence of
   certain events, holders of outstanding 3.625% notes may convert their notes into cash and, if
   applicable, shares of our common stock, at the conversion rate in effect at such time. Upon
   conversion of the notes, UDR will deliver cash and common stock, if any, based on a daily
   conversion value calculated on a proportionate basis for each trading day of the relevant 30
   trading day observation period. The initial conversion rate for each $1,000 principal amount
   of notes was 26.6326 shares of our common stock (equivalent to an initial conversion price of
   approximately $37.55 per share), subject to
   adjustment under certain circumstances. If UDR undergoes certain change in control transactions,
   holders of the 3.625% notes may require us to repurchase their notes in whole or in part for
   cash equal to 100% of the principal amount of the notes to be repurchased plus any unpaid
   interest accrued to the repurchase date. In connection with the issuance of the 3.625% notes,
   UDR entered into a capped call transaction covering approximately 6.7&amp;#160;million shares of our
   common stock, subject to anti-dilution adjustments similar to those contained in the notes. The
   capped call expires on the maturity date of the 3.625% notes. The capped call transaction
   combines a purchased call option with a strike price of $37.548 with a written call option with
   a strike price of $43.806. The capped call transaction effectively increased the initial
   conversion price to $43.806 per share, representing a 40% conversion premium. The net cost of
   approximately $12.6&amp;#160;million of the capped call transaction was included in stockholders&amp;#8217; equity.&lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;!-- Folio --&gt;
   &lt;!-- /Folio --&gt;
   &lt;/div&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt"&gt;
   &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"&gt;
   &lt;tr&gt;
       &lt;td width="3%"&gt;&lt;/td&gt;
       &lt;td width="1%"&gt;&lt;/td&gt;
       &lt;td width="96%"&gt;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top"&gt;
       &lt;td nowrap="nowrap" align="left"&gt;(c)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;On December&amp;#160;7, 2009, the Company entered into an Amended and Restated Distribution Agreement
   with respect to the issue and sale by the Company from time to time of its Medium-Term Notes,
   Series&amp;#160;A Due Nine Months or More From Date of Issue. During the three months ended March&amp;#160;31,
   2010, the Company issued $150&amp;#160;million of 5.25% senior unsecured medium-term notes under the
   Amended and Restated Distribution Agreement. These notes were priced at 99.46% of the
   principal amount at issuance and had a discount of $487,000 at March&amp;#160;31, 2011.&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 3pt"&gt;
   &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top"&gt;
       &lt;td nowrap="nowrap" align="left"&gt;(d)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;During the three months ended March&amp;#160;31, 2011, the Company entered into an interest rate swap
   agreement for the remaining $150&amp;#160;million balance. As a result, the $250&amp;#160;million term notes
   carry a fixed interest rate of 3.48% at March&amp;#160;31, 2011.&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 3pt"&gt;
   &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top"&gt;
       &lt;td nowrap="nowrap" align="left"&gt;(e)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;During the three months ended March&amp;#160;31, 2011, holders of the 4.00% Convertible Senior Notes
   due 2035 tendered $10.8&amp;#160;million of Notes. As a result, the Company retired debt with a
   notional value of $10.8&amp;#160;million and wrote off unamortized financing costs of $207,000.&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 3pt"&gt;
   &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top"&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;On March&amp;#160;2, 2011, the Company called all of its outstanding 4.00% Convertible Senior Notes due
   2035. The redemption date for the Notes was April&amp;#160;4, 2011, and the redemption price was 100% of
   the principal amount of the outstanding Notes, plus accrued and unpaid interest on the Notes to,
   but not including, the date of redemption. Subject to and in accordance with the terms and
   conditions set forth in the Indenture governing the Notes dated as of December&amp;#160;19, 2005, holders
   of Notes had the right to convert their Notes at any time until March&amp;#160;31, 2011, at a conversion
   rate of 38.8650 shares of our common stock per $1,000 principal amount of Notes (equivalent to a
   conversion price of approximately $25.73 per share. The Company accelerated the amortization of
   the remaining financing costs of $3.0&amp;#160;million to the April&amp;#160;4, 2011 redemption date during the
   three months ended March&amp;#160;31, 2011.&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 3pt"&gt;
   &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top"&gt;
       &lt;td nowrap="nowrap" align="left"&gt;(f)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;ASC Subtopic 470-20 applies to all convertible debt instruments that have a &amp;#8220;net settlement
   feature&amp;#8221;, which means that such convertible debt instruments, by their terms, may be settled
   either wholly or partially in cash upon conversion. This guidance requires issuers of
   convertible debt instruments that may be settled wholly or partially in cash upon conversion
   to separately account for the liability and equity components in a manner reflective of the
   issuers&amp;#8217; nonconvertible debt borrowing rate. The guidance impacted the historical accounting
   for the 3.625% convertible senior notes due September&amp;#160;2011 and the 4.00% convertible senior
   notes due December&amp;#160;2035, and resulted in increased interest expense of $359,000 and $967,000
   for the three months ended March&amp;#160;31, 2011 and 2010, respectively.&lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The following is a summary of short-term bank borrowings under UDR&amp;#8217;s bank credit facility at
   March&amp;#160;31, 2011 and December&amp;#160;31, 2010 &lt;i&gt;(dollars in thousands):&lt;/i&gt;
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="72%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;March 31,&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2010&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Total revolving credit facility
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;600,000&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;600,000&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Borrowings outstanding at end of period (1)
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;185,550&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;31,750&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Weighted average daily borrowings during the period ended
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;165,379&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;161,260&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Maximum daily borrowings during the period ended
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;280,700&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;337,600&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Weighted average interest rate during the period ended
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;0.8&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;%&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;0.8&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;%&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Interest rate at end of the period
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;0.7&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;%&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;0.9&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;%&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 3pt"&gt;
   &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"&gt;
   &lt;tr&gt;
       &lt;td width="3%"&gt;&lt;/td&gt;
       &lt;td width="1%"&gt;&lt;/td&gt;
       &lt;td width="96%"&gt;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top"&gt;
       &lt;td nowrap="nowrap" align="left"&gt;(1)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;Excludes $1.7&amp;#160;million of letters of credit at March&amp;#160;31, 2011.&lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;!-- Folio --&gt;
   &lt;!-- /Folio --&gt;
   &lt;/div&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The convertible notes are convertible at the option of the holder, and as such are presented
   as if the holder will convert the debt instrument at the earliest available date. The aggregate
   maturities of unsecured debt for the five years subsequent to March&amp;#160;31, 2011 are as follows
   &lt;i&gt;(dollars in thousands):&lt;/i&gt;
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="58%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td colspan="2" align="center"&gt;Bank&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td colspan="3" align="center"&gt;Unsecured&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td colspan="2" align="center"&gt;Total&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Year
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td colspan="2" align="center"&gt;Lines&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td colspan="2" align="center"&gt;Debt&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td colspan="2" align="center"&gt;Unsecured&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td style="border-top: 1px solid #000000"&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;2011 (a)
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;253,121&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;253,121&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;2012
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;185,550&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;99,808&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;285,358&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;2013
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;222,308&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;222,308&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;2014
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;312,354&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;312,354&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;2015
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;325,167&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;325,167&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Thereafter
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;348,928&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;348,928&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Total
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;185,550&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;1,561,686&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;1,747,236&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 3pt"&gt;
   &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"&gt;
   &lt;tr&gt;
       &lt;td width="3%"&gt;&lt;/td&gt;
       &lt;td width="1%"&gt;&lt;/td&gt;
       &lt;td width="96%"&gt;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top"&gt;
       &lt;td nowrap="nowrap" align="left"&gt;(a)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;Includes $156.9&amp;#160;million of 4.00% Convertible Senior Notes due December&amp;#160;2035 which were
   paid in full subsequent to March&amp;#160;31, 2011.&lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;We were in compliance with the covenants of our debt instruments at March&amp;#160;31, 2011.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;In 2010, the Operating Partnership guaranteed certain outstanding debt securities of UDR, Inc.
   These guarantees provide that the Operating Partnership, as primary obligor and not merely as
   surety, irrevocably and unconditionally guarantees to each holder of the applicable securities and
   to the trustee and their successors and assigns under the respective indenture (a)&amp;#160;the full and
   punctual payment when due, whether as stated maturity, by acceleration or otherwise, of all
   obligations of the Company under the respective indenture whether for principal or interest on the
   securities (and premium, if any), and all other monetary obligations of the Company under the
   respective indenture and the terms of the applicable securities and (b)&amp;#160;the full and punctual
   performance within the applicable grace periods of all other obligations of the Company under the
   respective indenture and the terms of applicable securities.
   &lt;/div&gt;
   &lt;/div&gt;
</udr:UnsecuredDebtTextBlock>
  <!-- End Block Tagged Note -->
  <!-- Begin Block Tagged Note -->
  <us-gaap:EarningsPerShareTextBlock contextRef="Jan-01-2011_Mar-31-2011">&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
   &lt;!-- Begin Block Tagged Note 8 - us-gaap:EarningsPerShareTextBlock--&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;8. LOSS PER SHARE&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Basic and diluted loss per common share are computed based upon the weighted average number of
   common shares outstanding during the period as the effect of adding stock options and other common
   stock equivalents such as the non-vested restricted stock awards is anti-dilutive.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The following table sets forth the computation of basic and diluted loss per share for the
   periods presented &lt;i&gt;(amounts in thousands, except per share data):&lt;/i&gt;
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="72%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="6"&gt;&lt;b&gt;Three Months Ended&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;March 31,&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2010&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Numerator for earnings per share &amp;#8212; basic and diluted:
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Net loss attributable to common stockholders
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(30,243&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;(26,435&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Denominator for earnings per share &amp;#8212; basic and diluted:
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Weighted average common shares outstanding
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;183,863&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;157,192&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Non-vested restricted stock awards
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(1,332&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;(1,061&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:45px; text-indent:-15px"&gt;Denominator for basic and diluted earnings per share
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;182,531&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;156,131&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:45px; text-indent:-15px"&gt;Net loss attributable to common stockholders- basic and diluted
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(0.17&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;(0.17&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;!-- Folio --&gt;
   &lt;!-- /Folio --&gt;
   &lt;/div&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The effect of the conversion of the OP Units, convertible preferred stock, convertible
   debt, stock options and restricted stock is not dilutive and is therefore not included in the above
   calculations as the Company reported a loss from continuing operations.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;If the OP Units were converted to common stock, the additional weighted average common shares
   outstanding for the three months ended March&amp;#160;31, 2011 and 2010 would be 5,061,968 and 5,975,967,
   respectively.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;If the convertible preferred stock were converted to common stock, the additional shares of
   common stock outstanding for the three months ended March&amp;#160;31, 2011 and 2010 would be 3,035,548
   weighted average common shares.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The dilution from stock options and unvested restricted stock and stock options would be an
   additional 1,882,083 and 1,514,041 weighted average common shares for the three months ended March
   31, 2011 and 2010, respectively.
   &lt;/div&gt;
   &lt;/div&gt;
</us-gaap:EarningsPerShareTextBlock>
  <!-- End Block Tagged Note -->
  <!-- Begin Block Tagged Note -->
  <us-gaap:MinorityInterestDisclosureTextBlock contextRef="Jan-01-2011_Mar-31-2011">&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
   &lt;!-- Begin Block Tagged Note 9 - us-gaap:MinorityInterestDisclosureTextBlock--&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;9. NONCONTROLLING INTERESTS&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;Redeemable noncontrolling interests in operating partnerships&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Interests in operating partnerships held by limited partners are represented by operating
   partnership units (&amp;#8220;OP Units&amp;#8221;). The income is allocated to holders of OP Units based upon net
   income attributable to common stockholders and the weighted average number of OP Units outstanding
   to total common shares plus OP Units outstanding during the period. Capital contributions,
   distributions, and profits and losses are allocated to non-controlling interests in accordance with
   the terms of the individual partnership agreements.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Limited partners have the right to require the Operating Partnership to redeem all or a
   portion of the OP Units held by the limited partner at a redemption price equal to and in the form
   of the Cash Amount as defined in the limited partnership agreement of the Operating Partnership
   (the &amp;#8220;Partnership Agreement&amp;#8221;), provided that such OP
   Units have been outstanding for at least one year. UDR, as the general partner of the
   Operating Partnership may, in its sole discretion, purchase the OP Units by paying to the limited
   partner either the Cash Amount or the REIT Share Amount (generally one share of common stock of the
   Company for each OP Unit), as defined in the Partnership Agreement. Accordingly, the Company
   records the OP Units outside of permanent equity and reports the OP Units at their redemption value
   using the Company&amp;#8217;s stock price at each balance sheet date.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The following table sets forth redeemable noncontrolling interests in the Operating
   Partnership for the following period (&lt;i&gt;dollars in thousands&lt;/i&gt;):
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="86%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Redeemable noncontrolling interests in the OP, December&amp;#160;31, 2010
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;119,057&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Mark to market adjustment to redeemable noncontrolling
   interests in the OP
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;6,313&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Net loss attributable to redeemable noncontrolling interests in the OP
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(832&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Distributions to redeemable noncontrolling interests in the OP
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(1,195&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Allocation of other comprehensive (loss)/income
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;17&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Redeemable noncontrolling interests in the OP, March&amp;#160;31, 2011
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;123,360&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;!-- Folio --&gt;
   &lt;!-- /Folio --&gt;
   &lt;/div&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The following sets forth net loss attributable to common stockholders and transfers from
   redeemable noncontrolling interests in the Operating Partnership for the following periods (&lt;i&gt;dollars
   in thousands&lt;/i&gt;):
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="72%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Three Months Ended March 31,&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2010&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr&gt;
   &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Net loss attributable to common stockholders
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(30,243&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;(26,435&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Conversion of OP units to UDR Common Stock
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;215&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Change in equity from net (loss)/income attributable to common
   stockholders and conversion of OP units to UDR Common Stock
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(30,243&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;(26,220&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;Non-controlling interests&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Non-controlling interests represent interests of unrelated partners in certain consolidated
   affiliates, and is presented as part of equity in the Consolidated Balance Sheets since these
   interests are not redeemable into any other ownership interests of the Company. During the three
   months ended March&amp;#160;31, 2011 and 2010, net income attributable to non-controlling interests was
   $51,000 and $35,000, respectively.
   &lt;/div&gt;
   &lt;/div&gt;
</us-gaap:MinorityInterestDisclosureTextBlock>
  <!-- End Block Tagged Note -->
  <!-- Begin Block Tagged Note -->
  <us-gaap:FairValueDisclosuresTextBlock contextRef="Jan-01-2011_Mar-31-2011">&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
   &lt;!-- Begin Block Tagged Note 10 - us-gaap:FairValueDisclosuresTextBlock--&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;10. FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Fair value is based on the price that would be received to sell an asset or the exit price
   that would be paid to transfer a liability in an orderly transaction between market participants at
   the measurement date. A three-level valuation hierarchy prioritizes observable and unobservable
   inputs used to measure fair value. The fair value hierarchy consists of three broad levels, which
   are described below:
   &lt;/div&gt;
   &lt;div style="margin-top: 10pt"&gt;
   &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"&gt;
   &lt;tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"&gt;
       &lt;td width="8%" style="background: transparent"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%" nowrap="nowrap" align="left"&gt;&lt;b&gt;&amp;#8226;&lt;/b&gt;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;Level 1 &amp;#8212; Quoted prices in active markets for identical assets or liabilities that the
   entity has the ability to access.&lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 10pt"&gt;
   &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"&gt;
   &lt;tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"&gt;
       &lt;td width="8%" style="background: transparent"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%" nowrap="nowrap" align="left"&gt;&lt;b&gt;&amp;#8226;&lt;/b&gt;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;Level 2 &amp;#8212; Observable inputs other than prices included in Level 1, such as quoted prices
   for similar assets and liabilities in active markets; quoted prices for identical or
   similar assets and liabilities in markets that are not active; or other inputs that are
   observable or can be corroborated with observable market data.&lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 10pt"&gt;
   &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"&gt;
   &lt;tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"&gt;
       &lt;td width="8%" style="background: transparent"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%" nowrap="nowrap" align="left"&gt;&lt;b&gt;&amp;#8226;&lt;/b&gt;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;Level 3 &amp;#8212; Unobservable inputs that are supported by little or no market activity and
   that are significant to the fair value of the assets and liabilities. This includes
   certain pricing models, discounted cash flow methodologies and similar techniques that use
   significant unobservable inputs.&lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;!-- Folio --&gt;
   &lt;!-- /Folio --&gt;
   &lt;/div&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The estimated fair values of the Company&amp;#8217;s financial instruments either recorded or disclosed
   on a recurring basis as of March&amp;#160;31, 2011 and December&amp;#160;31, 2010 are summarized as follows &lt;i&gt;(dollars
   in thousands)&lt;/i&gt;:
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="44%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="10" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Fair Value at March 31, 2011 Using&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Quoted Prices in&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Active Markets&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;for Identical&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Significant Other&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Significant&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Assets or&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Observable&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Unobservable&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Liabilities&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Inputs&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Inputs&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;March 31, 2011&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;(Level 1)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;(Level 2)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;(Level 3)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&lt;b&gt;Description:&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Derivatives- Interest rate contracts (c)
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,663&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,663&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&lt;b&gt;Total assets&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,663&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,663&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Derivatives- Interest rate contracts (c)
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;4,489&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;4,489&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Contingent purchase consideration (d)
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;5,402&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;5,402&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Secured debt instruments- fixed rate: (a)
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Mortgage notes payable
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;331,314&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;331,314&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Fannie Mae credit facilities
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;927,091&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;927,091&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Secured debt instruments- variable rate: (a)
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Mortgage notes payable
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;201,992&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;201,992&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Tax-exempt secured notes payable
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;94,700&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;94,700&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Fannie Mae credit facilities
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;260,450&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;260,450&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Unsecured debt instruments: (b)
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Commercial bank
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;185,550&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;185,550&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Senior Unsecured Notes
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,618,168&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;254,043&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,364,125&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&lt;b&gt;Total liabilities&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;3,629,156&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;254,043&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;4,489&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;3,370,624&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="44%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
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       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="10" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Fair Value at December 31, 2010 Using&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Quoted Prices in&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Active Markets&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;for Identical&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Significant Other&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Significant&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Assets or&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Observable&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Unobservable&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Liabilities&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Inputs&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Inputs&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;December 31, 2010&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;(Level 1)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;(Level 2)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;(Level 3)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&lt;b&gt;Description:&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Available-for-sale equity securities
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;3,866&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;3,866&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Derivatives- Interest rate contracts (c)
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;514&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;514&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&lt;b&gt;Total assets&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;4,380&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;3,866&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;514&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Derivatives- Interest rate contracts (c)
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;6,597&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;6,597&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Contingent purchase consideration (d)
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;5,402&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;5,402&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Secured debt instruments- fixed rate: (a)
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Mortgage notes payable
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;306,515&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;306,515&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Tax-exempt secured notes payable
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;13,885&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;13,885&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Fannie Mae credit facilities
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;927,413&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;927,413&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Secured debt instruments- variable rate: (a)
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Mortgage notes payable
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;405,641&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;405,641&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Tax-exempt secured notes payable
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;94,700&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;94,700&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Fannie Mae credit facilities
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;260,450&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;260,450&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Unsecured debt instruments: (b)
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Commercial bank
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;31,750&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;31,750&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Senior Unsecured Notes
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;1,625,492&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;264,849&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;1,360,643&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&lt;b&gt;Total liabilities&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;3,677,845&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;264,849&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;6,597&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;3,406,399&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;!-- Folio --&gt;
   &lt;!-- /Folio --&gt;
   &lt;/div&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"&gt;
   &lt;tr style="font-size: 6pt"&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="96%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top"&gt;
       &lt;td nowrap="nowrap" align="left"&gt;(a)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;See Note 6, &amp;#8220;Secured Debt&amp;#8221;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 3pt"&gt;
   &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top"&gt;
       &lt;td nowrap="nowrap" align="left"&gt;(b)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;See Note 7, &amp;#8220;Unsecured Debt&amp;#8221;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 3pt"&gt;
   &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top"&gt;
       &lt;td nowrap="nowrap" align="left"&gt;(c)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;See Note 11, &amp;#8220;Derivatives and Hedging Activity&amp;#8221;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 3pt"&gt;
   &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top"&gt;
       &lt;td nowrap="nowrap" align="left"&gt;(d)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;In the first quarter of 2010, the Company accrued a liability of $6&amp;#160;million related to a
   contingent purchase consideration on one of its properties. The contingent consideration was
   determined based on the fair market value of the related asset which is estimated using Level
   3 inputs utilized in a third party appraisal. During the year ended December&amp;#160;31, 2010, the
   Company paid approximately $635,000 of the liability.&lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;Financial Instruments Carried at Fair Value&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The fair values of interest rate swaps are determined using the market standard methodology of
   netting the discounted future fixed cash receipts (or payments) and the discounted expected
   variable cash payments (or receipts). The variable cash payments (or receipts) are based on an
   expectation of future interest rates (forward curves) derived from observable market interest rate
   curves. The fair values of interest rate options are determined using the market standard
   methodology of discounting the future expected cash receipts that would occur if variable interest
   rates rise above the strike rate of the caps. The variable interest rates used in the calculation
   of projected receipts on the cap are based on an expectation of future interest rates derived from
   observable market interest rate curves and volatilities.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The Company incorporates credit valuation adjustments to appropriately reflect both its own
   nonperformance risk and the respective counterparty&amp;#8217;s nonperformance risk in the fair value
   measurements. In adjusting the fair value of its derivative contracts for the effect of
   nonperformance risk, the Company has considered the impact of netting and any applicable credit
   enhancements, such as collateral postings, thresholds, mutual puts, and guarantees.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Although the Company has determined that the majority of the inputs used to value its
   derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments
   associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads
   to evaluate the likelihood of default by itself and its counterparties. However, as of March&amp;#160;31,
   2011 and 2010, the Company has assessed the significance of the impact of the credit valuation
   adjustments on the overall valuation of its derivative positions and has determined that the credit
   valuation adjustments are not significant to the overall valuation of its derivatives. As a
   result, the Company has determined that its derivative valuations in their entirety are classified
   in Level 2 of the fair value hierarchy.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;We estimate the fair value of our Convertible Senior Unsecured Notes based on Level 1 inputs
   which utilize quoted prices in active markets where we have the ability to access value for
   identical liabilities.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Redeemable non-controlling interests in the Operating Partnership have a redemption feature
   and are marked to its redemption value. The redemption value is based on the fair value of the
   Company&amp;#8217;s Common Stock at the redemption date, and therefore, is calculated based on the fair value
   of the Company&amp;#8217;s Common Stock at the balance sheet date. Since the valuation is based on observable
   inputs such as quoted prices for similar instruments in active markets, redeemable non-controlling
   interests in the Operating Partnership are classified as Level 2.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;Financial Instruments Not Carried at Fair Value&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;At March&amp;#160;31, 2011, the fair values of cash and cash equivalents, restricted cash, notes
   receivable, accounts receivable, prepaids, real estate taxes payable, accrued interest payable,
   security deposits and prepaid rent, distributions payable and accounts payable approximated their
   carrying values because of the short term nature of these instruments. The estimated fair values
   of other financial instruments were determined by the Company using available market information
   and appropriate valuation methodologies. Considerable judgment is necessary to interpret market
   data and develop estimated fair values. Accordingly, the estimates presented herein are not
   necessarily indicative of the amounts the Company would realize on the disposition of the financial
   instruments. The use of different market assumptions or estimation methodologies may have a
   material effect on the estimated fair value amounts.
   &lt;/div&gt;
   &lt;!-- Folio --&gt;
   &lt;!-- /Folio --&gt;
   &lt;/div&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;We estimate the fair value of our debt instruments by discounting the remaining cash flows of
   the debt instrument at a discount rate equal to the replacement market credit spread plus the
   corresponding treasury yields. Factors considered in determining a replacement market credit
   spread include general market conditions, borrower specific credit spreads, time remaining to
   maturity, loan-to-value ratios and collateral quality (Level 3).
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;We record impairment losses on long-lived assets used in operations when events and
   circumstances indicate that the assets might be impaired and the undiscounted cash flows estimated
   to be generated by the future operation and disposition of those assets are less than the net book
   value of those assets. Our cash flow estimates are based upon historical results adjusted to
   reflect our best estimate of future market and operating conditions and our estimated holding
   periods. The net book value of impaired assets is reduced to fair value. Our estimates of fair
   value represent our best estimate based upon Level 3 inputs such as industry trends and reference
   to market rates and transactions.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;We consider various factors to determine if a decrease in the value of our investments in an
   unconsolidated joint venture is other-than-temporary. These factors include, but are not limited
   to, age of the venture, our intent and ability to retain our investment in the entity, the
   financial condition and long-term prospects of the entity, and the relationships with the other
   joint venture partners and its lenders. Based on the significance of the unobservable inputs, we
   classify these fair value measurements within Level 3 of the valuation hierarchy. The Company did
   not incur any other-than-temporary decrease in the value of its other investments in unconsolidated
   joint ventures during the three months ended March&amp;#160;31, 2011 and 2011.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;After determining an other-than-temporary decrease in the value of an equity method investment
   has occurred, we estimate the fair value of our investment by estimating the proceeds we would
   receive upon a hypothetical liquidation of the investment at the date of measurement. Inputs
   reflect management&amp;#8217;s best estimate of what market participants would use in pricing the investment
   giving consideration to the terms of the joint venture agreement and the estimated discounted future cash flows to be generated from the underlying joint venture
   asset. The inputs and assumptions utilized to estimate the future cash flows of the underlying
   asset are based upon the Company&amp;#8217;s evaluation of the economy, market trends, operating results, and
   other factors, including judgments regarding costs to complete any construction activities, lease
   up and occupancy rates, rental rates, inflation rates, capitalization rates utilized to estimate
   the projected cash flows at the disposition, and discount rates.
   &lt;/div&gt;
   &lt;/div&gt;
</us-gaap:FairValueDisclosuresTextBlock>
  <!-- End Block Tagged Note -->
  <!-- Begin Block Tagged Note -->
  <us-gaap:DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock contextRef="Jan-01-2011_Mar-31-2011">&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
   &lt;!-- Begin Block Tagged Note 11 - us-gaap:DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock--&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;11. DERIVATIVES AND HEDGING ACTIVITY&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;Risk Management Objective of Using Derivatives&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The Company is exposed to certain risk arising from both its business operations and economic
   conditions. The Company principally manages its exposures to a wide variety of business and
   operational risks through management of its core business activities. The Company manages economic
   risks, including interest rate, liquidity, and credit risk primarily by managing the amount,
   sources, and duration of its debt funding and the use of derivative financial instruments.
   Specifically, the Company may enter into derivative financial instruments to manage exposures that
   arise from business activities that result in the receipt or payment of future known and uncertain
   cash amounts, the value of which are determined by interest rates. The Company&amp;#8217;s derivative
   financial instruments are used to manage differences in the amount, timing, and duration of the
   Company&amp;#8217;s known or expected cash receipts and its known or expected cash payments principally
   related to the Company&amp;#8217;s investments and borrowings.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;Cash Flow Hedges of Interest Rate Risk&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The Company&amp;#8217;s objectives in using interest rate derivatives are to add stability to interest
   expense and to manage its exposure to interest rate movements. To accomplish this objective, the
   Company primarily uses interest rate swaps and caps as part of its interest rate risk management
   strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate
   amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of
   the agreements without exchange of the underlying notional amount. Interest rate caps designated as
   cash flow hedges involve the receipt of variable-rate amounts from a counterparty if interest rates
   rise above the strike rate on the contract in exchange for an up front premium.
   &lt;/div&gt;
   &lt;!-- Folio --&gt;
   &lt;!-- /Folio --&gt;
   &lt;/div&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The effective portion of changes in the fair value of derivatives designated and that qualify
   as cash flow hedges is recorded in &amp;#8220;Accumulated Other Comprehensive Income/(Loss)&amp;#8221; and is
   subsequently reclassified into earnings in the period that the hedged forecasted transaction
   affects earnings. During the three months ended March&amp;#160;31, 2011 and 2010, such derivatives were used
   to hedge the variable cash flows associated with existing variable-rate debt. The ineffective
   portion of the change in fair value of the derivatives is recognized directly in earnings. During
   the three months ended March&amp;#160;31, 2011 and 2010, the Company recorded less than a $1,000 loss of
   ineffectiveness in earnings attributable to reset date and index mismatches between the derivative
   and the hedged item, and the fair value of interest rate swaps that were not zero at inception of
   the hedging relationship.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Amounts reported in &amp;#8220;Accumulated Other Comprehensive Income/(Loss)&amp;#8221; related to derivatives
   will be reclassified to interest expense as interest payments are made on the Company&amp;#8217;s
   variable-rate debt. Through March&amp;#160;31, 2012, the Company estimates that an additional $8.1&amp;#160;million
   will be reclassified as an increase to interest expense.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;As of March&amp;#160;31, 2011, the Company had the following outstanding interest rate derivatives that
   were designated as cash flow hedges of interest rate risk (&lt;i&gt;dollar amounts in thousands&lt;/i&gt;):
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="72%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Number of&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Interest Rate Derivative&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Instruments&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Notional&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Interest rate swaps
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;16&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;631,787&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Interest rate caps
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;3&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;137,004&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Derivatives not designated as hedges are not speculative and are used to manage the Company&amp;#8217;s
   exposure to interest rate movements and other identified risks but do not meet the strict hedge
   accounting requirements of FASB ASC 815, &lt;i&gt;Derivatives and Hedging&lt;/i&gt;. Changes in the fair value of
   derivatives not designated in hedging relationships are recorded directly in earnings and resulted
   in losses of $50,000 and $317,000 for the three months ended March&amp;#160;31, 2011 and 2010, respectively.
   As of March&amp;#160;31, 2011, the Company had the following outstanding derivatives that were not
   designated as hedges in qualifying hedging relationships (&lt;i&gt;dollar amounts in thousands&lt;/i&gt;):
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="72%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Number of&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Product&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Instruments&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Notional&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Interest rate caps
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;5&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;309,984&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The table below presents the fair value of the Company&amp;#8217;s derivative financial instruments as
   well as their classification on the Consolidated Balance Sheets as of March&amp;#160;31, 2011 and December
   31, 2010 (&lt;i&gt;amounts in thousands&lt;/i&gt;):
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="28%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="7%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="7%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="7%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="7%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="8" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Asset Derivatives&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="8" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Liability Derivatives&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Fair Value at:&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Fair Value at:&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center"&gt;&lt;b&gt;Balance&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;March 31,&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center"&gt;&lt;b&gt;Balance&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;March 31,&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Sheet Location&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2010&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Sheet Location&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2010&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Derivatives designated as hedging instruments:
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Interest Rate Products
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top" nowrap="nowrap"&gt;Other Assets&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,442&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;243&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top" nowrap="nowrap"&gt;Other Liabilities&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;4,489&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;6,597&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Total
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,442&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;243&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;4,489&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;6,597&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Derivatives &lt;b&gt;not &lt;/b&gt;designated as hedging
   instruments:
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Interest Rate Products
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;Other Assets&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;221&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;271&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;Other Liabilities&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Total
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;221&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;271&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;!-- Folio --&gt;
   &lt;!-- /Folio --&gt;
   &lt;/div&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;Tabular Disclosure of the Effect of Derivative Instruments on the Consolidated Statements of
   Operations&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The tables below present the effect of the Company&amp;#8217;s derivative financial instruments on the
   Consolidated Statements of Operations for the three months ended March&amp;#160;31, 2011 and 2010 (&lt;i&gt;dollar
   amounts in thousands&lt;/i&gt;):
