EXHIBIT 99.1

Mature Market Trends As of January 2005 P R E D I C T A B I L I T Y through H I G H P E R F O R M A N C E

Safe Harbor Statement Statements contained in this presentation, 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. 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 apartment demand or supply in the Company's markets and the effect on occupancy and rental rates; changing economic conditions; changes in household growth or population; the impact of competition and competitive pricing; acquisitions or new developments may not achieve anticipated results; delays in completing developments and lease-ups on schedule; difficulties in selling existing apartment communities on favorable terms or the timing and closing of planned dispositions under agreement; the shortage of available acquisition candidates; the imposition of federal taxes if we fail to qualify as a REIT in any taxable year; failure to generate sufficient revenue, which could create refinancing risk and impair debt service payments and shareholder distributions; increases in property and liability insurance costs; risks arising from environmental issues or natural disasters; effects of the Company's accounting or other policies 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. All forward-looking statements in this presentation 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.

Index of Mature Markets

Definitions 9

Total Matures - 64,018 Homes '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan Concess % of Net Rent 0.0294 0.0286 0.0286 0.0302 0.03 0.0313 0.0329 0.0318 0.0294 0.0274 0.0313 0.0354 0.0308 Net Rent (000) 42022 42227 42554 42493 42594 42489 42417 42928 43048 42963 42952 42497 42928 Accounting Days 33 29 29 33 29 29 30 30 32 29 34 29 29 Concessions Net Rent (000) Note: The company records its revenue on a modified cash basis. Rent for the current month is not recognized until it is collected; however, prepaid rent is recognized as revenue in the month in which it is earned. This modified cash basis accounting will cause monthly fluctuations in revenue recognized depending on the number of accounting days in the month. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1999 0.9179 0.9167 0.9173 0.9174 0.9189 0.9165 0.9178 0.9329 0.9355 0.9364 0.9362 0.9295 2000 0.9264 0.9351 0.9392 0.9398 0.9435 0.9397 0.9384 0.9471 0.9456 0.9439 0.9405 0.9353 2001 0.9331 0.9338 0.9362 0.9367 0.9381 0.9328 0.9313 0.9374 0.939 0.9412 0.9378 0.9343 2002 0.9302 0.9321 0.9319 0.9328 0.9353 0.9273 0.9257 0.9264 0.925 0.928 0.9328 0.9343 2003 0.9333 0.9333 0.9341 0.937 0.9396 0.9323 0.9291 0.9307 0.9289 0.9283 0.9296 0.9277 2004 0.9321 0.9329 0.9353 0.9392 0.9388 0.936 0.9387 0.9426 0.9442 0.942 0.9405 0.9415 2005 0.9403

Atlanta - 1,426 Homes '04 Jan '04 Feb '04 Mar '04 Apr '04May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan Concess % of Net Rent 0.0212 0.0175 0.0155 0.0462 0.0252 0.0277 0.0283 0.0177 0.013 0.0111 0.018 0.024 0.0204 Net Rent 793 816 797 796 805 817 801 816 812 802 795 796 799 Accounting Days 33 29 29 33 29 29 30 30 32 29 34 29 29 Concessions Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1999 0.9144 0.906 0.9116 0.9122 0.9139 0.91 0.9227 0.9394 0.9556 0.9514 0.9457 0.9348 2000 0.933 0.9377 0.9369 0.9297 0.9365 0.9516 0.9534 0.9571 0.9504 0.9527 0.9642 0.9504 2001 0.936 0.9402 0.943 0.9381 0.9384 0.9379 0.9383 0.9346 0.9274 0.93 0.9108 0.915 2002 0.9053 0.9137 0.9165 0.9087 0.8955 0.8943 0.8741 0.8675 0.8655 0.8634 0.9015 0.9209 2003 0.9255 0.9208 0.9213 0.9153 0.909 0.8994 0.9108 0.9062 0.8974 0.9049 0.9025 0.9081 2004 0.9036 0.9067 0.9013 0.9079 0.9271 0.935 0.931 0.9255 0.929 0.9137 0.9062 0.9146 2005 0.917 Net Rent (000)

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1999 0.9511 0.9626 0.9417 0.9197 0.9161 0.9089 0.9165 0.9458 0.9691 0.9806 0.9697 0.9714 2000 0.9502 0.9458 0.9571 0.9686 0.969 0.9594 0.9585 0.9661 0.9682 0.9779 0.9765 0.9719 2001 0.9716 0.9636 0.912 0.8571 0.8029 0.7643 0.7299 0.7301 0.7277 0.7687 0.8196 0.8305 2002 0.8524 0.8632 0.8681 0.8606 0.8911 0.8869 0.928 0.9245 0.8925 0.8654 0.8387 0.8246 2003 0.8057 0.8044 0.8143 0.8491 0.8562 0.8266 0.8242 0.8461 0.8524 0.862 0.8956 0.9194 2004 0.9201 0.9079 0.9095 0.9233 0.9167 0.916 0.9407 0.9653 0.9604 0.9413 0.9441 0.9458 2005 0.9471 Austin - 1,116 Homes '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan Concess % of Net Rent 0.0448 0.0397 0.0359 0.0455 0.0544 0.051 0.0549 0.0387 0.0301 0.0311 0.037 0.04 0.0417 Net Rent 651 637 651 649 638 639 653 680 673 662 671 654 661 Accounting Days 33 29 29 33 29 29 30 30 32 29 34 29 29 Concessions Net Rent (000)

Baltimore - 1,470 Homes '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan Concess % of Net Rent 0.0167 0.0107 0.0068 0.0111 0.0118 0.0089 0.0056 0.0119 0.0053 0.0159 0.014 0.024 0.016 Net Rent 1269 1264 1290 1293 1295 1284 1299 1314 1321 1318 1321 1312 1334 Accounting Days 33 29 29 33 29 29 30 30 32 29 34 29 29 Concessions Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1999 0.9541 0.9511 0.9609 0.9611 0.9575 0.9678 0.9693 0.98 0.98 0.9755 0.9822 0.9793 2000 0.9659 0.9737 0.9742 0.9744 0.9777 0.9818 0.9847 0.9834 0.9855 0.9913 0.9872 0.9818 2001 0.978 0.9754 0.9806 0.9771 0.983 0.9688 0.963 0.9651 0.9597 0.9662 0.9715 0.9648 2002 0.9738 0.9657 0.962 0.9636 0.9671 0.9597 0.9532 0.9497 0.9464 0.956 0.9634 0.9586 2003 0.9601 0.9623 0.9619 0.9545 0.9578 0.9576 0.9574 0.9553 0.9532 0.9571 0.9607 0.957 2004 0.966 0.9701 0.9663 0.9725 0.9667 0.9648 0.9639 0.9597 0.9712 0.967 0.9672 0.9728 2005 0.9661 Net Rent (000)

Charlotte - 2,034 Homes '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan Concess % of Net Rent 0.0256 0.0179 0.0115 0.0186 0.0174 0.0129 0.0179 0.013 0.0123 0.0134 0.02 0.0167 0.0225 Net Rent 1093 1114 1110 1080 1112.511 1083 1087 1116 1102 1092 1107 1097 1098 Accounting Days 33 29 29 33 29 29 30 30 32 29 34 29 29 Concessions Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1999 0.9213 0.9176 0.9102 0.9069 0.9055 0.9063 0.9127 0.9202 0.907 0.9135 0.9065 0.9043 2000 0.8756 0.873 0.8771 0.8824 0.9093 0.9128 0.9081 0.9148 0.908 0.9111 0.9079 0.9093 2001 0.8994 0.9062 0.9145 0.91 0.8983 0.8804 0.8766 0.8662 0.8682 0.8813 0.881 0.8871 2002 0.8941 0.8907 0.8653 0.8597 0.8851 0.8989 0.9122 0.9251 0.9195 0.9242 0.9625 0.9674 2003 0.9686 0.9568 0.953 0.9588 0.9616 0.9621 0.9535 0.9431 0.9293 0.9182 0.9134 0.9162 2004 0.9093 0.9216 0.9175 0.9123 0.9138 0.9025 0.9103 0.9312 0.9281 0.9288 0.9305 0.9249 2005 0.9221 Net Rent (000)

Columbia, SC - 1,584 Homes '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan Concess % of Net Rent 0.0416 0.0346 0.0399 0.0356 0.037 0.025 0.0306 0.015 0.0136 0.0214 0.027 0.0322 0.0293 Net Rent 862 881 856 887 892 904 900 918 893 874 883 869 891 Accounting Days 33 29 29 33 29 29 30 30 32 29 34 29 29 Concessions Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1999 0.9146 0.9167 0.9125 0.9077 0.9111 0.9028 0.8778 0.8981 0.8984 0.9028 0.898 0.881 2000 0.8909 0.9169 0.9287 0.9366 0.942 0.947 0.9468 0.9648 0.9517 0.9518 0.9531 0.9459 2001 0.9433 0.9411 0.9474 0.9373 0.9398 0.9345 0.9356 0.9605 0.9678 0.9688 0.9585 0.9572 2002 0.9423 0.9438 0.9435 0.9431 0.9493 0.9372 0.9388 0.9669 0.9637 0.9538 0.9632 0.9568 2003 0.9412 0.9369 0.9364 0.9355 0.9329 0.9209 0.9289 0.9443 0.9383 0.9187 0.9088 0.9064 2004 0.913 0.9162 0.9212 0.9299 0.9449 0.9414 0.937 0.9478 0.928 0.9231 0.9215 0.9241 2005 0.9311 Net Rent (000)

Columbus - 2,530 Homes '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan Concess % of Net Rent 0.0225 0.0213 0.0327 0.0355 0.0294 0.0327 0.043 0.0611 0.039 0.0319 0.039 0.0334 0.0409 Net Rent 1547 1550 1580 1570 1574 1571 1523 1524 1566 1547 1538 1539 1561 Accounting Days 33 29 29 33 29 29 30 30 32 29 34 29 29 Concessions Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1999 0.9189 0.9099 0.8918 0.8682 0.8621 0.8744 0.8926 0.9073 0.928 0.9501 0.9483 0.9376 2000 0.9359 0.9443 0.9474 0.9407 0.9579 0.9477 0.9422 0.9601 0.9611 0.9594 0.9463 0.9309 2001 0.9162 0.9151 0.9157 0.9233 0.9347 0.9322 0.9235 0.9409 0.9506 0.9534 0.9489 0.939 2002 0.9387 0.9477 0.956 0.953 0.9532 0.941 0.927 0.9336 0.9321 0.9304 0.9306 0.9336 2003 0.9374 0.9346 0.9283 0.9317 0.9356 0.9356 0.9385 0.9451 0.9517 0.9427 0.9296 0.9155 2004 0.9064 0.9086 0.9251 0.9238 0.9186 0.9205 0.9138 0.921 0.9269 0.9152 0.9156 0.922 2005 0.9345 Net Rent (000)

Dallas - 3,123 Homes '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan Concess % of Net Rent 0.022 0.024 0.0278 0.0261 0.0291 0.0312 0.0268 0.0276 0.027 0.0236 0.024 0.027 0.0294 Net Rent 1881 1854 1845 1848 1854 1830 1851 1830 1819 1822 1828 1812 1869 Accounting Days 33 29 29 33 29 29 30 30 32 29 34 29 29 Concessions Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1999 0.9444 0.9472 0.9422 0.9341 0.9425 0.9487 0.9456 0.9501 0.9412 0.9434 0.9454 0.9415 2000 0.9442 0.9524 0.9611 0.9569 0.9538 0.9458 0.9473 0.9527 0.9553 0.959 0.9508 0.9522 2001 0.9519 0.9457 0.9498 0.9509 0.9458 0.9433 0.949 0.9585 0.9534 0.9475 0.9488 0.947 2002 0.9452 0.9437 0.9381 0.9378 0.9391 0.9336 0.9341 0.9278 0.9194 0.9312 0.9363 0.9441 2003 0.9548 0.9578 0.955 0.9542 0.9537 0.9508 0.9528 0.955 0.9493 0.9451 0.9434 0.9511 2004 0.9617 0.9591 0.9607 0.9588 0.9617 0.962 0.9667 0.9588 0.9559 0.9566 0.957 0.9604 2005 0.9592 Net Rent (000)

