DENVER--(BUSINESS WIRE)--
UDR,
Inc. (NYSE: UDR) announced today that it has priced a $400 million
offering of 4.625% senior unsecured notes under its existing shelf
registration statement. Interest is payable semiannually on January 10
and July 10 with the first interest payment due July 10, 2012. The notes
will mature on January 10, 2022. The notes were priced at 99.100% of the
principal amount plus accrued interest from January 10, 2012 to yield
4.739% to maturity.
The notes are fully and unconditionally guaranteed by United Dominion
Realty, L.P.
The Company expects to use the net proceeds for general corporate
purposes, including the repayment of $100,000,000 aggregate principal
amount of 5.00% senior unsecured notes due 2012. The settlement of the
offering is expected to occur on January 10, 2012.
Citigroup and J. P. Morgan were the joint book-running managers for the
offering. Credit Suisse and Morgan Keegan were the co-managers for the
offering.
Copies of the prospectus supplement and prospectus relating to the
offering may be obtained by contacting Citigroup, Attention: Prospectus
Department, Brooklyn Army Terminal, 140 58th Street, 8th floor,
Brooklyn, New York 11220, toll free at 1-800-831-9146, or J.P. Morgan,
383 Madison Avenue, New York, New York 10179, Attention: High Grade
Syndicate Desk, 3rd Floor, telephone collect at 212-834-4533.
A registration statement relating to these securities has been filed
with and declared effective by the Securities and Exchange Commission.
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 in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities
laws of any such state.
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 September 30, 2011, UDR owned or had an ownership
position in 62,037 apartment homes including 2,255 homes under
development. For over 39 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, the Company's Quarterly Reports on Form 10-Q, the
Company’s Current Reports on Form 8-K and the Company’s prospectus
supplement dated September 1, 2011 and the accompanying prospectus dated
September 1, 2011. 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 the U.S. securities laws.
This release and these forward-looking statements include UDR’s analysis
and conclusions and reflect UDR’s judgment as of the date of these
materials. UDR assumes no obligation to revise or update to reflect
future events or circumstances.
UDR, Inc.
David Messenger, 720-283-6120
DMessenger@udr.com
Source: UDR, Inc.