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AvalonBay Communities logs 1.4% YOY gain in Q2 FFO per share

AvalonBay Communities Inc. reported funds from operations attributable to common stockholders for the second quarter of $312.6 million, or $2.24 per share, a 1.4% rise on a per-share basis from $305.8 million, or $2.21 per share, in the corresponding 2018 period.

Second-quarter core FFO attributable to common stockholders for the quarter grew 1.8% from the year-ago period on a per-share basis to $316.5 million, or $2.27 per share, from $307.8 million, or $2.23 per share.

Total revenue, including uncollectible lease revenue, for the quarter amounted to $457.8 million, a 3.2% increase year over year from $443.6 million.

The S&P Global Market Intelligence consensus FFO-per-share estimate for the quarter was $2.31.

The multifamily real estate investment trust forecasts FFO per share in the range of $9.13 to $9.33 for the full year. The company also forecasts core FFO for the full year at between $9.25 and $9.45 per share.

For the full year, the S&P Global Market Intelligence consensus FFO-per-share estimate is $9.35.

In July, the REIT acquired the 151-unit Portico at Silver Spring Metro apartment property in Silver Spring, Md., for about $43.5 million and sold the 306-unit AVA Stamford operating apartment community in Stamford, Conn., for $105.0 million.