2023-07-31 16:58:29 ET
AvalonBay Communities ( NYSE: AVB ) on Monday delivered guidance for the third quarter signaling a modest sequential decline in core funds from operations per share as same-store residential net operating income slipped during Q2.
Q3 core FFO is expected to be $2.55-$2.65, compared with the $2.61 average analyst estimate (14 estimates).
For the full year, the multi-family residential REIT now sees core FFO per share of $10.46-$10.66, improving from the prior guidance range of $10.10-$10.50.
Turning to its Q2 results , core FFO of $2.66 a share, exceeding the $2.61 consensus, rose from $2.57 in Q1 and from $2.43 in the year-ago quarter.
AVB edged down 0.3% in after-hours trading.
Residential rental revenue came in at $629.9M, up from $622.4M in Q1 and +6.3% from a year before.
Same-store residential NOI of $435.1M dipped from $456.3M in Q1 and gained 5.4% Y/Y.
Commercial NOI dipped to $8.53M from $8.8M in Q1 and from $8.57M in Q2 2022.
Conference call on Aug. 1 at 1:00 p.m. ET.
More on AvalonBay Communities:
- SA's Quant system rates AVB a Hold
- AvalonBay Communities: A Stable Dividend option In Real Estate
- AvalonBay rental revenue growth better than expected QTD
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AvalonBay Communities expects core FFO to slip in Q3 vs. Q2