ARLINGTON, Va. (AP) _ AvalonBay Communities Inc. (AVB) on Wednesday reported a key measure of profitability in its first quarter. The results beat Wall Street expectations.
The Arlington, Virginia-based real estate investment trust said it had funds from operations of $319.9 million, or $2.30 per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $2.28 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 $170.4 million, or $1.23 per share.
The apartment building owner posted revenue of $460.3 million in the period, missing Street forecasts. Six analysts surveyed by Zacks expected $579.2 million.
The company's shares have climbed 14 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 17 percent. In the final minutes of trading on Wednesday, shares hit $197.93, an increase of 22 percent 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