S&P 500 (NYSE:SPY) component AvalonBay Communities Inc. (NYSE:AVB) reported its results for the third 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: Net income for AvalonBay Communities Inc. fell to $86,844,000 (89 cents per share) versus 49 cents per share a year earlier. This is a rise of 81.6% from the year-earlier quarter.
Revenue: Rose 7.4% to $271.9 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: The results beat the average of analysts’ forecasts for FFO of $1.40 per share on revenue of $264.9 million (Thomson Reuters).
Quoting Management: Commenting on the Company’s results, Tim Naughton, CEO and President, said, “We had a strong third quarter as evidenced by 20% FFO per share growth. Operating fundamentals remain favorable as same-store NOI growth topped 7% for the sixth consecutive quarter and recently completed development communities continued to exceed our expectations.”
Looking Forward: The average estimate for the fourth quarter is steady at $1.45 a share. For the fiscal year, the average estimate has moved down from $5.48 a share to $5.46 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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