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 8pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="30%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="11%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="11%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center"&gt;&lt;b&gt;Location of Loss&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center"&gt;&lt;b&gt;Recognized in Income&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Amount of Gain (Loss)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center"&gt;&lt;b&gt;Location of Loss&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Amount of Gain (Loss)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center"&gt;&lt;b&gt;on Derivative&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Recognized in Income on&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Amount of Gain&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center"&gt;&lt;b&gt;Reclassified from&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Reclassified from&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center"&gt;&lt;b&gt;(Ineffective Portion&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Derivative (Ineffective&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom"&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&lt;b&gt;Derivatives in Cash&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;(Loss) Recognized in&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center"&gt;&lt;b&gt;Accumulated OCI&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Accumulated OCI&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center"&gt;&lt;b&gt;and Amount Excluded&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Portion and Amount&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom"&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&lt;b&gt;Flow Hedging&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;OCI on Derivative&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center"&gt;&lt;b&gt;into Income (Effective&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;into Income (Effective&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center"&gt;&lt;b&gt;from Effectiveness&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Excluded from&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom"&gt;
       &lt;td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Relationships&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;(Effective Portion)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Portion)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Portion)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Testing)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Effectiveness Testing)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&lt;b&gt;For the three months
   ended March&amp;#160;31, 2011:&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Interest Rate Products
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,373&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;Interest expense&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(1,909&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;Other expense&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Total
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,373&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(1,909&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;For the three months
   ended March&amp;#160;31, 2010:
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Interest Rate Products
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;(3,414&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;Interest expense&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;(2,080&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;Other expense&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Total
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;(3,414&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;(2,080&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="72%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="11%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&lt;b&gt;Derivatives Not Designated&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center"&gt;&lt;b&gt;Location of Gain (Loss)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Amount of Gain&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&lt;b&gt;as Hedging Instruments&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center"&gt;&lt;b&gt;Recognized in Income on&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;(Loss) Recognized in&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Under Topic 815&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Derivative&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Income on Derivative&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;For the three months
   ended March&amp;#160;31, 2011:
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Interest Rate Products
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;Other income (expense)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(50&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Total
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(50&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;For the three months
   ended March&amp;#160;31, 2010:
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Interest Rate Products
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;Other income (expense)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;(317&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Total
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;(317&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;Credit-risk-related Contingent Features&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The Company has agreements with some of its derivative counterparties that contain a provision
   where (1)&amp;#160;if the Company defaults on any of its indebtedness, including default where repayment of
   the indebtedness has not been accelerated by the lender, then the Company could also be declared in
   default on its derivative obligations; or (2)&amp;#160;the Company could be declared in default on its
   derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due
   to the Company&amp;#8217;s default on the indebtedness.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Certain of the Company&amp;#8217;s agreements with its derivative counterparties contain provisions
   where if there is a change in the Company&amp;#8217;s financial condition that materially changes the
   Company&amp;#8217;s creditworthiness in an adverse manner, the Company may be required to fully collateralize
   its obligations under the derivative instrument.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The Company also has an agreement with a derivative counterparty that incorporates the loan
   and financial covenant provisions of the Company&amp;#8217;s indebtedness with a lender affiliate of the
   derivative counterparty. Failure to comply with these covenant provisions would result in the
   Company being in default on any derivative instrument obligations covered by the agreement.
   &lt;/div&gt;
   &lt;!-- Folio --&gt;
   &lt;!-- /Folio --&gt;
   &lt;/div&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;As of March&amp;#160;31, 2011, the fair value of derivatives in a net liability position, which
   includes accrued interest but excludes any adjustment for nonperformance risk, related to these
   agreements was $4.9&amp;#160;million. As of March&amp;#160;31, 2011, the Company has not posted any collateral
   related to these agreements. If the Company had breached any of these provisions at March&amp;#160;31,
   2011, it would have been required to settle its obligations under the agreements at their
   termination value of $4.9&amp;#160;million.
   &lt;/div&gt;
   &lt;/div&gt;
</us-gaap:DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock>
  <!-- End Block Tagged Note -->
  <!-- Begin Block Tagged Note -->
  <us-gaap:ComprehensiveIncomeNoteTextBlock contextRef="Jan-01-2011_Mar-31-2011">&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
   &lt;!-- Begin Block Tagged Note 12 - us-gaap:ComprehensiveIncomeNoteTextBlock--&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;12. OTHER COMPREHENSIVE INCOME/(LOSS)&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Components of other comprehensive income/(loss) during the three months March&amp;#160;31, 2011 and
   2010 are as follows (&lt;i&gt;in thousands&lt;/i&gt;):
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="72%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="6"&gt;&lt;b&gt;Three Months Ended&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;March 31,&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2010&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Other comprehensive income/loss:
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Net loss attributable to UDR, Inc.
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(27,875&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;(24,056&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Change in equity due to non-controlling interests
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;51&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;35&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Gain on marketable securities reclassified to earnings
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(3,492&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Change in marketable securities
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;(224&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Unrealized gain/(loss) on derivative financial
   instruments
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;3,282&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;(1,234&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Allocation to redeemable non-controlling interests
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(17&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;53&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Comprehensive loss
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(28,051&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;(25,426&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;/div&gt;
</us-gaap:ComprehensiveIncomeNoteTextBlock>
  <!-- End Block Tagged Note -->
  <!-- Begin Block Tagged Note -->
  <us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock contextRef="Jan-01-2011_Mar-31-2011">&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
   &lt;!-- Begin Block Tagged Note 13 - us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock--&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;13. STOCK BASED COMPENSATION&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;During the three months ended March&amp;#160;31, 2011 and 2010, we recognized $2.7&amp;#160;million and $2.9
   million, respectively, as stock based compensation expense, which is inclusive of awards granted to
   our outside directors.
   &lt;/div&gt;
   &lt;/div&gt;
</us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock>
  <!-- End Block Tagged Note -->
  <!-- Begin Block Tagged Note -->
  <us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="Jan-01-2011_Mar-31-2011">&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
   &lt;!-- Begin Block Tagged Note 14 - us-gaap:CommitmentsAndContingenciesDisclosureTextBlock--&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;14. COMMITMENTS AND CONTINGENCIES&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;Commitments&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Real Estate Under Development
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The following summarizes the Company&amp;#8217;s real estate commitments at March&amp;#160;31, 2011 (&lt;i&gt;dollars in
   thousands&lt;/i&gt;):
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="58%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Number of&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Costs Incurred&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Expected Costs&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Properties&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;to Date&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;to Complete&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Wholly owned &amp;#8212; under
   development
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;4&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;112,537&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;226,338&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;Contingencies&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Litigation and Legal Matters
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The Company is subject to various legal proceedings and claims arising in the ordinary course
   of business. The Company cannot determine the ultimate liability with respect to such legal
   proceedings and claims at this time. The Company believes that such liability, to the extent not
   provided for through insurance or otherwise, will not have a material adverse effect on our
   financial condition, results of operations or cash flow.
   &lt;/div&gt;
   &lt;!-- Folio --&gt;
   &lt;!-- /Folio --&gt;
   &lt;/div&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;/div&gt;
</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
  <!-- End Block Tagged Note -->
  <!-- Begin Block Tagged Note -->
  <us-gaap:SegmentReportingDisclosureTextBlock contextRef="Jan-01-2011_Mar-31-2011">&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
   &lt;!-- Begin Block Tagged Note 15 - us-gaap:SegmentReportingDisclosureTextBlock--&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;15. REPORTABLE SEGMENTS&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;GAAP guidance requires that segment disclosures present the measure(s) used by the chief
   operating decision maker to decide how to allocate resources and for purposes of assessing such
   segments&amp;#8217; performance. UDR&amp;#8217;s chief operating decision maker is comprised of several members of its
   executive management team who use several generally accepted industry financial measures to assess
   the performance of the business for our reportable operating segments.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;UDR owns and operates multifamily apartment communities that generate rental and other
   property related income through the leasing of apartment homes to a diverse base of tenants. The
   primary financial measures for UDR&amp;#8217;s apartment communities are rental income and net operating
   income (&amp;#8220;NOI&amp;#8221;). Rental income represents gross market rent less adjustments for concessions,
   vacancy loss and bad debt. NOI is defined as total revenues less direct property operating
   expenses. UDR&amp;#8217;s chief operating decision maker utilizes NOI as the key measure of segment profit or
   loss.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;UDR&amp;#8217;s two reportable segments are same communities and non-mature/other communities:
   &lt;/div&gt;
   &lt;div style="margin-top: 10pt"&gt;
   &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"&gt;
   &lt;tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"&gt;
       &lt;td width="4%" style="background: transparent"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%" nowrap="nowrap" align="left"&gt;&lt;b&gt;&amp;#8226;&lt;/b&gt;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&lt;i&gt;Same communities &lt;/i&gt;represent those communities acquired, developed, and stabilized prior to
   January&amp;#160;1, 2010, and held as of March&amp;#160;31, 2011. A comparison of operating results from the
   prior year is meaningful as these communities were owned and had stabilized occupancy and
   operating expenses as of the beginning of the prior year, there is no plan to conduct
   substantial redevelopment activities, and the community is not held for disposition within
   the current year. A community is considered to have stabilized occupancy once it achieves
   90% occupancy for at least three consecutive months.&lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 10pt"&gt;
   &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"&gt;
   &lt;tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"&gt;
       &lt;td width="4%" style="background: transparent"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%" nowrap="nowrap" align="left"&gt;&lt;b&gt;&amp;#8226;&lt;/b&gt;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&lt;i&gt;Non-mature/other communities &lt;/i&gt;represent those communities that were acquired or developed
   in 2009 or 2010, sold properties, redevelopment properties, properties classified as real
   estate held for disposition, condominium conversion properties, joint venture properties,
   properties managed by third parties and the non-apartment components of mixed use
   properties.&lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Management evaluates the performance of each of our apartment communities on a same community
   and non-mature/other basis, as well as individually and geographically. This is consistent with the
   aggregation criteria under GAAP as each of our apartment communities generally has similar economic
   characteristics, facilities, services, and tenants. Therefore, the Company&amp;#8217;s reportable segments
   have been aggregated by geography in a manner identical to that which is provided to the chief
   operating decision maker.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;All revenues are from external customers and no single tenant or related group of tenants
   contributed 10% or more of UDR&amp;#8217;s total revenues during the three months ended March&amp;#160;31, 2011 and
   2010.
   &lt;/div&gt;
   &lt;!-- Folio --&gt;
   &lt;!-- /Folio --&gt;
   &lt;/div&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The accounting policies applicable to the operating segments described above are the same as
   those described in Note 2, &lt;i&gt;Significant Accounting Policies&lt;/i&gt;. The following table details rental
   income and NOI for UDR&amp;#8217;s reportable segments for the three months ended March&amp;#160;31, 2011 and 2010,
   and reconciles NOI to loss from continuing operations per the Consolidated Statements of Operations
   &lt;i&gt;(dollars in thousands)&lt;/i&gt;:
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="72%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="6"&gt;&lt;b&gt;Three Months Ended&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;March 31,&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2010&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&lt;b&gt;Reportable apartment home segment rental income&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Same Communities
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:45px; text-indent:-15px"&gt;Western Region
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;53,026&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;51,879&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:45px; text-indent:-15px"&gt;Mid-Atlantic Region
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;40,304&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;38,783&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:45px; text-indent:-15px"&gt;Southeastern Region
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;31,158&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;30,530&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:45px; text-indent:-15px"&gt;Southwestern Region
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;15,053&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;14,758&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Non-Mature communities/Other
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;30,961&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;15,679&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:60px; text-indent:-15px"&gt;Total segment and consolidated
   rental income
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;170,502&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;151,629&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&lt;b&gt;Reportable apartment home segment NOI&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Same Communities
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:45px; text-indent:-15px"&gt;Western Region
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;36,263&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;35,553&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:45px; text-indent:-15px"&gt;Mid-Atlantic Region
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;27,449&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;25,929&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:45px; text-indent:-15px"&gt;Southeastern Region
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;19,488&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;19,070&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:45px; text-indent:-15px"&gt;Southwestern Region
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;8,848&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;8,842&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Non-Mature communities/Other
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;18,749&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;8,629&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:60px; text-indent:-15px"&gt;Total segment and consolidated NOI
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;110,797&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;98,023&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;&lt;b&gt;Reconciling items:&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:45px; text-indent:-15px"&gt;Non-property income
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;4,536&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;3,320&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:45px; text-indent:-15px"&gt;Property management
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(4,689&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;(4,170&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:45px; text-indent:-15px"&gt;Other operating expenses
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(1,459&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;(1,485&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:45px; text-indent:-15px"&gt;Depreciation and amortization
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(84,115&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;(72,207&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:45px; text-indent:-15px"&gt;Interest
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(40,717&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;(36,866&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:45px; text-indent:-15px"&gt;General and administrative
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(10,675&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;(9,640&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:45px; text-indent:-15px"&gt;Other depreciation and amortization
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(1,043&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;(1,223&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:45px; text-indent:-15px"&gt;Loss from unconsolidated entities
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(1,332&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;(737&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:45px; text-indent:-15px"&gt;Redeemable non-controlling interests in OP
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;832&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;1,005&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:45px; text-indent:-15px"&gt;Non-controlling interests
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(51&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;(35&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:45px; text-indent:-15px"&gt;Net gain/(loss) on sale of depreciable property
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;41&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;(41&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:60px; text-indent:-15px"&gt;Net loss attributable to UDR, Inc.
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(27,875&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;(24,056&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;!-- Folio --&gt;
   &lt;!-- /Folio --&gt;
   &lt;/div&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The following table details the assets of UDR&amp;#8217;s reportable segments as of March&amp;#160;31, 2011
   and December&amp;#160;31, 2010 &lt;i&gt;(dollars in thousands)&lt;/i&gt;:
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="72%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;March 31,&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Reportable apartment home segment assets:&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2010&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Same communities:
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Western Region
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;2,282,776&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;2,278,457&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Mid-Atlantic Region
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,316,219&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;1,314,033&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Southeastern Region
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,005,414&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;1,003,830&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Southwestern Region
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;554,048&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;553,176&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Non-mature communities/Other
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,760,865&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;1,731,851&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;&lt;b&gt;Total segment assets&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;6,919,322&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;6,881,347&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:45px; text-indent:-15px"&gt;Accumulated depreciation
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(1,719,051&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;(1,638,326&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;&lt;b&gt;Total segment assets &amp;#8212; net book value&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;5,200,271&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;5,243,021&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Reconciling items:
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Cash and cash equivalents
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;11,692&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;9,486&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Marketable securities
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;3,866&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Restricted cash
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;15,355&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;15,447&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Deferred financing costs, net
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;21,850&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;27,267&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Notes receivable
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;7,800&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;7,800&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Investment in unconsolidated joint ventures
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;149,095&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;148,057&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Other assets
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;95,814&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;74,596&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:45px; text-indent:-15px"&gt;&lt;b&gt;Total consolidated assets&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;5,501,877&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;5,529,540&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Capital expenditures related to our same communities totaled $8.0&amp;#160;million and $8.3
   million for the three months ended March&amp;#160;31, 2011 and 2010, respectively. Capital expenditures
   related to our non-mature/other communities totaled $949,000 and $547,000 for the three months
   ended March&amp;#160;31, 2011 and 2010, respectively.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Markets included in the above geographic segments are as follows:
   &lt;/div&gt;
   &lt;div style="margin-top: 10pt"&gt;
   &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"&gt;
   &lt;tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"&gt;
       &lt;td width="8%" style="background: transparent"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%" nowrap="nowrap" align="left"&gt;i.&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;Western &amp;#8212; Orange County, San Francisco, Seattle, Monterey Peninsula, Los Angeles, San
   Diego, Inland Empire, Sacramento, and Portland&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr&gt;
       &lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"&gt;
       &lt;td width="8%" style="background: transparent"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%" nowrap="nowrap" align="left"&gt;ii.&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;Mid-Atlantic &amp;#8212; Metropolitan DC, Richmond, Baltimore, Norfolk, and Other Mid-Atlantic&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr&gt;
       &lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"&gt;
       &lt;td width="8%" style="background: transparent"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%" nowrap="nowrap" align="left"&gt;iii.&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;Southeastern &amp;#8212; Tampa, Orlando, Nashville, Jacksonville, and Other Florida&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr&gt;
       &lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"&gt;
       &lt;td width="8%" style="background: transparent"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%" nowrap="nowrap" align="left"&gt;iv.&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;Southwestern &amp;#8212; Dallas, Phoenix, Austin, and Houston&lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;/div&gt;
</us-gaap:SegmentReportingDisclosureTextBlock>
  <!-- End Block Tagged Note -->
  <!-- Begin Block Tagged Note -->
  <us-gaap:ScheduleOfSubsequentEventsTextBlock contextRef="Jan-01-2011_Mar-31-2011">&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
   &lt;!-- Begin Block Tagged Note 16 - us-gaap:ScheduleOfSubsequentEventsTextBlock--&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;16. SUBSEQUENT EVENTS&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;On April&amp;#160;1, 2011, the Company, through its subsidiary United Dominion Realty, L.P., closed on
   an acquisition of a multifamily apartment community referred to as 10 Hanover Square, located in
   New York City, New York. The community was acquired for $259.8&amp;#160;million, which included the
   assumption of $192.0&amp;#160;million of debt and is comprised of 493 homes.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;On April&amp;#160;5, 2011, the Company and the Operating Partnership completed a $500&amp;#160;million asset exchange
   whereby UDR acquired one multifamily apartment community (227 homes), and the Operating Partnership
   acquired two multifamily apartment communities (833 homes) and a parcel of land. The acquired
   assets are: 388 Beale in San Francisco, CA (227 homes); 14 North in Peabody, MA (387 homes); and
   Inwood West in Woburn, MA (446 homes). The communities were acquired for $263.0&amp;#160;million, which
   included the assumption of $55.8&amp;#160;million of debt. UDR sold two multifamily apartment communities
   (434 homes) and the Operating Partnership sold four multifamily apartment communities (984 homes)
   located in California as part of the transaction. The communities are: Crest at Phillips Ranch,
   Villas at San Dimas, Villas at Bonita, The Arboretum, Rancho Vallecitos and Milazzo.
   &lt;/div&gt;
   &lt;/div&gt;
</us-gaap:ScheduleOfSubsequentEventsTextBlock>
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  <dei:CurrentFiscalYearEndDate contextRef="Jan-01-2011_Mar-31-2011">--12-31</dei:CurrentFiscalYearEndDate>
  <dei:DocumentFiscalPeriodFocus contextRef="Jan-01-2011_Mar-31-2011">Q1</dei:DocumentFiscalPeriodFocus>
  <dei:DocumentFiscalYearFocus contextRef="Jan-01-2011_Mar-31-2011">2011</dei:DocumentFiscalYearFocus>
  <dei:DocumentPeriodEndDate contextRef="Jan-01-2011_Mar-31-2011">2011-03-31</dei:DocumentPeriodEndDate>
  <dei:DocumentType contextRef="Jan-01-2011_Mar-31-2011">10-Q</dei:DocumentType>
  <dei:EntityCentralIndexKey contextRef="Jan-01-2011_Mar-31-2011">0000074208</dei:EntityCentralIndexKey>
  <dei:EntityCommonStockSharesOutstanding contextRef="BalanceAsOf_29Apr2011" unitRef="Shares" decimals="INF">189778728</dei:EntityCommonStockSharesOutstanding>
  <dei:EntityCurrentReportingStatus contextRef="Jan-01-2011_Mar-31-2011">Yes</dei:EntityCurrentReportingStatus>
  <dei:EntityFilerCategory contextRef="Jan-01-2011_Mar-31-2011">Large Accelerated Filer</dei:EntityFilerCategory>
  <dei:EntityPublicFloat contextRef="BalanceAsOf_30Jun2010" unitRef="USD" decimals="-8">1900000000</dei:EntityPublicFloat>
  <dei:EntityRegistrantName contextRef="Jan-01-2011_Mar-31-2011">UDR, Inc.</dei:EntityRegistrantName>
  <dei:EntityVoluntaryFilers contextRef="Jan-01-2011_Mar-31-2011">No</dei:EntityVoluntaryFilers>
  <dei:EntityWellKnownSeasonedIssuer contextRef="Jan-01-2011_Mar-31-2011">Yes</dei:EntityWellKnownSeasonedIssuer>
  <udr:AccountsPayableAccruedExpensesAndOtherLiabilities contextRef="BalanceAsOf_31Dec2010" unitRef="USD" decimals="-3">105925000</udr:AccountsPayableAccruedExpensesAndOtherLiabilities>
  <udr:AccountsPayableAccruedExpensesAndOtherLiabilities contextRef="BalanceAsOf_31Mar2011" unitRef="USD" decimals="-3">90622000</udr:AccountsPayableAccruedExpensesAndOtherLiabilities>
  <udr:AccumulatedDepreciationOfAssetsOfDisposalGroupIncludingDiscontinuedOperations contextRef="BalanceAsOf_31Dec2010" unitRef="USD" decimals="-3">69769000</udr:AccumulatedDepreciationOfAssetsOfDisposalGroupIncludingDiscontinuedOperations>
  <udr:AccumulatedDepreciationOfAssetsOfDisposalGroupIncludingDiscontinuedOperations contextRef="BalanceAsOf_31Mar2011" unitRef="USD" decimals="-3">72018000</udr:AccumulatedDepreciationOfAssetsOfDisposalGroupIncludingDiscontinuedOperations>
  <udr:AdministrativeAndMarketing contextRef="ThreeMonthEnded_31Mar2010" unitRef="USD" decimals="-3">3721000</udr:AdministrativeAndMarketing>
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</schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>14
<FILENAME>udr-20110331_cal.xml
<DESCRIPTION>EX-101 CALCULATION LINKBASE DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="no"?>
<!--XBRL document created with Bowne Tagger XBRL Enabler by Bowne Software version 10.0.0.70-->
<!--Based on XBRL 2.1-->
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  <roleRef xlink:type="simple" xlink:href="udr-20110331.xsd#DiscontinuedOperations" roleURI="http://udr.com/role/DiscontinuedOperations" />
  <roleRef xlink:type="simple" xlink:href="udr-20110331.xsd#JointVentures" roleURI="http://udr.com/role/JointVentures" />
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  <roleRef xlink:type="simple" xlink:href="udr-20110331.xsd#DerivativesAndHedgingActivity" roleURI="http://udr.com/role/DerivativesAndHedgingActivity" />
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    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_Liabilities" xlink:to="loc_UnsecuredDebt" order="60" use="optional" weight="1" />
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>15
<FILENAME>udr-20110331_lab.xml
<DESCRIPTION>EX-101 LABELS LINKBASE DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="no"?>
<!--Extended XBRL Label Linkbase created with Bowne Tagger XBRL Enabler by Bowne Software version 10.0.0.70-->
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="udr_AccountsPayableAccruedExpensesAndOtherLiabilities_lbl" xml:lang="en-US">This element includes: 1) Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business; 2) Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities; 3) Carrying amount as of the balance sheet date of liabilities not otherwise specified in the taxonomy. Also serves as the sum of liabilities not individually reported in the financial statements, or not separately disclosed in notes.</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_StatementOfFinancialPositionAbstract" xml:lang="en-US">Consolidated Balance Sheets [Abstract]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_AssetsAbstract" xml:lang="en-US">Assets [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RealEstateInvestmentPropertyNetAbstract" xlink:label="us-gaap_RealEstateInvestmentPropertyNetAbstract" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_RealEstateInvestmentPropertyNetAbstract" xml:lang="en-US">Real estate owned:</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_RealEstateInvestmentPropertyNetAbstract" xml:lang="en-US">Real Estate Investment Property, Net [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="lab_CashAndCashEquivalentsAtCarryingValue" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_CashAndCashEquivalentsAtCarryingValue" xml:lang="en-US">Cash and cash equivalents, end of period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_CashAndCashEquivalentsAtCarryingValue" xml:lang="en-US">Cash and cash equivalents, beginning of period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_CashAndCashEquivalentsAtCarryingValue" xml:lang="en-US">Cash and Cash Equivalents, at Carrying Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_CashAndCashEquivalentsAtCarryingValue" xml:lang="en-US">Cash and Cash Equivalents, at Carrying Value, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_CashAndCashEquivalentsAtCarryingValue" xml:lang="en-US">Cash and cash equivalents</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DeferredFinanceCostsNet" xlink:label="us-gaap_DeferredFinanceCostsNet" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredFinanceCostsNet" xlink:to="lab_DeferredFinanceCostsNet" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_DeferredFinanceCostsNet" xml:lang="en-US">Deferred financing costs, net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_DeferredFinanceCostsNet" xml:lang="en-US">Deferred Finance Costs, Net, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_DeferredFinanceCostsNet" xml:lang="en-US">Deferred Finance Costs, Net</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NotesReceivableNet" xlink:label="us-gaap_NotesReceivableNet" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NotesReceivableNet" xlink:to="lab_NotesReceivableNet" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_NotesReceivableNet" xml:lang="en-US">Notes receivable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_NotesReceivableNet" xml:lang="en-US">Notes, Loans and Financing Receivable, Net, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_NotesReceivableNet" xml:lang="en-US">Notes, Loans and Financing Receivable, Net</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherAssets" xlink:label="us-gaap_OtherAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssets" xlink:to="lab_OtherAssets" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_OtherAssets" xml:lang="en-US">Other Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_OtherAssets" xml:lang="en-US">Other assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_OtherAssets" xml:lang="en-US">Other assets</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_Assets" xlink:label="us-gaap_Assets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="lab_Assets" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_Assets" xml:lang="en-US">Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_Assets" xml:lang="en-US">Total assets</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:to="lab_LiabilitiesAndStockholdersEquityAbstract" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_LiabilitiesAndStockholdersEquityAbstract" xml:lang="en-US">Liabilities and Stockholders' Equity [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_LiabilitiesAndStockholdersEquityAbstract" xml:lang="en-US">LIABILITIES AND CAPITAL</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_LiabilitiesAndStockholdersEquityAbstract" xml:lang="en-US">LIABILITIES AND STOCKHOLDERS' EQUITY</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_SecuredDebt" xlink:label="us-gaap_SecuredDebt" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SecuredDebt" xlink:to="lab_SecuredDebt" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_SecuredDebt" xml:lang="en-US">Secured debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_SecuredDebt" xml:lang="en-US">Secured Debt, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_SecuredDebt" xml:lang="en-US">Secured Debt</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_UnsecuredDebt" xlink:label="us-gaap_UnsecuredDebt" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnsecuredDebt" xlink:to="lab_UnsecuredDebt" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_UnsecuredDebt" xml:lang="en-US">Unsecured debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_UnsecuredDebt" xml:lang="en-US">Unsecured Debt, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_UnsecuredDebt" xml:lang="en-US">Unsecured Debt</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_InterestPayableCurrentAndNoncurrent" xlink:label="us-gaap_InterestPayableCurrentAndNoncurrent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestPayableCurrentAndNoncurrent" xlink:to="lab_InterestPayableCurrentAndNoncurrent" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_InterestPayableCurrentAndNoncurrent" xml:lang="en-US">Accrued interest payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_InterestPayableCurrentAndNoncurrent" xml:lang="en-US">Interest Payable</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TaxesPayableCurrentAndNoncurrent" xlink:label="us-gaap_TaxesPayableCurrentAndNoncurrent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TaxesPayableCurrentAndNoncurrent" xlink:to="lab_TaxesPayableCurrentAndNoncurrent" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_TaxesPayableCurrentAndNoncurrent" xml:lang="en-US">Real estate taxes payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_TaxesPayableCurrentAndNoncurrent" xml:lang="en-US">Taxes Payable, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_TaxesPayableCurrentAndNoncurrent" xml:lang="en-US">Taxes Payable</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DividendsPayableCurrentAndNoncurrent" xlink:label="us-gaap_DividendsPayableCurrentAndNoncurrent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DividendsPayableCurrentAndNoncurrent" xlink:to="lab_DividendsPayableCurrentAndNoncurrent" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_DividendsPayableCurrentAndNoncurrent" xml:lang="en-US">Distributions payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_DividendsPayableCurrentAndNoncurrent" xml:lang="en-US">Dividends Payable</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DeferredGainOnSaleOfProperty" xlink:label="us-gaap_DeferredGainOnSaleOfProperty" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredGainOnSaleOfProperty" xlink:to="lab_DeferredGainOnSaleOfProperty" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_DeferredGainOnSaleOfProperty" xml:lang="en-US">Deferred Gain on Sale of Property</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_DeferredGainOnSaleOfProperty" xml:lang="en-US">Deferred gains on the sale of depreciable property</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_DeferredGainOnSaleOfProperty" xml:lang="en-US">Deferred fees and gains on the sale of depreciable property</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_Liabilities" xlink:label="us-gaap_Liabilities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Liabilities" xlink:to="lab_Liabilities" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_Liabilities" xml:lang="en-US">Total liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_Liabilities" xml:lang="en-US">Liabilities</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:to="lab_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xml:lang="en-US">Stockholders' equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xml:lang="en-US">Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockValue" xlink:label="us-gaap_CommonStockValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockValue" xlink:to="lab_CommonStockValue" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_CommonStockValue" xml:lang="en-US">Common Stock, Value, Issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_CommonStockValue" xml:lang="en-US">Common Stock, Value, Issued, Ending Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_CommonStockValue" xml:lang="en-US">Common Stock, Value, Issued, Beginning Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_CommonStockValue" xml:lang="en-US">Common Stock, Value, Issued, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_CommonStockValue" xml:lang="en-US">Common stock, $0.01 par value; 250,000,000 shares authorized 187,273,833 shares issued and outstanding (182,496,330 shares at December 31, 2010)</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="us-gaap_AdditionalPaidInCapital" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapital" xlink:to="lab_AdditionalPaidInCapital" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_AdditionalPaidInCapital" xml:lang="en-US">Additional Paid in Capital</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_AdditionalPaidInCapital" xml:lang="en-US">Additional Paid in Capital, Ending Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_AdditionalPaidInCapital" xml:lang="en-US">Additional Paid in Capital, Beginning Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_AdditionalPaidInCapital" xml:lang="en-US">Additional Paid in Capital, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_AdditionalPaidInCapital" xml:lang="en-US">Additional paid-in capital</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccumulatedDistributionsInExcessOfNetIncome" xlink:label="us-gaap_AccumulatedDistributionsInExcessOfNetIncome" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedDistributionsInExcessOfNetIncome" xlink:to="lab_AccumulatedDistributionsInExcessOfNetIncome" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_AccumulatedDistributionsInExcessOfNetIncome" xml:lang="en-US">Accumulated Distributions in Excess of Net Income</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="lab_AccumulatedDistributionsInExcessOfNetIncome" xml:lang="en-US">Distributions in excess of net income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_AccumulatedDistributionsInExcessOfNetIncome" xml:lang="en-US">Distributions in excess of net income</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:to="lab_AccumulatedOtherComprehensiveIncomeLossNetOfTax" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xml:lang="en-US">Accumulated other comprehensive loss, net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xml:lang="en-US">Accumulated Other Comprehensive Income (Loss), Net of Tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xml:lang="en-US">Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xml:lang="en-US">Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xml:lang="en-US">Accumulated other comprehensive loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xml:lang="en-US">Accumulated other comprehensive (loss)/income, net</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="us-gaap_StockholdersEquity" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="lab_StockholdersEquity" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_StockholdersEquity" xml:lang="en-US">Stockholders' Equity Attributable to Parent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_StockholdersEquity" xml:lang="en-US">Stockholders' Equity Attributable to Parent, Ending Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_StockholdersEquity" xml:lang="en-US">Stockholders' Equity Attributable to Parent, Beginning Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_StockholdersEquity" xml:lang="en-US">Stockholders' Equity Attributable to Parent, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_StockholdersEquity" xml:lang="en-US">Total UDR, Inc. stockholders' equity</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_MinorityInterest" xlink:label="us-gaap_MinorityInterest" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterest" xlink:to="lab_MinorityInterest" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_MinorityInterest" xml:lang="en-US">Stockholders' Equity Attributable to Noncontrolling Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_MinorityInterest" xml:lang="en-US">Stockholders' Equity Attributable to Noncontrolling Interest, Ending Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_MinorityInterest" xml:lang="en-US">Stockholders' Equity Attributable to Noncontrolling Interest, Beginning Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_MinorityInterest" xml:lang="en-US">Non-controlling interest</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xml:lang="en-US">Total equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xml:lang="en-US">Beginning Balance</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xml:lang="en-US">Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="lab_LiabilitiesAndStockholdersEquity" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_LiabilitiesAndStockholdersEquity" xml:lang="en-US">Liabilities and Stockholders' Equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_LiabilitiesAndStockholdersEquity" xml:lang="en-US">Total liabilities and stockholders' equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_LiabilitiesAndStockholdersEquity" xml:lang="en-US">Total liabilities and capital</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RealEstateInvestmentPropertyNet" xlink:label="us-gaap_RealEstateInvestmentPropertyNet" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateInvestmentPropertyNet" xlink:to="us-gaap_RealEstateInvestmentPropertyNet_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealEstateInvestmentPropertyNet_lbl" xml:lang="en-US">Real Estate Investment Property, Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_RealEstateInvestmentPropertyNet_lbl" xml:lang="en-US">Real estate investment, net</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:label="us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:to="us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_lbl" xml:lang="en-US">Less: accumulated depreciation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_lbl" xml:lang="en-US">Real Estate Investment Property, Accumulated Depreciation</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DevelopmentInProcess" xlink:label="us-gaap_DevelopmentInProcess" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DevelopmentInProcess" xlink:to="lab_DevelopmentInProcess" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_DevelopmentInProcess" xml:lang="en-US">Development in Process</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_DevelopmentInProcess" xml:lang="en-US">Real estate under development (net of accumulated depreciation of $0 and 1226)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_DevelopmentInProcess" xml:lang="en-US">Real estate under development</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="us-gaap_CommonStockSharesOutstanding" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesOutstanding" xlink:to="lab_CommonStockSharesOutstanding" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_CommonStockSharesOutstanding" xml:lang="en-US">Common stock, shares outstanding</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_CommonStockSharesOutstanding" xml:lang="en-US">Common Stock, Shares, Outstanding, Beginning Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_CommonStockSharesOutstanding" xml:lang="en-US">Common Stock, Shares, Outstanding, Ending Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_CommonStockSharesOutstanding" xml:lang="en-US">Common Stock, Shares, Outstanding</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="us-gaap_CommonStockSharesIssued" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesIssued" xlink:to="lab_CommonStockSharesIssued" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_CommonStockSharesIssued" xml:lang="en-US">Common stock, shares issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_CommonStockSharesIssued" xml:lang="en-US">Common Stock, Shares, Issued, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_CommonStockSharesIssued" xml:lang="en-US">Common Stock, Shares, Issued</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="us-gaap_CommonStockSharesAuthorized" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesAuthorized" xlink:to="lab_CommonStockSharesAuthorized" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_CommonStockSharesAuthorized" xml:lang="en-US">Common stock, shares authorized</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_CommonStockSharesAuthorized" xml:lang="en-US">Common Stock, Shares Authorized</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockParOrStatedValuePerShare" xlink:to="lab_CommonStockParOrStatedValuePerShare" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_CommonStockParOrStatedValuePerShare" xml:lang="en-US">Common stock, par value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_CommonStockParOrStatedValuePerShare" xml:lang="en-US">Common Stock, Par or Stated Value Per Share</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PreferredStockSharesAuthorized" xlink:label="us-gaap_PreferredStockSharesAuthorized" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesAuthorized" xlink:to="lab_PreferredStockSharesAuthorized" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_PreferredStockSharesAuthorized" xml:lang="en-US">Preferred stock, shares authorized</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_PreferredStockSharesAuthorized" xml:lang="en-US">Preferred Stock, Shares Authorized</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="us-gaap_IncomeStatementAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeStatementAbstract" xlink:to="lab_IncomeStatementAbstract" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_IncomeStatementAbstract" xml:lang="en-US">Consolidated Statements of Operations [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="us-gaap_PreferredStockValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockValue" xlink:to="lab_PreferredStockValue" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_PreferredStockValue" xml:lang="en-US">Preferred Stock, Value, Issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_PreferredStockValue" xml:lang="en-US">Preferred Stock, Value, Issued, Ending Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_PreferredStockValue" xml:lang="en-US">Preferred Stock, Value, Issued, Beginning Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_PreferredStockValue" xml:lang="en-US">Preferred Stock, Value, Issued, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_PreferredStockValue" xml:lang="en-US">Preferred Stock, Value</label>
