AvalonBay Reports Third-Quarter Results; Deceleration, Lowered Guidance Speed Bump in Solid Outlook
Apartment owner and developer AvalonBay reported third-quarter earnings, achieving 7.3% growth in core funds from operations (FFO) in the quarter year over year. A 3.8% increase in rental revenue for established communities contributed to 4.3% growth in net operating income while incremental revenue from development communities helped grow total revenue 8.6% for the quarter year over year. Despite this historically robust performance, the company missed its guidance for the quarter and marginall...AvalonBay Communities is a real estate investment trust. The company develops, redevelops, acquires, owns and operates multifamily communities primarily in New England, the New York/New Jersey metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California. The company owns or holds a direct or indirect ownership interest in: operating apartment communities containing apartment homes in various states and the District of Columbia; communities under development; and rights to develop an additional communities.
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