Document:

<PAGE>
                                                                    EXHIBIT 4.23

                       UNITED DOMINION REALTY TRUST, INC.

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY (THE "DEPOSITARY") (55 WATER STREET, NEW YORK, NEW YORK) TO THE
ISSUER HEREOF OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME
AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY AND ANY PAYMENT
IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN.

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED
FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A
NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR
ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

REGISTERED               CUSIP No.:            PRINCIPAL AMOUNT:
No. FXR-6                91019PCP5             $50,000,000

                       UNITED DOMINION REALTY TRUST, INC.

                                MEDIUM-TERM NOTE
                                  (FIXED RATE)

<TABLE>
<S>                                       <C>                                       <C>
ORIGINAL ISSUE DATE:                      INTEREST RATE: 5.25%                      STATED MATURITY
November 1, 2004                                                                    DATE: January 15, 2015

INTEREST PAYMENT DATE(S)                  [ ] CHECK IF DISCOUNT NOTE
[X] July 15 and January 15,                         Issue Price: %
commencing July 15, 2005
[ ] Other:

INITIAL REDEMPTION                        INITIAL REDEMPTION                        ANNUAL REDEMPTION
DATE: See Addendum                        PERCENTAGE: See Addendum                  PERCENTAGE
                                                                                    REDUCTION: See Addendum

OPTIONAL REPAYMENT
DATE(S): See Addendum

SPECIFIED CURRENCY:                       AUTHORIZED DENOMINATION:                  EXCHANGE RATE
[X] United States dollars                 [X] $1,000 and integral                   AGENT: N/A [ ]
[ ] Other:                                    multiples thereof
                                          [ ] Other:

ADDENDUM ATTACHED                         DEFAULT INTEREST RATE: N/A                OTHER/ADDITIONAL
                                                                                    PROVISIONS: N/A
[X] Yes
[ ] No
</TABLE>

<PAGE>

      UNITED DOMINION REALTY TRUST, INC., a Maryland corporation (the "Company",
which term includes any successor corporation under the Indenture hereinafter
referred to), for value received, hereby promises to pay to CEDE & Co., as
nominee for The Depository Trust Company, or registered assigns, the Principal
Amount of FIFTY MILLION DOLLARS ($50,000,000), on the Stated Maturity Date
specified above (or any Redemption Date or Repayment Date, each as defined on
the reverse hereof, or any earlier date of acceleration of maturity) (each such
date being hereinafter referred to as the "Maturity Date" with respect to the
principal repayable on such date) and to pay interest thereon (and on any
overdue principal, premium and/or interest to the extent legally enforceable) at
the Interest Rate per annum specified above, until the principal hereof is paid
or duly made available for payment. The Company will pay interest in arrears on
each Interest Payment Date, if any, specified above (each, an "Interest Payment
Date"), commencing with the first Interest Payment Date next succeeding the
Original Issue Date specified above, and on the Maturity Date; provided,
however, that if the Original Issue Date occurs between a Record Date (as
defined below) and the next succeeding Interest Payment Date, interest payment
will commence on the Interest Payment Date immediately following the next
succeeding Record Date to the registered holder (the "Holder") of this Note on
the next succeeding Record Date. Interest on this Note will be computed on the
basis of a 360-day year of twelve 30-day months.

      Interest on this Note will accrue from, and including, the immediately
preceding Interest Payment Date to which interest has been paid or duly provided
for (or from, and including, the Original Issue Date if no interest has been
paid or duly provided for) to, but excluding, the applicable Interest Payment
Date or the Maturity Date, as the case may be (each, an "Interest Period"). The
interest so payable, and punctually paid or duly provided for, on any Interest
Payment Date will, subject to certain exceptions described herein, be paid to
the person in whose name this Note (or one or more predecessor Notes, as defined
on the reverse hereof) is registered at the close of business on the fifteenth
calendar day (whether or not a Business Day, as defined below) immediately
preceding such Interest Payment Date (the "Record Date"); provided, however,
that interest payable on the Maturity Date will be payable to the person to whom
the principal hereof and premium, if any, hereon shall be payable. Any such
interest not so punctually paid or duly provided for on any Interest Payment
Date other than the Maturity Date ("Defaulted Interest") shall forthwith cease
to be payable to the Holder on the close of business on any Record Date and,
instead, shall be paid to the person in whose name this Note is registered at
the close of business on a special record date (the "Special Record Date") for
the payment of such Defaulted Interest to be fixed by the Trustee hereinafter
referred to, notice whereof shall be given to the Holder of this Note by the
Trustee not less than 10 calendar days prior to such Special Record Date or may
be paid at any time in any other lawful manner, all as more fully provided for
in the Indenture.

      Payment of principal, premium, if any, and interest in respect of this
Note due on the Maturity Date will be made in immediately available funds upon
presentation and surrender of this Note (and, with respect to any applicable
repayment of this Note, upon delivery of instructions as contemplated on the
reverse hereof) at the office or agency maintained by the Company for that
purpose in the Borough of Manhattan, The City of New York, currently the
corporate trust office of the Trustee located at 40 Broad Street, 5th Floor, New
York, New York 10004, or at such other paying agency in the Borough of
Manhattan, The City of New York, as the Company may determine; provided,
however, that if the Specified Currency (as defined

                                        2
<PAGE>

below) is other than United States dollars and such payment is to be made in the
Specified Currency in accordance with the provisions set forth below, such
payment will be made by wire transfer of immediately available funds to an
account with a bank designated by the Holder hereof at least 15 calendar days
prior to the Maturity Date, provided that such bank has appropriate facilities
therefor and that this Note is presented and surrendered and, if applicable,
instructions are delivered at the aforementioned office or agency maintained by
the Company in time for the Trustee to make such payment in such funds in
accordance with its normal procedures. Payment of interest due on any Interest
Payment Date other than the Maturity Date will be made at the aforementioned
office or agency maintained by the Company or, at the option of the Company, by
check mailed to the address of the person entitled thereto as such address shall
appear in the Security Register maintained by the Trustee; provided, however,
that a Holder of U.S.$10,000,000 (or, if the Specified Currency is other than
United States dollars, the equivalent thereof in the Specified Currency) or more
in aggregate principal amount of Notes (whether having identical or different
terms and provisions) will be entitled to receive interest payments on such
Interest Payment Date by wire transfer of immediately available funds if such
Holder has delivered appropriate wire transfer instructions in writing to the
Trustee not less than 15 calendar days prior to such Interest Payment Date. Any
such wire transfer instructions received by the Trustee shall remain in effect
until revoked by such Holder.

      If any Interest Payment Date or the Maturity Date falls on a day that is
not a Business Day, the required payment of principal, premium, if any, and/or
interest shall be made on the next succeeding Business Day with the same force
and effect as if made on the date such payment was due, and no interest shall
accrue with respect to such payment for the period from and after such Interest
Payment Date or the Maturity Date, as the case may be, to the date of such
payment on the next succeeding Business Day.

