The company said it had net income of $262 million, or $1.87 per share.
The apartment building owner posted revenue of $613.9 million in the period, missing Street forecasts. Five analysts surveyed by Zacks expected $615.4 million.
For the current quarter ending in July, AvalonBay expects its per-share funds from operations to range from $2.25 to $2.37. Analysts surveyed by Zacks had forecast adjusted FFO per share of $2.34.
The company expects full-year funds from operations in the range of $9.38 to $9.78 per share.
The company’s shares have decreased almost 5% since the beginning of the year, while the S&P’s 500 index has dropped 12%. In the final minutes of trading on Wednesday, shares hit $240.78, an increase of 23% 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