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AvalonBay: 4Q Earnings Snapshot

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ARLINGTON, Va. (AP) _ AvalonBay Communities Inc. (AVB) on Wednesday reported a key measure of profitability in its fourth quarter. The results did not meet Wall Street expectations.

The Arlington, Virginia-based real estate investment trust said it had funds from operations of $281.8 million, or $2.02 per share, in the period.

The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $2.09 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 $341.1 million, or $2.44 per share.

The apartment building owner posted revenue of $555.8 million in the period, which also missed Street forecasts. Four analysts surveyed by Zacks expected $556.6 million.

For the year, the company reported funds from operations of $1.22 billion, or $8.69 per share. Revenue was reported as $2.3 billion.

For the current quarter ending in April, AvalonBay expects its per-share funds from operations to range from $1.85 to $1.95. Analysts surveyed by Zacks had forecast adjusted FFO per share of $2.09.

The company's shares have risen almost 5% since the beginning of the year, while the Standard & Poor's 500 index has climbed 2%. In the final minutes of trading on Wednesday, shares hit $167.79, a fall of 23% 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