0001558370-24-011927.txt : 20240813 0001558370-24-011927.hdr.sgml : 20240813 20240812180024 ACCESSION NUMBER: 0001558370-24-011927 CONFORMED SUBMISSION TYPE: FWP PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20240813 DATE AS OF CHANGE: 20240812 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: UDR, Inc. CENTRAL INDEX KEY: 0000074208 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] ORGANIZATION NAME: 05 Real Estate & Construction IRS NUMBER: 540857512 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP SEC ACT: 1934 Act SEC FILE NUMBER: 333-269757 FILM NUMBER: 241198147 BUSINESS ADDRESS: STREET 1: 1745 SHEA CENTER DRIVE STREET 2: SUITE 200 CITY: HIGHLANDS RANCH STATE: CO ZIP: 80129 BUSINESS PHONE: 720-283-6120 MAIL ADDRESS: STREET 1: 1745 SHEA CENTER DRIVE STREET 2: SUITE 200 CITY: HIGHLANDS RANCH STATE: CO ZIP: 80129 FORMER COMPANY: FORMER CONFORMED NAME: UNITED DOMINION REALTY TRUST INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: OLD DOMINION REAL ESTATE INVESTMENT TRUST DATE OF NAME CHANGE: 19850110 FORMER COMPANY: FORMER CONFORMED NAME: OLD DOMINION REIT ONE DATE OF NAME CHANGE: 19770921 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: UDR, Inc. CENTRAL INDEX KEY: 0000074208 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] ORGANIZATION NAME: 05 Real Estate & Construction IRS NUMBER: 540857512 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP BUSINESS ADDRESS: STREET 1: 1745 SHEA CENTER DRIVE STREET 2: SUITE 200 CITY: HIGHLANDS RANCH STATE: CO ZIP: 80129 BUSINESS PHONE: 720-283-6120 MAIL ADDRESS: STREET 1: 1745 SHEA CENTER DRIVE STREET 2: SUITE 200 CITY: HIGHLANDS RANCH STATE: CO ZIP: 80129 FORMER COMPANY: FORMER CONFORMED NAME: UNITED DOMINION REALTY TRUST INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: OLD DOMINION REAL ESTATE INVESTMENT TRUST DATE OF NAME CHANGE: 19850110 FORMER COMPANY: FORMER CONFORMED NAME: OLD DOMINION REIT ONE DATE OF NAME CHANGE: 19770921 FWP 1 tmb-20240812xfwp.htm FWP

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Filed Pursuant to Rule 433

Registration No. 333-269757

Registration No. 333-269757-01

August 12, 2024

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PRICING TERM SHEET

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5.125% Medium-Term Notes due 2034

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Issuer:

UDR, Inc.

Expected Ratings (Moody’s / S&P)*:

Baa1 / BBB+

Security:

5.125% Medium-Term Notes due 2034

Guarantee:

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

Principal Amount:

$300,000,000

Maturity Date:

September 1, 2034

Coupon:

5.125%

Interest Payment Dates:

March 1 and September 1, commencing March 1, 2025

Price to Public:

98.977% of the principal amount

Denominations:

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

Benchmark Treasury:

3.875% due August 15, 2034

Benchmark Treasury Price/Yield:

99-23+/ 3.907%

Spread to Benchmark Treasury:

T+135 bps

Yield:

5.257%

Optional Redemption Provisions:

Make-Whole Call:

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Par Call:

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T+25 bps

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Redemption at par plus accrued and unpaid interest on or after June 1, 2034 as set forth in the preliminary pricing supplement

Trade Date:

August 12, 2024

Settlement Date:

August 15, 2024 (T+3); since trades in the secondary market generally settle in one business day, purchasers who wish to trade notes on the date hereof or the next succeeding business day will be required, by virtue of the fact that the notes initially will settle in T+3, to specify alternative settlement arrangements to prevent a failed settlement.

CUSIP:

90265EAW0

ISIN:

US90265EAW03

Book-Running Managers:

J.P. Morgan Securities LLC

BofA Securities, Inc.

RBC Capital Markets, LLC

Wells Fargo Securities, LLC

Regions Securities LLC

TD Securities (USA) LLC

Truist Securities, Inc.

Co-Managers:

Citigroup Global Markets Inc.

Morgan Stanley & Co. LLC

PNC Capital Markets LLC

US Bancorp Investments, Inc.

BNY Mellon Capital Markets, LLC

Samuel A. Ramirez & Company, Inc.

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*Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

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The issuer has filed a registration statement (including a prospectus supplement and prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling J.P. Morgan Securities LLC at (collect) (212) 834-4533, BofA Securities, Inc. at 1-800-294-1322, RBC Capital Markets, LLC toll-free at 1-866-375-6829 or Wells Fargo Securities, LLC toll-free at 1-800-645-3751.