ARLINGTON, Va. (AP) _ AvalonBay Communities Inc. (AVB) on Wednesday reported a key measure of profitability in its second quarter. The results fell short of Wall Street expectations.

The real estate investment trust, based in Arlington, Virginia, said it had funds from operations of $313.3 million, or $2.23 per share, in the period.

The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of $2.25 per share.

Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.

The company said it had net income of $170.8 million, or $1.21 per share.

The apartment building owner posted revenue of $576.4 million in the period, which also did not meet Street forecasts. Five analysts surveyed by Zacks expected $587.6 million.

The company's shares have declined 28% since the beginning of the year, while the Standard & Poor's 500 index has increased nearly 1%. In the final minutes of trading on Wednesday, shares hit $151.58, a fall of 28% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AVB at https://www.zacks.com/ap/AVB

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