AvalonBay: 2Q Earnings Snapshot
ARLINGTON, Va. (AP) _ AvalonBay Communities Inc. (AVB) on Wednesday reported a key measure of profitability in its second quarter. The results fell short of Wall Street expectations.
The real estate investment trust, based in Arlington, Virginia, said it had funds from operations of $316.5 million, or $2.27 per share, in the period.
The average estimate of 11 analysts surveyed by Zacks Investment Research was for funds from operations of $2.31 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 $168.3 million, or $1.21 per share.
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.