AvalonBay Communities reported $726.04 million in revenue for the quarter ended June 2024, representing a year-over-year increase of 5.1%. EPS of $2.77 for the same period compares to $2.59 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $718.49 million, representing a surprise of +1.05%. The company delivered an EPS surprise of +2.21%, with the consensus EPS estimate being $2.71.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how AvalonBay performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

• Same Store Economic Occupancy

  : 96% versus 95.9% estimated by three analysts on average.

• Revenue- Rental and other income

  : $724.21 million versus the seven-analyst average estimate of $715.13 million. The reported number represents a year-over-year change of +5.2%.

• Revenue- Management, development and other fees

  : $1.83 million versus $1.90 million estimated by six analysts on average. Compared to the year-ago quarter, this number represents a -32.5% change.

• Net Earnings Per Share (Diluted)

  : $1.78 versus the eight-analyst average estimate of $1.30.

View all Key Company Metrics for AvalonBay here>>>

Shares of AvalonBay have returned +1% over the past month versus the Zacks S&P 500 composite's -0.4% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.