AvalonBay Q3 EPS $2.61, FFO $2.88, Core FFO $2.74; raises FY 2024 outlook

AVALONBAY COMMUNITIES INC

2024-Q3 EPS reported $5.62 revenue$2,173,208,000

Q3 2024 EPS of $2.61, up 115.7% YoY; FFO per share $2.88 (+16.1%); Core FFO per share $2.74 (+3.0%).
Same Store Residential NOI contributed $0.06 per share YoY increase; other Residential NOI added $0.11.
Non-core items drove a $0.32 per share EPS benefit in Q3; real estate gains and depreciation added $1.00.
Company raised full-year 2024 outlook; Q3 Core FFO beat July midpoint of $2.71 by $0.03.
YTD 2024 Core FFO per share $8.21 vs. $7.89 YoY, up 4.1%.

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