      As used herein, "Business Day" means any day, other than a Saturday or
Sunday, that is neither a legal holiday nor a day on which commercial banks are
authorized or required by law, regulation or executive order to close in The
City of New York; provided, however, that if the Specified Currency is other
than United States dollars, such day must also not be a day on which commercial
banks are authorized or required by law, regulation or executive order to close
in the Principal Financial Center (as defined below) of the country issuing the
Specified Currency (or, if the Specified Currency is Euro, such day must also be
a day on which the Trans-European Automated Real-Time Gross Settlement Express
Transfer (TARGET) System is open). "Principal Financial Center" means the
capital city of the country issuing the Specified Currency, except that with
respect to United States dollars, Australian dollars, Canadian dollars, Euros,
South African rands and Swiss francs, the "Principal Financial Center" shall be
The City of New York, Sydney, Toronto, Johannesburg and Zurich, respectively.

      The Company is obligated to make payment of principal, premium, if any,
and interest in respect of this Note in the currency in which this Note is
denominated above (or, if such currency is not at the time of such payment legal
tender for the payment of public and private debts in the country issuing such
currency or, if such currency is Euro, in the member states of the European
Union that have adopted the single currency in accordance with the Treaty
establishing the European Community, as amended by the Treaty on European Union,
then the currency which is at the time of such payment legal tender in the
related country or in the adopting member states of the European Union, as the
case may be) (the "Specified Currency"). If the Specified

                                        3
<PAGE>

Currency is other than United States dollars, except as otherwise provided
below, any such amounts so payable by the Company will be converted by the
Exchange Rate Agent specified above into United States dollars for payment to
the Holder of this Note.

      Any United States dollar amount to be received by the Holder of this Note
will be based on the highest bid quotation in The City of New York received by
the Exchange Rate Agent at approximately 11:00 A.M., New York City time, on the
second Business Day preceding the applicable payment date from three recognized
foreign exchange dealers (one of whom may be the Exchange Rate Agent) selected
by the Exchange Rate Agent and approved by the Company for the purchase by the
quoting dealer of the Specified Currency for United States dollars for
settlement on such payment date in the aggregate amount of the Specified
Currency payable to all Holders of Notes scheduled to receive United States
dollar payments and at which the applicable dealer commits to execute a
contract. All currency exchange costs will be borne by the Holder of this Note
by deductions from such payments. If three such bid quotations are not
available, payments on this Note will be made in the Specified Currency.

      If the Specified Currency is other than United States dollars, the Holder
of this Note may elect to receive all or a specified portion of any payment of
principal, premium, if any, and/or interest, if any, in respect of this Note in
the Specified Currency by submitting a written request for such payment to the
Trustee at its corporate trust office in The City of New York on or prior to the
applicable Record Date or at least 15 calendar days prior to the Maturity Date,
as the case may be. Such written request may be mailed or hand delivered or sent
by cable, telex or other form of facsimile transmission. The Holder of this Note
may elect to receive all or a specified portion of all future payments in the
Specified Currency in respect of such principal, premium, if any, and/or
interest, if any, and need not file a separate election for each payment. Such
election will remain in effect until revoked by written notice delivered to the
Trustee, but written notice of any such revocation must be received by the
Trustee on or prior to the applicable Record Date or at least 15 calendar days
prior to the Maturity Date, as the case may be.

      If the Specified Currency is other than United States dollars and the
Holder of this Note shall have duly made an election to receive all or a
specified portion of any payment of principal, premium, if any, and/or interest,
if any, in respect of this Note in the Specified Currency, but the Specified
Currency is not available due to the imposition of exchange controls or other
circumstances beyond the control of the Company, the Company will be entitled to
satisfy its obligations to the Holder of this Note by making such payment in
United States dollars on the basis of the Market Exchange Rate (as defined
below) determined by the Exchange Rate Agent on the second Business Day prior to
such payment date or, if such Market Exchange Rate is not then available, on the
basis of the most recently available Market Exchange Rate. The "Market Exchange
Rate" for the Specified Currency other than United States dollars means the noon
dollar buying rate in The City of New York for cable transfers for the Specified
Currency as certified for customs purposes (or, if not so certified, as
otherwise determined) by the Federal Reserve Bank of New York. Any payment made
in United States dollars under such circumstances shall not constitute an Event
of Default (as defined in the Indenture).

      All determinations referred to above made by the Exchange Rate Agent shall
be at its sole discretion and shall, in the absence of manifest error, be
conclusive for all purposes and binding on the Holder of this Note.

                                        4
<PAGE>

      The Company agrees to indemnify the Holder of any Note against any loss
incurred by such Holder as a result of any judgment or order being given or made
against the Company for any amount due hereunder and such judgment or order
requiring payment in a currency (the "Judgment Currency") other than the
Specified Currency, and as a result of any variation between (i) the rate of
exchange at which the Specified Currency amount is converted into the Judgment
Currency for the purpose of such judgment or order, and (ii) the rate of
exchange at which such Holder, on the date of payment of such judgment or order,
is able to purchase the Specified Currency with the amount of the Judgment
Currency actually received by such Holder, as the case may be. The foregoing
indemnity constitutes a separate and independent obligation of the Company and
continues in full force and effect notwithstanding any such judgment or order as
aforesaid. The term "rate of exchange" includes any premiums and costs of
exchange payable in connection with the purchase of, or conversion into, the
relevant currency.

      Reference is hereby made to the further provisions of this Note set forth
on the reverse hereof and, if so specified on the face hereof, in an Addendum
hereto, which further provisions shall have the same force and effect as if set
forth on the face hereof.

      Notwithstanding the foregoing, if an Addendum is attached hereto or
"Other/Additional Provisions" apply to this Note as specified above, this Note
shall be subject to the terms set forth in such Addendum or such
"Other/Additional Provisions".

      Unless the Certificate of Authentication hereon has been executed by the
Trustee by manual signature, this Note shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose.

                                       5
<PAGE>

      IN WITNESS WHEREOF, United Dominion Realty Trust, Inc. has caused this
Note to be duly executed by one of its duly authorized officers.

                              UNITED DOMINION REALTY TRUST, INC.

                              By /s/ Scott A. Shanaberger
                                 -----------------------------------------------
                                 Name: Scott A. Shanaberger
                                 Title: Senior Vice President, Chief Accounting
                                             Officer and Assistant Secretary

ATTEST:

By  /s/ Mary Ellen Norwood
    -----------------------
    Name: Mary Ellen Norwood
    Title: Vice President and Secretary

Dated:  March 8, 2005

TRUSTEE'S CERTIFICATE OF AUTHENTICATION:

This is one of the Debt Securities of
the series designated therein referred to
in the within-mentioned Indenture.

WACHOVIA BANK, NATIONAL ASSOCIATION,
as Trustee

By  /s/ Sarah A. McMahon                 Authentication Date: March 8, 2005
    ------------------------
    Authorized Signatory

                                       6
<PAGE>

                                [REVERSE OF NOTE]

                       UNITED DOMINION REALTY TRUST, INC.

