DENVER--(BUSINESS WIRE)--
UDR,
Inc. (the “Company”) (NYSE:UDR), a leading multifamily real estate
investment trust, today announced that 75% of the outside limited
partners of Home Properties, L.P. have elected to receive common OP
units of a newly formed operating partnership of the Company (“UDR OP
Units”) in exchange for existing Home OP units. The Company intends to
purchase the six communities identified in the Company’s June 22, 2015
press release for approximately $908 million through a combination of
$565 million of UDR OP Units issued at $35 per unit, the assumption of
$90 million of debt, $230 to $250 million of Section 1031 exchanges and
the balance with cash of $10 to $30 million. The Company expects to
close on the purchase in the fourth quarter of 2015.
The closing of the transaction is subject to certain customary closing
conditions, including the satisfaction (or waiver) of certain closing
conditions to the merger between Lone Star Funds and Home Properties,
Inc.
Additional transaction details can be found on the Investor Relations
page of the Company’s website, 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, our expectation that we
will be able to close the acquisition of the Washington, DC properties
from Home generally on the terms that we have disclosed 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, 2015, UDR owned or had an ownership position in
49,322 apartment homes including 3,222 homes under development. For 43
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150810005458/en/
UDR, Inc.
Shelby Noble, 720-922-6082
snoble@udr.com
Source: UDR, Inc.