UDR Revises 2015 Earnings And Same-store Growth Guidance

(RTTNews) - UDR, Inc. (UDR) reported that the company has increased its previously provided earnings guidance ranges as a result of better-than-expected operations. FFO as adjusted per share guidance range was increased by $0.01 at the midpoint and AFFO per share guidance range was increased by $0.02 at the midpoint.

For the full-year 2015, FFO per share is now expected to be $1.65 to $1.67 versus prior outlook of $1.64 to $1.68, and FFO as adjusted per share to be $1.65 to $1.67 versus a July outlook of $1.63 to $1.67. The company now expects AFFO per share to be between $1.49 to $1.51, compared to prior forecast of $1.46 to $1.50.

For the full-year 2015, the company said it has increased its previously provided same-store growth guidance range as a result of stronger-than-expected new lease and renewal rate growth. Revenue is now expected to increased in a range of 5.25% to 5.50% for 2015, compared to July outlook range of 5.00% to 5.50%; an increase of 12.5 bps at the midpoint. Net operating income is now expected to increase between 6.25% to 6.75% compared to prior outlook of 5.75% to 6.75%; an increase of 25 bps at the midpoint.

For the fourth quarter of 2015, the company has established its guidance ranges: FFO per share in the range of $0.40 to $0.42; FFO as adjusted per share in a range of $0.41 to $0.43; and AFFO per share in a range of $0.36 to $0.38.

For the third-quarter 2015, the company reported FFO per common share and unit, of $0.42. Same-store NOI increased 7.3 percent year-over-year, driven by same-store revenue growth of 5.9 percent.