RICHMOND, Va., June 5, 2006 (PRIMEZONE) -- United Dominion Realty Trust, Inc. (NYSE:UDR) today announced that Michael A. Ernst will join the company as Executive Vice President, Treasurer and Chief Financial Officer effective July 2006.
"I am pleased to welcome Mike to UDR," stated Thomas W. Toomey, President and Chief Executive Officer. "His 20 years of experience in financial management and proven leadership in capital markets activity provide a solid base for this position. Mike has established a strong track record in the real estate industry and has the ideal credentials and talents to help lead us into the future."
Mr. Ernst joins UDR from Prentiss Properties Trust where he most recently served as Executive Vice President and Chief Financial Officer. He joined Prentiss in 1997 as Vice President and Treasurer. He was promoted to Senior Vice President in 1998 and to Executive Vice President and Chief Financial Officer in 2001. During his tenure at Prentiss, Mr. Ernst was involved in the development of corporate strategy, was active in corporate M&A activity and closed in excess of $3.5 billion of capital transactions. He previously worked for Nations Bank, where he was Senior Vice President in their real estate finance group.
"I am thrilled to join UDR and to become part of a dynamic team that is focused on operations, asset development and improving their real estate portfolio," said Mr. Ernst. "This is an excellent opportunity for me and I look forward to contributing to the growth of the Company."
At UDR, Mr. Ernst will be responsible for corporate accounting, financial planning and analysis, investor relations, treasury operations and legal administration. Mr. Ernst earned an MBA from the Darden School at the University of Virginia and received his BA from the same institution.
Mr. Ernst replaces Christopher D. Genry who has been named Executive Vice President, Corporate Strategy for UDR. "I'd like to thank Chris for his exceptional work in the CFO role for the past five years," stated Mr. Toomey. "He has been instrumental in all aspects of our portfolio repositioning, which has involved over $3.5 billion in acquisitions and sales, and in the integration of our operating and financial management processes. He led the successful implementation of Sarbanes-Oxley compliance and has developed a talented finance team."
About United Dominion Realty Trust, Inc.
United Dominion is the fourth largest apartment REIT, owning and operating apartment communities nationwide. The Company has raised the dividend each of the last 30 years. United Dominion is included in the S&P MidCap 400 Index. At March 31, 2006, the Company owned 75,223 apartment homes and had 1,335 homes under development and 2,943 under redevelopment. Additional information about United Dominion may be found on its Web site at www.udrt.com.