The Associated Press September 8, 2010, 4:18PM ET

UDR prices stock offering at $20.35 per share

Real estate investment trust UDR Inc. said Wednesday it priced an offering of 16 million shares of its common stock at $20.35 per share.

The company increased the offering from the 13.5 million shares it announced Tuesday and said the per-share price will lead to proceeds of about $312.1 million after underwriting discounts and other expenses. That total grows to about $359 million if an underwriters' overallotment option is exercised in full.

BofA Merrill Lynch and Wells Fargo Securities served as joint book-running managers for the offering, which is expected to close Monday.

UDR will use proceeds from the offering to fund potential and recent acquisitions and to pay down debt.

UDR shares fell 82 cents, or 3.8 percent, to close at $20.70.

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