DENVER--(BUSINESS WIRE)--
UDR, Inc. (the “Company”) (NYSE:UDR)
announced today that it has priced a $300 million offering of 4.00%
senior unsecured notes under its existing shelf registration statement.
Interest is payable semiannually on April 1 and October 1 with the first
interest payment due April 1, 2016. The notes will mature on October 1,
2025. The notes were priced at 99.770% of the principal amount plus
accrued interest from September 22, 2015 to yield 4.028% 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 September 22, 2015.
J.P. Morgan, Morgan Stanley, BofA Merrill Lynch and Wells Fargo
Securities were the joint book-running managers for the offering. Credit
Suisse, PNC Capital Markets LLC, Regions Securities LLC and US Bancorp
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 J.P. Morgan
Securities LLC, 383 Madison Avenue, New York, New York 10179, Attention:
High Grade Syndicate Desk, 3rd Floor, telephone collect at 212-834-4533
or Morgan Stanley & Co. LLC, Prospectus Department, 180 Varick Street,
2nd Floor, New York, New York 10014, Attention: Prospectus Department,
telephone toll free at 866-718-1649.
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.
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 Properties 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/20150915006959/en/
UDR, Inc.
Shelby Noble, 720-922-6082
snoble@udr.com
Source: UDR, Inc.