UDR has entered into an agreement with MetLife Investment Management to:
acquire the approximately 50 percent interest not previously owned in 10 UDR/MetLife Investment Management Joint Venture operating communities, one community under development and four accretive development land sites, valued at $1.1 billion, or $557 million at UDR’s share.
sell its approximately 50 percent ownership interest in five UDR/MetLife Investment Management Joint Venture communities valued at $645 million, or $323 million at UDR’s share, to MetLife Investment Management.
“We are pleased to be acquiring these high-quality communities, while also simplifying the UDR/MetLife Investment Management Joint Venture structure and increasing select 2019 earnings guidance ranges,” said Tom Toomey, UDR’s chairman and CEO. “The acquired communities are primarily located in markets targeted for expansion, are immediately accretive to our earnings, have operational ups