                                MEDIUM-TERM NOTE
                                  (FIXED RATE)

      This Note is one of a duly authorized series of Debt Securities (the "Debt
Securities") of the Company issued and to be issued under an Indenture, dated as
of November 1, 1995, as amended, modified or supplemented from time to time (the
"Indenture"), between the Company (successor by merger to United Dominion Realty
Trust, Inc., a Virginia corporation) and Wachovia Bank, National Association,
(formerly known as First Union National Bank of Virginia) as trustee (the
"Trustee", which term includes any successor trustee under the Indenture), to
which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Company, the Trustee and the Holders of the Debt
Securities, and of the terms upon which the Debt Securities are, and are to be,
authenticated and delivered. This Note is one of the series of Debt Securities
designated as "Medium-Term Notes Due Nine Months or More From Date of Issue"
(the "Notes"). All terms used but not defined in this Note or in an Addendum
hereto shall have the meanings assigned to such terms in the Indenture or on the
face hereof, as the case may be.

      This Note is issuable only in registered form without coupons in minimum
denominations of U.S. $1,000 and integral multiples thereof or other Authorized
Denomination specified on the face hereof.

      This Note will not be subject to any sinking fund and, unless otherwise
specified on the face hereof in accordance with the provisions of the following
two paragraphs, will not be redeemable or repayable prior to the Stated Maturity
Date.

      This Note will be subject to redemption at the option of the Company on
any date on or after the Initial Redemption Date, if any, specified on the face
hereof, in whole or from time to time in part in increments of U.S. $1,000 or
other integral multiple of an Authorized Denomination (provided that any
remaining principal amount hereof shall be at least U.S. $1,000 or such other
minimum Authorized Denomination), at the Redemption Price (as defined below),
together with unpaid interest accrued thereon to the date fixed for redemption
(the "Redemption Date"), on written notice given to the Holder hereof (in
accordance with the provisions of the Indenture) not more than 60 nor less than
30 calendar days prior to the Redemption Date. The "Redemption Price" shall be
an amount equal to the Initial Redemption Percentage specified on the face
hereof (as adjusted by the Annual Redemption Percentage Reduction, if any,
specified on the face hereof) multiplied by the unpaid principal amount of this
Note to be redeemed. The Initial Redemption Percentage, if any, shall decline at
each anniversary of the Initial Redemption Date by the Annual Redemption
Percentage Reduction, if any, until the Redemption Price is 100% of unpaid
principal amount to be redeemed. In the event of redemption of this Note in part
only, a new Note of like tenor for the unredeemed portion hereof and otherwise
having the same

                                        7
<PAGE>

terms and provisions as this Note shall be issued by the Company in the name of
the Holder hereof upon the presentation and surrender hereof.

      This Note will be subject to repayment by the Company at the option of the
Holder hereof on the Optional Repayment Date(s), if any, specified on the face
hereof, in whole or in part in increments of U.S. $1,000 or other integral
multiple of an Authorized Denomination (provided that any remaining principal
amount hereof shall be at least U.S. $1,000 or such other minimum Authorized
Denomination), at a repayment price equal to 100% of the unpaid principal amount
to be repaid, together with unpaid interest accrued thereon to the date fixed
for repayment (the "Repayment Date"). For this Note to be repaid, the Trustee
must receive at its corporate trust office in the Borough of Manhattan, The City
of New York, not more than 60 nor less than 30 calendar days prior to the
Repayment Date, such Note and instructions to such effect forwarded by the
Holder hereof. Exercise of such repayment option by the Holder hereof shall be
irrevocable. In the event of repayment of this Note in part only, a new Note of
like tenor for the unrepaid portion hereof and otherwise having the same terms
and provisions as this Note shall be issued by the Company in the name of the
Holder hereof upon the presentation and surrender hereof.

      If this Note is specified on the face hereof to be a Discount Note, the
amount payable to the Holder of this Note in the event of redemption, repayment
or acceleration of maturity will be equal to the sum of (1) the Issue Price
specified on the face hereof (increased by any accruals of the Discount, as
defined below) and, in the event of any redemption of this Note (if applicable),
multiplied by the Initial Redemption Percentage (as adjusted by the Annual
Redemption Percentage Reduction, if applicable) and (2) any unpaid interest
accrued thereon to the Redemption Date, Repayment Date or date of acceleration
of maturity, as the case may be. The difference between the Issue Price and 100%
of the principal amount of this Note is referred to herein as the "Discount".

      For purposes of determining the amount of Discount that has accrued as of
any Redemption Date, Repayment Date or date of acceleration of maturity of this
Note, such Discount will be accrued so as to cause the yield on the Note to be
constant. The constant yield will be calculated using a 30-day month, 360-day
year convention, a compounding period that, except for the Initial Period (as
defined below), corresponds to the shortest period between Interest Payment
Dates (with ratable accruals within a compounding period) and an assumption that
the maturity of this Note will not be accelerated. If the period from the
Original Issue Date to the initial Interest Payment Date (the "Initial Period")
is shorter than the compounding period for this Note, a proportionate amount of
the yield for an entire compounding period will be accrued. If the Initial
Period is longer than the compounding period, then such period will be divided
into a regular compounding period and a short period, with the short period
being treated as provided in the preceding sentence.

      In addition to the covenants set forth in the Indenture, the Company is
required to maintain Total Unencumbered Assets (as defined below) of not less
than 150% of the aggregate outstanding principal amount of the Company's
Unsecured Debt (as defined below). For purposes of this requirement, the
following capitalized terms shall be defined as follows:

                                        8
<PAGE>

      "Total Unencumbered Assets" means the sum of (i) those Undepreciated Real
Estate Assets (as defined below) not subject to an encumbrance and (ii) all
other assets of the Company and its Subsidiaries (as defined below) not subject
to encumbrance determined in accordance with generally accepted accounting
principles (but excluding accounts receivable and intangibles).

      "Subsidiaries" means a corporation, a limited liability company or a
partnership a majority of the outstanding voting stock, limited liability
company or partnership interests, as the case may be, of which is owned,
directly or indirectly, by the Company or by one or more other Subsidiaries of
the Company. For purposes of this definition, "voting stock" means stock having
voting power for the election of directors, managing members or trustees,
whether at all times or only so long as no senior class of stock has such voting
power by reason of any contingency.

      "Undepreciated Real Estate Assets" as of any date means the original cost
plus capital improvements of real estate assets of the Company and its
Subsidiaries determined in accordance with generally accepted accounting
principles.

      "Unsecured Debt" means debt of the Company or any Subsidiary which is not
secured by any mortgage, lien, charge, pledge or security interest of any kind
upon any of their properties.

      If an Event of Default shall occur and be continuing, the principal of the
Notes may, and in certain cases shall, be accelerated in the manner and with the
effect provided in the Indenture.

      The Indenture contains provisions for defeasance of (i) the entire
indebtedness of the Notes or (ii) certain covenants and Events of Default with
respect to the Notes, in each case upon compliance with certain conditions set
forth therein, which provisions apply to the Notes.

