UDR Announces Second Quarter 2018 Results and Increases Full-Year Guidance Ranges
UDR, Inc. (the "Company") Second Quarter 2018 Highlights:
-
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.
-
Increased net income per share guidance by $0.005 at the midpoint
| Q2 2018 | Q2 2017 | YTD 2018 | YTD 2017 | |||||||||||||||||||
| Net income per common share, diluted | $ | 0.07 | $ | 0.03 | $ | 0.37 | $ | 0.13 | ||||||||||||||
| Conversion from GAAP share count | (0.007 | ) | (0.003 | ) | (0.035 | ) | (0.012 | ) | ||||||||||||||
| Net gain on the sale of depreciable real estate owned | - | - | (0.237 | ) | (0.043 | ) | ||||||||||||||||
| Cumulative effect of change in accounting principle | - | - | (0.007 | ) | - | |||||||||||||||||
| Depreciation and amortization | 0.412 | 0.414 | 0.825 | 0.815 | ||||||||||||||||||
| Noncontrolling interests and preferred dividends | 0.009 | 0.006 | 0.038 | 0.018 | ||||||||||||||||||
| FFO per common share and unit, diluted | $ | 0.49 | $ | 0.45 | $ | 0.96 | $ | 0.90 | ||||||||||||||
| Cost/(benefit) associated with debt extinguishment and other | - | 0.015 | - | 0.020 | ||||||||||||||||||
| Net gain on the sale of non-depreciable real estate owned | - | - | - | (0.005 | ) | |||||||||||||||||
| Legal and other costs | 0.002 | - | 0.002 | - | ||||||||||||||||||
| Casualty-related charges/(recoveries), including JVs, net | 0.003 | 0.004 | 0.006 | 0.003 | ||||||||||||||||||
| FFOA per common share and unit, diluted | $ | 0.49 | $ | 0.47 | $ | 0.97 | $ |
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