UDR Q1 Profit Rises

(RTTNews) - UDR Inc. (UDR), Tuesday reported first-quarter net income of $41.9 million or $0.13 per share, compared to $29.8 million or $0.09 per share last year.

Funds from operations for the quarter was $0.60 per share, compared to $0.59 per share last year. AFFO per share was $0.56 for the quarter, compared to $0.57 per share last year.

Revenues for the quarter rose to $413.6 million from $399.5 million last year.

Analysts polled by Thomson Reuters expected earnings of $0.10 per share on revenues of $409.64 million for the quarter.

Looking forward to the second quarter, the company expects earnings per share of $0.13 to $0.15, FFO per share of $0.60 to $0.62 and AFFO per share of $0.53 to $0.55.

For the full year 2024, the company now expects earnings per share of $0.33 to $0.45, FFO per share of $2.36 to $2.48 and AFFO per share of $2.10 to $2.22.