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.
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