UDR Q1 Profit Down, Lowers FY Outlook

(RTTNews) - UDR, Inc. (UDR) Tuesday reported first-quarter net income of $2.05 million or $0.01 per share, down from $4.16 million or $0.01 per share last year.

Funds from operations for the quarter was $102.3 million or $0.23 per share, down from $169.8 million or $0.53 per share last year.

Revenues for the quarter dropped to $301.4 million from $321.5 million last year.

Analysts polled by Thomson Reuters expected a loss of $0.01 per share and revenues of $301.75 million for the quarter. Analysts' estimates typically exclude one-time items.

For the second quarter, the company expects earnings of $0.01 to $0.03 per share and FFO of $0.47 to $0.49 per share. Analysts currently estimate the company to report breakeven per share.

For the full year 2021, the company now expects earnings of $0.04 to $0.13 per share and FFO of $1.76 to $1.85 per share. Analysts currently estimate loss of $0.02 per share.

Previously, the company expected earnings of $0.13 to $0.25 per share and FFO of $1.87 to $1.99 per share for the full year.