ARLINGTON, Va. (AP) _ AvalonBay Communities Inc. (AVB) on Monday reported a key measure of profitability in its fourth quarter. The results fell short of Wall Street expectations.
The real estate investment trust, based in Arlington, Virginia, said it had funds from operations of $319.5 million, or $2.31 per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $2.32 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 $385.7 million, or $2.79 per share.
The apartment building owner posted revenue of $578.5 million in the period, beating Street forecasts. Six analysts surveyed by Zacks expected $575.1 million.
For the year, the company reported funds from operations of $1.24 billion, or $9 per share. Revenue was reported as $2.28 billion.
AvalonBay expects full-year funds from operations in the range of $9.05 to $9.55 per share.
The company's shares have increased 10 percent since the beginning of the year, while the Standard & Poor's 500 index has risen nearly 9 percent. In the final minutes of trading on Monday, shares hit $192.16, an increase of 17 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