ARLINGTON, Va. (AP) — ARLINGTON, Va. (AP) — AvalonBay Communities Inc. (AVB) on Wednesday reported a key measure of profitability in its third quarter. The results missed Wall Street expectations.
The real estate investment trust, based in Arlington, Virginia, said it had funds from operations of $394.2 million, or $2.75 per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $2.81 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 $381.3 million, or $2.68 per share.
The apartment building owner posted revenue of $766.8 million in the period, which also fell short of Street forecasts. Five analysts surveyed by Zacks expected $769.9 million.
For the current quarter ending in December, AvalonBay expects its per-share funds from operations to range from $2.80 to $2.90.
The company expects full-year funds from operations in the range of $11.15 to $11.35 per share.
The company's shares have dropped 20% since the beginning of the year, while the S&P's 500 index has increased 17%. In the final minutes of trading on Wednesday, shares hit $176.29, a drop of 23% 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
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