S&P 500 (NYSE:SPY) component AvalonBay Communities, Inc. (NYSE:AVB) reported its results for the second quarter. 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 Second Quarter
Results: The company’s funds from operations (FFO) rose 8.7% from the year earlier quarter to $1.13. FFO, a measure of performance of a real estate investment trust (REIT), removes the profit-reducing effect that depreciation has on earnings. It came in ahead of the consensus estimate of $1.12 per share. FFO, a measure of performance of a real estate investment trust (REIT), removes the profit-reducing effect that depreciation has on earnings.
Quoting Management: Commenting on the Company’s results, Bryce Blair, Chairman and CEO, said, “Our second quarter results reflect the underlying strength in rental housing fundamentals despite modest economic growth. Continued improvement in our operating portfolio and an increase in development deliveries during the second half of this year support our outlook for strong growth in FFO in 2011 over the prior year.”
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).
(Source: Xignite Financials)