Market Overview

UDR Prices $300 million of 4.400% Senior Unsecured Notes Due 2029

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UDR, Inc. (the "Company") (NYSE: UDR),
announced today that it has priced a $300 million offering of 4.400%
senior unsecured notes under its existing shelf registration statement.
Interest is payable semiannually on January 26 and July 26 with the
first interest payment due January 26, 2019. The notes will mature on
January 26, 2029. The notes were priced at 99.998% of the principal
amount, plus accrued interest from October 26, 2018 to yield 4.401% to
maturity.

The notes are fully and unconditionally guaranteed by United Dominion
Realty, L.P.

The Company expects to use the net proceeds for the repayment of debt,
including funding the repayment of $195.8 million in aggregate principal
amount (plus the yield maintenance amount and accrued and unpaid
interest) of its Fannie Mae secured credit facility tranches due October
1, 2019 and December 1, 2019, or other general corporate purposes. The
settlement of the offering is expected to occur on October 26, 2018,
subject to the satisfaction of customary closing conditions.

Citigroup and BofA Merrill Lynch are the joint book-running managers for
the offering. J.P. Morgan, PNC Capital Markets LLC, Regions Securities
LLC, US Bancorp, Wells Fargo Securities, BB&T Capital Markets, TD
Securities, Credit Suisse, Morgan Stanley, BNY Mellon Capital Markets,
LLC, MUFG and Ramirez & Co., Inc. are the co-managers 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 (the "SEC"). You may obtain
copies of the pricing supplement, prospectus supplement and prospectus
relating to the offering without charge from the SEC at www.sec.gov.
Alternatively, copies of these documents may be obtained by contacting
Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155
Long Island Avenue, Edgewood, NY 11717, Toll-free: 1-800-831-9146, or by
emailing prospectus@citi.com or
Merrill Lynch, Pierce, Fenner & Smith Incorporated, 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.

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. Such statements
involve known and unknown risks, uncertainties and other factors which
may cause our actual results, performance or achievements to be
materially different from those expressed or implied by such
forward-looking statements. Such factors include, among other things,
unfavorable changes in the apartment market, changing economic
conditions, the impact of inflation/deflation on rental rates and
property operating expenses, expectations concerning the 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 and redevelopments, delays in completing lease-ups on
schedule or at expected rent and occupancy levels, 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 joint ventures and partnerships with third
parties, 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. 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 June 30, 2018, UDR owned or had an ownership position in
49,464 apartment homes including 1,334 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.

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