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UDR

UDR, Inc.

$47.11

0.39 (0.83%)

, MET

MetLife

$46.91

-0.25 (-0.53%)

07:10
08/12/19
08/12
07:10
08/12/19
07:10

UDR, Inc. announces URD/MetLife Investment Management JV deal valued at $1.76B

UDR, Inc. announced that it has entered into an agreement with MetLife Investment Management (MET) 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, valued at $1.1B, or $557 million at UDR's share, and, sell its approximately 50% ownership interest in five UDR/MetLife Investment Management Joint Venture communities valued at $645M, or $323M at UDR's share, to MetLife Investment Management. After accounting for the assumption of in-place debt totaling $540M at fair-market value, or FMV, the company's net cash outflow to complete the swap is expected to be approximately $105M. The transaction is expected to close during the fourth quarter, subject to customary closing conditions and closing price adjustments. The deal is estimated to be 0c-1c accretive to FY20 EPS and 1c-2c accretive to FY20 FFOA per share, inclusive of FMV debt adjustments. "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," said Tom Toomey, UDR's Chairman and Chief Executive Officer. "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. Following the transaction, we look forward to continuing to partner with MetLife Investment Management on the remaining properties in the joint venture relationship." Robert Merck, global head of real estate at MetLife Investment Management, said: "This transaction will drive significant long-term benefits for both UDR and MetLife Investment Management, and further underscores the strong partnership between our respective organizations."

UDR

UDR, Inc.

$47.11

0.39 (0.83%)

MET

MetLife

$46.91

-0.25 (-0.53%)

  • 28

    Aug

  • 04

    Sep

  • 27

    Oct

UDR UDR, Inc.
$47.11

0.39 (0.83%)

03/11/19
GSCO
03/11/19
NO CHANGE
GSCO
Goldman upgrades Kilroy and Hudson Pacific to Buy, cuts UDR to Sell
Goldman Sachs analyst Andrew Rosivach upgraded both Kilroy Realty (KRC) and Hudson Pacific Properties (HPP) to Buy from Neutral saying both companies should be able to provide greater overall earnings growth relative to residential and office real estate investment trusts. The analyst also downgraded UDR, Inc. (UDR) to Sell from Neutral within the context of his Neutral coverage views for Apartments and Office. UDR's earnings growth will slow given a smaller contribution from development in forward years, Rosivach tells investors in a research note.
03/11/19
GSCO
03/11/19
DOWNGRADE
GSCO
Sell
UDR, Inc. downgraded to Sell on slowing growth at Goldman Sachs
As previously reported, Goldman Sachs analyst Andrew Rosivach downgraded UDR, Inc. to Sell from Neutral and cut its price target to $39 from $43. Rosivach expects earnings growth to slow given reduced contribution from development in forward years.
06/27/19
MSCO
06/27/19
NO CHANGE
MSCO
Morgan Stanley raises price targets on six multifamily and SFR REITs
Morgan Stanley analyst Richard Hill said he is bullish on both multi-family and single-family rentership REITs, given his view of the demand for "defensive growth" and work that points to strong demand for housing over the near-term. Apartments can trade near the top end of the 5-year multiple range and single-family rental REITs can trade at premiums to apartments, contends Hill. He raised his price target on Invitation Homes (INVH) shares to $31 from $23.50, on American Homes 4 Rent (AMH) to $27.50 from $21, on Essex Property Trust (ESS) to $320 from $292, on AvalonBay (AVB) to $217 from $194, on Equity Residential (EQR) to $79 from $70 and on UDR, Inc. (UDR) to $48 from $43. He has Overweight ratings on Invitation and Essex and Equal Weight ratings on the four other REITs mentioned.
08/07/19
JEFF
08/07/19
NO CHANGE
JEFF
Jefferies goes to Overweight from Underweight on smid-cap real estate sector
Jefferies equity strategist Steven DeSanctis, for the first time in his career, brought the smid-cap real estate sector to Overweight from Underweight. Interest rates around the globe are "NOT going anywhere" and U.S. rates are tethered to the global markets and thus heading lower, DeSanctis tells investors in a research note. With rates staying lower for longer, the "quest for yield can be quenched by Real Estate," says the strategist. He believes the sector outperforms when the Federal Reserve cuts rates, holds up when volatility rises, and has little exposure to trade wars. DeSanctis points out that Jefferies analyst Jon Petersen prefers stocks in Industrials and Apartments, with favorite names Rexford Industrial (REXR), STAG Industrial (STAG), NexPoint Residential (NXRT), UDR, Inc. (UDR), Corporate Office Properties (OFC).
MET MetLife
$46.91

-0.25 (-0.53%)

03/19/19
SDLR
03/19/19
DOWNGRADE
SDLR
Hold
MetLife downgraded to Hold from Buy at Sandler O'Neill
03/19/19
03/19/19
DOWNGRADE
Target $50

Hold
Sandler O'Neill downgrades MetLife to Hold on risks as new CEO takes over
As previously reported, Sandler O'Neill analyst John Barnidge downgraded MetLife (MET) to Hold from Buy ahead of the start of the tenure of new CEO Michel Khalaf, stating that the changeover at the top increases the possibility of execution risk and raises the potential for an asset management acquisition that "the investment community does not greet with enthusiasm." He also views MetLife shares as appropriately valued and thinks Prudential (PRU) shares are more attractively valued than Metlife at current levels, Barnidge added. He maintains a $50 price target on MetLife shares.
07/12/19
SBSH
07/12/19
NO CHANGE
SBSH
Citi opens 'Negative Catalyst Watches' on MetLife and Prudential
Citi analyst Suneet Kamath opened "Negative Catalyst Watches" on both MetLife (MET) and Prudential (PRU). He believes 2020 consensus estimates look too high for Sell-rated MetLife. On Buy-rated Prudential, the analyst believes the company's Q2 assumption review could drive a charge in Individual Life and lower the segment's run-rate earnings power. Kamath favors "equity sensitive names" and stocks at "below average" valuation multiples into the Q2 earnings season, namely Ameriprise (AMP), Lincoln National (LNC) and Voya Financial (VOYA).
07/16/19
EVER
07/16/19
DOWNGRADE
Target $48
EVER
In Line
MetLife downgraded to In Line from Outperform at Evercore ISI
Evercore ISI analyst Thomas Gallagher downgraded MetLife to In Line from Outperform with a $48 price target.

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T

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FL

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BMCH

BMC Stock Holdings

$24.79

-0.62 (-2.44%)

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MRVL

Marvell

$23.79

-1.01 (-4.07%)

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VIX

Volatility Index S&P 500 Options

$0.00

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$NSD

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NK

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WISA

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TLF

Tandy Leather

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NSPR

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SITO

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AVA

Avista

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UPS

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, FDX

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STZ

Constellation Brands

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