Investing.com - AvalonBay (NYSE:AVB) reported on Wednesday first quarter earnings that beat analysts' forecasts and revenue that fell short of expectations.
AvalonBay announced earnings per share of $1.87 on revenue of $540.39M. Analysts polled by Investing.com anticipated EPS of $1.34 on revenue of $612.09M.
AvalonBay shares are up 19% from the beginning of the year, still down 7.05% from its 52 week high of $259.05 set on March 29. They are outperforming the Nasdaq which is down 20.17% from the start of the year.
AvalonBay follows other major Real Estate sector earnings this month
AvalonBay's report follows an earnings beat by Prologis on April 19, who reported EPS of $1.54 on revenue of $1.08B, compared to forecasts EPS of $0.6806 on revenue of $1.08B.
American Tower had beat expectations on Wednesday with first quarter EPS of $1.56 on revenue of $2.6B, compared to forecast for EPS of $1.11 on revenue of $2.6B.
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