DENVER--(BUSINESS WIRE)--
UDR,
Inc. (the "Company") (NYSE: UDR), a leading multifamily real estate
investment trust, today announced that it has amended its $900 million
unsecured revolving credit facility. The amendment extends the maturity
date to December 2017 with one 6 month extension option, and contains an
accordion feature that allows the Company to increase the facility to
$1.45 billion.
Based on the Company's current credit ratings, the credit facility
carries an interest rate equal to LIBOR plus a spread of 110 basis
points and a facility fee of 20 basis points, a reduction of 12.5 basis
points and 2.5 basis points, respectively.
In addition, the Company has amended and re-priced both its $250 million
and $100 million unsecured term loans due in January, 2016. The loans
were re-priced to LIBOR plus 125 basis points from LIBOR plus 142.5
basis points, and extended the maturity dates to June 2018. Both the
credit facility and the term loans have matching covenants, which have
been enhanced mainly by a reduction in the cap rate used to calculate
Gross Asset Value to 6 percent from 6.5 percent and the addition of an
Investment in Unconsolidated Affiliates carve-out for Permitted
Investments.
Wells Fargo Bank, N.A. and JPMorgan Chase Bank, N.A. served as Joint
Lead Arrangers and Joint Bookrunners for the revolver with Wells Fargo
Bank, N.A. also serving as Administrative Agent and JPMorgan Chase Bank,
N.A. also serving as Syndication Agent. Bank of America, N.A., PNC Bank,
N.A, and US Bank, N.A. all served as Documentation Agents. Citibank,
N.A., Morgan Stanley Bank, N.A., Regions Bank, and Union Bank, N.A.
served as Managing Agents. Other lenders to the agreement include BBVA
Compass Bank, Credit Suisse AG, SunTrust Bank, and Branch Banking and
Trust Company.
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 Park®
development, expectations concerning the joint ventures with third
parties, 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 the U.S. securities laws.
This press 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.
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, 2013, UDR owned or had an ownership position in
54,195 apartment homes including 2,887 homes under development. For over
40 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.
UDR, Inc.
Chris Van Ens, 720-348-7762
cvanens@udr.com
Source: UDR, Inc.