UDR Q3 Profit Down

(RTTNews) - UDR, Inc. (UDR), Wednesday reported third-quarter net income of $21.4 million or $0.06 per share, compared to $31.6 million or $0.10 per share last year.

Funds from operations for the quarter were $214.98 million or $0.60 per share, compared to $216.1 million or $0.61 per share last year.

AFFO for the quarter were $191.1 million or $0.54 per share, compared to $195.3 million or $0.55 per share last year.

Revenues for the quarter were $420.2 million, compared to $410.1 million last year.

Analysts polled by Thomson Reuters expected earnings of $0.10 per share and revenues of $418.23 million.

Looking forward to the fourth quarter, the company expects earnings per share of $0.10 to $0.12, FFO per share of $0.61 to $0.63 and AFFO per share of $0.56 to $0.58.

Analysts currently estimate earnings of $0.10 per share for the quarter.

For the full year, the company now expects earnings per share of $0.38 to $0.40, FFO per share of $2.42 to $2.44 and AFFO per share of $2.21 to $2.23.

Previously, the company expected earnings per share of $0.35 to $0.43, FFO per share of $2.38 to $2.46 and AFFO per share of $2.16 to $2.24.

Analysts currently estimate earnings of $0.41 per share for the quarter.