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UPDATE 1-United Dominion results down in 4th quarter
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NEW YORK, Jan 29 (Reuters) - United Dominion Realty Trust Inc.(UDR.N), one of the largest U.S. apartment landlords, on Monday said earnings declined slightly in the fourth quarter, but it expressed optimism for 2007 performance.
The Richmond, Virginia-based real estate investment trust said funds from operations in the quarter were $63.4 million, or 43 cents a share, compared with $66.1 million, or 44 cents, in the period a year ago.
United Dominion expects to earn 36 cents to 41 cents per diluted share in the first quarter of 2007 and $1.80 to $1.90 per share in the full year.
As of the end of 2007, United Dominion owned 70,339 apartments and had another 936 under development.
It recorded total income per occupied home of $915 per month, the highest in the company's history, underscoring demand for rental apartments.
For the full year, rental income rose to $180.7 million from $162.2 million in 2005.
"2006 was another strong year for UDR, marked by robust growth in revenue and net operating income and dramatic expansion of our development and redevelopment pipeline," the company said.
