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FBR Capital Reiterates an Outperform on UDR Inc (UDR); Adjusts PT & Estimates

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October 20, 2009 10:10 AM EDT

FBR Capital reiterates an Outperform on UDR Inc (NYSE: UDR), lowers price target from $19.50 to $18.50.

FBR analyst says, "Management left NOI guidance unchanged but hinted that declining revenue trends would continue going forward. As the credit markets continue to improve, the focus continues to shift to growth opportunities in 2010 such as acquisitions and potentially new developments. We continue to expect REIT valuations to remain at near historical highs, as long as bond yields remain low and commercial real estate asset price discovery remains elusive.

"Management trimmed FY 2009 guidance to a range of $1.14 to $1.20 from a range of $1.23 to $1.35. The new guidance assumptions include the $0.10 equity loss on unconsolidated JV in the third quarter, as well as the $0.02 charge related to the tender offer in the third quarter. Note that this guidance range excludes the impact of APB 14-1, and thus, the adjusted guidance range is $1.11 to $1.17, compared to our new estimate of $1.15 versus $1.28 previously. Our new 2010 estimate is $1.13 versus $1.15 previously."

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UDR, Inc. formerly United Dominion Realty Trust, Inc., operates as a self-administered equity real estate investment trust (REIT). It owns, acquires, renovates, develops, and manages middle-market apartment communities.