Denver - 1,484 Homes '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan Concess % of Net Rent 0.175 0.186 0.225 0.225 0.219 0.23 0.226 0.2265 0.2258 0.2304 0.261 0.262 0.2224 Net Rent 897 877 892 879 883 881 894 909 887 893 868 866 865 Accounting Days 33 29 29 33 29 29 30 30 32 29 34 29 29 Concessions Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1999 0.9295 0.9121 0.9164 0.9067 0.9247 0.9267 0.9452 0.9525 0.9532 0.9486 0.9502 0.9543 2000 0.9395 0.9406 0.9381 0.9424 0.9436 0.9352 0.9255 0.9358 0.9404 0.947 0.9663 0.9749 2001 0.9683 0.9583 0.9558 0.9649 0.9774 0.9686 0.9481 0.9582 0.9503 0.9489 0.8996 0.8768 2002 0.8296 0.8237 0.8219 0.832 0.8801 0.8801 0.8578 0.8418 0.8352 0.8288 0.8354 0.8421 2003 0.8441 0.8583 0.8683 0.8811 0.8878 0.9068 0.9132 0.9094 0.9063 0.8947 0.8991 0.894 2004 0.9181 0.9323 0.937 0.9336 0.9269 0.9262 0.9353 0.9473 0.9398 0.9233 0.923 0.9299 2005 0.9233 Net Rent (000)

Ft Worth - 2,656 Homes '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan Concess % of Net Rent 0.0215 0.0183 0.0179 0.0242 0.0218 0.0311 0.0301 0.0194 0.0182 0.0228 0.019 0.0274 0.028 Net Rent 1584 1592 1571 1555 1544 1533 1547 1573 1565 1559 1539 1543 1558 Accounting Days 33 29 29 33 29 29 30 30 32 29 34 29 29 Concessions Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1999 0.9458 0.952 0.9479 0.948 0.9508 0.9576 0.9542 0.9549 0.9555 0.9541 0.956 0.9511 2000 0.9493 0.956 0.9546 0.9599 0.9652 0.9614 0.9608 0.9633 0.963 0.9725 0.9683 0.969 2001 0.9692 0.9688 0.9675 0.9654 0.9669 0.9653 0.9637 0.9674 0.9668 0.9674 0.9616 0.953 2002 0.9492 0.9469 0.953 0.9474 0.9504 0.9457 0.9396 0.9392 0.9333 0.9341 0.9474 0.9545 2003 0.9484 0.9461 0.9487 0.9446 0.9492 0.9487 0.939 0.944 0.9369 0.9396 0.9346 0.939 2004 0.9376 0.9408 0.9319 0.9282 0.9196 0.9171 0.9296 0.9301 0.9345 0.9352 0.9302 0.9415 2005 0.9503 Net Rent (000)

Greensboro - 2,123 Homes '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan Concess % of Net Rent 0.0072 0.007 0.0099 0.0072 0.0093 0.0078 0.0168 0.011 0.0062 0.0066 0.01 0.0127 0.0176 Net Rent 1154 1158 1162 1179 1167 1140 1137 1165 1179 1176 1187 1169 1166 Accounting Days 33 29 29 33 29 29 30 30 32 29 34 29 29 Concessions Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1999 0.8779 0.8742 0.8835 0.9034 0.9013 0.8884 0.874 0.892 0.9102 0.9018 0.9133 0.9141 2000 0.9191 0.9294 0.9315 0.9338 0.9339 0.9255 0.9193 0.9369 0.9249 0.9229 0.9139 0.9059 2001 0.9154 0.9252 0.9196 0.9118 0.9224 0.9022 0.8934 0.9016 0.9175 0.9107 0.8929 0.9003 2002 0.9025 0.9017 0.8983 0.898 0.9111 0.9039 0.8942 0.8902 0.888 0.9068 0.9257 0.9313 2003 0.9367 0.9361 0.9391 0.9426 0.9456 0.9348 0.9329 0.9376 0.9315 0.9282 0.9288 0.9264 2004 0.9276 0.929 0.9318 0.9375 0.9417 0.9211 0.9047 0.9361 0.9432 0.9456 0.942 0.9417 2005 0.9366 Net Rent (000)

Houston - 4,715 Homes '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan Concess % of Net Rent 0.0164 0.0142 0.0176 0.0205 0.0239 0.0243 0.0322 0.0257 0.0287 0.0318 0.0294 0.025 0.0259 Net Rent 2656 2651 2683 2658 2656 2639 2623 2634 2614 2588 2595 2588 2628 Accounting Days 33 29 29 33 29 29 30 30 32 29 34 29 29 Concessions Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1999 0.909 0.8988 0.8958 0.8987 0.9025 0.8999 0.8984 0.8934 0.8921 0.8923 0.8985 0.8957 2000 0.9 0.9232 0.9386 0.9379 0.9341 0.9287 0.9252 0.9357 0.9294 0.9245 0.9315 0.9294 2001 0.9283 0.9324 0.9381 0.9332 0.9339 0.9321 0.9391 0.9472 0.9408 0.9536 0.9513 0.9485 2002 0.9485 0.9531 0.9544 0.9607 0.9592 0.9527 0.9489 0.934 0.9157 0.9112 0.9129 0.901 2003 0.8913 0.896 0.9011 0.9142 0.9217 0.9074 0.9021 0.8966 0.893 0.9037 0.9028 0.8937 2004 0.9035 0.9023 0.9079 0.9126 0.9159 0.9098 0.9176 0.9124 0.9084 0.9081 0.9067 0.9068 2005 0.9122 Net Rent (000)

Jacksonville - 1,157 Homes '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan Concess % of Net Rent 0.0146 0.0108 0.0076 0.0096 0.0131 0.0154 0.0212 0.0188 0.0201 0.0116 0.017 0.0359 0.0251 Net Rent 761 749 766 757 768 763 749 754 753 745 750 766 783 Accounting Days 33 29 29 33 29 29 30 30 32 29 34 29 29 Concessions Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1999 0.8788 0.8799 0.8835 0.8995 0.9138 0.906 0.8995 0.9198 0.9246 0.9304 0.921 0.9071 2000 0.9073 0.9103 0.9004 0.9028 0.8958 0.8971 0.8976 0.9054 0.9054 0.9013 0.9004 0.8974 2001 0.8876 0.8952 0.9073 0.9131 0.9186 0.9354 0.943 0.9492 0.9479 0.9514 0.9533 0.944 2002 0.9371 0.9505 0.9473 0.9449 0.951 0.9386 0.9445 0.9529 0.952 0.9526 0.9652 0.9669 2003 0.9685 0.9628 0.9631 0.9608 0.9609 0.9646 0.9545 0.9598 0.9594 0.959 0.9533 0.9453 2004 0.9457 0.9347 0.9371 0.9322 0.9352 0.936 0.939 0.9339 0.9307 0.9108 0.9201 0.9399 2005 0.9537 Net Rent (000)

Metro DC - 1,086 Homes '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '04 Jan Concess % of Net Rent 0.0143 0.0173 0.0196 0.028 0.0226 0.016 0.0141 0.0096 0.0134 0.028 0.0528 0.0476 0.0319 Net Rent 1001 1009 1043 1012 1044 1046 1080 1103 1075 1039 1043 1047 1034 Accounting Days 33 29 29 33 29 29 30 30 32 29 34 29 29 Concessions Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1999 0.9528 0.9589 0.9591 0.9438 0.9431 0.9551 0.9625 0.9691 0.973 0.9793 0.9737 0.9679 2000 0.9657 0.9718 0.9791 0.9803 0.9839 0.9793 0.9737 0.9835 0.9844 0.9831 0.9847 0.9864 2001 0.9881 0.9886 0.9839 0.9849 0.9848 0.9803 0.9758 0.9822 0.976 0.978 0.9715 0.9728 2002 0.9638 0.9604 0.9684 0.9634 0.9674 0.9748 0.9589 0.9539 0.9564 0.9571 0.9527 0.9533 2003 0.9508 0.9568 0.9652 0.9628 0.9602 0.9599 0.959 0.9645 0.9653 0.9563 0.9596 0.9543 2004 0.9641 0.9572 0.9606 0.9613 0.9689 0.9696 0.9777 0.974 0.9711 0.9632 0.9622 0.9602 2005 0.9545 Net Rent (000)

Monterey (Salinas) - 765 Homes '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan Concess % of Net Rent 0.0075 0.0067 0.0152 0.0155 0.007 0.0052 0.0068 0.0096 0.0042 0.0021 0.0071 0.014 0.0241 Net Rent 679 680 669 688 707 710 699 711 715 720 697 654 647 Accounting Days 33 29 29 33 29 29 30 30 32 29 34 29 29 Concessions Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1999 0.9231 0.9168 0.9148 0.9216 0.9426 0.9404 0.9324 0.9458 0.9374 0.9241 0.9093 0.8732 2000 0.8693 0.8875 0.9229 0.9481 0.9599 0.9587 0.9559 0.9695 0.9713 0.9733 0.966 0.9565 2001 0.9518 0.9663 0.967 0.9679 0.9688 0.9609 0.9556 0.9533 0.9557 0.9485 0.9324 0.9237 2002 0.9216 0.9146 0.9153 0.9254 0.9176 0.9169 0.908 0.9157 0.9247 0.9401 0.9267 0.921 2003 0.9314 0.9298 0.9175 0.9312 0.9367 0.939 0.9411 0.9373 0.9266 0.9174 0.9038 0.9067 2004 0.9108 0.9 0.9013 0.937 0.9399 0.9448 0.9401 0.9464 0.9519 0.9395 0.9127 0.8788 2005 0.8797 Net Rent (000)

Nashville - 2,220 Homes '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan Concess % of Net Rent 0.0211 0.0188 0.0164 0.0135 0.0188 0.012 0.0151 0.0169 0.0124 0.0103 0.014 0.0182 0.0154 Net Rent 1363 1360 1393 1393 1380.546 1415 1389 1410 1400 1396 1384 1378 1385 Accounting Days 33 29 29 33 29 29 30 30 32 29 34 29 29 Concessions Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1999 0.8397 0.8195 0.832 0.8583 0.8664 0.8763 0.8881 0.9203 0.9224 0.9198 0.9196 0.9149 2000 0.9146 0.9268 0.9357 0.9412 0.9497 0.9601 0.9607 0.9629 0.9486 0.9507 0.9461 0.9319 2001 0.9165 0.9195 0.9304 0.9484 0.9492 0.9409 0.9446 0.965 0.9536 0.9535 0.9463 0.9375 2002 0.9416 0.9377 0.9302 0.9303 0.9264 0.9139 0.9123 0.9073 0.9143 0.9155 0.9243 0.9327 2003 0.937 0.9345 0.9295 0.9377 0.9419 0.9419 0.9245 0.924 0.9253 0.9211 0.9163 0.9167 2004 0.9252 0.9336 0.9464 0.9449 0.9493 0.9473 0.948 0.9537 0.9495 0.9399 0.9386 0.9432 2005 0.9452 Net Rent (000)

Norfolk VA Beach - 1,438 Homes '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan Concess % of Net Rent 0.0055 0.0064 0.0059 0.0087 0.0134 0.0097 0.0154 0.0061 0.0061 0.0105 0.0211 0.039 0.0162 Net Rent 1057 1069 1071 1083 1073.903 1092 1087 1114 1102 1090 1084 1069 1070 Accounting Days 33 29 29 33 29 29 30 30 32 29 34 29 29 Concessions Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1999 0.9285 0.9294 0.9392 0.9447 0.9454 0.9479 0.9495 0.9528 0.9569 0.969 0.9759 0.9755 2000 0.9617 0.9652 0.9624 0.9581 0.9574 0.9649 0.9555 0.9619 0.9629 0.9628 0.9483 0.9377 2001 0.9424 0.9525 0.9591 0.9574 0.9595 0.9541 0.9593 0.9571 0.9541 0.951 0.9525 0.9494 2002 0.9466 0.9649 0.9661 0.9757 0.9837 0.9866 0.9841 0.9828 0.9783 0.9737 0.9682 0.9708 2003 0.9608 0.9484 0.9466 0.9485 0.9543 0.9579 0.9598 0.9656 0.9767 0.9783 0.9788 0.9715 2004 0.965 0.9649 0.967 0.967 0.9708 0.963 0.9655 0.967 0.9651 0.9574 0.9509 0.9534 2005 0.9512 Net Rent (000)

Northern California - 1,894 Homes '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan Concess % of Net Rent 0.0283 0.0244 0.025 0.0355 0.0367 0.0286 0.0392 0.0356 0.022 0.0173 0.0371 0.0398 0.0388 Net Rent 2027 2032 2037 2003 2013 2050 2007 2006 2023 2035 2008 1993 1990 Accounting Days 33 29 29 33 29 29 30 30 32 29 34 29 29 Concessions Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1999 0.9768 0.9827 0.9792 0.9831 0.9801 0.978 0.9787 0.9828 0.9879 0.9914 0.9857 0.9884 2000 0.9914 0.9936 0.9836 0.9838 0.9837 0.9818 0.981 0.9857 0.991 0.993 0.9919 0.9884 2001 0.9906 0.986 0.9801 0.9727 0.9658 0.9681 0.9772 0.9735 0.9735 0.9728 0.9636 0.9487 2002 0.9436 0.9484 0.9477 0.9627 0.9723 0.957 0.9522 0.9613 0.967 0.9666 0.9506 0.9529 2003 0.9465 0.9455 0.9513 0.9511 0.9522 0.9348 0.9309 0.9382 0.9314 0.9392 0.9464 0.9384 2004 0.9381 0.9391 0.9366 0.9423 0.9485 0.9465 0.9482 0.9504 0.9484 0.9391 0.9472 0.9447 2005 0.937 Net Rent (000)

