UDR beats Q1 revenue estimates
April 30 (Reuters) - Real Estate Investment Trusts (REIT) UDR UDR.N beat Wall Street estimates for first-quarter revenue on Wednesday, driven by high demand for its apartments.
Total revenue for the quarter ended March 31 was $421.9 million, up 2% from a year earlier. Analysts, on average, were expecting revenue of $419.9 million in the first quarter, according to data compiled by LSEG.
UDR develops and manages multifamily apartment communities comprising 55,696 apartment homes across 169 communities.
The Highlands Ranch, Colorado-based real estate investment trust reported a Q1 Adjusted Funds from Operations (FFO) of 61 cents per share in line with analysts' estimates.
“2025 has started with high demand for our apartment homes, which led to Same-Store growth exceeding our initial expectations and consensus estimates,” said CEO Tom Toomey.
UDR also reaffirmed its guidance for the full year.
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