Avalonbay Communities Q3 FFO Rises

(RTTNews) - Avalonbay Communities Inc. (AVB) Wednesday reported third-quarter funds from operations or FFO of $153.4 million or $1.18 per share, up from $140.2 million or $1.44 per share last year.

On average, 17 analysts polled by Thomson Reuters expected FFO of $1.17 per share for the quarter. Analysts' estimates typically exclude special items.

Net loss for the quarter were $10.7 million or $0.08 per share, compared to net income of $86.8 million or $0.89 per share last year.

Looking forward to the fourth quarter, the company expects expects FFO of $1.54 to $1.60 per share and earnings of $1.96 to $2.02 per share. Analysts currently estimate FFO of $1.64 per share.

For the full year 2013, the company now expects FFO of $5.09 to $5.15 per share and earnings of $2.79 to $2.85 per share. Analysts currently estimate FFO of $5.17 per share.

Previously, the company expected FFO of $5.05 to $5.25 per share and earnings of $2.57 to $2.77 per share.