'04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan Concess % of Net Rent 0.0204 0.0175 0.0216 0.0135 0.0153 0.0175 0.0156 0.0194 0.0176 0.0141 0.0097 0.0093 0.0089 Net Rent 2680 2708 2720 2735 2732 2742 2751 2788 2880 2877 2909 2878 2907 Accounting Days 33 29 29 33 29 29 30 30 32 29 34 29 29 Orlando - 4,140 Homes Concessions Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1999 0.9236 0.9233 0.9317 0.943 0.9415 0.9385 0.9402 0.9557 0.946 0.9426 0.936 0.9298 2000 0.9205 0.9225 0.9224 0.9199 0.9262 0.9359 0.9508 0.9529 0.9455 0.9465 0.9427 0.9375 2001 0.9312 0.9256 0.9292 0.9291 0.9364 0.9325 0.9313 0.9368 0.9342 0.9249 0.9193 0.9063 2002 0.9006 0.9087 0.9119 0.9251 0.9318 0.9254 0.926 0.9202 0.9118 0.9107 0.9181 0.9292 2003 0.9316 0.9273 0.9282 0.936 0.9464 0.9413 0.941 0.9395 0.928 0.9257 0.9322 0.9303 2004 0.9251 0.9269 0.936 0.9393 0.9368 0.938 0.9394 0.9505 0.9692 0.9726 0.9669 0.9637 2005 0.9586 Net Rent (000)

Phoenix - 1,776 Homes '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan Concess % of Net Rent 0.1328 0.1436 0.1254 0.13 0.121 0.1312 0.1331 0.152 0.1557 0.1338 0.1312 0.1635 0.103 Net Rent 1193 1201 1221 1217 1230 1205 1180 1188 1192 1216 1238 1189 1263 Accounting Days 33 29 29 33 29 29 30 30 32 29 34 29 29 Concessions Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1999 0.9171 0.9189 0.9115 0.9024 0.8973 0.8912 0.8842 0.9037 0.9075 0.9007 0.9086 0.9165 2000 0.9296 0.9505 0.9473 0.9381 0.9333 0.9293 0.9289 0.933 0.9256 0.921 0.9146 0.9124 2001 0.9235 0.92 0.921 0.9298 0.931 0.9327 0.935 0.9309 0.9368 0.9343 0.9371 0.9329 2002 0.9345 0.9375 0.9423 0.9348 0.9317 0.9261 0.9217 0.9281 0.9437 0.9447 0.9286 0.9148 2003 0.915 0.9168 0.9214 0.925 0.9246 0.9207 0.9194 0.9158 0.9046 0.9033 0.8945 0.8833 2004 0.9203 0.9163 0.9287 0.9301 0.9286 0.9182 0.9141 0.9136 0.921 0.9328 0.9355 0.9394 2005 0.9313 Net Rent (000)

Portland - 994 Homes '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan Concess % of Net Rent 0.0524 0.0332 0.0415 0.0566 0.0724 0.0834 0.0789 0.097 0.0799 0.0747 0.063 0.0427 0.039 Net Rent 630 646 659 650 627 624 621 617 640 641 648 648 664 Accounting Days 33 29 29 33 29 29 30 30 32 29 34 29 29 Concessions Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1999 0.8986 0.9207 0.9271 0.9227 0.9202 0.9127 0.9044 0.902 0.9024 0.9076 0.9181 0.9036 2000 0.9086 0.9171 0.9182 0.9299 0.9406 0.9432 0.9467 0.9527 0.9406 0.9392 0.9225 0.916 2001 0.9167 0.9253 0.9369 0.9401 0.9416 0.9386 0.9429 0.9535 0.9562 0.9531 0.9364 0.9251 2002 0.9211 0.9168 0.9173 0.9046 0.8979 0.9029 0.9054 0.9165 0.9074 0.9408 0.9507 0.9422 2003 0.9272 0.9162 0.916 0.9026 0.9092 0.8896 0.8771 0.8878 0.8886 0.8722 0.8851 0.9054 2004 0.9215 0.9135 0.9079 0.9157 0.9052 0.913 0.9139 0.9037 0.9292 0.9434 0.9378 0.9336 2005 0.9388 Net Rent (000)

Raleigh Durham - 3,663 Homes '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan Concess % of Net Rent 0.0272 0.0191 0.0226 0.0249 0.0353 0.0469 0.049 0.0366 0.0304 0.0291 0.027 0.027 0.0186 Net Rent 2180 2210 2195 2197 2183 2144 2141 2161 2175 2216 2225 2199 2203 Accounting Days 33 29 29 33 29 29 30 30 32 29 34 29 29 Concessions Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1999 0.9293 0.9234 0.9266 0.9248 0.9227 0.9118 0.9169 0.9412 0.9354 0.9301 0.9219 0.9162 2000 0.9106 0.913 0.9128 0.9183 0.9277 0.9098 0.8879 0.8968 0.8905 0.8808 0.8847 0.8759 2001 0.8655 0.8547 0.8487 0.8633 0.8774 0.8866 0.8755 0.8836 0.8837 0.9009 0.8906 0.8798 2002 0.8656 0.8662 0.8703 0.8729 0.8824 0.8776 0.8868 0.9019 0.9105 0.929 0.9436 0.9443 2003 0.9278 0.9275 0.9343 0.9422 0.9449 0.9272 0.9173 0.9219 0.9327 0.9325 0.9364 0.9324 2004 0.9339 0.9267 0.9245 0.9322 0.9328 0.9278 0.9325 0.9327 0.9334 0.9498 0.9548 0.9482 2005 0.9416 Net Rent (000)

Richmond Petersburg - 1,796 Homes '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan Concess % of Net Rent 0.0257 0.0257 0.0198 0.0226 0.0078 0.0268 0.0149 0.0222 0.0191 0.0208 0.036 0.0385 0.0271 Net Rent 1201 1223 1239 1235 1246 1231 1243 1259 1226 1228 1230 1219 1248 Accounting Days 33 29 29 33 29 29 30 30 32 29 34 29 29 Concessions Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1999 0.9045 0.9087 0.9144 0.9179 0.9313 0.9424 0.9523 0.9648 0.9684 0.9716 0.9723 0.9642 2000 0.9564 0.9573 0.9598 0.9574 0.9568 0.964 0.9696 0.9705 0.972 0.9616 0.9648 0.9556 2001 0.956 0.9574 0.9703 0.9663 0.9644 0.9587 0.9452 0.9374 0.9429 0.9493 0.9636 0.9653 2002 0.9614 0.956 0.9509 0.9562 0.9439 0.9361 0.918 0.9289 0.9472 0.9469 0.945 0.952 2003 0.9513 0.9585 0.9647 0.9562 0.9546 0.9431 0.9341 0.929 0.9216 0.9288 0.9499 0.9338 2004 0.9316 0.9482 0.9442 0.9519 0.9415 0.94 0.9438 0.9439 0.9384 0.9379 0.9408 0.9504 2005 0.9506 Net Rent (000)

Seattle - 1,575 Homes '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan Concess % of Net Rent 0.0456 0.0477 0.0316 0.0493 0.0458 0.0388 0.0426 0.058 0.07 0.0538 0.043 0.0528 0.0679 Net Rent 1131 1108 1139 1134 1131 1128 1085 1078 1099 1093 1113 1085 1083 Accounting Days 33 29 29 33 29 29 30 30 32 29 34 29 29 Concessions Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1999 0.869 0.879 0.8936 0.8997 0.8933 0.914 0.9371 0.9675 0.9781 0.9749 0.9768 0.9717 2000 0.9542 0.9621 0.961 0.959 0.9666 0.9598 0.9614 0.9586 0.9626 0.9615 0.9542 0.9558 2001 0.9513 0.9646 0.9769 0.963 0.9389 0.9486 0.967 0.949 0.9323 0.9201 0.9319 0.9526 2002 0.9204 0.9295 0.9379 0.9532 0.9686 0.9502 0.9398 0.9184 0.8993 0.8908 0.8941 0.9057 2003 0.9146 0.9076 0.9216 0.9178 0.9387 0.961 0.9599 0.9479 0.9335 0.9344 0.9271 0.9339 2004 0.9408 0.9362 0.9295 0.9458 0.944 0.934 0.9248 0.9162 0.9285 0.927 0.9172 0.9187 2005 0.9224 Net Rent (000)

Southern California - 2,006 Homes '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan Concess % of Net Rent 0.0202 0.0171 0.0193 0.0155 0.0151 0.0205 0.0137 0.018 0.0278 0.0116 0.016 0.0224 0.0248 Net Rent 2143 2189 2213 2198 2217 2219 2227 2238 2257 2301 2292 2273 2284 Accounting Days 33 29 29 33 29 29 30 30 32 29 34 29 29 Concessions Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1999 0.9657 0.97 0.9544 0.9406 0.9522 0.9587 0.9444 0.93 0.9246 0.9323 0.9431 0.9416 2000 0.9431 0.9595 0.9607 0.941 0.9419 0.9579 0.9495 0.963 0.9429 0.936 0.9564 0.9683 2001 0.9645 0.9577 0.9626 0.9607 0.9549 0.9511 0.9505 0.9618 0.959 0.9608 0.96 0.9586 2002 0.9463 0.9497 0.9495 0.9446 0.945 0.9313 0.9294 0.9492 0.9666 0.9797 0.9602 0.9628 2003 0.9596 0.9579 0.9522 0.9534 0.9547 0.9564 0.9618 0.9602 0.9516 0.9492 0.9588 0.9564 2004 0.9419 0.9403 0.9406 0.9458 0.9422 0.9423 0.9428 0.9399 0.9469 0.9477 0.9447 0.9438 2005 0.936 Net Rent (000)

Tampa - 3,836 Homes '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan Concess % of Net Rent 0.0394 0.0439 0.0441 0.0366 0.0366 0.0393 0.0351 0.0349 0.0349 0.0303 0.035 0.0379 0.0332 Net Rent 2529 2545 2567 2597 2581 2591 2616 2642 2636 2662 2678 2634 2667 Accounting Days 33 29 29 33 29 29 30 30 32 29 34 29 29 Concessions Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1999 0.9093 0.9184 0.9324 0.9271 0.9169 0.9155 0.9198 0.9349 0.9334 0.9295 0.9315 0.9242 2000 0.9217 0.9381 0.943 0.9441 0.944 0.9453 0.9466 0.9549 0.96 0.959 0.9554 0.9497 2001 0.9479 0.9458 0.9445 0.9419 0.9455 0.9372 0.9337 0.9424 0.9432 0.9479 0.9322 0.9268 2002 0.9243 0.9302 0.9229 0.9214 0.915 0.9009 0.9023 0.9072 0.9063 0.9092 0.9192 0.929 2003 0.9326 0.9365 0.938 0.9391 0.9414 0.9296 0.9264 0.9335 0.9314 0.9255 0.9309 0.9334 2004 0.9373 0.9404 0.9428 0.9491 0.9472 0.9489 0.954 0.9549 0.9517 0.9487 0.9464 0.9438 2005 0.9426 Net Rent (000)

Wilmington - 1,868 Homes '04 Jan '04 Feb '04 Mar '04 Apr '04 May '04 Jun '04 Jul '04 Aug '04 Sep '04 Oct '04 Nov '04 Dec '05 Jan Concess % of Net Rent 0.0334 0.0341 0.0214 0.019 0.0144 0.0147 0.0138 0.0042 0.0021 0.003 0.005 0.0055 0.0082 Net Rent 1086 1085 1111 1116 1151 1160 1166 1218 1212 1200 1194 1189 1197 Accounting Days 33 29 29 33 29 29 30 30 32 29 34 29 29 Concessions Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1999 0.8554 0.866 0.8669 0.873 0.8797 0.8857 0.8919 0.9298 0.9294 0.9479 0.9305 0.8989 2000 0.8852 0.8723 0.8622 0.8724 0.905 0.9161 0.9153 0.922 0.9072 0.8993 0.8909 0.8871 2001 0.8798 0.8822 0.8826 0.8937 0.9303 0.9452 0.9589 0.9639 0.9517 0.9449 0.9365 0.9428 2002 0.9221 0.9081 0.9173 0.9155 0.9206 0.9035 0.9191 0.9297 0.9093 0.8967 0.9141 0.9158 2003 0.9108 0.9131 0.9105 0.9166 0.92 0.9058 0.9102 0.9234 0.9241 0.9231 0.936 0.9399 2004 0.943 0.938 0.9344 0.945 0.9507 0.9462 0.9609 0.9793 0.9845 0.9762 0.968 0.9676 2005 0.9626 Net Rent (000)

United Dominion Realty Trust

Rental Income and Fees by Market (Mature Communities)

