AvalonBay Communities Up 15.4% YTD: Will It Rise Further?
Shares of AvalonBay Communities (NYSE: AVB) have rallied 15.4% year to date compared with the industry’s upside of 9.8%.
Last month, AvalonBay reported a second-quarter 2024 core funds from operation (FFO) per share of $2.77, which beat the Zacks Consensus Estimate of $2.71.
The quarterly results reflected a year-over-year increase in both same-store total revenues and average rental revenue per occupied home.
This residential REIT also raised its guidance for 2024 core FFO per share, same-store residential revenues and net operating income (NOI).
Analysts also seem bullish on this Zacks Rank #3 (Hold) company, with the Zacks Consensus Estimate for its 2024 FFO per share revised upward over the past week to $10.97.
Image Source: Zacks Investment Research
Let us decipher the factors behind the surge in the stock price.
AvalonBay focuses on adding properties situated in the leading metropolitan areas where the market is characterized by growing employment in the high-wage sectors of the economy, higher home ownership costs, and a diverse and vibrant quality of life. This allows AvalonBay to generate superior long-term risk-adjusted returns on apartment community …
Full story available on Benzinga.com