DENVER (AP) -- Apartment owner UDR Inc. reported Monday that its funds from operations vaulted 27 percent in the second quarter, driven by a hefty gain on the sale of property and higher rental income. The Denver-based real estate investment trust said funds from operations, or FFO, climbed to $81.2 million, or 33 cents per share, for the three months ended June 30. That compares to FFO of $63.6 million, or 31 cents per share, in the prior-year period. The results were in line with analysts' consensus forecast, according to FactSet. FFO is considered an important reading of operating performance for real estate investment trusts. It adds depreciation and amortization expenses, as well as other nonoperating items, back to net income. UDR's latest results included a gain on sale of property, which offset costs related to the redemption of preferred shares, debt extinguishment and other one-time expenses.