AvalonBay FFO Rises

(RTTNews) - AvalonBay Communities Inc (AVB) on Monday reported first-quarter funds from operations of $250.6 million or $1.88 per share compared with $212.8 million or $1.64 per share last year.

Excluding items, adjusted FFO for the quarter was $1.75 per share compared with $1.63 per share a year ago.

Analysts polled by Thomson Reuters estimated FFO of $1.83 per share for the quarter. Analysts' estimates typically exclude special items.

Net earnings for the quarter were $208 million or $1.56 per share compared with $141.7 million or $1.09 per share last year.

Tota revenues for the quarter were up 10.4% at $442.4 million, compared with last year. Rental revenues increased to $342 million from $327.7 million a year ago.

Analysts estimated revenues of $440.7 million for the quarter.

For the second quarter, the company expects core FFO of $1.80 to $1.84 per share, while analysts expect $1.82 per share.