DENVER--(BUSINESS WIRE)--
UDR,
Inc. (the “Company”) (NYSE: UDR) announced today that it has priced
a $300 million offering of 3.750% senior unsecured notes under its
existing shelf registration statement. Interest is payable semiannually
on January 1 and July 1 with the first interest payment due January 1,
2015. The notes will mature on July 1, 2024. The notes were priced at
99.652% of the principal amount plus accrued interest from June 26, 2014
to yield 3.792% to maturity.
The notes are fully and unconditionally guaranteed by United Dominion
Realty, L.P.
The Company expects to use the net proceeds to pay down indebtedness
outstanding on its $900 million unsecured credit facility and for
general corporate purposes. The settlement of the offering is expected
to occur on June 26, 2014.
Citigroup, Wells Fargo Securities and J.P. Morgan were the joint
book-running managers for the offering. Credit Suisse and Morgan Stanley
were the co-managers for the offering.
Copies of the pricing supplement, prospectus supplement and prospectus
relating to the offering may be obtained by contacting Citigroup Global
Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island
Avenue, Edgewood, NY 11717, telephone toll free at 1-800-831-9146, or
Wells Fargo Securities, LLC, 1525 West W.T. Harris Blvd., NC0675,
Charlotte, North Carolina 28262, Attention: Capital Markets Client
Support, telephone toll free at 1-800-326-5897.
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 March 31, 2014, UDR owned or had an ownership position in
52,567 apartment homes including 1,321 homes under development. For over
41 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 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, the Company’s Quarterly Reports on Form 10-Q, 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 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.
UDR, Inc.
Christopher Van Ens, 720-348-7762
Vice
President – Investor Relations
cvanens@udr.com
Source: UDR, Inc.