AvalonBay CommunitiesInc. on April 27 reported a year-over-yearFFO gain in the first quarter, released second-quarter guidance and detailed plansfor a $550 million New York City development project.

For the first quarter, FFO attributable to common stockholderstotaled $284.6 million, or $2.07 per share, compared to $250.6 million, or $1.88per share, in the year-ago quarter. On a per-share basis, FFO increased by 10.1%year over year.

Core FFO came to $271.0 million, or $1.97 per share, up 12.6%on a per-share basis from to $233.7 million, or $1.75 per share, a year earlier.

The S&P Capital IQ consensus FFO-per-share estimate for thefirst quarter was $1.96.

Same-store NOI in the first quarter grew by 7.9% year over year.

In reporting its earnings, the company said it expects FFO-per-sharefor the second quarter in the range of $2.07 to $2.13 and core FFO-per-share inthe range of $1.97 to $2.03.

The S&P Capital IQ consensus FFO-per-share estimate for thesecond quarter is $2.05.

During the quarter, the company added one development right which,if developed as expected, will contain roughly 1,100 apartment homes and will bedeveloped for an estimated total capital cost of $550 million. The development rightis on E. 96th St. in Manhattan, N.Y., and is part of a public/private partnershipwith the City of New York's Educational Construction Fund.

The project is expected to include the construction of two newpublic school buildings, public playground improvements and up to 20,000 squarefeet of retail, in addition to the multifamily rental component, and is expectedto have a lengthy public approval process.

Also during the quarter, the company started the constructionof Avalon Easton, in Easton, Mass., which will contain 290 units when completedand carries an estimated total capital cost of $64.0 million. The company sold EavesTrumbull, a wholly owned community in Trumbull, Conn. The 340-unit property wassold for $70.3 million.