April 30 (Reuters) - Real Estate Investment Trusts $(REIT)$ UDR UDR.N beat Wall Street estimates for first-quarter revenue on Wednesday, driven by high demand for its apartments.
Total revenue for the quarter ended March 31 was $421.9 million, up 2% from a year earlier. Analysts, on average, were expecting revenue of $419.9 million in the first quarter, according to data compiled by LSEG.
UDR develops and manages multifamily apartment communities comprising 55,696 apartment homes across 169 communities.
The Highlands Ranch, Colorado-based real estate investment trust reported a Q1 Adjusted Funds from Operations (FFO) of 61 cents per share in line with analysts' estimates.
“2025 has started with high demand for our apartment homes, which led to Same-Store growth exceeding our initial expectations and consensus estimates,” said CEO Tom Toomey.
UDR also reaffirmed its guidance for the full year.
(Reporting by Aishwarya Jain and Anandita Mehrotra in Bengaluru; Editing by Tasim Zahid)
((Aishwarya.Jain@thomsonreuters.com;))
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