Oct 30 (Reuters) - Real estate investment trust UDR
on Wednesday raised the midpoint of its forecast for full-year adjusted funds from operations (AFFO) and same-store sales growth, as relatively affordable rentals and improving occupancy rates boost tenant loyalty.
"We expect our fourth quarter year-over-year same-store revenue growth to accelerate from third quarter levels due to resident retention that continues to exceed our original expectations" said Mike Lacy, UDR's senior vice president of operations.
The company narrowed the range for its 2024 AFFO per share expectation to $2.21 to $2.23, up 2 cents at the midpoint from its prior outlook of $2.16 to $2.24.
The Highlands Ranch, Colorado-based REIT lifted the bottom end of its full-year same-store revenue growth estimate to between 2.00% to 2.40%, compared with prior estimate of 1.00% to 3.00%.
The company, which has a portfolio of more than 50,000 apartment units in 21 markets, reported same-store revenue growth of 1.2% for the third quarter, up about 1% from prior quarter.
AFFO per share for the quarter ended Sept. 30 fell marginally below estimates at $0.54.
Shares of the company rose 1% in trading after the bell.
(Reporting by Ananta Agarwal and Raechel Thankam Job in Bengaluru; Editing by Shailesh Kuber)
((Ananta.Agarwal@thomsonreuters.com))
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