AvalonBay Communities-AvalonBay (AVB) Q1 Earnings: Taking a Look at Key Metrics Versus Estimates

Core Insights - AvalonBay Communities (AVB) reported revenue of $712.86 million for Q1 2024, reflecting a 5.7% increase year-over-year [1] - Earnings per share (EPS) for the quarter was$ 2.70, significantly up from $1.05 in the same quarter last year [1] - The revenue exceeded the Zacks Consensus Estimate of$ 706.61 million by 0.88%, while the EPS also surpassed the consensus estimate of $2.64 by 2.27% [1] Financial Metrics - Same Store Economic Occupancy stood at 95.9%, matching the average estimate from two analysts [2] - Revenue from management, development, and other fees was reported at$ 1.80 million, slightly above the average estimate of $1.79 million from six analysts, marking a year-over-year increase of 68.4% [2] - Rental and other income reached$ 711.06 million, exceeding the estimated $705.32 million from six analysts, representing a 5.6% increase compared to the previous year [2] - Net Earnings Per Share (Diluted) was$ 1.22, surpassing the average estimate of $1.15 from seven analysts [2] Stock Performance - AvalonBay's shares have returned 4.2% over the past month, contrasting with a -3% change in the Zacks S&P 500 composite [2] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [2]