AvalonBay Communites 2nd-quarter net income more than doubles; year-ago quarter hurt by charge

AvalonBay 2Q net income soars on lower charges

ARLINGTON, Va. — AvalonBay Communities Inc., which owns apartment buildings, said Tuesday its second-quarter net income more than doubled from a year ago, when results were weighed down by hefty charges.

For April through June, AvalonBay said its net income jumped to $51.1 million, or 61 cents per share, from $17.7 million, or 22 cents per share in the same period last year.

Analysts surveyed by Thomson Financial had predicted net income of 60 cents per share.

Revenue edged up 4 percent to $220.5 million from $212.3 million in the year-ago quarter.

That’s higher than the $217.4 million Wall Street was expecting.

In this year’s quarter, AvalonBay reported a $21.9 million gain from the sale of a community in New Rochelle, N.Y.

Last year, the quarter’s results were marred by a $20.3 million impairment charge.

AvalonBay beat its own guidance issued in June. The company said in a statement that it was due primarily to the timing of operating expenses.

AvalonBay said it expects net income in the third quarter of 22 cents to 26 cents per share. Analysts are currently looking for 29 cents per share.