AvalonBay: Q3 Earnings Snapshot

ARLINGTON, Va. (AP) — ARLINGTON, Va. (AP) — AvalonBay Communities Inc. (AVB) on Wednesday reported a key measure of profitability in its third quarter. The results topped Wall Street expectations.

The real estate investment trust, based in Arlington, Virginia, said it had funds from operations of $377.7 million, or $2.66 per share, in the period.

The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of $2.64 per share.

Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.

The company said it had net income of $172 million, or $1.21 per share.

The apartment building owner posted revenue of $697.6 million in the period, which also topped Street forecasts. Eight analysts surveyed by Zacks expected $692.1 million.

For the current quarter ending in December, AvalonBay expects its per-share funds from operations to range from $2.69 to $2.79. Analysts surveyed by Zacks had forecast adjusted FFO per share of $2.66.

The company expects full-year funds from operations in the range of $10.58 to $10.68 per share.

The company's shares have increased slightly more than 2% since the beginning of the year, while the S&P's 500 index has increased 9%. In the final minutes of trading on Wednesday, shares hit $165.18, a decline of almost 8% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AVB at https://www.zacks.com/ap/AVB