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UDR prices common stock offering

UDR Inc. priced an underwritten public offering of 7.5 million shares of its common stock for proceeds of roughly $350 million.

The multifamily real estate investment trust intends to use the net proceeds for acquisitions, including a roughly $270 million pending deal in Boston, and for working capital and general corporate purposes.

J.P. Morgan and Citigroup are the underwriters for the offering, which is expected to close Aug. 15.