On Oct. 29, 2026, UDR Inc. closed on a strategic partnership with Apollo Global Management Inc. that established a $2 billion joint venture (JV) focused on U.S. multifamily assets. Apollo will assume a 67% economic interest in the JV for $1.34 billion and will receive cash flow distributions, in line with its ownership stake. UDR will retain operational control of the assets and consolidate the JV within its financial statements. S&P Global Ratings believes that the proceeds from this partial sale will modestly improve UDR’s credit ratios, all else being equal. As a result, we affirmed our'BBB+'issuer credit rating on UDR and the'BBB+'issue-level rating on its unsecured notes. The stable outlook reflects our expectation that UDR