		Jan-04			Feb-04			Mar-04			Apr-04			May-04			Jun-04			Jul-04			Aug-04			Sep-04			Oct-04			Nov-04			Dec-04			Jan-05
Net Rent
Atlanta GA	1,426		793,462			816,262			797,158			795,581			805,290			817,015			800,604			815,903			812,277			801,926			795,110			795,532			798,699
Austin TX	1,116		651,355			636,739			651,100			648,635			638,200			639,374			653,438			680,228			672,705			662,295			671,330			654,381			660,920
Baltimore	1,470		1,269,400			1,264,359			1,290,140			1,292,500			1,295,201			1,284,359			1,299,316			1,313,916			1,321,308			1,317,569			1,321,386			1,312,221			1,333,806
Charlotte NC	2,034		1,092,666			1,113,958			1,109,778			1,080,350			1,112,511			1,082,669			1,087,287			1,116,215			1,101,553			1,091,651			1,106,827			1,097,173			1,098,399
Columbia SC	1,584		861,904			881,472			855,520			887,148			891,746			903,761			900,360			917,886			892,586			873,839			883,095			868,513			891,328
Columbus OH	2,530		1,547,202			1,549,588			1,580,146			1,570,198			1,574,071			1,570,984			1,523,329			1,524,471			1,565,727			1,547,108			1,537,856			1,539,261			1,561,009
Dallas TX	3,123		1,880,548			1,854,371			1,845,160			1,848,449			1,854,060			1,829,874			1,850,930			1,829,739			1,818,794			1,821,994			1,828,101			1,812,026			1,868,622
Denver, CO	1,484		896,529			877,272			892,067			879,127			882,648			881,266			893,776			908,688			887,228			892,591			867,599			865,894			865,189
Ft Worth TX	2,656		1,583,764			1,592,017			1,571,153			1,555,437			1,544,279			1,533,335			1,547,015			1,572,609			1,565,178			1,558,755			1,538,768			1,543,135			1,557,812
Greensboro NC	2,123		1,154,447			1,157,970			1,162,259			1,178,550			1,166,681			1,139,730			1,137,010			1,165,320			1,178,984			1,175,992			1,186,861			1,168,889			1,165,979
Houston TX	4,715		2,655,763			2,650,993			2,683,050			2,658,309			2,656,148			2,638,750			2,622,922			2,633,948			2,613,957			2,588,304			2,594,625			2,587,706			2,627,819
Jacksonville FL	1,157		761,138			749,116			765,893			756,908			767,573			763,368			749,281			754,426			752,864			745,392			749,800			765,902			783,045
Metro DC	1,086		1,001,136			1,008,998			1,042,835			1,012,084			1,043,571			1,046,396			1,080,100			1,102,916			1,074,592			1,038,647			1,042,905			1,046,959			1,033,894
Monterey (Salinas)	765		679,181			679,712			668,764			688,044			707,031			709,875			698,557			710,715			714,741			720,240			697,284			653,589			647,126
Nashville TN	2,220		1,362,935			1,360,316			1,392,903			1,392,954			1,380,546			1,415,210			1,389,219			1,409,945			1,399,855			1,395,858			1,384,091			1,377,740			1,384,960
Norfolk Va Beach NN	1,438		1,056,543			1,068,743			1,071,393			1,083,048			1,073,903			1,092,498			1,087,003			1,113,668			1,102,228			1,090,203			1,083,622			1,069,169			1,070,493
Northern California	1,894		2,027,360			2,031,599			2,036,871			2,003,433			2,012,501			2,049,784			2,006,832			2,006,477			2,023,350			2,035,434			2,007,925			1,992,521			1,990,139
Orlando	4,140		2,680,022			2,708,309			2,720,049			2,735,197			2,731,711			2,741,602			2,751,224			2,787,516			2,879,941			2,877,372			2,909,318			2,878,075			2,907,116
Other Florida	1,101		669,751			686,632			689,665			685,543			685,162			666,543			703,889			707,244			719,993			717,938			736,846			719,519			732,938
Other MidAtlantic	1,156		845,000			849,563			868,171			894,347			904,206			896,760			899,361			917,262			935,971			913,175			872,477			865,630			887,681
Other Midwestern	444		283,997			288,069			282,752			289,621			288,199			273,087			262,119			293,683			297,219			291,243			283,937			287,123			285,089
Other North Carolina	1,893		1,093,622			1,127,811			1,124,014			1,136,560			1,130,209			1,121,582			1,126,213			1,132,424			1,145,667			1,122,651			1,132,178			1,110,290			1,097,494
Other Southeastern	798		385,957			381,763			386,307			381,889			385,330			378,407			367,153			373,472			373,480			376,708			373,801			373,413			376,513
Other Southwestern	3,331		2,038,091			2,018,312			2,016,892			2,012,262			2,010,096			2,015,838			1,996,195			2,017,941			2,024,744			2,008,363			1,992,319			1,974,376			1,974,438
Other Virginia	820		656,850			666,698			705,425			683,815			687,865			696,644			705,100			719,995			734,910			741,337			736,052			703,581			717,215
Phoenix, AZ	1,776		1,192,692			1,200,736			1,221,272			1,216,670			1,229,932			1,204,653			1,180,048			1,188,030			1,192,461			1,215,636			1,238,314			1,188,617			1,263,498
Portland, OR	869		492,536			507,283			515,798			510,172			502,390			498,019			489,110			490,546			502,015			502,219			514,354			506,421			521,428
Raleigh Durham	3,663		2,180,481			2,210,473			2,194,855			2,196,505			2,182,700			2,143,929			2,141,376			2,161,036			2,175,260			2,216,146			2,225,107			2,198,721			2,203,455
Richmond Petersburg	1,796		1,201,262			1,223,193			1,238,509			1,235,261			1,245,795			1,230,900			1,242,868			1,258,952			1,226,474			1,228,103			1,230,076			1,218,896			1,248,005
Seattle,WA	1,575		1,131,317			1,107,777			1,138,830			1,134,165			1,131,265			1,127,659			1,085,024			1,078,375			1,098,909			1,093,172			1,113,152			1,085,241			1,083,302
Southern California	2,006		2,143,081			2,188,591			2,212,888			2,197,777			2,217,492			2,218,771			2,226,653			2,237,881			2,256,760			2,300,928			2,292,009			2,272,945			2,283,503
Tampa FL	3,836		2,528,905			2,544,962			2,567,359			2,597,059			2,580,684			2,590,984			2,615,661			2,641,769			2,635,685			2,661,743			2,677,568			2,633,672			2,667,389
Wilmington NC	1,868		1,085,588			1,084,646			1,111,362			1,116,163			1,150,625			1,159,872			1,166,201			1,218,312			1,211,747			1,200,046			1,193,516			1,188,799			1,196,809
Total	63,893		41,884,484			42,088,304			42,410,340			42,353,763			42,469,624			42,363,497			42,285,175			42,801,508			42,909,164			42,824,578			42,818,208			42,355,930			42,785,111
Concessions as a % of Net Rent
Atlanta GA	1,426		2.12	%		1.75	%		1.55	%		4.62	%		2.52	%		2.76	%		2.83	%		1.77	%		1.30	%		1.11	%		1.77	%		2.37	%		2.04	%
Austin TX	1,116		4.48	%		3.97	%		3.59	%		4.55	%		5.44	%		5.14	%		5.52	%		3.87	%		3.01	%		3.11	%		3.66	%		3.98	%		4.17	%
Baltimore	1,470		1.67	%		1.07	%		0.68	%		1.11	%		1.18	%		0.89	%		0.56	%		1.19	%		0.53	%		1.59	%		1.36	%		2.36	%		1.60	%
Charlotte NC	2,034		2.56	%		1.79	%		1.15	%		1.86	%		1.74	%		1.28	%		1.81	%		1.28	%		1.23	%		1.34	%		1.98	%		1.67	%		2.25	%
Columbia SC	1,584		4.16	%		3.46	%		3.99	%		3.56	%		3.70	%		2.52	%		3.10	%		1.50	%		1.36	%		2.14	%		2.72	%		3.22	%		2.93	%
Columbus OH	2,530		2.25	%		2.13	%		3.27	%		3.55	%		2.94	%		3.26	%		4.26	%		6.11	%		3.90	%		3.19	%		3.89	%		3.34	%		4.09	%
Dallas TX	3,123		2.20	%		2.40	%		2.78	%		2.61	%		2.91	%		3.11	%		2.69	%		2.76	%		2.70	%		2.36	%		2.35	%		2.66	%		2.94	%
Denver, CO	1,484		17.52	%		18.55	%		22.49	%		22.49	%		21.88	%		22.98	%		22.56	%		22.65	%		22.58	%		23.04	%		26.08	%		26.18	%		22.24	%
Ft Worth TX	2,656		2.15	%		1.83	%		1.79	%		2.42	%		2.18	%		3.11	%		3.01	%		1.94	%		1.82	%		2.28	%		1.89	%		2.74	%		2.80	%
Greensboro NC	2,123		0.72	%		0.70	%		0.99	%		0.72	%		0.93	%		0.77	%		1.69	%		1.10	%		0.62	%		0.66	%		1.00	%		1.27	%		1.76	%
Houston TX	4,715		1.64	%		1.42	%		1.76	%		2.05	%		2.39	%		2.43	%		3.22	%		2.57	%		2.87	%		3.18	%		2.94	%		2.50	%		2.59	%
Jacksonville FL	1,157		1.46	%		1.08	%		0.76	%		0.96	%		1.31	%		1.53	%		2.13	%		1.88	%		2.01	%		1.16	%		1.66	%		3.59	%		2.51	%
Metro DC	1,086		1.43	%		1.73	%		1.96	%		2.80	%		2.26	%		1.60	%		1.41	%		0.96	%		1.34	%		2.80	%		5.28	%		4.76	%		3.19	%
Monterey (Salinas)	765		0.75	%		0.67	%		1.52	%		1.55	%		0.70	%		0.52	%		0.68	%		0.96	%		0.42	%		0.21	%		0.71	%		1.40	%		2.41	%
Nashville TN	2,220		2.11	%		1.88	%		1.64	%		1.35	%		1.88	%		1.19	%		1.52	%		1.69	%		1.24	%		1.03	%		1.38	%		1.82	%		1.54	%
Norfolk Va Beach NN	1,438		0.55	%		0.64	%		0.59	%		0.87	%		1.34	%		0.97	%		1.54	%		0.61	%		0.61	%		1.05	%		2.11	%		3.90	%		1.62	%
Northern California	1,894		2.83	%		2.44	%		2.50	%		3.55	%		3.67	%		2.85	%		3.93	%		3.57	%		2.20	%		1.73	%		3.71	%		3.98	%		3.88	%
Orlando	4,140		2.04	%		1.75	%		2.16	%		1.35	%		1.53	%		1.75	%		1.56	%		1.94	%		1.76	%		1.41	%		0.97	%		0.93	%		0.89	%
Other Florida	1,101		1.74	%		2.01	%		1.76	%		1.80	%		2.10	%		1.72	%		2.11	%		1.34	%		1.76	%		1.71	%		0.95	%		1.01	%		1.06	%
Other MidAtlantic	1,156		1.80	%		2.28	%		1.06	%		1.08	%		0.77	%		0.51	%		0.59	%		0.48	%		0.40	%		0.80	%		2.90	%		4.37	%		1.74	%
Other Midwestern	444		3.37	%		3.57	%		2.89	%		4.75	%		2.32	%		3.38	%		7.10	%		2.86	%		1.99	%		1.73	%		2.97	%		3.37	%		3.57	%
Other North Carolina	1,893		0.29	%		0.53	%		0.50	%		0.55	%		0.62	%		0.52	%		1.73	%		0.74	%		0.46	%		0.58	%		0.72	%		1.10	%		1.62	%
Other Southeastern	798		0.37	%		0.93	%		1.21	%		0.69	%		0.86	%		0.55	%		1.51	%		2.16	%		1.00	%		0.63	%		1.14	%		2.69	%		1.22	%
Other Southwestern	3,331		1.48	%		1.38	%		1.35	%		1.61	%		1.31	%		1.43	%		1.34	%		1.52	%		0.83	%		1.13	%		1.14	%		1.06	%		1.46	%
Other Virginia	820		3.51	%		6.12	%		3.13	%		0.80	%		2.47	%		2.13	%		1.80	%		2.08	%		2.62	%		0.62	%		1.34	%		4.67	%		1.51	%
Phoenix, AZ	1,776		13.28	%		14.36	%		12.54	%		13.00	%		12.10	%		13.12	%		13.31	%		15.20	%		15.57	%		13.38	%		13.12	%		16.35	%		10.30	%
Portland, OR	869		5.71	%		3.81	%		4.42	%		6.22	%		6.75	%		7.07	%		7.87	%		9.22	%		9.42	%		9.13	%		5.56	%		4.63	%		4.52	%
Raleigh Durham	3,663		2.72	%		1.91	%		2.26	%		2.49	%		3.53	%		4.67	%		4.94	%		3.66	%		3.04	%		2.91	%		2.74	%		2.74	%		1.86	%
Richmond Petersburg	1,796		2.57	%		2.57	%		1.98	%		2.26	%		0.78	%		2.68	%		1.49	%		2.22	%		1.91	%		2.08	%		3.55	%		3.85	%		2.71	%
Seattle,WA	1,575		4.56	%		4.77	%		3.16	%		4.93	%		4.58	%		3.88	%		4.26	%		5.80	%		7.00	%		5.38	%		4.25	%		5.28	%		6.79	%
Southern California	2,006		2.02	%		1.71	%		1.93	%		1.55	%		1.51	%		2.05	%		1.37	%		1.80	%		2.78	%		1.16	%		1.60	%		2.24	%		2.48	%
Tampa FL	3,836		3.94	%		4.39	%		4.41	%		3.66	%		3.66	%		3.91	%		3.52	%		3.49	%		3.49	%		3.03	%		3.48	%		3.79	%		3.32	%
Wilmington NC	1,868		3.34	%		3.41	%		2.14	%		1.90	%		1.44	%		1.46	%		1.39	%		0.42	%		0.21	%		0.30	%		0.52	%		0.55	%		0.82	%
Total	63,893		2.93	%		2.86	%		2.86	%		3.02	%		2.98	%		3.10	%		3.27	%		3.15	%		2.94	%		2.75	%		3.11	%		3.54	%		3.09	%

