AvalonBay FFO Rises; Tightens FY Guidance - Quick Facts

(RTTNews) - AvalonBay Communities Inc (AVB) Monday reported third-quarter funds from operations to common stockholders of $282.2 million or $2.14 per share compared with $153.4 million or $1.18 per share last year.

Excluding items, core FFO for the quarter was $1.73 per share compared with $1.63 per share a year ago.

Analysts polled by Thomson Reuters estimated FFO of $2.00 per share for the quarter. Analysts' estimates typically exclude special items.

Net earnings for the quarter were $241 million or $1.83 per share compared with a loss of $10.7 million or $0.08 per share last year.

Revenues for the quarter climbed 7.5% year-over-year to $430.5 million.

Analysts estimated revenues of $417.8 million for the quarter.

"Our third quarter results were in-line with our expectations. Apartment fundamentals remain healthy across our markets, and support strong performance from our stabilized portfolio and continued value creation from our development platform," said Tim Naughton, the company's chief executive officer.

Looking ahead to the fourth quarter, the company expects FFO of $1.74 to $1.80 per share and core FFO of $1.73 to $1.79 per share. Analysts expect FFO of $1.76 per share.

For the full year, the company now expects FFO of $7.23 to $7.29 per share and core FFO of $6.78 to $6.84 per share. It earlier expected FFO of $7.18 to $7.34 per share and core FFO of $6.73 to $6.87 per share.

Analysts expect FFO of $7.08 per share for the year.