UNITED DOMINION REALTY TRUST INC
RESTRICTED STOCK AWARD AGREEMENT FOR 37,092 SHARES
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<DESCRIPTION>RESTRICTED STOCK AWARD AGREEMENT FOR 37,092 SHARES
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 10.3</B>
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>UNITED DOMINION REALTY TRUST, INC.<BR>
RESTRICTED STOCK AWARD AGREEMENT</B>
</DIV>

<DIV align="center">
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Grantee:</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Mark M. Culwell, Jr.</TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Number of Shares:</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">37,092</TD>
    <TD>&nbsp;</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
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    <TD align="left" valign="top">Date of Grant:</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June 23, 2006</TD>
    <TD>&nbsp;</TD>
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    <TD align="left" valign="top">Value as of Grant Date:</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$26.96 per share</TD>
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</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1. <U>Grant of Shares</U>. United Dominion Realty Trust, Inc. (the &#147;Company&#148;) hereby grants to
the Grantee named above (the &#147;Grantee&#148;), as additional compensation for services to be rendered,
and subject to the restrictions and the other terms and conditions set forth in this Restricted
Stock Award Agreement (this &#147;Agreement&#148;), the number of shares indicated above of the Company&#146;s
$0.01 par value common stock (the &#147;Shares&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2. <U>Vesting of Restricted Stock</U>. Unless the exercisability of this Agreement is
accelerated in accordance with Section&nbsp;5 of this Agreement, 100% of the Shares subject to this
Agreement shall vest (become exercisable) on June&nbsp;12, 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3. <U>Restrictions</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Shares are subject to each of the following restrictions. &#147;Restricted Shares&#148; means
those Shares that are subject to the restrictions imposed hereunder which restrictions have not
then expired or terminated. Restricted Shares may not be sold, transferred, exchanged, assigned,
pledged, hypothecated or otherwise encumbered. If the Grantee&#146;s employment with the Company or any
Parent or Subsidiary terminates for any reason other than as set forth in paragraph (a)&nbsp;or (b)&nbsp;of
Section&nbsp;4 hereof, then the Grantee shall forfeit all of the Grantee&#146;s right, title and interest in
and to the Restricted Shares as of the date of employment termination and such Restricted Shares
shall be re-conveyed to the Company without further consideration or any act or action by the
Grantee. Whether military, government or other service or other leave of absence shall constitute
a termination of employment shall be determined in each case by the Committee at its discretion,
and any determination by the Committee shall be final and conclusive. A termination of employment
shall not occur (i)&nbsp;in a circumstance in which a Grantee transfers from the Company to one of its
Parents or Subsidiaries, transfers from a Parent or Subsidiary to the Company, or transfers from
one Parent or Subsidiary to another Parent or Subsidiary, or (ii)&nbsp;in the discretion of the
Committee as specified at or prior to such occurrence, in the case of a spin-off, sale or
disposition of the Grantee&#146;s employer from the Company or any Parent or Subsidiary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The restrictions imposed under this Section&nbsp;3 shall apply to all shares of the Company&#146;s
stock or other securities issued with respect to Restricted Shares hereunder in connection with any
merger, reorganization, consolidation, re-capitalization,
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">stock dividend or other change in corporate structure affecting the common stock of the
Company.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4. <U>Expiration and Termination of Restrictions</U>. The restrictions imposed under Section&nbsp;3
will expire on the <U>earliest</U> to occur of the following:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;On the date of termination of the Grantee&#146;s employment with the Company or any Parent or
Subsidiary because of his or her death or Disability; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;On the date specified by the Committee in the event of an acceleration of vesting under
Section&nbsp;5 of this Agreement (including, without limitation, upon the occurrence of a Change in
Control).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;<U>Acceleration Provisions</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Upon the Grantee&#146;s death or Disability during his employment or service as a director or
consultant, all restrictions on the Award shall lapse.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Upon the Grantee&#146;s Retirement, all restrictions on the Award shall lapse.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Upon the occurrence of a Change of Control, all restrictions on the Award shall lapse.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;In the event of the occurrence of any circumstance, transaction or event not constituting