    <loc xlink:type="locator" xlink:href="udr-20110331.xsd#udr_RentalExpensesAbstract" xlink:label="udr_RentalExpensesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="udr_RentalExpensesAbstract" xlink:to="udr_RentalExpensesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="udr_RentalExpensesAbstract_lbl" xml:lang="en-US">Rental expenses Abstract</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="udr_RentalExpensesAbstract_lbl" xml:lang="en-US">Rental expenses:</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="udr_RentalExpensesAbstract_lbl" xml:lang="en-US">Rental expenses.</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockDividendsPerShareDeclared" xlink:label="us-gaap_CommonStockDividendsPerShareDeclared" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockDividendsPerShareDeclared" xlink:to="lab_CommonStockDividendsPerShareDeclared" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_CommonStockDividendsPerShareDeclared" xml:lang="en-US">Common distributions declared per share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_CommonStockDividendsPerShareDeclared" xml:lang="en-US">Common Stock, Dividends, Per Share, Declared</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:to="lab_NetIncomeLossAvailableToCommonStockholdersBasic" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_NetIncomeLossAvailableToCommonStockholdersBasic" xml:lang="en-US">Net Income (Loss) Available to Common Stockholders, Basic</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_NetIncomeLossAvailableToCommonStockholdersBasic" xml:lang="en-US">Net (loss)/income attributable to OP unitholders</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_NetIncomeLossAvailableToCommonStockholdersBasic" xml:lang="en-US">Net loss attributable to common stockholders</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_NetIncomeLossAvailableToCommonStockholdersBasic" xml:lang="en-US">Net (loss)/income attributable to common stockholders</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PreferredStockDividends" xlink:label="us-gaap_PreferredStockDividends" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockDividends" xlink:to="lab_PreferredStockDividends" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_PreferredStockDividends" xml:lang="en-US">Preferred Stock Dividends</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negatedTotal" xlink:label="lab_PreferredStockDividends" xml:lang="en-US">Distributions to preferred stockholders</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_PreferredStockDividends" xml:lang="en-US">Distributions to preferred stockholders</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_PreferredStockDividends" xml:lang="en-US">Distributions to preferred stockholders</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="us-gaap_NetIncomeLoss" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="lab_NetIncomeLoss" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_NetIncomeLoss" xml:lang="en-US">Net Income (Loss) Attributable to Parent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_NetIncomeLoss" xml:lang="en-US">Net loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_NetIncomeLoss" xml:lang="en-US">Net income attributable to UDR, Inc.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_NetIncomeLoss" xml:lang="en-US">Net loss attributable to UDR, Inc.</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ProfitLoss" xlink:label="us-gaap_ProfitLoss" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProfitLoss" xlink:to="lab_ProfitLoss" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ProfitLoss" xml:lang="en-US">Net Income (Loss), Including Portion Attributable to Noncontrolling Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_ProfitLoss" xml:lang="en-US">Consolidated net income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ProfitLoss" xml:lang="en-US">Consolidated net loss</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax" xlink:label="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax" xlink:to="lab_IncomeLossFromDiscontinuedOperationsNetOfTax" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_IncomeLossFromDiscontinuedOperationsNetOfTax" xml:lang="en-US">Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="lab_IncomeLossFromDiscontinuedOperationsNetOfTax" xml:lang="en-US">Net gain on the sale of depreciable property</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_IncomeLossFromDiscontinuedOperationsNetOfTax" xml:lang="en-US">Income from discontinued operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_IncomeLossFromDiscontinuedOperationsNetOfTax" xml:lang="en-US">Net gain on the sale of depreciable property</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xlink:label="us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xlink:to="lab_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xml:lang="en-US">Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xml:lang="en-US">(Loss)/income from continuing operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xml:lang="en-US">Loss from continuing operations</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeLossFromEquityMethodInvestments" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestments" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromEquityMethodInvestments" xlink:to="lab_IncomeLossFromEquityMethodInvestments" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_IncomeLossFromEquityMethodInvestments" xml:lang="en-US">Income (Loss) from Equity Method Investments</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="lab_IncomeLossFromEquityMethodInvestments" xml:lang="en-US">Loss from unconsolidated entities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_IncomeLossFromEquityMethodInvestments" xml:lang="en-US">Loss from unconsolidated entities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_IncomeLossFromEquityMethodInvestments" xml:lang="en-US">Loss from unconsolidated entities</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_GainsLossesOnExtinguishmentOfDebt" xlink:label="us-gaap_GainsLossesOnExtinguishmentOfDebt" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_GainsLossesOnExtinguishmentOfDebt" xml:lang="en-US">Gains (Losses) on Extinguishment of Debt</label>
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    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negatedTotal" xlink:label="lab_GainsLossesOnExtinguishmentOfDebt" xml:lang="en-US">Other debt charges</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpenseAbstract" xlink:to="lab_InterestExpenseAbstract" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_InterestExpenseAbstract" xml:lang="en-US">Interest Expense [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_InterestExpenseAbstract" xml:lang="en-US">Interest expense:</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_InterestExpenseAbstract" xml:lang="en-US">Interest</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherCostAndExpenseOperating" xlink:label="us-gaap_OtherCostAndExpenseOperating" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherCostAndExpenseOperating" xlink:to="lab_OtherCostAndExpenseOperating" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_OtherCostAndExpenseOperating" xml:lang="en-US">Other operating expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_OtherCostAndExpenseOperating" xml:lang="en-US">Other Cost and Expense, Operating, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_OtherCostAndExpenseOperating" xml:lang="en-US">Other Cost and Expense, Operating</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OwnedPropertyManagementCosts" xlink:label="us-gaap_OwnedPropertyManagementCosts" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OwnedPropertyManagementCosts" xlink:to="lab_OwnedPropertyManagementCosts" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_OwnedPropertyManagementCosts" xml:lang="en-US">Property management</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_OwnedPropertyManagementCosts" xml:lang="en-US">Owned Property Management Costs</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CostOfPropertyRepairsAndMaintenance" xlink:label="us-gaap_CostOfPropertyRepairsAndMaintenance" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfPropertyRepairsAndMaintenance" xlink:to="lab_CostOfPropertyRepairsAndMaintenance" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_CostOfPropertyRepairsAndMaintenance" xml:lang="en-US">Repair and maintenance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_CostOfPropertyRepairsAndMaintenance" xml:lang="en-US">Cost of Property Repairs and Maintenance</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_UtilitiesCosts" xlink:label="us-gaap_UtilitiesCosts" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UtilitiesCosts" xlink:to="lab_UtilitiesCosts" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_UtilitiesCosts" xml:lang="en-US">Utilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_UtilitiesCosts" xml:lang="en-US">Utilities Costs</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RealEstateTaxesAndInsurance" xlink:label="us-gaap_RealEstateTaxesAndInsurance" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateTaxesAndInsurance" xlink:to="lab_RealEstateTaxesAndInsurance" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_RealEstateTaxesAndInsurance" xml:lang="en-US">Real estate taxes and insurance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_RealEstateTaxesAndInsurance" xml:lang="en-US">Real Estate Taxes and Insurance, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_RealEstateTaxesAndInsurance" xml:lang="en-US">Real Estate Taxes and Insurance</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_MinimumRents" xlink:label="us-gaap_MinimumRents" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinimumRents" xlink:to="lab_MinimumRents" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_MinimumRents" xml:lang="en-US">Rental income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_MinimumRents" xml:lang="en-US">Minimum Rents</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RevenuesAbstract" xlink:label="us-gaap_RevenuesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RevenuesAbstract" xlink:to="lab_RevenuesAbstract" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_RevenuesAbstract" xml:lang="en-US">REVENUES</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_RevenuesAbstract" xml:lang="en-US">Revenues [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="lab_EntityRegistrantName" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_EntityRegistrantName" xml:lang="en-US">Entity Registrant Name</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="lab_EntityCentralIndexKey" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_EntityCentralIndexKey" xml:lang="en-US">Entity Central Index Key</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_DocumentType" xlink:label="dei_DocumentType" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="lab_DocumentType" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_DocumentType" xml:lang="en-US">Document Type</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="lab_DocumentPeriodEndDate" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_DocumentPeriodEndDate" xml:lang="en-US">Document Period End Date</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="lab_AmendmentFlag" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_AmendmentFlag" xml:lang="en-US">Amendment Flag</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="lab_CurrentFiscalYearEndDate" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_CurrentFiscalYearEndDate" xml:lang="en-US">Current Fiscal Year End Date</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="lab_EntityWellKnownSeasonedIssuer" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_EntityWellKnownSeasonedIssuer" xml:lang="en-US">Entity Well-known Seasoned Issuer</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="lab_EntityVoluntaryFilers" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_EntityVoluntaryFilers" xml:lang="en-US">Entity Voluntary Filers</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="lab_EntityCurrentReportingStatus" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_EntityCurrentReportingStatus" xml:lang="en-US">Entity Current Reporting Status</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="lab_EntityFilerCategory" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_EntityFilerCategory" xml:lang="en-US">Entity Filer Category</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_EntityPublicFloat" xlink:label="dei_EntityPublicFloat" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPublicFloat" xlink:to="lab_EntityPublicFloat" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_EntityPublicFloat" xml:lang="en-US">Entity Public Float</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="lab_EntityCommonStockSharesOutstanding" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_EntityCommonStockSharesOutstanding" xml:lang="en-US">Entity Common Stock, Shares Outstanding</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementTable" xlink:label="us-gaap_StatementTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementTable" xlink:to="lab_StatementTable" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_StatementTable" xml:lang="en-US">Statement [Table]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="us-gaap_StatementClassOfStockAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementClassOfStockAxis" xlink:to="lab_StatementClassOfStockAxis" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_StatementClassOfStockAxis" xml:lang="en-US">Class of Stock [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="us-gaap_ClassOfStockDomain" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ClassOfStockDomain" xlink:to="lab_ClassOfStockDomain" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ClassOfStockDomain" xml:lang="en-US">Class of Stock [Domain]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockMember" xlink:label="us-gaap_CommonStockMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockMember" xlink:to="lab_CommonStockMember" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_CommonStockMember" xml:lang="en-US">Common Stock</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PreferredStockMember" xlink:label="us-gaap_PreferredStockMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockMember" xlink:to="lab_PreferredStockMember" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_PreferredStockMember" xml:lang="en-US">Preferred Stock</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ConvertiblePreferredStockMember" xlink:label="us-gaap_ConvertiblePreferredStockMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConvertiblePreferredStockMember" xlink:to="lab_ConvertiblePreferredStockMember" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ConvertiblePreferredStockMember" xml:lang="en-US">8.00% Series E Cumulative Convertible Preferred Stock</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ConvertiblePreferredStockMember" xml:lang="en-US">8.00% Series E Cumulative Convertible Preferred Stock</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_SeriesEPreferredStockMember" xlink:label="us-gaap_SeriesEPreferredStockMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SeriesEPreferredStockMember" xlink:to="lab_SeriesEPreferredStockMember" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_SeriesEPreferredStockMember" xml:lang="en-US">Series E Preferred Stock</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_SeriesGPreferredStockMember" xlink:label="us-gaap_SeriesGPreferredStockMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SeriesGPreferredStockMember" xlink:to="lab_SeriesGPreferredStockMember" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_SeriesGPreferredStockMember" xml:lang="en-US">6.75% Series G Cumulative Redeemable Preferred Stock</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_SeriesGPreferredStockMember" xml:lang="en-US">6.75% Series G Cumulative Redeemable Preferred Stock</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementLineItems" xlink:label="us-gaap_StatementLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementLineItems" xlink:to="lab_StatementLineItems" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_StatementLineItems" xml:lang="en-US">Statement [Line Items]</label>
    <loc xlink:type="locator" xlink:href="udr-20110331.xsd#udr_CapitalExpendituresAndOtherMajorImprovementsRealEstateAssetsNetOfEscrowReimbursement" xlink:label="udr_CapitalExpendituresAndOtherMajorImprovementsRealEstateAssetsNetOfEscrowReimbursement" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="udr_CapitalExpendituresAndOtherMajorImprovementsRealEstateAssetsNetOfEscrowReimbursement" xlink:to="udr_CapitalExpendituresAndOtherMajorImprovementsRealEstateAssetsNetOfEscrowReimbursement_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="udr_CapitalExpendituresAndOtherMajorImprovementsRealEstateAssetsNetOfEscrowReimbursement_lbl" xml:lang="en-US">Capital expenditures and other major improvements - real estate assets, net of escrow reimbursement</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="udr_CapitalExpendituresAndOtherMajorImprovementsRealEstateAssetsNetOfEscrowReimbursement_lbl" xml:lang="en-US">Capital expenditures and other major improvements - real estate assets, net of escrow reimbursement</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="udr_CapitalExpendituresAndOtherMajorImprovementsRealEstateAssetsNetOfEscrowReimbursement_lbl" xml:lang="en-US">Capital expenditures and other major improvements to properties held for investment, net of escrow reimbursement.</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xml:lang="en-US">Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xml:lang="en-US">Adjustments to reconcile net (loss)/income to net cash provided by operating activities:</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DepreciationDepletionAndAmortization" xlink:to="lab_DepreciationDepletionAndAmortization" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_DepreciationDepletionAndAmortization" xml:lang="en-US">Depreciation and amortization</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_DepreciationDepletionAndAmortization" xml:lang="en-US">Depreciation, Depletion and Amortization, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_DepreciationDepletionAndAmortization" xml:lang="en-US">Depreciation, Depletion and Amortization</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits" xlink:label="us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits" xlink:to="us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits_lbl" xml:lang="en-US">Conversion of operating partnership non-controlling interests to common stock, shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits_lbl" xml:lang="en-US">Conversion of Stock, Shares Converted</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits_lbl" xml:lang="en-US">Adjustment for conversion of non-controlling interests of unitholders in operating partnerships, Shares</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="us-gaap_StatementOfCashFlowsAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfCashFlowsAbstract" xlink:to="lab_StatementOfCashFlowsAbstract" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_StatementOfCashFlowsAbstract" xml:lang="en-US">Consolidated Statements of Cash Flows [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ProvisionForDoubtfulAccounts" xlink:label="us-gaap_ProvisionForDoubtfulAccounts" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProvisionForDoubtfulAccounts" xlink:to="lab_ProvisionForDoubtfulAccounts" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ProvisionForDoubtfulAccounts" xml:lang="en-US">Provision for Doubtful Accounts</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="lab_IncreaseDecreaseInOperatingCapitalAbstract" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_IncreaseDecreaseInOperatingCapitalAbstract" xml:lang="en-US">Increase (Decrease) in Operating Capital [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingAssets" xlink:label="us-gaap_IncreaseDecreaseInOperatingAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOperatingAssets" xlink:to="lab_IncreaseDecreaseInOperatingAssets" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_IncreaseDecreaseInOperatingAssets" xml:lang="en-US">Increase (Decrease) in Operating Assets</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="lab_IncreaseDecreaseInOperatingAssets" xml:lang="en-US">(Increase)/decrease in operating assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_IncreaseDecreaseInOperatingAssets" xml:lang="en-US">Increase (Decrease) in Operating Assets, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_IncreaseDecreaseInOperatingAssets" xml:lang="en-US">Increase in operating assets</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingLiabilities" xlink:label="us-gaap_IncreaseDecreaseInOperatingLiabilities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOperatingLiabilities" xlink:to="lab_IncreaseDecreaseInOperatingLiabilities" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_IncreaseDecreaseInOperatingLiabilities" xml:lang="en-US">Decrease in operating liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_IncreaseDecreaseInOperatingLiabilities" xml:lang="en-US">Increase (Decrease) in Operating Liabilities</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="lab_NetCashProvidedByUsedInOperatingActivities" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_NetCashProvidedByUsedInOperatingActivities" xml:lang="en-US">Net Cash Provided by (Used in) Operating Activities</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="lab_NetCashProvidedByUsedInInvestingActivitiesAbstract" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_NetCashProvidedByUsedInInvestingActivitiesAbstract" xml:lang="en-US">Net Cash Provided by (Used in) Investing Activities [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PaymentsToDevelopRealEstateAssets" xlink:label="us-gaap_PaymentsToDevelopRealEstateAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToDevelopRealEstateAssets" xlink:to="lab_PaymentsToDevelopRealEstateAssets" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_PaymentsToDevelopRealEstateAssets" xml:lang="en-US">Payments to Develop Real Estate Assets</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="lab_NetCashProvidedByUsedInInvestingActivities" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_NetCashProvidedByUsedInInvestingActivities" xml:lang="en-US">Net Cash Provided by (Used in) Investing Activities</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="lab_NetCashProvidedByUsedInInvestingActivities" xml:lang="en-US">Net cash used in investing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_NetCashProvidedByUsedInInvestingActivities" xml:lang="en-US">Net cash (used in)/provided by investing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_NetCashProvidedByUsedInInvestingActivities" xml:lang="en-US">Net cash (used in)/provided by investing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_NetCashProvidedByUsedInInvestingActivities" xml:lang="en-US">Net cash used in investing activities</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="lab_NetCashProvidedByUsedInFinancingActivitiesAbstract" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_NetCashProvidedByUsedInFinancingActivitiesAbstract" xml:lang="en-US">Net Cash Provided by (Used in) Financing Activities [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RepaymentsOfSecuredDebt" xlink:label="us-gaap_RepaymentsOfSecuredDebt" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfSecuredDebt" xlink:to="lab_RepaymentsOfSecuredDebt" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_RepaymentsOfSecuredDebt" xml:lang="en-US">Repayments of Secured Debt</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="lab_RepaymentsOfSecuredDebt" xml:lang="en-US">Payments on secured debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_RepaymentsOfSecuredDebt" xml:lang="en-US">Payments on secured debt</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ProceedsFromIssuanceOfSecuredDebt" xlink:label="us-gaap_ProceedsFromIssuanceOfSecuredDebt" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromIssuanceOfSecuredDebt" xlink:to="lab_ProceedsFromIssuanceOfSecuredDebt" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ProceedsFromIssuanceOfSecuredDebt" xml:lang="en-US">Proceeds from Issuance of Secured Debt</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ProceedsFromIssuanceOfUnsecuredDebt" xlink:label="us-gaap_ProceedsFromIssuanceOfUnsecuredDebt" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromIssuanceOfUnsecuredDebt" xlink:to="lab_ProceedsFromIssuanceOfUnsecuredDebt" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ProceedsFromIssuanceOfUnsecuredDebt" xml:lang="en-US">Proceeds from Issuance of Unsecured Debt</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RepaymentsOfUnsecuredDebt" xlink:label="us-gaap_RepaymentsOfUnsecuredDebt" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfUnsecuredDebt" xlink:to="lab_RepaymentsOfUnsecuredDebt" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_RepaymentsOfUnsecuredDebt" xml:lang="en-US">Repayments of Unsecured Debt</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="lab_RepaymentsOfUnsecuredDebt" xml:lang="en-US">Payments on unsecured debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_RepaymentsOfUnsecuredDebt" xml:lang="en-US">Payments on unsecured debt</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PaymentsOfFinancingCosts" xlink:label="us-gaap_PaymentsOfFinancingCosts" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfFinancingCosts" xlink:to="lab_PaymentsOfFinancingCosts" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_PaymentsOfFinancingCosts" xml:lang="en-US">Payments of Financing Costs</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="lab_PaymentsOfFinancingCosts" xml:lang="en-US">Payment of financing costs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_PaymentsOfFinancingCosts" xml:lang="en-US">Payment of financing costs</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PaymentsOfDividendsMinorityInterest" xlink:label="us-gaap_PaymentsOfDividendsMinorityInterest" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfDividendsMinorityInterest" xlink:to="lab_PaymentsOfDividendsMinorityInterest" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_PaymentsOfDividendsMinorityInterest" xml:lang="en-US">Payments of Dividends, Noncontrolling Interest</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="lab_PaymentsOfDividendsMinorityInterest" xml:lang="en-US">Distributions paid to non-controlling interests</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_PaymentsOfDividendsMinorityInterest" xml:lang="en-US">Distributions paid to non-controlling interests</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock" xlink:label="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock" xlink:to="lab_PaymentsOfDividendsPreferredStockAndPreferenceStock" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_PaymentsOfDividendsPreferredStockAndPreferenceStock" xml:lang="en-US">Payments of Dividends, Preferred Stock and Preference Stock</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="lab_PaymentsOfDividendsPreferredStockAndPreferenceStock" xml:lang="en-US">Distributions paid to preferred stockholders</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_PaymentsOfDividendsPreferredStockAndPreferenceStock" xml:lang="en-US">Distributions paid to preferred stockholders</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PaymentsOfDividendsCommonStock" xlink:label="us-gaap_PaymentsOfDividendsCommonStock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfDividendsCommonStock" xlink:to="lab_PaymentsOfDividendsCommonStock" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_PaymentsOfDividendsCommonStock" xml:lang="en-US">Payments of Dividends, Common Stock</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negatedTotal" xlink:label="lab_PaymentsOfDividendsCommonStock" xml:lang="en-US">Distributions paid to common stockholders</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_PaymentsOfDividendsCommonStock" xml:lang="en-US">Distributions paid to common stockholders</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_NetCashProvidedByUsedInFinancingActivities" xml:lang="en-US">Net Cash Provided by (Used in) Financing Activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_NetCashProvidedByUsedInFinancingActivities" xml:lang="en-US">Net cash provided by financing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_NetCashProvidedByUsedInFinancingActivities" xml:lang="en-US">Net cash used in financing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_NetCashProvidedByUsedInFinancingActivities" xml:lang="en-US">Net cash provided by/(used in) financing activities</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="lab_CashAndCashEquivalentsPeriodIncreaseDecrease" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_CashAndCashEquivalentsPeriodIncreaseDecrease" xml:lang="en-US">Cash and Cash Equivalents, Period Increase (Decrease)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_CashAndCashEquivalentsPeriodIncreaseDecrease" xml:lang="en-US">Net increase in cash and cash equivalents</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_CashAndCashEquivalentsPeriodIncreaseDecrease" xml:lang="en-US">Cash and Cash Equivalents, Period Increase (Decrease), Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_CashAndCashEquivalentsPeriodIncreaseDecrease" xml:lang="en-US">Net increase in cash and cash equivalents</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_SupplementalCashFlowInformationAbstract" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SupplementalCashFlowInformationAbstract" xlink:to="lab_SupplementalCashFlowInformationAbstract" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_SupplementalCashFlowInformationAbstract" xml:lang="en-US">Supplemental Cash Flow Information [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:label="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:to="lab_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xml:lang="en-US">Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures" xlink:label="us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures" xlink:to="lab_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures" xml:lang="en-US">Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ProvisionForDoubtfulAccounts" xml:lang="en-US">Write off of bad debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_IncreaseDecreaseInOperatingCapitalAbstract" xml:lang="en-US">Changes in operating assets and liabilities:</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_NetCashProvidedByUsedInOperatingActivities" xml:lang="en-US">Net cash provided by operating activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_NetCashProvidedByUsedInInvestingActivitiesAbstract" xml:lang="en-US">Investing Activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_PaymentsToDevelopRealEstateAssets" xml:lang="en-US">Acquisition of real estate assets (net of liabilities assumed) and initial capital expenditures</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_NetCashProvidedByUsedInFinancingActivitiesAbstract" xml:lang="en-US">Financing Activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ProceedsFromIssuanceOfSecuredDebt" xml:lang="en-US">Proceeds from the issuance of secured debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ProceedsFromIssuanceOfUnsecuredDebt" xml:lang="en-US">Proceeds from the issuance of unsecured debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_SupplementalCashFlowInformationAbstract" xml:lang="en-US">Supplemental Information:</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xml:lang="en-US">Non-cash transactions:</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures" xml:lang="en-US">Issuance of restricted stock awards</label>
    <loc xlink:type="locator" xlink:href="udr-20110331.xsd#udr_IssuanceOfCommonAndRestrictedSharesValue" xlink:label="udr_IssuanceOfCommonAndRestrictedSharesValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="udr_IssuanceOfCommonAndRestrictedSharesValue" xlink:to="udr_IssuanceOfCommonAndRestrictedSharesValue_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="udr_IssuanceOfCommonAndRestrictedSharesValue_lbl" xml:lang="en-US">Issuance of common and restricted shares Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="udr_IssuanceOfCommonAndRestrictedSharesValue_lbl" xml:lang="en-US">Issuance of common and restricted shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="udr_IssuanceOfCommonAndRestrictedSharesValue_lbl" xml:lang="en-US">Issuance of common and restricted shares Value.</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_SharesIssued" xlink:label="us-gaap_SharesIssued" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesIssued" xlink:to="lab_SharesIssued" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_SharesIssued" xml:lang="en-US">Shares, Issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_SharesIssued" xml:lang="en-US">Ending Balance, Shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_SharesIssued" xml:lang="en-US">Beginning Balance, Shares</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTaxAbstract" xlink:label="us-gaap_ComprehensiveIncomeNetOfTaxAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ComprehensiveIncomeNetOfTaxAbstract" xlink:to="lab_ComprehensiveIncomeNetOfTaxAbstract" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ComprehensiveIncomeNetOfTaxAbstract" xml:lang="en-US">Comprehensive Income, Net of Tax, Attributable to Parent [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ComprehensiveIncomeNetOfTaxAbstract" xml:lang="en-US">Comprehensive income (loss)</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParentAbstract" xlink:label="us-gaap_OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParentAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParentAbstract" xlink:to="lab_OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParentAbstract" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParentAbstract" xml:lang="en-US">Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParentAbstract" xml:lang="en-US">Other comprehensive income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ConversionOfStockAmountConverted_lbl" xml:lang="en-US">Adjustment for conversion of non-controlling interests of unitholders in operating partnerships</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DividendsCommonStockCash" xlink:label="us-gaap_DividendsCommonStockCash" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DividendsCommonStockCash" xlink:to="lab_DividendsCommonStockCash" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_DividendsCommonStockCash" xml:lang="en-US">Dividends, Common Stock, Cash</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="lab_DividendsCommonStockCash" xml:lang="en-US">Common stock distributions declared ($0.185 per share)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_DividendsCommonStockCash" xml:lang="en-US">Common stock distributions declared ($0.73, 0.845, 2.2900 per share for the year 2010, 2009, 2008 respectively)</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="us-gaap_AdditionalPaidInCapitalMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapitalMember" xlink:to="lab_AdditionalPaidInCapitalMember" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_AdditionalPaidInCapitalMember" xml:lang="en-US">Paid - in Capital</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccumulatedDistributionsInExcessOfNetIncomeMember" xlink:label="us-gaap_AccumulatedDistributionsInExcessOfNetIncomeMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedDistributionsInExcessOfNetIncomeMember" xlink:to="lab_AccumulatedDistributionsInExcessOfNetIncomeMember" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_AccumulatedDistributionsInExcessOfNetIncomeMember" xml:lang="en-US">Distributions in Excess of Net Income</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:to="lab_AccumulatedOtherComprehensiveIncomeMember" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_AccumulatedOtherComprehensiveIncomeMember" xml:lang="en-US">Accumulated Other Comprehensive Income/(Loss)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_AccumulatedOtherComprehensiveIncomeMember" xml:lang="en-US">Accumulated Other Comprehensive Income/(Loss)</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NoncontrollingInterestMember" xlink:label="us-gaap_NoncontrollingInterestMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NoncontrollingInterestMember" xlink:to="lab_NoncontrollingInterestMember" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_NoncontrollingInterestMember" xml:lang="en-US">Non-controlling interest</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract" xlink:label="us-gaap_StatementOfStockholdersEquityAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfStockholdersEquityAbstract" xlink:to="lab_StatementOfStockholdersEquityAbstract" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_StatementOfStockholdersEquityAbstract" xml:lang="en-US">Consolidated Statements of Stockholders' Equity and Comprehensive Income/(Loss) [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_StatementOfStockholdersEquityAbstract" xml:lang="en-US">Statements of Stockholders Equity and Comprehensive Income [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SignificantAccountingPoliciesTextBlock" xlink:to="lab_SignificantAccountingPoliciesTextBlock" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_SignificantAccountingPoliciesTextBlock" xml:lang="en-US">SIGNIFICANT ACCOUNTING POLICIES</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_SignificantAccountingPoliciesTextBlock" xml:lang="en-US">Significant Accounting Policies [Text Block]</label>
    <loc xlink:type="locator" xlink:href="udr-20110331.xsd#udr_JointVenturesAbstract" xlink:label="udr_JointVenturesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="udr_JointVenturesAbstract" xlink:to="udr_JointVenturesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="udr_JointVenturesAbstract_lbl" xml:lang="en-US">Joint Ventures [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="udr_JointVenturesAbstract_lbl" xml:lang="en-US">Joint Ventures [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="udr_JointVenturesAbstract_lbl" xml:lang="en-US">Joint Ventures.</label>
    <loc xlink:type="locator" xlink:href="udr-20110331.xsd#udr_JointVenturesTextBlock" xlink:label="udr_JointVenturesTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="udr_JointVenturesTextBlock" xlink:to="udr_JointVenturesTextBlock_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="udr_JointVenturesTextBlock_lbl" xml:lang="en-US">Joint Ventures [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="udr_JointVenturesTextBlock_lbl" xml:lang="en-US">JOINT VENTURES</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="udr_JointVenturesTextBlock_lbl" xml:lang="en-US">Information and disclosure about total investments in (A) an entity in which the entity has significant influence, but does not have control, (B) entities that are not required to be consolidated and are accounted for using the equity and or cost method, and (C) an entity in which the reporting entity shares control of the entity with another party or group. Includes information and disclosure about total investments in an entity in which the Company has significant influence and control and is required to be consolidated.</label>
    <loc xlink:type="locator" xlink:href="udr-20110331.xsd#udr_SecuredDebtTextBlock" xlink:label="udr_SecuredDebtTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="udr_SecuredDebtTextBlock" xlink:to="udr_SecuredDebtTextBlock_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="udr_SecuredDebtTextBlock_lbl" xml:lang="en-US">Secured Debt [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="udr_SecuredDebtTextBlock_lbl" xml:lang="en-US">SECURED DEBT</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="udr_SecuredDebtTextBlock_lbl" xml:lang="en-US">Information about secured debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, and any other contractual agreement to repay funds, and about the underlying arrangements, repayment terms, interest rates- fixed and variable, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants, if any.</label>
    <loc xlink:type="locator" xlink:href="udr-20110331.xsd#udr_UnsecuredDebtTextBlock" xlink:label="udr_UnsecuredDebtTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="udr_UnsecuredDebtTextBlock" xlink:to="udr_UnsecuredDebtTextBlock_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="udr_UnsecuredDebtTextBlock_lbl" xml:lang="en-US">Unsecured Debt [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="udr_UnsecuredDebtTextBlock_lbl" xml:lang="en-US">UNSECURED DEBT</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="udr_UnsecuredDebtTextBlock_lbl" xml:lang="en-US">Information about unsecured debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, and any other contractual agreement to repay funds, and about the underlying arrangements, repayment terms, interest rates- fixed and variable, collateral provided, restrictions on activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants, if any.</label>
    <loc xlink:type="locator" xlink:href="udr-20110331.xsd#udr_CommitmentsAndContingenciesAbstract" xlink:label="udr_CommitmentsAndContingenciesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="udr_CommitmentsAndContingenciesAbstract" xlink:to="udr_CommitmentsAndContingenciesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="udr_CommitmentsAndContingenciesAbstract_lbl" xml:lang="en-US">Commitments and Contingencies [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="udr_CommitmentsAndContingenciesAbstract_lbl" xml:lang="en-US">Commitments and Contingencies [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="udr_CommitmentsAndContingenciesAbstract_lbl" xml:lang="en-US">Commitments And Contingencies.</label>
    <loc xlink:type="locator" xlink:href="udr-20110331.xsd#udr_ReportableSegmentsAbstract" xlink:label="udr_ReportableSegmentsAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="udr_ReportableSegmentsAbstract" xlink:to="udr_ReportableSegmentsAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="udr_ReportableSegmentsAbstract_lbl" xml:lang="en-US">Reportable Segments [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="udr_ReportableSegmentsAbstract_lbl" xml:lang="en-US">Reportable Segments [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="udr_ReportableSegmentsAbstract_lbl" xml:lang="en-US">Reportable Segments.</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_SegmentReportingDisclosureTextBlock" xlink:label="us-gaap_SegmentReportingDisclosureTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentReportingDisclosureTextBlock" xlink:to="lab_SegmentReportingDisclosureTextBlock" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_SegmentReportingDisclosureTextBlock" xml:lang="en-US">REPORTABLE SEGMENTS</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_SegmentReportingDisclosureTextBlock" xml:lang="en-US">Segment Reporting Disclosure [Text Block]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="us-gaap_StatementEquityComponentsAxis" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementEquityComponentsAxis" xlink:to="lab_StatementEquityComponentsAxis" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_StatementEquityComponentsAxis" xml:lang="en-US">Statement, Equity Components [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="us-gaap_EquityComponentDomain" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityComponentDomain" xlink:to="lab_EquityComponentDomain" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_EquityComponentDomain" xml:lang="en-US">Equity Component [Domain]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ParentMember" xlink:label="us-gaap_ParentMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ParentMember" xlink:to="lab_ParentMember" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ParentMember" xml:lang="en-US">Parent [Member]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_SecuredLongtermDebtCurrentAndNoncurrentAbstract" xlink:label="us-gaap_SecuredLongtermDebtCurrentAndNoncurrentAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SecuredLongtermDebtCurrentAndNoncurrentAbstract" xlink:to="lab_SecuredLongtermDebtCurrentAndNoncurrentAbstract" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_SecuredLongtermDebtCurrentAndNoncurrentAbstract" xml:lang="en-US">Secured Debt [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_UnsecuredLongtermDebtCurrentAndNoncurrentAbstract" xlink:label="us-gaap_UnsecuredLongtermDebtCurrentAndNoncurrentAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnsecuredLongtermDebtCurrentAndNoncurrentAbstract" xlink:to="lab_UnsecuredLongtermDebtCurrentAndNoncurrentAbstract" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_UnsecuredLongtermDebtCurrentAndNoncurrentAbstract" xml:lang="en-US">Unsecured Debt [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:to="lab_CommitmentsAndContingenciesDisclosureTextBlock" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_CommitmentsAndContingenciesDisclosureTextBlock" xml:lang="en-US">Commitments and Contingencies Disclosure [Text Block]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherRestrictedAssets" xlink:label="us-gaap_OtherRestrictedAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherRestrictedAssets" xlink:to="lab_OtherRestrictedAssets" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_OtherRestrictedAssets" xml:lang="en-US">Restricted cash</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_OtherRestrictedAssets" xml:lang="en-US">Other Restricted Assets, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_OtherRestrictedAssets" xml:lang="en-US">Other Restricted Assets</label>
    <loc xlink:type="locator" xlink:href="udr-20110331.xsd#udr_SecurityDepositsAndPrepaidRent" xlink:label="udr_SecurityDepositsAndPrepaidRent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="udr_SecurityDepositsAndPrepaidRent" xlink:to="udr_SecurityDepositsAndPrepaidRent_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="udr_SecurityDepositsAndPrepaidRent_lbl" xml:lang="en-US">Security deposits and prepaid rent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="udr_SecurityDepositsAndPrepaidRent_lbl" xml:lang="en-US">Security deposits and prepaid rent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="udr_SecurityDepositsAndPrepaidRent_lbl" xml:lang="en-US">This element includes: 1) money paid in advance to protect the provider of a product or service, such as a lessor, against damage or nonpayment by the buyer or tenant (lessee) during the term of the agreement. Such damages may include physical damage to the property, theft of property, and other contractual breaches. Security deposits held may be interest or noninterest bearing; 2) revenue received, but not recognized for financial reporting purposes. Such deferred revenue may consist of and include amounts paid in advance by lessees.</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TemporaryEquityCarryingAmount" xlink:label="us-gaap_TemporaryEquityCarryingAmount" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TemporaryEquityCarryingAmount" xlink:to="lab_TemporaryEquityCarryingAmount" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_TemporaryEquityCarryingAmount" xml:lang="en-US">Redeemable non-controlling interests in operating partnership</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_TemporaryEquityCarryingAmount" xml:lang="en-US">Temporary Equity, Carrying Amount</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PreferredStockNoParValue" xlink:label="us-gaap_PreferredStockNoParValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockNoParValue" xlink:to="lab_PreferredStockNoParValue" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_PreferredStockNoParValue" xml:lang="en-US">Preferred stock, par value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_PreferredStockNoParValue" xml:lang="en-US">Preferred Stock, No Par Value</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PreferredStockSharesIssued" xlink:label="us-gaap_PreferredStockSharesIssued" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesIssued" xlink:to="lab_PreferredStockSharesIssued" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_PreferredStockSharesIssued" xml:lang="en-US">Preferred Stock, Shares Issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_PreferredStockSharesIssued" xml:lang="en-US">6.75% Series G Cumulative Redeemable, shares issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_PreferredStockSharesIssued" xml:lang="en-US">Preferred Stock, Shares Issued, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_PreferredStockSharesIssued" xml:lang="en-US">Cumulative Convertible, shares issued</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PreferredStockSharesOutstanding" xlink:label="us-gaap_PreferredStockSharesOutstanding" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesOutstanding" xlink:to="lab_PreferredStockSharesOutstanding" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_PreferredStockSharesOutstanding" xml:lang="en-US">Preferred Stock, Shares Outstanding</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_PreferredStockSharesOutstanding" xml:lang="en-US">Preferred Stock, Shares Outstanding, Ending Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_PreferredStockSharesOutstanding" xml:lang="en-US">Preferred Stock, Shares Outstanding, Beginning Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_PreferredStockSharesOutstanding" xml:lang="en-US">6.75% Series G Cumulative Redeemable, shares outstanding</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_PreferredStockSharesOutstanding" xml:lang="en-US">Cumulative Convertible, shares outstanding</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherOperatingIncome" xlink:label="us-gaap_OtherOperatingIncome" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherOperatingIncome" xlink:to="lab_OtherOperatingIncome" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_OtherOperatingIncome" xml:lang="en-US">Other income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_OtherOperatingIncome" xml:lang="en-US">Other income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_OtherOperatingIncome" xml:lang="en-US">Other Operating Income</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_Revenues" xlink:label="us-gaap_Revenues" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Revenues" xlink:to="us-gaap_Revenues_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Revenues_lbl" xml:lang="en-US">Revenues</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Revenues_lbl" xml:lang="en-US">Total Revenues</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_Revenues_lbl" xml:lang="en-US">Total revenues</label>
