RICHMOND, Va.--(BUSINESS WIRE)--July 31, 2003--United Dominion Realty Trust, Inc. (NYSE: UDR) announced today that it has priced a $50 million offering of senior unsecured notes under its existing shelf registration statement. Interest on the notes is payable semiannually on March 1st and September 1st and the notes will mature on March 3, 2008. These notes represent a re-opening of the 4.5% senior notes due 2008 issued by United Dominion on February 27, 2003, and these additional notes will constitute a single series of notes with those notes, bringing the aggregate principal amount outstanding of the 4.5% senior notes to $200 million.

These five year notes are rated Baa3 by Moody's Investor Service and BBB- by Standard & Poors. The notes have a coupon of 4.5%. Wachovia Securities is the sole underwriter for the offering.

The Company expects to use the net proceeds to repay amounts outstanding on the Company's $500 million unsecured credit facility. The settlement of this sale is expected to occur on August 5, 2003.

Copies of the prospectus supplement and prospectus relating to the offering may be obtained from Wachovia Securities, Corporate Syndicate Desk, 301 South College Street, DC-8, Charlotte, North Carolina, 28288.

A registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

About United Dominion Realty Trust, Inc.

United Dominion is the fourth largest apartment REIT, owning and operating apartment communities nationwide. The Company has a thirty one-year history during which it has raised the dividend each of the last twenty-seven years. United Dominion is included in the S&P MidCap 400 Index. The Company currently owns 74,262 apartment homes and is the developer of 1,120 homes currently under development. United Dominion's common stock is traded on the New York Stock Exchange under the symbol UDR. 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. Such forward-looking statements are subject to risks and uncertainties which can cause actual results to differ materially from those currently anticipated, due to a number of factors, which include, but are not limited to, unfavorable changes in the apartment market, changing economic conditions, acquisitions or new developments may not achieve anticipated results, difficulties in selling existing apartment communities, and other risk factors discussed in documents filed by the company with the Securities and Exchange Commission from time to time including the Company's Annual Report on Form 10-K and the Company's Quarterly Reports on Form 10-Q. The statements in this press release are made as of today, based upon information currently known to management, and the company disclaims any duty to update such statements.

    CONTACT: United Dominion Realty Trust, Inc.Ella Neyland, 720-283-6144
             ir@udrt.comwww.udrt.com

    SOURCE: United Dominion Realty Trust, Inc.