HIGHLANDS RANCH, Colo. (AP) _ UDR Inc. (UDR) on Monday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.
The Highlands Ranch, Colorado-based real estate investment trust said it had funds from operations of $145.9 million, or 49 cents per share, in the period.
The average estimate of nine 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 $19.6 million, or 7 cents per share.
The real estate investment trust posted revenue of $259.7 million in the period. Its adjusted revenue was $256.6 million, also topping Street forecasts. Six analysts surveyed by Zacks expected $253.9 million.
For the current quarter ending in October, UDR expects its per-share funds from operations to range from 48 cents to 50 cents.
The company expects full-year funds from operations in the range of $1.93 to $1.96 per share.
The company’s shares have fallen almost 4 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $37.05, a drop of almost 6 percent in the last 12 months.