AvalonBay: Q1 Earnings Snapshot

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 real estate investment trust, based in Arlington, Virginia, said it had funds from operations of $271.6 million, or $1.95 per share, in the period.

The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $1.94 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 $142.2 million, or $1.02 per share.

The apartment building owner posted revenue of $551.1 million in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $549.7 million.

For the current quarter ending in July, AvalonBay expects its per-share funds from operations to range from $1.85 to $1.95. Analysts surveyed by Zacks had forecast adjusted FFO per share of $1.94.

The company’s shares have climbed 19% since the beginning of the year, while the S&P’s 500 index has risen 11%. In the final minutes of trading on Wednesday, shares hit $191.35, a rise of 18% 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

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