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S&P 500 (NYSE:SPY) component AvalonBay Communities Inc. (NYSE:AVB) reported its results for the first quarter. AvalonBay Communities develops, acquires, and operates multifamily communities in barrier-to-entry markets in the United States.
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AvalonBay Communities Earnings Cheat Sheet for the First Quarter
Results: The company’s funds from operations (FFO) rose 18.5% from the year-earlier quarter to $1.28. FFO, a measure of performance of a real estate investment trust (REIT), removes the profit-reducing effect that depreciation has on earnings. It come in ahead of the consensus estimate of $1.24 per share. FFO, a measure of performance of a real estate investment trust (REIT), removes the profit-reducing effect that depreciation has on earnings.
Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the second quarter has moved down from $1.35 a share to $1.34 over the last ninety days. For the fiscal year, the average estimate has moved down from $5.45 a share to $5.43 over the last ninety days.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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