ARLINGTON, Va. (AP) _ AvalonBay Communities Inc. (AVB) on Monday reported a key measure of profitability in its second quarter. The results topped Wall Street expectations.
The real estate investment trust, based in Arlington, Virginia, said it had funds from operations of $305.8 million, or $2.21 per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $2.19 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 $254.7 million, or $1.84 per share.
The apartment building owner posted revenue of $569.2 million in the period, also topping Street forecasts. Six analysts surveyed by Zacks expected $565.4 million.
For the current quarter ending in October, AvalonBay expects its per-share funds from operations to range from $2.22 to $2.28. Analysts surveyed by Zacks had forecast adjusted FFO per share of $2.22.
The company expects full-year funds from operations in the range of $8.87 to $9.07 per share.
The company's shares have dropped 3.5 percent since the beginning of the year, while the Standard & Poor's 500 index has increased almost 5 percent. In the final minutes of trading on Monday, shares hit $172.17, a decrease of 11 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