Business & Finance
Business and Finance
Business and Finance
Thu, May 19, 2011
Wed, May 18, 2011 UDR Prices $300 Million of Senior Unsecured Notes Due 2018
DENVER--([ BUSINESS WIRE ])--UDR, Inc. (NYSE: UDR) announced today that it has priced a $300 million offering of 4.250% senior unsecured notes under its existing shelf registration statement. Interest is payable semiannually on June 1 and December 1, with the first interest payment due December 1, 2011. The notes will mature on June 1, 2018. The notes were priced at 98.988 % of the principal amount plus accrued interest from May 23, 2011 to yield 4.419% to maturity.
The notes are fully and unconditionally guaranteed by United Dominion Realty, L.P.
The Company expects to use the net proceeds for general corporate purposes. The settlement of the offering is expected to occur on May 23, 2011.
Citi and J. P. Morgan were the joint book-running managers for the offering. Credit Suisse and Deutsche Bank Securities were the co-managers for the offering.
Copies of the prospectus supplement and prospectus relating to the offering may be obtained by contacting Citi, Attn: Prospectus Department, Brooklyn Army Terminal, 140 58th Street, 8th floor, Brooklyn, NY 11220, toll free at 1-877-858-5407, or J.P. Morgan, 383 Madison Avenue, New York, New York, 10179, Attention: High Grade Syndicate Desk, 8th Floor, telephone collect at 212-834-4533.
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, 2011, UDR owned or had an ownership position in 59,614 apartment homes including 1,170 homes under development. For over 38 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 aforward-looking statements.a Words such as aexpects,a aintends,a abelieves,a aanticipates,a alikely,a awill,a aseeks,a aestimatesa 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 ParkSM development, expectations concerning the joint venture with MetLife, 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 and the Companya™s prospectus supplement dated May 3, 2011 and the accompanying prospectus dated December 8, 2008. 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 Law.