      The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Debt Securities at any time by the
Company and the Trustee with the consent of the Holders of a majority of the
aggregate principal amount of all Debt Securities at the time outstanding and
affected thereby. The Indenture also contains provisions permitting the Holders
of a majority of the aggregate principal amount of the outstanding Debt
Securities of any series, on behalf of the Holders of all such Debt Securities,
to waive compliance by the Company with certain provisions of the Indenture.
Furthermore, provisions in the Indenture permit the Holders of a majority of the
aggregate principal amount of the outstanding Debt Securities of any series, in
certain instances, to waive, on behalf of all of the Holders of Debt Securities
of such series, certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this Note shall be
conclusive and binding upon such Holder and upon all future Holders of this Note
and other Notes issued upon the registration of transfer hereof or in exchange
heretofore or in lieu hereof, whether or not notation of such consent or waiver
is made upon this Note.

         No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay principal, premium, if any, and interest in
respect of this Note at the times, places and rate or formula, and in the coin
or currency, herein prescribed.

                                        9
<PAGE>

      As provided in the Indenture and subject to certain limitations therein
and herein set forth, the transfer of this Note is registrable in the Security
Register of the Company upon surrender of this Note for registration of transfer
at the office or agency of the Company in any place where the principal hereof
and any premium or interest hereon are payable, duly endorsed by, or accompanied
by a written instrument of transfer in form satisfactory to the Company and the
Security Registrar duly executed by, the Holder hereof or by his attorney duly
authorized in writing, and thereupon one or more new Notes having the same terms
and provisions, of Authorized Denominations and for the same aggregate principal
amount, will be issued by the Company to the designated transferee or
transferees.

      As provided in the Indenture and subject to certain limitations therein
and herein set forth, this Note is exchangeable for a like aggregate principal
amount of Notes of different Authorized Denominations but otherwise having the
same terms and provisions, as requested by the Holder hereof surrendering the
same.

      No service charge shall be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

      Prior to due presentment of this Note for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee may treat the
Holder as the owner hereof for all purposes, whether or not this Note be
overdue, and neither the Company, the Trustee nor any such agent shall be
affected by notice to the contrary, except as required by law.

      THE INDENTURE AND THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE COMMONWEALTH OF VIRGINIA.

                                       10
<PAGE>

                                  ABBREVIATIONS

      The following abbreviations, when used in the inscription on the face of
this Note, shall be construed as though they were written out in full according
to applicable laws or regulations:

TEN     - as tenants in common            UNIF GIFT MIN - ________ Custodian
COM                                       ACT             ______
TEN ENT - as tenants by the entireties                    (Cust)  (Minor)
                                                          under Uniform Gifts to
JT TEN  - as joint tenants with right of                  Minors Act
          survivorship and not as tenants                 ___________________
          in common                                                  (State)

           Additional abbreviations may also be used though not in the
above list.

                                   ASSIGNMENT

      FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto

PLEASE INSERT SOCIAL SECURITY OR
            OTHER
IDENTIFYING NUMBER OF ASSIGNEE
________________________________________________________________________________

________________________________________________________________________________
(Please print or typewrite name and address including postal zip code of
assignee)
________________________________________________________________________________
this Note and all rights thereunder hereby irrevocably constituting and
appointing

________________________________________________________________________________
Attorney to transfer this Note on the books of the Company, with full power of
substitution in the premises.

Dated: _______________                   _____________________________________

       _______________                   _____________________________________
                                              Notice: The signature(s) on this
                                              Assignment must correspond with
                                              the name(s) as written upon the
                                              face of this Note in every
                                              particular, without lteration or
                                              enlargement or any change
                                              whatsoever.

                                       11
<PAGE>

                       UNITED DOMINION REALTY TRUST, INC.

                          ADDENDUM TO MEDIUM-TERM NOTE
                                  (Fixed Rate)

      The Company may redeem all or part of this Note at any time at its option
at a redemption price equal to the greater of (1) the principal amount of this
Note being redeemed plus accrued and unpaid interest to the redemption date or
(2) the Make-Whole Amount for the principal amount of this Note being redeemed.

      "Make-Whole Amount" means, as determined by the Quotation Agent, the sum
of the present values of the principal amount of this Note to be redeemed,
together with the scheduled payments of interest (exclusive of interest to the
redemption date) from the redemption date to the maturity date of this Note
being redeemed, in each case discounted to the redemption date on a semi-annual
basis, assuming a 360-day year consisting of twelve 30-day months, at the
Adjusted Treasury Rate, plus accrued and unpaid interest on the principal amount
of this Note being redeemed to the redemption date.

      "Adjusted Treasury Rate" means, with respect to any redemption date, the
sum of (x) either (1) the yield for the maturity corresponding to the Comparable
Treasury Issue, under the heading that represents the average for the
immediately preceding week, appearing in the most recent published statistical
release designated "H.15 (519)" or any successor publication that is published
weekly by the Board of Governors of the Federal Reserve System and that
establishes yields on actively traded United States Treasury securities adjusted
to constant maturity under the caption "Treasury Constant Maturities" (provided,
if no maturity is within three months before or after the remaining term of this
Note, yields for the two published maturities most closely corresponding to the
Comparable Treasury Issue shall be determined and the Adjusted Treasury Rate
shall be interpolated or extrapolated from such yields on a straight line basis,
rounded to the nearest month) or (2) if such release (or any successor release)
is not published during the week preceding the calculation date or does not
contain such yields, the rate per year equal to the semi-annual equivalent yield
to maturity of the Comparable Treasury Issue, calculated using a price for the
Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price for such redemption date, in each case
calculated on the third business day preceding the redemption date, and (y)
..20%.

      "Comparable Treasury Issue" means the United States Treasury security
selected by the Quotation Agent as having a maturity comparable to the remaining
term from the redemption date to the maturity date of this Note that would be
utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable
maturity to the remaining term of this Note.

      "Comparable Treasury Price" means, with respect to any redemption date,
(x) the average of three Reference Treasury Dealer Quotations for such
redemption date, after excluding the highest and lowest Reference Treasury
Dealer Quotations so obtained or (y) if fewer than five Reference Treasury
Dealer Quotations are so obtained, the average of all such Reference Treasury
Dealer Quotations so obtained.

<PAGE>

      "Quotation Agent" means the Reference Treasury Dealer selected by the
indenture trustee after consultation with the Company.

      "Reference Treasury Dealer" means any of J.P. Morgan Securities Inc.,
Goldman, Sachs & Co., their respective successors and assigns and three other
nationally recognized investment banking firm selected by the Company that is a
primary U.S. Government securities dealer.

      "Reference Treasury Dealer Quotations" means, with respect to each
Reference Treasury Dealer and any redemption date, the average, as determined by
the indenture trustee, of the bid and asked prices for the Comparable Treasury
Issue (expressed in each case as a percentage of its principal amount) quoted in
writing to the indenture trustee by such Reference Treasury Dealer at 5:00 p.m.,
New York City time, on the third business day preceding such redemption date.

