UDR jumps on FY forecast lift, Apollo deal
APO•UDR raised its full-year net income forecast to $1.58-$1.60 per diluted share from $1.03-$1.11 and announced a $2 billion joint venture with Apollo Global Management. Apollo will invest $1.34 billion for about a two-thirds stake, while UDR retains management control and a one-third interest.
1. Forecast and joint venture
UDR raised its full-year net income forecast to $1.58-$1.60 per diluted share, from $1.03-$1.11. It also announced a $2 billion joint venture with Apollo Global Management; Apollo will invest $1.34 billion for about a two-thirds stake, while UDR retains management control and a one-third interest.
