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UDR: 1Q Earnings Snapshot

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HIGHLANDS RANCH, Colo. (AP) _ UDR Inc. (UDR) on Wednesday reported a key measure of profitability in its first quarter. The results met Wall Street expectations.

The Highlands Ranch, Colorado-based real estate investment trust said it had funds from operations of $139.3 million, or 47 cents per share, in the period.

The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 47 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 $80.8 million, or 30 cents per share.

The real estate investment trust posted revenue of $253.3 million in the period, which topped Street forecasts. Five analysts surveyed by Zacks expected $253 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 $1.95 per share.

The company's shares have fallen roughly 9 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $35.22, a decrease of 5 percent in the last 12 months.

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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

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