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Apartment owner UDR says net loss narrows in 3Q

October 31, 2011

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DENVER—Apartment owner UDR Inc. reported Monday that it narrowed its third-quarter loss on higher revenue and rising rents.

The real estate investment trust's net loss was $15.6 million, or 13 cents per share excluding discontinued operations. A year ago, the company lost $26.1 million, or 18 cents per share excluding discontinued operations.

FactSet said the loss was 2 cents per share wider than analysts that it surveyed had expected.

UDR said funds from operations -- which includes depreciation and amortization -- totaled 32 cents per share, up from 28 cents per share a year ago, and in line with analysts' estimates.

Revenue rose to $187.3 million from $150.1 million a year ago. Analysts expected $184.8 million.

The company said that revenue at properties operated at least one year rose 5 percent even though occupancy was nearly the same, 95.6 percent. Same-property costs rose 1.1 percent on higher utility and insurance costs and real estate taxes.

The company left unchanged its forecast of 2011 funds from operations of between $1.25 and $1.30 per share. Analysts are expecting $1.27 a share.

It expects post a net loss of 19 cents per share, including specials items, compared with a loss of 14 cents per share last year.

UDR has been buying apartment complexes in cities with faster-than-average job growth and high-priced housing markets that drive many people to apartment living.

The shares rose 17 cents to $25.03 in afternoon trading.