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UDR second-quarter FFO falls

Mon Aug 4, 2008 9:16pm EDT

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NEW YORK, Aug 4 (Reuters) - Apartment owner UDR Inc (UDR.N) said on Monday that funds from operations (FFO), a measure of performance of a real estate investment trust, fell.

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The company reported second-quarter funds from operations of $49.8 million, or 36 cents per share, down from $66.3 million, or 45 cents per share, a year ago.

Analysts on average expected 36 cents per share, according to Reuters Estimates.

UDR, maintained its outlook for the year of FFO in the range of $1.50 to $1.55 per share, on same-store net operating income growth of 5.0 to 5.5 percent.

As of June 30, UDR said it owned 43,045 apartment homes and had 4,991 homes under development and another 1,133 homes under contract for development in its pre-sale program. (Reporting by Nicole Maestri; editing by Carol Bishopric)

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