* First-quarter FFO shr $1.08; View $1.05
* Sees 2011 FFO shr meeting or surpassing forecast
NEW YORK, April 27 Apartment building owner
AvalonBay Communities Inc (AVB.N) on Wednesday said
first-quarter funds from operations, rose in part on higher
The company reported funds from operations, or FFO, of
$1.08 per share, up from 96 cents per share in the year-earlier
quarter. The most recent first quarter includes a benefit of 3
cents for share for interest income and a cost of 1 cent a
share for East Coast storm damage.
Analysts, on average, expected $1.05 per share, on revenue
of $233.9 million, according to Thomson Reuters I/B/E/S.
FFO, a REIT performance measure, removes the
profit-reducing effect depreciation has on earnings.
Arlington, Virginia-based AvalonBay said it sees second
quarter FFO of $1.06 per share to $1.10 per share. It also said
it expects to meet or exceed the high end of the range of its
full-year FFO forecast of $4.50 per share to $4.75 per share.
Analysts expected $1.14 per share for the quarter and $4.64
for the year.
(Reporting by Ilaina Jonas; editing by Carol Bishopric)