MoFo Represents UDR in $300M Senior Unsecured Notes Offering

06/21/2017

Justin R. Salon, Andrew P. Campbell, Emily E. Shroder, Remmelt A. Reigersman, and Shiukay Hung

Corporate, REITs, Real Estate, and Federal Tax

MoFo News Item

Morrison & Foerster LLP represented UDR, Inc., a residential real estate investment trust (REIT), in its $300 million offering of 3.500% senior unsecured notes which will mature in 2027. The offering closed on June 16, 2017. The notes were priced at 99.764 percent of the principal amount plus accrued interest from June 16, 2017 to yield 3.528 percent to maturity. The notes are fully and unconditionally guaranteed by United Dominion Realty, L.P. Citigroup, J.P. Morgan and Wells Fargo Securities were the joint book-running managers for the offering. BB&T Capital Markets, PNC Capital Markets LLC, Regions Securities LLC, TD Securities and US Bancorp were the co-managers for the offering.

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 March 31, 2017, UDR owned or had an ownership position in 50,062 apartment homes including 3,233 homes under development or in preferred equity investments. For over 45 years, UDR has delivered long-term value to shareholders, the best standard of service to residents and the highest quality experience for associates.

MoFo’s nationally recognized REIT practice is actively involved in advising REITs and REIT sponsors, contributors, investors, investment advisers, underwriters, and institutional lenders on all aspects of REIT activity. Recent REITs our attorneys have advised include: MedEquities Realty Trust, Inc. (NYSE: MRT), Armada Hoffler Properties, Inc. (NYSE: AHH) and Plymouth Industrial REIT, Inc. (NYSE: PLYM).

The MoFo team was led by Washington, D.C.-based Corporate partner Justin Salon and corporate associates Andy Campbell, Emily Shroder, and Katherine Shaia (all of D.C.) with tax assistance from partner Remmelt Reigersman (S.F.) and associate Shiukay Hung (N.Y.).

Read UDR’s press release.

Email Disclaimer

Unsolicited e-mails and information sent to Morrison & Foerster will not be considered confidential, may be disclosed to others pursuant to our Privacy Policy, may not receive a response, and do not create an attorney-client relationship with Morrison & Foerster. If you are not already a client of Morrison & Foerster, do not include any confidential information in this message. Also, please note that our attorneys do not seek to practice law in any jurisdiction in which they are not properly authorized to do so.

©1996-2017 Morrison & Foerster LLP. All rights reserved.