ARLINGTON, Va. (AP) _ AvalonBay Communities Inc. (AVB) on Monday reported a key measure of profitability in its third quarter. The results did not meet Wall Street expectations.
The Arlington, Virginia-based real estate investment trust said it had funds from operations of $326.9 million, or $2.34 per share, in the period.
The average estimate of 10 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 $279.7 million, or $2 per share.
The apartment building owner posted revenue of $587.6 million in the period, which beat Street forecasts. Eight analysts surveyed by Zacks expected $585.9 million.
The company's shares have increased 25% since the beginning of the year, while the Standard & Poor's 500 index has climbed 21%. In the final minutes of trading on Monday, shares hit $216.88, a climb of 24% in the last 12 months.