UDR, Inc. (NYSE: UDR) said Monday it has entered into an agreement with Metlife Inc (NYSE: MET) Investment Management to purchase a 50% interest in 10 UDR and MetLife joint venture operating communities valued at $1.1 billion.
The company said it will sell its 50% ownership interest in five UDR-MetLife Investment Management joint venture communities valued at $645 million.
“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,” UDR CEO Tom Toomey said in a statement.
“The acquired communities are primarily located in markets targeted for expansion, are immediately accretive to our earnings, have operational upside and improve the diversification of our portfolio."
After the transaction, UDR looks forward to continuing to partner with MetLife on the properties remaining in the companies' joint venture relationship, the CEO said.
UDR also raised its full-year 2019 net income per share guidance from a range of 38-41 cents to 74-77 cents. The company lifted its funds from operations as adjusted guidance by a penny, from a range of $2.05-$2.08 to $2.06-$2.09.
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