AvalonBay Profit Rises 73%
October 24 2016 - 05:10PM
Dow Jones News
By Tess Stynes
AvalonBay Communities Inc. said its third-quarter earnings rose
73% as the real-estate investment trust reported
better-than-expected revenue and higher average rents.
Big apartment companies have benefited from rising rents in
recent years, though the growth has been moderating as construction
of new units has picked up.
For the year, the Arlington, Va., company narrowed its guidance
for core per-share funds from operations--a key measure of
performance for REITs--to $8.15 to $8.21, from its previous
estimate for core FFO of $8.13 to $8.33.
For the current quarter, the company forecasted core FFO of
$2.08 to $2.14 per share, mostly lower than expectations of
analysts polled by Thomson Reuters for core FFO of $2.13.
Over all, AvalonBay reported a profit of $356.4 million, or
$2.59 a share, up from $206.1 million, or $1.53 a share, a year
earlier. AvalonBay had projected per-share earnings of $2.69 to
$2.75.
Excluding items, core FFO improved to $2.07 from $1.93 per
share, compared with company estimates of $2.05 to $2.11.
Revenue increased 8.6% to $516.2 million, while analysts
expected revenue of $512.8 million.
Shares fell 1.9% to $165 in recent after-hours trading.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
October 24, 2016 16:55 ET (20:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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