AvalonBay Communities Q3 Profit Rises

(RTTNews) - AvalonBay Communities, Inc. (AVB) Wednesday reported third-quarter net income of $172.0 million or $1.21 per share, compared with $494.7 million or $3.53 per share last year.

Funds from operations for the quarter were $353.0 million or $2.48 per share, compared to $343.9 million or $2.46 per share last year. Core FFO was $377.7 million or $2.66 per share, compared with $350.0 million or $2.50 per share last year.

Analysts polled by Thomson Reuters expected earnings of $1.26 per share for the quarter.

Looking forward to the fourth quarter, the company expects earnings of $1.76 to $1.86 per share, FFO of $2.65 to $2.75 per share and Core FFO of $2.69 to $2.79 per share. Analysts currently expect earnings of $1.37 per share for the quarter.

For the full year 2023, the company expects earnings of $6.61 to $6.71 per share, FFO of $10.34 to $10.44 per share and Core FFO of $10.58 to $10.68 per share. Analysts currently expect earnings of $6.14 per share for the quarter.