United Dominion Realty, Denver, is selling 25,684 apartment units in 86 communities for a total of $1.7 billion to a joint venture of DRA Advisors, a New York investment adviser, and Steven D. Bell & Co, a Greensboro, N.C.-based management company. After the transaction closes, the real estate investment trust expects to receive $1.5 billion in cash and a note for $200 million, bearing a fixed interest rate of 7.5%. The multifamily REIT will own 40,183 units in 146 communities after the sale goes through. "This transaction captures the disparity in value between private and public markets, and focuses the company in locations demonstrating high rent growth, strong job growth, and low single-family home affordability," said Thomas W. Toomey, UDR's president and chief executive officer. He added that the proceeds would be invested in share repurchases, debt paydown, new acquisitions, and development programs.
-
According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
1h ago -
Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
2h ago -
McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
3h ago -
The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
5h ago -
The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
5h ago -
The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18