UDR, Inc. (NYSE: UDR) reported Q2 EPS of $0.07, $0.02 better than the analyst estimate of $0.05. Revenue for the quarter came in at $259.74 million versus the consensus estimate of $253.31 million.

• Net income per share was $0.07, Funds from Operations (“FFO”) per share was $0.49, FFO as Adjusted (“FFOA”) per share was $0.49, and Adjusted Funds from Operations (“AFFO”) per share was $0.45.
• Net income attributable to common stockholders was $19.6 million as compared to $9.2 million in the prior year period. The increase was primarily due to higher income from operating properties.
• Year-over-year same-store (“SS”) revenue, expense and net operating income (“NOI”) growth for the quarter were 3.4 percent, 2.9 percent and 3.5 percent, respectively.
• Completed the construction of The Residences at Pacific City, a $350.0 million, 516-home community located in Huntington Beach, CA.
• 345 Harrison Street, the Company’s 585-home, $366.5 million development project located in Boston ended the second quarter 59.3 percent leased, just seven weeks after officially opening.
  • Increased full-year 2018 earnings and same-store growth guidance:
  • Increased net income per share guidance by $0.005 at the midpoint to $0.51 to $0.54.
  • Increased FFO per share guidance by $0.005 at the midpoint to $1.92 to $1.95.
  • Increased FFOA and AFFO per share guidance by $0.015 at the midpoints, to $1.93 to $1.96 and $1.78 to $1.81, respectively.
  • Increased SS revenue, expense and NOI growth guidance ranges by 25 basis points at the midpoints to 3.0 to 3.5 percent.

GUIDANCE:

UDR, Inc. sees FY2018 EPS of $0.51-$0.54.

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