HIGHLANDS RANCH, Colo. (AP) _ UDR Inc. (UDR) on Tuesday reported a key measure of profitability in its fourth quarter. The results matched Wall Street expectations.
The Highlands Ranch, Colorado-based real estate investment trust said it had funds from operations of $171.3 million, or 54 cents per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of 54 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 $96.9 million, or 33 cents per share.
The real estate investment trust posted revenue of $304.8 million in the period. Its adjusted revenue was $302.7 million, which beat Street forecasts. Seven analysts surveyed by Zacks expected $298.5 million.
For the year, the company reported funds from operations of $648.5 million, or $2.08 per share. Revenue was reported as $1.14 billion.
For the current quarter ending in April, UDR expects its per-share funds from operations to range from 53 cents to 54 cents.
The company expects full-year funds from operations in the range of $2.18 to $2.22 per share.
The company's shares have risen nearly 6% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $49.45, an increase of 11% in the last 12 months.