AvalonBay Communities, Inc. (AVB) reported net income for the second quarter of $158.1 million or $1.21 per share, compared to $36.2 million or $0.28 per share for the year-ago quarter.
Funds from Operations per share for the second quarter increased to $1.71 from $1.55 for the comparable period of 2013.
Excluding items, core FFO per share for the latest quarter was $1.70.
Total revenue for the second quarter rose 9.4% to $413.81 million from $378.21 million a year ago.
Analysts polled by Thomson Reuters expected the company to report FFO of $1.66 per share on revenue of $405.00 million for the second quarter. Analysts' estimates typically exclude special items.
Looking forward to the third quarter, the company forecasts EPS of $1.85 to $1.93, FFO per share of $2.11 to $2.19 and Core FFO per share of $1.69 to $1.75.
For the full year 2014, the company now expects EPS of $5.60 to $5.76, FFO per share of $7.18 to $7.34 and Core FFO per share of $6.73 to $6.87. In January, the company said it expected EPS of $4.31 to $4.61 and FFO per share of $6.60 to $6.90 for the full year 2014.
Analysts currently expect the company to report FFO of $1.71 per share for the third quarter and $6.77 per share for the full year 2014.
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