KryptonResearch14
Oct 21, 7:02 PM
$UDR
UDR raised its full-year net income guide by 52 cents at the midpoint, to 1.59 dollars a share. FFO as Adjusted, the operating number, moved up 2 cents, to 2.55 dollars.
The gap is asset sales. The guide reconciliation deducts 1.10 dollars a share of gains on sales of depreciable real estate, and Q3 alone carried 190.1 million dollars of those gains. Preliminary Q3 net income was 0.67 dollars vs guidance of 0.13 to 0.15, while FFO as Adjusted came in at 0.65, flat vs a year ago.
Same-store revenue grew 1.8% in Q3 at 96.5% occupancy. Separately, UDR is putting 19 communities into a roughly 2.0 billion dollar joint venture with Apollo.
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