                                       2<PAGE>
                                                                   EXHIBIT 10.24

                              EMPLOYMENT AGREEMENT

      THIS EMPLOYMENT AGREEMENT ("Agreement"), entered into this 8th day of
December, 1998, between UNITED DOMINION REALTY TRUST, INC., a Virginia
corporation (the "Company") and RICHARD A. GIANNOTTI (the "Executive"), recites
and provides as follows:

                                    RECITALS:

      On September 24, 1997, the Company and the Executive entered into an
employment agreement (the "Employment Agreement"). The Company and the Executive
now wish to terminate the Employment Agreement and replace it with this
Agreement.

                                   AGREEMENT:

      NOW, THEREFORE, in consideration of the foregoing, and the mutual promises
and undertakings hereinafter set forth, and the payments to be made to the
Executive hereunder, the parties hereto agree as follows:

1.    Position and Duties.

      a. The Company hereby agrees to and hereby does continue to employ the
Executive as an executive officer of the Company, subject to the supervision of
the Chief Executive Officer of the Company, or such other senior officer of the
Company as may be prescribed by the Chief Executive Officer or the Board of
Directors of the Company (the "Board"). Currently, the Executive reports to the
Chief Executive Officer and is responsible for Development for the Northern and
Southern Regions of the Company. The parties agree that the Employment Agreement
is hereby terminated and this Agreement is replaced in its stead.

      The Executive agrees that the description of the executive position above
shall not limit the Company from assigning to the Executive such other duties
and functions in addition to or in substitution of those described above.

      b. The Executive agrees to serve the Company as a full time executive
officer with duties and authority as set forth in the Company's by-laws or as
otherwise prescribed by the Board, the Chief Executive Officer, or such other
senior officer prescribed by the Chief Executive Officer or the Board. The
Executive shall devote such time, attention, skill, and efforts to the
performance of his duties as a Company executive as shall be required therefore,
all under the supervision and direction of the Board, the Chief Executive
Officer, or such other senior officer prescribed by the Board. The Executive
agrees that during the period of his employment he will not, without the
approval of a majority of the independent directors of the Board, have any other
(i) real estate investment trust or business affiliations, or (ii) corporate
affiliations that conflict with the business of the Company or interfere with
the ability of the Executive to perform his duties for the Company or comply
with the covenants under this Agreement.

                                      -1-
<PAGE>

2.    Term of Agreement.

      This Agreement will take effect as of the date of this Agreement and will
end on December 31, 1998. After December 31, 1998, this Agreement will
automatically renew for successive one (1) year periods, ending as of December
31 of each year, unless sooner terminated in accordance with Section 4.

3.    Compensation and Benefits.

      a. Base Salary. The Executive's pay will not be less than $175,000 per
year, payable in accordance with the Company's regular payroll practices, unless
the Executive consents to a lesser base salary in writing.

      b. Annual Incentive Compensation. The Executive's annual compensation
shall also include an annual incentive where the Executive has an opportunity to
earn a bonus of at least forty five percent (45%) of base salary based upon the
Executive and the Company meeting certain performance goals and objectives as
determined by the Compensation Committee of the Board (the "Compensation
Committee"). The Executive acknowledges that the Board or the Compensation
Committee, as appropriate, may elect to modify or terminate annual incentive
compensation for all executives at any time.

      c. Long Term Incentive Compensation. The Executive's compensation shall
also include participation (i) in the Company's 1982 Stock Option Plan; (ii) in
the Company's 1991 Officers Stock Purchase and Loan Plan; and (iii) any
"shareholder value plan" or other long-term compensation plan for senior
officers of the Company adopted by the Compensation Committee or the Board, on
the same basis as similarly situated executive officers of the Company. The
Executive acknowledges that the Board, or the Compensation Committee, as
appropriate, may elect to terminate or modify any or all long-term incentive
compensation at any time.

      d. Associate Benefit Plans. The Executive will be eligible to participate
in any and all employee benefit plans, medical insurance plans, retirement
plans, and other benefit plans in effect for employees in similar positions at
the Company (the "Company Plans") or any other plans applicable for other
officers or executive officers of the Company. Such participation shall be
subject to the terms of the applicable plan documents and the Company's
generally applied policies. In addition, the Executive acknowledges that the
Company may elect to terminate or modify any or all Company Plans at any time.

      e. Travel. It is contemplated that the Executive will be required to incur
travel and entertainment expense in the interests and on behalf of the Company
and in furtherance of its business. The Executive agrees to comply with the
travel and entertainment guidelines of the Company, which may be modified from
time to time (the "T&E Guidelines"). The Company at the end of each month during
the period of this Agreement will, upon submission of appropriate bills or
vouchers, reimburse expenses incurred by the Executive during such month in
compliance with

                                      -2-
<PAGE>

the T&E Guidelines. The Executive agrees to maintain adequate records, in such
detail as the Company may reasonably request, of all expenses to be reimbursed
by the Company hereunder and to make such records available for inspection as
and when reasonably requested by the Company.

4.    Employment Termination Outside of Change of Control.

      a. Incapacity; Death. This Agreement may be terminated by the Company, by
delivery of a "Notice of Termination" (defined in Section 8) to the Executive or
his personal representative given at least thirty (30) days prior to the
effective date specified therein, in the event that the Executive shall be
unable to perform his duties hereunder for a period of more than three
consecutive months as a result of illness or incapacity. This Agreement shall
terminate on the death of the Executive.

      b. Without Cause. This Agreement may be terminated by the Company, without
cause, by delivery of a "Notice of Termination" (defined in Section 8) given to
the Executive ten (10) days prior to the effective date of such termination.

      c. Severance Compensation. Upon termination of this Agreement pursuant to
Section 4 (a) or 4 (b), the Company shall pay to the Executive or his legal
representative certain compensation (the "Severance Compensation") as follows:

         (i)   Base Salary. The Executive shall be paid fifty-two (52) weeks
               of base salary, and the Company shall continue in effect for a
               period of fifty-two (52) weeks after the effective date of the
               Executive's termination, all health/life/disability insurance
               coverage provided to the Executive and his immediate family on
               the day immediately prior to the date of notice of termination
               or, if the Executive shall so elect, the Company shall pay to the
               Executive an amount equal to the portion of the premium allocable
               to the Executive for providing such coverage, provided, however,
               if such coverage cannot be continued by the Company, the Company
               shall pay to the Executive an amount sufficient for the Executive
               to obtain substantially similar coverage for a period of
               fifty-two (52) weeks after the effective date of termination.

         (ii)  Incentive Compensation. The Executive shall also be entitled
               to annual incentive compensation (i) actually earned by the
               Executive, if any, pursuant to Section 3(b) of this Agreement for
               the Company's current fiscal year prorated through the effective
               date of termination, which compensation shall be paid no later
               than forty-five (45) days after the end of the Company's fiscal
               year and (ii) an amount equal to the sum of the annual incentive
               compensation earned by the Executive over the two calendar years
               prior to the effective date of termination, divided by two
               ("Average Annual Incentive Compensation"). Compensation pursuant
               to paragraph 3(c) (long term incentive compensation) shall be
               governed by the terms of the subject plans.

