<SEC-DOCUMENT>0000950123-11-056056.txt : 20110804
<SEC-HEADER>0000950123-11-056056.hdr.sgml : 20110804
<ACCEPTANCE-DATETIME>20110602153917
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-11-056056
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20110602

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:		CORRESP

	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:		CORRESP

	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>CORRESP
<SEQUENCE>1
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<TITLE>Correspondence</TITLE>
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<DIV
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<P style="font-size: 10pt" align="justify">UDR, INC. <BR>
1745 Shea Center
Drive <BR>
Suite&nbsp;200 <BR>
Highlands Ranch, Colorado 80129

<P style="font-size: 10pt" align="justify">June&nbsp;2, 2011

<P style="font-size: 10pt" align="justify"><B><I>VIA EDGAR</I></B>

<P style="font-size: 10pt" align="justify">Ms.&nbsp;Cicely LaMothe <BR>
Senior
Assistant Chief Accountant <BR>
United States Securities and Exchange
Commission <BR>
Division of Corporation Finance <BR>
100 F Street, N.E.
<BR>
Washington, DC 20549

<P style="font-size: 10pt" align="justify">Mail Stop 3010
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<DIV style="text-indent: 0px; margin-left: 0px">RE: </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">UDR, Inc.<BR> United Dominion Realty, L.P.<BR>
Form&nbsp;10-K for the year ended December&nbsp;31, 2010<BR> Filed
February&nbsp;23, 2011<BR> File No.&nbsp;001-10524 and File
No.&nbsp;333-156002-01</TD>
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<P style="font-size: 10pt" align="justify">Dear Ms.&nbsp;LaMothe:

<P style="font-size: 10pt" align="justify">This letter is in response to your
comments included in your letter dated May&nbsp;19, 2011 regarding the Annual
Reports on Form 10-K for the fiscal year ended December&nbsp;31, 2010 filed by
UDR, Inc. (&#8220;UDR&#8221; or the &#8220;Company&#8221;) and United Dominion
Realty, L.P. (the &#8220;Operating Partnership&#8221;) on February&nbsp;23,
2011. For your convenience, we have set forth each of your comments below
followed by our response to each comment.

<P style="font-size: 10pt" align="justify"><U><B>Annual Report on
Form&nbsp;10-K</B></U>

<P style="font-size: 10pt" align="justify"><U><B>Item&nbsp;1, Business, page
2</B></U>

<P>
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style="background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt"
valign="top">
  <TD width="3%" nowrap align="left"><B>1.</B></TD>
  <TD width="1%">&nbsp;</TD>
  <TD>
<DIV style="text-align: justify"><B>We note your response to comment 2. We
continue to believe that investors should be able to determine when properties
included in the same store community segment in the prior period have been
removed in the current period as a result of no longer meeting the definition
of &#8220;stabilized&#8221; or because of redevelopment plans. In future
filings, please provide appropriate disclosure. Alternatively, please explain
how investors already have access to this information.</B></DIV>
</TD>
 </TR>

</TABLE>


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

<P style="display: none; font-size: 10pt" align="center">1
</DIV>

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<P style="font-size: 10pt" align="justify">June&nbsp;2, 2011 <BR>
Page 2

<P style="font-size: 10pt" align="justify"><B>Response:</B>

<P style="margin-left: 4%; font-size: 10pt" align="justify">We have two same
store pools defined in our filings. One pool is for the current quarter being
presented and one is for the current year to date period being presented. We
define our quarterly same store pool to be those communities that were
acquired, developed and stabilized for the previous 5 quarters. We define our
year to date same store pool to be those communities that were acquired,
developed and stabilized for the previous two years. A community can be removed
from the same store pools for the following reasons:

<P>
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width="100%">

 <TR
style="background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt"
valign="top">
  <TD style="background: none transparent scroll repeat 0% 0%"
width="4%">&nbsp;</TD>
  <TD width="3%" nowrap align="left">&#8226;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>
<DIV style="text-align: justify">Sale</DIV>
</TD>
 </TR>

</TABLE>


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

 <TR
style="background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt"
valign="top">
  <TD style="background: none transparent scroll repeat 0% 0%"
width="4%">&nbsp;</TD>
  <TD width="3%" nowrap align="left">&#8226;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>
<DIV style="text-align: justify">Redevelopment</DIV>
</TD>
 </TR>

</TABLE>


<P>
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width="100%">

 <TR
style="background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt"
valign="top">
  <TD style="background: none transparent scroll repeat 0% 0%"
width="4%">&nbsp;</TD>
  <TD width="3%" nowrap align="left">&#8226;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>
<DIV style="text-align: justify">Catastrophic event</DIV>
</TD>
 </TR>

</TABLE>


<P style="margin-left: 4%; font-size: 10pt" align="justify">In the event of a
sale, the market, number of homes and sales prices are disclosed in our
Management&#8217;s Discussion and Analysis of Financial Condition and Results
of Operations and disclosed in our quarterly earnings release. Additionally,
the number of homes and sales prices are included in the discontinued
operations disclosure in the notes to our financial statements, as well as
being specifically listed in our quarterly earnings supplement.

<P style="margin-left: 4%; font-size: 10pt" align="justify">In the event of a
redevelopment, the community is removed from the same store pool when the
redevelopment plan commences. In future filings, we will add a table of
properties in redevelopment that is similar to the table of properties in
development on page 6 of our 2010 Form 10-K.

<P style="margin-left: 4%; font-size: 10pt" align="justify">In the event of a
catastrophic event, the affected community or communities would be disclosed in
our Management&#8217;s Discussion and Analysis of Financial Condition and
Results of Operations and disclosed in our quarterly earnings release.

