2023-04-26 17:46:39 ET
AvalonBay Communities' ( NYSE: AVB ) Q1 earnings came in slightly above Wall Street expectations, prompting the multi-family residential REIT to raise the lower and upper ends of its full-year core FFO guidance range.
The company now expects 2023 core FFO of $10.21-$10.61, vs. $10.41 average analyst estimate, compared with $10.06-$10.56 in the prior outlook.
For the second quarter, AVB sees core FFO of $2.54-$2.64, in-line with the $2.59 consensus.
Looking at the company's Q1 results, core FFO of $2.57 , exceeding the $2.55 consensus, slipped from $2.59 in the prior quarter and jumped from $2.26 in the year before.
Residential rental revenue came in at $622.4M, up from $615.8M in Q4 2022 and from $568.3M in the year-earlier quarter.
Same-store residential net operating income of $456.3M rose slightly from $455.4M in Q4 2022 and from $401.5M in Q1 of last year.
Commercial NOI of $8.8M vs. $9.2M in Q4 2022 and $8.2M in Q1 2022.
Conference call on April 27 at 1:00 p.m. ET.
Earlier, AvalonBay Communities FFO of $2.57 beats by $0.02.
For further details see:
AvalonBay boosts 2023 core FFO guide range; Q1 earnings beat