RICHMOND, Va., June 2, 2006 (PRIMEZONE) -- United Dominion Realty Trust, Inc., (NYSE:UDR) announced today that it has priced a $125 million offering of 6.05% medium term notes. Interest is payable semiannually on June 1 and December 1, with the first interest payment due December 1, 2006. The notes will mature on June 1, 2013.
The notes are rated Baa2 with a Stable outlook by Moody's Investor Service and BBB with a Stable outlook by Standard & Poor's.
The Company expects to use the net proceeds for debt repayment. The settlement of the sale is expected to occur on June 7, 2006.
J.P. Morgan Securities, Inc. was the sole book-running manager for the offering. Copies of the prospectus supplement and prospectus relating to the offering may be obtained from J.P. Morgan at 270 Park Avenue, New York, NY, 10017. Citigroup Global Markets, Inc. acted as co-manager.
A registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
About United Dominion Realty Trust, Inc.
United Dominion is the fourth largest apartment REIT, owning and operating apartment communities nationwide. At March 31, 2006, the Company owned 75,223 apartment homes and had 1,335 homes under development. The Company has raised the dividend each of the last 30 years. United Dominion is included in the S&P MidCap 400 Index. Additional information about United Dominion may be found on its Web site at www.udrt.com.
Statements contained in this press release, which are not historical facts, are forward-looking statements, as the term is defined in the Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by the Company's use of words such as, "expects," "plans," "estimates," "is considering," "projects," "intends," "believes," and similar expressions that do not relate to historical matters. Such forward-looking statements are subject to risks and uncertainties which can cause actual results to differ materially from those currently anticipated. All forward-looking statements in this press release are made as of today, based upon information known to management as of the date hereof. The Company assumes no obligation to update or revise any of its forward-looking statements even if experience or future changes show that indicated results or events will not be realized.