                                      -3-
<PAGE>

         (iii) Severance Compensation Reduction. In the event termination is
               pursuant to Section 4 (a) of this Agreement, the portion of
               Severance Compensation to be paid pursuant to Section 4(i) and
               (ii) shall be reduced by the amount of any life insurance
               proceeds paid by or through the Company or disability insurance
               payments for one (1) year, as appropriate, payable to the
               Executive or his personal representative or other beneficiary.

         (iv)  Timing. The Company, at its option, shall pay to the Executive
               or his legal representative the sums payable to such Executive or
               his legal representative on account of the portion of Severance
               Compensation consisting of (y) base salary either in a lump sum
               or in monthly increments payable on the first day of each month
               over the succeeding twelve (12) month period; and (z) the Average
               Annual Incentive Compensation within thirty (30) days after the
               effective date of termination.

         (v)   Life Insurance. The Executive shall also be entitled to direct
               the Company to change the beneficiary of any non-group life
               insurance policy to another person or group.

      d. By the Executive. This Agreement may be terminated by the Executive,
upon delivery of a "Notice of Termination" (defined in Section 8) given at least
ninety (90) days before the effective date of termination or for "Good Reason,"
which, for the purposes of this subsection, shall mean for the reasons set forth
in subsections 5(d)(i) to (vi). In such event, the Executive shall not be
entitled to any compensation under this Agreement for any period not worked
after the termination date, other than compensation to which the Executive is
entitled pursuant to Section 5.

      e. For Cause. The Company may terminate this Agreement for cause by
providing a "Notice of Termination" (defined in Section 8). In such event, the
Executive shall not be entitled to any compensation under this Agreement for the
period after the termination date, and any compensation paid to the Executive
shall be net of any sums owed by the Executive to the Company as a result of the
act for which the employment of the Executive was terminated. The circumstances
under which the Company will be deemed to have cause to terminate this Agreement
will be a breach of this Agreement or a serious offense inconsistent with his
duties as an Executive which shall include but not be limited to the following:

         (i)   The Executive is convicted of or pleads nolo contendere to any
               crime, other than a traffic offense or misdemeanor;

         (ii)  The Executive shall commit, with respect to the Company, an
               act of fraud or embezzlement or shall have been grossly negligent
               in the performance of his duties hereunder;

         (iii) The Executive engages in gross dereliction of duties, refusal
               to perform assigned duties consistent with his position, or
               repeated violation of the Company's policies after written
               warning; or,

                                      -4-
<PAGE>

         (iv)  The Executive engages in drug abuse.

      f. Consulting Services. Upon termination of this Agreement, the Executive
shall, for a period of up to one year following the effective date of
termination, render such advisory or consulting services to the Company as it
may reasonably request, taking into account the Executive's health, business
commitments, geographical location and other relevant circumstances. The intent
of this paragraph is not to obligate the Executive to perform any day-to-day
duties for the Company following termination of his employment but only to
assist management in effecting a smooth transition of the functions or projects
for which the Executive was responsible while an employee of the Company. Should
the Executive fail to render such advisory or consulting services, after 30
days' prior written notice to the Executive and the Executive's failure to
commence the rendering of such service, the Company's sole remedy shall be to
terminate payment of any remaining severance compensation. If this Agreement is
terminated pursuant to Section 4(d)(except where the termination is for "Good
Reason") or 4(e) and no Severance Compensation is paid to the Executive, the
Executive shall be paid on an hourly basis to the extent requested by the
Company to perform advisory or consulting services, based upon his base salary
prior to termination for the actual time spent for advisory or consulting
services for the Company.

      g. Return of Company Property. The parties acknowledge and agree that
records, files, reports, manuals, handbooks, computer diskettes, computer
software, customer files and information, documents, equipment and the like,
relating to the Company's business or which are developed for or by the Company,
or which Executive shall develop, create, use, prepare or come into possession
of during his employment with the Company, shall remain the sole property of the
Company and Executive covenants to promptly deliver to the Company any and all
such property and any copies thereof no later than the termination of
Executive's employment with the Company.

      h. Covenants. The Executive shall not be entitled to any Severance
Compensation or benefits for any period he is in violation of the Covenants in
Section 6.

5.    Change of Control.

      a. Change of Control. For purposes of this Agreement, "Change of Control"
shall mean (i) the merger or consolidation of the Company with any other real
estate investment trust, corporation or other business entity, in which the
Company is not the survivor (without respect to the legal structure of the
transaction), (ii) 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,
(iii) the liquidation of the Company, or (iv) the acquisition by any person or
by a group of persons acting in concert, of more than 50% of the outstanding
voting securities of the Company, which results in the resignation or addition
of fifty percent (50%) or more members of the Board or the resignation or
addition of fifty percent (50%) or more independent members of the Board.

                                      -5-
<PAGE>

      b. Compensation Upon Termination. Following a Change in Control that
results in termination of the Executive's employment, the Executive shall be
entitled to the following benefits unless such termination is by the Executive
other than for "Good Reason" (as defined below):

         (i)      Compensation. The Company shall pay the Executive one
                  hundred four (104) weeks of base salary at the rate in effect
                  at the time Notice of Termination is given, and the equivalent
                  of two years of annual incentive compensation based upon the
                  average annual incentive compensation earned by the Executive
                  for the two calendar years prior to the effective date of
                  termination, plus all other amounts to which the Executive is
                  entitled under any compensation plan of the Company.

         (ii)     Benefits. The Company shall provide the Executive with life,
                  disability, accident and health insurance coverage (including
                  any dependent coverage) substantially similar to the coverage
                  the Executive is receiving immediately prior to the Notice of
                  Termination, for a twenty four (24) month period after the
                  Executive's termination. Benefits otherwise receivable by the
                  Executive pursuant to this subsection (ii) shall be reduced to
                  the extent comparable benefits are actually received by the
                  Executive during the twenty-four (24) month period following
                  termination, and any such benefits actually received by the
                  Executive shall be reported to the Company.

         (iii)    Long-Term Incentive Compensation. All of the Executive's
                  outstanding options, stock appreciation rights and any other
                  awards in the nature of rights that may be exercised shall
                  become fully vested and immediately exercisable; all
                  restrictions on any outstanding other awards held by the
                  Executive (such as awards of restricted stock) shall lapse;
                  and the Executive's balance in any deferred compensation plan
                  or shareholder value plan shall become fully vested and
                  immediately payable; provided, however, that such acceleration
                  will not occur if, in the opinion of the Company's
                  accountants, such acceleration would preclude the use of
                  "pooling of interest" accounting treatment for a Change of
                  Control transaction that (a) would otherwise qualify for such
                  accounting treatment, and (b) is contingent upon qualifying
                  for such accounting treatment.

