Date: Fri, 19 Dec 1997 15:46:48 GMT Server: NCSA/1.5.1 Content-type: text/html Walden Residential Properties Inc.


WDN
Listed
NYSE
INVESTMENT OPPORTUNITIES

E-mail:
Walden Residential



DIVIDEND REINVESTMENT
AND STOCK PURCHASE PLAN
 
Dividend Reinvestment
        Walden Residential Properties, Inc. offers a Dividend Reinvestment and Stock Purchase Plan (the "Plan") which provides holders of Common Stock with an opportunity to invest cash distributions on shares of Common Stock without payment of any brokerage commission or service charge. The Plan is administered by The First National Bank of Boston (the "Plan Agent").

        The price per share for the additional shares of Common Stock purchased from Walden with reinvested cash distributions will be 95% of the Market Price on the Reinvestment Date.

Preferred Stocks
        The Plan permits the holders of all series of Walden's outstanding Preferred Stock to participate in the Plan through the reinvestment of dividends paid on such Preferred Stock.
Reinvestment Date
        Reinvestment Date means each date on which a dividend is paid on the shares of Stock, which Walden anticipates to be March, June, September and December each year, unless that date is not a trading day, in which case the Reinvestment Date will be the next succeeding trading day.
E-mail:
Walden Residential
        For additional information, contact Investor Relations at Walden Residential Properties, Inc. at (972) 788-0510, write to 5400 LBJ Freeway, Suite 400, Dallas, TX 75240, or fax (972) 788-1550