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UDR Inc.

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Recently, UDR declared a 7% hike in its quarterly dividend rate for 2015. It reported adjusted fourth-quarter 2014 funds from operations (“FFO”) of $0.39 per share, in line with the Zacks Consensus Estimate. The bottom line, however, beat the year-ago quarter figure by $0.04. Results were driven by higher revenues, same-store net operating income (“NOI”) and portfolio restructuring moves. We believe that UDR will benefit from improving U.S. apartment market fundamentals and its extensive portfolio restructuring activities. Nevertheless, a huge construction pipeline raises operational risks. Additionally, stiff competition from other housing alternatives and an anticipated rise in interest rates add to its woes.


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