         (iv)     Timing. The Severance Payments shall be made no later
                  than the thirtieth (30th) business day following the effective
                  date of termination. However, if the amounts of the Severance
                  Payments cannot be finally determined on or before such day,
                  the Company shall pay to the Executive on such day an estimate
                  of the minimum amount of such payments and shall pay the
                  remainder of such payments as soon as the amount thereof can
                  be determined but in no event later than the ninetieth (90th)
                  day after the effective date of termination.

                                      -6-
<PAGE>

      c. Limitation of Benefits.

         (i)   Notwithstanding anything in this Agreement to the contrary, in
               the event it shall be determined that any benefit, payment or
               distribution by the Company to or for the benefit of Executive
               (whether payable or distributable pursuant to the terms of this
               Agreement or otherwise)(such benefits, payments or distributions
               are hereinafter referred to as "Payments") would, if paid, be
               subject to the excise tax (the "Excise Tax") imposed by Section
               4999 of the Code, then the aggregate present value of the
               Payments shall be reduced (but not below zero) to an amount
               expressed in present value that maximizes the aggregate present
               value of the Payments without causing the Payments or any part
               thereof to be subject to the Excise Tax and therefore
               nondeductible by the Company because of Section 280G of the Code
               (the "Reduced Amount"). For purposes of this Section, present
               value shall be determined in accordance with Section 280G(d)(4)
               of the Code.

         (ii)  All determinations required to be made under this Section,
               including whether an Excise Tax would otherwise be imposed,
               whether the Payments shall be reduced, the amount of the Reduced
               Amount, and the assumptions to be utilized in arriving at such
               determinations, shall be made by Ernst & Young, LLP or such other
               certified public accounting firm acceptable to the Company, in
               its sole discretion (the "Accounting Firm") which shall provide
               detailed supporting calculations both to the Company and
               Executive within fifteen (15) business days of the receipt of
               notice from Executive that a Payment is due to be made, or such
               earlier time as is requested by the Company. All fees and
               expenses of the Accounting Firm shall be borne solely by the
               Company. Any determination by the Accounting Firm shall be
               binding upon the Company and Executive. As a result of the
               uncertainty in the application of Section 4999 of the Code at the
               time of the initial determination by the Accounting Firm
               hereunder, it is possible that Payments hereunder will have been
               unnecessarily limited by this Section ("Underpayment"),
               consistent with the calculations required to be made hereunder.
               The Accounting Firm shall determine the amount of the
               Underpayment that has occurred and any such Underpayment shall be
               promptly paid by the Company to or for the benefit of Executive.

      d. Good Reason. The Executive shall be entitled to terminate this
Agreement for Good Reason. For purposes of this Section 5, "Good Reason" shall
mean the occurrence, within two (2) years after a Change in Control, of any of
the following circumstances:

         (i)   the assignment to the Executive of any duties inconsistent with
               the Executive's position and status as Director of Development
               for the Northern and Southern Regions or a substantial adverse
               alteration in the nature or

                                      -7-
<PAGE>
               status of the Executive's responsibilities from those in effect
               immediately prior to the Change in Control;

         (ii)  a ten percent (10%) or greater reduction by the Company in the
               Executive's annual base salary as in effect on the date hereof or
               as the same may be increased from time to time except for
               across-the-board salary reductions affecting senior executives of
               the Company and senior executives of any person directly or
               indirectly in control of the Company;

         (iii) the Executive's relocation by the Company to a location not
               within fifty miles of the Executive's present office or job
               location;

         (iv)  the failure by the Company to pay to the Executive any portion of
               the Executive's current compensation, or to pay to the Executive
               any portion of an installment of deferred compensation under any
               deferred compensation program of the Company, within thirty (30)
               days of the date such compensation is due;

         (v)   the failure by the Company to continue in effect any annual or
               long-term monetary incentive opportunity to which the Executive
               was entitled, or any compensation plan in which the Executive
               participates immediately prior to the Change in Control which
               constitutes more than ten percent (10%) of the Executive's total
               compensation; provided, however, that the Company may modify the
               monetary incentive opportunities so as to provide the Executive
               with the same or similar monetary incentive opportunities;

         (vi)  the failure of the Company to obtain a satisfactory agreement
               from any successor to assume and agree to perform this Agreement
               or a similar agreement satisfactory to the Executive;

         (vii) in the event the Executive terminates this Agreement for Good
               Reason following a Change in Control as provided by this Section
               5, the Executive shall be entitled to the compensation provided
               by Section 5(b), reduced by the amount of compensation received
               by the Executive following the Change in Control through the
               effective date of termination.

      e. Potential Change of Control. For purposes of this Agreement, a
"Potential Change in Control" shall be deemed to have occurred if (i) the
Company enters into an agreement, the consummation of which would result in the
occurrence of a Change in Control; (ii) any person (including the Company)
publicly announces an intention to take or to consider taking actions which if
consummated would constitute a Change in Control; (iii) any person, who is or
becomes the beneficial owner, directly or indirectly, of securities of the
Company representing 9.5% or more of the combined voting power of the Company's
then outstanding securities increases his beneficial ownership of such
securities by 5% or more over the percentage so owned by such person on the date

                                      -8-
<PAGE>

hereof; or (iv) the Board adopts a resolution to the effect that, for the
purposes of this Agreement, a Potential Change in Control has occurred. In the
event of a Potential Change in Control the Executive will remain in the employ
of the Company until the earliest of (x) a date which is six (6) months from the
occurrence of such Potential Change in Control, or (y) the occurrence of a
Change in Control.

6.    Confidentiality; Non-Competition and Non-Solicitation Covenants.

      a. Basis for Covenants. The Executive acknowledges that i) he will be
employed as an executive officer in a managerial capacity; ii) his employment
with the Company gives him access to confidential and proprietary information
concerning the Company; iii) the agreements and covenants contained in this
Section 6 (the "Covenants") are essential to protect the business of the
Company; and iv) the Executive is to receive consideration pursuant to this
Agreement. Executive recognizes and acknowledges that the confidential
information described in Section 6(b) (the "Confidential Information") which he
will acquire in the course of his employment is utilized by the Company in all
geographic areas in which the Company does business. Further, the Confidential
Information will also be utilized in all geographic areas into which the Company
expands its business. Thus, Executive acknowledges that he will be a formidable
competitor in all areas where the Company conducts business. Executive also
acknowledges that the Covenants serve to protect the Company's investment in the
Confidential Information.

      b. Confidentiality.

