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Multifamily REIT UDR Announces Public Offering, Puts 2.9M Shares On the Market

This past week, multifamily REIT UDR announced the sale of 2.9 million shares of common stock, targeting $35 to $37 per share. Underwriter Credit Suisse has a 30-day window to pick up an additional 435,000 shares. The proceeds will go towards "capital and general corporate purposes," the release adds. UDR is on a positive growth track for the second half of 2015 and 2016, as UDR shares rose 0.06% since Tuesday. The REIT continues to upgrade its portfolio, such as its $908M purchase of six DC communities earlier this month. Despite a net income growth of 189.4% from last year, UDR is underperforming when compared to the industry average. [TheStreet]

Related Topics: Credit Suisse, multifamily, UDR, NYSE, stocks