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AvalonBay: 1Q Earnings Snapshot

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

The real estate investment trust, based in Arlington, Virginia, said it had funds from operations of $301.8 million, or $2.18 per share, in the period.

The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of $2.18 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 $141.6 million, or $1.03 per share.

The apartment building owner posted revenue of $560.8 million in the period, which topped Street forecasts. Six analysts surveyed by Zacks expected $558.5 million.

For the current quarter ending in July, AvalonBay expects its per-share funds from operations to range from $2.16 to $2.22. Analysts surveyed by Zacks had forecast adjusted FFO per share of $2.21.

The company's shares have decreased slightly more than 9 percent since the beginning of the year, while the Standard & Poor's 500 index has dropped slightly more than 1 percent. In the final minutes of trading on Wednesday, shares hit $161.59, a fall of 15 percent 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