UDR, Inc. (UDR) Tops Q4 EPS by 1c

UDR, Inc. (NYSE: UDR) reported Q4 EPS of $0.40, $0.01 better than the analyst estimate of $0.39. Revenue for the quarter came in at $209.1 million versus the consensus estimate of $205.82 million.

UDR, Inc. sees Q1 2015 EPS of $0.41-$0.43, versus the consensus of $0.39.

UDR, Inc. sees FY2015 EPS of $1.60-$1.66, versus the consensus of $1.63.

Q4 Highlights:

• Funds from Operations (“FFO”) per share was $0.40 (+13% year-over-year), FFO as Adjusted per share was $0.39 (+13%) and AFFO per share was $0.34 (+12%).
• Year-over-year same-store revenue and net operating income (“NOI”) growth for the quarter were 4.2% and 5.1%, respectively.
• Sold three wholly-owned communities located in Long Beach, CA, Port Orchard, WA and Puyallup, WA for $91 million at a weighted average 5.5% cash flow cap rate. Additionally, sold a 49% interest in 13th & Market, a recently developed community in San Diego and a 50% interest in 3033 Wilshire, a Los Angeles land parcel to MetLife for $62 million.
• Completed two development communities containing 505 homes for an estimated aggregate cost of $184 million. The communities are located in Huntington Beach, CA and Alexandria, VA.
• Purchased a land parcel in Boston for $32 million and increased the Company’s ownership interest from 3% to 50% in two UDR/MetLife I joint venture land parcels located in Los Angeles for $15 million.
• Commenced 3033 Wilshire, a $107 million, 190-home development with MetLife in a 50%/50% joint venture located in Los Angeles, CA.

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

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