a Change of Control but which the Board deems to be, or to be reasonably likely to lead to, an
effective change in control of the Company of a nature that would be required to be reported in
response to Item 6(e) of Schedule&nbsp;14A of the 1934 Act, the Committee may in its sole discretion
declare all restrictions on the Award to have lapsed as of such date as the Committee may, in its
sole discretion, declare, which may be on or before the consummation of such transaction or event.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Regardless of whether an event has occurred as described in clauses (c)&nbsp;and (d)&nbsp;above, the
Committee may in its sole discretion at any time determine that all or part of the restrictions on
all or a portion of the Award shall lapse as of such date as the Committee may, in its sole
discretion, declare.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;If an Award is accelerated under clause (c)&nbsp;or (d)&nbsp;above, the Committee may, in its sole
discretion, provide (i)&nbsp;that the Award will be settled in cash rather than Stock, (ii)&nbsp;that the
Award will be assumed by another party to the transaction giving rise to the acceleration or
otherwise be equitably converted in connection with such transaction, or (iii)&nbsp;any combination of
the foregoing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6. <U>Delivery of Shares</U>. The Shares will be registered in the name of the Grantee as
Restricted Stock and may be held by the Company prior to the lapse of the restrictions thereon as
provided in Section&nbsp;4 hereof (the &#147;Restricted Period&#148;). Any certificate for Shares issued during
the Restricted Period shall be registered in the name of the Grantee and shall bear a legend in
substantially the following form:
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">THIS CERTIFICATE AND THE SHARES OF STOCK REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND
CONDITIONS (INCLUDING FORFEITURE AND RESTRICTIONS AGAINST TRANSFER) CONTAINED IN A
RESTRICTED STOCK AWARD AGREEMENT DATED JUNE 23, 2006 BETWEEN THE REGISTERED OWNER OF THE
SHARES REPRESENTED HEREBY AND UNITED DOMINION REALTY TRUST, INC. RELEASE FROM SUCH TERMS
AND CONDITIONS SHALL BE MADE ONLY IN ACCORDANCE WITH THE PROVISIONS OF SUCH AGREEMENT,
COPIES OF WHICH ARE ON FILE IN THE OFFICE OF UNITED DOMINION REALTY TRUST, INC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If requested, the Grantee shall deposit with the Company, a stock power, or powers, executed
in blank and sufficient to re-convey the Restricted Shares to the Company upon termination of the
Grantee&#146;s employment during the Restricted Period, in accordance with the provisions of this
Agreement. Stock certificates shall be delivered to the Grantee as soon as practicable after the
lapse of the restrictions on the Shares, but delivery may be postponed for such period as may be
required for the Company with reasonable diligence to comply if deemed advisable by the Company,
with registration requirements under the 1933 Act, listing requirements under the rules of any
stock exchange, and requirements under any other law or regulation applicable to the issuance or
transfer of the Shares.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7. <U>Voting and Dividend Rights</U>. The Grantee, as beneficial owner of the Shares, shall have
full voting rights with respect to the Shares and shall receive dividends on the Shares during the
Restricted Period. Dividends on the Shares are not eligible for participation in the Company&#146;s
Dividend Reinvestment Plan during the Restricted Period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8. <U>Restrictions on Transfer and Pledge</U>. The Restricted Shares may not be pledged,
encumbered, or hypothecated to or in favor of any party other than the Company or a Parent or
Subsidiary, or be subject to any lien, obligation, or liability of the Grantee to any other party
other than the Company or a Parent or Subsidiary. The Restricted Shares are not assignable or
transferable by the Grantee other than by will or the laws of descent and distribution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">9. <U>Changes in Capital Structure</U>. In the event a stock dividend is declared upon the Stock,
the shares of Stock then subject to this Agreement shall be increased proportionately. In the
event the Stock shall be changed into or exchanged for a different number or class of shares of
stock or securities of the Company or of another corporation, whether through reorganization,
re-capitalization, reclassification, share exchange, stock split-up, combination of shares, merger
or consolidation, there shall be substituted for each such share of Stock then subject to this
Agreement the number and class of shares into which each outstanding share of Stock shall be so
exchanged, or there shall be made such other equitable adjustment as the Committee shall approve.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10. <U>Stop Transfer Notices</U>. In order to ensure compliance with the restrictions on transfer
set forth in this Agreement, the Company may issue appropriate &#147;stop transfer&#148;
