AvalonBay Communities(AVB) - 2023 Q1 - Earnings Call Presentation

Financial Performance - Core FFO per share year-over-year growth was 137% in Q1 2023[7] - Same store residential rental revenue growth year-over-year was 95% in Q1 2023, with sequential growth of 11%[7] - Net Debt-to-Core EBITDAre was 46x, within the target range of 50x to 60x[35] - Interest coverage was 69x[35] Development and Lease-Up - Development starts totaled $100 million[7] - Current lease-ups are projected to generate $3,330 in weighted average monthly rental revenue per home, a $485 or 170% variance above original projections of $2,845[27] - Current lease-ups projected stabilized yield is 67%, 70 BPS higher than the original projection of 60%[27] - Development underway is expected to deliver > $130 million of incremental NOI annually upon stabilization[30] Market Trends - AVB established regions are expected to be more insulated from new apartment deliveries in 2023[12] - Hard costs are starting to correct, with ≈ 5% to 10% reductions in most coastal markets over the past two quarters[33] Balance Sheet and Operations - Unencumbered NOI was 95%[35] - The company settled the outstanding equity forward contracts entered into in April 2022, issuing 2,000,000 shares of common stock, net of offerings fees and discounts, for $491,912,000 or $24596 per share[7]