Justin R. Salon, Andrew P. Campbell, 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.
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