UDR Completes Apollo Partnership, Raises Guidance

The 19-community, 7,059-home venture valued at about $2 billion closed October 30, 2026.

Updated on Nov. 3, 2026 in Apartments

Photograph of a row of plain beige mid-rise apartment buildings across a quiet street under overcast daylight, with a young tree in the foreground. — UDR completed its roughly $2 billion partnership with Apollo covering 19 communities and 7,059 apartment homes on October 30, 2026, receiving $1.34 billion in equity. AI Illustration. Upload story photo >

UDR, Inc. completed its partnership with Apollo, covering 19 communities and 7,059 apartment homes valued at about $2 billion. The company also reported third-quarter FFO as adjusted of $0.65 per diluted share and raised its 2026 guidance.

Why it matters

The deal brings $1.34 billion in equity capital to UDR while it retains about a one-third interest in the partnership. It signals how large apartment operators are reshaping ownership structures to fund portfolios.

UDR reported third-quarter FFO as adjusted of $0.65 per diluted share, unchanged from last year, with standard FFO at $0.62 per diluted share. Same-store net operating income rose 1.6%, excluding the 19 Apollo joint venture communities, while revenue fell 0.9% to $428.081 million.

The players

UDR, Inc.

A publicly traded real estate investment trust that owns and operates apartment communities across the United States.

Apollo

A global alternative asset manager that serves as UDR's partner in the 19-community joint venture.

The details

UDR completed the partnership on October 30 by closing the Apollo-managed venture, receiving $1.34 billion in equity capital while keeping a one-third stake. The company also recorded a $190.084 million gain on the sale of real estate it owned.

October 21, 2026: UDR issued a preliminary update projecting third-quarter FFOA of $0.65.
October 30, 2026: UDR completed the Apollo partnership closing.
November 2, 2026: UDR released finalized third-quarter results and raised guidance.

Market Landscape

Large apartment REITs have increasingly used joint ventures with institutional capital to recycle assets without selling entire portfolios outright. UDR's Apollo deal follows that pattern, with the company keeping a one-third interest in the 19 communities it transferred.

Renters in the affected communities may see little immediate change, since the transaction is a capital structure deal rather than a change in property operations. The shift matters more to investors holding UDR shares, whose returns depend on the new guidance of $2.54-$2.56 per diluted share in FFOA for 2026.

The takeaway

Joint ventures are a practical way for apartment owners to raise capital while keeping control of properties. Watch whether UDR's raised guidance holds in future quarterly results.