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UDR keeps Q1 projections intact despite coronavirus pandemic

UDR Inc. expects its first-quarter results to be in line with its previously outlined projections, despite the overall uncertainty surrounding the coronavirus pandemic.

The multifamily real estate investment trust said it will address its guidance for the 2020 full year on its first-quarter earnings call.

UDR is under contract, with hard money deposits, to sell two operating communities in Greater Seattle for about $142 million, with closing expected in the second quarter.

The REIT also has in place a combined $1.18 billion revolving credit facility and working capital credit facility, with roughly $900 million in available capacity. The revolver is set to mature in 2023, with options to extend through 2024.

READ MORE: Sign up for our weekly coronavirus newsletter here, and read our latest coverage on the crisis here.

Quarter-to-date, and before the recent equity market sell-off, the company struck forward-sales agreements under its at-the-market equity program for about 2.1 million common shares at an initial forward price of $49.56 apiece.

The REIT noted that it has not settled any shares under the agreements, adding that the final dates by which shares sold under such agreements must be settled range between Feb. 12, 2021, and March 3, 2021.