| 3.500% Medium-Term Notes due 2027 | |
| Issuer: | UDR, Inc. |
Expected Ratings (Moody's/ S&P)* | Baa1 (Stable) / BBB+ (Stable) |
| Security: | 3.500% Medium-Term Notes due 2027 |
| Guarantee: | Fully and unconditionally guaranteed by United Dominion Realty, L.P. |
| Principal Amount: | $300,000,000 |
| Maturity Date: | July 1, 2027 |
| Coupon: | 3.500% |
| Interest Payment Dates: | January 1 and July 1, commencing January 1, 2018 |
| Price to Public: | 99.764% of the principle amount, plus accrued interest from June 16, 2017 |
| Denominations: | $1,000 and integral multiples of $1,000 |
| Benchmark Treasury: | 2.375% due May 15, 2027 |
| Benchmark Treasury Price/Yield: | 101-24 / 2.178% |
| Spread to Benchmark Treasury: | T+135 bps |
| Yield to Maturity: | 3.528% |
| Optional Redemption Provisions: | |
| Make-Whole Call: | T+20 bps; |
| Par Call: | Redemption at par plus accrued and unpaid interest on or after April 1, 2027 as set forth in the preliminary pricing supplement |
| Trade Date: | June 7, 2017 |
| Settlement Date: | June 16, 2017 (T+7); since trades in the secondary market generally settle in three business days, purchasers who wish to trade notes on the date hereof or the next succeeding three business days will be required, by virtue of the fact that the notes initially settle in T+7, to specify alternative settlement arrangements to prevent a failed settlement. |
| CUSIP: | 90265EAM2 |
| ISIN: | US90265EAM21 |
| Joint Book-Running Managers: | Citigroup Global Markets Inc. |
| J.P. Morgan Securities LLC | |
| Wells Fargo Securities, LLC | |
| Co-Managers: | BB&T Capital Markets, a division of BB&T Securities, LLC |
| PNC Capital Markets LLC | |
| Regions Securities LLC | |
| TD Securities (USA) LLC | |
| U.S. Bancorp Investments, Inc. | |
