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UDR reports FY'16 FFO gain, details FY'17 estimates

UDR Inc. reported year-over-year growth in funds from operations for the fourth quarter and full year 2016, and released guidance ranges for the first quarter and full year 2017.

For the fourth quarter, FFO attributable to common stockholders and unit holders totaled $138.5 million, or 47 cents per share, compared to $118.5 million, or 41 cents per share, in the year-ago quarter. FFO as adjusted attributable to common stockholders and unit holders came to $136.0 million, or 46 cents per share, compared to $123.3 million, or 42 cents per share, a year earlier. AFFO attributable to common stockholders and unit holders was $120.0 million, or 40 cents per share, compared to $108.9 million, or 37 cents per share, in 2015.

Full-year 2016 FFO attributable to common stockholders and unit holders totaled $530.8 million, or $1.80 per share, up from $459.3 million, or $1.66 per share, in 2015. FFO as adjusted attributable to common stockholders and unit holders was $527.9 million, or $1.79 per share, compared to $461.9 million, or $1.67 per share, a year earlier. AFFO attributable to common stockholders and unit holders was $480.7 million, or $1.63 per share, up from $416.5 million, or $1.51 per share, in 2015.

The S&P Capital IQ consensus FFO-per-share estimates for the fourth quarter and full year were 46 cents and $1.78, respectively.

Year over year, same-store NOI grew by 5.3% for the fourth quarter and 6.5% for the full year.

For the first quarter, the company said it expects FFO per share of 44 cents to 46 cents, FFO as adjusted per share of 44 cents to 46 cents, and AFFO per share of 42 cents to 44 cents. For the full year 2017, UDR expects FFO per share of $1.83 to $1.87, FFO as adjusted per share of $1.83 to $1.87 and AFFO per share of $1.68 to $1.72.

The S&P Capital IQ consensus FFO-per-share estimates for the first quarter and full year 2017 are 45 cents and $1.86, respectively.

During the fourth quarter of 2016 the company completed a 1031-exchange acquisition of Milehouse, a 177-unit property in Redmond, Wash., for $70.2 million and at a cash-flow capitalization rate of 4.4%. The company exercised its fixed-price purchase option to acquire CityLine, a 244-home West Coast Development Joint Venture community in suburban Seattle. The company’s total investment in CityLine was $86.5 million.