UDR Q4 FFO Rises; Guides Q1, FY14 - Quick Facts

(RTTNews) - UDR, Inc. (UDR) said that its fourth-quarter funds from operations or FFO increased to $93.92 million from $80.24 million in the year ago quarter. FFO per share was $0.36, up from $0.30 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.36 per share. Analysts' estimates typically exclude special items.

FFO as Adjusted per common share, was $0.35, unchanged from last year. AFFO per share dropped to $0.30 from $0.31 in the prior year quarter.

Net income attributable to common stockholders for the quarter was $35.77 million or $0.14 per share, compared to a loss of $13.23 million or $0.05 per share in the same quarter last year.

Total revenues for the quarter rose to $193.42 million from $183.03 million in the prior year quarter. Fifteen analysts had consensus revenue estimate of $192.19 million for the quarter.

As previously announced, the Company's Board of Directors declared a regular quarterly dividend on its common stock for the fourth quarter of 2013 in the amount of $0.235 per share. The dividend was paid in cash on January 31, 2014 to UDR common stock shareholders of record as of January 10, 2014. The fourth quarter 2013 dividend represented the 165th consecutive quarterly dividend paid by the Company on its common stock.

In conjunction with this release, the Company declared a 2014 annualized dividend per share of $1.04, an 11 percent increase versus 2013.

For the first quarter of 2014, the company expects Funds from Operations per share to be in the range of $0.34 to $0.36, FFO as Adjusted per share of $0.33 to $0.35, and AFFO per share of $0.30 to $0.32. Analysts project first-quarter earnings of $0.36 per share.

Looking ahead for fiscal 2014, the company projects FFO per share to be in the range of $1.47 to $1.53, FFO as adjusted per share of $1.47 to $1.53 and AFFO per share of $1.30 to $1.36. Analysts project annual earnings per share of $1.48.

The company anticipates annual revenue growth to be between 3.50% and 4.25%.