Who owns UDR/MetLife joint venture (unconsolidated operating joint venture)

UDR/MetLife joint venture (unconsolidated operating joint venture) - Profile

The UDR/MetLife joint venture is an American apartment owning partnership between the REIT UDR and MetLife Investment Management, the institutional asset management arm of the insurer MetLife. It began in November 2010, when the two sides put a portfolio of operating communities and development land into a shared vehicle, and was enlarged in January 2012 with a second venture covering twelve communities and 2,528 apartment homes valued at about 1.3 billion dollars. MetLife supplies insurance company capital and UDR contributes the properties, leasing and property management. A 1.76 billion dollar swap closed in December 2019 shrank the venture, with UDR buying out communities in San Diego, Texas and Boston and MetLife taking full ownership of five others, leaving a portfolio concentrated in California, Boston, New York and Philadelphia. By mid 2026 the venture held eight operating communities with 2,127 apartment homes, after five New York buildings moved to a new partnership with Carmel Partners.

The disclosed stakes

One row per position. Where a holder reports the same company in two share classes, both rows are shown rather than summed, because the class is part of a position's identity.

Where each figure comes from

A private stake has no ownership form behind it, so the source is always the holder's own filing or disclosure. Anything modelled says so, with the arithmetic.

• UDR, Inc., as of 30 Jun 2026. UDR's Q2 2026 10-Q (Note 5, Joint Ventures and Partnerships) reports UDR/MetLife as an unconsolidated operating joint venture with 8 apartment communities, 2,127 apartment homes, and UDR's weighted average ownership interest of 50.2% at both June 30, 2026 and December 31, 2025. Investment carrying value (dollars in thousands in the filing, converted to whole dollars here) fell from $189,420,000 at December 31, 2025 to $41,056,000 at June 30, 2026, because five of the venture's operating communities (710 apartment homes in New York, New York) were spun into a newly formed joint venture, UDR/Carmel Partners, in a May 2026 transaction in which Carmel Partners acquired MetLife's interest in those five communities and UDR retained its 50.0% interest through the new vehicle; that transaction is recorded as a separate line in the same table (see the UDR/Carmel Partners holding). A footnote in the same note states that as of June 30, 2026 and December 31, 2025 UDR carries a negative investment of $7.6 million and $6.8 million, respectively, in one UDR/MetLife community, reclassified into Accounts payable, accrued expenses and other liabilities rather than the joint venture investment asset line, which is why the $41,056,000 figure here does not tie exactly to the balance sheet's combined Investment in and advances to unconsolidated joint ventures, net line. No share count applies: this is a real estate equity-method joint venture interest, not shares of a company. source