UDR, Apollo Form $2.0 Billion Strategic Partnership

Oct 21 (Reuters) - Apollo Global Management, Inc. APO.N:

• UDR, INC. AND APOLLO FORM $2.0 BILLION STRATEGIC PARTNERSHIP

• JOINT VENTURE TO OWN 19 COMMUNITIES VALUED AT $2 BILLION

• TO RETAIN ONE-THIRD INTEREST AND CONSOLIDATE JOINT VENTURE

• APOLLO TO INVEST $1.34 BILLION FOR TWO-THIRDS INTEREST IN JOINT VENTURE

• RETAINS OPTION TO REPURCHASE APOLLO'S INTEREST AT 7.00-7.50% FIXED RETURN

• EXPECT TRANSACTION TO BE ACCRETIVE TO EARNINGS

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