Ft Worth TX	2,656	2.15	%	1.83	%	1.79	%	2.42	%	2.18	%	3.11	%	3.01	%	1.94	%	1.82	%	2.28	%	1.89	%	2.74	%	2.80	%
Greensboro NC	2,123	0.72	%	0.70	%	0.99	%	0.72	%	0.93	%	0.77	%	1.69	%	1.10	%	0.62	%	0.66	%	1.00	%	1.27	%	1.76	%
Houston TX	4,715	1.64	%	1.42	%	1.76	%	2.05	%	2.39	%	2.43	%	3.22	%	2.57	%	2.87	%	3.18	%	2.94	%	2.50	%	2.59	%
Jacksonville FL	1,157	1.46	%	1.08	%	0.76	%	0.96	%	1.31	%	1.53	%	2.13	%	1.88	%	2.01	%	1.16	%	1.66	%	3.59	%	2.51	%
Metro DC	1,086	1.43	%	1.73	%	1.96	%	2.80	%	2.26	%	1.60	%	1.41	%	0.96	%	1.34	%	2.80	%	5.28	%	4.76	%	3.19	%
Monterey (Salinas)	765	0.75	%	0.67	%	1.52	%	1.55	%	0.70	%	0.52	%	0.68	%	0.96	%	0.42	%	0.21	%	0.71	%	1.40	%	2.41	%
Nashville TN	2,220	2.11	%	1.88	%	1.64	%	1.35	%	1.88	%	1.19	%	1.52	%	1.69	%	1.24	%	1.03	%	1.38	%	1.82	%	1.54	%
Norfolk Va Beach NN	1,438	0.55	%	0.64	%	0.59	%	0.87	%	1.34	%	0.97	%	1.54	%	0.61	%	0.61	%	1.05	%	2.11	%	3.90	%	1.62	%
Northern California	1,894	2.83	%	2.44	%	2.50	%	3.55	%	3.67	%	2.85	%	3.93	%	3.57	%	2.20	%	1.73	%	3.71	%	3.98	%	3.88	%
Orlando	4,140	2.04	%	1.75	%	2.16	%	1.35	%	1.53	%	1.75	%	1.56	%	1.94	%	1.76	%	1.41	%	0.97	%	0.93	%	0.89	%
Other Florida	1,101	1.74	%	2.01	%	1.76	%	1.80	%	2.10	%	1.72	%	2.11	%	1.34	%	1.76	%	1.71	%	0.95	%	1.01	%	1.06	%
Other MidAtlantic	1,156	1.80	%	2.28	%	1.06	%	1.08	%	0.77	%	0.51	%	0.59	%	0.48	%	0.40	%	0.80	%	2.90	%	4.37	%	1.74	%
Other Midwestern	444	3.37	%	3.57	%	2.89	%	4.75	%	2.32	%	3.38	%	7.10	%	2.86	%	1.99	%	1.73	%	2.97	%	3.37	%	3.57	%
Other North Carolina	1,893	0.29	%	0.53	%	0.50	%	0.55	%	0.62	%	0.52	%	1.73	%	0.74	%	0.46	%	0.58	%	0.72	%	1.10	%	1.62	%
Other Southeastern	798	0.37	%	0.93	%	1.21	%	0.69	%	0.86	%	0.55	%	1.51	%	2.16	%	1.00	%	0.63	%	1.14	%	2.69	%	1.22	%
Other Southwestern	3,331	1.48	%	1.38	%	1.35	%	1.61	%	1.31	%	1.43	%	1.34	%	1.52	%	0.83	%	1.13	%	1.14	%	1.06	%	1.46	%
Other Virginia	820	3.51	%	6.12	%	3.13	%	0.80	%	2.47	%	2.13	%	1.80	%	2.08	%	2.62	%	0.62	%	1.34	%	4.67	%	1.51	%
Phoenix, AZ	1,776	13.28	%	14.36	%	12.54	%	13.00	%	12.10	%	13.12	%	13.31	%	15.20	%	15.57	%	13.38	%	13.12	%	16.35	%	10.30	%
Portland, OR	994	5.24	%	3.32	%	4.15	%	5.66	%	7.24	%	8.29	%	7.94	%	9.70	%	7.99	%	7.47	%	6.28	%	4.27	%	3.90	%
Raleigh Durham	3,663	2.72	%	1.91	%	2.26	%	2.49	%	3.53	%	4.67	%	4.94	%	3.66	%	3.04	%	2.91	%	2.74	%	2.74	%	1.86	%
Richmond Petersburg	1,796	2.57	%	2.57	%	1.98	%	2.26	%	0.78	%	2.68	%	1.49	%	2.22	%	1.91	%	2.08	%	3.55	%	3.85	%	2.71	%
Seattle,WA	1,575	4.56	%	4.77	%	3.16	%	4.93	%	4.58	%	3.88	%	4.26	%	5.80	%	7.00	%	5.38	%	4.25	%	5.28	%	6.79	%
Southern California	2,006	2.02	%	1.71	%	1.93	%	1.55	%	1.51	%	2.05	%	1.37	%	1.80	%	2.78	%	1.16	%	1.60	%	2.24	%	2.48	%
Tampa FL	3,836	3.94	%	4.39	%	4.41	%	3.66	%	3.66	%	3.91	%	3.52	%	3.49	%	3.49	%	3.03	%	3.48	%	3.79	%	3.32	%
Wilmington NC	1,868	3.34	%	3.41	%	2.14	%	1.90	%	1.44	%	1.46	%	1.39	%	0.42	%	0.21	%	0.30	%	0.52	%	0.55	%	0.82	%
Total	64,018	2.94	%	2.86	%	2.86	%	3.02	%	3.00	%	3.13	%	3.29	%	3.18	%	2.94	%	2.74	%	3.13	%	3.54	%	3.08	%

United Dominion Realty Trust

Monthly Occupancy By Market (Mature Communities)

		Jan			Feb			Mar			Apr			May			Jun			Jul			Aug			Sep			Oct			Nov			Dec
Atlanta GA	1999		91.44	%		90.60	%		91.16	%		91.22	%		91.39	%		91.00	%		92.27	%		93.94	%		95.56	%		95.14	%		94.57	%		93.48	%
Atlanta GA	2000		93.30	%		93.77	%		93.69	%		92.97	%		93.65	%		95.16	%		95.34	%		95.71	%		95.04	%		95.27	%		96.42	%		95.04	%
Atlanta GA	2001		93.60	%		94.02	%		94.30	%		93.81	%		93.84	%		93.79	%		93.83	%		93.46	%		92.74	%		93.00	%		91.08	%		91.50	%
Atlanta GA	2002		90.53	%		91.37	%		91.65	%		90.87	%		89.55	%		89.43	%		87.41	%		86.75	%		86.55	%		86.34	%		90.15	%		92.09	%
Atlanta GA	2003		92.55	%		92.08	%		92.13	%		91.53	%		90.90	%		89.94	%		91.08	%		90.62	%		89.74	%		90.49	%		90.25	%		90.81	%
Atlanta GA	2004		90.36	%		90.67	%		90.13	%		90.79	%		92.71	%		93.50	%		93.10	%		92.55	%		92.90	%		91.37	%		90.62	%		91.46	%
Atlanta GA	2005		91.70	%
Austin TX	1999		95.11	%		96.26	%		94.17	%		91.97	%		91.61	%		90.89	%		91.65	%		94.58	%		96.91	%		98.06	%		96.97	%		97.14	%
Austin TX	2000		95.02	%		94.58	%		95.71	%		96.86	%		96.90	%		95.94	%		95.85	%		96.61	%		96.82	%		97.79	%		97.65	%		97.19	%
Austin TX	2001		97.16	%		96.36	%		91.20	%		85.71	%		80.29	%		76.43	%		72.99	%		73.01	%		72.77	%		76.87	%		81.96	%		83.05	%
Austin TX	2002		85.24	%		86.32	%		86.81	%		86.06	%		89.11	%		88.69	%		92.80	%		92.45	%		89.25	%		86.54	%		83.87	%		82.46	%
Austin TX	2003		80.57	%		80.44	%		81.43	%		84.91	%		85.62	%		82.66	%		82.42	%		84.61	%		85.24	%		86.20	%		89.56	%		91.94	%
Austin TX	2004		92.01	%		90.79	%		90.95	%		92.33	%		91.67	%		91.60	%		94.07	%		96.53	%		96.04	%		94.13	%		94.41	%		94.58	%
Austin TX	2005		94.71	%
Baltimore	1999		95.41	%		95.11	%		96.09	%		96.11	%		95.75	%		96.78	%		96.93	%		98.00	%		98.00	%		97.55	%		98.22	%		97.93	%
Baltimore	2000		96.59	%		97.37	%		97.42	%		97.44	%		97.77	%		98.18	%		98.47	%		98.34	%		98.55	%		99.13	%		98.72	%		98.18	%
Baltimore	2001		97.80	%		97.54	%		98.06	%		97.71	%		98.30	%		96.88	%		96.30	%		96.51	%		95.97	%		96.62	%		97.15	%		96.48	%
Baltimore	2002		97.38	%		96.57	%		96.20	%		96.36	%		96.71	%		95.97	%		95.32	%		94.97	%		94.64	%		95.60	%		96.34	%		95.86	%
Baltimore	2003		96.01	%		96.23	%		96.19	%		95.45	%		95.78	%		95.76	%		95.74	%		95.53	%		95.32	%		95.71	%		96.07	%		95.70	%
Baltimore	2004		96.60	%		97.01	%		96.63	%		97.25	%		96.67	%		96.48	%		96.39	%		95.97	%		97.12	%		96.70	%		96.72	%		97.28	%
Baltimore	2005		96.61	%
Charlotte NC	1999		92.13	%		91.76	%		91.02	%		90.69	%		90.55	%		90.63	%		91.27	%		92.02	%		90.70	%		91.35	%		90.65	%		90.43	%
Charlotte NC	2000		87.56	%		87.30	%		87.71	%		88.24	%		90.93	%		91.28	%		90.81	%		91.48	%		90.80	%		91.11	%		90.79	%		90.93	%
Charlotte NC	2001		89.94	%		90.62	%		91.45	%		91.00	%		89.83	%		88.04	%		87.66	%		86.62	%		86.82	%		88.13	%		88.10	%		88.71	%
Charlotte NC	2002		89.41	%		89.07	%		86.53	%		85.97	%		88.51	%		89.89	%		91.22	%		92.51	%		91.95	%		92.42	%		96.25	%		96.74	%
Charlotte NC	2003		96.86	%		95.68	%		95.30	%		95.88	%		96.16	%		96.21	%		95.35	%		94.31	%		92.93	%		91.82	%		91.34	%		91.62	%
Charlotte NC	2004		90.93	%		92.16	%		91.75	%		91.23	%		91.38	%		90.25	%		91.03	%		93.12	%		92.81	%		92.88	%		93.05	%		92.49	%
Charlotte NC	2005		92.21	%
Columbia SC	1999		91.46	%		91.67	%		91.25	%		90.77	%		91.11	%		90.28	%		87.78	%		89.81	%		89.84	%		90.28	%		89.80	%		88.10	%
Columbia SC	2000		89.09	%		91.69	%		92.87	%		93.66	%		94.20	%		94.70	%		94.68	%		96.48	%		95.17	%		95.18	%		95.31	%		94.59	%
Columbia SC	2001		94.33	%		94.11	%		94.74	%		93.73	%		93.98	%		93.45	%		93.56	%		96.05	%		96.78	%		96.88	%		95.85	%		95.72	%
Columbia SC	2002		94.23	%		94.38	%		94.35	%		94.31	%		94.93	%		93.72	%		93.88	%		96.69	%		96.37	%		95.38	%		96.32	%		95.68	%
Columbia SC	2003		94.12	%		93.69	%		93.64	%		93.55	%		93.29	%		92.09	%		92.89	%		94.43	%		93.83	%		91.87	%		90.88	%		90.64	%
Columbia SC	2004		91.30	%		91.62	%		92.12	%		92.99	%		94.49	%		94.14	%		93.70	%		94.78	%		92.80	%		92.31	%		92.15	%		92.41	%
Columbia SC	2005		93.11	%

