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United Dominion's Intriguing Valuation

Sean P. Smith
April 25, 2006

Pretend for a moment that you're managing a real estate investment trust (REIT) that you believe has a strong outlook, is delivering steadily better operating and financial results, and has just increased its dividend for the 30th consecutive year, yet it's still trading at steep discount to peers such as AvalonBay Communities (NYSE: AVB  ) and BRE Properties (NYSE: BRE  ) . What would you do? If you answered "buy back shares," congratulations. That's just what Unit