    <loc xlink:type="locator" xlink:href="udr-20110331.xsd#udr_NonPropertyIncomeAbstract" xlink:label="udr_NonPropertyIncomeAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="udr_NonPropertyIncomeAbstract" xlink:to="udr_NonPropertyIncomeAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="udr_NonPropertyIncomeAbstract_lbl" xml:lang="en-US">Non property income Abstract</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="udr_NonPropertyIncomeAbstract_lbl" xml:lang="en-US">Non-property income:</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="udr_NonPropertyIncomeAbstract_lbl" xml:lang="en-US">Non-property income.</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CostsAndExpensesAbstract" xlink:label="us-gaap_CostsAndExpensesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostsAndExpensesAbstract" xlink:to="lab_CostsAndExpensesAbstract" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_CostsAndExpensesAbstract" xml:lang="en-US">EXPENSES</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_CostsAndExpensesAbstract" xml:lang="en-US">Costs and Expenses [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_LaborAndRelatedExpense" xlink:label="us-gaap_LaborAndRelatedExpense" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LaborAndRelatedExpense" xlink:to="lab_LaborAndRelatedExpense" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_LaborAndRelatedExpense" xml:lang="en-US">Personnel</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_LaborAndRelatedExpense" xml:lang="en-US">Labor and Related Expense, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_LaborAndRelatedExpense" xml:lang="en-US">Labor and Related Expense</label>
    <loc xlink:type="locator" xlink:href="udr-20110331.xsd#udr_AdministrativeAndMarketing" xlink:label="udr_AdministrativeAndMarketing" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="udr_AdministrativeAndMarketing" xlink:to="udr_AdministrativeAndMarketing_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="udr_AdministrativeAndMarketing_lbl" xml:lang="en-US">Administrative and marketing</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="udr_AdministrativeAndMarketing_lbl" xml:lang="en-US">Administrative and marketing</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="udr_AdministrativeAndMarketing_lbl" xml:lang="en-US">Administrative and marketing related to property operations.</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CostOfServicesDepreciationAndAmortization" xlink:label="us-gaap_CostOfServicesDepreciationAndAmortization" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfServicesDepreciationAndAmortization" xlink:to="lab_CostOfServicesDepreciationAndAmortization" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_CostOfServicesDepreciationAndAmortization" xml:lang="en-US">Real estate depreciation and amortization</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_CostOfServicesDepreciationAndAmortization" xml:lang="en-US">Cost of Services, Depreciation and Amortization, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_CostOfServicesDepreciationAndAmortization" xml:lang="en-US">Cost of Services, Depreciation and Amortization</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherGeneralAndAdministrativeExpense" xlink:label="us-gaap_OtherGeneralAndAdministrativeExpense" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherGeneralAndAdministrativeExpense" xlink:to="lab_OtherGeneralAndAdministrativeExpense" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_OtherGeneralAndAdministrativeExpense" xml:lang="en-US">General and administrative</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_OtherGeneralAndAdministrativeExpense" xml:lang="en-US">Other General and Administrative Expense</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DepreciationAndAmortization" xlink:label="us-gaap_DepreciationAndAmortization" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DepreciationAndAmortization" xlink:to="lab_DepreciationAndAmortization" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_DepreciationAndAmortization" xml:lang="en-US">Other depreciation and amortization</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_DepreciationAndAmortization" xml:lang="en-US">Depreciation, Depletion and Amortization, Nonproduction</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CostsAndExpenses" xlink:label="us-gaap_CostsAndExpenses" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostsAndExpenses" xlink:to="lab_CostsAndExpenses" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_CostsAndExpenses" xml:lang="en-US">Costs And Expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_CostsAndExpenses" xml:lang="en-US">Total Expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_CostsAndExpenses" xml:lang="en-US">Total expenses</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="us-gaap_OperatingIncomeLoss" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="lab_OperatingIncomeLoss" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_OperatingIncomeLoss" xml:lang="en-US">Loss from operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_OperatingIncomeLoss" xml:lang="en-US">Operating Income (Loss), Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_OperatingIncomeLoss" xml:lang="en-US">Operating Income (Loss)</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherAmortizationOfDeferredCharges" xlink:label="us-gaap_OtherAmortizationOfDeferredCharges" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAmortizationOfDeferredCharges" xlink:to="lab_OtherAmortizationOfDeferredCharges" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_OtherAmortizationOfDeferredCharges" xml:lang="en-US">Amortization of deferred compensation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_OtherAmortizationOfDeferredCharges" xml:lang="en-US">Other Amortization of Deferred Charges</label>
    <loc xlink:type="locator" xlink:href="udr-20110331.xsd#udr_CapitalExpendituresNonRealEstateAssets" xlink:label="udr_CapitalExpendituresNonRealEstateAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="udr_CapitalExpendituresNonRealEstateAssets" xlink:to="udr_CapitalExpendituresNonRealEstateAssets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="udr_CapitalExpendituresNonRealEstateAssets_lbl" xml:lang="en-US">Capital expenditures - non-real estate assets</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="udr_CapitalExpendituresNonRealEstateAssets_lbl" xml:lang="en-US">Capital expenditures - non-real estate assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="udr_CapitalExpendituresNonRealEstateAssets_lbl" xml:lang="en-US">Capital expenditures - non-real estate assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="udr_CapitalExpendituresNonRealEstateAssets_lbl" xml:lang="en-US">Capital expenditures- non- real estate assets held for use.</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:label="us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:to="lab_PaymentsToAcquireInterestInSubsidiariesAndAffiliates" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xml:lang="en-US">Payments to Acquire Interest in Subsidiaries and Affiliates</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="lab_PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xml:lang="en-US">Investment in unconsolidated joint ventures</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xml:lang="en-US">Payments to Acquire Interest in Subsidiaries and Affiliates, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xml:lang="en-US">Investment in unconsolidated joint venture</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ProceedsFromRepaymentsOfOtherDebt" xlink:label="us-gaap_ProceedsFromRepaymentsOfOtherDebt" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromRepaymentsOfOtherDebt" xlink:to="lab_ProceedsFromRepaymentsOfOtherDebt" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ProceedsFromRepaymentsOfOtherDebt" xml:lang="en-US">Net proceeds/(repayment) of revolving bank debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ProceedsFromRepaymentsOfOtherDebt" xml:lang="en-US">Proceeds from (Repayments of) Other Debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_ProceedsFromRepaymentsOfOtherDebt" xml:lang="en-US">Proceeds from (Repayments of) Other Debt, Total</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:label="us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:to="lab_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xml:lang="en-US">Comprehensive Income, Net of Tax, Including Portion Attributable to Noncontrolling Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xml:lang="en-US">Comprehensive income (loss)</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueConversionOfUnits" xlink:label="us-gaap_StockIssuedDuringPeriodValueConversionOfUnits" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueConversionOfUnits" xlink:to="lab_StockIssuedDuringPeriodValueConversionOfUnits" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_StockIssuedDuringPeriodValueConversionOfUnits" xml:lang="en-US">Stock Issued During Period Value Conversion of Units</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_StockIssuedDuringPeriodValueConversionOfUnits" xml:lang="en-US">Conversion of operating partnership non-controlling interests to common stock (41,804 shares in 2010)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_StockIssuedDuringPeriodValueConversionOfUnits" xml:lang="en-US">Adjustment for conversion of non-controlling interests of unitholders in operating partnerships</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecrease" xlink:label="us-gaap_OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecrease" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecrease" xlink:to="lab_OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecrease" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecrease" xml:lang="en-US">Other Comprehensive Income, Derivatives Qualifying as Hedges, Net of Tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecrease" xml:lang="en-US">Other Comprehensive Income, Derivatives Qualifying as Hedges, Net of Tax, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecrease" xml:lang="en-US">Unrealized gain on derivative financial instruments</label>
    <loc xlink:type="locator" xlink:href="udr-20110331.xsd#udr_IssuanceOfCommonAndRestrictedShares" xlink:label="udr_IssuanceOfCommonAndRestrictedShares" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="udr_IssuanceOfCommonAndRestrictedShares" xlink:to="udr_IssuanceOfCommonAndRestrictedShares_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="udr_IssuanceOfCommonAndRestrictedShares_lbl" xml:lang="en-US">Issuance Of Common And Restricted Shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="udr_IssuanceOfCommonAndRestrictedShares_lbl" xml:lang="en-US">Issuance of common and restricted shares, Shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="udr_IssuanceOfCommonAndRestrictedShares_lbl" xml:lang="en-US">Issuance of Common and Restricted Shares.</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PreferredStockPerShareAmountsOfPreferredDividendsInArrears" xlink:label="us-gaap_PreferredStockPerShareAmountsOfPreferredDividendsInArrears" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockPerShareAmountsOfPreferredDividendsInArrears" xlink:to="us-gaap_PreferredStockPerShareAmountsOfPreferredDividendsInArrears_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_PreferredStockPerShareAmountsOfPreferredDividendsInArrears_lbl" xml:lang="en-US">Preferred stock distributions declared</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockPerShareAmountsOfPreferredDividendsInArrears_lbl" xml:lang="en-US">Preferred Stock, Per Share Amounts of Preferred Dividends In Arrears</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_GeneralPoliciesAbstract" xlink:label="us-gaap_GeneralPoliciesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GeneralPoliciesAbstract" xlink:to="lab_GeneralPoliciesAbstract" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_GeneralPoliciesAbstract" xml:lang="en-US">Consolidation and Basis of Presentation [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_GeneralPoliciesAbstract" xml:lang="en-US">Business</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RealEstateOwnedDisclosureOfDetailedComponentsAbstract" xlink:label="us-gaap_RealEstateOwnedDisclosureOfDetailedComponentsAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateOwnedDisclosureOfDetailedComponentsAbstract" xlink:to="lab_RealEstateOwnedDisclosureOfDetailedComponentsAbstract" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_RealEstateOwnedDisclosureOfDetailedComponentsAbstract" xml:lang="en-US">Real Estate Owned [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_RealEstateOwnedDisclosureOfDetailedComponentsAbstract" xml:lang="en-US">Real Estate Owned [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_FairValueDisclosuresTextBlock" xlink:label="us-gaap_FairValueDisclosuresTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueDisclosuresTextBlock" xlink:to="lab_FairValueDisclosuresTextBlock" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_FairValueDisclosuresTextBlock" xml:lang="en-US">FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_FairValueDisclosuresTextBlock" xml:lang="en-US">Fair Value Disclosures [Text Block]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:to="lab_StockIssuedDuringPeriodSharesNewIssues" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_StockIssuedDuringPeriodSharesNewIssues" xml:lang="en-US">Stock Issued During Period, Shares, New Issues</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_StockIssuedDuringPeriodSharesNewIssues" xml:lang="en-US">Issuance of common shares through public offering, Shares</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:to="lab_StockIssuedDuringPeriodValueNewIssues" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_StockIssuedDuringPeriodValueNewIssues" xml:lang="en-US">Issuance of common shares through public offering</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_StockIssuedDuringPeriodValueNewIssues" xml:lang="en-US">Stock Issued During Period, Value, New Issues</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DiscontinuedOperationAdditionalDisclosuresAbstract" xlink:label="us-gaap_DiscontinuedOperationAdditionalDisclosuresAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DiscontinuedOperationAdditionalDisclosuresAbstract" xlink:to="lab_DiscontinuedOperationAdditionalDisclosuresAbstract" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_DiscontinuedOperationAdditionalDisclosuresAbstract" xml:lang="en-US">Discontinued Operations [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock" xlink:label="us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock" xlink:to="lab_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock" xml:lang="en-US">Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock" xml:lang="en-US">DISCONTINUED OPERATIONS</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_CommitmentsAndContingenciesDisclosureTextBlock" xml:lang="en-US">COMMITMENTS AND CONTINGENCIES</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_lbl" xml:lang="en-US">Less: accumulated depreciation</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="lab_PaymentsToDevelopRealEstateAssets" xml:lang="en-US">Development of real estate assets</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="udr_CapitalExpendituresAndOtherMajorImprovementsRealEstateAssetsNetOfEscrowReimbursement_lbl" xml:lang="en-US">Capital expenditures and other major improvements - real estate assets, net of escrow reimbursement</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negatedTotal" xlink:label="us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_lbl" xml:lang="en-US">Less: accumulated depreciation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_RealEstateInvestmentPropertyNet" xml:lang="en-US">Total real estate owned, net of accumulated depreciation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_Liabilities" xml:lang="en-US">Total liabilities</label>
    <loc xlink:type="locator" xlink:href="udr-20110331.xsd#udr_FairValueOfDerivativesAndFinancialInstrumentsAbstract" xlink:label="udr_FairValueOfDerivativesAndFinancialInstrumentsAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="udr_FairValueOfDerivativesAndFinancialInstrumentsAbstract" xlink:to="udr_FairValueOfDerivativesAndFinancialInstrumentsAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="udr_FairValueOfDerivativesAndFinancialInstrumentsAbstract_lbl" xml:lang="en-US">Fair Value of Derivatives and Financial Instruments [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="udr_FairValueOfDerivativesAndFinancialInstrumentsAbstract_lbl" xml:lang="en-US">Fair Value of Derivatives and Financial Instruments.</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DerivativeInstrumentsAndHedgesAbstract" xlink:label="us-gaap_DerivativeInstrumentsAndHedgesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeInstrumentsAndHedgesAbstract" xlink:to="lab_DerivativeInstrumentsAndHedgesAbstract" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_DerivativeInstrumentsAndHedgesAbstract" xml:lang="en-US">Derivatives and Hedging Activity [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:label="us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:to="lab_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xml:lang="en-US">Derivative Instruments and Hedging Activities Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xml:lang="en-US">DERIVATIVES AND HEDGING ACTIVITY</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xml:lang="en-US">DERIVATIVES AND HEDGING ACTIVITY</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RealEstateInvestmentPropertyAtCost" xlink:label="us-gaap_RealEstateInvestmentPropertyAtCost" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateInvestmentPropertyAtCost" xlink:to="lab_RealEstateInvestmentPropertyAtCost" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_RealEstateInvestmentPropertyAtCost" xml:lang="en-US">Real estate held for investment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_RealEstateInvestmentPropertyAtCost" xml:lang="en-US">Real Estate Investment Property, at Cost, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_RealEstateInvestmentPropertyAtCost" xml:lang="en-US">Real Estate Investment Property, at Cost</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtSecurities" xlink:label="us-gaap_AvailableForSaleSecuritiesDebtSecurities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AvailableForSaleSecuritiesDebtSecurities" xlink:to="lab_AvailableForSaleSecuritiesDebtSecurities" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_AvailableForSaleSecuritiesDebtSecurities" xml:lang="en-US">Marketable securities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_AvailableForSaleSecuritiesDebtSecurities" xml:lang="en-US">Available-for-sale Securities, Debt Securities</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:label="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:to="lab_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xml:lang="en-US">Investment in unconsolidated joint ventures</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xml:lang="en-US">Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xml:lang="en-US">Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AmortizationOfDebtDiscountPremium" xlink:label="us-gaap_AmortizationOfDebtDiscountPremium" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AmortizationOfDebtDiscountPremium" xlink:to="lab_AmortizationOfDebtDiscountPremium" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_AmortizationOfDebtDiscountPremium" xml:lang="en-US">Amortization of Debt Discount (Premium)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_AmortizationOfDebtDiscountPremium" xml:lang="en-US">Amortization of convertible debt premium</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_AmortizationOfDebtDiscountPremium" xml:lang="en-US">Amortization of convertible debt discount</label>
    <loc xlink:type="locator" xlink:href="udr-20110331.xsd#udr_NetGainLossOnSaleOfDepreciableProperty" xlink:label="udr_NetGainLossOnSaleOfDepreciableProperty" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="udr_NetGainLossOnSaleOfDepreciableProperty" xlink:to="udr_NetGainLossOnSaleOfDepreciableProperty_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="udr_NetGainLossOnSaleOfDepreciableProperty_lbl" xml:lang="en-US">Net Gain Loss On Sale Of Depreciable Property</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="udr_NetGainLossOnSaleOfDepreciableProperty_lbl" xml:lang="en-US">Net (gain)/loss on the sale of depreciable property</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="udr_NetGainLossOnSaleOfDepreciableProperty_lbl" xml:lang="en-US">Element represents net gains on sale of depreciable property and RE3 gain/loss on sale of real estate, net of applicable income tax realized.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="udr_NetGainLossOnSaleOfDepreciableProperty_lbl" xml:lang="en-US">Net gain on the sale of depreciable property</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AmortizationOfFinancingCosts" xlink:label="us-gaap_AmortizationOfFinancingCosts" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AmortizationOfFinancingCosts" xlink:to="lab_AmortizationOfFinancingCosts" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_AmortizationOfFinancingCosts" xml:lang="en-US">Amortization of deferred financing costs and other</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_AmortizationOfFinancingCosts" xml:lang="en-US">Amortization of Financing Costs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="udr_DistributionsReceivedFromUnconsolidatedJointVenture_lbl" xml:lang="en-US">Distributions received from unconsolidated joint ventures.</label>
    <loc xlink:type="locator" xlink:href="udr-20110331.xsd#udr_DistributionsReceivedFromUnconsolidatedJointVenture" xlink:label="udr_DistributionsReceivedFromUnconsolidatedJointVenture" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="udr_DistributionsReceivedFromUnconsolidatedJointVenture" xlink:to="udr_DistributionsReceivedFromUnconsolidatedJointVenture_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="udr_DistributionsReceivedFromUnconsolidatedJointVenture_lbl" xml:lang="en-US">Distributions Received From Unconsolidated Joint Venture</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="udr_DistributionsReceivedFromUnconsolidatedJointVenture_lbl" xml:lang="en-US">Distributions received from unconsolidated joint venture</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="udr_DistributionsReceivedFromUnconsolidatedJointVenture_lbl" xml:lang="en-US">Distributions received from/(paid to) unconsolidated joint venture</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="udr_DistributionsReceivedFromUnconsolidatedJointVenture_lbl" xml:lang="en-US">Distributions received from unconsolidated joint venture</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:to="lab_ProceedsFromIssuanceOfCommonStock" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ProceedsFromIssuanceOfCommonStock" xml:lang="en-US">Proceeds from Issuance of Common Stock</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="lab_ProceedsFromIssuanceOfCommonStock" xml:lang="en-US">Proceeds from the issuance of common shares through public offering, net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ProceedsFromIssuanceOfCommonStock" xml:lang="en-US">Proceeds from the issuance of common shares through public offering, net</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_InterestPaidNet" xlink:label="us-gaap_InterestPaidNet" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestPaidNet" xlink:to="lab_InterestPaidNet" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_InterestPaidNet" xml:lang="en-US">Interest Paid, Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_InterestPaidNet" xml:lang="en-US">Interest Paid, Net, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_InterestPaidNet" xml:lang="en-US">Interest paid during the year, net of amounts capitalized</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_InterestExpenseDebt" xlink:label="us-gaap_InterestExpenseDebt" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpenseDebt" xlink:to="lab_InterestExpenseDebt" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_InterestExpenseDebt" xml:lang="en-US">Interest Expense, Debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_InterestExpenseDebt" xml:lang="en-US">Interest on secured debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_InterestExpenseDebt" xml:lang="en-US">Interest Expense, Debt, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_InterestExpenseDebt" xml:lang="en-US">Expense incurred</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="lab_DocumentFiscalYearFocus" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_DocumentFiscalYearFocus" xml:lang="en-US">Document Fiscal Year Focus</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="lab_DocumentFiscalPeriodFocus" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_DocumentFiscalPeriodFocus" xml:lang="en-US">Document Fiscal Period Focus</label>
    <loc xlink:type="locator" xlink:href="udr-20110331.xsd#udr_DocumentAndEntityInformationAbstract" xlink:label="udr_DocumentAndEntityInformationAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="udr_DocumentAndEntityInformationAbstract" xlink:to="udr_DocumentAndEntityInformationAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="udr_DocumentAndEntityInformationAbstract_lbl" xml:lang="en-US">Document and Entity Information [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="udr_DocumentAndEntityInformationAbstract_lbl" xml:lang="en-US">Document and Entity Information.</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_MinorityInterestChangeInRedemptionValue" xlink:label="us-gaap_MinorityInterestChangeInRedemptionValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterestChangeInRedemptionValue" xlink:to="lab_MinorityInterestChangeInRedemptionValue" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_MinorityInterestChangeInRedemptionValue" xml:lang="en-US">Noncontrolling Interest, Change in Redemption Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_MinorityInterestChangeInRedemptionValue" xml:lang="en-US">Adjustment to reflect redeemable non-controlling redemption value</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RealEstateDisclosureTextBlock" xlink:label="us-gaap_RealEstateDisclosureTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateDisclosureTextBlock" xlink:to="lab_RealEstateDisclosureTextBlock" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_RealEstateDisclosureTextBlock" xml:lang="en-US">REAL ESTATE OWNED</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_RealEstateDisclosureTextBlock" xml:lang="en-US">Real Estate Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="udr_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptionsNetOfTaxes_lbl" xml:lang="en-US">Issuance of common and restricted stock, net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="udr_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptionsNetOfTaxes_lbl" xml:lang="en-US">The total cash inflow associated with the amount received from holders to acquire the entity's shares under incentive and share-based compensation plans, including stock options, net of taxes.</label>
    <loc xlink:type="locator" xlink:href="udr-20110331.xsd#udr_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptionsNetOfTaxes" xlink:label="udr_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptionsNetOfTaxes" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="udr_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptionsNetOfTaxes" xlink:to="udr_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptionsNetOfTaxes_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="udr_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptionsNetOfTaxes_lbl" xml:lang="en-US">Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options Net Of Taxes</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:to="lab_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xml:lang="en-US">CONSOLIDATION AND BASIS OF PRESENTATION</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xml:lang="en-US">Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]</label>
    <loc xlink:type="locator" xlink:href="udr-20110331.xsd#udr_TotalRealEstateNet" xlink:label="udr_TotalRealEstateNet" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="udr_TotalRealEstateNet" xlink:to="udr_TotalRealEstateNet_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="udr_TotalRealEstateNet_lbl" xml:lang="en-US">Total Real Estate Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="udr_TotalRealEstateNet_lbl" xml:lang="en-US">Total real estate owned, net of accumulated depreciation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="udr_TotalRealEstateNet_lbl" xml:lang="en-US">Total real estate owned, net of accumulated depreciation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="udr_TotalRealEstateNet_lbl" xml:lang="en-US">The net book value of real estate held for investment and real estate under development.</label>
    <loc xlink:type="locator" xlink:href="udr-20110331.xsd#udr_SeriesEDividendsPreferredStockCash" xlink:label="udr_SeriesEDividendsPreferredStockCash" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="udr_SeriesEDividendsPreferredStockCash" xlink:to="udr_SeriesEDividendsPreferredStockCash_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="udr_SeriesEDividendsPreferredStockCash_lbl" xml:lang="en-US">Series E Dividends, Preferred Stock, Cash</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="udr_SeriesEDividendsPreferredStockCash_lbl" xml:lang="en-US">Preferred stock distributions declared-Series E ($0.3322 per share)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="udr_SeriesEDividendsPreferredStockCash_lbl" xml:lang="en-US">Preferred stock distributions declared-Series E ($1.3288, 1.3288, 1.3288 per share for the year 2010, 2009, 2008 respectively)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="udr_SeriesEDividendsPreferredStockCash_lbl" xml:lang="en-US">Series E preferred stock cash dividend declared by an entity during the period. This element includes paid and unpaid dividends declared during the period.</label>
    <loc xlink:type="locator" xlink:href="udr-20110331.xsd#udr_SeriesGDividendsPreferredStockCash" xlink:label="udr_SeriesGDividendsPreferredStockCash" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="udr_SeriesGDividendsPreferredStockCash" xlink:to="udr_SeriesGDividendsPreferredStockCash_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="udr_SeriesGDividendsPreferredStockCash_lbl" xml:lang="en-US">Series G Dividends, Preferred Stock, Cash</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="udr_SeriesGDividendsPreferredStockCash_lbl" xml:lang="en-US">Preferred stock distributions declared-Series G (0.421875 per share)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="udr_SeriesGDividendsPreferredStockCash_lbl" xml:lang="en-US">Preferred stock distributions declared-Series G ($1.6875, 1.6875, 1.6875 per share for the year 2010, 2009, 2008 respectively)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="udr_SeriesGDividendsPreferredStockCash_lbl" xml:lang="en-US">Series G preferred stock cash dividend declared by an entity during the period. This element includes paid and unpaid dividends declared during the period.</label>
    <loc xlink:type="locator" xlink:href="udr-20110331.xsd#udr_RetirementOfFullyDepreciatedAssets" xlink:label="udr_RetirementOfFullyDepreciatedAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="udr_RetirementOfFullyDepreciatedAssets" xlink:to="udr_RetirementOfFullyDepreciatedAssets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="udr_RetirementOfFullyDepreciatedAssets_lbl" xml:lang="en-US">Retirement Of Fully Depreciated Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="udr_RetirementOfFullyDepreciatedAssets_lbl" xml:lang="en-US">Retirement of fully depreciated assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="udr_RetirementOfFullyDepreciatedAssets_lbl" xml:lang="en-US">Retirement of fully depreciated assets</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ShareBasedCompensationAbstract" xlink:label="us-gaap_ShareBasedCompensationAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationAbstract" xlink:to="lab_ShareBasedCompensationAbstract" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ShareBasedCompensationAbstract" xml:lang="en-US">Stock Based Compensation [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PaymentsToAcquireInterestInJointVenture" xlink:label="us-gaap_PaymentsToAcquireInterestInJointVenture" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireInterestInJointVenture" xlink:to="lab_PaymentsToAcquireInterestInJointVenture" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_PaymentsToAcquireInterestInJointVenture" xml:lang="en-US">Payments to Acquire Interest in Joint Venture</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="lab_PaymentsToAcquireInterestInJointVenture" xml:lang="en-US">Payments related to the buyout of joint venture partner</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_PaymentsToAcquireInterestInJointVenture" xml:lang="en-US">Payments related to the buyout of joint venture partner</label>
    <loc xlink:type="locator" xlink:href="udr-20110331.xsd#udr_SignificantAccountingPoliciesAbstract" xlink:label="udr_SignificantAccountingPoliciesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="udr_SignificantAccountingPoliciesAbstract" xlink:to="udr_SignificantAccountingPoliciesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="udr_SignificantAccountingPoliciesAbstract_lbl" xml:lang="en-US">Significant Accounting Policies [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="udr_SignificantAccountingPoliciesAbstract_lbl" xml:lang="en-US">Significant Accounting Policies.</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EarningsPerShareBasicAbstract" xlink:label="us-gaap_EarningsPerShareBasicAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasicAbstract" xlink:to="lab_EarningsPerShareBasicAbstract" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_EarningsPerShareBasicAbstract" xml:lang="en-US">Earnings Per Share, Basic [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_EarningsPerShareBasicAbstract" xml:lang="en-US">Earnings per weighted average common share - basic:</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EarningsPerShareDilutedAbstract" xlink:label="us-gaap_EarningsPerShareDilutedAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareDilutedAbstract" xlink:to="lab_EarningsPerShareDilutedAbstract" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_EarningsPerShareDilutedAbstract" xml:lang="en-US">Earnings Per Share, Diluted [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_EarningsPerShareDilutedAbstract" xml:lang="en-US">Earnings per weighted average common share - diluted:</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EarningsPerShareBasic" xlink:label="us-gaap_EarningsPerShareBasic" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasic" xlink:to="lab_EarningsPerShareBasic" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_EarningsPerShareBasic" xml:lang="en-US">Earnings Per Share, Basic</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_EarningsPerShareBasic" xml:lang="en-US">Earnings Per Share, Basic, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_EarningsPerShareBasic" xml:lang="en-US">Net loss attributable to common stockholders</label>
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>16
<FILENAME>udr-20110331_pre.xml
<DESCRIPTION>EX-101 PRESENTATION LINKBASE DOCUMENT
<TEXT>
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<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>17
<FILENAME>udr-20110331_def.xml
<DESCRIPTION>EX-101 DEFINITION LINKBASE DOCUMENT
<TEXT>
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   &lt;!-- Begin Block Tagged Note 11 - us-gaap:DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock--&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;11. DERIVATIVES AND HEDGING ACTIVITY&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;Risk Management Objective of Using Derivatives&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The Company is exposed to certain risk arising from both its business operations and economic
   conditions. The Company principally manages its exposures to a wide variety of business and
   operational risks through management of its core business activities. The Company manages economic
   risks, including interest rate, liquidity, and credit risk primarily by managing the amount,
   sources, and duration of its debt funding and the use of derivative financial instruments.
   Specifically, the Company may enter into derivative financial instruments to manage exposures that
   arise from business activities that result in the receipt or payment of future known and uncertain
   cash amounts, the value of which are determined by interest rates. The Company&amp;#8217;s derivative
   financial instruments are used to manage differences in the amount, timing, and duration of the
   Company&amp;#8217;s known or expected cash receipts and its known or expected cash payments principally
   related to the Company&amp;#8217;s investments and borrowings.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;Cash Flow Hedges of Interest Rate Risk&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The Company&amp;#8217;s objectives in using interest rate derivatives are to add stability to interest
   expense and to manage its exposure to interest rate movements. To accomplish this objective, the
   Company primarily uses interest rate swaps and caps as part of its interest rate risk management
   strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate
   amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of
   the agreements without exchange of the underlying notional amount. Interest rate caps designated as
   cash flow hedges involve the receipt of variable-rate amounts from a counterparty if interest rates
   rise above the strike rate on the contract in exchange for an up front premium.
   &lt;/div&gt;
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   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The effective portion of changes in the fair value of derivatives designated and that qualify
   as cash flow hedges is recorded in &amp;#8220;Accumulated Other Comprehensive Income/(Loss)&amp;#8221; and is
   subsequently reclassified into earnings in the period that the hedged forecasted transaction
   affects earnings. During the three months ended March&amp;#160;31, 2011 and 2010, such derivatives were used
   to hedge the variable cash flows associated with existing variable-rate debt. The ineffective
   portion of the change in fair value of the derivatives is recognized directly in earnings. During
   the three months ended March&amp;#160;31, 2011 and 2010, the Company recorded less than a $1,000 loss of
   ineffectiveness in earnings attributable to reset date and index mismatches between the derivative
   and the hedged item, and the fair value of interest rate swaps that were not zero at inception of
   the hedging relationship.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Amounts reported in &amp;#8220;Accumulated Other Comprehensive Income/(Loss)&amp;#8221; related to derivatives
   will be reclassified to interest expense as interest payments are made on the Company&amp;#8217;s
   variable-rate debt. Through March&amp;#160;31, 2012, the Company estimates that an additional $8.1&amp;#160;million
   will be reclassified as an increase to interest expense.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;As of March&amp;#160;31, 2011, the Company had the following outstanding interest rate derivatives that
   were designated as cash flow hedges of interest rate risk (&lt;i&gt;dollar amounts in thousands&lt;/i&gt;):
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="72%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Number of&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Interest Rate Derivative&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Instruments&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Notional&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Interest rate swaps
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;16&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;631,787&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Interest rate caps
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;3&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;137,004&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Derivatives not designated as hedges are not speculative and are used to manage the Company&amp;#8217;s
   exposure to interest rate movements and other identified risks but do not meet the strict hedge
   accounting requirements of FASB ASC 815, &lt;i&gt;Derivatives and Hedging&lt;/i&gt;. Changes in the fair value of
   derivatives not designated in hedging relationships are recorded directly in earnings and resulted
   in losses of $50,000 and $317,000 for the three months ended March&amp;#160;31, 2011 and 2010, respectively.
   As of March&amp;#160;31, 2011, the Company had the following outstanding derivatives that were not
   designated as hedges in qualifying hedging relationships (&lt;i&gt;dollar amounts in thousands&lt;/i&gt;):
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="72%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Number of&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Product&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Instruments&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Notional&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Interest rate caps
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;5&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;309,984&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The table below presents the fair value of the Company&amp;#8217;s derivative financial instruments as
   well as their classification on the Consolidated Balance Sheets as of March&amp;#160;31, 2011 and December
   31, 2010 (&lt;i&gt;amounts in thousands&lt;/i&gt;):
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="28%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="7%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="7%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="7%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="7%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="8" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Asset Derivatives&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="8" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Liability Derivatives&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Fair Value at:&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Fair Value at:&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center"&gt;&lt;b&gt;Balance&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;March 31,&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center"&gt;&lt;b&gt;Balance&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;March 31,&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Sheet Location&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2010&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Sheet Location&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2010&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Derivatives designated as hedging instruments:
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Interest Rate Products
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top" nowrap="nowrap"&gt;Other Assets&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,442&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;243&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top" nowrap="nowrap"&gt;Other Liabilities&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;4,489&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;6,597&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Total
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,442&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;243&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;4,489&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;6,597&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Derivatives &lt;b&gt;not &lt;/b&gt;designated as hedging
   instruments:
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Interest Rate Products
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;Other Assets&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;221&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;271&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;Other Liabilities&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Total
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;221&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;271&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;!-- Folio --&gt;
   &lt;!-- /Folio --&gt;
   &lt;/div&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;Tabular Disclosure of the Effect of Derivative Instruments on the Consolidated Statements of
   Operations&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The tables below present the effect of the Company&amp;#8217;s derivative financial instruments on the
   Consolidated Statements of Operations for the three months ended March&amp;#160;31, 2011 and 2010 (&lt;i&gt;dollar
   amounts in thousands&lt;/i&gt;):
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 8pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="30%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="11%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="11%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center"&gt;&lt;b&gt;Location of Loss&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center"&gt;&lt;b&gt;Recognized in Income&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Amount of Gain (Loss)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center"&gt;&lt;b&gt;Location of Loss&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Amount of Gain (Loss)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center"&gt;&lt;b&gt;on Derivative&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Recognized in Income on&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Amount of Gain&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center"&gt;&lt;b&gt;Reclassified from&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Reclassified from&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center"&gt;&lt;b&gt;(Ineffective Portion&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Derivative (Ineffective&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom"&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&lt;b&gt;Derivatives in Cash&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;(Loss) Recognized in&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center"&gt;&lt;b&gt;Accumulated OCI&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Accumulated OCI&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center"&gt;&lt;b&gt;and Amount Excluded&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Portion and Amount&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom"&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&lt;b&gt;Flow Hedging&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;OCI on Derivative&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center"&gt;&lt;b&gt;into Income (Effective&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;into Income (Effective&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center"&gt;&lt;b&gt;from Effectiveness&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Excluded from&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom"&gt;
       &lt;td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Relationships&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;(Effective Portion)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Portion)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Portion)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Testing)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Effectiveness Testing)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&lt;b&gt;For the three months
   ended March&amp;#160;31, 2011:&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Interest Rate Products
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,373&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;Interest expense&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(1,909&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;Other expense&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Total
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,373&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(1,909&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;For the three months
   ended March&amp;#160;31, 2010:
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Interest Rate Products
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;(3,414&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;Interest expense&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;(2,080&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;Other expense&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Total
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;(3,414&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;(2,080&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="72%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="11%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&lt;b&gt;Derivatives Not Designated&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center"&gt;&lt;b&gt;Location of Gain (Loss)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Amount of Gain&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&lt;b&gt;as Hedging Instruments&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center"&gt;&lt;b&gt;Recognized in Income on&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;(Loss) Recognized in&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Under Topic 815&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Derivative&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Income on Derivative&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;For the three months
   ended March&amp;#160;31, 2011:
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Interest Rate Products
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;Other income (expense)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(50&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Total
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(50&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;For the three months
   ended March&amp;#160;31, 2010:
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Interest Rate Products
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;Other income (expense)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;(317&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Total
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;(317&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left" valign="top"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;Credit-risk-related Contingent Features&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The Company has agreements with some of its derivative counterparties that contain a provision
   where (1)&amp;#160;if the Company defaults on any of its indebtedness, including default where repayment of
   the indebtedness has not been accelerated by the lender, then the Company could also be declared in
   default on its derivative obligations; or (2)&amp;#160;the Company could be declared in default on its
   derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due
   to the Company&amp;#8217;s default on the indebtedness.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Certain of the Company&amp;#8217;s agreements with its derivative counterparties contain provisions
   where if there is a change in the Company&amp;#8217;s financial condition that materially changes the
   Company&amp;#8217;s creditworthiness in an adverse manner, the Company may be required to fully collateralize
   its obligations under the derivative instrument.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The Company also has an agreement with a derivative counterparty that incorporates the loan
   and financial covenant provisions of the Company&amp;#8217;s indebtedness with a lender affiliate of the
   derivative counterparty. Failure to comply with these covenant provisions would result in the
   Company being in default on any derivative instrument obligations covered by the agreement.
   &lt;/div&gt;
   &lt;!-- Folio --&gt;
   &lt;!-- /Folio --&gt;
   &lt;/div&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;As of March&amp;#160;31, 2011, the fair value of derivatives in a net liability position, which
   includes accrued interest but excludes any adjustment for nonperformance risk, related to these
   agreements was $4.9&amp;#160;million. As of March&amp;#160;31, 2011, the Company has not posted any collateral
   related to these agreements. If the Company had breached any of these provisions at March&amp;#160;31,
   2011, it would have been required to settle its obligations under the agreements at their
   termination value of $4.9&amp;#160;million.
   &lt;/div&gt;
   &lt;/div&gt;
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 -Name Statement of Financial Accounting Standard (FAS)
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 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 133
 -Paragraph 44

