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April 29, 2021

AvalonBay results beat expectations

ARLINGTON, Va. (AP) — AvalonBay Communities on Wednesday reported a key measure of profitability in its first quarter. The results topped Wall Street expectations.

The real estate investment trust, based in Arlington, Virginia, said it had funds from operations of $271.6 million, or $1.95 per share, in the period.

The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $1.94 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 $142.2 million, or $1.02 per share.

The apartment building owner posted revenue of $551.1 million in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $549.7 million.

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