UPDATE: Key Banc Downgrades UDR to Hold

Key Banc downgrades UDR UDR to Hold from Buy on valuation and caution on apartments fundamentals in 2012. Key Banc says, "We now view the Company's in line valuation on an implied cap rate basis as fairly reflective of slowing momentum in many of UDR's East Coast markets, balanced by improving momentum in its West Coast markets (40% of NOI). Additionally, while the Company's significant 2011 acquisition volume likely improved its overall portfolio quality, the Company could see declining asset values in a meaningful portion of these acquisitions located in markets with maturing fundamentals, such as New York and Washington, D.C." UDR closed at $24.52 per share on Wednesday.