It was just last month that the company issued $200 million worth of unsecured notes from an existing shelf registration. The move yielded UDRT $198.5 million, which the company applied toward its outstanding $375 million unsecured credit facility. An additional $104 million changed hands during last quarter when UDRT--continuing its repositioning strategy of pulling out of markets with limited long-term growth--sold ten apartment properties.

"This repositioning from slower growth markets into core markets with long-term positive job growth and household formation enables us to capitalize on the strength of our property operations platform," UDRT senior executive vice president Mark Wallis Sr. said of the sales. The dispositions included: three complexes in Bristol, TN, Naples, FL and Las Vegas for $39.5 million; two properties in Tucson, AZ for $12.4 million; and five apartment communities in Memphis, TN for $51.9 million. Accounting for the remaining $171 million of the $475 million in activity is the company's acquisition of six apartment properties in core markets of Denver, Lakeland, FL, Raleigh, NC, Arlington and Alexandria, VA, and Tacoma, WA.