ARLINGTON, Va. (AP) _ AvalonBay Communities Inc. (AVB) on Wednesday reported a key measure of profitability in its fourth quarter. The results beat Wall Street expectations.
The Arlington, Virginia-based real estate investment trust said it had funds from operations of $339.9 million, or $2.43 per share, in the period.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of $2.40 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 $167.7 million, or $1.20 per share.
The apartment building owner posted revenue of $593.6 million in the period, missing Street forecasts. Seven analysts surveyed by Zacks expected $594.1 million.
For the year, the company reported funds from operations of $1.3 billion, or $9.34 per share. Revenue was reported as $2.32 billion.
AvalonBay expects full-year funds from operations in the range of $9.62 to $10.02 per share.
The company's shares have risen almost 4% since the beginning of the year, while the Standard & Poor's 500 index has increased 3%. In the final minutes of trading on Wednesday, shares hit $217.56, an increase of 12% in the last 12 months.