The apartment building owner posted revenue of $577.3 million in the period, which beat Street forecasts. Seven analysts surveyed by Zacks expected $572.7 million.
AvalonBay expects full-year funds from operations in the range of $9.25 to $9.45 per share.
The company’s shares have risen 20% since the beginning of the year, while the Standard & Poor’s 500 index has increased 19%. In the final minutes of trading on Wednesday, shares hit $208.72, an increase of 18% in the last 12 months.
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