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Avalonbay first-quarter funds from operations, earnings rise

SAN FRANCISCO (MarketWatch) — Avalonbay Communities Inc. said late Wednesday its first-quarter net income rose to $48.5 million, or 60 cents a share, from $46.5 million, or 56 cents a share, in the prior-year period, due primarily to increased gains from improved community operating results. Funds from operations rose to $96.1 million, or $1.24 a share, from $89.1 million, or $1.11 a share, last year. The Alexandria, Va.-based real estate investment trust said total revenue rose 9.9% to $216.2 million. A FactSet Research survey of analysts expected, on average, per-share funds from operations of $1.22 and revenue of $225 million. Looking ahead, Avalonbay expects second-quarter per-share earnings of $1.94 to $1.98 and funds from operations of $1.22 to $1.26 a share. Wall Street estimates a second-quarter FFO of $1.24 a share.
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This entry was posted on Wednesday, April 30th, 2008 at 4:53 pm and is filed under Daily Forex Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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