DENVER, CO - UDR, Inc. today announced that it plans to sell 5,750,000 shares of its common stock in an underwritten public offering. UDR also plans to grant the underwriters an option to purchase up to an additional 862,500 shares to cover overallotments, if any. All of the shares of common stock will be 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 for the repayment of $116.1 million outstanding under its revolving credit facility, with the remainder to be used for working capital and other general corporate purposes.
Merrill Lynch, Citi and Morgan Stanley will serve as joint book running managers for the offering. A preliminary prospectus supplement and final prospectus supplement related to the public offering will be filed with the Securities and Exchange Commission.
UDR, Inc. is a leading multifamily real estate investment trust (REIT) 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 August 31, 2008, UDR owned 44,089 apartment homes and had 5,116 homes under development and another 684 homes under contract for development in its pre-sale program. For over 35 years, UDR has delivered long-term value to shareholders, the best standard of service to residents, and the highest quality experience for associates.
Source: Business Wire