AvalonBay: Q2 Earnings Snapshot – mySA

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

The real estate investment trust, based in Arlington, Virginia, said it had funds from operations of $340 million, or $2.43 per share, in the period.

The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $2.35 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 $138.7 million, or 99 cents per share.

The apartment building owner posted revenue of $644.6 million in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $632.2 million.

For the current quarter ending in October, AvalonBay expects its per-share funds from operations to range from $2.47 to $2.57. Analysts surveyed by Zacks had forecast adjusted FFO per share of $2.43.

The company expects full-year funds from operations in the range of $9.76 to $9.96 per share.

The company’s shares have decreased 20% since the beginning of the year, while the S&P’s 500 index has fallen 16%. In the final minutes of trading on Wednesday, shares hit $202.09, a decrease of 11% 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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