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">instructions to its transfer agent, if any, and, if the Company transfers its own securities, it
may make appropriate notations to the same effect in its own records.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">11. <U>Refusal to Transfer</U>. The Company shall not be required (a)&nbsp;to transfer on its books
any Restricted Shares that have been sold or otherwise transferred in violation of any of the
provisions of this Agreement or (b)&nbsp;to treat as owner of such Restricted Shares or to accord the
right to vote or pay dividends to any purchaser or other transferee to whom such Restricted Shares
shall have been so transferred.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">12. <U>No Right of Continued Employment</U>. Nothing in this Agreement shall interfere with or
limit in any way the right of the Company or any Parent or Subsidiary to terminate the Grantee&#146;s
employment at any time, nor confer upon the Grantee any right to continue in the employ of the
Company or any Parent or Subsidiary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">13. <U>Payment of Taxes</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Grantee upon issuance of the Shares hereunder, shall be authorized to make an election
to be taxed upon such award under Section 83(b) of the Code. To effect such election, the Grantee
must file an appropriate election with the Internal Revenue Service within thirty (30)&nbsp;days after
award of the Shares and otherwise in accordance with applicable Treasury Regulations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Grantee will, no later than the date as of which any amount related to the Shares
first becomes includable in the Grantee&#146;s gross income for federal income tax purposes, pay to the
Company, or make other arrangements satisfactory to the Committee regarding payment of, any
federal, state and local taxes of any kind required by law to be withheld with respect to such
amount. In satisfaction of such tax obligation, the Grantee authorizes the Company, upon the
exercise of the Company&#146;s sole discretion, to withhold from those Shares issuable to the Grantee
the whole number of Shares sufficient to satisfy the Grantee&#146;s minimum tax withholding obligation.
The obligations of the Company under this Agreement will be conditional on such payment or
arrangements, and the Company, and, where applicable, its Subsidiaries will, to the extent
permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise
due to the Grantee.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">14. <U>Grantee&#146;s Covenant</U>. The Grantee hereby agrees to use his best efforts to provide
services to the Company in a workmanlike manner and to promote the Company&#146;s interests.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">15. <U>Amendment</U>. The Committee may amend, modify or terminate this Agreement without
approval of the Grantee; provided, however, that such amendment, modification or termination shall
not, without the Grantee&#146;s consent, reduce or diminish the value of this award determined as if it
had been fully vested on the date of such amendment or termination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">16. <U>Successors</U>. This Agreement shall be binding upon any successor of the Company, in
accordance with the terms of this Agreement.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17. <U>Severability</U>. If anyone or more of the provisions contained in this Agreement is
invalid, illegal or unenforceable, the other provisions of this Agreement will be construed and
enforced as if the invalid, illegal or unenforceable provision had never been included.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">18. <U>Notice</U>. Notices and communications under this Agreement must be in writing and either
personally delivered or sent by registered or certified United States mail, return receipt
requested, postage prepaid. Notices to the Company must be addressed to:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Dominion Realty Trust, Inc.<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1745 Shea Center Dr., Suite&nbsp;200<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highlands Ranch, Colorado 80129<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attn: Corporate Secretary

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">or any other address designated by the Company in a written notice to the Grantee. Notices to the
Grantee will be directed to the address of the Grantee then currently on file with the Company, or
at any other address given by the Grantee in a written notice to the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">19. <U>Dispute Resolution</U>. The provisions of this Section&nbsp;19 shall be the exclusive means of
resolving disputes arising out of or relating to this Agreement. The Company, the Grantee, and the
Grantee&#146;s assignees (the &#147;parties&#148;) shall attempt in good faith to resolve any disputes arising out
of or relating to this Agreement by negotiation between individuals who have authority to settle
the controversy. Negotiations shall be commenced by either party by notice of a written statement
of the party&#146;s position and the name and title of the individual who will represent the party.
