UDR Agrees to JV Transaction with MetLife, Boosts Guidance
12 August 2019 - 10:31PM
Dow Jones News
By Michael Dabaie
UDR Inc. (UDR) agreed to a joint-venture transaction with
MetLife Investment Management and boosted its 2019 guidance.
The multifamily real estate investment trust said it agreed with
MetLife Investment Management to acquire the approximately 50%
interest not previously owned in 10 UDR/MetLife Investment
Management Joint Venture operating communities, one community under
development and four accretive development land sites. These are
valued at $1.1 billion, or $557 million at UDR's share, the company
said. UDR also said it agreed to sell its approximately 50%
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.
UDR said its net cash outflow to complete the swap is expected
to be approximately $105 million. The transaction is expected to
close during the fourth quarter.
As a result of the deal, UDR said it boosted its 2019 guidance
for earnings a share to 74 cents to 77 cents, from 38 cents to 41
cents.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
August 12, 2019 08:16 ET (12:16 GMT)
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