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 met Wall Street expectations.

The Arlington, Virginia-based real estate investment trust said it had funds from operations of $316.9 million, or $2.26 per share, in the period.

The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $2.26 per share.

Funds from operations is a closely...

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ARLINGTON, Va. (AP) _ AvalonBay Communities Inc. (AVB) on Wednesday reported a key measure of profitability in its first quarter. The results met Wall Street expectations.

The Arlington, Virginia-based real estate investment trust said it had funds from operations of $316.9 million, or $2.26 per share, in the period.

The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $2.26 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 $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.

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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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