AvalonBay Communities Inc.'s third-quarter net income rose sharply to $128.8 million, or $1.58 a share, from $42.1 million, or 53 cents a share, a year earlier.
Funds from operations rose to $95.3 million, or $1.19 a share, from $81.3 million, or $1.07 a share, a year earlier.
The Alexandria, Va. real-estate investment trust said total revenue rose 12% to $210.5 million for the quarter.
A Thomson Financial survey of analysts, on average, predicted earnings of 64 cents a share, funds from operations of $1.19 and revenue of $205.3 million. Analysts' estimates typically exclude unusual items. For the fourth quarter, the company expects earnings of $1.09 to $1.13 and funds from operations of $1.16 to $1.20 a share.