GRAPEVINE, TX—Common shares of United Development Funding IV begin trading Wednesday on the NASDAQ Global Select Market. Shares of the REIT, which specializes in single-family residential finance, will trade under the ticker symbol UDF. Separately, UDF IV has launched a tender offer for up to $35 million of its common shares.
“The housing market continues to strengthen, and capital for residential development continues to be a challenge,” says Hollis M. Greenlaw, UDF IV's chairman and CEO. “We are still in the early stages of a housing recovery, and UDF IV will continue to be an important capital solution for regional homebuilders and developers.”
UDF IV concluded its IPO in May 2013, after raising approximately $614.7 million in equity. Listing on NASDAQ, says COO Stacey Dwyer, provides “broader access to public capital markets and allows our investors to participate in the anticipated growth.”
UDF IV will pay $20.50 in cash per share in the stock buyback program. It intends to fund the buyback with cash on hand and funds available under its existing credit facilities.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
