(RTTNews) -  Tuesday, multifamily real estate investment trust UDR, Inc. (UDR: News ) reported a decline in funds from operations for the fourth quarter, as same-store revenues declined 3.7% as a result of a 5.4% decline in rents, with a 5.1% decline in same-store net operating income. Earnings were also impacted by a debt repayment penalty. Looking ahead, the company also provided its outlook for the full year 2010.

Fourth quarter net loss available to common stockholders widened to $24.79 million or $0.16 per share from $18.38 million or $0.13 per share a year-ago.

The company generated funds from operations or FFO of $44.5 million or $0.27 per share for the quarter, compared with an FFO of $53.3 million or $0.36 per share in the fourth quarter of 2008.

On an adjusted basis, the FFO declined to $45.51 million or $0.28 per share from $58.31 million or $0.40 per share in the year-ago period.

On average, 19 analysts polled by Thomson Reuters estimated earnings of $0.28 per share for the quarter. Analysts' estimates typically exclude special items.

Rental income for the quarter increased to $150.13 million from $149.45 million a year-ago.

Ten Wall Street analysts estimated revenues of $148.53 million for the quarter.

Same-store net operating income declined 5.1% for the fourth quarter 2009, while same-store physical occupancy increased 90 basis points to 95.5% year-over-year. Same-store revenue declined 3.7% as a result of a 5.4% decline in rents, partially offset by higher occupancy and utility reimbursements.
Total same-store revenue declined 3.7% with a decline of 6.0% in the Western region. Same store revenue in the Southeastern region declined 3.5% and in the Southwestern region by 6.0%. However, same-store revenue in the Mid-Atlantic region increased 0.3%.

The quarter included $1.0 million or $0.01 per share in one-time charge associated with the early prepayment of debt. Results for the quarter excluded the negative $0.01 per share effect of the implementation of FASB ASC Subtopic 470-201.

Excluding the one-time charges core funds from operation was $0.29 per share, compared to $0.30 per share in the prior year period.

Looking forward to the full year 2010, the company estimates funds from operations to be in the range of $1.00 - $1.07 per share and GAAP net loss to be in the range of $0.95 - $0.88 per share.

For the full year 2010, the Street currently estimates earnings of $1.08 per share.

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