United Dominion Realty Trust

Monthly Occupancy By Market (Mature Communities)

		Jan			Feb			Mar			Apr			May			Jun			Jul			Aug			Sep			Oct			Nov			Dec
Columbus OH	1999		91.89	%		90.99	%		89.18	%		86.82	%		86.21	%		87.44	%		89.26	%		90.73	%		92.80	%		95.01	%		94.83	%		93.76	%
Columbus OH	2000		93.59	%		94.43	%		94.74	%		94.07	%		95.79	%		94.77	%		94.22	%		96.01	%		96.11	%		95.94	%		94.63	%		93.09	%
Columbus OH	2001		91.62	%		91.51	%		91.57	%		92.33	%		93.47	%		93.22	%		92.35	%		94.09	%		95.06	%		95.34	%		94.89	%		93.90	%
Columbus OH	2002		93.87	%		94.77	%		95.60	%		95.30	%		95.32	%		94.10	%		92.70	%		93.36	%		93.21	%		93.04	%		93.06	%		93.36	%
Columbus OH	2003		93.74	%		93.46	%		92.83	%		93.17	%		93.56	%		93.56	%		93.85	%		94.51	%		95.17	%		94.27	%		92.96	%		91.55	%
Columbus OH	2004		90.64	%		90.86	%		92.51	%		92.38	%		91.86	%		92.05	%		91.38	%		92.10	%		92.69	%		91.52	%		91.56	%		92.20	%
Columbus OH	2005		93.45	%
Dallas TX	1999		94.44	%		94.72	%		94.22	%		93.41	%		94.25	%		94.87	%		94.56	%		95.01	%		94.12	%		94.34	%		94.54	%		94.15	%
Dallas TX	2000		94.42	%		95.24	%		96.11	%		95.69	%		95.38	%		94.58	%		94.73	%		95.27	%		95.53	%		95.90	%		95.08	%		95.22	%
Dallas TX	2001		95.19	%		94.57	%		94.98	%		95.09	%		94.58	%		94.33	%		94.90	%		95.85	%		95.34	%		94.75	%		94.88	%		94.70	%
Dallas TX	2002		94.52	%		94.37	%		93.81	%		93.78	%		93.91	%		93.36	%		93.41	%		92.78	%		91.94	%		93.12	%		93.63	%		94.41	%
Dallas TX	2003		95.48	%		95.78	%		95.50	%		95.42	%		95.37	%		95.08	%		95.28	%		95.50	%		94.93	%		94.51	%		94.34	%		95.11	%
Dallas TX	2004		96.17	%		95.91	%		96.07	%		95.88	%		96.17	%		96.20	%		96.67	%		95.88	%		95.59	%		95.66	%		95.70	%		96.04	%
Dallas TX	2005		95.92	%
Denver CO	1999		92.95	%		91.21	%		91.64	%		90.67	%		92.47	%		92.67	%		94.52	%		95.25	%		95.32	%		94.86	%		95.02	%		95.43	%
Denver CO	2000		93.95	%		94.06	%		93.81	%		94.24	%		94.36	%		93.52	%		92.55	%		93.58	%		94.04	%		94.70	%		96.63	%		97.49	%
Denver CO	2001		96.83	%		95.83	%		95.58	%		96.49	%		97.74	%		96.86	%		94.81	%		95.82	%		95.03	%		94.89	%		89.96	%		87.68	%
Denver CO	2002		82.96	%		82.37	%		82.19	%		83.20	%		88.01	%		88.01	%		85.78	%		84.18	%		83.52	%		82.88	%		83.54	%		84.21	%
Denver CO	2003		84.41	%		85.83	%		86.83	%		88.11	%		88.78	%		90.68	%		91.32	%		90.94	%		90.63	%		89.47	%		89.91	%		89.40	%
Denver CO	2004		91.81	%		93.23	%		93.70	%		93.36	%		92.69	%		92.62	%		93.53	%		94.73	%		93.98	%		92.33	%		92.30	%		92.99	%
Denver CO	2005		92.33	%
Mid-Cities TX	1999		94.58	%		95.20	%		94.79	%		94.80	%		95.08	%		95.76	%		95.42	%		95.49	%		95.55	%		95.41	%		95.60	%		95.11	%
Mid-Cities TX	2000		94.93	%		95.60	%		95.46	%		95.99	%		96.52	%		96.14	%		96.08	%		96.33	%		96.30	%		97.25	%		96.83	%		96.90	%
Mid-Cities TX	2001		96.92	%		96.88	%		96.75	%		96.54	%		96.69	%		96.53	%		96.37	%		96.74	%		96.68	%		96.74	%		96.16	%		95.30	%
Mid-Cities TX	2002		94.92	%		94.69	%		95.30	%		94.74	%		95.04	%		94.57	%		93.96	%		93.92	%		93.33	%		93.41	%		94.74	%		95.45	%
Mid-Cities TX	2003		94.84	%		94.61	%		94.87	%		94.46	%		94.92	%		94.87	%		93.90	%		94.40	%		93.69	%		93.96	%		93.46	%		93.90	%
Mid-Cities TX	2004		93.76	%		94.08	%		93.19	%		92.82	%		91.96	%		91.71	%		92.96	%		93.01	%		93.45	%		93.52	%		93.02	%		94.15	%
Mid-Cities TX	2005		95.03	%
Greensboro NC	1999		87.79	%		87.42	%		88.35	%		90.34	%		90.13	%		88.84	%		87.40	%		89.20	%		91.02	%		90.18	%		91.33	%		91.41	%
Greensboro NC	2000		91.91	%		92.94	%		93.15	%		93.38	%		93.39	%		92.55	%		91.93	%		93.69	%		92.49	%		92.29	%		91.39	%		90.59	%
Greensboro NC	2001		91.54	%		92.52	%		91.96	%		91.18	%		92.24	%		90.22	%		89.34	%		90.16	%		91.75	%		91.07	%		89.29	%		90.03	%
Greensboro NC	2002		90.25	%		90.17	%		89.83	%		89.80	%		91.11	%		90.39	%		89.42	%		89.02	%		88.80	%		90.68	%		92.57	%		93.13	%
Greensboro NC	2003		93.67	%		93.61	%		93.91	%		94.26	%		94.56	%		93.48	%		93.29	%		93.76	%		93.15	%		92.82	%		92.88	%		92.64	%
Greensboro NC	2004		92.76	%		92.90	%		93.18	%		93.75	%		94.17	%		92.11	%		90.47	%		93.61	%		94.32	%		94.56	%		94.20	%		94.17	%
Greensboro NC	2005		93.66	%

United Dominion Realty Trust

Monthly Occupancy By Market (Mature Communities)

		Jan			Feb			Mar			Apr			May			Jun			Jul			Aug			Sep			Oct			Nov			Dec
Houston TX	1999		90.90	%		89.88	%		89.58	%		89.87	%		90.25	%		89.99	%		89.84	%		89.34	%		89.21	%		89.23	%		89.85	%		89.57	%
Houston TX	2000		90.00	%		92.32	%		93.86	%		93.79	%		93.41	%		92.87	%		92.52	%		93.57	%		92.94	%		92.45	%		93.15	%		92.94	%
Houston TX	2001		92.83	%		93.24	%		93.81	%		93.32	%		93.39	%		93.21	%		93.91	%		94.72	%		94.08	%		95.36	%		95.13	%		94.85	%
Houston TX	2002		94.85	%		95.31	%		95.44	%		96.07	%		95.92	%		95.27	%		94.89	%		93.40	%		91.57	%		91.12	%		91.29	%		90.10	%
Houston TX	2003		89.13	%		89.60	%		90.11	%		91.42	%		92.17	%		90.74	%		90.21	%		89.66	%		89.30	%		90.37	%		90.28	%		89.37	%
Houston TX	2004		90.35	%		90.23	%		90.79	%		91.26	%		91.59	%		90.98	%		91.76	%		91.24	%		90.84	%		90.81	%		90.67	%		90.68	%
Houston TX	2005		91.22	%
Jacksonville FL	1999		87.88	%		87.99	%		88.35	%		89.95	%		91.38	%		90.60	%		89.95	%		91.98	%		92.46	%		93.04	%		92.10	%		90.71	%
Jacksonville FL	2000		90.73	%		91.03	%		90.04	%		90.28	%		89.58	%		89.71	%		89.76	%		90.54	%		90.54	%		90.13	%		90.04	%		89.74	%
Jacksonville FL	2001		88.76	%		89.52	%		90.73	%		91.31	%		91.86	%		93.54	%		94.30	%		94.92	%		94.79	%		95.14	%		95.33	%		94.40	%
Jacksonville FL	2002		93.71	%		95.05	%		94.73	%		94.49	%		95.10	%		93.86	%		94.45	%		95.29	%		95.20	%		95.26	%		96.52	%		96.69	%
Jacksonville FL	2003		96.85	%		96.28	%		96.31	%		96.08	%		96.09	%		96.46	%		95.45	%		95.98	%		95.94	%		95.90	%		95.33	%		94.53	%
Jacksonville FL	2004		94.57	%		93.47	%		93.71	%		93.22	%		93.52	%		93.60	%		93.90	%		93.39	%		93.07	%		91.08	%		92.01	%		93.99	%
Jacksonville FL	2005		95.37	%
Metro DC	1999		95.28	%		95.89	%		95.91	%		94.38	%		94.31	%		95.51	%		96.25	%		96.91	%		97.30	%		97.93	%		97.37	%		96.79	%
Metro DC	2000		96.57	%		97.18	%		97.91	%		98.03	%		98.39	%		97.93	%		97.37	%		98.35	%		98.44	%		98.31	%		98.47	%		98.64	%
Metro DC	2001		98.81	%		98.86	%		98.39	%		98.49	%		98.48	%		98.03	%		97.58	%		98.22	%		97.60	%		97.80	%		97.15	%		97.28	%
Metro DC	2002		96.38	%		96.04	%		96.84	%		96.34	%		96.74	%		97.48	%		95.89	%		95.39	%		95.64	%		95.71	%		95.27	%		95.33	%
Metro DC	2003		95.08	%		95.68	%		96.52	%		96.28	%		96.02	%		95.99	%		95.90	%		96.45	%		96.53	%		95.63	%		95.96	%		95.43	%
Metro DC	2004		96.41	%		95.72	%		96.06	%		96.13	%		96.89	%		96.96	%		97.77	%		97.40	%		97.11	%		96.32	%		96.22	%		96.02	%
Metro DC	2005		95.45	%
Monterey (Salinas)	1999		92.31	%		91.68	%		91.48	%		92.16	%		94.26	%		94.04	%		93.24	%		94.58	%		93.74	%		92.41	%		90.93	%		87.32	%
Monterey (Salinas)	2000		86.93	%		88.75	%		92.29	%		94.81	%		95.99	%		95.87	%		95.59	%		96.95	%		97.13	%		97.33	%		96.60	%		95.65	%
Monterey (Salinas)	2001		95.18	%		96.63	%		96.70	%		96.79	%		96.88	%		96.09	%		95.56	%		95.33	%		95.57	%		94.85	%		93.24	%		92.37	%
Monterey (Salinas)	2002		92.16	%		91.46	%		91.53	%		92.54	%		91.76	%		91.69	%		90.80	%		91.57	%		92.47	%		94.01	%		92.67	%		92.10	%
Monterey (Salinas)	2003		93.14	%		92.98	%		91.75	%		93.12	%		93.67	%		93.90	%		94.11	%		93.73	%		92.66	%		91.74	%		90.38	%		90.67	%
Monterey (Salinas)	2004		91.08	%		90.00	%		90.13	%		93.70	%		93.99	%		94.48	%		94.01	%		94.64	%		95.19	%		93.95	%		91.27	%		87.88	%
Monterey (Salinas)	2005		87.97	%
Nashville TN	1999		83.97	%		81.95	%		83.20	%		85.83	%		86.64	%		87.63	%		88.81	%		92.03	%		92.24	%		91.98	%		91.96	%		91.49	%
Nashville TN	2000		91.46	%		92.68	%		93.57	%		94.12	%		94.97	%		96.01	%		96.07	%		96.29	%		94.86	%		95.07	%		94.61	%		93.19	%
Nashville TN	2001		91.65	%		91.95	%		93.04	%		94.84	%		94.92	%		94.09	%		94.46	%		96.50	%		95.36	%		95.35	%		94.63	%		93.75	%
Nashville TN	2002		94.16	%		93.77	%		93.02	%		93.03	%		92.64	%		91.39	%		91.23	%		90.73	%		91.43	%		91.55	%		92.43	%		93.27	%
Nashville TN	2003		93.70	%		93.45	%		92.95	%		93.77	%		94.19	%		94.19	%		92.45	%		92.40	%		92.53	%		92.11	%		91.63	%		91.67	%
Nashville TN	2004		92.52	%		93.36	%		94.64	%		94.49	%		94.93	%		94.73	%		94.80	%		95.37	%		94.95	%		93.99	%		93.86	%		94.32	%
Nashville TN	2005		94.52	%

