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UDR reports 4Q results

UDR posts 4Q FFO of $136 million, results top expectations

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

The Highlands Ranch, Colorado-based real estate investment trust said it had funds from operations of $136 million, or 46 cents per share, in the period.

The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 45 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 $236.7 million, or 88 cents per share.

The real estate investment trust posted revenue of $243 million in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $241.7 million.

For the year, the company reported funds from operations of $527.9 million, or $1.79 per share. Revenue was reported as $959.9 million.

For the current quarter ending in April, UDR expects its per-share funds from operations to range from 44 cents to 46 cents.

The company expects full-year funds from operations in the range of $1.83 to $1.87 per share.

The company's shares have decreased 5 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $34.65, a fall of 1 percent 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

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Keywords: UDR, Earnings Report