UDR Inc. reported second-quarter funds from operations attributable to common stockholders and unit holders of 49 cents per share and unit, up from 45 cents per share and unit in the same period in 2017.
Aggregate FFO rose to $144.5 million in the second quarter from $134.0 million a year earlier.
Second-quarter adjusted FFO came to $133.1 million, or 45 cents per share and unit, compared with $128.8 million, or 43 cents per share and unit, a year earlier.
The S&P Capital IQ consensus FFO-per-share estimate for the second quarter was 48 cents.
Total revenues increased 4.7% year over year to $259.7 million, driven in large part by growth in operating communities revenue.
Looking ahead, the multifamily real estate investment trust said it expects third-quarter FFO per share in a range of 48 cents to 50 cents and AFFO per share in a range of 43 cents to 45 cents.
For the full year, the REIT forecasts FFO per share and AFFO per share of $1.92 to $1.95 and $1.78 to $1.81, respectively. The new projections are up from previous guidance ranges of $1.91 to $1.95 for FFO per share and $1.76 to $1.80 for AFFO per share.
The S&P Capital IQ consensus FFO-per-share estimates for the third quarter and full year are 48 cents and $1.93, respectively.