Attached files
file | filename |
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8-K - FORM 8-K - UDR, Inc. | d83463e8vk.htm |
EX-8.1 - EX-8.1 - UDR, Inc. | d83463exv8w1.htm |
EX-1.1 - EX-1.1 - UDR, Inc. | d83463exv1w1.htm |
EX-8.2 - EX-8.2 - UDR, Inc. | d83463exv8w2.htm |
EX-5.1 - EX-5.1 - UDR, Inc. | d83463exv5w1.htm |
Exhibit 99.1
UDR Announces Pricing of Common Stock Offering
Company Release July 13, 2011
DENVER(BUSINESS WIRE) UDR, Inc. (NYSE: UDR) today announced the pricing of a public offering of
18,000,000 shares of its common stock at a price of $25.00 per share, for net proceeds of
approximately $431.5 million after underwriting discounts and commissions and estimated offering
expenses (or approximately $496.3 million if the underwriters overallotment option is exercised in
full). UDR has granted the underwriters a 30-day option to purchase
up to an additional 2,700,000
shares of common stock to cover overallotments, if any. The offering is expected to close on July
18, 2011, subject to customary closing conditions. All of the shares of common stock were offered
by the Company and will be issued under a currently effective shelf registration statement filed
with the Securities and Exchange Commission.
The Company expects to use the net proceeds from the offering to fund potential and recent
acquisitions, for working capital and for general corporate purposes.
BofA Merrill Lynch, J.P. Morgan, Morgan Stanley and Wells Fargo Securities served as joint
book-running managers for the offering. A preliminary prospectus supplement related to the public
offering has been filed with the Securities and Exchange Commission and a final prospectus
supplement will be made available. Copies of the preliminary prospectus supplement and final
prospectus supplement, when available, may be obtained from Merrill Lynch, Pierce, Fenner & Smith
Incorporated, 4 World Financial Center, New York, New York 10080, Attn: Prospectus Department or
email dg.prospectus_requests@baml.com; J.P. Morgan Securities LLC, c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, New York, 11717, telephone: (866) 803-9204; Morgan
Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, New York 10014, Attention: Prospectus
Department, telephone: (866) 718-1649 or email: prospectus@morganstanley.com; or Wells Fargo
Securities, LLC, Attn: Equity Syndicate Department, 375 Park Avenue, New York, NY 10152, telephone:
1.800.326.5897 or email: cmclientsupport@wellsfargo.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 or other jurisdiction in which the
offer, solicitation or sale would be unlawful prior to registration or qualification under the
security laws of any state or other jurisdiction. The offering may be made only by means of a
prospectus and related prospectus supplement.
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 Companys
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
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 Companys Annual Report on Form
10-K and the Companys 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 Companys 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.
Source: UDR, Inc.
Contact:
UDR, Inc.
UDR, Inc.
H. Andrew Cantor, 720-283-6083
acantor@udr.com