UDR Announces Pricing of Public Offering of Common Stock
DENVER–(BUSINESS WIRE)–UDR, Inc. (the “Company”) (NYSE: UDR)
today announced that it has priced its underwritten public offering of
7,150,000 shares of its common stock for estimated proceeds of
approximately $300 million.
The offering is subject to customary closing conditions and is expected
to close on December 6, 2018.
The Company expects to use the proceeds from the offering for planned
acquisitions of assets, working capital and general corporate purposes.
BofA Merrill Lynch and Morgan Stanley are acting as underwriters for the
offering.
This offering is being conducted pursuant to the Company’s currently
effective shelf registration statement, which was previously filed with
the Securities and Exchange Commission. Copies of the preliminary
prospectus supplement and final prospectus supplement, when available,
may be obtained from BofA Merrill Lynch, 200 North College Street,
NC1-004-03-43, Charlotte, NC 28255-0001, Attn: Prospectus Department,
Toll-free: 1-800-294-1322, or by emailing dg.prospectus_requests@baml.com
or from Morgan Stanley, Attention: Prospectus Department, 180 Varick
Street, 2nd Floor, New York, NY 10014 or by emailing prospectus@morganstanley.com.
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 stability 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 and rental rates, expectations concerning the joint ventures with
third parties, expectations that technology 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 for the year ended December 31, 2017 and the
Company’s Quarterly Reports on Form 10-Q for the quarters ended March
31, June 30 and September 30, 2018. 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.
About UDR, Inc.
UDR, Inc. (NYSE: UDR),
an S&P 500 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 September 30, 2018, UDR owned or had an ownership
position in 49,464 apartment homes including 932 homes under development
or in its Developer Capital Program – West Coast Development Joint
Venture. For over 46 years, UDR has delivered long-term value to
shareholders, the best standard of service to residents and the highest
quality experience for associates.
Contacts
UDR, Inc.
Chris Van Ens
cvanens@udr.com
720-348-7762
