AvalonBay Communities Q3 adjusted earnings Beat Estimates

(RTTNews) - AvalonBay Communities (AVB) reported a profit for third quarter that dropped from last year.

The company's earnings totaled $147.70 million, or $1.05 per share. This compares with $279.68 million, or $2.00 per share, in last year's third quarter.

Excluding items, AvalonBay Communities reported adjusted earnings of $289.81 million or $2.06 per share for the period.

Analysts had expected the company to earn $0.95 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 6.1% to $508.16 million from $540.94 million last year.

AvalonBay Communities earnings at a glance:

-Earnings (Q3): $289.81 Mln. vs. $326.90 Mln. last year. -EPS (Q3): $2.06 vs. $2.34 last year. -Analysts Estimate: $0.95 -Revenue (Q3): $508.16 Mln vs. $540.94 Mln last year.