UDR forms $1.1b JV with MetLife Investment Management

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 acqu