AvalonBay Communities-AvalonBay (AVB) Q2 Earnings: Taking a Look at Key Metrics Versus Estimates

Core Insights - AvalonBay Communities (AVB) reported revenue of $726.04 million for Q2 2024, a year-over-year increase of 5.1% and an EPS of$ 2.77 compared to $2.59 a year ago [1] - The revenue exceeded the Zacks Consensus Estimate of$ 718.49 million by 1.05%, and the EPS also surpassed the consensus estimate of $2.71 by 2.21% [1] Financial Performance Metrics - Same Store Economic Occupancy was reported at 96%, slightly above the estimated 95.9% by analysts [3] - Revenue from rental and other income was$ 724.21 million, exceeding the average estimate of $715.13 million, reflecting a year-over-year increase of 5.2% [3] - Revenue from management, development, and other fees was$ 1.83 million, below the estimated $1.90 million, representing a significant year-over-year decline of 32.5% [4] - Net Earnings Per Share (Diluted) was reported at$ 1.78, significantly higher than the average estimate of $1.30 [5] Stock Performance - AvalonBay's shares have returned +1% over the past month, outperforming the Zacks S&P 500 composite, which declined by -0.4% [5] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [5]