Why United Dominion Realty Trust, Inc. (NYSE: UDR) stock is going gangbusters today

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United Dominion Realty Trust, Inc. (NYSE: UDR) has reported the adjusted earnings per share of $0.46 in the fourth quarter 2016 ended 31st December, which is as per the analysts’ estimates for the adjusted earnings per share of $0.46.  As a result, UDR stock opened on a strong note, rallying over 2% (as of 10:26AM EST January 31st, 2017; Source: Google finance).

The company had reported the adjusted revenue of $243.10 million in the fourth quarter 2016, beating the analysts’ estimates for revenue of $242.05 million. UDR had a net margin of 22.79% and a return on equity of 7.52%.

Additionally, UDR and MetLife JV has completed the construction on 3033 Wilshire, a 190-home community in Los Angeles. The West Coast Development JV has completed the construction on OLiVE DTLA, a 293-home community in Los Angeles. The UDR and MetLife JV has started the construction on Vitruvian West, a 383-home community in Addison, TX. In addition, UDR has acquired Milehouse, a 177-home community in Redmond, WA through a 1031 exchange. The company has subsequent to quarter end, acquired CityLine, a 244-home West Coast Development JV community in Seattle. UDR has also completed the acquisition of MetLife’s 50 percent interest in Ten20 and Ashton Bellevue, two adjacent communities comprising 331 homes in Bellevue, WA through 1031 exchanges. The company has completed the disposition of eight communities comprising 1,782 homes in Baltimore and Dallas.

Why United Dominion Realty Trust, Inc. (NYSE: UDR) stock is going gangbusters today

UDR in the first quarter of 2017 expects the adjusted earnings per share in the range of $0.44-0.46 for the period, compared to the consensus earnings per share estimate of $0.45 by the analyst. UDR has also updated its FY17 guidance and expects the earnings per share in the range of $1.83-1.87 in FY 17.

UDR has paid the dividend of $0.295 paid on January 31st, 2017 to the investors of record on January 10th, 2017.

For 2016, UDR has reported funds from operations of $527.9 million and revenue was reported as $959.9 million.

On the other hand, UDR has established an unsecured commercial paper program in the United States. Under the terms of the program, UDR may issue, from time to time, the unsecured commercial paper notes up to a maximum aggregate amount outstanding of $500 million. The notes will be sold under customary terms in the United States commercial paper note market and will rank pari passu with all of the UDR’s other unsecured senior indebtedness. The notes will be fully and unconditionally guaranteed by United Dominion Realty, L.P. and the proceeds of the notes will be used for general corporate purposes.

 

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