2.100% Medium-Term Notes due 2033

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Issuer:

UDR, Inc.

Expected Ratings (Moody’s / S&P)*:

Baa1 (Stable) / BBB+ (Stable)

Security Title:

2.100% Medium-Term Notes due 2033

Guarantee:

Fully and unconditionally guaranteed by United Dominion Realty, L.P.

Principal Amount:

$300,000,000

Maturity Date:

June 15, 2033

Coupon:

2.100%

Interest Payment Dates:

June 15 and December 15, commencing on June 15, 2021

Price to Public:

99.592% of the principal amount

Denominations:

$2,000 and integral multiples of $1,000

Benchmark Treasury:

0.875% due November 15, 2030

Benchmark Treasury Price/Yield:

97-18+ / 1.138%

Spread to Benchmark Treasury:

+100 bps

Re-Offer Yield:

2.138%

Optional Redemption Provisions:

Make-Whole Call:

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Par Call:

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T+15 bps

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Redemption at par plus accrued and unpaid interest on or after March 15, 2033 as set forth in the preliminary pricing supplement

Trade Date:

February 11, 2021

Settlement Date:

February 26, 2021 (T+10); since trades in the secondary market generally settle in two business days, purchasers who wish to trade notes on the date hereof or the next succeeding seven business days will be required, by virtue of the fact that the notes initially will settle in

T+10, to specify alternative settlement arrangements to prevent a failed settlement.

CUSIP:

90265EAV2

ISIN:

US90265EAV20

Joint Book-Running Managers:

Wells Fargo Securities, LLC

PNC Capital Markets LLC

U.S. Bancorp Investments, Inc.

Regions Securities LLC

TD Securities (USA) LLC

Truist Securities, Inc.

Co-Managers:

BNY Mellon Capital Markets, LLC

MUFG Securities Americas Inc.

RBC Capital Markets, LLC

Samuel A. Ramirez & Company, Inc.