UDR: 1Q Earnings Snapshot

HIGHLANDS RANCH, Colo. (AP) _ UDR Inc. (UDR) on Tuesday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.

The real estate investment trust, based in Highlands Ranch, Colorado, said it had funds from operations of $154.7 million, or 51 cents per share, in the period.

The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of 50 cents per share.

Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.

The company said it had net income of $23.5 million, or 8 cents per share.

The real estate investment trust posted revenue of $270.7 million in the period. Its adjusted revenue was $267.9 million, also surpassing Street forecasts. Eight analysts surveyed by Zacks expected $267.1 million.

For the current quarter ending in July, UDR expects its per-share funds from operations to range from 50 cents to 52 cents.

The company expects full-year funds from operations in the range of $2.03 to $2.07 per share.

The company's shares have increased 13% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $44.95, a climb of 24% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on UDR at https://www.zacks.com/ap/UDR