HIGHLANDS RANCH, Colo. (AP) _ UDR Inc. (UDR) on Tuesday reported a key measure of profitability in its first quarter. The results fell short of Wall Street expectations.
The Highlands Ranch, Colorado-based real estate investment trust said it had funds from operations of $151.2 million, or 47 cents per share, in the period.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of 48 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 $2 million, or 1 cent per share.
The real estate investment trust posted revenue of $301.4 million in the period. Its adjusted revenue was $299.8 million, also falling short of Street forecasts. Seven analysts surveyed by Zacks expected $301.3 million.
For the current quarter ending in July, UDR expects its per-share funds from operations to range from 47 cents to 49 cents.
The company expects full-year funds from operations in the range of $1.91 to $2 per share.
The company's shares have climbed 22% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $46.80, a rise of 24% in the last 12 months.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on UDR at https://www.zacks.com/ap/UDR