United Dominion Realty Trust

Monthly Occupancy By Market (Mature Communities)

		Jan			Feb			Mar			Apr			May			Jun			Jul			Aug			Sep			Oct			Nov			Dec
Norfolk Va Beach NN	1999		92.85	%		92.94	%		93.92	%		94.47	%		94.54	%		94.79	%		94.95	%		95.28	%		95.69	%		96.90	%		97.59	%		97.55	%
Norfolk Va Beach NN	2000		96.17	%		96.52	%		96.24	%		95.81	%		95.74	%		96.49	%		95.55	%		96.19	%		96.29	%		96.28	%		94.83	%		93.77	%
Norfolk Va Beach NN	2001		94.24	%		95.25	%		95.91	%		95.74	%		95.95	%		95.41	%		95.93	%		95.71	%		95.41	%		95.10	%		95.25	%		94.94	%
Norfolk Va Beach NN	2002		94.66	%		96.49	%		96.61	%		97.57	%		98.37	%		98.66	%		98.41	%		98.28	%		97.83	%		97.37	%		96.82	%		97.08	%
Norfolk Va Beach NN	2003		96.08	%		94.84	%		94.66	%		94.85	%		95.43	%		95.79	%		95.98	%		96.56	%		97.67	%		97.83	%		97.88	%		97.15	%
Norfolk Va Beach NN	2004		96.50	%		96.49	%		96.70	%		96.70	%		97.08	%		96.30	%		96.55	%		96.70	%		96.51	%		95.74	%		95.09	%		95.34	%
Norfolk Va Beach NN	2005		95.12	%
Northern California	1999		97.68	%		98.27	%		97.92	%		98.31	%		98.01	%		97.80	%		97.87	%		98.28	%		98.79	%		99.14	%		98.57	%		98.84	%
Northern California	2000		99.14	%		99.36	%		98.36	%		98.38	%		98.37	%		98.18	%		98.10	%		98.57	%		99.10	%		99.30	%		99.19	%		98.84	%
Northern California	2001		99.06	%		98.60	%		98.01	%		97.27	%		96.58	%		96.81	%		97.72	%		97.35	%		97.35	%		97.28	%		96.36	%		94.87	%
Northern California	2002		94.36	%		94.84	%		94.77	%		96.27	%		97.23	%		95.70	%		95.22	%		96.13	%		96.70	%		96.66	%		95.06	%		95.29	%
Northern California	2003		94.65	%		94.55	%		95.13	%		95.11	%		95.22	%		93.48	%		93.09	%		93.82	%		93.14	%		93.92	%		94.64	%		93.84	%
Northern California	2004		93.81	%		93.91	%		93.66	%		94.23	%		94.85	%		94.65	%		94.82	%		95.04	%		94.84	%		93.91	%		94.72	%		94.47	%
Northern California	2005		93.70	%
Orlando	1999		92.36	%		92.33	%		93.17	%		94.30	%		94.15	%		93.85	%		94.02	%		95.57	%		94.60	%		94.26	%		93.60	%		92.98	%
Orlando	2000		92.05	%		92.25	%		92.24	%		91.99	%		92.62	%		93.59	%		95.08	%		95.29	%		94.55	%		94.65	%		94.27	%		93.75	%
Orlando	2001		93.12	%		92.56	%		92.92	%		92.91	%		93.64	%		93.25	%		93.13	%		93.68	%		93.42	%		92.49	%		91.93	%		90.63	%
Orlando	2002		90.06	%		90.87	%		91.19	%		92.51	%		93.18	%		92.54	%		92.60	%		92.02	%		91.18	%		91.07	%		91.81	%		92.92	%
Orlando	2003		93.16	%		92.73	%		92.82	%		93.60	%		94.64	%		94.13	%		94.10	%		93.95	%		92.80	%		92.57	%		93.22	%		93.03	%
Orlando	2004		92.51	%		92.69	%		93.60	%		93.93	%		93.68	%		93.80	%		93.94	%		95.05	%		96.92	%		97.26	%		96.69	%		96.37	%
Orlando	2005		95.86	%
Other Florida	1999		93.45	%		91.96	%		91.09	%		88.15	%		89.75	%		88.19	%		88.90	%		90.98	%		92.73	%		93.51	%		95.03	%		94.95	%
Other Florida	2000		94.22	%		95.22	%		96.03	%		95.07	%		93.47	%		91.88	%		91.31	%		92.50	%		93.36	%		92.46	%		90.08	%		88.23	%
Other Florida	2001		89.00	%		90.25	%		90.99	%		89.78	%		88.68	%		87.81	%		88.48	%		90.31	%		91.96	%		92.07	%		93.23	%		93.25	%
Other Florida	2002		93.93	%		95.14	%		95.05	%		94.07	%		93.60	%		92.84	%		93.78	%		93.19	%		92.77	%		93.32	%		94.99	%		95.27	%
Other Florida	2003		95.66	%		95.77	%		95.64	%		94.97	%		94.22	%		92.79	%		92.55	%		94.15	%		94.12	%		93.84	%		93.21	%		92.99	%
Other Florida	2004		91.97	%		94.05	%		95.14	%		94.21	%		94.10	%		93.07	%		94.13	%		95.10	%		96.69	%		97.16	%		97.71	%		97.75	%
Other Florida	2005		97.44	%
Other MidAtlantic	1999		97.47	%		97.40	%		96.57	%		96.28	%		96.28	%		95.61	%		95.13	%		96.18	%		97.64	%		96.86	%		95.57	%		94.29	%
Other MidAtlantic	2000		93.62	%		94.97	%		95.22	%		95.61	%		97.25	%		97.88	%		97.38	%		97.65	%		97.21	%		96.35	%		96.04	%		93.73	%
Other MidAtlantic	2001		94.24	%		95.35	%		96.22	%		97.04	%		97.96	%		97.19	%		97.06	%		95.80	%		97.08	%		97.32	%		97.47	%		97.95	%
Other MidAtlantic	2002		97.27	%		96.52	%		97.36	%		97.37	%		97.88	%		97.17	%		97.32	%		97.69	%		96.69	%		96.63	%		96.84	%		96.37	%
Other MidAtlantic	2003		96.26	%		96.39	%		96.78	%		95.87	%		95.96	%		95.22	%		93.74	%		94.90	%		94.25	%		92.91	%		94.64	%		94.29	%
Other MidAtlantic	2004		92.82	%		92.97	%		92.65	%		94.19	%		95.52	%		95.29	%		94.72	%		95.05	%		94.81	%		93.45	%		94.08	%		93.53	%
Other MidAtlantic	2005		93.51	%

United Dominion Realty Trust

Monthly Occupancy By Market (Mature Communities)

		Jan			Feb			Mar			Apr			May			Jun			Jul			Aug			Sep			Oct			Nov			Dec
Other Midwestern	1999		92.39	%		93.05	%		93.35	%		93.46	%		94.14	%		93.93	%		93.94	%		95.42	%		96.35	%		95.30	%		95.14	%		94.82	%
Other Midwestern	2000		94.54	%		95.25	%		95.91	%		94.76	%		96.25	%		96.00	%		95.50	%		95.63	%		95.32	%		94.45	%		93.36	%		92.92	%
Other Midwestern	2001		93.48	%		92.98	%		92.64	%		92.16	%		93.36	%		95.45	%		94.87	%		95.44	%		94.27	%		94.44	%		94.27	%		94.17	%
Other Midwestern	2002		93.62	%		93.67	%		94.11	%		94.48	%		94.87	%		93.49	%		93.67	%		93.42	%		94.30	%		95.84	%		94.73	%		94.54	%
Other Midwestern	2003		94.68	%		95.39	%		94.55	%		95.39	%		95.27	%		92.72	%		91.29	%		91.38	%		91.89	%		92.51	%		92.43	%		92.26	%
Other Midwestern	2004		94.41	%		92.40	%		93.36	%		95.45	%		94.26	%		92.85	%		92.48	%		95.05	%		93.51	%		93.36	%		94.37	%		95.38	%
Other Midwestern	2005		94.23	%
Other North Carolina	1999		90.93	%		90.32	%		91.52	%		92.53	%		92.14	%		92.50	%		92.71	%		94.12	%		94.66	%		96.01	%		95.78	%		93.45	%
Other North Carolina	2000		92.87	%		93.89	%		94.15	%		94.41	%		95.15	%		93.89	%		93.86	%		94.00	%		94.22	%		94.75	%		95.03	%		94.45	%
Other North Carolina	2001		94.06	%		94.70	%		95.09	%		95.25	%		95.72	%		94.82	%		94.19	%		95.24	%		95.15	%		96.13	%		95.51	%		95.11	%
Other North Carolina	2002		93.75	%		95.14	%		94.90	%		95.65	%		97.32	%		97.20	%		96.15	%		95.81	%		94.93	%		94.03	%		93.98	%		93.89	%
Other North Carolina	2003		93.90	%		92.86	%		91.60	%		91.47	%		93.61	%		95.06	%		96.33	%		96.92	%		96.50	%		96.24	%		96.17	%		95.76	%
Other North Carolina	2004		95.87	%		96.28	%		96.35	%		96.87	%		96.24	%		95.55	%		96.02	%		95.95	%		95.88	%		95.88	%		95.19	%		94.82	%
Other North Carolina	2005		94.00	%
Other Southeastern	1999		91.59	%		91.88	%		92.55	%		92.90	%		93.54	%		93.86	%		92.49	%		92.83	%		92.84	%		92.86	%		93.74	%		92.47	%
Other Southeastern	2000		91.97	%		92.84	%		94.71	%		94.28	%		94.45	%		93.45	%		94.01	%		95.80	%		95.10	%		93.26	%		91.73	%		91.91	%
Other Southeastern	2001		92.12	%		92.06	%		92.41	%		93.78	%		94.32	%		94.10	%		92.61	%		93.63	%		93.65	%		92.04	%		90.08	%		89.65	%
Other Southeastern	2002		88.02	%		88.90	%		90.23	%		92.28	%		92.86	%		91.77	%		91.00	%		90.57	%		89.74	%		88.31	%		87.95	%		88.11	%
Other Southeastern	2003		88.98	%		90.21	%		90.82	%		90.96	%		91.18	%		90.51	%		90.34	%		89.72	%		90.82	%		91.29	%		92.38	%		92.66	%
Other Southeastern	2004		93.51	%		95.08	%		95.99	%		95.71	%		94.86	%		94.33	%		93.81	%		94.42	%		93.56	%		92.92	%		93.51	%		94.96	%
Other Southeastern	2005		94.64	%
Other Southwestern	1999		92.86	%		94.12	%		93.02	%		93.24	%		92.62	%		92.64	%		92.58	%		94.84	%		96.28	%		96.56	%		96.34	%		96.11	%
Other Southwestern	2000		94.57	%		94.27	%		95.37	%		96.85	%		97.63	%		97.15	%		96.20	%		97.48	%		97.82	%		98.06	%		97.51	%		96.63	%
Other Southwestern	2001		97.61	%		97.30	%		94.66	%		90.80	%		87.56	%		84.70	%		82.58	%		81.62	%		81.07	%		83.95	%		86.74	%		87.65	%
Other Southwestern	2002		89.55	%		90.48	%		90.67	%		89.64	%		91.83	%		91.46	%		94.15	%		93.98	%		92.12	%		90.34	%		88.51	%		87.59	%
Other Southwestern	2003		86.19	%		86.04	%		86.95	%		89.19	%		89.43	%		87.32	%		87.27	%		88.81	%		89.34	%		89.94	%		92.25	%		93.83	%
Other Southwestern	2004		95.92	%		95.18	%		95.32	%		95.77	%		94.85	%		95.10	%		95.30	%		95.81	%		95.57	%		95.30	%		94.90	%		94.82	%
Other Southwestern	2005		94.49	%
Other Virginia	1999		92.75	%		93.64	%		93.43	%		91.86	%		93.50	%		94.83	%		96.00	%		96.71	%		96.75	%		97.25	%		96.63	%		95.29	%
Other Virginia	2000		94.71	%		95.29	%		95.75	%		97.18	%		98.29	%		97.46	%		96.61	%		98.14	%		98.29	%		97.89	%		96.96	%		96.14	%
Other Virginia	2001		95.63	%		96.89	%		96.75	%		98.14	%		97.74	%		97.25	%		97.06	%		97.99	%		97.65	%		97.51	%		97.77	%		97.56	%
Other Virginia	2002		97.34	%		96.68	%		96.68	%		96.29	%		95.43	%		96.31	%		97.00	%		97.01	%		97.10	%		97.17	%		96.25	%		95.37	%
Other Virginia	2003		95.37	%		94.82	%		95.64	%		95.51	%		94.60	%		95.76	%		95.29	%		95.27	%		94.88	%		94.12	%		94.60	%		92.13	%
Other Virginia	2004		90.37	%		91.98	%		93.02	%		91.78	%		91.10	%		91.86	%		92.90	%		93.54	%		94.20	%		93.72	%		92.90	%		93.66	%
Other Virginia	2005		91.98	%