<P style="margin-left: 4%; font-size: 10pt" align="justify">Given that this
information is already available to investors, we do not believe that any
additional information regarding the specific communities removed from the same
store pools in accordance with the criteria set forth above needs to be
included in future filings. We respectfully submit that the information
necessary to understand the same store pool comparisons is already included in
our filings (or will be included in future filings as described above) and
readily available for our investors.

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

<P style="display: none; font-size: 10pt" align="center">2
</DIV>

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<DIV
style="width: 7.5in; font-family: 'Times New Roman',Times,serif; margin-left: 0.25in">

<P style="font-size: 10pt" align="justify">June&nbsp;2, 2011 <BR>
Page 3

<P style="font-size: 10pt" align="justify"><U><B>Financial Statements</B></U>

<P style="font-size: 10pt" align="justify"><U><B>United Dominion Realty,
L.P.</B></U>

<P style="font-size: 10pt" align="justify"><U><B>Note 9, Capital
Structure</B></U>

<P style="font-size: 10pt" align="justify"><U><B>Limited Partnership Units,
page 141</B></U>

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

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style="background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt"
valign="top">
  <TD width="3%" nowrap align="left"><B>2.</B></TD>
  <TD width="1%">&nbsp;</TD>
  <TD>
<DIV style="text-align: justify"><B>We have considered your response to comment
six relating to the presentation of non-affiliated limited partners&#8217;
units in permanent capital. We note your assertion that the obligation to
settle the redemption of those units in cash or the Company&#8217;s common
stock is not an obligation of the Operating Partnership, despite the fact that
the Company is assuming cash settlement for those units. Please tell us how
settlement of the redemption requests would occur to the extent the REIT is
unable to deliver common shares in satisfaction of the redemption requests.
Explain how the Company would have an ability to settle in cash without the
Operating Partnership also having a cash obligation to fund the
settlement.</B></DIV>
</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="justify"><B>Response:</B>

<P style="margin-left: 4%; font-size: 10pt" align="justify">As stated in note 9
to the financial statements of the Operating Partnership:

<P style="margin-left: 8%; font-size: 10pt; margin-right: 4%"
align="justify">&#8220;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.&#8221;

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

<P style="display: none; font-size: 10pt" align="center">3
</DIV>

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<DIV
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</DIV>
<P style="font-size: 10pt" align="justify">June&nbsp;2, 2011 <BR>
Page 4

<P style="font-size: 10pt" align="justify">A limited partner
of the Operating Partnership may request that all or a portion of the OP Units
held by the limited partner be redeemed in accordance with the Operating
Partnership Agreement. The Company, as the general partner of the Operating
Partnership, determines, in its sole discretion, whether a request to redeem OP
Units will be satisfied by purchasing the OP Units with either cash or shares
of common stock of the Company. Therefore, in the unlikely event that shares of
the Company&#8217;s common stock were unavailable for the purchase of OP Units
following a redemption request, the Company could fund the purchase
of the OP
Units entirely with cash. The Company and the Operating Partnership have a
down-REIT structure which means the Company can access its own cash and assets
to fund the purchase without a distribution of cash from the Operating
Partnership. There is no obligation on the part of the Operating Partnership or
the Company to pay for OP Units with shares of the Company&#8217;s common stock
following the receipt of a redemption request from a limited partner of the
Operating Partnership. Since the redemption by the Company does not impact the
total amount of OP Units outstanding, we believe it is properly disclosed in
permanent equity in the balance sheet of the Operating Partnership and in the
mezzanine section of the balance sheet of the Company.

<P style="font-size: 10pt" align="justify">We trust the responses above
adequately address the Staff&#8217;s comments set forth in its letter dated
May&nbsp;19, 2011. Further, in response to your request, the Company and the
Operating Partnership hereby acknowledge that:

<P>
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style="background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt"
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width="2%">&nbsp;</TD>
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  <TD>
<DIV style="text-align: justify">The Company and the Operating Partnership are
responsible for the adequacy and accuracy of the disclosure in their respective
filings;</DIV>
</TD>
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</TABLE>


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

 <TR
style="background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt"
valign="top">
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width="2%">&nbsp;</TD>
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  <TD width="1%">&nbsp;</TD>
  <TD>
<DIV style="text-align: justify">staff comments or changes to disclosure in
response to staff comments do not foreclose the Commission from taking any
action with respect to the filings; and</DIV>
</TD>
 </TR>

</TABLE>


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

 <TR
style="background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt"
valign="top">
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width="2%">&nbsp;</TD>
  <TD width="3%" nowrap align="left">&#8226;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>
<DIV style="text-align: justify">the Company and the Operating Partnership may
not assert staff comments as a defense in any proceeding initiated by the
Commission or any person under the federal securities laws of the United
States.</DIV>
</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="justify">Please direct any comments or
inquires regarding the foregoing to the undersigned; telephone:
(720)&nbsp;283-6139; facsimile (877)&nbsp;756-4157.

<P style="font-size: 10pt" align="justify">Sincerely,

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

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    <TD width="35%">&nbsp;</TD>
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<TR>
    <TD style="border-bottom: 1px solid #000000" align="left">/s/ David Messenger</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>



<P style="margin-top=0pt; font-size: 10pt" align="justify">David Messenger <BR>
Senior Vice
President and Chief Financial Officer
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<DIV style="text-indent: 0px; margin-left: 0px">Cc: </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Jorge Bonilla, Securities and
Exchange Commission<BR>
Folake Ayoola, Securities and Exchange Commission<BR> Warren L. Troupe,
<I>UDR, Inc.</I><BR> David M. Lynn, <I>Morrison &amp; Foerster, LLP</I></TD>
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<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">4
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