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Business Description
United Dominion Realty Trust, Inc. is a self-administered equity real estate investment trust that owns, acquires, renovates, develops and manages middle-market apartment communities in the United States. The Company's target market generally consists of renters-by-necessity, which includes young professionals, blue-collar families, single-parent households, older singles, immigrants, non-related parties and families renting while waiting to purchase a home. Substantially all of United Dominion's leases are for a term of one year or less. As of December 31, 2003, the apartment portfolio, spread across 19 states, included 264 communities located in 55 markets with a total of 76,244 completed apartment homes, and three apartment communities under development. The Company's subsidiaries include two operating partnerships, Heritage Communities L.P., a Delaware limited partnership, and United Dominion Realty L.P., a limited partnership.

Financial Information
For the nine months ended 9/30/04, revenues rose 9% to $457.4 million. Net income from continuing operations and applicable to Common totaled $10.3M vs. a loss of $10.7 million. Revenues reflect an increase in rental and non-property income. Net income reflects a decrease in general and administrative expenses.