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<DESCRIPTION>IDEA: Real Estate Owned
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USD ($)

USD ($) / shares

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   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;3. REAL ESTATE OWNED&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Real estate assets owned by the Company consist of income producing operating properties,
   properties under development and land held for future development. As of March&amp;#160;31, 2011 the Company
   owned and consolidated 172 communities in 10 states plus the District of Columbia totaling 48,553
   apartment homes. The following table summarizes the carrying amounts for our real estate owned (at
   cost) as of March&amp;#160;31, 2011 and December&amp;#160;31, 2010 &lt;i&gt;(dollar amounts in thousands):&lt;/i&gt;
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="72%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;March 31,&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2010&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr&gt;
   &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Land
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,703,263&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;1,699,400&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Depreciable property &amp;#8212; held and used:
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Building and improvements
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;4,539,043&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;4,522,131&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Furniture, fixtures and equipment
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;299,921&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;297,564&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Under development:
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Land
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;62,410&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;62,410&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Construction in progress
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;50,127&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;35,502&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Held for disposition:
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Land
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;84,316&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;84,307&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Building and improvements
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;174,405&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;174,283&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Furniture, fixtures and equipment
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;5,837&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;5,750&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Real estate owned
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;6,919,322&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;6,881,347&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Accumulated depreciation
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(1,719,051&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;(1,638,326&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Real estate owned, net
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;5,200,271&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;5,243,021&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The Company did not acquire any properties during the three months ended March&amp;#160;31, 2011
   and 2010.
   &lt;/div&gt;
   &lt;/div&gt;
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USD ($)

USD ($) / shares

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   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;2. SIGNIFICANT ACCOUNTING POLICIES&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;Accounting Policies&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;Revenue and real estate sales gain recognition&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Rental income related to leases is recognized on an accrual basis when due from residents in
   accordance with FASB ASC 840, &lt;i&gt;Leases &lt;/i&gt;and SEC Staff Accounting Bulletin No.&amp;#160;104, &amp;#8220;Revenue
   Recognition&amp;#8221;. Rental payments are
   generally due on a monthly basis and recognized when earned. The Company recognizes interest
   income, management and other fees and incentives when earned, fixed and determinable.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The Company accounts for sales of real estate in accordance with FASB ASC 360-20, &lt;i&gt;Real Estate
   Sales&lt;/i&gt;. For sale transactions meeting the requirements for full accrual profit recognition, such as
   the Company no longer having continuing involvement in the property, we remove the related assets
   and liabilities from our Consolidated Balance Sheets and record the gain or loss in the period the
   transaction closes. For sale transactions that do not meet the full accrual sale criteria due to
   our continuing involvement, we evaluate the nature of the continuing involvement and account for
   the transaction under an alternate method of accounting.
   &lt;/div&gt;
   &lt;!-- Folio --&gt;
   &lt;!-- /Folio --&gt;
   &lt;/div&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Sales to entities in which we retain or otherwise own an interest are accounted for as partial
   sales. If all other requirements for recognizing profit under the full accrual method have been
   satisfied and no other forms of continuing involvement are present, we recognize profit
   proportionate to the outside interest in the buyer and will defer the gain on the interest we
   retain. The Company will recognize any deferred gain when the property is then sold to a third
   party. In transactions accounted by us as partial sales, we determine if the buyer of the majority
   equity interest in the venture was provided a preference as to cash flows in either an operating or
   a capital waterfall. If a cash flow preference has been provided, we recognize profit only to the
   extent that proceeds from the sale of the majority equity interest exceed costs related to the
   entire property.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;Marketable Securities&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Marketable securities represent common stock in a publicly held company. Marketable securities
   are classified as &amp;#8220;available-for-sale,&amp;#8221; and are carried at fair value with unrealized gains and
   losses reported as a component of stockholders&amp;#8217; equity. During the three months ended March&amp;#160;31,
   2011, the Company sold marketable securities for $3.5&amp;#160;million, resulting in a gross realized gain
   of $3.1&amp;#160;million, which is included in &amp;#8220;Other Income&amp;#8221; on the Consolidated Statements of Operations.
   The cost of securities sold was based on the specific identification method. Unrealized gains of
   $3.5&amp;#160;million were reclassified out of accumulated other comprehensive income/(loss) into earnings
   during the three months ended March&amp;#160;31, 2011. Of the $3.5&amp;#160;million of proceeds from the sale of
   securities, the Company recorded a trade date receivable of $3.0&amp;#160;million at March&amp;#160;31, 2011, which
   is included in &amp;#8220;Other Assets&amp;#8221; on the Consolidated Balance Sheets.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The amortization of any discount and interest income on previously held debt securities are
   included in &amp;#8220;Other Income&amp;#8221; on the Consolidated Statements of Operations for the three months ended
   March&amp;#160;31, 2010.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;Income Taxes&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Due to the structure of the Company as a REIT and the nature of the operations for the
   operating properties, no provision for federal income taxes has been provided for at UDR.
   Historically, the Company has generally incurred only state and local income, excise and franchise
   taxes. UDR has elected for certain consolidated subsidiaries to be treated as Taxable REIT
   Subsidiaries (&amp;#8220;TRS&amp;#8221;), primarily those engaged in development activities.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Income taxes for our TRS are accounted for under the asset and liability method. Deferred tax
   assets and liabilities are recognized for future tax consequences attributable to differences
   between the financial statement carrying amounts of existing assets and liabilities and their
   respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates
   expected to apply to taxable income in the years in which those temporary differences are expected
   to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax
   rate is recognized in earnings in the period of the enactment date. The Company&amp;#8217;s deferred tax
   assets are generally the result of differing depreciable lives on capitalized assets and timing of
   expense recognition for certain accrued liabilities. As of March&amp;#160;31, 2011, UDR recorded a net
   current liability of $553,000 and a deferred tax asset of $6.6&amp;#160;million (net of a valuation
   allowance of $58.3&amp;#160;million). For the three months ended March&amp;#160;31, 2011 and 2010, UDR recorded
   income tax expense of $86,000 and $65,000, respectively, which is classified in &amp;#8220;General and
   Administrative&amp;#8221; expenses.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;FASB ASC 740, &lt;i&gt;Income Taxes &lt;/i&gt;(&amp;#8220;Topic 740&amp;#8221;) defines a recognition threshold and measurement
   attribute for the financial statement recognition and measurement of a tax position taken or
   expected to be taken in a tax return. Topic 740 also provides guidance on derecognition,
   classification, interest and penalties, accounting for interim periods, disclosure and transition.
   &lt;/div&gt;
   &lt;!-- Folio --&gt;
   &lt;!-- /Folio --&gt;
   &lt;/div&gt;
   &lt;!-- PAGEBREAK --&gt;
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   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The Company recognizes its tax positions and evaluates them using a two-step process. First,
   we determine whether a tax position is more likely than not (greater than 50&amp;#160;percent probability)
   to be sustained upon examination, including resolution of any related appeals or litigation
   processes, based on the technical merits of the position. Then the Company will determine the
   amount of benefit to recognize and record the amount that is more likely than not to be realized
   upon ultimate settlement.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;UDR had no unrecognized tax benefit, accrued interest or penalties at March&amp;#160;31, 2011. UDR and its
    subsidiaries are subject to U.S. federal income tax as well as income tax of multiple
   state jurisdictions. The tax years 2006 &amp;#8212; 2010 remain open to examination by the major taxing
   jurisdictions to which we are subject. When applicable, UDR recognizes interest and/or penalties
   related to uncertain tax positions in income tax expense.
   &lt;/div&gt;
   &lt;/div&gt;
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 -Publisher AICPA
 -Name Accounting Principles Board Opinion (APB)
 -Number 22
 -Paragraph 8

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 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
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USD ($)

USD ($) / shares

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   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;14. COMMITMENTS AND CONTINGENCIES&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;Commitments&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Real Estate Under Development
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The following summarizes the Company&amp;#8217;s real estate commitments at March&amp;#160;31, 2011 (&lt;i&gt;dollars in
   thousands&lt;/i&gt;):
   &lt;/div&gt;
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       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Costs Incurred&lt;/b&gt;&lt;/td&gt;
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       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Expected Costs&lt;/b&gt;&lt;/td&gt;
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       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;to Date&lt;/b&gt;&lt;/td&gt;
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       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;to Complete&lt;/b&gt;&lt;/td&gt;
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       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
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       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Wholly owned &amp;#8212; under
   development
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;4&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;112,537&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;226,338&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
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   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;Contingencies&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Litigation and Legal Matters
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The Company is subject to various legal proceedings and claims arising in the ordinary course
   of business. The Company cannot determine the ultimate liability with respect to such legal
   proceedings and claims at this time. The Company believes that such liability, to the extent not
   provided for through insurance or otherwise, will not have a material adverse effect on our
   financial condition, results of operations or cash flow.
   &lt;/div&gt;
   &lt;!-- Folio --&gt;
   &lt;!-- /Folio --&gt;
   &lt;/div&gt;
   &lt;!-- PAGEBREAK --&gt;
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   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;/div&gt;
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 5
 -Paragraph 9, 10, 11, 12

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<DESCRIPTION>IDEA: Fair Value of Derivatives and Financial Instruments
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USD ($)

USD ($) / shares

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   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;10. FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Fair value is based on the price that would be received to sell an asset or the exit price
   that would be paid to transfer a liability in an orderly transaction between market participants at
   the measurement date. A three-level valuation hierarchy prioritizes observable and unobservable
   inputs used to measure fair value. The fair value hierarchy consists of three broad levels, which
   are described below:
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       &lt;td&gt;Level 1 &amp;#8212; Quoted prices in active markets for identical assets or liabilities that the
   entity has the ability to access.&lt;/td&gt;
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       &lt;td&gt;Level 2 &amp;#8212; Observable inputs other than prices included in Level 1, such as quoted prices
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   similar assets and liabilities in markets that are not active; or other inputs that are
   observable or can be corroborated with observable market data.&lt;/td&gt;
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       &lt;td&gt;Level 3 &amp;#8212; Unobservable inputs that are supported by little or no market activity and
   that are significant to the fair value of the assets and liabilities. This includes
   certain pricing models, discounted cash flow methodologies and similar techniques that use
   significant unobservable inputs.&lt;/td&gt;
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   &lt;/b&gt;
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   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The estimated fair values of the Company&amp;#8217;s financial instruments either recorded or disclosed
   on a recurring basis as of March&amp;#160;31, 2011 and December&amp;#160;31, 2010 are summarized as follows &lt;i&gt;(dollars
   in thousands)&lt;/i&gt;:
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       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
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       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="10" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Fair Value at March 31, 2011 Using&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Quoted Prices in&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&amp;#160;&lt;/td&gt;
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   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
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       &lt;td&gt;&amp;#160;&lt;/td&gt;
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       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Active Markets&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;for Identical&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Significant Other&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Significant&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Assets or&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Observable&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Unobservable&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Liabilities&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Inputs&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Inputs&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;March 31, 2011&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;(Level 1)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;(Level 2)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;(Level 3)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
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   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&lt;b&gt;Description:&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
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       &lt;td&gt;&amp;#160;&lt;/td&gt;
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       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
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   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Derivatives- Interest rate contracts (c)
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,663&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,663&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
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       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&lt;b&gt;Total assets&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,663&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,663&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
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   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
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       &lt;td&gt;&amp;#160;&lt;/td&gt;
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       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
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   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Derivatives- Interest rate contracts (c)
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;4,489&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;4,489&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Contingent purchase consideration (d)
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;5,402&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;5,402&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Secured debt instruments- fixed rate: (a)
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
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       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Mortgage notes payable
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;331,314&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;331,314&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Fannie Mae credit facilities
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;927,091&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;927,091&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Secured debt instruments- variable rate: (a)
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Mortgage notes payable
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;201,992&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;201,992&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Tax-exempt secured notes payable
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;94,700&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;94,700&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Fannie Mae credit facilities
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;260,450&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;260,450&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Unsecured debt instruments: (b)
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Commercial bank
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;185,550&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;185,550&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Senior Unsecured Notes
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,618,168&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;254,043&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,364,125&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&lt;b&gt;Total liabilities&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;3,629,156&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;254,043&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;4,489&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;3,370,624&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="44%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="10" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Fair Value at December 31, 2010 Using&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Quoted Prices in&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Active Markets&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;for Identical&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Significant Other&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Significant&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Assets or&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Observable&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Unobservable&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Liabilities&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Inputs&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Inputs&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;December 31, 2010&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;(Level 1)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;(Level 2)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;(Level 3)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&lt;b&gt;Description:&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Available-for-sale equity securities
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;3,866&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;3,866&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Derivatives- Interest rate contracts (c)
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;514&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;514&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&lt;b&gt;Total assets&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;4,380&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;3,866&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;514&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Derivatives- Interest rate contracts (c)
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;6,597&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;6,597&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Contingent purchase consideration (d)
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;5,402&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;5,402&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Secured debt instruments- fixed rate: (a)
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Mortgage notes payable
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;306,515&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;306,515&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Tax-exempt secured notes payable
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;13,885&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;13,885&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Fannie Mae credit facilities
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;927,413&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;927,413&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Secured debt instruments- variable rate: (a)
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Mortgage notes payable
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;405,641&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;405,641&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Tax-exempt secured notes payable
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;94,700&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;94,700&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Fannie Mae credit facilities
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;260,450&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;260,450&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Unsecured debt instruments: (b)
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Commercial bank
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;31,750&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;31,750&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Senior Unsecured Notes
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;1,625,492&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;264,849&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;1,360,643&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&lt;b&gt;Total liabilities&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;3,677,845&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;264,849&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;6,597&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;3,406,399&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;!-- Folio --&gt;
   &lt;!-- /Folio --&gt;
   &lt;/div&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"&gt;
   &lt;tr style="font-size: 6pt"&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="96%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top"&gt;
       &lt;td nowrap="nowrap" align="left"&gt;(a)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;See Note 6, &amp;#8220;Secured Debt&amp;#8221;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 3pt"&gt;
   &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top"&gt;
       &lt;td nowrap="nowrap" align="left"&gt;(b)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;See Note 7, &amp;#8220;Unsecured Debt&amp;#8221;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 3pt"&gt;
   &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top"&gt;
       &lt;td nowrap="nowrap" align="left"&gt;(c)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;See Note 11, &amp;#8220;Derivatives and Hedging Activity&amp;#8221;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 3pt"&gt;
   &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top"&gt;
       &lt;td nowrap="nowrap" align="left"&gt;(d)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;In the first quarter of 2010, the Company accrued a liability of $6&amp;#160;million related to a
   contingent purchase consideration on one of its properties. The contingent consideration was
   determined based on the fair market value of the related asset which is estimated using Level
   3 inputs utilized in a third party appraisal. During the year ended December&amp;#160;31, 2010, the
   Company paid approximately $635,000 of the liability.&lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;Financial Instruments Carried at Fair Value&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The fair values of interest rate swaps are determined using the market standard methodology of
   netting the discounted future fixed cash receipts (or payments) and the discounted expected
   variable cash payments (or receipts). The variable cash payments (or receipts) are based on an
   expectation of future interest rates (forward curves) derived from observable market interest rate
   curves. The fair values of interest rate options are determined using the market standard
   methodology of discounting the future expected cash receipts that would occur if variable interest
   rates rise above the strike rate of the caps. The variable interest rates used in the calculation
   of projected receipts on the cap are based on an expectation of future interest rates derived from
   observable market interest rate curves and volatilities.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The Company incorporates credit valuation adjustments to appropriately reflect both its own
   nonperformance risk and the respective counterparty&amp;#8217;s nonperformance risk in the fair value
   measurements. In adjusting the fair value of its derivative contracts for the effect of
   nonperformance risk, the Company has considered the impact of netting and any applicable credit
   enhancements, such as collateral postings, thresholds, mutual puts, and guarantees.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Although the Company has determined that the majority of the inputs used to value its
   derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments
   associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads
   to evaluate the likelihood of default by itself and its counterparties. However, as of March&amp;#160;31,
   2011 and 2010, the Company has assessed the significance of the impact of the credit valuation
   adjustments on the overall valuation of its derivative positions and has determined that the credit
   valuation adjustments are not significant to the overall valuation of its derivatives. As a
   result, the Company has determined that its derivative valuations in their entirety are classified
   in Level 2 of the fair value hierarchy.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;We estimate the fair value of our Convertible Senior Unsecured Notes based on Level 1 inputs
   which utilize quoted prices in active markets where we have the ability to access value for
   identical liabilities.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Redeemable non-controlling interests in the Operating Partnership have a redemption feature
   and are marked to its redemption value. The redemption value is based on the fair value of the
   Company&amp;#8217;s Common Stock at the redemption date, and therefore, is calculated based on the fair value
   of the Company&amp;#8217;s Common Stock at the balance sheet date. Since the valuation is based on observable
   inputs such as quoted prices for similar instruments in active markets, redeemable non-controlling
   interests in the Operating Partnership are classified as Level 2.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;Financial Instruments Not Carried at Fair Value&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;At March&amp;#160;31, 2011, the fair values of cash and cash equivalents, restricted cash, notes
   receivable, accounts receivable, prepaids, real estate taxes payable, accrued interest payable,
   security deposits and prepaid rent, distributions payable and accounts payable approximated their
   carrying values because of the short term nature of these instruments. The estimated fair values
   of other financial instruments were determined by the Company using available market information
   and appropriate valuation methodologies. Considerable judgment is necessary to interpret market
   data and develop estimated fair values. Accordingly, the estimates presented herein are not
   necessarily indicative of the amounts the Company would realize on the disposition of the financial
   instruments. The use of different market assumptions or estimation methodologies may have a
   material effect on the estimated fair value amounts.
   &lt;/div&gt;
   &lt;!-- Folio --&gt;
   &lt;!-- /Folio --&gt;
   &lt;/div&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;We estimate the fair value of our debt instruments by discounting the remaining cash flows of
   the debt instrument at a discount rate equal to the replacement market credit spread plus the
   corresponding treasury yields. Factors considered in determining a replacement market credit
   spread include general market conditions, borrower specific credit spreads, time remaining to
   maturity, loan-to-value ratios and collateral quality (Level 3).
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;We record impairment losses on long-lived assets used in operations when events and
   circumstances indicate that the assets might be impaired and the undiscounted cash flows estimated
   to be generated by the future operation and disposition of those assets are less than the net book
   value of those assets. Our cash flow estimates are based upon historical results adjusted to
   reflect our best estimate of future market and operating conditions and our estimated holding
   periods. The net book value of impaired assets is reduced to fair value. Our estimates of fair
   value represent our best estimate based upon Level 3 inputs such as industry trends and reference
   to market rates and transactions.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;We consider various factors to determine if a decrease in the value of our investments in an
   unconsolidated joint venture is other-than-temporary. These factors include, but are not limited
   to, age of the venture, our intent and ability to retain our investment in the entity, the
   financial condition and long-term prospects of the entity, and the relationships with the other
   joint venture partners and its lenders. Based on the significance of the unobservable inputs, we
   classify these fair value measurements within Level 3 of the valuation hierarchy. The Company did
   not incur any other-than-temporary decrease in the value of its other investments in unconsolidated
   joint ventures during the three months ended March&amp;#160;31, 2011 and 2011.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;After determining an other-than-temporary decrease in the value of an equity method investment
   has occurred, we estimate the fair value of our investment by estimating the proceeds we would
   receive upon a hypothetical liquidation of the investment at the date of measurement. Inputs
   reflect management&amp;#8217;s best estimate of what market participants would use in pricing the investment
   giving consideration to the terms of the joint venture agreement and the estimated discounted future cash flows to be generated from the underlying joint venture
   asset. The inputs and assumptions utilized to estimate the future cash flows of the underlying
   asset are based upon the Company&amp;#8217;s evaluation of the economy, market trends, operating results, and
   other factors, including judgments regarding costs to complete any construction activities, lease
   up and occupancy rates, rental rates, inflation rates, capitalization rates utilized to estimate
   the projected cash flows at the disposition, and discount rates.
   &lt;/div&gt;
   &lt;/div&gt;
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 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 107
 -Paragraph 15B
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 107
 -Paragraph 3, 10, 14, 15

