AvalonBay Communities Q3 Profit Rises

(RTTNews) - AvalonBay Communities, Inc. (AVB) Wednesday reported third-quarter net income of $372.5 million or $2.61 per share, compared to $172.0 million or $1.21 per share last year.

Third-quarter funds from operations for the quarter was $410.5 million or $2.88 per share, compared to $353.0 million or $2.48 per share last year.

Third-quarter core funds from operations for the quarter was $390.7 million or $2.74 per share, compared to $377.7 million or $2.66 per share last year.

Looking forward to the fourt quarter, the company expects EPS of $1.61 to $1.71 per share, FFO per share of $2.67 to $2.77 and Core FFO per share of $2.78 to $2.88.

For the full year 2024, the company expects EPS of $7.23 to $7.33 per share, FFO per share of $11.03 to $11.13 and Core FFO per share of $10.99 to $11.09.