DENVER--(BUSINESS WIRE)--
UDR,
Inc. (the "Company") (NYSE: UDR), a leading multifamily real estate
investment trust, today announced that Moody’s Investor Services
(“Moody’s”) upgraded the Company’s senior unsecured rating to Baa1 from
Baa2. The rating outlook is stable.
Moody’s based the ratings upgrade on improvements to the quality of the
Company’s portfolio, improvements to cash flow and improved fixed charge
coverage.
The rating upgrade positively impacts pricing on the Company’s $900
million unsecured credit facility, reducing the spread to 100 basis
points from 110 basis points over LIBOR and the facility fee to 15 basis
points from 20 basis points. Further, the spread on the Company’s $350
million of unsecured term loans is reduced to 115 basis points from 125
basis points over LIBOR.
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 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 June 30, 2014, UDR owned or had an ownership position in
51,923 apartment homes including 1,321 homes under development. For 42
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.