UDR, Inc. (UDR) Reports In-Line Q1 EPS, Revenues Beat; Offers Q2 & FY19 EPS Outlook

UDR, Inc. (NYSE: UDR) reported Q1 EPS of $0.08, in-line with the analyst estimate of $0.08. Revenue for the quarter came in at $270.67 million versus the consensus estimate of $267.79 million.

• Net income per share was $0.08, Funds from Operations (“FFO”) per share was $0.51, FFO as Adjusted (“FFOA”) per share was $0.50, and Adjusted Funds from Operations (“AFFO”) per share was $0.47.
• Net income attributable to common stockholders was $23.5 million as compared to $80.8 million in the prior year period. The decrease was primarily due to lower gains on the sale of real estate.
• Year-over-year same-store (“SS”) revenue, expense and net operating income (“NOI”) growth was 3.8 percent, 3.0 percent and 4.1 percent, respectively.
• Acquired four apartment communities comprising 1,110 homes and two development sites for a total cash outlay, including debt payoffs, of $402.9 million.
• Commenced a $25.0 million redevelopment of 10 Hanover Square, a 493-home community located in lower Manhattan, and a $10.5 million redevelopment of Garrison Square, a 160-home community located in the Back Bay neighborhood of Boston.
• The UDR/MetLife Joint Venture commenced construction of Vitruvian West Phase 2, a $64.0 million (at 100 percent), 366-home community located in Addison, TX.
• Issued approximately 4.35 million common shares through the Company’s at-the-market equity program at a weighted average net price of $44.16 for proceeds of $192.2 million.

GUIDANCE:

UDR, Inc. sees Q2 2019 EPS of $0.08-$0.10, versus the consensus of $0.09.

UDR, Inc. sees FY2019 EPS of $0.36-$0.40, versus the consensus of $0.36.

For earnings history and earnings-related data on UDR, Inc. (UDR) click here.

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