Colorado-based real estate investment trust UDR has commenced a cash tender offer for any and all of its $181.71 million principal amount of outstanding 6.50% Notes Due 2009.

The company intends to pay for all of the 6.50% Notes Due 2009 (securities) purchased pursuant to the tender offer by utilizing its $600 million revolving credit facility which matures in July 2012. The Offer to Purchase, dated today, sets forth the terms of the tender offer.

The securities will be purchased at a purchase price of $1,000 per $1,000 in principal amount of such securities validly tendered and accepted for purchase, plus accrued and unpaid interest to, but not including, the date on which the securities are purchased.

The company has retained Citi to serve as the dealer manager and has Global Bondholder Services Corporation to serve as the information agent for the tender offer. The tender offer will expire on March 12, 2009, unless extended.