05:23 PM EST, 12/18/2025 (MT Newswires) -- UDR (UDR) completed a $230 million expansion of its joint venture with LaSalle Investment Management, bringing the total to $850 million.

Under the agreement, UDR will contribute four additional apartment communities, retain a 51% stake in the contributed assets, encumber them with 50% debt, and receive $200 million in proceeds.

The proceeds will be used for share repurchases, debt reduction, and general corporate purposes, UDR said Thursday in a statement.

LaSalle is a subsidiary of Jones Lang LaSalle ( JLL ) .

Separately, UDR maintained its quarterly dividend at $0.43 a share, payable Feb. 2 to holders of record Jan. 12.