UDR lifts AFFO forecast on strong apartment rental demand
The real estate investment trust, which operates more than 55,000 apartment homes in the U.S., has benefited from steady rental demand amid a constrained housing supply across many of its markets.
"A resilient employment market, continued personal income growth, favorable relative affordability for apartments, and our operating competitive advantages led to strong results", CEO Tom Toomey said in a statement.
Rental revenue rose 4.2% in the Mid-Atlantic and 3.6% in the Northeast markets on a same-store basis.
The Highlands Ranch, Colorado-based real estate investment trust reported a quarterly AFFO of $0.64 per share, compared with analysts estimates of $0.62 per share, according to data compiled by LSEG.
It now expects full-year AFFO between $2.49 and $2.55 per share, up from prior guidance of $2.45 to $2.55 per share while analysts expect $2.51 per share.
Total revenue for the second quarter ended June 30 was $425.4 million, up 2.4% from a year earlier, topping the analyst's average estimate of $422.1 million.
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