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 133
 -Paragraph 44A, 44B

Reference 4: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 157
 -Paragraph 32, 33, 34

Reference 5: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 107
 -Paragraph 15C, 15D

Reference 6: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 107
 -Paragraph 15A
 -Subparagraph a-d

Reference 7: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 159
 -Paragraph 17-22, 27, 28

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USD ($)

USD ($) / shares

</KeyName><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>Jan-01-2011_Mar-31-2011</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000074208</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2011-01-01T00:00:00</PeriodStartDate><PeriodEndDate>2011-03-31T00:00:00</PeriodEndDate><Segments /><Scenarios /></contextRef><UPS><UnitProperty><UnitID>USD</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty><UnitProperty><UnitID>USDEPS</UnitID><UnitType>Divide</UnitType><NumeratorMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace></NumeratorMeasure><DenominatorMeasure><MeasureSchema>http://www.xbrl.org/2003/instance</MeasureSchema><MeasureValue>shares</MeasureValue><MeasureNamespace>xbrli</MeasureNamespace></DenominatorMeasure><Scale>0</Scale></UnitProperty><UnitProperty><UnitID>Shares</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/instance</MeasureSchema><MeasureValue>shares</MeasureValue><MeasureNamespace>xbrli</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Id="1" Label="3 Months Ended" /><Label Id="2" Label="Mar. 31, 2011" /></Labels></Column></Columns><Rows><Row><Id>2</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_DiscontinuedOperationAdditionalDisclosuresAbstract</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>No definition available.</ElementDefenition><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Discontinued Operations [Abstract]</Label></Row><Row><Id>3</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
   &lt;!-- Begin Block Tagged Note 4 - us-gaap:DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock--&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;4. DISCONTINUED OPERATIONS&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Discontinued operations represent properties that UDR has either sold or which management
   believes meet the criteria to be classified as held for sale. In order to be classified as held for
   sale and reported as discontinued operations, a property&amp;#8217;s operations and cash flows have been or
   will be divested to a third party by the Company whereby UDR will not have any significant
   continuing involvement in the ownership or operation of the property after the sale or disposition.
   The results of operations of the property are presented as discontinued operations for all periods
   presented and do not impact the net earnings reported by the Company. Once a property is deemed as
   held for sale, depreciation is no longer recorded. However, if the Company determines that the
   property no longer meets the criteria of held for sale, the Company will recapture any unrecorded
   depreciation for the property. The assets and
   liabilities of properties classified as held for sale are presented separately on the
   Consolidated Balance Sheets at the lower of their carrying amount or their estimated fair value
   less the costs to sell the assets.
   &lt;/div&gt;
   &lt;!-- Folio --&gt;
   &lt;!-- /Folio --&gt;
   &lt;/div&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The Company had six communities with 1,418 apartment homes classified as held for disposition
   at March&amp;#160;31, 2011. The Company did not dispose of any communities during the three months ended
   March&amp;#160;31, 2011 and 2010. Discontinued operations for the three months ended March&amp;#160;31, 2010 also
   includes operating activities related to one 149 unit community sold during the third quarter of
   2010.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The following is a summary of income from discontinued operations for the three months ended
   March&amp;#160;31, 2011 and 2010 (&lt;i&gt;dollars in thousands&lt;/i&gt;):
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="72%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="6"&gt;&lt;b&gt;Three Months Ended&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;March 31,&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2010&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr&gt;
   &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Rental income
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;5,982&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;6,476&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Non-property income
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;1,849&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;5,982&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;8,325&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Rental expenses
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,882&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;2,000&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Property management fee
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;165&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;178&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Real estate depreciation
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;2,254&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;3,070&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Interest
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;751&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;766&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;5,052&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;6,014&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Income before net gain on the sale of depreciable property
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;930&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;2,311&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Net gain/(loss) on the sale of depreciable property
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;41&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;(41&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Income from discontinued operations
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;971&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;2,270&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;/div&gt;
</NonNumbericText><NonNumericTextHeader>&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
   &lt;!-- Begin Block Tagged Note</NonNumericTextHeader><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>us-types:textBlockItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>Disclosure includes the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain or loss recognized in the income statement and the income statement caption that includes that gain or loss, amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 144
 -Paragraph 43-48

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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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/><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>3405562</NumericAmount><RoundedNumericAmount>3405562</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>3405562</NumericAmount><RoundedNumericAmount>3405562</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Shares</Unit><ElementDataType>xbrli:sharesItemType</ElementDataType><SimpleDataType>shares</SimpleDataType><ElementDefenition>Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased and remain in the treasury). 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 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 29
 -Article 5

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 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 29
 -Article 5

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<TYPE>XML
<SEQUENCE>26
<FILENAME>R14.xml
<DESCRIPTION>IDEA: Secured Debt
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?><InstanceReport xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"><Version>2.2.0.25</Version><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><ReportLongName>0206 - Disclosure - Secured Debt</ReportLongName><DisplayLabelColumn>true</DisplayLabelColumn><ShowElementNames>false</ShowElementNames><RoundingOption /><HasEmbeddedReports>false</HasEmbeddedReports><Columns><Column><Id>1</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelColumn>false</LabelColumn><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName>1/1/2011 - 3/31/2011
USD ($)

USD ($) / shares

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   &lt;!-- Begin Block Tagged Note 6 - udr:SecuredDebtTextBlock--&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;6. SECURED DEBT&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Our secured debt instruments generally feature either monthly interest and principal or
   monthly interest-only payments with balloon payments due at maturity. For purposes of
   classification of the following table, variable rate debt with a derivative financial instrument
   designated as a cash flow hedge is deemed as fixed rate debt due to the Company having effectively
   established a fixed interest rate for the underlying debt instrument. Secured debt which encumbers
   $2.8&amp;#160;billion or 40.3% of UDR&amp;#8217;s real estate owned based upon book value ($4.1&amp;#160;billion or 59.7% of
   UDR&amp;#8217;s real estate owned is unencumbered) consists of the following as of March&amp;#160;31, 2011 (&lt;i&gt;dollars in
   thousands&lt;/i&gt;):
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
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       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="10" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Principal Outstanding&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Weighted&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Weighted&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Number of&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;March 31,&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Average&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Average&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;Communities&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2010&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Interest Rate&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Years to Maturity&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Encumbered&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&lt;b&gt;Fixed Rate Debt&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Mortgage notes payable
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;317,812&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;292,236&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;4.71&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;%&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;3.1&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;8&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Tax-exempt secured note payable
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;13,325&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;N/A&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Fannie Mae credit facilities
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;896,596&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;897,318&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;5.32&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;%&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;6.1&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;14&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Total fixed rate secured debt
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,214,408&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;1,202,879&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;5.16&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;%&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;5.4&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;22&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&lt;b&gt;Variable Rate Debt&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Mortgage notes payable
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;201,992&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;405,641&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;2.27&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;%&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;3.2&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;9&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Tax-exempt secured notes payable
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;94,700&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;94,700&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;1.01&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;%&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;19.0&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;2&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Fannie Mae credit facilities
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;260,450&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;260,450&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;1.67&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;%&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;4.9&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;32&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Total variable rate secured debt
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;557,142&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;760,791&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;1.78&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;%&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;6.7&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;43&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Total secured debt
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,771,550&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;1,963,670&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;4.10&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;%&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;5.8&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;65&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;UDR has five secured credit facilities with Fannie Mae with an aggregate commitment of
   $1.4&amp;#160;billion at March&amp;#160;31, 2011. The Fannie Mae credit facilities are for an initial term of 10
   years, bear interest at floating and fixed rates, and certain variable rate facilities can be
   extended for an additional five years at our option. We have $896.6&amp;#160;million of the outstanding
   balance fixed at a weighted average interest rate of 5.32% and the remaining balance on these
   facilities is currently at a weighted average variable interest rate of 1.67%.
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="72%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;March 31, 2011&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;December 31, 2010&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="6"&gt;(dollar amounts in thousands)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Borrowings outstanding
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,157,046&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;1,157,768&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Weighted average borrowings during the period ended
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,157,316&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;1,198,771&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Maximum daily borrowings during the period ended
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,157,557&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;1,209,739&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Weighted average interest rate during the period ended
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;4.5&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;%&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;4.6&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;%&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Weighted average interest rate at the end of the period
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;4.5&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;%&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;4.5&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;%&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The Company will from time to time acquire properties subject to fixed rate debt
   instruments. In those situations, management will record the secured debt at its estimated fair
   value and amortize any difference between the fair value and par to interest expense over the life
   of the underlying debt instrument. The unamortized fair market adjustment was a net discount of
   $617,000 and $694,000 at March&amp;#160;31, 2011 and December&amp;#160;31, 2010, respectively.
   &lt;/div&gt;
   &lt;!-- Folio --&gt;
   &lt;!-- /Folio --&gt;
   &lt;/div&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;Fixed Rate Debt&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;&lt;i&gt;Mortgage notes payable. &lt;/i&gt;Fixed rate mortgage notes payable are generally due in monthly
   installments of principal and interest and mature at various dates from August&amp;#160;2011 through
   February&amp;#160;2017 and carry interest rates ranging from 1.93% to 6.60%. Mortgage notes payable includes
   debt associated with development activities.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;&lt;i&gt;Secured credit facilities. &lt;/i&gt;At March&amp;#160;31, 2011, the Company had $896.6&amp;#160;million outstanding of
   fixed rate secured credit facilities with Fannie Mae with a weighted average fixed interest rate of
   5.32%.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;Variable Rate Debt&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;&lt;i&gt;Mortgage notes payable. &lt;/i&gt;Variable rate mortgage notes payable are generally due in monthly
   installments of principal and interest and mature at various dates from August&amp;#160;2011 through April
   2016. The mortgage notes payable are based on LIBOR plus basis points, which translate into
   interest rates ranging from 0.99% to 3.89% at March&amp;#160;31, 2011.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;&lt;i&gt;Tax-exempt secured notes payable. &lt;/i&gt;The variable rate mortgage notes payable that secure
   tax-exempt housing bond issues mature at various dates from August&amp;#160;2019 and March&amp;#160;2030. Interest on
   these notes is payable in monthly installments. The variable mortgage notes have interest rates
   ranging from 0.99% to 1.05% as of March&amp;#160;31, 2011.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;&lt;i&gt;Secured credit facilities. &lt;/i&gt;At March&amp;#160;31, 2011, the Company had $260.5&amp;#160;million outstanding of
   variable rate secured credit facilities with Fannie Mae with a weighted average floating interest
   rate of 1.67%.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The aggregate maturities, including amortizing principal payments, of our secured debt due
   during each of the next five calendar years and thereafter are as follows &lt;i&gt;(dollars in thousands):&lt;/i&gt;
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="28%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="7%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="7%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="7%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="7%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="7%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="7%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Fixed&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="10" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Variable&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;Mortgage&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;Credit&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;Mortgage&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;Tax-Exempt&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;Credit&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;Total&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"&gt;Year&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;Notes&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;Facilities&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;Notes&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;Notes Payable&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;Facilities&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;Secured&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;2011
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;39,584&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;2,087&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;42,394&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;39,513&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;123,578&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;2012
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;57,373&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;177,944&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;1,060&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;59,529&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;295,906&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;2013
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;62,021&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;38,631&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;45,838&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;146,490&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;2014
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;65,383&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;3,328&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;36,081&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;104,792&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;2015
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;403&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;3,522&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;16,402&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;20,327&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Thereafter
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;93,048&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;671,084&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;60,217&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;94,700&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;161,408&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;1,080,457&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Total
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;317,812&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;896,596&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;201,992&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;94,700&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;260,450&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;1,771,550&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;!-- Folio --&gt;
   &lt;!-- /Folio --&gt;
   &lt;/div&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;/div&gt;
</NonNumbericText><NonNumericTextHeader>&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
   &lt;!-- Begin Block Tagged Note</NonNumericTextHeader><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>us-types:textBlockItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>Information about secured debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, and any other contractual agreement to repay funds, and about the underlying arrangements, repayment terms, interest rates- fixed and variable, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants, if any.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>SECURED DEBT</Label></Row></Rows><Footnotes /><NumberOfCols>1</NumberOfCols><NumberOfRows>2</NumberOfRows><ReportName>Secured Debt</ReportName><MonetaryRoundingLevel>UnKnown</MonetaryRoundingLevel><SharesRoundingLevel>UnKnown</SharesRoundingLevel><PerShareRoundingLevel>UnKnown</PerShareRoundingLevel><ExchangeRateRoundingLevel>UnKnown</ExchangeRateRoundingLevel><HasCustomUnits>false</HasCustomUnits><SharesShouldBeRounded>true</SharesShouldBeRounded></InstanceReport>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>27
<FILENAME>R15.xml
<DESCRIPTION>IDEA: Unsecured Debt
<TEXT>
<XBRL>
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USD ($)

USD ($) / shares

</KeyName><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>Jan-01-2011_Mar-31-2011</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000074208</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2011-01-01T00:00:00</PeriodStartDate><PeriodEndDate>2011-03-31T00:00:00</PeriodEndDate><Segments /><Scenarios /></contextRef><UPS><UnitProperty><UnitID>USD</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty><UnitProperty><UnitID>USDEPS</UnitID><UnitType>Divide</UnitType><NumeratorMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace></NumeratorMeasure><DenominatorMeasure><MeasureSchema>http://www.xbrl.org/2003/instance</MeasureSchema><MeasureValue>shares</MeasureValue><MeasureNamespace>xbrli</MeasureNamespace></DenominatorMeasure><Scale>0</Scale></UnitProperty><UnitProperty><UnitID>Shares</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/instance</MeasureSchema><MeasureValue>shares</MeasureValue><MeasureNamespace>xbrli</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Id="1" Label="3 Months Ended" /><Label Id="2" Label="Mar. 31, 2011" /></Labels></Column></Columns><Rows><Row><Id>2</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_UnsecuredLongtermDebtCurrentAndNoncurrentAbstract</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>No definition available.</ElementDefenition><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Unsecured Debt [Abstract]</Label></Row><Row><Id>3</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>udr_UnsecuredDebtTextBlock</ElementName><ElementPrefix>udr</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>Information about unsecured debt arrangements, which includes amounts of borrowings under each line of credit, note payable,...</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
   &lt;!-- Begin Block Tagged Note 7 - udr:UnsecuredDebtTextBlock--&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;7. UNSECURED DEBT&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;A summary of unsecured debt as of March&amp;#160;31, 2011 and December&amp;#160;31, 2010 is as follows &lt;i&gt;(dollars
   in thousands):&lt;/i&gt;
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="72%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;March 31,&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2010&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&lt;b&gt;Commercial Banks&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Borrowings outstanding under an unsecured credit facility due July&amp;#160;2012 (a)
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;185,550&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;31,750&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&lt;b&gt;Senior Unsecured Notes&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;3.625% Convertible Senior Notes due September&amp;#160;2011 (net of Subtopic 470-20 discount of
   $779 and $1,138) (b), (f)
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;96,320&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;95,961&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;5.00% Medium-Term Notes due January&amp;#160;2012
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;100,000&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;100,000&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;3.02% Term Notes due December&amp;#160;2013
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;100,000&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;100,000&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;6.05% Medium-Term Notes due June&amp;#160;2013
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;122,500&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;122,500&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;5.13% Medium-Term Notes due January&amp;#160;2014
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;184,000&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;184,000&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;5.50% Medium-Term Notes due April&amp;#160;2014 (net of discount of $209 and $226 )
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;128,291&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;128,274&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;5.25% Medium-Term Notes due January&amp;#160;2015 (includes discount of $487 and $519) (c)
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;324,689&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;324,656&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;5.25% Medium-Term Notes due January&amp;#160;2016
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;83,260&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;83,260&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;2.27% Term Notes due January&amp;#160;2016 (d)
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;150,000&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;3.48% Term Notes due January&amp;#160;2016 (d)
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;250,000&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;100,000&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;8.50% Debentures due September&amp;#160;2024
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;15,644&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;15,644&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;4.00% Convertible Senior Notes due December&amp;#160;2035 (e), (f)
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;156,944&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;167,750&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Other
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;38&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;39&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,561,686&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;1,572,084&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,747,236&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;1,603,834&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 3pt"&gt;
   &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"&gt;
   &lt;tr&gt;
       &lt;td width="3%"&gt;&lt;/td&gt;
       &lt;td width="1%"&gt;&lt;/td&gt;
       &lt;td width="96%"&gt;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top"&gt;
       &lt;td nowrap="nowrap" align="left"&gt;(a)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;Our unsecured credit facility provides us with an aggregate borrowing capacity of $600
   million, which at our election we can increase to $750&amp;#160;million under certain circumstances.
   Our unsecured credit facility with a consortium of financial institutions carries an interest
   rate equal to LIBOR plus a spread of 47.5 basis points (0.7% and 0.9% interest rate at March
   31, 2011 and December&amp;#160;31, 2010, respectively) and matures in July&amp;#160;2012. In addition, the
   unsecured credit facility contains a provision that allows us to bid up to 50% of the
   commitment and we can bid out the entire unsecured credit facility once per quarter so long as
   we maintain an investment grade rating.&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 3pt"&gt;
   &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top"&gt;
       &lt;td nowrap="nowrap" align="left"&gt;(b)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;Subject to the restrictions on ownership of our common stock and certain other conditions, at
   any time on or after July&amp;#160;15, 2011 and prior to the close of business on the second business
   day prior to the maturity date of September&amp;#160;15, 2011, and also following the occurrence of
   certain events, holders of outstanding 3.625% notes may convert their notes into cash and, if
   applicable, shares of our common stock, at the conversion rate in effect at such time. Upon
   conversion of the notes, UDR will deliver cash and common stock, if any, based on a daily
   conversion value calculated on a proportionate basis for each trading day of the relevant 30
   trading day observation period. The initial conversion rate for each $1,000 principal amount
   of notes was 26.6326 shares of our common stock (equivalent to an initial conversion price of
   approximately $37.55 per share), subject to
   adjustment under certain circumstances. If UDR undergoes certain change in control transactions,
   holders of the 3.625% notes may require us to repurchase their notes in whole or in part for
   cash equal to 100% of the principal amount of the notes to be repurchased plus any unpaid
   interest accrued to the repurchase date. In connection with the issuance of the 3.625% notes,
   UDR entered into a capped call transaction covering approximately 6.7&amp;#160;million shares of our
   common stock, subject to anti-dilution adjustments similar to those contained in the notes. The
   capped call expires on the maturity date of the 3.625% notes. The capped call transaction
   combines a purchased call option with a strike price of $37.548 with a written call option with
   a strike price of $43.806. The capped call transaction effectively increased the initial
   conversion price to $43.806 per share, representing a 40% conversion premium. The net cost of
   approximately $12.6&amp;#160;million of the capped call transaction was included in stockholders&amp;#8217; equity.&lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;!-- Folio --&gt;
   &lt;!-- /Folio --&gt;
   &lt;/div&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt"&gt;
   &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"&gt;
   &lt;tr&gt;
       &lt;td width="3%"&gt;&lt;/td&gt;
       &lt;td width="1%"&gt;&lt;/td&gt;
       &lt;td width="96%"&gt;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top"&gt;
       &lt;td nowrap="nowrap" align="left"&gt;(c)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;On December&amp;#160;7, 2009, the Company entered into an Amended and Restated Distribution Agreement
   with respect to the issue and sale by the Company from time to time of its Medium-Term Notes,
   Series&amp;#160;A Due Nine Months or More From Date of Issue. During the three months ended March&amp;#160;31,
   2010, the Company issued $150&amp;#160;million of 5.25% senior unsecured medium-term notes under the
   Amended and Restated Distribution Agreement. These notes were priced at 99.46% of the
   principal amount at issuance and had a discount of $487,000 at March&amp;#160;31, 2011.&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 3pt"&gt;
   &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top"&gt;
       &lt;td nowrap="nowrap" align="left"&gt;(d)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;During the three months ended March&amp;#160;31, 2011, the Company entered into an interest rate swap
   agreement for the remaining $150&amp;#160;million balance. As a result, the $250&amp;#160;million term notes
   carry a fixed interest rate of 3.48% at March&amp;#160;31, 2011.&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 3pt"&gt;
   &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top"&gt;
       &lt;td nowrap="nowrap" align="left"&gt;(e)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;During the three months ended March&amp;#160;31, 2011, holders of the 4.00% Convertible Senior Notes
   due 2035 tendered $10.8&amp;#160;million of Notes. As a result, the Company retired debt with a
   notional value of $10.8&amp;#160;million and wrote off unamortized financing costs of $207,000.&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 3pt"&gt;
   &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top"&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;On March&amp;#160;2, 2011, the Company called all of its outstanding 4.00% Convertible Senior Notes due
   2035. The redemption date for the Notes was April&amp;#160;4, 2011, and the redemption price was 100% of
   the principal amount of the outstanding Notes, plus accrued and unpaid interest on the Notes to,
   but not including, the date of redemption. Subject to and in accordance with the terms and
   conditions set forth in the Indenture governing the Notes dated as of December&amp;#160;19, 2005, holders
   of Notes had the right to convert their Notes at any time until March&amp;#160;31, 2011, at a conversion
   rate of 38.8650 shares of our common stock per $1,000 principal amount of Notes (equivalent to a
   conversion price of approximately $25.73 per share. The Company accelerated the amortization of
   the remaining financing costs of $3.0&amp;#160;million to the April&amp;#160;4, 2011 redemption date during the
   three months ended March&amp;#160;31, 2011.&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 3pt"&gt;
   &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top"&gt;
       &lt;td nowrap="nowrap" align="left"&gt;(f)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;ASC Subtopic 470-20 applies to all convertible debt instruments that have a &amp;#8220;net settlement
   feature&amp;#8221;, which means that such convertible debt instruments, by their terms, may be settled
   either wholly or partially in cash upon conversion. This guidance requires issuers of
   convertible debt instruments that may be settled wholly or partially in cash upon conversion
   to separately account for the liability and equity components in a manner reflective of the
   issuers&amp;#8217; nonconvertible debt borrowing rate. The guidance impacted the historical accounting
   for the 3.625% convertible senior notes due September&amp;#160;2011 and the 4.00% convertible senior
   notes due December&amp;#160;2035, and resulted in increased interest expense of $359,000 and $967,000
   for the three months ended March&amp;#160;31, 2011 and 2010, respectively.&lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The following is a summary of short-term bank borrowings under UDR&amp;#8217;s bank credit facility at
   March&amp;#160;31, 2011 and December&amp;#160;31, 2010 &lt;i&gt;(dollars in thousands):&lt;/i&gt;
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="72%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;March 31,&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2010&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Total revolving credit facility
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;600,000&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;600,000&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Borrowings outstanding at end of period (1)
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;185,550&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;31,750&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Weighted average daily borrowings during the period ended
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;165,379&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;161,260&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Maximum daily borrowings during the period ended
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;280,700&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;337,600&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Weighted average interest rate during the period ended
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;0.8&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;%&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;0.8&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;%&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Interest rate at end of the period
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;0.7&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;%&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;0.9&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;%&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 3pt"&gt;
   &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"&gt;
   &lt;tr&gt;
       &lt;td width="3%"&gt;&lt;/td&gt;
       &lt;td width="1%"&gt;&lt;/td&gt;
       &lt;td width="96%"&gt;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top"&gt;
       &lt;td nowrap="nowrap" align="left"&gt;(1)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;Excludes $1.7&amp;#160;million of letters of credit at March&amp;#160;31, 2011.&lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;!-- Folio --&gt;
   &lt;!-- /Folio --&gt;
   &lt;/div&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The convertible notes are convertible at the option of the holder, and as such are presented
   as if the holder will convert the debt instrument at the earliest available date. The aggregate
   maturities of unsecured debt for the five years subsequent to March&amp;#160;31, 2011 are as follows
   &lt;i&gt;(dollars in thousands):&lt;/i&gt;
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="58%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td colspan="2" align="center"&gt;Bank&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td colspan="3" align="center"&gt;Unsecured&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td colspan="2" align="center"&gt;Total&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Year
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td colspan="2" align="center"&gt;Lines&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td colspan="2" align="center"&gt;Debt&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td colspan="2" align="center"&gt;Unsecured&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td style="border-top: 1px solid #000000"&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;2011 (a)
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;253,121&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;253,121&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;2012
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;185,550&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;99,808&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;285,358&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;2013
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;222,308&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;222,308&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;2014
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;312,354&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;312,354&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;2015
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;325,167&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;325,167&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Thereafter
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;348,928&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;348,928&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Total
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;185,550&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;1,561,686&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;1,747,236&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 3pt"&gt;
   &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"&gt;
   &lt;tr&gt;
       &lt;td width="3%"&gt;&lt;/td&gt;
       &lt;td width="1%"&gt;&lt;/td&gt;
       &lt;td width="96%"&gt;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top"&gt;
       &lt;td nowrap="nowrap" align="left"&gt;(a)&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;Includes $156.9&amp;#160;million of 4.00% Convertible Senior Notes due December&amp;#160;2035 which were
   paid in full subsequent to March&amp;#160;31, 2011.&lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;We were in compliance with the covenants of our debt instruments at March&amp;#160;31, 2011.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;In 2010, the Operating Partnership guaranteed certain outstanding debt securities of UDR, Inc.
   These guarantees provide that the Operating Partnership, as primary obligor and not merely as
   surety, irrevocably and unconditionally guarantees to each holder of the applicable securities and
   to the trustee and their successors and assigns under the respective indenture (a)&amp;#160;the full and
   punctual payment when due, whether as stated maturity, by acceleration or otherwise, of all
   obligations of the Company under the respective indenture whether for principal or interest on the
   securities (and premium, if any), and all other monetary obligations of the Company under the
   respective indenture and the terms of the applicable securities and (b)&amp;#160;the full and punctual
   performance within the applicable grace periods of all other obligations of the Company under the
   respective indenture and the terms of applicable securities.
   &lt;/div&gt;
   &lt;/div&gt;
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   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;16. SUBSEQUENT EVENTS&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;On April&amp;#160;1, 2011, the Company, through its subsidiary United Dominion Realty, L.P., closed on
   an acquisition of a multifamily apartment community referred to as 10 Hanover Square, located in
   New York City, New York. The community was acquired for $259.8&amp;#160;million, which included the
   assumption of $192.0&amp;#160;million of debt and is comprised of 493 homes.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;On April&amp;#160;5, 2011, the Company and the Operating Partnership completed a $500&amp;#160;million asset exchange
   whereby UDR acquired one multifamily apartment community (227 homes), and the Operating Partnership
   acquired two multifamily apartment communities (833 homes) and a parcel of land. The acquired
   assets are: 388 Beale in San Francisco, CA (227 homes); 14 North in Peabody, MA (387 homes); and
   Inwood West in Woburn, MA (446 homes). The communities were acquired for $263.0&amp;#160;million, which
   included the assumption of $55.8&amp;#160;million of debt. UDR sold two multifamily apartment communities
   (434 homes) and the Operating Partnership sold four multifamily apartment communities (984 homes)
   located in California as part of the transaction. The communities are: Crest at Phillips Ranch,
   Villas at San Dimas, Villas at Bonita, The Arboretum, Rancho Vallecitos and Milazzo.
   &lt;/div&gt;
   &lt;/div&gt;
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 -Name Statement of Financial Accounting Standard (FAS)
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<FILENAME>R20.xml
<DESCRIPTION>IDEA: Other Comprehensive Income/(Loss)
<TEXT>
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USD ($)

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   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;12. OTHER COMPREHENSIVE INCOME/(LOSS)&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Components of other comprehensive income/(loss) during the three months March&amp;#160;31, 2011 and
   2010 are as follows (&lt;i&gt;in thousands&lt;/i&gt;):
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="72%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="6"&gt;&lt;b&gt;Three Months Ended&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;March 31,&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2010&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Other comprehensive income/loss:
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Net loss attributable to UDR, Inc.
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(27,875&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;(24,056&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Change in equity due to non-controlling interests
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;51&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;35&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Gain on marketable securities reclassified to earnings
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(3,492&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&amp;#8212;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Change in marketable securities
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;(224&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Unrealized gain/(loss) on derivative financial
   instruments
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;3,282&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;(1,234&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Allocation to redeemable non-controlling interests
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(17&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;53&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Comprehensive loss
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(28,051&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;(25,426&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;/div&gt;
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 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 130
 -Paragraph 14-26

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<SEQUENCE>30
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<DESCRIPTION>IDEA: Consolidated Statements of Operations (Unaudited)
<TEXT>
<XBRL>
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USD ($) / shares

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/><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>169056000</NumericAmount><RoundedNumericAmount>169056</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>146624000</NumericAmount><RoundedNumericAmount>146624</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). 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 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 03
 -Paragraph 1
 -Article 5

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Total revenues</Label></Row><Row><Id>7</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><Level>0</Level><ElementName>udr_RentalExpensesAbstract</ElementName><ElementPrefix>udr</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>Rental expenses.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>Rental expenses.</ElementDefenition><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Rental expenses:</Label></Row><Row><Id>8</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_RealEstateTaxesAndInsurance</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>20974000</NumericAmount><RoundedNumericAmount>20974</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>18828000</NumericAmount><RoundedNumericAmount>18828</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The aggregate total of real estate taxes and insurance expense.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Real estate taxes and insurance</Label></Row><Row><Id>9</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_LaborAndRelatedExpense</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>14821000</NumericAmount><RoundedNumericAmount>14821</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>13077000</NumericAmount><RoundedNumericAmount>13077</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The aggregate amount of expenditures for salaries, wages, profit sharing and incentive compensation, and other employee benefits, including share-based compensation, and pension and other postretirement benefit expense.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Personnel</Label></Row><Row><Id>10</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_UtilitiesCosts</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>9050000</NumericAmount><RoundedNumericAmount>9050</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>8382000</NumericAmount><RoundedNumericAmount>8382</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Utilities costs incurred during the reporting period for services, such as water, sewer, gas, electricity and telephone required to operate a building.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Utilities</Label></Row><Row><Id>11</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_CostOfPropertyRepairsAndMaintenance</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>9003000</NumericAmount><RoundedNumericAmount>9003</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>7598000</NumericAmount><RoundedNumericAmount>7598</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The aggregate costs of keeping the property in good condition but that do not appreciably prolong the life or increase the value of the property.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Repair and maintenance</Label></Row><Row><Id>12</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>udr_AdministrativeAndMarketing</ElementName><ElementPrefix>udr</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>Administrative and marketing related to property operations.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>3975000</NumericAmount><RoundedNumericAmount>3975</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>3721000</NumericAmount><RoundedNumericAmount>3721</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Administrative and marketing related to property operations.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Administrative and marketing</Label></Row><Row><Id>13</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_OwnedPropertyManagementCosts</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>4524000</NumericAmount><RoundedNumericAmount>4524</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>3992000</NumericAmount><RoundedNumericAmount>3992</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The aggregate costs related to management of owned properties during the reporting period.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Property management</Label></Row><Row><Id>14</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_OtherCostAndExpenseOperating</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>1459000</NumericAmount><RoundedNumericAmount>1459</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>1485000</NumericAmount><RoundedNumericAmount>1485</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The total amount of other operating cost and expense items that are associated with the entity's normal revenue producing operation.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 03
 -Paragraph 3
 -Article 5

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Other operating expenses</Label></Row><Row><Id>15</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_CostOfServicesDepreciationAndAmortization</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>81861000</NumericAmount><RoundedNumericAmount>81861</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>69137000</NumericAmount><RoundedNumericAmount>69137</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Depreciation of property, plant and equipment directly related to services rendered by an entity during the reporting period.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Real estate depreciation and 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/><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol 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available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>35588000</NumericAmount><RoundedNumericAmount>35588</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>35133000</NumericAmount><RoundedNumericAmount>35133</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Represents the portion of interest incurred in the period on debt arrangements that was charged against earnings.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 03
 -Paragraph 8
 -Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 34
 -Paragraph 21

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Expense incurred</Label></Row><Row><Id>18</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_AmortizationOfDebtDiscountPremium</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>terselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>359000</NumericAmount><RoundedNumericAmount>359</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>967000</NumericAmount><RoundedNumericAmount>967</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The component of interest income or expense representing the periodic increase in or charge against earnings to reflect amortization of debt discounts and premiums over the life of the related debt instruments, which are liabilities of the entity.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Principles Board Opinion (APB)
 -Number 21
 -Paragraph 16

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 03
 -Paragraph 8
 -Article 5

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Amortization of convertible debt premium</Label></Row><Row><Id>19</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_GainsLossesOnExtinguishmentOfDebt</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>true</IsReverseSign><PreferredLabelRole>negatedtotal</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>4019000</NumericAmount><RoundedNumericAmount>4019</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Amount represents the difference between the fair value of the payments made and the carrying amount of the debt at the time of its extinguishment.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Principles Board Opinion (APB)
 -Number 26
 -Paragraph 20, 21

