AvalonBay Communities, Inc. (AVB) announced its third-quarter financial results on Wednesday, reporting a net income of $372.5 million, or $2.61 per share. This marks a substantial increase from the previous year's figures of $172.0 million, or $1.21 per share.
During the third quarter, funds from operations (FFO) amounted to $410.5 million, or $2.88 per share, compared to $353.0 million, or $2.48 per share, in the same period last year.
The core funds from operations (Core FFO) for the third quarter reached $390.7 million, or $2.74 per share, as opposed to $377.7 million, or $2.66 per share, from the prior year.
Looking ahead to the fourth quarter, AvalonBay projects earnings per share (EPS) to be in the range of $1.61 to $1.71, with FFO per share expected to be between $2.67 and $2.77. Additionally, Core FFO per share is anticipated to fall within the range of $2.78 to $2.88.
For the entire year 2024, the company forecasts an EPS of $7.23 to $7.33, FFO per share ranging from $11.03 to $11.13, and Core FFO per share between $10.99 and $11.09.
