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UDR Prices Senior Unsecured Notes Worth $300 Million
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UDR, Inc. (UDR - Free Report) has announced the pricing of an offering of $300 million senior unsecured notes. The pricing of 2.95% notes is anticipated to add to the financial flexibility of the Highlands Ranch, CO-based residential real estate investment trust (“REIT”).
Interest on these notes will be paid twice a year, on Mar 1 and Sep 1 and the first interest payment will be made on Mar 1, 2017. Further, the notes are slated to mature on Sep 1, 2026.
UDR is engaged in owning, operating, acquiring, developing and renovating apartment communities in high barrier-to-entry markets in the nation. The company intends to utilize the net proceeds for prepayment of secured debts, repayment of outstanding debts and for general corporate purposes. In fact, UDR plans to prepay around $158 million of secured notes which is due in May 2017, as well repay part of the outstanding debts on its $1.1 billion unsecured credit facility.
On Jul 26, UDR reported second-quarter 2016 funds from operations (“FFO”) of 44 cents per share, which came in line with the Zacks Consensus Estimate. The figure was up 7.3% from the prior-year quarter tally of 41 cents. The improvement was driven by growth in same-store revenue and net operating income.
UDR currently has a Zacks Rank #3 (Hold). Investors interested in the residential REIT industry can consider stocks like American Campus Communities, Inc. , Equity LifeStyle Properties, Inc. (ELS - Free Report) and Select Income REIT . Each of these stocks carries a Zacks Rank #2 (Buy).
Note: All EPS numbers presented in this write-up represent funds from operations (“FFO”) per share. FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.
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UDR Prices Senior Unsecured Notes Worth $300 Million
UDR, Inc. (UDR - Free Report) has announced the pricing of an offering of $300 million senior unsecured notes. The pricing of 2.95% notes is anticipated to add to the financial flexibility of the Highlands Ranch, CO-based residential real estate investment trust (“REIT”).
Interest on these notes will be paid twice a year, on Mar 1 and Sep 1 and the first interest payment will be made on Mar 1, 2017. Further, the notes are slated to mature on Sep 1, 2026.
UDR is engaged in owning, operating, acquiring, developing and renovating apartment communities in high barrier-to-entry markets in the nation. The company intends to utilize the net proceeds for prepayment of secured debts, repayment of outstanding debts and for general corporate purposes. In fact, UDR plans to prepay around $158 million of secured notes which is due in May 2017, as well repay part of the outstanding debts on its $1.1 billion unsecured credit facility.
On Jul 26, UDR reported second-quarter 2016 funds from operations (“FFO”) of 44 cents per share, which came in line with the Zacks Consensus Estimate. The figure was up 7.3% from the prior-year quarter tally of 41 cents. The improvement was driven by growth in same-store revenue and net operating income.
UDR INC Price
UDR INC Price | UDR INC Quote
UDR currently has a Zacks Rank #3 (Hold). Investors interested in the residential REIT industry can consider stocks like American Campus Communities, Inc. , Equity LifeStyle Properties, Inc. (ELS - Free Report) and Select Income REIT . Each of these stocks carries a Zacks Rank #2 (Buy).
Note: All EPS numbers presented in this write-up represent funds from operations (“FFO”) per share. FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>