AvalonBay Communities Inc (NYSE:AVB) stock fell 0.47% (As on February 9, 11:30:34 AM UTC-4, Source: Google Finance) after the company posted mixed result for the fourth quarter of FY 22. Same Store total revenue increased $53,664,000, or 10.2%, to $578,448,000. Same Store Residential rental revenue increased $53,447,000, or 10.3%, to $571,828,000. During the three months ended December 31, 2022, the Company completed the development of Avalon Harbor Isle, located in Island Park, NY. Avalon Harbor Isle contains 172 apartment homes and was constructed for a Total Capital Cost of $94,000,000. During the three months ended December 31, 2022, the Company started construction of Kanso Milford, located in Milford, MA. Kanso Milford is expected to contain 162 apartment homes when completed and be developed for an estimated Total Capital Cost of $66,000,000. At December 31, 2022, the Company had 17 consolidated Development communities under construction that are expected to contain 5,417 apartment homes and 56,000 square feet of commercial space. Estimated Total Capital Cost at completion for these Development communities is $2,259,000,000.

However, During the three months ended December 31, 2022, the Company sold Avalon Park Crest, a wholly-owned community, located in Tysons Corner, VA. Avalon Park Crest contains 354 apartment homes and was sold for $145,500,000, resulting in a gain in accordance with GAAP of $88,156,000 and an Economic Gain of $65,764,000. During the three months ended December 31, 2022, the Company acquired Avalon Highland Creek, a wholly-owned community, located in Charlotte, NC, containing 260 apartment homes for a purchase price of $76,700,000. During the year ended December 31, 2022, the Company acquired four wholly-owned communities containing 1,313 apartment homes and 16,000 square feet of commercial space for a total purchase price of $536,200,000.

AVB in the fourth quarter of FY 22 has reported the adjusted funds from operations per share of $2.59, beating the analysts’ estimates for the adjusted funds from operations per share of $2.58, according to Zacks Investment Research. The company had reported the adjusted revenue of $669.7 million in the fourth quarter of FY 22, missing the analysts’ estimates for revenue of $670 million.

For the current quarter ending in March, AvalonBay expects its per-share funds from operations to range from $2.47 to $2.57. Analysts surveyed by Zacks had forecast adjusted FFO per share of $2.66.

The company expects full-year funds from operations to be in the range of $10.06 to $10.56 per share.