HIGHLANDS RANCH, Colo. (AP) — HIGHLANDS RANCH, Colo. (AP) — UDR Inc. (UDR) on Tuesday reported a key measure of profitability in its first quarter. The results matched Wall Street expectations.
The Highlands Ranch, Colorado-based real estate investment trust said it had funds from operations of $217.7 million, or 61 cents per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of 61 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $41.9 million, or 13 cents per share.
The real estate investment trust, based in Highlands Ranch, Colorado, posted revenue of $413.6 million in the period. Its adjusted revenue was $411.7 million, exceeding Street forecasts. Eight analysts surveyed by Zacks expected $408.6 million.
For the current quarter ending in June, UDR expects its per-share funds from operations to range from 60 cents to 62 cents.
The company expects full-year funds from operations in the range of $2.38 to $2.50 per share.
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