ASR Investments Corporation

As of March 31, 1998, ASR Investments Corporation was acquired by UDR, Inc. ASR Investments Corporation in engaged in the ownership and operation of 39 apartment communities, which contained 7,550 apartment units and one office building, located in Phoenix and Tucson, Arizona; Houston and Dallas, Texas; Albuquerque, New Mexico; and Seattle and Pullman, Washington. The company elected to be taxed as a real estate investment trust (REIT) under sections 856 through 860 of the Internal Revenue Code. As a REIT, it was not subject to tax on its income to the extent that it distributed its taxable income to its stockholders.