HIGHLANDS RANCH, Colo. (AP) — HIGHLANDS RANCH, Colo. (AP) — UDR Inc. (UDR) on Wednesday reported a key measure of profitability in its first quarter. The results met Wall Street expectations.

The Highlands Ranch, Colorado-based real estate investment trust said it had funds from operations of $217.7 million, or 62 cents per share, in the period.

The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 62 cents per share.

Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.

The company said it had net income of $188.6 million, or 57 cents per share.

The real estate investment trust, based in Highlands Ranch, Colorado, posted revenue of $425.8 million in the period. Its adjusted revenue was $423.3 million, which fell short of Street forecasts. Five analysts surveyed by Zacks expected $427.1 million.

For the current quarter ending in June, UDR expects its per-share funds from operations to range from 62 cents to 64 cents.

The company expects full-year funds from operations in the range of $2.47 to $2.57 per share.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on UDR at https://www.zacks.com/ap/UDR