Tuesday, UDR, Inc. (UDR), a self-administered equity real estate investment trust, posted an increase in its second-quarter funds from operations and maintained its outlook for full-year funds from operations.
Funds from operations for the quarter, on reported basis, totaled $56.3 million or $0.35 per share, compared with $49.8 million or $0.33 per share in the year-ago quarter.
On an adjusted basis, the company said funds from operations would have been $53.65 million, or $0.34 per share, for the recent quarter and $48.15 million, or $0.32 per share, for the previous-year quarter.
On average, 19 analysts polled by Thomson Reuters expected the company to report $0.31 per share for the quarter. Analysts' estimates typically exclude special items.
Net loss available to common stockholders for the second quarter widened to $14.86 million or $0.10 per share from $3.87 million or $0.03 per share in the previous year.
Rental income for the quarter increased to $151.84 million from $139.95 million last year, while non-property income for the quarter declined to $3.23 million from $9.32 million a year ago.
Total rental expenses amounted to $56.40 million, higher than $51.23 million a year ago. Other expenses increased to $113.38 million from $111.73 million in the prior year.
For the six-month period, funds from operations increased to $108.65 million or $0.68 per share from $103.55 million or $0.67 per share last year. Rental income for the period increased to $302.46 million from $266.54 million a year ago.
Looking forward, the company said it is maintaining its estimates for funds from operations in the range of $1.23 to $1.35 per share, exclusive of the impact of APB 14-1.
UDR closed Tuesday's regular trading at $11.34, up 0.80 or 7.59%, on a volume of 4.27 million shares on the NYSE.
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