S&P 500 (NYSE:SPY) component AvalonBay Communities Inc. (NYSE:AVB) reported its results for the second quarter. AvalonBay Communities develops, acquires, and operates multifamily communities in barrier-to-entry markets in the United States.
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AvalonBay Communities Inc. Earnings Cheat Sheet
Results: The company’s funds from operations (FFO) was $1.34 per share, up from $1.13 a year ago. It was in line with the mean analyst estimate of $1.34 per share. Funds from operations, or FFO, is an industry measure that usually removes the effect of depreciation from earnings and also does not include losses or gains from property sales.
Quoting Management: Commenting on the Company’s results, Tim Naughton, CEO and President, said, “These results demonstrate the continued strength in apartment fundamentals and the benefit of our development platform. We increased the midpoint of our full year 2012 outlook by six cents per share and now expect per share FFO growth of nearly 20% for the year.”
Looking Forward: The average estimate for the third quarter is steady at $1.40 a share. For the fiscal year, the average estimate has moved up from $5.43 a share to $5.47 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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