GRAPEVINE, TX—United Development Funding IV trust says its board of trustees has decided to list its common shares of beneficial interest on the NASDAQ Global Select Market under the symbol “UDF.”
The trust anticipates that the listing of its common shares of beneficial interest will be completed in 2014. The completion of the listing is subject to certain conditions, including approval by the NASDAQ.
“We believe there is a significant opportunity to participate in the continuing housing recovery by providing capital solutions to local, regional and national developers and homebuilders,” Hollis Greenlaw, chairman of the board and chief executive. “We continue to focus on growing UDF IV's investment portfolio in Texas while expanding into other homebuilding markets across the country. Many markets currently have a very limited supply of finished lots or land under development, and UDF IV is providing access to capital for developers and homebuilders to be able to address those lot shortages.”
Stacey Dwyer, chief operating officer, added, “Listing our shares on the NASDAQ will provide investment liquidity for our current shareholders, while making our shares available to additional investors and providing the Trust with a broader range of potential capital sources. UDF IV has a track record of strong earnings performance and consistent distributions to shareholders, and we believe that our stock will provide a desirable investment alternative to investors who want to participate in the improving housing market while earning an attractive dividend.”
United Development Funding IV is a Maryland real estate investment trust formed in 2008 primarily to generate current interest income by investing in secured loans and producing profits from investments in residential real estate. UDF, founded in 2003 and based in Grapevine, collectively includes five sponsored funds with approximately $1 billion in assets under management.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