United Dominion Realty Trust

Monthly Occupancy By Market (Mature Communities)

		Jan			Feb			Mar			Apr			May			Jun			Jul			Aug			Sep			Oct			Nov			Dec
Phoenix, AZ	1999		91.71	%		91.89	%		91.15	%		90.24	%		89.73	%		89.12	%		88.42	%		90.37	%		90.75	%		90.07	%		90.86	%		91.65	%
Phoenix, AZ	2000		92.96	%		95.05	%		94.73	%		93.81	%		93.33	%		92.93	%		92.89	%		93.30	%		92.56	%		92.10	%		91.46	%		91.24	%
Phoenix, AZ	2001		92.35	%		92.00	%		92.10	%		92.98	%		93.10	%		93.27	%		93.50	%		93.09	%		93.68	%		93.43	%		93.71	%		93.29	%
Phoenix, AZ	2002		93.45	%		93.75	%		94.23	%		93.48	%		93.17	%		92.61	%		92.17	%		92.81	%		94.37	%		94.47	%		92.86	%		91.48	%
Phoenix, AZ	2003		91.50	%		91.68	%		92.14	%		92.50	%		92.46	%		92.07	%		91.94	%		91.58	%		90.46	%		90.33	%		89.45	%		88.33	%
Phoenix, AZ	2004		92.03	%		91.63	%		92.87	%		93.01	%		92.86	%		91.82	%		91.41	%		91.36	%		92.10	%		93.28	%		93.55	%		93.94	%
Phoenix, AZ	2005		93.13	%
Portland OR	1999		89.86	%		92.07	%		92.71	%		92.27	%		92.02	%		91.27	%		90.44	%		90.20	%		90.24	%		90.76	%		91.81	%		90.36	%
Portland OR	2000		90.86	%		91.71	%		91.82	%		92.99	%		94.06	%		94.32	%		94.67	%		95.27	%		94.06	%		93.92	%		92.25	%		91.60	%
Portland OR	2001		91.67	%		92.53	%		93.69	%		94.01	%		94.16	%		93.86	%		94.29	%		95.35	%		95.62	%		95.31	%		93.64	%		92.51	%
Portland OR	2002		92.11	%		91.68	%		91.73	%		90.46	%		89.79	%		90.29	%		90.54	%		91.65	%		90.74	%		94.08	%		95.07	%		94.22	%
Portland OR	2003		92.72	%		91.62	%		91.60	%		90.26	%		90.92	%		88.96	%		87.71	%		88.78	%		88.86	%		87.22	%		88.51	%		90.54	%
Portland OR	2004		92.15	%		91.35	%		90.79	%		91.57	%		90.52	%		91.30	%		91.39	%		90.37	%		92.92	%		94.34	%		93.78	%		93.36	%
Portland OR	2005		93.58	%
Raleigh Durham	1999		92.93	%		92.34	%		92.66	%		92.48	%		92.27	%		91.18	%		91.69	%		94.12	%		93.54	%		93.01	%		92.19	%		91.62	%
Raleigh Durham	2000		91.06	%		91.30	%		91.28	%		91.83	%		92.77	%		90.98	%		88.79	%		89.68	%		89.05	%		88.08	%		88.47	%		87.59	%
Raleigh Durham	2001		86.55	%		85.47	%		84.87	%		86.33	%		87.74	%		88.66	%		87.55	%		88.36	%		88.37	%		90.09	%		89.06	%		87.98	%
Raleigh Durham	2002		86.56	%		86.62	%		87.03	%		87.29	%		88.24	%		87.76	%		88.68	%		90.19	%		91.05	%		92.90	%		94.36	%		94.43	%
Raleigh Durham	2003		92.78	%		92.75	%		93.43	%		94.22	%		94.49	%		92.72	%		91.73	%		92.19	%		93.27	%		93.25	%		93.64	%		93.24	%
Raleigh Durham	2004		93.39	%		92.67	%		92.45	%		93.22	%		93.28	%		92.78	%		93.25	%		93.27	%		93.34	%		94.98	%		95.48	%		94.82	%
Raleigh Durham	2005		94.16	%
Richmond Petersburg	1999		90.45	%		90.87	%		91.44	%		91.79	%		93.13	%		94.24	%		95.23	%		96.48	%		96.84	%		97.16	%		97.23	%		96.42	%
Richmond Petersburg	2000		95.64	%		95.73	%		95.98	%		95.74	%		95.68	%		96.40	%		96.96	%		97.05	%		97.20	%		96.16	%		96.48	%		95.56	%
Richmond Petersburg	2001		95.60	%		95.74	%		97.03	%		96.63	%		96.44	%		95.87	%		94.52	%		93.74	%		94.29	%		94.93	%		96.36	%		96.53	%
Richmond Petersburg	2002		96.14	%		95.60	%		95.09	%		95.62	%		94.39	%		93.61	%		91.80	%		92.89	%		94.72	%		94.69	%		94.50	%		95.20	%
Richmond Petersburg	2003		95.13	%		95.85	%		96.47	%		95.62	%		95.46	%		94.31	%		93.41	%		92.90	%		92.16	%		92.88	%		94.99	%		93.38	%
Richmond Petersburg	2004		93.16	%		94.82	%		94.42	%		95.19	%		94.15	%		94.00	%		94.38	%		94.39	%		93.84	%		93.79	%		94.08	%		95.04	%
Richmond Petersburg	2005		95.06	%
Seattle,WA	1999		87.75	%		88.73	%		89.92	%		90.82	%		90.32	%		92.35	%		93.45	%		95.92	%		97.78	%		97.18	%		97.24	%		96.17	%
Seattle,WA	2000		93.92	%		95.06	%		95.00	%		94.94	%		95.72	%		94.84	%		95.60	%		95.70	%		96.31	%		96.05	%		94.89	%		94.99	%
Seattle,WA	2001		94.82	%		96.17	%		96.40	%		96.74	%		94.97	%		95.06	%		96.26	%		95.06	%		93.73	%		93.26	%		93.71	%		94.61	%
Seattle,WA	2002		92.75	%		93.07	%		93.76	%		94.38	%		95.36	%		89.10	%		91.46	%		90.94	%		89.21	%		89.27	%		90.30	%		90.52	%
Seattle,WA	2003		91.11	%		90.32	%		91.92	%		92.11	%		92.87	%		93.57	%		93.26	%		92.78	%		92.37	%		93.46	%		92.44	%		93.02	%
Seattle,WA	2004		94.08	%		93.62	%		92.95	%		94.58	%		94.40	%		93.40	%		92.48	%		91.62	%		92.85	%		92.70	%		91.72	%		91.87	%
Seattle,WA	2005		92.24	%

United Dominion Realty Trust

Monthly Occupancy By Market (Mature Communities)

		Jan			Feb			Mar			Apr			May			Jun			Jul			Aug			Sep			Oct			Nov			Dec
Southern California	1999		96.57	%		97.00	%		95.44	%		94.06	%		95.22	%		95.87	%		94.44	%		93.00	%		92.46	%		93.23	%		94.31	%		94.16	%
Southern California	2000		94.31	%		95.95	%		96.07	%		94.10	%		94.19	%		95.79	%		94.95	%		96.30	%		94.29	%		93.60	%		95.64	%		96.83	%
Southern California	2001		96.45	%		95.77	%		96.26	%		96.07	%		95.49	%		95.11	%		95.05	%		96.18	%		95.90	%		96.08	%		96.00	%		95.86	%
Southern California	2002		94.63	%		94.97	%		94.95	%		94.46	%		94.50	%		93.13	%		92.94	%		94.92	%		96.66	%		97.97	%		96.02	%		96.28	%
Southern California	2003		95.96	%		95.79	%		95.22	%		95.34	%		95.47	%		95.64	%		96.18	%		96.02	%		95.16	%		94.92	%		95.88	%		95.64	%
Southern California	2004		94.19	%		94.03	%		94.06	%		94.58	%		94.22	%		94.23	%		94.28	%		93.99	%		94.69	%		94.77	%		94.47	%		94.38	%
Southern California	2005		93.60	%
Tampa FL	1999		90.93	%		91.84	%		93.24	%		92.71	%		91.69	%		91.55	%		91.98	%		93.49	%		93.34	%		92.95	%		93.15	%		92.42	%
Tampa FL	2000		92.17	%		93.81	%		94.30	%		94.41	%		94.40	%		94.53	%		94.66	%		95.49	%		96.00	%		95.90	%		95.54	%		94.97	%
Tampa FL	2001		94.79	%		94.58	%		94.45	%		94.19	%		94.55	%		93.72	%		93.37	%		94.24	%		94.32	%		94.79	%		93.22	%		92.68	%
Tampa FL	2002		92.43	%		93.02	%		92.29	%		92.14	%		91.50	%		90.09	%		90.23	%		90.72	%		90.63	%		90.92	%		91.92	%		92.90	%
Tampa FL	2003		93.26	%		93.65	%		93.80	%		93.91	%		94.14	%		92.96	%		92.64	%		93.35	%		93.14	%		92.55	%		93.09	%		93.34	%
Tampa FL	2004		93.73	%		94.04	%		94.28	%		94.91	%		94.72	%		94.89	%		95.40	%		95.49	%		95.17	%		94.87	%		94.64	%		94.38	%
Tampa FL	2005		94.26	%
Wlmington NC	1999		85.54	%		86.60	%		86.69	%		87.30	%		87.97	%		88.57	%		89.19	%		92.98	%		92.94	%		94.79	%		93.05	%		89.89	%
Wlmington NC	2000		88.52	%		87.23	%		86.22	%		87.24	%		90.50	%		91.61	%		91.53	%		92.20	%		90.72	%		89.93	%		89.09	%		88.71	%
Wlmington NC	2001		87.98	%		88.22	%		88.26	%		89.37	%		93.03	%		94.52	%		95.89	%		96.39	%		95.17	%		94.49	%		93.65	%		94.28	%
Wlmington NC	2002		92.21	%		90.81	%		91.73	%		91.55	%		92.06	%		90.35	%		91.91	%		92.97	%		90.93	%		89.67	%		91.41	%		91.58	%
Wlmington NC	2003		91.08	%		91.31	%		91.05	%		91.66	%		92.00	%		90.58	%		91.02	%		92.34	%		92.41	%		92.31	%		93.60	%		93.99	%
Wlmington NC	2004		94.30	%		93.80	%		93.44	%		94.50	%		95.07	%		94.62	%		96.09	%		97.93	%		98.45	%		97.62	%		96.80	%		96.76	%
Wlmington NC	2005		96.26	%
Total Mature	1999		91.79	%		91.67	%		91.73	%		91.74	%		91.89	%		91.65	%		91.78	%		93.29	%		93.55	%		93.64	%		93.62	%		92.95	%
Total Mature	2000		92.64	%		93.51	%		93.92	%		93.98	%		94.35	%		93.97	%		93.84	%		94.71	%		94.56	%		94.39	%		94.05	%		93.53	%
Total Mature	2001		93.31	%		93.38	%		93.62	%		93.67	%		93.81	%		93.28	%		93.13	%		93.74	%		93.90	%		94.12	%		93.78	%		93.43	%
Total Mature	2002		93.02	%		93.21	%		93.19	%		93.28	%		93.53	%		92.73	%		92.57	%		92.64	%		92.50	%		92.80	%		93.28	%		93.43	%
Total Mature	2003		93.33	%		93.33	%		93.41	%		93.70	%		93.96	%		93.23	%		92.91	%		93.07	%		92.89	%		92.83	%		92.96	%		92.77	%
Total Mature	2004		93.21	%		93.29	%		93.53	%		93.92	%		93.88	%		93.60	%		93.87	%		94.26	%		94.42	%		94.20	%		94.05	%		94.15	%
Total Mature	2005		94.03	%