AvalonBay Communities Announces Q4 Earnings, Misses Expectations

Arlington, Virginia-based real estate investment trust (REIT) AvalonBay Communities Inc. (AVB) reported fourth-quarter financial results.

Key Financial Metrics:

* Funds from operations (FFO): $399.4 million ($2.80 per share), below analysts' consensus estimate of $2.83 per share
* Net income: $282.1 million ($1.98 per share)
* Revenue: $740.5 million, missing estimates of $742.3 million

Full-Year Results:

* FFO: $1.57 billion ($11.01 per share)
* Revenue: $2.91 billion

Outlook:

* Q1 2023 FFO guidance: $2.75 to $2.85 per share
* Full-year 2023 FFO guidance: $11.14 to $11.64 per share

Stock Performance:

* Shares up 2% year-to-date
* 32% gain in the past 12 months
* Closed at $224.28 on Wednesday

Note: This article is generated by Automated Insights using data from Zacks Investment Research. Visit https://www.zacks.com/ap/AVB for a more comprehensive report.