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UDR, Inc. (UDR - Free Report) recently announced the pricing of $300 million senior unsecured notes. This is likely to add to the financial flexibility of the Highlands Ranch, CO-based residential real estate investment trust (REIT).
The notes offering, which is slated to mature on Jul 1, 2027, bear an interest rate of 3.5%. Interest will be paid semiannually on Jan 1 and Jul 1 with the first interest payment due on Jan 1, 2018.
UDR owns, operates, acquires, develops and renovates apartment communities in high barrier-to-entry markets in the nation. In April, the company reported first-quarter 2017 funds from operations (FFO) as adjusted per share of 45 cents matching the Zacks Consensus Estimate. The company intends to utilize the net proceeds for general corporate purposes. These include repaying the outstanding debts.
Shares of UDR have outperformed the Zacks categorized REIT and Equity Trust – Residential industry in the last three months. Shares of the company have returned 14.5%, while the industry grew 7.1%. In the last 30 days, its second-quarter and full-year 2017 funds from operations (FFO) per share estimates moved up.
In the last 30 days, DCT Industrial Trust’s FFO per share for second-quarter 2017 remained unchanged at 59 cents.
In the last 30 days, Gaming and Leisure Properties’ FFO per share for second-quarter 2017 remained unchanged at 77 cents.
In the last 30 days, PS Business Parkss FFO per share for second-quarter 2017 moved up 2% to $1.53.
Note: 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. All EPS numbers presented in this write up represent FFO per share.
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UDR Announces Senior Unsecured Notes Pricing Worth $300M
UDR, Inc. (UDR - Free Report) recently announced the pricing of $300 million senior unsecured notes. This is likely to add to the financial flexibility of the Highlands Ranch, CO-based residential real estate investment trust (REIT).
The notes offering, which is slated to mature on Jul 1, 2027, bear an interest rate of 3.5%. Interest will be paid semiannually on Jan 1 and Jul 1 with the first interest payment due on Jan 1, 2018.
UDR owns, operates, acquires, develops and renovates apartment communities in high barrier-to-entry markets in the nation. In April, the company reported first-quarter 2017 funds from operations (FFO) as adjusted per share of 45 cents matching the Zacks Consensus Estimate. The company intends to utilize the net proceeds for general corporate purposes. These include repaying the outstanding debts.
Shares of UDR have outperformed the Zacks categorized REIT and Equity Trust – Residential industry in the last three months. Shares of the company have returned 14.5%, while the industry grew 7.1%. In the last 30 days, its second-quarter and full-year 2017 funds from operations (FFO) per share estimates moved up.
Currently, UDR carries a Zacks Rank #3 (Hold).
Investors interested in the REIT space, may consider better-ranked stocks like DCT Industrial Trust Inc. , Gaming and Leisure Properties, Inc. (GLPI - Free Report) and PS Business Parks, Inc. , each carrying a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the last 30 days, DCT Industrial Trust’s FFO per share for second-quarter 2017 remained unchanged at 59 cents.
In the last 30 days, Gaming and Leisure Properties’ FFO per share for second-quarter 2017 remained unchanged at 77 cents.
In the last 30 days, PS Business Parkss FFO per share for second-quarter 2017 moved up 2% to $1.53.
Note: 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. All EPS numbers presented in this write up represent FFO per share.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020. Click here for the 6 trades >>