AvalonBay FFO Rises, Micros Systems Profit Up
From staff and wire reports
*AvalonBay Communities of Reston, the second largest U.S. real estate investment trust that owns, operates and develops apartments, said first-quarter funds from operations rose almost 8 percent, to $92.1 million ($1.24 a share) from $89.1 million ($1.11) in the comparable period a year earlier, as the company opened new developments.
Landlords are benefiting from the U.S. housing recession because renters who might otherwise buy are reluctant to do so as home prices fall. San Francisco, New York and Seattle -- all places AvalonBay operates -- saw rent increases of 8 to 11 percent in the first quarter, according to New York-based real estate research firm Reis.
"The company remains well positioned to continue to deliver earnings growth in 2008 and the financial flexibility to respond to challenging economic and capital markets conditions," CEO Bryce Blair said in the statement.
AvalonBay owned and operated nearly 52,000 apartments in ten states and the District as of Sept. 30, according to the company's Web site.
*Micros Systems of Columbia, which makes information systems for the hospitality industry, said its third-quarter profit grew 29 percent, to $25.1 million (30 cents) from $19.5 million (23 cents). Revenue rose 18 percent, to $237.2 million.
Revenue grew in every category, rising 24 percent in the company's service division, its largest unit.
Micros Systems said it expects profit of about $1.16 per share including share-based compensation expenses. Excluding the expenses, Micros said it will earn at least $1.32 per share for the year.
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