United Dominion Realty Trust Declares Quarterly Dividends.

RICHMOND, Va. -- United Dominion Realty Trust, Inc. (NYSE: UDR) announced today that its Board of Directors declared a regular quarterly dividend on its common stock for the third quarter of 2004 in the amount of $0.2925 per share, payable on November 1, 2004, to all common stock shareholders of

In addition, the Board of Directors declared a regular quarterly dividend on its Series B Cumulative Redeemable Preferred Stock for the fourth quarter 2004 in the amount of $0.5375 per share. The preferred dividend is payable on November 30, 2004, to Series B preferred stock shareholders of record as of November 15, 2004.

The Board of Directors also declared a regular quarterly dividend on its Series D Convertible Preferred Stock for the third quarter of 2004 in the amount of $0.5223 per share. The preferred dividend is payable on November 1, 2004 to Series D preferred stock shareholders of record as of October 15, 2004.

Furthermore, the Board of Directors declared a regular quarterly dividend on its Series E Preferred Stock for the third quarter 2004 in the amount of $0.3322 per share. The preferred dividend is payable on November 1, 2004 to Series E preferred stock shareholders of record as of October 15, 2004.

The Company has a 28-year track record of increasing the dividend annually.

About United Dominion Realty Trust, Inc.

United Dominion is the fourth largest apartment REIT, owning and operating apartment communities nationwide. The Company has a 32-year history during which it has raised the dividend each of the last 28 years. United Dominion is included in the S&P MidCap 400 Index. The Company currently owns 75,666 apartment homes and has 1,311 homes currently under development. Additional information about United Dominion may be found on its Web site at www.udrt.com.

Statements contained in this press release, which are not historical facts, are forward-looking statements, as the term is defined in the Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by the Company's use of words such as, "expects," "plans," "estimates," "projects," "intends," "believes," and similar expressions that do not relate to historical matters. All forward-looking statements in this press release are made as of today, based upon information known to management as of the date hereof, and the Company assumes no obligation to update or revise any of its forward-looking statements even if experience or future changes show that indicated results or events will not be realized.