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AvalonBay Communities' FFO Up 12.6% per Share

ALEXANDRIA, VA-Total revenue increased by $20.67 million, or 15.3%. Rental revenue at AvalonBay's established communities jumped 11.8%, while operating expenses increased 6.4%.

By Wendy Watkins | Updated on April 24, 2001

ALEXANDRIA, VA-AvalonBay Communities reports its first quarter earnings per share were up 22.7% and its funds from operations were up 12.6% per share. Total revenue increased by $20.67 million, or 15.3%. The company reports its rental revenue at its established communities jumped 11.8%, while operating expenses increased 6.4%, and net operating income increased 13.8%.

AvalonBay’s economic occupancy dipped to 96.9% from 97.5% for the first quarter, while it reaffirmed its earnings projections for 2001 of estimated funds from operations per share in the range of $4.05 to $4.09.

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