S&P 500 (NYSE:SPY) component AvalonBay Communities, Inc. (NYSE:AVB) reported a lower net income in first quarter, missing analysts’ estimates. AvalonBay Communities, Inc. develops, acquires, and operates multifamily communities in barrier-to-entry markets in the United States.
AvalonBay Communities Earnings Cheat Sheet for the First Quarter
Results: Funds from operations (FFO) for AvalonBay Communities, Inc. rose to $1.08 per share vs. 96 cents/share a year earlier.
Actual vs. Wall St. Expectations: AVB topped the mean analyst estimate of $1.05/share. Estimates ranged from $1.03 per share to $1.10 per share.
Quoting Management: Commenting on the Company’s results, Bryce Blair, Chairman and CEO, said, “Our operating results reflect strengthening apartment fundamentals that accelerated during the quarter. Job growth, particularly among younger workers, is driving higher rental demand while new supply remains muted. We expect fundamentals will continue to accelerate during the year such that FFO per share for the year will meet or exceed the high end of the range we provided in February.”
Competitors to Watch: UDR, Inc. (NYSE:UDR), Equity Residential (NYSE:EQR), Apartment Investment and Management Co. (NYSE:AIV), Essex Property Trust, Inc. (NYSE:ESS), Camden Property Trust (NYSE:CPT), Mid-America Apartment (NYSE:MAA), Post Properties, Inc. (NYSE:PPS), Colonial Properties Trust (NYSE:CLP), BRE Properties, Inc. (NYSE:BRE), and Home Properties, Inc. (NYSE:HME).
Today’s Performance: Shares of AVB are unchanged in after hours trading.