Core Insights - AvalonBay Communities (AVB) reported a fourth-quarter 2023 core funds from operations (FFO) per share of $2.74, exceeding the Zacks Consensus Estimate of $2.73 and reflecting a 5.8% increase year-over-year [1] - Total revenues for the quarter reached $704.7 million, surpassing the Zacks Consensus Estimate of $701.7 million, and marking a 5.2% year-over-year growth [1] - For the full year 2023, core FFO per share was $10.63, up from $9.79 in the prior year, and total revenues increased by 6.7% to $2.77 billion [1] Quarterly Performance - Same-store residential rental revenues rose 4.5% year-over-year to $636.3 million, while same-store operating expenses increased by 6.2% to $195.9 million, resulting in a same-store residential NOI growth of 3.8% to $440.8 million [2] - The same-store average rental revenue per occupied home increased to $2,967, up from $2,833 in the year-ago quarter, although economic occupancy decreased to 95.6% [2] - As of December 31, 2023, AvalonBay had 17 development communities under construction, expected to contain 6,064 apartment homes, with a total estimated capital cost of $2.49 billion [2] Portfolio Activity - In Q4 2023, AvalonBay acquired two communities: Avalon Mooresville for $52.1 million and Avalon West Plano for $142 million [3] - The company sold Avalon Mamaroneck for $104 million, realizing a GAAP gain of $77.9 million [3] Financial Position - As of December 31, 2023, AvalonBay had $397.9 million in unrestricted cash and no outstanding borrowings under its $2.25 billion unsecured revolving credit facility [4] - The annualized net debt-to-core EBITDAre ratio was 4.2 times, with an unencumbered NOI of 95% for the year ended December 31, 2023 [4] 2024 Outlook - For Q1 2024, AvalonBay expects core FFO per share to be between $2.56 and $2.66, and for the full year, the range is projected between $10.53 and $11.03, indicating a 1.4% increase at the midpoint [5] - Management anticipates same-store residential revenue growth of 1.6-3.6% and operating expense increases of 4.5-6.7%, leading to a projected same-store residential NOI expansion of 0.0-2.5% [5] Dividend Announcement - AvalonBay announced an increase in its first-quarter 2024 dividend to $1.70 per share from $1.65, representing a 3% sequential hike [6] - The new dividend will be paid on April 15, 2024, to shareholders on record as of March 28, 2024 [6]

Avalon Princeton Circle Princeton, NJ INVESTOR TELECONFERENCE AVA Esterra Park Redmond, WA PRESENTATION Fourth Quarter 2023 February 1, 2024 1 Avalon Chino Hills Chino Hills, CA See Appendix for information about forward-looking s ...

AvalonBay Communities (AVB) reported $704.71 million in revenue for the quarter ended December 2023, representing a year-over-year increase of 5.2%. EPS of $2.74 for the same period compares to $1.72 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $701.67 million, representing a surprise of +0.43%. The company delivered an EPS surprise of +0.37%, with the consensus EPS estimate being $2.73.While investors scrutinize revenue and earnings changes year-over-year and how they compare ...

AvalonBay Communities (AVB) came out with quarterly funds from operations (FFO) of $2.74 per share, beating the Zacks Consensus Estimate of $2.73 per share. This compares to FFO of $2.59 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 0.37%. A quarter ago, it was expected that this apartment building owner would post FFO of $2.64 per share when it actually produced FFO of $2.66, delivering a surprise of 0.76%.Over the last four qua ...

ARLINGTON, Va.--(BUSINESS WIRE)--AvalonBay Communities, Inc. (NYSE: AVB) (the “Company”) reported Earnings per Share – diluted (“EPS”), Funds from Operations attributable to common stockholders - diluted (“FFO”) per share and Core FFO per share (as defined in this release) for the three months and year ended December 31, 2023 and 2022 as detailed below.     Q4 2023   Q4 2022   % Change EPS $ 1.70   $ 1.72   (1.2 )% FFO per share (1) $ 2.63 ...

Core Insights - AvalonBay Communities, Inc. (AVB) is set to announce its fourth-quarter and full-year 2023 results on January 31, with expectations of a year-over-year increase in revenues and core funds from operations (FFO) per share [1][4][5] Company Performance - In the last reported quarter, AvalonBay delivered a surprise of 0.76% in core FFO per share, with a year-over-year increase in same-store residential rental revenues driven by effective lease rates [1] - Over the past four quarters, AvalonBay has consistently surpassed the Zacks Consensus Estimate, with an average beat of 1.16% [1] - For the fourth quarter of 2023, AvalonBay expects core FFO per share in the range of $2.69-$2.79, with a Zacks Consensus Estimate of $2.73 indicating a year-over-year growth of 5.41% [5][6] Market Conditions - The US apartment market saw a significant recovery in demand in Q4, with 58,200 units demanded, but this was overshadowed by a large influx of new supply, leading to occupancy levels contracting to 94.2% [2][3] - The fourth-quarter rents contracted by 1.3%, with a monthly rent of $1,805 and rent per square foot at $1.986 [3] Financial Projections - The Zacks Consensus Estimate for AvalonBay's fourth-quarter revenues is $701.67 million, suggesting a 4.78% year-over-year increase [4] - For the full year 2023, AvalonBay expects core FFO per share between $10.58 and $10.68, implying an 8.6% growth year over year at the midpoint [5] - The full-year Zacks Consensus Estimate for core FFO per share is $10.62, indicating an 8.48% increase year over year, with revenues projected to grow by 6.5% to $2.76 billion [6] Strategic Focus - AvalonBay's strategy focuses on developing, acquiring, and redeveloping multifamily properties in high-growth markets, which has historically allowed it to maintain strong occupancy rates and command premium rents [4] - The company emphasizes technology, scale, and organizational capabilities to drive innovation and margin expansion, contributing to solid financial performance and consistent cash flow generation [4]

ARLINGTON, Va.--(BUSINESS WIRE)--AvalonBay Communities, Inc. (the “Company”) (NYSE: AVB) announced today the naming of Alaine Walsh as Executive Vice President – Human Capital and Administration and the retirement and associated succession plans for two long-tenured finance officers. The Company announced that Alaine Walsh, currently the Company’s Senior Vice President – Operations and Investment Services, has been promoted to Executive Vice President – Human Capital and Administration. Ms. Walsh joined ...

Analysts on Wall Street project that AvalonBay Communities (AVB) will announce quarterly earnings of $2.73 per share in its forthcoming report, representing an increase of 5.4% year over year. Revenues are projected to reach $701.67 million, increasing 4.8% from the same quarter last year.The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this timeframe.Prior to a compa ...

ARLINGTON, Va.--(BUSINESS WIRE)--AvalonBay Communities, Inc. (the “Company”) (NYSE: AVB) announced today the final income allocations of the Company’s 2023 dividend distributions on its Common Stock. The final dividend allocations as they will be reported on Form 1099-DIV are set forth in the following table: Common Shares (CUSIP #053484101) Declaration Date Record Date Payment Date Distribution Per Share Ordinary Taxable Dividend (1) Qualified Dividend Return of Capital L ...

AvalonBay Communities’ (AVB) high-quality assets located in some of the premium markets of the United States are well-poised to benefit amid the healthy demand for residential properties. Moreover, its strategic acquisitions and development pipeline augur well for its long-term growth opportunities. However, an elevated supply of apartment units in some markets and an expected moderation in rent growth are worrisome for the company. A high interest rate environment adds to its concerns.What’s Aiding It?AVB ...