DENVER--(BUSINESS WIRE)--
UDR, Inc. (NYSE:UDR) today announced that it plans to sell 15,000,000
shares of its common stock in an underwritten public offering. UDR also
plans to grant the underwriters a 30-day option to purchase up to an
additional 2,250,000 shares to cover overallotments, if any. All of the
shares of common stock will be offered by the Company and will be issued
under a currently effective shelf registration statement filed with the
Securities and Exchange Commission.
The Company expects to use the net proceeds from the offering to fund
potential and recent acquisitions, for working capital and for general
corporate purposes.
BofA Merrill Lynch, J.P. Morgan, Morgan Stanley and Wells Fargo
Securities will serve as joint book-running managers for the offering. A
preliminary prospectus supplement and final prospectus supplement
related to the public offering will be filed with the Securities and
Exchange Commission. Copies of the preliminary prospectus supplement and
final prospectus supplement, when available, may be obtained from
Merrill Lynch, Pierce, Fenner & Smith Incorporated, 4 World Financial
Center, New York, New York 10080, Attn: Prospectus Department or email dg.prospectus_requests@baml.com;
J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155
Long Island Avenue, Edgewood, New York, 11717, telephone: (866)
803-9204; Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New
York, New York 10014, Attention: Prospectus Department, telephone: (866)
718-1649 or email: prospectus@morganstanley.com;
or Wells Fargo Securities, LLC, Attn: Equity Syndicate Department, 375
Park Avenue, New York, NY 10152, telephone: 1.800.326.5897 or email: cmclientsupport@wellsfargo.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any state or other jurisdiction in which the offer,
solicitation or sale would be unlawful prior to registration or
qualification under the security laws of any state or other
jurisdiction. The offering may be made only by means of a prospectus and
related prospectus supplement.
About UDR, Inc.
UDR, Inc. (NYSE:UDR), an S&P 400 company, is a leading multifamily real
estate investment trust with a demonstrated performance history of
delivering superior and dependable returns by successfully managing,
buying, selling, developing and redeveloping attractive real estate
properties in targeted U.S. markets. As of March 31, 2011, UDR owned or
had an ownership position in 59,614 apartment homes including 1,170
homes under development. For over 38 years, UDR has delivered long-term
value to shareholders, the best standard of service to residents, and
the highest quality experience for associates. Additional information
can be found on the Company's website at www.udr.com.
Forward-Looking Statements
Certain statements made in this press release may constitute
“forward-looking statements.” Words such as “expects,” “intends,”
“believes,” “anticipates,” “plans,” “likely,” “will,” “seeks,”
“estimates” and variations of such words and similar expressions are
intended to identify such forward-looking statements. Forward-looking
statements, by their nature, involve estimates, projections, goals,
forecasts and assumptions and are subject to risks and uncertainties
that could cause actual results or outcomes to differ materially from
those expressed in a forward-looking statement, due to a number of
factors, which include, but are not limited to, unfavorable changes in
the apartment market, changing economic conditions, the impact of
inflation/deflation on rental rates and property operating expenses,
expectations concerning availability of capital and the stabilization of
the capital markets, the impact of competition and competitive pricing,
acquisitions, developments and redevelopments not achieving anticipated
results, delays in completing developments, redevelopments and lease-ups
on schedule, expectations on job growth, home affordability and
demand/supply ratio for multifamily housing, expectations concerning
development and redevelopment activities, expectations on occupancy
levels, expectations concerning the Vitruvian ParkSM
development, expectations concerning the joint venture with MetLife,
expectations that automation will help grow net operating income,
expectations on annualized net operating income and other risk factors
discussed in documents filed by the Company with the Securities and
Exchange Commission from time to time, including the Company's Annual
Report on Form 10-K and the Company's Quarterly Reports on Form 10-Q.
Actual results may differ materially from those described in the
forward-looking statements. These forward-looking statements and such
risks, uncertainties and other factors speak only as of the date of this
press release, and the Company expressly disclaims any obligation or
undertaking to update or revise any forward-looking statement contained
herein, to reflect any change in the Company's expectations with regard
thereto, or any other change in events, conditions or circumstances on
which any such statement is based, except to the extent otherwise
required under U.S. securities laws.
Source: UDR, Inc.
Contact:
UDR, Inc.
H. Andrew Cantor, 720-283-6083
acantor@udr.com