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AvalonBay Communities (AVB) Q1 FFO and Revenues Top Estimates
AVBAvalonBay Communities(AVB) Zacks Investment Research·2024-04-25 22:30

Core Viewpoint - AvalonBay Communities (AVB) reported quarterly funds from operations (FFO) of 2.70pershare,exceedingtheZacksConsensusEstimateof2.70 per share, exceeding the Zacks Consensus Estimate of 2.64 per share, and showing an increase from 2.57pershareayearago[1]FinancialPerformance−Thecompanyachievedrevenuesof2.57 per share a year ago [1] Financial Performance - The company achieved revenues of 712.86 million for the quarter ended March 2024, surpassing the Zacks Consensus Estimate by 0.88%, compared to 674.71millioninthesamequarterlastyear[1]−AvalonBayhasconsistentlyexceededconsensusFFOandrevenueestimatesoverthelastfourquarters[1]StockPerformanceandOutlook−AvalonBayshareshaveincreasedbyapproximately2.2674.71 million in the same quarter last year [1] - AvalonBay has consistently exceeded consensus FFO and revenue estimates over the last four quarters [1] Stock Performance and Outlook - AvalonBay shares have increased by approximately 2.2% since the beginning of the year, while the S&P 500 has gained 6.3% [2] - The future performance of AvalonBay's stock will largely depend on management's commentary during the earnings call and the company's FFO outlook [2] Estimate Revisions and Industry Context - The current consensus FFO estimate for the upcoming quarter is 2.70 on revenues of 714.73million,andforthecurrentfiscalyear,itis714.73 million, and for the current fiscal year, it is 10.80 on revenues of $2.87 billion [4] - The REIT and Equity Trust - Residential industry is currently ranked in the bottom 16% of over 250 Zacks industries, indicating potential challenges for stock performance [4]