UDR Inc. reported funds from operations attributable to common stockholders and unit holders for the 2017 fourth quarter of $137.0 million, or 46 cents per share, a decline in the aggregate from $138.5 million, or 47 cents per share, in the 2016 fourth quarter.
FFO as adjusted attributable to common stockholders and unitholders for the fourth quarter rose year over year to $141.7 million, or 48 cents per share, from $136.0 million, or 46 cents per share.
In releasing its earnings the company declared an annualized 2018 dividend of $1.29 per share, a 4.0% increase over 2017.
Total revenue for the quarter came in at $252.9 million, up 4.1% year over year from $243.0 million.
The company disclosed a 2.2% year-over-year gain in FFO attributable to common stockholders and unit holders for the full year. In the aggregate, results totaled $542.6 million, or $1.83 per share, compared to $530.8 million, or $1.80 per share.
FFO as adjusted attributable to common stockholders and unitholders for the full year came to $554.9 million, or $1.87 per share, a 5.1% increase from $527.9 million, or $1.79 per share, in the year-ago period.
Total revenue for the full year came in at $995.8 million, a gain of 3.61% from the prior year's total of $959.9 million.
The S&P Capital IQ consensus FFO-per-share estimate for the fourth quarter was 48 cents. For the full year, the S&P Capital IQ consensus estimate for FFO was $1.87 per share.
UDR said it forecasts FFO per share in the range of 46 cents to 48 cents for the first quarter. The company also forecasts AFFO for the first quarter at between 44 cents and 46 cents per share.
For the 2018 full year, FFO is expected in a range of $1.91 to $1.95 per share. Additionally, the company forecasts AFFO to total between $1.76 to $1.80 per share.
The S&P Capital IQ consensus FFO-per-share estimate for the first quarter is 48 cents. The consensus estimate for FFO for the full year is $1.96 per share.
During the quarter, the company sold two Southern California properties with a total of 218 units, Vista Del Rey and Villas at Carlsbad, for a total of $69.0 million.
Subsequent to the end of the quarter, the company entered into a contract to sell Pacific Shores, a 264-unit apartment community in Huntington Beach, Calif., for $90.5 million. The buyer, TruAmerica Multifamily, said in a separate release that it will immediately launch a "multimillion-dollar capital improvement program" to modernize the unit interiors and overhaul 74 units that have not undergone any renovation since the property was built in 1970.
