By Micah Maidenberg

Apartment landlord AvalonBay Communities Inc. (AVB) fell short of Wall Street targets for a profit metric used by real estate investment trusts.

AvalonBay said Wednesday that funds from operations attributable to common stockholders rose about 1% from the year earlier to $2.24 a share in the second quarter.

Analysts expected $2.30 a share on that profit metric, which excludes certain costs like depreciation, according to FactSet.

Net income fell by more than one-third from the year earlier to $168.3 million, or $1.84 a share.

The Arlington, Va.-based company said revenue from its established apartment developments rose 3.2% to $456.8 million. Operating expenses for them increase 4.2% to $131 million.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

(END) Dow Jones Newswires

July 31, 2019 17:13 ET (21:13 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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