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‘Cluster Selling’ at Medical Properties Trust Inc. (MPW), Plus Light Insider Selling at 2 Other Companies

Another REIT Witnesses Board Member Sell Sizable Block of Shares

UDR Inc. (NYSE:UDR) had a member of its Board of Directors unload a sizable block of shares earlier this week. Director Jon A. Grove sold 10,000 shares on Tuesday at prices between $36.72 and $36.74 per share, cutting his overall holding to 472,308 shares.

UDR is a self-administered real estate investment trust that owns, acquires, renovates, develops, and manages apartment communities. The REIT’s consolidated real estate portfolio consists of 133 communities with 40,728 apartment homes as of December 31. The REIT has also been developing one wholly-owned community with 516 apartment homes, as well as four unconsolidated joint venture communities with 1,173 apartment homes. In general, UDR owns or has an ownership position in 50,646 apartment homes as of the end of 2015, which include 3,222 homes under development. UDR’s 2015 net operating income for same-store community properties (properties acquired, developed and stabilized before the beginning of 2014 and held at the end of 2015) increased by 6.7% to $469.13 million. The increase was mainly driven by higher property rental income, which was partly offset by an increase in operating expenses. Moreover, the REIT’s management anticipates its 2016 net operating income to increase in the range of 6.50% to 7.00%.

UDR pays out an annualized dividend of $1.18 per share, which equates to a current dividend yield of 3.27%. The company’s upcoming quarterly dividend payment in May is set to mark the 174th consecutive quarterly dividend paid out by the company. UDR’s share have gained 11% in the past 12 months, but are down by 3% year-to-date. The number of hedge funds in our system with long positions in the REIT increased to ten from nine during the December quarter. Ken Heebner’s Capital Growth Management acquired a new stake of 400,000 shares in UDR Inc. (NYSE:UDR) during the final quarter of 2015, while Jim Simons’ Renaissance Technologies upped its stake in the REIT by 58% during the quarter, to 1.18 million shares.

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