UDR announces $230M Joint Venture Expansion

UDR (UDR) “announced that it has closed a $230 million expansion of its joint venture with LaSalle Investment Management, increasing the size of the joint venture to approximately $850 million. Under the terms of the transaction, UDR will: Contribute four additional apartment communities totaling 974 apartment homes, increasing the size of the venture to a total of 2,564 apartment homes. The newly contributed properties are located in Portland, Orlando, and Richmond, and have an average vintage of 1985. Retain 51% ownership in the communities contributed to the joint venture. Encumber the newly contributed assets with 50% debt and place debt on existing joint venture assets, bringing total joint venture-level leverage to approximately 33%. Receive approximately $200 million in cash proceeds. The Company plans to utilize the proceeds for share repurchases, debt repayment, and general corporate purposes. UDR and its Partner will continue to explore incremental growth opportunities in 2026 for the joint venture.”