AvalonBay: Q1 Earnings Snapshot
ARLINGTON, Va. (AP) — ARLINGTON, Va. (AP) — AvalonBay Communities Inc. (AVB) on Wednesday reported a key measure of profitability in its first quarter. The results topped Wall Street expectations.
The Arlington, Virginia-based real estate investment trust said it had funds from operations of $360 million, or $2.57 per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $2.54 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 $146.9 million, or $1.05 per share.
The apartment building owner posted revenue of $674.7 million in the period, also beating Street forecasts. Six analysts surveyed by Zacks expected $665.6 million.
For the current quarter ending in June, AvalonBay expects its per-share funds from operations to range from $2.54 to $2.64. Analysts surveyed by Zacks had forecast adjusted FFO per share of $2.66.
The company expects full-year funds from operations in the range of $10.21 to $10.61 per share.
The company’s shares have risen nearly 6% since the beginning of the year, while the S&P’s 500 index has climbed nearly 6%. In the final minutes of trading on Wednesday, shares hit $171.06, a fall of 30% in the last 12 months.
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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 AVB at https://www.zacks.com/ap/AVB