RICHMOND, Va., June 23, 2006 (PRIMEZONE) -- United Dominion Realty Trust, Inc. (NYSE:UDR) previously announced that Mark Culwell has been named Senior Vice President, Development.
In connection with his hiring, Mr. Culwell will receive an inducement grant of 44,510 shares of UDR's restricted common stock and an award of 2,350 shares of performance contingent restricted stock ("PARS"). Subject to Mr. Culwell's continued employment by UDR, 7,418 shares will vest pro rata over four years from the date of grant and 37,092 shares will vest on June 12, 2009. The inducement grant of 37,092 shares shall be offset against future deferred incentive compensation grants that Mr. Culwell may earn in the future. The PARS will vest, depending upon the performance of UDR, on the determination date as set forth in the award. This grant of restricted stock and PARS were approved by the Compensation Committee of the Board of Directors of UDR without shareholder approval as an "inducement grant," as such term is defined by the New York Stock Exchange.
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.