2023-06-02 16:57:17 ET
AvalonBay Communities ( NYSE: AVB ) same store residential rental revenue for the two months ended May 31 climbed 6.5% from a year ago, the apartment REIT said Friday.
That's around 80 basis points above the company's expectation for the metric released on April 26.
AVB drifted up 0.2% in after-hours trading.
Still, economic occupancy of 96.0% in May ticked down from 96.1% in the prior month.
And like-term effective rent change was 4.7% vs. 4.8% in April.
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AvalonBay Communities rental revenue growth better than expected QTD