WASHINGTON (dpa-AFX) - AvalonBay Communities, Inc. (AVB) reported second-quarter net income to stockholders of $172.3 million or $1.29 per share, compared to $158.1 million or $1.21 per share, last year. Funds from operations attributable to stockholders per share was $2.18 compared to $1.71. FFO per share adjusted for items, was $1.87 for the quarter.
On average, 23 analysts polled by Thomson Reuters expected the company to report profit per share of $1.92 for the quarter. Analysts' estimates typically exclude special items.
Including discontinued operations, total revenue increased by 10.5%, to $457.46 million. The company said the increase is primarily due to growth in revenue from development communities and growth in Established Community revenue. Analysts expected revenue of $451.51 million for the quarter.
For the third quarter of 2015, the company expects projected EPS in the range of $1.54 to $1.58, and expects projected FFO per share in the range of $2.01 to $2.05. The company expects projected core FFO per share for the third quarter of 2015 to be in the range of $1.90 to $1.94. Analysts expect the company to report earnings per share of $1.84.
For the full year 2015, the company expects projected EPS in the range of $6.04 to $6.18, and expects projected FFO per share in the range of $7.91 to $8.05. The company expects projected core FFO per share to be in the range of $7.46 to $7.60 for the full year 2015. Analysts expect the company to report earnings per share of $7.51.
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