AvalonBay Communities, Inc.’s AVB first-quarter 2021 core funds from operations (FFO) per share of $1.95 beat the Zacks Consensus Estimate of $1.94. Results were backed by better-than-anticipated top line figure. The company also witnessed sequential improvement in economic occupancy.Total revenues of $551.1 million exceeded the Zacks Consensus Estimate of $549.7 million.However, core FFO per share dropped 18.4% from the prior-year period’s $2.39. Also, total revenues decreased 8.5% from the year-ago quarter, underlining the adverse impact of the pandemic on the company’s operations with uncollectible lease revenues and lower effective rents affecting same-store residential rental revenue performance.The company also noted about the residential revenue collections for established communities through Apr 27, 2021 for second-quarter 2020 through first-quarter 2021 as of each respective quarter’s end.As of Apr 27, 2021, collected residential revenues for the first quarter improved to 95.7% from 94.8% as of the end of first-quarter 2021. The same for the fourth quarter improved to 96.8% from 94.8% at fourth-quarter 2020 end. Collected residential revenues for April 2021 was 92.8% as of Apr 27.Quarter in DetailIn the reported quarter, residential revenues from established communities decreased 9.1% year over year, with uncollectible lease revenues and lower effective rents resulting in this decline.Residential operating expenses for established communities flared up 3.2% on a year-over-year basis. Consequently, residential NOI for established communities dropped 14% year on year to $335.6 million.During the January-March period, the company accomplished the development of three consolidated apartment communities. The communities contain 1,371 apartment homes and 19,000 square feet of commercial space, and were constructed for $602 million.As of Mar 31, 2021, AvalonBay Communities had 13 consolidated development communities under construction (expected to contain 3,757 apartment homes and 43,000 square feet of commercial space). The estimated total capital cost at completion for these development communities is $1.35 billion.In the March-end quarter, the company acquired land for future development of four apartment communities for a total investment of $52.37 billion. During the same period, the company sold eaves Stamford, a wholly-owned operating community in Stamford, CT, for $72 million, leading to an economic gain of $25.52 million.During the first quarter, the company sold 10 of the 172 residential condominiums at The Park Loggia, in New York, NY, for gross proceeds of $14.6 million and leased an additional 12,000 square feet of commercial space.Balance Sheet PositionAs of Mar 31, 2021, AvalonBay Communities did not have any borrowings outstanding under its $1.75-BILLION unsecured credit facility. The company had $229.7 million in unrestricted cash and cash in escrow as of the same date. In addition, its annualized net debt-to-core EBITDAre for the January-March quarter was 5.6 times and unencumbered NOI was 94%.OutlookFor second-quarter 2021, the company projects core FFO per share in the range of $1.85 and $1.95. The Zacks Consensus Estimate for the same is currently pinned at $1.94.The company expects established communities residential revenues to be down 4.75-6.25%, operating expense to flare up 6.75-9.75% and NOI to slip 10-13%.AvalonBay Communities currently carries a Zacks Rank #4 (Sell).AvalonBay Communities, Inc. Price, Consensus and EPS Surprise AvalonBay Communities, Inc. price-consensus-eps-surprise-chart | AvalonBay Communities, Inc. QuoteYou can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Performance of Other Residential REITsEssex Property Trust Inc. ESS reported first-quarter 2021 core funds from operations (FFO) per share of $3.07, beating the Zacks Consensus Estimate of $3.04. The figure also surpassed the mid-point of the company’s guided range by 4 cents per share. Sequentially, it witnessed lower cash concessions and delinquency, leading to a marginal improvement in same-property gross revenue and NOI.Equity Residential’s EQR first-quarter normalized FFO per share of 68 cents came in line with the Zacks Consensus Estimate. Rental income of $597.6 million exceeded the consensus mark of $586.8 million. Results reflected quarter-on-quarter improvement in pricing trend and physical occupancy.UDR Inc. UDR delivered first-quarter 2021 FFO as adjusted per share of 47 cents, missing the Zacks Consensus Estimate of 48 cents. Also, the figure came in lower than the prior year’s 54 cents. Results highlighted the adverse impacts of the pandemic. A decline in revenues from mature communities dented top-line growth.Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.These Stocks Are Poised to Soar Past the PandemicThe COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.See the 5 high-tech stocks now>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report United Dominion Realty Trust, Inc. (UDR): Free Stock Analysis Report AvalonBay Communities, Inc. (AVB): Free Stock Analysis Report Equity Residential (EQR): Free Stock Analysis Report Essex Property Trust, Inc. (ESS): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research