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ARLINGTON, Va.--(BUSINESS WIRE)--AvalonBay Communities, Inc. (NYSE: AVB) (the “Company”) announced today that its Board of Directors declared a cash dividend on the Company's Common Stock (par value $0.01 per share) for the second quarter of 2024. The Common Stock dividend is $1.70 per share and is payable July 15, 2024, to all Common Stockholders of Record as of June 28, 2024. About AvalonBay Communities, Inc. As of March 31, 2024, the Company owned or held a direct or indirect ownership inter.
The Investment Committee gives you their top stocks to watch for the second half.
AvalonBay Communities' shares have underperformed due to higher rates and a slowdown in the rental market. The company's Q1 results exceeded expectations, as rental trends improved in the Northeast and Seattle, with even the Bay Area stabilizing. AVB is well-positioned for mid-single digit growth this year, with momentum in key markets and a strong pipeline of new projects that are renting at higher rates.
AvalonBay's (AVB) Q1 earnings reflect a year-over-year increase in same-store residential rental revenues. It has also raised its 2024 core FFO per share outlook.
While the top- and bottom-line numbers for AvalonBay (AVB) give a sense of how the business performed in the quarter ended March 2024, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
AvalonBay Communities (AVB) came out with quarterly funds from operations (FFO) of $2.70 per share, beating the Zacks Consensus Estimate of $2.64 per share. This compares to FFO of $2.57 per share a year ago.
AvalonBay Communities (AVB) is seeing favorable earnings estimate revision activity and has a positive Zacks Earnings ESP heading into earnings season.
It's been an unexpectedly difficult year for the real estate investment trust ( REIT ) sector. REITs have historically outperformed the stock market over long stretches of the past 50 years.
While AvalonBay's (AVB) Q1 results are likely to show the benefits of its diversified portfolio and technological initiatives, high supply is likely to have acted as a spoilsport.