UDR Q2 FFO Rises; Boosts FY15 Outlook

(RTTNews) - UDR, Inc. (UDR) reportd net income for the second quarter of $85.9 million or $0.33 per share, compared to $29.1 million or $0.12 per share for the year-ago quarter.

Funds from operations for the second quarter was $111.2 million or $0.41 per share, compared to $102.1 million or $0.39 per share in the prior year quarter.

FFO as Adjusted was $0.42 per share for the second quarter, compared to $0.39 per share in the second quarter of last year.

AFFO per share for the second quarter was $0.38, compared to $0.34 last year.

Total revenue for the second quarter rose to $215.86 million from $203.71 million a year ago.

Analysts polled by Thomson Reuters expected the company to report FFO of $0.41 per share on revenue of $211.19 million for the second quarter. Analysts' estimates typically exclude special items.

Looking forward to the third quarter, the company forecasts FFO per share of $0.39 to $0.41, FFO as Adjusted per share of $0.39 to $0.41 and AFFO per share of $0.34 to $0.36. Analysts currently expect the company to report FFO of $0.41 per share for the third quarter.

For the full year 2015, the company forecasts same-store revenue growth of 5.00% to 5.50%, FFO per share of $1.64 to $1.68, FFO as Adjusted per share of $1.63 to $1.67 and AFFO per share of $1.46 to $1.50. Previously, the company forecast same-store revenue growth of 4.25% to 4.75%, 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 currently expect the company to report FFO of $1.66 per share for the full year 2015.