AvalonBay Communities (NYSE:AVB) has delivered strong financial and operational performance for the first quarter of 2024, demonstrating growth across key financial indicators.
The company's earnings per share (EPS) for the first quarter stood at $1.22, representing a significant 16.2% increase compared to the $1.05 EPS reported in the first quarter of the previous year.
Funds from operations (FFO) per share experienced a healthy 7.5% rise, reaching $2.73, compared to the prior year's $2.54.
Additionally, core FFO per share saw an upward movement of 5.1%, reaching $2.70 from $2.57.
Looking ahead to the second quarter, EPS is forecasted between $1.60 and $1.70, with FFO per share ranging from $2.59 to $2.69 and Core FFO per share expected to be between $2.63 and $2.73.
The full-year outlook suggests an EPS range from $6.98 to $7.38, FFO per share from $10.63 to $11.03, and Core FFO per share from $10.71 to $11.11.