WASHINGTON (dpa-AFX) - UDR Inc. (UDR) reported first-quarter net income to shareholders of $72.9 million or $0.28 per share, compared to $17.4 million or $0.07 per share, prior year. FFO per share was $0.43, for the quarter. FFO as adjusted per share was $0.40, and AFFO per share was $0.37 for the quarter.
On average, 21 analysts polled by Thomson Reuters expected the company to report profit per share of $0.41 for the quarter. Analysts' estimates typically exclude special items.
Revenue increased to $219.75 million from $198.04 million last year. Rental income was $207.05 million, compared to $194.35 million. Analysts expected revenue of $207.47 million for the quarter.
For the second quarter of 2015, the company expects: FFO per share: $0.39 to $0.41; FFO as Adjusted per share: $0.39 to $0.41; and AFFO per share: $0.34 to $0.36. Analysts expect the company to report second-quarter earnings per share of $0.40.
For the full-year 2015, the company has increased its previously provided earnings guidance ranges as a result of better-than-expected operations and expected accretion from its newly formed West Coast development joint venture. For 2015, the company now expects: FFO per share of $1.63 to $1.67; FFO as Adjusted per share of $1.61 to $1.65; and AFFO per share of $1.44 to $1.48. Analysts expect the company to report fiscal year earnings per share of $1.64.
For the full-year 2015, the company has increased its previously provided same-store growth guidance ranges as a result of stronger-than-expected new lease and renewal rate growth combined with stable occupancy and lower turnover. Revenue is now expected to increase in the range of 4.25% to 4.75%, compared to previous outlook of 3.75% to 4.25%.
Copyright RTT News/dpa-AFX
© 2015 AFX News
