EXHIBIT 4.03


                             SUPPLEMENTAL INDENTURE


         This Supplemental Indenture dated as of June 11, 2003 (the "Effective
Date") supplements the terms of that certain Indenture dated as of November 1,
1995 between United Dominion Realty Trust, Inc., a Virginia corporation ("UDR
Virginia") and Wachovia Bank, National Association (formerly First Union
National Bank of Virginia), as Trustee (the "Indenture"). All capitalized terms
used in this Supplemental Indenture and not otherwise defined shall have the
meanings given to such terms in the Indenture.

         WHEREAS, United Dominion Realty Trust, Inc., a Maryland corporation
("UDR Maryland") is the successor by merger to UDR Virginia,

         NOW THEREFORE, as required by Section 801 of the Indenture, UDR
Maryland hereby assumes the due and punctual payment of the principal of (and
premium or Make-Whole Amount, if any) and any interest (including all Additional
Amounts, if any, payable pursuant to Section 1011 of the Indenture) on all
Securities, according to their tenor, and the due and punctual performance and
observance of all the covenants and conditions of the Indenture to be performed
by the Trust.

         IN WITNESS WHEREOF, the undersigned have caused this Supplemental
Indenture to be executed by their duly authorized representative as of the
Effective Date.

                                    United Dominion Realty Trust, Inc., a
                                    Maryland corporation



                                    By: /s/ RODNEY A. NEUHEARDT
                                       -----------------------------------------
                                    Name:  Rodney A. Neuheardt
                                          --------------------------------------
                                    Title: Senior Vice President, Finance
                                           -------------------------------------



                                    Wachovia Bank, National Association, as
                                    Trustee



                                    By: /s/ JOHN M. TURNER
                                       -----------------------------------------
                                    Name: John M. Turner
                                          --------------------------------------
                                    Title: Vice President
                                           -------------------------------------