</ElementReferences><IsTotalLabel>true</IsTotalLabel><IsEPS>false</IsEPS><Label>Other debt charges</Label></Row><Row><Id>20</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_OtherGeneralAndAdministrativeExpense</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>10675000</NumericAmount><RoundedNumericAmount>10675</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>9640000</NumericAmount><RoundedNumericAmount>9640</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The sum of expenses not otherwise specified in the taxonomy for managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>General and administrative</Label></Row><Row><Id>21</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_DepreciationAndAmortization</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>totallabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>1043000</NumericAmount><RoundedNumericAmount>1043</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>1223000</NumericAmount><RoundedNumericAmount>1223</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; 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 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 28

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Principles Board Opinion (APB)
 -Number 12
 -Paragraph 5

</ElementReferences><IsTotalLabel>true</IsTotalLabel><IsEPS>false</IsEPS><Label>Other depreciation and amortization</Label></Row><Row><Id>22</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_CostsAndExpenses</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>197351000</NumericAmount><RoundedNumericAmount>197351</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>173183000</NumericAmount><RoundedNumericAmount>173183</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Total costs of sales and operating expenses for the period.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Total expenses</Label></Row><Row><Id>23</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_OperatingIncomeLoss</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>-28295000</NumericAmount><RoundedNumericAmount>-28295</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>-26559000</NumericAmount><RoundedNumericAmount>-26559</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The net result for the period of deducting operating expenses from operating revenues.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Loss from operations</Label></Row><Row><Id>24</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_IncomeLossFromEquityMethodInvestments</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>totallabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>-1332000</NumericAmount><RoundedNumericAmount>-1332</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>-737000</NumericAmount><RoundedNumericAmount>-737</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. Such amount typically reflects adjustments similar to those made in preparing consolidated statements, including adjustments to eliminate intercompany gains and losses, and to amortize, if appropriate, any difference between cost and underlying equity in net assets of the investee at the date of investment.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Principles Board Opinion (APB)
 -Number 18
 -Paragraph 19
 -Subparagraph c

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 04
 -Paragraph 11
 -Article 7

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 28

Reference 4: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 03
 -Paragraph 9
 -Article 5

Reference 5: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Principles Board Opinion (APB)
 -Number 18
 -Paragraph 6
 -Subparagraph b

</ElementReferences><IsTotalLabel>true</IsTotalLabel><IsEPS>false</IsEPS><Label>Loss from unconsolidated entities</Label></Row><Row><Id>25</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>-29627000</NumericAmount><RoundedNumericAmount>-29627</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>-27296000</NumericAmount><RoundedNumericAmount>-27296</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items, cumulative effects of changes in accounting principles, and noncontrolling interest.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
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 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 28

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph 29

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Loss from continuing operations</Label></Row><Row><Id>26</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>totallabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>971000</NumericAmount><RoundedNumericAmount>971</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>2270000</NumericAmount><RoundedNumericAmount>2270</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>This element represents the overall income (loss) from a disposal group that is classified as a component of the entity, net of income tax, reported as a separate component of income before extraordinary items and the cumulative effect of accounting changes before deduction or consideration of the amount which may be allocable to noncontrolling interests, if any. Includes the following (net of tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
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 -Paragraph 13
 -Article 7

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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 -Name Regulation S-X (SX)
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph 29

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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 -Name Statement of Financial Accounting Standard (FAS)
 -Number 144
 -Paragraph 43

Reference 5: http://www.xbrl.org/2003/role/presentationRef
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</ElementReferences><IsTotalLabel>true</IsTotalLabel><IsEPS>false</IsEPS><Label>Income from discontinued operations</Label></Row><Row><Id>27</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_ProfitLoss</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>-28656000</NumericAmount><RoundedNumericAmount>-28656</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>-25026000</NumericAmount><RoundedNumericAmount>-25026</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph 29

Reference 4: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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 -Name Statement of Financial Accounting Standard (FAS)
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 -Name Emerging Issues Task Force (EITF)
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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 -Section 04
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 128
 -Paragraph 40
 -Subparagraph b

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Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Principles Board Opinion (APB)
 -Number 12
 -Paragraph 10

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 04
 -Article 3

Reference 4: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 128
 -Paragraph 40
 -Subparagraph b

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<DOCUMENT>
<TYPE>XML
<SEQUENCE>31
<FILENAME>R16.xml
<DESCRIPTION>IDEA: Loss Per Share
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?><InstanceReport xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"><Version>2.2.0.25</Version><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><ReportLongName>0208 - Disclosure - Loss Per Share</ReportLongName><DisplayLabelColumn>true</DisplayLabelColumn><ShowElementNames>false</ShowElementNames><RoundingOption /><HasEmbeddedReports>false</HasEmbeddedReports><Columns><Column><Id>1</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelColumn>false</LabelColumn><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName>1/1/2011 - 3/31/2011
USD ($)

USD ($) / shares

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   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;8. LOSS PER SHARE&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Basic and diluted loss per common share are computed based upon the weighted average number of
   common shares outstanding during the period as the effect of adding stock options and other common
   stock equivalents such as the non-vested restricted stock awards is anti-dilutive.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The following table sets forth the computation of basic and diluted loss per share for the
   periods presented &lt;i&gt;(amounts in thousands, except per share data):&lt;/i&gt;
   &lt;/div&gt;
   &lt;div align="center"&gt;
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       &lt;td nowrap="nowrap" align="center" colspan="6"&gt;&lt;b&gt;Three Months Ended&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
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       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;March 31,&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2010&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Numerator for earnings per share &amp;#8212; basic and diluted:
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Net loss attributable to common stockholders
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(30,243&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;(26,435&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Denominator for earnings per share &amp;#8212; basic and diluted:
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Weighted average common shares outstanding
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;183,863&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;157,192&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Non-vested restricted stock awards
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(1,332&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;(1,061&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:45px; text-indent:-15px"&gt;Denominator for basic and diluted earnings per share
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;182,531&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;156,131&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:45px; text-indent:-15px"&gt;Net loss attributable to common stockholders- basic and diluted
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(0.17&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;(0.17&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;!-- Folio --&gt;
   &lt;!-- /Folio --&gt;
   &lt;/div&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The effect of the conversion of the OP Units, convertible preferred stock, convertible
   debt, stock options and restricted stock is not dilutive and is therefore not included in the above
   calculations as the Company reported a loss from continuing operations.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;If the OP Units were converted to common stock, the additional weighted average common shares
   outstanding for the three months ended March&amp;#160;31, 2011 and 2010 would be 5,061,968 and 5,975,967,
   respectively.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;If the convertible preferred stock were converted to common stock, the additional shares of
   common stock outstanding for the three months ended March&amp;#160;31, 2011 and 2010 would be 3,035,548
   weighted average common shares.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The dilution from stock options and unvested restricted stock and stock options would be an
   additional 1,882,083 and 1,514,041 weighted average common shares for the three months ended March
   31, 2011 and 2010, respectively.
   &lt;/div&gt;
   &lt;/div&gt;
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 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 128
 -Paragraph 40

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   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;&lt;b&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left"&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;&lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;1. CONSOLIDATION AND BASIS OF PRESENTATION&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;Consolidation and Basis of Presentation&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;UDR, Inc., collectively with our consolidated subsidiaries (&amp;#8220;UDR&amp;#8221;, the &amp;#8220;Company&amp;#8221;, &amp;#8220;we&amp;#8221;, &amp;#8220;our&amp;#8221;,
   or &amp;#8220;us&amp;#8221;) is a self-administered real estate investment trust, or REIT, that owns, acquires,
   renovates, develops, redevelops, and manages apartment communities. The accompanying consolidated
   financial statements include the accounts of UDR and its subsidiaries, including United Dominion
   Realty, L.P. (the &amp;#8220;Operating Partnership&amp;#8221;) and Heritage Communities L.P. (the &amp;#8220;Heritage OP&amp;#8221;). As of
   March&amp;#160;31, 2011, there were 179,909,408 units in the Operating Partnership outstanding, of which
   174,847,440 units or 97.2% were owned by UDR and 5,061,968 units or 2.8% were owned by limited
   partners. The consolidated financial statements of UDR include the non-controlling interests of the
   unitholders in the Operating Partnership.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The accompanying interim unaudited consolidated financial statements have been prepared
   according to the rules and regulations of the Securities and Exchange Commission. Certain
   information and footnote disclosures normally included in financial statements prepared in
   accordance with accounting principles generally accepted in the United States have been condensed
   or omitted according to such rules and regulations, although management believes that the
   disclosures are adequate to make the information presented not misleading. In the opinion of
   management, all adjustments and eliminations necessary for the fair presentation of our financial
   position as of March&amp;#160;31, 2011, and results of operations for the three months ended March&amp;#160;31, 2011
   and 2010 have been included. Such adjustments are normal and recurring in nature. The interim
   results presented are not necessarily indicative of results that can be expected for a full year.
   The accompanying interim unaudited consolidated financial statements should be read in conjunction
   with the audited consolidated financial statements and related notes appearing in UDR&amp;#8217;s Annual
   Report on Form 10-K for the year ended December&amp;#160;31, 2010, filed with the Securities and Exchange
   Commission on February&amp;#160;23, 2011.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The accompanying interim unaudited consolidated financial statements are presented in
   accordance with U.S. generally accepted accounting principles (&amp;#8220;GAAP&amp;#8221;). GAAP requires management to
   make estimates and assumptions that affect the reported amounts of assets and liabilities and the
   disclosure of contingent liabilities at the dates of the interim unaudited consolidated financial
   statements and the amounts of revenues and expenses during the reporting periods. Actual amounts
   realized or paid could differ from those estimates. All significant intercompany accounts and
   transactions have been eliminated in consolidation. Certain previously reported amounts have been
   reclassified to conform to the current financial statement presentation.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The Company evaluated subsequent events through the date its financial statements were issued.
   Except as disclosed in Note 16, &lt;i&gt;Subsequent Events&lt;/i&gt;, no other recognized or non-recognized subsequent
   events were noted.
   &lt;/div&gt;
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 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 04
 -Paragraph 13
 -Subparagraph h
 -Article 9

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 04
 -Paragraph 3
 -Article 7

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Net realized gain on sale of marketable securities</Label></Row><Row><Id>8</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>udr_NetGainLossOnSaleOfDepreciableProperty</ElementName><ElementPrefix>udr</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>Element represents net gains on sale of depreciable property and RE3 gain/loss on sale of real estate, net of applicable...</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>true</IsReverseSign><PreferredLabelRole>negated</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>-41000</NumericAmount><RoundedNumericAmount>-41</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>41000</NumericAmount><RoundedNumericAmount>41</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Element represents net gains on sale of depreciable property and RE3 gain/loss on sale of real estate, net of applicable income tax realized.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Net (gain)/loss on the sale of depreciable property</Label></Row><Row><Id>9</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_GainsLossesOnExtinguishmentOfDebt</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>true</IsReverseSign><PreferredLabelRole>negated</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>4019000</NumericAmount><RoundedNumericAmount>4019</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Amount represents the difference between the fair value of the payments made and the carrying amount of the debt at the time of its extinguishment.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Principles Board Opinion (APB)
 -Number 26
 -Paragraph 20, 21

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Loss on debt extinguishment</Label></Row><Row><Id>10</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_ProvisionForDoubtfulAccounts</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>574000</NumericAmount><RoundedNumericAmount>574</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>674000</NumericAmount><RoundedNumericAmount>674</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Amount of the current period expense charged against operations, the offset which is generally to the allowance for doubtful accounts for the purpose of reducing receivables, including notes receivable, to an amount that approximates their net realizable value (the amount expected to be collected).</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 28

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 03
 -Paragraph 5
 -Article 5

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Write off of bad debt</Label></Row><Row><Id>11</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_IncomeLossFromEquityMethodInvestments</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>true</IsReverseSign><PreferredLabelRole>negated</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>1332000</NumericAmount><RoundedNumericAmount>1332</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>737000</NumericAmount><RoundedNumericAmount>737</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. Such amount typically reflects adjustments similar to those made in preparing consolidated statements, including adjustments to eliminate intercompany gains and losses, and to amortize, if appropriate, any difference between cost and underlying equity in net assets of the investee at the date of investment.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Principles Board Opinion (APB)
 -Number 18
 -Paragraph 19
 -Subparagraph c

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 04
 -Paragraph 11
 -Article 7

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 28

Reference 4: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 03
 -Paragraph 9
 -Article 5

Reference 5: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Principles Board Opinion (APB)
 -Number 18
 -Paragraph 6
 -Subparagraph b

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Loss from unconsolidated entities</Label></Row><Row><Id>12</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_AmortizationOfFinancingCosts</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>2923000</NumericAmount><RoundedNumericAmount>2923</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>2094000</NumericAmount><RoundedNumericAmount>2094</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The component of interest expense comprised of the periodic charge against earnings over the life of the financing arrangement to which such costs relate.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
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</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Amortization of deferred financing costs and other</Label></Row><Row><Id>13</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_OtherAmortizationOfDeferredCharges</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>2656000</NumericAmount><RoundedNumericAmount>2656</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>2898000</NumericAmount><RoundedNumericAmount>2898</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The charge against earnings in the period representing the allocation of deferred costs to periods expected to benefit from such costs.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
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</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Amortization of deferred compensation</Label></Row><Row><Id>14</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_AmortizationOfDebtDiscountPremium</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>359000</NumericAmount><RoundedNumericAmount>359</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>967000</NumericAmount><RoundedNumericAmount>967</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The component of interest income or expense representing the periodic increase in or charge against earnings to reflect amortization of debt discounts and premiums over the life of the related debt instruments, which are liabilities of the entity.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Principles Board Opinion (APB)
 -Number 21
 -Paragraph 16

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 03
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 8, 9

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 7
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 1
 -Article 5

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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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 -Publisher SEC
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 129
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USD ($) / shares

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   &lt;!-- Begin Block Tagged Note 15 - us-gaap:SegmentReportingDisclosureTextBlock--&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;15. REPORTABLE SEGMENTS&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;GAAP guidance requires that segment disclosures present the measure(s) used by the chief
   operating decision maker to decide how to allocate resources and for purposes of assessing such
   segments&amp;#8217; performance. UDR&amp;#8217;s chief operating decision maker is comprised of several members of its
   executive management team who use several generally accepted industry financial measures to assess
   the performance of the business for our reportable operating segments.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;UDR owns and operates multifamily apartment communities that generate rental and other
   property related income through the leasing of apartment homes to a diverse base of tenants. The
   primary financial measures for UDR&amp;#8217;s apartment communities are rental income and net operating
   income (&amp;#8220;NOI&amp;#8221;). Rental income represents gross market rent less adjustments for concessions,
   vacancy loss and bad debt. NOI is defined as total revenues less direct property operating
   expenses. UDR&amp;#8217;s chief operating decision maker utilizes NOI as the key measure of segment profit or
   loss.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;UDR&amp;#8217;s two reportable segments are same communities and non-mature/other communities:
   &lt;/div&gt;
   &lt;div style="margin-top: 10pt"&gt;
   &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"&gt;
   &lt;tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"&gt;
       &lt;td width="4%" style="background: transparent"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%" nowrap="nowrap" align="left"&gt;&lt;b&gt;&amp;#8226;&lt;/b&gt;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&lt;i&gt;Same communities &lt;/i&gt;represent those communities acquired, developed, and stabilized prior to
   January&amp;#160;1, 2010, and held as of March&amp;#160;31, 2011. A comparison of operating results from the
   prior year is meaningful as these communities were owned and had stabilized occupancy and
   operating expenses as of the beginning of the prior year, there is no plan to conduct
   substantial redevelopment activities, and the community is not held for disposition within
   the current year. A community is considered to have stabilized occupancy once it achieves
   90% occupancy for at least three consecutive months.&lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 10pt"&gt;
   &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"&gt;
   &lt;tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"&gt;
       &lt;td width="4%" style="background: transparent"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%" nowrap="nowrap" align="left"&gt;&lt;b&gt;&amp;#8226;&lt;/b&gt;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&lt;i&gt;Non-mature/other communities &lt;/i&gt;represent those communities that were acquired or developed
   in 2009 or 2010, sold properties, redevelopment properties, properties classified as real
   estate held for disposition, condominium conversion properties, joint venture properties,
   properties managed by third parties and the non-apartment components of mixed use
   properties.&lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Management evaluates the performance of each of our apartment communities on a same community
   and non-mature/other basis, as well as individually and geographically. This is consistent with the
   aggregation criteria under GAAP as each of our apartment communities generally has similar economic
   characteristics, facilities, services, and tenants. Therefore, the Company&amp;#8217;s reportable segments
   have been aggregated by geography in a manner identical to that which is provided to the chief
   operating decision maker.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;All revenues are from external customers and no single tenant or related group of tenants
   contributed 10% or more of UDR&amp;#8217;s total revenues during the three months ended March&amp;#160;31, 2011 and
   2010.
   &lt;/div&gt;
   &lt;!-- Folio --&gt;
   &lt;!-- /Folio --&gt;
   &lt;/div&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The accounting policies applicable to the operating segments described above are the same as
   those described in Note 2, &lt;i&gt;Significant Accounting Policies&lt;/i&gt;. The following table details rental
   income and NOI for UDR&amp;#8217;s reportable segments for the three months ended March&amp;#160;31, 2011 and 2010,
   and reconciles NOI to loss from continuing operations per the Consolidated Statements of Operations
   &lt;i&gt;(dollars in thousands)&lt;/i&gt;:
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="72%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="6"&gt;&lt;b&gt;Three Months Ended&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;March 31,&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2010&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&lt;b&gt;Reportable apartment home segment rental income&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Same Communities
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:45px; text-indent:-15px"&gt;Western Region
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;53,026&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;51,879&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:45px; text-indent:-15px"&gt;Mid-Atlantic Region
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;40,304&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;38,783&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:45px; text-indent:-15px"&gt;Southeastern Region
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;31,158&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;30,530&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:45px; text-indent:-15px"&gt;Southwestern Region
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;15,053&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;14,758&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Non-Mature communities/Other
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;30,961&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;15,679&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:60px; text-indent:-15px"&gt;Total segment and consolidated
   rental income
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;170,502&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;151,629&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&lt;b&gt;Reportable apartment home segment NOI&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Same Communities
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:45px; text-indent:-15px"&gt;Western Region
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;36,263&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;35,553&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:45px; text-indent:-15px"&gt;Mid-Atlantic Region
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;27,449&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;25,929&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:45px; text-indent:-15px"&gt;Southeastern Region
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;19,488&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;19,070&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:45px; text-indent:-15px"&gt;Southwestern Region
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;8,848&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;8,842&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Non-Mature communities/Other
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;18,749&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;8,629&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:60px; text-indent:-15px"&gt;Total segment and consolidated NOI
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;110,797&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;98,023&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;&lt;b&gt;Reconciling items:&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:45px; text-indent:-15px"&gt;Non-property income
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;4,536&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;3,320&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:45px; text-indent:-15px"&gt;Property management
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(4,689&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;(4,170&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:45px; text-indent:-15px"&gt;Other operating expenses
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(1,459&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;(1,485&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:45px; text-indent:-15px"&gt;Depreciation and amortization
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(84,115&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;(72,207&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:45px; text-indent:-15px"&gt;Interest
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(40,717&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;(36,866&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:45px; text-indent:-15px"&gt;General and administrative
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(10,675&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;(9,640&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:45px; text-indent:-15px"&gt;Other depreciation and amortization
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(1,043&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;(1,223&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:45px; text-indent:-15px"&gt;Loss from unconsolidated entities
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(1,332&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;(737&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:45px; text-indent:-15px"&gt;Redeemable non-controlling interests in OP
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;832&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;1,005&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:45px; text-indent:-15px"&gt;Non-controlling interests
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(51&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;(35&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:45px; text-indent:-15px"&gt;Net gain/(loss) on sale of depreciable property
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;41&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;(41&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:60px; text-indent:-15px"&gt;Net loss attributable to UDR, Inc.
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(27,875&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;(24,056&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;!-- Folio --&gt;
   &lt;!-- /Folio --&gt;
   &lt;/div&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The following table details the assets of UDR&amp;#8217;s reportable segments as of March&amp;#160;31, 2011
   and December&amp;#160;31, 2010 &lt;i&gt;(dollars in thousands)&lt;/i&gt;:
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="72%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;March 31,&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Reportable apartment home segment assets:&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2010&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Same communities:
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Western Region
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;2,282,776&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;2,278,457&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Mid-Atlantic Region
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,316,219&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;1,314,033&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Southeastern Region
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,005,414&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;1,003,830&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Southwestern Region
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;554,048&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;553,176&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Non-mature communities/Other
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,760,865&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;1,731,851&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;&lt;b&gt;Total segment assets&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;6,919,322&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;6,881,347&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:45px; text-indent:-15px"&gt;Accumulated depreciation
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(1,719,051&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;(1,638,326&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;&lt;b&gt;Total segment assets &amp;#8212; net book value&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;5,200,271&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;5,243,021&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Reconciling items:
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Cash and cash equivalents
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;11,692&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;9,486&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Marketable securities
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;3,866&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Restricted cash
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;15,355&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;15,447&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Deferred financing costs, net
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;21,850&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;27,267&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Notes receivable
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;7,800&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;7,800&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Investment in unconsolidated joint ventures
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;149,095&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;148,057&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Other assets
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;95,814&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;74,596&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:45px; text-indent:-15px"&gt;&lt;b&gt;Total consolidated assets&lt;/b&gt;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;5,501,877&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;5,529,540&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Capital expenditures related to our same communities totaled $8.0&amp;#160;million and $8.3
   million for the three months ended March&amp;#160;31, 2011 and 2010, respectively. Capital expenditures
   related to our non-mature/other communities totaled $949,000 and $547,000 for the three months
   ended March&amp;#160;31, 2011 and 2010, respectively.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Markets included in the above geographic segments are as follows:
   &lt;/div&gt;
   &lt;div style="margin-top: 10pt"&gt;
   &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"&gt;
   &lt;tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"&gt;
       &lt;td width="8%" style="background: transparent"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%" nowrap="nowrap" align="left"&gt;i.&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;Western &amp;#8212; Orange County, San Francisco, Seattle, Monterey Peninsula, Los Angeles, San
   Diego, Inland Empire, Sacramento, and Portland&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr&gt;
       &lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"&gt;
       &lt;td width="8%" style="background: transparent"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%" nowrap="nowrap" align="left"&gt;ii.&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;Mid-Atlantic &amp;#8212; Metropolitan DC, Richmond, Baltimore, Norfolk, and Other Mid-Atlantic&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr&gt;
       &lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"&gt;
       &lt;td width="8%" style="background: transparent"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%" nowrap="nowrap" align="left"&gt;iii.&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;Southeastern &amp;#8212; Tampa, Orlando, Nashville, Jacksonville, and Other Florida&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr&gt;
       &lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"&gt;
       &lt;td width="8%" style="background: transparent"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%" nowrap="nowrap" align="left"&gt;iv.&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;Southwestern &amp;#8212; Dallas, Phoenix, Austin, and Houston&lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;/div&gt;
</NonNumbericText><NonNumericTextHeader>&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
   &lt;!-- Begin Block Tagged Note</NonNumericTextHeader><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>us-types:textBlockItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>This element may be used to capture the complete disclosure of reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10% or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 131

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>REPORTABLE SEGMENTS</Label></Row></Rows><Footnotes /><NumberOfCols>1</NumberOfCols><NumberOfRows>2</NumberOfRows><ReportName>Reportable Segments</ReportName><MonetaryRoundingLevel>UnKnown</MonetaryRoundingLevel><SharesRoundingLevel>UnKnown</SharesRoundingLevel><PerShareRoundingLevel>UnKnown</PerShareRoundingLevel><ExchangeRateRoundingLevel>UnKnown</ExchangeRateRoundingLevel><HasCustomUnits>false</HasCustomUnits><SharesShouldBeRounded>true</SharesShouldBeRounded></InstanceReport>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>36
<FILENAME>defnref.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XBRL>
<DefinitionAndReference>
  <Element Id="us-gaap_TemporaryEquityCarryingAmount">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_MinimumRents">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_PaymentsOfDividendsMinorityInterest">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_OtherAssets">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_RepaymentsOfSecuredDebt">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_CommonStockSharesIssued">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_PreferredStockValue">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_AmortizationOfDebtDiscountPremium">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="dei_EntityPublicFloat">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_NetCashProvidedByUsedInFinancingActivities">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="udr_AccountsPayableAccruedExpensesAndOtherLiabilities">
    <definition>This element includes: 1) Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business; 2) Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities; 3) Carrying amount as of the balance sheet date of liabilities not otherwise specified in the taxonomy. Also serves as the sum of liabilities not individually reported in the financial statements, or not separately disclosed in notes.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_DeferredFinanceCostsNet">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_MinorityInterestChangeInRedemptionValue">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_MinorityInterestInNetIncomeLossOtherMinorityInterests">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_AvailableForSaleSecuritiesDebtSecurities">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_DividendsPayableCurrentAndNoncurrent">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_IncreaseDecreaseInOperatingLiabilities">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_StockIssuedDuringPeriodValueNewIssues">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_GainLossOnSaleOfSecuritiesNet">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="dei_EntityCentralIndexKey">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_ProceedsFromRepaymentsOfOtherDebt">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_IncomeLossFromEquityMethodInvestments">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_CommonStockSharesOutstanding">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_OtherGeneralAndAdministrativeExpense">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_PreferredStockSharesIssued">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="udr_SecurityDepositsAndPrepaidRent">
    <definition>This element includes: 1) money paid in advance to protect the provider of a product or service, such as a lessor, against damage or nonpayment by the buyer or tenant (lessee) during the term of the agreement. Such damages may include physical damage to the property, theft of property, and other contractual breaches. Security deposits held may be interest or noninterest bearing; 2) revenue received, but not recognized for financial reporting purposes. Such deferred revenue may consist of and include amounts paid in advance by lessees.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="dei_EntityCommonStockSharesOutstanding">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_RealEstateDisclosureTextBlock">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_CostOfPropertyRepairsAndMaintenance">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_PreferredStockNoParValue">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_ProfitLoss">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_DividendsCommonStockCash">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_InterestPayableCurrentAndNoncurrent">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_PreferredStockSharesOutstanding">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="udr_TotalRealEstateNet">
    <definition>The net book value of real estate held for investment and real estate under development.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_NetIncomeLoss">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_UnsecuredDebt">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_DepreciationAndAmortization">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_ScheduleOfSubsequentEventsTextBlock">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_InterestPaidNet">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="udr_SecuredDebtTextBlock">
    <definition>Information about secured debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, and any other contractual agreement to repay funds, and about the underlying arrangements, repayment terms, interest rates- fixed and variable, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants, if any.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_OtherOperatingIncome">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_CommonStockSharesAuthorized">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="udr_UnsecuredDebtTextBlock">
    <definition>Information about unsecured debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, and any other contractual agreement to repay funds, and about the underlying arrangements, repayment terms, interest rates- fixed and variable, collateral provided, restrictions on activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants, if any.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_StockholdersEquity">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="udr_NetGainLossOnSaleOfDepreciableProperty">
    <definition>Element represents net gains on sale of depreciable property and RE3 gain/loss on sale of real estate, net of applicable income tax realized.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="dei_EntityVoluntaryFilers">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="udr_RetirementOfFullyDepreciatedAssets">
    <definition>Retirement of fully depreciated assets.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_LaborAndRelatedExpense">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="udr_CapitalExpendituresNonRealEstateAssets">
    <definition>Capital expenditures- non- real estate assets held for use.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecrease">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="dei_AmendmentFlag">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_CashAndCashEquivalentsAtCarryingValue">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="udr_DistributionsReceivedFromUnconsolidatedJointVenture">
    <definition>Distributions received from unconsolidated joint ventures.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_ProceedsFromIssuanceOfSecuredDebt">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_AmortizationOfFinancingCosts">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_MinorityInterestDisclosureTextBlock">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="dei_DocumentFiscalPeriodFocus">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_SegmentReportingDisclosureTextBlock">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_EarningsPerShareBasic">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_PaymentsForProceedsFromDepositsOnRealEstateAcquisitions">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="udr_PercentageOfSeriesGCumulativeConvertibleShares">
    <definition>Percentage of Series G Cumulative Convertible Shares.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_Liabilities">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_NetCashProvidedByUsedInOperatingActivities">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_SharesIssued">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_AdditionalPaidInCapital">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_OtherAmortizationOfDeferredCharges">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_StockIssuedDuringPeriodSharesNewIssues">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_Revenues">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_NotesReceivableNet">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="udr_SeriesGDividendsPreferredStockCash">
    <definition>Series G preferred stock cash dividend declared by an entity during the period. This element includes paid and unpaid dividends declared during the period.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_ProvisionForDoubtfulAccounts">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="udr_SeriesEDividendsPreferredStockCash">
    <definition>Series E preferred stock cash dividend declared by an entity during the period. This element includes paid and unpaid dividends declared during the period.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_CommonStockDividendsPerShareDeclared">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="udr_CostOfMarketableSecuritiesSoldPriorToAndSettledSubsequentToPeriodEnd">
    <definition>The cost of marketable securities sold prior to and settled subsequent to period end. This a noncash transaction that affects recognized assets but do not result in cash receipts in the period.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_OtherCostAndExpenseOperating">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_RealEstateInvestmentPropertyAtCost">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_PreferredStockSharesAuthorized">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="udr_AdministrativeAndMarketing">
    <definition>Administrative and marketing related to property operations.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="udr_IssuanceOfCommonAndRestrictedSharesValue">
    <definition>Issuance of common and restricted shares Value.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_EarningsPerShareDiluted">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_DeferredIncomeTaxesAndTaxCredits">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_MinorityInterest">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="udr_CapitalExpendituresAndOtherMajorImprovementsRealEstateAssetsNetOfEscrowReimbursement">
    <definition>Capital expenditures and other major improvements to properties held for investment, net of escrow reimbursement.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_RepaymentsOfUnsecuredDebt">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="udr_PercentageOfSeriesECumulativeConvertibleShares">
    <definition>Percentage of Series E Cumulative Convertible Shares.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_OtherComprehensiveIncomeReclassificationAdjustmentForSaleOfSecuritiesIncludedInNetIncomeNetOfTax">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_CostsAndExpenses">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_SecuredDebt">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_IncomeLossFromContinuingOperationsPerBasicShare">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="dei_CurrentFiscalYearEndDate">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="udr_IssuanceOfCommonAndRestrictedShares">
    <definition>Issuance of Common and Restricted Shares.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="dei_EntityFilerCategory">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_DevelopmentInProcess">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_DeferredGainOnSaleOfProperty">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_CostOfServicesDepreciationAndAmortization">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="dei_EntityRegistrantName">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_PreferredStockDividends">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_CommonStockValue">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_EarningsPerShareTextBlock">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_NetCashProvidedByUsedInInvestingActivities">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_PaymentsOfFinancingCosts">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_DepreciationDepletionAndAmortization">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_OtherRestrictedAssets">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_Assets">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="dei_EntityWellKnownSeasonedIssuer">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_PaymentsToAcquireInterestInJointVenture">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="dei_DocumentPeriodEndDate">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
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    <reference>No authoritative reference available.</reference>
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<SEQUENCE>37
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<DESCRIPTION>IDEA: Stock Based Compensation
<TEXT>
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   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;13. STOCK BASED COMPENSATION&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;During the three months ended March&amp;#160;31, 2011 and 2010, we recognized $2.7&amp;#160;million and $2.9
   million, respectively, as stock based compensation expense, which is inclusive of awards granted to
   our outside directors.
   &lt;/div&gt;
   &lt;/div&gt;
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 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 123R
 -Paragraph 64, 65, A240

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Statement of Position (SOP)
 -Number 93-6
 -Paragraph 53

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Staff Accounting Bulletin (SAB)
 -Number Topic 14

