UDR Q2 Profit Rises

(RTTNews) - UDR, Inc. (UDR) Wednesday reported second-quarter net income of $346.3 million or $1.05 per share, up from $4.0 million or $0.01 per share last year.

Funds from operations per share was $0.63, up from $0.52 per share last year.

Revenues for the quarter rose to $404.5 million from $369.2 million last year.

Analysts polled by Thomson Reuters expected earnings of $0.12 per share on revenues of $405.88 million for the quarter.

Looking forward to the third quarter, the company expects earnings of $0.13 to $0.15 per share and funds from operations per share of $0.62 to $0.64.

For the full year 2023, the company now expects earnings of $1.35 to $1.39 per share and funds from operations per share of $2.48 to $2.52.

Previously, the company expected earnings of $0.47 to $0.55 per share and funds from operations per share of $2.44 to $2.52.