UDR Agrees to JV Transaction with MetLife, Boosts Guidance

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)

MetLife (NYSE:MET)
Historical Stock Chart
From Mar 2024 to Apr 2024