REIT begins trading on NASDAQ

Shares of United Development Funding IV (UDF) are now trading on the NASDAQ Global Select Market. The real estate investment trust began trading on Wednesday at $21.04 a share. It closed Thursday at $19.60. Formed in 2006 as a nontraded REIT, it has approximately $614.7 million in equity. In conjunction with listing its shares, the Maryland-based REIT announced a tender offer in which it will purchase up to $35 million of common shares from its shareholders. It will pay a purchase price of $20.50 per share to the seller in cash. UDF IV, which specializes in single-family residential finance, plans to fund the offer with cash and funds available under existing credit facilities. The tender offer will expire on July 2 unless it is extended or withdrawn. Hollis M. Greenlaw, chief executive and chairman of the UDF IV Board of Trustees, said in a prepared statement: “The housing market continues to strengthen, and capital for residential development continues to be a challenge. 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.”