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<TYPE>XML
<SEQUENCE>38
<FILENAME>R13.xml
<DESCRIPTION>IDEA: Joint Ventures
<TEXT>
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   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;5. JOINT VENTURES&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;UDR has entered into joint ventures with unrelated third parties for real estate assets that
   are either consolidated and included in real estate owned on our Consolidated Balance Sheets or are
   accounted for under the equity method of accounting, which are not consolidated and are included in
   investment in unconsolidated joint ventures on our Consolidated Balance Sheets. The Company
   consolidates an entity in which we own less than 100% but control the joint venture as well as any
   variable interest entity where we are the primary beneficiary. In addition, the Company
   consolidates any joint venture in which we are the general partner or managing member and the third
   party does not have the ability to substantively participate in the decision-making process nor do
   they have the ability to remove us as general partner or managing member without cause.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;UDR&amp;#8217;s joint ventures are funded with a combination of debt and equity. Our losses are limited
   to our investment and except as noted below, the Company does not guarantee any debt, capital
   payout or other obligations associated with our joint venture portfolio.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;Consolidated Joint Ventures&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;UDR is a partner with an unaffiliated third party in a joint venture (&amp;#8220;989 Elements&amp;#8221;) which
   owns and operates a 23-story, 166 home high-rise apartment community in the central business
   district of Bellevue, Washington. In March&amp;#160;2010, the Company paid $7.7&amp;#160;million to acquire our
   partner&amp;#8217;s 49% interest in the joint venture. At March&amp;#160;31, 2011 and December&amp;#160;31, 2010, the Company&amp;#8217;s
   interest in 989 Elements was 98%.
   &lt;/div&gt;
   &lt;!-- Folio --&gt;
   &lt;!-- /Folio --&gt;
   &lt;/div&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;UDR is a partner with an unaffiliated third party in a joint venture (&amp;#8220;Elements Too&amp;#8221;) which
   owns and operates a 274 home apartment community in the central business district of Bellevue,
   Washington. Construction began in the fourth quarter of 2006 and was completed in the first
   quarter of 2010. In March&amp;#160;2010, the Company paid $3.2&amp;#160;million to acquire our partner&amp;#8217;s 49% interest
   in the joint venture. At March&amp;#160;31, 2011 and December&amp;#160;31, 2010, the Company&amp;#8217;s interest in Elements
   Too was 98%.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;UDR is a partner with an unaffiliated third party in a joint venture (&amp;#8220;Bellevue&amp;#8221;) which owns
   an operating retail site in Bellevue, Washington. The Company initially planned to develop a 430
   home high rise apartment building with ground floor retail on an existing operating retail center.
   However, the joint venture subsequently decided to continue to operate the retail property as
   opposed to developing a high rise apartment building on the site. In March&amp;#160;2010, the Company paid
   $5.2&amp;#160;million to acquire our partner&amp;#8217;s 49% interest in the joint venture. At March&amp;#160;31, 2011 and
   December&amp;#160;31, 2010, the Company&amp;#8217;s interest in Bellevue was 98%.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;Unconsolidated Joint Ventures&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The Company recognizes earnings or losses from our investments in unconsolidated joint
   ventures consisting of our proportionate share of the net earnings or loss of the joint ventures.
   In addition, we may earn fees for providing management services to the unconsolidated joint
   ventures. As of March&amp;#160;31, 2011, UDR had investments in the following unconsolidated joint ventures
   which are accounted for under the equity method of accounting.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;In November&amp;#160;2010, the Company acquired The Hanover Company&amp;#8217;s (&amp;#8220;Hanover&amp;#8221;) partnership interests
   in the Hanover/MetLife Master Limited Partnership (the&amp;#8220;UDR/MetLife Partnership&amp;#8221;). The UDR/MetLife
   Partnership owns a portfolio of 26 operating communities containing 5,748 apartment homes and 11
   land parcels with the potential to develop approximately 2,300 additional apartment homes. Under
   the terms of the UDR/MetLife Partnership, UDR acts as the general partner and earns fees for
   property and asset management and financing transactions.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;UDR acquired a weighted average ownership interest of 12.27% in the operating communities and 4.14% in
   the land parcels for $100.8&amp;#160;million. The initial investment of $100.8&amp;#160;million consists of $71.8
   million in cash, which includes associated transaction costs, and a $30&amp;#160;million payable (includes
   present value discount of $1&amp;#160;million) to Hanover. UDR agreed to pay the $30&amp;#160;million balance to
   Hanover in two interest free installments in the amounts of $20&amp;#160;million and $10&amp;#160;million on the
   first and second anniversaries of the closing, respectively. The $30&amp;#160;million payable was recorded
   at its present value of $29&amp;#160;million using an effective interest rate of 2.67%. At March&amp;#160;31, 2011
   and December&amp;#160;31, 2010, the net carrying value of the payable was $29.3&amp;#160;million and $29.1&amp;#160;million,
   respectively. Interest expense of $195,000 was recorded during the three months ended March&amp;#160;31,
   2011. At March&amp;#160;31, 2011 and December&amp;#160;31, 2010, the Company&amp;#8217;s investment was $121.9&amp;#160;million and
   $122.2&amp;#160;million, respectively.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;UDR&amp;#8217;s total cost of its equity investment of $100.8&amp;#160;million differed from the proportionate
   share in the underlying net assets of the UDR/MetLife Partnership of $111.4&amp;#160;million. The difference
   of $10.6&amp;#160;million was attributable to certain assets and adjustments were allocated to UDR&amp;#8217;s
   proportionate share in the UDR/MetLife Partnership&amp;#8217;s buildings of $8.4&amp;#160;million, land of $3.9
   million, and ($1.6&amp;#160;million) of lease intangible assets. With the exception of land, the difference
   related to buildings is amortized and recorded as a component of loss from unconsolidated entities
   over 45&amp;#160;years and the difference related to lease intangible assets is amortized and recorded as a
   component of loss from unconsolidated entities over 11&amp;#160;months with the offset to the Company&amp;#8217;s
   carrying value of its equity investment. During the three months ended March&amp;#160;31, 2011, the Company
   recorded $396,000 of amortization.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;In connection with the purchase of Hanover&amp;#8217;s interests in the UDR/MetLife Partnership, UDR
   agreed to indemnify Hanover from liabilities from Hanover&amp;#8217;s guaranty of $304&amp;#160;million in loans ($333
   million outstanding at March&amp;#160;31, 2011) which are secured by a security interest in the operating
   communities subject to the respective loans. The loans are to the sub-tier partnerships which own
   the 26 operating communities. The Company anticipates that the balance of these loans will be
   refinanced by the UDR/MetLife Partnership over the next twelve months.
   &lt;/div&gt;
   &lt;!-- Folio --&gt;
   &lt;!-- /Folio --&gt;
   &lt;/div&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;In October&amp;#160;2010, the Company entered into a joint venture with an affiliate of Hanover to
   develop a 240-home community in Stoughton, Massachusetts. At March&amp;#160;31, 2011 and December&amp;#160;31, 2010,
   UDR owned a noncontrolling interest of 95% in the joint venture. Our initial investment was $10
   million. Our investment at March&amp;#160;31, 2011 and December&amp;#160;31, 2010 was $12.8&amp;#160;million and $10.3
   million, respectively.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;UDR is a partner with an unaffiliated third party, which formed a joint venture for the
   investment of up to $450&amp;#160;million in multifamily properties located in key, high barrier to entry
   markets. The partners will contribute equity of $180&amp;#160;million of which the Company&amp;#8217;s maximum equity
   will be 30% or $54&amp;#160;million when fully invested. In 2010, the joint venture acquired its first
   property (151 homes) located in Metropolitan Washington D.C.. At March&amp;#160;31, 2011 and December&amp;#160;31,
   2010, the Company owned a 30% interest in the joint venture. Our investment at March&amp;#160;31, 2011 and
   December&amp;#160;31, 2010 was $5.1&amp;#160;million and $5.2&amp;#160;million, respectively.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;UDR is a partner with an unaffiliated third party which owns and operates 10 operating
   properties located in Texas (3,992 homes). UDR contributed cash and a property equal to 20% of the
   fair value of the properties. The unaffiliated member contributed cash equal to 80% of the fair
   value of the properties comprising the joint venture, which was then used to purchase the nine
   operating properties from UDR. Our initial investment was $20.4&amp;#160;million. Our investment at March
   31, 2011 and December&amp;#160;31, 2010 was $9.3&amp;#160;million and $10.3&amp;#160;million, respectively.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;We evaluate our investments in unconsolidated joint ventures when events or changes in
   circumstances indicate that there may be an other-than-temporary decline in value. We consider
   various factors to determine if a decrease in the value of the investment is other-than-temporary.
   The Company did not recognize any other-than-temporary decrease in the value of its other
   investments in unconsolidated joint ventures during the three months ended March&amp;#160;31, 2011 and 2010.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Combined summary financial information relating to all of the unconsolidated joint ventures
   operations (not just our proportionate share), is presented below for the three months ended March
   31, (&lt;i&gt;dollars in thousands):&lt;/i&gt;
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="72%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2010&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr&gt;
   &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Revenues
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;46,591&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;10,003&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Real estate depreciation and amortization
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;16,601&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;5,043&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Net loss
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;5,589&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;3,614&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;UDR recorded loss from unconsolidated entities
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,332&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;737&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Combined summary balance sheets relating to all of the unconsolidated joint ventures (not just
   our proportionate share) are presented below as of March&amp;#160;31, 2011 and December&amp;#160;31, 2010 (&lt;i&gt;dollars in
   thousands&lt;/i&gt;):
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="72%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;&lt;b&gt;March 31,&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2"&gt;December 31,&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;2010&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Real estate, net
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;2,679,770&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;2,692,167&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Total assets
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;2,801,354&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;2,807,886&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Amount due to UDR
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;3,305&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;672&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Third party debt
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,551,266&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;1,524,872&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Total liabilities
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,579,270&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;1,580,733&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Non-controlling interest
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;14,582&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;14,537&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Equity
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;1,207,502&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;1,212,616&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;As of March&amp;#160;31, 2011, the Company had deferred fees and deferred profit from the sale of
   properties to a joint venture of $28.8&amp;#160;million, which the Company will not recognize until the
   underlying property is sold to a third party. The Company recognized $1.3&amp;#160;million and $391,000 of management fees during the three months
   ended March&amp;#160;31, 2011 and 2010, respectively, for our management of the joint ventures.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The Company may, in the future, make additional capital contributions to certain of our joint
   ventures should additional capital contributions be necessary to fund acquisitions and operating
   shortfalls.
   &lt;/div&gt;
   &lt;!-- Folio --&gt;
   &lt;!-- /Folio --&gt;
   &lt;/div&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;/div&gt;
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USD ($)

USD ($) / shares

</KeyName><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>Jan-01-2011_Mar-31-2011</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000074208</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2011-01-01T00:00:00</PeriodStartDate><PeriodEndDate>2011-03-31T00:00:00</PeriodEndDate><Segments /><Scenarios /></contextRef><UPS><UnitProperty><UnitID>USD</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty><UnitProperty><UnitID>USDEPS</UnitID><UnitType>Divide</UnitType><NumeratorMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace></NumeratorMeasure><DenominatorMeasure><MeasureSchema>http://www.xbrl.org/2003/instance</MeasureSchema><MeasureValue>shares</MeasureValue><MeasureNamespace>xbrli</MeasureNamespace></DenominatorMeasure><Scale>0</Scale></UnitProperty><UnitProperty><UnitID>Shares</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/instance</MeasureSchema><MeasureValue>shares</MeasureValue><MeasureNamespace>xbrli</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Id="1" Label="3 Months Ended" /><Label Id="2" Label="Mar. 31, 2011" /></Labels></Column><Column><Id>2</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelColumn>false</LabelColumn><CurrencyCode /><FootnoteIndexer /><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName>4/29/2011
</KeyName><CurrencySymbol /><contextRef><ContextID>BalanceAsOf_29Apr2011</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000074208</EntityValue><PeriodDisplayName /><PeriodType>instant</PeriodType><PeriodStartDate>2011-04-29T00:00:00</PeriodStartDate><PeriodEndDate>0001-01-01T00:00:00</PeriodEndDate><Segments /><Scenarios /></contextRef><UPS><UnitProperty><UnitID>Shares</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/instance</MeasureSchema><MeasureValue>shares</MeasureValue><MeasureNamespace>xbrli</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode /><OriginalCurrencyCode /></MCU><CurrencySymbol /><Labels><Label Id="1" Label="Apr. 29, 2011" /></Labels></Column><Column><Id>3</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelColumn>false</LabelColumn><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName>6/30/2010
USD ($)
</KeyName><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>BalanceAsOf_30Jun2010</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000074208</EntityValue><PeriodDisplayName /><PeriodType>instant</PeriodType><PeriodStartDate>2010-06-30T00:00:00</PeriodStartDate><PeriodEndDate>0001-01-01T00:00:00</PeriodEndDate><Segments /><Scenarios /></contextRef><UPS><UnitProperty><UnitID>USD</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Id="1" Label="Jun. 30, 2010" 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charter, which is required by forms filed with the SEC.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation 12B
 -Number 240
 -Section 12b
 -Subsection 1

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 -Publisher SEC
 -Name Regulation 12B
 -Number 240
 -Section 12b
 -Subsection 1

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For all other reports and registration statements this will be the filing date. 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For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. 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For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Document Fiscal Period Focus</Label></Row><Row><Id>10</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>dei_CurrentFiscalYearEndDate</ElementName><ElementPrefix>dei</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition 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available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>No</NonNumbericText><NonNumericTextHeader>No</NonNumericTextHeader><FootnoteIndexer /><CurrencyCode /><CurrencySymbol 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/><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>us-types:yesNoItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Entity Voluntary Filers</Label></Row><Row><Id>13</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>dei_EntityCurrentReportingStatus</ElementName><ElementPrefix>dei</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>Yes</NonNumbericText><NonNumericTextHeader>Yes</NonNumericTextHeader><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>us-types:yesNoItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Entity Current Reporting Status</Label></Row><Row><Id>14</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>dei_EntityFilerCategory</ElementName><ElementPrefix>dei</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>Large Accelerated Filer</NonNumbericText><NonNumericTextHeader>Large Accelerated Filer</NonNumericTextHeader><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>us-types:filerCategoryItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, or (4) Smaller Reporting Company. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Entity Filer Category</Label></Row><Row><Id>15</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>dei_EntityPublicFloat</ElementName><ElementPrefix>dei</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>3</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>1900000000</NumericAmount><RoundedNumericAmount>1.9</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>true</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Entity Public Float</Label></Row><Row><Id>16</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>dei_EntityCommonStockSharesOutstanding</ElementName><ElementPrefix>dei</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>189778728</NumericAmount><RoundedNumericAmount>189778728</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Shares</Unit><ElementDataType>xbrli:sharesItemType</ElementDataType><SimpleDataType>shares</SimpleDataType><ElementDefenition>Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Where multiple classes exist define each class by adding class of stock items such as Common Class A [Member], Common Class B [Member] onto the Instrument [Domain] of the Entity Listings, Instrument</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Entity Common Stock, Shares Outstanding</Label></Row></Rows><Footnotes /><NumberOfCols>3</NumberOfCols><NumberOfRows>15</NumberOfRows><ReportName>Document and Entity Information (USD $)</ReportName><MonetaryRoundingLevel>HundredMillions</MonetaryRoundingLevel><SharesRoundingLevel>NoRounding</SharesRoundingLevel><PerShareRoundingLevel>UnKnown</PerShareRoundingLevel><ExchangeRateRoundingLevel>UnKnown</ExchangeRateRoundingLevel><HasCustomUnits>false</HasCustomUnits><SharesShouldBeRounded>true</SharesShouldBeRounded></InstanceReport>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>40
<FILENAME>R2.xml
<DESCRIPTION>IDEA: Consolidated Balance Sheets
<TEXT>
<XBRL>
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USD ($)

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USD ($)

USD ($) / shares
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/><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>No definition available.</ElementDefenition><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Real estate owned:</Label></Row><Row><Id>3</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_RealEstateInvestmentPropertyAtCost</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>6542227000</NumericAmount><RoundedNumericAmount>6542227</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>true</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>6519095000</NumericAmount><RoundedNumericAmount>6519095</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>true</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Represents a total which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Real estate held for investment</Label></Row><Row><Id>4</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>true</IsReverseSign><PreferredLabelRole>negatedtotal</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>-1647033000</NumericAmount><RoundedNumericAmount>-1647033</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>-1568557000</NumericAmount><RoundedNumericAmount>-1568557</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The cumulative amount of depreciation for real estate property held for investment purposes.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 03
 -Paragraph 1
 -Article 7

</ElementReferences><IsTotalLabel>true</IsTotalLabel><IsEPS>false</IsEPS><Label>Less: accumulated depreciation</Label></Row><Row><Id>5</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_RealEstateInvestmentPropertyNet</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>4895194000</NumericAmount><RoundedNumericAmount>4895194</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>4950538000</NumericAmount><RoundedNumericAmount>4950538</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The net book value of real estate property held for investment purposes.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Real estate investment, net</Label></Row><Row><Id>6</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_DevelopmentInProcess</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>112537000</NumericAmount><RoundedNumericAmount>112537</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>97912000</NumericAmount><RoundedNumericAmount>97912</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The current amount of expenditures for a real estate project that has not yet been completed.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Real estate under development</Label></Row><Row><Id>7</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>totallabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>192540000</NumericAmount><RoundedNumericAmount>192540</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>194571000</NumericAmount><RoundedNumericAmount>194571</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The aggregate value (measured at the lower of net carrying value or fair value less cost of disposal) for assets of a disposal group, including a component of the entity (discontinued operation), to be sold or that has been disposed of through sale, as of the financial statement date.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 144
 -Paragraph 46

</ElementReferences><IsTotalLabel>true</IsTotalLabel><IsEPS>false</IsEPS><Label>Real estate held for disposition (net of accumulated depreciation of $72,018 and $69,769)</Label></Row><Row><Id>8</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>udr_TotalRealEstateNet</ElementName><ElementPrefix>udr</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>The net book value of real estate held for investment and real estate under development.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>5200271000</NumericAmount><RoundedNumericAmount>5200271</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>5243021000</NumericAmount><RoundedNumericAmount>5243021</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The net book value of real estate held for investment and real estate under development.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Total real estate owned, net of accumulated depreciation</Label></Row><Row><Id>9</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_CashAndCashEquivalentsAtCarryingValue</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>11692000</NumericAmount><RoundedNumericAmount>11692</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>9486000</NumericAmount><RoundedNumericAmount>9486</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 7, 26

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 8, 9

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 7
 -Footnote 1

Reference 4: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 1
 -Article 5

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Cash and cash equivalents</Label></Row><Row><Id>10</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_AvailableForSaleSecuritiesDebtSecurities</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>3866000</NumericAmount><RoundedNumericAmount>3866</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>For an unclassified balance sheet, total of debt securities categorized neither as held-to-maturity nor trading. Such securities are reported at fair value; unrealized gains and losses of such securities are excluded from earnings and included in other comprehensive income, a separate component of shareholders' equity, unless the Available-for-sale Security is designated as a hedge or is determined to have had an other than temporary decline in fair value below its amortized cost basis. All or a portion of the unrealized holding gain or loss of an Available-for-sale Security that is designated as being hedged in a fair value hedge shall be recognized in earnings during the period of the hedge, as should other than temporary declines in fair value below costs basis.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 115
 -Paragraph 13, 137

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 115
 -Paragraph 12
 -Subparagraph b

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 115
 -Paragraph 16

Reference 4: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 133
 -Paragraph 22

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Marketable securities</Label></Row><Row><Id>11</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_OtherRestrictedAssets</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>15355000</NumericAmount><RoundedNumericAmount>15355</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>15447000</NumericAmount><RoundedNumericAmount>15447</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol 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cash</Label></Row><Row><Id>12</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_DeferredFinanceCostsNet</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer 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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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 -Publisher SEC
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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 -Name Regulation S-X (SX)
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
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 -Subparagraph 1, 5
 -Article 9

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Real estate taxes payable</Label></Row><Row><Id>22</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_InterestPayableCurrentAndNoncurrent</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>20837000</NumericAmount><RoundedNumericAmount>20837</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>20889000</NumericAmount><RoundedNumericAmount>20889</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Carrying value as of the balance sheet date of [accrued] interest payable on all forms of debt, including trade payables, that has been incurred and is unpaid.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 03
 -Paragraph 15
 -Subparagraph 5
 -Article 9

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 03
 -Paragraph 15
 -Subparagraph a
 -Article 7

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Accrued interest payable</Label></Row><Row><Id>23</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>udr_SecurityDepositsAndPrepaidRent</ElementName><ElementPrefix>udr</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>This element includes: 1) money paid in advance to protect the provider of a product or service, such as a lessor, against...</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>26965000</NumericAmount><RoundedNumericAmount>26965</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>26046000</NumericAmount><RoundedNumericAmount>26046</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>This element includes: 1) money paid in advance to protect the provider of a product or service, such as a lessor, against damage or nonpayment by the buyer or tenant (lessee) during the term of the agreement. Such damages may include physical damage to the property, theft of property, and other contractual breaches. Security deposits held may be interest or noninterest bearing; 2) revenue received, but not recognized for financial reporting purposes. Such deferred revenue may consist of and include amounts paid in advance by lessees.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Security deposits and prepaid rent</Label></Row><Row><Id>24</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_DividendsPayableCurrentAndNoncurrent</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>37445000</NumericAmount><RoundedNumericAmount>37445</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>36561000</NumericAmount><RoundedNumericAmount>36561</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Carrying value as of the balance sheet date of dividends declared but unpaid on equity securities issued by the entity and outstanding.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 03
 -Paragraph 15
 -Subparagraph 5
 -Article 9

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 03
 -Paragraph 15
 -Subparagraph a
 -Article 7

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Distributions payable</Label></Row><Row><Id>25</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_DeferredGainOnSaleOfProperty</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>28931000</NumericAmount><RoundedNumericAmount>28931</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>28943000</NumericAmount><RoundedNumericAmount>28943</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Amount of gain on the sale of property that does not qualify for gain recognition as of the balance sheet date.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Deferred fees and gains on the sale of depreciable property</Label></Row><Row><Id>26</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>udr_AccountsPayableAccruedExpensesAndOtherLiabilities</ElementName><ElementPrefix>udr</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>This element includes: 1) Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have...</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>totallabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>90622000</NumericAmount><RoundedNumericAmount>90622</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>105925000</NumericAmount><RoundedNumericAmount>105925</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>This element includes: 1) Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business; 2) Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities; 3) Carrying amount as of the balance sheet date of liabilities not otherwise specified in the taxonomy. Also serves as the sum of liabilities not individually reported in the financial statements, or not separately disclosed in notes.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>true</IsTotalLabel><IsEPS>false</IsEPS><Label>Accounts payable, accrued expenses, and other liabilities</Label></Row><Row><Id>27</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_Liabilities</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>3741191000</NumericAmount><RoundedNumericAmount>3741191</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>3800453000</NumericAmount><RoundedNumericAmount>3800453</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Total liabilities</Label></Row><Row><Id>28</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_TemporaryEquityCarryingAmount</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>123360000</NumericAmount><RoundedNumericAmount>123360</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>119057000</NumericAmount><RoundedNumericAmount>119057</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The carrying value (book value) of an entity's issued and outstanding stock which is not included within permanent equity in Stockholders Equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 08
 -Paragraph i
 -Article 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Emerging Issues Task Force (EITF)
 -Number D-98
 -Paragraph 2

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 28
 -Subparagraph a
 -Article 5

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Redeemable non-controlling interests in operating partnership</Label></Row><Row><Id>29</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>No definition available.</ElementDefenition><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Stockholders' equity</Label></Row><Row><Id>30</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_CommonStockValue</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>1873000</NumericAmount><RoundedNumericAmount>1873</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>1825000</NumericAmount><RoundedNumericAmount>1825</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Dollar value of issued common stock whether issued at par value, no par or stated value. This item includes treasury stock repurchased by the entity. Note: elements for number of common shares, par value and other disclosure concepts are in another section within stockholders' equity.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 30
 -Article 5

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Common stock, $0.01 par value; 250,000,000 shares authorized 187,273,833 shares issued and outstanding (182,496,330 shares at December 31, 2010)</Label></Row><Row><Id>31</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_AdditionalPaidInCapital</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>2548818000</NumericAmount><RoundedNumericAmount>2548818</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>2450141000</NumericAmount><RoundedNumericAmount>2450141</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of APIC associated with common AND preferred stock. For APIC associated with only common stock, use the element Additional Paid In Capital, Common Stock. For APIC associated with only preferred stock, use the element Additional Paid In Capital, Preferred Stock.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 31
 -Article 5

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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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 -Publisher AICPA
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph 25

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph 26

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph A3
 -Appendix A

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 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph 25

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph 26

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph A3
 -Appendix A

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3/31/2011
USD ($)
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12/31/2010
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/><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>true</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>7</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>1610030000</NumericAmount><RoundedNumericAmount>1610030</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>true</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph 25

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph 26

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph A3
 -Appendix A

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/><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>7</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>-27875000</NumericAmount><RoundedNumericAmount>-27875</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 03
 -Paragraph 19
 -Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph 38
 -Subparagraph d

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph A7
 -Appendix A

Reference 4: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph 38
 -Subparagraph a

Reference 5: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 04
 -Paragraph 20
 -Article 9

Reference 6: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 130
 -Paragraph 10, 15

Reference 7: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Emerging Issues Task Force (EITF)
 -Number 87-21

Reference 8: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 28, 29, 30

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/><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>7</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>51000</NumericAmount><RoundedNumericAmount>51</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Amount of net income (loss) for the period allocated to noncontrolling shareholders, partners, or other equity holders in one or more of the entities consolidated into the reporting entity's financial statements other than joint ventures, limited partnerships, operating partnerships or interests held by preferred unit holders.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph 38
 -Subparagraph a

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph 38
 -Subparagraph c(1)

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 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph 38
 -Subparagraph c(3)

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 130
 -Paragraph 24
 -Subparagraph b

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 130
 -Paragraph 18, 19

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 -Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 133
 -Paragraph 31, 46

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph 38
 -Subparagraph c(3)

Reference 4: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 133
 -Paragraph 46

Reference 5: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 130
 -Paragraph 24
 -Subparagraph b

Reference 6: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 130
 -Paragraph 14, 17, 20, 24, 26

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 -Paragraph 38
 -Subparagraph c(3)

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph 29, 30

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from transactions and other events and circumstances from non-owner sources which are attributable to the economic entity, including both controlling (parent) and noncontrolling interests. 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 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph A5
 -Appendix A

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph 29

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph 38
 -Subparagraph a

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during the period.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Principles Board Opinion (APB)
 -Number 12
 -Paragraph 10

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 04
 -Article 3

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 29, 30, 31
 -Article 5

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 -Name Accounting Principles Board Opinion (APB)
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 -Paragraph 10

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 04
 -Article 3

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 29, 30
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 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 04
 -Article 3

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 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph 25

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph 26

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph A3
 -Appendix A

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</XBRL>
</TEXT>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>44
<FILENAME>R17.xml
<DESCRIPTION>IDEA: Noncontrolling Interests
<TEXT>
<XBRL>
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USD ($)

USD ($) / shares

</KeyName><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>Jan-01-2011_Mar-31-2011</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000074208</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2011-01-01T00:00:00</PeriodStartDate><PeriodEndDate>2011-03-31T00:00:00</PeriodEndDate><Segments /><Scenarios /></contextRef><UPS><UnitProperty><UnitID>USD</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty><UnitProperty><UnitID>USDEPS</UnitID><UnitType>Divide</UnitType><NumeratorMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace></NumeratorMeasure><DenominatorMeasure><MeasureSchema>http://www.xbrl.org/2003/instance</MeasureSchema><MeasureValue>shares</MeasureValue><MeasureNamespace>xbrli</MeasureNamespace></DenominatorMeasure><Scale>0</Scale></UnitProperty><UnitProperty><UnitID>Shares</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/instance</MeasureSchema><MeasureValue>shares</MeasureValue><MeasureNamespace>xbrli</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Id="1" Label="3 Months Ended" /><Label Id="2" Label="Mar. 31, 2011" /></Labels></Column></Columns><Rows><Row><Id>2</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_NoncontrollingInterestItemsAbstract</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>No definition available.</ElementDefenition><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Noncontrolling Interests [Abstract]</Label></Row><Row><Id>3</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_MinorityInterestDisclosureTextBlock</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
   &lt;!-- Begin Block Tagged Note 9 - us-gaap:MinorityInterestDisclosureTextBlock--&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;9. NONCONTROLLING INTERESTS&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;Redeemable noncontrolling interests in operating partnerships&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Interests in operating partnerships held by limited partners are represented by operating
   partnership units (&amp;#8220;OP Units&amp;#8221;). The income is allocated to holders of OP Units based upon net
   income attributable to common stockholders and the weighted average number of OP Units outstanding
   to total common shares plus OP Units outstanding during the period. Capital contributions,
   distributions, and profits and losses are allocated to non-controlling interests in accordance with
   the terms of the individual partnership agreements.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Limited partners have the right to require the Operating Partnership to redeem all or a
   portion of the OP Units held by the limited partner at a redemption price equal to and in the form
   of the Cash Amount as defined in the limited partnership agreement of the Operating Partnership
   (the &amp;#8220;Partnership Agreement&amp;#8221;), provided that such OP
   Units have been outstanding for at least one year. UDR, as the general partner of the
   Operating Partnership may, in its sole discretion, purchase the OP Units by paying to the limited
   partner either the Cash Amount or the REIT Share Amount (generally one share of common stock of the
   Company for each OP Unit), as defined in the Partnership Agreement. Accordingly, the Company
   records the OP Units outside of permanent equity and reports the OP Units at their redemption value
   using the Company&amp;#8217;s stock price at each balance sheet date.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The following table sets forth redeemable noncontrolling interests in the Operating
   Partnership for the following period (&lt;i&gt;dollars in thousands&lt;/i&gt;):
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="86%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Redeemable noncontrolling interests in the OP, December&amp;#160;31, 2010
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;119,057&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Mark to market adjustment to redeemable noncontrolling
   interests in the OP
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;6,313&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Net loss attributable to redeemable noncontrolling interests in the OP
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(832&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Distributions to redeemable noncontrolling interests in the OP
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(1,195&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Allocation of other comprehensive (loss)/income
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;17&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Redeemable noncontrolling interests in the OP, March&amp;#160;31, 2011
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;123,360&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;!-- Folio --&gt;
   &lt;!-- /Folio --&gt;
   &lt;/div&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;
   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The following sets forth net loss attributable to common stockholders and transfers from
   redeemable noncontrolling interests in the Operating Partnership for the following periods (&lt;i&gt;dollars
   in thousands&lt;/i&gt;):
   &lt;/div&gt;
   &lt;div align="center"&gt;
   &lt;table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"&gt;
   &lt;!-- Begin Table Head --&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td width="72%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="9%"&gt;&amp;#160;&lt;/td&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Three Months Ended March 31,&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 10pt" valign="bottom"&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2011&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;2010&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Head --&gt;
   &lt;!-- Begin Table Body --&gt;
   &lt;tr&gt;
   &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Net loss attributable to common stockholders
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(30,243&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;(26,435&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:30px; text-indent:-15px"&gt;Conversion of OP units to UDR Common Stock
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;&amp;#8212;&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td align="right"&gt;215&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;&lt;!-- Blank Space --&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;Change in equity from net (loss)/income attributable to common
   stockholders and conversion of OP units to UDR Common Stock
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;
       &lt;td align="right"&gt;&lt;b&gt;(30,243&lt;/b&gt;&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td nowrap="nowrap" align="left"&gt;$&lt;/td&gt;
       &lt;td align="right"&gt;(26,220&lt;/td&gt;
       &lt;td nowrap="nowrap"&gt;)&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 1px"&gt;
       &lt;td&gt;
   &lt;div style="margin-left:15px; text-indent:-15px"&gt;&amp;#160;
   &lt;/div&gt;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
           &lt;td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"&gt;&amp;#160;&lt;/td&gt;
       &lt;td&gt;&amp;#160;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- End Table Body --&gt;
   &lt;/table&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;Non-controlling interests&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Non-controlling interests represent interests of unrelated partners in certain consolidated
   affiliates, and is presented as part of equity in the Consolidated Balance Sheets since these
   interests are not redeemable into any other ownership interests of the Company. During the three
   months ended March&amp;#160;31, 2011 and 2010, net income attributable to non-controlling interests was
   $51,000 and $35,000, respectively.
   &lt;/div&gt;
   &lt;/div&gt;
</NonNumbericText><NonNumericTextHeader>&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
   &lt;!-- Begin Block Tagged Note</NonNumericTextHeader><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>us-types:textBlockItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>Description of noncontrolling interest in consolidated subsidiaries which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net income (loss) of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph 38

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>NONCONTROLLING INTERESTS</Label></Row></Rows><Footnotes /><NumberOfCols>1</NumberOfCols><NumberOfRows>2</NumberOfRows><ReportName>Noncontrolling Interests</ReportName><MonetaryRoundingLevel>UnKnown</MonetaryRoundingLevel><SharesRoundingLevel>UnKnown</SharesRoundingLevel><PerShareRoundingLevel>UnKnown</PerShareRoundingLevel><ExchangeRateRoundingLevel>UnKnown</ExchangeRateRoundingLevel><HasCustomUnits>false</HasCustomUnits><SharesShouldBeRounded>true</SharesShouldBeRounded></InstanceReport>
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end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