         (i)   The Executive acknowledges that he will be exposed to and learn
               a substantial amount of information which is proprietary and
               confidential to the Company, whether or not he develops or
               creates such information. The Executive acknowledges that such
               proprietary and confidential information may include, but is not
               limited to, trade secrets; acquisition or merger information;
               advertising and promotional programs; resource or developmental
               projects; plans or strategies for future business development;
               financial or statistical data; customer information, including,
               but not limited to, customer lists, sales records, account
               records, sales and marketing programs, pricing matters, and
               strategies and reports; and any Company manuals, forms,
               techniques, and other business procedures or methods, devices,
               computer software or matters of any kind relating to or with
               respect to any confidential program or projects of the Company,
               or any other information of a similar nature made available to
               the Executive and not known in the trade in which the Company is
               engaged, which, if misused or disclosed, could adversely affect
               the business or standing of the Company. Confidential Information
               shall not include information that is generally known or
               generally available to the public through no fault of the
               Executive.

         (ii)  The Executive agrees that except as required by law, he will
               not at any time divulge to any person, agency, institution,
               company or other entity any

                                      -9-
<PAGE>
               information which he knows or has reason to believe is
               proprietary or confidential to the Company, including but not
               limited to the types of information described in Section 6(b)(i),
               or use such information to the competitive disadvantage of the
               Company. The Executive agrees that his duties and obligations
               under this Section 6 will continue for 12 months from the
               termination of his employment or as long as the Confidential
               Information remains proprietary or confidential to the Company.

      c. Non-Competition. During the period of the Executive's employment, the
Executive agrees that he will not, on behalf of anyone other than the Company,
engage in any managerial, executive, sales, or marketing activities related to
any business in which the Company is or becomes engaged during the Executive's
employment without the consent of the Board.

      d. Non-Solicitation. The Executive agrees that for a twelve (12) month
period following the termination of his employment with the Company for any
reason (including the Executive's resignation), the Executive shall not,
directly or indirectly, hire or solicit any employee of the Company employed at
the time of his termination, or encourage any such employee to leave such
employment.

      e. Scope of Covenants.

         (i)   Executive acknowledges that the Company intends to extend
               business operations throughout the United States of America.
               Therefore, for a period of twelve (12) months after termination
               of Executive's employment for any reason (including Executive's
               resignation), Executive agrees that he shall not directly or
               indirectly carry on or participate in the ownership or management
               of apartment communities of the same class and quality of the
               communities owned by the Company that directly competes with the
               Company anywhere within the United States of America.

         (ii)  Independent of the preceding provision, Executive agrees that
               he shall not, for a period of twelve (12) months after
               termination of Executive's employment, directly or indirectly
               carry on or participate in the ownership or management of
               apartment communities of the same class and quality of the
               apartment communities owned by the Company that directly competes
               with the Company within any county or city in which the Company
               conducts business.

         (iii) These covenants shall not apply in the event the Executive is
               terminated (i) by the Company without cause or as a result of a
               Change of Control, or (ii) by the Executive (y) for Good Reason,
               which, for the purposes of this subsection, shall mean any of the
               reasons set forth in subsections 5(d)(i) to (iv), or (z) for a
               period of one (1) year following any change in the officer to
               whom the Executive directly reports.

                                      -10-
<PAGE>

      f.    Reasonableness of Covenants. The Executive agrees that the Covenants
            are necessary for the reasonable and proper protection of the
            Company and that the Covenants are reasonable in respect of subject
            matter, length of time, and geographic scope. The Executive further
            acknowledges that the Covenants will not unreasonably restrict him
            from earning a livelihood following the termination of his
            employment with the Company.

      g.    Governing Law; Public Policy.

            (i)   The parties agree that it is not their intention to violate
                  any public policy or statutory or common law. The parties
                  intend that the provisions of this Agreement be enforced to
                  the fullest extent permissible under the laws and public
                  policies applied in each jurisdiction in which enforcement is
                  sought. If any provision of this Agreement is found by a court
                  to be unenforceable, the parties authorize the court to amend
                  or modify the provision to make it enforceable in the most
                  restrictive fashion permitted by law.

            (ii)  The Executive and the Company are sophisticated parties and
                  fully understand (i) the ramifications of the non-competition,
                  non-solicitation and confidentiality restrictions of this
                  Agreement and (ii) that the laws of each state with respect to
                  the enforceability of such provisions vary. The parties are
                  specifically selecting the internal laws of the Commonwealth
                  of Virginia to govern this Agreement in order that it be
                  enforceable against all of them.

      h. Outside Business. The Company acknowledges that the Executive's family
is engaged in seniors housing and land banking (the 'Family Business') and that
the Executive is engaged in the Family Business. Sections 6(c) and 6(e) shall
not apply to the Executive's participation in the Family Business. The Company
also acknowledges that the Executive is involved in the "land bank" business
described in the attached memo dated January 8, 1999, (the "Land Bank
Business"). In the event the Company elects to participate in the Land Bank
Business or similar business in the future, Executives participation in the Land
Bank Business shall not be a violation of the covenants in Section 6(c) or 6(e).

      i. Separate Agreement Upon Termination. The provisions of this Section 6
so far as they relate to the period after the end of the term of this Agreement
shall continue to have effect and shall operate as a separate agreement between
the Company and the Executive.

7.    Successors and Assigns.

      a. The Executive acknowledges and agrees that this Agreement is a contract
for his personal services, he is not entitled to assign, subcontract, or
transfer any of the obligations imposed or benefits provided under this
Agreement.

                                      -11-
<PAGE>

      b. This Agreement shall be binding on and will inure to the benefit of any
successors or assigns of the Company.

8.    Definitions. The following terms shall have the following meanings:

      a. A "Notice of Termination" shall mean a written notice which shall
indicate the specific termination provision in this Agreement relied upon and,
if appropriate, shall set forth in reasonable detail the facts and circumstances
claimed to provide a basis for termination of the Executive's employment under
the provisions so indicated.

      b. "Code" shall mean the Internal Revenue Code of 1986, as amended.

9.    Miscellaneous.

      a. Integration. This Agreement contains the complete agreement between the
Executive and the Company with respect to its subject matter. This Agreement
supersedes all previous and contemporaneous agreements, negotiations,
commitments, writings, and undertakings.

      b. Governing Law. This Agreement shall be governed by and interpreted in
accordance with the laws of the Commonwealth of Virginia, regardless of choice
of law rules. Any dispute arising between the parties related to or involving
this Agreement will be litigated in a court having jurisdiction in the
Commonwealth of Virginia.

      c. Modifications. This Agreement may be modified or waived only by a
writing signed by both parties.

      d. Waivers. Any waiver of a breach of this Agreement will not constitute a
waiver of any future breach, whether of a similar or dissimilar nature.

      e. Severability. The covenants in the various provisions of Section 6 are
separate and independent contractual provisions. The invalidity or
unenforceability of any particular restrictive covenant or any other provision
of this Agreement shall not affect the other provisions hereof, and this
Agreement shall be construed in all respects as if such invalid or unenforceable
provision were omitted.

                                      -12-
<PAGE>

WE AGREE TO THIS:

UNITED DOMINION REALTY TRUST, INC.,
a Virginia corporation

By: /s/ John P. McCann
    ------------------------------

Its: Chairman

EXECUTIVE

/s/ Richard A. Giannotti
----------------------------------
RICHARD A. GIANNOTTI

                                      -13-

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