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UDR launches offering of 7.5 million common shares
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UDR Inc. plans to sell 7.5 million shares of its common stock in a public offering.
Based on the company's closing stock price of $47.49 per share on Aug. 12, gross offering proceeds are expected to total approximately $356.2 million.
Net proceeds from the offering will be used for asset acquisitions, including a roughly $270 million pending value-add acquisition in Boston, working capital and general corporate purposes.
J.P. Morgan and Citigroup are the underwriters for the offering.