Colorado-based real estate investment trust UDR Inc. said it signed a transaction worth $1.76 billion, with a net cash outflow to the firm of $105 million, related to a joint venture with MetLife Investment Management, and increased its full-year 2019 earnings guidance.
Under the deal, UDR will acquire the roughly 50% interest it does not own in 10 UDR/MetLife Investment Management joint venture operating communities, one community under development and four development land sites, valued at $1.1 billion, or $557 million at UDR's share.
UDR will also sell to MetLife Investment Management a roughly 50% interest in five UDR/MetLife Investment Management joint venture communities worth $645 million, or $323 million at UDR's share.
Because of the deal, and other factors, UDR has increased its full-year 2019 net income per share guidance by 36 cents at the midpoint to 74 cents to 77 cents from 38 cents to 41 cents.
More details to follow...