Within thirty (30)&nbsp;days of the written notification, the parties shall meet at a mutually
acceptable time and place, and thereafter as often as they reasonably deem necessary, to resolve
the dispute. If the dispute has not been resolved by negotiation, the parties agree that any suit,
action, or proceeding arising out of or relating to this Agreement shall be brought in the United
States District Court for the District of Colorado (or should such court lack jurisdiction to hear
such action, suit or proceeding, in a state court in Colorado) and that the parties shall submit to
the jurisdiction of such court. The parties irrevocably waive, to the fullest extent permitted by
law, any objection the party may have to the laying of venue for any such suit, action or
proceeding brought in such court. THE PARTIES ALSO EXPRESSLY WAIVE ANY RIGHT THEY HAVE OR MAY HAVE
TO A JURY TRIAL OF ANY SUCH SUIT, ACTION OR PROCEEDING. If any one or more provisions of this
Section&nbsp;19 shall for any reason be held invalid or unenforceable, it is the specific intent of the
parties that such provisions shall be modified to the minimum extent necessary to make it or its
application valid and enforceable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">20. <U>Administration</U>. This Agreement shall be administered by the Compensation Committee of
the Board or, at the discretion of the Board from time to time, by the Board. During any time that
the Board is acting as administrator of this Agreement, it shall have all the powers of the
Committee hereunder, and any reference herein to the Committee shall include the Board. The
Committee&#146;s interpretation of this Agreement and all decisions and determinations by the Committee
with respect to this Agreement are final, binding, and conclusive on all parties.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">21. <U>Definitions</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&#147;Award&#148; means any Restricted Stock Award, Performance Unit Award, or Other Stock-Based
Award, or any other right or interest relating to Stock or cash, granted to a Grantee under the
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&#147;Board&#148; means the Board of Directors of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&#147;Change of Control&#148; means and includes each of the following:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;a merger or consolidation in which the Company is not the surviving entity, except for a
transaction the principal purpose of which is to change the state in which the Company is
incorporated;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;the transfer or sale of all or substantially all of the assets of the Company other than
to an affiliate or Subsidiary of the Company;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;the liquidation of the Company; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;the acquisition by any person, or by a group of persons acting in concert, of more than
fifty percent (50%) of the outstanding voting securities of the Company, which results in the
resignation or addition of fifty percent (50%) or more independent members of the Board.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&#147;Code&#148; means the Internal Revenue Code of 1986, as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&#147;Committee&#148; means the Compensation Committee of the Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&#147;Disability&#148; shall mean any illness or other physical or mental condition of a Grantee
that renders the Grantee incapable of performing his customary and usual duties for the Company, or
any medically determinable illness or other physical or mental condition resulting from a bodily
injury, disease or mental disorder which, in the judgment of the Committee, is permanent and
continuous in nature. The Committee may require such medical or other evidence as it deems
necessary to judge the nature and permanency of the Grantee&#146;s condition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&#147;Fair Market Value&#148;, on any date, means the closing sales price on the New York Stock
Exchange on such date or, in the absence of reported sales on such date, the closing sales price on
the immediately preceding date on which sales were reported.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&#147;Parent&#148; means a corporation that owns or beneficially owns a majority of the outstanding
voting stock or voting power of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&#147;Retirement&#148; means a Grantee&#146;s termination of employment with the Company, Parent or
Subsidiary after attaining any normal or early retirement age specified in any pension, profit
sharing or other retirement program sponsored by such
</DIV>

<P align="center" style="font-size: 10pt">6
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">company, or, in the event of the inapplicability thereof with respect to the person in
question, as determined by the Committee in its reasonable judgment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&#147;Stock&#148; means the $0.01 par value common stock of the Company, and such other securities
of the Company as may be substituted for Stock pursuant to Section&nbsp;9 of the Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&#147;Subsidiary&#148; means any corporation, limited liability company, partnership or other entity
that is directly, or indirectly through one or more intermediaries, controlled by or under common
control with the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&#147;1933 Act&#148; means the Securities Act of 1933, as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&#147;1934 Act&#148; means the Securities Exchange Act of 1934, as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the Company and the Grantee have executed this Agreement and agree that
the Shares are to be governed by the terms and conditions of this Agreement.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">UNITED DOMINION REALTY TRUST, INC.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U>/s/ Thomas W. Toomey</U></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thomas W. Toomey</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer &#038; President</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Grantee acknowledges receipt of a copy of this Agreement and represents that he or she is
familiar with the terms and provisions thereof, and hereby accepts the Shares subject to all of the
terms and provisions hereof. The Grantee has reviewed this Agreement in its entirety, has had an
opportunity to obtain the advice of counsel prior to executing this Agreement and fully understands
all provisions of this Agreement. The Grantee hereby agrees that all disputes arising out of or
relating to this Agreement shall be resolved in accordance with Section&nbsp;19 of this Agreement. The
Grantee further agrees to notify the Company upon any change in the residence address indicated in
this Agreement.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">GRANTEE:<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><U>/s/ Mark M. Culwell, Jr.</U>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Mark M. Culwell, Jr.&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt">7
</DIV>


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